Preferred Apartment Communities (APTS) 10-Q 11 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information Document	6 Months Ended
	Jun. 30, 2014	Aug. 06, 2014
Document and Entity Information	'	'
entity registrant name	'PREFERRED APARTMENT COMMUNITIES INC	'
entity CIK	'0001481832	'
Current fiscal year end date	'--12-31	'
document type	'10-Q	'
document period end date	30-Jun-14	'
document fiscal year focus	'2014	'
entity filer category	'Accelerated Filer	'
document fiscal period focus	'Q2	'
Entity Well-known Seasoned Issuer	'No	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
amendment flag	'false	'
entity common stock, shares outstanding	17,140,022	17,140,022

Balance_Sheets

Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
Real estate	'	'
Land	$36,270,576	$34,520,000
Building and improvements	151,600,470	147,510,836
Furniture, fixtures, and equipment	22,857,790	22,363,098
Construction in progress	352,463	55,226
Gross real estate	211,081,299	204,449,160
Less: accumulated depreciation	-18,760,757	-14,133,421
Net real estate	192,320,542	190,315,739
Real estate loans	116,323,854	103,433,147
Loans and Leases Receivable, Related Parties	17,671,052	7,164,768
Total real estate and real estate loan, net	326,315,448	300,913,654
Cash and cash equivalents	9,677,630	9,180,431
Restricted cash	2,875,643	2,064,819
Financing Receivable, Net	15,596,387	'
Note receivable	23,200,000	'
Due from Related Parties, Current	1,500,000	1,500,000
line of credit receivable	10,551,204	5,358,227
Interest Receivable	5,519,192	3,286,660
Intangible Assets, Net (Excluding Goodwill)	344,083	907,883
Deferred loan costs, net of amortization of $155,953 and $64,480	1,617,847	1,719,194
Deferred offering costs	6,668,355	5,255,636
Other assets	1,919,983	1,202,013
Total assets	382,585,772	341,636,695
Liabilities	'	'
Mortgage notes payable	140,816,950	140,516,000
Accounts payable and accrued expenses	3,171,512	1,638,401
Line of Credit Facility, Amount Outstanding	37,283,306	29,390,000
Interest Payable, Current	484,029	443,099
Dividends payable	3,235,741	2,900,478
Below Market Lease, Net	430,754	0
Security deposits and prepaid rents	735,898	695,998
Deferred income	-672,288	'
Total liabilities	186,158,190	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	166,363	152,945
Additional paid in capital	203,130,447	177,824,720
Accumulated deficit	-8,230,256	-13,391,341
Total stockholders' equity	195,067,706	164,587,217
Non-controlling interest	1,359,876	1,465,502
Total equity	196,427,582	166,052,719
Total liabilities and equity	382,585,772	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	1,152	893
Mortgages [Member]	'	'
Liabilities	'	'
Mortgage notes payable	$140,816,950	$140,516,000

Statements_of_Operations

Statements of Operations (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues:	'	'	'	'
Rental revenues	$6,044,732	$5,062,433	$11,914,023	$9,362,672
Other property revenues	760,666	586,262	1,405,708	965,052
Interest income on loan and note receivable	4,492,153	1,992,950	8,785,595	3,288,030
Revenue from Related Parties	767,639	27,063	1,199,946	43,913
Total revenues	12,065,190	7,668,708	23,305,272	13,659,667
Operating expenses:	'	'	'	'
Property operating and maintenance	960,985	890,498	1,873,534	1,480,075
property salaries related party	609,104	553,096	1,234,365	1,032,983
Property management fees	268,674	217,719	530,795	405,361
Real estate taxes	730,264	565,798	1,389,313	1,015,577
General and administrative	232,765	175,149	421,604	286,605
Share-based Compensation	445,924	290,165	890,146	599,086
Depreciation and amortization	3,296,780	4,884,319	5,605,306	8,996,622
Acquisition costs	162,364	3,525	350,395	202,136
acquisition fees paid to related party	0	121,087	57,268	1,029,487
Management fees	731,521	467,763	1,420,270	851,631
Other Expenses	417,939	274,643	811,914	579,052
Total operating expenses	7,856,320	8,443,762	14,584,910	16,478,615
Operating Income (Loss)	4,208,870	-775,054	8,720,362	-2,818,948
Interest Expense	1,784,398	1,242,829	3,500,049	2,384,764
Gains (Losses) on Extinguishment of Debt	0	604,337	0	604,337
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	2,424,472	-2,622,220	5,220,313	-5,808,049
Net loss	2,424,472	-2,622,220	5,220,313	-5,808,049
net loss attributable to non-controlling interests	-20,366	36,670	-59,228	98,156
Net loss attributable to the Company	2,404,106	-2,585,550	5,161,085	-5,709,893
NetIncomeAllocatedToUnvestedRestrictedShares	-6,274	-4,352	-10,952	-9,144
Net loss attributable to common stockholders	797,053	-10,363,876	2,128,818	-14,543,526
Earnings Per Share, Diluted	$0.05	($1.26)	$0.13	($2.15)
Earnings Per Share, Basic	$0.05	($1.26)	$0.13	($2.15)
Dividends, Common Stock, Cash	'	'	-5,111,982	'
Common Stock, Dividends, Per Share, Declared	$0.16	$0.15	$0.32	$0.30
Weighted Average Number of Shares Outstanding, Basic	16,287,354	8,198,340	15,804,766	6,752,050
Weighted Average Number of Shares Outstanding, Diluted	16,421,351	8,198,340	15,915,384	6,752,050
Scenario, Actual [Member]	'	'	'	'
Operating expenses:	'	'	'	'
Depreciation and amortization	3,296,780	4,884,319	5,605,306	8,996,622
Earnings Per Share, Basic	$0.05	($1.26)	$0.13	($2.15)
Weighted Average Number of Shares Outstanding, Basic	16,287,354	8,198,340	15,804,766	6,752,050
Weighted Average Number of Shares Outstanding, Diluted	16,421,351	8,198,340	15,915,384	6,752,050
Series B Preferred Stock [Member]	'	'	'	'
Operating expenses:	'	'	'	'
Dividends to preferred stockholders	0	-7,028,557	0	-7,028,557
Series A Preferred Stock [Member]	'	'	'	'
Operating expenses:	'	'	'	'
Dividends to preferred stockholders	($1,600,779)	($745,417)	($3,021,315)	($1,795,932)

Balance_sheet_parenthetical_Pa

Balance sheet parenthetical (Parentheticals) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Loans Held-for-sale, Fair Value Disclosure	$16,514,083	$14,332,658
Finite-Lived Intangible Assets, Accumulated Amortization	13,886,914	12,569,581
Deferred loan costs, accumulated amortization	995,904	963,043
Below Market Lease, Accumulated Amortization	$402,208	'
Series A Redeemable Preferred Stock, par value per share	$1,000	'
Shares outstanding, preferred stock	115,221	'
Common Stock, par value per share	$0.01	'
Common stock, shares outstanding	16,636,359	'
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	115,391	89,408
Shares outstanding, preferred stock	115,221	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	16,636,359	15,294,578
Common stock, shares outstanding	16,636,359	15,294,578

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Operating activities:	'	'
Net loss attributable to the Company	$5,161,085	($5,709,893)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	5,220,313	-5,808,049
Reconciliation of net loss to net cash provided by (used in) operating activities:	'	'
Depreciation expense	4,631,503	3,683,029
Amortization expense	973,803	5,313,593
Amortization of above and below Market Leases	-32,940	-261,695
Deferred fee income amortization	-592,308	-145,519
Deferred loan cost amortization	264,300	422,395
deferred interest income	2,232,532	-900,048
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	890,146	599,086
deferred miscellaneous income amortization	-9,138	-5,468
Gain (Loss) on Disposition of Assets	2,804	0
Changes in operating assets and liabilities:	'	'
(Increase) in tenant accounts receivable	174,685	-53,426
(Increase) decrease in other assets	1,205,655	476,796
Increase in accounts payable and accrued expenses	40,930	-88,486
(Decrease) increase in accrued interest payable	-58,842	-4,547
Increase (decrease) in prepaid rents	-20,486	12,090
Net cash provided by (used in) operating activities	10,572,859	3,239,751
Investing activities:	'	'
Investments in real estate loans	-25,201,346	-25,626,531
Proceeds from Principal Repayments on Loans and Leases Held-for-investment	2,110,609	0
Notes receivable issued	1,328,465	956,665
Proceeds from Interest and Dividends Received	53,308	0
Deferred acquisition fee on real estate loans	7,337,953	3,597,995
Deferred real estate loan income	-6,713,545	-7,546,203
Acquisition of properties, net	-5,701,393	-33,476,928
Additions to real estate assets - improvements	-996,571	-642,428
Proceeds from Sale of Productive Assets	4,773	0
Increase in cash held in escrow and restricted cash	-583,994	-811,880
AcquisitionFeesRelatedPartyCosts	-343,689	-508,720
Increase (Decrease) in Accounts and Notes Receivable	1,912,520	2,390,186
Net cash (used in) investing activities	-40,834,746	-67,846,394
Financing activities:	'	'
Proceeds from mortgage notes payable	13,357,000	59,045,000
Extinguishment of Debt, Amount	-13,056,050	-56,594,389
Payments for mortgage loan costs	701,664	1,607,394
Payments on revolving lines of credit	-11,390,000	-30,793,414
Proceeds from non-revolving lines of credit	-19,283,306	-30,129,147
Proceeds from sales of Units, net of offering costs	23,342,536	35,947,555
Proceeds from Issuance of Common Stock	9,513,500	0
Dividends declared and paid	-4,905,466	-1,543,539
Payments of Ordinary Dividends, Preferred Stock and Preference Stock	-2,896,958	-1,598,854
Payments for deferred offering costs, net of non cash items	-1,733,448	-749,097
Cash beginning of period	9,180,431	2,973,509
Cash end of period	9,677,630	7,542,943
Supplemental cash flow information:	'	'
Cash paid for interest	3,276,678	2,668,558
Noncash Investing and Financing Items [Abstract]	'	'
Accrued capital expenditures	199,708	200,191
Deemed noncash dividend	0	7,028,557
Dividends payable to non controlling interests	21,509	16,048
Payments of Ordinary Dividends, Noncontrolling Interest	53,670	-15,513
Accrued and payable deferred offering costs	209,145	499,932
Reclass of offering costs from deferred asset to equity	295,319	189,325
amount of bridge loans converted to mezzanine loans	7,416,864	0
Loans Assumed	0	69,428,389
Net Cash Provided by (Used in) Financing Activities	30,759,086	69,176,077
Cash and Cash Equivalents, Period Increase (Decrease)	497,199	4,569,434
non cash mezzanine loan settled	0	6,326,898
loan fees received	687,378	1,017,440
Series B Preferred Stock [Member]	'	'
Financing activities:	'	'
Proceeds from sales of Units, net of offering costs	'	36,956,575
Common Stock [Member]	'	'
Noncash Investing and Financing Items [Abstract]	'	'
Dividends payable	2,658,212	1,660,034
Series A Preferred Stock [Member]	'	'
Noncash Investing and Financing Items [Abstract]	'	'
Dividends payable	556,020	276,946
Parent [Member]	'	'
Operating activities:	'	'
Net loss attributable to the Company	5,161,085	-5,709,893
Financing activities:	'	'
Proceeds from Issuance of Common Stock	$9,811,665	'

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

38,455,505

'

'

393

'

0

'

38,455,112

'

0

'

38,455,505

'

0

'

'

'

'

'

'

'

'

Proceeds from Issuance of Common Stock

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

restricted stock vesting

0

'

'

0

'

330

'

-330

'

0

'

0

'

0

'

'

'

'

'

'

'

'

Class B Units Vested

0

'

'

0

'

0

'

-479,841

'

0

'

-479,841

'

479,841

'

'

'

'

'

'

'

'

Equity compensation to executives and directors

599,086

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-449,289

'

-449,289

449,289

Stock Issued During Period, Value, Conversion of Convertible Securities

40,000,000

'

'

0

'

57,143

'

39,942,857

'

0

'

40,000,000

'

0

'

'

'

'

'

'

'

'

Syndication and offering costs

-6,387,968

'

'

'

'

'

'

-6,387,968

'

'

'

-6,387,968

'

'

'

'

'

'

'

'

'

'

Stock Issued During Period, Value, Share-based Compensation, Gross

599,086

'

'

0

'

21

'

599,065

'

0

'

599,086

'

0

'

'

'

'

'

'

'

'

Net Income (Loss) Attributable to Parent

-5,709,893

'

'

'

'

'

'

'

'

-5,709,893

'

-5,709,893

'

-98,156

'

'

'

'

'

'

'

'

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

-5,808,049

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

non-controlling interest equity adjustment

'

'

'

'

'

'

'

-159,504

'

'

'

-159,504

'

159,504

'

'

'

'

'

'

'

'

Payments to Noncontrolling Interests

-31,560

'

'

0

'

0

'

0

'

0

'

0

'

-31,560

'

'

'

'

'

'

'

'

Dividends, Preferred Stock

'

-1,105,457

'

0

'

0

'

1,105,457

'

0

'

1,105,457

'

0

'

'

'

'

'

'

'

'

Dividends, Preferred Stock, Cash

'

'

-690,476

'

'

'

'

'

-690,476

'

'

'

-690,476

'

'

'

'

'

'

'

'

'

Dividends, Common Stock

-2,431,957

'

'

0

'

0

'

-2,431,957

'

0

'

-2,431,957

'

0

'

'

'

'

'

'

'

'

Balance at Jun. 30, 2013

112,656,699

'

'

591

'

110,379

'

126,704,956

'

-15,118,146

'

111,697,780

'

958,919

'

'

'

'

'

'

'

'

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

25,956,441

'

'

260

'

0

'

25,956,181

'

0

'

25,956,441

'

0

'

'

'

'

'

'

'

'

Stock Redeemed or Called During Period, Value

-22,556

'

'

-1

'

59

'

-22,614

'

'

'

-22,556

'

'

'

'

'

'

'

'

'

'

Proceeds from Issuance of Common Stock

9,513,500

'

'

0

'

12,004

'

9,799,661

'

0

'

9,811,665

'

0

'

'

'

'

'

'

'

'

Stock Issued During Period, Value, New Issues

9,811,665

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

restricted stock vesting

0

'

'

0

'

293

'

-293

'

0

'

0

'

0

'

'

'

'

'

'

'

'

Equity compensation to executives and directors

890,146

'

'

'

'

'

'

'

'

'

'

'

'

'

'

732,798

'

'

'

'

'

732,798

Stock Issued During Period, Value, Conversion of Units

0

'

'

0

'

1,040

'

565,158

'

0

'

566,198

'

-566,198

'

'

'

'

'

'

'

'

Syndication and offering costs

-3,289,788

'

'

'

'

'

'

-3,289,788

'

'

'

-3,289,788

'

'

'

'

'

'

'

'

'

'

Stock Issued During Period, Value, Share-based Compensation, Gross

157,347

'

'

0

'

22

'

157,325

'

0

'

157,347

'

0

'

'

'

'

'

'

'

'

Dividends, Common Stock, Cash

-5,111,982

'

'

'

'

'

'

-5,111,982

'

'

'

-5,111,982

'

'

'

'

'

'

'

'

'

'

Net Income (Loss) Attributable to Parent

5,161,085

'

'

'

'

'

'

'

'

5,161,085

'

5,161,085

'

59,228

'

'

'

'

'

'

'

'

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

5,220,313

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

non-controlling interest equity adjustment

'

'

'

'

'

'

'

273,394

'

'

'

273,394

'

-273,394

'

'

'

'

'

'

'

'

Payments to Noncontrolling Interests

-58,060

'

'

0

'

0

'

0

'

0

'

0

'

-58,060

'

'

'

'

'

'

'

'

Dividends, Preferred Stock

'

3,021,315

'

0

'

0

'

3,021,315

'

0

'

3,021,315

'

0

'

'

'

'

'

'

'

'

Dividends, Preferred Stock, Cash

3,021,315

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Balance at Jun. 30, 2014

$196,427,582

'

'

$1,152

'

$166,363

'

$203,130,447

'

($8,230,256)

'

$195,067,706

'

$1,359,876

'

'

'

'

'

'

'

'

Statements_of_Equity_and_Accum1

Statements of Equity and Accumulated Deficit Parenthetical (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Common Stock, Dividends, Per Share, Declared	$0.32	$0.30
Series A Preferred Stock [Member]	'	'
Dividends, Preferred Stock, Cash	$5	$5
Series B Preferred Stock [Member]	'	'
Dividends, Preferred Stock, Cash	'	$17.26

Organization

Organization	6 Months Ended
	Jun. 30, 2014
Organization [Abstract]	'
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	'
	Organization and Basis of Presentation
	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 development 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 assets in other real estate related investments, as determined by its Manager (as defined below) as appropriate for the Company. See note 16 for details regarding an amendment of the Company's investment strategy. 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 June 30, 2014, the Company had 16,636,359 shares of common stock, par value $0.01 per share, or Common Stock, issued and outstanding and owned units in the Operating Partnership which represented a weighted-average ownership percentage of 99.16% for the three-month period ended June 30, 2014. The number of partnership units not owned by the Company totaled 145,011 at June 30, 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.
	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. The year end condensed balance sheet data was derived from audited financial statements, but does not include all the disclosures required by accounting principles generally accepted in the United States of America. 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.

Significant_Accounting_Policie

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2014
Summary of Significant Accounting Policies [Abstract]	'
Significant Accounting Policies [Text Block]	'
	Summary of Significant Accounting Policies
	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, and which approximate market rates. 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 probable 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.
	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.
	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.
	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 and depreciation expense is no longer recorded. Previous periods are similarly reclassified for comparability. In the event a disposal group no longer meets the criteria necessary for held for sale classification, any reclassification adjustments previously made to the assets, liabilities, and results of operations are reversed and depreciation expense is adjusted to recognize any such expense applicable to periods for which the disposal group was classified as held for sale.
	New Accounting Pronouncements
	In April 2014, the Financial Accounting Standards Board, or FASB, 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 and in the Company's Quarterly Report on Form 10-Q for the three-month period ended March 31, 2014. The Company does not expect the adoption of this guidance to materially impact its financial position or results of operations.
	In May 2014, the FASB issued Accounting Standards Update 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers (Topic 606). ASU 2014-09 provides a single comprehensive revenue recognition model for contracts with customers (excluding certain contracts, such as lease contracts) to improve comparability within industries. ASU 2014-09 requires an entity to recognize revenue to reflect the transfer of goods or services to customers at an amount the entity expects to be paid in exchange for those goods and services and provide enhanced disclosures, all to provide more comprehensive guidance for transactions such as service revenue and contract modifications. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2016 and may be applied using either a full retrospective or a modified approach upon adoption. The Company is currently evaluating the impact this standard may have on its financial statements.

Real_Estate_Assets

Real Estate Assets	6 Months Ended
	Jun. 30, 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 June 30, 2014 and six multifamily communities with 1,789 total units at June 30, 2013. The acquired second phases of our Trail Creek and Summit Crossing communities 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 June 30, 2014, the combined phases of our Trail Creek communities, which was previously classified as held for sale, was reclassified pursuant to action taken by the investment committee of the Company's Manager.
	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 and assumed liabilities.
	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 tenant improvements, in-place leases, above market leases, legal fees and commissions, and below-market leases will continue to be amortized over the remaining non-cancelable lease terms, which range from six months to ten years as of June 30, 2014, with a weighted average remaining lease term of 9.0 years as of June 30, 2014. Since the acquisition date of February 12, 2014, Woodstock Crossing contributed approximately $191,000 and $280,000 of revenue and $68,000 and $105,000 of net income to the Company's consolidated results for the three-month and six-month periods ended June 30, 2014, respectively. See note 6 for details regarding the acquisition fee paid related to this transaction. The Company expensed acquisition costs of approximately $268,000 in conjunction with the Woodstock Crossing acquisition.
	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. The Company expensed acquisition costs of approximately $455,000 in conjunction with the Ashford Park acquisition.
	•	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. The Company expensed acquisition costs of approximately $358,000 in conjunction with the Lake Cameron acquisition.
	•	McNeil Ranch REIT, Inc., the fee-simple owner of a 192-unit multifamily community located in Austin, Texas, or McNeil Ranch, for a total purchase price of approximately $21.0 million, exclusive of assumed mortgage debt, acquisition-related and financing-related transaction costs. The Company expensed acquisition costs of approximately $277,000 in conjunction with the McNeil Ranch acquisition.
	Amortization of acquired intangible assets for the six-month period ended June 30, 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 Manager, 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 were classified as held for sale at December 31, 2013 and March 31, 2014. Effective on December 4, 2013, the Company ceased recording depreciation on the combined Trail Creek community. On June 20, 2014, again pursuant to approval of the investment committee of the Manager, the Company removed the Trail Creek community from held for sale classification. As such, Trail Creek is included in the Company's consolidated financial statements for all periods presented.
	In the second quarter of 2014, the Company recorded depreciation of approximately $435,000 and amortization expense of intangible assets of approximately $167,000 for the period from December 4, 2013 through March 31, 2014 for the combined Trail Creek multifamily community. The depreciation and amortization charges recorded for the three-month and six-month periods ended June 30, 2014 in the following table include these adjustments.
		Three months ended June 30,					Six months ended June 30,
		2014			2013		2014		2013
	Depreciation:
	Buildings and improvements	$	1,416,130		$	959,891	$	2,358,876	$	1,817,926
	Furniture, fixtures, and equipment	1,320,962			994,271		2,272,627		1,865,103
		2,737,092			1,954,162		4,631,503		3,683,029
	Amortization:
	Acquired intangible assets	558,498			2,929,005		971,422		5,311,290
	Website development costs	1,190			1,152		2,381		2,303
	Total depreciation and amortization	$	3,296,780		$	4,884,319	$	5,605,306	$	8,996,622

Real_Estate_Loans_Notes_Receiv

Real Estate Loans, Notes Receivable, and Line of Credit	6 Months Ended
	Jun. 30, 2014
Real Estate Loan [Abstract]	'
loansheldforinvestment [Text Block]	'
	Real Estate Loans, Notes Receivable, and Line of Credit
	At June 30, 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		9/20/15		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)		6/16/14		11/30/15		6/16/17		6,116,384				$	18,615,081			8.5 / 4.3
		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		7/31/14		N/A		10,932,000				N/A				5-Aug
		Irvine		Irvine, CA (9)		12/18/13		9/30/14		N/A		21,000,000				N/A				8.5 / 4.3
		Weems Road		Atlanta, GA (10)		4/14/14		10/14/14		N/A		5,700,000				N/A				8.5 / 4.3
		Kennesaw		Atlanta, GA (6) (11)		6/27/14		6/27/17		N/A		13,424,995				$	34,825,000			8.5 / 4.3
												$	158,274,983
	(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; "Irvine" - 360 - Irvine, LLC; "Weems Road" - Weems Road Property Owner, LLC; and "Kennesaw" - Haven Campus Communities - Kennesaw, 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 planned 152-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. The Company expects to convert this bridge loan to a mezzanine loan by August 21, 2014.
	(9)	Bridge loan of up to $21.0 million to partially finance the acquisition of land and predevelopment costs for a 280-unit multifamily community in Irvine, California.
	(10)	Bridge loan of up to approximately $5.7 million to partially finance the acquisition of land and predevelopment costs for a 310-unit multifamily community in Atlanta, Georgia.
	(11)	Mezzanine loan of up to approximately $13.4 million in support of a planned 198-unit,792-bed student housing community adjacent to the campus of Kennesaw State University in Atlanta, Georgia.
	The Company's real estate loans are collateralized by 100% of the membership interests of the underlying project entity, and, where considered 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 Encore, Manassas, Irvine and Weems Road loans are also collateralized by the acquired land. The Haven West and Kennesaw loans are additionally collateralized by an assignment by the developer of security interests in unrelated projects. 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 June 30, 2014																Carrying amount as of
			Amount drawn				Loan Fee received from borrower - 2%				Acquisition fee paid to Manager - 1%				Unamortized deferred loan fee revenue				June 30, 2014		31-Dec-13
	Project/Property
	City Park		$	10,000,000			$	200,000			$	100,000			$	(59,621	)		$	9,940,379	$	9,928,017
	City Vista		12,153,000				243,040				121,520				(70,814		)		12,082,186		12,063,939
	Madison - Rome		5,360,042				107,201				53,600				(25,528		)		5,334,514		5,322,770
	Lely		11,959,918				254,265				127,133				(64,550		)		11,895,368		11,402,372
	Crosstown Walk		10,455,804				219,240				109,620				(37,567		)		10,418,237		9,997,245
	Overton		15,214,206				332,079				166,040				(97,391		)		15,116,815		14,487,178
	Haven West		6,691,269				138,816				69,408				(42,584		)		6,648,685		5,582,018
	Starkville		2,059,047				34,600				17,300				(42,592		)		2,016,455		1,582,750
	Founders' Village		9,866,000				197,320				98,660				(73,329		)		9,792,671		7,572,698
	Encore		9,007,044				320,531				160,265				(26,870		)		8,980,174		7,716,421
	Manassas		10,932,000				214,140				107,070				—				10,932,000		10,609,849
	Irvine		16,559,297				298,634				149,317				(45,214		)		16,514,083		14,332,658
	Weems Road		5,344,166				94,356				47,178				(26,740		)		5,317,426		—
	Kennesaw		9,065,401				119,500				59,750				(59,488		)		9,005,913		—
			$	134,667,194			$	2,773,722			$	1,386,861			$	(672,288	)		$	133,994,906	$	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		9/1/16		11/30/16		(1)				152
	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
Weems Road		N/A		N/A		N/A				310
Kennesaw		9/1/16		11/30/16		(1)				198
										3,491
(1) The purchase option price is to be calculated as a discount based on a 50 basis point increase from the market cap rate at the time of exercise of the purchase option.
At June 30, 2014, our portfolio of notes and line of credit receivable consisted of:
Borrower		Type of instrument		Date of loan		Maturity date		Total loan commitments				Carrying Amount				Interest rate
360 Residential, LLC		Bridge loan		3/20/13		12/31/14		$	2,000,000			$	440,771			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				8,920,869				8	%	(5)
								$	23,200,000			$	21,036,640
(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. See Note 16.
(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.
Also, the Company originated revolving lines of credit during the second quarter of 2014, as follows:
Borrower		Origination date		Total loan commitments				Interest rate			Maturity date		Carrying amount at June 30, 2014
Haven Campus Communities, LLC		6/11/14		$	4,000,000			12	%		6/30/16		$	1,630,335
Oxford Capital Partners, LLC		6/27/14		4,200,000				12	%		6/30/16		3,234,958
Newport Development Partners, LLC		6/17/14		3,000,000				12	%		6/30/16		1,745,658
				$	11,200,000								$	6,610,951
The Haven and Newport instruments are collateralized in full by guaranties of repayment issued by the principals of the borrowers, which are not affiliates of the Company. The Oxford line of credit is collateralized by guaranties of repayment issued by the principals of the borrowers, which are not affiliates of the Company, up to the lesser of 25% of the outstanding principal balance or $1,000,000. Haven Campus Communities, LLC is a related party, as described in note 6.
The Company recorded interest income and other revenue from these instruments as follows:
		Three months ended June 30,								Six months ended June 30,
		2014				2013				2014				2013
Real estate loans:
Current interest payments		$	2,628,833			$	975,905			$	4,928,126			$	1,708,085
Additional accrued interest		1,697,017				678,848				3,211,178				1,121,837
Deferred loan fee revenue		272,399				88,383				580,856				115,694
Total real estate loan revenue		4,598,249				1,743,136				8,720,160				2,945,616
Interest income on notes and lines of credit		661,543				276,877				1,265,381				386,327
Interest income on loans and notes receivable		$	5,259,792			$	2,020,013			$	9,985,541			$	3,331,943
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, Founders' Village, and Kennesaw 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 June 30, 2014 of approximately $85.4 million. The maximum aggregate amount of loans to be funded as of June 30, 2014 was approximately $93.1 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, the promissory note to Oxford Contracting, LLC, and the revolving line of credit to Oxford Capital Partners, 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 $58.1 million (with a total commitment amount of $60.1 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 June 30, 2014.
The borrowers and guarantors behind the Crosstown Walk, City Park, City Vista, Founders' Village and Manassas real estate loans, the promissory note to Oxford Contracting, LLC, and the revolving line of credit to Oxford Capital Partners, 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 $1.3 million for the three-month periods ended June 30, 2014 and 2013, respectively.

Redeemable_Preferred_Stock

Redeemable Preferred Stock	6 Months Ended
	Jun. 30, 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. On June 26, 2014, the Company amended the redemption schedule of the Preferred Stock to allow redemptions at the option of the holder from the date of issuance of the Preferred Stock through the first year subject to a 13% redemption fee. After year one, the redemption fee decreases to 10%, after year three it 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 June 30, 2014, offering costs specifically identifiable to Unit offering closing transactions, such as commissions, dealer manager fees, and other registration fees, totaled approximately $10.8 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 $6.9 million. As of June 30, 2014, the Company had issued 115,391 Units and collected net proceeds of approximately $104.5 million from the Primary Series A Offering after commissions.  A total of 170 shares of Series A Preferred Stock were subsequently redeemed. The number of Units issued was approximately 11.7% 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 11.7% of the approximate $6.9 million deferred to date, or approximately $801,000 as a reduction of stockholders' equity.  The remaining balance of offering costs not yet reflected as a reduction of stockholder's equity, approximately $6.7 million, are reflected in the asset section of the consolidated balance sheet  as deferred offering costs at June 30, 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.
	Aggregate offering expenses, including selling commissions and dealer manager fees, will be capped at 11.5% of the aggregate gross proceeds of the Primary Series A Offering and the Follow-On Offering, of which the Company will reimburse its Manager up to 1.5% of the gross proceeds of these offerings for all organization and offering expenses incurred, excluding selling commissions and dealer manager fees; however, upon approval by the conflicts committee of the board of directors, the Company may reimburse its Manager for any such expenses incurred above the 1.5% amount as permitted by the Financial Industry Regulatory Authority.
	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 $37.0 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 $445,000 as of June 30, 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, the Company 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. Through June 30, 2014, the Company sold approximately 1.2 million shares of Common Stock through the ATM offering and collected net proceeds of approximately $9.5 million.

Related_Party_Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 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				Six months ended
	Type of Compensation		Basis of Compensation	June 30, 2014		June 30, 2013		30-Jun-14		30-Jun-13
	Acquisition fees		1% of the gross purchase price of real estate assets acquired or loans advanced	$	332,902	$	475,633	$	400,958	$	1,538,207
	Asset management fees		Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted	493,709		314,691		960,577		580,492
	Property management fees		Monthly fee equal to 4% of the monthly gross revenues of the properties managed	268,674		217,719		530,795		405,361
	General and administrative expense fees		Monthly fee equal to 2% of the monthly gross revenues of the Company	237,812		153,072		459,693		271,139
				$	1,333,097	$	1,161,115	$	2,352,023	$	2,795,199
	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 listed on the Consolidated Statements of Operations:
	Three months ended June 30,					Six months ended June 30,
	2014			2013		2014		2013
	$	609,104		$	553,096	$	1,234,365	$	1,032,983
	The Manager utilizes its own and its affiliates' personnel 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 was reimbursed $218,240 and $148,754 for the six-month periods ended June 30, 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, Starkville, Kennesaw real estate loans and the Haven Campus Communities' line of credit are supported in part by guaranties of repayment and performance by John A. Williams, Jr., our Chief Executive Officer's son, a principal of the borrowers and a related party of the Company under GAAP.
	In addition to the fees described above, the Management Agreement also entitles the Manager to other potential fees, including 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.
	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 or six-month periods ended June 30, 2014 or 2013.

Dividends

Dividends	6 Months Ended
	Jun. 30, 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
	30-Apr-14	101,436	510,905		30-Apr-13		41,492		220,874
	30-May-14	105,630	533,800		31-May-13		48,098		247,596
	30-Jun-14	109,865	556,074		28-Jun-13		53,749		276,948
		Total	$	3,021,315			Total		$	1,105,457
	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 six-month periods ended June 30, 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
	June 16, 2014	16,613,827	0.16		2,658,212			June 26, 2013		11,066,895	$	0.15	1,660,034
			$	0.32	$	5,111,981					$	0.295	$	2,431,957
	The holders of Class A OP Units of the Operating Partnership are entitled to equivalent distributions as those declared on the Common Stock. At June 30, 2014, the Company had 145,011 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 May 8, 2014, the Operating Partnership declared cash distributions to holders of Class A OP Units totaling $21,509, which were paid on July 17, 2014. 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. On May 9, 2013, the Operating Partnership declared cash distributions to holders of Class A OP Units totaling $16,048, which were paid on July 31, 2013.

Equity_Compensation

Equity Compensation	6 Months Ended
	Jun. 30, 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 June 30,						Six-month period ended June 30,				Unamortized expense as of June 30,
		2014			2013			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	—			215,555			2,318		428,791		—
	Executive officers - 2014	370,864			—			730,481		—		730,961
	Vice chairman of board of directors	—			10,249			—		20,498		—
	Restricted stock grants:
	2012	—			21,562			—		86,250		—
	2013	21,453			42,799			85,812		42,799		—
	2014	53,607			—			53,607		—		268,356
	Total	$	445,924		$	290,165		$	890,146	$	599,086	$	999,317
	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 was recognized on a straight-line basis over the period ending with the vest date, which was May 8, 2014. 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.
	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 was recognized on a straight-line basis over the period beginning on the date of grant and ending on May 8, 2014.
	On May 8, 2014, the Company granted a total of 39,216 shares of restricted Common Stock to its independent board members, in payment of their annual retainer fees. The per-share fair value was $8.21 and total compensation cost in the amount of $321,963 will be recognized on a straight-line basis over the period ending on the earlier of first anniversary of the grant date and 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 became vested and earned and automatically converted to Class A OP Units of the Operating Partnership on June 30, 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	6 Months Ended
	Jun. 30, 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		June 30, 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		19,467,661			19,500,000			5/1/18	1 month LIBOR+	2.77%	(2) (3)
	Summit Crossing	4/21/11		20,838,289			20,862,000			5/1/18	Fixed	4.71%	(2)
	Summit II	3/20/14		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			$	140,816,950		$	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 were 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. See note 16 for details regarding an amendment of the terms of the Credit Facility.
	As of June 30, 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%		36.10%
	Net worth		Minimum $160,000,000	(2)	$196,427,582
	Debt yield		Minimum 8.25%		8.97%
	Payout ratio		Maximum 95%	(3)	86.30%
	Total leverage ratio		Maximum 65%		45.40%
	Debt service coverage ratio		Minimum 1.50x		3.93x
	(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 $188,245,500 as of June 30, 2014.
	(3)Calculated on a trailing four-quarter basis. For the twelve-month period ended June 30, 2014, the maximum dividends and distributions allowed under this covenant was $15,971,623.
	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 June 30, 2014, aggregate unamortized loan costs were approximately $1.6 million, which will be amortized over a weighted average remaining loan life of approximately 5.3 years. The weighted average interest rate for the Credit Facility was 4.2% for the six-month period ended June 30, 2014.
	Interest Expense
	Interest expense, including amortization of deferred loan costs was:
			Three months ended June 30,						Six months ended June 30,
			2014			2013			2014			2013
	Trail Creek		$	317,757		$	143,760		$	632,220		$	265,827
	Stone Rise		151,615			154,038			302,158			306,734
	Summit Crossing		410,585			254,823			780,372			506,916
	Ashford Park		215,729			215,729			429,230			382,508
	McNeil Ranch		118,317			118,317			235,447			211,879
	Lake Cameron		165,319			165,318			328,919			297,592
			1,379,322			1,051,985			2,708,346			1,971,456
	Revolving credit facility		405,076			190,844			791,703			413,308
	Interest expense		$	1,784,398		$	1,242,829		$	3,500,049		$	2,384,764
	Future Principal Payments
	The Company’s estimated future principal payments due on its debt instruments, including its line of credit as of June 30, 2014 were:
	Period		Future principal payments
	2014		$	37,636,159
	2015		730,292
	2016		753,913
	2017		787,117
	2018		38,669,093
	thereafter		99,523,682
	Total		$	178,100,256

Income_Taxes

Income Taxes	6 Months Ended
	Jun. 30, 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 June 30, 2014 and December 31, 2013.

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 otherwise currently subject to neither any known material commitments or contingencies from its business operations, nor any material known or threatened litigation.

Segment_information

Segment information	6 Months Ended
	Jun. 30, 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 June 30, 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.
		June 30, 2014				December 31, 2013
	Assets:
	Multifamily communities	$	193,351,429			$	196,368,297
	Financing	167,184,820				131,079,309
	Retail	6,281,333				—
	Other	15,768,190				14,189,089
	Consolidated assets	$	382,585,772			$	341,636,695
	Total capitalized expenditures of $638,900 and $369,808 were recorded for the six months ended June 30, 2014 and 2013, respectively (excluding the purchase prices of Ashford Park, McNeil Ranch, Lake Cameron and Trail II during the six months ended June 30, 2013), and depreciation and amortization expense shown in the table below was wholly attributable to the multifamily communities segment, except for $76,111 and $106,144, which were amounts attributable to the retail segment for both the three months and six months ended June 30, 2014, respectively. Interest expense shown in the table below was attributable to the multifamily communities segment, except for $405,076 and $190,844, which were amounts attributable to the financing segment for the three months ended June 30, 2014 and 2013, respectively, and $791,703 and $413,308 for the six months ended June 30, 2014 and 2013, respectively.
				Three months ended							Six months ended
				June 30, 2014				June 30, 2013			June 30, 2014		June 30, 2013
	Revenues
	Multifamily communities			$	6,614,673			$	5,648,695		$	13,040,121	$	10,327,724
	Financing			5,259,792				2,020,013			9,985,541		3,331,943
	Retail			190,725				—			279,610		—
	Consolidated revenues			$	12,065,190			$	7,668,708		$	23,305,272	$	13,659,667
	Segment net operating income (Segment NOI)
	Multifamily communities			$	3,841,866			$	3,220,311		$	7,607,721	$	6,035,182
	Financing			5,259,792				2,020,013			9,985,541		3,331,943
	Retail			143,647				—			211,109		—
	Consolidated segment net operating income			9,245,305				5,240,324			17,804,371		9,367,125
	Interest			1,784,398				1,847,166			3,500,049		2,989,101
	Depreciation and amortization			3,296,780				4,884,319			5,605,306		8,996,622
	Professional fees			300,805				130,407			574,653		295,729
	Management fees			731,521				467,763			1,420,270		851,631
	Acquisition costs			162,364				124,612			407,663		1,231,623
	Equity compensation to directors and executives			445,924				290,165			890,146		599,086
	Other			99,041				118,112			185,971		211,382
	Net income (loss)			$	2,424,472			$	(2,622,220	)	$	5,220,313	$	(5,808,049	)

Loss_per_Share

Loss per Share	6 Months Ended
	Jun. 30, 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 June 30,						Six months ended June 30,
			2014			2013			2014			2013
	Numerator:
		Net income (loss)	$	2,424,472		$	(2,622,220	)	5,220,313			(5,808,049		)
		Net (income) loss attributable to non-controlling interests	(20,366		)	36,670			(59,228		)	98,156
		Net income (loss) attributable to the Company	2,404,106			(2,585,550		)	5,161,085			(5,709,893		)
		Dividends declared to preferred stockholders (A)	(1,600,779		)	(745,417		)	(3,021,315		)	(1,795,932		)
		Deemed non-cash dividend to holders of Series B Preferred Stock	—			(7,028,557		)	—			(7,028,557		)
		Earnings attributable to unvested restricted stock (B)	(6,274		)	(4,352		)	(10,952		)	(9,144		)
		Net income (loss) attributable to common stockholders	$	797,053		$	(10,363,876	)	$	2,128,818		$	(14,543,526	)
	Denominator:
		Weighted average number of shares of Common Stock - basic	16,287,354			8,198,340			15,804,766			6,752,050
		Effect of dilutive securities: (C)
		Warrants	—			—			—			—
		Class B OP Units	131,468			—			109,548			—
		Unvested restricted stock	2,529			—			1,070			—
		Weighted average number of shares of Common Stock - diluted	16,421,351			8,198,340			15,915,384			6,752,050
		Income (loss) per share of Common Stock:
		Basic	$	0.05		$	(1.26	)	$	0.13		$	(2.15	)
		Diluted	$	0.05		$	(1.26	)	$	0.13		$	(2.15	)
	(A) The Company’s 115,221 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 outstanding unvested restricted share awards (39,216 and 29,016 shares of Common Stock at June 30, 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-month and six-month periods ended June 30, 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 2,307,820 shares of Common Stock, from the diluted shares calculations because the effect was antidilutive. Class A OP Units were excluded from the denominator because earnings were allocated to non-controlling interests in the calculation of the numerator.

Pro_Forma_Financial_Informatio

Pro Forma Financial Information	6 Months Ended
	Jun. 30, 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 for the commencement of business operations for Summit II on February 1, 2013 were:
			Three months ended					Six months ended
			June 30,					June 30,
			2014		2013			2014		2013
	Pro forma:
		Revenues	$	12,065,190	$	8,285,535		$	23,297,672	$	15,184,987
		Net income (loss)	$	2,775,733	$	(3,791,770	)	$	6,015,129	$	(8,161,482	)
		Net income (loss) attributable to the Company	$	2,752,269	$	(3,737,109	)	$	5,946,637	$	(8,022,368	)
		Net income (loss) attributable to common stockholders	$	1,145,216	$	(11,515,435	)	$	2,914,370	$	(16,856,001	)
		Net income (loss) per share of Common Stock
		attributable to common stockholders:
		Basic	$	0.07	$	(1.40	)	$	0.18	$	(2.50	)
		Diluted	$	0.07	$	(1.40	)	$	0.18	$	(2.50	)
		Weighted average number of shares of Common Stock outstanding:
		Basic	16,287,354		8,198,340			15,804,766		6,752,050
		Diluted	16,421,351		8,198,340			15,915,384		6,752,050
	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	6 Months Ended
	Jun. 30, 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 $5.3 million and $3.1 million at June 30, 2014 and December 31, 2013, respectively.
		As of June 30, 2014
		Carrying value				Fair value measurements
						using fair value hierarchy
				Fair Value		Level 1		Level 2		Level 3
	Financial Assets:
	Real estate loans (1)	$	139,259,097	$	144,362,813	$	—	$	—	$	144,362,813
	Notes receivable	17,351,389		17,351,389		—		—		17,351,389
	Lines of Credit receivable	10,551,204		10,551,204		—		—		10,551,204
		$	167,161,690	$	172,265,406	$	—	$	—	$	172,265,406
	Financial Liabilities:
	Mortgage notes payable	$	140,816,950	$	141,667,777	$	—	$	—	$	141,667,777
	Revolving credit facility	37,283,306		37,283,306		—		—		37,283,306
		$	178,100,256	$	178,951,083	$	—	$	—	$	178,951,083
		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 $16,514,083 and $14,332,658 at June 30, 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 June 30, 2014, 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 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 values 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	6 Months Ended
	Jun. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
	Subsequent Events
	Between July 1, 2014 and July 31, 2014, the Company issued 8,220 Units and collected net proceeds of approximately $7.4 million under its Follow-on Offering.
	During July 2014, 438,864 shares of Common Stock were issued and sold at an average price of $9.00 per share pursuant to the ATM Offering, resulting in net proceeds of approximately $3.8 million, after commissions.
	On July 25, 2014, we closed on a bridge loan of up to $2.4 million to acquire a parcel of land adjacent to our Summit Crossing multifamily community for a planned third phase of that community. The loan pays current monthly interest of 10% per annum and matures on July 31, 2015.
	As of July 25, 2014, we entered into a purchase agreement to acquire four multifamily communities located in Kansas City, Kansas, Dallas, Texas, Nashville, Tennessee, and Houston, Texas representing an aggregate of 1,397 units, for an aggregate purchase price of approximately $181.7 million. With the closing of this transaction, we will own 3,326 multifamily units, with an additional 3,491 units under construction through our mezzanine loan program.
	On July 29 and August 1, 2014, we entered into purchase agreements to acquire nine grocery-anchored necessity retail shopping centers located in various cities in Georgia, Florida, South Carolina, Texas and Tennessee, for an aggregate purchase price of approximately $125.0 million.
	Effective on August 7, 2014, our board of directors amended the maximum percentage of our total assets which may be invested in other real estate related investments from 10% to 20% of our assets, as defined.
	On July 1, 2014, we increased our borrowing capacity on our revolving credit facility through Key Bank National Association from $40 million to $45 million and extended the maturity date to July 1, 2015. Once our operating real estate assets equal or exceed $300 million, our borrowing capacity is increased to $50 million.
	On August 8, 2014, we refinanced our Woodstock Crossing asset with a mortgage loan which bears interest at 4.71% per annum and matures on August 8, 2021. Net proceeds to the Company were approximately $3.0 million.
	On August 7, 2014, we extended the maturity of our 13th Street bridge to loan to September 30, 2014 and collected $250,000, which consisted of $45,892 of current interest and $204,108 of deferred interest.
	On August 7, 2014, the Company declared a dividend on its Common Stock of $0.16 per share, payable on October 15, 2014 to all stockholders of record on September 15, 2014.
	On August 7, 2014, the Company granted 1,350 shares of Common Stock to its independent board members, in payment of their meeting fees. The per-share fair value of this immediate-vesting award was $8.80, which was the closing price of the Common Stock on the prior business day. The total compensation cost of $11,880 was recorded in full at the grant date.

Significant_Accounting_Policie1

Significant Accounting Policies Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2014
Basis of Presentation [Abstract]	'
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, and which approximate market rates. 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 probable 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.
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.
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.

Real_Estate_Assets_Real_Estate

Real Estate Assets Real Estate Assets (Tables)	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014
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 June 30,					Six months ended June 30,
			2014			2013		2014		2013
		Depreciation:
		Buildings and improvements	$	1,416,130		$	959,891	$	2,358,876	$	1,817,926
		Furniture, fixtures, and equipment	1,320,962			994,271		2,272,627		1,865,103
			2,737,092			1,954,162		4,631,503		3,683,029
		Amortization:
		Acquired intangible assets	558,498			2,929,005		971,422		5,311,290
		Website development costs	1,190			1,152		2,381		2,303
		Total depreciation and amortization	$	3,296,780		$	4,884,319	$	5,605,306	$	8,996,622
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_Loans_Notes_Receiv1

Real Estate Loans, Notes Receivable, and Line of Credit Real Estate Loans in place (Tables)	6 Months Ended
	Jun. 30, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]	'
loans and notes receivable [Table Text Block]	'
			As of June 30, 2014												Carrying amount as of
			Amount drawn			Loan Fee received from borrower - 2%			Acquisition fee paid to Manager - 1%			Unamortized deferred loan fee revenue			June 30, 2014		31-Dec-13
	Project/Property
	City Park		$	10,000,000		$	200,000		$	100,000		$	(59,621	)	$	9,940,379	$	9,928,017
	City Vista		12,153,000			243,040			121,520			(70,814		)	12,082,186		12,063,939
	Madison - Rome		5,360,042			107,201			53,600			(25,528		)	5,334,514		5,322,770
	Lely		11,959,918			254,265			127,133			(64,550		)	11,895,368		11,402,372
	Crosstown Walk		10,455,804			219,240			109,620			(37,567		)	10,418,237		9,997,245
	Overton		15,214,206			332,079			166,040			(97,391		)	15,116,815		14,487,178
	Haven West		6,691,269			138,816			69,408			(42,584		)	6,648,685		5,582,018
	Starkville		2,059,047			34,600			17,300			(42,592		)	2,016,455		1,582,750
	Founders' Village		9,866,000			197,320			98,660			(73,329		)	9,792,671		7,572,698
	Encore		9,007,044			320,531			160,265			(26,870		)	8,980,174		7,716,421
	Manassas		10,932,000			214,140			107,070			—			10,932,000		10,609,849
	Irvine		16,559,297			298,634			149,317			(45,214		)	16,514,083		14,332,658
	Weems Road		5,344,166			94,356			47,178			(26,740		)	5,317,426		—
	Kennesaw		9,065,401			119,500			59,750			(59,488		)	9,005,913		—
			$	134,667,194		$	2,773,722		$	1,386,861		$	(672,288	)	$	133,994,906	$	110,597,915
interest income [Table Text Block]	'
			Three months ended June 30,						Six months ended June 30,
			2014			2013			2014			2013
	Real estate loans:
	Current interest payments		$	2,628,833		$	975,905		$	4,928,126		$	1,708,085
	Additional accrued interest		1,697,017			678,848			3,211,178			1,121,837
	Deferred loan fee revenue		272,399			88,383			580,856			115,694
	Total real estate loan revenue		4,598,249			1,743,136			8,720,160			2,945,616
	Interest income on notes and lines of credit		661,543			276,877			1,265,381			386,327
	Interest income on loans and notes receivable		$	5,259,792		$	2,020,013		$	9,985,541		$	3,331,943
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		9/20/15	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)	6/16/14		11/30/15	6/16/17		6,116,384			$	18,615,081		8.5 / 4.3
		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		7/31/14	N/A		10,932,000			N/A			5-Aug
		Irvine		Irvine, CA (9)	12/18/13		9/30/14	N/A		21,000,000			N/A			8.5 / 4.3
		Weems Road		Atlanta, GA (10)	4/14/14		10/14/14	N/A		5,700,000			N/A			8.5 / 4.3
		Kennesaw		Atlanta, GA (6) (11)	6/27/14		6/27/17	N/A		13,424,995			$	34,825,000		8.5 / 4.3
										$	158,274,983
	(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; "Irvine" - 360 - Irvine, LLC; "Weems Road" - Weems Road Property Owner, LLC; and "Kennesaw" - Haven Campus Communities - Kennesaw, 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 planned 152-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. The Company expects to convert this bridge loan to a mezzanine loan by August 21, 2014.
	(9)	Bridge loan of up to $21.0 million to partially finance the acquisition of land and predevelopment costs for a 280-unit multifamily community in Irvine, California.
	(10)	Bridge loan of up to approximately $5.7 million to partially finance the acquisition of land and predevelopment costs for a 310-unit multifamily community in Atlanta, Georgia.
	(11)	Mezzanine loan of up to approximately $13.4 million in support of a planned 198-unit,792-bed student housing community adjacent to the campus of Kennesaw State University in Atlanta, Georgia.

Real_Estate_Loans_Notes_Receiv2

Real Estate Loans, Notes Receivable, and Line of Credit Real estate loans purchase options (Tables)	6 Months Ended
	Jun. 30, 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		Carrying Amount		Interest rate
	360 Residential, LLC	Bridge loan	3/20/13	12/31/14	$	2,000,000	$	440,771	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		8,920,869		8	%	(5)
					$	23,200,000	$	21,036,640
	(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. See Note 16.
	(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)	6 Months Ended
	Jun. 30, 2014
Related Party Transactions [Abstract]	'
Schedule of Related Party Transactions [Table Text Block]	'
				Three months ended				Six months ended
	Type of Compensation		Basis of Compensation	June 30, 2014		June 30, 2013		30-Jun-14		30-Jun-13
	Acquisition fees		1% of the gross purchase price of real estate assets acquired or loans advanced	$	332,902	$	475,633	$	400,958	$	1,538,207
	Asset management fees		Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted	493,709		314,691		960,577		580,492
	Property management fees		Monthly fee equal to 4% of the monthly gross revenues of the properties managed	268,674		217,719		530,795		405,361
	General and administrative expense fees		Monthly fee equal to 2% of the monthly gross revenues of the Company	237,812		153,072		459,693		271,139
				$	1,333,097	$	1,161,115	$	2,352,023	$	2,795,199
	Three months ended June 30,					Six months ended June 30,
	2014			2013		2014		2013
	$	609,104		$	553,096	$	1,234,365	$	1,032,983

Dividends_Tables

Dividends (Tables)	6 Months Ended
	Jun. 30, 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
	June 16, 2014	16,613,827	0.16		2,658,212			June 26, 2013		11,066,895	$	0.15	1,660,034
			$	0.32	$	5,111,981					$	0.295	$	2,431,957
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
	30-Apr-14	101,436	510,905		30-Apr-13		41,492		220,874
	30-May-14	105,630	533,800		31-May-13		48,098		247,596
	30-Jun-14	109,865	556,074		28-Jun-13		53,749		276,948
		Total	$	3,021,315			Total		$	1,105,457

Dividends_Series_A_Preferred_S

Dividends Series A Preferred Stock (Tables)	6 Months Ended
	Jun. 30, 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
	30-Apr-14	101,436	510,905		30-Apr-13	41,492	220,874
	30-May-14	105,630	533,800		31-May-13	48,098	247,596
	30-Jun-14	109,865	556,074		28-Jun-13	53,749	276,948
		Total	$	3,021,315		Total	$	1,105,457

Equity_Compensation_Tables

Equity Compensation (Tables)	6 Months Ended
	Jun. 30, 2014
Equity Compensation [Abstract]	'
equity compensation expense [Table Text Block]	'
		Three-month period ended June 30,						Six-month period ended June 30,				Unamortized expense as of June 30,
		2014			2013			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	—			215,555			2,318		428,791		—
	Executive officers - 2014	370,864			—			730,481		—		730,961
	Vice chairman of board of directors	—			10,249			—		20,498		—
	Restricted stock grants:
	2012	—			21,562			—		86,250		—
	2013	21,453			42,799			85,812		42,799		—
	2014	53,607			—			53,607		—		268,356
	Total	$	445,924		$	290,165		$	890,146	$	599,086	$	999,317
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)	6 Months Ended
	Jun. 30, 2014
Debt Instrument [Line Items]	'
Schedule of Long-term Debt Instruments [Table Text Block]	'
		Acquisition/	Principal balance as of
		refinancing date	June 30, 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	19,467,661		19,500,000		5/1/18	1 month LIBOR+	2.77%	(2) (3)
	Summit Crossing	4/21/11	20,838,289		20,862,000		5/1/18	Fixed	4.71%	(2)
	Summit II	3/20/14	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		$	140,816,950	$	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 were 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)	6 Months Ended
	Jun. 30, 2014
Debt [Abstract]	'
Schedule of Maturities of Long-term Debt [Table Text Block]	'
	Period	Future principal payments
	2014	$	37,636,159
	2015	730,292
	2016	753,913
	2017	787,117
	2018	38,669,093
	thereafter	99,523,682
	Total	$	178,100,256

Indebtedness_LOC_debt_covenant

Indebtedness LOC debt covenants (Tables)	6 Months Ended
	Jun. 30, 2014
Line of Credit Facility [Line Items]	'
debt covenant [Table Text Block]	'
	Covenant (1)	Requirement		Result
	Senior leverage ratio	Maximum 60%		36.10%
	Net worth	Minimum $160,000,000	(2)	$196,427,582
	Debt yield	Minimum 8.25%		8.97%
	Payout ratio	Maximum 95%	(3)	86.30%
	Total leverage ratio	Maximum 65%		45.40%
	Debt service coverage ratio	Minimum 1.50x		3.93x
Schedule of Debt [Table Text Block]	'
	Period	Future principal payments
	2014	$	37,636,159
	2015	730,292
	2016	753,913
	2017	787,117
	2018	38,669,093
	thereafter	99,523,682
	Total	$	178,100,256

Indebtedness_Mortgage_interest

Indebtedness Mortgage interest (Tables)	6 Months Ended
	Jun. 30, 2014
Debt Disclosure [Abstract]	'
mortgage interest [Table Text Block]	'
		Three months ended June 30,				Six months ended June 30,
		2014		2013		2014		2013
	Trail Creek	$	317,757	$	143,760	$	632,220	$	265,827
	Stone Rise	151,615		154,038		302,158		306,734
	Summit Crossing	410,585		254,823		780,372		506,916
	Ashford Park	215,729		215,729		429,230		382,508
	McNeil Ranch	118,317		118,317		235,447		211,879
	Lake Cameron	165,319		165,318		328,919		297,592
		1,379,322		1,051,985		2,708,346		1,971,456
	Revolving credit facility	405,076		190,844		791,703		413,308
	Interest expense	$	1,784,398	$	1,242,829	$	3,500,049	$	2,384,764

Segment_information_Tables

Segment information (Tables)	6 Months Ended
	Jun. 30, 2014
Segment Reporting Information [Line Items]	'
segment assets [Table Text Block]	'
		June 30, 2014				December 31, 2013
	Assets:
	Multifamily communities	$	193,351,429			$	196,368,297
	Financing	167,184,820				131,079,309
	Retail	6,281,333				—
	Other	15,768,190				14,189,089
	Consolidated assets	$	382,585,772			$	341,636,695
Schedule of Segment Reporting Information, by Segment [Table Text Block]	'
				Three months ended							Six months ended
				June 30, 2014				June 30, 2013			June 30, 2014		June 30, 2013
	Revenues
	Multifamily communities			$	6,614,673			$	5,648,695		$	13,040,121	$	10,327,724
	Financing			5,259,792				2,020,013			9,985,541		3,331,943
	Retail			190,725				—			279,610		—
	Consolidated revenues			$	12,065,190			$	7,668,708		$	23,305,272	$	13,659,667
	Segment net operating income (Segment NOI)
	Multifamily communities			$	3,841,866			$	3,220,311		$	7,607,721	$	6,035,182
	Financing			5,259,792				2,020,013			9,985,541		3,331,943
	Retail			143,647				—			211,109		—
	Consolidated segment net operating income			9,245,305				5,240,324			17,804,371		9,367,125
	Interest			1,784,398				1,847,166			3,500,049		2,989,101
	Depreciation and amortization			3,296,780				4,884,319			5,605,306		8,996,622
	Professional fees			300,805				130,407			574,653		295,729
	Management fees			731,521				467,763			1,420,270		851,631
	Acquisition costs			162,364				124,612			407,663		1,231,623
	Equity compensation to directors and executives			445,924				290,165			890,146		599,086
	Other			99,041				118,112			185,971		211,382
	Net income (loss)			$	2,424,472			$	(2,622,220	)	$	5,220,313	$	(5,808,049	)

Loss_per_Share_Tables

Loss per Share (Tables)	6 Months Ended
	Jun. 30, 2014
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]	'
earnings loss per share [Table Text Block]	'
			Three months ended June 30,						Six months ended June 30,
			2014			2013			2014			2013
	Numerator:
		Net income (loss)	$	2,424,472		$	(2,622,220	)	5,220,313			(5,808,049		)
		Net (income) loss attributable to non-controlling interests	(20,366		)	36,670			(59,228		)	98,156
		Net income (loss) attributable to the Company	2,404,106			(2,585,550		)	5,161,085			(5,709,893		)
		Dividends declared to preferred stockholders (A)	(1,600,779		)	(745,417		)	(3,021,315		)	(1,795,932		)
		Deemed non-cash dividend to holders of Series B Preferred Stock	—			(7,028,557		)	—			(7,028,557		)
		Earnings attributable to unvested restricted stock (B)	(6,274		)	(4,352		)	(10,952		)	(9,144		)
		Net income (loss) attributable to common stockholders	$	797,053		$	(10,363,876	)	$	2,128,818		$	(14,543,526	)
	Denominator:
		Weighted average number of shares of Common Stock - basic	16,287,354			8,198,340			15,804,766			6,752,050
		Effect of dilutive securities: (C)
		Warrants	—			—			—			—
		Class B OP Units	131,468			—			109,548			—
		Unvested restricted stock	2,529			—			1,070			—
		Weighted average number of shares of Common Stock - diluted	16,421,351			8,198,340			15,915,384			6,752,050
		Income (loss) per share of Common Stock:
		Basic	$	0.05		$	(1.26	)	$	0.13		$	(2.15	)
		Diluted	$	0.05		$	(1.26	)	$	0.13		$	(2.15	)

Pro_Forma_Financial_Informatio1

Pro Forma Financial Information pro forma (Tables)	6 Months Ended
	Jun. 30, 2014
Business Combinations [Abstract]	'
segment operating results [Table Text Block]	'
			Three months ended					Six months ended
			June 30,					June 30,
			2014		2013			2014		2013
	Pro forma:
		Revenues	$	12,065,190	$	8,285,535		$	23,297,672	$	15,184,987
		Net income (loss)	$	2,775,733	$	(3,791,770	)	$	6,015,129	$	(8,161,482	)
		Net income (loss) attributable to the Company	$	2,752,269	$	(3,737,109	)	$	5,946,637	$	(8,022,368	)
		Net income (loss) attributable to common stockholders	$	1,145,216	$	(11,515,435	)	$	2,914,370	$	(16,856,001	)
		Net income (loss) per share of Common Stock
		attributable to common stockholders:
		Basic	$	0.07	$	(1.40	)	$	0.18	$	(2.50	)
		Diluted	$	0.07	$	(1.40	)	$	0.18	$	(2.50	)
		Weighted average number of shares of Common Stock outstanding:
		Basic	16,287,354		8,198,340			15,804,766		6,752,050
		Diluted	16,421,351		8,198,340			15,915,384		6,752,050

Fair_Values_of_Financial_Instr1

Fair Values of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 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 $5.3 million and $3.1 million at June 30, 2014 and December 31, 2013, respectively.
		As of June 30, 2014
		Carrying value				Fair value measurements
						using fair value hierarchy
				Fair Value		Level 1		Level 2		Level 3
	Financial Assets:
	Real estate loans (1)	$	139,259,097	$	144,362,813	$	—	$	—	$	144,362,813
	Notes receivable	17,351,389		17,351,389		—		—		17,351,389
	Lines of Credit receivable	10,551,204		10,551,204		—		—		10,551,204
		$	167,161,690	$	172,265,406	$	—	$	—	$	172,265,406
	Financial Liabilities:
	Mortgage notes payable	$	140,816,950	$	141,667,777	$	—	$	—	$	141,667,777
	Revolving credit facility	37,283,306		37,283,306		—		—		37,283,306
		$	178,100,256	$	178,951,083	$	—	$	—	$	178,951,083
		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

Developer_LOCs_Tables

Developer LOCs (Tables)	6 Months Ended
	Jun. 30, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]	'
Lines of Credit receivable [Table]	'
	Also, the Company originated revolving lines of credit during the second quarter of 2014, as follows:
	Borrower	Origination date	Total loan commitments		Interest rate		Maturity date	Carrying amount at June 30, 2014
	Haven Campus Communities, LLC	6/11/14	$	4,000,000	12	%	6/30/16	$	1,630,335
	Oxford Capital Partners, LLC	6/27/14	4,200,000		12	%	6/30/16	3,234,958
	Newport Development Partners, LLC	6/17/14	3,000,000		12	%	6/30/16	1,745,658
			$	11,200,000				$	6,610,951

Organization_Details

Organization (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 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	$0.01
Common Stock, Shares, Outstanding	16,636,359	11,066,895	5,323,605	16,636,359	15,294,578
Noncontrolling Interest, Ownership Percentage by Parent	99.16%	'	'	'	'
minority interest partnership units outstanding	145,011	'	'	'	'
daycountvolweightedavgcalcformarketvalue	20	'	'	'	'

Significant_Accounting_Policie2

Significant Accounting Policies (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Jan. 16, 2013
Real Estate Properties [Line Items]	'	'	'
preferred stock	'	'	40,000
MinimummonthsPACrewardseligibility	14	14	'
AverageLeaseterm	'	13	'
stabilization level	92.00%	'	'
days receivables delinquent nonaccrual status	30	30	'
rewardsbreakagepercentage	35.00%	35.00%	'
Series A Preferred Stock [Member]	'	'	'
Real Estate Properties [Line Items]	'	'	'
series a redeemable preferred stock	1	1	'
Common Stock [Member]	'	'	'
Real Estate Properties [Line Items]	'	'	'
unitswarrants	20	20	'

Significant_Accounting_Policie3

Significant Accounting Policies deferred offering costs (Details) (Warrant [Member])	Jun. 30, 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

6 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

ashfordpark [Member]

Lakecameron [Member] [Member]

Trail Creek [Member]

Trail Creek [Member]

Woodstock Crossing [Member]

Woodstock Crossing [Member]

mcneilranch [Member]

sqft

sqft

Real Estate Properties [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

Depreciation Expense on Reclassified Assets

'

'

$4,631,503

$3,683,029

'

'

'

$435,000

'

'

'

'

number of real estate propertiesa

'

'

6

6

'

'

'

'

'

'

'

'

Revenues

12,065,190

7,668,708

23,305,272

13,659,667

'

'

'

'

'

191,000

280,000

'

membership interests business acquisition percentage related parties

100.00%

'

100.00%

'

'

'

'

'

'

'

'

'

unit count

'

'

1,929

1,789

'

408

328

'

192

'

'

'

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

'

'

'

'

'

'

'

'

'

1,750,576

1,750,576

'

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

'

'

'

'

'

'

'

'

'

3,760,654

3,760,654

'

line of credit receivable

10,551,204

'

10,551,204

'

5,358,227

'

'

'

'

'

'

'

Number of Businesses Acquired

3

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

39,600,000

30,500,000

'

'

5,701,393

'

21,000,000

Payments for Capital Improvements

'

'

996,571

642,428

'

'

'

'

'

'

'

'

Loans and Leases Receivable, Net of Deferred Income

133,994,906

'

133,994,906

'

110,597,915

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

39,447

39,447

'

BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedrestrictedcash

'

'

'

'

'

'

'

'

'

123,731

123,731

'

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

'

'

'

'

'

'

'

'

'

-450,310

-450,310

'

Loans Assumed

'

'

0

69,428,389

'

'

'

'

'

'

'

'

Area of Real Estate Property

'

'

'

'

'

'

'

'

'

66,122

66,122

'

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

2,424,472

-2,622,220

5,220,313

-5,808,049

'

'

'

'

'

68,000

105,000

'

Interest Expense

1,784,398

1,242,829

3,500,049

2,384,764

'

'

'

'

'

'

'

'

Amortization of Intangible Assets

$558,498

$2,929,005

$971,422

$5,311,290

'

'

'

$167,000

'

'

'

'

Real_Estate_Assets_Allocation_

Real Estate Assets Allocation of Purchase Price (Details) (USD $)	6 Months Ended				3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
			Lakecameron [Member] [Member]	mcneilranch [Member]	Woodstock Crossing [Member]	ashfordpark [Member]	Minimum [Member]	Minimum [Member]	Maximum [Member]	Maximum [Member]
							Woodstock Crossing [Member]	WMAF properties [Member]	Woodstock Crossing [Member]	WMAF properties [Member]
Schedule of Business Acquisition Purchase Price Allocation [Line Items]	'	'	'	'	'	'	'	'	'	'
Business Acquisition, Transaction Costs	'	'	$358,000	$277,000	$268,000	$455,000	'	'	'	'
average remaining lease term	'	'	'	'	'	'	'6 months	'6 months	'10 years	'12 months
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land	'	'	'	'	1,750,576	'	'	'	'	'
Loans Assumed	0	69,428,389	'	'	'	'	'	'	'	'
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	'	'	'	'	30,051	'	'	'	'	'
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	'	'	$30,500,000	$21,000,000	$5,701,393	$39,600,000	'	'	'	'

Real_Estate_Assets_Depreciatio

Real Estate Assets Depreciation and amortization expense table (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Property, Plant and Equipment [Line Items]	'	'	'	'
depreciation building	$1,416,130	$959,891	$2,358,876	$1,817,926
Depreciation	2,737,092	1,954,162	4,631,503	3,683,029
Depreciation and amortization	3,296,780	4,884,319	5,605,306	8,996,622
Depreciation furniture fixtures and equipment	1,320,962	994,271	2,272,627	1,865,103
Amortization of Intangible Assets	558,498	2,929,005	971,422	5,311,290
amortization website development costs	1,190	1,152	2,381	2,303
Scenario, Actual [Member]	'	'	'	'
Property, Plant and Equipment [Line Items]	'	'	'	'
Depreciation and amortization	$3,296,780	$4,884,319	$5,605,306	$8,996,622

Real_Estate_Assets_Business_Ac

Real Estate Assets Business Acquisitions Consireation transferred (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Business Acquisition [Line Items]	'	'	'	'
Revenues	$12,065,190	$7,668,708	$23,305,272	$13,659,667
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	2,424,472	-2,622,220	5,220,313	-5,808,049
Woodstock Crossing [Member]	'	'	'	'
Business Acquisition [Line Items]	'	'	'	'
Revenues	191,000	'	280,000	'
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$68,000	'	$105,000	'

Real_Estate_Loans_Notes_Receiv3

Real Estate Loans, Notes Receivable, and Line of Credit Overton (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 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	$85,400,000	'	$85,400,000	'	'
membership interests business acquisition percentage related parties	100.00%	'	100.00%	'	'
interest revenue current pay	2,628,833	975,905	4,928,126	1,708,085	'
Loans and Leases Receivable, Net Amount	21,036,640	'	21,036,640	'	'
Financing Receivable, Gross	23,200,000	'	23,200,000	'	'
numberofunitstobecompleted	3,491	'	3,491	'	'
acquisition fee	1,386,861	'	1,386,861	'	'
loans to be funded	158,274,983	'	158,274,983	'	'
Revenues	12,065,190	7,668,708	23,305,272	13,659,667	'
Deferred Revenue	-672,288	'	-672,288	'	'
Loans and Leases Receivable, Net of Deferred Income	133,994,906	'	133,994,906	'	110,597,915
amount drawn under loan agreement	134,667,194	'	134,667,194	'	'
LoanFee	2,773,722	'	2,773,722	'	'
Accrued exit fee revenue	1,697,017	678,848	3,211,178	1,121,837	'
Deferred Revenue, Revenue Recognized	272,399	88,383	580,856	115,694	'
Net loan fee revenue	4,598,249	1,743,136	8,720,160	2,945,616	'
interest revenue notes receivable	661,543	276,877	1,265,381	386,327	'
360 Residential [Member]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
Loans and Leases Receivable, Net Amount	440,771	'	440,771	'	'
interest rate note receivable	8.00%	'	8.00%	'	'
Financing Receivable, Gross	2,000,000	'	2,000,000	'	'
Oxford [Member]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
Loans and Leases Receivable, Net Amount	1,475,000	'	1,475,000	'	'
interest rate note receivable	8.00%	'	8.00%	'	'
Financing Receivable, Gross	1,500,000	'	1,500,000	'	'
loans to be funded	60,100,000	'	60,100,000	'	'
Revenues	1,900,000	1,300,000	'	'	'
amount drawn under loan agreement	58,100,000	'	58,100,000	'	'
City Park [Member] [Member]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
real estate loan option purchase price	43,560,271	'	43,560,271	'	'
numberofunitstobecompleted	272	'	272	'	'
acquisition fee	100,000	'	100,000	'	'
SeniorLoanHeldByUnrelatedThirdParty	18,600,000	'	18,600,000	'	'
loans to be funded	10,000,000	'	10,000,000	'	'
Deferred Revenue	-59,621	'	-59,621	'	'
Loans and Leases Receivable, Net of Deferred Income	9,940,379	'	9,940,379	'	9,928,017
amount drawn under loan agreement	10,000,000	'	10,000,000	'	'
LoanFee	200,000	'	200,000	'	'
City Vista [Member] [Member]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
acquisition fee	121,520	'	121,520	'	'
SeniorLoanHeldByUnrelatedThirdParty	28,400,000	'	28,400,000	'	'
loans to be funded	12,153,000	'	12,153,000	'	'
Deferred Revenue	-70,814	'	-70,814	'	'
Loans and Leases Receivable, Net of Deferred Income	12,082,186	'	12,082,186	'	12,063,939
amount drawn under loan agreement	12,153,000	'	12,153,000	'	'
LoanFee	243,040	'	243,040	'	'
Madison Rome [Member]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
real estate loan option purchase price	43,500,000	'	43,500,000	'	'
numberofunitstobecompleted	308	'	308	'	'
acquisition fee	53,600	'	53,600	'	'
SeniorLoanHeldByUnrelatedThirdParty	11,500,000	'	11,500,000	'	'
loans to be funded	5,360,042	'	5,360,042	'	'
Deferred Revenue	-25,528	'	-25,528	'	'
Loans and Leases Receivable, Net of Deferred Income	5,334,514	'	5,334,514	'	5,322,770
amount drawn under loan agreement	5,360,042	'	5,360,042	'	'
LoanFee	107,201	'	107,201	'	'
Lely [Member]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
real estate loan option purchase price	39,654,273	'	39,654,273	'	'
numberofunitstobecompleted	342	'	342	'	'
acquisition fee	127,133	'	127,133	'	'
SeniorLoanHeldByUnrelatedThirdParty	25,000,000	'	25,000,000	'	'
loans to be funded	12,713,242	'	12,713,242	'	'
Deferred Revenue	-64,550	'	-64,550	'	'
Loans and Leases Receivable, Net of Deferred Income	11,895,368	'	11,895,368	'	11,402,372
amount drawn under loan agreement	11,959,918	'	11,959,918	'	'
LoanFee	254,265	'	254,265	'	'
haven west [Member]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
real estate loan option purchase price	26,138,466	'	26,138,466	'	'
numberofunitstobecompleted	160	'	160	'	'
acquisition fee	69,408	'	69,408	'	'
SeniorLoanHeldByUnrelatedThirdParty	16,195,189	'	16,195,189	'	'
loans to be funded	6,940,795	'	6,940,795	'	'
Deferred Revenue	-42,584	'	-42,584	'	'
Loans and Leases Receivable, Net of Deferred Income	6,648,685	'	6,648,685	'	5,582,018
amount drawn under loan agreement	6,691,269	'	6,691,269	'	'
LoanFee	138,816	'	138,816	'	'
starkville [Member]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
numberofunitstobecompleted	152	'	152	'	'
acquisition fee	17,300	'	17,300	'	'
SeniorLoanHeldByUnrelatedThirdParty	18,615,081	'	18,615,081	'	'
loans to be funded	6,116,384	'	6,116,384	'	'
Deferred Revenue	-42,592	'	-42,592	'	'
Loans and Leases Receivable, Net of Deferred Income	2,016,455	'	2,016,455	'	1,582,750
amount drawn under loan agreement	2,059,047	'	2,059,047	'	'
LoanFee	34,600	'	34,600	'	'
Newtown [Member]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
real estate loan option purchase price	44,266,000	'	44,266,000	'	'
numberofunitstobecompleted	247	'	247	'	'
acquisition fee	98,660	'	98,660	'	'
SeniorLoanHeldByUnrelatedThirdParty	26,936,000	'	26,936,000	'	'
loans to be funded	10,346,000	'	10,346,000	'	'
Deferred Revenue	-73,329	'	-73,329	'	'
Loans and Leases Receivable, Net of Deferred Income	9,792,671	'	9,792,671	'	7,572,698
amount drawn under loan agreement	9,866,000	'	9,866,000	'	'
LoanFee	197,320	'	197,320	'	'
Encore [Member]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
numberofunitstobecompleted	340	'	340	'	'
acquisition fee	160,265	'	160,265	'	'
loans to be funded	16,026,525	'	16,026,525	'	'
Deferred Revenue	-26,870	'	-26,870	'	'
Loans and Leases Receivable, Net of Deferred Income	8,980,174	'	8,980,174	'	7,716,421
amount drawn under loan agreement	9,007,044	'	9,007,044	'	'
LoanFee	320,531	'	320,531	'	'
Manassas [Member]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
numberofunitstobecompleted	304	'	304	'	'
acquisition fee	107,070	'	107,070	'	'
loans to be funded	10,932,000	'	10,932,000	'	'
Deferred Revenue	0	'	0	'	'
Loans and Leases Receivable, Net of Deferred Income	10,932,000	'	10,932,000	'	10,609,849
amount drawn under loan agreement	10,932,000	'	10,932,000	'	'
LoanFee	214,140	'	214,140	'	'
13th street [Member]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
Loans and Leases Receivable, Net Amount	7,200,000	'	7,200,000	'	'
interest rate note receivable	8.00%	'	8.00%	'	'
Financing Receivable, Gross	7,200,000	'	7,200,000	'	'
PCMS [Member]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
Loans and Leases Receivable, Net Amount	1,500,000	'	1,500,000	'	'
interest rate note receivable	10.00%	'	10.00%	'	'
Financing Receivable, Gross	1,500,000	'	1,500,000	'	'
Riverview [Member]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
Loans and Leases Receivable, Net Amount	1,300,000	'	1,300,000	'	'
interest rate note receivable	8.00%	'	8.00%	'	'
Financing Receivable, Gross	1,300,000	'	1,300,000	'	'
IAA [Member]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
Loans and Leases Receivable, Net Amount	200,000	'	200,000	'	'
interest rate note receivable	10.00%	'	10.00%	'	'
Financing Receivable, Gross	200,000	'	200,000	'	'
PAA [Member]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
Loans and Leases Receivable, Net Amount	8,920,869	'	8,920,869	'	'
interest rate note receivable	8.00%	'	8.00%	'	'
Financing Receivable, Gross	9,500,000	'	9,500,000	'	'
Irvine [Member]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
numberofunitstobecompleted	280	'	280	'	'
acquisition fee	149,317	'	149,317	'	'
loans to be funded	21,000,000	'	21,000,000	'	'
Deferred Revenue	-45,214	'	-45,214	'	'
Loans and Leases Receivable, Net of Deferred Income	16,514,083	'	16,514,083	'	14,332,658
amount drawn under loan agreement	16,559,297	'	16,559,297	'	'
LoanFee	298,634	'	298,634	'	'
Weems Road [Domain]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
numberofunitstobecompleted	310	'	310	'	'
acquisition fee	47,178	'	47,178	'	'
loans to be funded	5,700,000	'	5,700,000	'	'
Deferred Revenue	-26,740	'	-26,740	'	'
Loans and Leases Receivable, Net of Deferred Income	5,317,426	'	5,317,426	'	0
amount drawn under loan agreement	5,344,166	'	5,344,166	'	'
LoanFee	94,356	'	94,356	'	'
crosstown walk [Member]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
real estate loan option purchase price	30,945,845	'	30,945,845	'	'
numberofunitstobecompleted	284	'	284	'	'
acquisition fee	109,620	'	109,620	'	'
SeniorLoanHeldByUnrelatedThirdParty	25,900,000	'	25,900,000	'	'
loans to be funded	10,962,000	'	10,962,000	'	'
Deferred Revenue	-37,567	'	-37,567	'	'
Loans and Leases Receivable, Net of Deferred Income	10,418,237	'	10,418,237	'	9,997,245
amount drawn under loan agreement	10,455,804	'	10,455,804	'	'
LoanFee	219,240	'	219,240	'	'
newport overton [Member]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
real estate loan option purchase price	51,500,000	'	51,500,000	'	'
numberofunitstobecompleted	294	'	294	'	'
acquisition fee	166,040	'	166,040	'	'
SeniorLoanHeldByUnrelatedThirdParty	31,700,000	'	31,700,000	'	'
loans to be funded	16,600,000	'	16,600,000	'	'
Deferred Revenue	-97,391	'	-97,391	'	'
Loans and Leases Receivable, Net of Deferred Income	15,116,815	'	15,116,815	'	14,487,178
amount drawn under loan agreement	15,214,206	'	15,214,206	'	'
LoanFee	332,079	'	332,079	'	'
Kennesaw [Domain]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
numberofunitstobecompleted	198	'	198	'	'
acquisition fee	59,750	'	59,750	'	'
SeniorLoanHeldByUnrelatedThirdParty	34,825,000	'	34,825,000	'	'
loans to be funded	13,424,995	'	13,424,995	'	'
Deferred Revenue	-59,488	'	-59,488	'	'
Loans and Leases Receivable, Net of Deferred Income	9,005,913	'	9,005,913	'	0
amount drawn under loan agreement	9,065,401	'	9,065,401	'	'
LoanFee	119,500	'	119,500	'	'
Summit II [Member]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
Interest revenue on real estate loans	$5,259,792	$2,020,013	$9,985,541	$3,331,943	'

Real_Estate_Loans_Notes_Receiv4

Real Estate Loans, Notes Receivable, and Line of Credit LOCs (Details) (USD $)	3 Months Ended
	Jun. 30, 2014	Mar. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Guaranty amount minimum principal balance	25.00%	'
Financing Receivable, Gross	$23,200,000	'
Loans and Leases Receivable, Net Amount	21,036,640	'
guaranty cap amount	5,000,000	'
developers [Domain]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Financing Receivable, Gross	11,200,000	'
Loans and Leases Receivable, Net Amount	6,610,951	'
13th street [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Financing Receivable, Gross	7,200,000	'
interest rate note receivable	8.00%	'
current and deferred interest rate on RE Loans	20.00%	14.00%
Loans and Leases Receivable, Net Amount	7,200,000	'
Haven Campus Communities LLC [Domain]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Financing Receivable, Gross	4,000,000	'
interest rate note receivable	12.00%	'
Loans and Leases Receivable, Net Amount	1,630,335	'
Oxford Capital Partners LLC [Domain]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Financing Receivable, Gross	4,200,000	'
interest rate note receivable	12.00%	'
Loans and Leases Receivable, Net Amount	3,234,958	'
PAA [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Financing Receivable, Gross	3,000,000	'
interest rate note receivable	12.00%	'
Loans and Leases Receivable, Net Amount	1,745,658	'
Financial Guarantee [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
guaranty cap amount	$1,000,000	'

Real_Estate_Loans_Notes_Receiv5

Real Estate Loans, Notes Receivable, and Line of Credit RE Loans (Details) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
variable interest entity loans amount to be funded	$93,100,000	'
unit count	1,929	1,789
Madison Rome [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
current interest rate	8.00%	'
Deferred interest rate	6.00%	'
haven west [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
current interest rate	8.00%	'
Deferred interest rate	6.00%	'
Beds	568	'
starkville [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
unit count	152	'
Cap rate discount	50	'
current interest rate	8.50%	'
Deferred interest rate	4.30%	'
Beds	536	'
newport overton [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
loan commitment amount	16,000,000	'
current interest rate	8.00%	'
Deferred interest rate	6.00%	'
Manassas [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
unit count	304	'
loan commitment amount	10.9	'
current interest rate	8.00%	'
Deferred interest rate	5.00%	'
Irvine [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
unit count	280	'
loan commitment amount	21	'
current interest rate	8.50%	'
Deferred interest rate	4.30%	'
Weems Road [Domain]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
unit count	310	'
loan commitment amount	5.7	'
current interest rate	8.50%	'
Deferred interest rate	4.30%	'
Kennesaw [Domain]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
unit count	198	'
loan commitment amount	$13.40	'
Cap rate discount	50	'
current interest rate	8.50%	'
Deferred interest rate	4.30%	'
crosstown walk [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
current interest rate	8.00%	'
Deferred interest rate	6.00%	'
City Park [Member] [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
current interest rate	8.00%	'
Deferred interest rate	6.00%	'
City Vista [Member] [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
current interest rate	8.00%	'
Deferred interest rate	6.00%	'
Lely [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
current interest rate	8.00%	'
Deferred interest rate	6.00%	'
Newtown [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
current interest rate	8.00%	'
Deferred interest rate	6.00%	'
Encore [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
current interest rate	8.00%	'
Deferred interest rate	2.00%	'
Trail Creek [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
unit count	192	'

Redeemable_Preferred_Stock_Det

Redeemable Preferred Stock (Details) (USD $)	3 Months Ended					6 Months Ended
	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Nov. 05, 2013	Jan. 16, 2013
Class of Stock [Line Items]	'	'	'	'	'	'	'	'	'
Common Stock, Dividends, Per Share, Declared	$0.16	$0.16	'	$0.15	$0.14	$0.32	$0.30	'	'
Unitsyearcounttoredemptionthree	3	'	'	'	'	3	'	'	'
Proceeds from Other Equity	'	'	$30,700,000	'	'	$37,000,000	'	'	'
Stock Redeemed or Called During Period, Shares	'	'	'	'	'	170	'	'	'
Stock Issued During Period, Shares, Conversion of Convertible Securities	5,714,274	'	'	'	'	'	'	'	'
Proceeds from Issuance of Common Stock	'	'	'	'	'	9,513,500	0	'	'
warrant exercise price as percent of gross ipo price	120.00%	'	'	'	'	120.00%	'	'	'
warrant minimum exercise price	$9	'	'	'	'	$9	'	'	'
daycountvolweightedavgcalcformarketvalue	20	'	'	'	'	20	'	'	'
warrantexercisewindowminyrsfromissue	'	'	'	'	'	'1	'	'	'
warrantexercisewindowmaxyrsfromissue	'	'	'	'	'	'4	'	'	'
Preferred Stock, Dividend Rate, Percentage	'	'	'	'	'	6.00%	'	'	'
Units stated value per share	$1,000	'	'	'	'	$1,000	'	'	'
Unitsredemptionfeepercentoneyear	10.00%	'	'	'	'	10.00%	'	'	'
Unitsissuedpercentageofmaximum	'	'	0.00%	'	'	0.00%	'	'	'
max proceeds equity sales	'	'	'	'	'	100,000,000	'	'	'
aggregate offering costs	6,900,000	'	'	'	'	6,900,000	'	'	'
prorataamountofferingcostsreclassed	'	'	'	'	'	801,000	'	'	'
Deferred offering costs	6,668,355	'	5,255,636	'	'	6,668,355	'	'	'
Common Stock, Shares, Issued	'	'	'	'	'	'	'	4,200,000	'
Deferred Offering Costs	10,800,000	'	'	'	'	10,800,000	'	'	'
ceiling deferred offering costs	'	'	'	'	'	1.50%	'	'	'
preferred stock	'	'	'	'	'	'	'	'	40,000
Preferred Stock, Par or Stated Value Per Share	$1,000	'	'	'	'	$1,000	'	'	'
Dividends, Common Stock, Cash	'	'	'	'	'	-5,111,982	'	'	'
Series A Preferred Stock [Member]	'	'	'	'	'	'	'	'	'
Class of Stock [Line Items]	'	'	'	'	'	'	'	'	'
preferred stock	115,391	'	89,408	'	'	115,391	'	'	'
Preferred Stock, Par or Stated Value Per Share	$0.01	'	$0.01	'	'	$0.01	'	'	'
Preferred Stock, Value, Issued	1,152	'	893	'	'	1,152	'	'	'
Common Stock [Member]	'	'	'	'	'	'	'	'	'
Class of Stock [Line Items]	'	'	'	'	'	'	'	'	'
unitswarrants	20	'	'	'	'	20	'	'	'
Warrant [Member]	'	'	'	'	'	'	'	'	'
Class of Stock [Line Items]	'	'	'	'	'	'	'	'	'
series a redeemable preferred stock	1	'	'	'	'	1	'	'	'
Unitsredemptionfee [Domain]	'	'	'	'	'	'	'	'	'
Class of Stock [Line Items]	'	'	'	'	'	'	'	'	'
Unitsredemptionfeespercentfouryears	3.00%	'	'	'	'	3.00%	'	'	'
Unitsredemptionfeespercentthreeyears	5.00%	'	'	'	'	5.00%	'	'	'
Unitsyearcounttoredemptionfive	5	'	'	'	'	5	'	'	'
Unitsredemptionfeepercentfiveyears	'	'	'	'	'	0.00%	'	'	'
Unitsyearcounttoredemptionfour	4	'	'	'	'	4	'	'	'
Units redemption	'	'	'	'	'	13.00%	'	'	'
Unitsissued [Member]	'	'	'	'	'	'	'	'	'
Class of Stock [Line Items]	'	'	'	'	'	'	'	'	'
Proceeds from Other Equity	'	'	'	'	'	104,500,000	'	'	'
Unitsissuedcumulative	'	'	'	'	'	115,391	'	'	'
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	445,000	'	'	'	'	445,000	'	'	'
shelf/ATM [Member]	'	'	'	'	'	'	'	'	'
Class of Stock [Line Items]	'	'	'	'	'	'	'	'	'
Common Stock, Shares, Issued	1,200,000	'	'	'	'	1,200,000	'	'	'
at the market [Domain]	'	'	'	'	'	'	'	'	'
Class of Stock [Line Items]	'	'	'	'	'	'	'	'	'
Proceeds from Issuance of Common Stock	'	'	'	'	'	$9,500,000	'	'	'

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Mar. 31, 2013
Related Party Transaction [Line Items]	'	'	'	'	'
Cost of Reimbursable Expense	$609,104	$553,096	$1,234,365	$1,032,983	'
capital marketing and professional	'	'	218,240	148,754	'
acquisition fees paid to related party	0	121,087	57,268	1,029,487	'
Common Stock, Shares, Outstanding	16,636,359	11,066,895	16,636,359	11,066,895	5,323,605
Related Party Transaction, Expenses from Transactions with Related Party	1,333,097	1,161,115	2,352,023	2,795,199	'
Property management fees	268,674	217,719	530,795	405,361	'
AcquisitionFeesRelatedPartyCosts	'	'	-343,689	-508,720	'
Acquisition-related Costs [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Percentageusedtocalculateacquisitionfees	0.00%	'	0.00%	'	'
AcquisitionFeesRelatedPartyCosts	332,902	475,633	400,958	1,538,207	'
AssetmanagementFees [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Asset Management Costs	493,709	314,691	960,577	580,492	'
Propertymanagementfees [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Property management fees	268,674	217,719	530,795	405,361	'
General and Administrative Expense [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party	$237,812	$153,072	$459,693	$271,139	'
Cash Distribution [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Percentproceedsassetsalestomanager	'	'	0.00%	'	'
priorityannualreturnoncapitalandexpensesassetsales	'	'	0.00%	'	'

Dividends_Details

Dividends (Details) (USD $)

1 Months Ended

3 Months Ended

6 Months Ended

Jun. 30, 2014

31-May-14

Apr. 30, 2014

Mar. 31, 2014

Feb. 28, 2014

Jan. 31, 2014

Jun. 30, 2013

31-May-13

Apr. 30, 2013

Mar. 31, 2013

Feb. 28, 2013

Jan. 31, 2013

Jun. 30, 2014

Mar. 31, 2014

Jun. 30, 2013

Mar. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Dividends Payable [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

minority interest partnership units outstanding

145,011

'

'

'

'

'

'

'

'

'

'

'

145,011

'

'

'

145,011

'

Payments to Noncontrolling Interests

'

'

'

'

'

'

'

'

'

'

'

'

$21,509

$36,552

$16,048

'

'

'

Common Stock, Dividends, Per Share, Declared

'

'

'

'

'

'

'

'

'

'

'

'

$0.16

$0.16

$0.15

$0.14

$0.32

$0.30

dividends common stock declared

'

'

'

'

'

'

'

'

'

'

'

'

2,658,212

2,453,769

1,660,034

771,923

5,111,981

2,431,957

common stock shares entitled to dividends

16,613,827

'

'

15,336,059

'

'

'

'

'

'

'

'

16,613,827

15,336,059

'

'

16,613,827

'

Stock Issued During Period, Shares, Conversion of Convertible Securities

'

'

'

'

'

'

'

'

'

'

'

'

5,714,274

'

'

'

'

'

Payments of Distributions to Affiliates

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15,513

'

'

Dividends, Preferred Stock, Cash

556,074

533,800

510,905

497,855

468,337

454,344

276,948

247,596

220,874

132,603

119,885

107,551

1,105,457

'

'

'

3,021,315

'

Common Stock, Shares, Outstanding

16,636,359

'

'

'

'

'

11,066,895

'

'

5,323,605

'

'

16,636,359

'

11,066,895

5,323,605

16,636,359

11,066,895

Series A Preferred Stock [Member]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends Payable [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends, Preferred Stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,021,315

-1,105,457

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	6 Months Ended
	Jun. 30, 2014	31-May-14	Apr. 30, 2014	Mar. 31, 2014	Feb. 28, 2014	Jan. 31, 2014	Jun. 30, 2013	31-May-13	Apr. 30, 2013	Mar. 31, 2013	Feb. 28, 2013	Jan. 31, 2013	Jun. 30, 2014	Jun. 30, 2014
Dividends Payable [Line Items]	'	'	'	'	'	'	'	'	'	'	'	'	'	'
Dividends, Preferred Stock, Cash	$556,074	$533,800	$510,905	$497,855	$468,337	$454,344	$276,948	$247,596	$220,874	$132,603	$119,885	$107,551	$1,105,457	$3,021,315
Preferred Stock entitled to dividend payments	109,865	105,630	101,436	98,200	93,005	89,313	53,749	48,098	41,492	25,755	23,094	19,732	109,865	109,865

Dividends_NCI_Details

Dividends NCI (Details) (USD $)	3 Months Ended
	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2013
Equity [Abstract]	'	'	'
Payments to Noncontrolling Interests	$21,509	$36,552	$16,048

Equity_Compensation_Details

Equity Compensation (Details) (USD $)

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

12 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Mar. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Mar. 31, 2014

Jun. 30, 2013

Jun. 30, 2014

Mar. 31, 2014

Mar. 31, 2013

Jun. 30, 2014

Mar. 31, 2012

Dec. 31, 2013

Jan. 03, 2013

Restricted Stock [Member]

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

'

'

1,317,500

'

'

'

'

'

'

'

'

'

'

'

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

131,464

'

'

'

'

29,016

'

'

39,216

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

445,924

290,165

'

890,146

599,086

'

'

'

'

'

'

'

'

'

'

market vesting condition capital increase threshhold

$1,959,000

'

$1,150,000

'

'

'

'

'

'

'

'

'

'

'

'

warrant exercise price as percent of gross ipo price

120.00%

'

'

120.00%

'

'

'

'

'

'

'

'

'

'

'

Equity_Compensation_Restricted

Equity Compensation Restricted Stock (Details) (USD $)	3 Months Ended		6 Months Ended		3 Months Ended			6 Months Ended	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2013	Jun. 30, 2014	Mar. 31, 2014	Mar. 31, 2013
					Restricted Stock [Member]	Restricted Stock [Member]	Restricted Stock [Member]	Restricted Stock [Member]	Directorscommitteefees [Member]	Directorscommitteefees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'	'	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	131,464	'	'	'	29,016	'	'	39,216	2,241	2,115
Share-based Compensation	$445,924	$290,165	$890,146	$599,086	'	'	'	'	'	'
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
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited	'	1,957	'	'	'	'	'	'	'	'
Stock Issued During Period, Shares, Restricted Stock Award, Gross	'	'	'	'	39,216	2,178	'	'	'	'

Equity_Compensation_Committee_

Equity Compensation Committee Fee Grants (Details) (USD $)	3 Months Ended		6 Months Ended		3 Months Ended			6 Months Ended	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2013	Jun. 30, 2014	Mar. 31, 2014	Mar. 31, 2013
					Restricted Stock [Member]	Restricted Stock [Member]	Restricted Stock [Member]	Restricted Stock [Member]	Directorscommitteefees [Member]	Directorscommitteefees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'	'	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	131,464	'	'	'	29,016	'	'	39,216	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	'	'	'	'	$8.21	$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	$445,924	$290,165	$890,146	$599,086	'	'	'	'	'	'

Equity_Compensation_Class_B_Un

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

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2014

Mar. 31, 2014

Jun. 30, 2013

Mar. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Mar. 31, 2012

Jun. 30, 2014

Dec. 31, 2013

Jan. 03, 2013

Jun. 30, 2014

Jan. 03, 2013

Jun. 30, 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

'

$8.05

'

$7.88

'

'

'

'

Common Stock, Dividends, Per Share, Declared

$0.16

$0.16

$0.15

$0.14

$0.32

$0.30

$0.14

'

$0.16

'

'

'

'

'

'

Share-based Compensation

445,924

'

290,165

'

890,146

599,086

'

'

'

'

'

'

'

'

'

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%

'

8.12%

'

7.36%

'

'

'

'

ClassBUnit valuation assumption expected volatility

'

'

'

'

'

'

32.72%

'

32.72%

'

32.10%

'

'

'

'

Class B Unit valuation assumptions risk free rate

'

'

'

'

'

'

3.80%

'

3.80%

'

2.91%

'

'

'

'

Class B Unit valuation assumption expected service period in years

'

'

'

'

'

'

1

'

1

'

1

'

'

'

'

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

'

'

'

'

'

'

1,422,963

'

1,422,963

'

862,219

'

'

'

'

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

'

'

'

'

'

'

10,582

'

10,582

'

'

'

'

'

'

Equity_Compensation_Warrant_De

Equity Compensation Warrant (Details) (USD $)	3 Months Ended				6 Months Ended
	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2014	Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'	'
Common Stock, Dividends, Per Share, Declared	$0.16	$0.16	$0.15	$0.14	$0.32	$0.30
warrant exercise price as percent of gross ipo price	120.00%	'	'	'	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	'	'	'	150,000	'

Equity_Compensation_Equity_com

Equity Compensation Equity compensation expense by grant (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Share-based Compensation	$445,924	$290,165	$890,146	$599,086
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	999,317	'	999,317	'
stock grants for quarterly board committee fees [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Share-based Compensation	0	0	17,928	18,168
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	0	'	0	'
2012 [Member] | ClassBUnits [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Share-based Compensation	0	0	0	2,580
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	0	'	0	'
2012 [Member] | Restricted Stock [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Share-based Compensation	0	21,562	0	86,250
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	0	'	0	'
Aug 15 2012 [Member] | ClassBUnits [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Share-based Compensation	0	10,249	0	20,498
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	0	'	0	'
2013 [Member] | ClassBUnits [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Share-based Compensation	0	215,555	2,318	428,791
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	0	'	0	'
2013 [Member] | Restricted Stock [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Share-based Compensation	21,453	42,799	85,812	42,799
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	0	'	0	'
2014 [Member] | ClassBUnits [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Share-based Compensation	'	0	730,481	0
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	730,961	'	730,961	'
2014 [Member] | Restricted Stock [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Share-based Compensation	'	0	53,607	0
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$268,356	'	$268,356	'

Indebtedness_Details

Indebtedness (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Debt Instrument [Line Items]	'	'	'	'	'
Unamortized Debt Issuance Expense	$1,600,000	'	$1,600,000	'	'
Interest Expense, Long-term Debt	1,379,322	1,051,985	2,708,346	1,971,456	'
Long-term Debt, Current Maturities	37,636,159	'	37,636,159	'	'
Long-term Debt	140,816,950	'	140,816,950	'	140,516,000
Long-term Debt, Maturities, Repayments of Principal in Year Two	730,292	'	730,292	'	'
Long-term Debt, Maturities, Repayments of Principal in Year Three	753,913	'	753,913	'	'
Long-term Debt, Maturities, Repayments of Principal in Year Four	787,117	'	787,117	'	'
Long-term Debt, Maturities, Repayments of Principal after Year Five	38,669,093	'	38,669,093	'	'
Long-term Debt, Maturities, Repayments of Principal after Year Five	99,523,682	'	99,523,682	'	'
Long-term Debt	178,100,256	'	178,100,256	'	'
Interest Expense	1,784,398	1,242,829	3,500,049	2,384,764	'
Line of Credit Facility, Amount Outstanding	37,283,306	'	37,283,306	'	29,390,000
Amortization of Financing Costs	'	'	264,300	422,395	'
Debt, Weighted Average Interest Rate	4.20%	'	4.20%	'	'
interest expense credit facility	405,076	190,844	791,703	413,308	'
Mortgages [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Long-term Debt	140,816,950	'	140,816,950	'	140,516,000
Summit II [Member] | Mortgages [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Long-term Debt	13,357,000	'	13,357,000	'	13,000,000
Debt Instrument, Interest Rate, Stated Percentage	4.49%	'	4.49%	'	'
Stone Rise Apartments [Member] | Mortgages [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Long-term Debt	19,467,661	'	19,467,661	'	19,500,000
Debt Instrument, Basis Spread on Variable Rate	'	'	2.77%	'	'
Summit Crossing [Member] | Mortgages [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Long-term Debt	20,838,289	'	20,838,289	'	20,862,000
Debt Instrument, Interest Rate, Stated Percentage	4.71%	'	4.71%	'	'
ashfordpark [Member] | Mortgages [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
amortization period	'	'	30	'	'
Long-term Debt	25,626,000	'	25,626,000	'	25,626,000
Debt Instrument, Interest Rate, Stated Percentage	3.13%	'	3.13%	'	'
Trail II [Member] | Mortgages [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Long-term Debt	28,109,000	'	28,109,000	'	'
Debt Instrument, Basis Spread on Variable Rate	'	'	4.22%	'	'
mcneilranch [Member] | Mortgages [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
amortization period	'	'	30	'	'
Long-term Debt	13,646,000	'	13,646,000	'	13,646,000
Debt Instrument, Interest Rate, Stated Percentage	3.13%	'	3.13%	'	'
Lakecameron [Member] [Member] | Mortgages [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
amortization period	'	'	30	'	'
Long-term Debt	19,773,000	'	19,773,000	'	19,773,000
Debt Instrument, Interest Rate, Stated Percentage	3.13%	'	3.13%	'	'
Lakecameron [Member] [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Interest Expense, Long-term Debt	165,319	165,318	328,919	297,592	'
mcneilranch [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Interest Expense, Long-term Debt	118,317	118,317	235,447	211,879	'
ashfordpark [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Interest Expense, Long-term Debt	215,729	215,729	429,230	382,508	'
Summit Crossing [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Interest Expense, Long-term Debt	410,585	254,823	780,372	506,916	'
Stone Rise Apartments [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Interest Expense, Long-term Debt	151,615	154,038	302,158	306,734	'
Trail Creek [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Interest Expense, Long-term Debt	317,757	143,760	632,220	265,827	'
Summit II [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
amortization period	'	'	30	'	'
Mortgage Loans on Real Estate, Face Amount of Mortgages	'	'	'	'	$13,000,000
Summit Crossing [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
amortization period	'	'	30	'	'
Stone Rise Apartments [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
amortization period	'	'	30	'	'
Trail Creek [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
amortization period	'	'	30	'	'

Indebtedness_debt_covenants_De

Indebtedness debt covenants (Details) (USD $)	3 Months Ended
	Jun. 30, 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	188,245,500
maximum dividends debt covenant	15,971,623
Senior leverage ratio	36.10%
Minimum Net Worth Required for Compliance	$196,427,582
debt yield	8.97%
payout ratio	86.30%
payout ratio	95.00%
Total leverage ratio	45.40%

Income_Taxes_Details

Income Taxes (Details) (USD $)	Jun. 30, 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 $)	6 Months Ended
	Jun. 30, 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

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Sep. 30, 2014

financingsegment [Member]

financingsegment [Member]

financingsegment [Member]

financingsegment [Member]

financingsegment [Member]

woodstock retail [Member]

woodstock retail [Member]

woodstock retail [Member]

woodstock retail [Member]

woodstock retail [Member]

All Other Segments [Member]

All Other Segments [Member]

All Other Segments [Member]

All Other Segments [Member]

multifamily community [Domain]

multifamily community [Domain]

multifamily community [Domain]

multifamily community [Domain]

multifamily community [Domain]

Other Assets [Member]

Other Assets [Member]

real estate assets [Member]

real estate assets [Member]

real estate assets [Member]

real estate assets [Member]

Mortgage Loans on Real Estate, Loan Type [Domain]

13th street [Member]

Segment Reporting Information [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payments for (Proceeds from) Loans Receivable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$250,000

capitalized expenditures for long lived assets

'

'

638,900

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Assets

382,585,772

'

382,585,772

'

341,636,695

167,184,820

'

167,184,820

'

131,079,309

6,281,333

'

6,281,333

'

0

'

'

'

'

193,351,429

'

193,351,429

'

196,368,297

15,768,190

14,189,089

'

'

'

'

'

Operating Leases, Income Statement, Lease Revenue

6,044,732

5,062,433

11,914,023

9,362,672

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,614,673

5,648,695

13,040,121

10,327,724

'

'

'

'

'

'

'

'

rental and other property revenues

12,065,190

7,668,708

23,305,272

13,659,667

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

adjusted funds from operations

9,245,305

5,240,324

17,804,371

9,367,125

'

5,259,792

2,020,013

9,985,541

3,331,943

'

143,647

0

211,109

0

'

99,041

118,112

185,971

211,382

3,841,866

3,220,311

7,607,721

6,035,182

'

'

'

'

'

'

'

'

Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest

2,424,472

-2,622,220

5,220,313

-5,808,049

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

2,424,472

-2,622,220

5,220,313

-5,808,049

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest Expense

1,784,398

1,242,829

3,500,049

2,384,764

'

405,076

190,844

791,703

413,308

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,784,398

1,847,166

3,500,049

2,989,101

'

Depreciation

'

'

4,631,503

3,683,029

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,296,780

4,884,319

5,605,306

8,996,622

'

Interest and Other Income

'

'

'

'

'

5,259,792

2,020,013

9,985,541

3,331,943

'

190,725

0

279,610

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Business Combination, Acquisition Related Costs

-162,364

-3,525

-350,395

-202,136

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation

-445,924

-290,165

-890,146

-599,086

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

loan fees received

'

'

687,378

1,017,440

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

noncash loan interest income

300,805

130,407

574,653

295,729

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Management fees

731,521

467,763

1,420,270

851,631

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Acquisition Costs, Period Cost

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$162,364

$124,612

$407,663

$1,231,623

'

'

'

'

'

'

'

'

'

'

'

'

Loss_per_Share_Details

Loss per Share (Details) (USD $)

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2014

Mar. 31, 2012

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Warrant [Member]

Warrant [Member]

Warrant [Member]

Warrant [Member]

ClassBUnits [Member]

ClassBUnits [Member]

ClassBUnits [Member]

ClassBUnits [Member]

Unitsissued [Member]

ClassBUnits [Member]

ClassBUnits [Member]

ClassBUnits [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Warrant [Member]

Series A Preferred Stock [Member]

Series A Preferred Stock [Member]

Series A Preferred Stock [Member]

Series A Preferred Stock [Member]

Series A Preferred Stock [Member]

Series B Preferred Stock [Member]

Series B Preferred Stock [Member]

Series B Preferred Stock [Member]

Series B Preferred Stock [Member]

Scenario, Actual [Member]

Scenario, Actual [Member]

Scenario, Actual [Member]

Scenario, Actual [Member]

Maximum [Member]

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

$2,424,472

($2,622,220)

$5,220,313

($5,808,049)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred Stock, Shares Outstanding

115,221

'

115,221

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

115,221

'

115,221

'

89,313

'

'

'

'

'

'

'

'

Unitsissuedcumulative

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

115,391

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net Income (Loss) Attributable to Parent

2,404,106

-2,585,550

5,161,085

-5,709,893

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends, Preferred Stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-1,600,779

-745,417

-3,021,315

-1,795,932

'

0

-7,028,557

0

-7,028,557

'

'

'

'

Deemed noncash dividend

0

-7,028,557

0

-7,028,557

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

NetIncomeAllocatedToUnvestedRestrictedShares

-6,274

-4,352

-10,952

-9,144

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Income (Loss) Attributable to Noncontrolling Interest

-20,366

36,670

-59,228

98,156

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net Income (Loss) Available to Common Stockholders, Basic

$797,053

($10,363,876)

$2,128,818

($14,543,526)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted Average Number of Shares Outstanding, Basic

16,287,354

8,198,340

15,804,766

6,752,050

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

16,287,354

8,198,340

15,804,766

6,752,050

Incremental Common Shares Attributable to Share-based Payment Arrangements

'

'

'

'

2,529

0

0

0

0

0

0

131,468

0

109,548

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted Average Number of Shares Outstanding, Diluted

16,421,351

8,198,340

15,915,384

6,752,050

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

16,421,351

8,198,340

15,915,384

6,752,050

Preferred Stock, Dividend Rate, Percentage

'

'

6.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Units stated value per share

$1,000

'

$1,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

131,464

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

29,016

39,216

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

239,556

106,988

142,046

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Incremental Common Shares from conversion of outstanding units

2,307,820

'

2,307,820

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Earnings Per Share, Basic

$0.05

($1.26)

$0.13

($2.15)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.05

($1.26)

$0.13

($2.15)

Earnings Per Share, Diluted

$0.05

($1.26)

$0.13

($2.15)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Pro_Forma_Financial_Informatio2

Pro Forma Financial Information (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]	'	'	'	'
Revenues	$12,065,190	$7,668,708	$23,305,272	$13,659,667
loans to be funded	158,274,983	'	158,274,983	'
pro forma net income common stockholders	1,145,216	-11,515,435	2,914,370	-16,856,001
Business Acquisition, Pro Forma Earnings Per Share, Diluted	$0.07	($1.40)	$0.18	($2.50)
Weighted Average Number of Shares Outstanding, Basic	16,287,354	8,198,340	15,804,766	6,752,050
Weighted Average Number of Shares Outstanding, Diluted	16,421,351	8,198,340	15,915,384	6,752,050
Pro Forma [Member]	'	'	'	'
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]	'	'	'	'
Revenues	12,065,190	8,285,535	23,297,672	15,184,987
Business Acquisition, Pro Forma Net Income (Loss)	2,775,733	-3,791,770	6,015,129	-8,161,482
pro forma net income company	$2,752,269	($3,737,109)	$5,946,637	($8,022,368)
Business Acquisition, Pro Forma Earnings Per Share, Basic	$0.07	($1.40)	$0.18	($2.50)
Weighted Average Number of Shares Outstanding, Basic	16,287,354	'	'	'
Weighted average number of shares of Common Stock outstanding, basic and diluted	'	8,198,340	15,804,766	6,752,050

Fair_Values_of_Financial_Instr2

Fair Values of Financial Instruments (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Accrued Investment Income Receivable	$5,300,000	$3,100,000
Exit fee	2,000,000	'
Loans and Leases Receivable, Net of Deferred Income	'	113,718,233
Financing Receivable, Gross	23,200,000	'
line of credit receivable	10,551,204	5,358,227
Financing Receivable, Net	15,596,387	'
financial assets carrying value	'	130,824,638
Mortgage notes payable	140,816,950	140,516,000
Line of Credit Facility, Amount Outstanding	37,283,306	29,390,000
Debt, Long-term and Short-term, Combined Amount	178,100,256	169,906,000
Mortgages [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Mortgage notes payable	140,816,950	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	144,362,813	119,152,117
Assets, Fair Value Disclosure	172,265,406	136,258,522
Long-term Debt, Fair Value	141,667,777	137,116,549
Line of Credit Facility, Amount Outstanding	37,283,306	29,390,000
Liabilities, Fair Value Disclosure	'	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	17,351,389	10,248,178
line of credit receivable	0	'
Assets, Fair Value Disclosure	0	'
Long-term Debt, Fair Value	'	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
Line of Credit Facility, Amount Outstanding	'	0
Liabilities, Fair Value Disclosure	'	0
Mortgage Loans on Real Estate [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Assets, Fair Value Disclosure	144,362,813	119,152,117
Irvine [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Loans Receivable, Fair Value Disclosure	$16,514,083	$14,332,658

Subsequent_Events_sub_events_D

Subsequent Events sub events (Details) (USD $)

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

Jun. 30, 2014

Mar. 31, 2014

Jun. 30, 2013

Mar. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Nov. 05, 2013

Sep. 30, 2014

Sep. 30, 2014

Jul. 01, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Jun. 30, 2013

Jun. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sale of Stock, Name of Transaction [Domain]

Line of Credit [Member]

Line of Credit [Member]

haven west [Member]

starkville [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Summit III [Domain]

Woodstock Crossing [Member]

13th street [Member]

multifamily community [Domain]

multifamily community [Domain]

5900 Retail, Miscellaneous Retail [Member]

Scenario, Actual [Member]

Pro Forma [Member]

Minimum [Member]

Maximum [Member]

Common Stock [Member]

Loans [Member]

Mortgage Loans on Real Estate, Loan Type [Domain]

Business Combination, Separately Recognized Transactions [Domain]

Business Combination, Separately Recognized Transactions [Domain]

Business Combination, Separately Recognized Transactions [Domain]

multifamily community [Domain]

multifamily community [Domain]

investment allocation strategy [Domain]

investment allocation strategy [Domain]

Business Combination, Separately Recognized Transactions [Domain]

Business Combination, Separately Recognized Transactions [Domain]

Subsequent Event [Line Items]

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Beds

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568

536

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interest revenue current pay

$2,628,833

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$975,905

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$4,928,126

$1,708,085

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$45,892

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Common stock, shares issued

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4,200,000

438,864

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Financing Receivable, Gross

23,200,000

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23,200,000

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2,400,000

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real estate loan current interest receivable

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10.00%

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Number of Businesses Acquired

3

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4

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9

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unit count

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1,929

1,789

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152

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3,491

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1,397

3,326

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

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181,700,000

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125,000,000

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Sale of Stock, Price Per Share

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$9

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Proceeds from Issuance of Common Stock

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9,513,500

0

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3,800,000

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asset percent other real estate

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10.00%

20.00%

line of credit previous borrowing capacity

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40,000,000

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Line of Credit Facility, Current Borrowing Capacity

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50,000,000

45,000,000

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Mortgage Loans on Real Estate, Interest Rate

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0.00%

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

131,464

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29,016

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39,216

1,350

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

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$8.21

$8.04

$8.85

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$8.80

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

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321,963

17,511

256,792

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11,880

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proceeds from mortgage financing

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3,000,000

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deferred interest income

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($2,232,532)

$900,048

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$204,108

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Common Stock, Dividends, Per Share, Declared

$0.16

$0.16

$0.15

$0.14

$0.32

$0.30

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