Preferred Apartment Communities (APTS) 10-Q 12 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information Document	3 Months Ended
	Mar. 31, 2014	7-May-14
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	31-Mar-14	'
document fiscal year focus	'2014	'
entity filer category	'Accelerated Filer	'
document fiscal period focus	'Q1	'
Entity Well-known Seasoned Issuer	'No	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
amendment flag	'false	'
entity common stock, shares outstanding	16,379,574	16,379,574

Balance_Sheets

Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
Real estate	'	'
Land	$32,070,576	$30,320,000
Building and improvements	120,626,673	116,716,766
Furniture, fixtures, and equipment	18,313,449	18,183,822
Construction in progress	101,263	53,663
Gross real estate	171,111,961	165,274,251
Less: accumulated depreciation	-13,304,013	-11,410,035
Net real estate	157,807,948	153,864,216
Real Estate Held-for-sale	36,491,529	36,451,523
Real estate loans	107,181,677	103,433,147
Loans and Leases Receivable, Related Parties	8,081,532	7,164,768
Total real estate and real estate loan, net	309,562,686	300,913,654
Cash and cash equivalents	9,109,413	9,180,431
Restricted cash	2,442,610	2,064,819
Financing Receivable, Net	11,252,035	'
Note receivable	23,200,000	'
Due from Related Parties, Current	1,500,000	1,500,000
line of credit receivable	7,794,718	5,358,227
Interest Receivable	4,258,841	3,286,660
Intangible Assets, Net (Excluding Goodwill)	441,932	907,883
Deferred loan costs, net of amortization of $155,953 and $64,480	1,993,777	1,719,194
Deferred offering costs	6,077,441	5,255,636
Other assets	901,469	1,202,013
Total assets	355,334,922	341,636,695
Liabilities	'	'
Mortgage notes payable	140,873,000	140,516,000
Accounts payable and accrued expenses	2,126,167	1,638,401
Line of Credit Facility, Amount Outstanding	32,007,780	29,390,000
Interest Payable, Current	348,016	443,099
Dividends payable	2,988,176	2,900,478
Security deposits and prepaid rents	847,044	695,998
Total liabilities	179,190,183	175,583,976
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	153,908	152,945
Additional paid in capital	'	177,824,720
Accumulated deficit	'	-13,391,341
Total stockholders' equity	175,032,192	164,587,217
Non-controlling interest	1,112,547	1,465,502
Total equity	176,144,739	166,052,719
Total liabilities and equity	355,334,922	341,636,695
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	'	893
Mortgages [Member]	'	'
Liabilities	'	'
Mortgage notes payable	$140,873,000	$140,516,000

Statements_of_Operations

Statements of Operations (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Revenues:	'	'
Rental revenues	$4,889,463	$3,689,832
Other property revenues	567,194	333,820
Interest income on loan and note receivable	4,293,442	1,295,080
Revenue from Related Parties	432,307	16,850
Total revenues	10,182,406	5,335,582
Operating expenses:	'	'
Property operating and maintenance	785,503	528,822
property salaries related party	532,163	408,529
Property management fees	218,020	160,666
Real estate taxes	541,128	390,255
General and administrative	173,867	108,036
Share-based Compensation	444,222	308,921
Depreciation and amortization	2,308,526	3,913,508
Acquisition costs	188,031	198,611
acquisition fees paid to related party	57,268	908,400
Management fees	688,749	383,868
Other Expenses	365,321	288,095
Total operating expenses	6,302,798	7,597,711
Operating Income (Loss)	3,879,608	-2,262,129
Interest Expense	1,401,188	1,019,867
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	2,478,420	-3,281,996
Net loss	2,795,845	-3,185,829
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	317,425	96,167
net loss attributable to non-controlling interests	-38,862	61,486
Net loss attributable to the Company	2,756,983	-3,124,343
NetIncomeAllocatedToUnvestedRestrictedShares	-4,678	-4,792
Net loss attributable to common stockholders	1,331,769	-4,179,650
Income (Loss) from Continuing Operations, Per Diluted Share	$0.07	($0.81)
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share	$0.02	$0.02
Earnings Per Share, Diluted	$0.09	($0.79)
Net loss per share of Common Stock, basic and diluted	$0.07	($0.81)
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	$0.02	$0.02
Earnings Per Share, Basic	$0.09	($0.79)
Dividends, Common Stock, Cash	-2,453,769	'
Common Stock, Dividends, Per Share, Declared	$0.16	$0.14
Weighted Average Number of Shares Outstanding, Basic	15,316,816	5,289,690
Weighted Average Number of Shares Outstanding, Diluted	15,562,608	5,289,690
Scenario, Actual [Member]	'	'
Operating expenses:	'	'
Depreciation and amortization	$2,308,526	$3,913,508
Net loss per share of Common Stock, basic and diluted	$0.07	($0.81)
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	$0.02	$0.02
Earnings Per Share, Basic	$0.09	($0.79)
Weighted Average Number of Shares Outstanding, Basic	15,316,816	5,289,690
Weighted Average Number of Shares Outstanding, Diluted	15,562,608	5,289,690

Balance_sheet_parenthetical_Pa

Balance sheet parenthetical (Parentheticals) (USD $)	Mar. 31, 2014	Dec. 31, 2013
property held for sale accumulated depreciation	$2,723,386	$2,723,386
Loans Held-for-sale, Fair Value Disclosure	14,842,018	14,332,658
Finite-Lived Intangible Assets, Accumulated Amortization	12,975,953	12,569,581
Deferred loan costs, accumulated amortization	$872,261	$963,043
Series A Redeemable Preferred Stock, par value per share	$1,000	'
Shares outstanding, preferred stock	101,486	'
Common stock, shares outstanding	15,390,839	'
Series A Preferred Stock [Member]	'	'
Series A Redeemable Preferred Stock, par value per share	$0.01	$0.01
Preferred stock, shares authorized	989,408	989,408
Preferred stock, shares issued	101,588	89,408
Shares outstanding, preferred stock	101,486	89,313
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	15,390,839	15,294,578
Common stock, shares outstanding	15,390,839	15,294,578

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
Operating activities:	'	'	'
Net loss attributable to the Company	$2,756,983	'	($3,124,343)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	2,795,845	'	-3,185,829
Reconciliation of net loss to net cash provided by (used in) operating activities:	'	'	'
Depreciation expense	1,894,411	'	1,728,867
Amortization expense	414,115	'	2,383,436
Amortization of above and below Market Leases	-5,723	'	-115,498
Deferred fee income amortization	-308,608	'	-37,031
Deferred loan cost amortization	140,658	'	137,761
deferred interest income	972,181	'	-443,362
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	444,222	'	308,921
deferred miscellaneous income amortization	-2,734	'	-2,733
Changes in operating assets and liabilities:	'	'	'
(Increase) in tenant accounts receivable	307,425	'	-10,176
(Increase) decrease in other assets	356,039	'	39,630
Increase in accounts payable and accrued expenses	-95,083	'	-51,796
(Decrease) increase in accrued interest payable	-44,790	'	184
Increase (decrease) in prepaid rents	185,170	'	4,016
Net cash provided by (used in) operating activities	5,108,766	'	756,390
Investing activities:	'	'	'
Investments in real estate loans	-4,880,179	'	-4,776,376
Notes receivable issued	164,743	'	456,665
Deferred acquisition fee on real estate loans	3,311,611	'	1,410,778
Deferred real estate loan income	-1,175,905	'	-2,155,529
Acquisition of properties, net	-5,701,393	'	-21,647,242
Additions to real estate assets - improvements	-299,765	'	-103,482
Increase in cash held in escrow and restricted cash	-150,961	'	77,006
AcquisitionFeesRelatedPartyCosts	-10,788	'	-154,174
Increase (Decrease) in Accounts and Notes Receivable	771,449	'	1,421,384
Net cash (used in) investing activities	-14,052,825	'	-27,984,178
Financing activities:	'	'	'
Proceeds from mortgage notes payable	'	'	59,045,000
Extinguishment of Debt, Amount	-13,000,000	'	-69,428,389
Payments for mortgage loan costs	'	'	907,477
Payments on revolving lines of credit	-1,082,220	'	-27,744,197
Proceeds from non-revolving lines of credit	-3,700,001	'	-12,943,000
Proceeds from sales of Units, net of offering costs	10,954,492	3,800,000	19,983,826
Dividends declared and paid	-2,451,697	'	-771,616
Payments of Ordinary Dividends, Preferred Stock and Preference Stock	-1,354,344	'	-307,304
Payments for deferred offering costs, net of non cash items	-817,832	'	-349,962
Cash beginning of period	9,180,431	'	2,973,509
Cash end of period	9,109,413	9,180,431	5,447,498
Supplemental cash flow information:	'	'	'
Cash paid for interest	1,165,447	'	1,142,715
Noncash Investing and Financing Items [Abstract]	'	'	'
Accrued capital expenditures	113,377	'	131,463
Dividends payable to non controlling interests	36,552	'	15,513
Payments of Ordinary Dividends, Noncontrolling Interest	17,118	'	0
Accrued and payable deferred offering costs	478,671	'	479,599
Reclass of offering costs from deferred asset to equity	154,211	'	85,220
Loans Assumed	0	'	69,428,389
Net Cash Provided by (Used in) Financing Activities	8,873,041	'	29,701,777
Cash and Cash Equivalents, Period Increase (Decrease)	-71,018	'	2,473,989
loan fees received	21,576	'	308,348
Series B Preferred Stock [Member]	'	'	'
Financing activities:	'	'	'
Proceeds from sales of Units, net of offering costs	'	'	37,238,896
Common Stock [Member]	'	'	'
Noncash Investing and Financing Items [Abstract]	'	'	'
Dividends payable	2,453,769	'	771,923
Series A Preferred Stock [Member]	'	'	'
Noncash Investing and Financing Items [Abstract]	'	'	'
Dividends payable	497,855	'	823,079
Parent [Member]	'	'	'
Operating activities:	'	'	'
Net loss attributable to the Company	$2,756,983	'	($3,124,343)

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]

ClassBUnits [Member]

ClassBUnits [Member]

ClassBUnits [Member]

ClassBUnits [Member]

ClassBUnits [Member]

ClassBUnits [Member]

ClassBUnits [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]

Series A Preferred Stock [Member]

Common Stock [Member]

Additional Paid-in Capital [Member]

Accumulated Deficit [Member]

Total Stockholders' Equity [Member]

Noncontrolling Interest [Member]

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

20,840,645

'

'

217

'

0

'

20,840,428

'

0

'

20,840,645

'

0

'

'

'

'

'

'

'

'

Stock Issued During Period, Value, New Issues

308,921

'

'

0

'

21

'

308,900

'

0

'

308,921

'

0

'

'

'

'

'

'

'

'

restricted stock vesting

0

'

'

0

'

0

'

-479,841

'

0

'

-479,841

'

479,841

'

'

'

'

'

'

'

'

Equity compensation to executives and directors

308,921

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Syndication and offering costs

-1,408,665

'

'

'

'

'

'

-1,408,665

'

'

'

-1,408,665

'

'

'

'

'

'

'

'

'

'

Net Income (Loss) Attributable to Parent

-3,124,343

'

'

'

'

'

'

'

'

-3,124,343

'

-3,124,343

'

-61,486

'

'

'

'

'

'

'

'

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

-3,185,829

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payments to Noncontrolling Interests

-15,513

'

'

0

'

0

'

0

'

0

'

0

'

-15,513

'

'

'

'

'

'

'

'

Dividends, Preferred Stock

'

-360,039

'

0

'

0

'

360,039

'

0

'

360,039

'

0

'

'

'

'

'

'

'

'

Dividends, Preferred Stock, Cash

360,039

'

-690,476

'

'

'

'

'

-690,476

'

'

'

-690,476

'

'

'

'

'

'

'

'

'

Dividends, Common Stock

-771,923

'

'

0

'

0

'

-771,923

'

0

'

-771,923

'

0

'

'

'

'

'

'

'

'

Balance at Mar. 31, 2013

64,774,696

'

'

415

'

52,906

'

76,851,128

'

-12,532,596

'

64,371,853

'

402,843

'

'

'

'

'

'

'

'

Balance at Dec. 31, 2013

166,052,719

'

'

893

'

152,945

'

177,824,720

'

-13,391,341

'

164,587,217

'

1,465,502

'

'

'

'

'

'

'

'

Noncontrolling Interest, Increase from Subsidiary Equity Issuance

'

'

'

'

'

'

'

211,720

'

'

'

211,720

'

-211,720

'

'

'

'

'

'

'

'

Issuance of warrant to purchase Common Stock

12,157,780

'

'

122

'

'

'

12,157,658

'

'

'

12,157,780

'

'

'

'

'

'

'

'

'

'

Stock Issued During Period, Value, New Issues

82,287

'

'

0

'

22

'

82,265

'

0

'

82,287

'

0

'

'

'

'

'

'

'

'

Equity compensation to executives and directors

444,222

'

'

'

'

'

'

'

'

'

'

'

'

'

'

361,936

'

'

'

'

'

361,936

Stock Issued During Period, Value, Conversion of Units

0

'

'

0

'

941

'

504,540

'

0

'

505,481

'

-505,481

'

'

'

'

'

'

'

'

Syndication and offering costs

-1,394,971

'

'

'

'

'

'

-1,394,971

'

'

'

-1,394,971

'

'

'

'

'

'

'

'

'

'

Dividends, Common Stock, Cash

-2,453,769

'

'

'

'

'

'

-2,453,769

'

'

'

-2,453,769

'

'

'

'

'

'

'

'

'

'

Net Income (Loss) Attributable to Parent

2,756,983

'

'

'

'

'

'

'

'

2,756,983

'

2,756,983

'

38,862

'

'

'

'

'

'

'

'

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

2,795,845

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payments to Noncontrolling Interests

-36,552

'

'

0

'

0

'

0

'

0

'

0

'

-36,552

'

'

'

'

'

'

'

'

Dividends, Preferred Stock

'

1,420,536

'

0

'

0

'

1,420,536

'

0

'

1,420,536

'

0

'

'

'

'

'

'

'

'

Dividends, Preferred Stock, Cash

1,420,536

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Balance at Mar. 31, 2014

$176,144,739

'

'

$1,015

'

$153,908

'

$185,511,627

'

($10,634,358)

'

$175,032,192

'

$1,112,547

'

'

'

'

'

'

'

'

Statements_of_Equity_and_Accum1

Statements of Equity and Accumulated Deficit Parenthetical (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Common Stock, Dividends, Per Share, Declared	$0.16	$0.14
Series A Preferred Stock [Member]	'	'
Dividends, Preferred Stock, Cash	$5	$5
Series B Preferred Stock [Member]	'	'
Dividends, Preferred Stock, Cash	'	$17.26

Organization

Organization	3 Months Ended
	Mar. 31, 2014
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 March 31, 2014, the Company had 15,390,839 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 98.61% for the three-month period ended March 31, 2014. The number of partnership units not owned by the Company totaled 144,432 at March 31, 2014 and represented Class A OP Units of the Operating Partnership, or 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	3 Months Ended
	Mar. 31, 2014
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 2013 Annual Report on Form 10-K filed with the Securities and Exchange Commission, or the SEC, on March 17, 2014.
	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 and liabilities for multifamily communities include the values of in-place leases, customer relationships, and above-market or below-market leases. 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 amounts of above-market or below-market lease values are developed by comparing the Company's estimate of the average market rent to the average contract rent of the leases in place at the property acquisition date any amount. This ratio is applied on a lease by lease basis to derive a total asset or liability amount for the property. 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, plus any below market renewal options. 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 and Notes 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. Certain loans contain contingent exit fees, which are deemed to be embedded derivatives. The Company elects the fair value option for these loans and recognizes in earnings any material changes in fair value.
	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 direct 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 up to a maximum of 900,000 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 Follow-on Offering, pursuant to our registration statement on Form S-3 (registration number 333-183355), as may be amended from time to time. Deferred offering costs related to the Follow-on Offering and Shelf Offering (as defined in note 5) 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 or value of shares issued to the maximum number of Units, or the value of shares, as applicable, 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 of the Company's multifamily communities, 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.
	Rental revenue from tenants' operating leases in the Company's retail shopping center is recognized on a straight-line basis over the term of the lease regardless of when payments are due. The Company estimates the collectability of the accounts receivable related to base rents, straight-line rents, expense reimbursements, and other revenue taking into consideration the Company's historical write-off experience, tenant credit-worthiness, current economic trends, and remaining lease terms.  Substantially all of the lease agreements with anchor tenants contain "percentage rent" provisions that provide for additional rents that become due upon achievement of specified sales revenue targets as defined in their lease agreements. Substantially all lease agreements contain provisions for reimbursement of the tenants' share of real estate taxes, insurance and common area maintenance costs, or CAM, costs. Recovery of real estate taxes, insurance, and CAM costs are recognized as the respective costs are incurred in accordance with the lease agreements.
	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.
	Discontinued Operations
	The Company evaluates all disposal groups for held-for-sale classification and for those disposal groups for which it will have no continuing involvement, nor receipt of cash flows post-disposal, for presentation in the consolidated financial statements according to criteria provided by ASC 360-10-45-9. If the disposal group meets the criteria necessary for held for sale classification, the assets and liabilities to be transferred upon sale or disposal are summarized into single line items entitled property held for sale on the consolidated balance sheets, and the results of operations are reclassified into a single line entitled gain/loss from discontinued operations on the consolidated statements of operations. Previous periods are similarly reclassified for comparability.
	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 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 non-forfeitable 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.
	New Accounting Pronouncements
	In April 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-08 (“ASU 2014-08”), Reporting Discontinued Operations and Disclosures of Disposals of Components of Entity. Under this new guidance, a disposal of a component of an entity or a group of components of an entity shall only be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on an entity’s operations and financial results. ASU 2014-08 is to be applied prospectively for annual and interim periods beginning on or after December 31, 2014, with early adoption permitted. Early adoption is not permitted for assets that have previously been reported as held for sale in the consolidated financial statements. Therefore, application of this new guidance was not permitted for the Company’s Trail Creek multifamily community, which was reported as held for sale in the Company’s Annual Report on Form 10-K for the twelve-month period ended December 31, 2013.

Real_Estate_Assets

Real Estate Assets	3 Months Ended
	Mar. 31, 2014
Real Estate Assets [Abstract]	'
Business Combination Disclosure [Text Block]	'
	Real Estate Assets
	The Company's real estate assets consisted of six multifamily communities with 1,929 total units at March 31, 2014 and six multifamily communities with 1,693 total units at March 31, 2013. The acquired second phases of our Trail Creek and Summit Crossing communities (described below) are managed in combination with the initial phases of these communities, both of which were acquired in April 2011 and are therefore considered single properties. At March 31, 2014, the combined phases of our Trail Creek communities, which is comprised of 300 units, was classified as held for sale.
	On February 12, 2014, the Company completed the acquisition of a 66,122 square foot retail shopping center in Woodstock, Georgia, or Woodstock Crossing, for $5,701,393, which approximated the fair value of the acquired assets.
	The Company allocated the purchase price of Woodstock Crossing to the acquired assets and liabilities based upon their fair values, as follows:
	Land	$	1,750,576
	Buildings and Improvements	3,760,654
	Escrow fund for improvements	226,830
	Tenant improvements	39,447
	In-place leases	245,850
	Above market leases	30,051
	Leasing costs	123,731
	Below market leases	(450,310		)
	Other liabilities	(25,436		)
	Net assets acquired	$	5,701,393
	The in-place leases, above market leases, legal fees and commissions, and below-market leases will be amortized over the remaining lease terms, which range from six months to ten years as of March 31, 2014. Woodstock Crossing contributed approximately $89,000 of revenue and $37,000 of net income to the Company's consolidated results for the three-month period ended March 31, 2014. See note 6 for details regarding the acquisition fee paid related to this transaction.
	On January 23, 2013, the Company completed the acquisition of 100% of the membership interests 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 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.
	Amortization of acquired intangible assets for the three-month period ended March 31, 2013 related to the Ashford Park, McNeil Ranch and Lake Cameron communities commenced on January 23, 2013, the date of acquisition. The intangible assets were amortized over a period ranging from the average remaining lease term, which was approximately six to twelve months, to the average remaining lease term plus the average estimated renewal period.
	On December 4, 2013, pursuant to the approval of the investment committee of the board of directors, the Company entered into an exclusive marketing agreement with an outside firm to market for sale the combined phases of its Trail Creek multifamily community (Trail I and Trail II). The operating results of the community are classified as held for sale and are included in the line entitled income from discontinued operations on the consolidated statements of operations and are reported within the Company's multifamily communities segment. Effective on December 4, 2013, the Company ceased recording depreciation on the communities. The following is a summary of income from discontinued operations:
		Three months ended March 31,
		2014			2013
	Property revenues	$	1,057,677		$	655,377
	Property expenses	425,789			238,348
	Interest expense	314,463			122,067
	Depreciation and amortization	—			198,796
	Income from discontinued operations	$	317,425		$	96,166
	The Company recorded depreciation and amortization of tangible and intangible assets, excluding such charges for the combined Trail Creek multifamily community, as follows:
		Three months ended March 31,
		2014			2013
	Depreciation:
	Buildings and improvements	$	942,746		$	736,600
	Furniture, fixtures, and equipment	951,665			793,472
		1,894,411			1,530,072
	Amortization:
	Acquired intangible assets	412,924			2,382,285
	Website development costs	1,191			1,151
	Total depreciation and amortization	$	2,308,526		$	3,913,508

Real_Estate_Loans_Notes_Receiv

Real Estate Loans, Notes Receivable, and Line of Credit	3 Months Ended
	Mar. 31, 2014
Real Estate Loan [Abstract]	'
loansheldforinvestment [Text Block]	'
	Real Estate Loans, Notes Receivable, and Line of Credit
	At March 31, 2014, 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				Current / deferred interest % per annum
			(1)
		City Park		Charlotte, NC		9/6/12		9/5/17		N/A		$	10,000,000			$	18,600,000			6-Aug
		City Vista		Pittsburgh, PA		8/31/12		6/1/16		7/1/17		12,153,000				$	28,400,000			6-Aug
		Madison - Rome		Rome, GA (2)		11/13/12		10/15/15		N/A		5,360,042				$	11,500,000			6-Aug
		Lely		Naples, FL		3/28/13		2/28/16		2/28/18		12,713,242				$	25,000,000			6-Aug
		Crosstown Walk		Suburban Tampa, FL (3)		4/30/13		11/1/16		5/1/18		10,962,000				$	25,900,000			6-Aug
		Overton		Atlanta, GA		5/8/13		11/1/16		5/1/18		16,600,000				$	31,700,000			6-Aug
		Haven West		Carrollton, GA (4) (6)		7/15/13		6/2/16		6/2/18		6,940,795				$	16,195,189			6-Aug
		Starkville		Starkville, MS (5) (6)		8/21/13		5/31/14		N/A		1,730,000				N/A				Aug-00
		Founders' Village		Williamsburg, VA		8/29/13		8/29/18		N/A		10,346,000				$	26,936,000			6-Aug
		Encore		Atlanta, GA (7)		11/18/13		8/18/14		N/A		16,026,525				N/A				2-Aug
		Manassas		Northern VA (8)		12/23/13		5/31/14		N/A		10,932,000				N/A				5-Aug
		Irvine		Irvine, CA (9)		12/18/13		5/31/14		N/A		16,250,000				N/A				8.5 / 4.3
												$	130,013,604
	(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: "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; "Founders' Village" - Oxford NTW Apartments LLC; "Encore" - GP - RV Land I, LLC; "Manassas" - Oxford Palisades Apartments LLC; and "Irvine" - 360 - Irvine, 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 adjacent to the University of West Georgia campus.
	(5)	A land acquisition loan which pays 8% current interest only, in support of a planned 168-unit, 536-bed student housing community adjacent to the Mississippi State University campus.
	(6)	See note 6 - Related Party Transactions.
	(7)	Bridge loan of up to approximately $16.0 million to partially finance the acquisition of land and predevelopment costs for a 340-unit multifamily community in Atlanta, Georgia.
	(8)	Bridge loan of up to approximately $10.9 million to partially finance the acquisition of land and predevelopment costs for a 304-unit multifamily community in Northern Virginia.
	(9)	Bridge loan of up to approximately $16.3 million to partially finance the acquisition of land and predevelopment costs for a 280-unit multifamily community in Irvine, California.
	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, Encore, Manassas and Irvine loans are 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, and 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.
			As of March 31, 2014																Carrying amount as of
			Amount drawn				Loan Fee received from borrower - 2%				Acquisition fee paid to Manager - 1%				Unamortized deferred loan fee revenue				31-Mar-14		31-Dec-13
	Project/Property
	City Park		$	10,000,000			$	200,000			$	100,000			$	(65,810	)		$	9,934,190	$	9,928,017
	City Vista		12,153,000				243,040				121,520				(81,941		)		12,071,059		12,063,939
	Madison - Rome		5,360,042				107,201				53,600				(31,317		)		5,328,725		5,322,770
	Lely		11,721,229				254,265				127,133				(75,839		)		11,645,390		11,402,372
	Crosstown Walk		10,247,119				219,240				109,620				(42,398		)		10,204,721		9,997,245
	Overton		14,911,166				332,079				166,040				(111,216		)		14,799,950		14,487,178
	Haven West		6,543,076				138,816				69,408				(49,009		)		6,494,067		5,582,018
	Starkville		1,590,600				34,600				17,300				(3,134		)		1,587,466		1,582,750
	Founders' Village		9,033,839				197,320				98,660				(79,317		)		8,954,522		7,572,698
	Encore		8,772,524				320,531				160,265				(78,423		)		8,694,101		7,716,421
	Manassas		10,707,000				214,140				107,070				—				10,707,000		10,609,849
	Irvine		14,897,033				298,634				149,317				(55,015		)		14,842,018		14,332,658
			$	115,936,628			$	2,559,866			$	1,279,933			$	(673,419	)		$	115,263,209	$	110,597,915
	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
	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				168
	Founders' Village		2/1/16		9/15/16		$	44,266,000			247
	Encore		N/A		N/A		N/A				340
	Manassas		N/A		N/A		N/A				304
	Irvine		N/A		N/A		N/A				280
											2,999
	At March 31, 2014, 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		3/20/13		12/31/14		$	2,000,000			$	1,077,035			8	%	(1)
TPKG 13th Street Development, LLC		Land acquisition loan		5/3/13		8/1/14		7,200,000				7,200,000				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		12/16/14		1,300,000				1,300,000				8	%	(3)
Pecunia Management, LLC		Subordinated loan		11/16/13		11/15/14		200,000				200,000				10	%
Oxford Contracting LLC		Promissory note		8/27/13		4/30/17		1,500,000				1,475,000				8	%	(4)
Preferred Apartment Advisors, LLC		Revolving credit line		8/21/12		12/31/15		9,500,000				7,794,718				8	%	(5)
								$	23,200,000			$	20,546,753
(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 loan was amended on March 17, 2014 to extend the maturity date to August 1, 2014. The borrower paid deferred interest of $351,491 and repaid principal of $164,743 at the date of amendment. The note is collateralized by a pledge of 100% of the membership interests of the project as well as by a first mortgage on the property.
(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 a personal guaranty of repayment by the principals of the borrower.
(5) 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, or Management Agreement, between the Company and the Manager. On February 10, 2014, this instrument was amended to increase the commitment amount and extend the maturity date as shown.
The Company recorded interest income and other revenue from these instruments as follows:
		Three months ended March 31,
		2014				2013
Real estate loans:
Current interest payments		$	2,295,963			$	732,180
Additional accrued interest		1,514,161				442,989
Deferred loan fee revenue		308,457				27,311
Total real estate loan revenue		4,118,581				1,202,480
Interest income on notes and line of credit		607,168				109,450
Interest income on loans and notes receivable		$	4,725,749			$	1,311,930
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 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 City Park, City Vista, Overton, Crosstown Walk, Lely, Haven West and Founders' Village 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 March 31, 2014 of approximately $74.6 million. The maximum aggregate amount of loans to be funded as of March 31, 2014 was approximately $79.7 million.
The Company is subject to a concentration of credit risk that could be considered significant with regard to the Crosstown Walk, City Park, City Vista, Founders' Village and Manassas real estate loans and the promissory note to Oxford Contracting, LLC, 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 $53.6 million (with a total commitment amount of $55.9 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 March 31, 2014.
The borrowers and guarantors behind the Crosstown Walk, City Park, City Vista, Founders' Village and Manassas real estate loans and the promissory note to Oxford Contracting, LLC 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 within its financing segment of approximately $1.9 million and $1.0 million for the three-month periods ended March 31, 2014 and 2013, respectively.

Redeemable_Preferred_Stock

Redeemable Preferred Stock	3 Months Ended
	Mar. 31, 2014
Redeemable Stock, Preferred [Abstract]	'
Preferred Stock [Text Block]	'
	Redeemable Preferred Stock and Equity Offerings
	The Company's Follow-on Offering is being offered by the dealer manager 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.
	As of March 31, 2014, offering costs specifically identifiable to Unit offering closing transactions, such as commissions, dealer manager fees, and other registration fees, totaled approximately $9.1 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 $6.5 million. As of March 31, 2014, the Company had issued 101,581 Units and collected net proceeds of approximately $92.0 million from the Primary Series A Offering after commissions.  A total of 95 shares of Series A Preferred Stock were subsequently redeemed. The number of Units issued was approximately 10.3% 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 10.3% of the approximate $6.5 million deferred to date, or approximately $660,000 as a reduction of stockholders' equity.  The remaining balance of offering costs not yet reflected as a reduction of stockholder's equity, approximately $6.1 million, are reflected in the asset section of the consolidated balance sheet  as deferred offering costs at March 31, 2014.  The remainder of current and future deferred offering costs related to the Follow-on 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 a registration statement on Form S-3 (File No. 333-188677) for an offering up to $200 million of equity or debt securities, or Shelf Registration Statement, which was declared effective by the SEC on July 19, 2013. Deferred offering costs related to this Shelf Registration Statement totaled approximately $112,000 as of March 31, 2014. 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. During November 2013, we sold approximately 4.2 million shares of Common Stock and collected net proceeds of approximately $30.7 million, or 16.5% of the total amount of securities available for issuance under the Shelf Registration Statement. These offering costs related to the Shelf Registration Statement 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.
	On February 28, 2014, the Company filed a prospectus supplement to the Shelf Registration Statement to issue and sell up to $100 million of Common Stock from time to time in an "at the market" offering, or the ATM Offering, through MLV & Co. LLC as sales agent.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2014
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, which is the manager of the day-to-day operations of Williams Opportunity Fund, LLC, or WOF, as well as Williams Realty Fund I, LLC, or WRF.
	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
	Type of Compensation		Basis of Compensation	March 31, 2014		March 31, 2013
	Acquisition fees		1% of the gross purchase price of real estate assets acquired or loans advanced	$	68,056	$	1,062,574
	Asset management fees		Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted	466,868		265,801
	Property management fees		Monthly fee equal to 4% of the monthly gross revenues of the properties managed	262,121		187,642
	General and administrative expense fees		Monthly fee equal to 2% of the monthly gross revenues of the Company	221,881		118,067
				$	1,018,926	$	1,634,084
	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 March 31,
	2014			2013
	$	625,261		$	479,887
	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 $109,120 and $70,485 for the three-month periods ended March 31, 2014 and 2013, respectively. These costs are recorded as deferred offering costs until such time as additional closings occur on the Unit offerings or the Shelf Offering, at which time they are reclassified on a pro-rata basis as a reduction of offering proceeds within stockholders’ equity.
	The Company's Haven West and Starkville real estate loans are supported in part by guaranties of repayment and performance by John A. Williams, Jr., a principal of the borrowers and a related party of the Company under GAAP, as our Chief Executive Officer's son.
	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.
	Furthermore, the Manager holds the special limited partnership interest in the Operating Partnership, which entitles the Manager to distributions from the Operating Partnership equal to 15% of any net proceeds from the sale of a property that are remaining after the payment of (i) the capital and certain expenses related 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 periods ended March 31, 2014 or 2013.

Dividends

Dividends	3 Months Ended
	Mar. 31, 2014
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 were:
	2014				2013
	Record date	Number of shares	Aggregate dividends declared		Record date		Number of shares		Aggregate dividends declared
	31-Jan-14	89,313	$	454,344	31-Jan-13		19,732		$	107,551
	28-Feb-14	93,005	468,337		28-Feb-13		23,094		119,885
	31-Mar-14	98,200	497,855		28-Mar-13		25,755		132,603
		Total	$	1,420,536			Total		$	360,039
	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 three-month periods ended March 31, 2014 and 2013 was:
	2014							2013
	Record date	Number of shares	Dividend per share		Aggregate dividends paid			Record date		Number of shares	Dividend per share		Aggregate dividends paid
	March 14, 2014	15,336,059	$	0.16	$	2,453,769		March 28, 2013		5,323,605	$	0.145	$	771,923
	The holders of Class A OP Units of the Operating Partnership are entitled to equivalent distributions as those declared on the Common Stock. At March 31, 2014, the Company had 144,432 Class A OP Units outstanding, which are exchangeable on a one-for-one basis for shares of Common Stock or the equivalent amount of cash. On February 6, 2014, the Operating Partnership declared cash distributions to holders of Class A OP Units totaling $36,552, which were paid on April 22, 2014. On February 7, 2013, the Operating Partnership declared cash distributions to holders of Class A OP Units totaling $15,513, which were paid on April 25, 2013.

Equity_Compensation

Equity Compensation	3 Months Ended
	Mar. 31, 2014
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. 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 aggregate number of authorized shares of Common Stock authorized for issuance under the 2011 Plan to 1,317,500 and to extend the expiration date of the 2011 Plan to December 31, 2016.
	Equity compensation expense by award type for the Company was:
		Three-month period ended March 31,						Unamortized expense as of March 31,
		2014			2013			2014
	Quarterly board member committee fee grants	$	17,928		$	18,168		$	—
	Class B Unit awards:
	Executive officers - 2012	—			2,580			—
	Executive officers - 2013	2,318			213,237			—
	Executive officers - 2014	359,617			—			1,094,488
	Vice chairman of board of directors	—			10,249			—
	Restricted stock grants:
	2012	—			64,687			—
	2013	64,359			—			21,453
	Total	$	444,222		$	308,921		$	1,115,941
	Restricted Stock Grants
	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. On January 1, 2014, 1,957 shares of restricted stock from this grant were forfeited upon the transition of the vice chairman of the Company's board of directors from an independent director status to an employee of the Manager; 27,059 unvested shares from this grant were outstanding at March 31, 2014.
	On January 1, 2014, the Company granted 2,178 shares of restricted Common Stock to a new independent board member, in pro-rata payment of his annual retainer fee. The per-share fair value was $8.04 and total compensation cost in the amount of $17,511 will be recognized on a straight-line basis over the period beginning on the date of grant and ending on the date of the next annual meeting of the Company's stockholders.
	Directors’ Stock Grants
	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 February 6, 2014, the Company granted 2,241 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 $8.00, which was the closing price of the Common Stock on the prior business day. The total compensation cost of $17,928 was recorded in full at the grant date.
	Class B OP Units
	On January 2, 2013, pursuant to the limited partnership agreement of the Operating Partnership, the Company granted 142,046 Class B Units of the Operating Partnership, or Class B OP Units, to certain of its executive officers as compensation for service in 2013. On January 2, 2014, the Company granted 239,556 Class B OP Units for service to be rendered during 2014.
	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 (as long as the capital accounts have achieved economic equivalence), 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.
	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 January 3, 2013, the 106,988 outstanding Class B OP Units for service provided during 2012 became fully vested and earned and automatically converted to Class A OP Units of the Operating Partnership. On January 2, 2014, 131,464 of the 142,046 outstanding Class B OP Units for 2013 became fully vested and earned and automatically converted to Class A OP Units of the Operating Partnership. The remaining 10,582 unvested 2013 Class B OP Units were outstanding at March 31, 2014.
	The underlying valuation assumptions and results for the Class B OP Unit awards were:
	Grant dates	1/2/13			1/2/14
	Stock price	$	7.88		$	8.05
	Dividend yield	7.36		%	8.12		%
	Expected volatility	32.1		%	32.72		%
	Risk-free interest rate	2.91		%	3.8		%
	Derived service period (years)	1			1
	Number of Units granted	142,046			239,556
	Calculated fair value per Unit, assuming:
	50% vesting	$	—		$	—
	100% vesting	$	6.07		$	5.94
	Total fair value of Units	$	862,219		$	1,422,963
	Target market threshold increase	$	1,150,000		$	1,959,000
	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 $0.145 for the 2013 annual awards and $0.16 for the 2014 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.

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2014
Debt [Abstract]	'
Debt Disclosure [Text Block]	'
	Indebtedness
	Mortgage Notes Payable
	The following table shows certain details regarding our mortgage notes payable:
		Acquisition/		Principal balance as of
		refinancing date		March 31, 2014			31-Dec-13		Maturity date	Interest rate
	Trail Creek	6/25/13		$	28,109,000		$	28,109,000	7/1/20	Fixed	4.22%	(1)
	Stone Rise	4/15/11		19,500,000			19,500,000		5/1/18	1 month LIBOR+	2.77%	(2) (3)
	Summit Crossing	4/21/11		20,862,000			20,862,000		5/1/18	Fixed	4.71%	(2)
	Summit II	12/31/13		13,357,000			13,000,000		4/1/21	Fixed	4.49%	(4)
	Ashford Park	1/24/13		25,626,000			25,626,000		2/1/20	Fixed	3.13%	(5)
	McNeil Ranch	1/24/13		13,646,000			13,646,000		2/1/20	Fixed	3.13%	(5)
	Lake Cameron	1/24/13		19,773,000			19,773,000		2/1/20	Fixed	3.13%	(5)
	Total			$	140,873,000		$	140,516,000
	(1) Monthly payments of interest only are due through July 1, 2020, followed by monthly payments of accrued interest and principal based on a 30-year amortization period through the maturity date.
	(2) Monthly payments of interest only are due through May 1, 2014, followed by monthly payments of accrued interest and principal based on a 30-year amortization period through the maturity date.
	(3) The variable monthly interest rate is capped at 7.25%. The embedded interest rate cap was deemed to be clearly and closely related to the debt host instrument.
	(4) On March 20, 2014, the Company refinanced the $13.0 million mortgage assumed in connection with the acquisition of the property, which occurred on December 31, 2013. Monthly interest only payments are due through March 1, 2020, followed by monthly payments of accrued interest and principal based on a 30-year amortization period.
	(5) Monthly payments of interest only are due through February 28, 2018, followed by monthly payments of accrued interest and principal based on a 30-year amortization period through the maturity date.
	Credit Facility
	The Company has a $40.0 million revolving credit facility with Key Bank National Association, or Key Bank, which is used to fund investments, capital expenditures, dividends (with consent of Key Bank), working capital and other general corporate purposes on an as needed basis.
	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. The amount of dividends that may be paid out by the Company is restricted to a maximum of 95% of AFFO for the trailing rolling four quarters without the lender's consent; solely for purposes of this covenant, AFFO is calculated as earnings before interest, taxes, depreciation and amortization expense, plus reserves for capital expenditures, less normally recurring capital expenditures, less consolidated interest expense.
	As of March 31, 2014, the Company was in compliance with all covenants related to the Credit Facility, as shown in the following table:
	Covenant (1)		Requirement		Result
	Senior leverage ratio		Maximum 60%		38.60%
	Net worth		Minimum $160,000,000	(2)	$176,144,739
	Debt yield		Minimum 8.25%		8.96%
	Payout ratio		Maximum 95%	(3)	87.20%
	Total leverage ratio		Maximum 65%		47.20%
	Debt service coverage ratio		Minimum 1.50x		3.88x
	(1) All covenants are as defined in the credit agreement for the Credit Facility.
	(2) Minimum $160 million, plus 75% of the net proceeds of any equity offering, which totaled $11,782,823 as of March 31, 2014.
	(3)Calculated on a trailing four-quarter basis. For the twelve-month period ended March 31, 2014, the maximum dividends and distributions allowed under this covenant was $13,784,351.
	Loan fees and closing costs for the establishment and subsequent amendments of the Credit Facility, as well as the mortgage debt on the Company's multifamily communities, are amortized over the lives of the loans. At March 31, 2014, aggregate unamortized loan costs were approximately $2.0 million, which will be amortized over a weighted average remaining loan life of approximately 5.6 years. The weighted average interest rate for the Credit Facility was 4.2% for the three-month period ended March 31, 2014.
	Interest Expense
	Interest expense, including amortization of deferred loan costs was:
			Three months ended March 31,
			2014			2013
	Stone Rise		$	150,543		$	152,696
	Summit Crossing		369,787			252,093
	Ashford Park		213,501			166,779
	McNeil Ranch		117,130			93,562
	Lake Cameron		163,600			132,273
			1,014,561			797,403
	Revolving credit facility		386,627			222,464
	Interest expense		$	1,401,188		$	1,019,867
	Future Principal Payments
	The Company’s estimated future principal payments due on its debt instruments, including its line of credit as of March 31, 2014 were:
	Period		Future principal payments
	2014		$	32,416,789
	2015		730,516
	2016		754,131
	2017		787,326
	2018		38,668,337
	thereafter		99,523,681
	Total		$	172,880,780

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2014
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 March 31, 2014 and December 31, 2013.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
	Commitments and Contingencies
	On March 28, 2014, the Company entered into a payment guaranty in support of its Manager's new eleven-year office lease, which begins on October 9, 2014. The amount guarantied by the Company is $5.0 million and is reduced by $400,000 per year over the term of the lease.
	The Company is not otherwise currently subject to any known material commitments or contingencies from its business operations, nor any material known or threatened litigation.

Segment_information

Segment information	3 Months Ended
	Mar. 31, 2014
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 three distinct segments: multifamily communities, real estate related financing, and retail.
	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.
	Retail - consists of owned shopping centers and other retail assets. At March 31, 2014, this consisted solely of Woodstock Crossing.
	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.
	The following tables present the Company's assets, revenues, and NOI results by reportable segment, as well as a reconciliation from NOI to net income (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. Assets, revenues and segment NOI results for the Trail Creek community are excluded from the multifamily communities segment.
		March 31, 2014				December 31, 2013
	Assets:
	Multifamily communities excluding assets held for sale	$	158,122,365			$	159,916,774
	Assets held for sale	36,491,529				36,451,523
	Multifamily communities	194,613,894				196,368,297
	Financing	140,092,554				131,079,309
	Retail	5,500,023				—
	Other	15,128,451				14,189,089
	Consolidated assets	$	355,334,922			$	341,636,695
	Total capitalized expenditures of $264,370 and $88,826 were recorded for the three months ended March 31, 2014 and 2013, respectively (excluding the purchase prices of Ashford Park, McNeil Ranch, and Lake Cameron during the first quarter of 2013), and depreciation and amortization expense shown in the table below were wholly attributable to the multifamily communities segment. Interest expense shown in the table below was attributable to the multifamily communities segment, except for $386,627 and $222,464, which were amounts attributable to the financing segment for the three months ended March 31, 2014 and 2013, respectively.
				Three months ended
				March 31, 2014				March 31, 2013
	Revenues
	Multifamily communities			$	5,367,772			$	4,023,652
	Financing			4,725,749				1,311,930
	Retail			88,885				—
	Consolidated revenues			$	10,182,406			$	5,335,582
	Segment net operating income (Segment NOI)
	Multifamily communities			$	3,133,472			$	2,397,842
	Financing			4,725,749				1,311,930
	Retail			67,462				—
	Consolidated segment net operating income			7,926,683				3,709,772
	Interest			1,401,188				1,019,867
	Depreciation and amortization			2,308,526				3,913,508
	Professional fees			273,848				210,737
	Management fees			688,749				383,868
	Acquisition costs			245,299				1,107,011
	Equity compensation to directors and executives			444,222				308,921
	Other			86,431				47,856
	Net income (loss) from continuing operations			2,478,420				(3,281,996		)
	Income from discontinued operations			317,425				96,167
	Net income (loss)			$	2,795,845			$	(3,185,829	)

Loss_per_Share

Loss per Share	3 Months Ended
	Mar. 31, 2014
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 income (loss) per share of Common Stock:
			Three months ended March 31,
			2014			2013
	Numerator:
		Net income (loss) from continuing operations	$	2,478,420		$	(3,281,996	)
		Income from discontinued operations	317,425			96,167
		Net income (loss)	2,795,845			(3,185,829		)
		Net (income) loss attributable to non-controlling interests	(38,862		)	61,486
		Net income (loss) attributable to the Company	2,756,983			(3,124,343		)
		Dividends declared to preferred stockholders (A)	(1,420,536		)	(1,050,515		)
		Earnings attributable to unvested restricted stock (B)	(4,678		)	(4,792		)
		Net income (loss) attributable to common stockholders	$	1,331,769		$	(4,179,650	)
	Denominator:
		Weighted average number of shares of Common Stock - basic	15,316,816			5,289,690
		Effect of dilutive securities: (C)
		Warrants	—			—
		Class A OP Units	216,555			—
		Unvested restricted stock	29,237			—
		Weighted average number of shares of Common Stock - diluted	15,562,608			5,289,690
		Income (loss) per share of Common Stock - basic:
		From continuing operations	$	0.07		$	(0.81	)
		From discontinued operations	$	0.02		$	0.02
		Available to Common Stockholders	$	0.09		$	(0.79	)
		Income (loss) per share of Common Stock - diluted:
		From continuing operations	$	0.07		$	(0.81	)
		From discontinued operations	$	0.02		$	0.02
		Available to Common Stockholders	$	0.09		$	(0.79	)
	(A) The Company’s 101,486 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 March 31, 2014 and 2013, 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 incurred a net loss for the three months ended March 31, 2013, the dividends declared for that period 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 International Assets Advisory LLC, or IAA, on March 31, 2011, which expires on March 31, 2015, and warrants outstanding from issuances of Units from our Primary Series A Offering that are potentially exercisable into 2,031,620 shares of Common Stock, and a total of 250,138 unvested Class B OP Units were excluded from the diluted shares calculation because the effect was antidilutive.

Pro_Forma_Financial_Informatio

Pro Forma Financial Information	3 Months Ended
	Mar. 31, 2014
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 Ashford Park, McNeil Ranch, Lake Cameron, and Trail II were hypothetically completed on January 1, 2013, and effective February 1, 2013 for the commencement of business operations for Summit II were:
			Three months ended
			March 31,
			2014		2013
	Pro forma:
		Revenues	$	10,182,406	$	6,028,442
		Net income (loss)	$	2,498,713	$	(3,777,596	)
		Net income (loss) attributable to the Company	$	2,776,883	$	(3,648,632	)
		Net income (loss) attributable to common stockholders	$	1,351,669	$	(4,703,939	)
		Net income (loss) per share of Common Stock
		attributable to common stockholders:
		Basic	$	0.09	$	(0.89	)
		Diluted	$	0.09	$	(0.89	)
		Weighted average number of shares of Common Stock outstanding:
		Basic	15,316,816		5,289,690
		Diluted	15,562,608		5,289,690
	These pro forma results are not necessarily indicative of what historical performance would have been had these business combinations been effective January 1, 2013, nor should they be interpreted as expectations of future results.

Fair_Values_of_Financial_Instr

Fair Values of Financial Instruments	3 Months Ended
	Mar. 31, 2014
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 has one real estate loan which is 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 $4.2 million and $3.1 million at March 31, 2014 and December 31, 2013, respectively.
		As of March 31, 2014
		Carrying value				Fair value measurements
						using fair value hierarchy
				Fair Value		Level 1		Level 2		Level 3
	Financial Assets:
	Real estate loans (1)	$	119,480,680	$	123,424,078	$	—	$	—	$	123,424,078
	Notes receivable	12,752,035		12,752,035		—		—		12,752,035
	Line of Credit receivable	7,794,718		7,794,718		—		—		7,794,718
		$	140,027,433	$	143,970,831	$	—	$	—	$	143,970,831
	Financial Liabilities:
	Mortgage notes payable	$	140,873,000	$	138,008,081	$	—	$	—	$	138,008,081
	Revolving credit facility	32,007,780		32,007,780		—		—		32,007,780
		$	172,880,780	$	170,015,861	$	—	$	—	$	170,015,861
		As of December 31, 2013
		Carrying value				Fair value measurements
						using fair value hierarchy
				Fair Value		Level 1		Level 2		Level 3
	Financial Assets:
	Real estate loans (1)	$	113,718,233	$	119,152,117	$	—	$	—	$	119,152,117
	Notes receivable	10,248,178		10,248,178		—		—		10,248,178
	Line of Credit receivable	5,358,227		5,358,227		—		—		5,358,227
		130,824,638		136,258,522		$	—	$	—	$	136,258,522
	Financial Liabilities:
	Mortgage notes payable	$	140,516,000	$	137,116,549	$	—	$	—	$	137,116,549
	Revolving credit facility	29,390,000		29,390,000		—		—		29,390,000
		$	169,906,000	$	166,506,549	$	—	$	—	$	166,506,549
	(1) Includes the Irvine loan of $14,842,015 and $14,332,658 at March 31, 2014 and December 31, 2013, respectively, for which the Company elected to account for utilizing the fair value option on a recurring basis. The change in fair value was due to an additional drawn amount.
	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 December 31, 2013, discounted to the reporting date utilizing a discount rate believed to be appropriate for multifamily development projects. At the date of the Irvine loan, the Company elected the fair value option as the carrying amount of the loan. The significant unobservable input into this level 3 fair value assessment classification includes a remote possibility of realization of the $2.0 million exit fee. Because the interest rate of the loan approximated market rates for similar loans, and due to the short term nature of the loan, the Company determined that the face amount of the loan approximated its fair market value.
	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	3 Months Ended
	Mar. 31, 2014
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
	Subsequent Events
	Between April 1, 2014 and April 30, 2014, the Company issued 4,219 Units and collected net proceeds of approximately $3.8 million under its Follow-on Offering.
	During April 2014, 756,910 shares of Common Stock were issued and sold at an average price of $8.10 per share pursuant to the ATM Offering, resulting in net proceeds of approximately $5.9 million, after commissions.
	On May 8, 2014, the Company declared a dividend on its Common Stock of $0.16 per share, payable on July 15, 2014 to all stockholders of record of June 16, 2014.
	On May 8, 2014, the Company granted 39,216 shares of restricted stock to its independent board members, in payment of their annual retainer fees. The per-share fair value of this award was $8.21, which was the closing price of the Common Stock on the prior business day. The total compensation cost of $321,963 will be recognized on a straight-line basis over the period ending on the first anniversary of the grant date.

Significant_Accounting_Policie1

Significant Accounting Policies Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2014
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 and liabilities for multifamily communities include the values of in-place leases, customer relationships, and above-market or below-market leases. 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 amounts of above-market or below-market lease values are developed by comparing the Company's estimate of the average market rent to the average contract rent of the leases in place at the property acquisition date any amount. This ratio is applied on a lease by lease basis to derive a total asset or liability amount for the property. 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, plus any below market renewal options. 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.
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 direct 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 up to a maximum of 900,000 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 Follow-on Offering, pursuant to our registration statement on Form S-3 (registration number 333-183355), as may be amended from time to time. Deferred offering costs related to the Follow-on Offering and Shelf Offering (as defined in note 5) 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 or value of shares issued to the maximum number of Units, or the value of shares, as applicable, 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 of the Company's multifamily communities, 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 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 non-forfeitable 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
	Mar. 31, 2014						Mar. 31, 2013
							property
Real Estate Assets [Abstract]	'						'
business combination [Table Text Block]	'						'
	The Company allocated the purchase price of Woodstock Crossing to the acquired assets and liabilities based upon their fair values, as follows:
	Land	$	1,750,576
	Buildings and Improvements	3,760,654
	Escrow fund for improvements	226,830
	Tenant improvements	39,447
	In-place leases	245,850
	Above market leases	30,051
	Leasing costs	123,731
	Below market leases	(450,310		)
	Other liabilities	(25,436		)
	Net assets acquired	$	5,701,393
Number of Businesses Acquired	'						3
depreciation and amortization expense [Table Text Block]	'						'
		Three months ended March 31,
		2014			2013
	Depreciation:
	Buildings and improvements	$	942,746		$	736,600
	Furniture, fixtures, and equipment	951,665			793,472
		1,894,411			1,530,072
	Amortization:
	Acquired intangible assets	412,924			2,382,285
	Website development costs	1,191			1,151
	Total depreciation and amortization	$	2,308,526		$	3,913,508
business combination purchase price allocation [Table Text Block]	'						'
	Land	$	1,750,576
	Buildings and Improvements	3,760,654
	Escrow fund for improvements	226,830
	Tenant improvements	39,447
	In-place leases	245,850
	Above market leases	30,051
	Leasing costs	123,731
	Below market leases	(450,310		)
	Other liabilities	(25,436		)
	Net assets acquired	$	5,701,393

Real_Estate_Assets_discontinue

Real Estate Assets discontinued operations (Tables)	3 Months Ended
	Mar. 31, 2014
Income Statement [Abstract]	'
discontinued operations [Table Text Block]	'
	The following is a summary of income from discontinued operations:
		Three months ended March 31,
		2014		2013
	Property revenues	$	1,057,677	$	655,377
	Property expenses	425,789		238,348
	Interest expense	314,463		122,067
	Depreciation and amortization	—		198,796
	Income from discontinued operations	$	317,425	$	96,166

Real_Estate_Loans_Notes_Receiv1

Real Estate Loans, Notes Receivable, and Line of Credit Real Estate Loans in place (Tables)	3 Months Ended
	Mar. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]	'
loans and notes receivable [Table Text Block]	'
			As of March 31, 2014												Carrying amount as of
			Amount drawn			Loan Fee received from borrower - 2%			Acquisition fee paid to Manager - 1%			Unamortized deferred loan fee revenue			31-Mar-14		31-Dec-13
	Project/Property
	City Park		$	10,000,000		$	200,000		$	100,000		$	(65,810	)	$	9,934,190	$	9,928,017
	City Vista		12,153,000			243,040			121,520			(81,941		)	12,071,059		12,063,939
	Madison - Rome		5,360,042			107,201			53,600			(31,317		)	5,328,725		5,322,770
	Lely		11,721,229			254,265			127,133			(75,839		)	11,645,390		11,402,372
	Crosstown Walk		10,247,119			219,240			109,620			(42,398		)	10,204,721		9,997,245
	Overton		14,911,166			332,079			166,040			(111,216		)	14,799,950		14,487,178
	Haven West		6,543,076			138,816			69,408			(49,009		)	6,494,067		5,582,018
	Starkville		1,590,600			34,600			17,300			(3,134		)	1,587,466		1,582,750
	Founders' Village		9,033,839			197,320			98,660			(79,317		)	8,954,522		7,572,698
	Encore		8,772,524			320,531			160,265			(78,423		)	8,694,101		7,716,421
	Manassas		10,707,000			214,140			107,070			—			10,707,000		10,609,849
	Irvine		14,897,033			298,634			149,317			(55,015		)	14,842,018		14,332,658
			$	115,936,628		$	2,559,866		$	1,279,933		$	(673,419	)	$	115,263,209	$	110,597,915
interest income [Table Text Block]	'
			Three months ended March 31,
			2014			2013
	Real estate loans:
	Current interest payments		$	2,295,963		$	732,180
	Additional accrued interest		1,514,161			442,989
	Deferred loan fee revenue		308,457			27,311
	Total real estate loan revenue		4,118,581			1,202,480
	Interest income on notes and line of credit		607,168			109,450
	Interest income on loans and notes receivable		$	4,725,749		$	1,311,930
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			Current / deferred interest % per annum
			(1)
		City Park		Charlotte, NC	9/6/12		9/5/17	N/A		$	10,000,000		$	18,600,000		6-Aug
		City Vista		Pittsburgh, PA	8/31/12		6/1/16	7/1/17		12,153,000			$	28,400,000		6-Aug
		Madison - Rome		Rome, GA (2)	11/13/12		10/15/15	N/A		5,360,042			$	11,500,000		6-Aug
		Lely		Naples, FL	3/28/13		2/28/16	2/28/18		12,713,242			$	25,000,000		6-Aug
		Crosstown Walk		Suburban Tampa, FL (3)	4/30/13		11/1/16	5/1/18		10,962,000			$	25,900,000		6-Aug
		Overton		Atlanta, GA	5/8/13		11/1/16	5/1/18		16,600,000			$	31,700,000		6-Aug
		Haven West		Carrollton, GA (4) (6)	7/15/13		6/2/16	6/2/18		6,940,795			$	16,195,189		6-Aug
		Starkville		Starkville, MS (5) (6)	8/21/13		5/31/14	N/A		1,730,000			N/A			Aug-00
		Founders' Village		Williamsburg, VA	8/29/13		8/29/18	N/A		10,346,000			$	26,936,000		6-Aug
		Encore		Atlanta, GA (7)	11/18/13		8/18/14	N/A		16,026,525			N/A			2-Aug
		Manassas		Northern VA (8)	12/23/13		5/31/14	N/A		10,932,000			N/A			5-Aug
		Irvine		Irvine, CA (9)	12/18/13		5/31/14	N/A		16,250,000			N/A			8.5 / 4.3
										$	130,013,604
	(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: "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; "Founders' Village" - Oxford NTW Apartments LLC; "Encore" - GP - RV Land I, LLC; "Manassas" - Oxford Palisades Apartments LLC; and "Irvine" - 360 - Irvine, 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 adjacent to the University of West Georgia campus.
	(5)	A land acquisition loan which pays 8% current interest only, in support of a planned 168-unit, 536-bed student housing community adjacent to the Mississippi State University campus.
	(6)	See note 6 - Related Party Transactions.
	(7)	Bridge loan of up to approximately $16.0 million to partially finance the acquisition of land and predevelopment costs for a 340-unit multifamily community in Atlanta, Georgia.
	(8)	Bridge loan of up to approximately $10.9 million to partially finance the acquisition of land and predevelopment costs for a 304-unit multifamily community in Northern Virginia.
	(9)	Bridge loan of up to approximately $16.3 million to partially finance the acquisition of land and predevelopment costs for a 280-unit multifamily community in Irvine, California.

Real_Estate_Loans_Notes_Receiv2

Real Estate Loans, Notes Receivable, and Line of Credit Real estate loans purchase options (Tables)	3 Months Ended
	Mar. 31, 2014
Receivables [Abstract]	'
real estate loans purchase options [Table Text Block]	'
	T
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	3/20/13	12/31/14	$	2,000,000	$	1,077,035	8	%	(1)
	TPKG 13th Street Development, LLC	Land acquisition loan	5/3/13	8/1/14	7,200,000		7,200,000		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	12/16/14	1,300,000		1,300,000		8	%	(3)
	Pecunia Management, LLC	Subordinated loan	11/16/13	11/15/14	200,000		200,000		10	%
	Oxford Contracting LLC	Promissory note	8/27/13	4/30/17	1,500,000		1,475,000		8	%	(4)
	Preferred Apartment Advisors, LLC	Revolving credit line	8/21/12	12/31/15	9,500,000		7,794,718		8	%	(5)
					$	23,200,000	$	20,546,753
	(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 loan was amended on March 17, 2014 to extend the maturity date to August 1, 2014. The borrower paid deferred interest of $351,491 and repaid principal of $164,743 at the date of amendment. The note is collateralized by a pledge of 100% of the membership interests of the project as well as by a first mortgage on the property.
	(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 a personal guaranty of repayment by the principals of the borrower.
	(5) 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, or Management Agreement, between the Company and the Manager. On February 10, 2014, this instrument was amended to increase the commitment amount and extend the maturity date as shown.

Related_Party_Transactions_Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2014
Related Party Transactions [Abstract]	'
Schedule of Related Party Transactions [Table Text Block]	'
	Three months ended March 31,
	2014			2013
	$	625,261		$	479,887
				Three months ended
	Type of Compensation		Basis of Compensation	March 31, 2014		March 31, 2013
	Acquisition fees		1% of the gross purchase price of real estate assets acquired or loans advanced	$	68,056	$	1,062,574
	Asset management fees		Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted	466,868		265,801
	Property management fees		Monthly fee equal to 4% of the monthly gross revenues of the properties managed	262,121		187,642
	General and administrative expense fees		Monthly fee equal to 2% of the monthly gross revenues of the Company	221,881		118,067
				$	1,018,926	$	1,634,084

Dividends_Tables

Dividends (Tables)	3 Months Ended
	Mar. 31, 2014
Dividends Payable [Line Items]	'
Schedule of Dividends Payable [Table Text Block]	'
	2014							2013
	Record date	Number of shares	Dividend per share		Aggregate dividends paid			Record date		Number of shares	Dividend per share		Aggregate dividends paid
	March 14, 2014	15,336,059	$	0.16	$	2,453,769		March 28, 2013		5,323,605	$	0.145	$	771,923
dividend activity [Table Text Block]	'
	The Company's cash distributions on its Series A Preferred Stock were:
	2014				2013
	Record date	Number of shares	Aggregate dividends declared		Record date		Number of shares		Aggregate dividends declared
	31-Jan-14	89,313	$	454,344	31-Jan-13		19,732		$	107,551
	28-Feb-14	93,005	468,337		28-Feb-13		23,094		119,885
	31-Mar-14	98,200	497,855		28-Mar-13		25,755		132,603
		Total	$	1,420,536			Total		$	360,039

Dividends_Series_A_Preferred_S

Dividends Series A Preferred Stock (Tables)	3 Months Ended
	Mar. 31, 2014
Series A Preferred Stock [Abstract]	'
dividend activity [Table Text Block]	'
	The Company's cash distributions on its Series A Preferred Stock were:
	2014				2013
	Record date	Number of shares	Aggregate dividends declared		Record date	Number of shares	Aggregate dividends declared
	31-Jan-14	89,313	$	454,344	31-Jan-13	19,732	$	107,551
	28-Feb-14	93,005	468,337		28-Feb-13	23,094	119,885
	31-Mar-14	98,200	497,855		28-Mar-13	25,755	132,603
		Total	$	1,420,536		Total	$	360,039

Equity_Compensation_Tables

Equity Compensation (Tables)	3 Months Ended
	Mar. 31, 2014
Equity Compensation [Abstract]	'
equity compensation expense [Table Text Block]	'
		Three-month period ended March 31,						Unamortized expense as of March 31,
		2014			2013			2014
	Quarterly board member committee fee grants	$	17,928		$	18,168		$	—
	Class B Unit awards:
	Executive officers - 2012	—			2,580			—
	Executive officers - 2013	2,318			213,237			—
	Executive officers - 2014	359,617			—			1,094,488
	Vice chairman of board of directors	—			10,249			—
	Restricted stock grants:
	2012	—			64,687			—
	2013	64,359			—			21,453
	Total	$	444,222		$	308,921		$	1,115,941
ClassBUnitGrantsvaluationassumptions [Table Text Block]	'
	Grant dates	1/2/13			1/2/14
	Stock price	$	7.88		$	8.05
	Dividend yield	7.36		%	8.12		%
	Expected volatility	32.1		%	32.72		%
	Risk-free interest rate	2.91		%	3.8		%
	Derived service period (years)	1			1
	Number of Units granted	142,046			239,556
	Calculated fair value per Unit, assuming:
	50% vesting	$	—		$	—
	100% vesting	$	6.07		$	5.94
	Total fair value of Units	$	862,219		$	1,422,963
	Target market threshold increase	$	1,150,000		$	1,959,000

Indebtedness_Tables

Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2014
Debt Instrument [Line Items]	'
Schedule of Long-term Debt Instruments [Table Text Block]	'
		Acquisition/	Principal balance as of
		refinancing date	March 31, 2014		31-Dec-13		Maturity date	Interest rate
	Trail Creek	6/25/13	$	28,109,000	$	28,109,000	7/1/20	Fixed	4.22%	(1)
	Stone Rise	4/15/11	19,500,000		19,500,000		5/1/18	1 month LIBOR+	2.77%	(2) (3)
	Summit Crossing	4/21/11	20,862,000		20,862,000		5/1/18	Fixed	4.71%	(2)
	Summit II	12/31/13	13,357,000		13,000,000		4/1/21	Fixed	4.49%	(4)
	Ashford Park	1/24/13	25,626,000		25,626,000		2/1/20	Fixed	3.13%	(5)
	McNeil Ranch	1/24/13	13,646,000		13,646,000		2/1/20	Fixed	3.13%	(5)
	Lake Cameron	1/24/13	19,773,000		19,773,000		2/1/20	Fixed	3.13%	(5)
	Total		$	140,873,000	$	140,516,000
	(1) Monthly payments of interest only are due through July 1, 2020, followed by monthly payments of accrued interest and principal based on a 30-year amortization period through the maturity date.
	(2) Monthly payments of interest only are due through May 1, 2014, followed by monthly payments of accrued interest and principal based on a 30-year amortization period through the maturity date.
	(3) The variable monthly interest rate is capped at 7.25%. The embedded interest rate cap was deemed to be clearly and closely related to the debt host instrument.
	(4) On March 20, 2014, the Company refinanced the $13.0 million mortgage assumed in connection with the acquisition of the property, which occurred on December 31, 2013. Monthly interest only payments are due through March 1, 2020, followed by monthly payments of accrued interest and principal based on a 30-year amortization period.
	(5) Monthly payments of interest only are due through February 28, 2018, followed by monthly payments of accrued interest and principal based on a 30-year amortization period through the maturity date.

Indebtedness_debt_principal_re

Indebtedness debt principal repayments (Tables)	3 Months Ended
	Mar. 31, 2014
Debt [Abstract]	'
Schedule of Maturities of Long-term Debt [Table Text Block]	'
	Period	Future principal payments
	2014	$	32,416,789
	2015	730,516
	2016	754,131
	2017	787,326
	2018	38,668,337
	thereafter	99,523,681
	Total	$	172,880,780

Indebtedness_LOC_debt_covenant

Indebtedness LOC debt covenants (Tables)	3 Months Ended
	Mar. 31, 2014
Line of Credit Facility [Line Items]	'
debt covenant [Table Text Block]	'
	Covenant (1)	Requirement		Result
	Senior leverage ratio	Maximum 60%		38.60%
	Net worth	Minimum $160,000,000	(2)	$176,144,739
	Debt yield	Minimum 8.25%		8.96%
	Payout ratio	Maximum 95%	(3)	87.20%
	Total leverage ratio	Maximum 65%		47.20%
	Debt service coverage ratio	Minimum 1.50x		3.88x
Schedule of Debt [Table Text Block]	'
	Period	Future principal payments
	2014	$	32,416,789
	2015	730,516
	2016	754,131
	2017	787,326
	2018	38,668,337
	thereafter	99,523,681
	Total	$	172,880,780

Indebtedness_Mortgage_interest

Indebtedness Mortgage interest (Tables)	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
mortgage interest [Table Text Block]	'
		Three months ended March 31,
		2014		2013
	Stone Rise	$	150,543	$	152,696
	Summit Crossing	369,787		252,093
	Ashford Park	213,501		166,779
	McNeil Ranch	117,130		93,562
	Lake Cameron	163,600		132,273
		1,014,561		797,403
	Revolving credit facility	386,627		222,464
	Interest expense	$	1,401,188	$	1,019,867

Segment_information_Tables

Segment information (Tables)	3 Months Ended
	Mar. 31, 2014					Mar. 31, 2013
Segment Reporting Information [Line Items]	'					'
segment assets [Table Text Block]	'					'
		March 31, 2014		December 31, 2013
	Assets:
	Multifamily communities excluding assets held for sale	$	158,122,365	$	159,916,774
	Assets held for sale	36,491,529		36,451,523
	Multifamily communities	194,613,894		196,368,297
	Financing	140,092,554		131,079,309
	Retail	5,500,023		—
	Other	15,128,451		14,189,089
	Consolidated assets	$	355,334,922	$	341,636,695
Schedule of Segment Reporting Information, by Segment [Table Text Block]	'					'
							Three months ended
							March 31, 2014		March 31, 2013
						Revenues
						Multifamily communities	$	5,367,772	$	4,023,652
						Financing	4,725,749		1,311,930
						Retail	88,885		—
						Consolidated revenues	$	10,182,406	$	5,335,582
						Segment net operating income (Segment NOI)
						Multifamily communities	$	3,133,472	$	2,397,842
						Financing	4,725,749		1,311,930
						Retail	67,462		—
						Consolidated segment net operating income	7,926,683		3,709,772
						Interest	1,401,188		1,019,867
						Depreciation and amortization	2,308,526		3,913,508
						Professional fees	273,848		210,737
						Management fees	688,749		383,868
						Acquisition costs	245,299		1,107,011
						Equity compensation to directors and executives	444,222		308,921
						Other	86,431		47,856
						Net income (loss) from continuing operations	2,478,420		(3,281,996		)
						Income from discontinued operations	317,425		96,167
						Net income (loss)	$	2,795,845	$	(3,185,829	)

Loss_per_Share_Tables

Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]	'
earnings loss per share [Table Text Block]	'
			Three months ended March 31,
			2014			2013
	Numerator:
		Net income (loss) from continuing operations	$	2,478,420		$	(3,281,996	)
		Income from discontinued operations	317,425			96,167
		Net income (loss)	2,795,845			(3,185,829		)
		Net (income) loss attributable to non-controlling interests	(38,862		)	61,486
		Net income (loss) attributable to the Company	2,756,983			(3,124,343		)
		Dividends declared to preferred stockholders (A)	(1,420,536		)	(1,050,515		)
		Earnings attributable to unvested restricted stock (B)	(4,678		)	(4,792		)
		Net income (loss) attributable to common stockholders	$	1,331,769		$	(4,179,650	)
	Denominator:
		Weighted average number of shares of Common Stock - basic	15,316,816			5,289,690
		Effect of dilutive securities: (C)
		Warrants	—			—
		Class A OP Units	216,555			—
		Unvested restricted stock	29,237			—
		Weighted average number of shares of Common Stock - diluted	15,562,608			5,289,690
		Income (loss) per share of Common Stock - basic:
		From continuing operations	$	0.07		$	(0.81	)
		From discontinued operations	$	0.02		$	0.02
		Available to Common Stockholders	$	0.09		$	(0.79	)
		Income (loss) per share of Common Stock - diluted:
		From continuing operations	$	0.07		$	(0.81	)
		From discontinued operations	$	0.02		$	0.02
		Available to Common Stockholders	$	0.09		$	(0.79	)

Pro_Forma_Financial_Informatio1

Pro Forma Financial Information pro forma (Tables)	3 Months Ended
	Mar. 31, 2014
Business Combinations [Abstract]	'
segment operating results [Table Text Block]	'
			Three months ended
			March 31,
			2014		2013
	Pro forma:
		Revenues	$	10,182,406	$	6,028,442
		Net income (loss)	$	2,498,713	$	(3,777,596	)
		Net income (loss) attributable to the Company	$	2,776,883	$	(3,648,632	)
		Net income (loss) attributable to common stockholders	$	1,351,669	$	(4,703,939	)
		Net income (loss) per share of Common Stock
		attributable to common stockholders:
		Basic	$	0.09	$	(0.89	)
		Diluted	$	0.09	$	(0.89	)
		Weighted average number of shares of Common Stock outstanding:
		Basic	15,316,816		5,289,690
		Diluted	15,562,608		5,289,690

Fair_Values_of_Financial_Instr1

Fair Values of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2014
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 $4.2 million and $3.1 million at March 31, 2014 and December 31, 2013, respectively.
		As of March 31, 2014
		Carrying value				Fair value measurements
						using fair value hierarchy
				Fair Value		Level 1		Level 2		Level 3
	Financial Assets:
	Real estate loans (1)	$	119,480,680	$	123,424,078	$	—	$	—	$	123,424,078
	Notes receivable	12,752,035		12,752,035		—		—		12,752,035
	Line of Credit receivable	7,794,718		7,794,718		—		—		7,794,718
		$	140,027,433	$	143,970,831	$	—	$	—	$	143,970,831
	Financial Liabilities:
	Mortgage notes payable	$	140,873,000	$	138,008,081	$	—	$	—	$	138,008,081
	Revolving credit facility	32,007,780		32,007,780		—		—		32,007,780
		$	172,880,780	$	170,015,861	$	—	$	—	$	170,015,861
		As of December 31, 2013
		Carrying value				Fair value measurements
						using fair value hierarchy
				Fair Value		Level 1		Level 2		Level 3
	Financial Assets:
	Real estate loans (1)	$	113,718,233	$	119,152,117	$	—	$	—	$	119,152,117
	Notes receivable	10,248,178		10,248,178		—		—		10,248,178
	Line of Credit receivable	5,358,227		5,358,227		—		—		5,358,227
		130,824,638		136,258,522		$	—	$	—	$	136,258,522
	Financial Liabilities:
	Mortgage notes payable	$	140,516,000	$	137,116,549	$	—	$	—	$	137,116,549
	Revolving credit facility	29,390,000		29,390,000		—		—		29,390,000
		$	169,906,000	$	166,506,549	$	—	$	—	$	166,506,549

Organization_Details

Organization (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Dec. 31, 2013
			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	15,390,839	5,323,605	15,390,839	15,294,578
Noncontrolling Interest, Ownership Percentage by Parent	98.61%	'	'	'
minority interest partnership units outstanding	144,432	'	'	'

Significant_Accounting_Policie2

Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2014	Jan. 16, 2013
	Y
Real Estate Properties [Line Items]	'	'
preferred stock	'	40,000
MinimummonthsPACrewardseligibility	14	'
AverageLeaseterm	13	'
stabilization level	92.00%	'
days receivables delinquent nonaccrual status	30	'
rewardsbreakagepercentage	35.00%	'
est useful life FFE depreciation Minimum	5	'
est useful life FFE depreciation Maximum	10	'
est useful life building improvements depreciation Minimum	5	'
est useful life building improvements depreciation Maximum	10	'
Series A Preferred Stock [Member]	'	'
Real Estate Properties [Line Items]	'	'
series a redeemable preferred stock	1	'
Common Stock [Member]	'	'
Real Estate Properties [Line Items]	'	'
unitswarrants	20	'
Minimum [Member]	'	'
Real Estate Properties [Line Items]	'	'
estusefullifebuildingdepreciation	30	'
Maximum [Member]	'	'
Real Estate Properties [Line Items]	'	'
estusefullifebuildingdepreciation	40	'

Significant_Accounting_Policie3

Significant Accounting Policies deferred offering costs (Details) (Warrant [Member])	Mar. 31, 2014
Warrant [Member]	'
Statutory Accounting Practices [Line Items]	'
series a redeemable preferred stock	1

Real_Estate_Assets_Real_Estate1

Real Estate Assets Real Estate Assets Narrative (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
		property
Real Estate Properties [Line Items]	'	'	'
Revenues	$10,182,406	$5,335,582	'
membership interests business acquisition percentage related parties	100.00%	'	'
unit count	'	1,693	1,929
line of credit receivable	7,794,718	'	5,358,227
Number of Businesses Acquired	'	3	'
Payments for Capital Improvements	299,765	103,482	'
Loans and Leases Receivable, Net of Deferred Income	'	'	110,597,915
Loans Assumed	0	69,428,389	'
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	2,795,845	-3,185,829	'
Interest Expense	1,401,188	1,019,867	'
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	317,425	96,166	'
ashfordpark [Member]	'	'	'
Real Estate Properties [Line Items]	'	'	'
unit count	'	408	'
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination	'	39,600,000	'
Lakecameron [Member] [Member]	'	'	'
Real Estate Properties [Line Items]	'	'	'
unit count	'	328	'
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination	'	30,500,000	'
Trail Creek [Member]	'	'	'
Real Estate Properties [Line Items]	'	'	'
unit count	'	192	300
Woodstock Crossing [Member]	'	'	'
Real Estate Properties [Line Items]	'	'	'
Revenues	89,000	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land	1,750,576	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings	3,760,654	'	'
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination	5,701,393	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	39,447	'	'
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedrestrictedcash	123,731	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	-450,310	'	'
Area of Real Estate Property	66,122	'	'
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	37,000	'	'
mcneilranch [Member]	'	'	'
Real Estate Properties [Line Items]	'	'	'
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination	'	21,000,000	'
Discontinued Operations [Member]	'	'	'
Real Estate Properties [Line Items]	'	'	'
Revenues	1,057,677	655,377	'
Operating Expenses	425,789	238,348	'
Interest Expense	314,463	122,067	'
Depreciation, Depletion and Amortization	$0	$198,796	'

Real_Estate_Assets_Allocation_

Real Estate Assets Allocation of Purchase Price (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Schedule of Business Acquisition Purchase Price Allocation [Line Items]	'	'
Loans Assumed	$0	$69,428,389
Lakecameron [Member] [Member]	'	'
Schedule of Business Acquisition Purchase Price Allocation [Line Items]	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	'	30,500,000
mcneilranch [Member]	'	'
Schedule of Business Acquisition Purchase Price Allocation [Line Items]	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	'	21,000,000
Woodstock Crossing [Member]	'	'
Schedule of Business Acquisition Purchase Price Allocation [Line Items]	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land	1,750,576	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings	3,760,654	'
business combinations, escrow fund asset recognized	226,830	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	39,447	'
Finite-Lived Intangible Asset, Acquired-in-Place Leases	245,850	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	3005100.00%	'
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedrestrictedcash	123,731	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	-450,310	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable	-25,436	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	$5,701,393	'
Minimum [Member] | Woodstock Crossing [Member]	'	'
Schedule of Business Acquisition Purchase Price Allocation [Line Items]	'	'
average remaining lease term	'6 months	'
Minimum [Member] | WMAF properties [Member]	'	'
Schedule of Business Acquisition Purchase Price Allocation [Line Items]	'	'
average remaining lease term	'	'6 months
Maximum [Member] | Woodstock Crossing [Member]	'	'
Schedule of Business Acquisition Purchase Price Allocation [Line Items]	'	'
average remaining lease term	'10 years	'
Maximum [Member] | WMAF properties [Member]	'	'
Schedule of Business Acquisition Purchase Price Allocation [Line Items]	'	'
average remaining lease term	'	'12 months

Real_Estate_Assets_Depreciatio

Real Estate Assets Depreciation and amortization expense table (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Property, Plant and Equipment [Line Items]	'	'
depreciation building	$942,746	$736,600
Depreciation	1,894,411	1,530,072
Depreciation and amortization	2,308,526	3,913,508
Depreciation furniture fixtures and equipment	951,665	793,472
Amortization of Intangible Assets	412,924	2,382,285
amortization website development costs	1,191	1,151
Scenario, Actual [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Depreciation and amortization	$2,308,526	$3,913,508

Recovered_Sheet1

Real Estate Assets Discontinued operations (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Discontinued operations [Abstract]	'	'
Revenues	$10,182,406	$5,335,582
Interest Expense	1,401,188	1,019,867
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	317,425	96,166
Discontinued Operations [Member]	'	'
Discontinued operations [Abstract]	'	'
Revenues	1,057,677	655,377
Operating Expenses	425,789	238,348
Interest Expense	314,463	122,067
Depreciation, Depletion and Amortization	$0	$198,796

Real_Estate_Loans_Notes_Receiv3

Real Estate Loans, Notes Receivable, and Line of Credit Overton (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Mortgage Loans on Real Estate [Line Items]	'	'	'
Variable Interest Entity, Nonconsolidated, Comparison of Carrying Amount of Assets and Liabilities to Maximum Loss Exposure	$74,600,000	'	'
membership interests business acquisition percentage related parties	100.00%	'	'
interest revenue current pay	2,295,963	732,180	'
Loans and Leases Receivable, Net Amount	20,546,753	'	'
Financing Receivable, Gross	23,200,000	'	'
numberofunitstobecompleted	2,999	'	'
loans to be funded	130,013,604	'	'
Revenues	10,182,406	5,335,582	'
Loans and Leases Receivable, Net of Deferred Income	'	'	110,597,915
Accrued exit fee revenue	1,514,161	442,989	'
Deferred Revenue, Revenue Recognized	308,457	27,311	'
Net loan fee revenue	4,118,581	1,202,480	'
interest revenue notes receivable	607,168	109,450	'
360 Residential [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
Loans and Leases Receivable, Net Amount	1,077,035	'	'
interest rate note receivable	8.00%	'	'
Financing Receivable, Gross	2,000,000	'	'
Oxford [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
Loans and Leases Receivable, Net Amount	1,475,000	'	'
interest rate note receivable	8.00%	'	'
Financing Receivable, Gross	1,500,000	'	'
loans to be funded	55,900,000	'	'
Revenues	1,900,000	1,000,000	'
amount drawn under loan agreement	53,600,000	'	'
City Park [Member] [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
real estate loan option purchase price	43,560,271	'	'
numberofunitstobecompleted	272	'	'
acquisition fee	100,000	'	'
SeniorLoanHeldByUnrelatedThirdParty	18,600,000	'	'
loans to be funded	10,000,000	'	'
Deferred Revenue	-65,810	'	'
Loans and Leases Receivable, Net of Deferred Income	9,934,190	'	9,928,017
amount drawn under loan agreement	10,000,000	'	'
LoanFee	200,000	'	'
City Vista [Member] [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
acquisition fee	121,520	'	'
SeniorLoanHeldByUnrelatedThirdParty	28,400,000	'	'
loans to be funded	12,153,000	'	'
Deferred Revenue	-81,941	'	'
Loans and Leases Receivable, Net of Deferred Income	12,071,059	'	12,063,939
amount drawn under loan agreement	12,153,000	'	'
LoanFee	243,040	'	'
Madison Rome [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
real estate loan option purchase price	43,500,000	'	'
numberofunitstobecompleted	308	'	'
acquisition fee	53,600	'	'
SeniorLoanHeldByUnrelatedThirdParty	11,500,000	'	'
loans to be funded	5,360,042	'	'
Deferred Revenue	-31,317	'	'
Loans and Leases Receivable, Net of Deferred Income	5,328,725	'	5,322,770
amount drawn under loan agreement	5,360,042	'	'
LoanFee	107,201	'	'
Lely [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
real estate loan option purchase price	39,654,273	'	'
numberofunitstobecompleted	342	'	'
acquisition fee	127,133	'	'
SeniorLoanHeldByUnrelatedThirdParty	25,000,000	'	'
loans to be funded	12,713,242	'	'
Deferred Revenue	-75,839	'	'
Loans and Leases Receivable, Net of Deferred Income	11,645,390	'	11,402,372
amount drawn under loan agreement	11,721,229	'	'
LoanFee	254,265	'	'
haven west [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
real estate loan option purchase price	26,138,466	'	'
numberofunitstobecompleted	160	'	'
acquisition fee	69,408	'	'
SeniorLoanHeldByUnrelatedThirdParty	16,195,189	'	'
loans to be funded	6,940,795	'	'
Deferred Revenue	-49,009	'	'
Loans and Leases Receivable, Net of Deferred Income	6,494,067	'	5,582,018
amount drawn under loan agreement	6,543,076	'	'
LoanFee	138,816	'	'
starkville [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
numberofunitstobecompleted	168	'	'
acquisition fee	17,300	'	'
loans to be funded	1,730,000	'	'
Deferred Revenue	-3,134	'	'
Loans and Leases Receivable, Net of Deferred Income	1,587,466	'	1,582,750
amount drawn under loan agreement	1,590,600	'	'
LoanFee	34,600	'	'
Newtown [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
real estate loan option purchase price	44,266,000	'	'
numberofunitstobecompleted	247	'	'
acquisition fee	98,660	'	'
SeniorLoanHeldByUnrelatedThirdParty	26,936,000	'	'
loans to be funded	10,346,000	'	'
Deferred Revenue	-79,317	'	'
Loans and Leases Receivable, Net of Deferred Income	8,954,522	'	7,572,698
amount drawn under loan agreement	9,033,839	'	'
LoanFee	197,320	'	'
Encore [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
numberofunitstobecompleted	340	'	'
acquisition fee	160,265	'	'
loans to be funded	16,026,525	'	'
Deferred Revenue	-78,423	'	'
Loans and Leases Receivable, Net of Deferred Income	8,694,101	'	7,716,421
amount drawn under loan agreement	8,772,524	'	'
LoanFee	320,531	'	'
Manassas [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
numberofunitstobecompleted	304	'	'
acquisition fee	107,070	'	'
loans to be funded	10,932,000	'	'
Deferred Revenue	0	'	'
Loans and Leases Receivable, Net of Deferred Income	10,707,000	'	10,609,849
amount drawn under loan agreement	10,707,000	'	'
LoanFee	214,140	'	'
13th street [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
Loans and Leases Receivable, Net Amount	7,200,000	'	'
interest rate note receivable	8.00%	'	'
Financing Receivable, Gross	7,200,000	'	'
PCMS [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
Loans and Leases Receivable, Net Amount	1,500,000	'	'
interest rate note receivable	10.00%	'	'
Financing Receivable, Gross	1,500,000	'	'
Riverview [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
Loans and Leases Receivable, Net Amount	1,300,000	'	'
interest rate note receivable	8.00%	'	'
Financing Receivable, Gross	1,300,000	'	'
IAA [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
Loans and Leases Receivable, Net Amount	200,000	'	'
interest rate note receivable	10.00%	'	'
Financing Receivable, Gross	200,000	'	'
PAA [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
Loans and Leases Receivable, Net Amount	7,794,718	'	'
interest rate note receivable	8.00%	'	'
Financing Receivable, Gross	9,500,000	'	'
Irvine [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
numberofunitstobecompleted	280	'	'
acquisition fee	149,317	'	'
loans to be funded	16,250,000	'	'
Deferred Revenue	-55,015	'	'
Loans and Leases Receivable, Net of Deferred Income	14,842,018	'	14,332,658
amount drawn under loan agreement	14,897,033	'	'
LoanFee	298,634	'	'
crosstown walk [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
real estate loan option purchase price	30,945,845	'	'
numberofunitstobecompleted	284	'	'
acquisition fee	109,620	'	'
SeniorLoanHeldByUnrelatedThirdParty	25,900,000	'	'
loans to be funded	10,962,000	'	'
Deferred Revenue	-42,398	'	'
Loans and Leases Receivable, Net of Deferred Income	10,204,721	'	9,997,245
amount drawn under loan agreement	10,247,119	'	'
LoanFee	219,240	'	'
newport overton [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
real estate loan option purchase price	51,500,000	'	'
numberofunitstobecompleted	294	'	'
acquisition fee	166,040	'	'
SeniorLoanHeldByUnrelatedThirdParty	31,700,000	'	'
loans to be funded	16,600,000	'	'
Deferred Revenue	-111,216	'	'
Loans and Leases Receivable, Net of Deferred Income	14,799,950	'	14,487,178
amount drawn under loan agreement	14,911,166	'	'
LoanFee	332,079	'	'
Summit II [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
Interest revenue on real estate loans	4,725,749	1,311,930	'
Oxford [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
loans to be funded	$79,700,000	'	'

Redeemable_Preferred_Stock_Det

Redeemable Preferred Stock (Details) (USD $)	3 Months Ended
	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Apr. 30, 2014	Nov. 05, 2013	Jan. 16, 2013
Class of Stock [Line Items]	'	'	'	'	'	'	'
Common Stock, Dividends, Per Share, Declared	$0.16	$0.16	'	$0.14	'	'	'
Unitsyearcounttoredemptionthree	'	3	'	'	'	'	'
Proceeds from Other Equity	'	$37,600,000	$30,700,000	'	'	'	'
Stock Redeemed or Called During Period, Shares	'	95	'	'	'	'	'
Stock Issued During Period, Shares, Conversion of Convertible Securities	'	'	'	5,714,274	'	'	'
Proceeds from Issuance of Common Stock	5,900,000	'	'	'	'	'	'
Unitsyearcounttoredemption	'	2	'	'	'	'	'
warrant exercise price as percent of gross ipo price	'	120.00%	'	'	'	'	'
warrant minimum exercise price	'	$9	'	'	'	'	'
daycountvolweightedavgcalcformarketvalue	'	20	'	'	'	'	'
warrantexercisewindowminyrsfromissue	'	'1	'	'	'	'	'
warrantexercisewindowmaxyrsfromissue	'	'4	'	'	'	'	'
Preferred Stock, Dividend Rate, Percentage	'	6.00%	'	'	'	'	'
Units stated value per share	'	$1,000	'	'	'	'	'
Unitsissuedpercentageofmaximum	'	0.00%	0.00%	'	'	'	'
aggregate offering costs	'	6,500,000	'	'	'	'	'
prorataamountofferingcostsreclassed	'	660,000	'	'	'	'	'
Deferred offering costs	'	6,077,441	5,255,636	'	'	'	'
Common Stock, Shares, Issued	'	'	'	'	756,910	4,200,000	'
Deferred Offering Costs	'	9,100,000	'	'	'	'	'
ceiling deferred offering costs	'	1.50%	'	'	'	'	'
preferred stock	'	'	'	'	'	'	40,000
Preferred Stock, Par or Stated Value Per Share	'	$1,000	'	'	'	'	'
Dividends, Common Stock, Cash	'	-2,453,769	'	'	'	'	'
Series A Preferred Stock [Member]	'	'	'	'	'	'	'
Class of Stock [Line Items]	'	'	'	'	'	'	'
preferred stock	'	101,588	89,408	'	'	'	'
Preferred Stock, Par or Stated Value Per Share	'	$0.01	$0.01	'	'	'	'
Preferred Stock, Value, Issued	'	'	893	'	'	'	'
Common Stock [Member]	'	'	'	'	'	'	'
Class of Stock [Line Items]	'	'	'	'	'	'	'
unitswarrants	'	20	'	'	'	'	'
Warrant [Member]	'	'	'	'	'	'	'
Class of Stock [Line Items]	'	'	'	'	'	'	'
series a redeemable preferred stock	'	1	'	'	'	'	'
Unitsredemptionfee [Domain]	'	'	'	'	'	'	'
Class of Stock [Line Items]	'	'	'	'	'	'	'
Unitsredemptionfeespercentfouryears	'	3.00%	'	'	'	'	'
Unitsredemptionfeespercentthreeyears	'	5.00%	'	'	'	'	'
Unitsyearcounttoredemptionfive	'	5	'	'	'	'	'
Unitsredemptionfeepercentfiveyears	'	0.00%	'	'	'	'	'
Unitsyearcounttoredemptionfour	'	4	'	'	'	'	'
Unitsredemptionfeespercent	'	10.00%	'	'	'	'	'
Unitsissued [Member]	'	'	'	'	'	'	'
Class of Stock [Line Items]	'	'	'	'	'	'	'
Proceeds from Other Equity	'	92,000,000	'	'	'	'	'
Unitsissuedcumulative	'	101,581	'	'	'	'	'
2013 Shelf offering [Member]	'	'	'	'	'	'	'
Class of Stock [Line Items]	'	'	'	'	'	'	'
Proceeds from Issuance of Common Stock	'	200,000,000	'	'	'	'	'
shelf offering [Member]	'	'	'	'	'	'	'
Class of Stock [Line Items]	'	'	'	'	'	'	'
Deferred offering costs	'	$112,000	'	'	'	'	'

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Related Party Transaction [Line Items]	'	'
Cost of Reimbursable Expense	$625,261	$479,887
capital marketing and professional	109,120	70,485
acquisition fees paid to related party	57,268	908,400
Common Stock, Shares, Outstanding	15,390,839	5,323,605
Related Party Transaction, Expenses from Transactions with Related Party	1,018,926	1,634,084
Property management fees	218,020	160,666
AcquisitionFeesRelatedPartyCosts	-10,788	-154,174
Acquisition-related Costs [Member]	'	'
Related Party Transaction [Line Items]	'	'
Percentageusedtocalculateacquisitionfees	0.00%	'
AcquisitionFeesRelatedPartyCosts	68,056	1,062,574
AssetmanagementFees [Member]	'	'
Related Party Transaction [Line Items]	'	'
Asset Management Costs	466,868	265,801
Propertymanagementfees [Member]	'	'
Related Party Transaction [Line Items]	'	'
Property management fees	262,121	187,642
General and Administrative Expense [Member]	'	'
Related Party Transaction [Line Items]	'	'
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party	$221,881	$118,067
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
	Mar. 31, 2014	Feb. 28, 2014	Jan. 31, 2014	Mar. 31, 2013	Feb. 28, 2013	Jan. 31, 2013	Jun. 30, 2014	Mar. 31, 2014	Mar. 31, 2013
Dividends Payable [Line Items]	'	'	'	'	'	'	'	'	'
minority interest partnership units outstanding	144,432	'	'	'	'	'	'	144,432	'
Payments to Noncontrolling Interests	'	'	'	'	'	'	'	$36,552	'
Common Stock, Dividends, Per Share, Declared	'	'	'	'	'	'	$0.16	$0.16	$0.14
dividends common stock declared	'	'	'	'	'	'	'	2,453,769	771,923
common stock shares entitled to dividends	15,336,059	'	'	'	'	'	'	15,336,059	'
Stock Issued During Period, Shares, Conversion of Convertible Securities	'	'	'	'	'	'	'	'	5,714,274
Payments of Distributions to Affiliates	'	'	'	'	'	'	'	15,513	'
Dividends, Preferred Stock, Cash	497,855	468,337	454,344	132,603	119,885	107,551	'	1,420,536	360,039
Common Stock, Shares, Outstanding	15,390,839	'	'	5,323,605	'	'	'	15,390,839	5,323,605
Series A Preferred Stock [Member]	'	'	'	'	'	'	'	'	'
Dividends Payable [Line Items]	'	'	'	'	'	'	'	'	'
Dividends, Preferred Stock	'	'	'	'	'	'	'	1,420,536	-360,039
Preferred Stock, Dividend Rate, Per-Dollar-Amount	'	'	'	'	'	'	'	$5	'
Series B Preferred Stock [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						3 Months Ended
	Mar. 31, 2014	Feb. 28, 2014	Jan. 31, 2014	Mar. 31, 2013	Feb. 28, 2013	Jan. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Dividends Payable [Line Items]	'	'	'	'	'	'	'	'
Dividends, Preferred Stock, Cash	$497,855	$468,337	$454,344	$132,603	$119,885	$107,551	$1,420,536	$360,039
Preferred Stock entitled to dividend payments	98,200	93,005	89,313	25,755	23,094	19,732	98,200	25,755

Equity_Compensation_Details

Equity Compensation (Details) (USD $)	3 Months Ended									12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Jun. 30, 2014	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2012	Dec. 31, 2013	Jan. 03, 2013
			Restricted Stock [Member]	Restricted Stock [Member]	Restricted Stock [Member]	Directorscommitteefees [Member]	Directorscommitteefees [Member]	ClassBUnits [Member]	ClassBUnits [Member]	ClassBUnits [Member]	ClassBUnits [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]	'	'	'	'	'	'	'	'	'	'	'
common stock fair value per share	'	'	'	'	'	'	'	$8.05	'	'	$7.88
Class B Units valuation assumption dividend yield	'	'	'	'	'	'	'	8.12%	'	'	7.36%
ClassBUnit valuation assumption expected volatility	'	'	'	'	'	'	'	32.72%	'	'	32.10%
Class B Unit valuation assumptions risk free rate	'	'	'	'	'	'	'	3.80%	'	'	2.91%
Class B Unit valuation assumption expected service period in years	'	'	'	'	'	'	'	1	'	'	1
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	1,317,500	'	'	'	'	'	'	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	131,464	'	39,216	29,016	33,046	2,241	2,115	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	'	'	'	'	'	'	'	239,556	106,988	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	'	'	$8.21	$8.04	$8.85	$8	$8.59	'	'	'	'
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	'	'	321,963	17,511	256,792	17,928	18,168	'	'	'	'
Share-based Compensation	444,222	308,921	'	'	'	'	'	'	'	'	'
market vesting condition capital increase threshhold	$1,959,000	$1,150,000	'	'	'	'	'	'	'	'	'
warrant exercise price as percent of gross ipo price	120.00%	'	'	'	'	'	'	'	'	'	'

Equity_Compensation_Restricted

Equity Compensation Restricted Stock (Details) (USD $)	3 Months Ended
	Jun. 30, 2014	Mar. 31, 2014	Mar. 31, 2013
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	'	131,464	'
Share-based Compensation	'	$444,222	$308,921
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited	'	1,957	'
Restricted Stock [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	39,216	29,016	33,046
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$8.21	$8.04	$8.85
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	321,963	17,511	256,792
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	'	27,059	'
Stock Issued During Period, Shares, Restricted Stock Award, Gross	'	2,178	'
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	'	2,241	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	'	$8	$8.59
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	'	$17,928	$18,168

Equity_Compensation_Committee_

Equity Compensation Committee Fee Grants (Details) (USD $)	3 Months Ended
	Jun. 30, 2014	Mar. 31, 2014	Mar. 31, 2013
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	'	131,464	'
Share-based Compensation	'	$444,222	$308,921
Restricted Stock [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	39,216	29,016	33,046
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$8.21	$8.04	$8.85
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	321,963	17,511	256,792
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	'	2,241	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	'	$8	$8.59
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	'	$17,928	$18,168

Equity_Compensation_Class_B_Un

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

3 Months Ended

12 Months Ended

Jun. 30, 2014

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2012

Dec. 31, 2013

Jan. 03, 2013

Mar. 31, 2014

Jan. 03, 2013

Mar. 31, 2014

Jan. 03, 2013

ClassBUnits [Member]

ClassBUnits [Member]

ClassBUnits [Member]

ClassBUnits [Member]

ClassBUnits [Member]

50percentvesting level [Member]

50percentvesting level [Member]

100percentvestinglevel [Member]

100percentvestinglevel [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

'

'

'

$8.05

'

'

'

$7.88

'

'

'

'

Common Stock, Dividends, Per Share, Declared

$0.16

$0.16

$0.14

$0.16

$0.14

'

'

'

'

'

'

'

Share-based Compensation

'

444,222

308,921

'

'

'

'

'

'

'

'

'

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

'

'

'

239,556

'

106,988

142,046

'

'

'

'

'

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

'

131,464

'

'

'

'

'

'

'

'

'

'

market vesting condition capital increase threshhold

'

$1,959,000

$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

$0

$5.94

$6.07

Class B Units valuation assumption dividend yield

'

'

'

8.12%

'

'

'

7.36%

'

'

'

'

ClassBUnit valuation assumption expected volatility

'

'

'

32.72%

'

'

'

32.10%

'

'

'

'

Class B Unit valuation assumptions risk free rate

'

'

'

3.80%

'

'

'

2.91%

'

'

'

'

Class B Unit valuation assumption expected service period in years

'

'

'

1

'

'

'

1

'

'

'

'

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

'

'

'

1,422,963

'

'

'

862,219

'

'

'

'

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

'

'

'

10,582

'

'

'

'

'

'

'

'

Equity_Compensation_Warrant_De

Equity Compensation Warrant (Details) (USD $)	3 Months Ended
	Jun. 30, 2014	Mar. 31, 2014	Mar. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'
Common Stock, Dividends, Per Share, Declared	$0.16	$0.16	$0.14
Adjustments to Additional Paid in Capital, Warrant Issued	'	$12,157,780	'
warrant exercise price as percent of gross ipo price	'	120.00%	'
Warrant [Member] | Maximum [Member]	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'
Class of Warrant or Right, Outstanding	'	150,000	'

Equity_Compensation_Equity_com

Equity Compensation Equity compensation expense by grant (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Share-based Compensation	$444,222	$308,921
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	1,115,941	'
stock grants for quarterly board committee fees [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Share-based Compensation	17,928	18,168
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	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	64,687
Aug 15 2012 [Member] | ClassBUnits [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Share-based Compensation	0	10,249
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	2,318	213,237
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	0	'
2013 [Member] | Restricted Stock [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Share-based Compensation	64,359	0
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$21,453	'

Indebtedness_Details

Indebtedness (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Debt Instrument [Line Items]	'	'	'
Unamortized Debt Issuance Expense	$2,000,000	'	'
Interest Expense, Long-term Debt	1,014,561	797,403	'
Long-term Debt, Current Maturities	32,416,789	'	'
Long-term Debt	140,873,000	'	140,516,000
Long-term Debt, Maturities, Repayments of Principal in Year Two	730,516	'	'
Long-term Debt, Maturities, Repayments of Principal in Year Three	754,131	'	'
Long-term Debt, Maturities, Repayments of Principal in Year Four	787,326	'	'
Long-term Debt, Maturities, Repayments of Principal after Year Five	38,668,337	'	'
Long-term Debt, Maturities, Repayments of Principal after Year Five	99,523,681	'	'
Long-term Debt	172,880,780	'	'
Interest Expense	1,401,188	1,019,867	'
Line of Credit Facility, Amount Outstanding	32,007,780	'	29,390,000
Amortization of Financing Costs	140,658	137,761	'
Debt, Weighted Average Interest Rate	4.20%	'	'
interest expense credit facility	386,627	222,464	'
Mortgages [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Long-term Debt	140,873,000	'	140,516,000
Summit II [Member] | Mortgages [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Long-term Debt	13,357,000	'	13,000,000
Debt Instrument, Interest Rate, Stated Percentage	4.49%	'	'
Stone Rise Apartments [Member] | Mortgages [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Long-term Debt	19,500,000	'	19,500,000
Debt Instrument, Basis Spread on Variable Rate	2.77%	'	'
Summit Crossing [Member] | Mortgages [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Long-term Debt	20,862,000	'	20,862,000
Debt Instrument, Interest Rate, Stated Percentage	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%	'	'
Trail II [Member] | Mortgages [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Long-term Debt	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%	'	'
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%	'	'
Lakecameron [Member] [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Interest Expense, Long-term Debt	163,600	132,273	'
mcneilranch [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Interest Expense, Long-term Debt	117,130	93,562	'
ashfordpark [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Interest Expense, Long-term Debt	213,501	166,779	'
Summit Crossing [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Interest Expense, Long-term Debt	369,787	252,093	'
Stone Rise Apartments [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Interest Expense, Long-term Debt	$150,543	$152,696	'

Indebtedness_debt_covenants_De

Indebtedness debt covenants (Details) (USD $)	3 Months Ended
	Mar. 31, 2014
debt covenants [Line Items]	'
Line of Credit Facility, Maximum Borrowing Capacity	$40,000,000
minimum equity debt covenants	160,000,000
equity raise above min equity required	75.00%
total debt covenant min equity	11,782,823
maximum dividends debt covenant	13,784,351
Senior leverage ratio	38.60%
Minimum Net Worth Required for Compliance	$176,144,739
debt yield	8.96%
payout ratio	87.20%
payout ratio	95.00%
Total leverage ratio	47.20%

Income_Taxes_Details

Income Taxes (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2010
Operating Loss Carryforwards [Line Items]	'	'
Deferred Tax Assets, Net of Valuation Allowance	'	$298,100
DeferredTaxAssetsValuationAllowancePercentage	100.00%	'

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
lease term	'11 years
guaranty cap amount	$5,000,000
Annual reduction in guaranty cap	$400,000

Segment_information_Details

Segment information (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Segment Reporting Information [Line Items]	'	'	'
capitalized expenditures for long lived assets	$264,370	$88,826	'
Assets	355,334,922	'	341,636,695
Operating Leases, Income Statement, Lease Revenue	4,889,463	3,689,832	'
rental and other property revenues	10,182,406	5,335,582	'
adjusted funds from operations	7,926,683	3,709,772	'
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	2,478,420	-3,281,996	'
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	2,795,845	-3,185,829	'
Interest Expense	1,401,188	1,019,867	'
Depreciation	1,894,411	1,728,867	'
Business Combination, Acquisition Related Costs	-188,031	-198,611	'
Share-based Compensation	-444,222	-308,921	'
loan fees received	21,576	308,348	'
noncash loan interest income	273,848	210,737	'
Management fees	688,749	383,868	'
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	317,425	96,167	'
Multifamily communities ex disc ops [Member]	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Assets	158,122,365	'	159,916,774
Assets Held-for-sale [Member]	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Assets	36,491,529	'	36,451,523
financingsegment [Member]	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Assets	140,092,554	'	131,079,309
adjusted funds from operations	4,725,749	1,311,930	'
Interest Expense	386,627	222,464	'
Interest and Other Income	4,725,749	1,311,930	'
woodstock retail [Member]	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Assets	5,500,023	'	0
adjusted funds from operations	67,462	0	'
Interest and Other Income	88,885	0	'
All Other Segments [Member]	'	'	'
Segment Reporting Information [Line Items]	'	'	'
adjusted funds from operations	86,431	47,856	'
Acquisition Costs, Period Cost	245,299	1,107,011	'
Multifamily communities [Member]	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Assets	194,613,894	'	196,368,297
Operating Leases, Income Statement, Lease Revenue	5,367,772	4,023,652	'
adjusted funds from operations	3,133,472	2,397,842	'
Other Assets [Member]	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Assets	15,128,451	'	14,189,089
real estate assets [Member]	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Interest Expense	1,401,188	1,019,867	'
Depreciation	$2,308,526	$3,913,508	'

Loss_per_Share_Details

Loss per Share (Details) (USD $)

3 Months Ended

12 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2012

Dec. 31, 2013

Jun. 30, 2014

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Restricted Stock [Member]

Restricted Stock [Member]

Warrant [Member]

Warrant [Member]

ClassBUnits [Member]

ClassBUnits [Member]

Unitsissued [Member]

ClassBUnits [Member]

ClassBUnits [Member]

ClassBUnits [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]

Scenario, Actual [Member]

Scenario, Actual [Member]

Maximum [Member]

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent

$317,425

$96,167

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

2,795,845

-3,185,829

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred Stock, Shares Outstanding

101,486

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

101,486

'

89,313

'

'

Unitsissuedcumulative

'

'

'

'

'

'

'

'

101,581

'

'

'

'

'

'

'

'

'

'

'

'

Net Income (Loss) Attributable to Parent

2,756,983

-3,124,343

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends, Preferred Stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-1,420,536

-1,050,515

'

'

'

NetIncomeAllocatedToUnvestedRestrictedShares

4,678

4,792

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Income (Loss) Attributable to Noncontrolling Interest

38,862

-61,486

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net Income (Loss) Available to Common Stockholders, Basic

$1,331,769

($4,179,650)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted Average Number of Shares Outstanding, Basic

15,316,816

5,289,690

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15,316,816

5,289,690

Incremental Common Shares Attributable to Share-based Payment Arrangements

'

'

29,237

0

0

0

216,555

0

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted Average Number of Shares Outstanding, Diluted

15,562,608

5,289,690

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15,562,608

5,289,690

Income (Loss) from Continuing Operations, Per Basic Share

$0.07

($0.81)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.07

($0.81)

Preferred Stock, Dividend Rate, Percentage

6.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Units stated value per share

$1,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

131,464

'

'

'

'

'

'

'

'

'

'

'

39,216

29,016

33,046

'

'

'

'

'

'

Class of Warrant or Right, Outstanding

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

150,000

'

'

'

'

'

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

'

'

'

'

'

'

250,138

'

'

239,556

106,988

142,046

'

'

'

'

'

'

'

'

'

Incremental Common Shares from conversion of outstanding units

2,031,620

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share

$0.02

$0.02

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.02

$0.02

Earnings Per Share, Basic

$0.09

($0.79)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.09

($0.79)

Income (Loss) from Continuing Operations, Per Diluted Share

$0.07

($0.81)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share

$0.02

$0.02

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Earnings Per Share, Diluted

$0.09

($0.79)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Pro_Forma_Financial_Informatio2

Pro Forma Financial Information (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]	'	'
Revenues	$10,182,406	$5,335,582
loans to be funded	130,013,604	'
pro forma net income common stockholders	1,351,669	-4,703,939
Business Acquisition, Pro Forma Earnings Per Share, Diluted	$0.09	($0.89)
Weighted Average Number of Shares Outstanding, Basic	15,316,816	5,289,690
Weighted Average Number of Shares Outstanding, Diluted	15,562,608	5,289,690
Pro Forma [Member]	'	'
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]	'	'
Revenues	10,182,406	6,028,442
Business Acquisition, Pro Forma Net Income (Loss)	2,498,713	-3,777,596
pro forma net income company	$2,776,883	($3,648,632)
Business Acquisition, Pro Forma Earnings Per Share, Basic	$0.09	($0.89)
Weighted Average Number of Shares Outstanding, Basic	15,316,816	'
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 $)	Mar. 31, 2014	Dec. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Exit fee	'	$2,000,000
Loans and Leases Receivable, Net of Deferred Income	119,480,680	113,718,233
Financing Receivable, Gross	23,200,000	'
line of credit receivable	7,794,718	5,358,227
Financing Receivable, Net	11,252,035	'
financial assets carrying value	140,027,433	130,824,638
Mortgage notes payable	140,873,000	140,516,000
Line of Credit Facility, Amount Outstanding	32,007,780	29,390,000
Debt, Long-term and Short-term, Combined Amount	172,880,780	169,906,000
Mortgages [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Mortgage notes payable	140,873,000	140,516,000
Fair Value, Inputs, Level 3 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
real estate related loans fair value	123,424,078	119,152,117
Assets, Fair Value Disclosure	'	136,258,522
Long-term Debt, Fair Value	138,008,081	137,116,549
Line of Credit Facility, Amount Outstanding	'	29,390,000
Liabilities, Fair Value Disclosure	170,015,861	166,506,549
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	12,752,035	10,248,178
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	123,424,078	119,152,117
Irvine [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Loans Receivable, Fair Value Disclosure	$14,842,015	$14,332,658

Subsequent_Events_sub_events_D

Subsequent Events sub events (Details) (USD $)	3 Months Ended
	Jun. 30, 2014	Mar. 31, 2014	Mar. 31, 2013	Apr. 30, 2014	Nov. 05, 2013
Subsequent Event [Line Items]	'	'	'	'	'
Common stock, shares issued	'	'	'	756,910	4,200,000
Financing Receivable, Gross	'	$23,200,000	'	'	'
Sale of Stock, Price Per Share	'	'	'	$8.10	'
Proceeds from Issuance of Common Stock	5,900,000	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	'	131,464	'	'	'
Common Stock, Dividends, Per Share, Declared	$0.16	$0.16	$0.14	'	'
Unitsissued	'	'	'	4,219	'
Restricted Stock [Member]	'	'	'	'	'
Subsequent Event [Line Items]	'	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	39,216	29,016	33,046	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$8.21	$8.04	$8.85	'	'
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	$321,963	$17,511	$256,792	'	'