Preferred Apartment Communities (APTS) 10-Q 10 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information Document	9 Months Ended
	Sep. 30, 2014	Nov. 07, 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-Sep-14	'
document fiscal year focus	'2014	'
entity filer category	'Accelerated Filer	'
document fiscal period focus	'Q3	'
Entity Well-known Seasoned Issuer	'No	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
amendment flag	'false	'
entity common stock, shares outstanding	19,862,963	19,865,065

Balance_Sheets

Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
Real estate	'	'
Land	$76,845,362	$34,520,000
Building and improvements	367,282,876	147,510,836
Tenant Improvements	2,494,907	0
Furniture, fixtures, and equipment	36,545,602	22,363,098
Construction in progress	204,269	55,226
Gross real estate	483,373,016	204,449,160
Less: accumulated depreciation	-21,484,686	-14,133,421
Net real estate	461,888,330	190,315,739
Real estate loans	124,429,147	103,433,147
Loans and Leases Receivable, Related Parties	23,061,207	7,164,768
Total real estate and real estate loan, net	609,378,684	300,913,654
Cash and cash equivalents	13,587,705	9,180,431
Restricted cash	4,778,567	2,064,819
Financing Receivable, Net	15,512,662	'
Note receivable	34,400,000	'
Due from Related Parties, Current	10,472,805	6,858,227
Interest Receivable	6,461,446	3,286,660
Intangible Assets, Net (Excluding Goodwill)	13,436,330	907,883
Deferred loan costs, net of amortization of $155,953 and $64,480	5,383,147	1,719,194
Deferred offering costs	6,718,587	5,255,636
Other assets	2,610,587	1,202,013
Total assets	688,340,520	341,636,695
Liabilities	'	'
Mortgage notes payable	345,373,830	140,516,000
Accounts payable and accrued expenses	5,294,334	1,638,401
Line of Credit Facility, Amount Outstanding	36,000,000	29,390,000
Other Loans Payable, Current	44,250,000	0
Participating Mortgage Loans, Participation Liabilities, Amount	3,338,204	0
Interest Payable, Current	532,844	443,099
Dividends payable	3,654,469	2,900,478
Below Market Lease, Net	5,757,243	0
Security deposits and prepaid rents	1,178,582	695,998
Deferred income	538,693	'
Total liabilities	445,379,506	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	198,629	152,945
Additional paid in capital	252,414,783	177,824,720
Accumulated deficit	-11,433,148	-13,391,341
Total stockholders' equity	241,181,725	164,587,217
Non-controlling interest	1,779,289	1,465,502
Total equity	242,961,014	166,052,719
Total liabilities and equity	688,340,520	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	1,461	893
Mortgages [Member]	'	'
Liabilities	'	'
Mortgage notes payable	$345,373,830	$140,516,000

Statements_of_Operations

Statements of Operations (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues:	'	'	'	'
Rental revenues	$6,546,945	$5,426,402	$18,460,968	$14,789,074
Other property revenues	799,716	630,970	2,205,424	1,596,022
Interest income on loan and note receivable	4,871,387	2,531,116	13,656,982	5,819,146
Revenue from Related Parties	964,612	163,787	2,164,558	207,700
Total revenues	13,182,660	8,752,275	36,487,932	22,411,942
Operating expenses:	'	'	'	'
Property operating and maintenance	1,067,849	922,762	2,941,383	2,402,837
property salaries related party	632,051	600,547	1,866,416	1,633,530
Property management fees	283,805	238,026	814,600	643,387
Real estate taxes	712,752	640,627	2,102,065	1,656,204
General and administrative	177,291	159,646	598,895	446,251
Share-based Compensation	456,961	290,860	1,347,107	889,946
Depreciation and amortization	3,185,739	3,682,087	8,791,045	12,678,709
Acquisition costs	3,056,997	10,682	3,407,392	212,818
acquisition fees paid to related party	3,443,059	0	3,500,327	1,029,487
Management fees	787,115	536,738	2,207,385	1,388,369
Other Expenses	458,367	161,747	1,270,281	740,799
Total operating expenses	14,261,986	7,243,722	28,846,896	23,722,337
Operating Income (Loss)	-1,079,326	1,508,553	7,641,036	-1,310,395
Interest Expense	2,150,047	1,538,567	5,650,096	3,923,331
Gains (Losses) on Extinguishment of Debt	0	0	0	604,337
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	-3,229,373	-30,014	1,990,940	-5,838,063
Net loss	-3,229,373	-30,014	1,990,940	-5,838,063
net loss attributable to non-controlling interests	26,481	127,738	-32,747	225,894
Net loss attributable to the Company	-3,202,892	97,724	1,958,193	-5,612,169
NetIncomeAllocatedToUnvestedRestrictedShares	-6,275	-4,352	-17,227	-13,496
Net Income (Loss) Available to Common Stockholders, Basic	-5,112,684	-879,697	-2,983,866	-15,423,223
Earnings Per Share, Diluted	($0.29)	($0.08)	($0.18)	($1.88)
Earnings Per Share, Basic	($0.29)	($0.08)	($0.18)	($1.88)
Dividends, Common Stock, Cash	'	'	-8,049,892	'
Common Stock, Dividends, Per Share, Declared	$0.16	$0.15	$0.48	$0.45
Weighted Average Number of Shares Outstanding, Basic and Diluted	17,564,091	11,041,359	16,399,675	8,197,531
Weighted Average Number of Shares Outstanding, Diluted	18,919,526	12,491,359	17,817,807	8,197,531
Scenario, Actual [Member]	'	'	'	'
Operating expenses:	'	'	'	'
Earnings Per Share, Basic	($0.29)	($0.08)	($0.18)	($1.88)
Weighted Average Number of Shares Outstanding, Diluted	17,564,091	11,041,359	16,399,675	8,197,531
Series B Preferred Stock [Member]	'	'	'	'
Operating expenses:	'	'	'	'
Dividends to preferred stockholders	0	0	0	-7,028,557
Series A Preferred Stock [Member]	'	'	'	'
Operating expenses:	'	'	'	'
Dividends to preferred stockholders	($1,903,517)	($973,069)	($4,924,832)	($2,769,001)

Balance_sheet_parenthetical_Pa

Balance sheet parenthetical (Parentheticals) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Loans Held-for-sale, Fair Value Disclosure	$17,733,427	$14,332,658
Finite-Lived Intangible Assets, Accumulated Amortization	14,333,442	12,569,581
Deferred loan costs, accumulated amortization	1,063,082	963,043
Below Market Lease, Accumulated Amortization	$463,548	'
Series A Redeemable Preferred Stock, par value per share	$1,000	'
Shares outstanding, preferred stock	146,145	'
Common Stock, par value per share	$0.01	'
Common stock, shares outstanding	19,862,963	'
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	146,574	89,408
Shares outstanding, preferred stock	146,145	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	19,862,963	15,294,578
Common stock, shares outstanding	19,862,963	15,294,578

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Operating activities:	'	'
Net loss attributable to the Company	$1,958,193	($5,612,169)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	1,990,940	-5,838,063
Reconciliation of net loss to net cash provided by (used in) operating activities:	'	'
Depreciation expense	7,348,550	5,788,718
Amortization expense	1,442,495	6,889,991
Amortization of above and below Market Leases	-96,056	-330,394
Deferred fee income amortization	-805,360	-241,732
Deferred loan cost amortization	433,609	571,721
deferred interest income	3,219,158	-1,804,548
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	1,347,107	889,946
deferred miscellaneous income amortization	-14,073	-8,201
Gain (Loss) on Disposition of Assets	2,804	0
Changes in operating assets and liabilities:	'	'
(Increase) in tenant accounts receivable	279,345	82,612
(Increase) decrease in other assets	1,146,507	13,829
Increase in accounts payable and accrued expenses	89,745	28,892
(Decrease) increase in accrued interest payable	19,033	43,309
Increase (decrease) in prepaid rents	30,798	-11,025
Net cash provided by (used in) operating activities	9,997,584	6,075,055
Investing activities:	'	'
Investments in real estate loans	-39,513,149	-43,720,651
Proceeds from Principal Repayments on Loans and Leases Held-for-investment	3,125,202	0
Notes receivable issued	3,810,504	956,665
Proceeds from Interest and Dividends Received	1,298	0
Deferred acquisition fee on real estate loans	9,312,953	6,538,982
Deferred real estate loan income	-9,111,133	-11,155,618
Acquisition of properties, net	-285,302,277	-33,447,617
Additions to real estate assets - improvements	-1,661,807	-1,129,263
Proceeds from Sale of Productive Assets	4,773	0
Increase in cash held in escrow and restricted cash	-648,950	-701,770
AcquisitionFeesRelatedPartyCosts	-438,465	-705,049
Increase (Decrease) in Accounts and Notes Receivable	5,359,560	3,168,909
Net cash (used in) investing activities	-332,851,940	-91,863,278
Financing activities:	'	'
Proceeds from mortgage notes payable	217,956,000	59,045,000
Extinguishment of Debt, Amount	-13,098,170	-56,594,389
Payments for mortgage loan costs	4,903,701	1,607,394
Payments on revolving lines of credit	-67,073,306	-38,799,679
Proceeds from non-revolving lines of credit	-73,683,305	-48,909,149
Proceeds from sales of Units, net of offering costs	51,479,498	47,560,602
Proceeds from Issuance of Common Stock	36,058,950	0
Dividends declared and paid	-7,563,679	-3,203,573
Payments of Ordinary Dividends, Preferred Stock and Preference Stock	-4,663,139	-2,500,386
Payments for deferred offering costs, net of non cash items	-2,127,153	-1,469,415
Cash beginning of period	9,180,431	2,973,509
Cash end of period	13,587,705	5,453,006
Supplemental cash flow information:	'	'
Cash paid for interest	5,132,292	4,175,177
Noncash Investing and Financing Items [Abstract]	'	'
Accrued capital expenditures	70,392	94,747
Deemed noncash dividend	0	7,028,557
Dividends payable to non controlling interests	23,202	16,048
Payments of Ordinary Dividends, Noncontrolling Interest	75,179	-31,561
Accrued and payable deferred offering costs	175,598	452,874
Reclass of offering costs from deferred asset to equity	739,831	362,511
amount of bridge loans converted to mezzanine loans	17,334,271	0
Loans Assumed	0	69,428,389
Net Cash Provided by (Used in) Financing Activities	327,261,630	88,267,720
Cash and Cash Equivalents, Period Increase (Decrease)	4,407,274	2,479,497
non cash mezzanine loan settled	0	6,326,898
loan fees received	836,755	1,410,098
Series B Preferred Stock [Member]	'	'
Financing activities:	'	'
Proceeds from sales of Units, net of offering costs	'	36,959,366
Common Stock [Member]	'	'
Noncash Investing and Financing Items [Abstract]	'	'
Dividends payable	2,937,911	1,661,060
Series A Preferred Stock [Member]	'	'
Noncash Investing and Financing Items [Abstract]	'	'
Dividends payable	693,357	348,483
Parent [Member]	'	'
Operating activities:	'	'
Net loss attributable to the Company	1,958,193	-5,612,169
Financing activities:	'	'
Proceeds from Issuance of Common Stock	$37,121,005	'

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

51,304,949

'

'

522

'

0

'

51,304,427

'

0

'

51,304,949

'

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

889,946

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-672,549

'

-672,549

672,549

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

-7,816,159

'

'

'

'

'

'

-7,816,159

'

'

'

-7,816,159

'

'

'

'

'

'

'

'

'

'

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

889,946

'

'

0

'

28

'

889,918

'

0

'

889,946

'

0

'

'

'

'

'

'

'

'

Net Income (Loss) Attributable to Parent

-5,612,169

'

'

'

'

'

'

'

'

-5,612,169

'

-5,612,169

'

-225,894

'

'

'

'

'

'

'

'

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

-5,838,063

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

non-controlling interest equity adjustment

'

'

'

'

'

'

'

-260,767

'

'

'

-260,767

'

260,767

'

'

'

'

'

'

'

'

Payments to Noncontrolling Interests

-47,610

'

'

0

'

0

'

0

'

0

'

0

'

-47,610

'

'

'

'

'

'

'

'

Dividends, Preferred Stock

'

-2,078,525

'

0

'

0

'

2,078,525

'

0

'

2,078,525

'

0

'

'

'

'

'

'

'

'

Dividends, Preferred Stock, Cash

'

'

-690,476

'

'

'

'

'

-690,476

'

'

'

-690,476

'

'

'

'

'

'

'

'

'

Dividends, Common Stock

-4,093,017

'

'

0

'

0

'

-4,093,017

'

0

'

-4,093,017

'

0

'

'

'

'

'

'

'

'

Balance at Sep. 30, 2013

121,688,620

'

'

720

'

110,447

'

135,483,844

'

-15,020,422

'

120,574,589

'

1,114,031

'

'

'

'

'

'

'

'

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

57,133,551

'

'

571

'

0

'

57,132,980

'

0

'

57,133,551

'

0

'

'

'

'

'

'

'

'

Stock Redeemed or Called During Period, Value

-24,514

'

'

-3

'

331

'

-24,842

'

'

'

-24,514

'

'

'

'

'

'

'

'

'

'

Proceeds from Issuance of Common Stock

36,058,950

'

'

0

'

43,985

'

37,077,020

'

0

'

37,121,005

'

0

'

'

'

'

'

'

'

'

Stock Issued During Period, Value, New Issues

37,121,005

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

restricted stock vesting

0

'

'

0

'

293

'

-293

'

0

'

0

'

0

'

'

'

'

'

'

'

'

Equity compensation to executives and directors

1,347,107

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,097,389

'

'

'

'

'

1,097,389

Stock Issued During Period, Value, Conversion of Units

0

'

'

0

'

1,040

'

565,158

'

0

'

566,198

'

-566,198

'

'

'

'

'

'

'

'

Syndication and offering costs

-7,603,807

'

'

'

'

'

'

-7,603,807

'

'

'

-7,603,807

'

'

'

'

'

'

'

'

'

'

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

249,717

'

'

0

'

35

'

249,682

'

0

'

249,717

'

0

'

'

'

'

'

'

'

'

Dividends, Common Stock, Cash

-8,049,892

'

'

'

'

'

'

-8,049,892

'

'

'

-8,049,892

'

'

'

'

'

'

'

'

'

'

Net Income (Loss) Attributable to Parent

1,958,193

'

'

'

'

'

'

'

'

1,958,193

'

1,958,193

'

32,747

'

'

'

'

'

'

'

'

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

1,990,940

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

non-controlling interest equity adjustment

'

'

'

'

'

'

'

168,889

'

'

'

168,889

'

-168,889

'

'

'

'

'

'

'

'

Payments to Noncontrolling Interests

-81,262

'

'

0

'

0

'

0

'

0

'

0

'

-81,262

'

'

'

'

'

'

'

'

Dividends, Preferred Stock

'

4,924,832

'

0

'

0

'

4,924,832

'

0

'

4,924,832

'

0

'

'

'

'

'

'

'

'

Dividends, Preferred Stock, Cash

4,924,832

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Balance at Sep. 30, 2014

$242,961,014

'

'

$1,461

'

$198,629

'

$252,414,783

'

($11,433,148)

'

$241,181,725

'

$1,779,289

'

'

'

'

'

'

'

'

Statements_of_Equity_and_Accum1

Statements of Equity and Accumulated Deficit Parenthetical (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Common Stock, Dividends, Per Share, Declared	$0.48	$0.45
Series A Preferred Stock [Member]	'	'
Dividends, Preferred Stock, Cash	$5	$5
Series B Preferred Stock [Member]	'	'
Dividends, Preferred Stock, Cash	'	$17.26

Organization

Organization	9 Months Ended
	Sep. 30, 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 20% of its assets in other real estate related investments such as grocery-anchored necessity retail properties, as determined by its Manager (as defined below) as appropriate for the Company. The Company is externally managed and advised by Preferred Apartment Advisors, LLC, or its Manager, a Delaware limited liability company and related party (see Note 6).
	The Company completed its initial public offering, or IPO, on April 5, 2011. As of September 30, 2014, the Company had 19,862,963 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 99.18% for the three-month period ended September 30, 2014. The number of partnership units not owned by the Company totaled 145,011 at September 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 Company controls the Operating Partnership through its sole general partner interest and plans to conduct substantially all of its business through the Operating Partnership. New Market Properties, LLC, a wholly-owned subsidiary of the Operating Partnership, owns and conducts the business of the Company's grocery-anchored necessity retail properties.
	Basis of Presentation
	These 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 GAAP. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company's 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	9 Months Ended
	Sep. 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. Additional intangible assets for retail properties also include costs to initiate leases such as commissions and legal costs.
	In-place lease values for multifamily communities 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 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. 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.
	The fair values of in-place leases for retail shopping centers represent the value of direct costs associated with leasing, including opportunity costs associated with lost rentals that are avoided by acquiring in-place leases. Direct costs associated with obtaining a new tenant include commissions, legal and marketing costs, incentives such as tenant improvement allowances and other direct costs. Such direct costs are estimated based on our consideration of current market costs to execute a similar lease. The value of opportunity costs is estimated using the estimated market lease rates and the estimated absorption period of the space. These direct costs and opportunity costs are included in the accompanying consolidated balances sheets as acquired intangible assets in the accompanying consolidated balance sheets and are amortized to expense over the remaining term of the respective leases. The fair values of above-market and below-market in-place leases for retail shopping centers are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) our estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining terms of the leases, taking into consideration the probability of renewals for any below-market leases. The capitalized above-market and below-market lease values are included in acquired intangible assets and amortized as an adjustment to rental income over the remaining terms of the respective leases, plus any below market probable renewal options.
	Estimating the fair values of the tangible and intangible assets requires us to estimate market lease rates, property operating expenses, carrying costs during lease-up periods, discount and capitalization rates, market absorption periods, and the number of years the property is held for investment. The use of inappropriate estimates would result in an incorrect assessment of our purchase price allocations, which would impact the amount of our reported net income. Acquired intangible assets and liabilities 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 centers is recognized on a straight-line basis over the term of the lease regardless of when payments are due. Revenue based on "percentage rent" provisions that provide for additional rents that become due upon achievement of specified sales revenue targets (as specified in each lease agreement) is recognized only after the tenant exceeds its specified sales revenue target. Revenue from reimbursements of the tenants' share of real estate taxes, insurance and common area maintenance, or CAM, costs are recognized in the period in which the related expenses are incurred. Lease termination revenues are recognized ratably as rental revenue over the revised remaining lease term after giving effect to the termination notice. Rents and tenant reimbursements collected in advance are recorded in the accompanying consolidated balance sheets. The Company estimates the collectability of the tenant receivable related to rental and reimbursement billings due from tenants and straight-line rent receivables, which represent the cumulative amount of future adjustments necessary to present rental income on a straight-line basis, by taking into consideration the Company's historical write-off experience, tenant credit-worthiness, current economic trends, and remaining lease terms.
	The Company may provide retail tenants an allowance for the construction of leasehold improvements. These leasehold improvements are capitalized and depreciated over the shorter of the useful life of the improvements or the remaining lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of minimum rent. Determination of the appropriate accounting for the payment of a tenant allowance is made on a lease-by-lease basis, considering the facts and circumstances of the individual tenant lease. When the Company is the owner of the leasehold improvements, recognition of lease revenue commences when the lessee is given possession of the leased space upon completion of tenant improvements. However, when the leasehold improvements are owned by the tenant, the lease inception date is the date the tenant obtains possession of the leased space for purposes of constructing its leasehold improvements.
	Interest income on real estate loans and notes receivable is recognized on an accrual basis over the lives of the loans or notes 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 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.
	In August 2014, the FASB issued Accounting Standards Update 2014-15 (“ASU 2014-15”), Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This new guidance requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures.  ASU 2014-15 is effective for annual periods ending after December 15, 2016 and interim periods thereafter, early adoption is permitted.  The Company is currently in the process of evaluating the impact the adoption of ASU 2014-15 will have on the Company’s condensed consolidated financial statements.

Real_Estate_Assets_Notes

Real Estate Assets (Notes)	9 Months Ended
	Sep. 30, 2014
Real Estate Assets [Abstract]	'
Business Combination Disclosure	'
	Real Estate Assets
	The Company's real estate assets consisted of 10 multifamily communities with 3,326 total units and 9 grocery-anchored necessity retail shopping centers at September 30, 2014; at September 30, 2013, the Company owned 6 multifamily communities with 1,789 total units. The acquired second phases of the Trail Creek and Summit Crossing communities are managed in combination with the initial phases of these communities and are therefore considered single properties. At June 30, 2014, the combined phases of our Trail Creek communities, which were previously classified as held for sale, were reclassified pursuant to action taken by the investment committee of the Company's Manager during the second quarter 2014.
	On September 5, 2014, the Company completed the acquisition of the following two grocery-anchored necessity retail shopping centers, for approximately $24.1 million, an amount which approximated the fair value of the acquired assets and assumed liabilities:
	Seller		Property		Location		Gross leasable area (square feet)
	Newco-Columbia, LLC		Spring Hill Plaza		Nashville, Tennessee		61,570
	Newco-Ridley, LLC		Parkway Towne Centre		Nashville, Tennessee		65,587
							127,157
	The Company allocated the purchase price of the assets to the acquired assets and liabilities based upon their fair values, as shown in the following table. The purchase price allocation was based upon the Company's best estimates of the fair values of the acquired assets and liabilities, but is preliminary and is subject to refinement for a period of up to one year from the closing of the acquisition.
			Total Nashville Portfolio
	Land		$	7,429,756
	Buildings and improvements		12,926,230
	Tenant improvements		1,872,156
	In-place leases		2,280,106
	Above-market leases		11,107
	Leasing costs		842,551
	Below-market leases		(1,228,006		)
	Other assets		29,521
	Other liabilities		(89,974		)
	Net assets acquired		$	24,073,447
	Cash paid		$	6,973,447
	Mortgage debt		17,100,000
	Total consideration		$	24,073,447
	The tenant improvements, in-place leases, above market leases, leasing costs, and below-market leases will continue to be amortized over the remaining non-cancelable lease terms, which range from three months to 12 years as of September 30, 2014, with a weighted average remaining lease term of approximately 7.9 years as of September 30, 2014. Since the acquisition date of September 5, 2014, Spring Hill Plaza and Parkway Town Centre collectively contributed approximately $172,000 of revenue and $33,000 of net income to the Company's consolidated results for the three-month and nine-month periods ended September 30, 2014. The Company expensed acquisition costs of approximately $2,200,000 in conjunction with these acquisitions.
	On September 26, 2014, the Company completed the acquisition of the following multifamily communities, referred to collectively as the Dunbar Portfolio, for approximately $181.3 million, an amount which approximated the fair value of the acquired assets and assumed liabilities:
	Seller		Property		Location		Units
	Estancia Dallas, LLC		Estancia at Vista Ridge (1)		Dallas, Texas		300
	Sandstone Overland Park, LLC		Sandstone Creek Apartments		Kansas City, Kansas		364
	Stoneridge Nashville, LLC		Stoneridge Farms at Hunt Club		Nashville, Tennessee		364
	Vineyards Houston, LLC		Vineyards Apartments		Houston, Texas		369
							1,397
	(1) Property was renamed Enclave at Vista Ridge upon acquisition.
	Each of the four sellers are wholly-owned subsidiaries of JTL AREP Investments, LLC, a Delaware limited liability company.
	The Company allocated the purchase price of the assets to the acquired assets and liabilities based upon their fair values, as shown in the following table. The purchase price allocation was based upon the Company's best estimates of the fair values of the acquired assets and liabilities, but is preliminary and is subject to refinement for a period of up to one year from the closing of the acquisition.
			Total Dunbar Portfolio
	Land		$	16,033,101
	Buildings and improvements		148,701,272
	Furniture, fixtures and equipment		13,345,980
	Lease intangibles		3,564,244
	Prepaids & other assets		75,600
	Escrows		1,519,846
	Accrued taxes		(1,694,340		)
	Security deposits, prepaid rents, and other liabilities		(221,610		)
	Net assets acquired		$	181,324,093
	Cash paid		$	61,432,093
	Mortgage debt		119,892,000
	Total consideration		$	181,324,093
	The lease intangibles will continue to be amortized over the remaining non-cancelable lease terms, all of which were 6 months as of September 30, 2014. Since the acquisition date of September 26, 2014, the Dunbar Portfolio contributed approximately $256,000 of revenue and $436,000 of net loss (primarily due to the incurrence of amortization expense related to intangible assets) to the Company's consolidated results for the three-month and nine-month period ended September 30, 2014. The Company expensed acquisition costs of $2,952,562 in conjunction with the Dunbar Portfolio acquisition.
	On September 30, 2014, the Company completed the acquisition of the following six grocery-anchored necessity retail shopping centers, referred to collectively as the Sunbelt Portfolio, for approximately $74.2 million, an amount which approximated the fair value of the acquired assets and assumed liabilities:
	Seller		Property		Location		Rentable square feet
	U. S. Retail Income Fund VII, LLC		Deltona Landing		Orlando, Florida		59,996
	U. S. Retail Income Fund VII, LLC		Powder Springs		Atlanta, Georgia		77,853
	U. S. Retail Income Fund VII, LLC		Kingwood Glen		Houston, Texas		103,397
	U. S. Retail Income Fund VII, LLC		Parkway Centre		Columbus, Georgia		53,088
	U. S. Retail Income Fund VI, LLC		Barclay Crossing		Tampa, Florida		54,958
	U. S. Retail Income Fund VI, LLC		Sweetgrass Corner		Charleston, South Carolina		89,124
							438,416
	The two selling legal entities are directed and administered by BVT Equity Holdings, Inc. of Munich, Germany. The Company transferred its right to purchase a seventh shopping center in the portfolio, located in Miami, Florida, to the anchoring grocery tenant.
	The Company allocated the purchase price of the assets to the acquired assets and liabilities based upon their fair values, as shown in the following table. The purchase price allocation was based upon the Company's best estimates of the fair values of the acquired assets and liabilities, but is preliminary and is subject to refinement for a period of up to one year from the closing of the acquisition.
			Total Sunbelt Portfolio
	Land		$	17,111,929
	Buildings and improvements		54,171,413
	Furniture, fixtures and equipment		105,293
	In-place leases		5,400,067
Above market leases		319,501
Leasing commissions and legal		1,202,561
Below market leases		(4,160,764		)
Escrows		318,120
Other assets		357,039
Other liabilities		(621,814		)
Net assets acquired		$	74,203,345
Cash paid		$	27,343,345
Mortgage debt		46,860,000
Total consideration		$	74,203,345
The in-place leases, above market leases, leasing costs, and below-market leases will continue to be amortized over the remaining non-cancelable lease terms, which range from 2 months to 10 years as of September 30, 2014, with a weighted average remaining lease term of 4.9 years as of September 30, 2014. The Company expensed acquisition costs of approximately $1.4 million in conjunction with the Sunbelt Portfolio acquisition.
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 approximately $5.7 million, which approximated the fair value of the acquired assets and assumed liabilities.
The Company allocated the purchase price of the assets to the acquired assets and liabilities based upon their fair values, as shown in the following table. The purchase price allocation was based upon the Company's best estimates of the fair values of the acquired assets and liabilities, but is preliminary and is subject to refinement for a period of up to one year from the closing of the acquisition.
		Woodstock
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 September 30, 2014, with a weighted average remaining lease term of 8 years as of September 30, 2014. Since the acquisition date of February 12, 2014, Woodstock Crossing contributed approximately $183,000 and $463,000 of revenue and $28,000 and $133,000 of net income to the Company's consolidated results for the three-month and nine-month periods ended September 30, 2014, respectively. 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.
As discussed in note 16, on October 6, 2014 the Company acquired a third grocery-anchored necessity retail shopping center located in Nashville Tennessee. As of the date of filing of this Quarterly Report on Form 10-Q, the initial accounting, including the purchase price allocation for this transaction was not complete.
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 as of and for the three months and nine months ended September 30, 2014 and 2013.
Amortization of acquired intangible assets for the nine-month period ended September 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.
	Three months ended September 30,						Nine months ended September 30,
	2014				2013		2014		2013
Depreciation:
Buildings and improvements	$	1,475,098			$	1,027,767	$	3,833,974	$	2,845,693
Furniture, fixtures, and equipment	1,248,832				1,077,922		3,521,459		2,943,025
	2,723,930				2,105,689		7,355,433		5,788,718
Amortization:
Acquired intangible assets	460,618				1,575,247		1,432,040		6,886,537
Website development costs	1,191				1,151		3,572		3,454
Total depreciation and amortization	$	3,185,739			$	3,682,087	$	8,791,045	$	12,678,709

Real_Estate_Loans_Notes_Receiv

Real Estate Loans, Notes Receivable, and Line of Credit	9 Months Ended
	Sep. 30, 2014
Real Estate Loan [Abstract]	'
loansheldforinvestment [Text Block]	'
	Real Estate Loans, Notes Receivable, and Line of Credit
	At September 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		14,147,515			$	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		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		Atlanta, 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		1/31/15	N/A		16,026,525			N/A			8.5
		Manassas		Northern VA		8/18/14		2/18/18	8/18/19		17,270,000			N/A			5-Aug
		Irvine		Irvine, CA (8)		12/18/13		2/28/15	N/A		23,000,000			N/A			8.5 / 4.3
		Weems Road		Atlanta, GA (9)		4/14/14		12/31/14	N/A		5,700,000			N/A			8.5 / 4.3
		Kennesaw		Atlanta, GA (6) (10)		6/27/14		6/27/17	N/A		13,424,995			$	34,825,000		8.5 / 4.3
		Summit III		Atlanta, GA (11)		7/25/14		7/31/15	N/A		2,400,000			N/A			10
											$	171,007,498
	(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; "Kennesaw" - Haven Campus Communities - Kennesaw, LLC; and "Summit III" - Oxford Forsyth Development, LLC.
	(2)	A mezzanine loan in support of an 88,351 square foot retail development project. On October 20, 2014, the borrower repaid this loan in full.
	(3)	Crosstown Walk was a land acquisition bridge loan that was converted to a mezzanine loan in April 2013.
	(4)	Completed 160-unit 568-bed student housing community adjacent to the campus of the University of West Georgia.
	(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 to partially finance the acquisition of land and predevelopment costs for a 340-unit multifamily community.
	(8)	Bridge loan to partially finance the acquisition of land and predevelopment costs for a 280-unit multifamily community.
	(9)	Bridge loan to partially finance the acquisition of land and predevelopment costs for a 310-unit multifamily community.
	(10)	Mezzanine loan in support of a planned 198-unit,792-bed student housing community adjacent to the campus of Kennesaw State University.
	(11)	Bridge loan to partially finance the acquisition of land and predevelopment costs for a third phase adjacent to our Summit Crossing multifamily community.
	The Manassas loan is subject to a loan participation agreement with a syndicate of unaffiliated third parties, under which the syndicate is to fund 25% of the loan commitment amount and collectively receive 25% of interest payments and returns of principal.
	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, Irvine, Weems Road and Summit III 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 credit quality of the obligors under each of the Company's 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 that 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 September 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			September 30, 2014			31-Dec-13
	Project/Property
	City Park		$	10,000,000			$	200,000		$	100,000		$	(53,843	)	$	9,946,157		$	9,928,017
	City Vista		13,632,515				282,930			141,465			(78,663		)	13,553,852			12,063,939
	Madison - Rome		5,360,042				107,201			53,600			(19,894		)	5,340,148			5,322,770
	Lely		12,206,849				254,265			127,133			(53,548		)	12,153,301			11,402,372
	Crosstown Walk		10,671,665				219,240			109,620			(32,887		)	10,638,778			9,997,245
	Overton		15,528,327				332,079			166,040			(85,245		)	15,443,082			14,487,178
	Haven West		6,784,167				138,816			69,408			(36,298		)	6,747,869			5,582,018
	Starkville		4,008,718				122,328			61,164			(33,626		)	3,975,092			1,582,750
	Founders' Village		9,866,000				197,320			98,660			(67,532		)	9,798,468			7,572,698
	Encore		9,936,763				320,531			160,265			—			9,936,763			7,716,421
	Manassas		13,352,815				189,670			114,923			(10,728		)	13,342,087			10,609,849
	Irvine		17,733,427				390,129			195,064			—			17,733,427			14,332,658
	Weems Road		5,556,233				94,356			47,178			(3,446		)	5,552,787			—
	Kennesaw		12,391,526				268,500			134,250			(53,280		)	12,338,246			—
	Summit III		1,000,000				24,000			12,000			(9,703		)	990,297			—
			$	148,029,047			$	3,141,365		$	1,590,770		$	(538,693	)	$	147,490,354		$	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		3/1/17		7/31/17		(1)			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
Summit III		N/A		N/A		N/A			172
									3,663
(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 September 30, 2014, our portfolio of notes and lines of credit receivable consisted of:
Borrower		Date of loan		Maturity date		Total loan commitments			Outstanding balance as of:						Interest rate
									9/30/14			12/31/13
360 Residential, LLC		3/20/13		6/30/16		$	2,000,000		$	547,800		$	12,396		12	%	(1)
TPKG 13th Street Development, LLC		5/3/13		12/31/14		7,200,000			7,200,000			7,265,204			8	%	(2)
Preferred Capital Marketing Services, LLC		1/24/13		1/23/15		1,500,000			1,500,000			1,500,000			10	%
Riverview Associates, Ltd.		12/17/12		12/16/14		1,300,000			300,000			1,300,000			8	%	(3)
Pecunia Management, LLC		11/16/13		11/15/14		200,000			200,000			200,000			10	%
Oxford Contracting LLC		8/27/13		4/30/17		1,500,000			1,475,000			1,475,000			8	%	(4)
Preferred Apartment Advisors, LLC		8/21/12		12/31/15		9,500,000			7,339,710			5,358,227			8	%	(5)
Haven Campus Communities, LLC		6/11/14		6/30/16		4,000,000			1,650,000			—			12	%	(4)
Oxford Capital Partners, LLC		6/27/14		6/30/16		4,200,000			4,069,870			—			12	%	(6)
Newport Development Partners, LLC		6/17/14		6/30/16		3,000,000			1,760,560			—			12	%	(4)
Unamortized loan fees									(57,473		)	(4,422		)
						$	34,400,000		$	25,985,467		$	17,106,405
(1) Revolving credit line which is an amendment of the bridge loan which was originated on March 20, 2013. The amounts payable under the terms of the loan are collateralized by guaranties of payment and performance by the principals of the borrower.
(2) Land acquisition loan which pays current interest at 8% per annum, plus an additional interest amount necessary to provide the Company with a cumulative simple rate of return of 20% per annum effective January 1, 2014. The note is collateralized by a pledge of 100% of the membership interests of the project as well as by a first mortgage on the property.
(3) The amounts payable under the terms of this promissory note 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 these revolving credit lines are collateralized by a personal guaranty of repayment by the principals of the borrower.
(5) The amounts payable under this revolving 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.
(6) The amounts payable under the terms of this revolving credit line, up to the lesser of 25% of the loan balance or $1,000,000 are collateralized by a personal guaranty of repayment by the principals of the borrower.
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 September 30,							Nine months ended September 30,
		2014				2013			2014			2013
Real estate loans:
Current interest payments		$	2,924,660			$	1,258,636		$	7,852,786		$	2,966,721
Additional accrued interest		1,854,309				932,461			5,065,487			2,054,297
Deferred loan fee revenue		178,727				64,603			759,583			180,297
Total real estate loan revenue		4,957,696				2,255,700			13,677,856			5,201,315
Interest income on notes and lines of credit		878,303				439,203			2,143,684			825,531
Interest income on loans and notes receivable		$	5,835,999			$	2,694,903		$	15,821,540		$	6,026,846
The Company extends loans for purposes such as to partially finance the development of multifamily residential communities, to acquire land in anticipation of developing and constructing multifamily residential communities, and for other real estate or real estate related projects. Certain of these loans include characteristics such as exclusive options to purchase the project at a fixed price within a specific time window following project completion and stabilization, the rights to incremental exit fees over and above the amount of periodic interest paid during the life of the loans, or both. These characteristics can cause the loans to create variable interests to the Company and require further evaluation as to whether the variable interest creates a variable interest entity, or VIE, which would necessitate consolidation of the project. The Company considers the facts and circumstances pertinent to each entity borrowing under the loan, including the relative amount of financing the Company is contributing to the overall project cost, decision making rights or control held by the Company, guarantees provided by third parties, and rights to expected residual gains or obligations to absorb expected residual losses that could be significant from the project. If the Company is deemed to be the primary beneficiary of a VIE, consolidation treatment would be required.
The Company has evaluated its real estate loans, where appropriate, for accounting treatment as loans versus real estate development projects, as required by ASC 310. For each loan, the characteristics and the facts and circumstances indicate that loan accounting treatment is appropriate.
The Company's real estate loans partially finance the development activities of the borrowers' associated legal entities. Each of these loans create variable interests in each of these entities, and according to the Company's analysis, are deemed to be VIEs, due to the combined factors of the sufficiency of the borrowers' investment at risk, the existence of payment and performance guaranties provided by the borrowers, as well as the limitations on the fixed-price purchase options on the City Park, City Vista, Overton, Crosstown Walk, Lely, Haven West, and Founders' Village loans. The Company has concluded that it is not the primary beneficiary of the borrowing entities. It has no decision making authority or power to direct activity, except normal lender rights, which are subordinate to the senior loans on the projects. Therefore, since the Company has concluded it is not the primary beneficiary, it has not consolidated these entities in its consolidated financial statements. The Company's maximum exposure to loss from these loans is their drawn amount as of September 30, 2014 of approximately $78.7 million. The maximum aggregate amount of loans to be funded as of September 30, 2014 was approximately $81.7 million.
The Company is subject to a concentration of credit risk that could be considered significant with regard to the Crosstown Walk, City Park, City Vista, Founders' Village, Manassas, Encore, and Summit III real estate loans, the promissory note from 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 $74.0 million (with a total commitment amount of $86.9 million) and in the event of a total failure to perform by the borrowers and guarantors, would subject the Company to a total possible loss of that amount. The Company generally requires secured interests in one or a combination of the membership interests of the borrowing entity or the entity holding the project, guaranties of loan repayment, and project completion performance guaranties as credit protection with regard to its real estate loans, as is customary in the mezzanine loan industry. The Company has performed assessments of the guaranties with regard to the obligors' ability to perform according to the terms of the guaranties if needed and has concluded that the guaranties reduce the Company's risk and exposure to the above-described credit risk in place as of September 30, 2014.
The borrowers and guarantors behind the Crosstown Walk, City Park, City Vista, Founders' Village, Manassas, Encore and Summit III 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 $2.1 million and $1.4 million for the three-month periods ended September 30, 2014 and 2013, respectively.

Redeemable_Preferred_Stock

Redeemable Preferred Stock	9 Months Ended
	Sep. 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 September 30, 2014, offering costs specifically identifiable to Unit offering closing transactions, such as commissions, dealer manager fees, and other registration fees, totaled approximately $13.6 million. These costs are reflected as a reduction of stockholders' equity at the time of closing. In addition, the costs related to the offering not related to a specific closing transaction totaled approximately $7.4 million. As of September 30, 2014, the Company had issued 146,574 Units and collected net proceeds of approximately $132.6 million from the Primary Series A Offering after commissions.  A total of 429 shares of Series A Preferred Stock were subsequently redeemed. The number of Units issued was approximately 14.8% 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 14.8% of the approximate $7.4 million deferred to date, or approximately $1.1 million as a reduction of stockholders' equity.  The remaining balance of offering costs not yet reflected as a reduction of stockholder's equity, approximately $6.6 million, are reflected in the asset section of the consolidated balance sheet  as deferred offering costs at September 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 $475,000 as of September 30, 2014, of which approximately $174,000 are reflected in the asset section of the consolidated balance sheet as deferred offering costs at September 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 September 30, 2014, the Company sold approximately 4.4 million shares of Common Stock through the ATM offering and collected net proceeds of approximately $36.1 million.

Related_Party_Transactions

Related Party Transactions	9 Months Ended
	Sep. 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 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				Nine months ended
	Type of Compensation		Basis of Compensation	September 30, 2014		September 30, 2013		September 30, 2014		September 30, 2013
	Acquisition fees		1% of the gross purchase price of real estate assets acquired or loans advanced	$	3,156,638	$	195,833	$	3,500,327	$	1,734,040
	Asset management fees		Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted	531,881		363,595		1,492,458		944,087
	Property management fees		Monthly fee equal to 4% of the monthly gross revenues of the properties managed	283,805		238,026		814,600		643,387
	General and administrative expense fees		Monthly fee equal to 2% of the monthly gross revenues of the Company	255,234		173,143		714,927		444,282
				$	4,227,558	$	970,597	$	6,522,312	$	3,765,796
	Included in the acquisition fees recognized for the three months and nine months ended September 30, 2014 are $642,820 paid as a broker fee to Joel T. Murphy, a member of the board of directors and Chief Executive Officer of New Market Properties, LLC, a related party, related to the acquisition of the eight grocery-anchored necessity retail shopping centers during the third quarter 2014. Mr. Murphy was the broker who identified the retail assets acquired and for which he would be compensated at closing. During the acquisition process, Mr. Murphy was asked to join our board of directors based on his background and experience and was also asked to become the Chief Executive Officer of New Market Properties, LLC.
	The Manager may, in its discretion, defer some or all of the asset management, property management, or general and administrative expense fees for properties owned by the Company. Any deferred fees become due and payable to the extent that, in the event of any capital transaction, the net sale proceeds exceed the allocable capital contributions for the asset plus a 7% priority annual return on the asset. A total of approximately $10,200 of combined asset management and general and administrative expense fees related to the acquired properties during the three months ended September 30, 2014 have been deferred by the Manager. The Company will recognize any deferred fees in future periods to the extent, if any, it determines that the estimated net sale proceeds would exceed the hurdles listed above. As of September 30, 2014, the Company determined that there was insufficient evidence to support recognition of these deferred fees; therefore, the Company has not recognized any expense for the amounts deferred.
	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 September 30,					Nine months ended September 30,
	2014			2013		2014		2013
	$	632,051		$	600,547	$	1,866,416	$	1,633,530
	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 $331,360 and $93,776 for the nine-month periods ended September 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 nine-month periods ended September 30, 2014 or 2013.

Dividends

Dividends	9 Months Ended
	Sep. 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		247,597
	30-Jun-14	109,865	556,074		28-Jun-13		53,749		276,946
	31-Jul-14	115,114	583,110		31-Jul-13		59,121		302,532
	29-Aug-14	123,334	626,595		30-Aug-13		63,359		322,368
	30-Sep-14	135,109	693,812		30-Sep-13		68,198		348,483
		Total	$	4,924,832			Total		$	2,078,839
	In addition, the Company declared on February 7, 2013 and paid a cash dividend on its Series B Preferred Stock at the same rate and frequency as those dividends declared on the Common Stock, equal to 5,714,274 as-converted shares of Common Stock, in an aggregate amount of $690,476.
	The Company's dividend activity on its Common Stock for the nine-month periods ended September 30, 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
	September 15, 2014	18,361,942	0.16		2,937,911			September 16, 2013		11,073,731	0.15		1,661,060
			$	0.48	$	8,049,892					$	0.445	$	4,093,017

Equity_Compensation

Equity Compensation	9 Months Ended
	Sep. 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 months ended September 30,						Nine months ended September 30,				Unamortized expense as of September 30,
		2014			2013			2014		2013		2014
	Quarterly board member committee fee grants	$	11,858		$	5,983		$	29,786	$	24,151	$	—
	Class B Unit awards:
	Executive officers - 2012	—			—			—		2,580		—
	Executive officers - 2013	—			215,555			2,318		644,345		—
	Executive officers - 2014	364,558			—			1,095,041		—		336,293
	Vice chairman of board of directors	—			5,125			—		25,623		—
	Restricted stock grants:
	2012	—			—			—		86,250		—
	2013	—			64,197			85,812		106,997		—
	2014	80,545			—			134,150		—		187,811
	Total	$	456,961		$	290,860		$	1,347,107	$	889,946	$	524,104
	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 August 8, 2013, the Company granted 708 shares of Common Stock to its independent board members, in payment of their quarterly meeting fees. The per-share fair value of this immediate-vesting award was $8.45, which was the closing price of the Common Stock on the prior business day. The total compensation cost of $5,983 was recorded in full at the grant date.
	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.
	On August 7, 2014, the Company granted 1,350 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 $8.80, 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.
	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	9 Months Ended
	Sep. 30, 2014
Debt [Abstract]	'
Debt Disclosure [Text Block]	'
	Indebtedness
	Mortgage Notes Payable
	The following table shows certain details regarding our mortgage notes payable:
				Principal balance as of									Interest only through date (1)
		Acquisition/		September 30, 2014			31-Dec-13			Maturity date	Fixed interest rate
		refinancing date
	Trail Creek	6/25/13		$	28,109,000		$	28,109,000		7/1/20	4.22%		7/1/20
	Stone Rise	7/3/14		25,187,000			19,500,000			8/1/19	2.89%		8/31/15
	Summit Crossing	4/21/11		20,763,830			20,862,000			5/1/18	4.71%		5/1/14
	Summit Crossing secondary financing	8/28/14		5,250,000			—			9/1/19	4.39%		N/A
	Summit II	3/20/14		13,357,000			13,000,000			4/1/21	4.49%		3/1/20
	Ashford Park	1/24/13		25,626,000			25,626,000			2/1/20	3.13%		2/28/18
	Ashford Park secondary financing	8/28/14		6,660,000			—			2/1/20	4.13%		N/A
	McNeil Ranch	1/24/13		13,646,000			13,646,000			2/1/20	3.13%		2/28/18
	Lake Cameron	1/24/13		19,773,000			19,773,000			2/1/20	3.13%		2/28/18
	Enclave	9/26/14		24,862,000			—			10/1/21	3.68%		10/31/17
	Sandstone	9/26/14		32,305,000			—			10/1/19	3.18%		N/A
	Stoneridge	9/26/14		27,950,000			—			10/1/19	3.18%		N/A
	Vineyards	9/26/14		34,775,000			—			10/1/21	3.68%		10/31/17
	Spring Hill Plaza	9/5/14		9,900,000			—			10/1/19	3.36%		N/A
	Parkway Town Centre	9/5/14		7,200,000			—			10/1/19	3.36%		N/A
	Woodstock	8/8/14		3,150,000			—			9/1/21	4.71%		N/A
	Deltona Landing	9/30/14		7,250,000			—			10/1/19	3.48%		N/A
	Powder Springs	9/30/14		7,650,000			—			10/1/19	3.48%		N/A
	Kingwood Glen	9/30/14		12,130,000			—			10/1/19	3.48%		N/A
	Barclay Crossing	9/30/14		6,820,000			—			10/1/19	3.48%		N/A
	Sweetgrass Corner	9/30/14		8,260,000			—			10/1/19	3.58%		N/A
	Parkway Centre	9/30/14		4,750,000			—			10/1/19	3.48%		N/A
	Total			$	345,373,830		$	140,516,000
	(1) Following the indicated interest only period (where applicable), monthly payments of accrued interest and principal are based on a 30-year amortization period through the maturity date.
	Credit Facility
	The Company has a 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 maximum borrowing capacity on the Revolving Credit Facility was $40,000,000 until the amendment of the loan agreement pursuant to the Third Modification Agreement, which became effective July 1, 2014.
	The Third Modification Agreement increased our borrowing capacity on the Revolving Credit Facility from $40 million to $45 million and extended the maturity date to July 1, 2015. Once the Company's operating real estate assets exceeded $300 million, the borrowing capacity was increased to $50 million.
	On September 19, 2014, the Company entered into an Amended and Restated Credit Agreement with Key Bank that also added a $45 million term loan, or Term Note, to the Company's borrowing capacity. The Term Note bears interest at the one month London Interbank Offered Rate, or 1 month LIBOR, plus 4.5%. This rate was 4.625% per annum at September 30, 2014. The Term Note matures on March 19, 2015, with an option to extend until June 19, 2015. Mandatory principal payments totaling $15.0 million with a maximum balance of $30.0 million are required by December 19, 2014 and cumulative payments totaling $25.0 million with a maximum balance of $20.0 million are required by March 19, 2015.
	The purpose of the Term Note was to partially finance the acquisitions of the Sunbelt and Dunbar portfolios.
	The Amended and Restated Credit Agreement contains certain affirmative and negative covenants, including negative covenants that limit or restrict secured and unsecured indebtedness, mergers and fundamental changes, investments and acquisitions, liens and encumbrances, dividends, transactions with affiliates, burdensome agreements, changes in fiscal year and other matters customarily restricted in such agreements. The amount of dividends that may be paid out by the Company is restricted to a maximum of 95% of AFFO for the trailing rolling four quarters without the lender's consent; solely for purposes of this covenant, AFFO is calculated as earnings before interest, taxes, depreciation and amortization expense, plus reserves for capital expenditures, less normally recurring capital expenditures, less consolidated interest expense.
	As of September 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%		50.70%
	Net worth		Minimum $160,000,000	(2)	$242,961,014
	Debt yield		Minimum 8.25%		8.46%
	Payout ratio		Maximum 95%	(3)	82.50%
	Total leverage ratio		Maximum 65%		62.40%
	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 approximately $229,170,000 as of September 30, 2014.
	(3)Calculated on a trailing four-quarter basis. For the twelve-month period ended September 30, 2014, the maximum dividends and distributions allowed under this covenant was approximately $19,255,000.
	Loan fees and closing costs for the establishment and subsequent amendments of the Credit Facility, the Term Loan, as well as the mortgage debt on the Company's multifamily communities, are amortized over the lives of the loans. At September 30, 2014, aggregate unamortized loan costs were approximately $5.4 million, which will be amortized over a weighted average remaining loan life of approximately 5.2 years. The weighted average interest rate for the Credit Facility was 4.07% for the nine-month period ended September 30, 2014.
	Interest Expense
	Interest expense, including amortization of deferred loan costs was:
			Three months ended September 30,						Nine months ended September 30,
			2014			2013			2014			2013
	Trail Creek		$	321,052		$	319,246		$	953,272		$	585,073
	Stone Rise		331,606			155,105			633,764			461,839
	Summit Crossing		439,414			257,553			1,219,786			764,469
	Ashford Park		246,313			217,958			675,543			600,466
	McNeil Ranch		119,503			119,503			354,950			331,382
	Lake Cameron		167,039			167,038			495,958			464,630
	Dunbar Portfolio		78,051			—			78,051			—
	Retail assets		82,639			—			82,639			—
	Interest paid to Manassas participant		52,700			—			52,700			—
			1,838,317			1,236,403			4,546,663			3,207,859
	Revolving Credit Facility and Term Note		311,730			302,164			1,103,433			715,472
Interest expense		$	2,150,047		$	1,538,567		$	5,650,096		$	3,923,331
Future Principal Payments
The Company’s estimated future principal payments due on its debt instruments, including its line of credit as of September 30, 2014 were:
Period		Future principal payments
2014		$	51,476,798
2015		32,124,966
2016		3,597,037
2017		3,917,158
2018		25,263,786
thereafter		309,244,085
Total		$	425,623,830

Income_Taxes

Income Taxes	9 Months Ended
	Sep. 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 September 30, 2014 and December 31, 2013.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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 began 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	9 Months Ended
	Sep. 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. At September 30, 2014, this consisted of Woodstock Crossing plus the eight additional assets acquired during the three month period ended September 30, 2014.
	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.
		September 30, 2014				December 31, 2013
	Assets:
	Multifamily communities	$	376,089,034			$	196,368,297
	Financing	180,002,113				131,079,309
	Retail	111,983,472				—
	Other	20,265,901				14,189,089
	Consolidated assets	$	688,340,520			$	341,636,695
	Total capitalized expenditures of $1,281,035 and $979,828 were recorded for the nine months ended September 30, 2014 and 2013, respectively (excluding the purchase prices of acquisitions during these periods and construction in progress).
				Three months ended							Nine months ended
				September 30, 2014				September 30, 2013			September 30, 2014		September 30, 2013
	Revenues
	Multifamily communities			$	6,952,522			$	6,057,372		$	19,992,643	$	16,385,096
	Financing			5,835,999				2,694,903			15,821,540		6,026,846
	Retail			394,139				—			673,749		—
	Consolidated revenues			$	13,182,660			$	8,752,275		$	36,487,932	$	22,411,942
	Segment net operating income (Segment NOI)
	Multifamily communities			$	4,104,481			$	3,451,598		$	11,712,202	$	9,486,780
	Financing			5,835,999				2,694,903			15,821,540		6,026,846
	Retail			293,431				—			504,540		—
	Consolidated segment net operating income			10,233,911				6,146,501			28,038,282		15,513,626
	Interest and loss on early debt extinguishment:
	Multifamily communities			1,702,977				1,237,915			4,411,323		3,797,057
	Retail			82,639				—			82,639		—
	Financing			364,431				300,652			1,156,134		730,611
	Depreciation and amortization:
	Multifamily communities			2,870,450				3,682,087			8,369,612		12,678,709
	Retail			315,289				—			421,433		—
	Professional fees			326,776				57,908			901,429		450,676
	Management fees			787,115				536,738			2,207,385		1,388,369
	Acquisition costs:
	Multifamily communities			2,937,724				10,682			3,087,696		1,242,305
	Retail			3,562,332				—			3,820,023		—
	Equity compensation to directors and executives			456,961				290,860			1,347,107		889,946
	Other			56,590				59,673			242,561		174,016
	Net loss			$	(3,229,373	)		$	(30,014	)	$	1,990,940	$	(5,838,063	)

Loss_per_Share

Loss per Share	9 Months Ended
	Sep. 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 September 30,						Nine months ended September 30,
			2014			2013			2014			2013
	Numerator:
		Net income (loss)	$	(3,229,373	)	$	(30,014	)	$	1,990,940		$	(5,838,063	)
		Net (income) loss attributable to non-controlling interests	26,481			127,738			(32,747		)	225,894
		Net income (loss) attributable to the Company	(3,202,892		)	97,724			1,958,193			(5,612,169		)
		Dividends declared to preferred stockholders (A)	(1,903,517		)	(973,069		)	(4,924,832		)	(2,769,001		)
		Deemed non-cash dividend to holders of Series B Preferred Stock	—			—			—			(7,028,557		)
		Earnings attributable to unvested restricted stock (B)	(6,275		)	(4,352		)	(17,227		)	(13,496		)
		Net income (loss) attributable to common stockholders	$	(5,112,684	)	$	(879,697	)	$	(2,983,866	)	$	(15,423,223	)
	Denominator:
		Weighted average number of shares of Common Stock - basic	17,564,091			11,041,359			16,399,675			8,197,531
		Effect of dilutive securities: (C)
		Warrants	—			—			—			—
		Class B OP Units	—			—			—			—
		Unvested restricted stock	—			—			—			—
		Weighted average number of shares of Common Stock - diluted	17,564,091			11,041,359			16,399,675			8,197,531
		Income (loss) per share of Common Stock:
		Basic	$	(0.29	)	$	(0.08	)	$	(0.18	)	$	(1.88	)
		Diluted	$	(0.29	)	$	(0.08	)	$	(0.18	)	$	(1.88	)
	(A) The Company’s 146,145 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 September 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 nine-month periods ended September 30, 2014 and 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 2,931,480 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	9 Months Ended
	Sep. 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, Trail II, Parkway Town Centre, Spring Hill Plaza, and the Dunbar and Sunbelt Portfolios 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						Nine months ended
			September 30,						September 30,
			2014			2013			2014			2013
	Pro forma:
		Revenues	$	20,026,753		$	15,934,565		$	57,022,655		$	44,240,660
		Net income (loss)	$	(5,106,447	)	$	(3,549,828	)	$	(4,862,551	)	$	(24,696,591	)
		Net income (loss) attributable to the Company	$	(5,064,596	)	$	(3,389,533	)	$	(4,824,826	)	$	(24,177,458	)
		Net income (loss) attributable to common stockholders	$	(6,974,388	)	$	(4,366,954	)	$	(9,766,885	)	$	(33,988,512	)
		Net income (loss) per share of Common Stock
		attributable to common stockholders:
		Basic	$	(0.37	)	$	(0.35	)	$	(0.55	)	$	(3.52	)
		Diluted	$	(0.37	)	$	(0.35	)	$	(0.55	)	$	(4.15	)
		Weighted average number of shares of Common Stock outstanding:
		Basic	18,919,526			12,491,359			17,817,807			9,647,531
		Diluted	18,919,526			12,491,359			17,817,807			8,197,531
	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	9 Months Ended
	Sep. 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 $6.3 million and $3.1 million at September 30, 2014 and December 31, 2013, respectively.
		As of September 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)	$	150,477,152	$	155,999,168	$	—	$	—	$	155,999,168
	Notes receivable	15,512,662		15,512,662		—		—		15,512,662
	Note receivable and revolving line of credit	10,472,805		10,472,805		—		—		10,472,805
		$	176,462,619	$	181,984,635	$	—	$	—	$	181,984,635
	Financial Liabilities:
	Mortgage notes payable	$	345,373,830	$	346,486,616	$	—	$	—	$	346,486,616
	Revolving credit facility	36,000,000		36,000,000		—		—		36,000,000
	Term Loan	44,250,000		44,250,000		—		—		44,250,000
		$	425,623,830	$	426,736,616	$	—	$	—	$	426,736,616
		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	6,858,227		6,858,227		—		—		6,858,227
		$	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) The carrying value of real estate loans includes the Irvine loan of 17,733,427 and $14,332,658 at September 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. This amount also includes the Company's balance of the Manassas real estate loan, net of the balance funded by unrelated participants.
	The fair value of the real estate loans within the level 3 hierarchy are comprised of estimates of the fair value of the notes, which were developed utilizing a discounted cash flow model over the remaining terms of the notes until their maturity dates and utilizing discount rates believed to approximate the market risk factor for notes of similar type and duration. The fair values also contain a separately-calculated estimate of any applicable exit fee or additional interest payment due the Company at the maturity date of the loan, based on the outstanding loan balances at September 30, 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 $2,000,000 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	9 Months Ended
	Sep. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
	Subsequent Events
	On October 6, 2014, the Company acquired one grocery-anchored necessity retail shopping center with an approximate aggregate 62,400 rentable square feet located in Nashville, Tennessee, for an aggregate purchase price of approximately $14.2 million.
	On October 20, 2014, the borrower repaid the mezzanine loan and accrued interest of approximately $5.4 million, which supported the development of a grocery anchored, necessity retail shopping center in Rome, Georgia. The grocery company exercised its right of first refusal for the center.
	On October 21, 2014, the Company repaid $7.25 million of the principal amount owed on our Term Loan and on November 4, 2014, we repaid another $3.5 million of principal amount. With these payments, the outstanding balance on the Term Loan has been reduced from $44.25 million to $33.5 million.
	Between October 1, 2014 and October 31, 2014, the Company issued 13,196 Units and collected net proceeds of approximately $11.9 million under its Follow-on Offering.
	On November 3, 2014, the Company declared a dividend on its Common Stock of $0.175 per share, payable on January 15, 2015 to all stockholders of record on December 15, 2014.
	On November 3, 2014, the Company granted 2,102 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 $8.50, which was the closing price of the Common Stock on the prior business day. The total compensation cost of $17,867 was recorded in full at the grant date.
	On November 4, 2014, the Company closed on a bridge loan of up to $2.24 million to acquire a parcel of land adjacent to the property partially financed by our Crosstown Walk mezzanine loan in Tampa, Florida, for a planned 180-unit second phase of that multifamily community. The loan pays current monthly interest of 8.5% per annum and accrues deferred interest at 4.33% per annum.

Significant_Accounting_Policie1

Significant Accounting Policies Basis of Presentation (Policies)	9 Months Ended
	Sep. 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. Additional intangible assets for retail properties also include costs to initiate leases such as commissions and legal costs.
	In-place lease values for multifamily communities 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 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. 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.
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 or notes 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 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_Tables

Real Estate Assets (Tables)	9 Months Ended
	Sep. 30, 2014
Real Estate Assets [Abstract]	'
Table of Properties Acquired	'
	On September 26, 2014, the Company completed the acquisition of the following multifamily communities, referred to collectively as the Dunbar Portfolio, for approximately $181.3 million, an amount which approximated the fair value of the acquired assets and assumed liabilities:
	Seller		Property		Location		Units
	Estancia Dallas, LLC		Estancia at Vista Ridge (1)		Dallas, Texas		300
	Sandstone Overland Park, LLC		Sandstone Creek Apartments		Kansas City, Kansas		364
	Stoneridge Nashville, LLC		Stoneridge Farms at Hunt Club		Nashville, Tennessee		364
	Vineyards Houston, LLC		Vineyards Apartments		Houston, Texas		369
							1,397
	(1) Property was renamed Enclave at Vista Ridge upon acquisition.
	On September 30, 2014, the Company completed the acquisition of the following six grocery-anchored necessity retail shopping centers, referred to collectively as the Sunbelt Portfolio, for approximately $74.2 million, an amount which approximated the fair value of the acquired assets and assumed liabilities:
	Seller		Property		Location		Rentable square feet
	U. S. Retail Income Fund VII, LLC		Deltona Landing		Orlando, Florida		59,996
	U. S. Retail Income Fund VII, LLC		Powder Springs		Atlanta, Georgia		77,853
	U. S. Retail Income Fund VII, LLC		Kingwood Glen		Houston, Texas		103,397
	U. S. Retail Income Fund VII, LLC		Parkway Centre		Columbus, Georgia		53,088
	U. S. Retail Income Fund VI, LLC		Barclay Crossing		Tampa, Florida		54,958
	U. S. Retail Income Fund VI, LLC		Sweetgrass Corner		Charleston, South Carolina		89,124
							438,416
	On September 5, 2014, the Company completed the acquisition of the following two grocery-anchored necessity retail shopping centers, for approximately $24.1 million, an amount which approximated the fair value of the acquired assets and assumed liabilities:
	Seller		Property		Location		Gross leasable area (square feet)
	Newco-Columbia, LLC		Spring Hill Plaza		Nashville, Tennessee		61,570
	Newco-Ridley, LLC		Parkway Towne Centre		Nashville, Tennessee		65,587
							127,157
Purchase Price Allocation	'
	The Company allocated the purchase price of the assets to the acquired assets and liabilities based upon their fair values, as shown in the following table. The purchase price allocation was based upon the Company's best estimates of the fair values of the acquired assets and liabilities, but is preliminary and is subject to refinement for a period of up to one year from the closing of the acquisition.
			Woodstock
	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 Company allocated the purchase price of the assets to the acquired assets and liabilities based upon their fair values, as shown in the following table. The purchase price allocation was based upon the Company's best estimates of the fair values of the acquired assets and liabilities, but is preliminary and is subject to refinement for a period of up to one year from the closing of the acquisition.
			Total Sunbelt Portfolio
	Land		$	17,111,929
	Buildings and improvements		54,171,413
	Furniture, fixtures and equipment		105,293
	In-place leases		5,400,067
	Above market leases		319,501
	Leasing commissions and legal		1,202,561
	Below market leases		(4,160,764		)
	Escrows		318,120
	Other assets		357,039
	Other liabilities		(621,814		)
	Net assets acquired		$	74,203,345
	Cash paid		$	27,343,345
	Mortgage debt		46,860,000
	Total consideration		$	74,203,345
	The Company allocated the purchase price of the assets to the acquired assets and liabilities based upon their fair values, as shown in the following table. The purchase price allocation was based upon the Company's best estimates of the fair values of the acquired assets and liabilities, but is preliminary and is subject to refinement for a period of up to one year from the closing of the acquisition.
			Total Dunbar Portfolio
	Land		$	16,033,101
	Buildings and improvements		148,701,272
	Furniture, fixtures and equipment		13,345,980
	Lease intangibles		3,564,244
	Prepaids & other assets		75,600
	Escrows		1,519,846
	Accrued taxes		(1,694,340		)
	Security deposits, prepaid rents, and other liabilities		(221,610		)
	Net assets acquired		$	181,324,093
	Cash paid		$	61,432,093
	Mortgage debt		119,892,000
	Total consideration		$	181,324,093
	The Company allocated the purchase price of the assets to the acquired assets and liabilities based upon their fair values, as shown in the following table. The purchase price allocation was based upon the Company's best estimates of the fair values of the acquired assets and liabilities, but is preliminary and is subject to refinement for a period of up to one year from the closing of the acquisition.
			Total Nashville Portfolio
	Land		$	7,429,756
	Buildings and improvements		12,926,230
	Tenant improvements		1,872,156
	In-place leases		2,280,106
	Above-market leases		11,107
	Leasing costs		842,551
	Below-market leases		(1,228,006		)
	Other assets		29,521
	Other liabilities		(89,974		)
	Net assets acquired		$	24,073,447
	Cash paid		$	6,973,447
	Mortgage debt		17,100,000
	Total consideration		$	24,073,447
Depreciation and Amortization Expense	'
	Amortization of acquired intangible assets for the nine-month period ended September 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.
		Three months ended September 30,						Nine months ended September 30,
		2014				2013		2014		2013
	Depreciation:
	Buildings and improvements	$	1,475,098			$	1,027,767	$	3,833,974	$	2,845,693
	Furniture, fixtures, and equipment	1,248,832				1,077,922		3,521,459		2,943,025
		2,723,930				2,105,689		7,355,433		5,788,718
	Amortization:
	Acquired intangible assets	460,618				1,575,247		1,432,040		6,886,537
	Website development costs	1,191				1,151		3,572		3,454
	Total depreciation and amortization	$	3,185,739			$	3,682,087	$	8,791,045	$	12,678,709

Real_Estate_Loans_Notes_Receiv1

Real Estate Loans, Notes Receivable, and Line of Credit Real Estate Loans in place (Tables)	9 Months Ended
	Sep. 30, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]	'
loans and notes receivable [Table Text Block]	'
			As of September 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			September 30, 2014		31-Dec-13
	Project/Property
	City Park		$	10,000,000		$	200,000		$	100,000		$	(53,843	)	$	9,946,157	$	9,928,017
	City Vista		13,632,515			282,930			141,465			(78,663		)	13,553,852		12,063,939
	Madison - Rome		5,360,042			107,201			53,600			(19,894		)	5,340,148		5,322,770
	Lely		12,206,849			254,265			127,133			(53,548		)	12,153,301		11,402,372
	Crosstown Walk		10,671,665			219,240			109,620			(32,887		)	10,638,778		9,997,245
	Overton		15,528,327			332,079			166,040			(85,245		)	15,443,082		14,487,178
	Haven West		6,784,167			138,816			69,408			(36,298		)	6,747,869		5,582,018
	Starkville		4,008,718			122,328			61,164			(33,626		)	3,975,092		1,582,750
	Founders' Village		9,866,000			197,320			98,660			(67,532		)	9,798,468		7,572,698
	Encore		9,936,763			320,531			160,265			—			9,936,763		7,716,421
	Manassas		13,352,815			189,670			114,923			(10,728		)	13,342,087		10,609,849
	Irvine		17,733,427			390,129			195,064			—			17,733,427		14,332,658
	Weems Road		5,556,233			94,356			47,178			(3,446		)	5,552,787		—
	Kennesaw		12,391,526			268,500			134,250			(53,280		)	12,338,246		—
	Summit III		1,000,000			24,000			12,000			(9,703		)	990,297		—
			$	148,029,047		$	3,141,365		$	1,590,770		$	(538,693	)	$	147,490,354	$	110,597,915
interest income [Table Text Block]	'
			Three months ended September 30,						Nine months ended September 30,
			2014			2013			2014			2013
	Real estate loans:
	Current interest payments		$	2,924,660		$	1,258,636		$	7,852,786		$	2,966,721
	Additional accrued interest		1,854,309			932,461			5,065,487			2,054,297
	Deferred loan fee revenue		178,727			64,603			759,583			180,297
	Total real estate loan revenue		4,957,696			2,255,700			13,677,856			5,201,315
	Interest income on notes and lines of credit		878,303			439,203			2,143,684			825,531
	Interest income on loans and notes receivable		$	5,835,999		$	2,694,903		$	15,821,540		$	6,026,846
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		14,147,515			$	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		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		Atlanta, 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		1/31/15	N/A		16,026,525			N/A			8.5
		Manassas		Northern VA	8/18/14		2/18/18	8/18/19		17,270,000			N/A			5-Aug
		Irvine		Irvine, CA (8)	12/18/13		2/28/15	N/A		23,000,000			N/A			8.5 / 4.3
		Weems Road		Atlanta, GA (9)	4/14/14		12/31/14	N/A		5,700,000			N/A			8.5 / 4.3
		Kennesaw		Atlanta, GA (6) (10)	6/27/14		6/27/17	N/A		13,424,995			$	34,825,000		8.5 / 4.3
		Summit III		Atlanta, GA (11)	7/25/14		7/31/15	N/A		2,400,000			N/A			10
										$	171,007,498
	(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; "Kennesaw" - Haven Campus Communities - Kennesaw, LLC; and "Summit III" - Oxford Forsyth Development, LLC.
	(2)	A mezzanine loan in support of an 88,351 square foot retail development project. On October 20, 2014, the borrower repaid this loan in full.
	(3)	Crosstown Walk was a land acquisition bridge loan that was converted to a mezzanine loan in April 2013.
	(4)	Completed 160-unit 568-bed student housing community adjacent to the campus of the University of West Georgia.
	(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 to partially finance the acquisition of land and predevelopment costs for a 340-unit multifamily community.
	(8)	Bridge loan to partially finance the acquisition of land and predevelopment costs for a 280-unit multifamily community.
	(9)	Bridge loan to partially finance the acquisition of land and predevelopment costs for a 310-unit multifamily community.
	(10)	Mezzanine loan in support of a planned 198-unit,792-bed student housing community adjacent to the campus of Kennesaw State University.
	(11)	Bridge loan to partially finance the acquisition of land and predevelopment costs for a third phase adjacent to our Summit Crossing multifamily community.

Real_Estate_Loans_Notes_Receiv2

Real Estate Loans, Notes Receivable, and Line of Credit Real estate loans purchase options (Tables)	9 Months Ended
	Sep. 30, 2014
Receivables [Abstract]	'
real estate loans purchase options [Table Text Block]	'
	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	3/1/17	7/31/17	(1)		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
	Summit III	N/A	N/A	N/A		172
						3,663
	(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.
Notes receivable [Table Text Block]	'
	Borrower	Date of loan	Maturity date	Total loan commitments		Outstanding balance as of:						Interest rate
						9/30/14			12/31/13
	360 Residential, LLC	3/20/13	6/30/16	$	2,000,000	$	547,800		$	12,396		12	%	(1)
	TPKG 13th Street Development, LLC	5/3/13	12/31/14	7,200,000		7,200,000			7,265,204			8	%	(2)
	Preferred Capital Marketing Services, LLC	1/24/13	1/23/15	1,500,000		1,500,000			1,500,000			10	%
	Riverview Associates, Ltd.	12/17/12	12/16/14	1,300,000		300,000			1,300,000			8	%	(3)
	Pecunia Management, LLC	11/16/13	11/15/14	200,000		200,000			200,000			10	%
	Oxford Contracting LLC	8/27/13	4/30/17	1,500,000		1,475,000			1,475,000			8	%	(4)
	Preferred Apartment Advisors, LLC	8/21/12	12/31/15	9,500,000		7,339,710			5,358,227			8	%	(5)
	Haven Campus Communities, LLC	6/11/14	6/30/16	4,000,000		1,650,000			—			12	%	(4)
	Oxford Capital Partners, LLC	6/27/14	6/30/16	4,200,000		4,069,870			—			12	%	(6)
	Newport Development Partners, LLC	6/17/14	6/30/16	3,000,000		1,760,560			—			12	%	(4)
	Unamortized loan fees					(57,473		)	(4,422		)
				$	34,400,000	$	25,985,467		$	17,106,405
	(1) Revolving credit line which is an amendment of the bridge loan which was originated on March 20, 2013. The amounts payable under the terms of the loan are collateralized by guaranties of payment and performance by the principals of the borrower.
	(2) Land acquisition loan which pays current interest at 8% per annum, plus an additional interest amount necessary to provide the Company with a cumulative simple rate of return of 20% per annum effective January 1, 2014. The note is collateralized by a pledge of 100% of the membership interests of the project as well as by a first mortgage on the property.
	(3) The amounts payable under the terms of this promissory note 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 these revolving credit lines are collateralized by a personal guaranty of repayment by the principals of the borrower.
	(5) The amounts payable under this revolving 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.
	(6) The amounts payable under the terms of this revolving credit line, up to the lesser of 25% of the loan balance or $1,000,000 are collateralized by a personal guaranty of repayment by the principals of the borrower.

Related_Party_Transactions_Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Schedule of Related Party Transactions [Table Text Block]	'
				Three months ended				Nine months ended
	Type of Compensation		Basis of Compensation	September 30, 2014		September 30, 2013		September 30, 2014		September 30, 2013
	Acquisition fees		1% of the gross purchase price of real estate assets acquired or loans advanced	$	3,156,638	$	195,833	$	3,500,327	$	1,734,040
	Asset management fees		Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted	531,881		363,595		1,492,458		944,087
	Property management fees		Monthly fee equal to 4% of the monthly gross revenues of the properties managed	283,805		238,026		814,600		643,387
	General and administrative expense fees		Monthly fee equal to 2% of the monthly gross revenues of the Company	255,234		173,143		714,927		444,282
				$	4,227,558	$	970,597	$	6,522,312	$	3,765,796
	Three months ended September 30,					Nine months ended September 30,
	2014			2013		2014		2013
	$	632,051		$	600,547	$	1,866,416	$	1,633,530

Dividends_Tables

Dividends (Tables)	9 Months Ended
	Sep. 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
	September 15, 2014	18,361,942		0.16			2,937,911				September 16, 2013		11,073,731	0.15		1,661,060
				$	0.48		$	8,049,892						$	0.445	$	4,093,017
	The holders of Class A OP Units of the Operating Partnership are entitled to equivalent distributions as those declared on the Common Stock. At September 30, 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. Distribution activity by the Operating Partnership was:
	2014					2013
	Declaration date	Payment date	Aggregate distributions			Declaration date		Payment date		Aggregate distributions
	2/6/14	4/22/14	$	36,552		2/7/13		4/25/13		$	15,513
	5/8/14	7/17/14	21,509			5/9/13		7/31/13		16,048
	8/7/14	10/17/14	23,201			8/8/13		10/29/13		16,048
			$	81,262						$	47,609
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			247,597
	30-Jun-14	109,865		556,074			28-Jun-13		53,749			276,946
	31-Jul-14	115,114		583,110			31-Jul-13		59,121			302,532
	29-Aug-14	123,334		626,595			30-Aug-13		63,359			322,368
	30-Sep-14	135,109		693,812			30-Sep-13		68,198			348,483
		Total		$	4,924,832				Total			$	2,078,839

Dividends_Series_A_Preferred_S

Dividends Series A Preferred Stock (Tables)	9 Months Ended
	Sep. 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	247,597
	30-Jun-14	109,865	556,074		28-Jun-13	53,749	276,946
	31-Jul-14	115,114	583,110		31-Jul-13	59,121	302,532
	29-Aug-14	123,334	626,595		30-Aug-13	63,359	322,368
	30-Sep-14	135,109	693,812		30-Sep-13	68,198	348,483
		Total	$	4,924,832		Total	$	2,078,839

Dividends_Class_A_Distribution

Dividends Class A Distributions (Tables)	9 Months Ended
	Sep. 30, 2014
Noncontrolling Interest [Abstract]	'
partnership unit distributions [Table Text Block]	'
	The holders of Class A OP Units of the Operating Partnership are entitled to equivalent distributions as those declared on the Common Stock. At September 30, 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. Distribution activity by the Operating Partnership was:
	2014				2013
	Declaration date	Payment date	Aggregate distributions		Declaration date	Payment date	Aggregate distributions
	2/6/14	4/22/14	$	36,552	2/7/13	4/25/13	$	15,513
	5/8/14	7/17/14	21,509		5/9/13	7/31/13	16,048
	8/7/14	10/17/14	23,201		8/8/13	10/29/13	16,048
			$	81,262			$	47,609

Equity_Compensation_Tables

Equity Compensation (Tables)	9 Months Ended
	Sep. 30, 2014
Equity Compensation [Abstract]	'
equity compensation expense [Table Text Block]	'
		Three months ended September 30,						Nine months ended September 30,				Unamortized expense as of September 30,
		2014			2013			2014		2013		2014
	Quarterly board member committee fee grants	$	11,858		$	5,983		$	29,786	$	24,151	$	—
	Class B Unit awards:
	Executive officers - 2012	—			—			—		2,580		—
	Executive officers - 2013	—			215,555			2,318		644,345		—
	Executive officers - 2014	364,558			—			1,095,041		—		336,293
	Vice chairman of board of directors	—			5,125			—		25,623		—
	Restricted stock grants:
	2012	—			—			—		86,250		—
	2013	—			64,197			85,812		106,997		—
	2014	80,545			—			134,150		—		187,811
	Total	$	456,961		$	290,860		$	1,347,107	$	889,946	$	524,104
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)	9 Months Ended
	Sep. 30, 2014
Debt Instrument [Line Items]	'
Schedule of Long-term Debt Instruments [Table Text Block]	'
	The following table shows certain details regarding our mortgage notes payable:
			Principal balance as of						Interest only through date (1)
		Acquisition/	September 30, 2014		31-Dec-13		Maturity date	Fixed interest rate
		refinancing date
	Trail Creek	6/25/13	$	28,109,000	$	28,109,000	7/1/20	4.22%	7/1/20
	Stone Rise	7/3/14	25,187,000		19,500,000		8/1/19	2.89%	8/31/15
	Summit Crossing	4/21/11	20,763,830		20,862,000		5/1/18	4.71%	5/1/14
	Summit Crossing secondary financing	8/28/14	5,250,000		—		9/1/19	4.39%	N/A
	Summit II	3/20/14	13,357,000		13,000,000		4/1/21	4.49%	3/1/20
	Ashford Park	1/24/13	25,626,000		25,626,000		2/1/20	3.13%	2/28/18
	Ashford Park secondary financing	8/28/14	6,660,000		—		2/1/20	4.13%	N/A
	McNeil Ranch	1/24/13	13,646,000		13,646,000		2/1/20	3.13%	2/28/18
	Lake Cameron	1/24/13	19,773,000		19,773,000		2/1/20	3.13%	2/28/18
	Enclave	9/26/14	24,862,000		—		10/1/21	3.68%	10/31/17
	Sandstone	9/26/14	32,305,000		—		10/1/19	3.18%	N/A
	Stoneridge	9/26/14	27,950,000		—		10/1/19	3.18%	N/A
	Vineyards	9/26/14	34,775,000		—		10/1/21	3.68%	10/31/17
	Spring Hill Plaza	9/5/14	9,900,000		—		10/1/19	3.36%	N/A
	Parkway Town Centre	9/5/14	7,200,000		—		10/1/19	3.36%	N/A
	Woodstock	8/8/14	3,150,000		—		9/1/21	4.71%	N/A
	Deltona Landing	9/30/14	7,250,000		—		10/1/19	3.48%	N/A
	Powder Springs	9/30/14	7,650,000		—		10/1/19	3.48%	N/A
	Kingwood Glen	9/30/14	12,130,000		—		10/1/19	3.48%	N/A
	Barclay Crossing	9/30/14	6,820,000		—		10/1/19	3.48%	N/A
	Sweetgrass Corner	9/30/14	8,260,000		—		10/1/19	3.58%	N/A
	Parkway Centre	9/30/14	4,750,000		—		10/1/19	3.48%	N/A
	Total		$	345,373,830	$	140,516,000
	(1) Following the indicated interest only period (where applicable), monthly payments of accrued interest and principal are based on a 30-year amortization period through the maturity date.

Indebtedness_debt_principal_re

Indebtedness debt principal repayments (Tables)	9 Months Ended
	Sep. 30, 2014
Debt [Abstract]	'
Schedule of Maturities of Long-term Debt [Table Text Block]	'
	Period	Future principal payments
	2014	$	51,476,798
	2015	32,124,966
	2016	3,597,037
	2017	3,917,158
	2018	25,263,786
	thereafter	309,244,085
	Total	$	425,623,830

Indebtedness_LOC_debt_covenant

Indebtedness LOC debt covenants (Tables)	9 Months Ended
	Sep. 30, 2014
Line of Credit Facility [Line Items]	'
debt covenant [Table Text Block]	'
	Covenant (1)	Requirement		Result
	Senior leverage ratio	Maximum 60%		50.70%
	Net worth	Minimum $160,000,000	(2)	$242,961,014
	Debt yield	Minimum 8.25%		8.46%
	Payout ratio	Maximum 95%	(3)	82.50%
	Total leverage ratio	Maximum 65%		62.40%
	Debt service coverage ratio	Minimum 1.50x		3.93x
Schedule of Debt [Table Text Block]	'
	Period	Future principal payments
	2014	$	51,476,798
	2015	32,124,966
	2016	3,597,037
	2017	3,917,158
	2018	25,263,786
	thereafter	309,244,085
	Total	$	425,623,830

Indebtedness_Mortgage_interest

Indebtedness Mortgage interest (Tables)	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
mortgage interest [Table Text Block]	'
		Three months ended September 30,				Nine months ended September 30,
		2014		2013		2014		2013
	Trail Creek	$	321,052	$	319,246	$	953,272	$	585,073
	Stone Rise	331,606		155,105		633,764		461,839
	Summit Crossing	439,414		257,553		1,219,786		764,469
	Ashford Park	246,313		217,958		675,543		600,466
	McNeil Ranch	119,503		119,503		354,950		331,382
	Lake Cameron	167,039		167,038		495,958		464,630
	Dunbar Portfolio	78,051		—		78,051		—
	Retail assets	82,639		—		82,639		—
	Interest paid to Manassas participant	52,700		—		52,700		—
		1,838,317		1,236,403		4,546,663		3,207,859
	Revolving Credit Facility and Term Note	311,730		302,164		1,103,433		715,472
	Interest expense	$	2,150,047	$	1,538,567	$	5,650,096	$	3,923,331

Segment_information_Tables

Segment information (Tables)	9 Months Ended
	Sep. 30, 2014
Segment Reporting Information [Line Items]	'
segment assets [Table Text Block]	'
		September 30, 2014				December 31, 2013
	Assets:
	Multifamily communities	$	376,089,034			$	196,368,297
	Financing	180,002,113				131,079,309
	Retail	111,983,472				—
	Other	20,265,901				14,189,089
	Consolidated assets	$	688,340,520			$	341,636,695
Schedule of Segment Reporting Information, by Segment [Table Text Block]	'
				Three months ended							Nine months ended
				September 30, 2014				September 30, 2013			September 30, 2014		September 30, 2013
	Revenues
	Multifamily communities			$	6,952,522			$	6,057,372		$	19,992,643	$	16,385,096
	Financing			5,835,999				2,694,903			15,821,540		6,026,846
	Retail			394,139				—			673,749		—
	Consolidated revenues			$	13,182,660			$	8,752,275		$	36,487,932	$	22,411,942
	Segment net operating income (Segment NOI)
	Multifamily communities			$	4,104,481			$	3,451,598		$	11,712,202	$	9,486,780
	Financing			5,835,999				2,694,903			15,821,540		6,026,846
	Retail			293,431				—			504,540		—
	Consolidated segment net operating income			10,233,911				6,146,501			28,038,282		15,513,626
	Interest and loss on early debt extinguishment:
	Multifamily communities			1,702,977				1,237,915			4,411,323		3,797,057
	Retail			82,639				—			82,639		—
	Financing			364,431				300,652			1,156,134		730,611
	Depreciation and amortization:
	Multifamily communities			2,870,450				3,682,087			8,369,612		12,678,709
	Retail			315,289				—			421,433		—
	Professional fees			326,776				57,908			901,429		450,676
	Management fees			787,115				536,738			2,207,385		1,388,369
	Acquisition costs:
	Multifamily communities			2,937,724				10,682			3,087,696		1,242,305
	Retail			3,562,332				—			3,820,023		—
	Equity compensation to directors and executives			456,961				290,860			1,347,107		889,946
	Other			56,590				59,673			242,561		174,016
	Net loss			$	(3,229,373	)		$	(30,014	)	$	1,990,940	$	(5,838,063	)

Loss_per_Share_Tables

Loss per Share (Tables)	9 Months Ended
	Sep. 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 September 30,						Nine months ended September 30,
			2014			2013			2014			2013
	Numerator:
		Net income (loss)	$	(3,229,373	)	$	(30,014	)	$	1,990,940		$	(5,838,063	)
		Net (income) loss attributable to non-controlling interests	26,481			127,738			(32,747		)	225,894
		Net income (loss) attributable to the Company	(3,202,892		)	97,724			1,958,193			(5,612,169		)
		Dividends declared to preferred stockholders (A)	(1,903,517		)	(973,069		)	(4,924,832		)	(2,769,001		)
		Deemed non-cash dividend to holders of Series B Preferred Stock	—			—			—			(7,028,557		)
		Earnings attributable to unvested restricted stock (B)	(6,275		)	(4,352		)	(17,227		)	(13,496		)
		Net income (loss) attributable to common stockholders	$	(5,112,684	)	$	(879,697	)	$	(2,983,866	)	$	(15,423,223	)
	Denominator:
		Weighted average number of shares of Common Stock - basic	17,564,091			11,041,359			16,399,675			8,197,531
		Effect of dilutive securities: (C)
		Warrants	—			—			—			—
		Class B OP Units	—			—			—			—
		Unvested restricted stock	—			—			—			—
		Weighted average number of shares of Common Stock - diluted	17,564,091			11,041,359			16,399,675			8,197,531
		Income (loss) per share of Common Stock:
		Basic	$	(0.29	)	$	(0.08	)	$	(0.18	)	$	(1.88	)
		Diluted	$	(0.29	)	$	(0.08	)	$	(0.18	)	$	(1.88	)

Pro_Forma_Financial_Informatio1

Pro Forma Financial Information pro forma (Tables)	9 Months Ended
	Sep. 30, 2014
Business Combinations [Abstract]	'
segment operating results [Table Text Block]	'
			Three months ended						Nine months ended
			September 30,						September 30,
			2014			2013			2014			2013
	Pro forma:
		Revenues	$	20,026,753		$	15,934,565		$	57,022,655		$	44,240,660
		Net income (loss)	$	(5,106,447	)	$	(3,549,828	)	$	(4,862,551	)	$	(24,696,591	)
		Net income (loss) attributable to the Company	$	(5,064,596	)	$	(3,389,533	)	$	(4,824,826	)	$	(24,177,458	)
		Net income (loss) attributable to common stockholders	$	(6,974,388	)	$	(4,366,954	)	$	(9,766,885	)	$	(33,988,512	)
		Net income (loss) per share of Common Stock
		attributable to common stockholders:
		Basic	$	(0.37	)	$	(0.35	)	$	(0.55	)	$	(3.52	)
		Diluted	$	(0.37	)	$	(0.35	)	$	(0.55	)	$	(4.15	)
		Weighted average number of shares of Common Stock outstanding:
		Basic	18,919,526			12,491,359			17,817,807			9,647,531
		Diluted	18,919,526			12,491,359			17,817,807			8,197,531

Fair_Values_of_Financial_Instr1

Fair Values of Financial Instruments (Tables)	9 Months Ended
	Sep. 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 $6.3 million and $3.1 million at September 30, 2014 and December 31, 2013, respectively.
		As of September 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)	$	150,477,152	$	155,999,168	$	—	$	—	$	155,999,168
	Notes receivable	15,512,662		15,512,662		—		—		15,512,662
	Note receivable and revolving line of credit	10,472,805		10,472,805		—		—		10,472,805
		$	176,462,619	$	181,984,635	$	—	$	—	$	181,984,635
	Financial Liabilities:
	Mortgage notes payable	$	345,373,830	$	346,486,616	$	—	$	—	$	346,486,616
	Revolving credit facility	36,000,000		36,000,000		—		—		36,000,000
	Term Loan	44,250,000		44,250,000		—		—		44,250,000
		$	425,623,830	$	426,736,616	$	—	$	—	$	426,736,616
		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	6,858,227		6,858,227		—		—		6,858,227
		$	130,824,638	$	136,258,522	$	—	$	—	$	136,258,522
	Financial Liabilities:
	Mortgage notes payable	$	140,516,000	137,116,549		$	—	$	—	$	137,116,549
	Revolving credit facility	29,390,000		29,390,000		—		—		29,390,000
		$	169,906,000	$	166,506,549	$	—	$	—	$	166,506,549

Organization_Details

Organization (Details) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 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	19,862,963	11,073,731	11,066,895	5,323,605	19,862,963	15,294,578
Noncontrolling Interest, Ownership Percentage by Parent	99.18%	'	'	'	'	'
minority interest partnership units outstanding	145,011	'	'	'	'	'
daycountvolweightedavgcalcformarketvalue	20	'	'	'	'	'

Significant_Accounting_Policie2

Significant Accounting Policies (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 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])	Sep. 30, 2014
Warrant [Member]	'
Statutory Accounting Practices [Line Items]	'
series a redeemable preferred stock	1

Real_Estate_Assets_Narrative_D

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

3 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 05, 2014

Sep. 30, 2014

Sep. 05, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 26, 2014

Sep. 30, 2014

Sep. 26, 2014

Sep. 26, 2014

Sep. 30, 2014

Sep. 30, 2014

Feb. 12, 2014

Jan. 23, 2013

Jan. 23, 2013

Jan. 23, 2013

Jan. 23, 2013

Jan. 23, 2013

Jan. 23, 2013

Jan. 23, 2013

Jan. 23, 2013

Jan. 23, 2013

Jan. 23, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Multifamily Communities

Retail Site

Nashville Publix

Nashville Publix

Nashville Publix

Nashville Publix

Nashville Publix

Dunbar Portfolio

Dunbar Portfolio

Dunbar Portfolio

Woodstock Crossing

Woodstock Crossing

Woodstock Crossing

Woodstock Crossing

Lake Cameron

Lake Cameron

McNeil Ranch

McNeil Ranch

WMAF Properties

WMAF Properties

WMAF Properties

WMAF Properties

Ashford Park

Ashford Park

Sunbelt Portfolio

Sunbelt Portfolio

Sunbelt Portfolio

Sunbelt Portfolio

sqft

Minimum

Maximum

sqft

sqft

property

Minimum

Maximum

number

sqft

Minimum

Maximum

sqft

Business Acquisition

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of real estate properties

'

6

'

6

10

9

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of units in real estate property

3,326

1,789

3,326

1,789

'

'

'

'

'

'

'

'

'

1,397

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of businesses acquired

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

'

'

6

'

'

'

Net assets acquired

'

'

'

'

'

'

'

$24,073,447

'

'

'

'

$181,300,000

'

'

$5,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

$74,203,345

'

'

Area of real estate property

'

'

'

'

'

'

'

'

127,157

'

'

'

'

'

'

'

'

66,122

'

'

'

'

'

'

'

'

'

'

'

438,416

'

'

Average remaining lease term

'

'

'

'

'

'

'

'7 years 10 months 25 days

'

'3 months

'12 years

'6 months

'

'

'

'8 years

'

'

'

'

'

'

'

'

'6 months

'12 months

'

'

'

'

'2 months

'10 years

Revenues

13,182,660

8,752,275

36,487,932

22,411,942

'

'

'

172,000

'

'

'

256,000

'

'

'

183,000

463,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net Income contributed to consolidated results

-3,229,373

-30,014

1,990,940

-5,838,063

'

'

'

33,000

'

'

'

436,000

'

'

'

28,000

133,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Acquisition costs

'

'

'

'

'

'

'

2,200,000

'

'

'

'

'

2,952,562

'

'

'

268,000

'

358,000

'

277,000

'

'

'

'

'

455,000

'

1,400,000

'

'

Membership interests business acquisition percentage related parties

100.00%

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

'

'

'

Unit count

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

328

'

192

'

'

'

'

'

408

'

'

'

'

'

Total consideration

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

30,500,000

'

21,000,000

'

'

'

'

'

-39,600,000

'

'

'

'

'

Business Combination, Consideration Transferred

'

'

'

'

'

'

$24,073,447

'

'

'

'

$181,324,093

'

'

$5,701,393

'

'

'

'

'

'

'

'

'

'

'

'

'

$74,203,345

'

'

'

Real_Estate_Assets_Table_of_Pr

Real Estate Assets - Table of Properties Acquired (Details)

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 05, 2014

Sep. 05, 2014

Sep. 05, 2014

Sep. 26, 2014

Sep. 26, 2014

Sep. 26, 2014

Sep. 26, 2014

Sep. 26, 2014

Sep. 26, 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

Feb. 12, 2014

Nashville Publix

Nashville Publix

Spring Hill Plaza

Parkway Town Centre

Dunbar Portfolio

Dunbar Portfolio

Enclave

Sandstone Creek Apartments

Stoneridge Farms at Hunt Club

Vineyards Apartments

Sunbelt Portfolio

Deltona Landing

Powder Springs

Kingwood Glen

Parkway Centre

Barclay Crossing

Sweetgrass Corner

Sunbelt [Domain]

Woodstock Crossing

Woodstock Crossing

sqft

sqft

sqft

sqft

sqft

sqft

sqft

sqft

sqft

sqft

sqft

sqft

sqft

sqft

sqft

sqft

Business Acquisition

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Average remaining lease term

'

'

'7 years 10 months 25 days

'

'

'

'6 months

'

'

'

'

'

'

'

'

'

'

'

'

'4 years 10 months 25 days

'8 years

'

Number of units in real estate property

3,326

1,789

'

'

'

'

'

1,397

300

364

364

369

'

'

'

'

'

'

'

'

'

'

Area of real estate property

'

'

'

127,157

61,570

65,587

'

'

'

'

'

'

438,416

59,996

77,853

103,397

53,088

54,958

89,124

'

'

66,122

Real_Estate_Assets_Purchase_Pr

Real Estate Assets - Purchase Price Allocation (Details) (USD $)	0 Months Ended		0 Months Ended		0 Months Ended		0 Months Ended
	Sep. 05, 2014	Sep. 05, 2014	Sep. 26, 2014	Sep. 26, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 26, 2014	Feb. 12, 2014
	Nashville Publix	Nashville Publix	Dunbar Portfolio	Dunbar Portfolio	Sunbelt Portfolio	Sunbelt Portfolio	Woodstock Crossing	Woodstock Crossing
Business Acquisition	'	'	'	'	'	'	'	'
Land	'	$7,429,756	'	$16,033,101	'	$17,111,929	'	$1,750,576
Buildings and improvements	'	12,926,230	'	148,701,272	'	54,171,413	'	3,760,654
Furniture, fixtures and equipment	'	'	'	13,345,980	'	105,293	'	'
Tenant improvements	'	1,872,156	'	'	'	'	'	39,447
In-place leases	'	2,280,106	'	3,564,244	'	5,400,067	'	245,850
Above-market leases	'	11,107	'	'	'	319,501	'	30,051
Leasing costs	'	842,551	'	'	'	1,202,561	'	123,731
Below-market leases	'	-1,228,006	'	'	'	-4,160,764	'	-450,310
Prepaids & other assets	'	29,521	'	75,600	'	'	'	'
Escrows	'	'	'	1,519,846	'	318,120	'	226,830
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	'	'	'	'	'	357,039	'	'
Accrued taxes	'	'	'	-1,694,340	'	'	'	'
Other liabilities	'	-89,974	'	-221,610	'	-621,814	'	-25,436
Cash paid	6,973,447	'	61,432,093	'	27,343,345	'	'	'
Mortgage debt	17,100,000	'	119,892,000	'	46,860,000	'	'	'
Total consideration	$24,073,447	'	$181,324,093	'	$74,203,345	'	$5,701,393	'

Real_Estate_Assets_Depreciatio

Real Estate Assets - Depreciation and Amortization (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Depreciation:	'	'	'	'
Depreciation	'	'	$7,348,550	$5,788,718
Amortization:	'	'	'	'
Depreciation and amortization	3,185,739	3,682,087	8,791,045	12,678,709
WMAF Properties	'	'	'	'
Depreciation:	'	'	'	'
Depreciation	2,723,930	2,105,689	7,355,433	5,788,718
Amortization:	'	'	'	'
Depreciation and amortization	3,185,739	3,682,087	8,791,045	12,678,709
WMAF Properties | Acquired Intangible Assets	'	'	'	'
Amortization:	'	'	'	'
Amortization	460,618	1,575,247	1,432,040	6,886,537
WMAF Properties | Website Development	'	'	'	'
Amortization:	'	'	'	'
Amortization	1,191	1,151	3,572	3,454
WMAF Properties | Building and Improvements	'	'	'	'
Depreciation:	'	'	'	'
Depreciation	1,475,098	1,027,767	3,833,974	2,845,693
WMAF Properties | Furniture, Fixtures, and Equipment	'	'	'	'
Depreciation:	'	'	'	'
Depreciation	$1,248,832	$1,077,922	$3,521,459	$2,943,025

Real_Estate_Loans_Notes_Receiv3

Real Estate Loans, Notes Receivable, and Line of Credit Overton (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
membership interests business acquisition percentage related parties	100.00%	'	100.00%	'	'
interest revenue current pay	$2,924,660	$1,258,636	$7,852,786	$2,966,721	'
Loans and Leases Receivable, Net Amount	25,985,467	'	25,985,467	'	17,106,405
Loans and Leases Receivable, Deferred Income	-57,473	'	-57,473	'	-4,422
Financing Receivable, Gross	34,400,000	'	34,400,000	'	'
numberofunitstobecompleted	3,663	'	3,663	'	'
acquisition fee	1,590,770	'	1,590,770	'	'
loans to be funded	171,007,498	'	171,007,498	'	'
Revenues	13,182,660	8,752,275	36,487,932	22,411,942	'
Deferred Revenue	-538,693	'	-538,693	'	'
Loans and Leases Receivable, Net of Deferred Income	147,490,354	'	147,490,354	'	110,597,915
amount drawn under loan agreement	148,029,047	'	148,029,047	'	'
LoanFee	3,141,365	'	3,141,365	'	'
Accrued exit fee revenue	1,854,309	932,461	5,065,487	2,054,297	'
Deferred Revenue, Revenue Recognized	178,727	64,603	759,583	180,297	'
Net loan fee revenue	4,957,696	2,255,700	13,677,856	5,201,315	'
interest revenue notes receivable	878,303	439,203	2,143,684	825,531	'
Interest revenue on real estate loans	5,835,999	2,694,903	15,821,540	6,026,846	'
360 Residential [Member]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
Loans and Leases Receivable, Net Amount	547,800	'	547,800	'	12,396
interest rate note receivable	12.00%	'	12.00%	'	'
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	'	1,475,000
interest rate note receivable	8.00%	'	8.00%	'	'
Financing Receivable, Gross	1,500,000	'	1,500,000	'	'
loans to be funded	86,900,000	'	86,900,000	'	'
amount drawn under loan agreement	74,000,000	'	74,000,000	'	'
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	-53,843	'	-53,843	'	'
Loans and Leases Receivable, Net of Deferred Income	9,946,157	'	9,946,157	'	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	141,465	'	141,465	'	'
SeniorLoanHeldByUnrelatedThirdParty	28,400,000	'	28,400,000	'	'
loans to be funded	14,147,515	'	14,147,515	'	'
Deferred Revenue	-78,663	'	-78,663	'	'
Loans and Leases Receivable, Net of Deferred Income	13,553,852	'	13,553,852	'	12,063,939
amount drawn under loan agreement	13,632,515	'	13,632,515	'	'
LoanFee	282,930	'	282,930	'	'
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	-19,894	'	-19,894	'	'
Loans and Leases Receivable, Net of Deferred Income	5,340,148	'	5,340,148	'	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	-53,548	'	-53,548	'	'
Loans and Leases Receivable, Net of Deferred Income	12,153,301	'	12,153,301	'	11,402,372
amount drawn under loan agreement	12,206,849	'	12,206,849	'	'
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	-36,298	'	-36,298	'	'
Loans and Leases Receivable, Net of Deferred Income	6,747,869	'	6,747,869	'	5,582,018
amount drawn under loan agreement	6,784,167	'	6,784,167	'	'
LoanFee	138,816	'	138,816	'	'
starkville [Member]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
numberofunitstobecompleted	152	'	152	'	'
acquisition fee	61,164	'	61,164	'	'
SeniorLoanHeldByUnrelatedThirdParty	18,615,081	'	18,615,081	'	'
loans to be funded	6,116,384	'	6,116,384	'	'
Deferred Revenue	-33,626	'	-33,626	'	'
Loans and Leases Receivable, Net of Deferred Income	3,975,092	'	3,975,092	'	1,582,750
amount drawn under loan agreement	4,008,718	'	4,008,718	'	'
LoanFee	122,328	'	122,328	'	'
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	-67,532	'	-67,532	'	'
Loans and Leases Receivable, Net of Deferred Income	9,798,468	'	9,798,468	'	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	0	'	0	'	'
Loans and Leases Receivable, Net of Deferred Income	9,936,763	'	9,936,763	'	7,716,421
amount drawn under loan agreement	9,936,763	'	9,936,763	'	'
LoanFee	320,531	'	320,531	'	'
Manassas [Member]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
numberofunitstobecompleted	304	'	304	'	'
acquisition fee	114,923	'	114,923	'	'
loans to be funded	17,270,000	'	17,270,000	'	'
Deferred Revenue	-10,728	'	-10,728	'	'
Loans and Leases Receivable, Net of Deferred Income	13,342,087	'	13,342,087	'	10,609,849
amount drawn under loan agreement	13,352,815	'	13,352,815	'	'
LoanFee	189,670	'	189,670	'	'
13th street [Member]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
Loans and Leases Receivable, Net Amount	7,200,000	'	7,200,000	'	7,265,204
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	'	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	300,000	'	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	'	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	7,339,710	'	7,339,710	'	5,358,227
interest rate note receivable	8.00%	'	8.00%	'	'
Financing Receivable, Gross	9,500,000	'	9,500,000	'	'
HCC [Member]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
Loans and Leases Receivable, Net Amount	1,650,000	'	1,650,000	'	0
interest rate note receivable	12.00%	'	12.00%	'	'
Financing Receivable, Gross	4,000,000	'	4,000,000	'	'
PAA [Member] [Member]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
Loans and Leases Receivable, Net Amount	4,069,870	'	4,069,870	'	0
interest rate note receivable	12.00%	'	12.00%	'	'
Financing Receivable, Gross	4,200,000	'	4,200,000	'	'
Irvine [Member]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
numberofunitstobecompleted	280	'	280	'	'
acquisition fee	195,064	'	195,064	'	'
loans to be funded	23,000,000	'	23,000,000	'	'
Deferred Revenue	0	'	0	'	'
Loans and Leases Receivable, Net of Deferred Income	17,733,427	'	17,733,427	'	14,332,658
LoanFee	390,129	'	390,129	'	'
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	-3,446	'	-3,446	'	'
Loans and Leases Receivable, Net of Deferred Income	5,552,787	'	5,552,787	'	0
amount drawn under loan agreement	5,556,233	'	5,556,233	'	'
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	-32,887	'	-32,887	'	'
Loans and Leases Receivable, Net of Deferred Income	10,638,778	'	10,638,778	'	9,997,245
amount drawn under loan agreement	10,671,665	'	10,671,665	'	'
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	-85,245	'	-85,245	'	'
Loans and Leases Receivable, Net of Deferred Income	15,443,082	'	15,443,082	'	14,487,178
amount drawn under loan agreement	15,528,327	'	15,528,327	'	'
LoanFee	332,079	'	332,079	'	'
Kennesaw [Domain]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
numberofunitstobecompleted	198	'	198	'	'
acquisition fee	134,250	'	134,250	'	'
SeniorLoanHeldByUnrelatedThirdParty	34,825,000	'	34,825,000	'	'
loans to be funded	13,424,995	'	13,424,995	'	'
Deferred Revenue	-53,280	'	-53,280	'	'
Loans and Leases Receivable, Net of Deferred Income	12,338,246	'	12,338,246	'	0
amount drawn under loan agreement	12,391,526	'	12,391,526	'	'
LoanFee	268,500	'	268,500	'	'
Summit III [Domain]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
numberofunitstobecompleted	172	'	172	'	'
acquisition fee	12,000	'	12,000	'	'
loans to be funded	2,400,000	'	2,400,000	'	'
Deferred Revenue	-9,703	'	-9,703	'	'
Loans and Leases Receivable, Net of Deferred Income	990,297	'	990,297	'	0
amount drawn under loan agreement	1,000,000	'	1,000,000	'	'
LoanFee	24,000	'	24,000	'	'
newport development partners [Member]	'	'	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'	'	'
Loans and Leases Receivable, Net Amount	1,760,560	'	1,760,560	'	0
interest rate note receivable	12.00%	'	12.00%	'	'
Financing Receivable, Gross	$3,000,000	'	$3,000,000	'	'

Real_Estate_Loans_Notes_Receiv4

Real Estate Loans, Notes Receivable, and Line of Credit LOCs (Details) (USD $)	3 Months Ended	6 Months Ended
	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Guaranty amount minimum principal balance	25.00%	'	'
Financing Receivable, Gross	$34,400,000	'	'
Loans and Leases Receivable, Net Amount	25,985,467	'	17,106,405
guaranty cap amount	5,000,000	'	'
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	'	7,265,204
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 $)	9 Months Ended
	Sep. 30, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]	'
membership interests business acquisition percentage related parties	100.00%
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]	'
Unit count	160
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	13.4
Cap rate discount	50
current interest rate	8.50%
Deferred interest rate	4.30%
Beds	792
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	8.50%
Deferred interest rate	0.00%
Summit III [Domain]	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'
current interest rate	10.00%
Deferred interest rate	0.00%

Real_Estate_Loans_Notes_Receiv6

Real Estate Loans, Notes Receivable, and Line of Credit phantom facts (Details)	9 Months Ended
	Sep. 30, 2014
Manassas [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Unit count	304
Irvine [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Unit count	280
Weems Road [Domain]	'
Mortgage Loans on Real Estate [Line Items]	'
Unit count	310
Kennesaw [Domain]	'
Mortgage Loans on Real Estate [Line Items]	'
Unit count	198
Beds	792
Madison Rome [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Area of real estate property	88,351

Redeemable_Preferred_Stock_Det

Redeemable Preferred Stock (Details) (USD $)	3 Months Ended							9 Months Ended
	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2014	Sep. 30, 2013	Nov. 05, 2013	Jan. 16, 2013
Class of Stock [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Common Stock, Dividends, Per Share, Declared	$0.16	$0.16	$0.16	'	$0.15	$0.15	$0.14	$0.48	$0.45	'	'
Unitsyearcounttoredemptionthree	3	'	'	'	'	'	'	3	'	'	'
Proceeds from Other Equity	'	'	'	$30,700,000	'	'	'	$37,000,000	'	'	'
Stock Redeemed or Called During Period, Shares	'	'	'	'	'	'	'	429	'	'	'
Stock Issued During Period, Shares, Conversion of Convertible Securities	5,714,274	'	'	'	'	'	'	'	'	'	'
Proceeds from Issuance of Common Stock	'	'	'	'	'	'	'	36,058,950	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	7,400,000	'	'	'	'	'	'	7,400,000	'	'	'
prorataamountofferingcostsreclassed	'	'	'	'	'	'	'	1,100,000	'	'	'
deferred offering costs not yet reclassified	6,600,000	'	'	'	'	'	'	6,600,000	'	'	'
Deferred offering costs	6,718,587	'	'	5,255,636	'	'	'	6,718,587	'	'	'
Common Stock, Shares, Issued	'	'	'	'	'	'	'	'	'	4,200,000	'
Deferred Offering Costs	13,600,000	'	'	'	'	'	'	13,600,000	'	'	'
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	'	'	'	'	'	'	'	-8,049,892	'	'	'
Series A Preferred Stock [Member]	'	'	'	'	'	'	'	'	'	'	'
Class of Stock [Line Items]	'	'	'	'	'	'	'	'	'	'	'
preferred stock	146,574	'	'	89,408	'	'	'	146,574	'	'	'
Preferred Stock, Par or Stated Value Per Share	$0.01	'	'	$0.01	'	'	'	$0.01	'	'	'
Preferred Stock, Value, Issued	1,461	'	'	893	'	'	'	1,461	'	'	'
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	'	'	'	'	'	'	'	132,600,000	'	'	'
Unitsissuedcumulative	'	'	'	'	'	'	'	146,574	'	'	'
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	475,000	'	'	'	'	'	'	475,000	'	'	'
at the market [Domain]	'	'	'	'	'	'	'	'	'	'	'
Class of Stock [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Proceeds from Other Equity	'	'	'	'	'	'	'	$36,100,000	'	'	'
Common Stock, Shares, Issued	4,400,000	'	'	'	'	'	'	4,400,000	'	'	'

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013
Related Party Transaction [Line Items]	'	'	'	'	'	'
Cost of Reimbursable Expense	$632,051	$600,547	$1,866,416	$1,633,530	'	'
capital marketing and professional	'	'	331,360	93,776	'	'
acquisition fees paid to related party	3,443,059	0	3,500,327	1,029,487	'	'
Common Stock, Shares, Outstanding	19,862,963	11,073,731	19,862,963	11,073,731	11,066,895	5,323,605
Related Party Transaction, Expenses from Transactions with Related Party	4,227,558	970,597	6,522,312	3,765,796	'	'
Property management fees	283,805	238,026	814,600	643,387	'	'
AcquisitionFeesRelatedPartyCosts	'	'	-438,465	-705,049	'	'
manager's fees deferred	10,200	'	'	'	'	'
Acquisition-related Costs [Member]	'	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'	'
Percentageusedtocalculateacquisitionfees	0.00%	'	0.00%	'	'	'
AcquisitionFeesRelatedPartyCosts	3,156,638	195,833	3,500,327	1,734,040	'	'
AssetmanagementFees [Member]	'	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'	'
Asset Management Costs	531,881	363,595	1,492,458	944,087	'	'
Propertymanagementfees [Member]	'	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'	'
Property management fees	283,805	238,026	814,600	643,387	'	'
General and Administrative Expense [Member]	'	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'	'
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party	255,234	173,143	714,927	444,282	'	'
Cash Distribution [Member]	'	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'	'
Percentproceedsassetsalestomanager	'	'	0.00%	'	'	'
priorityannualreturnoncapitalandexpensesassetsales	'	'	0.00%	'	'	'
Sunbelt [Domain] | Acquisition-related Costs [Member]	'	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'	'
AcquisitionFeesRelatedPartyCosts	$642,820	'	'	'	'	'

Dividends_Details

Dividends (Details) (USD $)

1 Months Ended

3 Months Ended

9 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

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Dividends Payable [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

minority interest partnership units outstanding

'

'

'

'

'

'

'

'

'

'

'

'

145,011

'

'

'

'

'

145,011

'

Common Stock, Dividends, Per Share, Declared

'

'

'

'

'

'

'

'

'

'

'

'

$0.16

$0.16

$0.16

$0.15

$0.15

$0.14

$0.48

$0.45

dividends common stock declared

'

'

'

'

'

'

'

'

'

'

'

'

$2,937,911

$2,658,212

$2,453,769

$1,661,060

$1,660,034

$771,923

$8,049,892

$4,093,017

common stock shares entitled to dividends

16,613,827

'

'

15,336,059

'

'

'

'

'

'

'

'

18,361,942

16,613,827

15,336,059

'

'

'

18,361,942

'

Stock Issued During Period, Shares, Conversion of Convertible Securities

'

'

'

'

'

'

'

'

'

'

'

'

5,714,274

'

'

'

'

'

'

'

Dividends, Preferred Stock, Cash

556,074

533,800

510,905

497,855

468,337

454,344

276,946

247,597

220,874

132,603

119,885

107,551

2,078,839

'

'

'

'

'

4,924,832

'

Common Stock, Shares, Outstanding

'

'

'

'

'

'

11,066,895

'

'

5,323,605

'

'

19,862,963

'

'

11,073,731

11,066,895

5,323,605

19,862,963

11,073,731

Series A Preferred Stock [Member]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends Payable [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends, Preferred Stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,924,832

-2,078,525

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	9 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	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013
Dividends Payable [Line Items]	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'
Dividends, Preferred Stock, Cash	$556,074	$533,800	$510,905	$497,855	$468,337	$454,344	$276,946	$247,597	$220,874	$132,603	$119,885	$107,551	$2,078,839	$4,924,832	'
Preferred Stock entitled to dividend payments	'	105,630	101,436	98,200	93,005	89,313	'	48,098	41,492	25,755	23,094	19,732	109,865	109,865	53,749

Dividends_NCI_Details

Dividends NCI (Details) (USD $)	3 Months Ended						9 Months Ended
	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2014	Sep. 30, 2013
Equity [Abstract]	'	'	'	'	'	'	'	'
Distribution Made to Limited Partner, Cash Distributions Declared	$23,201	$21,509	$36,552	$16,048	$16,048	$15,513	$81,262	$47,609

Equity_Compensation_Details

Equity Compensation (Details) (USD $)

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

12 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Mar. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Mar. 31, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Mar. 31, 2014

Sep. 30, 2013

Mar. 31, 2013

Sep. 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]

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

1,350

2,241

708

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

'

$8.80

$8

$8.45

$8.59

'

'

'

'

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

'

'

'

'

'

321,963

17,511

256,792

'

'

'

'

'

'

'

'

'

Share-based Compensation

456,961

290,860

'

1,347,107

889,946

'

'

'

'

'

'

'

'

'

'

'

'

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

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Mar. 31, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Mar. 31, 2014

Sep. 30, 2013

Mar. 31, 2013

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Directorscommitteefees [Member]

Directorscommitteefees [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

1,350

2,241

708

2,115

Share-based Compensation

$456,961

$290,860

$1,347,107

$889,946

'

'

'

'

'

'

'

'

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

'

'

'

'

$8.21

$8.04

$8.85

'

$8.80

$8

$8.45

$8.59

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

'

'

'

'

$321,963

$17,511

$256,792

'

'

'

'

'

Stock Issued During Period, Shares, Restricted Stock Award, 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

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Mar. 31, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Mar. 31, 2014

Sep. 30, 2013

Mar. 31, 2013

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Directorscommitteefees [Member]

Directorscommitteefees [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

1,350

2,241

708

2,115

Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures

'

'

$1,347,107

$889,946

'

'

'

'

$11,880

$17,928

$5,983

$18,168

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

'

$8.80

$8

$8.45

$8.59

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

'

'

'

'

321,963

17,511

256,792

'

'

'

'

'

Share-based Compensation

$456,961

$290,860

$1,347,107

$889,946

'

'

'

'

'

'

'

'

Equity_Compensation_Class_B_Un

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

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Mar. 31, 2012

Sep. 30, 2014

Dec. 31, 2013

Jan. 03, 2013

Sep. 30, 2014

Jan. 03, 2013

Sep. 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

$0.16

$0.15

$0.15

$0.14

$0.48

$0.45

$0.14

'

$0.16

'

'

'

'

'

'

Share-based Compensation

456,961

'

'

290,860

'

'

1,347,107

889,946

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'20 years

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

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						9 Months Ended
	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2014	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'	'	'	'
Common Stock, Dividends, Per Share, Declared	$0.16	$0.16	$0.16	$0.15	$0.15	$0.14	$0.48	$0.45
warrant exercise price as percent of gross ipo price	120.00%	'	'	'	'	'	120.00%	'
Warrant [Member] | Maximum	'	'	'	'	'	'	'	'
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		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Share-based Compensation	$456,961	$290,860	$1,347,107	$889,946
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	524,104	'	524,104	'
stock grants for quarterly board committee fees [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Share-based Compensation	11,858	5,983	29,786	24,151
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	0	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	5,125	0	25,623
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	644,345
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	0	64,197	85,812	106,997
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	1,095,041	0
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	336,293	'	336,293	'
2014 [Member] | Restricted Stock [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Share-based Compensation	'	0	134,150	0
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$187,811	'	$187,811	'

Indebtedness_Details

Indebtedness (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Debt Instrument [Line Items]	'	'	'	'	'
Unamortized Debt Issuance Expense	$5,400,000	'	$5,400,000	'	'
Interest Expense, Long-term Debt	1,838,317	1,236,403	4,546,663	3,207,859	'
interest expense to loan participant	52,700	0	52,700	0	'
Long-term Debt, Current Maturities	51,476,798	'	51,476,798	'	'
Long-term Debt	345,373,830	'	345,373,830	'	140,516,000
Long-term Debt, Maturities, Repayments of Principal in Year Two	32,124,966	'	32,124,966	'	'
Long-term Debt, Maturities, Repayments of Principal in Year Three	3,597,037	'	3,597,037	'	'
Long-term Debt, Maturities, Repayments of Principal in Year Four	3,917,158	'	3,917,158	'	'
Long-term Debt, Maturities, Repayments of Principal after Year Five	25,263,786	'	25,263,786	'	'
Long-term Debt, Maturities, Repayments of Principal after Year Five	309,244,085	'	309,244,085	'	'
Long-term Debt	425,623,830	'	425,623,830	'	'
Interest Expense	2,150,047	1,538,567	5,650,096	3,923,331	'
Line of Credit Facility, Amount Outstanding	36,000,000	'	36,000,000	'	29,390,000
Amortization of Financing Costs	'	'	433,609	571,721	'
interest expense credit facility	311,730	302,164	1,103,433	715,472	'
Mortgages [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Long-term Debt	345,373,830	'	345,373,830	'	140,516,000
Enclave | Mortgages [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Long-term Debt	24,862,000	'	24,862,000	'	0
Debt Instrument, Interest Rate, Stated Percentage	3.68%	'	3.68%	'	'
ashfordpark second mtg [Member] | Mortgages [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Long-term Debt	6,660,000	'	6,660,000	'	0
Debt Instrument, Interest Rate, Stated Percentage	4.13%	'	4.13%	'	'
Summit Crossing Second mtg [Member] | Mortgages [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Long-term Debt	5,250,000	'	5,250,000	'	0
Debt Instrument, Interest Rate, Stated Percentage	4.39%	'	4.39%	'	'
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	25,187,000	'	25,187,000	'	19,500,000
Debt Instrument, Basis Spread on Variable Rate	'	'	2.89%	'	'
Summit Crossing [Member] | Mortgages [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Long-term Debt	20,763,830	'	20,763,830	'	20,862,000
Debt Instrument, Interest Rate, Stated Percentage	4.71%	'	4.71%	'	'
Ashford Park | 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	'	28,109,000
Debt Instrument, Basis Spread on Variable Rate	'	'	4.22%	'	'
McNeil Ranch | 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%	'	'
Lake Cameron | 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%	'	'
Sandstone Creek Apartments | Mortgages [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Long-term Debt	32,305,000	'	32,305,000	'	0
Debt Instrument, Interest Rate, Stated Percentage	3.18%	'	3.18%	'	'
Stoneridge Farms at Hunt Club | Mortgages [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Long-term Debt	27,950,000	'	27,950,000	'	0
Debt Instrument, Interest Rate, Stated Percentage	3.18%	'	3.18%	'	'
Vineyards Apartments | Mortgages [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Long-term Debt	34,775,000	'	34,775,000	'	0
Debt Instrument, Interest Rate, Stated Percentage	3.68%	'	3.68%	'	'
springhill [Member] | Mortgages [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Long-term Debt	9,900,000	'	9,900,000	'	0
Debt Instrument, Interest Rate, Stated Percentage	3.36%	'	3.36%	'	'
Parkway Town Centre | Mortgages [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Long-term Debt	7,200,000	'	7,200,000	'	0
Debt Instrument, Interest Rate, Stated Percentage	3.36%	'	3.36%	'	'
Parkway Centre | Mortgages [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Long-term Debt	4,750,000	'	4,750,000	'	0
Debt Instrument, Interest Rate, Stated Percentage	3.48%	'	3.48%	'	'
woodstock retail [Member] | Mortgages [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Long-term Debt	3,150,000	'	3,150,000	'	0
Debt Instrument, Interest Rate, Stated Percentage	4.71%	'	4.71%	'	'
Deltona Landing | Mortgages [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Long-term Debt	7,250,000	'	7,250,000	'	0
Debt Instrument, Interest Rate, Stated Percentage	3.48%	'	3.48%	'	'
Powder Springs | Mortgages [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Long-term Debt	7,650,000	'	7,650,000	'	0
Debt Instrument, Interest Rate, Stated Percentage	3.48%	'	3.48%	'	'
Kingwood Glen | Mortgages [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Long-term Debt	12,130,000	'	12,130,000	'	0
Debt Instrument, Interest Rate, Stated Percentage	3.48%	'	3.48%	'	'
Barclay Crossing | Mortgages [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Long-term Debt	6,820,000	'	6,820,000	'	0
Debt Instrument, Interest Rate, Stated Percentage	3.48%	'	3.48%	'	'
Sweetgrass Corner | Mortgages [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Long-term Debt	8,260,000	'	8,260,000	'	0
Debt Instrument, Interest Rate, Stated Percentage	3.58%	'	3.58%	'	'
Dunbar Portfolio	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Interest Expense, Long-term Debt	78,051	0	78,051	0	'
Lake Cameron	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Interest Expense, Long-term Debt	167,039	167,038	495,958	464,630	'
McNeil Ranch	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Interest Expense, Long-term Debt	119,503	119,503	354,950	331,382	'
Ashford Park	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Interest Expense, Long-term Debt	246,313	217,958	675,543	600,466	'
Summit Crossing [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Interest Expense, Long-term Debt	439,414	257,553	1,219,786	764,469	'
Stone Rise Apartments [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Interest Expense, Long-term Debt	331,606	155,105	633,764	461,839	'
Trail Creek [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Interest Expense, Long-term Debt	321,052	319,246	953,272	585,073	'
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	'	'
Retail Site	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Interest Expense, Long-term Debt	$82,639	$0	$82,639	$0	'

Indebtedness_debt_covenants_De

Indebtedness debt covenants (Details) (USD $)	3 Months Ended
	Sep. 30, 2014	Oct. 31, 2014	Jun. 30, 2014
debt covenants [Line Items]	'	'	'
Line of Credit Facility, Maximum Borrowing Capacity	$45,000,000	$50,000,000	$40,000,000
minimum equity debt covenants	160,000,000	'	'
equity raise above min equity required	75.00%	'	'
total debt covenant min equity	229,170,000	'	'
maximum dividends debt covenant	19,255,000	'	'
Senior leverage ratio	50.70%	'	'
Minimum Net Worth Required for Compliance	$242,961,014	'	'
debt yield	8.46%	'	'
payout ratio	82.50%	'	'
Total leverage ratio	62.40%	'	'

Indebtedness_Credit_Facility_D

Indebtedness Credit Facility (Details) (USD $)	Oct. 31, 2014	Sep. 30, 2014	Jun. 30, 2014
Debt Disclosure [Abstract]	'	'	'
Line of Credit Facility, Maximum Borrowing Capacity	$50,000,000	$45,000,000	$40,000,000
minimum asset threshold credit limit increase	'	$300,000,000	'

Indebtedness_term_loan_Details

Indebtedness term loan (Details) (USD $)	Sep. 30, 2014
In Millions, unless otherwise specified
Debt Disclosure [Abstract]	'
Long-term Line of Credit	$45
line of credit interest rate spread	4.50%
Line of Credit Facility, Interest Rate at Period End	4.63%

Income_Taxes_Details

Income Taxes (Details) (USD $)	Sep. 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 $)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Segment Reporting Information [Line Items]	'	'	'	'	'
capitalized expenditures for long lived assets	'	'	$1,281,035	$979,828	'
Assets	688,340,520	'	688,340,520	'	341,636,695
Operating Leases, Income Statement, Lease Revenue	6,546,945	5,426,402	18,460,968	14,789,074	'
rental and other property revenues	13,182,660	8,752,275	36,487,932	22,411,942	'
adjusted funds from operations	10,233,911	6,146,501	28,038,282	15,513,626	'
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	-3,229,373	-30,014	1,990,940	-5,838,063	'
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	-3,229,373	-30,014	1,990,940	-5,838,063	'
Interest Expense	2,150,047	1,538,567	5,650,096	3,923,331	'
Depreciation	'	'	7,348,550	5,788,718	'
Business Combination, Acquisition Related Costs	-3,056,997	-10,682	-3,407,392	-212,818	'
Share-based Compensation	-456,961	-290,860	-1,347,107	-889,946	'
loan fees received	'	'	836,755	1,410,098	'
noncash loan interest income	326,776	57,908	901,429	450,676	'
Management fees	787,115	536,738	2,207,385	1,388,369	'
financingsegment [Member]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Assets	180,002,113	'	180,002,113	'	131,079,309
adjusted funds from operations	5,835,999	2,694,903	15,821,540	6,026,846	'
Interest Expense	364,431	300,652	1,156,134	730,611	'
Interest and Other Income	5,835,999	2,694,903	15,821,540	6,026,846	'
woodstock retail [Member]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Assets	111,983,472	'	111,983,472	'	0
adjusted funds from operations	293,431	0	504,540	0	'
Interest Expense	82,639	0	82,639	0	'
Depreciation	315,289	0	421,433	0	'
Interest and Other Income	394,139	0	673,749	0	'
All Other Segments [Member]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
adjusted funds from operations	56,590	59,673	242,561	174,016	'
multifamily community [Domain]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Acquisition Costs, Period Cost	2,937,724	10,682	3,087,696	1,242,305	'
Retail Site	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Acquisition Costs, Period Cost	3,562,332	0	3,820,023	0	'
Multifamily Communities	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Assets	376,089,034	'	376,089,034	'	196,368,297
Operating Leases, Income Statement, Lease Revenue	6,952,522	6,057,372	19,992,643	16,385,096	'
adjusted funds from operations	4,104,481	3,451,598	11,712,202	9,486,780	'
Other Assets [Member]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Assets	20,265,901	'	20,265,901	'	14,189,089
real estate assets [Member]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Interest Expense	1,702,977	1,237,915	4,411,323	3,797,057	'
Depreciation	$2,870,450	$3,682,087	$8,369,612	$12,678,709	'

Loss_per_Share_Details

Loss per Share (Details) (USD $)

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Mar. 31, 2012

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 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

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

($3,229,373)

($30,014)

$1,990,940

($5,838,063)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred Stock, Shares Outstanding

146,145

'

146,145

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

146,145

'

146,145

'

89,313

'

'

'

'

'

'

'

'

Unitsissuedcumulative

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

146,574

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net Income (Loss) Attributable to Parent

-3,202,892

97,724

1,958,193

-5,612,169

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends, Preferred Stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-1,903,517

-973,069

-4,924,832

-2,769,001

'

0

0

0

-7,028,557

'

'

'

'

Deemed noncash dividend

'

'

0

-7,028,557

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

NetIncomeAllocatedToUnvestedRestrictedShares

-6,275

-4,352

-17,227

-13,496

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Income (Loss) Attributable to Noncontrolling Interest

26,481

127,738

-32,747

225,894

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net Income (Loss) Available to Common Stockholders, Basic

($5,112,684)

($879,697)

($2,983,866)

($15,423,223)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Incremental Common Shares Attributable to Share-based Payment Arrangements

'

'

'

'

0

0

0

0

0

0

0

0

0

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted Average Number of Shares Outstanding, Diluted

18,919,526

12,491,359

17,817,807

8,197,531

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

17,564,091

11,041,359

16,399,675

8,197,531

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

2,931,480

'

2,931,480

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Earnings Per Share, Basic

($0.29)

($0.08)

($0.18)

($1.88)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

($0.29)

($0.08)

($0.18)

($1.88)

Earnings Per Share, Diluted

($0.29)

($0.08)

($0.18)

($1.88)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Pro_Forma_Financial_Informatio2

Pro Forma Financial Information (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]	'	'	'	'
Revenues	$13,182,660	$8,752,275	$36,487,932	$22,411,942
loans to be funded	171,007,498	'	171,007,498	'
pro forma net income common stockholders	-6,974,388	-4,366,954	-9,766,885	-33,988,512
Business Acquisition, Pro Forma Earnings Per Share, Diluted	($0.37)	($0.35)	($0.55)	($4.15)
Weighted average number of shares of Common Stock outstanding, basic and diluted	17,564,091	11,041,359	16,399,675	8,197,531
Weighted Average Number of Shares Outstanding, Diluted	18,919,526	12,491,359	17,817,807	8,197,531
Pro Forma [Member]	'	'	'	'
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]	'	'	'	'
Revenues	20,026,753	15,934,565	57,022,655	44,240,660
Business Acquisition, Pro Forma Net Income (Loss)	-5,106,447	-3,549,828	-4,862,551	-24,696,591
pro forma net income company	($5,064,596)	($3,389,533)	($4,824,826)	($24,177,458)
Business Acquisition, Pro Forma Earnings Per Share, Basic	($0.37)	($0.35)	($0.55)	($3.52)
Weighted Average Number of Shares Outstanding, Basic	18,919,526	12,491,359	17,817,807	9,647,531

Fair_Values_of_Financial_Instr2

Fair Values of Financial Instruments (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Accrued Investment Income Receivable	$6,300,000	$3,100,000
Exit fee	2,000,000	'
Financing Receivable, Gross	34,400,000	'
Financing Receivable, Net	15,512,662	'
Mortgage notes payable	345,373,830	140,516,000
Line of Credit Facility, Amount Outstanding	36,000,000	29,390,000
Mortgages [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Mortgage notes payable	345,373,830	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	'	166,506,549
Fair Value, Inputs, Level 1 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Financing Receivable, Gross	'	10,248,178
Irvine [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Loans Receivable, Fair Value Disclosure	$17,733,427	$14,332,658

Subsequent_Events_sub_events_D

Subsequent Events sub events (Details) (USD $)

3 Months Ended

9 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Nov. 05, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Mar. 31, 2014

Sep. 30, 2013

Sep. 30, 2014

Dec. 31, 2014

haven west [Member]

starkville [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Common Stock [Member]

Subsequent Event [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Beds

'

'

'

'

'

'

'

'

'

568

536

'

'

'

'

'

interest revenue current pay

$2,924,660

'

'

$1,258,636

'

'

$7,852,786

$2,966,721

'

'

'

'

'

'

'

'

Common stock, shares issued

'

'

'

'

'

'

'

'

4,200,000

'

'

'

'

'

'

'

Financing Receivable, Gross

34,400,000

'

'

'

'

'

34,400,000

'

'

'

'

'

'

'

'

'

Unit count

'

'

'

'

'

'

'

'

'

160

152

'

'

'

'

'

Proceeds from Issuance of Common Stock

'

'

'

'

'

'

36,058,950

0

'

'

'

'

'

'

'

'

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

131,464

'

'

'

'

'

'

'

'

'

'

29,016

'

'

39,216

2,102

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

'

$8.50

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

'

'

'

'

'

'

'

'

'

'

'

321,963

17,511

256,792

'

17,867

deferred interest income

'

'

'

'

'

'

($3,219,158)

$1,804,548

'

'

'

'

'

'

'

'

Common Stock, Dividends, Per Share, Declared

$0.16

$0.16

$0.16

$0.15

$0.15

$0.14

$0.48

$0.45

'

'

'

'

'

'

'

'