Preferred Apartment Communities (APTS) 10-Q 7 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information Document	9 Months Ended
	Sep. 30, 2013	Nov. 05, 2013
Document and Entity Information	'	'
entity registrant name	'PREFERRED APARTMENT COMMUNITIES INC	'
entity CIK	'0001481832	'
Current fiscal year end date	'--12-31	'
document type	'10-Q	'
document period end date	30-Sep-13	'
document fiscal year focus	'2013	'
entity filer category	'Non-accelerated Filer	'
document fiscal period focus	'Q3	'
Entity Well-known Seasoned Issuer	'No	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
amendment flag	'false	'
entity common stock, shares outstanding	11,044,715	11,044,715

Balance_Sheets

Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
Real estate	'	'
Land	$31,300,000	$13,052,000
Building and improvements	134,309,132	60,284,587
Furniture, fixtures, and equipment	19,374,423	8,771,346
Construction in progress	208,527	3,023
Gross real estate	185,192,082	82,110,956
Less: accumulated depreciation	-12,077,716	-6,288,998
Net real estate	173,114,366	75,821,958
Real estate loans	68,368,471	35,106,197
Total real estate and real estate loan, net	245,127,906	110,928,155
Cash and cash equivalents	5,453,006	2,973,509
Restricted cash	2,286,117	540,232
Financing Receivable, Net	11,210,388	'
Note receivable	19,350,000	'
Due from Related Parties, Current	1,500,000	0
line of credit receivable	4,079,877	936,827
Interest Receivable	2,523,449	718,901
Tenant receivables, net of allowance of $9,439 and $15,924	13,271	11,453
Intangible Assets, Net (Excluding Goodwill)	596,745	0
Deferred loan costs, net of amortization of $155,953 and $64,480	1,725,369	681,632
Deferred offering costs	4,614,113	3,347,965
Other assets	695,899	703,256
Total assets	279,826,140	123,291,930
Liabilities	'	'
Mortgage notes payable	127,516,000	55,637,000
Accounts payable and accrued expenses	2,666,698	1,110,964
Line of Credit Facility, Amount Outstanding	24,910,667	14,801,197
Interest Payable, Current	421,258	202,027
Accrued interest payable	29,459	301,575
Dividends payable	2,025,591	851,484
Security deposits and prepaid rents	567,847	330,108
Deferred income	-721,277	'
Total liabilities	158,137,520	73,234,355
Stockholder's equity	'	'
Common Stock, $0.01 par value per share; 400,066,666 shares authorized; 5,179,093 and 5,149,325 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively	110,447	52,885
Additional paid in capital	135,483,844	59,412,744
Accumulated deficit	-15,020,422	-9,408,253
Total stockholders' equity	120,574,589	50,057,574
Non-controlling interest	1,114,031	1
Total equity	121,688,620	50,057,575
Total liabilities and equity	279,826,140	123,291,930
Series A Preferred Stock [Member]	'	'
Stockholder's equity	'	'
Series A Redeemable Preferred Stock, $0.01 par value per share; 150,000 shares authorized; 12,178 and 0 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively	720	198
Mortgages [Member]	'	'
Liabilities	'	'
Mortgage notes payable	$127,516,000	$55,637,000

Statements_of_Operations

Statements of Operations (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues:	'	'	'	'
Rental revenues	'	'	$14,789,074	$6,783,328
Other property revenues	'	'	1,596,022	843,379
Interest income on loan and note receivable	'	'	5,819,146	1,110,501
Revenue from Related Parties	163,787	1,925	207,700	1,925
Total revenues	'	'	22,411,942	8,739,133
Operating expenses:	'	'	'	'
Property operating and maintenance	'	'	2,402,837	1,051,880
property salaries related party	600,547	247,165	1,633,530	738,643
Property management fees	'	'	643,387	304,827
Real estate taxes	'	'	1,656,204	558,170
General and administrative	'	'	446,251	132,496
Share-based Compensation	'	315,600	889,946	'
Depreciation and amortization	'	905,988	12,678,709	2,800,404
Acquisition costs	'	'	212,818	912
acquisition fees paid to related party	0	0	1,029,487	0
Management fees	'	214,684	1,388,369	'
Total operating expenses	'	'	23,722,337	7,612,481
Interest Expense	1,538,567	615,300	3,923,331	1,688,957
Net loss	'	148,921	-5,838,063	-562,305
Deemed noncash dividend	'	'	7,028,557	0
NetIncomeAllocatedToUnvestedRestrictedShares	-4,352	-4,626	-13,496	-12,302
Dividends, Common Stock, Cash	'	'	-4,093,017	'
Common Stock, Dividends, Per Share, Declared	$0.15	$0.14	$0.45	$0.40
Scenario, Actual [Member]	'	'	'	'
Revenues:	'	'	'	'
Rental revenues	5,426,402	2,309,943	'	'
Other property revenues	630,970	297,159	'	'
Interest income on loan and note receivable	2,531,116	634,224	'	'
Total revenues	8,752,275	3,243,251	'	'
Operating expenses:	'	'	'	'
Property operating and maintenance	922,762	350,872	'	'
Property management fees	238,026	104,320	'	'
Real estate taxes	640,627	191,262	'	'
General and administrative	159,646	41,394	'	'
Share-based Compensation	290,860	315,600	889,946	921,207
Depreciation and amortization	3,682,087	905,988	'	'
Acquisition costs	10,682	0	'	'
Management fees	536,738	214,684	1,388,369	583,660
Other Expenses	161,747	107,745	740,799	520,282
Total operating expenses	7,243,722	2,479,030	'	'
Operating Income (Loss)	1,508,553	764,221	-1,310,395	1,126,652
Interest Expense	1,538,567	615,300	3,923,331	1,688,957
Gains (Losses) on Extinguishment of Debt	0	0	604,337	0
Net loss	-30,014	148,921	-5,838,063	-562,305
net loss attributable to non-controlling interests	127,738	0	225,894	0
Net loss attributable to the Company	97,724	148,921	-5,612,169	-562,305
Net loss attributable to common stockholders	($879,697)	($18,764)	($15,423,223)	($817,351)
Net loss per share of Common Stock, basic and diluted	($0.08)	$0	($1.88)	($0.16)
Common Stock, Dividends, Per Share, Declared	$0.15	$0.14	$0.45	$0
Weighted average number of shares of Common Stock outstanding, basic and diluted	11,041,359	5,178,822	8,197,531	5,169,467

Balance_sheet_parenthetical_Pa

Balance sheet parenthetical (Parentheticals) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012
Tenant receivables, allowance for doubtful accounts	$60,006	$18,623	'
Finite-Lived Intangible Assets, Accumulated Amortization	'	5,537,067	12,093,210
Deferred loan costs, accumulated amortization	$755,848	$258,492	'
Series A Redeemable Preferred Stock, par value per share	$1,000	$0	$0
Preferred stock, shares authorized	'	0	0
Preferred stock, shares issued	'	0	0
Shares outstanding, preferred stock	68,198	0	0
Common stock, shares outstanding	11,044,715	'	5,212,139
Series A Preferred Stock [Member]	'	'	'
Series A Redeemable Preferred Stock, par value per share	$0.01	$0.01	'
Preferred stock, shares authorized	150,000	150,000	'
Preferred stock, shares issued	72,030	19,762	'
Shares outstanding, preferred stock	71,960	19,762	12,178
Common Stock [Member]	'	'	'
Common Stock, par value per share	$0.01	$0.01	'
Common stock, shares authorized	400,066,666	400,066,666	'
Common stock, shares issued	11,044,715	5,288,444	'
Common stock, shares outstanding	11,044,715	5,288,444	'

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Operating activities:	'	'
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	($5,838,063)	($562,305)
Reconciliation of net loss to net cash provided by (used in) operating activities:	'	'
Depreciation expense	5,788,718	2,796,950
Amortization expense	6,889,991	3,454
Amortization of above and below Market Leases	-330,394	0
Deferred fee income amortization	-241,732	-41,236
Deferred loan cost amortization	571,721	91,473
deferred interest income	1,804,548	-318,296
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	889,946	921,207
deferred miscellaneous income amortization	-8,201	0
Changes in operating assets and liabilities:	'	'
(Increase) in tenant accounts receivable	-1,818	-2,127
(Increase) decrease in other assets	84,430	-338,579
Increase in accounts payable and accrued expenses	13,829	291,743
(Decrease) increase in accrued interest payable	28,892	40,103
Increase (decrease) in security deposits	-11,025	10,079
Increase (decrease) in prepaid rents	43,309	114,155
Increase in deferred income	'	16,275
Net cash provided by (used in) operating activities	6,075,055	3,022,896
Investing activities:	'	'
Investments in real estate loans	-43,720,651	-25,190,708
Notes receivable issued	956,665	650,000
Deferred acquisition fee on real estate loans	6,538,982	590,233
Deferred real estate loan income	-11,155,618	-1,580,544
Acquisition of properties, net	-33,447,617	0
Additions to real estate assets - improvements	-1,129,263	-290,051
Increase in cash held in escrow and restricted cash	-701,770	-124,566
AcquisitionFeesRelatedPartyCosts	-705,049	-258,528
Increase (Decrease) in Accounts and Notes Receivable	3,168,909	245,032
Net cash (used in) investing activities	-91,863,278	-26,622,541
Financing activities:	'	'
Proceeds from mortgage notes payable	'	0
Extinguishment of Debt, Amount	-56,594,389	0
Payments for mortgage loan costs	'	309,500
Payments on revolving lines of credit	-38,799,679	0
Proceeds from non-revolving lines of credit	-48,909,149	-15,000,000
Proceeds from sales of Units, net of offering costs	47,560,602	10,951,202
Dividends declared and paid	-3,203,573	-1,997,573
Payments of Ordinary Dividends, Preferred Stock and Preference Stock	-2,500,386	-184,552
Payments to Noncontrolling Interests	-31,561	0
Payments for deferred offering costs, net of non cash items	-1,469,415	-1,911,644
Cash beginning of period	2,973,509	4,548,020
Cash end of period	5,453,006	2,496,308
Supplemental cash flow information:	'	'
Cash paid for interest	4,175,177	1,636,010
Noncash Investing and Financing Items [Abstract]	'	'
Accrued capital expenditures	94,747	26,967
Deemed noncash dividend	7,028,557	0
Payments of Ordinary Dividends, Noncontrolling Interest	16,048	0
Accrued and payable deferred offering costs	452,874	291,329
Reclass of offering costs from deferred asset to equity	362,511	31,158
Loans Assumed	69,428,389	0
Net Cash Provided by (Used in) Financing Activities	88,267,720	21,547,933
Cash and Cash Equivalents, Period Increase (Decrease)	2,479,497	-2,051,712
non cash mezzanine loan settled	6,326,898	0
loan fees received	1,410,098	517,057
Series B Preferred Stock [Member]	'	'
Financing activities:	'	'
Proceeds from sales of Units, net of offering costs	36,959,366	'
Common Stock [Member]	'	'
Noncash Investing and Financing Items [Abstract]	'	'
Dividends payable	1,661,060	729,699
Series A Preferred Stock [Member]	'	'
Noncash Investing and Financing Items [Abstract]	'	'
Dividends payable	348,483	58,062
Parent [Member]	'	'
Operating activities:	'	'
Net loss attributable to the Company	-5,612,169	'
Reconciliation of net loss to net cash provided by (used in) operating activities:	'	'
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	889,946	'
IAA [Member]	'	'
Changes in operating assets and liabilities:	'	'
(Increase) in tenant accounts receivable	$0	($234,679)

Statements_of_Equity_and_Accum

Statements of Equity and Accumulated Deficit (USD $)

Total

Series A Preferred Stock [Member]

Series B Preferred Stock [Member]

Series A Preferred Stock [Member]

Series A Preferred Stock [Member]

Common Stock [Member]

Common Stock [Member]

Additional Paid-in Capital [Member]

Additional Paid-in Capital [Member]

Accumulated Deficit [Member]

Accumulated Deficit [Member]

Total Stockholders' Equity [Member]

Total Stockholders' Equity [Member]

Noncontrolling Interest [Member]

Noncontrolling Interest [Member]

Series B Preferred Stock [Member]

Series B Preferred Stock [Member]

Series B Preferred Stock [Member]

Series B Preferred Stock [Member]

Series B Preferred Stock [Member]

Series B Preferred Stock [Member]

Balance at Dec. 31, 2011

$34,617,901

'

'

'

'

'

'

$43,828,030

'

($9,261,623)

'

$34,617,900

'

$1

'

Noncontrolling Interest, Increase from Subsidiary Equity Issuance

12,165,620

'

'

'

'

'

'

12,165,498

'

0

'

12,165,620

'

0

'

Stock Issued During Period, Value, New Issues

921,207

'

'

'

'

'

'

921,169

'

0

'

921,207

'

0

'

restricted stock vesting

0

'

'

'

'

'

'

-260

'

0

'

0

'

0

'

Syndication and offering costs

-1,231,698

'

'

'

'

'

'

'

'

'

'

-1,231,698

'

'

'

Net Income (Loss) Attributable to Parent

-562,305

'

'

'

'

'

'

'

'

-562,305

'

-562,305

'

'

'

Dividends, Preferred Stock

'

-242,744

'

'

'

'

'

242,744

'

0

'

242,744

'

0

'

Dividends, Common Stock

-2,080,357

'

'

'

'

'

'

-2,080,357

'

0

'

-2,080,357

'

0

'

Balance at Mar. 31, 2012

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Balance at Dec. 31, 2011

34,617,901

'

'

'

'

51,493

'

43,828,030

'

'

'

'

'

'

'

Noncontrolling Interest, Increase from Subsidiary Equity Issuance

'

'

'

122

'

0

'

'

'

'

'

'

'

'

'

Stock Issued During Period, Value, New Issues

'

'

'

0

'

38

'

'

'

'

'

'

'

'

'

restricted stock vesting

'

'

'

0

'

260

'

'

'

'

'

'

'

'

'

Equity compensation to executives and directors

921,207

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Syndication and offering costs

'

'

'

'

'

'

'

-1,231,698

'

'

'

'

'

'

'

Net Income (Loss) Attributable to Parent

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

-562,305

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends, Preferred Stock

'

'

'

0

'

0

'

'

'

'

'

'

'

'

'

Dividends, Common Stock

'

'

'

0

'

0

'

'

'

'

'

'

'

'

'

Balance at Sep. 30, 2012

43,587,624

'

'

122

'

51,791

'

53,359,638

'

-9,823,928

'

43,587,623

'

1

'

Balance at Dec. 31, 2012

50,057,575

'

'

198

'

52,885

'

59,412,744

'

-9,408,253

'

50,057,574

'

1

'

Noncontrolling Interest, Increase from Subsidiary Equity Issuance

'

'

'

'

'

'

'

-260,767

'

'

'

-260,767

'

260,767

'

Stock Issued During Period, Value, Conversion of Convertible Securities

40,000,000

'

'

0

'

57,143

'

39,942,857

'

0

'

40,000,000

'

0

'

Issuance of warrant to purchase Common Stock

51,304,949

'

'

522

'

'

'

51,304,427

'

'

'

51,304,949

'

'

'

restricted stock vesting

0

'

'

0

'

330

'

-330

'

0

'

0

'

0

'

Equity compensation to executives and directors

889,946

'

'

'

'

28

'

889,918

'

'

'

889,946

'

'

'

Class B Units Vested

0

'

'

0

'

0

'

-479,841

'

0

'

-479,841

'

479,841

'

Stock Issued During Period, Value, Conversion of Units

0

'

'

0

'

61

'

25,562

'

0

'

25,623

'

-25,623

'

Noncontrolling interest adjustment from Class B Unit amortization

0

'

'

0

'

0

'

-672,549

'

0

'

-672,549

'

672,549

'

Syndication and offering costs

-7,816,159

'

'

'

'

'

'

-7,816,159

'

'

'

-7,816,159

'

'

'

Dividends, Common Stock, Cash

-4,093,017

'

'

'

'

'

'

-4,093,017

'

'

'

-4,093,017

'

'

'

Net Income (Loss) Attributable to Parent

'

'

'

'

'

'

'

'

'

-5,612,169

'

-5,612,169

'

-225,894

'

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

-5,838,063

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payments to Noncontrolling Interests

-47,610

'

'

0

'

0

'

0

'

0

'

0

'

-47,610

'

Dividends, Preferred Stock

'

2,078,525

690,476

0

0

0

0

2,078,525

690,476

0

0

2,078,525

690,476

0

0

Balance at Sep. 30, 2013

$121,688,620

'

'

$720

'

$110,447

'

$135,483,844

'

($15,020,422)

'

$120,574,589

'

$1,114,031

'

Statements_of_Equity_and_Accum1

Statements of Equity and Accumulated Deficit Parenthetical (USD $)	3 Months Ended	9 Months Ended
	Mar. 31, 2012	Sep. 30, 2013
Common Stock, Dividends, Per Share, Declared	$0.40	$0.45
Series A Preferred Stock [Member]	'	'
Dividends, Preferred Stock, Cash	$5	$5
Series B Preferred Stock [Member]	'	'
Dividends, Preferred Stock, Cash	'	$17.26

Organization

Organization	9 Months Ended
	Sep. 30, 2013
Organization [Abstract]	'
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	'
	Organization
	Preferred Apartment Communities, Inc. was formed as a Maryland corporation on September 18, 2009, and elected to be taxed as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Code, effective with its tax year ended December 31, 2011. Unless the context otherwise requires, references to the "Company", "we", "us", or "our" refer to Preferred Apartment Communities, Inc., together with its consolidated subsidiaries, including Preferred Apartment Communities Operating Partnership, L.P., or the Operating Partnership. The Company was formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States. As part of its business strategy, the Company may enter into forward purchase contracts or purchase options for to-be-built multifamily communities and may make mezzanine loans, provide deposit arrangements, or provide performance assurances, as may be necessary or appropriate, in connection with the construction of multifamily communities and other properties. As a secondary strategy, the Company also may acquire or originate senior mortgage loans, subordinate loans or mezzanine debt secured by interests in multifamily properties, membership or partnership interests in multifamily properties and other multifamily related assets and invest not more than 10% of its total assets in other real estate related investments, as determined by its Manager (as defined below) as appropriate for the Company. The Company is externally managed and advised by Preferred Apartment Advisors, LLC, or its Manager, a Delaware limited liability company and related party (see Note 6).
	The Company completed its initial public offering, or IPO, on April 5, 2011. As of September 30, 2013, the Company had 11,044,715 shares of common stock, par value $0.01 per share, or Common Stock, issued and outstanding and owned units in the Operating Partnership which represented a weighted-average ownership percentage of 99.04% for the three-month period ended September 30, 2013. The number of partnership units not owned by the Company totaled 106,988 at September 30, 2013 and represent Class A OP Units of the Operating Partnership. On January 3, 2012, Class B OP Units of the Operating Partnership were granted to the Company's four executive officers for annual service to be provided in 2012. On January 3, 2013, these Class B Units became vested and earned and automatically converted to Class A OP Units. The Class A OP Units are convertible at any time at the option of the holder into the Company's choice of either cash or Common Stock. In the case of cash, the value is determined based upon the trailing 20-day volume weighted average price of the Company's Common Stock.
	The consolidated financial statements include the accounts of the Company and the Operating Partnership. The Company controls the Operating Partnership through its sole general partner interest and plans to conduct substantially all of its business through the Operating Partnership.

Significant_Accounting_Policie

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2013
Summary of Significant Accounting Policies [Abstract]	'
Significant Accounting Policies [Text Block]	'
	Summary of Significant Accounting Policies
	Basis of Presentation
	The unaudited consolidated financial statements include all of the accounts of the Company and the Operating Partnership presented in accordance with accounting principles generally accepted in the United States of America, or GAAP. All significant intercompany transactions have been eliminated in consolidation. Certain adjustments have been made consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair presentation of the Company's financial condition and results of operations. These financial statements should be read in conjunction with our audited financial statements and notes thereto included in our 2012 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 15, 2013.
	Out of Period Adjustment
	During the three months ended September 30, 2013, we recorded an out of period adjustment in the amount of $118,069 to correct the allocation of net loss to the non-controlling interest in the Company’s statement of operations.  The corrections, which related to the first and second quarters of 2013 in the amount of $20,761 and $97,308, respectively, increased the amount of net loss that was previously allocated to the non-controlling interest.  The Company has concluded the amounts were not material to those periods nor to the three-month period ended September 30, 2013 and has accordingly recorded the correction in the third quarter of 2013.  This out of period adjustment had no impact to the reported amount of net income/loss, statement of financial position, or cash flows for any prior periods.
	Use of Estimates
	The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
	Acquisitions and Impairments of Real Estate Assets
	The Company generally records its initial investments in income-producing real estate at fair value at the acquisition date in accordance with ASC 805-10, Business Combinations. The aggregate purchase price of acquired properties is apportioned to the tangible and identifiable intangible assets and liabilities acquired at their estimated fair values. The value of acquired land, buildings and improvements is estimated by formal appraisals, observed comparable sales transactions, and information gathered during pre-acquisition due diligence activities and the valuation approach considers the value of the property as if it were vacant. The values of furniture, fixtures, and equipment are estimated by calculating their replacement cost and reducing that value by factors based upon estimates of their remaining useful lives. Intangible assets include the values of in-place leases and customer relationships. In-place lease values are estimated by calculating the estimated time to fill a hypothetically empty apartment complex to its stabilization level (estimated to be 92% occupancy) based on historical observed move-in rates for each property. Carrying costs during these hypothetical expected lease-up periods are estimated, considering current market conditions and include real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates. The intangible assets are calculated by estimating the net cash flows of the in-place leases to be realized, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The acquired in-place lease values are amortized to operating expense over the average remaining non-cancelable term of the respective in-place leases. The values of customer relationships are estimated by calculating the product of the avoided hypothetical lost revenue and the average renewal probability and are amortized to operating expense over the average remaining historical period of residency, plus an estimate of the average expected renewal period. The above-market or below-market lease values are recorded as a reduction or increase, respectively, to rental income over the remaining average non-cancelable term of the respective leases. Acquired intangible assets have no residual value.
	The Company evaluates its tangible and identifiable intangible real estate assets for impairment when events such as declines in a property’s operating performance, deteriorating market conditions, or environmental or legal concerns bring recoverability of the carrying value of one or more assets into question. The total undiscounted cash flows of the asset group, including proceeds from disposition, are compared to the net book value of the asset group. If this test indicates that impairment exists, an impairment loss is recorded in earnings equal to the shortage of the book value to the discounted net cash flows of the asset group.
	Loans Held for Investment
	The Company carries its investments in real estate loans at amortized cost with assessments made for impairment in the event recoverability of the principal amount becomes doubtful. If, upon testing for impairment, the fair value result is lower than the carrying amount of the loan, a valuation allowance is recorded to lower the carrying amount to fair value, with a loss recorded in earnings. Recoveries of valuation allowances are only recognized in the event of maturity or a sale or disposition in an amount above carrying value. The balances of real estate loans presented on the consolidated balance sheets consist of drawn amounts on the loans, net of deferred loan fee revenue. See the ‘Revenue Recognition’ section of this note for other loan-related policy disclosures required by ASC 310-10-50-6.
	Cash and Cash Equivalents and Restricted Cash
	The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Restricted cash includes cash restricted by state law or contractual requirement and relates primarily to tax and insurance escrows and resident security deposits.
	Fair Value Measurements
	Certain assets and liabilities are required to be carried at fair value, or if they are deemed impaired, to be adjusted to reflect this condition. The Company follows the guidance provided by ASC 820, Fair Value Measurements and Disclosures, in accounting and reporting for real estate assets where appropriate, as well as debt instruments both held for investment and as liabilities. The standard requires disclosure of fair values calculated under each level of inputs within the following hierarchy:
	•Level 1 – Quoted prices in active markets for identical assets or liabilities at the measurement date.
	•Level 2 – Inputs other than quoted prices that are observable for the asset or liability, either directly or
	indirectly.
	•Level 3 – Unobservable inputs for the asset or liability.
	Deferred Loan Costs
	Deferred loan costs are amortized using the straight-line method, which approximates the effective interest method, over the terms of the related indebtedness.
	Deferred Offering Costs
	Deferred offering costs represent costs incurred by the Company related to current equity offerings, excluding costs specifically identifiable to a closing, such as commissions, dealer-manager fees, and other registration fees. For issuances of equity that occur on one specific date, associated offering costs are reclassified as a reduction of proceeds raised on the date of issue. Our ongoing offering of units, consisting of one share of Series A Redeemable Preferred Stock, or Series A Preferred Stock, and one warrant, or Warrant, to purchase 20 shares of Common Stock, or Units, generally closes on a bimonthly basis in variable amounts. Such offering is referred to herein as the Primary Series A Offering, pursuant to our registration statement on Form S-11 (registration number 333-176604), as may be amended from time to time. Deferred offering costs related to the Primary Series A Offering are reclassified to the stockholders’ equity section of the consolidated balance sheet as a reduction of proceeds raised on a pro-rata basis equal to the ratio of total Units issued to the maximum number of Units that are expected to be issued.
	Non-controlling Interest
	Non-controlling interest represents the equity interest of the Operating Partnership that is not owned by the Company. Non-controlling interest is adjusted for contributions, distributions and earnings or loss attributable to the non-controlling interest in the consolidated entity in accordance with the Agreement of Limited Partnership of the Operating Partnership, as amended.
	Redeemable Preferred Stock
	Shares of the Series A Preferred Stock issued pursuant to the Primary Series A Offering (further described in note 5) are redeemable at the option of the holder, subject to a declining redemption fee schedule. Redemptions are therefore outside the control of the Company. However, the Company retains the right to fund any redemptions of Series A Preferred Stock in either Common Stock or cash at its option. Therefore, the Company records the Series A Preferred Stock as a component of permanent stockholders’ equity.
	Revenue Recognition
	Rental revenue is recognized when earned from residents, which is over the terms of rental agreements, typically of 13 months’ duration. Differences from the straight-line method, which recognize the effect of any up-front concessions and other adjustments ratably over the lease term, are not material. The Company evaluates the collectability of amounts due from residents and maintains an allowance for doubtful accounts for estimated losses resulting from the inability of residents to make required payments then due under lease agreements. The balance of amounts due from residents are generally deemed uncollectible 30 days beyond the due date, at which point they are fully reserved.
	Interest income on real estate loans and notes receivable is recognized on an accrual basis over the lives of the loans using the effective interest method. In the event that a loan or note is refinanced with the proceeds of another loan issued by the Company, any unamortized loan fee revenue from the first loan will be recognized as interest revenue over the term of the new loan. Direct loan origination fees and origination or acquisition costs applicable to real estate loans are amortized over the lives of the loans as adjustments to interest income. The accrual of interest on all these instruments is stopped when there is concern as to the ultimate collection of principal or interest, which is generally a delinquency of 30 days in required payments of interest or principal. Any payments received on such non-accrual loans are recorded as interest income when the payments are received. Real estate loan assets are reclassified as accrual-basis once interest and principal payments become current. Certain real estate loan assets include limited purchase options and exit fees or additional interest payments that are due the Company at maturity or in the event of a sale of the property or refinancing of the loan by the borrower to a third party. If the Company purchases the subject property, any accrued exit fee will be treated as additional consideration for the acquired project.
	Promotional fees received from service providers at the Company’s properties are deferred and recognized on a straight-line basis over the term of the agreement.
	The PAC Rewards program, implemented in the first quarter of 2012, allows residents to accumulate reward points on a monthly basis for actions such as resident referrals and making rent payments online. A resident must rent an apartment from the Company for at least 14 months before reward points may be redeemed for services or upgrades to a resident’s unit. The Company accrues a liability for the estimated cost of these future point redemptions, net of a 35% breakage fee, which is the Company’s current estimate of rewards points that will not be redeemed. In accordance with Staff Accounting Bulletin 13.A.3c, the Company deems its obligations under PAC Rewards as inconsequential to the delivery of services according to the lease terms. Therefore, the expense related to the PAC Rewards Program is included in property operating and maintenance expense on the consolidated statements of operations.
	Stock-Based Compensation
	The Company accounts for stock-based compensation in accordance with guidance provided by ASC 505, Equity-Based Payments to Non-Employees and ASC 718, Stock Compensation. We calculate the fair value of equity compensation instruments at the date of grant based upon estimates of their expected term, the expected volatility of and dividend yield on our Common Stock over this expected term period and the market risk-free rate of return. We will also estimate forfeitures of these instruments and accrue the compensation expense, net of estimated forfeitures, over the vesting period(s). We record the fair value of restricted stock awards based upon the closing stock price on the trading day immediately preceding the date of grant.
	Acquisition Costs
	The Company expenses property acquisition costs as incurred, which include costs such as due diligence, legal, certain accounting, environmental and consulting, when the acquisition constitutes a business combination. The Company capitalizes these costs for transactions deemed to be asset acquisitions.
	Capitalization and Depreciation
	The Company capitalizes replacements of furniture, fixtures and equipment, as well as carpet, appliances, air conditioning units, certain common area items, and other assets. Significant repair and renovation costs that improve the usefulness or extend the useful life of the properties are also capitalized. These assets are then depreciated on a straight-line basis over their estimated useful lives, as follows:
	•Buildings                    30 - 40 years
	•Furniture, fixtures & equipment            5 - 10 years
	•Improvements to buildings and land        5 - 10 years
	Operating expenses related to unit turnover costs, such as carpet cleaning, mini-blind replacements, and minor repairs are expensed as incurred.
	Income Taxes
	The Company has elected to be taxed as a REIT under the Code. To continue to qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company's annual REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company's net income and net cash available for distribution to stockholders. The Company intends to operate in such a manner as to maintain its election for treatment as a REIT.
	The Company's provision for income taxes is based on income before taxes reported for financial statement purposes after adjustment for transactions that do not have tax consequences. Deferred tax assets and liabilities are realized according to the estimated future tax consequences attributable to differences between the carrying value of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates as of the date of the balance sheet. The effect of a change in tax rates on deferred tax assets and liabilities is reflected in the period that includes the statutory enactment date. A deferred tax asset valuation allowance is recorded when it has been determined that it is more likely than not that deferred tax assets will not be realized. If a valuation allowance is needed, a subsequent change in circumstances in future periods that causes a change in judgment about the realization of the related deferred tax amount could result in the reversal of the deferred tax valuation allowance.
	The Company recognizes a liability for uncertain tax positions. An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company measures the tax benefits recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes.
	Earnings (Loss) Per Share
	Basic earnings (loss) per share is computed by dividing net income or loss available to common stockholders by the weighted average number of shares of Common Stock outstanding for the period. Net income or loss attributable to common stockholders is calculated by deducting dividends due to preferred stockholders, as well as nonforfeitable dividends due to holders of unvested restricted stock, which are participating securities under the two-class method of calculating earnings per share. Diluted earnings (loss) per share is computed by dividing earnings or net loss available to common stockholders by the weighted average number of shares of Common Stock outstanding adjusted for the effect of dilutive securities such as share grants or warrants. No adjustment is made for potential Common Stock equivalents that are anti-dilutive during the period.

Real_Estate_Assets

Real Estate Assets	9 Months Ended
	Sep. 30, 2013
Real Estate Assets [Abstract]	'
Business Combination Disclosure [Text Block]	'
	Real Estate Assets
	On June 25, 2013, the Company completed the acquisition of a 96-unit townhome-style multifamily community adjacent to our Trail Creek community in Hampton, Virginia, or Trail II, for approximately $18.2 million, less a capital improvements reserve of $250,000, which approximated the fair value of the assets. The construction of Trail II was partially financed by a $6.0 million mezzanine loan held by the Company, which was applied to the purchase at the closing of the property acquisition, along with an exit fee for accrued interest of $283,062.
	The Company allocated the purchase price of Trail II to the acquired assets and liabilities based upon their fair values, as follows:
		Trail II
	Land	$	1,548,000
	Buildings and improvements	13,411,080
	Furniture, fixtures and equipment	1,968,402
	In-place leases	908,286
	Customer relationships	129,316
	Restricted cash and security deposits	264,689
	Prepaids, reserves and other assets	62,517
	Security deposit liabilities	(14,803		)
	Accounts payable, accrued expenses and other liabilities	(14,505		)
	Below market leases	(106,398		)
	Net assets acquired	$	18,156,584
	Cash paid	$	11,829,686
	Reinvested mezzanine funds	6,326,898
	Total consideration	$	18,156,584
	Discrete operating results are not available for Trail II subsequent to the acquisition date. The combined Trail Creek community contributed approximately $1,138,297 and $2,508,912 of revenue and approximately $475,553 and $875,679 of net loss to the Company's consolidated results for the three-month and nine-month periods ended September 30, 2013, respectively.
	See note 6 for details regarding the acquisition fee paid related to this transaction.
	On January 23, 2013, the Company completed the acquisition of the following three entities from Williams Multifamily Acquisition Fund, LP, a Delaware limited partnership, or WMAF, an entity whose properties were also managed by Preferred Residential Management LLC.
	•	Ashford Park REIT, Inc, the fee-simple owner of a 408-unit multifamily community located in Atlanta, Georgia, or Ashford Park, for a total purchase price of approximately $39.6 million, exclusive of assumed mortgage debt, acquisition-related and financing-related transaction costs.
	•	Lake Cameron REIT, Inc, the fee-simple owner of a 328-unit multifamily community located in suburban Raleigh, North Carolina, or Lake Cameron, for a total purchase price of approximately $30.5 million, exclusive of assumed mortgage debt, acquisition-related and financing-related transaction costs.
	•	McNeil Ranch REIT, Inc, the fee-simple owner of a 192-unit multifamily community located in Austin, Texas, or McNeil Ranch, for a total purchase price of approximately $21.0 million, exclusive of assumed mortgage debt, acquisition-related and financing-related transaction costs.
	The purchase price for each of these three underlying properties was established by the 95% unaffiliated third party equity investor in WMAF, pursuant to terms of the WMAF partnership agreement. The Company allocated the purchase prices of the three properties to the acquired assets and liabilities based upon their fair values, as follows:
		Ashford Park			Lake Cameron			McNeil Ranch			Total
	Land	$	10,600,000		$	4,000,000		$	2,100,000		$	16,700,000
	Buildings and improvements	23,067,264			21,248,442			15,962,582			60,278,288
	Furniture, fixtures and equipment	3,226,260			3,195,131			1,593,637			8,015,028
	In-place leases	2,445,317			1,787,929			1,414,373			5,647,619
	Customer relationships	375,859			313,498			161,903			851,260
	Restricted cash	405,437			110,019			528,659			1,044,115
	Prepaids, reserves and other assets	67,642			41,609			36,153			145,404
	Security deposit liabilities	(57,825		)	(57,606		)	(60,931		)	(176,362		)
	Intangible liabilities	(164,700		)	—			(112,495		)	(277,195		)
	Accounts payable, accrued expenses and other
	liabilities	(363,226		)	(138,950		)	(650,350		)	(1,152,526		)
	Net assets acquired	$	39,602,028		$	30,500,072		$	20,973,531		$	91,075,631
		Ashford Park			Lake Cameron			McNeil Ranch			Total
	Cash Paid	$	902,028		$	13,000,072		$	7,745,142		$	21,647,242
	Mortgage Assumed	38,700,000			17,500,000			13,228,389			69,428,389
	Total consideration	$	39,602,028		$	30,500,072		$	20,973,531		$	91,075,631
	The combined entities of Ashford Park, Lake Cameron, and McNeil Ranch contributed approximately $2.9 million and $8.0 million of revenue and approximately $1.2 million and $6.7 million of net loss to the Company's consolidated results for the three-month and nine-month periods ended September 30, 2013, respectively.
	The Company recorded depreciation and amortization of tangible and intangible assets on all its multifamily communities as follows:
		Three months ended September 30,						Nine months ended September 30,
		2013			2012			2013			2012
	Depreciation:
	Buildings and improvements	$	1,027,767		$	412,091		$	2,845,693		$	1,235,725
	Furniture, fixtures, and equipment	1,077,922			492,746			2,943,025			1,561,225
		2,105,689			904,837			5,788,718			2,796,950
	Amortization:
	Acquired intangible assets	1,575,247			—			6,886,537			—
	Website development costs	1,151			1,151			3,454			3,454
	Total depreciation and amortization	$	3,682,087		$	905,988		$	12,678,709		$	2,800,404
	Amortization of acquired intangible assets for the nine-month period ended September 30, 2013 commenced on January 23, 2013, the date of acquisition of the three newly-acquired WMAF communities, and on June 25, 2013, the acquisition date of Trail II. The intangible assets will be amortized over a period ranging from the average remaining lease term, which was approximately six to seven months, to the average remaining lease term plus the average estimated renewal period. See note 15 for pro forma operating results of the Company, including the newly-acquired properties.

Real_Estate_Loans_Notes_Receiv

Real Estate Loans, Notes Receivable, and Line of Credit	9 Months Ended
	Sep. 30, 2013
Real Estate Loan [Abstract]	'
loansheldforinvestment [Text Block]	'
	Real Estate Loans, Notes Receivable, and Line of Credit
	At September 30, 2013, our portfolio of real estate loans consisted of:
		Project/Property		Location		Date of loan		Maturity date		Optional extension date		Total loan commitments				Approved senior loan held by unrelated third party
			(1)
		Summit II		Suburban Atlanta, GA		5/7/12		5/8/17		N/A		$	6,103,027			$	12,384,000
		City Park		Charlotte, NC		9/6/12		9/5/17		N/A		10,000,000				$	18,600,000
		City Vista		Pittsburgh, PA		8/31/12		6/1/16		7/1/17		12,153,000				$	28,400,000
		Madison - Rome		Rome, GA (2)		11/13/12		9/20/15		N/A		5,360,042				$	11,500,000
		Lely		Naples, FL		3/28/13		2/28/16		2/28/18		12,713,242				$	25,000,000
		Crosstown Walk		Suburban Tampa, FL (3)		4/30/13		11/1/16		5/1/18		10,962,000				$	25,900,000
		Overton		Atlanta, GA		5/8/13		11/1/16		5/1/18		16,600,000				$	31,700,000
		Haven West		Carrollton, GA (4) (6)		7/15/13		6/2/16		6/2/18		6,940,795				$	16,195,189
		Starkville		Starkville, MS (5) (6)		8/21/13		5/31/14		N/A		1,730,000				N/A
		Newtown		Williamsburg, VA		8/29/13		8/29/18		N/A		10,346,000				$	26,936,000
												$	92,908,106
	(1)	All loans are mezzanine loans pertaining to developments of multifamily communities, except as otherwise indicated. The borrowers for each of these projects are as follows: "Summit II" - Oxford Summit II Apartments LLC; "City Park" - Oxford City Park Development LLC; "City Vista" - Oxford City Vista Development LLC; "Madison - Rome" - Madison Retail - Rome LLC; "Lely" - Lely Apartments LLC; "Crosstown Walk" - Iris Crosstown Partners LLC; "Overton" - Newport Overton Holdings, LLC; "Haven West" - Haven Campus Communities Member, LLC; "Starkville" - Haven Campus Communities - Starkville, LLC; and "Newtown" - Oxford NTW Apartments LLC.
	(2)	Madison-Rome is a mezzanine loan for an 88,351 square foot retail development project. On October 16, 2013, the anchor tenant obtained a certificate of occupancy and took possession of approximately 54,340 square feet of space.
	(3)	Crosstown Walk was a land acquisition bridge loan that was converted to a mezzanine loan in April 2013.
	(4)	Planned 568 bed student housing community.
	(5)	A land acquisition loan which pays 8% current interest only, in support of a planned 168-unit, 536-bed student housing community.
	(6)	See note 6 - Related Party Transactions
	The mezzanine real estate loans held by the Company pay current monthly interest of 8% per annum, and except for the Starkville loan, which pays no deferred interest, and except for the Newtown loan, which accrues an additional 5% interest and a 1% exit fee, accrue an additional 6% interest which will be due at maturity or if the property is sold to, or refinanced by, a third party. There are no contingent events that are necessary to occur for the Company to realize the additional interest amounts. If the Company exercises a purchase option and acquires the property, the additional interest described below will be treated as additional consideration for the acquired project. The Company receives a fee of 2% of the aggregate amount of the loan at loan inception as partial inducement to offer the funds. The Company concurrently pays half of the 2% loan fee to its Manager as an acquisition fee (see note 6). The net 1% retained is recognized as revenue over the term of the loan. Except for the Starkville loan, the Company's real estate loans are collateralized by 100% of the membership interests of the underlying project entity, and, where necessary, by unconditional joint and several repayment guaranties and performance guaranties by the principal(s) of the borrower. These guaranties generally remain in effect until the receipt of a final certificate of occupancy. All of the guaranties are subject to the rights held by the senior lender pursuant to a standard intercreditor agreement. The Starkville loan is also collateralized by the acquired land. The Haven West loan is additionally collateralized by an assignment by the developer of security interests in an unrelated project. Prepayment of the mezzanine loans are permitted in whole, but not in part, without the Company's consent.
	Management monitors the level of credit quality for each of the Company's mezzanine real estate loans by tracking the timeliness of scheduled interest and principal payments relative to the due dates as specified in the loan documents, as well as draw requests on the loans relative to the project budgets. In addition, management monitors the actual progress of development and construction relative to the construction plan, as well as local, regional, and national economic conditions as may bear on our current and target markets. The credit quality of the Company’s borrowers is primarily based on their payment history on an individual loan basis, as such, the Company does not assign quantitative credit value measures or categories to its real estate loans and notes receivable in credit quality categories.
			Amount drawn				Loan Fee received from borrower - 2%				Acquisition fee paid to Manager - 1%				Unamortized deferred loan fee revenue				Carrying amount
	Project/Property
	Summit II		$	6,103,027			$	122,061			$	61,030			$	(39,376	)		$	6,063,651
	City Park		10,000,000				200,000				100,000				(78,349		)		9,921,651
	City Vista		12,153,000				243,060				121,530				(97,023		)		12,055,977
	Madison - Rome		5,360,042				107,201				53,600				(40,492		)		5,319,550
	Lely		8,018,423				254,267				127,133				(99,793		)		7,918,630
	Crosstown Walk		9,844,642				219,240				109,620				(52,566		)		9,792,076
	Overton		11,789,478				332,000				166,000				(142,511		)		11,646,967
	Haven West		2,130,569				138,816				69,408				(63,424		)		2,067,145
	Starkville		1,590,600				34,600				17,300				(12,676		)		1,577,924
	Newtown		5,745,036				206,920				103,460				(95,067		)		5,649,969
			$	72,734,817			$	1,858,165			$	929,081			$	(721,277	)		$	72,013,540
	The Company holds options, but not obligations, to purchase certain of the properties which are partially financed by its mezzanine loans, as shown in the table below. The option purchase prices are negotiated at the time of the loan closing.
			Purchase option window				Purchase option price				Total units upon completion
	Project/Property		Begin		End
	Summit II		10/1/14		2/28/15		$	19,254,155			140
	City Park		11/1/15		3/31/16		$	30,945,845			284
	City Vista		2/1/16		5/31/16		$	43,560,271			272
	Madison - Rome		N/A		N/A		N/A				N/A
	Lely		4/1/16		8/30/16		$	43,500,000			308
	Crosstown Walk		7/1/16		12/31/16		$	39,654,273			342
	Overton		7/8/16		12/8/16		$	51,500,000			294
	Haven West		8/1/16		1/31/17		$	26,138,466			160
	Starkville		N/A		N/A		N/A				—
	Newtown		2/1/16		9/15/16		$	44,266,000			247
											2,047
	At September 30, 2013, our portfolio of notes and line of credit receivable consisted of:
	Borrower		Type of instrument		Date of loan		Maturity date		Total loan commitments				Amount drawn				Interest rate
	360 Residential, LLC		Bridge loan		6/25/13		3/20/14		$	1,000,000			$	872,747			8	%	(1)
	TPKG 13th Street Development, LLC		Land acquisition loan		7/24/13		1/15/14		6,400,000				6,241,484				8	%	(2)
	Preferred Capital Marketing Services, LLC		Promissory note		1/24/13		1/23/15		1,500,000				1,500,000				10	%
	Riverview Associates, Ltd.		Promissory note		12/17/12		12/31/13		1,300,000				1,300,000				8	%	(3)
	International Assets Advisory, LLC		Subordinated loan		11/15/12		11/15/13		650,000				650,000				10	%	(4)
	Oxford Properties LLC		Promissory note		8/27/13		4/30/17		1,500,000				1,475,000				8	%
	Riverview Office, LLC		Promissory note		8/20/13		10/31/13		1,000,000				671,156				8	%	(5)
	Preferred Apartment Advisors, LLC		Revolving credit line		6/12/13		12/31/15		6,000,000				4,079,878				8	%	(6	)
									$	19,350,000			$	16,790,265
	(1) Amendment of the bridge loan which was originated on March 20, 2013. The amounts payable under the terms of the loan, which include an additional 6% deferred interest, are collateralized by guaranties of payment and performance by the principals of the borrower.
	(2) Note pays current interest at 8% per annum, plus an additional interest amount necessary to provide the Company with a 14% cumulative simple rate of return through August 31, 2013, scaling upward to 20% per annum on January 1, 2014 and thereafter. The amounts payable under the terms of the loan are collateralized by a pledge of 100% of the membership interests of the project entity.
(3) The amounts payable under the terms of the loan are collateralized by an assignment of project documents and guaranties of payment and performance by the principal of the borrower.
(4) The amounts payable under the terms of the loan are collateralized by rights of withholding commissions due IAA from the Company in connection with securing placements of the Primary Series A Offering.
(5) Amendment of the promissory note which was originated on April 30, 2013. See note 17 for discussion of increase in loan amount and an extension of the maturity date.
(6) The amounts payable under the credit line are collateralized by an assignment of the Manager's rights to fees due under the third amended and restated management agreement between the Company and the Manager.
On July 26, 2013, the amount owed to the Company by Pecunia Management, LLC under the terms of the Company's $1.5 million loan to Pecunia which closed on January 24, 2013 was transferred by a novation to Preferred Capital Marketing Services, LLC, a Georgia limited liability company, or PCMS, which will be performing certain marketing services for the Company related to its capital raising efforts. PCMS is 100% owned by NELL Partners, Inc., a related party.
The Company recorded interest income and other revenue from these instruments as follows:
		Three months ended September 30,								Nine months ended September 30,
		2013				2012				2013				2012
Real estate loans:
Current interest payments		$	1,258,636			$	374,445			$	2,966,721			$	689,806
Additional accrued interest		932,461				198,449				2,054,297				318,295
Deferred loan fee revenue		64,603				27,455				180,297				38,884
Total real estate loan revenue		2,255,700				600,349				5,201,315				1,046,985
Interest income on notes and line of credit		439,203				35,800				825,531				65,441
Interest income on loans and notes receivable		$	2,694,903			$	636,149			$	6,026,846			$	1,112,426
The Company extends loans for purposes such as to partially finance the development of multifamily residential communities, to acquire land in anticipation of developing and constructing multifamily residential communities, and for other real estate or real estate related projects. Certain of these loans include characteristics such as exclusive options to purchase the project at a fixed price within a specific time window following project completion and stabilization, the rights to incremental exit fees over and above the amount of periodic interest paid during the life of the loans, or both. These characteristics can cause the loans to create variable interests to the Company and require further evaluation as to whether the variable interest creates a variable interest entity, or VIE, which would necessitate consolidation of the project. The Company considers the facts and circumstances pertinent to each entity borrowing under
the loan, including the relative amount of financing the Company is contributing to the overall project cost, decision making rights or control held by the Company, guarantees provided by third parties, and rights to expected residual gains or obligations to absorb expected residual losses that could be significant from the project. If the Company is deemed to be the primary beneficiary of a VIE, consolidation treatment would be required.
The Company has evaluated its real estate loans, where appropriate, for accounting treatment as loans versus real estate development projects, as required by ASC 310. For each loan, the majority of the characteristics and the facts and circumstances indicate that loan accounting treatment is appropriate.
The Company's real estate loans partially finance the development activities of the borrowers' associated legal entities. Each of these loans create variable interests in each of these entities, and according to the Company's analysis, are deemed to be VIEs, due to the combined factors of the sufficiency of the borrowers' investment at risk, the existence of payment and performance guaranties provided by the borrowers, as well as the limitations on the fixed-price purchase options on the Summit II, City Park, City Vista, Overton, Crosstown Walk, Lely, Haven West and Newtown loans. The Company has concluded that it is not the primary beneficiary of the borrowing entities. It has no decision making authority or power to direct activity, except normal lender rights, which are subordinate to the senior loans on the projects. Therefore, since the Company has concluded it is not the primary beneficiary, it has not consolidated these entities in its consolidated financial statements. The Company's maximum exposure to loss from these loans is their drawn amount as of September 30, 2013 of approximately $72.7 million. The maximum aggregate amount of loans to be funded as of September 30, 2013 was approximately $92.9 million.
The Company is subject to a concentration of credit risk that could be considered significant with regard to the Summit II, Crosstown Walk, City Park, City Vista and Newtown real estate loans, as identified specifically by the two named principals of the borrowers, W. Daniel Faulk, Jr. and Richard A. Denny, and as evidenced by repayment guaranties offered in support of these loans. The drawn amount of these loans total approximately $43.8 million (with a total commitment amount of $49.6 million) and in the event of a total failure to perform by the borrowers and guarantors, would subject the Company to a total possible loss of that amount. The Company generally requires secured interests in one or a combination of the membership interests of the borrowing entity or the entity holding the project, guaranties of loan repayment, and project completion performance guaranties as credit protection with regard to its real estate loans, as is customary in the mezzanine loan industry. The Company has performed assessments of the guaranties with regard to the obligors' ability to perform according to the terms of the guaranties if needed and has concluded that the guaranties reduce the Company's risk and exposure to the above-described credit risk in place as of September 30, 2013.
The borrowers and guarantors behind these real estate loans (excluding the Madison-Rome, Overton, Lely, Haven West and Starkville loans) collectively qualify as a major customer as defined in ASC 280-10-50, as the revenue recorded from this customer exceeded ten percent of the Company's total revenues. The Company recorded revenue from transactions with this major customer for the three-month and nine-month periods ended September 30, 2013 of approximately $1.4 million and $3.6 million.

Redeemable_Preferred_Stock

Redeemable Preferred Stock	9 Months Ended
	Sep. 30, 2013
Redeemable Stock, Preferred [Abstract]	'
Preferred Stock [Text Block]	'
	Redeemable Preferred Stock
	On November 18, 2011, the Securities and Exchange Commission declared effective our registration statement on Form S-11 (registration number 333-176604) for our Primary Series A Offering of up to a maximum of 150,000 Units, with each Unit consisting of one share of Series A Preferred Stock and one Warrant to purchase 20 shares of our Common Stock, which is being offered and sold by IAA on a "reasonable best efforts" basis. Each share of Preferred Stock ranks senior to Common Stock and carries a cumulative annual 6% dividend of the stated per share value of $1,000, payable monthly as declared by the Company’s board of directors. Dividends begin accruing on the date of issuance. The Preferred Stock is redeemable at the option of the holder beginning two years following the date of issue subject to a 10% redemption fee. After year three the redemption fee decreases to 5%, after year four it decreases to 3%, and after year five there is no redemption fee. Any redeemed shares of Preferred Stock are entitled to any accrued but unpaid dividends at the time of redemption and any redemptions may be in cash or Common Stock, at the Company’s discretion. The Warrant is exercisable by the holder at an exercise price of 120% of the current market price per share of the Common Stock on the date of issuance of such warrant with a minimum exercise price of $9.00 per share. The current market price per share is determined using the volume weighted average closing market price for the 20 trading days prior to the date of issuance of the Warrant. The Warrants are not exercisable until one year following the date of issuance and expire four years following the date of issuance.
	On August 16, 2012, the Company filed a registration statement on Form S-11 (registration number 333-183355) for a follow-on offering of an additional 850,000 Units, or Follow-On Offering .  On August 29, 2013, the Company filed Pre-Effective Amendment No. 1 for the Follow-On Offering registration statement on Form S-3 increasing the Follow-On Offering to 900,000 Units (see Note 17).  The terms of the Follow-On Offering and features of the Units in the Follow-On Offering are substantially the same as the Primary Series A Offering. See note 17.
	As of September 30, 2013, offering costs specifically identifiable to Unit offering closing transactions, such as commissions, dealer manager fees, and other registration fees, totaled approximately $6.6 million. These costs are reflected as a reduction of stockholders' equity at the time of closing. In addition, the costs related to the offering not related to a specific closing transaction totaled approximately $4.7 million. As of September 30, 2013, the Company had issued 72,030 Units and collected net proceeds of approximately $65.4 million from the Primary Series A Offering after commissions.  A total of 70 shares of Series A Preferred Stock were subsequently redeemed. The number of Units issued was approximately 7.2% of the maximum number of Units anticipated to be issued under the Primary Series A Offering and the Follow-On Offering. Consequently, the Company cumulatively recognized approximately 7.2% of the approximate $4.7 million deferred to date, or approximately $340,000 as a reduction of stockholders' equity.  The remaining balance of offering costs not yet reflected as a reduction of stockholder's equity, approximately $4.6 million, are reflected in the asset section of the consolidated balance sheet  as deferred offering costs at September 30, 2013.  The remainder of current and future deferred offering costs related to the Primary Series A Offering will likewise be recognized as a reduction of stockholders' equity in the proportion of the number of Units issued to the maximum number of Units anticipated to be issued. Offering costs not related to a specific closing transaction are subject to an overall cap of 1.5% of the total gross proceeds raised during the Unit offerings.
	On January 17, 2013, the Company issued 40,000 shares of its Series B Preferred Stock at a purchase price of $1,000 per share through a private placement transaction. The net proceeds totaled approximately $37.6 million after commissions. On May 9, 2013, the common stockholders approved the issuance of Common Stock upon the conversion of the Series B Preferred Stock. As a result of such approval, the Series B Preferred Stock was converted into 5,714,274 shares of Common Stock on May 16, 2013.
	On May 17, 2013, the Company filed with the SEC a universal shelf registration statement on Form S-3 (File No. 333-188677), or the Shelf Registration Statement. The Shelf Registration Statement permits the Company to engage in offerings of shares of common stock or preferred stock, debt securities, depositary shares, warrants and units and any combination of the foregoing. The Shelf Registration Statement was declared effective on July 19, 2013. The amount of securities registered was $200 million, all of which is currently available for future offerings. Deferred offering costs related to the establishment of this offering totaled $206,921 as of September 30, 2013. These costs will likewise be recognized as a reduction of stockholders' equity in the proportion of the proceeds from securities issued to the maximum amount of securities registered.
	The conversion price of the Series B Preferred Stock created a beneficial conversion feature ("BCF") as a result of the conversion price being less than the market price of the Common Stock on January 16, 2013. The BCF of approximately $7.0 million was recorded when the Series B Preferred Stock became convertible in May 2013. As required by ASC 480, the BCF was recorded as a deemed distribution to the holders upon conversion, with a corresponding increase in additional paid-in capital, with no net effect on total stockholders' equity. The deemed distribution was also recorded as a deemed non-cash preferred dividend in the Company's earnings per share calculations, and due to the Company's deficit position of retained earnings, the deemed non-cash dividend was also recorded as a reduction of additional paid-in capital.

Related_Party_Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
Related Party Transactions Disclosure [Text Block]	'
	Related Party Transactions
	John A. Williams, the Company's Chief Executive Officer and Chairman of the Board, and Leonard A. Silverstein, the Company's President and Chief Operating Officer and a member of the Board, are also executive officers and directors of NELL Partners, Inc., which controls the Manager. Mr. Williams is the Chief Executive Officer and President and Mr. Silverstein is the President and Chief Operating Officer of the Manager.
	Mr. Williams, Mr. Silverstein and Michael J. Cronin, the Company's Executive Vice President, Chief Accounting Officer and Treasurer are executive officers of Williams Realty Advisors, LLC, or WRA.
	The Management Agreement entitles the Manager to receive compensation for various services it performs related to acquiring assets and managing properties on the Company's behalf:
				Three months ended				Nine months ended
	Type of Compensation		Basis of Compensation	September 30, 2013		September 30, 2012		September 30, 2013		September 30, 2012
	Acquisition fees		1% of the gross purchase price of real estate assets acquired or loans advanced	$	195,833	$	168,813	$	1,734,040	$	258,528
	Asset management fees		Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted	363,595		148,573		944,087		409,964
	Property management fees		Monthly fee equal to 4% of the monthly gross revenues of the properties managed	238,026		104,320		643,387		304,827
	General and administrative expense fees		Monthly fee equal to 2% of the monthly gross revenues of the Company	173,143		66,111		444,282		173,696
				$	970,597	$	487,817	$	3,765,796	$	1,147,015
	In addition to property management fees, the Company incurred the following reimbursable on-site personnel salary and related benefits expenses at the properties, which are included in property operating and maintenance expense on the Consolidated Statements of Operations:
	Three months ended September 30,					Nine months ended September 30,
	2013			2012		2013		2012
	$	600,547		$	247,165	$	1,633,530	$	738,643
	The Manager utilizes its own personnel and certain personnel of its affiliates to accomplish certain tasks related to raising capital that would typically be performed by third parties, including, but not limited to, legal and marketing functions. As permitted under the Management Agreement, the Manager requested reimbursement of $93,776 and $43,747 for the three-month periods ended September 30, 2013 and 2012, respectively and $242,530 and $120,618 for the nine-month periods ended September 30, 2013 and 2012, respectively. These costs are recorded as deferred offering costs until such time as additional closings occur on the Unit offerings, at which time they are reclassified on a pro-rata basis as a reduction of offering proceeds within stockholders’ equity.
	In addition to the fees described above, the Management Agreement also entitles the Manager to other potential fees, as follows:
	•	Disposition fees - Based on the lesser of (A) one-half of the commission that would be reasonable and customary; and (B) 1% of the sale price of the asset
	•	Construction, development, and landscaping fees - Customary and competitive market rates in light of the size, type and location of the asset
	•	Special limited partnership interest in the Operating Partnership - distributions from the Operating Partnership equal to 15% of any net proceeds from the sale of a property and prior operations that are remaining after the payment of (i) the capital and expenses allocable to all realized investments (including the sold asset), and (ii) a 7% priority annual return on such capital and expense; provided that all accrued and unpaid dividends on the Series A Preferred Stock have been paid in full
	The Company did not incur any of these other potential fees during the three-month or nine-month periods ended September 30, 2013 or 2012.
	The Company has extended a mezzanine loan to partially finance the development of a student housing project in Carrollton, Georgia, and a real estate loan for the acquisition of land for the development of another student housing project in Starkville, Mississippi. The principals of the borrowers of these two loans include a relative of John A. Williams, the Company's Chief Executive Officer.

Dividends

Dividends	9 Months Ended
	Sep. 30, 2013
Dividends [Abstract]	'
Dividends [Text Block]	'
	Dividends and Distributions
	The Company declares and pays monthly cash dividend distributions on its Series A Preferred Stock in the amount of $5.00 per share per month, prorated for partial months at issuance as necessary. The Company's cash distributions on its Series A Preferred Stock for the nine month periods ended September 30, 2013 and 2012 were:
	2013				2012
	Declaration date	Number of shares	Aggregate dividends declared		Declaration date		Number of shares		Aggregate dividends declared
	January 24, 2013	19,732	$	107,551	N/A		—		$	—
	February 7, 2013	23,094	119,885		N/A		—		—
	February 7, 2013	25,755	132,603		N/A		—		—
	April 20, 2013	41,492	220,874		April 13, 2012		2,155		11,486
	May 20, 2013	48,098	247,597		May 10, 2012		4,985		25,406
	June 27, 2013	53,749	276,946		June 22, 2012		8,441		42,793
	July 19, 2013	59,121	302,532		July 22, 2012		10,682		50,878
	August 23, 2013	63,359	322,368		August 2, 2012		11,491		54,119
	September 24, 2013	68,198	348,483		September 18, 2012		12,178		58,062
		Total	$	2,078,839			Total		$	242,744
	In addition, the Company declared on February 7, 2013 and paid a cash dividend on its Series B Preferred Stock at the same rate and frequency as those dividends declared on the Common Stock, equal to 5,714,274 as-converted shares of Common Stock, in an aggregate amount of $690,476.
	The Company's dividend activity on its Common Stock for the nine-month periods ended September 30, 2013 and 2012 was:
	2013							2012
	Record date	Number of shares	Dividend per share		Aggregate dividends paid			Record date		Number of shares	Dividend per share		Aggregate dividends paid
	March 28, 2013	5,323,605	$	0.145	$	771,923		March 30, 2012		5,178,315	$	0.13	$	673,180
	June 26, 2013	11,066,895	0.15		1,660,034			June 29, 2012		5,211,362	0.13		677,477
	September 16, 2013	11,073,731	0.15		1,661,060			September 28, 2012		5,212,139	0.14		729,700
	Total		$	0.445	$	4,093,017					$	0.4	$	2,080,357
	The holders of Class A OP Units of the Operating Partnership are entitled to equivalent distributions as those declared on the Common Stock. At September 30, 2013, the Company had 106,988 Class A OP Units outstanding, which are exchangeable on a one-for-one basis for shares of Common Stock. On February 7, 2013, the Operating Partnership declared cash distributions to its Class A unitholders totaling $15,513, which were paid on April 25, 2013. On May 9, 2013, the Operating Partnership declared cash distributions to its Class A OP Unitholders totaling $16,048, which were paid on July 31, 2013. On August 8, 2013, the Operating Partnership declared cash distributions to its Class A OP Unitholders totaling $16,048, which were paid on October 29, 2013.

Equity_Compensation

Equity Compensation	9 Months Ended
	Sep. 30, 2013
Equity Compensation [Abstract]	'
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	'
	Equity Compensation
	Stock Incentive Plan
	On February 25, 2011, the Company’s board of directors adopted, and the Company’s stockholders approved, the Preferred Apartment Communities, Inc. 2011 Stock Incentive Plan, or, as amended, the 2011 Plan, to incentivize, compensate and retain eligible officers, consultants, and non-employee directors. A maximum of 567,500 shares of Common Stock may be issued under the 2011 Plan. Awards may be made in the form of issuances of Common Stock, restricted stock, stock appreciation rights (“SARs”), performance shares, incentive stock options, non-qualified stock options, or other forms. Eligibility for receipt of, amounts, and all terms governing awards pursuant to the 2011 Plan, such as vesting periods and voting and dividend rights on unvested awards, are determined by the Compensation Committee of the Company’s Board of Directors.
	On May 9, 2013, the Company's stockholders approved the second amendment to the 2011 Plan, to increase the number of authorized shares by 750,000 and to extend the expiration date of the 2011 Plan to December 31, 2016.
	Equity compensation expense by award type for the Company was:
		Equity compensation expense											Unamortized
		for the three-month periods ended September 30,						for the nine-month periods ended September 30,					Expense as of September 30,
		2013			2012			2013			2012		2013
	Quarterly board member committee fee grants	$	5,983		$	6,146		$	24,151		$	24,433	$	—
	Class B Unit awards:
	Executive officers - 2012	—			239,849			2,580			716,969		—
	Executive officers - 2013	215,555			—			644,345			—		217,874
	Vice chairman of board of directors	5,125			5,125			25,623			5,125		—
	Restricted stock grants:
	2011	—			—			—			66,867		—
	2012	—			64,480			86,250			107,813		—
	2013	64,197			—			106,997			—		149,795
	Total	$	290,860		$	315,600		$	889,946		$	921,207	$	367,669
	Restricted Stock Grants
	On May 10, 2012, the Company granted a total of 33,046 shares of restricted Common Stock to its independent board members, in payment of their annual retainer fees. The Company records the fair value of restricted stock awards based upon the closing stock price on the trading day immediately preceding the date of grant. The fair value per share was deemed to be $7.83 per share by Board resolution. Compensation cost in the amount of $258,750 was recognized on a straight-line basis over the period ending on the first anniversary of the grant date and all 33,046 shares vested on May 9, 2013.
	On May 9, 2013, the Company granted a total of 29,016 shares of restricted Common Stock to its independent board members, in payment of their annual retainer fees. The per-share fair value was $8.85 and total compensation cost in the amount of $256,792 will be recognized on a straight-line basis over the period ending on the earlier of first anniversary of the grant date or the next annual meeting of the Company's stockholders. All 29,016 unvested shares were outstanding at September 30, 2013.
	Directors’ Stock Grants
	On February 2, 2012, the Company granted 2,988 shares of Common Stock to its independent board members, in payment of their quarterly meeting fees. The per-share fair value of this immediate-vesting award was $6.12, which was the closing price of the Common Stock on the prior business day. The total compensation cost of 18,287 was recorded in full at the grant date.
	On August 2, 2012, the Company granted 780 shares of Common Stock to its independent board members, in payment of their quarterly meeting fees. The per-share fair value of this immediate-vesting award was $7.88, which was the closing price of the Common Stock on the prior business day. The total compensation cost of $6,146 was recorded in full at the grant date.
	On February 7, 2013, the Company granted 2,115 shares of Common Stock to its independent board members, in payment of their quarterly meeting fees. The per-share fair value of this immediate-vesting award was $8.59, which was the closing price of the Common Stock on the prior business day. The total compensation cost of $18,168 was recorded in full at the grant date.
	On August 8, 2013, the Company granted 708 shares of Common Stock to its independent board members, in payment of their quarterly meeting fees. The per-share fair value of this immediate-vesting award was $8.45, which was the closing price of the Common Stock on the prior business day. The total compensation cost of $5,983 was recorded in full at the grant date.
	Class B OP Units
	On January 3, 2012, pursuant to its Third Amended and Restated Agreement of Limited Partnership of the Operating Partnership, the Company granted 106,988 Class B OP Units, representing ownership interests in the Operating Partnership, to certain of its executive officers as compensation for service in 2012. On January 3, 2013, the Company granted 142,046 Class B OP Units for service during 2013.
	The Class B OP Units become Vested Class B OP Units at the Initial Valuation Date, which is one year from the date of grant. For each grant, on the Initial Valuation Date, the market capitalization of the number of shares of Common Stock at the date of grant is compared to the market capitalization of the same number of shares of Common Stock at the Initial Valuation Date. If the market capitalization measure results in an increase which exceeds the target market threshold, the Vested Class B OP Units become Earned Class B OP Units and automatically convert into Class A OP Units of the Operating Partnership, which are henceforth entitled to distributions from the Operating Partnership and become exchangeable for Common Stock on a one-to-one basis at the option of the holder. Vested Class B OP Units may become Earned Class B OP Units on a pro-rata basis should the result of the market capitalization test be an increase of less than the target market threshold. Any Vested Class B OP Units that do not become Earned Class B OP Units on the Initial Valuation Date are subsequently remeasured on a quarterly basis until such time as all Vested Class B OP Units become Earned Class B OP Units or are forfeited due to termination of continuous service as an officer of the Company due to an event other than as a result of a qualified event, which is generally the death or disability of the holder. Continuous service through the final valuation date is required for the Vested Class B OP Units to qualify to become fully Earned Class B OP Units.
	On August 15, 2012, the Company granted 6,128 Class B OP Units to its Vice Chairman of the Company's Board of Directors, as additional compensation for acting in an expanded capacity related to board oversight of the Company's capital raising efforts. The vesting conditions, conversion rights and other features are identical to the Class B OP Unit grants described above, and differ only by the amount of the market capitalization threshold. On August 15, 2013, this Class B OP Unit Grant vested in full and was automatically converted to Class A OP Units in the Operating Partnership. On August 16, 2013, the participant elected to convert the Class A OP Units to 6,128 shares of Common Stock.
	Because of the market condition vesting requirement that determines the transition of the Vested Class B OP Units to Earned Class B OP Units, a Monte Carlo simulation was utilized to calculate the total fair values, which will be amortized as compensation expense over the one-year periods beginning on the grant dates through the Initial Valuation Dates. On December 30, 2012, the 2011 Class B OP Unit awards became fully vested and earned, and a total of 107,164 Class B OP Units automatically converted to Class A OP Units of the Operating Partnership on that date. On December 31, 2012, all Class A OP Unit holders elected to convert their Class A OP Units into Common Stock. On January 3, 2013, the $106,988 outstanding Class B OP Units for 2012 became fully vested and earned and automatically converted to Class A OP Units of the Operating Partnership. All unvested 2013 Class B OP Units were outstanding at September 30, 2013.
	The underlying valuation assumptions and results for the Class B OP Unit awards were:
	Grant dates	1/3/12			8/15/12			1/2/13
	Stock price	$	6.05		$	8.3		$	7.88
	Dividend yield	8.6		%	6.75		%	7.36		%
	Expected volatility	35.23		%	31.35		%	32.1		%
	Risk-free interest rate	2.83		%	2.72		%	2.91		%
	Derived service period (years)	1			1			1
	Number of Units granted	106,988			6,128			142,046
	Calculated fair value per Unit, assuming:
	50% vesting	$	4.5		$	6.69		$	—
	100% vesting	$	4.47		$	6.68		$	6.07
	Total fair value of Units	$	479,841		$	40,996		$	862,219
	Target market threshold increase	$	650,000		$	50,000		$	1,150,000
	The expected dividend yield assumptions were derived from the Company’s closing prices of the Common Stock on the grant dates and the projected future quarterly dividend payments of $0.13 per share for the 2012 annual awards, $0.14 per share for the August 15, 2012 award, and $0.145 for the 2013 annual awards.
	Since the Company has a limited amount of operating history in the public equity market, the expected volatility assumption was derived from the observed historical volatility of the common stock prices of a select group of peer companies within the REIT industry that most closely approximate the Company’s size, capitalization, leverage, line of business and geographic focus markets.
	The risk-free rate assumptions were obtained from the Federal Reserve yield table and were calculated as the interpolated rate between the 20 and 30 years year yield percentages on U. S. Treasury securities on the grant dates.
	Since the likelihood of attainment of the market condition for each of the Class B OP Units to become earned is believed to be high and the vesting period is one year, the forfeiture rate assumption for these Class B OP Units was set to 0%.
	Since the Class B OP Units have no expiration date, a derived service period of one year was utilized, which equals the period of time from the grant date to the initial valuation date.
	Warrant
	On March 31, 2011, as partial compensation for services rendered for the IPO, the Company issued to IAA a warrant to purchase up to 150,000 shares of Common Stock. The exercise price is $12.50 per share, which is 125% of the gross IPO price of $10.00 per share. The warrant is exercisable, at IAA’s option, in whole or in part, by either payment of the aggregate exercise price for the number of shares exercised, plus applicable transfer taxes, or by a cashless net share settlement. Upon exercise of the warrant, shares of Common Stock will be issued from authorized but unissued Common Stock. The warrant is currently exercisable and expires on March 31, 2015.

Indebtedness

Indebtedness	9 Months Ended
	Sep. 30, 2013
Debt [Abstract]	'
Debt Disclosure [Text Block]	'
	Indebtedness
	Mortgage Notes Payable
	The Company partially financed the acquisition of the McNeil Ranch, Lake Cameron, and Ashford Park multifamily communities (which were each refinanced on January 24, 2013), with non-recourse mortgage notes collateralized only by the associated real estate assets for each community with no cross-collateralization of any other properties. For each of these three properties, monthly interest only payments are due for the period of March 1, 2013 to February 1, 2018. Beginning on March 1, 2018, the loans will require monthly payments of accrued interest and principal based on a 30-year amortization period. All remaining indebtedness, including all interest and principal, is due by February 1, 2020.
	In conjunction with the acquisition of Trail II, on June 25, 2013, the Company refinanced the original variable rate mortgage on the first phase of the Trail Creek community with a new 4.22% fixed rate mortgage secured by the combined Trail Creek community in the amount of approximately $28.1 million, for which monthly interest only payments are due through the maturity date of July 1, 2020. In doing so, we recorded a loss on early debt extinguishment, which consisted of a three percent prepayment penalty to the lender of $458,250 paid from the proceeds of the refinancing, and the non-cash writeoff of unamortized deferred loan costs of $146,087.
	The existing Stone Rise and Summit Crossing mortgages require monthly payments of interest only through May 1, 2014, beyond which point payments of principal and interest calculated on a 30-year amortization schedule are due through the dates of maturity. The variable monthly interest rate for the Stone Rise mortgage is capped at 7.25%. The embedded interest rate cap was deemed to be clearly and closely related to the debt host instrument. The following table shows certain details regarding our mortgage notes payable:
		Acquisition/		Principal balance as of
		refinancing date		September 30, 2013				31-Dec-12			Maturity date	Interest rate
	Trail Creek	4/29/11		$	—			$	15,275,000		5/1/18	1 month LIBOR +	2.80%
	Trail Creek	6/25/13		28,109,000				N/A			7/1/20	Fixed	4.22%
	Stone Rise	4/15/11		19,500,000				19,500,000			5/1/18	1 month LIBOR+	2.77%
	Summit Crossing	4/21/11		20,862,000				20,862,000			5/1/18	Fixed	4.71%
	Ashford Park	1/24/13		25,626,000				N/A			2/1/20	Fixed	3.13%
	McNeil Ranch	1/24/13		13,646,000				N/A			2/1/20	Fixed	3.13%
	Lake Cameron	1/24/13		19,773,000				N/A			2/1/20	Fixed	3.13%
	Total			$	127,516,000			$	55,637,000
	The Company paid loan origination costs to secure the Ashford Park, McNeil Ranch, and Lake Cameron mortgages of $907,477, and $493,314 for the refinancing of the combined Trail Creek community.
	Credit Facility
	On August 31, 2012, the Company and the Operating Partnership entered into a credit agreement with Key Bank National Association, or Key Bank, to obtain a $15.0 million senior secured revolving credit facility, or the Credit Facility. The permitted uses of the Credit Facility are to fund investments, capital expenditures, dividends (with consent), working capital and other general corporate purposes on an as needed basis. Amounts drawn under the Credit Facility accrued interest at a variable rate of the 1 month LIBOR index, or LIBOR, plus 500 basis points, as well as a commitment fee on the average daily unused portion of the Credit Facility of 0.50% per annum. On April 4, 2013, the Company expanded its total aggregate borrowing limit on its Credit Facility from $15.0 million to $30.0 million, extended the maturity date to April 4, 2014, and reduced the spread over LIBOR from 500 basis points to 450 basis points. The Company paid fees and expenses totaling approximately $200,000 to effect these changes. Accrued interest and commitment fees are payable monthly and principal amounts owed may be repaid in whole or in part without penalty.
	Borrowings under the Credit Facility are collateralized by, among other things, pledges of 100% of the ownership of each of the current and future mezzanine loan subsidiaries, and 49% of the ownership of each of the current and future real estate subsidiaries, as well as by joint and several repayment guaranties.
	The Credit Facility contains certain affirmative and negative covenants including negative covenants that limit or restrict secured and unsecured indebtedness, mergers and fundamental changes, investments and acquisitions, liens and encumbrances, dividends, transactions with affiliates, burdensome agreements, changes in fiscal year and other matters customarily restricted in such agreements. As of September 30, 2013, the Company was in compliance with all covenants related to the Credit Facility, as follows:
	Covenant (1)		Requirement		Result
	Senior leverage ratio		Maximum 60%		43.70%
	Net worth		Minimum $50,000,000	(2)	$121,688,620
	Debt yield		Minimum 7.75%		9.29%
	Payout ratio		Maximum 95%		84.50%
	Total leverage ratio		Maximum 65%		52.20%
	Debt service coverage ratio		Minimum 1.50x		3.4x
	(1) All covenants are as defined in the credit agreement for the Credit Facility.
	(2) Plus 75% of the net proceeds of any equity offering, which totaled approximately $20.6 million as of September 30, 2013.
	Loan fees and closing costs for the establishment of the Credit Facility totaled $323,918, which were being amortized over the life of the loan. Amortization expense related to these costs was $188,952 through April 3, 2013, the date of amendment of the Credit Facility. The remaining costs of $134,966, together with additional closing costs of $206,455 for the expansion of the Credit Facility will be amortized over the period of April 4, 2013 through April 4, 2014, the new term of the Credit Facility. The weighted average interest rate for the Credit Facility was 4.9% since inception through September 30, 2013.
	Interest expense, including amortization of deferred loan costs was:
			Three months ended September 30,							Nine months ended September 30,
			2013				2012			2013			2012
	Trail Creek		$	319,246			$	126,044		$	585,073		$	376,556
	Stone Rise		155,105				157,741			461,839			471,240
	Summit Crossing		257,553				257,552			764,469			767,198
	Ashford Park		217,958				—			600,466			—
	McNeil Ranch		119,503				—			331,382			—
	Lake Cameron		167,038				—			464,630			—
			1,236,403				541,337			3,207,859			1,614,994
	Revolving credit facility		302,164				73,963			715,472			73,963
	Interest expense		$	1,538,567			$	615,300		$	3,923,331		$	1,688,957
	The Company’s estimated future principal payments due on its debt instruments as of September 30, 2013 were:
	Period		Future principal payments
	2013		$	24,910,667		(1	)
	2014		407,822
	2015		728,554
	2016		752,215
	2017		785,490
	thereafter		124,841,919
	Total		$	152,426,667
	(1) Represents amount drawn on the Credit Facility at September 30, 2013

Income_Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2013
Income Taxes [Abstract]	'
Income Tax Disclosure [Text Block]	'
	Income Taxes
	The Company elected to be taxed as a REIT effective with its tax year ended December 31, 2011, and therefore, the Company will not be subject to federal and state income taxes after this effective date. For the period preceding this election date, the Company's operations resulted in a tax loss. As of December 31, 2010, the Company had deferred federal and state tax assets totaling approximately $298,100, none of which were based upon tax positions deemed to be uncertain. These deferred tax assets will most likely not be used since the Company elected REIT status, therefore, management has determined that a 100% valuation allowance is appropriate as of September 30, 2013 and December 31, 2012.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
	Commitments and Contingencies
	The Company is not currently subject to any known material commitments or contingencies from its business operations, nor any material known or threatened litigation.

Segment_information

Segment information	9 Months Ended
	Sep. 30, 2013
Segment Information [Abstract]	'
Segment Reporting Disclosure [Text Block]	'
	Segment Information
	The Company's Chief Operating Decision Maker, or CODM, evaluates the performance of the Company's business operations and allocates financial and other resources by assessing the financial results and outlook for future performance across two distinct segments: multifamily communities and real estate related financing.
	Multifamily Communities - consists of owned residential multifamily communities.
	Financing - consists of the Company's investment portfolio of mezzanine loans, bridge loans, and other instruments deployed by the Company to partially finance the development, construction, and prestabilization carrying costs of new multifamily communities and other real estate and real estate related assets.
	The CODM monitors net operating income (“NOI”) on a segment and a consolidated basis as a key performance measure for its operating segments. NOI is defined as rental and other property revenue from real estate assets plus interest income from its loan portfolio less total property operating and maintenance expenses, property management fees, real estate taxes, property insurance, and general and administrative expenses. The CODM uses NOI as a measure of operating performance because it provides a measure of the core operations, rather than factoring in depreciation and amortization, financing costs, acquisition expenses, and other expenses generally incurred at the corporate level.  NOI differs from AFFO, which the Company used to report segment results through December 31, 2012, in that NOI reflects operating performance of the Company's business operations. AFFO is a measure of liquidity and cash-generating performance. Beginning in the first quarter of 2013, the CODM changed the metric it uses to monitor performance and allocate resources from AFFO to NOI, which the CODM believes is a better gauge of operating performance. As AFFO and NOI are not comparable metrics, there is no relevant reconciliation between NOI to the AFFO reported in prior year comparable periods.
	The following tables present the Company's assets, revenues, and NOI results by reportable segment, as well as a reconciliation from NOI to net loss. The assets attributable to 'Other' primarily consist of  deferred offering costs recorded but not yet reclassified as reductions of stockholders' equity and cash balances at the Company and Operating Partnership levels.
		September 30, 2013				December 31, 2012
	Assets:
	Multifamily communities	$	178,353,442			$	77,292,922
	Financing	91,338,822				39,222,062
	Other	10,133,876				6,776,946
	Consolidated assets	$	279,826,140			$	123,291,930
	For the nine-month period ended September 30, 2013, the Company's total expenditures for long-lived assets were $34,576,880, all of which were attributable to the multifamily communities segment. This amount consisted of recurring and non-recurring capital expenditures and the purchase of the four newly-acquired communities, net of mortgage debt assumed.
				Three months ended						Nine months ended
				September 30, 2013				September 30, 2012		September 30, 2013			September 30, 2012
	Revenues
	Multifamily communities			$	6,057,371			$	2,607,102	$	16,385,096		$	7,626,707
	Financing			2,694,903				636,149		6,026,846			1,112,426
	Consolidated revenues			$	8,752,274			$	3,243,251	$	22,411,942		$	8,739,133
	Segment net operating income (Segment NOI)
	Multifamily communities			$	3,451,598			$	1,627,089	$	9,486,780		$	4,711,592
	Financing			2,694,903				636,149		6,026,846			1,112,426
	Consolidated segment net operating income			6,146,501				2,263,238		15,513,626			5,824,018
	Interest			1,538,567				615,300		4,527,668			1,688,957
	Depreciation and amortization			3,682,087				905,988		12,678,709			2,800,404
	Professional fees			57,908				31,868		450,676			283,346
	Management fees			536,738				214,684		1,388,369			583,660
	Acquisition costs			10,682				—		1,242,305			912
	Equity compensation to directors and executives			290,860				315,600		889,946			921,207
	Other			59,673				30,877		174,016			107,837
	Net loss			$	(30,014	)		$	148,921	$	(5,838,063	)	$	(562,305	)
	NOI results for the three-month and nine-month periods ended September 30, 2012 have been retrospectively revised to be comparable to the performance measure used by the Company’s CODM during 2013.

Loss_per_Share

Loss per Share	9 Months Ended
	Sep. 30, 2013
Loss per share [Abstract]	'
Earnings Per Share [Text Block]	'
	The following is a reconciliation of weighted average basic and diluted shares outstanding used in the calculation of loss per share of Common Stock:
			Three months ended September 30,						Nine months ended September 30,
			2013			2012			2013			2012
	Numerator:
		Net (loss) income	$	(30,014	)	$	148,921		$	(5,838,063	)	$	(562,305	)
		Net loss attributable to non-controlling interests	127,738			—			225,894			—
		Net (loss) income attributable to the Company	97,724			148,921			(5,612,169		)	(562,305		)
		Dividends declared to preferred stockholders (A)	(973,069		)	(163,059		)	(2,769,001		)	(242,744		)
		Deemed non-cash dividend to holders of Series
		B Preferred Stock	—			—			(7,028,557		)	—
		Earnings attributable to unvested restricted stock (B)	(4,352		)	(4,626		)	(13,496		)	(12,302		)
		Net loss attributable to common stockholders	$	(879,697	)	$	(18,764	)	$	(15,423,223	)	$	(817,351	)
	Denominator:
		Weighted average number of shares of Common Stock - basic	11,041,359			5,178,822			8,197,531			5,169,467
		Effect of dilutive securities: (C)
		Warrants	—			—			—			—
		Class B Units	—			—			—			—
		Weighted average number of shares of Common Stock - diluted	11,041,359			5,178,822			8,197,531			5,169,467
		Loss per weighted average share - basic and diluted	$	(0.08	)	$	—		$	(1.88	)	$	(0.16	)
	(A) The Company’s 71,960 shares of Series A Preferred Stock outstanding accrue dividends at an annual rate of 6% of the stated value of $1,000 per share, payable monthly.
	(B) The Company's unvested restricted share awards (29,016 and 33,046 shares of Common Stock at September 30, 2013 and 2012, respectively) contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares' participation rights in undistributed earnings. Given the Company has incurred net losses, the dividends declared for the three-month and nine-month periods ended September 30, 2013 and 2012 are adjusted in determining the calculation of loss per share of Common Stock since the unvested restricted share awards are defined as participating securities.
	(C) Potential dilution from 150,000 shares of Common Stock that would be outstanding due to the hypothetical exercise of a warrant issued by the Company to IAA on March 31, 2011 and warrants outstanding from issuances of Units from our Primary Series A Offering that are potentially exercisable into 1,440,600 shares of Common Stock, 106,988 Class A OP Units of the Operating Partnership, and a total of 142,046 unvested Class B OP Units issued on January 2, 2013 were excluded from the diluted shares calculation because the effect was antidilutive.

Pro_Forma_Financial_Informatio

Pro Forma Financial Information	9 Months Ended
	Sep. 30, 2013
Pro Forma Financial Information [Abstract]	'
Subsequent Event, Pro Forma Business Combinations [Text Block]	'
	Pro Forma Financial Information
	The Company’s condensed pro forma financial results, assuming the acquisitions of Trail II, McNeil Ranch, Lake Cameron, and Ashford Park were hypothetically completed on January 1, 2012 were:
				Three months ended						Nine months ended
				September 30,						September 30,
				2013			2012			2013			2012
	Pro forma:
		Revenues		$	8,683,576		$	6,008,395		$	23,363,936		$	16,906,119
		Net income (loss)		$	1,476,534		$	(711,107	)	$	2,073,766		$	(12,326,441	)
		Net income (loss) attributable to the
			Company	$	1,468,996		$	(711,107	)	$	2,185,164		$	(12,326,441	)
		Net (loss) income attributable to
		common stockholders		$	491,575		$	(1,678,790	)	$	(7,763,984	)	$	(14,867,196	)
		Net (loss) income per share of Common Stock
		attributable to common stockholders, basic
		and diluted		$	0.04		$	(0.32	)	$	(0.95	)	$	(2.88	)
		Weighted average number of shares of Common
		Stock outstanding, basic and diluted		11,041,359			5,178,822			8,197,531			5,169,467
	These pro forma results are not necessarily indicative of what historical performance would have been had these business combinations been effective January 1, 2012, nor should they be interpreted as expectations of future results.
	In connection with the preparation of the Company’s September 30, 2013 financial statements, the Company identified an error in the pro forma financial information presented in the notes to the financial statements for the three-month period ended June 30, 2013. The erroneous amounts as compared to the correct amounts are as follows:
				As presented			Corrected
				Three months ended
				30-Jun-13
	Pro forma:
		Revenues		$	6,838,405		$	7,841,955
		Net income (loss)		$	(95,986	)	$	693,218
		Net income (loss) attributable to the
			Company	$	(94,134	)	$	812,154
		Net (loss) income attributable to
		common stockholders		$	(1,287,533	)	$	(6,996,172	)
		Net (loss) income per share of Common Stock
		attributable to common stockholders, basic
		and diluted		$	(0.24	)	$	(0.85	)
		Weighted average number of shares of Common
		Stock outstanding, basic and diluted		5,289,690			8,198,340
	The Company evaluated the impact of the errors on the previously-filed financial statements and the pro forma disclosures and concluded that such amounts were immaterial to our Form 10-Q for the period ended June 30, 2013. The errors were related to our pro forma disclosures only and did not affect our consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive loss, consolidated statements of equity, or cash balances for any reporting periods.

Fair_Values_of_Financial_Instr

Fair Values of Financial Instruments	9 Months Ended
	Sep. 30, 2013
Fair Values of Financial Instruments [Abstract]	'
Fair Value Disclosures [Text Block]	'
	Fair Values of Financial Instruments
	Fair value is defined as the price at which an asset or liability is exchanged between market participants in an orderly transaction at the reporting date. The Company’s cash equivalents, notes receivable, accounts receivable and payables and accrued expenses all approximate fair value due to their short term nature. The Company does not have any assets or liabilities measured at fair value on a recurring basis.
	The following tables provide estimated fair values of the Company’s financial instruments. The carrying values of the Company's real estate loans include accrued interest receivable from additional interest or exit fee provisions and are presented net of deferred loan fee revenue, where applicable. Accrued interest included in the carrying values of the Company's real estate loans was approximately $2.5 million and $700,000 at September 30, 2013 and December 31, 2012, respectively.
		As of September 30, 2013
		Carrying value				Fair value measurements
						using fair value hierarchy
				Fair Value		Level 1		Level 2		Level 3
	Financial Assets:
	Real estate loans	$	74,503,643	$	79,677,402	$	—	$	—	$	79,677,402
	Notes receivable	12,710,388		12,710,388		—		—		12,710,388
	Line of Credit receivable	4,079,877		4,079,877		—		—		4,079,877
		$	91,293,908	$	96,467,667	$	—	$	—	$	96,467,667
	Financial Liabilities:
	Mortgage notes payable	$	127,516,000	$	125,065,482	$	—	$	—	$	125,065,482
	Revolving credit facility	24,910,667		24,910,667		—		—		24,910,667
		$	152,426,667	$	149,976,149	$	—	$	—	$	149,976,149
		As of December 31, 2012
		Carrying value				Fair value measurements
						using fair value hierarchy
				Fair Value		Level 1		Level 2		Level 3
	Financial Assets:
	Real estate loans	$	35,548,448	$	37,646,753	$	—	$	—	$	37,646,753
	Notes receivable	2,450,000		2,450,000		—		—		2,450,000
	Line of Credit receivable	936,827		936,827		—		—		936,827
		38,935,275		41,033,580		$	—	$	—	41,033,580
	Financial Liabilities:
	Mortgage notes payable	$	55,637,000	$	57,012,876	$	—	$	—	$	57,012,876
	Credit Facility	14,801,197		14,801,197		—		—		14,801,197
		$	70,438,197	$	71,814,073	$	—	$	—	$	71,814,073
	The fair value of the real estate loans within the level 3 hierarchy are comprised of estimates of the fair value of the notes, which were developed utilizing a discounted cash flow model over the remaining terms of the notes until their maturity dates and utilizing discount rates believed to approximate the market risk factor for notes of similar type and duration. The fair values also contain a separately-calculated estimate of any applicable exit fee or additional interest payment due the Company at the maturity date of the loan, based on the outstanding loan balances at September 30, 2013, discounted to the reporting date utilizing a discount rate believed to be appropriate for multifamily development projects.
	The fair value of the Company’s variable rate mortgage is believed to approximate its carrying value, as long as market interest rates remain below the level of the interest rate cap in place on this note. The fair values of the fixed rate mortgages on the Company’s other properties were developed using market quotes of the fixed rate yield index and spread for seven year notes as of the reporting date. Consideration is taken of the current margin rates and spreads relative to the interest rate caps in performing this analysis. The present value of the cash flows were calculated using the original interest rate in place on the fixed rate mortgages and again at the current market rate. The difference between the two results was applied as a fair market adjustment to the carrying value of the mortgages.

Subsequent_Events

Subsequent Events	9 Months Ended
	Sep. 30, 2013
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
	Subsequent Events
	Between October 1, 2013 and October 31, 2013, the Company issued 6,338 Units and collected net proceeds of approximately $5.7 million.
	On October 9, 2013, the Company increased the amount of the Riverview Office, LLC loan to $2.0 million, to fund the payment of a non-refundable deposit for the acquisition of a parcel of land in Atlanta, Georgia, for the construction of an office building. The maturity date of the loan was moved to December 31, 2013.
	On October 11, 2013, the Company's follow on offering of up to 900,000 Units was declared effective by the Securities and Exchange Commission.
	On November 4, 2013, the Company signed a purchase agreement to acquire a 276-unit multifamily community in Columbus, Ohio for approximately $36.2 million.
	On November 7, 2013, the Company declared a dividend on its Common Stock of $0.16 per share, payable on January 15, 2014 to all stockholders of record as of December 16, 2013.
	On November 7, 2013, the Company granted 2,178 shares of Common Stock to its independent board members, in payment of their meeting fees. The per-share fair value of this immediate-vesting award was $8.28, which was the closing price of the Common Stock on the prior business day. The total compensation cost of $18,034 was recorded in full at the grant date.

Significant_Accounting_Policie1

Significant Accounting Policies Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2013
Basis of Presentation [Abstract]	'
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	'
	Basis of Presentation
	The unaudited consolidated financial statements include all of the accounts of the Company and the Operating Partnership presented in accordance with accounting principles generally accepted in the United States of America, or GAAP. All significant intercompany transactions have been eliminated in consolidation. Certain adjustments have been made consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair presentation of the Company's financial condition and results of operations.
Use of Estimates, Policy [Policy Text Block]	'
	Use of Estimates
	The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
valuation acquired real estate assets [Policy Text Block]	'
	Acquisitions and Impairments of Real Estate Assets
	The Company generally records its initial investments in income-producing real estate at fair value at the acquisition date in accordance with ASC 805-10, Business Combinations. The aggregate purchase price of acquired properties is apportioned to the tangible and identifiable intangible assets and liabilities acquired at their estimated fair values. The value of acquired land, buildings and improvements is estimated by formal appraisals, observed comparable sales transactions, and information gathered during pre-acquisition due diligence activities and the valuation approach considers the value of the property as if it were vacant. The values of furniture, fixtures, and equipment are estimated by calculating their replacement cost and reducing that value by factors based upon estimates of their remaining useful lives.
Goodwill and Intangible Assets, Policy [Policy Text Block]	'
	Intangible assets include the values of in-place leases and customer relationships. In-place lease values are estimated by calculating the estimated time to fill a hypothetically empty apartment complex to its stabilization level (estimated to be 92% occupancy) based on historical observed move-in rates for each property. Carrying costs during these hypothetical expected lease-up periods are estimated, considering current market conditions and include real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates. The intangible assets are calculated by estimating the net cash flows of the in-place leases to be realized, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The acquired in-place lease values are amortized to operating expense over the average remaining non-cancelable term of the respective in-place leases. The values of customer relationships are estimated by calculating the product of the avoided hypothetical lost revenue and the average renewal probability and are amortized to operating expense over the average remaining historical period of residency, plus an estimate of the average expected renewal period. The above-market or below-market lease values are recorded as a reduction or increase, respectively, to rental income over the remaining average non-cancelable term of the respective leases. Acquired intangible assets have no residual value.
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]	'
	The Company evaluates its tangible and identifiable intangible real estate assets for impairment when events such as declines in a property’s operating performance, deteriorating market conditions, or environmental or legal concerns bring recoverability of the carrying value of one or more assets into question. The total undiscounted cash flows of the asset group, including proceeds from disposition, are compared to the net book value of the asset group. If this test indicates that impairment exists, an impairment loss is recorded in earnings equal to the shortage of the book value to the discounted net cash flows of the asset group.
Finance, Loans and Leases Receivable, Policy [Policy Text Block]	'
	Loans Held for Investment
	The Company carries its investments in real estate loans at amortized cost with assessments made for impairment in the event recoverability of the principal amount becomes doubtful. If, upon testing for impairment, the fair value result is lower than the carrying amount of the loan, a valuation allowance is recorded to lower the carrying amount to fair value, with a loss recorded in earnings. Recoveries of valuation allowances are only recognized in the event of maturity or a sale or disposition in an amount above carrying value. The balances of real estate loans presented on the consolidated balance sheets consist of drawn amounts on the loans, net of deferred loan fee revenue. See the ‘Revenue Recognition’ section of this note for other loan-related policy disclosures required by ASC 310-10-50-6.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	'
	Cash and Cash Equivalents and Restricted Cash
	The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Restricted cash includes cash restricted by state law or contractual requirement and relates primarily to tax and insurance escrows and resident security deposits.
Fair Value Measurement, Policy [Policy Text Block]	'
	Fair Value Measurements
	Certain assets and liabilities are required to be carried at fair value, or if they are deemed impaired, to be adjusted to reflect this condition. The Company follows the guidance provided by ASC 820, Fair Value Measurements and Disclosures, in accounting and reporting for real estate assets where appropriate, as well as debt instruments both held for investment and as liabilities. The standard requires disclosure of fair values calculated under each level of inputs within the following hierarchy:
	•Level 1 – Quoted prices in active markets for identical assets or liabilities at the measurement date.
	•Level 2 – Inputs other than quoted prices that are observable for the asset or liability, either directly or
	indirectly.
	•Level 3 – Unobservable inputs for the asset or liability.
Debt, Policy [Policy Text Block]	'
	Deferred Loan Costs
	Deferred loan costs are amortized using the straight-line method, which approximates the effective interest method, over the terms of the related indebtedness.
deferred equity offering costs policy [Policy Text Block]	'
	Deferred Offering Costs
	Deferred offering costs represent costs incurred by the Company related to current equity offerings, excluding costs specifically identifiable to a closing, such as commissions, dealer-manager fees, and other registration fees. For issuances of equity that occur on one specific date, associated offering costs are reclassified as a reduction of proceeds raised on the date of issue. Our ongoing offering of units, consisting of one share of Series A Redeemable Preferred Stock, or Series A Preferred Stock, and one warrant, or Warrant, to purchase 20 shares of Common Stock, or Units, generally closes on a bimonthly basis in variable amounts. Such offering is referred to herein as the Primary Series A Offering, pursuant to our registration statement on Form S-11 (registration number 333-176604), as may be amended from time to time. Deferred offering costs related to the Primary Series A Offering are reclassified to the stockholders’ equity section of the consolidated balance sheet as a reduction of proceeds raised on a pro-rata basis equal to the ratio of total Units issued to the maximum number of Units that are expected to be issued.
noncontrolling interest [Policy Text Block]	'
	Non-controlling Interest
	Non-controlling interest represents the equity interest of the Operating Partnership that is not owned by the Company. Non-controlling interest is adjusted for contributions, distributions and earnings or loss attributable to the non-controlling interest in the consolidated entity in accordance with the Agreement of Limited Partnership of the Operating Partnership, as amended.
Stockholders' Equity Note, Redeemable Preferred Stock, Issue, Policy [Policy Text Block]	'
	Redeemable Preferred Stock
	Shares of the Series A Preferred Stock issued pursuant to the Primary Series A Offering (further described in note 5) are redeemable at the option of the holder, subject to a declining redemption fee schedule. Redemptions are therefore outside the control of the Company. However, the Company retains the right to fund any redemptions of Series A Preferred Stock in either Common Stock or cash at its option. Therefore, the Company records the Series A Preferred Stock as a component of permanent stockholders’ equity.
Revenue Recognition Leases, Operating [Policy Text Block]	'
	Revenue Recognition
	Rental revenue is recognized when earned from residents, which is over the terms of rental agreements, typically of 13 months’ duration. Differences from the straight-line method, which recognize the effect of any up-front concessions and other adjustments ratably over the lease term, are not material. The Company evaluates the collectability of amounts due from residents and maintains an allowance for doubtful accounts for estimated losses resulting from the inability of residents to make required payments then due under lease agreements. The balance of amounts due from residents are generally deemed uncollectible 30 days beyond the due date, at which point they are fully reserved.
Revenue Recognition, Interest [Policy Text Block]	'
	Interest income on real estate loans and notes receivable is recognized on an accrual basis over the lives of the loans using the effective interest method. In the event that a loan or note is refinanced with the proceeds of another loan issued by the Company, any unamortized loan fee revenue from the first loan will be recognized as interest revenue over the term of the new loan. Direct loan origination fees and origination or acquisition costs applicable to real estate loans are amortized over the lives of the loans as adjustments to interest income. The accrual of interest on all these instruments is stopped when there is concern as to the ultimate collection of principal or interest, which is generally a delinquency of 30 days in required payments of interest or principal. Any payments received on such non-accrual loans are recorded as interest income when the payments are received. Real estate loan assets are reclassified as accrual-basis once interest and principal payments become current. Certain real estate loan assets include limited purchase options and exit fees or additional interest payments that are due the Company at maturity or in the event of a sale of the property or refinancing of the loan by the borrower to a third party. If the Company purchases the subject property, any accrued exit fee will be treated as additional consideration for the acquired project.
Revenue Recognition, Policy [Policy Text Block]	'
	Promotional fees received from service providers at the Company’s properties are deferred and recognized on a straight-line basis over the term of the agreement.
	The PAC Rewards program, implemented in the first quarter of 2012, allows residents to accumulate reward points on a monthly basis for actions such as resident referrals and making rent payments online. A resident must rent an apartment from the Company for at least 14 months before reward points may be redeemed for services or upgrades to a resident’s unit. The Company accrues a liability for the estimated cost of these future point redemptions, net of a 35% breakage fee, which is the Company’s current estimate of rewards points that will not be redeemed. In accordance with Staff Accounting Bulletin 13.A.3c, the Company deems its obligations under PAC Rewards as inconsequential to the delivery of services according to the lease terms. Therefore, the expense related to the PAC Rewards Program is included in property operating and maintenance expense on the consolidated statements of operations.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	'
	Stock-Based Compensation
	The Company accounts for stock-based compensation in accordance with guidance provided by ASC 505, Equity-Based Payments to Non-Employees and ASC 718, Stock Compensation. We calculate the fair value of equity compensation instruments at the date of grant based upon estimates of their expected term, the expected volatility of and dividend yield on our Common Stock over this expected term period and the market risk-free rate of return. We will also estimate forfeitures of these instruments and accrue the compensation expense, net of estimated forfeitures, over the vesting period(s). We record the fair value of restricted stock awards based upon the closing stock price on the trading day immediately preceding the date of grant.
property acquisition costs policy [Policy Text Block]	'
	Acquisition Costs
	The Company expenses property acquisition costs as incurred, which include costs such as due diligence, legal, certain accounting, environmental and consulting, when the acquisition constitutes a business combination.
Property, Plant and Equipment, Policy [Policy Text Block]	'
	Capitalization and Depreciation
	The Company capitalizes replacements of furniture, fixtures and equipment, as well as carpet, appliances, air conditioning units, certain common area items, and other assets. Significant repair and renovation costs that improve the usefulness or extend the useful life of the properties are also capitalized. These assets are then depreciated on a straight-line basis over their estimated useful lives, as follows:
	•Buildings                    30 - 40 years
	•Furniture, fixtures & equipment            5 - 10 years
	•Improvements to buildings and land        5 - 10 years
	Operating expenses related to unit turnover costs, such as carpet cleaning, mini-blind replacements, and minor repairs are expensed as incurred.
Income Tax, Policy [Policy Text Block]	'
	Income Taxes
	The Company has elected to be taxed as a REIT under the Code. To continue to qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company's annual REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company's net income and net cash available for distribution to stockholders. The Company intends to operate in such a manner as to maintain its election for treatment as a REIT.
	The Company's provision for income taxes is based on income before taxes reported for financial statement purposes after adjustment for transactions that do not have tax consequences. Deferred tax assets and liabilities are realized according to the estimated future tax consequences attributable to differences between the carrying value of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates as of the date of the balance sheet. The effect of a change in tax rates on deferred tax assets and liabilities is reflected in the period that includes the statutory enactment date. A deferred tax asset valuation allowance is recorded when it has been determined that it is more likely than not that deferred tax assets will not be realized. If a valuation allowance is needed, a subsequent change in circumstances in future periods that causes a change in judgment about the realization of the related deferred tax amount could result in the reversal of the deferred tax valuation allowance.
	The Company recognizes a liability for uncertain tax positions. An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company measures the tax benefits recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes.
Earnings Per Share, Policy [Policy Text Block]	'
	(Loss) Per Share
	Basic earnings (loss) per share is computed by dividing net income or loss available to common stockholders by the weighted average number of shares of Common Stock outstanding for the period. Net income or loss attributable to common stockholders is calculated by deducting dividends due to preferred stockholders, as well as nonforfeitable dividends due to holders of unvested restricted stock, which are participating securities under the two-class method of calculating earnings per share. Diluted earnings (loss) per share is computed by dividing earnings or net loss available to common stockholders by the weighted average number of shares of Common Stock outstanding adjusted for the effect of dilutive securities such as share grants or warrants. No adjustment is made for potential Common Stock equivalents that are anti-dilutive during the period.

Real_Estate_Assets_Real_Estate

Real Estate Assets Real Estate Assets (Tables)	3 Months Ended				9 Months Ended
	Jun. 30, 2013				Sep. 30, 2013
					property
Real Estate Assets [Abstract]	'				'
business combination [Table Text Block]	'				'
	The Company allocated the purchase price of Trail II to the acquired assets and liabilities based upon their fair values, as follows:
		Trail II
	Land	$	1,548,000
	Buildings and improvements	13,411,080
	Furniture, fixtures and equipment	1,968,402
	In-place leases	908,286
	Customer relationships	129,316
	Restricted cash and security deposits	264,689
	Prepaids, reserves and other assets	62,517
	Security deposit liabilities	(14,803		)
	Accounts payable, accrued expenses and other liabilities	(14,505		)
	Below market leases	(106,398		)
	Net assets acquired	$	18,156,584
	Cash paid	$	11,829,686
	Reinvested mezzanine funds	6,326,898
	Total consideration	$	18,156,584
Number of Businesses Acquired	'				3
depreciation and amortization expense [Table Text Block]	'				'
					The Company recorded depreciation and amortization of tangible and intangible assets on all its multifamily communities as follows:
						Three months ended September 30,						Nine months ended September 30,
						2013			2012			2013			2012
					Depreciation:
					Buildings and improvements	$	1,027,767		$	412,091		$	2,845,693		$	1,235,725
					Furniture, fixtures, and equipment	1,077,922			492,746			2,943,025			1,561,225
						2,105,689			904,837			5,788,718			2,796,950
					Amortization:
					Acquired intangible assets	1,575,247			—			6,886,537			—
					Website development costs	1,151			1,151			3,454			3,454
					Total depreciation and amortization	$	3,682,087		$	905,988		$	12,678,709		$	2,800,404
Schedule of Purchase Price Allocation [Table Text Block]	'				'
					The Company allocated the purchase prices of the three properties to the acquired assets and liabilities based upon their fair values, as follows:
						Ashford Park			Lake Cameron			McNeil Ranch			Total
					Land	$	10,600,000		$	4,000,000		$	2,100,000		$	16,700,000
					Buildings and improvements	23,067,264			21,248,442			15,962,582			60,278,288
					Furniture, fixtures and equipment	3,226,260			3,195,131			1,593,637			8,015,028
					In-place leases	2,445,317			1,787,929			1,414,373			5,647,619
					Customer relationships	375,859			313,498			161,903			851,260
					Restricted cash	405,437			110,019			528,659			1,044,115
					Prepaids, reserves and other assets	67,642			41,609			36,153			145,404
					Security deposit liabilities	(57,825		)	(57,606		)	(60,931		)	(176,362		)
					Intangible liabilities	(164,700		)	—			(112,495		)	(277,195		)
					Accounts payable, accrued expenses and other
					liabilities	(363,226		)	(138,950		)	(650,350		)	(1,152,526		)
					Net assets acquired	$	39,602,028		$	30,500,072		$	20,973,531		$	91,075,631

Real_Estate_Assets_Sources_of_

Real Estate Assets Sources of capital for acquisition (Tables)	9 Months Ended
	Sep. 30, 2013
Sources of consideration for asset acquisitions [Abstract]	'
sources of consideration [Table Text Block]	'
		Ashford Park		Lake Cameron		McNeil Ranch		Total
	Cash Paid	$	902,028	$	13,000,072	$	7,745,142	$	21,647,242
	Mortgage Assumed	38,700,000		17,500,000		13,228,389		69,428,389
	Total consideration	$	39,602,028	$	30,500,072	$	20,973,531	$	91,075,631

Real_Estate_Loans_Notes_Receiv1

Real Estate Loans, Notes Receivable, and Line of Credit Real Estate Loans in place (Tables)	9 Months Ended
	Sep. 30, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]	'
loans and notes receivable [Table Text Block]	'
			Amount drawn			Loan Fee received from borrower - 2%			Acquisition fee paid to Manager - 1%			Unamortized deferred loan fee revenue			Carrying amount
	Project/Property
	Summit II		$	6,103,027		$	122,061		$	61,030		$	(39,376	)	$	6,063,651
	City Park		10,000,000			200,000			100,000			(78,349		)	9,921,651
	City Vista		12,153,000			243,060			121,530			(97,023		)	12,055,977
	Madison - Rome		5,360,042			107,201			53,600			(40,492		)	5,319,550
	Lely		8,018,423			254,267			127,133			(99,793		)	7,918,630
	Crosstown Walk		9,844,642			219,240			109,620			(52,566		)	9,792,076
	Overton		11,789,478			332,000			166,000			(142,511		)	11,646,967
	Haven West		2,130,569			138,816			69,408			(63,424		)	2,067,145
	Starkville		1,590,600			34,600			17,300			(12,676		)	1,577,924
	Newtown		5,745,036			206,920			103,460			(95,067		)	5,649,969
			$	72,734,817		$	1,858,165		$	929,081		$	(721,277	)	$	72,013,540
interest income [Table Text Block]	'
			Three months ended September 30,						Nine months ended September 30,
			2013			2012			2013			2012
	Real estate loans:
	Current interest payments		$	1,258,636		$	374,445		$	2,966,721		$	689,806
	Additional accrued interest		932,461			198,449			2,054,297			318,295
	Deferred loan fee revenue		64,603			27,455			180,297			38,884
	Total real estate loan revenue		2,255,700			600,349			5,201,315			1,046,985
	Interest income on notes and line of credit		439,203			35,800			825,531			65,441
	Interest income on loans and notes receivable		$	2,694,903		$	636,149		$	6,026,846		$	1,112,426
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	'
		Project/Property		Location	Date of loan		Maturity date	Optional extension date		Total loan commitments			Approved senior loan held by unrelated third party
			(1)
		Summit II		Suburban Atlanta, GA	5/7/12		5/8/17	N/A		$	6,103,027		$	12,384,000
		City Park		Charlotte, NC	9/6/12		9/5/17	N/A		10,000,000			$	18,600,000
		City Vista		Pittsburgh, PA	8/31/12		6/1/16	7/1/17		12,153,000			$	28,400,000
		Madison - Rome		Rome, GA (2)	11/13/12		9/20/15	N/A		5,360,042			$	11,500,000
		Lely		Naples, FL	3/28/13		2/28/16	2/28/18		12,713,242			$	25,000,000
		Crosstown Walk		Suburban Tampa, FL (3)	4/30/13		11/1/16	5/1/18		10,962,000			$	25,900,000
		Overton		Atlanta, GA	5/8/13		11/1/16	5/1/18		16,600,000			$	31,700,000
		Haven West		Carrollton, GA (4) (6)	7/15/13		6/2/16	6/2/18		6,940,795			$	16,195,189
		Starkville		Starkville, MS (5) (6)	8/21/13		5/31/14	N/A		1,730,000			N/A
		Newtown		Williamsburg, VA	8/29/13		8/29/18	N/A		10,346,000			$	26,936,000
										$	92,908,106
	(1)	All loans are mezzanine loans pertaining to developments of multifamily communities, except as otherwise indicated. The borrowers for each of these projects are as follows: "Summit II" - Oxford Summit II Apartments LLC; "City Park" - Oxford City Park Development LLC; "City Vista" - Oxford City Vista Development LLC; "Madison - Rome" - Madison Retail - Rome LLC; "Lely" - Lely Apartments LLC; "Crosstown Walk" - Iris Crosstown Partners LLC; "Overton" - Newport Overton Holdings, LLC; "Haven West" - Haven Campus Communities Member, LLC; "Starkville" - Haven Campus Communities - Starkville, LLC; and "Newtown" - Oxford NTW Apartments LLC.
	(2)	Madison-Rome is a mezzanine loan for an 88,351 square foot retail development project. On October 16, 2013, the anchor tenant obtained a certificate of occupancy and took possession of approximately 54,340 square feet of space.
	(3)	Crosstown Walk was a land acquisition bridge loan that was converted to a mezzanine loan in April 2013.
	(4)	Planned 568 bed student housing community.
	(5)	A land acquisition loan which pays 8% current interest only, in support of a planned 168-unit, 536-bed student housing community.
	(6)	See note 6 - Related Party Transactions

Real_Estate_Loans_Notes_Receiv2

Real Estate Loans, Notes Receivable, and Line of Credit Real estate loans purchase options (Tables)	9 Months Ended
	Sep. 30, 2013
Receivables [Abstract]	'
real estate loans purchase options [Table Text Block]	'
		Purchase option window		Purchase option price				Total units upon completion
	Project/Property	Begin	End
	Summit II	10/1/14	2/28/15	$	19,254,155			140
	City Park	11/1/15	3/31/16	$	30,945,845			284
	City Vista	2/1/16	5/31/16	$	43,560,271			272
	Madison - Rome	N/A	N/A	N/A				N/A
	Lely	4/1/16	8/30/16	$	43,500,000			308
	Crosstown Walk	7/1/16	12/31/16	$	39,654,273			342
	Overton	7/8/16	12/8/16	$	51,500,000			294
	Haven West	8/1/16	1/31/17	$	26,138,466			160
	Starkville	N/A	N/A	N/A				—
	Newtown	2/1/16	9/15/16	$	44,266,000			247
								2,047
Notes receivable [Table Text Block]	'
	Borrower	Type of instrument	Date of loan	Maturity date		Total loan commitments			Amount drawn		Interest rate
	360 Residential, LLC	Bridge loan	6/25/13	3/20/14		$	1,000,000		$	872,747	8	%	(1)
	TPKG 13th Street Development, LLC	Land acquisition loan	7/24/13	1/15/14		6,400,000			6,241,484		8	%	(2)
	Preferred Capital Marketing Services, LLC	Promissory note	1/24/13	1/23/15		1,500,000			1,500,000		10	%
	Riverview Associates, Ltd.	Promissory note	12/17/12	12/31/13		1,300,000			1,300,000		8	%	(3)
	International Assets Advisory, LLC	Subordinated loan	11/15/12	11/15/13		650,000			650,000		10	%	(4)
	Oxford Properties LLC	Promissory note	8/27/13	4/30/17		1,500,000			1,475,000		8	%
	Riverview Office, LLC	Promissory note	8/20/13	10/31/13		1,000,000			671,156		8	%	(5)
	Preferred Apartment Advisors, LLC	Revolving credit line	6/12/13	12/31/15		6,000,000			4,079,878		8	%	(6	)
						$	19,350,000		$	16,790,265
	(1) Amendment of the bridge loan which was originated on March 20, 2013. The amounts payable under the terms of the loan, which include an additional 6% deferred interest, are collateralized by guaranties of payment and performance by the principals of the borrower.
	(2) Note pays current interest at 8% per annum, plus an additional interest amount necessary to provide the Company with a 14% cumulative simple rate of return through August 31, 2013, scaling upward to 20% per annum on January 1, 2014 and thereafter. The amounts payable under the terms of the loan are collateralized by a pledge of 100% of the membership interests of the project entity.
	(3) The amounts payable under the terms of the loan are collateralized by an assignment of project documents and guaranties of payment and performance by the principal of the borrower.
	(4) The amounts payable under the terms of the loan are collateralized by rights of withholding commissions due IAA from the Company in connection with securing placements of the Primary Series A Offering.
	(5) Amendment of the promissory note which was originated on April 30, 2013. See note 17 for discussion of increase in loan amount and an extension of the maturity date.
	(6) The amounts payable under the credit line are collateralized by an assignment of the Manager's rights to fees due under the third amended and restated management agreement between the Company and the Manager.

Related_Party_Transactions_Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
Schedule of Related Party Transactions [Table Text Block]	'
	Three months ended September 30,					Nine months ended September 30,
	2013			2012		2013		2012
	$	600,547		$	247,165	$	1,633,530	$	738,643
				Three months ended				Nine months ended
	Type of Compensation		Basis of Compensation	September 30, 2013		September 30, 2012		September 30, 2013		September 30, 2012
	Acquisition fees		1% of the gross purchase price of real estate assets acquired or loans advanced	$	195,833	$	168,813	$	1,734,040	$	258,528
	Asset management fees		Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted	363,595		148,573		944,087		409,964
	Property management fees		Monthly fee equal to 4% of the monthly gross revenues of the properties managed	238,026		104,320		643,387		304,827
	General and administrative expense fees		Monthly fee equal to 2% of the monthly gross revenues of the Company	173,143		66,111		444,282		173,696
				$	970,597	$	487,817	$	3,765,796	$	1,147,015

Dividends_Tables

Dividends (Tables)	9 Months Ended
	Sep. 30, 2013
Dividends Payable [Line Items]	'
Schedule of Dividends Payable [Table Text Block]	'
	2013							2012
	Record date	Number of shares	Dividend per share		Aggregate dividends paid			Record date		Number of shares	Dividend per share		Aggregate dividends paid
	March 28, 2013	5,323,605	$	0.145	$	771,923		March 30, 2012		5,178,315	$	0.13	$	673,180
	June 26, 2013	11,066,895	0.15		1,660,034			June 29, 2012		5,211,362	0.13		677,477
	September 16, 2013	11,073,731	0.15		1,661,060			September 28, 2012		5,212,139	0.14		729,700
	Total		$	0.445	$	4,093,017					$	0.4	$	2,080,357
dividend activity [Table Text Block]	'
	The Company's cash distributions on its Series A Preferred Stock for the nine month periods ended September 30, 2013 and 2012 were:
	2013				2012
	Declaration date	Number of shares	Aggregate dividends declared		Declaration date		Number of shares		Aggregate dividends declared
	January 24, 2013	19,732	$	107,551	N/A		—		$	—
	February 7, 2013	23,094	119,885		N/A		—		—
	February 7, 2013	25,755	132,603		N/A		—		—
	April 20, 2013	41,492	220,874		April 13, 2012		2,155		11,486
	May 20, 2013	48,098	247,597		May 10, 2012		4,985		25,406
	June 27, 2013	53,749	276,946		June 22, 2012		8,441		42,793
	July 19, 2013	59,121	302,532		July 22, 2012		10,682		50,878
	August 23, 2013	63,359	322,368		August 2, 2012		11,491		54,119
	September 24, 2013	68,198	348,483		September 18, 2012		12,178		58,062
		Total	$	2,078,839			Total		$	242,744

Dividends_Series_A_Preferred_S

Dividends Series A Preferred Stock (Tables)	9 Months Ended
	Sep. 30, 2013
Series A Preferred Stock [Abstract]	'
dividend activity [Table Text Block]	'
	The Company's cash distributions on its Series A Preferred Stock for the nine month periods ended September 30, 2013 and 2012 were:
	2013				2012
	Declaration date	Number of shares	Aggregate dividends declared		Declaration date	Number of shares	Aggregate dividends declared
	January 24, 2013	19,732	$	107,551	N/A	—	$	—
	February 7, 2013	23,094	119,885		N/A	—	—
	February 7, 2013	25,755	132,603		N/A	—	—
	April 20, 2013	41,492	220,874		April 13, 2012	2,155	11,486
	May 20, 2013	48,098	247,597		May 10, 2012	4,985	25,406
	June 27, 2013	53,749	276,946		June 22, 2012	8,441	42,793
	July 19, 2013	59,121	302,532		July 22, 2012	10,682	50,878
	August 23, 2013	63,359	322,368		August 2, 2012	11,491	54,119
	September 24, 2013	68,198	348,483		September 18, 2012	12,178	58,062
		Total	$	2,078,839		Total	$	242,744

Equity_Compensation_Tables

Equity Compensation (Tables)	9 Months Ended
	Sep. 30, 2013
Equity Compensation [Abstract]	'
equity compensation expense [Table Text Block]	'
		Equity compensation expense											Unamortized
		for the three-month periods ended September 30,						for the nine-month periods ended September 30,					Expense as of September 30,
		2013			2012			2013			2012		2013
	Quarterly board member committee fee grants	$	5,983		$	6,146		$	24,151		$	24,433	$	—
	Class B Unit awards:
	Executive officers - 2012	—			239,849			2,580			716,969		—
	Executive officers - 2013	215,555			—			644,345			—		217,874
	Vice chairman of board of directors	5,125			5,125			25,623			5,125		—
	Restricted stock grants:
	2011	—			—			—			66,867		—
	2012	—			64,480			86,250			107,813		—
	2013	64,197			—			106,997			—		149,795
	Total	$	290,860		$	315,600		$	889,946		$	921,207	$	367,669
ClassBUnitGrantsvaluationassumptions [Table Text Block]	'
	Grant dates	1/3/12			8/15/12			1/2/13
	Stock price	$	6.05		$	8.3		$	7.88
	Dividend yield	8.6		%	6.75		%	7.36		%
	Expected volatility	35.23		%	31.35		%	32.1		%
	Risk-free interest rate	2.83		%	2.72		%	2.91		%
	Derived service period (years)	1			1			1
	Number of Units granted	106,988			6,128			142,046
	Calculated fair value per Unit, assuming:
	50% vesting	$	4.5		$	6.69		$	—
	100% vesting	$	4.47		$	6.68		$	6.07
	Total fair value of Units	$	479,841		$	40,996		$	862,219
	Target market threshold increase	$	650,000		$	50,000		$	1,150,000

Indebtedness_Tables

Indebtedness (Tables)	9 Months Ended
	Sep. 30, 2013
Debt Instrument [Line Items]	'
Schedule of Long-term Debt Instruments [Table Text Block]	'
		Acquisition/	Principal balance as of
		refinancing date	September 30, 2013		31-Dec-12		Maturity date	Interest rate
	Trail Creek	4/29/11	$	—	$	15,275,000	5/1/18	1 month LIBOR +	2.80%
	Trail Creek	6/25/13	28,109,000		N/A		7/1/20	Fixed	4.22%
	Stone Rise	4/15/11	19,500,000		19,500,000		5/1/18	1 month LIBOR+	2.77%
	Summit Crossing	4/21/11	20,862,000		20,862,000		5/1/18	Fixed	4.71%
	Ashford Park	1/24/13	25,626,000		N/A		2/1/20	Fixed	3.13%
	McNeil Ranch	1/24/13	13,646,000		N/A		2/1/20	Fixed	3.13%
	Lake Cameron	1/24/13	19,773,000		N/A		2/1/20	Fixed	3.13%
	Total		$	127,516,000	$	55,637,000

Indebtedness_debt_principal_re

Indebtedness debt principal repayments (Tables)	9 Months Ended
	Sep. 30, 2013
Debt [Abstract]	'
Schedule of Maturities of Long-term Debt [Table Text Block]	'
	Period	Future principal payments
	2013	$	24,910,667	(1	)
	2014	407,822
	2015	728,554
	2016	752,215
	2017	785,490
	thereafter	124,841,919
	Total	$	152,426,667
	(1) Represents amount drawn on the Credit Facility at September 30, 2013

Indebtedness_LOC_debt_covenant

Indebtedness LOC debt covenants (Tables)	9 Months Ended
	Sep. 30, 2013
Line of Credit Facility [Line Items]	'
debt covenant [Table Text Block]	'
	Covenant (1)	Requirement		Result
	Senior leverage ratio	Maximum 60%		43.70%
	Net worth	Minimum $50,000,000	(2)	$121,688,620
	Debt yield	Minimum 7.75%		9.29%
	Payout ratio	Maximum 95%		84.50%
	Total leverage ratio	Maximum 65%		52.20%
	Debt service coverage ratio	Minimum 1.50x		3.4x
Schedule of Debt [Table Text Block]	'
	Period	Future principal payments
	2013	$	24,910,667		(1	)
	2014	407,822
	2015	728,554
	2016	752,215
	2017	785,490
	thereafter	124,841,919
	Total	$	152,426,667
	(1) Represents amount drawn on the Credit Facility at September 30, 2013

Indebtedness_Mortgage_interest

Indebtedness Mortgage interest (Tables)	9 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]	'
mortgage interest [Table Text Block]	'
		Three months ended September 30,				Nine months ended September 30,
		2013		2012		2013		2012
	Trail Creek	$	319,246	$	126,044	$	585,073	$	376,556
	Stone Rise	155,105		157,741		461,839		471,240
	Summit Crossing	257,553		257,552		764,469		767,198
	Ashford Park	217,958		—		600,466		—
	McNeil Ranch	119,503		—		331,382		—
	Lake Cameron	167,038		—		464,630		—
		1,236,403		541,337		3,207,859		1,614,994
	Revolving credit facility	302,164		73,963		715,472		73,963
	Interest expense	$	1,538,567	$	615,300	$	3,923,331	$	1,688,957

Segment_information_Tables

Segment information (Tables)	3 Months Ended												9 Months Ended
	Mar. 31, 2013												Sep. 30, 2013
Segment Reporting Information [Line Items]	'												'
segment assets [Table Text Block]	'												'
														September 30, 2013		December 31, 2012
													Assets:
													Multifamily communities	$	178,353,442	$	77,292,922
													Financing	91,338,822		39,222,062
													Other	10,133,876		6,776,946
													Consolidated assets	$	279,826,140	$	123,291,930
Schedule of Segment Reporting Information, by Segment [Table Text Block]	'												'
		Three months ended					Nine months ended
		September 30, 2013			September 30, 2012		September 30, 2013			September 30, 2012
	Revenues
	Multifamily communities	$	6,057,371		$	2,607,102	$	16,385,096		$	7,626,707
	Financing	2,694,903			636,149		6,026,846			1,112,426
	Consolidated revenues	$	8,752,274		$	3,243,251	$	22,411,942		$	8,739,133
	Segment net operating income (Segment NOI)
	Multifamily communities	$	3,451,598		$	1,627,089	$	9,486,780		$	4,711,592
	Financing	2,694,903			636,149		6,026,846			1,112,426
	Consolidated segment net operating income	6,146,501			2,263,238		15,513,626			5,824,018
	Interest	1,538,567			615,300		4,527,668			1,688,957
	Depreciation and amortization	3,682,087			905,988		12,678,709			2,800,404
	Professional fees	57,908			31,868		450,676			283,346
	Management fees	536,738			214,684		1,388,369			583,660
	Acquisition costs	10,682			—		1,242,305			912
	Equity compensation to directors and executives	290,860			315,600		889,946			921,207
	Other	59,673			30,877		174,016			107,837
	Net loss	$	(30,014	)	$	148,921	$	(5,838,063	)	$	(562,305	)
	NOI results for the three-month and nine-month periods ended September 30, 2012 have been retrospectively revised to be comparable to the performance measure used by the Company’s CODM during 2013.

Loss_per_Share_Tables

Loss per Share (Tables)	9 Months Ended
	Sep. 30, 2013
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]	'
earnings loss per share [Table Text Block]	'
			Three months ended September 30,						Nine months ended September 30,
			2013			2012			2013			2012
	Numerator:
		Net (loss) income	$	(30,014	)	$	148,921		$	(5,838,063	)	$	(562,305	)
		Net loss attributable to non-controlling interests	127,738			—			225,894			—
		Net (loss) income attributable to the Company	97,724			148,921			(5,612,169		)	(562,305		)
		Dividends declared to preferred stockholders (A)	(973,069		)	(163,059		)	(2,769,001		)	(242,744		)
		Deemed non-cash dividend to holders of Series
		B Preferred Stock	—			—			(7,028,557		)	—
		Earnings attributable to unvested restricted stock (B)	(4,352		)	(4,626		)	(13,496		)	(12,302		)
		Net loss attributable to common stockholders	$	(879,697	)	$	(18,764	)	$	(15,423,223	)	$	(817,351	)
	Denominator:
		Weighted average number of shares of Common Stock - basic	11,041,359			5,178,822			8,197,531			5,169,467
		Effect of dilutive securities: (C)
		Warrants	—			—			—			—
		Class B Units	—			—			—			—
		Weighted average number of shares of Common Stock - diluted	11,041,359			5,178,822			8,197,531			5,169,467
		Loss per weighted average share - basic and diluted	$	(0.08	)	$	—		$	(1.88	)	$	(0.16	)

Pro_Forma_Financial_Informatio1

Pro Forma Financial Information pro forma (Tables)	3 Months Ended									9 Months Ended
	Jun. 30, 2013									Sep. 30, 2013
Business Combinations [Abstract]	'									'
segment operating results [Table Text Block]	'									'
													Three months ended					Nine months ended
													September 30,					September 30,
													2013		2012			2013			2012
										Pro forma:
											Revenues		$	8,683,576	$	6,008,395		$	23,363,936		$	16,906,119
											Net income (loss)		$	1,476,534	$	(711,107	)	$	2,073,766		$	(12,326,441	)
											Net income (loss) attributable to the
												Company	$	1,468,996	$	(711,107	)	$	2,185,164		$	(12,326,441	)
											Net (loss) income attributable to
											common stockholders		$	491,575	$	(1,678,790	)	$	(7,763,984	)	$	(14,867,196	)
											Net (loss) income per share of Common Stock
											attributable to common stockholders, basic
											and diluted		$	0.04	$	(0.32	)	$	(0.95	)	$	(2.88	)
											Weighted average number of shares of Common
											Stock outstanding, basic and diluted		11,041,359		5,178,822			8,197,531			5,169,467
pro forma correction [Table Text Block]	'									'
				As presented			Corrected
				Three months ended
				30-Jun-13
	Pro forma:
		Revenues		$	6,838,405		$	7,841,955
		Net income (loss)		$	(95,986	)	$	693,218
		Net income (loss) attributable to the
			Company	$	(94,134	)	$	812,154
		Net (loss) income attributable to
		common stockholders		$	(1,287,533	)	$	(6,996,172	)
		Net (loss) income per share of Common Stock
		attributable to common stockholders, basic
		and diluted		$	(0.24	)	$	(0.85	)
		Weighted average number of shares of Common
		Stock outstanding, basic and diluted		5,289,690			8,198,340

Fair_Values_of_Financial_Instr1

Fair Values of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2013
Fair Values of Financial Instruments [Abstract]	'
Fair Value, by Balance Sheet Grouping [Table Text Block]	'
	The following tables provide estimated fair values of the Company’s financial instruments. The carrying values of the Company's real estate loans include accrued interest receivable from additional interest or exit fee provisions and are presented net of deferred loan fee revenue, where applicable. Accrued interest included in the carrying values of the Company's real estate loans was approximately $2.5 million and $700,000 at September 30, 2013 and December 31, 2012, respectively.
		As of September 30, 2013
		Carrying value				Fair value measurements
						using fair value hierarchy
				Fair Value		Level 1		Level 2		Level 3
	Financial Assets:
	Real estate loans	$	74,503,643	$	79,677,402	$	—	$	—	$	79,677,402
	Notes receivable	12,710,388		12,710,388		—		—		12,710,388
	Line of Credit receivable	4,079,877		4,079,877		—		—		4,079,877
		$	91,293,908	$	96,467,667	$	—	$	—	$	96,467,667
	Financial Liabilities:
	Mortgage notes payable	$	127,516,000	$	125,065,482	$	—	$	—	$	125,065,482
	Revolving credit facility	24,910,667		24,910,667		—		—		24,910,667
		$	152,426,667	$	149,976,149	$	—	$	—	$	149,976,149
		As of December 31, 2012
		Carrying value				Fair value measurements
						using fair value hierarchy
				Fair Value		Level 1		Level 2		Level 3
	Financial Assets:
	Real estate loans	$	35,548,448	$	37,646,753	$	—	$	—	$	37,646,753
	Notes receivable	2,450,000		2,450,000		—		—		2,450,000
	Line of Credit receivable	936,827		936,827		—		—		936,827
		38,935,275		41,033,580		$	—	$	—	41,033,580
	Financial Liabilities:
	Mortgage notes payable	$	55,637,000	$	57,012,876	$	—	$	—	$	57,012,876
	Credit Facility	14,801,197		14,801,197		—		—		14,801,197
		$	70,438,197	$	71,814,073	$	—	$	—	$	71,814,073

Organization_Details

Organization (Details) (USD $)	Sep. 30, 2013	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Sep. 30, 2013	Dec. 31, 2012
					Common Stock [Member]	Common Stock [Member]
Class of Stock [Line Items]	'	'	'	'	'	'
Common Stock, Par or Stated Value Per Share	'	'	'	'	$0.01	$0.01
Common Stock, Shares, Outstanding	11,044,715	5,212,139	5,211,362	5,178,315	11,044,715	5,288,444
Noncontrolling Interest, Ownership Percentage by Parent	99.04%	'	'	'	'	'
minority interest partnership units outstanding	106,988	'	'	'	'	'

Significant_Accounting_Policie2

Significant Accounting Policies (Details) (USD $)	3 Months Ended			9 Months Ended
	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2013	Jan. 16, 2013	Dec. 31, 2012	Sep. 30, 2012
	Y			Y
Real Estate Properties [Line Items]	'	'	'	'	'	'	'
correction of allocation to non controlling interest	$118,069	$97,308	$20,761	'	'	'	'
preferred stock	'	'	'	'	40,000	0	0
MinimumPercentageOfTaxableIncomeDistributionToShareholdersToBeTaxedAsReit	90.00%	'	'	90.00%	'	'	'
MinimummonthsPACrewardseligibility	14	'	'	14	'	'	'
AverageLeaseterm	'	'	'	13	'	'	'
stabilization level	'	'	'	92.00%	'	'	'
days receivables delinquent nonaccrual status	30	'	'	30	'	'	'
rewardsbreakagepercentage	35.00%	'	'	35.00%	'	'	'
est useful life FFE depreciation Minimum	5	'	'	5	'	'	'
est useful life FFE depreciation Maximum	10	'	'	10	'	'	'
est useful life building improvements depreciation Minimum	5	'	'	5	'	'	'
est useful life building improvements depreciation Maximum	10	'	'	10	'	'	'
PercentageOfIncomeTaxExaminationMinimumLikelihoodOfTaxBenefitsBeingRealizedUponSettlement	50.00%	'	'	50.00%	'	'	'
Series A Preferred Stock [Member]	'	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'	'
series a redeemable preferred stock	1	'	'	1	'	'	'
Common Stock [Member]	'	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'	'
unitswarrants	20	'	'	20	'	'	'
Minimum [Member]	'	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'	'
estusefullifebuildingdepreciation	30	'	'	30	'	'	'
Maximum [Member]	'	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'	'
estusefullifebuildingdepreciation	40	'	'	40	'	'	'

Significant_Accounting_Policie3

Significant Accounting Policies deferred offering costs (Details) (Warrant [Member])	Sep. 30, 2013
Warrant [Member]	'
Statutory Accounting Practices [Line Items]	'
series a redeemable preferred stock	1

Significant_Accounting_Policie4

Significant Accounting Policies income taxes (Details)	Sep. 30, 2013
Income Tax Contingency [Line Items]	'
REIT disqualification period years	4

Real_Estate_Assets_Real_Estate1

Real Estate Assets Real Estate Assets Narrative (Details) (USD $)

9 Months Ended

3 Months Ended

9 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Jan. 23, 2013

Dec. 31, 2012

Apr. 21, 2011

Jun. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Jan. 23, 2013

Sep. 30, 2013

Jan. 23, 2013

Sep. 30, 2013

Sep. 30, 2013

Apr. 29, 2011

Sep. 30, 2013

Jan. 23, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

property

Trail II [Member]

Trail II [Member]

ashfordpark [Member]

ashfordpark [Member]

Lakecameron [Member] [Member]

Lakecameron [Member] [Member]

Trail Creek [Member]

Trail Creek [Member]

Trail Creek [Member]

mcneilranch [Member]

mcneilranch [Member]

WMAF properties [Member]

WMAF properties [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Furniture, Fixtures, and Equipment [Member]

Furniture, Fixtures, and Equipment [Member]

Furniture, Fixtures, and Equipment [Member]

Furniture, Fixtures, and Equipment [Member]

Furniture, Fixtures, and Equipment [Member]

Leases, Acquired-in-Place [Member]

Leases, Acquired-in-Place [Member]

Leases, Acquired-in-Place [Member]

Leases, Acquired-in-Place [Member]

Leases, Acquired-in-Place [Member]

Customer Relationships [Member]

Customer Relationships [Member]

Customer Relationships [Member]

Customer Relationships [Member]

Customer Relationships [Member]

Trail II [Member]

ashfordpark [Member]

Lakecameron [Member] [Member]

mcneilranch [Member]

Trail II [Member]

ashfordpark [Member]

Lakecameron [Member] [Member]

mcneilranch [Member]

Trail II [Member]

ashfordpark [Member]

Lakecameron [Member] [Member]

mcneilranch [Member]

Trail II [Member]

ashfordpark [Member]

Lakecameron [Member] [Member]

mcneilranch [Member]

Real Estate Properties [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities

$69,428,389

'

'

'

'

'

'

$38,700,000

'

$17,500,000

'

'

'

'

$13,228,389

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Business Combination, Consideration Transferred

91,075,631

'

'

'

'

'

'

39,602,028

'

30,500,072

'

'

'

'

20,973,531

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual

'

'

'

'

'

'

'

'

'

'

'

1,138,297

2,508,912

'

'

'

2,900,000

8,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land

16,700,000

'

'

'

'

'

1,548,000

10,600,000

'

4,000,000

'

'

'

'

2,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

60,278,288

13,411,080

23,067,264

21,248,442

15,962,582

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

line of credit receivable

4,079,877

'

'

936,827

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Businesses Acquired

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Real Estate Properties, Fee Simple

408

'

'

'

328

'

96

'

'

'

'

'

'

192

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination

'

'

'

'

'

'

18,200,000

39,600,000

'

30,500,000

'

'

'

'

21,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payments for Capital Improvements

1,129,263

290,051

'

'

'

250,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loans and Leases Receivable, Net of Deferred Income

72,013,540

'

'

'

'

'

6,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8,015,028

1,968,402

3,226,260

3,195,131

1,593,637

'

'

'

'

'

'

'

'

'

'

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,647,619

908,286

2,445,317

1,787,929

1,414,373

851,260

129,316

375,859

313,498

161,903

BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedrestrictedcash

1,044,115

'

'

'

'

'

264,689

405,437

'

110,019

'

'

'

'

528,659

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other

145,404

'

'

'

'

'

62,517

67,642

'

41,609

'

'

'

'

36,153

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

BusinessAcquisitionPurchasePriceAllocationdepositsassets

-176,362

'

'

'

'

'

-14,803

-57,825

'

-57,606

'

'

'

'

-60,931

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loans Assumed

69,428,389

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Off-market Lease, Unfavorable

'

'

-277,195

'

'

'

'

'

-164,700

'

0

'

'

'

'

-112,495

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities

-1,152,526

'

'

'

'

'

-14,505

-363,226

'

-138,950

'

'

'

'

-650,350

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net

91,075,631

'

'

'

'

'

18,156,584

39,602,028

'

30,500,072

'

'

'

'

20,973,531

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accrued Exit Fees

'

'

'

'

'

'

283,062

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual

'

'

'

'

'

'

'

'

'

'

'

$475,553

$875,679

'

'

'

$1,200,000

$6,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real_Estate_Assets_Allocation_

Real Estate Assets Allocation of Purchase Price (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Jan. 23, 2013	Apr. 21, 2011
Schedule of Business Acquisition Purchase Price Allocation [Line Items]	'	'	'	'
Payments to Acquire Businesses, Net of Cash Acquired	$21,647,242	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land	16,700,000	'	'	'
Number of Real Estate Properties, Fee Simple	408	'	'	328
BusinessAcquisitionPurchasePriceAllocationdepositsassets	-176,362	'	'	'
Loans Assumed	69,428,389	0	'	'
Off-market Lease, Unfavorable	'	'	-277,195	'
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedrestrictedcash	1,044,115	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	145,404	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	-1,152,526	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	91,075,631	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	69,428,389	'	'	'
Business Combination, Consideration Transferred	91,075,631	'	'	'
ashfordpark [Member]	'	'	'	'
Schedule of Business Acquisition Purchase Price Allocation [Line Items]	'	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land	1,548,000	'	'	'
Number of Real Estate Properties, Fee Simple	96	'	'	'
BusinessAcquisitionPurchasePriceAllocationdepositsassets	-14,803	'	'	'
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedrestrictedcash	264,689	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	62,517	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	-14,505	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	18,156,584	'	'	'
Lakecameron [Member] [Member]	'	'	'	'
Schedule of Business Acquisition Purchase Price Allocation [Line Items]	'	'	'	'
Payments to Acquire Businesses, Net of Cash Acquired	13,000,072	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land	4,000,000	'	'	'
BusinessAcquisitionPurchasePriceAllocationdepositsassets	-57,606	'	'	'
Off-market Lease, Unfavorable	'	'	0	'
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedrestrictedcash	110,019	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	41,609	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	-138,950	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	30,500,072	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	17,500,000	'	'	'
Business Combination, Consideration Transferred	30,500,072	'	'	'
mcneilranch [Member]	'	'	'	'
Schedule of Business Acquisition Purchase Price Allocation [Line Items]	'	'	'	'
Payments to Acquire Businesses, Net of Cash Acquired	7,745,142	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land	2,100,000	'	'	'
BusinessAcquisitionPurchasePriceAllocationdepositsassets	-60,931	'	'	'
Off-market Lease, Unfavorable	'	'	-112,495	'
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedrestrictedcash	528,659	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	36,153	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	-650,350	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	20,973,531	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	13,228,389	'	'	'
Business Combination, Consideration Transferred	20,973,531	'	'	'
Buildings and Improvements [Member]	'	'	'	'
Schedule of Business Acquisition Purchase Price Allocation [Line Items]	'	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings	60,278,288	'	'	'
Buildings and Improvements [Member] | ashfordpark [Member]	'	'	'	'
Schedule of Business Acquisition Purchase Price Allocation [Line Items]	'	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings	13,411,080	'	'	'
Buildings and Improvements [Member] | Lakecameron [Member] [Member]	'	'	'	'
Schedule of Business Acquisition Purchase Price Allocation [Line Items]	'	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings	21,248,442	'	'	'
Buildings and Improvements [Member] | mcneilranch [Member]	'	'	'	'
Schedule of Business Acquisition Purchase Price Allocation [Line Items]	'	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings	15,962,582	'	'	'
Furniture, Fixtures, and Equipment [Member]	'	'	'	'
Schedule of Business Acquisition Purchase Price Allocation [Line Items]	'	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	8,015,028	'	'	'
Furniture, Fixtures, and Equipment [Member] | ashfordpark [Member]	'	'	'	'
Schedule of Business Acquisition Purchase Price Allocation [Line Items]	'	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	1,968,402	'	'	'
Furniture, Fixtures, and Equipment [Member] | Lakecameron [Member] [Member]	'	'	'	'
Schedule of Business Acquisition Purchase Price Allocation [Line Items]	'	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	3,195,131	'	'	'
Furniture, Fixtures, and Equipment [Member] | mcneilranch [Member]	'	'	'	'
Schedule of Business Acquisition Purchase Price Allocation [Line Items]	'	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	1,593,637	'	'	'
Customer Relationships [Member]	'	'	'	'
Schedule of Business Acquisition Purchase Price Allocation [Line Items]	'	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	851,260	'	'	'
Customer Relationships [Member] | ashfordpark [Member]	'	'	'	'
Schedule of Business Acquisition Purchase Price Allocation [Line Items]	'	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	129,316	'	'	'
Customer Relationships [Member] | Lakecameron [Member] [Member]	'	'	'	'
Schedule of Business Acquisition Purchase Price Allocation [Line Items]	'	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	313,498	'	'	'
Customer Relationships [Member] | mcneilranch [Member]	'	'	'	'
Schedule of Business Acquisition Purchase Price Allocation [Line Items]	'	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	161,903	'	'	'
Leases, Acquired-in-Place [Member]	'	'	'	'
Schedule of Business Acquisition Purchase Price Allocation [Line Items]	'	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	5,647,619	'	'	'
Leases, Acquired-in-Place [Member] | ashfordpark [Member]	'	'	'	'
Schedule of Business Acquisition Purchase Price Allocation [Line Items]	'	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	908,286	'	'	'
Leases, Acquired-in-Place [Member] | Lakecameron [Member] [Member]	'	'	'	'
Schedule of Business Acquisition Purchase Price Allocation [Line Items]	'	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	1,787,929	'	'	'
Leases, Acquired-in-Place [Member] | mcneilranch [Member]	'	'	'	'
Schedule of Business Acquisition Purchase Price Allocation [Line Items]	'	'	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$1,414,373	'	'	'

Real_Estate_Assets_Depreciatio

Real Estate Assets Depreciation and amortization expense table (Details) (USD $)	3 Months Ended		6 Months Ended	9 Months Ended
	Jun. 30, 2013	Sep. 30, 2012	Jun. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Property, Plant and Equipment [Line Items]	'	'	'	'	'
Depreciation	$2,105,689	$904,837	$2,796,950	$5,788,718	$2,796,950
Depreciation and amortization	3,682,087	905,988	2,800,404	12,678,709	2,800,404
Building and Building Improvements [Member]	'	'	'	'	'
Property, Plant and Equipment [Line Items]	'	'	'	'	'
Depreciation	1,027,767	412,091	1,235,725	2,845,693	'
Furniture and Fixtures [Member]	'	'	'	'	'
Property, Plant and Equipment [Line Items]	'	'	'	'	'
Depreciation	1,077,922	492,746	1,561,225	2,943,025	'
Acquired Finite Lived Intangible Assets [Member]	'	'	'	'	'
Property, Plant and Equipment [Line Items]	'	'	'	'	'
Amortization of Intangible Assets	1,575,247	0	0	6,886,537	'
website development costs [Member]	'	'	'	'	'
Property, Plant and Equipment [Line Items]	'	'	'	'	'
Amortization of Intangible Assets	$1,151	$1,151	$3,454	$3,454	'

Real_Estate_Assets_Business_Ac

Real Estate Assets Business Acquisitions Consireation transferred (Details) (USD $)	9 Months Ended
	Sep. 30, 2013
Business Acquisition [Line Items]	'
Payments to Acquire Businesses, Net of Cash Acquired	$21,647,242
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	69,428,389
Business Combination, Consideration Transferred	91,075,631
ashfordpark [Member]	'
Business Acquisition [Line Items]	'
Payments to Acquire Businesses, Net of Cash Acquired	902,028
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	38,700,000
Business Combination, Consideration Transferred	39,602,028
Lakecameron [Member] [Member]	'
Business Acquisition [Line Items]	'
Payments to Acquire Businesses, Net of Cash Acquired	13,000,072
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	17,500,000
Business Combination, Consideration Transferred	30,500,072
mcneilranch [Member]	'
Business Acquisition [Line Items]	'
Payments to Acquire Businesses, Net of Cash Acquired	7,745,142
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	13,228,389
Business Combination, Consideration Transferred	$20,973,531

Real_Estate_Loans_Notes_Receiv3

Real Estate Loans, Notes Receivable, and Line of Credit Overton (Details) (USD $)

3 Months Ended

6 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

6 Months Ended

9 Months Ended

Jun. 30, 2013

Sep. 30, 2012

Jun. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Oct. 05, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Jun. 30, 2013

Sep. 30, 2012

Jun. 30, 2012

Sep. 30, 2013

360 Residential [Member]

SummitIImezzanineloan [Member]

Oxford [Member]

Oxford [Member]

Summit II [Member]

City Park [Member] [Member]

City Vista [Member] [Member]

Madison Rome [Member]

Lely [Member]

haven west [Member]

starkville [Member]

Newtown [Member]

13th street [Member]

PCMS [Member]

Riverview [Member]

IAA [Member]

riverview office [Member]

riverview office [Member]

PAA [Member]

crosstown walk [Member]

newport overton [Member]

Summit II [Member]

Summit II [Member]

Summit II [Member]

Summit II [Member]

Mortgage Loans on Real Estate [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

interest revenue current pay

$1,258,636

$374,445

$689,806

$2,966,721

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loans and Leases Receivable, Net Amount

'

'

'

16,790,265

'

872,747

'

1,475,000

1,475,000

'

'

'

'

'

'

'

'

6,241,484

1,500,000

1,300,000

650,000

'

671,156

4,079,878

'

'

'

'

'

'

Financing Receivable, Gross

'

'

'

19,350,000

'

1,000,000

'

1,500,000

1,500,000

'

'

'

'

'

'

'

'

6,400,000

1,500,000

1,300,000

650,000

2,000,000

1,000,000

6,000,000

'

'

'

'

'

'

real estate loan option purchase price

'

'

'

'

'

'

19,254,155

'

'

'

43,560,271

'

43,500,000

39,654,273

26,138,466

'

44,266,000

'

'

'

'

'

'

'

30,945,845

51,500,000

'

'

'

'

numberofunitstobecompleted

'

'

'

2,047

'

'

140

'

'

'

272

'

308

342

160

0

247

'

'

'

'

'

'

'

284

294

'

'

'

'

acquisition fee

'

'

'

929,081

'

'

'

'

'

61,030

100,000

121,530

53,600

127,133

69,408

17,300

103,460

'

'

'

'

'

'

'

109,620

166,000

'

'

'

'

SeniorLoanHeldByUnrelatedThirdParty

'

'

'

'

'

'

'

'

'

12,384,000

18,600,000

28,400,000

11,500,000

25,000,000

16,195,189

'

26,936,000

'

'

'

'

'

'

'

25,900,000

31,700,000

'

'

'

'

loans to be funded

'

'

'

92,908,106

'

'

'

49,564,027

49,564,027

6,103,027

10,000,000

12,153,000

5,360,042

12,713,242

6,940,795

1,730,000

10,346,000

'

1,500,000

'

'

'

'

'

10,962,000

16,600,000

'

'

'

'

Revenues

'

'

'

22,411,942

8,739,133

'

'

1,400,000

3,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Deferred Revenue

'

'

'

-721,277

'

'

'

'

'

-39,376

-78,349

-97,023

-40,492

-99,793

-63,424

-12,676

-95,067

'

'

'

'

'

'

'

-52,566

-142,511

'

'

'

'

Loans and Leases Receivable, Net of Deferred Income

'

'

'

72,013,540

'

'

'

'

'

6,063,651

9,921,651

12,055,977

5,319,550

7,918,630

2,067,145

1,577,924

5,649,969

'

'

'

'

'

'

'

9,792,076

11,646,967

'

'

'

'

amount drawn under loan agreement

'

'

'

72,734,817

'

'

'

43,800,000

43,800,000

6,103,027

10,000,000

12,153,000

5,360,042

8,018,423

2,130,569

1,590,600

5,745,036

'

'

'

'

'

'

'

9,844,642

11,789,478

'

'

'

'

LoanFee

'

'

'

1,858,165

'

'

'

'

'

122,061

200,000

243,060

107,201

254,267

138,816

34,600

206,920

'

'

'

'

'

'

'

219,240

332,000

'

'

'

'

Accrued exit fee revenue

932,461

198,449

318,295

2,054,297

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Deferred Revenue, Revenue Recognized

64,603

27,455

38,884

180,297

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net loan fee revenue

2,255,700

600,349

1,046,985

5,201,315

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

interest revenue notes receivable

439,203

35,800

65,441

825,531

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest revenue on real estate loans

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$2,694,903

$636,149

$1,112,426

$6,026,846

Redeemable_Preferred_Stock_Det

Redeemable Preferred Stock (Details) (USD $)	3 Months Ended							9 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Sep. 30, 2013	Sep. 30, 2012	Jan. 16, 2013	Dec. 31, 2012
Class of Stock [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Common Stock, Dividends, Per Share, Declared	$0.16	$0.15	$0.15	$0.14	$0.14	$0.13	$0.40	$0.45	$0.40	'	'
Unitsyearcounttoredemptionthree	'	3	'	'	'	'	'	3	'	'	'
Proceeds from Other Equity	'	'	'	'	'	'	'	$37,600,000	'	'	'
Stock Redeemed or Called During Period, Shares	'	'	'	'	'	'	'	70	'	'	'
Stock Issued During Period, Shares, Conversion of Convertible Securities	'	'	'	5,714,274	'	'	'	'	'	'	'
Proceeds from Issuance of Common Stock	'	'	'	'	'	'	'	200,000,000	'	'	'
Preferred Stock Conversions, Inducements	'	'	'	7,000,000	'	'	'	'	'	'	'
Unitsyearcounttoredemption	'	2	'	'	'	'	'	2	'	'	'
warrant exercise price as percent of gross ipo price	'	120.00%	'	'	'	'	'	120.00%	'	'	'
warrant minimum exercise price	'	$9	'	'	'	'	'	$9	'	'	'
daycountvolweightedavgcalcformarketvalue	'	20	'	'	'	'	'	20	'	'	'
warrantexercisewindowminyrsfromissue	'	'1	'	'	'	'	'	'1	'	'	'
warrantexercisewindowmaxyrsfromissue	'	'4	'	'	'	'	'	'4	'	'	'
Preferred Stock, Dividend Rate, Percentage	'	'	'	'	'	'	'	6.00%	'	'	'
Units stated value per share	'	$1,000	'	'	'	'	'	$1,000	'	'	'
Unitsissuedpercentageofmaximum	'	'	'	'	'	'	'	0.00%	'	'	'
aggregate offering costs	'	4,700,000	'	'	'	'	'	4,700,000	'	'	'
prorataamountofferingcostsreclassed	'	'	'	'	'	'	'	340,000	'	'	'
Deferred offering costs	'	4,614,113	'	'	'	'	'	4,614,113	'	'	3,347,965
Deferred Offering Costs	'	6,600,000	'	'	'	'	'	6,600,000	'	'	'
ceiling deferred offering costs	'	'	'	'	'	'	'	1.50%	'	'	'
preferred stock	'	'	'	'	0	'	'	'	0	40,000	0
Preferred Stock, Par or Stated Value Per Share	'	$1,000	'	'	$0	'	'	$1,000	$0	'	$0
Dividends, Common Stock, Cash	'	'	'	'	'	'	'	-4,093,017	'	'	'
Series A Preferred Stock [Member]	'	'	'	'	'	'	'	'	'	'	'
Class of Stock [Line Items]	'	'	'	'	'	'	'	'	'	'	'
preferred stock	'	72,030	'	'	'	'	'	72,030	'	'	19,762
Preferred Stock, Par or Stated Value Per Share	'	$0.01	'	'	'	'	'	$0.01	'	'	$0.01
Preferred Stock, Value, Issued	'	720	'	'	'	'	'	720	'	'	198
Common Stock [Member]	'	'	'	'	'	'	'	'	'	'	'
Class of Stock [Line Items]	'	'	'	'	'	'	'	'	'	'	'
unitswarrants	'	20	'	'	'	'	'	20	'	'	'
Unitspreferredstockand warrant [Member]	'	'	'	'	'	'	'	'	'	'	'
Class of Stock [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Maximumunitsavailableforissuance	'	150,000	'	'	'	'	'	150,000	'	'	'
Warrant [Member]	'	'	'	'	'	'	'	'	'	'	'
Class of Stock [Line Items]	'	'	'	'	'	'	'	'	'	'	'
series a redeemable preferred stock	'	1	'	'	'	'	'	1	'	'	'
Unitsredemptionfee [Domain]	'	'	'	'	'	'	'	'	'	'	'
Class of Stock [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Unitsredemptionfeespercentfouryears	'	3.00%	'	'	'	'	'	3.00%	'	'	'
Unitsredemptionfeespercentthreeyears	'	5.00%	'	'	'	'	'	5.00%	'	'	'
Unitsyearcounttoredemptionfive	'	5	'	'	'	'	'	5	'	'	'
Unitsredemptionfeepercentfiveyears	'	'	'	'	'	'	'	0.00%	'	'	'
Unitsyearcounttoredemptionfour	'	4	'	'	'	'	'	4	'	'	'
Unitsredemptionfeespercent	'	'	'	'	'	'	'	10.00%	'	'	'
Unitsissued [Member]	'	'	'	'	'	'	'	'	'	'	'
Class of Stock [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Proceeds from Other Equity	'	'	'	'	'	'	'	65,400,000	'	'	'
Unitsissuedcumulative	'	'	'	'	'	'	'	72,030	'	'	'
Unitspreferredstockand warrant-follow on offering[Member] [Member]	'	'	'	'	'	'	'	'	'	'	'
Class of Stock [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Maximumunitsavailableforissuance	'	900,000	'	'	'	'	'	900,000	'	'	850,000
shelf offering [Member]	'	'	'	'	'	'	'	'	'	'	'
Class of Stock [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Deferred offering costs	'	$206,921	'	'	'	'	'	$206,921	'	'	'

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2013	Jun. 30, 2013	Sep. 30, 2012	Jun. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Mar. 31, 2012
Related Party Transaction [Line Items]	'	'	'	'	'	'	'
Cost of Reimbursable Expense	'	$600,547	$247,165	'	'	'	'
capital marketing and professional	93,776	'	43,747	120,618	242,530	'	'
acquisition fees paid to related party	0	'	0	'	1,029,487	0	'
Common Stock, Shares, Outstanding	11,044,715	'	5,212,139	5,211,362	11,044,715	5,212,139	5,178,315
Related Party Transaction, Expenses from Transactions with Related Party	'	970,597	487,817	1,147,015	3,765,796	'	'
Property management fees	'	'	'	'	643,387	304,827	'
AcquisitionFeesRelatedPartyCosts	'	'	'	'	-705,049	-258,528	'
Acquisition-related Costs [Member]	'	'	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'	'	'
Percentageusedtocalculateacquisitionfees	0.00%	'	'	'	0.00%	'	'
AcquisitionFeesRelatedPartyCosts	'	195,833	168,813	258,528	1,734,040	'	'
AssetmanagementFees [Member]	'	'	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'	'	'
Asset Management Costs	'	363,595	148,573	409,964	944,087	'	'
Propertymanagementfees [Member]	'	'	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'	'	'
Property management fees	'	238,026	104,320	304,827	643,387	'	'
General and Administrative Expense [Member]	'	'	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'	'	'
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party	'	$173,143	$66,111	$173,696	$444,282	'	'
Cash Distribution [Member]	'	'	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'	'	'
Percentproceedsassetsalestomanager	'	'	'	'	0.00%	'	'
priorityannualreturnoncapitalandexpensesassetsales	'	'	'	'	0.00%	'	'

Dividends_Details

Dividends (Details) (USD $)

1 Months Ended

3 Months Ended

6 Months Ended

7 Months Ended

8 Months Ended

9 Months Ended

Sep. 30, 2013

Jun. 30, 2013

31-May-13

Apr. 30, 2013

Mar. 31, 2013

Feb. 28, 2013

Jan. 31, 2013

Sep. 30, 2012

Aug. 31, 2012

Jul. 31, 2012

Jun. 30, 2012

31-May-12

Apr. 30, 2012

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Jun. 30, 2012

Jul. 31, 2013

Aug. 31, 2013

Sep. 30, 2013

Sep. 30, 2012

Dividends Payable [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

minority interest partnership units outstanding

106,988

'

'

'

'

'

'

'

'

'

'

'

'

'

106,988

'

'

'

'

'

'

'

'

106,988

'

Payments to Noncontrolling Interests

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$15,513

'

'

'

'

'

'

$31,561

$0

Common Stock, Dividends, Per Share, Declared

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.16

$0.15

$0.15

$0.14

$0.14

$0.13

$0.40

'

'

'

$0.45

$0.40

dividends common stock declared

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

771,923

729,700

677,477

'

'

'

'

'

2,080,357

common stock shares entitled to dividends

11,073,731

11,066,895

'

'

5,323,605

'

'

'

'

'

'

'

'

'

11,073,731

11,066,895

5,323,605

'

'

'

'

'

'

11,073,731

'

Stock Issued During Period, Shares, Conversion of Convertible Securities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,714,274

'

'

'

'

'

'

'

'

Payments of Distributions to Affiliates

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

16,048

'

Dividends, Preferred Stock, Cash

348,483

276,946

247,597

220,874

132,603

119,885

107,551

58,062

54,119

50,878

42,793

25,406

11,486

'

'

'

'

'

'

'

242,744

302,532

322,368

2,078,839

'

Common Stock, Shares, Outstanding

11,044,715

'

'

'

'

'

'

5,212,139

'

'

5,211,362

'

'

'

11,044,715

'

'

5,212,139

5,211,362

5,178,315

5,211,362

'

'

11,044,715

5,212,139

Series A Preferred Stock [Member]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends Payable [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends, Preferred Stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-242,744

'

'

'

2,078,525

'

Preferred Stock, Dividend Rate, Per-Dollar-Amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$5

'

'

'

'

'

Series B Preferred Stock [Member]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends Payable [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends, Preferred Stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

690,476

'

Series B [Member]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends Payable [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends, Preferred Stock, Cash

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$690,476

'

Dividends_Series_A_Preferred_D

Dividends Series A Preferred Dividends (Details) (USD $)

1 Months Ended

6 Months Ended

7 Months Ended

8 Months Ended

9 Months Ended

Sep. 30, 2013

Jun. 30, 2013

31-May-13

Apr. 30, 2013

Mar. 31, 2013

Feb. 28, 2013

Jan. 31, 2013

Sep. 30, 2012

Aug. 31, 2012

Jul. 31, 2012

Jun. 30, 2012

31-May-12

Apr. 30, 2012

Jun. 30, 2012

Jul. 31, 2013

Aug. 31, 2013

Sep. 30, 2013

Aug. 09, 2013

Apr. 15, 2013

Jan. 24, 2013

Dec. 31, 2012

Aug. 15, 2012

Jul. 17, 2012

Dividends Payable [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred Stock, Shares Outstanding

68,198

53,749

48,098

'

25,755

23,094

'

0

'

'

8,441

4,985

2,155

8,441

59,121

63,359

68,198

71,960

41,492

19,732

0

11,491

10,682

Dividends, Preferred Stock, Cash

$348,483

$276,946

$247,597

$220,874

$132,603

$119,885

$107,551

$58,062

$54,119

$50,878

$42,793

$25,406

$11,486

$242,744

$302,532

$322,368

$2,078,839

'

'

'

'

'

'

Series A Preferred Stock [Member]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends Payable [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred Stock, Shares Outstanding

71,960

'

'

'

'

'

'

12,178

'

'

'

'

'

'

'

'

71,960

'

'

'

19,762

'

'

Equity_Compensation_Details

Equity Compensation (Details) (USD $)

1 Months Ended

3 Months Ended

6 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

Aug. 31, 2012

Jun. 30, 2013

Sep. 30, 2012

Mar. 31, 2012

Jun. 30, 2012

Sep. 30, 2013

Feb. 29, 2012

Dec. 31, 2013

Sep. 30, 2012

Mar. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2012

Dec. 31, 2012

Aug. 31, 2012

Mar. 31, 2012

Dec. 31, 2011

Sep. 30, 2013

Jan. 03, 2013

Aug. 15, 2012

Jan. 03, 2012

Mar. 31, 2011

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Directorscommitteefees [Member]

Directorscommitteefees [Member]

ClassBUnits [Member]

ClassBUnits [Member]

ClassBUnits [Member]

ClassBUnits [Member]

ClassBUnits [Member]

ClassBUnits [Member]

ClassBUnits [Member]

Warrant [Member]

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

common stock fair value per share

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$7.88

$8.30

$6.05

'

Class B Units valuation assumption dividend yield

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7.36%

6.75%

8.60%

'

ClassBUnit valuation assumption expected volatility

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

32.10%

31.35%

35.23%

'

Class B Unit valuation assumptions risk free rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.91%

2.72%

2.83%

'

Class B Unit valuation assumption expected service period in years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1

1

1

'

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized

'

'

'

'

'

567,500

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period

'

'

'

'

'

'

2,988

2,178

'

33,046

29,016

'

780

2,115

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,128

106,988

107,164

142,046

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value

'

'

'

'

'

'

$6.12

$8.28

$7.88

$7.83

$8.85

$8.59

'

'

'

'

'

'

'

'

'

'

Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures

'

'

'

'

'

'

18,287

18,034

'

258,750

256,792

'

6,146

18,168

'

'

'

'

'

'

'

'

Share-based Compensation

'

290,860

315,600

'

921,207

889,946

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

market vesting condition capital increase threshhold

$50,000

'

'

$650,000

'

$1,150,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

warrant exercise price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$12.50

warrant exercise price as percent of gross ipo price

'

'

'

'

'

120.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

125.00%

Equity_Compensation_Restricted

Equity Compensation Restricted Stock (Details) (USD $)

3 Months Ended

6 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

Jun. 30, 2013

Sep. 30, 2012

Jun. 30, 2012

Sep. 30, 2013

Feb. 29, 2012

Dec. 31, 2013

Sep. 30, 2012

Mar. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2012

Dec. 31, 2012

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Directorscommitteefees [Member]

Directorscommitteefees [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period

'

'

'

'

2,988

2,178

'

33,046

29,016

'

780

2,115

Share-based Compensation

$290,860

$315,600

$921,207

$889,946

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value

'

'

'

'

$6.12

$8.28

$7.88

$7.83

$8.85

$8.59

'

'

Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures

'

'

'

'

$18,287

$18,034

'

$258,750

$256,792

'

$6,146

$18,168

Equity_Compensation_Committee_

Equity Compensation Committee Fee Grants (Details) (USD $)

3 Months Ended

6 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

Jun. 30, 2013

Sep. 30, 2012

Jun. 30, 2012

Sep. 30, 2013

Feb. 29, 2012

Dec. 31, 2013

Sep. 30, 2012

Mar. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2012

Dec. 31, 2012

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Directorscommitteefees [Member]

Directorscommitteefees [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period

'

'

'

'

2,988

2,178

'

33,046

29,016

'

780

2,115

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value

'

'

'

'

$6.12

$8.28

$7.88

$7.83

$8.85

$8.59

'

'

Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures

'

'

'

'

$18,287

$18,034

'

$258,750

$256,792

'

$6,146

$18,168

Share-based Compensation

$290,860

$315,600

$921,207

$889,946

'

'

'

'

'

'

'

'

Equity_Compensation_Class_B_Un

Equity Compensation Class B Units (Details) (USD $)

1 Months Ended

3 Months Ended

6 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

Aug. 31, 2012

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Jun. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Aug. 31, 2012

Mar. 31, 2012

Dec. 31, 2011

Mar. 31, 2011

Sep. 30, 2013

Jan. 03, 2013

Aug. 15, 2012

Jan. 03, 2012

Jan. 03, 2013

Aug. 15, 2012

Jan. 03, 2012

Jan. 03, 2013

Aug. 15, 2012

Jan. 03, 2012

ClassBUnits [Member]

ClassBUnits [Member]

ClassBUnits [Member]

ClassBUnits [Member]

ClassBUnits [Member]

ClassBUnits [Member]

ClassBUnits [Member]

ClassBUnits [Member]

50percentvesting level [Member]

50percentvesting level [Member]

50percentvesting level [Member]

100percentvestinglevel [Member]

100percentvestinglevel [Member]

100percentvestinglevel [Member]

ClassBUnits [Member]

ClassBUnits [Member]

ClassBUnits [Member]

ClassBUnits [Member]

ClassBUnits [Member]

ClassBUnits [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

common stock fair value per share

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$7.88

$8.30

$6.05

'

'

'

'

'

'

Common Stock, Dividends, Per Share, Declared

'

$0.16

$0.15

$0.15

$0.14

$0.14

$0.13

$0.40

'

$0.45

$0.40

$0.14

'

'

$0.13

$0.14

'

'

'

'

'

'

'

'

'

Share-based Compensation

'

'

'

290,860

'

315,600

'

'

921,207

889,946

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'20 years

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

'

'

'

'

'

'

'

'

'

'

'

6,128

106,988

107,164

'

142,046

'

'

'

'

'

'

'

'

'

market vesting condition capital increase threshhold

$50,000

'

'

'

'

'

'

$650,000

'

$1,150,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'30 years

'

'

'

'

'

'

'

'

'

share based compensation forfeiture rate assumption

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.00%

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0

$6.69

$4.50

$6.07

$6.68

$4.47

Class B Units valuation assumption dividend yield

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7.36%

6.75%

8.60%

'

'

'

'

'

'

ClassBUnit valuation assumption expected volatility

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

32.10%

31.35%

35.23%

'

'

'

'

'

'

Class B Unit valuation assumptions risk free rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.91%

2.72%

2.83%

'

'

'

'

'

'

Class B Unit valuation assumption expected service period in years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1

1

1

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

862,219

40,996

479,841

'

'

'

'

'

'

Equity_Compensation_Warrant_De

Equity Compensation Warrant (Details) (USD $)

3 Months Ended

9 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Apr. 05, 2011

Mar. 31, 2011

Sep. 30, 2013

Warrant [Member]

Warrant [Member]

Warrant [Member]

Maximum [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

Class of Warrant or Right, Outstanding

'

'

'

'

'

'

'

'

'

'

'

150,000

Common Stock, Dividends, Per Share, Declared

$0.16

$0.15

$0.15

$0.14

$0.14

$0.13

$0.40

$0.45

$0.40

'

'

'

Adjustments to Additional Paid in Capital, Warrant Issued

'

'

'

'

'

'

'

$51,304,949

'

'

'

'

warrant exercise price

'

'

'

'

'

'

'

'

'

'

$12.50

'

warrant exercise price as percent of gross ipo price

'

120.00%

'

'

'

'

'

120.00%

'

'

125.00%

'

Sale of Stock, Price Per Share

'

'

'

'

'

'

'

'

'

$10

'

'

Equity_Compensation_Equity_com

Equity Compensation Equity compensation expense by grant (Details) (USD $)	3 Months Ended		6 Months Ended	9 Months Ended
	Jun. 30, 2013	Sep. 30, 2012	Jun. 30, 2012	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Share-based Compensation	$290,860	$315,600	$921,207	$889,946
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	'	'	'	367,669
stock grants for quarterly board committee fees [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Share-based Compensation	5,983	6,146	24,433	24,151
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	'	'	'	0
2011 [Member] | Restricted Stock [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Share-based Compensation	0	0	66,867	0
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	'	'	'	0
2012 [Member] | ClassBUnits [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Share-based Compensation	0	239,849	716,969	2,580
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	'	'	'	0
2012 [Member] | Restricted Stock [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Share-based Compensation	0	64,480	107,813	86,250
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	'	'	'	0
Aug 15 2012 [Member] | ClassBUnits [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Share-based Compensation	5,125	5,125	5,125	25,623
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	'	'	'	0
2013 [Member] | ClassBUnits [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Share-based Compensation	215,555	0	0	644,345
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	'	'	'	217,874
2013 [Member] | Restricted Stock [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Share-based Compensation	64,197	0	0	106,997
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	'	'	'	$149,795

Indebtedness_Details

Indebtedness (Details) (USD $)	3 Months Ended				7 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2012	Jul. 31, 2013	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Apr. 04, 2013
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'
Interest Expense, Long-term Debt	$1,236,403	'	'	$541,337	'	$3,207,859	$1,614,994	'	'
debt prepayment penalty	'	'	'	'	'	458,250	'	'	'
Write off of Deferred Debt Issuance Cost	'	'	'	'	'	146,087	'	'	'
Long-term Debt, Current Maturities	24,910,667	'	'	'	'	24,910,667	'	'	'
Long-term Debt	127,516,000	'	'	'	'	127,516,000	'	55,637,000	'
Payments of Debt Issuance Costs	'	493,314	907,477	'	206,455	323,918	'	134,966	'
Long-term Debt, Maturities, Repayments of Principal in Year Two	407,822	'	'	'	'	407,822	'	'	'
Long-term Debt, Maturities, Repayments of Principal in Year Three	728,554	'	'	'	'	728,554	'	'	'
Long-term Debt, Maturities, Repayments of Principal in Year Four	752,215	'	'	'	'	752,215	'	'	'
Long-term Debt, Maturities, Repayments of Principal after Year Five	785,490	'	'	'	'	785,490	'	'	'
Long-term Debt, Maturities, Repayments of Principal after Year Five	124,841,919	'	'	'	'	124,841,919	'	'	'
Long-term Debt	152,426,667	'	'	'	'	152,426,667	'	'	'
Interest Expense	1,538,567	'	'	615,300	'	3,923,331	1,688,957	'	'
Line of Credit Facility, Amount Outstanding	24,910,667	'	'	'	'	24,910,667	'	14,801,197	'
Line of Credit Facility, Maximum Borrowing Capacity	15,000,000	'	'	'	'	15,000,000	'	'	30,000,000
Loan Processing Fee	'	'	200,000	'	'	'	'	'	'
Amortization of Financing Costs	'	'	188,952	'	'	571,721	91,473	'	'
Debt, Weighted Average Interest Rate	4.90%	'	'	'	'	4.90%	'	'	'
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	'	'	'	'	'	0.50%	'	'	'
interest expense credit facility	302,164	'	'	73,963	'	715,472	73,963	'	'
Mortgages [Member]	'	'	'	'	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'
Long-term Debt	127,516,000	'	'	127,516,000	'	127,516,000	127,516,000	55,637,000	'
Mortgage Loans on Real Estate [Member]	'	'	'	'	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'
loanamortizationperiod	'	'	'	'	'	'	'	30	'
Revolving Credit Facility [Member]	'	'	'	'	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'
membership interests business acquisition percentage related parties	100.00%	'	'	'	'	100.00%	'	'	'
Trail Creek [Member] | Mortgages [Member]	'	'	'	'	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'
Long-term Debt	'	'	'	0	'	'	0	15,275,000	'
Debt Instrument, Basis Spread on Variable Rate	'	'	'	'	'	'	'	2.80%	'
Stone Rise Apartments [Member] | Mortgages [Member]	'	'	'	'	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'
Long-term Debt	'	'	'	19,500,000	'	'	19,500,000	19,500,000	'
Debt Instrument, Basis Spread on Variable Rate	'	'	'	'	'	2.77%	'	'	'
Stone Rise Apartments [Member] | notes payable [Member]	'	'	'	'	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	7.25%	'	'	'	'	7.25%	'	'	'
Summit Crossing [Member] | Mortgages [Member]	'	'	'	'	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'
Long-term Debt	'	'	'	20,862,000	'	'	20,862,000	20,862,000	'
Debt Instrument, Interest Rate, Stated Percentage	4.71%	'	'	'	'	4.71%	'	'	'
ashfordpark [Member] | Mortgages [Member]	'	'	'	'	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'
Long-term Debt	'	'	'	25,626,000	'	'	25,626,000	'	'
Debt Instrument, Interest Rate, Stated Percentage	3.13%	'	'	'	'	3.13%	'	'	'
Trail II [Member] | Mortgages [Member]	'	'	'	'	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'
Long-term Debt	'	'	'	28,109,000	'	'	28,109,000	'	'
Debt Instrument, Basis Spread on Variable Rate	'	'	'	'	'	4.22%	'	'	'
mcneilranch [Member] | Mortgages [Member]	'	'	'	'	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'
Long-term Debt	'	'	'	13,646,000	'	'	13,646,000	'	'
Debt Instrument, Interest Rate, Stated Percentage	3.13%	'	'	'	'	3.13%	'	'	'
Lakecameron [Member] [Member] | Mortgages [Member]	'	'	'	'	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'
Long-term Debt	'	'	'	19,773,000	'	'	19,773,000	'	'
Debt Instrument, Interest Rate, Stated Percentage	3.13%	'	'	'	'	3.13%	'	'	'
real estate assets [Member]	'	'	'	'	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'
membership interests business acquisition percentage related parties	49.00%	'	'	'	'	49.00%	'	'	'
Lakecameron [Member] [Member]	'	'	'	'	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'
Interest Expense, Long-term Debt	167,038	'	'	0	'	464,630	0	'	'
mcneilranch [Member]	'	'	'	'	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'
Interest Expense, Long-term Debt	119,503	'	'	0	'	331,382	0	'	'
ashfordpark [Member]	'	'	'	'	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'
Interest Expense, Long-term Debt	217,958	'	'	0	'	600,466	0	'	'
Summit Crossing [Member]	'	'	'	'	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'
Interest Expense, Long-term Debt	257,553	'	'	257,552	'	764,469	767,198	'	'
Stone Rise Apartments [Member]	'	'	'	'	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'
Interest Expense, Long-term Debt	155,105	'	'	157,741	'	461,839	471,240	'	'
Trail Creek [Member]	'	'	'	'	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'
Interest Expense, Long-term Debt	$319,246	'	'	$126,044	'	$585,073	$376,556	'	'

Indebtedness_debt_covenants_De

Indebtedness debt covenants (Details) (USD $)	Sep. 30, 2013
Debt Disclosure [Abstract]	'
Senior leverage ratio	43.70%
Minimum Net Worth Required for Compliance	$121,688,620
debt yield	9.29%
payout ratio	84.50%
Total leverage ratio	52.20%

Income_Taxes_Details

Income Taxes (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2010
Operating Loss Carryforwards [Line Items]	'	'
Deferred Tax Assets, Net of Valuation Allowance	'	$298,100
DeferredTaxAssetsValuationAllowancePercentage	100.00%	'

Segment_information_Details

Segment information (Details) (USD $)	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2013	Jun. 30, 2013	Sep. 30, 2012	Jun. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Segment Reporting Information [Line Items]	'	'	'	'	'	'	'
Assets	$279,826,140	'	'	'	$279,826,140	'	$123,291,930
Operating Leases, Income Statement, Lease Revenue	'	'	'	'	14,789,074	6,783,328	'
rental and other property revenues	'	8,752,274	3,243,251	8,739,133	22,411,942	'	'
adjusted funds from operations	'	6,146,501	2,263,238	5,824,018	15,513,626	'	'
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	'	-30,014	148,921	-562,305	-5,838,063	-562,305	'
Interest Expense	1,538,567	'	615,300	'	3,923,331	1,688,957	'
Depreciation	'	2,105,689	904,837	2,796,950	5,788,718	2,796,950	'
Business Combination, Acquisition Related Costs	'	'	'	'	-212,818	-912	'
Share-based Compensation	'	-290,860	-315,600	-921,207	-889,946	'	'
loan fees received	'	'	'	'	1,410,098	517,057	'
noncash loan interest income	'	57,908	31,868	283,346	450,676	'	'
Management fees	'	536,738	214,684	583,660	1,388,369	'	'
financingsegment [Member]	'	'	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'	'	'
Assets	91,338,822	'	'	'	91,338,822	'	39,222,062
adjusted funds from operations	'	2,694,903	636,149	1,112,426	6,026,846	'	'
Interest and Other Income	'	2,694,903	636,149	1,112,426	6,026,846	'	'
All Other Segments [Member]	'	'	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'	'	'
adjusted funds from operations	'	59,673	30,877	107,837	174,016	'	'
Acquisition Costs, Period Cost	'	10,682	0	912	1,242,305	'	'
Multifamily communities [Member]	'	'	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'	'	'
Assets	178,353,442	'	'	'	178,353,442	'	77,292,922
Operating Leases, Income Statement, Lease Revenue	'	6,057,371	2,607,102	7,626,707	16,385,096	'	'
adjusted funds from operations	'	3,451,598	1,627,089	4,711,592	9,486,780	'	'
Other Assets [Member]	'	'	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'	'	'
Assets	10,133,876	'	'	'	10,133,876	'	6,776,946
real estate assets [Member]	'	'	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'	'	'
Interest Expense	'	1,538,567	615,300	1,688,957	4,527,668	'	'
Depreciation	'	$3,682,087	$905,988	$2,800,404	$12,678,709	'	'

Loss_per_Share_Details

Loss per Share (Details) (USD $)

3 Months Ended

6 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2013

Jun. 30, 2013

Sep. 30, 2012

Mar. 31, 2012

Jun. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Aug. 31, 2013

Aug. 09, 2013

Jul. 31, 2013

31-May-13

Apr. 15, 2013

Mar. 31, 2013

Feb. 28, 2013

Jan. 24, 2013

Dec. 31, 2012

Aug. 15, 2012

Jul. 17, 2012

31-May-12

Apr. 30, 2012

Jun. 30, 2013

Mar. 31, 2012

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Aug. 31, 2012

Mar. 31, 2012

Dec. 31, 2011

Sep. 30, 2013

Feb. 29, 2012

Dec. 31, 2013

Mar. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Warrant [Member]

Warrant [Member]

Warrant [Member]

ClassBUnits [Member]

ClassBUnits [Member]

ClassBUnits [Member]

Unitsissued [Member]

ClassBUnits [Member]

ClassBUnits [Member]

ClassBUnits [Member]

ClassBUnits [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Warrant [Member]

Series A Preferred Stock [Member]

Series A Preferred Stock [Member]

Series A Preferred Stock [Member]

Series B Preferred Stock [Member]

Series B Preferred Stock [Member]

Series B Preferred Stock [Member]

Series B Preferred Stock [Member]

Scenario, Actual [Member]

Scenario, Actual [Member]

Scenario, Actual [Member]

Scenario, Actual [Member]

Scenario, Actual [Member]

Scenario, Actual [Member]

Scenario, Actual [Member]

Scenario, Actual [Member]

Maximum [Member]

Series A Preferred Stock [Member]

Series A Preferred Stock [Member]

Series A Preferred Stock [Member]

Series A Preferred Stock [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

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'

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'

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'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

'

($30,014)

$148,921

'

($562,305)

($5,838,063)

($562,305)

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

($30,014)

$148,921

($5,838,063)

($562,305)

'

'

'

'

Preferred Stock, Shares Outstanding

68,198

53,749

0

'

8,441

68,198

0

63,359

71,960

59,121

48,098

41,492

25,755

23,094

19,732

0

11,491

10,682

4,985

2,155

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

71,960

19,762

12,178

'

'

'

'

'

'

'

'

'

'

'

'

Unitsissuedcumulative

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

72,030

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net Income (Loss) Attributable to Parent

'

'

'

-562,305

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

97,724

148,921

-5,612,169

-562,305

'

'

'

'

Dividends, Preferred Stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

0

7,028,557

0

'

'

'

'

-973,069

163,059

2,769,001

242,744

NetIncomeAllocatedToUnvestedRestrictedShares

-4,352

'

-4,626

'

'

-13,496

-12,302

'

'

'

'

'

'

'

'

'

'

'

'

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'

Income (Loss) Attributable to Noncontrolling Interest

'

'

'

'

'

'

'

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'

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'

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'

'

'

'

'

'

'

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'

'

'

'

'

'

'

127,738

0

225,894

0

'

'

'

'

Net Income (Loss) Available to Common Stockholders, Basic

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

($879,697)

($18,764)

($15,423,223)

($817,351)

'

'

'

'

Weighted average number of shares of Common Stock outstanding, basic and diluted

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

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'

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'

'

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'

'

'

'

11,041,359

5,178,822

8,197,531

5,169,467

'

'

'

'

Incremental Common Shares Attributable to Share-based Payment Arrangements

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

0

0

0

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

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Earnings Per Share, Basic and Diluted

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

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'

'

'

'

'

'

'

'

($0.08)

$0

($1.88)

($0.16)

'

'

'

'

Preferred Stock, Dividend Rate, Percentage

'

'

'

'

'

6.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Units stated value per share

$1,000

'

'

'

'

$1,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

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'

'

'

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'

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'

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'

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'

'

'

'

'

'

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'

'

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

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'

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'

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'

'

'

2,988

2,178

33,046

29,016

'

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'

'

'

'

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'

'

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'

'

'

'

'

Class of Warrant or Right, Outstanding

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

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'

'

'

'

'

'

'

'

'

150,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

'

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'

'

142,046

'

6,128

106,988

107,164

142,046

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Incremental Common Shares from conversion of outstanding units

1,440,600

'

'

'

'

1,440,600

'

'

'

'

'

'

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'

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'

Pro_Forma_Financial_Informatio2

Pro Forma Financial Information (Details) (USD $)	3 Months Ended			9 Months Ended
	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2012	Sep. 30, 2013	Sep. 30, 2012
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]	'	'	'	'	'
Revenues	'	'	'	$22,411,942	$8,739,133
loans to be funded	92,908,106	'	'	92,908,106	'
pro forma net income common stockholders	491,575	-1,287,533	-1,678,790	-7,763,984	-14,867,196
PCMS [Member]	'	'	'	'	'
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]	'	'	'	'	'
loans to be funded	1,500,000	'	'	1,500,000	'
Pro Forma [Member]	'	'	'	'	'
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]	'	'	'	'	'
Revenues	8,683,576	7,841,955	6,008,395	23,363,936	16,906,119
Business Acquisition, Pro Forma Net Income (Loss)	1,476,534	693,218	-711,107	2,073,766	-12,326,441
pro forma net income company	1,468,996	812,154	-711,107	2,185,164	-12,326,441
Business Acquisition, Pro Forma Earnings Per Share, Basic	$0.04	($0.85)	($0.32)	($0.95)	($2.88)
Weighted average number of shares of Common Stock outstanding, basic and diluted	11,041,359	8,198,340	5,178,822	8,197,531	5,169,467
Pro forma corrected [Member]	'	'	'	'	'
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]	'	'	'	'	'
Revenues	'	6,838,405	'	'	'
Business Acquisition, Pro Forma Net Income (Loss)	'	-95,986	'	'	'
pro forma net income company	'	-94,134	'	'	'
pro forma net income common stockholders	'	($6,996,172)	'	'	'
Business Acquisition, Pro Forma Earnings Per Share, Basic	'	($0.24)	'	'	'
Weighted average number of shares of Common Stock outstanding, basic and diluted	'	5,289,690	'	'	'

Fair_Values_of_Financial_Instr2

Fair Values of Financial Instruments (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'
Loans and Leases Receivable, Net of Deferred Income	$74,503,643	$35,548,448	'
Financing Receivable, Gross	19,350,000	'	'
line of credit receivable	4,079,877	936,827	'
Financing Receivable, Net	11,210,388	'	'
financial assets carrying value	91,293,908	38,935,275	'
Mortgage notes payable	127,516,000	55,637,000	'
Line of Credit Facility, Amount Outstanding	24,910,667	14,801,197	'
Debt, Long-term and Short-term, Combined Amount	152,426,667	70,438,197	'
Mortgages [Member]	'	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'
Mortgage notes payable	127,516,000	55,637,000	127,516,000
Fair Value, Inputs, Level 3 [Member]	'	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'
real estate related loans fair value	79,677,402	37,646,753	'
Assets, Fair Value Disclosure	'	41,033,580	'
Long-term Debt, Fair Value	125,065,482	57,012,876	'
Line of Credit Facility, Amount Outstanding	'	14,801,197	'
Liabilities, Fair Value Disclosure	149,976,149	71,814,073	'
Fair Value, Inputs, Level 1 [Member]	'	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'
real estate related loans fair value	0	'	'
Financing Receivable, Gross	12,710,388	2,450,000	'
line of credit receivable	0	'	'
Assets, Fair Value Disclosure	0	'	'
Long-term Debt, Fair Value	0	0	'
Line of Credit Facility, Amount Outstanding	0	'	'
Fair Value, Inputs, Level 2 [Member]	'	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'
Assets, Fair Value Disclosure	0	0	'
Long-term Debt, Fair Value	0	0	'
Line of Credit Facility, Amount Outstanding	0	0	'
Liabilities, Fair Value Disclosure	0	0	'
Mortgage Loans on Real Estate [Member]	'	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'
Assets, Fair Value Disclosure	$79,677,402	$37,646,753	'

Subsequent_Events_sub_events_D

Subsequent Events sub events (Details) (USD $)

3 Months Ended

9 Months Ended

3 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Aug. 09, 2013

Apr. 21, 2011

Dec. 31, 2013

Sep. 30, 2013

Oct. 05, 2013

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Columbus [Member]

Columbus [Member]

riverview office [Member]

riverview office [Member]

Unitspreferredstockandwarrantfollowonoffering [Member]

Unitspreferredstockandwarrantfollowonoffering [Member]

Subsequent Event [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Financing Receivable, Gross

'

$19,350,000

'

'

'

'

'

$19,350,000

'

'

'

'

'

$2,000,000

$1,000,000

'

'

Maximumunitsavailableforissuance

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

900,000

850,000

Number of Real Estate Properties, Fee Simple

'

408

'

'

'

'

'

408

'

'

328

'

276

'

'

'

'

Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination

'

'

'

'

'

'

'

'

'

'

'

$36,200,000

'

'

'

'

'

Common Stock, Dividends, Per Share, Declared

$0.16

$0.15

$0.15

$0.14

$0.14

$0.13

$0.40

$0.45

$0.40

'

'

'

'

'

'

'

'

Unitsissued

'

'

'

'

'

'

'

'

'

6,338

'

'

'

'

'

'

'

Real_Estate_Investments_and_Ac

Real Estate Investments and Accumulated Depreciation (Details) (USD $)	3 Months Ended		6 Months Ended	9 Months Ended
	Jun. 30, 2013	Sep. 30, 2012	Jun. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Real Estate and Accumulated Depreciation [Line Items]	'	'	'	'	'
Depreciation	($2,105,689)	($904,837)	($2,796,950)	($5,788,718)	($2,796,950)