Preferred Apartment Communities (APTS) 10-Q 11 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information Document	3 Months Ended
	Mar. 31, 2015	8-May-15
Document and Entity Information
entity registrant name	PREFERRED APARTMENT COMMUNITIES INC
entity CIK	1481832
Current fiscal year end date	-19
document type	10-Q
document period end date	31-Mar-15
document fiscal year focus	2015
entity filer category	Accelerated Filer
document fiscal period focus	Q1
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
amendment flag	FALSE
entity common stock, shares outstanding		22,225,924

Balance_Sheets

Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
Real estate
Land	$86,434,683	$79,272,457
Building and improvements	431,348,175	377,030,987
Tenant Improvements	3,232,506	3,240,784
Furniture, fixtures, and equipment	50,155,356	36,864,668
Construction in progress	268,613	66,647
Gross real estate	571,439,333	496,475,543
Less: accumulated depreciation	-31,720,212	-26,388,066
Net real estate	539,719,121	470,087,477
Real estate loans	141,986,808	128,306,697
Loans and Leases Receivable, Related Parties	30,273,403	24,924,976
Total real estate and real estate loan, net	711,979,332	623,319,150
Cash and cash equivalents	7,614,793	3,113,270
Restricted cash	4,682,937	4,707,865
Financing Receivable, Net	9,908,893	14,543,638
Note receivable	32,825,000
Due from Related Parties, Current	15,807,114	14,153,922
Interest Receivable	8,855,896	8,038,447
Intangible Assets, Net (Excluding Goodwill)	11,629,424	12,702,980
Deferred loan costs, net of amortization of $155,953 and $64,480	5,500,930	5,107,068
Deferred offering costs	5,981,954	6,333,763
Other assets	6,904,984	4,390,309
Total assets	788,866,257	696,410,412
Liabilities
Mortgage notes payable	404,525,906	354,418,668
Accounts payable and accrued expenses	5,423,293	4,941,703
Line of Credit Facility, Amount Outstanding	0	24,500,000
Short-term Bank Loans and Notes Payable	19,000,000	0
Participating Mortgage Loans, Participation Liabilities, Amount	11,314,528	7,990,798
Interest Payable, Current	1,154,157	1,116,750
Dividends payable	5,041,220	4,623,246
Below Market Lease, Net	5,710,683	5,935,931
Security deposits and prepaid rents	1,604,063	1,301,442
Deferred income	523,311
Total liabilities	453,773,850	404,828,538
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	221,312	214,039
Additional paid in capital	345,307,073	300,576,349
Accumulated deficit	-12,053,082	-11,297,852
Total stockholders' equity	333,477,742	289,494,464
Non-controlling interest	1,614,665	2,087,410
Total equity	335,092,407	291,581,874
Total liabilities and equity	788,866,257	696,410,412
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	2,439	1,928
Total equity	2,439	1,928
Mortgages [Member]
Liabilities
Mortgage notes payable	$404,525,906	$354,418,668

Balance_Sheets_Parentheticals

Balance Sheets (Parentheticals) (USD $)	Mar. 31, 2015	Dec. 31, 2014
real estate related loans fair value	$21,536,641	$20,313,722
Finite-Lived Intangible Assets, Accumulated Amortization	19,470,022	17,030,176
Deferred loan costs, accumulated amortization	1,966,396	1,618,858
Allowance for Doubtful Accounts, Premiums and Other Receivables	187,621	103,452
Below Market Lease, Accumulated Amortization	$842,212	$660,259
Shares outstanding, preferred stock	243,887
Common Stock, par value per share	$0.01
Common stock, shares outstanding	22,131,190
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	244,812	193,334
Shares outstanding, preferred stock	243,887	192,846
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	22,131,190	21,403,987
Common stock, shares outstanding	22,131,190	21,403,987

Statements_of_Operations

Statements of Operations (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Rental revenues	$13,141,120	$5,869,291
Other property revenues	1,969,767	645,042
Interest income on loan and note receivable	4,875,086	4,293,442
Revenue from Related Parties	1,358,542	432,307
Total revenues	21,344,515	11,240,082
Operating expenses:
Property operating and maintenance	2,079,359	912,549
property salaries related party	1,117,573	625,261
Property management fees	570,406	262,121
Real estate taxes	2,076,677	659,049
General and administrative	458,204	188,839
Share-based Compensation	590,308	444,222
Depreciation and amortization	7,945,428	2,308,526
Acquisition costs	423,592	188,031
acquisition fees paid to related party	760,300	57,268
Management fees	1,350,890	688,749
Other Expenses	705,552	393,971
Total operating expenses	18,078,289	6,728,586
manager's fees deferred	-345,960	0
Operating Expenses	17,732,329	6,728,586
Operating Income (Loss)	3,612,186	4,511,496
Interest Expense	4,377,115	1,715,651
Net loss	-764,929	2,795,845
net loss attributable to non-controlling interests	9,699	-38,862
Net loss attributable to the Company	-755,230	2,756,983
NetIncomeAllocatedToUnvestedRestrictedShares	6,863	4,678
Net Income (Loss) Available to Common Stockholders, Basic	-3,934,990	1,331,769
Earnings Per Share, Basic	($0.18)
Dividends, Common Stock, Cash	3,850,754	2,453,769
Common Stock, Dividends, Per Share, Declared	$0.18	$0.16
Weighted Average Number of Shares Outstanding, Basic	21,813,974	15,316,816
Weighted Average Number of Shares Outstanding, Diluted	21,813,974	15,562,608
Scenario, Actual [Member]
Operating expenses:
Earnings Per Share, Diluted	($0.18)	$0.09
Earnings Per Share, Basic		$0.09
Weighted Average Number of Shares Outstanding, Diluted	21,813,974	15,562,608
Series A Preferred Stock [Member]
Operating expenses:
Dividends to preferred stockholders	-3,172,897	-1,420,536
Dividends, Common Stock, Cash	$0

Statements_of_Operations_Paren

Statements of Operations (Parenthetical) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Statement Parentheticals [Abstract]
property management fees paid to related party	$480,051	$258,121
acquisition fees paid to related party	$47,005	$0

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Operating activities:
Net loss attributable to the Company	($755,230)	$2,756,983
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	-764,929	2,795,845
Reconciliation of net loss to net cash provided by (used in) operating activities:
Depreciation expense	5,340,425	1,894,411
Amortization expense	2,605,003	414,115
Amortization of above and below Market Leases	-183,431	-5,723
Deferred fee income amortization	-158,817	-308,608
Deferred loan cost amortization	347,538	140,658
deferred interest income	-817,449	-972,181
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	590,308	444,222
deferred miscellaneous income amortization	-4,936	-2,734
Changes in operating assets and liabilities:
(Increase) in tenant accounts receivable	279,136	307,425
(Increase) decrease in other assets	257,372	356,039
Increase in accounts payable and accrued expenses	37,407	-95,083
(Decrease) increase in accrued interest payable	193,338	-44,790
Increase (decrease) in prepaid rents	15,038	185,170
Net cash provided by (used in) operating activities	7,736,003	5,108,766
Investing activities:
Investments in real estate loans	-24,279,317	-4,880,179
Proceeds from Principal Repayments on Loans and Leases Held-for-investment	5,206,045	520,009
Notes receivable issued	7,195,294	164,743
Deferred acquisition fee on real estate loans	3,880,139	3,311,611
Deferred real estate loan income	-2,554,590	-1,175,905
Acquisition of properties, net	-76,230,876	-5,701,393
Additions to real estate assets - improvements	-466,840	-299,765
Proceeds from Sale of Productive Assets	-541,475	0
Increase in cash held in escrow and restricted cash	387,260	-150,961
AcquisitionFeesRelatedPartyCosts	-219,714	-10,788
Increase (Decrease) in Accounts and Notes Receivable	2,097,135	771,449
Net cash (used in) investing activities	-92,872,454	-14,052,825
Financing activities:
Proceeds from mortgage notes payable	50,778,000	13,357,000
Extinguishment of Debt, Amount	-670,762	-13,000,000
Payments for mortgage loan costs	-830,311	-415,241
loan balance proceeds from real estate loan participants	3,215,801	0
Payments on revolving lines of credit	-38,900,000	-1,082,220
Proceeds from Short-term Debt	32,000,000	0
Repayments of Short-term Debt	-13,000,000	0
Proceeds from non-revolving lines of credit	14,400,000	3,700,001
Proceeds from sales of Units, net of offering costs	44,370,963	10,954,492
Proceeds from Issuance of Common Stock	5,381,848	0
Dividends declared and paid	-3,697,436	-2,451,697
Payments of Ordinary Dividends, Preferred Stock and Preference Stock	-2,931,927	-1,354,344
Payments for deferred offering costs, net of non cash items	-452,825	-817,832
Cash beginning of period	3,113,270	9,180,431
Cash end of period	7,614,793	9,109,413
Supplemental cash flow information:
Cash paid for interest	3,992,132	1,670,075
Noncash Investing and Financing Items [Abstract]
Accrued capital expenditures	109,603	113,377
Dividends payable to non controlling interests	49,063	36,552
Payments of Ordinary Dividends, Noncontrolling Interest	-25,377	-17,118
Accrued and payable deferred offering costs	518,162	478,671
Reclass of offering costs from deferred asset to equity	985,679	154,211
Net Cash Provided by (Used in) Financing Activities	89,637,974	8,873,041
Cash and Cash Equivalents, Period Increase (Decrease)	4,501,523	-71,018
Share-based Compensation	1,965,549	1,458,402
loan fees received	439,428	21,576
offering costs reimbursable to the Manager	13235400.00%	10367000.00%
Common Stock [Member]
Noncash Investing and Financing Items [Abstract]
Dividends payable	3,850,754	2,453,769
Series A Preferred Stock [Member]
Noncash Investing and Financing Items [Abstract]
Dividends payable	1,141,403	497,855
westport capital partners [Member]
Investing activities:
AcquisitionFeesRelatedPartyCosts	($24,665)	$0

Statements_of_Equity_and_Accum

Statements of Equity and Accumulated Deficit (USD $)	Total	Series A Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total Stockholders' Equity [Member]	Noncontrolling Interest [Member]	ClassBUnits [Member]	ClassBUnits [Member]	ClassBUnits [Member]	ClassBUnits [Member]
									Accumulated Deficit [Member]	Total Stockholders' Equity [Member]	Noncontrolling Interest [Member]
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	12,157,780	122	0	12,157,658	0	12,157,780	0
restricted stock vesting	0	0	941	504,540	0	505,481	-505,481
Stock Issued During Period, Value, Conversion of Units	361,936	0	0	0	0	0	361,936
Syndication and offering costs	-1,394,971			-1,394,971		-1,394,971
Stock Issued During Period, Value, Share-based Compensation, Gross	82,287	0	22	82,265	0	82,287	0
Dividends, Common Stock, Cash	-2,453,769			-2,453,769		-2,453,769
Net Income (Loss) Attributable to Parent	2,756,983								2,756,983	2,756,983	38,862
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	2,795,845							2,795,845
non-controlling interest equity adjustment				211,720		211,720	-211,720
Payments to Noncontrolling Interests	-36,552						-36,552
Dividends, Preferred Stock	-1,420,536	0	0	-1,420,536	0	-1,420,536	0
Dividends, Preferred Stock, Cash	1,420,536
Balance at Mar. 31, 2014	176,144,739	1,015	153,908	185,511,627	-10,634,358	175,032,192	1,112,547
Balance at Dec. 31, 2014	291,581,874	1,928	214,039	300,576,349	-11,297,852	289,494,464	2,087,410
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	51,469,071	515	0	51,468,556	0	51,469,071	0
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests	-50,941	-4	342	-51,279	0	-50,941	0
Common Stock, Value, Issued	5,493,307	0	5,479	5,487,828	0	5,493,307	0
Stock Issued During Period, Value, Stock Options Exercised	116,356	0	392	115,964	0	116,356	0
restricted stock vesting	0	0	1,042	695,050	0	696,092	-696,092
Stock Issued During Period, Value, Conversion of Units	491,908	0	0	0	0	0	491,908
Syndication and offering costs	-6,269,925	0	0	-6,269,925	0	-6,269,925	0
Stock Issued During Period, Value, Share-based Compensation, Gross	98,400	0	18	98,382	0	98,400	0
Dividends, Common Stock, Cash	-3,850,754	0	0	-3,850,754	0	-3,850,754	0
Net Income (Loss) Attributable to Parent	-755,230								-755,230	-755,230	-9,699
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	-764,929							-764,929
non-controlling interest equity adjustment				209,799		209,799	-209,799
Payments to Noncontrolling Interests	-49,063						-49,063
Dividends, Preferred Stock	-3,172,897	0	0	-3,172,897	0	-3,172,897	0
Dividends, Preferred Stock, Cash	3,172,897
Balance at Mar. 31, 2015	$335,092,407	$2,439	$221,312	$345,307,073	($12,053,082)	$333,477,742	$1,614,665

Statements_of_Equity_and_Accum1

Statements of Equity and Accumulated Deficit Parenthetical (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Common Stock, Dividends, Per Share, Declared	$0.18	$0.16
Series A Preferred Stock [Member]
Dividends, Preferred Stock, Cash	$5	$5

Organization

Organization	3 Months Ended
	Mar. 31, 2015
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 owned grocery-anchored necessity retail properties, senior mortgage loans, subordinate loans or mezzanine debt secured by interests in grocery-anchored necessity retail properties, membership or partnership interests in grocery-anchored necessity retail properties and other grocery-anchored necessity retail related assets 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 7).
	As of December 31, 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. 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. The Company's results of operations for the three month period ended March 31, 2014 have been restated to reflect the removal of Trail Creek from held for sale classification.
	As of March 31, 2015, the Company had 22,131,190 shares of common stock, par value $0.01 per share, or Common Stock, issued and outstanding and owned units in the Operating Partnership which represented a weighted-average ownership percentage of 98.7% for the three-month period ended March 31, 2015. The number of partnership units not owned by the Company totaled 280,360 at March 31, 2015 and represented Class A Units of the Operating Partnership, or Class A Units. The Class A 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 conducts 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 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. 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 2014 Annual Report on Form 10-K filed with the Securities and Exchange Commission, or the SEC, on March 16, 2015.

Significant_Accounting_Policie

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Summary of Significant Accounting Policies
	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 revenue 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 balance sheets as acquired intangible assets 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 term of the leases, taking into consideration the probability of renewals for any below-market leases. The capitalized above-market leases and in place leases are included in the acquired intangible assets line of the consolidated balance sheets. Both above-market and below-market lease values are amortized as adjustments to rental revenue over the remaining term of the respective leases, plus any below market probable renewal options.
	Intangible assets also include the value of customer relationships, which represent the value inherent in the relationships with existing lessees, quantified by management's estimate of the average likelihood of lease renewal. Customer relationships are amortized on a straight-line basis over the average remaining non-cancelable term of in place leases, plus an estimated renewal period.
	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 unreasonable 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 6) 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 over the revised remaining lease term after giving effect to the termination notice or when tenant vacates and the Company has no further obligations under the lease. Rents and tenant reimbursements collected in advance are recorded as prepaid rent within other liabilities 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 revenue 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 rate 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 ceases 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 either exit fees or additional amounts of accrued interest. Exit fees will be treated as additional consideration for the acquired project if the Company purchases the subject property. Additional accrued interest becomes due in cash to the Company on the earliest to occur of: (i) the maturity of the loan, (ii) any uncured event of default as defined in the associated loan agreement, (iii) the sale of the project or the refinancing of the loan (other than a refinancing loan by the Company or one of its affiliates) and (iv) any other repayment of the loan.
	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 in the Company's multifamily communities to accumulate reward points on a monthly basis for actions such as resident referrals and making rent payments online. Once a property has been enrolled on the program, 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 for which such disposal represents (or will represent) a strategic shift which will have a significant effect on the Company's results or operations and financial results. See discussion of the Company's adoption of ASU 2014-8 below.
	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 an 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. The Company adopted ASU 2014-8 on January 1, 2015. Early adoption was not permitted for assets that had 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 currently effective for interim and annual periods beginning after December 15, 2016, but the FASB is currently deliberating a delay in the effective date until annual periods beginning after December 15, 2017. ASU 2014-09 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 its financial statements.
	In February 2015, the FASB issued Accounting Standards Update 2015-02 ("ASU 2015-02"), Consolidation (Topic 810): Amendments to the Consolidation Analysis. This new guidance specifically eliminates the presumption in the current voting model that a general partner controls a limited partnership or similar entity unless that presumption can be overcome. Generally, only a single limited partner that is able to exercise substantive kick-out rights will be required to consolidate the limited partnership. ASU 2015-02 is effective on January 1, 2016 and early adoption is permitted, including adoption in an interim period. The new standard must be applied using a modified retrospective approach by recording a cumulative-effect adjustment to equity/capital as of the beginning of the period of adoption or retrospectively to each period presented. The Company has not yet selected a transition method and is currently in the process of evaluating the impact the adoption of ASU 2014-15 will have on its financial statements.
	In April 2015, the FASB issued Accounting Standards Update 2015-03 ("ASU 2015-03"), Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This new guidance requires the presentation of unamortized debt issuance costs to be shown in the liabilities section of the consolidated balance sheets as a reduction of the principal amount of the associated debt, rather than as an asset. ASU 2015-03 is effective on January 1, 2016 and early adoption is permitted, including adoption in an interim period. The new standard must be applied using a retrospective approach by restating prior period comparative consolidated balance sheets. The Company does not expect the adoption of ASU 2015-03 to materially impact its financial position or results of operations.

Real_Estate_Assets_Notes

Real Estate Assets (Notes)	3 Months Ended
	Mar. 31, 2015
Real Estate Assets [Abstract]
Business Combination Disclosure	Real Estate Assets
	The Company's real estate assets consisted of twelve multifamily communities with 3,846 total units and ten grocery-anchored necessity retail shopping centers with approximately 694,000 square feet of gross leasable area at March 31, 2015; at March 31, 2014, the Company owned six multifamily communities with 1,929 total units and one grocery-anchored necessity retail shopping center with approximately 66,000 square feet of gross leasable area.
	On February 13, 2015, the Company completed the acquisition of the following multifamily communities, referred to collectively as the Houston Portfolio, for approximately $76.0 million, an amount which approximated the fair value of the acquired assets and assumed liabilities:
	Seller	Property		Location	Units
	Villas Fairfield Partners, LLC	Avenues at Cypress		Houston, Texas	240
	Northpointe Investors, LLC	Avenues at Northpointe		Houston, Texas	280
					520
	The Company allocated the purchase price 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 Houston Portfolio
	Land	$	7,162,226
	Buildings and improvements	54,217,075
	Furniture, fixtures and equipment	13,078,872
	Lease intangibles	1,571,827
	Prepaids & other assets	150,326
	Escrows	362,332
	Accrued taxes	(212,601		)
	Security deposits, prepaid rents, and other liabilities	(99,181		)
	Net assets acquired	$	76,230,876
	Cash paid	$	25,452,876
	Mortgage debt	50,778,000
	Total consideration	$	76,230,876
	Since the acquisition date of February 13, 2015, the Houston Portfolio contributed approximately $932,000 of revenue and $609,000 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 period ended March 31, 2015. The Company expensed acquisition costs of approximately $1,100,000 in conjunction with the Houston Portfolio acquisition. As of March 31, 2015, the weighted average remaining amortization period for the Houston Portfolio's intangible assets and liabilities is less than one year.
	On February 12, 2014, the Company completed the acquisition of a grocery-anchored necessity retail shopping center in Atlanta, Georgia, with 66,122 square feet of gross leasable area, 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 to the acquired assets and liabilities based upon their fair values, as shown in the following table.
		Woodstock Crossing
	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
	Cash paid	$	5,701,393
	Woodstock Crossing contributed approximately $89,000 of revenue and approximately $37,000 of net income to the Company's consolidated results from the acquisition date of February 12, 2014 through March 31, 2014. The Company expensed acquisition costs of $228,046 in conjunction with the Woodstock Crossing acquisition.
	Amortization and depreciation expense consisted of:
		Three months ended March 31,
		2015			2014
	Depreciation:
	Buildings and improvements	$	3,225,298		$	942,746
	Furniture, fixtures, and equipment	2,115,127			951,665
		5,340,425			1,894,411
	Amortization:
	Acquired intangible assets	2,603,813			412,924
	Website development costs	1,190			1,191
	Total depreciation and amortization	$	7,945,428		$	2,308,526

Acquired_Intangible_Assets_Not

Acquired Intangible Assets (Notes)	3 Months Ended
	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets Disclosure [Text Block]	Acquired Intangible Assets and Liabilities
	The Company recorded the following acquired lease intangible assets and liabilities and related accumulated amortization, as of
	March 31, 2015 and December 31, 2014:
		31-Mar-15									31-Dec-14
		Multifamily			Retail			Total			Multifamily			Retail			Total
	In-place leases	$	17,408,851		$	9,023,120		$	26,431,971		$	15,837,024		$	9,221,651		$	25,058,675
	Above-market leases	—			479,298			479,298			—			479,883			479,883
	Customer relationships	1,588,277			—			1,588,277			1,588,277			—			1,588,277
	Lease origination costs	—			2,599,900			2,599,900			—			2,606,321			2,606,321
	Acquired intangible assets	$	18,997,128		$	12,102,318		$	31,099,446		$	17,425,301		$	12,307,855		$	29,733,156
	Less accumulated amortization of:
	In-place leases	$	(16,229,981	)	$	(1,300,475	)	$	(17,530,456	)	$	(14,351,922	)	$	(892,714	)	$	(15,244,636	)
	Above market leases	—			(91,028		)	(91,028		)	—			(49,795		)	(49,795		)
	Customer relationships	(1,588,277		)	—			(1,588,277		)	(1,588,277		)	—			(1,588,277		)
	Lease origination costs	—			(260,261		)	(260,261		)	—			(147,468		)	(147,468		)
	Acquired intangible assets, net	$	1,178,870		$	10,450,554		$	11,629,424		$	1,485,102		$	11,217,878		$	12,702,980
	Below market lease liability	$	383,593		$	6,169,302		$	6,552,895		$	383,593		$	6,212,597		$	6,596,190
	Less: accumulated amortization	(383,593		)	(458,619		)	(842,212		)	(383,593		)	(276,666		)	(660,259		)
	Below market lease liability, net	$	—		$	5,710,683		$	5,710,683		$	—		$	5,935,931		$	5,935,931
	The net below market lease intangible liability balances are included in the acquired below market lease intangibles line and the acquired intangible assets line of the consolidated balance sheets as of March 31, 2015 and December 31, 2014, respectively. The Company recognized amortization of acquired intangible assets and liabilities for the three-month periods ended March 31, 2015 and 2014 as follows:
		Three months ended March 31,
		2015									2014
	Amortization expense	Multifamily			Retail			Total			Multifamily			Retail			Total
	Intangible assets:
	Leases in place	$	1,878,059		$	606,292		$	2,484,351		$	361,231		$	9,520		$	370,751
	Above-market leases (1)	—			41,817			41,817			—			577			577
	Customer relationships	—			—			—			39,270			2,903			$	42,173
	Lease origination costs	—			119,214			119,214			—			—			—
		$	1,878,059		$	767,323		$	2,645,382		$	400,501		$	13,000		$	413,501
	Intangible liabilities:
	Below-market leases (1)	$	—		$	225,248		$	225,248		$	—		$	6,300		$	6,300
	(1) Amortization of above and below market lease intangibles are recorded as a decrease and an increase to rental revenue, respectively.
Intangible Assets Disclosure [Text Block]	Acquired Intangible Assets and Liabilities
	The Company recorded the following acquired lease intangible assets and liabilities and related accumulated amortization, as of
	March 31, 2015 and December 31, 2014:
		31-Mar-15									31-Dec-14
		Multifamily			Retail			Total			Multifamily			Retail			Total
	In-place leases	$	17,408,851		$	9,023,120		$	26,431,971		$	15,837,024		$	9,221,651		$	25,058,675
	Above-market leases	—			479,298			479,298			—			479,883			479,883
	Customer relationships	1,588,277			—			1,588,277			1,588,277			—			1,588,277
	Lease origination costs	—			2,599,900			2,599,900			—			2,606,321			2,606,321
	Acquired intangible assets	$	18,997,128		$	12,102,318		$	31,099,446		$	17,425,301		$	12,307,855		$	29,733,156
	Less accumulated amortization of:
	In-place leases	$	(16,229,981	)	$	(1,300,475	)	$	(17,530,456	)	$	(14,351,922	)	$	(892,714	)	$	(15,244,636	)
	Above market leases	—			(91,028		)	(91,028		)	—			(49,795		)	(49,795		)
	Customer relationships	(1,588,277		)	—			(1,588,277		)	(1,588,277		)	—			(1,588,277		)
	Lease origination costs	—			(260,261		)	(260,261		)	—			(147,468		)	(147,468		)
	Acquired intangible assets, net	$	1,178,870		$	10,450,554		$	11,629,424		$	1,485,102		$	11,217,878		$	12,702,980
	Below market lease liability	$	383,593		$	6,169,302		$	6,552,895		$	383,593		$	6,212,597		$	6,596,190
	Less: accumulated amortization	(383,593		)	(458,619		)	(842,212		)	(383,593		)	(276,666		)	(660,259		)
	Below market lease liability, net	$	—		$	5,710,683		$	5,710,683		$	—		$	5,935,931		$	5,935,931
	The net below market lease intangible liability balances are included in the acquired below market lease intangibles line and the acquired intangible assets line of the consolidated balance sheets as of March 31, 2015 and December 31, 2014, respectively. The Company recognized amortization of acquired intangible assets and liabilities for the three-month periods ended March 31, 2015 and 2014 as follows:
		Three months ended March 31,
		2015									2014
	Amortization expense	Multifamily			Retail			Total			Multifamily			Retail			Total
	Intangible assets:
	Leases in place	$	1,878,059		$	606,292		$	2,484,351		$	361,231		$	9,520		$	370,751
	Above-market leases (1)	—			41,817			41,817			—			577			577
	Customer relationships	—			—			—			39,270			2,903			$	42,173
	Lease origination costs	—			119,214			119,214			—			—			—
		$	1,878,059		$	767,323		$	2,645,382		$	400,501		$	13,000		$	413,501
	Intangible liabilities:
	Below-market leases (1)	$	—		$	225,248		$	225,248		$	—		$	6,300		$	6,300
	(1) Amortization of above and below market lease intangibles are recorded as a decrease and an increase to rental revenue, respectively.

Real_Estate_Loans_Notes_Receiv

Real Estate Loans, Notes Receivable, and Lines of Credit	3 Months Ended
	Mar. 31, 2015
Receivables [Abstract]
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	Real Estate Loans, Notes Receivable, and Line of Credit
	At March 31, 2015, our portfolio of real estate loans consisted of:
		Project/Property		Location		Date of loan		Maturity date	Optional extension date		Total loan commitments			Senior loans held by unrelated third parties			Current / deferred interest % per annum
			(1)
		Crosstown Walk		Tampa, FL		4/30/13		11/1/16	5/1/18		$	10,962,000		$	25,900,000		6-Aug	(2)
		CityPark View		Charlotte, NC		9/6/12		9/5/17	N/A		10,000,000			$	18,600,000		6-Aug	(2)
		City Vista		Pittsburgh, PA		8/31/12		6/1/16	7/1/17		14,147,515			$	28,400,000		6-Aug	(2)
		Aster at Lely		Naples, FL		3/28/13		2/28/16	2/28/18		12,713,242			$	25,000,000		6-Aug	(2)
		Overton Rise		Atlanta, GA		5/8/13		11/1/16	5/1/18		16,600,000			$	31,700,000		6-Aug	(2)
		Haven West		Atlanta, GA (3, 4)		7/15/13		6/2/16	6/2/18		6,940,795			$	16,195,189		6-Aug	(2)
		Haven 12		Starkville, MS (4, 5)		6/16/14		11/30/15	6/16/17		6,116,384			$	18,615,081		8.5 / 5.5	(6)
		Founders' Village		Williamsburg, VA		8/29/13		8/29/18	N/A		10,346,000			$	26,936,000		6-Aug	(6)
		Encore		Atlanta, GA (7)		11/18/13		5/15/15	N/A		16,026,525			N/A			8.5
		Palisades		Northern VA		8/18/14		2/18/18	8/18/19		17,270,000			$	38,000,000		5-Aug	(6)
		Fusion		Irvine, CA (7)		12/18/13		5/31/15	N/A		23,000,000			N/A			8.5 / 4.3	(6)
		Green Park		Atlanta, GA		12/1/14		12/1/17	12/1/19		13,464,372			$	27,775,000		8.5 / 4.33	(6)
		Stadium Village		Atlanta, GA (4, 8)		6/27/14		6/27/17	N/A		13,424,995			$	34,825,000		8.5 / 4.33	(6)
		Summit Crossing III		Atlanta, GA		2/27/15		2/26/18	2/26/20		7,246,400			$	16,822,000		8.5 / 5	(6)
		Crosstown Walk II		Tampa, FL (9)		11/4/14		6/30/15	N/A		2,240,000			N/A			8.5 / 4.33	(6)
		Aldridge at Town Village		Atlanta, GA		1/27/15		12/27/17	12/27/19		10,975,000			$	28,338,937		8.5 / 5	(6)
		Haven Lubbock		Lubbock, TX (4, 10)		1/15/15		4/14/15	N/A		4,950,000			N/A			8.5 / 4.33	(6)
											$	196,423,228
	(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: "Crosstown Walk" - Iris Crosstown Partners LLC; "CityPark View" - Oxford City Park Development LLC; "City Vista" - Oxford City Vista Development LLC; "Aster at Lely" - Lely Apartments LLC; "Overton Rise" - Newport Overton Holdings, LLC; "Haven West" - Haven Campus Communities Member, LLC; "Haven 12" - Haven Campus Communities - Starkville, LLC; "Founders' Village" - Oxford NTW Apartments LLC; "Encore" - GP - RV Land I, LLC; "Palisades" - Oxford Palisades Apartments LLC; "Fusion" - 360 - Irvine, LLC; "Green Park" - Weems Road Property Owner, LLC; "Stadium Village" - Haven Campus Communities - Kennesaw, LLC; "Summit Crossing III" - Oxford Forsyth Development, LLC; "Crosstown Walk II" - Iris Crosstown Apartments II, LLC; "Aldridge at Town Village" - Newport Town Village Holdings, LLC and "Haven Lubbock" - Haven Campus Communities Lubbock, LLC.
	(2)	In the event the Company exercises the associated purchase option and acquires the property, any additional accrued interest, if not paid, will be treated as additional consideration for the acquired project.
	(3)	Completed 160-unit 568-bed student housing community adjacent to the campus of the University of West Georgia.
	(4)	See note 7 - Related Party Transactions.
	(5)	A planned 152-unit, 536-bed student housing community adjacent to the Mississippi State University campus.
	(6)	Deferred interest becomes due to the Company on the earliest to occur of (i) the maturity date, (ii) any uncured event of default as defined in the associated loan agreement, (iii) the sale of the project or the refinancing of the loan (other than a refinancing of the loan by the Company or one of its affiliates) and (iv) any other repayment of the loan.
	(7)	Bridge loan to partially finance the acquisition of land and predevelopment costs for a multifamily community. Upon a sale of the property or refinancing with a third party, the Company would be due a payoff fee of $2.0 million on this loan.
	(8)	Mezzanine loan in support of a planned 198-unit,792-bed student housing community adjacent to the campus of Kennesaw State University.
	(9)	Bridge loan to partially finance the acquisition of land and predevelopment costs for a second phase adjacent to the Crosstown Walk multifamily community development in Tampa, Florida.
	(10)	A planned 217-unit, 732-bed student housing community adjacent to the campus of Texas Tech University. See note 17.
	The Palisades, Green Park, Stadium Village and Founders' Village loans are 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, Fusion, Crosstown Walk II and Haven Lubbock loans are also collateralized by the acquired land. The Haven West and Stadium Village 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 March 31, 2015													Carrying amount as of
			Amount drawn				Loan Fee received from borrower - 2%			Acquisition fee paid to Manager - 1%			Unamortized deferred loan fee revenue			March 31, 2015			31-Dec-14
	Project/Property
	Crosstown Walk		$	10,962,000			$	219,240		$	109,620		$	(24,111	)	$	10,937,889		$	10,862,615
	CityPark View		10,000,000				200,000			100,000			(43,015		)	9,956,985			9,951,728
	City Vista		14,051,272				282,930			141,465			(53,113		)	13,998,159			13,708,474
	Aster at Lely		12,033,668				254,265			127,133			(33,151		)	12,000,517			12,330,262
	Overton Rise		16,167,585				332,079			166,040			(62,476		)	16,105,109			15,773,937
	Haven West		6,784,167				138,816			69,408			(24,546		)	6,759,621			6,753,917
	Haven 12		5,650,904				122,328			61,164			(18,366		)	5,632,538			5,506,157
	Founders' Village (1)		9,866,000				197,320			98,660			(32,902		)	9,833,098			9,804,058
	Encore		14,115,725				320,531			160,265			—			14,115,725			11,966,456
	Palisades (1)		15,552,413				321,400			160,700			(8,820		)	15,543,593			14,374,036
	Fusion		21,536,641				460,000			230,000			—			21,536,641			20,313,722
	Green Park (1)		6,203,700				269,287			134,644			(38,108		)	6,165,592			4,602,691
	Stadium Village (1)		12,952,385				268,500			134,250			(13,596		)	12,938,789			12,664,902
	Summit Crossing III		4,159,561				144,928			72,464			(58,265		)	4,101,296			2,393,639
	Crosstown Walk II		2,240,000				44,800			22,400			(3,661		)	2,236,339			2,225,079
	Aldridge at Town Village		5,557,501				219,500			109,750			(101,636		)	5,455,865			—
	Haven Lubbock		4,950,000				99,000			49,500			(7,545		)	4,942,455			—
			$	172,783,522			$	3,894,924		$	1,947,463		$	(523,311	)	$	172,260,211		$	153,231,673
	(1) 25% of the net amount collected by the Company as an Acquisition fee was paid to the associated loan participant.
	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
	Crosstown Walk		7/1/16		12/31/16		$	39,654,273		342
	CityPark View		11/1/15		3/31/16		$	30,945,845		284
	City Vista		2/1/16		5/31/16		$	43,560,271		272
	Aster at Lely (1)		4/1/16		8/30/16		$	43,500,000		308
Overton Rise		7/8/16		12/8/16		$	51,500,000		294
Haven West		8/1/16		1/31/17		$	26,138,466		160
Haven 12		9/1/16		11/30/16		(2)			152
Founders' Village		2/1/16		9/15/16		$	44,266,000		247
Encore		N/A		N/A		N/A			340
Palisades		3/1/17		7/31/17		(2)			304
Fusion		N/A		N/A		N/A			280
Green Park		11/1/17		2/28/18		(2)			310
Stadium Village		9/1/16		11/30/16		(2)			198
Summit Crossing III		8/1/17		11/30/17		(2)			172
Crosstown Walk II		N/A		N/A		N/A			180
Aldridge at Town Village		11/1/17		2/28/18		(2)			300
Haven Lubbock (3)		N/A		N/A		N/A			217
									4,360
(1) Williams Opportunity Fund, LLC is an equity investor in this project. See note 7.
(2) The purchase price is to be calculated based upon market cap rates at the time of exercise of the purchase
option, with discounts ranging from between 30 and 60 basis points, depending on the loan.
(3) See note 17.
At March 31, 2015, 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
									3/31/15			12/31/14
360 Residential, LLC		3/20/13		6/30/16		$	2,000,000		$	1,144,686		$	1,107,348		12	%	(1)
TPKG 13th Street Development, LLC (2)		5/3/13		N/A		—			—			5,605,178			N/A
Preferred Capital Marketing Services, LLC (3)		1/24/13		12/31/16		1,500,000			1,500,000			1,500,000			10	%
Riverview Associates, Ltd.		12/17/12		6/30/15		1,300,000			300,000			300,000			8	%	(4)
Pecunia Management, LLC		11/16/13		11/15/15		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	%	(5)
Preferred Apartment Advisors, LLC (3)		8/21/12		12/31/16		12,000,000			10,259,121			9,128,038			8	%	(6)
Haven Campus Communities, LLC		6/11/14		6/30/16		5,400,000			4,059,666			3,540,099			12	%	(5)
Oxford Capital Partners, LLC		6/27/14		6/30/16		5,925,000			4,656,874			4,029,737			12	%	(7)
Newport Development Partners, LLC		6/17/14		6/30/16		3,000,000			2,160,560			1,860,560			12	%	(5)
Unamortized loan fees									(39,900		)	(48,400		)
						$	32,825,000		$	25,716,007		$	28,697,560
(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) The outstanding balance of this loan was fully repaid as of February 11, 2015.
(3)See related party disclosure in Note 7.
(4) 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.
(5) 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.
(6) The amounts payable under this revolving credit line were collateralized by an assignment of the Manager's rights to fees due under the fourth amended and restated management agreement, or Management Agreement, between the Company and the Manager.
(7) 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 7.
The Company recorded interest income and other revenue from these instruments as follows:
		Three months ended March 31,
		2015				2014
Real estate loans:
Current interest payments		$	3,383,875			$	2,295,963
Additional accrued interest		2,003,480				1,514,161
Deferred loan fee revenue		150,319				308,457
Total real estate loan revenue		5,537,674				4,118,581
Interest income on notes and lines of credit		695,954				607,168
Interest income on loans and notes receivable		$	6,233,628			$	4,725,749
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 CityPark View, City Vista, Overton Rise, Crosstown Walk, Aster at Lely, Haven West, and Founders' Village loans. The Company has concluded that it is not the primary beneficiary of the borrowing entities. It has no decision making authority or power to direct activity, except normal lender rights, which are subordinate to the senior loans on the projects. Therefore, since the Company has concluded it is not the primary beneficiary, it has not consolidated these entities in its consolidated financial statements. The Company's maximum exposure to loss from these loans is their drawn amount as of March 31, 2015 of approximately $79.9 million. The maximum aggregate amount of loans to be funded as of March 31, 2015 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, CityPark View, City Vista, Founders' Village, Palisades, Encore, Summit Crossing III and Crosstown Walk II 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 $87.1 million (with a total commitment amount of $95.7 million) and in the event of a total failure to perform by the borrowers and guarantors, would subject the Company to a total possible loss of that amount. The Company generally requires secured interests in one or a combination of the membership interests of the borrowing entity or the entity holding the project, guaranties of loan repayment, and project completion performance guaranties as credit protection with regard to its real estate loans, as is customary in the mezzanine loan industry. The Company has performed assessments of the guaranties with regard to the obligors' ability to perform according to the terms of the guaranties if needed and has concluded that the guaranties reduce the Company's risk and exposure to the above-described credit risk in place as of March 31, 2015.
The Company is also subject to a geographic concentration of risk that could be considered significant with regard to the Overton Rise, Haven West, Encore, Green Park, Stadium Village, Summit Crossing III and Aldridge at Town Village real estate loans, all of which are partially supporting proposed multifamily communities and student housing projects in or near Atlanta, Georgia. The drawn amount of these loans as of March 31, 2015 totaled approximately $65.9 million (with a total commitment amount of approximately $84.7 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 borrowers and guarantors behind the Crosstown Walk, CityPark View, City Vista, Founders' Village, Palisades, Encore, Summit Crossing III and Crosstown Walk II 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 $2.7 million and $1.9 million for the three-month periods ended March 31, 2015, and 2014, respectively.

Redeemable_Preferred_Stock

Redeemable Preferred Stock	3 Months Ended
	Mar. 31, 2015
Redeemable Stock, Preferred [Abstract]
Preferred Stock [Text Block]	Redeemable Preferred Stock and Equity Offerings
	The Company's Follow-on Offering is being offered by International Assets Advisory, LLC, or 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 March 31, 2015, offering costs specifically identifiable to Unit offering closing transactions, such as commissions, dealer manager fees, and other registration fees, totaled approximately $23.8 million. These costs are reflected as a reduction of stockholders' equity at the time of closing. In addition, the costs related to the offering not related to a specific closing transaction totaled approximately $8.1 million. As of March 31, 2015, the Company had issued 244,812 Units from which we realized net proceeds of approximately $220.8 million after commissions and other costs.  A total of 925 shares of Series A Preferred Stock were subsequently redeemed. The number of Units issued was approximately 24.8% of the maximum number of Units anticipated to be issued under the Primary Series A Offering and the Follow-On Offering. The Company cumulatively recognized approximately 29.3% of the approximate $8.1 million deferred to date, or approximately $2.4 million as a reduction of stockholders' equity.  The remaining balance of offering costs not yet reflected as a reduction of stockholder's equity, approximately $5.7 million, are reflected in the asset section of the consolidated balance sheet  as deferred offering costs at March 31, 2015.  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% (discussed further below) 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 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 $547,000 as of March 31, 2015, of which approximately $259,000 are reflected as deferred offering costs in the asset section of the consolidated balance sheet at March 31, 2015. 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.
	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 March 31, 2015, the Company sold approximately 6.5 million shares of Common Stock through the ATM offering and collected net proceeds of approximately $54.4 million.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2015
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. The following table details Manager fees recognized, net of deferrals, as described below.
					Three months ended March 31,
	Type of Compensation		Basis of Compensation		2015		2014
	Acquisition fees		1% of the gross purchase price of real estate assets acquired or loans advanced		$	955,349	$	68,056
	Asset management fees		Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted		664,305		466,868
	Property management fees		Monthly fee equal to 4% of the monthly gross revenues of the properties managed		472,092		262,121
	General and administrative expense fees		Monthly fee equal to 2% of the monthly gross revenues of the Company		348,585		221,881
					$	2,440,331	$	1,018,926
	Included in the acquisition and pursuit costs line of the statement of operations for the three months ended March 31, 2014 is a fee in the amount of $28,634 paid to Joel T. Murphy in connection with one grocery-anchored necessity retail shopping center acquisition prior to Mr. Murphy becoming a director of the Company and 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 $345,960 of combined asset management and general and administrative expense fees related to the acquired properties during the three months ended March 31, 2015 and $678,305 cumulatively have been deferred by the Manager. The Company will recognize any deferred fees in future periods to the extent, if any, it determines that it is probable that the estimated net sale proceeds would exceed the hurdles listed above. As of March 31, 2015, 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 March 31,
	2015			2014
	$	1,117,573		$	625,261
	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 $250,290 and $109,120 for the three-month periods ended March 31, 2015 and 2014, 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, Haven 12, Haven Lubbock and Stadium Village 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 periods ended March 31, 2015 or 2014.
	The Company holds a promissory note in the amount of $1,500,000 due from Preferred Capital Marketing Services, LLC, or PCMS, which is a wholly-owned subsidiary of NELL Partners.
	The Company extended a revolving line of credit with a maximum borrowing amount of $12.0 million to its Manager.

Dividends

Dividends	3 Months Ended
	Mar. 31, 2015
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:
	2015						2014
	Record date	Number of shares		Aggregate dividends declared			Record date		Number of shares			Aggregate dividends declared
	30-Jan-15	192,607		$	984,217		31-Jan-14		89,313			$	454,344
	27-Feb-15	206,007		1,047,189			28-Feb-14		93,005			468,337
	31-Mar-15	223,699		1,141,491			31-Mar-14		98,200			497,855
		Total		$	3,172,897				Total			$	1,420,536
	The Company's dividend activity on its Common Stock for the three-month periods ended March 31, 2015 and 2014 was:
	2015										2014
	Record date	Number of shares		Dividend per share			Aggregate dividends paid				Record date		Number of shares	Dividend per share		Aggregate dividends paid
	13-Mar-15	22,004,309		$	0.175		$	3,850,754			March 14, 2014		15,336,059	$	0.16	$	2,453,769
dividends and distributions [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:
	2015						2014
	Record date	Number of shares		Aggregate dividends declared			Record date		Number of shares			Aggregate dividends declared
	30-Jan-15	192,607		$	984,217		31-Jan-14		89,313			$	454,344
	27-Feb-15	206,007		1,047,189			28-Feb-14		93,005			468,337
	31-Mar-15	223,699		1,141,491			31-Mar-14		98,200			497,855
		Total		$	3,172,897				Total			$	1,420,536
	The Company's dividend activity on its Common Stock for the three-month periods ended March 31, 2015 and 2014 was:
	2015										2014
	Record date	Number of shares		Dividend per share			Aggregate dividends paid				Record date		Number of shares	Dividend per share		Aggregate dividends paid
	13-Mar-15	22,004,309		$	0.175		$	3,850,754			March 14, 2014		15,336,059	$	0.16	$	2,453,769
	The holders of Class A Units of the Operating Partnership are entitled to equivalent distributions as those declared on the Common Stock. At March 31, 2015, the Company had 280,360 Class A 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:
	2015					2014
	Declaration date	Payment date	Aggregate distributions			Declaration date		Payment date		Aggregate distributions
	5-Feb-15	22-Apr-15	$	49,063		6-Feb-14		22-Apr-14		$	36,552

Equity_Compensation

Equity Compensation	3 Months Ended
	Mar. 31, 2015
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 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 March 31,								Unamortized expense as of March 31,
			2015				2014				2015
	Quarterly board member committee fee grants		$	17,909			$	17,928			$	—
	Class B Unit awards:
	Executive officers - 2013		—				2,318				—
	Executive officers - 2014		3,825				359,617				—
	Executive officers - 2015		488,083				—				1,465,965
	Restricted stock grants:
	2013		—				64,359				—
	2014		80,491				—				26,830
	Total		$	590,308			$	444,222			$	1,492,795
	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
	The Company grants shares of Common Stock to its independent board members in payment of their meeting fees. The total compensation cost of these immediate-vesting awards was recorded in full at the grant dates and the fair values were based upon the closing prices of the Common Stock on the trading days immediately preceding the dates of grant. Details concerning these grants were:
	Grant date	Number of shares			Fair value per share				Total fair value
	2/6/14	2,241			$	8			$	17,928
	2/5/15	1,782			$	10.05			$	17,909
	Class B 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 Units, to certain of its executive officers as compensation for service to be rendered during 2013. On January 2, 2014, the Company granted 239,556 Class B Units for service to be rendered during 2014. On January 2, 2015, the Company granted 285,997 Class B Units for service to be rendered during 2015.
	The Class B Units become Vested Class B 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 Units become earned Class B Units and automatically convert into Class A 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 Units may become Earned Class B 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 Units that do not become Earned Class B Units on the Initial Valuation Date are subsequently remeasured on a quarterly basis until such time as all Vested Class B Units become Earned Class B 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 Units to qualify to become fully Earned Class B Units.
	Because of the market condition vesting requirement that determines the transition of the Vested Class B Units to Earned Class B 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 2, 2014, 131,464 of the 142,046 outstanding Class B Units for 2013 became fully vested and earned and automatically converted to Class A Units of the Operating Partnership. The remaining 10,582 unvested 2013 Class B Units became vested and earned and automatically converted to Class A Units of the Operating Partnership on June 30, 2014. On January 2, 2015, the 239,556 outstanding Class B Units for 2014 became fully vested and earned and automatically converted to Class A Units of the Operating Partnership.
	The underlying valuation assumptions and results for the Class B Unit awards were:
	Grant dates	1/2/15				1/2/14
	Stock price	$	9.21			$	8.05
	Dividend yield	7.6		%		8.12		%
	Expected volatility	30.13		%		32.72		%
	Risk-free interest rate	2.55		%		3.8		%
	Derived service period (years)	1				1
	Number of Units granted	285,997				239,556
	Calculated fair value per Unit	$	6.81			$	5.94
	Total fair value of Units	$	1,947,640			$	1,422,963
	Target market threshold increase	$	2,629,000			$	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 per share of $0.175 for the 2015 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 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 Units to become earned is believed to be high and the vesting period is one year, the forfeiture rate assumption for these Class B Units was set to 0%.
	Since the Class B Units have no expiration date, a derived service period of one year was utilized, which equals the period of time from the grant date to the initial valuation date.

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2015
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/		March 31, 2015		31-Dec-14		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		25,187,000		8/1/19	2.89	%	8/31/15
	Summit Crossing	4/21/11		20,604,085		20,685,760		5/1/18	4.71	%	5/31/14
	Summit Crossing secondary financing	8/28/14		5,207,914		5,229,386		9/1/19	4.39	%	N/A
	Summit II	3/20/14		13,357,000		13,357,000		4/1/21	4.49	%	4/30/19
	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		6,604,045		6,632,542		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		24,862,000		10/1/21	3.68	%	10/31/17
	Sandstone	9/26/14		32,037,757		32,200,225		10/1/19	3.18	%	N/A
	Stoneridge	9/26/14		27,718,784		27,859,349		10/1/19	3.18	%	N/A
	Vineyards	9/26/14		34,775,000		34,775,000		10/1/21	3.68	%	10/31/17
	Avenues at Cypress	2/13/15		22,900,000		—		9/1/22	3.43	%	N/A
	Avenues at Northpointe	2/13/15		27,878,000		—		3/1/22	3.16	%	3/31/17
	Spring Hill Plaza	9/5/14		9,900,000		9,900,000		10/1/19	3.36	%	10/31/15
	Parkway Town Centre	9/5/14		7,200,000		7,200,000		10/1/19	3.36	%	10/31/15
	Woodstock Crossing	8/8/14		3,126,234		3,138,389		9/1/21	4.71	%	N/A
	Deltona Landings	9/30/14		7,180,801		7,215,551		10/1/19	3.48	%	N/A
	Powder Springs	9/30/14		7,576,983		7,613,650		10/1/19	3.48	%	N/A
	Kingwood Glen	9/30/14		12,014,223		12,072,363		10/1/19	3.48	%	N/A
	Barclay Crossing	9/30/14		6,754,905		6,787,594		10/1/19	3.48	%	N/A
	Sweetgrass Corner	9/30/14		8,182,512		8,221,429		10/1/19	3.58	%	N/A
	Parkway Centre	9/30/14		4,704,663		4,727,430		10/1/19	3.48	%	N/A
	Salem Cove	10/6/14		9,600,000		9,600,000		11/1/24	4.21	%	11/30/16
	Total			$	404,525,906	$	354,418,668
	(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 credit facility, or Credit Facility, with Key Bank National Association, or Key Bank, which defines a revolving line of credit, or Revolving Line of Credit, 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 Line of Credit 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 the Company's borrowing capacity on the Revolving Line of Credit 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 February 12, 2015, the Company entered into a $32 million term loan with Key Bank National Association under the Credit Facility, or the Term Loan, to partially finance the acquisition of two multifamily communities in Houston, Texas. The Term Loan matures on May 12, 2015, with options to extend the maturity date as far as November 12, 2015, and accrues interest at a rate of LIBOR plus 4.0% per annum and, if the loan is extended, the rate increases to LIBOR plus 4.5% per annum.
	On February 12, 2015, the Company extended the maturity of its Revolving Line of Credit to February 12, 2016 and amended the interest rate to LIBOR plus 3.25% per annum.
	The Credit Facility contains certain affirmative and negative covenants, including negative covenants that limit or restrict secured and unsecured indebtedness, mergers and fundamental changes, investments and acquisitions, liens and encumbrances, dividends, transactions with affiliates, burdensome agreements, changes in fiscal year and other matters customarily restricted in such agreements. The amount of dividends that may be paid out by the Company is restricted to a maximum of 95% of AFFO for the trailing rolling four quarters without the lender's consent; solely for purposes of this covenant, AFFO is calculated as earnings before interest, taxes, depreciation and amortization expense, plus reserves for capital expenditures, less normally recurring capital expenditures, less consolidated interest expense.
	As of March 31, 2015, the Company was in compliance with all covenants related to the Credit Facility, as shown in the following table:
	Covenant (1)		Requirement		Result
	Net worth		Minimum $250,000,000	(2)	$335,092,407
	Debt yield		Minimum 8.25%		8.92%
	Payout ratio		Maximum 95%	(3)	80.70%
	Total leverage ratio		Maximum 60%		53.80%
	Debt service coverage ratio		Minimum 1.50x		2.74X
	(1) All covenants are as defined in the credit agreement for the Credit Facility.
	(2) Minimum $250 million plus 75% of the net proceeds of any equity offering, which totaled $272,469,054 as of March 31, 2015.
	(3)Calculated on a trailing four-quarter basis. For the twelve-month period ended March 31, 2015, the maximum dividends and distributions allowed under this covenant was $26,381,000.
	Loan fees and closing costs for the establishment and subsequent amendments of the Revolving Line of Credit, the Term Loan, as well as the mortgage debt on the Company's multifamily communities, are amortized using the interest method over the lives of the loans. At March 31, 2015, aggregate unamortized loan costs were approximately $5.5 million, which will be amortized over a weighted average remaining loan life of approximately 5.2 years. The weighted average interest rate for the Revolving Line of Credit was 4.0% for the three-month period ended March 31, 2015. The Revolving Line of Credit also bears a commitment fee on the average daily unused portion of the Revolving Credit Facility of 0.35% per annum.
	Future Principal Payments
	The Company’s estimated future principal payments due on its debt instruments, including its line of credit as of March 31, 2015 were:
	Period		Future principal payments
	2015		$	21,472,007
	2016		4,078,605
	2017		4,974,126
	2018		26,501,099
	2019		146,083,872
	thereafter		220,416,197
	Total		$	423,525,906

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2015
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, so long as it distributes 100% of the Company's annual REIT taxable income to its shareholders. 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 for the three month periods ended March 31, 2015 and 2014.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
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 $6.1 million and is reduced by $489,000 per lease year over the term of the lease.
	Certain officers and employees of the Manager have been assigned company credit cards. The Company has guarantied up to $405,000 on these credit cards.
	On January 27, 2015, the Company entered into a purchase agreement to acquire a multifamily community located in Sarasota, Florida representing 237 units, for a purchase price of approximately $47.4 million. There can be no assurance that this transaction will close.
	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	3 Months Ended
	Mar. 31, 2015
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 the Company's portfolio 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 the Company's portfolio of owned grocery-anchored necessity retail shopping centers.
	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.
		March 31, 2015				December 31, 2014
	Assets:
	Multifamily communities	$	442,679,007			$	371,449,943
	Financing	206,869,112				189,984,602
	Retail	124,370,639				125,735,073
	Other	14,947,499				9,240,794
	Consolidated assets	$	788,866,257			$	696,410,412
	Total capitalized expenditures of $441,329 and $264,370 (excluding the purchase price of acquisitions and including construction in progress) were recorded for the three months ended March 31, 2015 and 2014, respectively, attributable to the Company’s multifamily communities segment. Total capitalized expenditures of $137,722 and $35,420 attributable to the retail segment were recorded for the three-month periods ended March 31, 2015 and 2014, respectively.
				Three months ended March 31,
				2015				2014
	Revenues
	Multifamily communities			$	12,134,492			$	6,425,448
	Financing			6,233,628				4,725,749
	Retail			2,976,395				88,885
	Consolidated revenues			$	21,344,515			$	11,240,082
	Segment net operating income (Segment NOI)
	Multifamily communities			$	6,645,239			$	3,765,857
	Financing			6,233,628				4,725,749
	Retail			2,069,329				67,462
	Consolidated segment net operating income			14,948,196				8,559,068
	Interest expense:
	Multifamily communities			2,871,898				1,329,024
	Retail			774,492				—
	Financing			730,725				386,627
	Depreciation and amortization:
	Multifamily communities			6,373,642				2,278,493
	Retail			1,571,786				30,033
	Professional fees			378,799				273,848
	Management fees, net of deferrals			1,004,930				688,749
	Acquisition costs:
	Multifamily communities			1,169,386				70,044
	Retail			14,506				175,255
	Equity compensation to directors and executives			590,308				444,222
	Other			232,653				86,928
	Net (loss) income			$	(764,929	)		$	2,795,845

Loss_per_Share

Loss per Share	3 Months Ended
	Mar. 31, 2015
Loss per share [Abstract]
Earnings Per Share [Text Block]	The following is a reconciliation of weighted average basic and diluted shares outstanding used in the calculation of income (loss) per share of Common Stock:
			Three months ended March 31,
			2015			2014
	Numerator:
		Net (loss) income	$	(764,929	)	$	2,795,845
		Net loss (income) attributable to non-controlling interests	9,699			(38,862		)
		Net (loss) income attributable to the Company	(755,230		)	2,756,983
		Dividends declared to Series A preferred stockholders (A)	(3,172,897		)	(1,420,536		)
		Earnings attributable to unvested restricted stock (B)	(6,863		)	(4,678		)
		Net (loss) income available to common stockholders	$	(3,934,990	)	$	1,331,769
	Denominator:
		Weighted average number of shares of Common Stock - basic	21,813,974			15,316,816
		Effect of dilutive securities: (C)
		Warrants	—			—
		Class B Units	—			216,555
		Unvested restricted stock	—			29,237
		Weighted average number of shares of Common Stock - diluted	21,813,974			15,562,608
		Net (loss) income per share of Common Stock available to common stockholders:
		Basic	$	(0.18	)	$	0.09
		Diluted	$	(0.18	)	$	0.09
	(A) The Company’s 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. The Company had 243,887 and 101,486 outstanding shares of Series A Preferred Stock at March 31, 2015 and 2014, respectively.
	(B) The Company's outstanding unvested restricted share awards (39,216 and 29,016 shares of Common Stock at March 31, 2015, and 2014, 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 attributable to common stockholders for the three-month period ended March 31, 2015, 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 expired on March 31, 2015, and warrants outstanding from issuances of Units that are potentially exercisable into 4,856,600 shares of Common Stock, are excluded from the diluted shares calculations because the effect was antidilutive. Class A 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	3 Months Ended
	Mar. 31, 2015
Pro Forma Financial Information [Abstract]
Subsequent Event, Pro Forma Business Combinations [Text Block]	Pro Forma Financial Information (unaudited)
	The Company’s condensed pro forma financial results, assuming the acquisitions of Salem Cove, Parkway Town Centre, Spring Hill Plaza, the Dunbar Portfolio and the Sunbelt Portfolio were hypothetically acquired on January 1, 2014 and the Houston Portfolio was hypothetically acquired February 1, 2014, were:
			Three months ended March 31,
			2015			2014
	Pro forma:
		Revenues	$	23,129,808		$	18,338,266
		Net income (loss)	$	1,643,672		$	(7,151,394	)
		Net income (loss) attributable to the Company	$	1,622,836		$	(7,051,989	)
		Net loss attributable to common stockholders	$	(1,556,924	)	$	(8,477,203	)
		Net income loss per share of Common Stock
		attributable to common stockholders,
		Basic and diluted	$	(0.07	)	$	(0.51	)
		Weighted average number of shares of Common Stock outstanding,
		Basic and diluted	21,813,974			16,766,816
	These pro forma results are not necessarily indicative of what historical performance would have been had these business combinations been effective as of the hypothetical acquisition dates listed above, nor should they be interpreted as expectations of future results.

Fair_Values_of_Financial_Instr

Fair Values of Financial Instruments	3 Months Ended
	Mar. 31, 2015
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.
		As of March 31, 2015
		Carrying value				Fair value measurements
						using fair value hierarchy
				Fair Value		Level 1		Level 2		Level 3
	Financial Assets:
	Real estate loans (1)	$	181,116,107	$	186,800,537	$	—	$	—	$	186,800,537
	Notes and line of credit receivable	25,716,007		25,716,007		—		—		25,716,007
		$	206,832,114	$	212,516,544	$	—	$	—	$	212,516,544
	Financial Liabilities:
	Mortgage notes payable	$	404,525,906	$	414,634,810	$	—	$	—	$	414,634,810
	Term loan	19,000,000		19,000,000		—		—		19,000,000
	Loan participation obligations	11,314,528		11,909,158		—		—		11,909,158
		$	434,840,434	$	445,543,968	$	—	$	—	$	445,543,968
		As of December 31, 2014
		Carrying value				Fair value measurements
						using fair value hierarchy
				Fair Value		Level 1		Level 2		Level 3
	Financial Assets:
	Real estate loans (1)	$	161,268,255	$	166,583,953	$	—	$	—	$	166,583,953
	Notes and line of credit receivable	28,697,560		28,697,560		—		—		28,697,560
		$	189,965,815	$	195,281,513	$	—	$	—	$	195,281,513
	Financial Liabilities:
	Mortgage notes payable	$	354,418,668	360,557,496		$	—	$	—	$	360,557,496
	Revolving credit facility	24,500,000		24,500,000		—		—		24,500,000
	Loan participation obligations	7,990,798		8,399,069		—		—		8,399,069
		$	386,909,466	$	393,456,565	$	—	$	—	$	393,456,565
	(1) The carrying value of real estate loans includes the Fusion loan of $21,536,641 and $20,313,722 at March 31, 2015 and December 31, 2014, respectively, for which the Company elected the fair value option on a recurring basis. The change in fair value from December 31, 2014 to March 31, 2015 was due to additional draws on the loan. The carrying value of real estate assets includes the Company's balance of the Palisades, Green Park, and Stadium Village real estate loans, as well as the amounts funded by unrelated participants. The loan participation obligations are the amounts due the participants under these arrangements. The carrying value of real estate loans includes accrued interest of $8,855,896 and $8,036,582 as of March 31, 2015 and December 31, 2014, respectively.
	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 March 31, 2015, discounted to the reporting date utilizing a discount rate believed to be appropriate for multifamily development projects. At the date of the Fusion loan, the Company elected the fair value option as the carrying amount of the loan. The significant unobservable input into this level 3 fair value assessment classification includes a remote possibility of realization of the $2.0 million exit fee. Because the interest rate of the loan approximated market rates for similar loans, and due to the short term nature of the loan, the Company determined that the face amount of the loan approximated its fair market value.
	The fair values of the fixed rate mortgages on the Company’s properties were developed using market quotes of the fixed rate yield index and spread for four, five and seven year notes as of the reporting date. 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	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Events
	Between April 1, 2015 and April 30, 2015, the Company issued 23,703 Units and collected net proceeds from these issuances of approximately $21.4 million after commissions and fees under its Follow-on Offering.
	On April 9, 2015, the Company converted its bridge loan to a mezzanine loan of up to approximately $15.6 million to partially finance a planned student housing project located in Lubbock, Texas. The loan pays current monthly interest of 8.5% per annum and accrues deferred interest of 5% per annum.
	On April 17, 2015, the Company originated a bridge loan of up to $2.9 million to fund predevelopment costs for a proposed 158-unit student housing project adjacent to the University of South Florida in Tampa, Florida. The loan pays current monthly interest of 10.0% per annum.
	On April 29, 2015, the Company declared a Common Stock dividend of $0.18 per share for the second quarter 2015, which represents a 44% overall growth rate from our initial Common Stock dividend of $0.125 per share, or approximately 11.1% on an annualized basis since June 30, 2011.
	On May 1, 2015, the Company originated a mezzanine loan of up to approximately $15.5 million to partially finance a planned 250-unit student housing project located adjacent to Baylor University in Waco, Texas. The loan pays current monthly interest of 8.5% per annum and accrues deferred interest of 5.0% per annum.
	On May 7, 2015, the Company granted a total of 30,133 shares of restricted stock to its independent board members, in payment of their annual retainer fees. The per-share fair value was $10.62 and total compensation cost in the amount of $320,012 will be recognized on a straight-line basis over the one year period ending on the first anniversary of the grant date.
	On May 7, 2015, the Company granted 564 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 $10.62, which was the closing price of the Common Stock on the prior business day. The total compensation cost of $5,990 was recorded in full at the grant date.
	On May 7, 2015, the Company's stockholders approved the third amendment to the 2011 Plan, to increase the aggregate number of shares of Common Stock authorized for issuance under the 2011 Plan to 2,617,500 and to extend the expiration date of the 2011 Plan to December 31, 2019.

Significant_Accounting_Policie1

Significant Accounting Policies Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Discontinued Operations, Policy [Policy Text Block]	Discontinued Operations
	The Company evaluates all disposal groups for held-for-sale classification for which such disposal represents (or will represent) a strategic shift which will have a significant effect on the Company's results or operations and financial results. See discussion of the Company's adoption of ASU 2014-8 below.
Finance, Loan and Lease Receivables, Held-for-investment, Policy [Policy Text Block]	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.
Goodwill and Intangible Assets, Policy [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. 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 revenue 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 balance sheets as acquired intangible assets 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 term of the leases, taking into consideration the probability of renewals for any below-market leases. The capitalized above-market leases and in place leases are included in the acquired intangible assets line of the consolidated balance sheets. Both above-market and below-market lease values are amortized as adjustments to rental revenue over the remaining term of the respective leases, plus any below market probable renewal options.
	Intangible assets also include the value of customer relationships, which represent the value inherent in the relationships with existing lessees, quantified by management's estimate of the average likelihood of lease renewal. Customer relationships are amortized on a straight-line basis over the average remaining non-cancelable term of in place leases, plus an estimated renewal period.
	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 unreasonable 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.
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 6) 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.
	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 over the revised remaining lease term after giving effect to the termination notice or when tenant vacates and the Company has no further obligations under the lease. Rents and tenant reimbursements collected in advance are recorded as prepaid rent within other liabilities 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 revenue 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.
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 rate 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 ceases 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 either exit fees or additional amounts of accrued interest. Exit fees will be treated as additional consideration for the acquired project if the Company purchases the subject property. Additional accrued interest becomes due in cash to the Company on the earliest to occur of: (i) the maturity of the loan, (ii) any uncured event of default as defined in the associated loan agreement, (iii) the sale of the project or the refinancing of the loan (other than a refinancing loan by the Company or one of its affiliates) and (iv) any other repayment of the loan.
Revenue Recognition, Policy [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.
	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 over the revised remaining lease term after giving effect to the termination notice or when tenant vacates and the Company has no further obligations under the lease. Rents and tenant reimbursements collected in advance are recorded as prepaid rent within other liabilities 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 revenue 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 rate 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 ceases 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 either exit fees or additional amounts of accrued interest. Exit fees will be treated as additional consideration for the acquired project if the Company purchases the subject property. Additional accrued interest becomes due in cash to the Company on the earliest to occur of: (i) the maturity of the loan, (ii) any uncured event of default as defined in the associated loan agreement, (iii) the sale of the project or the refinancing of the loan (other than a refinancing loan by the Company or one of its affiliates) and (iv) any other repayment of the loan.
	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 in the Company's multifamily communities to accumulate reward points on a monthly basis for actions such as resident referrals and making rent payments online. Once a property has been enrolled on the program, 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.
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	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 an 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. The Company adopted ASU 2014-8 on January 1, 2015. Early adoption was not permitted for assets that had 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 currently effective for interim and annual periods beginning after December 15, 2016, but the FASB is currently deliberating a delay in the effective date until annual periods beginning after December 15, 2017. ASU 2014-09 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 its financial statements.
	In February 2015, the FASB issued Accounting Standards Update 2015-02 ("ASU 2015-02"), Consolidation (Topic 810): Amendments to the Consolidation Analysis. This new guidance specifically eliminates the presumption in the current voting model that a general partner controls a limited partnership or similar entity unless that presumption can be overcome. Generally, only a single limited partner that is able to exercise substantive kick-out rights will be required to consolidate the limited partnership. ASU 2015-02 is effective on January 1, 2016 and early adoption is permitted, including adoption in an interim period. The new standard must be applied using a modified retrospective approach by recording a cumulative-effect adjustment to equity/capital as of the beginning of the period of adoption or retrospectively to each period presented. The Company has not yet selected a transition method and is currently in the process of evaluating the impact the adoption of ASU 2014-15 will have on its financial statements.
	In April 2015, the FASB issued Accounting Standards Update 2015-03 ("ASU 2015-03"), Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This new guidance requires the presentation of unamortized debt issuance costs to be shown in the liabilities section of the consolidated balance sheets as a reduction of the principal amount of the associated debt, rather than as an asset. ASU 2015-03 is effective on January 1, 2016 and early adoption is permitted, including adoption in an interim period. The new standard must be applied using a retrospective approach by restating prior period comparative consolidated balance sheets. The Company does not expect the adoption of ASU 2015-03 to materially impact its financial position or results of operations.

Real_Estate_Assets_Tables

Real Estate Assets (Tables)	3 Months Ended
	Mar. 31, 2015
Real Estate Assets [Abstract]
Table of Properties Acquired	On February 13, 2015, the Company completed the acquisition of the following multifamily communities, referred to collectively as the Houston Portfolio, for approximately $76.0 million, an amount which approximated the fair value of the acquired assets and assumed liabilities:
	Seller	Property		Location	Units
	Villas Fairfield Partners, LLC	Avenues at Cypress		Houston, Texas	240
	Northpointe Investors, LLC	Avenues at Northpointe		Houston, Texas	280
					520
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	The Company allocated the purchase price to the acquired assets and liabilities based upon their fair values, as shown in the following table.
		Woodstock Crossing
	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
	Cash paid	$	5,701,393
	The Company allocated the purchase price 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 Houston Portfolio
	Land	$	7,162,226
	Buildings and improvements	54,217,075
	Furniture, fixtures and equipment	13,078,872
	Lease intangibles	1,571,827
	Prepaids & other assets	150,326
	Escrows	362,332
	Accrued taxes	(212,601		)
	Security deposits, prepaid rents, and other liabilities	(99,181		)
	Net assets acquired	$	76,230,876
	Cash paid	$	25,452,876
	Mortgage debt	50,778,000
	Total consideration	$	76,230,876
Depreciation and Amortization Expense
		Three months ended March 31,
		2015			2014
	Depreciation:
	Buildings and improvements	$	3,225,298		$	942,746
	Furniture, fixtures, and equipment	2,115,127			951,665
		5,340,425			1,894,411
	Amortization:
	Acquired intangible assets	2,603,813			412,924
	Website development costs	1,190			1,191
	Total depreciation and amortization	$	7,945,428		$	2,308,526

Acquired_Intangible_Assets_Tab

Acquired Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets [Table Text Block]	The Company recorded the following acquired lease intangible assets and liabilities and related accumulated amortization, as of
	March 31, 2015 and December 31, 2014:
		31-Mar-15									31-Dec-14
		Multifamily			Retail			Total			Multifamily			Retail			Total
	In-place leases	$	17,408,851		$	9,023,120		$	26,431,971		$	15,837,024		$	9,221,651		$	25,058,675
	Above-market leases	—			479,298			479,298			—			479,883			479,883
	Customer relationships	1,588,277			—			1,588,277			1,588,277			—			1,588,277
	Lease origination costs	—			2,599,900			2,599,900			—			2,606,321			2,606,321
	Acquired intangible assets	$	18,997,128		$	12,102,318		$	31,099,446		$	17,425,301		$	12,307,855		$	29,733,156
	Less accumulated amortization of:
	In-place leases	$	(16,229,981	)	$	(1,300,475	)	$	(17,530,456	)	$	(14,351,922	)	$	(892,714	)	$	(15,244,636	)
	Above market leases	—			(91,028		)	(91,028		)	—			(49,795		)	(49,795		)
	Customer relationships	(1,588,277		)	—			(1,588,277		)	(1,588,277		)	—			(1,588,277		)
	Lease origination costs	—			(260,261		)	(260,261		)	—			(147,468		)	(147,468		)
	Acquired intangible assets, net	$	1,178,870		$	10,450,554		$	11,629,424		$	1,485,102		$	11,217,878		$	12,702,980
	Below market lease liability	$	383,593		$	6,169,302		$	6,552,895		$	383,593		$	6,212,597		$	6,596,190
	Less: accumulated amortization	(383,593		)	(458,619		)	(842,212		)	(383,593		)	(276,666		)	(660,259		)
	Below market lease liability, net	$	—		$	5,710,683		$	5,710,683		$	—		$	5,935,931		$	5,935,931
Finite-lived Intangible Assets Amortization Expense [Table Text Block]	The net below market lease intangible liability balances are included in the acquired below market lease intangibles line and the acquired intangible assets line of the consolidated balance sheets as of March 31, 2015 and December 31, 2014, respectively. The Company recognized amortization of acquired intangible assets and liabilities for the three-month periods ended March 31, 2015 and 2014 as follows:
		Three months ended March 31,
		2015									2014
	Amortization expense	Multifamily			Retail			Total			Multifamily			Retail			Total
	Intangible assets:
	Leases in place	$	1,878,059		$	606,292		$	2,484,351		$	361,231		$	9,520		$	370,751
	Above-market leases (1)	—			41,817			41,817			—			577			577
	Customer relationships	—			—			—			39,270			2,903			$	42,173
	Lease origination costs	—			119,214			119,214			—			—			—
		$	1,878,059		$	767,323		$	2,645,382		$	400,501		$	13,000		$	413,501
	Intangible liabilities:
	Below-market leases (1)	$	—		$	225,248		$	225,248		$	—		$	6,300		$	6,300
	(1) Amortization of above and below market lease intangibles are recorded as a decrease and an increase to rental revenue, respectively.

Real_Estate_Loans_Notes_Receiv1

Real Estate Loans, Notes Receivable, and Lines of Credit Real estate loans (Tables)	3 Months Ended
	Mar. 31, 2015
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]
		Project/Property		Location		Date of loan		Maturity date	Optional extension date		Total loan commitments			Senior loans held by unrelated third parties			Current / deferred interest % per annum
			(1)
		Crosstown Walk		Tampa, FL		4/30/13		11/1/16	5/1/18		$	10,962,000		$	25,900,000		6-Aug	(2)
		CityPark View		Charlotte, NC		9/6/12		9/5/17	N/A		10,000,000			$	18,600,000		6-Aug	(2)
		City Vista		Pittsburgh, PA		8/31/12		6/1/16	7/1/17		14,147,515			$	28,400,000		6-Aug	(2)
		Aster at Lely		Naples, FL		3/28/13		2/28/16	2/28/18		12,713,242			$	25,000,000		6-Aug	(2)
		Overton Rise		Atlanta, GA		5/8/13		11/1/16	5/1/18		16,600,000			$	31,700,000		6-Aug	(2)
		Haven West		Atlanta, GA (3, 4)		7/15/13		6/2/16	6/2/18		6,940,795			$	16,195,189		6-Aug	(2)
		Haven 12		Starkville, MS (4, 5)		6/16/14		11/30/15	6/16/17		6,116,384			$	18,615,081		8.5 / 5.5	(6)
		Founders' Village		Williamsburg, VA		8/29/13		8/29/18	N/A		10,346,000			$	26,936,000		6-Aug	(6)
		Encore		Atlanta, GA (7)		11/18/13		5/15/15	N/A		16,026,525			N/A			8.5
		Palisades		Northern VA		8/18/14		2/18/18	8/18/19		17,270,000			$	38,000,000		5-Aug	(6)
		Fusion		Irvine, CA (7)		12/18/13		5/31/15	N/A		23,000,000			N/A			8.5 / 4.3	(6)
		Green Park		Atlanta, GA		12/1/14		12/1/17	12/1/19		13,464,372			$	27,775,000		8.5 / 4.33	(6)
		Stadium Village		Atlanta, GA (4, 8)		6/27/14		6/27/17	N/A		13,424,995			$	34,825,000		8.5 / 4.33	(6)
		Summit Crossing III		Atlanta, GA		2/27/15		2/26/18	2/26/20		7,246,400			$	16,822,000		8.5 / 5	(6)
		Crosstown Walk II		Tampa, FL (9)		11/4/14		6/30/15	N/A		2,240,000			N/A			8.5 / 4.33	(6)
		Aldridge at Town Village		Atlanta, GA		1/27/15		12/27/17	12/27/19		10,975,000			$	28,338,937		8.5 / 5	(6)
		Haven Lubbock		Lubbock, TX (4, 10)		1/15/15		4/14/15	N/A		4,950,000			N/A			8.5 / 4.33	(6)
											$	196,423,228
	(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: "Crosstown Walk" - Iris Crosstown Partners LLC; "CityPark View" - Oxford City Park Development LLC; "City Vista" - Oxford City Vista Development LLC; "Aster at Lely" - Lely Apartments LLC; "Overton Rise" - Newport Overton Holdings, LLC; "Haven West" - Haven Campus Communities Member, LLC; "Haven 12" - Haven Campus Communities - Starkville, LLC; "Founders' Village" - Oxford NTW Apartments LLC; "Encore" - GP - RV Land I, LLC; "Palisades" - Oxford Palisades Apartments LLC; "Fusion" - 360 - Irvine, LLC; "Green Park" - Weems Road Property Owner, LLC; "Stadium Village" - Haven Campus Communities - Kennesaw, LLC; "Summit Crossing III" - Oxford Forsyth Development, LLC; "Crosstown Walk II" - Iris Crosstown Apartments II, LLC; "Aldridge at Town Village" - Newport Town Village Holdings, LLC and "Haven Lubbock" - Haven Campus Communities Lubbock, LLC.
	(2)	In the event the Company exercises the associated purchase option and acquires the property, any additional accrued interest, if not paid, will be treated as additional consideration for the acquired project.
	(3)	Completed 160-unit 568-bed student housing community adjacent to the campus of the University of West Georgia.
	(4)	See note 7 - Related Party Transactions.
	(5)	A planned 152-unit, 536-bed student housing community adjacent to the Mississippi State University campus.
	(6)	Deferred interest becomes due to the Company on the earliest to occur of (i) the maturity date, (ii) any uncured event of default as defined in the associated loan agreement, (iii) the sale of the project or the refinancing of the loan (other than a refinancing of the loan by the Company or one of its affiliates) and (iv) any other repayment of the loan.
	(7)	Bridge loan to partially finance the acquisition of land and predevelopment costs for a multifamily community. Upon a sale of the property or refinancing with a third party, the Company would be due a payoff fee of $2.0 million on this loan.
	(8)	Mezzanine loan in support of a planned 198-unit,792-bed student housing community adjacent to the campus of Kennesaw State University.
	(9)	Bridge loan to partially finance the acquisition of land and predevelopment costs for a second phase adjacent to the Crosstown Walk multifamily community development in Tampa, Florida.
	(10)	A planned 217-unit, 732-bed student housing community adjacent to the campus of Texas Tech University. See note 17.
loans and notes receivable [Table Text Block]
			As of March 31, 2015													Carrying amount as of
			Amount drawn				Loan Fee received from borrower - 2%			Acquisition fee paid to Manager - 1%			Unamortized deferred loan fee revenue			March 31, 2015			31-Dec-14
	Project/Property
	Crosstown Walk		$	10,962,000			$	219,240		$	109,620		$	(24,111	)	$	10,937,889		$	10,862,615
	CityPark View		10,000,000				200,000			100,000			(43,015		)	9,956,985			9,951,728
	City Vista		14,051,272				282,930			141,465			(53,113		)	13,998,159			13,708,474
	Aster at Lely		12,033,668				254,265			127,133			(33,151		)	12,000,517			12,330,262
	Overton Rise		16,167,585				332,079			166,040			(62,476		)	16,105,109			15,773,937
	Haven West		6,784,167				138,816			69,408			(24,546		)	6,759,621			6,753,917
	Haven 12		5,650,904				122,328			61,164			(18,366		)	5,632,538			5,506,157
	Founders' Village (1)		9,866,000				197,320			98,660			(32,902		)	9,833,098			9,804,058
	Encore		14,115,725				320,531			160,265			—			14,115,725			11,966,456
	Palisades (1)		15,552,413				321,400			160,700			(8,820		)	15,543,593			14,374,036
	Fusion		21,536,641				460,000			230,000			—			21,536,641			20,313,722
	Green Park (1)		6,203,700				269,287			134,644			(38,108		)	6,165,592			4,602,691
	Stadium Village (1)		12,952,385				268,500			134,250			(13,596		)	12,938,789			12,664,902
	Summit Crossing III		4,159,561				144,928			72,464			(58,265		)	4,101,296			2,393,639
	Crosstown Walk II		2,240,000				44,800			22,400			(3,661		)	2,236,339			2,225,079
	Aldridge at Town Village		5,557,501				219,500			109,750			(101,636		)	5,455,865			—
	Haven Lubbock		4,950,000				99,000			49,500			(7,545		)	4,942,455			—
			$	172,783,522			$	3,894,924		$	1,947,463		$	(523,311	)	$	172,260,211		$	153,231,673
	(1) 25% of the net amount collected by the Company as an Acquisition fee was paid to the associated loan participant.
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
	Crosstown Walk		7/1/16		12/31/16		$	39,654,273		342
	CityPark View		11/1/15		3/31/16		$	30,945,845		284
	City Vista		2/1/16		5/31/16		$	43,560,271		272
	Aster at Lely (1)		4/1/16		8/30/16		$	43,500,000		308
	Overton Rise		7/8/16		12/8/16		$	51,500,000		294
	Haven West		8/1/16		1/31/17		$	26,138,466		160
	Haven 12		9/1/16		11/30/16		(2)			152
	Founders' Village		2/1/16		9/15/16		$	44,266,000		247
	Encore		N/A		N/A		N/A			340
	Palisades		3/1/17		7/31/17		(2)			304
	Fusion		N/A		N/A		N/A			280
	Green Park		11/1/17		2/28/18		(2)			310
	Stadium Village		9/1/16		11/30/16		(2)			198
	Summit Crossing III		8/1/17		11/30/17		(2)			172
	Crosstown Walk II		N/A		N/A		N/A			180
	Aldridge at Town Village		11/1/17		2/28/18		(2)			300
	Haven Lubbock (3)		N/A		N/A		N/A			217
										4,360
	(1) Williams Opportunity Fund, LLC is an equity investor in this project. See note 7.
	(2) The purchase price is to be calculated based upon market cap rates at the time of exercise of the purchase
	option, with discounts ranging from between 30 and 60 basis points, depending on the loan.
	(3) See note 17.
Notes receivable [Table Text Block]
	Borrower		Date of loan		Maturity date		Total loan commitments			Outstanding balance as of:						Interest rate
										3/31/15			12/31/14
	360 Residential, LLC		3/20/13		6/30/16		$	2,000,000		$	1,144,686		$	1,107,348		12	%	(1)
	TPKG 13th Street Development, LLC (2)		5/3/13		N/A		—			—			5,605,178			N/A
	Preferred Capital Marketing Services, LLC (3)		1/24/13		12/31/16		1,500,000			1,500,000			1,500,000			10	%
	Riverview Associates, Ltd.		12/17/12		6/30/15		1,300,000			300,000			300,000			8	%	(4)
	Pecunia Management, LLC		11/16/13		11/15/15		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	%	(5)
	Preferred Apartment Advisors, LLC (3)		8/21/12		12/31/16		12,000,000			10,259,121			9,128,038			8	%	(6)
	Haven Campus Communities, LLC		6/11/14		6/30/16		5,400,000			4,059,666			3,540,099			12	%	(5)
	Oxford Capital Partners, LLC		6/27/14		6/30/16		5,925,000			4,656,874			4,029,737			12	%	(7)
	Newport Development Partners, LLC		6/17/14		6/30/16		3,000,000			2,160,560			1,860,560			12	%	(5)
	Unamortized loan fees									(39,900		)	(48,400		)
							$	32,825,000		$	25,716,007		$	28,697,560
	(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) The outstanding balance of this loan was fully repaid as of February 11, 2015.
	(3)See related party disclosure in Note 7.
	(4) 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.
	(5) 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.
	(6) The amounts payable under this revolving credit line were collateralized by an assignment of the Manager's rights to fees due under the fourth amended and restated management agreement, or Management Agreement, between the Company and the Manager.
	(7) 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.
interest income [Table Text Block]
			Three months ended March 31,
			2015				2014
	Real estate loans:
	Current interest payments		$	3,383,875			$	2,295,963
	Additional accrued interest		2,003,480				1,514,161
	Deferred loan fee revenue		150,319				308,457
	Total real estate loan revenue		5,537,674				4,118,581
	Interest income on notes and lines of credit		695,954				607,168
	Interest income on loans and notes receivable		$	6,233,628			$	4,725,749

Related_Party_Transactions_Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Schedule of Related Party Transactions [Table Text Block]
	Three months ended March 31,
	2015			2014
	$	1,117,573		$	625,261
					Three months ended March 31,
	Type of Compensation		Basis of Compensation		2015		2014
	Acquisition fees		1% of the gross purchase price of real estate assets acquired or loans advanced		$	955,349	$	68,056
	Asset management fees		Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted		664,305		466,868
	Property management fees		Monthly fee equal to 4% of the monthly gross revenues of the properties managed		472,092		262,121
	General and administrative expense fees		Monthly fee equal to 2% of the monthly gross revenues of the Company		348,585		221,881
					$	2,440,331	$	1,018,926

Dividends_Tables

Dividends (Tables)	3 Months Ended
	Mar. 31, 2015
Dividends Payable [Line Items]
Schedule of Dividends Payable [Table Text Block]
	2015										2014
	Record date	Number of shares		Dividend per share			Aggregate dividends paid				Record date		Number of shares	Dividend per share		Aggregate dividends paid
	13-Mar-15	22,004,309		$	0.175		$	3,850,754			March 14, 2014		15,336,059	$	0.16	$	2,453,769
	The holders of Class A Units of the Operating Partnership are entitled to equivalent distributions as those declared on the Common Stock. At March 31, 2015, the Company had 280,360 Class A 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:
	2015					2014
	Declaration date	Payment date	Aggregate distributions			Declaration date		Payment date		Aggregate distributions
	5-Feb-15	22-Apr-15	$	49,063		6-Feb-14		22-Apr-14		$	36,552
dividend activity [Table Text Block]	The Company's cash distributions on its Series A Preferred Stock were:
	2015						2014
	Record date	Number of shares		Aggregate dividends declared			Record date		Number of shares			Aggregate dividends declared
	30-Jan-15	192,607		$	984,217		31-Jan-14		89,313			$	454,344
	27-Feb-15	206,007		1,047,189			28-Feb-14		93,005			468,337
	31-Mar-15	223,699		1,141,491			31-Mar-14		98,200			497,855
		Total		$	3,172,897				Total			$	1,420,536

Dividends_Series_A_Preferred_S

Dividends Series A Preferred Stock (Tables)	3 Months Ended
	Mar. 31, 2015
Series A Preferred Stock [Abstract]
dividend activity [Table Text Block]	The Company's cash distributions on its Series A Preferred Stock were:
	2015				2014
	Record date	Number of shares	Aggregate dividends declared		Record date	Number of shares	Aggregate dividends declared
	30-Jan-15	192,607	$	984,217	31-Jan-14	89,313	$	454,344
	27-Feb-15	206,007	1,047,189		28-Feb-14	93,005	468,337
	31-Mar-15	223,699	1,141,491		31-Mar-14	98,200	497,855
		Total	$	3,172,897		Total	$	1,420,536

Dividends_Class_A_Distribution

Dividends Class A Distributions (Tables)	3 Months Ended
	Mar. 31, 2015
Noncontrolling Interest [Abstract]
partnership unit distributions [Table Text Block]	The holders of Class A Units of the Operating Partnership are entitled to equivalent distributions as those declared on the Common Stock. At March 31, 2015, the Company had 280,360 Class A 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:
	2015				2014
	Declaration date	Payment date	Aggregate distributions		Declaration date	Payment date	Aggregate distributions
	5-Feb-15	22-Apr-15	$	49,063	6-Feb-14	22-Apr-14	$	36,552

Dividends_Dividend_characteriz

Dividends Dividend characterization (Tables)	3 Months Ended
	Mar. 31, 2015
Dividend characterization [Abstract]
dividends and distributions [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:
	2015						2014
	Record date	Number of shares		Aggregate dividends declared			Record date		Number of shares			Aggregate dividends declared
	30-Jan-15	192,607		$	984,217		31-Jan-14		89,313			$	454,344
	27-Feb-15	206,007		1,047,189			28-Feb-14		93,005			468,337
	31-Mar-15	223,699		1,141,491			31-Mar-14		98,200			497,855
		Total		$	3,172,897				Total			$	1,420,536
	The Company's dividend activity on its Common Stock for the three-month periods ended March 31, 2015 and 2014 was:
	2015										2014
	Record date	Number of shares		Dividend per share			Aggregate dividends paid				Record date		Number of shares	Dividend per share		Aggregate dividends paid
	13-Mar-15	22,004,309		$	0.175		$	3,850,754			March 14, 2014		15,336,059	$	0.16	$	2,453,769
	The holders of Class A Units of the Operating Partnership are entitled to equivalent distributions as those declared on the Common Stock. At March 31, 2015, the Company had 280,360 Class A 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:
	2015					2014
	Declaration date	Payment date	Aggregate distributions			Declaration date		Payment date		Aggregate distributions
	5-Feb-15	22-Apr-15	$	49,063		6-Feb-14		22-Apr-14		$	36,552

Equity_Compensation_Tables

Equity Compensation (Tables)	3 Months Ended
	Mar. 31, 2015
Equity Compensation [Abstract]
equity compensation expense [Table Text Block]
			Three months ended March 31,					Unamortized expense as of March 31,
			2015			2014		2015
	Quarterly board member committee fee grants		$	17,909		$	17,928	$	—
	Class B Unit awards:
	Executive officers - 2013		—			2,318		—
	Executive officers - 2014		3,825			359,617		—
	Executive officers - 2015		488,083			—		1,465,965
	Restricted stock grants:
	2013		—			64,359		—
	2014		80,491			—		26,830
	Total		$	590,308		$	444,222	$	1,492,795
ClassBUnitGrantsvaluationassumptions [Table Text Block]
	Grant dates	1/2/15			1/2/14
	Stock price	$	9.21		$	8.05
	Dividend yield	7.6		%	8.12		%
	Expected volatility	30.13		%	32.72		%
	Risk-free interest rate	2.55		%	3.8		%
	Derived service period (years)	1			1
	Number of Units granted	285,997			239,556
	Calculated fair value per Unit	$	6.81		$	5.94
	Total fair value of Units	$	1,947,640		$	1,422,963
	Target market threshold increase	$	2,629,000		$	1,959,000

Indebtedness_Tables

Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2015
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/	March 31, 2015		31-Dec-14		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		25,187,000		8/1/19	2.89	%	8/31/15
	Summit Crossing	4/21/11	20,604,085		20,685,760		5/1/18	4.71	%	5/31/14
	Summit Crossing secondary financing	8/28/14	5,207,914		5,229,386		9/1/19	4.39	%	N/A
	Summit II	3/20/14	13,357,000		13,357,000		4/1/21	4.49	%	4/30/19
	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	6,604,045		6,632,542		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		24,862,000		10/1/21	3.68	%	10/31/17
	Sandstone	9/26/14	32,037,757		32,200,225		10/1/19	3.18	%	N/A
	Stoneridge	9/26/14	27,718,784		27,859,349		10/1/19	3.18	%	N/A
	Vineyards	9/26/14	34,775,000		34,775,000		10/1/21	3.68	%	10/31/17
	Avenues at Cypress	2/13/15	22,900,000		—		9/1/22	3.43	%	N/A
	Avenues at Northpointe	2/13/15	27,878,000		—		3/1/22	3.16	%	3/31/17
	Spring Hill Plaza	9/5/14	9,900,000		9,900,000		10/1/19	3.36	%	10/31/15
	Parkway Town Centre	9/5/14	7,200,000		7,200,000		10/1/19	3.36	%	10/31/15
	Woodstock Crossing	8/8/14	3,126,234		3,138,389		9/1/21	4.71	%	N/A
	Deltona Landings	9/30/14	7,180,801		7,215,551		10/1/19	3.48	%	N/A
	Powder Springs	9/30/14	7,576,983		7,613,650		10/1/19	3.48	%	N/A
	Kingwood Glen	9/30/14	12,014,223		12,072,363		10/1/19	3.48	%	N/A
	Barclay Crossing	9/30/14	6,754,905		6,787,594		10/1/19	3.48	%	N/A
	Sweetgrass Corner	9/30/14	8,182,512		8,221,429		10/1/19	3.58	%	N/A
	Parkway Centre	9/30/14	4,704,663		4,727,430		10/1/19	3.48	%	N/A
	Salem Cove	10/6/14	9,600,000		9,600,000		11/1/24	4.21	%	11/30/16
	Total		$	404,525,906	$	354,418,668
	(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)	3 Months Ended
	Mar. 31, 2015
Debt [Abstract]
Schedule of Maturities of Long-term Debt [Table Text Block]	The Company’s estimated future principal payments due on its debt instruments, including its line of credit as of March 31, 2015 were:
	Period	Future principal payments
	2015	$	21,472,007
	2016	4,078,605
	2017	4,974,126
	2018	26,501,099
	2019	146,083,872
	thereafter	220,416,197
	Total	$	423,525,906

Indebtedness_LOC_debt_covenant

Indebtedness LOC debt covenants (Tables)	3 Months Ended
	Mar. 31, 2015
Line of Credit Facility [Line Items]
debt covenant [Table Text Block]	As of March 31, 2015, the Company was in compliance with all covenants related to the Credit Facility, as shown in the following table:
	Covenant (1)	Requirement		Result
	Net worth	Minimum $250,000,000	(2)	$335,092,407
	Debt yield	Minimum 8.25%		8.92%
	Payout ratio	Maximum 95%	(3)	80.70%
	Total leverage ratio	Maximum 60%		53.80%
	Debt service coverage ratio	Minimum 1.50x		2.74X
	(1) All covenants are as defined in the credit agreement for the Credit Facility.
	(2) Minimum $250 million plus 75% of the net proceeds of any equity offering, which totaled $272,469,054 as of March 31, 2015.
	(3)Calculated on a trailing four-quarter basis. For the twelve-month period ended March 31, 2015, the maximum dividends and distributions allowed under this covenant was $26,381,000.

Segment_information_Tables

Segment information (Tables)	3 Months Ended
	Mar. 31, 2015
Segment Reporting Information [Line Items]
segment assets [Table Text Block]
		March 31, 2015				December 31, 2014
	Assets:
	Multifamily communities	$	442,679,007			$	371,449,943
	Financing	206,869,112				189,984,602
	Retail	124,370,639				125,735,073
	Other	14,947,499				9,240,794
	Consolidated assets	$	788,866,257			$	696,410,412
Schedule of Segment Reporting Information, by Segment [Table Text Block]
				Three months ended March 31,
				2015				2014
	Revenues
	Multifamily communities			$	12,134,492			$	6,425,448
	Financing			6,233,628				4,725,749
	Retail			2,976,395				88,885
	Consolidated revenues			$	21,344,515			$	11,240,082
	Segment net operating income (Segment NOI)
	Multifamily communities			$	6,645,239			$	3,765,857
	Financing			6,233,628				4,725,749
	Retail			2,069,329				67,462
	Consolidated segment net operating income			14,948,196				8,559,068
	Interest expense:
	Multifamily communities			2,871,898				1,329,024
	Retail			774,492				—
	Financing			730,725				386,627
	Depreciation and amortization:
	Multifamily communities			6,373,642				2,278,493
	Retail			1,571,786				30,033
	Professional fees			378,799				273,848
	Management fees, net of deferrals			1,004,930				688,749
	Acquisition costs:
	Multifamily communities			1,169,386				70,044
	Retail			14,506				175,255
	Equity compensation to directors and executives			590,308				444,222
	Other			232,653				86,928
	Net (loss) income			$	(764,929	)		$	2,795,845

Loss_per_Share_Tables

Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
earnings loss per share [Table Text Block]
			Three months ended March 31,
			2015			2014
	Numerator:
		Net (loss) income	$	(764,929	)	$	2,795,845
		Net loss (income) attributable to non-controlling interests	9,699			(38,862		)
		Net (loss) income attributable to the Company	(755,230		)	2,756,983
		Dividends declared to Series A preferred stockholders (A)	(3,172,897		)	(1,420,536		)
		Earnings attributable to unvested restricted stock (B)	(6,863		)	(4,678		)
		Net (loss) income available to common stockholders	$	(3,934,990	)	$	1,331,769
	Denominator:
		Weighted average number of shares of Common Stock - basic	21,813,974			15,316,816
		Effect of dilutive securities: (C)
		Warrants	—			—
		Class B Units	—			216,555
		Unvested restricted stock	—			29,237
		Weighted average number of shares of Common Stock - diluted	21,813,974			15,562,608
		Net (loss) income per share of Common Stock available to common stockholders:
		Basic	$	(0.18	)	$	0.09
		Diluted	$	(0.18	)	$	0.09

Pro_Forma_Financial_Informatio1

Pro Forma Financial Information pro forma (Tables)	3 Months Ended
	Mar. 31, 2015
Pro Forma Financial Information [Abstract]
segment operating results [Table Text Block]
			Three months ended March 31,
			2015			2014
	Pro forma:
		Revenues	$	23,129,808		$	18,338,266
		Net income (loss)	$	1,643,672		$	(7,151,394	)
		Net income (loss) attributable to the Company	$	1,622,836		$	(7,051,989	)
		Net loss attributable to common stockholders	$	(1,556,924	)	$	(8,477,203	)
		Net income loss per share of Common Stock
		attributable to common stockholders,
		Basic and diluted	$	(0.07	)	$	(0.51	)
		Weighted average number of shares of Common Stock outstanding,
		Basic and diluted	21,813,974			16,766,816

Fair_Values_of_Financial_Instr1

Fair Values of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Values of Financial Instruments [Abstract]
Fair Value Measurements, Nonrecurring [Table Text Block]
		As of March 31, 2015
		Carrying value				Fair value measurements
						using fair value hierarchy
				Fair Value		Level 1		Level 2		Level 3
	Financial Assets:
	Real estate loans (1)	$	181,116,107	$	186,800,537	$	—	$	—	$	186,800,537
	Notes and line of credit receivable	25,716,007		25,716,007		—		—		25,716,007
		$	206,832,114	$	212,516,544	$	—	$	—	$	212,516,544
	Financial Liabilities:
	Mortgage notes payable	$	404,525,906	$	414,634,810	$	—	$	—	$	414,634,810
	Term loan	19,000,000		19,000,000		—		—		19,000,000
	Loan participation obligations	11,314,528		11,909,158		—		—		11,909,158
		$	434,840,434	$	445,543,968	$	—	$	—	$	445,543,968
		As of December 31, 2014
		Carrying value				Fair value measurements
						using fair value hierarchy
				Fair Value		Level 1		Level 2		Level 3
	Financial Assets:
	Real estate loans (1)	$	161,268,255	$	166,583,953	$	—	$	—	$	166,583,953
	Notes and line of credit receivable	28,697,560		28,697,560		—		—		28,697,560
		$	189,965,815	$	195,281,513	$	—	$	—	$	195,281,513
	Financial Liabilities:
	Mortgage notes payable	$	354,418,668	360,557,496		$	—	$	—	$	360,557,496
	Revolving credit facility	24,500,000		24,500,000		—		—		24,500,000
	Loan participation obligations	7,990,798		8,399,069		—		—		8,399,069
		$	386,909,466	$	393,456,565	$	—	$	—	$	393,456,565

Organization_Details

Organization (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Class of Stock [Line Items]
Common Stock, Par or Stated Value Per Share	$0.01
Common Stock, Shares, Outstanding	22,131,190		15,336,059
Noncontrolling Interest, Ownership Percentage by Parent	98.70%
minority interest partnership units outstanding	280,360	280,360
daycountvolweightedavgcalcformarketvalue	20
Common Stock [Member]
Class of Stock [Line Items]
Common Stock, Par or Stated Value Per Share	$0.01	0.01
Common Stock, Shares, Outstanding	22,131,190	21,403,987

Significant_Accounting_Policie2

Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2015
Real Estate Properties [Line Items]
MinimummonthsPACrewardseligibility	14
AverageLeaseterm	13
stabilization level	92.00%
days receivables delinquent nonaccrual status	30
rewardsbreakagepercentage	35.00%
Series A Preferred Stock [Member]
Real Estate Properties [Line Items]
series a redeemable preferred stock	1
Common Stock [Member]
Real Estate Properties [Line Items]
unitswarrants	20

Significant_Accounting_Policie3

Significant Accounting Policies deferred offering costs (Details)	Mar. 31, 2015
Statutory Accounting Practices [Line Items]
maximum shares available to be issued	900,000
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
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
	sqft
Business Acquisition
Number of Real Estate Properties		6
Number of units in real estate property	3,846	1,929
Area of real estate property	694,000
Revenues	$21,344,515	$11,240,082
Net Income contributed to consolidated results	-764,929	2,795,845
Membership interests business acquisition percentage related parties	100.00%
Exit fee			2,000,000
Multifamily Communities
Business Acquisition
Number of Real Estate Properties	12
Retail Site [Member]
Business Acquisition
Number of Real Estate Properties	10
Woodstock Crossing
Business Acquisition
business combination purchase price		5,700,000
Area of real estate property		66,122
Revenues		89,000
Net Income contributed to consolidated results		37,000
Acquisition costs		228,046
Business Combination, Consideration Transferred		$5,701,393

Real_Estate_Assets_Table_of_Pr

Real Estate Assets - Table of Properties Acquired (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
	sqft
Business Acquisition
Finite-lived Intangible Assets Acquired	$1,571,827
business combinations, accrued property tax liability	212,601
Number of units in real estate property	3,846		1,929
Area of real estate property	694,000
In-place leases	26,431,971	25,058,675
Finite-Lived Customer Relationships, Gross	1,588,277	1,588,277
Restricted Cash and Cash Equivalents	4,682,937	4,707,865
Cypress [Member]
Business Acquisition
Number of units in real estate property	240
Northpointe [Member]
Business Acquisition
Number of units in real estate property	280
Houston Portfolio [Member]
Business Acquisition
Land	7,162,226
Buildings and improvements	54,217,075
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	13,078,872
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	150,326
business combinations, escrow fund asset recognized	362,332
Business Combination, Consideration Transferred	76,230,876
Cash paid	25,452,876
Number of units in real estate property	520
business combination purchase price	76,000,000
Mortgage debt	$50,778,000

Real_Estate_Assets_Purchase_Pr

Real Estate Assets - Purchase Price Allocation (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Business Acquisition
Tenant Improvements	$3,232,506		$3,240,784
Finite-lived Intangible Assets Acquired	1,571,827
In-place leases	26,431,971		25,058,675
Above-market leases	479,298		479,883
business combinations, accrued property tax liability	-212,601
Houston Portfolio [Member]
Business Acquisition
Land	7,162,226
Buildings and improvements	54,217,075
Furniture, fixtures and equipment	13,078,872
Escrows	362,332
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	150,326
Mortgage debt	50,778,000
business combination purchase price	76,000,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	99,181
Business Combination, Consideration Transferred	76,230,876
Cash paid	25,452,876
Woodstock Crossing
Business Acquisition
Land		1,750,576
Buildings and improvements		3,760,654
Tenant improvements		39,447
In-place leases		245,850
Above-market leases		30,051
Leasing costs		123,731
Below-market leases		-450,310
Escrows		226,830
business combination purchase price		5,700,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other		25,436
Business Combination, Consideration Transferred		5,701,393
Cash paid		$5,701,393

Real_Estate_Assets_Depreciatio

Real Estate Assets - Depreciation and Amortization (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Depreciation:
Depreciation	$5,340,425	$1,894,411
Amortization:
Amortization	1,571,827
Depreciation and amortization	7,945,428	2,308,526
WMAF Properties [Member]
Depreciation:
Depreciation	5,340,425	1,894,411
Amortization:
Depreciation and amortization	7,945,428	2,308,526
WMAF Properties [Member] | Acquired Intangible Assets
Amortization:
Amortization	2,603,813	412,924
WMAF Properties [Member] | Website Development
Amortization:
Amortization	1,190	1,191
WMAF Properties [Member] | Building and Improvements
Depreciation:
Depreciation	3,225,298	942,746
WMAF Properties [Member] | Furniture, Fixtures, and Equipment
Depreciation:
Depreciation	$2,115,127	$951,665

Real_Estate_Assets_Contributio

Real Estate Assets Contributions to revenue and net income (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Business Combination, Separately Recognized Transactions [Line Items]
Revenues	$21,344,515	$11,240,082
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	-764,929	2,795,845
Houston Portfolio [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Business Acquisition, Transaction Costs	1,100,000
Revenues	932,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	609,000
Woodstock Crossing
Business Combination, Separately Recognized Transactions [Line Items]
Business Acquisition, Transaction Costs		228,046
Revenues		89,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest		$37,000

Acquired_Intangible_Assets_amo

Acquired Intangible Assets amortization (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Acquired-in-Place Leases	$26,431,971		$25,058,675
above market lease intangibles	479,298		479,883
Finite-Lived Customer Relationships, Gross	1,588,277		1,588,277
Other Finite-Lived Intangible Assets, Gross	2,599,900		2,606,321
Finite-Lived Intangible Assets, Gross	31,099,446		29,733,156
accumulated amortization finite lived intangible assets in place leases	-17,530,456		-15,244,636
accumulated amortization finite lived intangible assets above market leases	-91,028		-49,795
accumulated amortization finite lived intangible assets customer relationships	-1,588,277		-1,588,277
accumulated amortization finite lived intangible assets other	-260,261		-147,468
Finite-Lived Intangible Assets, Net	11,629,424		12,702,980
finite lived intangible asset off market lease unfavorable gross	6,552,895		6,596,190
accumulated amortization finitel lived intangible asset off market lease unfavorable	-842,212		-660,259
finite lived intangible asset off market lease unfavorable net	5,710,683		5,935,931
Amortization of Intangible Assets	2,645,382	413,501
Multifamily Communities
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Acquired-in-Place Leases	17,408,851		15,837,024
above market lease intangibles	0		0
Finite-Lived Customer Relationships, Gross	1,588,277		1,588,277
Other Finite-Lived Intangible Assets, Gross	0		0
Finite-Lived Intangible Assets, Gross	18,997,128		17,425,301
accumulated amortization finite lived intangible assets in place leases	-16,229,981		-14,351,922
accumulated amortization finite lived intangible assets above market leases	0		0
accumulated amortization finite lived intangible assets customer relationships	-1,588,277		-1,588,277
accumulated amortization finite lived intangible assets other	0		0
Finite-Lived Intangible Assets, Net	1,178,870		1,485,102
finite lived intangible asset off market lease unfavorable gross	383,593		383,593
accumulated amortization finitel lived intangible asset off market lease unfavorable	-383,593		-383,593
finite lived intangible asset off market lease unfavorable net	0		0
Amortization of Intangible Assets	1,878,059	400,501
Retail Segment [Domain]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Acquired-in-Place Leases	9,023,120		9,221,651
above market lease intangibles	479,298		479,883
Finite-Lived Customer Relationships, Gross	0		0
Other Finite-Lived Intangible Assets, Gross	2,599,900		2,606,321
Finite-Lived Intangible Assets, Gross	12,102,318		12,307,855
accumulated amortization finite lived intangible assets in place leases	-1,300,475		-892,714
accumulated amortization finite lived intangible assets above market leases	-91,028		-49,795
accumulated amortization finite lived intangible assets customer relationships	0		0
accumulated amortization finite lived intangible assets other	-260,261		-147,468
Finite-Lived Intangible Assets, Net	10,450,554		11,217,878
finite lived intangible asset off market lease unfavorable gross	6,169,302		6,212,597
accumulated amortization finitel lived intangible asset off market lease unfavorable	-458,619		-276,666
finite lived intangible asset off market lease unfavorable net	5,710,683		5,935,931
Amortization of Intangible Assets	767,323	13,000
off market unfavorable leases [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	225,248	6,300
off market unfavorable leases [Member] | Multifamily Communities
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	0	0
off market unfavorable leases [Member] | Retail Segment [Domain]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	225,248	6,300
lease origination costs [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	119,214	0
lease origination costs [Member] | Multifamily Communities
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	0	0
lease origination costs [Member] | Retail Segment [Domain]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	119,214	0
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	0	42,173
Customer Relationships [Member] | Multifamily Communities
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	0	39,270
Customer Relationships [Member] | Retail Segment [Domain]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	0	2,903
Above Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	41,817	577
Above Market Leases [Member] | Multifamily Communities
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	0	0
Above Market Leases [Member] | Retail Segment [Domain]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	41,817	577
Leases, Acquired-in-Place [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	2,484,351	370,751
Leases, Acquired-in-Place [Member] | Multifamily Communities
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	1,878,059	361,231
Leases, Acquired-in-Place [Member] | Retail Segment [Domain]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$606,292	$9,520

Real_Estate_Loans_Notes_Receiv2

Real Estate Loans, Notes Receivable, and Lines of Credit Real Estate Loans (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
loans to be funded	$196,423,228
membership interests business acquisition percentage related parties	100.00%
amount drawn under loan agreement	172,783,522
LoanFee	3,894,924
acquisition fee	1,947,463
Deferred Revenue	-523,311
Loans and Leases Receivable, Net of Deferred Income	172,260,211		153,231,673
Loans and Leases Receivable, Net Amount	25,716,007		28,697,560
interest revenue current pay	3,383,875	2,295,963
Loans and Leases Receivable, Deferred Income	39,900		48,400
numberofunitstobecompleted	4,360
City Park [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	10,000,000
SeniorLoanHeldByUnrelatedThirdParty	18,600,000
amount drawn under loan agreement	10,000,000
LoanFee	200,000
acquisition fee	100,000
Deferred Revenue	-43,015
Loans and Leases Receivable, Net of Deferred Income	9,956,985		9,951,728
real estate loan option purchase price	43,560,271
numberofunitstobecompleted	272
City Vista [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	14,147,515
SeniorLoanHeldByUnrelatedThirdParty	28,400,000
amount drawn under loan agreement	14,051,272
LoanFee	282,930
acquisition fee	141,465
Deferred Revenue	-53,113
Loans and Leases Receivable, Net of Deferred Income	13,998,159		13,708,474
Madison Rome [Member]
Mortgage Loans on Real Estate [Line Items]
real estate loan option purchase price	43,500,000
numberofunitstobecompleted	308
Lely [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	12,713,242
SeniorLoanHeldByUnrelatedThirdParty	25,000,000
amount drawn under loan agreement	12,033,668
LoanFee	254,265
acquisition fee	127,133
Deferred Revenue	-33,151
Loans and Leases Receivable, Net of Deferred Income	12,000,517		12,330,262
real estate loan option purchase price	39,654,273
numberofunitstobecompleted	342
crosstown walk [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	10,962,000
SeniorLoanHeldByUnrelatedThirdParty	25,900,000
amount drawn under loan agreement	10,962,000
LoanFee	219,240
acquisition fee	109,620
Deferred Revenue	-24,111
Loans and Leases Receivable, Net of Deferred Income	10,937,889		10,862,615
real estate loan option purchase price	30,945,845
numberofunitstobecompleted	284
newport overton [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	16,600,000
SeniorLoanHeldByUnrelatedThirdParty	31,700,000
amount drawn under loan agreement	16,167,585
LoanFee	332,079
acquisition fee	166,040
Deferred Revenue	-62,476
Loans and Leases Receivable, Net of Deferred Income	16,105,109		15,773,937
real estate loan option purchase price	51,500,000
numberofunitstobecompleted	294
haven west [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	6,940,795
SeniorLoanHeldByUnrelatedThirdParty	16,195,189
amount drawn under loan agreement	6,784,167
LoanFee	138,816
acquisition fee	69,408
Deferred Revenue	-24,546
Loans and Leases Receivable, Net of Deferred Income	6,759,621		6,753,917
real estate loan option purchase price	26,138,466
numberofunitstobecompleted	160
starkville [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	6,116,384
SeniorLoanHeldByUnrelatedThirdParty	18,615,081
amount drawn under loan agreement	5,650,904
LoanFee	122,328
acquisition fee	61,164
Deferred Revenue	-18,366
Loans and Leases Receivable, Net of Deferred Income	5,632,538		5,506,157
numberofunitstobecompleted	152
Newtown [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	10,346,000
SeniorLoanHeldByUnrelatedThirdParty	26,936,000
amount drawn under loan agreement	9,866,000
LoanFee	197,320
acquisition fee	98,660
Deferred Revenue	-32,902
Loans and Leases Receivable, Net of Deferred Income	9,833,098		9,804,058
real estate loan option purchase price	44,266,000
numberofunitstobecompleted	247
Encore [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	16,026,525
amount drawn under loan agreement	14,115,725
LoanFee	320,531
acquisition fee	160,265
Deferred Revenue	0
Loans and Leases Receivable, Net of Deferred Income	14,115,725		11,966,456
numberofunitstobecompleted	340
Manassas [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	17,270,000
SeniorLoanHeldByUnrelatedThirdParty	38,000,000
amount drawn under loan agreement	15,552,413
LoanFee	321,400
acquisition fee	160,700
Deferred Revenue	-8,820
Loans and Leases Receivable, Net of Deferred Income	15,543,593		14,374,036
numberofunitstobecompleted	304
Irvine [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	23,000,000
LoanFee	460,000
acquisition fee	230,000
Deferred Revenue	0
Loans and Leases Receivable, Net of Deferred Income			20,313,722
numberofunitstobecompleted	280
Weems Road [Domain]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	13,464,372
SeniorLoanHeldByUnrelatedThirdParty	27,775,000
amount drawn under loan agreement	6,203,700
LoanFee	269,287
acquisition fee	134,644
Deferred Revenue	-38,108
Loans and Leases Receivable, Net of Deferred Income	6,165,592		4,602,691
numberofunitstobecompleted	310
Kennesaw [Domain]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	13,424,995
SeniorLoanHeldByUnrelatedThirdParty	34,825,000
amount drawn under loan agreement	12,952,385
LoanFee	268,500
acquisition fee	134,250
Deferred Revenue	-13,596
Loans and Leases Receivable, Net of Deferred Income	12,938,789		12,664,902
numberofunitstobecompleted	198
Summit III [Domain]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	7,246,400
SeniorLoanHeldByUnrelatedThirdParty	16,822,000
amount drawn under loan agreement	4,159,561
LoanFee	144,928
acquisition fee	72,464
Deferred Revenue	-58,265
Loans and Leases Receivable, Net of Deferred Income	4,101,296		2,393,639
numberofunitstobecompleted	172
crosstown walk II [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	2,240,000
amount drawn under loan agreement	2,240,000
LoanFee	44,800
acquisition fee	22,400
Deferred Revenue	-3,661
Loans and Leases Receivable, Net of Deferred Income	2,236,339		2,225,079
numberofunitstobecompleted	180
Aldridge at Town Village [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	10,975,000
SeniorLoanHeldByUnrelatedThirdParty	28,338,937
amount drawn under loan agreement	5,557,501
LoanFee	219,500
acquisition fee	109,750
Deferred Revenue	-101,636
Loans and Leases Receivable, Net of Deferred Income	5,455,865		0
numberofunitstobecompleted	300
haven lubbock [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	4,950,000
amount drawn under loan agreement	4,950,000
LoanFee	99,000
acquisition fee	49,500
Deferred Revenue	-7,545
Loans and Leases Receivable, Net of Deferred Income	4,942,455		0
numberofunitstobecompleted	217
Irvine [Member]
Mortgage Loans on Real Estate [Line Items]
amount drawn under loan agreement	21,536,641
Loans Receivable, Fair Value Disclosure	$21,536,641		$20,313,722

Real_Estate_Loans_Notes_Receiv3

Real Estate Loans, Notes Receivable, and Lines of Credit Notes and lines of credit (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues	$21,344,515	$11,240,082
Financing Receivable, Gross	32,825,000
Loans and Leases Receivable, Net Amount	25,716,007		28,697,560
Loans and Leases Receivable, Deferred Income	-39,900		-48,400
guaranty cap amount	6,100,000
360 Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	2,000,000
Loans and Leases Receivable, Net Amount	1,144,686		1,107,348
interest rate note receivable	12.00%
13th street [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
interest rate note receivable			8.00%
PCMS [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	1,500,000
Loans and Leases Receivable, Net Amount	1,500,000		1,500,000
interest rate note receivable	10.00%
Riverview [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	1,300,000
Loans and Leases Receivable, Net Amount	300,000		300,000
interest rate note receivable	8.00%
IAA [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	200,000
Loans and Leases Receivable, Net Amount	200,000		200,000
interest rate note receivable	10.00%
Oxford Contracting LLC [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	1,500,000
Loans and Leases Receivable, Net Amount	1,475,000		1,475,000
interest rate note receivable	8.00%
PAA [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	12,000,000
Loans and Leases Receivable, Net Amount	10,259,121		9,128,038
interest rate note receivable	8.00%
HCC [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	5,400,000
Loans and Leases Receivable, Net Amount	4,059,666		3,540,099
interest rate note receivable	12.00%
Oxford Capital Partners LLC [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Guaranty amount minimum principal balance	25.00%
Financing Receivable, Gross	5,925,000
Loans and Leases Receivable, Net Amount	4,656,874		4,029,737
interest rate note receivable	12.00%
guaranty cap amount	1,000,000
newport development partners [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	3,000,000
Loans and Leases Receivable, Net Amount	2,160,560		1,860,560
interest rate note receivable	12.00%
Oxford [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues	$2,700,000	$1,900,000

Real_Estate_Loans_Notes_Receiv4

Real Estate Loans, Notes Receivable, and Lines of Credit Interest income (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Interest income [Abstract]
interest revenue current pay	$3,383,875	$2,295,963
Accrued exit fee revenue	2,003,480	1,514,161
Deferred Revenue, Revenue Recognized	150,319	308,457
Net loan fee revenue	5,537,674	4,118,581
interest revenue notes receivable	695,954	607,168
Interest revenue on real estate loans	$6,233,628	$4,725,749

Real_Estate_Loans_Notes_Receiv5

Real Estate Loans, Notes Receivable, and Lines of Credit Real Estate Loans Narrative (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Mortgage Loans on Real Estate [Line Items]
amount drawn under loan agreement	$172,783,522
loans to be funded	196,423,228
Revenues	21,344,515	11,240,082
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	79,900,000
variable interest entity loans amount to be funded	81,700,000
Oxford [Member]
Mortgage Loans on Real Estate [Line Items]
amount drawn under loan agreement	87,100,000
loans to be funded	95,700,000
Revenues	2,700,000	1,900,000
atlanta GA [Member]
Mortgage Loans on Real Estate [Line Items]
amount drawn under loan agreement	65,900,000
loans to be funded	$84,700,000

Real_Estate_Loans_Notes_Receiv6

Real Estate Loans, Notes Receivable, and Lines of Credit phantom facts (Details) (USD $)	3 Months Ended	6 Months Ended
	Mar. 31, 2015	Jun. 30, 2014	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Area of real estate property	694,000
Lely [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.00%
current interest rate	8.00%
haven west [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.00%
current interest rate	8.00%
Unit count	160
Beds	568
13th street [Member]
Mortgage Loans on Real Estate [Line Items]
interest rate note receivable			8.00%
current and deferred interest rate on RE Loans	20.00%	14.00%
Manassas [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	5.00%
current interest rate	8.00%
Unit count	304
loan commitment amount			10.9
Irvine [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	4.30%
current interest rate	8.50%
Unit count	280
loan commitment amount			21
Weems Road [Domain]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	4.30%
current interest rate	8.50%
Unit count	310
loan commitment amount			5.7
Kennesaw [Domain]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	4.30%
current interest rate	8.50%
Unit count	198
loan commitment amount			13.4
Beds	792
Cap rate discount	50
starkville [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	4.30%
current interest rate	8.50%
Unit count	152
Beds	536
Cap rate discount	50
newport overton [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.00%
current interest rate	8.00%
loan commitment amount			16,000,000
crosstown walk [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.00%
current interest rate	8.00%
City Park [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.00%
current interest rate	8.00%
Newtown [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.00%
current interest rate	8.00%
Encore [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	0.00%
current interest rate	8.50%
Summit III [Domain]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	0.00%
current interest rate	10.00%
City Vista [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.00%
current interest rate	8.00%
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		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2011	Dec. 31, 2014
Class of Stock [Line Items]
Common Stock, Dividends, Per Share, Declared	$0.18	$0.16	$0.13
Unitsyearcounttoredemptionthree	3
Stock Redeemed or Called During Period, Shares	925
Proceeds from Issuance of Common Stock	$5,381,848	$0
warrant exercise price as percent of gross ipo price	120.00%
warrant minimum exercise price	$9
daycountvolweightedavgcalcformarketvalue	20
warrantexercisewindowminyrsfromissue	1
warrantexercisewindowmaxyrsfromissue	4
Preferred Stock, Dividend Rate, Percentage	6.00%
Units stated value per share	$1,000
Unitsredemptionfeepercentoneyear	10.00%
Unitsissuedpercentageofmaximum	0.00%
percent of deferred costs reclassified	29.30%
max proceeds equity sales	100,000,000
aggregate offering costs	8,100,000
prorataamountofferingcostsreclassed	2,400,000
deferred offering costs not yet reclassified	5,700,000
Deferred offering costs	5,981,954			6,333,763
Deferred Offering Costs	23,800,000
offering costs reimbursable to the Manager	13235400.00%	10367000.00%
Dividends, Common Stock, Cash	3,850,754	2,453,769
Series A Preferred Stock [Member]
Class of Stock [Line Items]
preferred stock	244,812			193,334
Preferred Stock, Par or Stated Value Per Share	$0.01			$0.01
Preferred Stock, Value, Issued	2,439			1,928
Dividends, Common Stock, Cash	0
Common Stock [Member]
Class of Stock [Line Items]
unitswarrants	20
Unitsredemptionfee [Domain]
Class of Stock [Line Items]
Unitsredemptionfeespercentfouryears	3.00%
Unitsredemptionfeespercentthreeyears	5.00%
Unitsyearcounttoredemptionfive	5
Unitsredemptionfeepercentfiveyears	0.00%
Unitsyearcounttoredemptionfour	4
Units redemption	13.00%
Unitsissued [Member]
Class of Stock [Line Items]
Proceeds from Other Equity	220,800,000
Unitsissuedcumulative	244,812
Unit Offering [Member]
Class of Stock [Line Items]
ceiling deferred offering costs	11.50%
offering costs reimbursable to the Manager	1.50%
2013 Shelf offering [Member]
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock	200,000,000
deferred offering costs not yet reclassified				259,000
Deferred offering costs				547,000
at the market [Domain]
Class of Stock [Line Items]
Proceeds from Other Equity	$54,400,000
Common Stock, Shares, Issued	6,500,000

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	3 Months Ended		9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015
Related Party Transaction [Line Items]
Cost of Reimbursable Expense	$1,117,573	$625,261
capital marketing and professional	250,290	109,120
acquisition fees paid to related party	760,300	57,268
Common Stock, Shares, Outstanding	22,131,190	15,336,059	22,131,190
Related Party Transaction, Expenses from Transactions with Related Party	2,440,331	1,018,926
Property management fees	570,406	262,121
AcquisitionFeesRelatedPartyCosts	-219,714	-10,788
Number of Real Estate Properties		6
manager's fees deferred	345,960	0	678,305
Financing Receivable, Gross	32,825,000		32,825,000
Acquisition-related Costs [Member]
Related Party Transaction [Line Items]
Percentageusedtocalculateacquisitionfees	0.00%		0.00%
AcquisitionFeesRelatedPartyCosts	955,349	68,056
AssetmanagementFees [Member]
Related Party Transaction [Line Items]
Asset Management Costs	664,305	466,868
Propertymanagementfees [Member]
Related Party Transaction [Line Items]
Property management fees	472,092	262,121
General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party	348,585	221,881
Cash Distribution [Member]
Related Party Transaction [Line Items]
Percentproceedsassetsalestomanager	0.00%
priorityannualreturnoncapitalandexpensesassetsales	0.00%
Retail Site [Member]
Related Party Transaction [Line Items]
Number of Real Estate Properties	10		10
woodstock retail [Member]
Related Party Transaction [Line Items]
AcquisitionFeesRelatedPartyCosts	28,634
PCMS [Member]
Related Party Transaction [Line Items]
Financing Receivable, Gross	1,500,000		1,500,000
PAA [Member]
Related Party Transaction [Line Items]
Financing Receivable, Gross	$12,000,000		$12,000,000

Dividends_Details

Dividends (Details) (USD $)	1 Months Ended						3 Months Ended		12 Months Ended
	Mar. 31, 2015	Feb. 28, 2015	Jan. 31, 2015	Mar. 31, 2014	Feb. 28, 2014	Jan. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2011	Dec. 31, 2014
Dividends Payable [Line Items]
minority interest partnership units outstanding	280,360						280,360			280,360
Common Stock, Dividends, Per Share, Declared							$0.18	$0.16	$0.13
dividends common stock declared							$3,850,754	$2,453,769
common stock shares entitled to dividends	22,004,309						22,004,309
Dividends, Preferred Stock, Cash	$1,141,491	$1,047,189	$984,217	$497,855	$468,337	$454,344	$3,172,897	$1,420,536
Common Stock, Shares, Outstanding	22,131,190			15,336,059			22,131,190	15,336,059
Series A Preferred Stock [Member]
Dividends Payable [Line Items]
Preferred Stock, Dividend Rate, Per-Dollar-Amount							$5

Dividends_Series_A_Preferred_D

Dividends Series A Preferred Dividends (Details) (USD $)	1 Months Ended						3 Months Ended
	Mar. 31, 2015	Feb. 28, 2015	Jan. 31, 2015	Mar. 31, 2014	Feb. 28, 2014	Jan. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Feb. 27, 2015	Jan. 30, 2015	Mar. 31, 2013	Feb. 28, 2013	Jan. 31, 2013
Dividends Payable [Line Items]
Dividends, Preferred Stock, Cash	$1,141,491	$1,047,189	$984,217	$497,855	$468,337	$454,344	$3,172,897	$1,420,536
Preferred Stock entitled to dividend payments	223,699						223,699		206,007	192,607	98,200	93,005	89,313

Dividends_NCI_Details

Dividends NCI (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Equity [Abstract]
Distribution Made to Limited Partner, Cash Distributions Declared	$49,063	$36,552

Equity_Compensation_Details

Equity Compensation (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Jun. 30, 2014	Jun. 30, 2013	Jan. 02, 2014
					years
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	1,317,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period		131,464
Share-based Compensation	$590,308	$444,222
market vesting condition capital increase threshhold	2,629,000	1,959,000
warrant exercise price as percent of gross ipo price	120.00%
Restricted Stock [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	39,216	29,016
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$8.04	$8.21	$8.85
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures		17,511	321,963	256,792
Directorscommitteefees [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	1,782	2,241
ClassBUnits [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
common stock fair value per share	$9.21				$8.05
Class B Units valuation assumption dividend yield	7.60%				8.12%
ClassBUnit valuation assumption expected volatility	30.13%				32.72%
Class B Unit valuation assumptions risk free rate	2.55%				3.80%
Class B Unit valuation assumption expected service period in years	1				1
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	285,997	239,556

Equity_Compensation_Restricted

Equity Compensation Restricted Stock (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period			131,464
Share-based Compensation	590,308		$444,222
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited				1,957
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	39,216		29,016
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$8.21	$8.04	$8.85
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures		$321,963	$17,511	$256,792
Stock Issued During Period, Shares, Restricted Stock Award, Gross		39,216	2,178
Directorscommitteefees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	1,782		2,241

Equity_Compensation_Committee_

Equity Compensation Committee Fee Grants (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period			131,464
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	-590,308		($444,222)
Share-based Compensation	590,308		444,222
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share	10.05		$8
Stock Granted, Value, Share-based Compensation, Gross	17,909		17,928
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	39,216		29,016
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$8.21	$8.04	$8.85
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures		$321,963	$17,511	$256,792
Directorscommitteefees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	1,782		2,241

Equity_Compensation_Class_B_Un

Equity Compensation Class B Units (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2011	Jun. 30, 2014	Jan. 02, 2014
					years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Dividends, Per Share, Declared	$0.18	$0.16	$0.13
Share-based Compensation	$590,308	$444,222
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	2,629,000	1,959,000
ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
common stock fair value per share	9.21				8.05
Common Stock, Dividends, Per Share, Declared	$0.18	$0.16
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	285,997	239,556
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%
Class B Units valuation assumption dividend yield	7.60%				8.12%
ClassBUnit valuation assumption expected volatility	30.13%				32.72%
Class B Unit valuation assumptions risk free rate	2.55%				3.80%
Class B Unit valuation assumption expected service period in years	1				1
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	1,947,640				1,422,963
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding				10,582
100percentvestinglevel [Member] | ClassBUnits [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, Nonvested, Weighted Average Grant Date Fair Value	$6.81				$5.94
2013 [Member] | ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	0	2,318
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		142,046
2014 [Member] | ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	$3,825	$359,617
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		239,556

Equity_Compensation_Warrant_De

Equity Compensation Warrant (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Dividends, Per Share, Declared	$0.18	$0.16	$0.13
warrant exercise price as percent of gross ipo price	120.00%
Warrant [Member] | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	150,000

Equity_Compensation_Equity_com

Equity Compensation Equity compensation expense by grant (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	$590,308	$444,222
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	1,492,795
stock grants for quarterly board committee fees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	17,909	17,928
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	0
2013 [Member] | ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	0	2,318
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	0
2013 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	0	64,359
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	0
2014 [Member] | ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	3,825	359,617
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	0
2014 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	80,491	0
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	26,830
2015 Year [Member] | ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	488,083	0
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$1,465,965

Indebtedness_Details

Indebtedness (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Feb. 28, 2015	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2015
Debt Instrument [Line Items]
Short-term Debt			$32,000,000
Unamortized Debt Issuance Expense	5,500,000
Long-term Debt, Current Maturities	21,472,007
Long-term Debt	404,525,906			354,418,668
Long-term Debt, Maturities, Repayments of Principal in Year Two	4,078,605
Long-term Debt, Maturities, Repayments of Principal in Year Three	4,974,126
Long-term Debt, Maturities, Repayments of Principal in Year Four	26,501,099
Long-term Debt, Maturities, Repayments of Principal after Year Five	146,083,872
Long-term Debt, Maturities, Repayments of Principal after Year Five	220,416,197
Long-term Debt	423,525,906
Interest Expense	4,377,115	1,715,651
Line of Credit Facility, Amount Outstanding	0			24,500,000
Amortization of Financing Costs	347,538	140,658
term loan [Member]
Debt Instrument [Line Items]
Loans Receivable, Basis Spread on Variable Rate	4.00%
Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	404,525,906			354,418,668
Line of Credit [Member]
Debt Instrument [Line Items]
Loans Receivable, Basis Spread on Variable Rate	3.25%
Enclave | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	24,862,000			24,862,000
Debt Instrument, Interest Rate, Stated Percentage	3.68%
ashfordpark second mtg [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	6,604,045			6,632,542
Debt Instrument, Interest Rate, Stated Percentage	4.13%
Summit Crossing Second mtg [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	5,207,914			5,229,386
Debt Instrument, Interest Rate, Stated Percentage	4.39%
Summit II [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	13,357,000			13,357,000
Debt Instrument, Interest Rate, Stated Percentage	4.49%
Stone Rise Apartments [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	25,187,000			25,187,000
Debt Instrument, Interest Rate, Stated Percentage	2.89%
Summit Crossing [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	20,604,085			20,685,760
Debt Instrument, Interest Rate, Stated Percentage	4.71%
Ashford Park | Mortgages [Member]
Debt Instrument [Line Items]
amortization period	30
Long-term Debt	25,626,000			25,626,000
Debt Instrument, Interest Rate, Stated Percentage	3.13%
Trail II [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	28,109,000			28,109,000
Debt Instrument, Interest Rate, Stated Percentage	4.22%
McNeil Ranch | Mortgages [Member]
Debt Instrument [Line Items]
amortization period	30
Long-term Debt	13,646,000			13,646,000
Debt Instrument, Interest Rate, Stated Percentage	3.13%
Lake Cameron | Mortgages [Member]
Debt Instrument [Line Items]
amortization period	30
Long-term Debt	19,773,000			19,773,000
Debt Instrument, Interest Rate, Stated Percentage	3.13%
Sandstone Creek Apartments | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	32,037,757			32,200,225
Debt Instrument, Interest Rate, Stated Percentage	3.18%
Stoneridge Farms at Hunt Club | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	27,718,784			27,859,349
Debt Instrument, Interest Rate, Stated Percentage	3.18%
Vineyards Apartments | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	34,775,000			34,775,000
Debt Instrument, Interest Rate, Stated Percentage	3.68%
Cypress [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	22,900,000			0
Debt Instrument, Interest Rate, Stated Percentage	3.43%
Northpointe [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	27,878,000			0
Debt Instrument, Interest Rate, Stated Percentage	3.16%
springhill [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	9,900,000			9,900,000
Debt Instrument, Interest Rate, Stated Percentage	3.36%
Parkway Town Centre | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	7,200,000			7,200,000
Debt Instrument, Interest Rate, Stated Percentage	3.36%
Parkway Centre | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	4,704,663			4,727,430
Debt Instrument, Interest Rate, Stated Percentage	3.48%
woodstock retail [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	3,126,234			3,138,389
Debt Instrument, Interest Rate, Stated Percentage	4.71%
Deltona Landing | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	7,180,801			7,215,551
Debt Instrument, Interest Rate, Stated Percentage	3.48%
Powder Springs | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	7,576,983			7,613,650
Debt Instrument, Interest Rate, Stated Percentage	3.48%
Kingwood Glen | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	12,014,223			12,072,363
Debt Instrument, Interest Rate, Stated Percentage	3.48%
Barclay Crossing | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	6,754,905			6,787,594
Debt Instrument, Interest Rate, Stated Percentage	3.48%
Sweetgrass Corner | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	8,182,512			8,221,429
Debt Instrument, Interest Rate, Stated Percentage	3.58%
salem cove [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	9,600,000			9,600,000
Debt Instrument, Interest Rate, Stated Percentage	4.21%
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
Scenario, Forecast [Member] | term loan [Member]
Debt Instrument [Line Items]
Loans Receivable, Basis Spread on Variable Rate						4.50%

Indebtedness_debt_covenants_De

Indebtedness debt covenants (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Oct. 31, 2014	Jun. 30, 2014
debt covenants [Line Items]
dividend restriction AFFO	95.00%
Line of Credit Facility, Maximum Borrowing Capacity		$45,000,000	$50,000,000	$40,000,000
minimum equity debt covenants	250,000,000
equity raise above min equity required	75.00%
total debt covenant min equity	272,469,054
maximum dividends debt covenant	26,381,000
Minimum Net Worth Required for Compliance	$335,092,407
debt yield	8.92%
payout ratio	80.70%
Total leverage ratio	53.80%

Indebtedness_Credit_Facility_D

Indebtedness Credit Facility (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Oct. 31, 2014	Jun. 30, 2014
Debt Disclosure [Abstract]
Short-term Debt, Weighted Average Interest Rate	4.00%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.35%
Line of Credit Facility, Maximum Borrowing Capacity		$45,000,000	$50,000,000	$40,000,000
minimum asset threshold credit limit increase		$300,000,000

Indebtedness_term_loan_Details

Indebtedness term loan (Details) (USD $)	Feb. 28, 2015	Mar. 31, 2015
In Millions, unless otherwise specified
Line of Credit Facility [Line Items]
Short-term Debt	$32
term loan [Member]
Line of Credit Facility [Line Items]
Loans Receivable, Basis Spread on Variable Rate		4.00%
Line of Credit [Member]
Line of Credit Facility [Line Items]
Loans Receivable, Basis Spread on Variable Rate		3.25%

Income_Taxes_Details

Income Taxes (Details) (USD $)	Mar. 31, 2015	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 $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Long-term Purchase Commitment [Line Items]
Number of units in real estate property	3,846	1,929
lease term	11 years
guaranty cap amount	$6,100,000
Annual reduction in guaranty cap	489,000
guaranty cap amount credit cards	405,000
Sarasota [Member]
Long-term Purchase Commitment [Line Items]
Number of units in real estate property	237
business combination purchase price	$47,400,000

Segment_information_Details

Segment information (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Assets	$788,866,257		$696,410,412
Operating Leases, Income Statement, Lease Revenue	13,141,120	5,869,291
rental and other property revenues	21,344,515	11,240,082
adjusted funds from operations	14,948,196	8,559,068
Interest Expense	4,377,115	1,715,651
Depreciation	5,340,425	1,894,411
noncash loan interest income	378,799	273,848
Management fees net of deferrals	1,004,930	688,749
Share-based Compensation	-590,308	-444,222
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	-764,929	2,795,845
loan fees received	439,428	21,576
Business Combination, Acquisition Related Costs	-423,592	-188,031
Multifamily Communities
Segment Reporting Information [Line Items]
capitalized expenditures for long lived assets	441,329	264,370
Assets	442,679,007		371,449,943
Operating Leases, Income Statement, Lease Revenue	12,134,492	6,425,448
adjusted funds from operations	6,645,239	3,765,857
Acquisition Costs, Period Cost	1,169,386	70,044
Retail Site [Member]
Segment Reporting Information [Line Items]
Acquisition Costs, Period Cost	14,506	175,255
financingsegment [Member]
Segment Reporting Information [Line Items]
Assets	206,869,112		189,984,602
Interest and Other Income	6,233,628	4,725,749
adjusted funds from operations	6,233,628	4,725,749
Interest Expense	730,725	386,627
woodstock retail [Member]
Segment Reporting Information [Line Items]
Assets	124,370,639		125,735,073
Interest and Other Income	2,976,395	88,885
adjusted funds from operations	2,069,329	67,462
Interest Expense	774,492	0
Depreciation	1,571,786	30,033
Other Assets [Member]
Segment Reporting Information [Line Items]
Assets	14,947,499		9,240,794
All Other Segments [Member]
Segment Reporting Information [Line Items]
adjusted funds from operations	232,653	86,928
Retail Segment [Domain]
Segment Reporting Information [Line Items]
capitalized expenditures for long lived assets	137,722	35,420
real estate assets [Member]
Segment Reporting Information [Line Items]
Interest Expense	2,871,898	1,329,024
Depreciation	$6,373,642	$2,278,493

Loss_per_Share_Details

Loss per Share (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	($764,929)	$2,795,845
Preferred Stock, Shares Outstanding	243,887	101,486
Net Income (Loss) Attributable to Parent	-755,230	2,756,983
NetIncomeAllocatedToUnvestedRestrictedShares	-6,863	-4,678
Income (Loss) Attributable to Noncontrolling Interest	9,699	-38,862
Net Income (Loss) Available to Common Stockholders, Basic	-3,934,990	1,331,769
Weighted Average Number of Shares Outstanding, Basic	21,813,974	15,316,816
Weighted Average Number of Shares Outstanding, Diluted	21,813,974	15,562,608
Preferred Stock, Dividend Rate, Percentage	6.00%
Units stated value per share	$1,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period		131,464
Earnings Per Share, Basic	($0.18)
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Incremental Common Shares Attributable to Share-based Payment Arrangements	0	29,237
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Incremental Common Shares Attributable to Share-based Payment Arrangements	0	0
ClassBUnits [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Incremental Common Shares Attributable to Share-based Payment Arrangements	0	216,555
Unitsissued [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unitsissuedcumulative	244,812
ClassBUnits [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	-764,929	2,795,845
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	285,997	239,556
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	39,216	29,016
Warrant [Member] | Maximum
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Class of Warrant or Right, Outstanding	150,000
Series A Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred Stock, Shares Outstanding	243,887		192,846
Dividends, Preferred Stock	($3,172,897)	($1,420,536)
Scenario, Actual [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted Average Number of Shares Outstanding, Diluted	21,813,974	15,562,608
Earnings Per Share, Basic		$0.09
Earnings Per Share, Diluted	($0.18)	$0.09

Pro_Forma_Financial_Informatio2

Pro Forma Financial Information (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenues	$21,344,515	$11,240,082
loans to be funded	196,423,228
pro forma net income common stockholders	-1,556,924	-8,477,203
Weighted Average Number of Shares Outstanding, Basic	21,813,974	15,316,816
Weighted Average Number of Shares Outstanding, Diluted	21,813,974	15,562,608
Pro Forma [Member]
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenues	23,129,808	18,338,266
Business Acquisition, Pro Forma Net Income (Loss)	1,643,672	-7,151,394
pro forma net income company	1,622,836	-7,051,989
Business Acquisition, Pro Forma Earnings Per Share, Basic	($0.07)	($0.51)
Weighted Average Number of Shares Outstanding, Basic	21,813,974	16,766,816
Multifamily Communities
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
capitalized expenditures for long lived assets	$441,329	$264,370

Fair_Values_of_Financial_Instr2

Fair Values of Financial Instruments (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Receivable	$8,855,896	$8,038,447
Exit fee		2,000,000
real estate related loans fair value	21,536,641	20,313,722
Financing Receivable, Gross	32,825,000
Financing Receivable, Net	9,908,893	14,543,638
Mortgage notes payable	404,525,906	354,418,668
Line of Credit Facility, Amount Outstanding	0	24,500,000
Debt, Long-term and Short-term, Combined Amount		386,909,466
Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	404,525,906	354,418,668
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial and Nonfinancial Liabilities, Fair Value Disclosure		393,456,565
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial and Nonfinancial Liabilities, Fair Value Disclosure		0
Irvine [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure	21,536,641	20,313,722
real estate loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Receivable	8,855,896	8,036,582
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	445,543,968
real estate related loans fair value	186,800,537
Assets, Fair Value Disclosure	212,516,544
Financing Receivable, Gross	25,716,007
line of credit receivable		28,697,560
Long-term Debt, Fair Value	414,634,810
Participating Mortgage Loans, Mortgage Obligations, Amount	11,909,158	8,399,069
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	445,543,968
real estate related loans fair value		166,583,953
Assets, Fair Value Disclosure	212,516,544	195,281,513
Financing Receivable, Gross	25,716,007
Long-term Debt, Fair Value	414,634,810	360,557,496
Line of Credit Facility, Amount Outstanding		24,500,000
Participating Mortgage Loans, Mortgage Obligations, Amount	11,909,158	8,399,069
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
real estate related loans fair value	0
Assets, Fair Value Disclosure	0
line of credit receivable	0
Long-term Debt, Fair Value	0	0
Participating Mortgage Loans, Mortgage Obligations, Amount	0	0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0
Assets, Fair Value Disclosure	0	0
Long-term Debt, Fair Value	0	0
Line of Credit Facility, Amount Outstanding		0
Participating Mortgage Loans, Mortgage Obligations, Amount	0	0
Estimate of Fair Value Measurement [Member] | Mortgage Loans on Real Estate [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure	186,800,537	166,583,953
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate loans carrying value including accrued interest	181,116,107	161,268,255
Financing Receivable, Gross	25,716,007
financial assets carrying value	206,832,114	189,965,815
line of credit receivable		28,697,560
Participating Mortgage Loans, Mortgage Obligations, Amount	11,314,528	7,990,798
Debt, Long-term and Short-term, Combined Amount	434,840,434
Reported Value Measurement [Member] | Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	404,525,906	354,418,668
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Line of Credit Facility, Amount Outstanding		$24,500,000

Subsequent_Events_sub_events_D

Subsequent Events sub events (Details) (USD $)

3 Months Ended

12 Months Ended

3 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Dec. 31, 2011

Jun. 30, 2014

Jun. 30, 2013

Apr. 29, 2015

Apr. 30, 2015

Apr. 17, 2015

1-May-15

Apr. 09, 2015

7-May-15

Jun. 30, 2015

Dec. 31, 2014

Jan. 02, 2014

Subsequent Event [Line Items]

interest revenue current pay

$3,383,875

$2,295,963

Financing Receivable, Gross

32,825,000

loans to be funded

196,423,228

Proceeds from Issuance of Common Stock

5,381,848

0

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

131,464

deferred interest income

817,449

972,181

Common Stock, Dividends, Per Share, Declared

$0.18

$0.16

$0.13

Proceeds from Issuance or Sale of Equity

44,370,963

10,954,492

13th street [Member]

Subsequent Event [Line Items]

interest rate note receivable

8.00%

Summit II [Member]

Subsequent Event [Line Items]

loans to be funded

4,950,000

Unitsissued [Member]

Subsequent Event [Line Items]

Proceeds from Other Equity

220,800,000

Unitsissuedcumulative

244,812

ClassBUnits [Member]

Subsequent Event [Line Items]

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

285,997

239,556

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

1,947,640

1,422,963

Common Stock, Dividends, Per Share, Declared

$0.18

$0.16

Restricted Stock [Member]

Subsequent Event [Line Items]

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

39,216

29,016

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

$8.04

$8.21

$8.85

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

17,511

321,963

256,792

2013 Shelf offering [Member]

Subsequent Event [Line Items]

Proceeds from Issuance of Common Stock

200,000,000

Subsequent Event [Member]

Subsequent Event [Line Items]

Common Stock, Dividends, Per Share, Declared

$0.18

dividend growth rate annualized

11.10%

dividend growth rate total

44.00%

Proceeds from Issuance or Sale of Equity

21,400,000

Subsequent Event [Member] | Haven South Florida [Member]

Subsequent Event [Line Items]

other loans payable borrowing capacity

158

loans to be funded

2,900,000

current interest rate

10.00%

Subsequent Event [Member] | Haven Waco [Member]

Subsequent Event [Line Items]

other loans payable borrowing capacity

250

loans to be funded

15,500,000

current interest rate

8.50%

Deferred interest rate

5.00%

Subsequent Event [Member] | Summit II [Member]

Subsequent Event [Line Items]

loans to be funded

15,600,000

current interest rate

8.50%

Deferred interest rate

5.00%

Subsequent Event [Member] | Unitsissued [Member]

Subsequent Event [Line Items]

Unitsissuedcumulative

23,703

Subsequent Event [Member] | Restricted Stock [Member]

Subsequent Event [Line Items]

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

30,133

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

$10.62

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

320,012

Common Stock [Member] | Restricted Stock [Member]

Subsequent Event [Line Items]

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

564

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

$10.62

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

$5,990