Preferred Apartment Communities (APTS) 10-Q 9 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	9 Months Ended
	Sep. 30, 2015	Nov. 04, 2015
Document and Entity Information
entity registrant name	PREFERRED APARTMENT COMMUNITIES INC
entity CIK	1,481,832
Current fiscal year end date	--12-31
document type	10-Q
document period end date	Sep. 30, 2015
document fiscal year focus	2,015
entity filer category	Accelerated Filer
document fiscal period focus	Q3
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
amendment flag	false
entity common stock, shares outstanding		22,368,377

Balance Sheets

Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Real estate
Land	$ 121,990,344	$ 79,272,457
Building and improvements	646,526,008	377,030,987
Tenant Improvements	4,312,964	3,240,784
Furniture, fixtures, and equipment	81,754,519	36,864,668
Construction in progress	679,216	66,647
Gross real estate	855,263,051	496,475,543
Less: accumulated depreciation	(45,416,437)	(26,388,066)
Net real estate	809,846,614	470,087,477
Real estate loans	154,187,851	128,306,697
Loans and Leases Receivable, Related Parties	53,609,059	24,924,976
Total real estate and real estate loan, net	1,017,643,524	623,319,150
Cash and cash equivalents	8,046,824	3,113,270
Restricted cash	12,020,327	4,707,865
Financing Receivable, Net	10,449,914	14,543,638
Note receivable	33,850,000
Due from Related Parties, Current	17,845,319	14,153,922
Interest Receivable	11,227,275	8,038,447
Intangible Assets, Net (Excluding Goodwill)	14,948,140	12,702,980
Deferred loan costs, net of amortization of $155,953 and $64,480	(7,241,722)	(5,027,505)
Deferred offering costs	6,413,474	6,333,763
Other assets	5,758,320	4,390,309
Total assets	1,104,840,196	691,382,907
Liabilities
Mortgage notes payable	590,804,256	349,391,163
Accounts payable and accrued expenses	12,144,470	4,941,703
Line of Credit Facility, Amount Outstanding	28,700,000	24,500,000
Participating Mortgage Loans, Participation Liabilities, Amount	12,525,823	7,990,798
Interest Payable, Current	1,544,500	1,116,750
Dividends payable	5,892,424	4,623,246
Below Market Lease, Net	7,332,327	5,935,931
Security deposits and prepaid rents	2,349,802	1,301,442
Deferred income	941,462
Total liabilities	661,293,602	399,801,033
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	3,841	1,928
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	223,012	214,039
Additional paid in capital	454,470,254	300,576,349
Accumulated deficit	(13,319,000)	(11,297,852)
Total stockholders' equity	441,378,107	289,494,464
Non-controlling interest	2,168,487	2,087,410
Total equity	443,546,594	291,581,874
Total liabilities and equity	1,104,840,196	691,382,907
Long-term Debt, Gross	598,045,978	354,418,668
Revolving Credit Facility [Member]
Real estate
Deferred loan costs, net of amortization of $155,953 and $64,480	$ 487,079	$ 79,563

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
real estate related loans fair value	$ 0	$ 20,313,722
Finite-Lived Intangible Assets, Accumulated Amortization	24,176,820	17,030,176
Allowance for Doubtful Accounts, Premiums and Other Receivables	363,936	103,452
Below Market Lease, Accumulated Amortization	$ 1,661,008	$ 810,336
Shares outstanding, preferred stock	384,112
Common Stock, par value per share	$ 0.01
Common stock, shares outstanding	22,301,202
Series A Preferred Stock [Member]
Series A Redeemable Preferred Stock, par value per share	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,050,000	1,050,000
Preferred stock, shares issued	386,912	193,334
Shares outstanding, preferred stock	384,112	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	22,301,202	21,403,987
Common stock, shares outstanding	22,301,202	21,403,987
Revolving Credit Facility [Member]
Deferred loan costs, accumulated amortization	$ 747,081	$ 624,742
Mortgages [Member]
Deferred loan costs, accumulated amortization	$ 1,295,711	$ 660,259

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Rental revenues	$ 19,442,628	$ 6,546,945	$ 47,304,230	$ 18,460,968
Other property revenues	2,558,185	799,716	6,685,752	2,205,424
Interest income on loan and note receivable	5,909,907	4,871,387	16,367,864	13,656,982
Revenue from Related Parties	2,044,973	964,612	5,031,189	2,164,558
Total revenues	29,955,693	13,182,660	75,389,035	36,487,932
Operating expenses:
Property operating and maintenance	3,097,080	1,067,849	7,722,017	2,941,383
property salaries related party	1,688,347	632,051	4,114,752	1,866,416
Property management fees	857,294	283,805	2,082,839	814,600
Real estate taxes	2,506,885	712,752	6,911,034	2,102,065
General and administrative	632,164	177,291	1,553,666	598,895
Share-based Compensation	593,417	456,961	1,761,268	1,347,107
Depreciation and amortization	10,536,486	3,185,739	26,409,763	8,791,045
Acquisition costs	1,783,708	3,056,997	2,876,642	3,407,392
acquisition fees paid to related party	1,541,250	3,443,059	3,400,021	3,500,327
Management fees	1,908,742	787,115	4,830,588	2,207,385
Other Expenses	1,062,687	458,367	2,412,441	1,270,281
Total operating expenses	26,208,060	14,261,986	64,075,031	28,846,896
manager's fees deferred	(373,360)	0	(1,528,479)	0
Operating Expenses	25,834,700	14,261,986	62,546,552	28,846,896
Operating Income (Loss)	4,120,993	(1,079,326)	12,842,483	7,641,036
Interest Expense	5,818,760	2,150,047	14,884,343	5,650,096
Net loss	(1,697,767)	(3,229,373)	(2,041,860)	1,990,940
net loss attributable to non-controlling interests	15,289	26,481	20,712	(32,747)
Net loss attributable to the Company	(1,682,478)	(3,202,892)	(2,021,148)	1,958,193
NetIncomeAllocatedToUnvestedRestrictedShares	(4,068)	(6,275)	(16,355)	(17,227)
Net Income (Loss) Available to Common Stockholders, Basic	$ (6,800,672)	$ (5,112,684)	$ (14,415,083)	(2,983,866)
Earnings Per Share, Basic	$ (0.31)		$ (0.65)
Dividends, Common Stock, Cash			$ 11,881,325	$ 8,049,892
Common Stock, Dividends, Per Share, Declared	$ 0.18	$ 0.16	$ 0.535	$ 0.48
Weighted Average Number of Shares Outstanding, Basic	22,292,217	17,564,091	22,109,036	16,399,675
Scenario, Actual [Member]
Operating expenses:
Earnings Per Share, Diluted	$ (0.31)	$ (0.29)	$ (0.65)	$ (0.18)
Earnings Per Share, Basic		$ (0.29)	$ (0.65)	$ (0.18)
Weighted Average Number of Shares Outstanding, Diluted	22,292,217	17,564,091	22,109,036	16,399,675
Series A Preferred Stock [Member]
Operating expenses:
Dividends to preferred stockholders	$ (5,114,126)	$ (1,903,517)	$ (12,377,580)	$ (4,924,832)
Dividends, Common Stock, Cash			$ 0

Statements of Operations (Paren

Statements of Operations (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement Parentheticals [Abstract]
property management fees paid to related party	$ 751,817	$ 274,060	$ 1,795,435	$ 794,855
acquisition fees paid to related party	$ 63,486	$ 171,046	$ 148,127	$ 171,046

Statements of Cash Flows

Statements of Cash Flows	9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Operating activities:
Net loss attributable to the Company	$ (2,021,148)	$ 1,958,193
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(2,041,860)	1,990,940
Reconciliation of net loss to net cash provided by (used in) operating activities:
Depreciation expense	19,052,639	7,348,550
Amortization expense	7,357,124	1,442,495
Amortization of above and below Market Leases	(566,260)	(96,056)
Deferred fee income amortization	(580,996)	(805,360)
Deferred loan cost amortization	1,069,961	433,609
deferred interest income	(3,188,828)	(3,219,158)
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	1,761,268	1,347,107
deferred miscellaneous income amortization	(14,807)	(14,073)
Gain (Loss) on Disposition of Assets	0	2,804
Changes in operating assets and liabilities:
(Increase) in tenant accounts receivable	(539,565)	279,345
(Increase) decrease in other assets	5,069,158	1,146,507
Increase in accounts payable and accrued expenses	427,750	89,745
(Decrease) increase in accrued interest payable	237,613	19,033
Increase (decrease) in prepaid rents	144,931	32,096
Net cash provided by (used in) operating activities	28,188,128	9,997,584
Investing activities:
Investments in real estate loans	(83,800,145)	(39,513,149)
Proceeds from Principal Repayments on Loans and Leases Held-for-investment	18,772,024	3,125,202
Deferred real estate loan income	(5,805,972)	(9,111,133)
Notes receivable issued	9,897,319	3,810,504
Deferred acquisition fee on real estate loans	12,869,093	9,312,953
Increase (Decrease) in Accounts and Notes Receivable	8,514,582	5,359,560
loan fees received	2,126,913	836,755
AcquisitionFeesRelatedPartyCosts	(1,063,456)	(438,465)
Acquisition of properties, net	(311,936,810)	(285,302,277)
Additions to real estate assets - improvements	(3,007,537)	(1,661,807)
Proceeds from Sale of Productive Assets	(1,519,269)	4,773
Increase in cash held in escrow and restricted cash	(4,998,076)	(648,950)
Net cash (used in) investing activities	(385,714,185)	(332,851,940)
Financing activities:
Proceeds from mortgage notes payable	204,555,500	217,956,000
Extinguishment of Debt, Amount	(2,553,190)	(13,098,170)
Payments for mortgage loan costs	(3,240,080)	(4,903,701)
loan balance proceeds from real estate loan participants	4,134,882	3,338,204
Proceeds from non-revolving lines of credit	165,900,000	73,683,305
Payments on revolving lines of credit	(161,700,000)	(67,073,306)
Proceeds from Short-term Debt	32,000,000	44,250,000
Repayments of Short-term Debt	(32,000,000)	0
Proceeds from sales of Units, net of offering costs	174,702,572	51,479,498
Proceeds from Issuance of Common Stock	5,381,848	36,058,950
Dividends declared and paid	(11,560,512)	(7,563,679)
Payments of Ordinary Dividends, Preferred Stock and Preference Stock	(11,453,618)	(4,663,139)
Payments of Ordinary Dividends, Noncontrolling Interest	(124,905)	(75,179)
Payments for deferred offering costs, net of non cash items	(1,582,886)	(2,127,153)
Net Cash Provided by (Used in) Financing Activities	362,459,611	327,261,630
Cash and Cash Equivalents, Period Increase (Decrease)	4,933,554	4,407,274
Cash beginning of period	3,113,270	9,180,431
Cash end of period	8,046,824	13,587,705
Supplemental cash flow information:
Cash paid for interest	13,386,632	5,132,292
Noncash Investing and Financing Items [Abstract]
Accrued capital expenditures	641,627	70,392
Dividends payable to non controlling interests	49,781	23,202
Accrued and payable deferred offering costs	665,756	175,598
Reclass of offering costs from deferred asset to equity	2,584,073	739,831
Share-based Compensation	$ 2,309,569	$ 1,792,245
offering costs reimbursable to the Manager	670,579	321,910
Noncash or Part Noncash Acquisition, Debt Assumed	$ 41,625,000	$ 0
Common Stock [Member]
Noncash Investing and Financing Items [Abstract]
Dividends payable	4,018,249	2,937,911
Series A Preferred Stock [Member]
Noncash Investing and Financing Items [Abstract]
Dividends payable	1,824,395	693,357
westport capital partners [Member]
Investing activities:
AcquisitionFeesRelatedPartyCosts	$ (24,665)	$ 0

Statements of Equity and Accumu

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]Accumulated Deficit [Member]	ClassBUnits [Member]Total Stockholders' Equity [Member]	ClassBUnits [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	57,133,551	571	0	57,132,980	0	57,133,551	0
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests	(24,514)	(3)	331	(24,842)	0	(24,514)	0
restricted stock vesting	0	0	293	(293)	0	0	0
Stock Issued During Period, Value, Conversion of Units	0	0	1,040	565,158	0	566,198	(566,198)
amortization of Class A Unit awards	1,097,389	0	0	0	0	0	1,097,389
Syndication and offering costs	(7,603,807)			(7,603,807)		(7,603,807)
Stock Issued During Period, Value, Share-based Compensation, Gross	249,717	0	35	249,682	0	249,717	0
Dividends, Common Stock, Cash	(8,049,892)			(8,049,892)		(8,049,892)
Net Income (Loss) Attributable to Parent	1,958,193								$ 1,958,193	$ 1,958,193	$ 32,747
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	1,990,940							$ 1,990,940
non-controlling interest equity adjustment				168,889		168,889	(168,889)
Payments to Noncontrolling Interests	(81,262)						(81,262)
Dividends, Preferred Stock	(4,924,832)	0	0	(4,924,832)	0	(4,924,832)	0
Dividends, Preferred Stock, Cash	4,924,832
Balance at Sep. 30, 2014	242,961,014	1,461	198,629	252,414,783	(11,433,148)	241,181,725	1,779,289
Common Stock, Value, Issued	37,121,005	0	43,985	37,077,020	0	37,121,005	0
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	193,449,291	1,936	0	193,447,355	0	193,449,291	0
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests	(1,505,331)	(23)	599	(1,505,907)	0	(1,505,331)	0
Stock Issued During Period, Value, Stock Options Exercised	1,243,263	0	1,307	1,241,956	0	1,243,263	0
restricted stock vesting	0	0	468	(468)	0	0	0
Stock Issued During Period, Value, Conversion of Units	0	0	1,080	717,583	0	718,663	(718,663)
amortization of Class A Unit awards	1,478,696	0	0	0	0	0	1,478,696
Syndication and offering costs	(22,027,008)	0	0	(22,027,008)	0	(22,027,008)	0
Stock Issued During Period, Value, Share-based Compensation, Gross	282,572	0	40	282,532	0	282,572	0
Dividends, Common Stock, Cash	(11,881,325)	0	0	(11,881,325)	0	(11,881,325)	0
Net Income (Loss) Attributable to Parent	(2,021,148)								$ (2,021,148)	$ (2,021,148)	$ (20,712)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(2,041,860)							$ (2,041,860)
non-controlling interest equity adjustment				508,937		508,937	(508,937)
Payments to Noncontrolling Interests	(149,307)						(149,307)
Dividends, Preferred Stock	(12,377,579)	0	0	(12,377,579)	0	(12,377,579)	0
Dividends, Preferred Stock, Cash	12,377,579
Balance at Sep. 30, 2015	443,546,594	3,841	223,012	454,470,254	(13,319,000)	441,378,107	2,168,487
Common Stock, Value, Issued	$ 5,493,308	$ 0	$ 5,479	$ 5,487,829	$ 0	$ 5,493,308	$ 0

Statements of Equity and Accum8

Statements of Equity and Accumulated Deficit Parenthetical - $ / shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Common Stock, Dividends, Per Share, Declared	$ 0.535	$ 0.48
Series A Preferred Stock [Member]
Dividends, Preferred Stock, Cash	$ 5	$ 5

Organization

Organization	9 Months Ended
	Sep. 30, 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 shopping centers, senior mortgage loans, subordinate loans or mezzanine debt secured by interests in grocery-anchored shopping centers, membership or partnership interests in grocery-anchored shopping centers and other grocery-anchored 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 September 30, 2015 , the Company had 22,301,202 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 nine-month period ended September 30, 2015 . The number of partnership units not owned by the Company totaled 276,560 at September 30, 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 shopping centers. 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 Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 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. 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. 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 recorded in the appropriate period, to the extent that adjustments to the straight-line method are 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 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. New Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers (Topic 606). ASU 2014-09 provides a single comprehensive revenue recognition model for contracts with customers (excluding certain contracts, such as lease contracts) to improve comparability within industries. ASU 2014-09 requires an entity to recognize revenue to reflect the transfer of goods or services to customers at an amount the entity expects to be paid in exchange for those goods and services and provide enhanced disclosures, all to provide more comprehensive guidance for transactions such as service revenue and contract modifications. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 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 2015-02 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 that the balance of unamortized debt issuance costs related to non-revolving debt instruments 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's adoption of ASU 2015-03, which was effective June 30, 2015, did not materially impact its financial position or results of operations. In September 2015, the FASB issued Accounting Standards Update 2015-16 ("ASU 2015-16"), Business Combinations: Simplifying the Accounting for Measurement Period Adjustments. This new guidance requires that the acquirer recognize adjustments to provisional amounts initially recorded in the purchase price allocation, including any effect on earnings, that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 is effective on January 1, 2016 and is prospective in adoption method. The Company does not expect the adoption of ASU 2015-16 to materially impact its financial position or results of operations.

Real Estate Assets (Notes)

Real Estate Assets (Notes)	9 Months Ended
	Sep. 30, 2015
Business Combination Disclosure	Real Estate Assets At September 30, 2015 , the Company's real estate assets included seventeen multifamily communities with 5,416 total units and twelve grocery-anchored shopping centers with approximately 954,000 square feet of gross leasable area. At September 30, 2014 , the Company owned ten multifamily communities with 3,326 total units and nine grocery-anchored shopping centers with approximately 632,000 square feet of gross leasable area. The Company acquired the following multifamily communities during the nine months ended September 30, 2015 : Acquisition date Property Location Approximate purchase price (millions) Units 9/3/2015 Citi Lakes Orlando, Florida $ 63.4 346 7/31/2015 Avenues at Creekside San Antonio, Texas $ 56.2 395 6/30/2015 CityPark View Charlotte, North Carolina $ 32.7 284 6/24/2015 Aster at Lely Naples, Florida $ 52.5 308 5/21/2015 Venue at Lakewood Ranch Sarasota, Florida $ 47.4 237 2/13/2015 Avenues at Cypress (1) Houston, Texas (1) 240 2/13/2015 Avenues at Northpointe (1) Houston, Texas (1) 280 2,090 (1) Avenues at Cypress and Avenues at Northpointe are referred to collectively as the Houston Portfolio, which was acquired for approximately $76.0 million . The purchase prices approximated the fair value of the acquired assets and assumed liabilities. The Company allocated the purchase prices to the acquired assets and liabilities based upon their fair values, as shown in the following table. These purchase price allocations were based upon the Company's best estimates of the fair values of the acquired assets and liabilities, but are preliminary and are subject to refinement for a period of up to one year from the closing date of each transaction. CityPark View Aster at Lely Venue at Lakewood Ranch Houston Portfolio Land $ 3,558,793 $ 7,675,409 $ 3,791,050 $ 7,162,226 Buildings and improvements 23,797,764 37,661,901 37,574,391 54,217,075 Furniture, fixtures and equipment 4,562,148 6,132,384 5,375,690 13,078,872 Lease intangibles 737,790 1,030,306 669,369 1,571,827 Prepaids & other assets 99,124 106,717 80,201 150,326 Escrows 211,428 — 401,294 362,332 Accrued taxes (105,756 ) (23,413 ) (216,252 ) (212,601 ) Security deposits, prepaid rents, and other liabilities (40,152 ) (64,689 ) (35,157 ) (99,181 ) Net assets acquired $ 32,821,139 $ 52,518,615 $ 47,640,586 $ 76,230,876 Cash paid $ 721,139 $ 18,518,615 $ 16,830,586 $ 25,452,876 Real estate loan balance applied 10,000,000 — — — Mortgage debt 22,100,000 34,000,000 30,810,000 50,778,000 Total consideration $ 32,821,139 $ 52,518,615 $ 47,640,586 $ 76,230,876 The Company previously held loan investments which supported the development of of the CityPark View and Aster at Lely multifamily communities. Avenues at Creekside Citi Lakes Land $ 5,983,724 $ 5,558,033 Buildings and improvements 42,050,104 49,416,492 Furniture, fixtures and equipment 6,939,014 7,411,367 Lease intangibles 1,227,158 964,108 Prepaids & other assets 89,582 40,032 Escrows 1,058,468 280,863 Accrued taxes (440,660 ) (187,792 ) Security deposits, prepaid rents, and other liabilities (218,438 ) (80,629 ) Net assets acquired $ 56,688,952 $ 63,402,474 Cash paid $ 15,063,952 $ 18,952,474 Mortgage debt (1) 41,625,000 44,450,000 Total consideration $ 56,688,952 $ 63,402,474 (1) Mortgage on Avenues at Creekside was assumed as part of the acquisition. Since the acquisition dates, contributions by the acquired properties to the Company's consolidated results of operations were: CityPark View Aster at Lely Venue at Lakewood Ranch Houston Portfolio Three months ended September 30, 2015: Revenue $ 941,000 $ 1,256,000 $ 1,085,000 $ 2,187,000 Net income (loss) $ (362,000 ) $ (560,000 ) $ (344,000 ) $ (670,000 ) Nine months ended September 30, 2015: Revenue $ 941,000 $ 1,256,000 $ 1,462,000 $ 5,209,000 Net income (loss) $ (490,000 ) $ (774,000 ) $ (683,000 ) $ (2,422,000 ) Acquisition costs incurred by the Company $ 276,000 $ 438,000 $ 889,000 $ 1,116,000 Remaining amortization period of intangible assets and liabilities (months) 2.5 2.5 1.5 0 Avenues at Creekside Citi Lakes Three and nine months ended September 30, 2015: Revenue $ 1,014,000 $ 399,000 Net income (loss) $ (591,000 ) $ (10,000 ) Acquisition costs incurred by the Company $ 853,000 $ 1,612,000 Remaining amortization period of intangible assets and liabilities (months) 3.5 7.5 The Company acquired the following grocery-anchored shopping centers during the nine months ended September 30, 2015 : Acquisition date Property Location Approximate purchase price (millions) Gross leasable area 9/4/2015 Royal Lakes Marketplace (1) Atlanta, Georgia $ 16.6 119,493 7/1/2015 Independence Square Dallas, Texas $ 18.0 140,218 259,711 (1) See Note 7 - Related Party Transactions The purchase prices approximated the fair value of the acquired assets and assumed liabilities. The Company allocated the purchase prices to the acquired assets and liabilities based upon their fair values, as shown in the following table. These purchase price allocations were based upon the Company's best estimates of the fair values of the acquired assets and liabilities, but are preliminary and are subject to refinement for a period of up to one year from the closing date of each transaction. Independence Square Royal Lakes Marketplace Land $ 4,114,574 $ 4,874,078 Buildings and improvements 13,123,553 9,921,403 Tenant improvements 566,857 517,191 In-place leases 1,567,944 957,093 Above-market leases 35,127 198,238 Leasing costs 392,451 365,629 Below-market leases (1,775,506 ) (315,837 ) Other assets — 88,553 Security deposits, prepaid rents, and other liabilities (226,599 ) (145,581 ) Net assets acquired $ 17,798,401 $ 16,460,767 Cash paid $ 17,798,401 $ 6,660,767 Mortgage debt — (1) 9,800,000 Total consideration $ 17,798,401 $ 16,460,767 (1) On August 27, 2015, the Company entered into a mortgage note secured by the Independence Square property in the principal amount of $12,617,500. Independence Square Royal Lakes Marketplace Three months and nine months ended September 30, 2015: Revenue $ 488,000 $ 92,000 Net income (loss) $ (6,000 ) $ 15,000 Acquisition costs incurred by the Company $ 569,000 $ 239,000 Remaining amortization period of intangible assets and liabilities (years) 6.2 9.9 The Company's consolidated amortization and depreciation expense consisted of: Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Depreciation: Buildings and improvements $ 4,545,441 $ 1,475,098 $ 11,356,809 $ 3,833,974 Furniture, fixtures, and equipment 2,999,399 1,248,832 7,695,830 3,521,459 7,544,840 2,723,930 19,052,639 7,355,433 Amortization: Acquired intangible assets 2,982,982 460,618 7,343,400 1,432,040 Deferred leasing costs 7,207 — 7,207 — Website development costs 1,457 1,191 6,517 3,572 Total depreciation and amortization $ 10,536,486 $ 3,185,739 $ 26,409,763 $ 8,791,045

Acquired Intangible Assets (Not

Acquired Intangible Assets (Notes)	9 Months Ended
	Sep. 30, 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 September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 Multifamily Retail Total Multifamily Retail Total In-place leases $ 22,037,582 $ 11,449,941 $ 33,487,523 $ 15,837,024 $ 9,221,651 $ 25,058,675 Above-market leases — 706,910 706,910 — 479,883 479,883 Customer relationships 1,588,277 — 1,588,277 1,588,277 — 1,588,277 Lease origination costs — 3,342,250 3,342,250 — 2,606,321 2,606,321 Acquired intangible assets $ 23,625,859 $ 15,499,101 $ 39,124,960 $ 17,425,301 $ 12,307,855 $ 29,733,156 Less accumulated amortization of: In-place leases $ (19,513,807 ) $ (2,412,160 ) $ (21,925,967 ) $ (14,351,922 ) $ (892,714 ) $ (15,244,636 ) Above market leases — (172,145 ) (172,145 ) — (49,795 ) (49,795 ) Customer relationships (1,588,277 ) — (1,588,277 ) (1,588,277 ) — (1,588,277 ) Lease origination costs — (490,431 ) (490,431 ) — (147,468 ) (147,468 ) Accumulated amortization (21,102,084 ) (3,074,736 ) (24,176,820 ) (15,940,199 ) (1,089,977 ) (17,030,176 ) Acquired intangible assets, net $ 2,523,775 $ 12,424,365 $ 14,948,140 $ 1,485,102 $ 11,217,878 $ 12,702,980 Below market lease liability $ 383,593 $ 8,244,445 $ 8,628,038 $ 383,593 $ 6,212,597 $ 6,596,190 Less: accumulated amortization (383,593 ) (912,118 ) (1,295,711 ) (383,593 ) (276,666 ) (660,259 ) Below market lease liability, net $ — $ 7,332,327 $ 7,332,327 $ — $ 5,935,931 $ 5,935,931 The Company recognized amortization of acquired intangible assets and liabilities as follows: Three months ended September 30, 2015 2014 Amortization expense Multifamily Retail Total Multifamily Retail Total Intangible assets: Leases in place $ 2,183,437 $ 668,053 $ 2,851,490 $ 297,021 $ 140,663 $ 437,684 Above-market leases (1) — 45,585 45,585 — 6,049 6,049 Customer relationships — — — — — — Lease origination costs — 131,492 131,492 — 22,934 22,934 $ 2,183,437 $ 845,130 $ 3,028,567 $ 297,021 $ 169,646 $ 466,667 Intangible liabilities: Below-market leases (1) $ — $ 270,517 $ 270,517 $ — $ 61,341 $ 61,341 (1) Amortization of above and below market lease intangibles is recorded as a decrease and an increase to rental revenue, respectively. Nine months ended September 30, 2015 2014 Amortization expense Multifamily Retail Total Multifamily Retail Total Intangible assets: Leases in place $ 5,162,093 $ 1,816,193 $ 6,978,286 $ 1,089,034 $ 178,772 $ 1,267,806 Above-market leases (1) — 128,688 128,688 — 7,824 7,824 Customer relationships — — — 131,030 — 131,030 Lease origination costs — 365,114 365,114 — 33,204 33,204 $ 5,162,093 $ 2,309,995 $ 7,472,088 $ 1,220,064 $ 219,800 $ 1,439,864 Intangible liabilities: Below-market leases (1) $ — $ 694,948 $ 694,948 $ 15,160 $ 80,896 $ 96,056 (1) Amortization of above and below market lease intangibles is 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	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	Real Estate Loans, Notes Receivable, and Line of Credit At September 30, 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 4/30/2013 11/1/2016 5/1/2018 $ 10,962,000 $ 25,900,000 8 / 7.5 (2,7) City Vista Pittsburgh, PA 8/31/2012 6/1/2016 7/1/2017 16,107,735 $ 28,400,000 8 / 6 (7) Overton Rise Atlanta, GA 5/8/2013 11/1/2016 5/1/2018 16,600,000 $ 31,700,000 8 / 7.5 (2,7) Haven West Atlanta, GA (4, 5) 7/15/2013 6/2/2016 6/2/2018 6,940,795 $ 16,195,189 8 / 6 (7) Haven 12 Starkville, MS (5, 6) 6/16/2014 11/30/2015 6/16/2017 6,116,384 $ 18,615,081 8.5 / 6.5 (3,7) Founders' Village Williamsburg, VA 8/29/2013 8/29/2018 N/A 10,346,000 $ 26,936,000 8 / 6 (7) Encore Atlanta, GA (8, 9) 11/18/2013 11/15/2015 N/A 20,026,525 N/A 8.5 / 8.66 (7) Palisades Northern VA 8/18/2014 2/18/2018 8/18/2019 17,270,000 $ 38,000,000 8 / 5 (7) Fusion Irvine, CA 7/1/2015 5/31/2018 5/31/2020 59,052,583 $ 43,747,287 8.5 / 7.5 (7) Green Park Atlanta, GA 12/1/2014 12/1/2017 12/1/2019 13,464,372 $ 27,775,000 8.5 / 4.33 (7) Stadium Village Atlanta, GA (5, 10) 6/27/2014 6/27/2017 N/A 13,424,995 $ 34,825,000 8.5 / 4.33 (7) Summit Crossing III Atlanta, GA 2/27/2015 2/26/2018 2/26/2020 7,246,400 $ 16,822,000 8.5 / 6 (3,7) Overture Tampa, FL (11) 7/21/2015 7/21/2018 7/21/2020 6,920,000 $ 17,080,000 8.5 / 6 (3,7) Aldridge at Town Village Atlanta, GA 1/27/2015 12/27/2017 12/27/2019 10,975,000 $ 28,338,937 8.5 / 6 (3,7) 18 Nineteen Lubbock, TX (5, 12) 4/9/2015 4/9/2018 4/9/2020 15,598,352 $ 34,871,251 8.5 / 6 (3,7) Haven South Waco, TX (5,13) 5/1/2015 5/1/2018 5/1/2019 15,445,668 $ 41,827,034 8.5 / 6 (3,7) Haven Tampa Tampa, FL (5,14) 4/17/2015 4/30/2016 N/A 2,900,000 N/A 10 / - Bishop Street Atlanta, GA (8) 8/31/2015 8/30/2016 N/A 3,107,012 N/A 12 / - Dawsonville Atlanta, GA (9,15) 8/14/2015 11/14/2015 2/14/2016 6,553,500 N/A 12 / - $ 259,057,321 (1) All loans are real estate 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; "City Vista" - Oxford City Vista Development 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; "18 Nineteen" - Haven Campus Communities Lubbock, LLC; "Haven South" - Haven Waco Partners, LLC; "Haven Tampa" - Haven Campus Communities - Tampa, LLC; "Bishop Street" - Newport Bishop LLC; and "Dawsonville" - Hendon-BRE Dawson Marketplace, LLC. (2) Effective July 1, 2015, the deferred interest rate was increased by 1.5% per annum. (3) Effective July 1, 2015, the deferred interest rate was increased by 1.0% per annum. (4) Real estate loan in support of a completed student housing community adjacent to the campus of the University of West Georgia. (5) See note 7 - Related Party Transactions. (6) Real estate loan in support of a completed student housing community adjacent to the campus of Mississippi State University. (7) 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. (8) Bridge loan to partially finance the acquisition of land and predevelopment costs for a multifamily community. (9) See note 17 - Subsequent Events. (10) A completed student housing community adjacent to the campus of Kennesaw State University. (11) Real estate loan in support of a second phase adjacent to the Crosstown Walk multifamily community. (12) Real estate loan in support of a planned student housing community adjacent to the campus of Texas Tech University. (13) Real estate loan in support of a planned student housing community adjacent to the campus of Baylor University. (14) Bridge loan in support of a planned student housing community adjacent to the campus of the University of South Florida. (15) Bridge loan to partially finance the acquisition of land and predevelopment costs in support of a planned approximate 200,000 square foot retail shopping center. 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 borrowers. 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, Haven Tampa, Bishop Street and Dawsonville 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 real estate 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 9/30/2015 Carrying amount as of Amount drawn Loan Fee received from borrower - 2% Acquisition fee paid to Manager - 1% Unamortized deferred loan fee revenue September 30, 2015 December 31, 2014 Project/Property Crosstown Walk $ 10,962,000 $ 219,240 $ (109,620 ) $ (15,880 ) $ 10,946,120 $ 10,862,615 CityPark View — 200,000 (100,000 ) — — 9,951,728 City Vista 16,012,969 322,134 (161,067 ) (39,679 ) 15,973,290 13,708,474 Aster at Lely — 254,265 (127,133 ) — — 12,330,262 Overton Rise 16,603,935 332,079 (166,040 ) (41,133 ) 16,562,802 15,773,937 Haven West 6,784,167 138,816 (69,408 ) (13,559 ) 6,770,608 6,753,917 Haven 12 5,815,849 122,328 (61,164 ) (4,403 ) 5,811,446 5,506,157 Founders' Village (1) 9,866,000 197,320 (98,660 ) (26,989 ) 9,839,011 9,804,058 Encore 20,026,525 400,531 (200,265 ) — 20,026,525 11,966,456 Palisades (1) 16,070,000 321,400 (160,700 ) (7,035 ) 16,062,965 14,374,036 Fusion 28,620,510 1,120,890 (560,445 ) (295,298 ) 28,325,212 20,313,722 Green Park (1) 8,908,999 269,287 (134,644 ) (29,773 ) 8,879,226 4,602,691 Stadium Village (1) 13,329,868 268,500 (134,250 ) (10,199 ) 13,319,669 12,664,902 Summit Crossing III 6,434,559 144,928 (72,464 ) (46,201 ) 6,388,358 2,393,639 Overture 2,406,262 138,400 (69,200 ) (42,984 ) 2,363,278 2,225,079 Aldridge at Town Village 9,564,618 219,500 (109,750 ) (79,227 ) 9,485,391 — 18 Nineteen 14,160,503 311,967 (155,984 ) (85,020 ) 14,075,483 — Haven South 10,875,674 309,113 (154,557 ) (127,910 ) 10,747,764 — Haven Tampa 2,900,000 58,000 (29,000 ) (15,911 ) 2,884,089 — Bishop Street 3,107,012 62,140 (31,070 ) (28,301 ) 3,078,711 — Dawsonville 6,288,922 131,070 (65,535 ) (31,960 ) 6,256,962 — $ 208,738,372 $ 5,541,908 $ (2,770,956 ) $ (941,462 ) $ 207,796,910 $ 153,231,673 (1) 25% of the net amount collected by the Company as an acquisition fee was paid to the associated third party loan participant. The Company holds options, but not obligations, to purchase certain of the properties which are partially financed by its real estate loans, as shown in the table below. 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. The option purchase prices are negotiated at the time of the loan closing. Purchase option window Purchase option price Total units upon completion Total beds (student housing communities) Project/Property Begin End Crosstown Walk 7/1/2016 12/31/2016 $ 39,654,273 342 — City Vista 2/1/2016 5/31/2016 $ 43,560,271 272 — Overton Rise 7/8/2016 12/8/2016 $ 51,500,000 294 — Haven West 8/1/2016 1/31/2017 $ 26,138,466 160 568 Haven 12 9/1/2016 11/30/2016 (1) 152 536 Founders' Village 2/1/2016 9/15/2016 $ 44,266,000 247 — Encore N/A N/A N/A 340 — Palisades 3/1/2017 7/31/2017 (1) 304 — Fusion 1/1/2018 4/1/2018 (1) 280 — Green Park 11/1/2017 2/28/2018 (1) 310 — Stadium Village 9/1/2016 11/30/2016 (1) 198 792 Summit Crossing III 8/1/2017 11/30/2017 (1) 172 — Overture 1/1/2018 5/1/2018 (1) 180 — Aldridge at Town Village 11/1/2017 2/28/2018 (1) 300 — 18 Nineteen 10/1/2017 12/31/2017 (1) 217 732 Haven South 10/1/2017 12/31/2017 (1) 250 840 Haven Tampa N/A N/A N/A 158 542 Bishop Street N/A N/A N/A 232 — Dawsonville N/A N/A N/A — — 4,408 4,010 (1) 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 20 and 60 basis points, depending on the loan. At September 30, 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 9/30/2015 12/31/2014 360 Residential, LLC 3/20/2013 6/30/2016 $ 2,000,000 $ 1,216,350 $ 1,107,348 12 % (1) TPKG 13th Street Development, LLC (2) 5/3/2013 N/A — — 5,605,178 N/A Preferred Capital Marketing Services, LLC (3) 1/24/2013 12/31/2016 1,500,000 1,367,000 1,500,000 10 % Riverview Associates, Ltd. (4) 12/17/2012 N/A — — 300,000 N/A Pecunia Management, LLC 11/16/2013 11/15/2015 200,000 133,534 200,000 10 % Oxford Contracting LLC 8/27/2013 4/30/2017 1,500,000 1,475,000 1,475,000 8 % (5) Preferred Apartment Advisors, LLC (3) 8/21/2012 12/31/2016 12,000,000 11,545,165 9,128,038 8 % (6,8) Haven Campus Communities, LLC (3) 6/11/2014 6/30/2016 5,400,000 4,939,904 3,540,099 12 % (5) Oxford Capital Partners, LLC 6/27/2014 3/31/2017 8,250,000 7,661,592 4,029,737 12 % (7,8) Newport Development Partners, LLC 6/17/2014 6/30/2016 3,000,000 — 1,860,560 12 % (5) Unamortized loan fees (43,312 ) (48,400 ) $ 33,850,000 $ 28,295,233 $ 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 Note 7 - Related Party Transactions. (4) The outstanding balance of this loan was fully repaid as of May 26, 2015. (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. (8) See Note 17 - Subsequent Events. The Company recorded interest income and other revenue from these instruments as follows: Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Real estate loans: Current interest payments $ 4,077,298 $ 2,924,660 $ 11,263,071 $ 7,852,786 Additional accrued interest 3,018,766 1,854,309 7,573,044 5,065,487 Deferred loan fee revenue 204,790 178,727 555,657 759,583 Total real estate loan revenue 7,300,854 4,957,696 19,391,772 13,677,856 Interest income on notes and lines of credit 654,026 878,303 2,007,281 $ 2,143,684 Interest income on loans and notes receivable $ 7,954,880 $ 5,835,999 $ 21,399,053 $ 15,821,540 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 could necessitate consolidation of the project. The Company considers the facts and circumstances pertinent to each entity borrowing under the loan, including the relative amount of financing the Company is contributing to the overall project cost, decision making rights or control held by the Company, guarantees provided by third parties, and rights to expected residual gains or obligations to absorb expected residual losses that could be significant from the project. If the Company is deemed to be the primary beneficiary of a VIE, consolidation treatment would be required. The Company has evaluated its real estate loans, where appropriate, for accounting treatment as loans versus real estate development projects, as required by ASC 310. For each loan, the characteristics and the facts and circumstances indicate that loan accounting treatment is appropriate. The Company's real estate loans partially finance the development activities of the borrowers' associated legal entities. Each of these loans create variable interests in each of these entities, and according to the Company's analysis, are deemed to be VIEs, due to the combined factors of the sufficiency of the borrowers' investment at risk, the existence of payment and performance guaranties provided by the borrowers, as well as the limitations on the fixed-price purchase options on the City Vista, Overton Rise, Crosstown Walk, Haven West, and Founders' Village loans. The Company has concluded that it is not the primary beneficiary of the borrowing entities. It has no decision making authority or power to direct activity, except normal lender rights, which are subordinate to the senior loans on the projects. Therefore, since the Company has concluded it is not the primary beneficiary, it has not consolidated these entities in its consolidated financial statements. The Company's maximum exposure to loss from these loans is their drawn amount as of September 30, 2015 of approximately $60.2 million . The maximum aggregate amount of loans to be funded as of September 30, 2015 was approximately $60.9 million . The Company is subject to a concentration of credit risk that could be considered significant with regard to the Crosstown Walk, City Vista, Founders' Village, Palisades, Encore, Summit Crossing III and Overture 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 $90.9 million (with a total commitment amount of $98.6 million ) and in the event of a total failure to perform by the borrowers and guarantors, would subject the Company to a total possible loss of that amount. The Company generally requires secured interests in one or a combination of the membership interests of the borrowing entity or the entity holding the project, guaranties of loan repayment, and project completion performance guaranties as credit protection with regard to its real estate loans, as is customary in the real estate loan industry. The Company has performed assessments of the guaranties with regard to the obligors' ability to perform according to the terms of the guaranties if needed and has concluded that the guaranties reduce the Company's risk and exposure to the above-described credit risk in place as of September 30, 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, Aldridge at Town Village, Bishop Street, and Dawsonville real estate loans, all of which are partially supporting proposed multifamily communities, student housing projects, and a retail shopping center in or near Atlanta, Georgia. The drawn amount of these loans as of September 30, 2015 totaled approximately $91.0 million (with a total commitment amount of approximately $98.3 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, City Vista, Founders' Village, Palisades, Encore, Summit Crossing III and Overture 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 $3.3 million and $2.1 million for the three-month periods ended September 30, 2015 , and 2014, respectively and $9.3 million and $4.0 million for the nine-month periods ended September 30, 2015 , and 2014, respectively.

Redeemable Preferred Stock

Redeemable Preferred Stock	9 Months Ended
	Sep. 30, 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 September 30, 2015 , offering costs specifically identifiable to Unit offering closing transactions, such as commissions, dealer manager fees, and other registration fees, totaled approximately $37.3 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 $10.0 million . As of September 30, 2015 , the Company had issued 386,912 Units from which we realized net proceeds of approximately $349.3 million after commissions and other costs. A total of 2,800 shares of Series A Preferred Stock were subsequently redeemed. The number of Units issued was approximately 39.1% 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 39.1% of the approximate $10.0 million deferred to date, or approximately $3.9 million as a reduction of stockholders' equity. The remaining balance of offering costs not yet reflected as a reduction of stockholder's equity, approximately $6.1 million , are reflected in the asset section of the consolidated balance sheet as deferred offering costs at September 30, 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 $721,000 as of September 30, 2015 , of which approximately $333,000 are reflected as deferred offering costs in the asset section of the consolidated balance sheet at September 30, 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 September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, Type of Compensation Basis of Compensation 2015 2014 2015 2014 Acquisition fees 1% of the gross purchase price of real estate assets acquired or loans advanced $ 2,035,350 $ 3,156,638 $ 4,438,813 $ 3,500,327 Asset management fees Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted 1,045,986 531,881 2,290,870 1,492,458 Property management fees Monthly fee equal to 4% of the monthly gross revenues of the properties managed 743,775 283,805 1,652,034 814,600 General and administrative expense fees Monthly fee equal to 2% of the monthly gross revenues of the Company 497,437 255,234 1,154,639 714,927 $ 4,322,548 $ 4,227,558 $ 9,536,356 $ 6,522,312 On September 4, 2015, the Company acquired Royal Lakes Marketplace, a grocery-anchored shopping center in the Atlanta, Georgia market, from Madison Retail - Royal Lakes, LLC, a Georgia limited liability company. WRF provided an equity investment in support of the development of Royal Lakes Marketplace and received $1.9 million from the sales proceeds. The Company executed a net profits interest agreement on September 4, 2015 with the Seller of Royal Lakes Marketplace, or Net Profits Interest Agreement. The Net Profits Interest Agreement grants the seller a 30% profit sharing interest in proceeds net of closing costs for Qualifying Transactions (as defined below) related to the four pads of vacant outparcel land acquired as part of the Royal Lakes Marketplace transaction. Qualifying Transactions, as defined in the agreement, include the sale of the outparcels, entry into a ground lease on the outparcels or a build-to-suit transaction. The profit sharing interest expires if no Qualifying Transactions are initiated by September 4, 2020. Included in the acquisition fees to related parties line of the statement of operations are fees related to the acquisition of eight grocery-anchored shopping centers in the amount of $642,820 for the three and nine months ended September 30, 2014 paid to Joel T. Murphy while he was a director and Chief Executive Officer of New Market Properties, LLC, a related party. Mr. Murphy was also paid a fee of $57,268 in connection with one grocery-anchored shopping center acquisition prior to his becoming a director of the Company and the Chief Executive Officer of New Market Properties, LLC, which is included in the acquisition fees and pursuit costs line of the statement of operations for the nine months ended September 30, 2014. The Management Agreement also entitles the Manager to receive compensation for services rendered in connection with the construction, development or landscaping of the properties (Construction Management Fees), including the supervision of any third party vendors engaged by the Manager to provide such services; such fee is an amount equal to the customary and competitive market rates in light of the size, type and location of the property. The Company paid construction management fees of $9,193 to the Manager for the three and nine month periods ended September 30, 2015, which were capitalized as part of the related capital improvement. There were no such amounts paid to the Manager for prior periods. 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 $1,528,479 of combined asset management, general and administrative expense and property management fees related to certain properties and land loans during the nine months ended September 30, 2015 and $1,860,824 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 September 30, 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 September 30, Nine months ended September 30, 2015 2014 2015 2014 $ 1,688,347 $ 632,051 $ 4,114,752 $ 1,866,416 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 $708,547 and $331,360 for the nine-month periods ended September 30, 2015 and 2014, respectively. Preferred Capital Securities, LLC, a broker-dealer owned by NELL Partners, Inc., was reimbursed $145,538 for these same costs for the three-month and nine-month periods ended September 30, 2015. 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, Stadium Village, 18 Nineteen, Haven South and Haven Tampa 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 nine-month periods ended September 30, 2015 or 2014. The Company holds a promissory note in the amount of $ 1,367,000 due from Preferred Capital Marketing Services, LLC, or PCMS, which is a wholly-owned subsidiary of NELL Partners. The Company has extended a revolving line of credit with a maximum borrowing amount of $12.0 million to its Manager. See Note 17 - Subsequent Events.

Dividends

Dividends	9 Months Ended
	Sep. 30, 2015
Dividends [Abstract]
Dividends [Text Block]	The Company's dividend activity on its Common Stock for the nine -month periods ended September 30, 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 March 13, 2015 22,004,309 $ 0.175 $ 3,850,754 March 14, 2014 15,336,059 $ 0.16 $ 2,453,769 June 15, 2015 22,290,677 0.18 4,012,322 June 16, 2014 16,613,827 0.16 2,658,212 September 15, 2015 22,323,604 0.18 4,018,249 September 15, 2014 18,361,942 0.16 2,937,911 $ 0.535 $ 11,881,325 $ 0.48 $ 8,049,892
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 January 30, 2015 192,607 $ 984,217 January 31, 2014 89,313 $ 454,344 February 27, 2015 206,007 1,047,189 February 28, 2014 93,005 468,337 March 31, 2015 223,699 1,141,491 March 31, 2014 98,200 497,855 April 30, 2015 243,570 1,244,249 April 30, 2014 101,436 510,905 May 29, 2015 267,273 1,366,207 May 30, 2014 105,630 533,800 June 30, 2015 288,392 1,480,101 June 30, 2014 109,865 556,074 July 31, 2015 311,944 1,588,310 July 31, 2014 115,114 583,110 August 31, 2015 334,013 1,701,019 August 29, 2014 123,334 626,595 September 30, 2015 358,687 1,824,796 September 30, 2014 135,109 693,812 Total $ 12,377,579 Total $ 4,924,832 The Company's dividend activity on its Common Stock for the nine -month periods ended September 30, 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 March 13, 2015 22,004,309 $ 0.175 $ 3,850,754 March 14, 2014 15,336,059 $ 0.16 $ 2,453,769 June 15, 2015 22,290,677 0.18 4,012,322 June 16, 2014 16,613,827 0.16 2,658,212 September 15, 2015 22,323,604 0.18 4,018,249 September 15, 2014 18,361,942 0.16 2,937,911 $ 0.535 $ 11,881,325 $ 0.48 $ 8,049,892 The holders of Class A Units of the Operating Partnership are entitled to equivalent distributions as those declared on the Common Stock. At September 30, 2015 , the Company had 276,560 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 February 5, 2015 April 22, 2015 $ 49,063 February 6, 2014 April 22, 2014 $ 36,552 April 29, 2015 July 15, 2015 50,465 May 8, 2014 July 17, 2014 21,509 August 6, 2015 October 21, 2015 49,779 August 7, 2014 October 17, 2014 23,201 $ 149,307 $ 81,262

Equity Compensation

Equity Compensation	9 Months Ended
	Sep. 30, 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. On May 7, 2015, the Company's stockholders approved the third amendment to the Preferred Apartment Communities, Inc. 2011 Stock Incentive Plan, or the 2011 Plan, which amendment increased the aggregate number of shares of Common Stock authorized for issuance under the 2011 Plan from 1,317,500 to 2,617,500 and extended the expiration date of the 2011 Plan to December 31, 2019. Equity compensation expense by award type for the Company was: Three months ended September 30, Nine months ended September 30, Unamortized expense as of September 30, 2015 2014 2015 2014 2015 Quarterly board member committee fee grants $ 18,018 $ 11,858 $ 41,917 $ 29,786 $ — Class B Unit awards: Executive officers - 2013 — — — 2,318 — Executive officers - 2014 — 364,558 3,825 1,095,041 — Executive officers - 2015 495,399 — 1,474,872 — 492,145 Restricted stock grants: 2013 — — — 85,812 — 2014 — 80,545 107,321 134,150 — 2015 80,000 — 133,333 — 186,679 Total $ 593,417 $ 456,961 $ 1,761,268 $ 1,347,107 $ 678,824 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. On May 7, 2015, the Company granted a total of 30,133 shares of restricted Common 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 over the four following 90-day periods following the date of grant. The shares granted will vest on a pro-rata basis over these same four periods. 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 Total number of shares granted Fair value per share Total fair value 2/6/2014 2,241 $ 8.00 $ 17,928 8/7/2014 1,350 $ 8.80 $ 11,880 2/5/2015 1,782 $ 10.05 $ 17,909 5/7/2015 564 $ 10.62 $ 5,990 8/6/2015 1,647 $ 10.94 $ 18,018 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 1/2/2015 1/2/2014 Stock price $ 9.21 $ 8.05 Dividend yield 7.60 % 8.12 % Expected volatility 30.13 % 32.72 % Risk-free interest rate 2.55 % 3.80 % Derived service period (years) 1.0 1.0 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	9 Months Ended
	Sep. 30, 2015
Debt [Abstract]
Debt Disclosure [Text Block]	he mortgage note secured by our Independence Square property is a seven year term with an anticipated repayment date of September 1, 2022. If the Company elects not to pay its principal balance at the anticipated repayment date, the term will be extended for an additional five years, maturing on September 1, 2027. The interest rate from September 1, 2022 to September 1, 2027 will be the greater of (i) the Initial Interest Rate of 3.93% plus 200 basis points or (ii) the yield on the seven year U.S. treasury security rate plus approximately 400 basis points. The mortgage note secured by our Royal Lakes Marketplace property has a maximum commitment of $11,050,000 . As of September 30, 2015, the Company has an outstanding principal balance of $9.8 million on this loan. Additional advances of the mortgage commitment will be drawn as the Company achieves incremental leasing benchmarks specified under the loan agreement. This mortgage has a variable interest of LIBOR plus 250 basis points, which was 2.70% as of September 30, 2015. The Company has placed interest rate caps on the variable rate mortgages on its Avenues at Creekside and Citi Lakes multifamily communities. Under guidance provided by ASC 815-10, these interest rate caps fall under the definition of derivatives, which are embedded in their debt hosts. Because these interest rate caps are deemed to be clearly and closely related to their debt hosts, bifurcation and fair value accounting treatment is not required. As of September 30, 2015, the weighted-average remaining life of deferred loan costs related to the Company's mortgage indebtedness was approximately 5.5 years . 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 $40.0 million 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 $40.0 million to $45.0 million and extended the maturity date to July 1, 2015. Once the Company's operating real estate assets exceeded $300.0 million , the borrowing capacity was increased to $50.0 million . 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. On August 28, 2015, we entered into the Third Amended and Restated Credit Agreement, under which our borrowing capacity on the Revolving Line of Credit was increased to $70.0 million and the maturity date was extended to August 27, 2018. Also on February 12, 2015, the Company entered into a $32.0 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 accrued interest at a rate of LIBOR plus 4.0% per annum until it was repaid in full on May 12, 2015. 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 September 30, 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 $275,000,000 (2) $443,546,594 Debt yield Minimum 8.0% 8.45% Payout ratio Maximum 95% (3) 79.2% Total leverage ratio Maximum 62.5% 57.2% Debt service coverage ratio Minimum 1.50x 2.79x (1) All covenants are as defined in the credit agreement for the Credit Facility. (2) Minimum $275 million plus 75% of the net proceeds of any equity offering, which totaled $302,541,070 as of September 30, 2015 . (3) Calculated on a trailing four-quarter basis. For the twelve-month period ended September 30, 2015 , the maximum dividends and distributions allowed under this covenant was approximately $36,681,000 . 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 straight-line method, which approximates the effective interest method over the lives of the loans. At September 30, 2015 , aggregate unamortized loan costs for the Revolving Line of Credit were $487,079 , which will be amortized over the remaining life of the Revolving Line of Credit. The weighted average interest rate for the Credit Facility was approximately 3.73% for the nine -month period ended September 30, 2015 . The Revolving Line of Credit also bears a commitment fee on the average daily unused portion of the Revolving Credit Facility of 0.20% or 0.30% per annum, based on the amount borrowed as a percentage of the total commitment. Future Principal Payments The Company’s estimated future principal payments due on its debt instruments as of September 30, 2015 were: Period Future principal payments 2015 $ 30,156,895 2016 7,011,585 2017 8,831,177 2018 30,490,484 2019 150,172,226 thereafter 400,083,611 Total $ 626,745,978

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 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 and nine-month periods ended September 30, 2015 and 2014.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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. At September 30, 2015, the amount guarantied by the Company was $6.9 million . The amount of the guaranty is reduced by $555,000 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. The Company is otherwise currently subject to neither any known material commitments or contingencies from its business operations, nor any material known or threatened litigation.

Segment information

Segment information	9 Months Ended
	Sep. 30, 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 real estate 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 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. September 30, 2015 December 31, 2014 Assets: Multifamily communities $ 684,142,022 $ 368,224,617 Financing 247,354,966 189,984,602 Retail 159,597,066 123,932,893 Other 13,746,142 9,240,795 Consolidated assets $ 1,104,840,196 $ 691,382,907 Total capitalized expenditures of $2,737,108 and $1,337,702 (excluding the purchase price of acquisitions and including construction in progress) were recorded for the nine-month periods ended September 30, 2015 and 2014, respectively, attributable to the Company’s multifamily communities segment. Total capitalized expenditures of $1,008,023 and $221,950 attributable to the retail segment were recorded for the nine-month periods ended September 30, 2015 and 2014, respectively. Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Revenues Multifamily communities $ 18,624,534 $ 6,952,522 $ 44,714,185 $ 19,992,643 Financing 7,954,880 5,835,999 21,399,052 15,821,540 Retail 3,376,279 394,139 9,275,798 673,749 Consolidated revenues $ 29,955,693 $ 13,182,660 $ 75,389,035 $ 36,487,932 Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Segment net operating income (Segment NOI) Multifamily communities $ 10,517,036 $ 4,104,481 $ 24,585,670 $ 11,712,202 Financing 7,954,880 5,835,999 21,399,052 15,821,540 Retail 2,472,650 293,431 6,529,303 504,540 Consolidated segment net operating income 20,944,566 10,233,911 52,514,025 28,038,282 Interest expense: Multifamily communities 4,253,524 1,702,977 10,403,085 4,411,323 Retail 844,472 82,639 2,391,479 82,639 Financing 720,764 364,431 2,089,779 1,156,134 Depreciation and amortization: Multifamily communities 8,719,852 2,870,450 21,526,901 8,369,612 Retail 1,816,634 315,289 4,882,862 421,433 Professional fees 577,579 326,776 1,249,947 901,429 Management fees, net of deferrals 1,535,382 787,115 3,302,109 2,207,385 Acquisition costs: Multifamily communities 2,543,159 2,937,724 5,335,149 3,087,696 Retail 781,799 3,562,332 941,514 3,820,023 Equity compensation to directors and executives 593,417 456,961 1,761,268 1,347,107 Other 255,751 56,590 671,792 242,561 Net income (loss) $ (1,697,767 ) $ (3,229,373 ) $ (2,041,860 ) $ 1,990,940

Loss per Share

Loss per Share	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, 2015 2014 2015 2014 Numerator: Net (loss) income $ (1,697,767 ) $ (3,229,373 ) $ (2,041,860 ) $ 1,990,940 Net loss (income) attributable to non-controlling interests 15,289 26,481 20,712 (32,747 ) Net (loss) income attributable to the Company (1,682,478 ) (3,202,892 ) (2,021,148 ) 1,958,193 Dividends declared to Series A preferred stockholders (A) (5,114,126 ) (1,903,517 ) (12,377,580 ) (4,924,832 ) Earnings attributable to unvested restricted stock (B) (4,068 ) (6,275 ) (16,355 ) (17,227 ) Net loss available to common stockholders $ (6,800,672 ) $ (5,112,684 ) $ (14,415,083 ) $ (2,983,866 ) Denominator: Weighted average number of shares of Common Stock - basic 22,292,217 17,564,091 22,109,036 16,399,675 Effect of dilutive securities: (C) Warrants — — — — Class B Units — — — — Unvested restricted stock — — — — Weighted average number of shares of Common Stock - diluted 22,292,217 17,564,091 22,109,036 16,399,675 Net loss per share of Common Stock available to common stockholders: Basic $ (0.31 ) $ (0.29 ) $ (0.65 ) $ (0.18 ) Diluted $ (0.31 ) $ (0.29 ) $ (0.65 ) $ (0.18 ) (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 384,112 and 146,145 outstanding shares of Series A Preferred Stock at September 30, 2015 and 2014, respectively. (B) The Company's outstanding unvested restricted share awards ( 22,602 and 39,216 shares of Common Stock at September 30, 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 net losses attributable to common stockholders for the three-month and nine-month periods ended September 30, 2015 and 2014, 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 at September 30, 2015 from issuances of Units that are potentially exercisable into 7,607,520 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 Information

Pro Forma Financial Information	9 Months Ended
	Sep. 30, 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, the Sunbelt Portfolio, were hypothetically acquired on January 1, 2013, CityPark View, Aster at Lely, Avenues at Creekside, Independence Square, Royal Lakes were hypothetically acquired on January 1, 2014, the Houston Portfolio was hypothetically acquired February 1, 2014 and Venue at Lakewood Ranch was hypothetically acquired on September 1, 2014 and Citi Lakes was hypothetically acquired on December 1, 2014, were: Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Pro forma: Revenues $ 31,193,556 $ 24,872,962 $ 88,716,623 $ 67,656,005 Net income (loss) $ 2,113,973 $ (2,365,790 ) $ 803,751 $ (17,596,392 ) Net income (loss) attributable to the Company $ 2,082,759 $ (2,289,368 ) $ 791,394 $ (17,352,981 ) Net loss attributable to common stockholders $ (3,035,435 ) $ (4,199,160 ) $ (11,602,541 ) $ (22,295,040 ) Net loss per share of Common Stock attributable to common stockholders, Basic and diluted $ (0.13 ) $ (0.22 ) $ (0.49 ) $ (1.25 ) Weighted average number of shares of Common Stock outstanding, basic and diluted 23,742,217 19,104,091 23,559,036 17,849,675 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 Instru

Fair Values of Financial Instruments	9 Months Ended
	Sep. 30, 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's Irvine loan was measured at fair value on a recurring basis as of December 31, 2014; it was converted to a real estate loan on July 1, 2015. 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 9/30/2015 Carrying value Fair value measurements using fair value hierarchy Fair Value Level 1 Level 2 Level 3 Financial assets: Real estate loans (1) $ 219,024,185 $ 231,276,149 $ — $ — $ 231,276,149 Notes and line of credit receivable 28,295,233 28,295,233 — — 28,295,233 $ 247,319,418 $ 259,571,382 $ — $ — $ 259,571,382 Financial liabilities: Mortgage notes payable (2) $ 590,804,256 $ 597,305,328 $ — $ — $ 597,305,328 Revolving credit facility 28,700,000 28,700,000 — — 28,700,000 Loan participation obligations 12,525,823 13,038,625 — — 13,038,625 $ 632,030,079 $ 639,043,953 $ — $ — $ 639,043,953 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) $ 161,270,120 $ 166,583,953 $ — $ — $ 166,583,953 Notes and line of credit receivable 28,697,560 28,697,560 — — 28,697,560 $ 189,967,680 $ 195,281,513 $ — $ — $ 195,281,513 Financial liabilities: Mortgage notes payable (2) $ 349,391,163 360,557,496 $ — $ — $ 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 $ 381,881,961 $ 393,456,565 $ — $ — $ 393,456,565 (1) The carrying value of real estate loans includes the Fusion loan of $20,313,722 at December 31, 2014, for which the Company elected the fair value option on a recurring basis. The carrying value of real estate assets includes the Company's balance of the Founders' Village, 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 $11,227,275 and $8,038,447 as of September 30, 2015 and December 31, 2014, respectively. (2) The carrying value of mortgage notes payable consists of the principal amounts due reduced by any unamortized deferred loan issuance costs. The fair value of the real estate loans within the level 3 hierarchy are comprised of estimates of the fair value of the notes, which were developed utilizing a discounted cash flow model over the remaining terms of the notes until their maturity dates and utilizing discount rates believed to approximate the market risk factor for notes of similar type and duration. The fair values also contain a separately-calculated estimate of any applicable exit fee or additional interest payment due the Company at the maturity date of the loan, based on the outstanding loan balances at September 30, 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 included a remote possibility of realization of the $2.0 million exit fee at December 31, 2014. 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 at that date. The Fusion loan was converted from a bridge loan to a real estate loan on July 1, 2015 and the Company ceased the fair value option election as of that date since the exit fee feature is not present in the real estate loan. 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	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Events On October 5, 2015, the Company increased the maximum lending amount to $13.4 million on its line of credit to Oxford Capital Partners, LLC and extended the maturity date of the instrument to March 31, 2017. On October 7, 2015, the Company increased the maximum lending amount to approximately $11.6 million on its Dawsonville bridge loan. On October 9, 2015, the Company's Encore bridge loan was recapitalized to an amount of up to approximately $20.7 million to partially finance a planned multifamily community project in Atlanta, Georgia. On October 20, 2015, the Company increased the maximum lending amount to $13.0 million on its line of credit to its Manager. On October 30, 2015, the Company acquired a grocery-anchored shopping center comprised of approximately 112,000 square feet of gross leasable area in the Atlanta, Georgia market. Between October 1, 2015 and November 1, 2015, the Company issued 33,966 Units and collected net proceeds of approximately $30.6 million after commissions and fees under its Follow-on Offering. On November 4, 2015, the Company granted 540 shares of Common Stock to its independent board members, in payment of one of their meeting fees. The per-share fair value of this award, which was fully vested upon issuance, was $11.14 , which was the closing price of the Common Stock on the prior business day. The total compensation cost of $6,016 was recorded in full at the grant date. On November 5, 2015, the Company granted 534 shares of Common Stock to its independent board members, in payment of one of their meeting fees. The per-share fair value of this award, which was fully vested upon issuance, was $11.22 , which was the closing price of the Common Stock on the prior business day. The total compensation cost of $5,991 was recorded in full at the grant date. On November 5, 2015, the Company declared a Common Stock dividend of $0.1925 per share for the fourth quarter 2015, which is payable on January 15, 2016, to common stockholders of record on December 15, 2015.

Significant Accounting Polici26

Significant Accounting Policies Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 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.
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.
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 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. 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 recorded in the appropriate period, to the extent that adjustments to the straight-line method are 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 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 recorded in the appropriate period, to the extent that adjustments to the straight-line method are 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 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 May 2014, the FASB issued Accounting Standards Update 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers (Topic 606). ASU 2014-09 provides a single comprehensive revenue recognition model for contracts with customers (excluding certain contracts, such as lease contracts) to improve comparability within industries. ASU 2014-09 requires an entity to recognize revenue to reflect the transfer of goods or services to customers at an amount the entity expects to be paid in exchange for those goods and services and provide enhanced disclosures, all to provide more comprehensive guidance for transactions such as service revenue and contract modifications. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 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 2015-02 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 that the balance of unamortized debt issuance costs related to non-revolving debt instruments 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's adoption of ASU 2015-03, which was effective June 30, 2015, did not materially impact its financial position or results of operations. In September 2015, the FASB issued Accounting Standards Update 2015-16 ("ASU 2015-16"), Business Combinations: Simplifying the Accounting for Measurement Period Adjustments. This new guidance requires that the acquirer recognize adjustments to provisional amounts initially recorded in the purchase price allocation, including any effect on earnings, that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 is effective on January 1, 2016 and is prospective in adoption method. The Company does not expect the adoption of ASU 2015-16 to materially impact its financial position or results of operations.

Real Estate Assets (Tables)

Real Estate Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Real Estate Assets [Abstract]
business combinations contributions to revenues and net income [Table Text Block]	Independence Square Royal Lakes Marketplace Three months and nine months ended September 30, 2015: Revenue $ 488,000 $ 92,000 Net income (loss) $ (6,000 ) $ 15,000 Acquisition costs incurred by the Company $ 569,000 $ 239,000 Remaining amortization period of intangible assets and liabilities (years) 6.2 9.9 CityPark View Aster at Lely Venue at Lakewood Ranch Houston Portfolio Three months ended September 30, 2015: Revenue $ 941,000 $ 1,256,000 $ 1,085,000 $ 2,187,000 Net income (loss) $ (362,000 ) $ (560,000 ) $ (344,000 ) $ (670,000 ) Nine months ended September 30, 2015: Revenue $ 941,000 $ 1,256,000 $ 1,462,000 $ 5,209,000 Net income (loss) $ (490,000 ) $ (774,000 ) $ (683,000 ) $ (2,422,000 ) Acquisition costs incurred by the Company $ 276,000 $ 438,000 $ 889,000 $ 1,116,000 Remaining amortization period of intangible assets and liabilities (months) 2.5 2.5 1.5 0 Avenues at Creekside Citi Lakes Three and nine months ended September 30, 2015: Revenue $ 1,014,000 $ 399,000 Net income (loss) $ (591,000 ) $ (10,000 ) Acquisition costs incurred by the Company $ 853,000 $ 1,612,000 Remaining amortization period of intangible assets and liabilities (months) 3.5 7.5
Table of Properties Acquired	Acquisition date Property Location Approximate purchase price (millions) Gross leasable area 9/4/2015 Royal Lakes Marketplace (1) Atlanta, Georgia $ 16.6 119,493 7/1/2015 Independence Square Dallas, Texas $ 18.0 140,218 259,711 The Company acquired the following multifamily communities during the nine months ended September 30, 2015 : Acquisition date Property Location Approximate purchase price (millions) Units 9/3/2015 Citi Lakes Orlando, Florida $ 63.4 346 7/31/2015 Avenues at Creekside San Antonio, Texas $ 56.2 395 6/30/2015 CityPark View Charlotte, North Carolina $ 32.7 284 6/24/2015 Aster at Lely Naples, Florida $ 52.5 308 5/21/2015 Venue at Lakewood Ranch Sarasota, Florida $ 47.4 237 2/13/2015 Avenues at Cypress (1) Houston, Texas (1) 240 2/13/2015 Avenues at Northpointe (1) Houston, Texas (1) 280 2,090 (1) Avenues at Cypress and Avenues at Northpointe are referred to collectively as the Houston Portfolio, which was acquired for approximately $76.0 million .
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	Independence Square Royal Lakes Marketplace Land $ 4,114,574 $ 4,874,078 Buildings and improvements 13,123,553 9,921,403 Tenant improvements 566,857 517,191 In-place leases 1,567,944 957,093 Above-market leases 35,127 198,238 Leasing costs 392,451 365,629 Below-market leases (1,775,506 ) (315,837 ) Other assets — 88,553 Security deposits, prepaid rents, and other liabilities (226,599 ) (145,581 ) Net assets acquired $ 17,798,401 $ 16,460,767 Cash paid $ 17,798,401 $ 6,660,767 Mortgage debt — (1) 9,800,000 Total consideration $ 17,798,401 $ 16,460,767 The Company allocated the purchase prices to the acquired assets and liabilities based upon their fair values, as shown in the following table. These purchase price allocations were based upon the Company's best estimates of the fair values of the acquired assets and liabilities, but are preliminary and are subject to refinement for a period of up to one year from the closing date of each transaction. CityPark View Aster at Lely Venue at Lakewood Ranch Houston Portfolio Land $ 3,558,793 $ 7,675,409 $ 3,791,050 $ 7,162,226 Buildings and improvements 23,797,764 37,661,901 37,574,391 54,217,075 Furniture, fixtures and equipment 4,562,148 6,132,384 5,375,690 13,078,872 Lease intangibles 737,790 1,030,306 669,369 1,571,827 Prepaids & other assets 99,124 106,717 80,201 150,326 Escrows 211,428 — 401,294 362,332 Accrued taxes (105,756 ) (23,413 ) (216,252 ) (212,601 ) Security deposits, prepaid rents, and other liabilities (40,152 ) (64,689 ) (35,157 ) (99,181 ) Net assets acquired $ 32,821,139 $ 52,518,615 $ 47,640,586 $ 76,230,876 Cash paid $ 721,139 $ 18,518,615 $ 16,830,586 $ 25,452,876 Real estate loan balance applied 10,000,000 — — — Mortgage debt 22,100,000 34,000,000 30,810,000 50,778,000 Total consideration $ 32,821,139 $ 52,518,615 $ 47,640,586 $ 76,230,876 The Company previously held loan investments which supported the development of of the CityPark View and Aster at Lely multifamily communities. Avenues at Creekside Citi Lakes Land $ 5,983,724 $ 5,558,033 Buildings and improvements 42,050,104 49,416,492 Furniture, fixtures and equipment 6,939,014 7,411,367 Lease intangibles 1,227,158 964,108 Prepaids & other assets 89,582 40,032 Escrows 1,058,468 280,863 Accrued taxes (440,660 ) (187,792 ) Security deposits, prepaid rents, and other liabilities (218,438 ) (80,629 ) Net assets acquired $ 56,688,952 $ 63,402,474 Cash paid $ 15,063,952 $ 18,952,474 Mortgage debt (1) 41,625,000 44,450,000 Total consideration $ 56,688,952 $ 63,402,474 (1) Mortgage on Avenues at Creekside was assumed as part of the acquisition.
Depreciation and Amortization Expense	Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Depreciation: Buildings and improvements $ 4,545,441 $ 1,475,098 $ 11,356,809 $ 3,833,974 Furniture, fixtures, and equipment 2,999,399 1,248,832 7,695,830 3,521,459 7,544,840 2,723,930 19,052,639 7,355,433 Amortization: Acquired intangible assets 2,982,982 460,618 7,343,400 1,432,040 Deferred leasing costs 7,207 — 7,207 — Website development costs 1,457 1,191 6,517 3,572 Total depreciation and amortization $ 10,536,486 $ 3,185,739 $ 26,409,763 $ 8,791,045

Acquired Intangible Assets (Tab

Acquired Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Acquired Intangible Assets and Liabilities The Company recorded the following acquired lease intangible assets and liabilities and related accumulated amortization, as of September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 Multifamily Retail Total Multifamily Retail Total In-place leases $ 22,037,582 $ 11,449,941 $ 33,487,523 $ 15,837,024 $ 9,221,651 $ 25,058,675 Above-market leases — 706,910 706,910 — 479,883 479,883 Customer relationships 1,588,277 — 1,588,277 1,588,277 — 1,588,277 Lease origination costs — 3,342,250 3,342,250 — 2,606,321 2,606,321 Acquired intangible assets $ 23,625,859 $ 15,499,101 $ 39,124,960 $ 17,425,301 $ 12,307,855 $ 29,733,156 Less accumulated amortization of: In-place leases $ (19,513,807 ) $ (2,412,160 ) $ (21,925,967 ) $ (14,351,922 ) $ (892,714 ) $ (15,244,636 ) Above market leases — (172,145 ) (172,145 ) — (49,795 ) (49,795 ) Customer relationships (1,588,277 ) — (1,588,277 ) (1,588,277 ) — (1,588,277 ) Lease origination costs — (490,431 ) (490,431 ) — (147,468 ) (147,468 ) Accumulated amortization (21,102,084 ) (3,074,736 ) (24,176,820 ) (15,940,199 ) (1,089,977 ) (17,030,176 ) Acquired intangible assets, net $ 2,523,775 $ 12,424,365 $ 14,948,140 $ 1,485,102 $ 11,217,878 $ 12,702,980 Below market lease liability $ 383,593 $ 8,244,445 $ 8,628,038 $ 383,593 $ 6,212,597 $ 6,596,190 Less: accumulated amortization (383,593 ) (912,118 ) (1,295,711 ) (383,593 ) (276,666 ) (660,259 ) Below market lease liability, net $ — $ 7,332,327 $ 7,332,327 $ — $ 5,935,931 $ 5,935,931 The Company recognized amortization of acquired intangible assets and liabilities as follows: Three months ended September 30, 2015 2014 Amortization expense Multifamily Retail Total Multifamily Retail Total Intangible assets: Leases in place $ 2,183,437 $ 668,053 $ 2,851,490 $ 297,021 $ 140,663 $ 437,684 Above-market leases (1) — 45,585 45,585 — 6,049 6,049 Customer relationships — — — — — — Lease origination costs — 131,492 131,492 — 22,934 22,934 $ 2,183,437 $ 845,130 $ 3,028,567 $ 297,021 $ 169,646 $ 466,667 Intangible liabilities: Below-market leases (1) $ — $ 270,517 $ 270,517 $ — $ 61,341 $ 61,341 (1) Amortization of above and below market lease intangibles is recorded as a decrease and an increase to rental revenue, respectively.
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 September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 Multifamily Retail Total Multifamily Retail Total In-place leases $ 22,037,582 $ 11,449,941 $ 33,487,523 $ 15,837,024 $ 9,221,651 $ 25,058,675 Above-market leases — 706,910 706,910 — 479,883 479,883 Customer relationships 1,588,277 — 1,588,277 1,588,277 — 1,588,277 Lease origination costs — 3,342,250 3,342,250 — 2,606,321 2,606,321 Acquired intangible assets $ 23,625,859 $ 15,499,101 $ 39,124,960 $ 17,425,301 $ 12,307,855 $ 29,733,156 Less accumulated amortization of: In-place leases $ (19,513,807 ) $ (2,412,160 ) $ (21,925,967 ) $ (14,351,922 ) $ (892,714 ) $ (15,244,636 ) Above market leases — (172,145 ) (172,145 ) — (49,795 ) (49,795 ) Customer relationships (1,588,277 ) — (1,588,277 ) (1,588,277 ) — (1,588,277 ) Lease origination costs — (490,431 ) (490,431 ) — (147,468 ) (147,468 ) Accumulated amortization (21,102,084 ) (3,074,736 ) (24,176,820 ) (15,940,199 ) (1,089,977 ) (17,030,176 ) Acquired intangible assets, net $ 2,523,775 $ 12,424,365 $ 14,948,140 $ 1,485,102 $ 11,217,878 $ 12,702,980 Below market lease liability $ 383,593 $ 8,244,445 $ 8,628,038 $ 383,593 $ 6,212,597 $ 6,596,190 Less: accumulated amortization (383,593 ) (912,118 ) (1,295,711 ) (383,593 ) (276,666 ) (660,259 ) Below market lease liability, net $ — $ 7,332,327 $ 7,332,327 $ — $ 5,935,931 $ 5,935,931
Finite-lived Intangible Assets Amortization Expense [Table Text Block]	Nine months ended September 30, 2015 2014 Amortization expense Multifamily Retail Total Multifamily Retail Total Intangible assets: Leases in place $ 5,162,093 $ 1,816,193 $ 6,978,286 $ 1,089,034 $ 178,772 $ 1,267,806 Above-market leases (1) — 128,688 128,688 — 7,824 7,824 Customer relationships — — — 131,030 — 131,030 Lease origination costs — 365,114 365,114 — 33,204 33,204 $ 5,162,093 $ 2,309,995 $ 7,472,088 $ 1,220,064 $ 219,800 $ 1,439,864 Intangible liabilities: Below-market leases (1) $ — $ 694,948 $ 694,948 $ 15,160 $ 80,896 $ 96,056 (1) Amortization of above and below market lease intangibles is recorded as a decrease and an increase to rental revenue, respectively.

Real Estate Loans, Notes Rece29

Real Estate Loans, Notes Receivable, and Lines of Credit Real estate loans (Tables)	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	As of 9/30/2015 Carrying amount as of Amount drawn Loan Fee received from borrower - 2% Acquisition fee paid to Manager - 1% Unamortized deferred loan fee revenue September 30, 2015 December 31, 2014 Project/Property Crosstown Walk $ 10,962,000 $ 219,240 $ (109,620 ) $ (15,880 ) $ 10,946,120 $ 10,862,615 CityPark View — 200,000 (100,000 ) — — 9,951,728 City Vista 16,012,969 322,134 (161,067 ) (39,679 ) 15,973,290 13,708,474 Aster at Lely — 254,265 (127,133 ) — — 12,330,262 Overton Rise 16,603,935 332,079 (166,040 ) (41,133 ) 16,562,802 15,773,937 Haven West 6,784,167 138,816 (69,408 ) (13,559 ) 6,770,608 6,753,917 Haven 12 5,815,849 122,328 (61,164 ) (4,403 ) 5,811,446 5,506,157 Founders' Village (1) 9,866,000 197,320 (98,660 ) (26,989 ) 9,839,011 9,804,058 Encore 20,026,525 400,531 (200,265 ) — 20,026,525 11,966,456 Palisades (1) 16,070,000 321,400 (160,700 ) (7,035 ) 16,062,965 14,374,036 Fusion 28,620,510 1,120,890 (560,445 ) (295,298 ) 28,325,212 20,313,722 Green Park (1) 8,908,999 269,287 (134,644 ) (29,773 ) 8,879,226 4,602,691 Stadium Village (1) 13,329,868 268,500 (134,250 ) (10,199 ) 13,319,669 12,664,902 Summit Crossing III 6,434,559 144,928 (72,464 ) (46,201 ) 6,388,358 2,393,639 Overture 2,406,262 138,400 (69,200 ) (42,984 ) 2,363,278 2,225,079 Aldridge at Town Village 9,564,618 219,500 (109,750 ) (79,227 ) 9,485,391 — 18 Nineteen 14,160,503 311,967 (155,984 ) (85,020 ) 14,075,483 — Haven South 10,875,674 309,113 (154,557 ) (127,910 ) 10,747,764 — Haven Tampa 2,900,000 58,000 (29,000 ) (15,911 ) 2,884,089 — Bishop Street 3,107,012 62,140 (31,070 ) (28,301 ) 3,078,711 — Dawsonville 6,288,922 131,070 (65,535 ) (31,960 ) 6,256,962 — $ 208,738,372 $ 5,541,908 $ (2,770,956 ) $ (941,462 ) $ 207,796,910 $ 153,231,673 (1) 25% of the net amount collected by the Company as an acquisition fee was paid to the associated third party loan participant. 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 4/30/2013 11/1/2016 5/1/2018 $ 10,962,000 $ 25,900,000 8 / 7.5 (2,7) City Vista Pittsburgh, PA 8/31/2012 6/1/2016 7/1/2017 16,107,735 $ 28,400,000 8 / 6 (7) Overton Rise Atlanta, GA 5/8/2013 11/1/2016 5/1/2018 16,600,000 $ 31,700,000 8 / 7.5 (2,7) Haven West Atlanta, GA (4, 5) 7/15/2013 6/2/2016 6/2/2018 6,940,795 $ 16,195,189 8 / 6 (7) Haven 12 Starkville, MS (5, 6) 6/16/2014 11/30/2015 6/16/2017 6,116,384 $ 18,615,081 8.5 / 6.5 (3,7) Founders' Village Williamsburg, VA 8/29/2013 8/29/2018 N/A 10,346,000 $ 26,936,000 8 / 6 (7) Encore Atlanta, GA (8, 9) 11/18/2013 11/15/2015 N/A 20,026,525 N/A 8.5 / 8.66 (7) Palisades Northern VA 8/18/2014 2/18/2018 8/18/2019 17,270,000 $ 38,000,000 8 / 5 (7) Fusion Irvine, CA 7/1/2015 5/31/2018 5/31/2020 59,052,583 $ 43,747,287 8.5 / 7.5 (7) Green Park Atlanta, GA 12/1/2014 12/1/2017 12/1/2019 13,464,372 $ 27,775,000 8.5 / 4.33 (7) Stadium Village Atlanta, GA (5, 10) 6/27/2014 6/27/2017 N/A 13,424,995 $ 34,825,000 8.5 / 4.33 (7) Summit Crossing III Atlanta, GA 2/27/2015 2/26/2018 2/26/2020 7,246,400 $ 16,822,000 8.5 / 6 (3,7) Overture Tampa, FL (11) 7/21/2015 7/21/2018 7/21/2020 6,920,000 $ 17,080,000 8.5 / 6 (3,7) Aldridge at Town Village Atlanta, GA 1/27/2015 12/27/2017 12/27/2019 10,975,000 $ 28,338,937 8.5 / 6 (3,7) 18 Nineteen Lubbock, TX (5, 12) 4/9/2015 4/9/2018 4/9/2020 15,598,352 $ 34,871,251 8.5 / 6 (3,7) Haven South Waco, TX (5,13) 5/1/2015 5/1/2018 5/1/2019 15,445,668 $ 41,827,034 8.5 / 6 (3,7) Haven Tampa Tampa, FL (5,14) 4/17/2015 4/30/2016 N/A 2,900,000 N/A 10 / - Bishop Street Atlanta, GA (8) 8/31/2015 8/30/2016 N/A 3,107,012 N/A 12 / - Dawsonville Atlanta, GA (9,15) 8/14/2015 11/14/2015 2/14/2016 6,553,500 N/A 12 / - $ 259,057,321 (1) All loans are real estate 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; "City Vista" - Oxford City Vista Development 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; "18 Nineteen" - Haven Campus Communities Lubbock, LLC; "Haven South" - Haven Waco Partners, LLC; "Haven Tampa" - Haven Campus Communities - Tampa, LLC; "Bishop Street" - Newport Bishop LLC; and "Dawsonville" - Hendon-BRE Dawson Marketplace, LLC. (2) Effective July 1, 2015, the deferred interest rate was increased by 1.5% per annum. (3) Effective July 1, 2015, the deferred interest rate was increased by 1.0% per annum. (4) Real estate loan in support of a completed student housing community adjacent to the campus of the University of West Georgia. (5) See note 7 - Related Party Transactions. (6) Real estate loan in support of a completed student housing community adjacent to the campus of Mississippi State University. (7) 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. (8) Bridge loan to partially finance the acquisition of land and predevelopment costs for a multifamily community. (9) See note 17 - Subsequent Events. (10) A completed student housing community adjacent to the campus of Kennesaw State University. (11) Real estate loan in support of a second phase adjacent to the Crosstown Walk multifamily community. (12) Real estate loan in support of a planned student housing community adjacent to the campus of Texas Tech University. (13) Real estate loan in support of a planned student housing community adjacent to the campus of Baylor University. (14) Bridge loan in support of a planned student housing community adjacent to the campus of the University of South Florida. (15) Bridge loan to partially finance the acquisition of land and predevelopment costs in support of a planned approximate 200,000 square foot retail shopping center.
loans and notes receivable [Table Text Block]	M
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 real estate loans, as shown in the table below. 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. The option purchase prices are negotiated at the time of the loan closing. Purchase option window Purchase option price Total units upon completion Total beds (student housing communities) Project/Property Begin End Crosstown Walk 7/1/2016 12/31/2016 $ 39,654,273 342 — City Vista 2/1/2016 5/31/2016 $ 43,560,271 272 — Overton Rise 7/8/2016 12/8/2016 $ 51,500,000 294 — Haven West 8/1/2016 1/31/2017 $ 26,138,466 160 568 Haven 12 9/1/2016 11/30/2016 (1) 152 536 Founders' Village 2/1/2016 9/15/2016 $ 44,266,000 247 — Encore N/A N/A N/A 340 — Palisades 3/1/2017 7/31/2017 (1) 304 — Fusion 1/1/2018 4/1/2018 (1) 280 — Green Park 11/1/2017 2/28/2018 (1) 310 — Stadium Village 9/1/2016 11/30/2016 (1) 198 792 Summit Crossing III 8/1/2017 11/30/2017 (1) 172 — Overture 1/1/2018 5/1/2018 (1) 180 — Aldridge at Town Village 11/1/2017 2/28/2018 (1) 300 — 18 Nineteen 10/1/2017 12/31/2017 (1) 217 732 Haven South 10/1/2017 12/31/2017 (1) 250 840 Haven Tampa N/A N/A N/A 158 542 Bishop Street N/A N/A N/A 232 — Dawsonville N/A N/A N/A — — 4,408 4,010 (1) 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 20 and 60 basis points, depending on the loan.
Notes receivable [Table Text Block]	Borrower Date of loan Maturity date Total loan commitments Outstanding balance as of: Interest rate 9/30/2015 12/31/2014 360 Residential, LLC 3/20/2013 6/30/2016 $ 2,000,000 $ 1,216,350 $ 1,107,348 12 % (1) TPKG 13th Street Development, LLC (2) 5/3/2013 N/A — — 5,605,178 N/A Preferred Capital Marketing Services, LLC (3) 1/24/2013 12/31/2016 1,500,000 1,367,000 1,500,000 10 % Riverview Associates, Ltd. (4) 12/17/2012 N/A — — 300,000 N/A Pecunia Management, LLC 11/16/2013 11/15/2015 200,000 133,534 200,000 10 % Oxford Contracting LLC 8/27/2013 4/30/2017 1,500,000 1,475,000 1,475,000 8 % (5) Preferred Apartment Advisors, LLC (3) 8/21/2012 12/31/2016 12,000,000 11,545,165 9,128,038 8 % (6,8) Haven Campus Communities, LLC (3) 6/11/2014 6/30/2016 5,400,000 4,939,904 3,540,099 12 % (5) Oxford Capital Partners, LLC 6/27/2014 3/31/2017 8,250,000 7,661,592 4,029,737 12 % (7,8) Newport Development Partners, LLC 6/17/2014 6/30/2016 3,000,000 — 1,860,560 12 % (5) Unamortized loan fees (43,312 ) (48,400 ) $ 33,850,000 $ 28,295,233 $ 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 Note 7 - Related Party Transactions. (4) The outstanding balance of this loan was fully repaid as of May 26, 2015. (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. (8) See Note 17 - Subsequent Events.
interest income [Table Text Block]	Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Real estate loans: Current interest payments $ 4,077,298 $ 2,924,660 $ 11,263,071 $ 7,852,786 Additional accrued interest 3,018,766 1,854,309 7,573,044 5,065,487 Deferred loan fee revenue 204,790 178,727 555,657 759,583 Total real estate loan revenue 7,300,854 4,957,696 19,391,772 13,677,856 Interest income on notes and lines of credit 654,026 878,303 2,007,281 $ 2,143,684 Interest income on loans and notes receivable $ 7,954,880 $ 5,835,999 $ 21,399,053 $ 15,821,540

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Schedule of Related Party Transactions [Table Text Block]	In addition to property management fees, the Company incurred the following reimbursable on-site personnel salary and related benefits expenses at the properties, which are listed on the Consolidated Statements of Operations: Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 $ 1,688,347 $ 632,051 $ 4,114,752 $ 1,866,416 The following table details Manager fees recognized, net of deferrals, as described below. Three months ended September 30, Nine months ended September 30, Type of Compensation Basis of Compensation 2015 2014 2015 2014 Acquisition fees 1% of the gross purchase price of real estate assets acquired or loans advanced $ 2,035,350 $ 3,156,638 $ 4,438,813 $ 3,500,327 Asset management fees Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted 1,045,986 531,881 2,290,870 1,492,458 Property management fees Monthly fee equal to 4% of the monthly gross revenues of the properties managed 743,775 283,805 1,652,034 814,600 General and administrative expense fees Monthly fee equal to 2% of the monthly gross revenues of the Company 497,437 255,234 1,154,639 714,927 $ 4,322,548 $ 4,227,558 $ 9,536,356 $ 6,522,312

Dividends (Tables)

Dividends (Tables)	9 Months Ended
	Sep. 30, 2015
Dividends Payable [Line Items]
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 January 30, 2015 192,607 $ 984,217 January 31, 2014 89,313 $ 454,344 February 27, 2015 206,007 1,047,189 February 28, 2014 93,005 468,337 March 31, 2015 223,699 1,141,491 March 31, 2014 98,200 497,855 April 30, 2015 243,570 1,244,249 April 30, 2014 101,436 510,905 May 29, 2015 267,273 1,366,207 May 30, 2014 105,630 533,800 June 30, 2015 288,392 1,480,101 June 30, 2014 109,865 556,074 July 31, 2015 311,944 1,588,310 July 31, 2014 115,114 583,110 August 31, 2015 334,013 1,701,019 August 29, 2014 123,334 626,595 September 30, 2015 358,687 1,824,796 September 30, 2014 135,109 693,812 Total $ 12,377,579 Total $ 4,924,832

Dividends Series A Preferred St

Dividends Series A Preferred Stock (Tables)	9 Months Ended
	Sep. 30, 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 January 30, 2015 192,607 $ 984,217 January 31, 2014 89,313 $ 454,344 February 27, 2015 206,007 1,047,189 February 28, 2014 93,005 468,337 March 31, 2015 223,699 1,141,491 March 31, 2014 98,200 497,855 April 30, 2015 243,570 1,244,249 April 30, 2014 101,436 510,905 May 29, 2015 267,273 1,366,207 May 30, 2014 105,630 533,800 June 30, 2015 288,392 1,480,101 June 30, 2014 109,865 556,074 July 31, 2015 311,944 1,588,310 July 31, 2014 115,114 583,110 August 31, 2015 334,013 1,701,019 August 29, 2014 123,334 626,595 September 30, 2015 358,687 1,824,796 September 30, 2014 135,109 693,812 Total $ 12,377,579 Total $ 4,924,832

Dividends Class A Distributions

Dividends Class A Distributions (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2015 , the Company had 276,560 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 February 5, 2015 April 22, 2015 $ 49,063 February 6, 2014 April 22, 2014 $ 36,552 April 29, 2015 July 15, 2015 50,465 May 8, 2014 July 17, 2014 21,509 August 6, 2015 October 21, 2015 49,779 August 7, 2014 October 17, 2014 23,201 $ 149,307 $ 81,262

Dividends Dividend characteriza

Dividends Dividend characterization (Tables)	9 Months Ended
	Sep. 30, 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 January 30, 2015 192,607 $ 984,217 January 31, 2014 89,313 $ 454,344 February 27, 2015 206,007 1,047,189 February 28, 2014 93,005 468,337 March 31, 2015 223,699 1,141,491 March 31, 2014 98,200 497,855 April 30, 2015 243,570 1,244,249 April 30, 2014 101,436 510,905 May 29, 2015 267,273 1,366,207 May 30, 2014 105,630 533,800 June 30, 2015 288,392 1,480,101 June 30, 2014 109,865 556,074 July 31, 2015 311,944 1,588,310 July 31, 2014 115,114 583,110 August 31, 2015 334,013 1,701,019 August 29, 2014 123,334 626,595 September 30, 2015 358,687 1,824,796 September 30, 2014 135,109 693,812 Total $ 12,377,579 Total $ 4,924,832 The Company's dividend activity on its Common Stock for the nine -month periods ended September 30, 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 March 13, 2015 22,004,309 $ 0.175 $ 3,850,754 March 14, 2014 15,336,059 $ 0.16 $ 2,453,769 June 15, 2015 22,290,677 0.18 4,012,322 June 16, 2014 16,613,827 0.16 2,658,212 September 15, 2015 22,323,604 0.18 4,018,249 September 15, 2014 18,361,942 0.16 2,937,911 $ 0.535 $ 11,881,325 $ 0.48 $ 8,049,892 The holders of Class A Units of the Operating Partnership are entitled to equivalent distributions as those declared on the Common Stock. At September 30, 2015 , the Company had 276,560 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 February 5, 2015 April 22, 2015 $ 49,063 February 6, 2014 April 22, 2014 $ 36,552 April 29, 2015 July 15, 2015 50,465 May 8, 2014 July 17, 2014 21,509 August 6, 2015 October 21, 2015 49,779 August 7, 2014 October 17, 2014 23,201 $ 149,307 $ 81,262

Dividends Common Stock (Tables)

Dividends Common Stock (Tables)	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Dividends [Text Block]	The Company's dividend activity on its Common Stock for the nine -month periods ended September 30, 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 March 13, 2015 22,004,309 $ 0.175 $ 3,850,754 March 14, 2014 15,336,059 $ 0.16 $ 2,453,769 June 15, 2015 22,290,677 0.18 4,012,322 June 16, 2014 16,613,827 0.16 2,658,212 September 15, 2015 22,323,604 0.18 4,018,249 September 15, 2014 18,361,942 0.16 2,937,911 $ 0.535 $ 11,881,325 $ 0.48 $ 8,049,892

Equity Compensation (Tables)

Equity Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Equity Compensation [Abstract]
Schedule of Other Share-based Compensation, Activity [Table Text Block]	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 Total number of shares granted Fair value per share Total fair value 2/6/2014 2,241 $ 8.00 $ 17,928 8/7/2014 1,350 $ 8.80 $ 11,880 2/5/2015 1,782 $ 10.05 $ 17,909 5/7/2015 564 $ 10.62 $ 5,990 8/6/2015 1,647 $ 10.94 $ 18,018
equity compensation expense [Table Text Block]	Three months ended September 30, Nine months ended September 30, Unamortized expense as of September 30, 2015 2014 2015 2014 2015 Quarterly board member committee fee grants $ 18,018 $ 11,858 $ 41,917 $ 29,786 $ — Class B Unit awards: Executive officers - 2013 — — — 2,318 — Executive officers - 2014 — 364,558 3,825 1,095,041 — Executive officers - 2015 495,399 — 1,474,872 — 492,145 Restricted stock grants: 2013 — — — 85,812 — 2014 — 80,545 107,321 134,150 — 2015 80,000 — 133,333 — 186,679 Total $ 593,417 $ 456,961 $ 1,761,268 $ 1,347,107 $ 678,824
ClassBUnitGrantsvaluationassumptions [Table Text Block]	Grant dates 1/2/2015 1/2/2014 Stock price $ 9.21 $ 8.05 Dividend yield 7.60 % 8.12 % Expected volatility 30.13 % 32.72 % Risk-free interest rate 2.55 % 3.80 % Derived service period (years) 1.0 1.0 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)	9 Months Ended
	Sep. 30, 2015
Debt Instrument [Line Items]
Schedule of Long-term Debt Instruments [Table Text Block]	Principal balance as of Interest only through date (2) Acquisition/ refinancing date September 30, 2015 December 31, 2014 Maturity date Interest rate (1) Trail Creek 6/25/2013 $ 28,109,000 $ 28,109,000 7/1/2020 4.22 % 7/1/2020 Stone Rise 7/3/2014 25,144,980 25,187,000 8/1/2019 2.89 % 8/31/2015 Summit Crossing 4/21/2011 38,972,375 20,685,760 5/1/2018 4.71 % 5/31/2014 Summit Crossing secondary financing 8/28/2014 — 5,229,386 9/1/2019 4.39 % N/A Summit II 3/20/2014 — 13,357,000 4/1/2021 4.49 % 4/30/2019 Ashford Park 1/24/2013 32,175,183 25,626,000 2/1/2020 3.13 % 2/28/2018 Ashford Park secondary financing 8/28/2014 — 6,632,542 2/1/2020 4.13 % N/A McNeil Ranch 1/24/2013 13,646,000 13,646,000 2/1/2020 3.13 % 2/28/2018 Lake Cameron 1/24/2013 19,773,000 19,773,000 2/1/2020 3.13 % 2/28/2018 Enclave 9/26/2014 24,862,000 24,862,000 10/1/2021 3.68 % 10/31/2017 Sandstone 9/26/2014 31,720,189 32,200,225 10/1/2019 3.18 % N/A Stoneridge 9/26/2014 27,444,027 27,859,349 10/1/2019 3.18 % N/A Vineyards 9/26/2014 34,775,000 34,775,000 10/1/2021 3.68 % 10/31/2017 Spring Hill Plaza 9/5/2014 9,900,000 9,900,000 10/1/2019 3.36 % 10/31/2015 Parkway Town Centre 9/5/2014 7,200,000 7,200,000 10/1/2019 3.36 % 10/31/2015 Woodstock Crossing 8/8/2014 3,103,124 3,138,389 9/1/2021 4.71 % N/A Deltona Landings 9/30/2014 7,110,389 7,215,551 10/1/2019 3.48 % N/A Powder Springs 9/30/2014 7,502,686 7,613,650 10/1/2019 3.48 % N/A Kingwood Glen 9/30/2014 11,896,416 12,072,363 10/1/2019 3.48 % N/A Barclay Crossing 9/30/2014 6,688,669 6,787,594 10/1/2019 3.48 % N/A Sweetgrass Corner 9/30/2014 8,103,627 8,221,429 10/1/2019 3.58 % N/A Parkway Centre 9/30/2014 4,658,531 4,727,430 10/1/2019 3.48 % N/A Salem Cove 10/6/2014 9,600,000 9,600,000 11/1/2024 4.21 % 11/30/2016 Avenues at Cypress 2/13/2015 22,688,280 — 9/1/2022 3.43 % N/A Avenues at Northpointe 2/13/2015 27,878,000 — 3/1/2022 3.16 % 3/31/2017 Lakewood Ranch 5/21/2015 30,671,447 — 12/1/2022 3.55 % N/A Aster Lely 6/24/2015 33,899,037 — 7/5/2022 3.84 % N/A CityPark View 6/30/2015 22,031,518 — 7/1/2022 3.27 % N/A Avenues at Creekside 7/31/2015 41,625,000 — 8/1/2024 1.79 % (3) 8/31/2016 Citi Lakes 9/3/2015 44,450,000 — 4/1/2023 2.36 % (4) N/A Independence Square 8/27/2015 12,617,500 — 9/1/2022 3.93 % 9/30/2016 Royal Lakes Marketplace 9/4/2015 9,800,000 — 9/4/2020 2.70 % (5) 4/3/2017 Total $ 598,045,978 $ 354,418,668 (1) Interest rates are fixed, except as indicated. (2) 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. (3) The mortgage instrument was assumed as part of the sales transaction; It accrues interest at a variable rate which consists of the one-month London Interbank Offered Rate, or 1 Month LIBOR, plus 160 basis points. The 1 Month LIBOR index is capped at 5.0%. (4) Variable rate which consists of 1 Month LIBOR plus 217 basis points. The 1 Month LIBOR index is capped at 4.33%. (5) Variable rate which consisted of 1 Month LIBOR plus 250 basis points.
debt covenant [Table Text Block]	As of September 30, 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 $275,000,000 (2) $443,546,594 Debt yield Minimum 8.0% 8.45% Payout ratio Maximum 95% (3) 79.2% Total leverage ratio Maximum 62.5% 57.2% Debt service coverage ratio Minimum 1.50x 2.79x (1) All covenants are as defined in the credit agreement for the Credit Facility. (2) Minimum $275 million plus 75% of the net proceeds of any equity offering, which totaled $302,541,070 as of September 30, 2015 . (3) Calculated on a trailing four-quarter basis. For the twelve-month period ended September 30, 2015 , the maximum dividends and distributions allowed under this covenant was approximately $36,681,000 .
Schedule of Maturities of Long-term Debt [Table Text Block]	The Company’s estimated future principal payments due on its debt instruments as of September 30, 2015 were: Period Future principal payments 2015 $ 30,156,895 2016 7,011,585 2017 8,831,177 2018 30,490,484 2019 150,172,226 thereafter 400,083,611 Total $ 626,745,978

Segment information (Tables)

Segment information (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting Information [Line Items]
segment revenues [Table Text Block]	Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Revenues Multifamily communities $ 18,624,534 $ 6,952,522 $ 44,714,185 $ 19,992,643 Financing 7,954,880 5,835,999 21,399,052 15,821,540 Retail 3,376,279 394,139 9,275,798 673,749 Consolidated revenues $ 29,955,693 $ 13,182,660 $ 75,389,035 $ 36,487,932
segment assets [Table Text Block]	September 30, 2015 December 31, 2014 Assets: Multifamily communities $ 684,142,022 $ 368,224,617 Financing 247,354,966 189,984,602 Retail 159,597,066 123,932,893 Other 13,746,142 9,240,795 Consolidated assets $ 1,104,840,196 $ 691,382,907
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Segment net operating income (Segment NOI) Multifamily communities $ 10,517,036 $ 4,104,481 $ 24,585,670 $ 11,712,202 Financing 7,954,880 5,835,999 21,399,052 15,821,540 Retail 2,472,650 293,431 6,529,303 504,540 Consolidated segment net operating income 20,944,566 10,233,911 52,514,025 28,038,282 Interest expense: Multifamily communities 4,253,524 1,702,977 10,403,085 4,411,323 Retail 844,472 82,639 2,391,479 82,639 Financing 720,764 364,431 2,089,779 1,156,134 Depreciation and amortization: Multifamily communities 8,719,852 2,870,450 21,526,901 8,369,612 Retail 1,816,634 315,289 4,882,862 421,433 Professional fees 577,579 326,776 1,249,947 901,429 Management fees, net of deferrals 1,535,382 787,115 3,302,109 2,207,385 Acquisition costs: Multifamily communities 2,543,159 2,937,724 5,335,149 3,087,696 Retail 781,799 3,562,332 941,514 3,820,023 Equity compensation to directors and executives 593,417 456,961 1,761,268 1,347,107 Other 255,751 56,590 671,792 242,561 Net income (loss) $ (1,697,767 ) $ (3,229,373 ) $ (2,041,860 ) $ 1,990,940

Loss per Share (Tables)

Loss per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
earnings loss per share [Table Text Block]	Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Numerator: Net (loss) income $ (1,697,767 ) $ (3,229,373 ) $ (2,041,860 ) $ 1,990,940 Net loss (income) attributable to non-controlling interests 15,289 26,481 20,712 (32,747 ) Net (loss) income attributable to the Company (1,682,478 ) (3,202,892 ) (2,021,148 ) 1,958,193 Dividends declared to Series A preferred stockholders (A) (5,114,126 ) (1,903,517 ) (12,377,580 ) (4,924,832 ) Earnings attributable to unvested restricted stock (B) (4,068 ) (6,275 ) (16,355 ) (17,227 ) Net loss available to common stockholders $ (6,800,672 ) $ (5,112,684 ) $ (14,415,083 ) $ (2,983,866 ) Denominator: Weighted average number of shares of Common Stock - basic 22,292,217 17,564,091 22,109,036 16,399,675 Effect of dilutive securities: (C) Warrants — — — — Class B Units — — — — Unvested restricted stock — — — — Weighted average number of shares of Common Stock - diluted 22,292,217 17,564,091 22,109,036 16,399,675 Net loss per share of Common Stock available to common stockholders: Basic $ (0.31 ) $ (0.29 ) $ (0.65 ) $ (0.18 ) Diluted $ (0.31 ) $ (0.29 ) $ (0.65 ) $ (0.18 )

Pro Forma Financial Informati40

Pro Forma Financial Information pro forma (Tables)	9 Months Ended
	Sep. 30, 2015
Pro Forma Financial Information [Abstract]
segment operating results [Table Text Block]	Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Pro forma: Revenues $ 31,193,556 $ 24,872,962 $ 88,716,623 $ 67,656,005 Net income (loss) $ 2,113,973 $ (2,365,790 ) $ 803,751 $ (17,596,392 ) Net income (loss) attributable to the Company $ 2,082,759 $ (2,289,368 ) $ 791,394 $ (17,352,981 ) Net loss attributable to common stockholders $ (3,035,435 ) $ (4,199,160 ) $ (11,602,541 ) $ (22,295,040 ) Net loss per share of Common Stock attributable to common stockholders, Basic and diluted $ (0.13 ) $ (0.22 ) $ (0.49 ) $ (1.25 ) Weighted average number of shares of Common Stock outstanding, basic and diluted 23,742,217 19,104,091 23,559,036 17,849,675

Fair Values of Financial Inst41

Fair Values of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Values of Financial Instruments [Abstract]
Fair Value Measurements, Nonrecurring [Table Text Block]	As of 9/30/2015 Carrying value Fair value measurements using fair value hierarchy Fair Value Level 1 Level 2 Level 3 Financial assets: Real estate loans (1) $ 219,024,185 $ 231,276,149 $ — $ — $ 231,276,149 Notes and line of credit receivable 28,295,233 28,295,233 — — 28,295,233 $ 247,319,418 $ 259,571,382 $ — $ — $ 259,571,382 Financial liabilities: Mortgage notes payable (2) $ 590,804,256 $ 597,305,328 $ — $ — $ 597,305,328 Revolving credit facility 28,700,000 28,700,000 — — 28,700,000 Loan participation obligations 12,525,823 13,038,625 — — 13,038,625 $ 632,030,079 $ 639,043,953 $ — $ — $ 639,043,953 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) $ 161,270,120 $ 166,583,953 $ — $ — $ 166,583,953 Notes and line of credit receivable 28,697,560 28,697,560 — — 28,697,560 $ 189,967,680 $ 195,281,513 $ — $ — $ 195,281,513 Financial liabilities: Mortgage notes payable (2) $ 349,391,163 360,557,496 $ — $ — $ 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 $ 381,881,961 $ 393,456,565 $ — $ — $ 393,456,565

Organization (Details)

Organization (Details)	Sep. 30, 2015$ / sharesshares	Dec. 31, 2014$ / sharesshares	Sep. 30, 2014shares	Jun. 30, 2014shares	Mar. 31, 2014shares
Class of Stock [Line Items]
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.01
Common Stock, Shares, Outstanding	22,301,202		18,361,942	16,613,827	15,336,059
Noncontrolling Interest, Ownership Percentage by Parent	98.70%
minority interest partnership units outstanding	276,560	276,560
daycountvolweightedavgcalcformarketvalue	20
Common Stock [Member]
Class of Stock [Line Items]
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.01	$ 0.01
Common Stock, Shares, Outstanding	22,301,202	21,403,987

Significant Accounting Polici43

Significant Accounting Policies (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2015shares	Sep. 30, 2015shares
Real Estate Properties [Line Items]
MinimummonthsPACrewardseligibility	14	14
AverageLeaseterm		13
stabilization level	92.00%
days receivables delinquent nonaccrual status	30	30
rewardsbreakagepercentage	35.00%	35.00%
Series A Preferred Stock [Member]
Real Estate Properties [Line Items]
series a redeemable preferred stock	1	1
Common Stock [Member]
Real Estate Properties [Line Items]
unitswarrants	20	20

Significant Accounting Polici44

Significant Accounting Policies deferred offering costs (Details)	Sep. 30, 2015shares
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

Real Estate Assets - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)ft²	Sep. 30, 2014USD ($)ft²	Sep. 30, 2015USD ($)ft²	Sep. 30, 2014USD ($)ft²
Business Acquisition [Line Items]
Number of Real Estate Properties		10		10
Number of units in real estate property	5,416	3,326	5,416	3,326
Area of real estate property	954,000	632,000	954,000	632,000
Revenues | $	$ 29,955,693	$ 13,182,660	$ 75,389,035	$ 36,487,932
Net Income contributed to consolidated results | $	$ (1,697,767)	$ (3,229,373)	$ (2,041,860)	$ 1,990,940
Membership interests business acquisition percentage related parties	100.00%		100.00%
Multifamily communities [Member]
Business Acquisition [Line Items]
Number of Real Estate Properties	17		17
Number of units in real estate property	2,090		2,090
Retail Site [Member]
Business Acquisition [Line Items]
Number of Real Estate Properties	12	9	12	9

Real Estate Assets - Table of P

Real Estate Assets - Table of Properties Acquired (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)ft²	Sep. 30, 2015USD ($)ft²	Dec. 31, 2014USD ($)	Sep. 30, 2014ft²
Business Acquisition [Line Items]
Number of units in real estate property | ft²	259,711	259,711
Area of real estate property | ft²	954,000	954,000		632,000
Number of units in real estate property	5,416	5,416		3,326
In-place leases	$ 33,487,523	$ 33,487,523	$ 25,058,675
Finite-Lived Customer Relationships, Gross	1,588,277	1,588,277	1,588,277
Restricted Cash and Cash Equivalents	12,020,327	12,020,327	4,707,865
Citilakes [Member]
Business Acquisition [Line Items]
Land	5,558,033	5,558,033
Buildings and improvements	49,416,492	49,416,492
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	7,411,367	7,411,367
Finite-lived Intangible Assets Acquired		964,108
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	40,032	40,032
business combinations, escrow fund asset recognized	280,863	280,863
business combinations, accrued property tax liability	187,792	187,792
Business Combination, Consideration Transferred		63,402,474
Cash paid		$ 18,952,474
business combination purchase price	$ 0
Number of units in real estate property | ft²	346	346
Mortgage debt		$ 44,450,000
Royal Lakes [Member]
Business Acquisition [Line Items]
Land	$ 4,874,078	4,874,078
Buildings and improvements	$ 9,921,403	9,921,403
Business Combination, Consideration Transferred		16,460,767
Cash paid		$ 6,660,767
Number of units in real estate property | ft²	119,493	119,493
business combination purchase price	$ 16,600,000
Mortgage debt		$ 9,800,000
In-place leases	957,093	957,093
Independence Square [Member]
Business Acquisition [Line Items]
Land	4,114,574	4,114,574
Buildings and improvements	$ 13,123,553	13,123,553
Business Combination, Consideration Transferred		17,798,401
Cash paid		$ 17,798,401
Number of units in real estate property | ft²	140,218	140,218
business combination purchase price	$ 18,000,000
Mortgage debt		$ 0
In-place leases	1,567,944	1,567,944
Mansions at Creekside [Member]
Business Acquisition [Line Items]
Land	5,983,724	5,983,724
Buildings and improvements	42,050,104	42,050,104
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	6,939,014	6,939,014
Finite-lived Intangible Assets Acquired		1,227,158
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	89,582	89,582
business combinations, escrow fund asset recognized	1,058,468	1,058,468
business combinations, accrued property tax liability	440,660	440,660
Business Combination, Consideration Transferred		56,688,952
Cash paid		$ 15,063,952
business combination purchase price	$ 0
Number of units in real estate property | ft²	395	395
Mortgage debt		$ 41,625,000
Houston Portfolio [Member]
Business Acquisition [Line Items]
Land	$ 7,162,226	7,162,226
Buildings and improvements	54,217,075	54,217,075
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	13,078,872	13,078,872
Finite-lived Intangible Assets Acquired		1,571,827
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	150,326	150,326
business combinations, escrow fund asset recognized	362,332	362,332
business combinations, accrued property tax liability	212,601	212,601
Business Combination, Consideration Transferred		76,230,876
Cash paid		25,452,876
business combination purchase price	76,000,000
Mortgage debt		50,778,000
City Park [Member]
Business Acquisition [Line Items]
Land	3,558,793	3,558,793
Buildings and improvements	23,797,764	23,797,764
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	4,562,148	4,562,148
Finite-lived Intangible Assets Acquired		737,790
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	99,124	99,124
business combinations, escrow fund asset recognized	211,428	211,428
business combinations, accrued property tax liability	105,756	105,756
Business Combination, Consideration Transferred		32,821,139
Cash paid		$ 721,139
business combination purchase price	$ 32,700,000
Number of units in real estate property | ft²	284	284
Mortgage debt		$ 22,100,000
Lely [Member]
Business Acquisition [Line Items]
Land	$ 7,675,409	7,675,409
Buildings and improvements	37,661,901	37,661,901
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	6,132,384	6,132,384
Finite-lived Intangible Assets Acquired		1,030,306
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	106,717	106,717
business combinations, escrow fund asset recognized	0	0
business combinations, accrued property tax liability	23,413	23,413
Business Combination, Consideration Transferred		52,518,615
Cash paid		$ 18,518,615
business combination purchase price	$ 52,500,000
Number of units in real estate property | ft²	308	308
Mortgage debt		$ 34,000,000
Sarasota [Member]
Business Acquisition [Line Items]
Land	$ 3,791,050	3,791,050
Buildings and improvements	37,574,391	37,574,391
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	5,375,690	5,375,690
Finite-lived Intangible Assets Acquired		669,369
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	80,201	80,201
business combinations, escrow fund asset recognized	401,294	401,294
business combinations, accrued property tax liability	216,252	216,252
Business Combination, Consideration Transferred		47,640,586
Cash paid		$ 16,830,586
business combination purchase price	$ 47,400,000
Number of units in real estate property | ft²	237	237
Mortgage debt		$ 30,810,000
Cypress [Member]
Business Acquisition [Line Items]
Number of units in real estate property | ft²	240	240
Northpointe [Member]
Business Acquisition [Line Items]
Number of units in real estate property | ft²	280	280
Multifamily communities [Member]
Business Acquisition [Line Items]
Number of units in real estate property | ft²	2,090	2,090
In-place leases	$ 22,037,582	$ 22,037,582	15,837,024
Finite-Lived Customer Relationships, Gross	$ 1,588,277	$ 1,588,277	$ 1,588,277

Real Estate Assets - Purchase P

Real Estate Assets - Purchase Price Allocation (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Tenant Improvements	$ 4,312,964	$ 4,312,964	$ 3,240,784
In-place leases	33,487,523	33,487,523	25,058,675
Above-market leases	706,910	706,910	479,883
Other Finite-Lived Intangible Assets, Gross	3,342,250	3,342,250	2,606,321
finite lived intangible asset off market lease unfavorable gross	8,628,038	8,628,038	6,596,190
Independence Square [Member]
Business Acquisition [Line Items]
Land	4,114,574	4,114,574
Buildings and improvements	13,123,553	13,123,553
Tenant improvements	566,857	566,857
In-place leases	1,567,944	1,567,944
Above-market leases	35,127	35,127
Mortgage debt		0
business combination purchase price	18,000,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	226,599	226,599
Business Combination, Consideration Transferred		17,798,401
Cash paid		17,798,401
Other Finite-Lived Intangible Assets, Gross	392,451	392,451
finite lived intangible asset off market lease unfavorable gross	(1,775,506)	(1,775,506)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets	0	0
Royal Lakes [Member]
Business Acquisition [Line Items]
Land	4,874,078	4,874,078
Buildings and improvements	9,921,403	9,921,403
Tenant improvements	517,191	517,191
In-place leases	957,093	957,093
Above-market leases	198,238	198,238
Mortgage debt		9,800,000
business combination purchase price	16,600,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	145,581	145,581
Business Combination, Consideration Transferred		16,460,767
Cash paid		6,660,767
Other Finite-Lived Intangible Assets, Gross	365,629	365,629
finite lived intangible asset off market lease unfavorable gross	(315,837)	(315,837)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets	88,553	88,553
Mansions at Creekside [Member]
Business Acquisition [Line Items]
Land	5,983,724	5,983,724
Buildings and improvements	42,050,104	42,050,104
Furniture, fixtures and equipment	6,939,014	6,939,014
Finite-lived Intangible Assets Acquired		1,227,158
Escrows	1,058,468	1,058,468
business combinations, accrued property tax liability	(440,660)	(440,660)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	89,582	89,582
Mortgage debt		41,625,000
business combination purchase price	0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	(218,438)	(218,438)
Business Combination, Consideration Transferred		56,688,952
Cash paid		15,063,952
Lely [Member]
Business Acquisition [Line Items]
Land	7,675,409	7,675,409
Buildings and improvements	37,661,901	37,661,901
Furniture, fixtures and equipment	6,132,384	6,132,384
Finite-lived Intangible Assets Acquired		1,030,306
Escrows	0	0
business combinations, accrued property tax liability	(23,413)	(23,413)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	106,717	106,717
Mortgage debt		34,000,000
business combination purchase price	52,500,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	(64,689)	(64,689)
Business Combination, Consideration Transferred		52,518,615
Cash paid		18,518,615
real estate loan balance applied to purchase	0	0
Sarasota [Member]
Business Acquisition [Line Items]
Land	3,791,050	3,791,050
Buildings and improvements	37,574,391	37,574,391
Furniture, fixtures and equipment	5,375,690	5,375,690
Finite-lived Intangible Assets Acquired		669,369
Escrows	401,294	401,294
business combinations, accrued property tax liability	(216,252)	(216,252)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	80,201	80,201
Mortgage debt		30,810,000
business combination purchase price	47,400,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	(35,157)	(35,157)
Business Combination, Consideration Transferred		47,640,586
Cash paid		16,830,586
real estate loan balance applied to purchase	0	0
Houston Portfolio [Member]
Business Acquisition [Line Items]
Land	7,162,226	7,162,226
Buildings and improvements	54,217,075	54,217,075
Furniture, fixtures and equipment	13,078,872	13,078,872
Finite-lived Intangible Assets Acquired		1,571,827
Escrows	362,332	362,332
business combinations, accrued property tax liability	(212,601)	(212,601)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	150,326	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)	(99,181)
Business Combination, Consideration Transferred		76,230,876
Cash paid		25,452,876
real estate loan balance applied to purchase	0	0
City Park [Member]
Business Acquisition [Line Items]
Land	3,558,793	3,558,793
Buildings and improvements	23,797,764	23,797,764
Furniture, fixtures and equipment	4,562,148	4,562,148
Finite-lived Intangible Assets Acquired		737,790
Escrows	211,428	211,428
business combinations, accrued property tax liability	(105,756)	(105,756)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	99,124	99,124
Mortgage debt		22,100,000
business combination purchase price	32,700,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	(40,152)	(40,152)
Business Combination, Consideration Transferred		32,821,139
Cash paid		721,139
real estate loan balance applied to purchase	10,000,000	10,000,000
Citilakes [Member]
Business Acquisition [Line Items]
Land	5,558,033	5,558,033
Buildings and improvements	49,416,492	49,416,492
Furniture, fixtures and equipment	7,411,367	7,411,367
Finite-lived Intangible Assets Acquired		964,108
Escrows	280,863	280,863
business combinations, accrued property tax liability	(187,792)	(187,792)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	40,032	40,032
Mortgage debt		44,450,000
business combination purchase price	0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	(80,629)	(80,629)
Business Combination, Consideration Transferred		63,402,474
Cash paid		18,952,474
Retail Segment [Domain]
Business Acquisition [Line Items]
In-place leases	11,449,941	11,449,941	9,221,651
Above-market leases	706,910	706,910	479,883
Other Finite-Lived Intangible Assets, Gross	3,342,250	3,342,250	2,606,321
finite lived intangible asset off market lease unfavorable gross	8,244,445	8,244,445	6,212,597
Multifamily communities [Member]
Business Acquisition [Line Items]
In-place leases	22,037,582	22,037,582	15,837,024
Above-market leases	0	0	0
Other Finite-Lived Intangible Assets, Gross	0	0	0
finite lived intangible asset off market lease unfavorable gross	$ 383,593	$ 383,593	$ 383,593

Real Estate Assets - Depreciati

Real Estate Assets - Depreciation and Amortization (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Depreciation:
Depreciation			$ 19,052,639	$ 7,348,550
Amortization:
Depreciation and amortization	$ 10,536,486	$ 3,185,739	26,409,763	8,791,045
Acquired Intangible Assets
Amortization:
Amortization	2,982,982	460,618	7,343,400	1,432,040
Amortization of Deferred Leasing Fees	7,207	0	7,207	0
WMAF Properties [Member]
Depreciation:
Depreciation	7,544,840	2,723,930	19,052,639	7,355,433
Amortization:
Depreciation and amortization	10,536,486	3,185,739	26,409,763	8,791,045
WMAF Properties [Member] | Website Development
Amortization:
Amortization	1,457	1,191	6,517	3,572
WMAF Properties [Member] | Building and Improvements
Depreciation:
Depreciation	4,545,441	1,475,098	11,356,809	3,833,974
WMAF Properties [Member] | Furniture, Fixtures, and Equipment
Depreciation:
Depreciation	$ 2,999,399	$ 1,248,832	$ 7,695,830	$ 3,521,459

Real Estate Assets Contribution

Real Estate Assets Contributions to revenue and net income (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Business Combination, Separately Recognized Transactions [Line Items]
Revenues	$ 29,955,693	$ 13,182,660	$ 75,389,035	$ 36,487,932
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(1,697,767)	$ (3,229,373)	$ (2,041,860)	$ 1,990,940
Finite-Lived Intangible Assets, Remaining Amortization Period			0 years
Independence Square [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Business Acquisition, Transaction Costs	569,000		$ 569,000
Revenues	488,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(6,000)
Royal Lakes [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Business Acquisition, Transaction Costs	239,000		239,000
Revenues	92,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	15,000
Houston Portfolio [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Business Acquisition, Transaction Costs	1,116,000		1,116,000
Revenues	2,187,000		5,209,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(670,000)		(2,422,000)
Citilakes [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Business Acquisition, Transaction Costs	1,612,000		$ 1,612,000
Revenues	399,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(10,000)
Finite-Lived Intangible Assets, Remaining Amortization Period			7 years 6 months
City Park [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Business Acquisition, Transaction Costs	276,000		$ 276,000
Revenues	941,000		941,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(362,000)		$ (490,000)
Finite-Lived Intangible Assets, Remaining Amortization Period			2 years 6 months
Lely [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Business Acquisition, Transaction Costs	438,000		$ 438,000
Revenues	1,256,000		1,256,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(560,000)		$ (774,000)
Finite-Lived Intangible Assets, Remaining Amortization Period			2 years 6 months
Sarasota [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Business Acquisition, Transaction Costs	889,000		$ 889,000
Revenues	1,085,000		1,462,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ (344,000)		$ (683,000)
Finite-Lived Intangible Assets, Remaining Amortization Period			1 year 6 months

Acquired Intangible Assets amor

Acquired Intangible Assets amortization (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Acquired-in-Place Leases	$ 33,487,523		$ 33,487,523		$ 25,058,675
above market lease intangibles	706,910		706,910		479,883
Finite-Lived Customer Relationships, Gross	1,588,277		1,588,277		1,588,277
Other Finite-Lived Intangible Assets, Gross	3,342,250		3,342,250		2,606,321
Finite-Lived Intangible Assets, Gross	39,124,960		39,124,960		29,733,156
accumulated amortization finite lived intangible assets in place leases	(21,925,967)		(21,925,967)		(15,244,636)
accumulated amortization finite lived intangible assets above market leases	(172,145)		(172,145)		(49,795)
accumulated amortization finite lived intangible assets customer relationships	(1,588,277)		(1,588,277)		(1,588,277)
accumulated amortization finite lived intangible assets other	(490,431)		(490,431)		(147,468)
Finite-Lived Intangible Assets, Accumulated Amortization	24,176,820		24,176,820		17,030,176
Finite-Lived Intangible Assets, Net	14,948,140		14,948,140		12,702,980
finite lived intangible asset off market lease unfavorable gross	8,628,038		8,628,038		6,596,190
accumulated amortization finitel lived intangible asset off market lease unfavorable	(1,295,711)		(1,295,711)		(660,259)
finite lived intangible asset off market lease unfavorable net	7,332,327		7,332,327		5,935,931
Amortization of Intangible Assets	3,028,567	$ 466,667		$ 1,439,864
Multifamily communities [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Acquired-in-Place Leases	22,037,582		22,037,582		15,837,024
above market lease intangibles	0		0		0
Finite-Lived Customer Relationships, Gross	1,588,277		1,588,277		1,588,277
Other Finite-Lived Intangible Assets, Gross	0		0		0
Finite-Lived Intangible Assets, Gross	23,625,859		23,625,859		17,425,301
accumulated amortization finite lived intangible assets in place leases	(19,513,807)		(19,513,807)		(14,351,922)
accumulated amortization finite lived intangible assets above market leases	0		0		0
accumulated amortization finite lived intangible assets customer relationships	(1,588,277)		(1,588,277)		(1,588,277)
accumulated amortization finite lived intangible assets other	0		0		0
Finite-Lived Intangible Assets, Accumulated Amortization	21,102,084		21,102,084		15,940,199
Finite-Lived Intangible Assets, Net	2,523,775		2,523,775		1,485,102
finite lived intangible asset off market lease unfavorable gross	383,593		383,593		383,593
accumulated amortization finitel lived intangible asset off market lease unfavorable	(383,593)		(383,593)		(383,593)
finite lived intangible asset off market lease unfavorable net	0		0		0
Amortization of Intangible Assets	2,183,437	297,021	2,309,995	1,220,064
Retail Segment [Domain]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Acquired-in-Place Leases	11,449,941		11,449,941		9,221,651
above market lease intangibles	706,910		706,910		479,883
Finite-Lived Customer Relationships, Gross	0		0		0
Other Finite-Lived Intangible Assets, Gross	3,342,250		3,342,250		2,606,321
Finite-Lived Intangible Assets, Gross	15,499,101		15,499,101		12,307,855
accumulated amortization finite lived intangible assets in place leases	(2,412,160)		(2,412,160)		(892,714)
accumulated amortization finite lived intangible assets above market leases	(172,145)		(172,145)		(49,795)
accumulated amortization finite lived intangible assets customer relationships	0		0		0
accumulated amortization finite lived intangible assets other	(490,431)		(490,431)		(147,468)
Finite-Lived Intangible Assets, Accumulated Amortization	3,074,736		3,074,736		1,089,977
Finite-Lived Intangible Assets, Net	12,424,365		12,424,365		11,217,878
finite lived intangible asset off market lease unfavorable gross	8,244,445		8,244,445		6,212,597
accumulated amortization finitel lived intangible asset off market lease unfavorable	(912,118)		(912,118)		(276,666)
finite lived intangible asset off market lease unfavorable net	7,332,327		7,332,327		$ 5,935,931
Amortization of Intangible Assets	845,130	169,646	7,472,088	219,800
off market unfavorable leases [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	270,517	61,341	694,948	96,056
off market unfavorable leases [Member] | Multifamily communities [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	0	0	0	15,160
off market unfavorable leases [Member] | Retail Segment [Domain]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	270,517	61,341	694,948	80,896
lease origination costs [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	131,492	22,934		33,204
lease origination costs [Member] | Multifamily communities [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	0	0	365,114	0
lease origination costs [Member] | Retail Segment [Domain]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	131,492	22,934	365,114	33,204
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	0	0		131,030
Customer Relationships [Member] | Multifamily communities [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	0	0	0	131,030
Customer Relationships [Member] | Retail Segment [Domain]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	0	0	0	0
Above Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	45,585	6,049		7,824
Above Market Leases [Member] | Multifamily communities [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	0	0	128,688	0
Above Market Leases [Member] | Retail Segment [Domain]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	45,585	6,049	128,688	7,824
Leases, Acquired-in-Place [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	2,851,490	437,684		1,267,806
Leases, Acquired-in-Place [Member] | Multifamily communities [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	2,183,437	297,021	1,816,193	1,089,034
Leases, Acquired-in-Place [Member] | Retail Segment [Domain]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 668,053	$ 140,663	$ 6,978,286	$ 178,772

Real Estate Loans, Notes Rece51

Real Estate Loans, Notes Receivable, and Lines of Credit Real Estate Loans (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Mortgage Loans on Real Estate [Line Items]
loans to be funded	$ 259,057,321		$ 259,057,321
membership interests business acquisition percentage related parties	100.00%		100.00%
amount drawn under loan agreement	$ 208,738,372		$ 208,738,372
LoanFee	5,541,908		5,541,908
acquisition fee	(2,770,956)		(2,770,956)
Deferred Revenue	(941,462)		(941,462)
Loans and Leases Receivable, Net of Deferred Income	207,796,910		207,796,910		$ 153,231,673
Loans and Leases Receivable, Net Amount	28,295,233		28,295,233		28,697,560
interest revenue current pay	4,077,298	$ 2,924,660	11,263,071	$ 7,852,786
Loans and Leases Receivable, Deferred Income	$ 43,312		$ 43,312		48,400
numberofunitstobecompleted	4,408		4,408
Beds			4,010
City Park [Member]
Mortgage Loans on Real Estate [Line Items]
amount drawn under loan agreement	$ 0		$ 0
LoanFee	200,000		200,000
acquisition fee	(100,000)		(100,000)
Deferred Revenue	0		0
Loans and Leases Receivable, Net of Deferred Income	0		0		9,951,728
real estate loan option purchase price	$ 43,560,271		$ 43,560,271
numberofunitstobecompleted	272		272
Beds			0
City Vista [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	$ 16,107,735		$ 16,107,735
SeniorLoanHeldByUnrelatedThirdParty	28,400,000		28,400,000
amount drawn under loan agreement	16,012,969		16,012,969
LoanFee	322,134		322,134
acquisition fee	(161,067)		(161,067)
Deferred Revenue	(39,679)		(39,679)
Loans and Leases Receivable, Net of Deferred Income	15,973,290		15,973,290		13,708,474
Lely [Member]
Mortgage Loans on Real Estate [Line Items]
amount drawn under loan agreement	0		0
LoanFee	254,265		254,265
acquisition fee	(127,133)		(127,133)
Deferred Revenue	0		0
Loans and Leases Receivable, Net of Deferred Income	0		0		12,330,262
real estate loan option purchase price	$ 39,654,273		$ 39,654,273
numberofunitstobecompleted	342		342
Beds			0
crosstown walk [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	$ 10,962,000		$ 10,962,000
SeniorLoanHeldByUnrelatedThirdParty	25,900,000		25,900,000
amount drawn under loan agreement	10,962,000		10,962,000
LoanFee	219,240		219,240
acquisition fee	(109,620)		(109,620)
Deferred Revenue	(15,880)		(15,880)
Loans and Leases Receivable, Net of Deferred Income	10,946,120		10,946,120		10,862,615
newport overton [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	16,600,000		16,600,000
SeniorLoanHeldByUnrelatedThirdParty	31,700,000		31,700,000
amount drawn under loan agreement	16,603,935		16,603,935
LoanFee	332,079		332,079
acquisition fee	(166,040)		(166,040)
Deferred Revenue	(41,133)		(41,133)
Loans and Leases Receivable, Net of Deferred Income	16,562,802		16,562,802		15,773,937
real estate loan option purchase price	$ 51,500,000		$ 51,500,000
numberofunitstobecompleted	294		294
Beds			0
haven west [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	$ 6,940,795		$ 6,940,795
SeniorLoanHeldByUnrelatedThirdParty	16,195,189		16,195,189
amount drawn under loan agreement	6,784,167		6,784,167
LoanFee	138,816		138,816
acquisition fee	(69,408)		(69,408)
Deferred Revenue	(13,559)		(13,559)
Loans and Leases Receivable, Net of Deferred Income	6,770,608		6,770,608		6,753,917
real estate loan option purchase price	$ 26,138,466		$ 26,138,466
numberofunitstobecompleted	160		160
Beds			568
starkville [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	$ 6,116,384		$ 6,116,384
SeniorLoanHeldByUnrelatedThirdParty	18,615,081		18,615,081
amount drawn under loan agreement	5,815,849		5,815,849
LoanFee	122,328		122,328
acquisition fee	(61,164)		(61,164)
Deferred Revenue	(4,403)		(4,403)
Loans and Leases Receivable, Net of Deferred Income	$ 5,811,446		$ 5,811,446		5,506,157
numberofunitstobecompleted	152		152
Beds			536
Newtown [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	$ 10,346,000		$ 10,346,000
SeniorLoanHeldByUnrelatedThirdParty	26,936,000		26,936,000
amount drawn under loan agreement	9,866,000		9,866,000
LoanFee	197,320		197,320
acquisition fee	(98,660)		(98,660)
Deferred Revenue	(26,989)		(26,989)
Loans and Leases Receivable, Net of Deferred Income	9,839,011		9,839,011		9,804,058
real estate loan option purchase price	$ 44,266,000		$ 44,266,000
numberofunitstobecompleted	247		247
Beds			0
Encore [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	$ 20,026,525		$ 20,026,525
amount drawn under loan agreement	20,026,525		20,026,525
LoanFee	400,531		400,531
acquisition fee	(200,265)		(200,265)
Deferred Revenue	0		0
Loans and Leases Receivable, Net of Deferred Income	$ 20,026,525		$ 20,026,525		11,966,456
numberofunitstobecompleted	340		340
Beds			0
Manassas [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	$ 17,270,000		$ 17,270,000
SeniorLoanHeldByUnrelatedThirdParty	38,000,000		38,000,000
amount drawn under loan agreement	16,070,000		16,070,000
LoanFee	321,400		321,400
acquisition fee	(160,700)		(160,700)
Deferred Revenue	(7,035)		(7,035)
Loans and Leases Receivable, Net of Deferred Income	$ 16,062,965		$ 16,062,965		14,374,036
numberofunitstobecompleted	304		304
Beds			0
Irvine [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	$ 59,052,583		$ 59,052,583
SeniorLoanHeldByUnrelatedThirdParty	43,747,287		43,747,287
LoanFee	1,120,890		1,120,890
acquisition fee	(560,445)		(560,445)
Deferred Revenue	$ (295,298)		$ (295,298)
Loans and Leases Receivable, Net of Deferred Income					20,313,722
numberofunitstobecompleted	280		280
Beds			0
Weems Road [Domain]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	$ 13,464,372		$ 13,464,372
SeniorLoanHeldByUnrelatedThirdParty	27,775,000		27,775,000
amount drawn under loan agreement	8,908,999		8,908,999
LoanFee	269,287		269,287
acquisition fee	(134,644)		(134,644)
Deferred Revenue	(29,773)		(29,773)
Loans and Leases Receivable, Net of Deferred Income	$ 8,879,226		$ 8,879,226		4,602,691
numberofunitstobecompleted	310		310
Beds			0
Kennesaw [Domain]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	$ 13,424,995		$ 13,424,995
SeniorLoanHeldByUnrelatedThirdParty	34,825,000		34,825,000
amount drawn under loan agreement	13,329,868		13,329,868
LoanFee	268,500		268,500
acquisition fee	(134,250)		(134,250)
Deferred Revenue	(10,199)		(10,199)
Loans and Leases Receivable, Net of Deferred Income	$ 13,319,669		$ 13,319,669		12,664,902
numberofunitstobecompleted	198		198
Beds			792
Summit III [Domain]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	$ 7,246,400		$ 7,246,400
SeniorLoanHeldByUnrelatedThirdParty	16,822,000		16,822,000
amount drawn under loan agreement	6,434,559		6,434,559
LoanFee	144,928		144,928
acquisition fee	(72,464)		(72,464)
Deferred Revenue	(46,201)		(46,201)
Loans and Leases Receivable, Net of Deferred Income	$ 6,388,358		$ 6,388,358		2,393,639
numberofunitstobecompleted	172		172
Beds			0
crosstown walk II [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	$ 6,920,000		$ 6,920,000
SeniorLoanHeldByUnrelatedThirdParty	17,080,000		17,080,000
amount drawn under loan agreement	2,406,262		2,406,262
LoanFee	138,400		138,400
acquisition fee	(69,200)		(69,200)
Deferred Revenue	(42,984)		(42,984)
Loans and Leases Receivable, Net of Deferred Income	$ 2,363,278		$ 2,363,278		2,225,079
numberofunitstobecompleted	180		180
Beds			0
Aldridge at Town Village [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	$ 10,975,000		$ 10,975,000
SeniorLoanHeldByUnrelatedThirdParty	28,338,937		28,338,937
amount drawn under loan agreement	9,564,618		9,564,618
LoanFee	219,500		219,500
acquisition fee	(109,750)		(109,750)
Deferred Revenue	(79,227)		(79,227)
Loans and Leases Receivable, Net of Deferred Income	$ 9,485,391		$ 9,485,391		0
numberofunitstobecompleted	300		300
Beds			0
haven lubbock [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	$ 15,598,352		$ 15,598,352
amount drawn under loan agreement	14,160,503		14,160,503
LoanFee	311,967		311,967
acquisition fee	(155,984)		(155,984)
Deferred Revenue	(85,020)		(85,020)
Loans and Leases Receivable, Net of Deferred Income	$ 14,075,483		$ 14,075,483		0
numberofunitstobecompleted	217		217
Beds			732
Haven Waco [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	$ 15,445,668		$ 15,445,668
SeniorLoanHeldByUnrelatedThirdParty	41,827,034		41,827,034
amount drawn under loan agreement	10,875,674		10,875,674
LoanFee	309,113		309,113
acquisition fee	(154,557)		(154,557)
Deferred Revenue	(127,910)		(127,910)
Loans and Leases Receivable, Net of Deferred Income	$ 10,747,764		$ 10,747,764		0
numberofunitstobecompleted	250		250
Beds			840
Haven South Florida [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	$ 2,900,000		$ 2,900,000
amount drawn under loan agreement	2,900,000		2,900,000
LoanFee	58,000		58,000
acquisition fee	(29,000)		(29,000)
Deferred Revenue	(15,911)		(15,911)
Loans and Leases Receivable, Net of Deferred Income	$ 2,884,089		$ 2,884,089		0
numberofunitstobecompleted	158		158
Beds			542
bishop street [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	$ 3,107,012		$ 3,107,012
amount drawn under loan agreement	3,107,012		3,107,012
LoanFee	62,140		62,140
acquisition fee	(31,070)		(31,070)
Deferred Revenue	(28,301)		(28,301)
Loans and Leases Receivable, Net of Deferred Income	$ 3,078,711		$ 3,078,711		0
numberofunitstobecompleted	232		232
Beds			0
dawsonville [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	$ 6,553,500		$ 6,553,500
amount drawn under loan agreement	6,288,922		6,288,922
LoanFee	131,070		131,070
acquisition fee	(65,535)		(65,535)
Deferred Revenue	(31,960)		(31,960)
Loans and Leases Receivable, Net of Deferred Income	$ 6,256,962		$ 6,256,962		$ 0
numberofunitstobecompleted	0		0
Beds			0
Irvine [Member]
Mortgage Loans on Real Estate [Line Items]
amount drawn under loan agreement	$ 28,620,510		$ 28,620,510
Loans Receivable, Fair Value Disclosure	$ 28,325,212		$ 28,325,212

Real Estate Loans, Notes Rece52

Real Estate Loans, Notes Receivable, and Lines of Credit Notes and lines of credit (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues	$ 29,955,693	$ 13,182,660	$ 75,389,035	$ 36,487,932
Financing Receivable, Gross	33,850,000		33,850,000
Loans and Leases Receivable, Net Amount	28,295,233		28,295,233		$ 28,697,560
Loans and Leases Receivable, Deferred Income	(43,312)		(43,312)		(48,400)
guaranty cap amount	6,900,000		6,900,000
360 Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	2,000,000		2,000,000
Loans and Leases Receivable, Net Amount	$ 1,216,350		$ 1,216,350		1,107,348
interest rate note receivable	12.00%		12.00%
13th street [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	$ 0		$ 0
Loans and Leases Receivable, Net Amount	0		0		5,605,178
PCMS [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	$ 1,500,000		$ 1,500,000
Loans and Leases Receivable, Net Amount					1,500,000
interest rate note receivable	10.00%		10.00%
Riverview [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	$ 0		$ 0
Loans and Leases Receivable, Net Amount	0		0		300,000
IAA [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	200,000		200,000
Loans and Leases Receivable, Net Amount	$ 133,534		$ 133,534		200,000
interest rate note receivable	10.00%		10.00%
Oxford Contracting LLC [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	$ 1,500,000		$ 1,500,000
Loans and Leases Receivable, Net Amount	$ 1,475,000		$ 1,475,000		1,475,000
interest rate note receivable	8.00%		8.00%
PAA [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	$ 12,000,000		$ 12,000,000
Loans and Leases Receivable, Net Amount	$ 11,545,165		$ 11,545,165		9,128,038
interest rate note receivable	8.00%		8.00%
HCC [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	$ 5,400,000		$ 5,400,000
Loans and Leases Receivable, Net Amount	$ 4,939,904		$ 4,939,904		3,540,099
interest rate note receivable	12.00%		12.00%
Oxford Capital Partners LLC [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	$ 8,250,000		$ 8,250,000
Loans and Leases Receivable, Net Amount	$ 7,661,592		$ 7,661,592		4,029,737
interest rate note receivable	12.00%		12.00%
guaranty cap amount	$ 1,000,000		$ 1,000,000
newport development partners [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	3,000,000		3,000,000
Loans and Leases Receivable, Net Amount	$ 0		$ 0		$ 1,860,560
interest rate note receivable	12.00%		12.00%
Oxford [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues	$ 3,300,000	$ 2,100,000	$ 9,300,000	$ 4,000,000

Real Estate Loans, Notes Rece53

Real Estate Loans, Notes Receivable, and Lines of Credit Interest income (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Interest income [Abstract]
interest revenue current pay	$ 4,077,298	$ 2,924,660	$ 11,263,071	$ 7,852,786
Accrued exit fee revenue	3,018,766	1,854,309	7,573,044	5,065,487
Deferred Revenue, Revenue Recognized	204,790	178,727	555,657	759,583
Net loan fee revenue	7,300,854	4,957,696	19,391,772	13,677,856
interest revenue notes receivable	654,026	878,303	2,007,281	2,143,684
Interest revenue on real estate loans	$ 7,954,880	$ 5,835,999	$ 21,399,053	$ 15,821,540

Real Estate Loans, Notes Rece54

Real Estate Loans, Notes Receivable, and Lines of Credit Real Estate Loans Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Mortgage Loans on Real Estate [Line Items]
amount drawn under loan agreement	$ 208,738,372		$ 208,738,372
loans to be funded	259,057,321		259,057,321
Revenues	29,955,693	$ 13,182,660	75,389,035	$ 36,487,932
variable interest entity loans amount to be funded	60,900,000		60,900,000
Oxford [Member]
Mortgage Loans on Real Estate [Line Items]
amount drawn under loan agreement	90,900,000		90,900,000
loan commitment amount	98,600,000		98,600,000
Revenues	3,300,000	$ 2,100,000	9,300,000	$ 4,000,000
Variable Interest Entity (VIE) or Potential VIE, Information Unavailability [Member] | Oxford [Member]
Mortgage Loans on Real Estate [Line Items]
amount drawn under loan agreement	60,200,000		60,200,000
atlanta GA [Member] | Oxford [Member]
Mortgage Loans on Real Estate [Line Items]
amount drawn under loan agreement	98,300,000		98,300,000
loan commitment amount	$ 91,000,000		$ 91,000,000

Real Estate Loans, Notes Rece55

Real Estate Loans, Notes Receivable, and Lines of Credit phantom facts (Details)	9 Months Ended
	Sep. 30, 2015USD ($)ft²
Mortgage Loans on Real Estate [Line Items]
guaranty cap amount	$ 6,900,000
Beds	4,010
Oxford Capital Partners LLC [Member]
Mortgage Loans on Real Estate [Line Items]
guaranty cap amount	$ 1,000,000
acquisition fee to participants	25.00%
interest rate note receivable	12.00%
Lely [Member]
Mortgage Loans on Real Estate [Line Items]
Beds	0
haven west [Member]
Mortgage Loans on Real Estate [Line Items]
Beds	568
Manassas [Member]
Mortgage Loans on Real Estate [Line Items]
Beds	0
Irvine [Member]
Mortgage Loans on Real Estate [Line Items]
Beds	0
Weems Road [Domain]
Mortgage Loans on Real Estate [Line Items]
Beds	0
Kennesaw [Domain]
Mortgage Loans on Real Estate [Line Items]
Beds	792
Cap rate discount	20
starkville [Member]
Mortgage Loans on Real Estate [Line Items]
Beds	536
Cap rate discount	60
amount of interest rate change	1.00%
newport overton [Member]
Mortgage Loans on Real Estate [Line Items]
Beds	0
crosstown walk [Member]
Mortgage Loans on Real Estate [Line Items]
amount of interest rate change	1.50%
City Park [Member]
Mortgage Loans on Real Estate [Line Items]
Beds	0
Newtown [Member]
Mortgage Loans on Real Estate [Line Items]
Beds	0
Encore [Member]
Mortgage Loans on Real Estate [Line Items]
Beds	0
Summit III [Domain]
Mortgage Loans on Real Estate [Line Items]
Beds	0
crosstown walk II [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.00%
current interest rate	8.50%
Beds	0
Aldridge at Town Village [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.00%
current interest rate	8.50%
Beds	0
haven lubbock [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.00%
current interest rate	8.50%
Beds	732
Haven Waco [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.00%
current interest rate	8.50%
Beds	840
Haven South Florida [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	0.00%
current interest rate	10.00%
Beds	542
bishop street [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	0.00%
current interest rate	12.00%
Beds	0
dawsonville [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	0.00%
current interest rate	12.00%
Beds	0
Royal Lakes [Member]
Mortgage Loans on Real Estate [Line Items]
Net Rentable Area | ft²	200,000

Redeemable Preferred Stock (Det

Redeemable Preferred Stock (Details)	Nov. 05, 2015$ / shares	Sep. 30, 2015USD ($)shares$ / shares	Jun. 30, 2015$ / shares	Mar. 31, 2015$ / shares	Sep. 30, 2014$ / shares	Jun. 30, 2014$ / shares	Mar. 31, 2014$ / shares	Sep. 30, 2015USD ($)shares$ / shares	Sep. 30, 2014USD ($)$ / shares	Dec. 31, 2014USD ($)$ / sharesshares
Class of Stock [Line Items]
Common Stock, Dividends, Per Share, Declared | $ / shares	$ 0.1925	$ 0.18	$ 0.18	$ 0.175	$ 0.16	$ 0.16	$ 0.16	$ 0.535	$ 0.48
Unitsyearcounttoredemptionthree		3						3
Stock Redeemed or Called During Period, Shares | shares								2,800
Proceeds from Issuance of Common Stock								$ 5,381,848	$ 36,058,950
warrant exercise price as percent of gross ipo price		120.00%						120.00%
warrant minimum exercise price | $ / shares		$ 9						$ 9
daycountvolweightedavgcalcformarketvalue		20						20
warrantexercisewindowminyrsfromissue								1
warrantexercisewindowmaxyrsfromissue								4
Preferred Stock, Dividend Rate, Percentage								6.00%
Units stated value per share | $ / shares		$ 1,000						$ 1,000
Unitsredemptionfeepercentoneyear		10.00%						10.00%
Unitsissuedpercentageofmaximum								0.00%
percent of deferred costs reclassified								39.10%
max proceeds equity sales								$ 100,000,000
aggregate offering costs		$ 10,000,000						10,000,000
prorataamountofferingcostsreclassed								3,900,000
deferred offering costs not yet reclassified		6,100,000						6,100,000
Deferred offering costs		6,413,474						6,413,474		$ 6,333,763
Deferred Offering Costs		37,300,000						$ 37,300,000
offering costs reimbursable to the Manager								670,579	321,910
Preferred Stock, Value, Issued		$ 3,841						$ 3,841		$ 1,928
Dividends, Common Stock, Cash								$ 11,881,325	$ 8,049,892
Series A Preferred Stock [Member]
Class of Stock [Line Items]
preferred stock | shares		386,912						386,912		193,334
Preferred Stock, Par or Stated Value Per Share | $ / shares		$ 0.01						$ 0.01		$ 0.01
Dividends, Common Stock, Cash								$ 0
Common Stock [Member]
Class of Stock [Line Items]
unitswarrants | shares		20						20
Unitsredemptionfee [Domain]
Class of Stock [Line Items]
Unitsredemptionfeespercentfouryears		3.00%						3.00%
Unitsredemptionfeespercentthreeyears		5.00%						5.00%
Unitsyearcounttoredemptionfive		5						5
Unitsredemptionfeepercentfiveyears								0.00%
Unitsyearcounttoredemptionfour		4						4
Units redemption								13.00%
Unitsissued [Member]
Class of Stock [Line Items]
Proceeds from Other Equity								$ 349,300,000
Unitsissuedcumulative | shares								386,912
Unit Offering [Member]
Class of Stock [Line Items]
ceiling deferred offering costs								11.50%
offering costs reimbursable to the Manager								0.015
2013 Shelf offering [Member]
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock								$ 200,000,000
deferred offering costs not yet reclassified										$ 333,000
at the market [Domain]
Class of Stock [Line Items]
Proceeds from Other Equity								$ 54,400,000
Common Stock, Shares, Issued | shares		6,500,000						6,500,000

Related Party Transactions (Det

Related Party Transactions (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015USD ($)shares	Sep. 30, 2014USD ($)shares	Sep. 30, 2015USD ($)shares	Sep. 30, 2014USD ($)shares	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Jun. 30, 2014shares	Mar. 31, 2014shares
Related Party Transaction [Line Items]
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital			$ 1,900,000
profit sharing interest			30.00%
Cost of Reimbursable Expense	$ 1,688,347	$ 632,051	$ 4,114,752	$ 1,866,416
capital marketing and professional			708,547	331,360
acquisition fees paid to related party	$ 1,541,250	$ 3,443,059	$ 3,400,021	$ 3,500,327
Common Stock, Shares, Outstanding | shares	22,301,202	18,361,942	22,301,202	18,361,942			16,613,827	15,336,059
Related Party Transaction, Expenses from Transactions with Related Party	$ 4,322,548	$ 4,227,558	$ 9,536,356	$ 6,522,312
Loans and Leases Receivable, Net Amount	28,295,233		28,295,233			$ 28,697,560
Property management fees	857,294	$ 283,805	2,082,839	814,600
AcquisitionFeesRelatedPartyCosts			(1,063,456)	$ (438,465)
Construction Management Fee			9,193
Number of Real Estate Properties		10		10
manager's fees deferred	373,360	$ 0	1,528,479	$ 0	$ 1,860,824
Financing Receivable, Gross	$ 33,850,000		$ 33,850,000
Acquisition-related Costs [Member]
Related Party Transaction [Line Items]
Percentageusedtocalculateacquisitionfees	0.00%		0.00%
AcquisitionFeesRelatedPartyCosts	$ 2,035,350	3,156,638	$ 4,438,813	3,500,327
AssetmanagementFees [Member]
Related Party Transaction [Line Items]
Asset Management Costs	1,045,986	531,881	2,290,870	1,492,458
Propertymanagementfees [Member]
Related Party Transaction [Line Items]
Property management fees	743,775	283,805	1,652,034	814,600
General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party	$ 497,437	$ 255,234	$ 1,154,639	$ 714,927
Cash Distribution [Member]
Related Party Transaction [Line Items]
Percentproceedsassetsalestomanager			0.00%
priorityannualreturnoncapitalandexpensesassetsales			0.00%
Sunbelt Portfolio [Member]
Related Party Transaction [Line Items]
AcquisitionFeesRelatedPartyCosts			$ 642,820
Retail Site [Member]
Related Party Transaction [Line Items]
Number of Real Estate Properties	12	9	12	9
woodstock retail [Member]
Related Party Transaction [Line Items]
AcquisitionFeesRelatedPartyCosts			$ 57,268
PCMS [Member]
Related Party Transaction [Line Items]
Loans and Leases Receivable, Net Amount						1,500,000
Financing Receivable, Gross	$ 1,500,000		1,500,000
PCMS [Member] | PCMS [Member]
Related Party Transaction [Line Items]
Loans and Leases Receivable, Net Amount	1,367,000		1,367,000
PAA [Member]
Related Party Transaction [Line Items]
Loans and Leases Receivable, Net Amount	11,545,165		11,545,165			$ 9,128,038
Financing Receivable, Gross	$ 12,000,000		$ 12,000,000

Dividends (Details)

Dividends (Details) - USD ($)	Nov. 05, 2015	Sep. 30, 2015	Aug. 31, 2015	Jul. 31, 2015	Jun. 30, 2015	May. 31, 2015	Apr. 30, 2015	Mar. 31, 2015	Feb. 28, 2015	Jan. 31, 2015	Sep. 30, 2014	Aug. 31, 2014	Jul. 31, 2014	Jun. 30, 2014	May. 31, 2014	Apr. 30, 2014	Mar. 31, 2014	Feb. 28, 2014	Jan. 31, 2014	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Dividends Payable [Line Items]
minority interest partnership units outstanding		276,560																		276,560						276,560		276,560
Common Stock, Dividends, Per Share, Declared	$ 0.1925																			$ 0.18	$ 0.18	$ 0.175	$ 0.16	$ 0.16	$ 0.16	$ 0.535	$ 0.48
dividends common stock declared																				$ 4,018,249	$ 4,012,322	$ 3,850,754	$ 2,937,911	$ 2,658,212	$ 2,453,769	$ 11,881,325	$ 8,049,892
common stock shares entitled to dividends		22,323,604			22,290,677			22,004,309												22,323,604	22,290,677	22,004,309				22,323,604
Dividends, Preferred Stock, Cash		$ 1,824,796	$ 1,701,019	$ 1,588,310	$ 1,480,101	$ 1,366,207	$ 1,244,249	$ 1,141,491	$ 1,047,189	$ 984,217	$ 693,812	$ 626,595	$ 583,110	$ 556,074	$ 533,800	$ 510,905	$ 497,855	$ 468,337	$ 454,344							$ 12,377,579	$ 4,924,832
Common Stock, Shares, Outstanding		22,301,202									18,361,942			16,613,827			15,336,059			22,301,202			18,361,942	16,613,827	15,336,059	22,301,202	18,361,942
Series A Preferred Stock [Member]
Dividends Payable [Line Items]
Preferred Stock, Dividend Rate, Per-Dollar-Amount																				$ 5

Dividends Series A Preferred Di

Dividends Series A Preferred Dividends (Details) - USD ($)	1 Months Ended																		9 Months Ended
	Sep. 30, 2015	Aug. 31, 2015	Jul. 31, 2015	Jun. 30, 2015	May. 31, 2015	Apr. 30, 2015	Mar. 31, 2015	Feb. 28, 2015	Jan. 31, 2015	Sep. 30, 2014	Aug. 31, 2014	Jul. 31, 2014	Jun. 30, 2014	May. 31, 2014	Apr. 30, 2014	Mar. 31, 2014	Feb. 28, 2014	Jan. 31, 2014	Sep. 30, 2015	Sep. 30, 2014	May. 01, 2015	Apr. 17, 2015	Feb. 27, 2015	Jan. 30, 2015	Mar. 31, 2013	Feb. 28, 2013	Jan. 31, 2013
Dividends Payable [Line Items]
Dividends, Preferred Stock, Cash	$ 1,824,796	$ 1,701,019	$ 1,588,310	$ 1,480,101	$ 1,366,207	$ 1,244,249	$ 1,141,491	$ 1,047,189	$ 984,217	$ 693,812	$ 626,595	$ 583,110	$ 556,074	$ 533,800	$ 510,905	$ 497,855	$ 468,337	$ 454,344	$ 12,377,579	$ 4,924,832
Preferred Stock entitled to dividend payments	358,687	334,013	311,944	288,392			223,699			135,109	123,334	115,114	109,865	105,630	101,436				358,687	135,109	267,273	243,570	206,007	192,607	98,200	93,005	89,313

Dividends NCI (Details)

Dividends NCI (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2015	Sep. 30, 2014
Equity [Abstract]
Distribution Made to Limited Partner, Cash Distributions Declared	$ 49,779	$ 50,465	$ 49,063	$ 23,201	$ 21,509	$ 36,552	$ 149,307	$ 81,262

Equity Compensation (Details)

Equity Compensation (Details)	May. 08, 2014USD ($)$ / shares	Sep. 30, 2015USD ($)years$ / sharesshares	Jun. 30, 2015shares	Mar. 31, 2015shares	Sep. 30, 2014USD ($)$ / sharesshares	Mar. 31, 2014shares	Jun. 30, 2013USD ($)$ / shares	Sep. 30, 2015USD ($)yearsshares	Sep. 30, 2014USD ($)shares	Jan. 02, 2014USD ($)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		2,617,500	1,317,500					2,617,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period					131,464
Share-based Compensation | $		$ 593,417			$ 456,961			$ 1,761,268	$ 1,347,107
market vesting condition capital increase threshhold | $					$ 1,959,000			$ 2,629,000
warrant exercise price as percent of gross ipo price		120.00%						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									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 | $ / shares	$ 8.21	$ 10.62			$ 8.04		$ 8.85
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | $	$ 321,963	$ 320,012			$ 17,511		$ 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		1,647	564	1,782	1,350	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						$ 9.21		$ 8.05
Class B Units valuation assumption dividend yield		7.60%						7.60%		8.12%
ClassBUnit valuation assumption expected volatility		30.13%						30.13%		32.72%
Class B Unit valuation assumptions risk free rate		2.55%						2.55%		3.80%
Class B Unit valuation assumption expected service period in years | years		1						1		1
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		285,997			239,556			285,997

Equity Compensation Restricted

Equity Compensation Restricted Stock (Details) - USD ($)	May. 08, 2014	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Mar. 31, 2014	Jun. 30, 2013	Sep. 30, 2015	Sep. 30, 2014
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		$ 593,417			$ 456,961			$ 1,761,268	$ 1,347,107
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									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	$ 10.62			$ 8.04		$ 8.85
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	$ 321,963	$ 320,012			$ 17,511		$ 256,792
Stock Issued During Period, Shares, Restricted Stock Award, Gross	39,216	30,133			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		1,647	564	1,782	1,350	2,241

Equity Compensation Committee F

Equity Compensation Committee Fee Grants (Details) - USD ($)	May. 08, 2014	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Mar. 31, 2014	Jun. 30, 2013	Sep. 30, 2015	Sep. 30, 2014
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								$ (1,761,268)	$ (1,347,107)
Share-based Compensation		$ 593,417			$ 456,961			$ 1,761,268	$ 1,347,107
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share		$ 10.94	$ 10.62	$ 10.05	$ 8.80	$ 8
Stock Granted, Value, Share-based Compensation, Gross		$ 18,018	$ 5,990	$ 17,909	$ 11,880	$ 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									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	$ 10.62			$ 8.04		$ 8.85
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	$ 321,963	$ 320,012			$ 17,511		$ 256,792
Stock Issued During Period, Shares, Restricted Stock Award, Gross	39,216	30,133			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		1,647	564	1,782	1,350	2,241

Equity Compensation Class B Uni

Equity Compensation Class B Units (Details)	Nov. 05, 2015$ / shares	Sep. 30, 2015USD ($)years$ / sharesshares	Jun. 30, 2015$ / shares	Mar. 31, 2015$ / shares	Sep. 30, 2014USD ($)$ / sharesshares	Jun. 30, 2014$ / shares	Mar. 31, 2014$ / shares	Sep. 30, 2015USD ($)years$ / sharesshares	Sep. 30, 2014USD ($)$ / sharesshares	Jan. 02, 2014USD ($)years$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Dividends, Per Share, Declared | $ / shares	$ 0.1925	$ 0.18	$ 0.18	$ 0.175	$ 0.16	$ 0.16	$ 0.16	$ 0.535	$ 0.48
Share-based Compensation | $		$ 593,417			$ 456,961			$ 1,761,268	$ 1,347,107
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period					131,464
market vesting condition capital increase threshhold | $					$ 1,959,000			2,629,000
ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
common stock fair value per share | $		$ 9.21						$ 9.21		$ 8.05
Common Stock, Dividends, Per Share, Declared | $ / shares					$ 0.16			$ 0.175
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			285,997
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%						7.60%		8.12%
ClassBUnit valuation assumption expected volatility		30.13%						30.13%		32.72%
Class B Unit valuation assumptions risk free rate		2.55%						2.55%		3.80%
Class B Unit valuation assumption expected service period in years | years		1						1		1
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number		1,947,640						1,947,640		1,422,963
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding					10,582				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 | $ / shares		$ 6.81						$ 6.81		$ 5.94
2013 [Member] | ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation | $		$ 0			$ 0			$ 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 | $		$ 0			$ 364,558			$ 3,825	$ 1,095,041
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) - $ / shares	Nov. 05, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.1925	$ 0.18	$ 0.18	$ 0.175	$ 0.16	$ 0.16	$ 0.16	$ 0.535	$ 0.48
warrant exercise price as percent of gross ipo price		120.00%						120.00%
Warrant [Member] | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding		150,000						150,000

Equity Compensation Equity comp

Equity Compensation Equity compensation expense by grant (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	$ 593,417	$ 456,961	$ 1,761,268	$ 1,347,107
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	678,824		678,824
stock grants for quarterly board committee fees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	18,018	11,858	41,917	29,786
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	0		0
2013 [Member] | ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	0	0	0	2,318
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	0		0
2013 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	0	0	0	85,812
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	0		0
2014 [Member] | ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	0	364,558	3,825	1,095,041
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	0		0
2014 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	0	80,545	107,321	134,150
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	0		0
2015 Year [Member] | ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	495,399	0	1,474,872	0
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	492,145		492,145
2015 Year [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	80,000	$ 0	133,333	$ 0
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 186,679		$ 186,679

Indebtedness (Details)

Indebtedness (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Mar. 31, 2015	Feb. 28, 2015USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Spread over Initial Interest Rate option 1	200		200
Spread over Initial Interest Rate option 2	400		400
indebtedness weighted average remaining maturity			5 years 6 months
Short-term Debt						$ 32,000,000
Unamortized Debt Issuance Expense	$ 487,079		$ 487,079
Long-term Debt, Current Maturities	30,156,895		30,156,895
Long-term Debt	590,804,256		590,804,256				$ 349,391,163
Long-term Debt, Maturities, Repayments of Principal in Year Two	7,011,585		7,011,585
Long-term Debt, Maturities, Repayments of Principal in Year Three	8,831,177		8,831,177
Long-term Debt, Maturities, Repayments of Principal in Year Four	30,490,484		30,490,484
Long-term Debt, Maturities, Repayments of Principal after Year Five	150,172,226		150,172,226
Long-term Debt, Maturities, Repayments of Principal after Year Five	400,083,611		400,083,611
Long-term Debt	626,745,978		626,745,978
Interest Expense	5,818,760	$ 2,150,047	14,884,343	$ 5,650,096
Line of Credit Facility, Amount Outstanding	$ 28,700,000		28,700,000				24,500,000
Amortization of Financing Costs			$ 1,069,961	$ 433,609
term loan [Member]
Debt Instrument [Line Items]
Loans Receivable, Basis Spread on Variable Rate	4.00%		4.00%		3.25%
Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 598,045,978		$ 598,045,978				354,418,668
Enclave | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 24,862,000		$ 24,862,000				24,862,000
Debt Instrument, Interest Rate, Stated Percentage	3.68%		3.68%
ashfordpark second mtg [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 0		$ 0				6,632,542
Debt Instrument, Interest Rate, Stated Percentage	4.13%		4.13%
Summit Crossing Second mtg [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 0		$ 0				5,229,386
Debt Instrument, Interest Rate, Stated Percentage	4.39%		4.39%
Summit II [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 0		$ 0				13,357,000
Debt Instrument, Interest Rate, Stated Percentage	4.49%		4.49%
Stone Rise Apartments [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 25,144,980		$ 25,144,980				25,187,000
Debt Instrument, Interest Rate, Stated Percentage	2.89%		2.89%
Summit Crossing [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 38,972,375		$ 38,972,375				20,685,760
Debt Instrument, Interest Rate, Stated Percentage	4.71%		4.71%
Ashford Park | Mortgages [Member]
Debt Instrument [Line Items]
amortization period			30
Long-term Debt	$ 32,175,183		$ 32,175,183				25,626,000
Debt Instrument, Interest Rate, Stated Percentage	3.13%		3.13%
Trail II [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 28,109,000		$ 28,109,000				28,109,000
Debt Instrument, Interest Rate, Stated Percentage	4.22%		4.22%
McNeil Ranch | Mortgages [Member]
Debt Instrument [Line Items]
amortization period			30
Long-term Debt	$ 13,646,000		$ 13,646,000				13,646,000
Debt Instrument, Interest Rate, Stated Percentage	3.13%		3.13%
Lake Cameron | Mortgages [Member]
Debt Instrument [Line Items]
amortization period			30
Long-term Debt	$ 19,773,000		$ 19,773,000				19,773,000
Debt Instrument, Interest Rate, Stated Percentage	3.13%		3.13%
Sandstone Creek Apartments | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 31,720,189		$ 31,720,189				32,200,225
Debt Instrument, Interest Rate, Stated Percentage	3.18%		3.18%
Stoneridge Farms at Hunt Club | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 27,444,027		$ 27,444,027				27,859,349
Debt Instrument, Interest Rate, Stated Percentage	3.18%		3.18%
Vineyards Apartments | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 34,775,000		$ 34,775,000				34,775,000
Debt Instrument, Interest Rate, Stated Percentage	3.68%		3.68%
Cypress [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 22,688,280		$ 22,688,280				0
Debt Instrument, Interest Rate, Stated Percentage	3.43%		3.43%
Northpointe [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 27,878,000		$ 27,878,000				0
Debt Instrument, Interest Rate, Stated Percentage	3.16%		3.16%
springhill [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 9,900,000		$ 9,900,000				9,900,000
Debt Instrument, Interest Rate, Stated Percentage	3.36%		3.36%
Parkway Town Centre | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 7,200,000		$ 7,200,000				7,200,000
Debt Instrument, Interest Rate, Stated Percentage	3.36%		3.36%
Parkway Centre | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 4,658,531		$ 4,658,531				4,727,430
Debt Instrument, Interest Rate, Stated Percentage	3.48%		3.48%
woodstock retail [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 3,103,124		$ 3,103,124				3,138,389
Debt Instrument, Interest Rate, Stated Percentage	4.71%		4.71%
Deltona Landing | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 7,110,389		$ 7,110,389				7,215,551
Debt Instrument, Interest Rate, Stated Percentage	3.48%		3.48%
Powder Springs | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 7,502,686		$ 7,502,686				7,613,650
Debt Instrument, Interest Rate, Stated Percentage	3.48%		3.48%
Kingwood Glen | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 11,896,416		$ 11,896,416				12,072,363
Debt Instrument, Interest Rate, Stated Percentage	3.48%		3.48%
Barclay Crossing | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 6,688,669		$ 6,688,669				6,787,594
Debt Instrument, Interest Rate, Stated Percentage	3.48%		3.48%
Sweetgrass Corner | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 8,103,627		$ 8,103,627				8,221,429
Debt Instrument, Interest Rate, Stated Percentage	3.58%		3.58%
salem cove [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 9,600,000		$ 9,600,000				9,600,000
Debt Instrument, Interest Rate, Stated Percentage	4.21%		4.21%
Sarasota [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 30,671,447		$ 30,671,447				0
Debt Instrument, Interest Rate, Stated Percentage	3.55%		3.55%
Lely [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 33,899,037		$ 33,899,037				0
Debt Instrument, Interest Rate, Stated Percentage	3.84%		3.84%
City Park [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 22,031,518		$ 22,031,518				0
Debt Instrument, Interest Rate, Stated Percentage	3.27%		3.27%
Mansions at Creekside [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 41,625,000		$ 41,625,000				0
Debt Instrument, Interest Rate, Stated Percentage	1.79%		1.79%
Citilakes [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 44,450,000		$ 44,450,000				0
Debt Instrument, Interest Rate, Stated Percentage	2.36%		2.36%
Independence Square [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 12,617,500		$ 12,617,500				0
Debt Instrument, Interest Rate, Stated Percentage	3.93%		3.93%
Royal Lakes [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 9,800,000		$ 9,800,000				$ 0
Debt Instrument, Basis Spread on Variable Rate			25000.00%
Debt Instrument, Interest Rate, Stated Percentage	2.70%		2.70%
Royal Lakes [Member]
Debt Instrument [Line Items]
loan commitment amount	$ 11,050,000		$ 11,050,000
Citilakes [Member]
Debt Instrument [Line Items]
LIBOR spread	217,000,000		217,000,000
Derivative, Cap Interest Rate	4.33%		4.33%
Mansions at Creekside [Member]
Debt Instrument [Line Items]
LIBOR spread	160		160
Derivative, Cap Interest Rate	5.00%		5.00%
Summit II [Member]
Debt Instrument [Line Items]
amortization period			30
Summit Crossing [Member]
Debt Instrument [Line Items]
amortization period			30
Stone Rise Apartments [Member]
Debt Instrument [Line Items]
amortization period			30
Trail Creek [Member]
Debt Instrument [Line Items]
amortization period			30

Indebtedness debt covenants (De

Indebtedness debt covenants (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014
debt covenants [Line Items]
Initial Interest Rate	3.93%	3.93%
dividend restriction AFFO		95.00%
Line of Credit Facility, Maximum Borrowing Capacity	$ 70,000,000	$ 70,000,000	$ 50,000,000	$ 45,000,000	$ 40,000,000
minimum equity debt covenants	$ 275,000,000	$ 275,000,000
equity raise above min equity required	75.00%	75.00%
total debt covenant min equity	$ 302,541,070	$ 302,541,070
maximum dividends debt covenant	$ 36,681,000
Spread over Initial Interest Rate	200	200
Minimum Net Worth Required for Compliance	$ 443,546,594	$ 443,546,594
debt yield	8.45%	8.45%
payout ratio	79.20%	79.20%
Total leverage ratio	57.20%	57.20%
Minimum [Member]
debt covenants [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.20%
Maximum
debt covenants [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.30%

Indebtedness Credit Facility (D

Indebtedness Credit Facility (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014
Line of Credit Facility [Line Items]
Unamortized Debt Issuance Expense	$ 487,079	$ 487,079
Line of Credit Facility, Interest Rate During Period	3.73%
Line of Credit Facility, Maximum Borrowing Capacity	$ 70,000,000	$ 70,000,000	$ 50,000,000	$ 45,000,000		$ 40,000,000
minimum asset threshold credit limit increase					$ 300,000,000
term loan [Member]
Line of Credit Facility [Line Items]
Loans Receivable, Basis Spread on Variable Rate	4.00%	4.00%		3.25%
Minimum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.20%
Maximum
Line of Credit Facility [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.30%

Indebtedness term loan (Details

Indebtedness term loan (Details) - USD ($) $ in Millions	Sep. 30, 2015	Mar. 31, 2015	Feb. 28, 2015
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%	3.25%

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Sep. 30, 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)	3 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)ft²	Sep. 30, 2015USD ($)ft²	Sep. 30, 2014
Long-term Purchase Commitment [Line Items]
Number of units in real estate property	5,416	5,416	3,326
lease term		11 years
guaranty cap amount	$ 6,900,000	$ 6,900,000
Annual reduction in guaranty cap	$ 555,000	555,000
guaranty cap amount credit cards		$ 405,000
Sarasota [Member]
Long-term Purchase Commitment [Line Items]
Number of units in real estate property | ft²	237	237
business combination purchase price	$ 47,400,000

Segment information (Details)

Segment information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Assets	$ 1,104,840,196		$ 1,104,840,196		$ 691,382,907
Operating Leases, Income Statement, Lease Revenue	19,442,628	$ 6,546,945	47,304,230	$ 18,460,968
rental and other property revenues	29,955,693	13,182,660	75,389,035	36,487,932
adjusted funds from operations	20,944,566	10,233,911	52,514,025	28,038,282
Interest Expense	5,818,760	2,150,047	14,884,343	5,650,096
Depreciation			19,052,639	7,348,550
noncash loan interest income	577,579	326,776	1,249,947	901,429
Management fees net of deferrals	1,535,382	787,115	3,302,109	2,207,385
Share-based Compensation	(593,417)	(456,961)	(1,761,268)	(1,347,107)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(1,697,767)	(3,229,373)	(2,041,860)	1,990,940
loan fees received			2,126,913	836,755
Business Combination, Acquisition Related Costs	(1,783,708)	(3,056,997)	(2,876,642)	(3,407,392)
Multifamily communities [Member]
Segment Reporting Information [Line Items]
capitalized expenditures for long lived assets			2,737,108	1,337,702
Assets	684,142,022		684,142,022		368,224,617
Operating Leases, Income Statement, Lease Revenue	18,624,534	6,952,522	44,714,185	19,992,643
adjusted funds from operations	10,517,036	4,104,481	24,585,670	11,712,202
Acquisition Costs, Period Cost	2,543,159	2,937,724	5,335,149	3,087,696
Retail Site [Member]
Segment Reporting Information [Line Items]
Acquisition Costs, Period Cost	781,799	3,562,332	941,514	3,820,023
financingsegment [Member]
Segment Reporting Information [Line Items]
Assets	247,354,966		247,354,966		189,984,602
Interest and Other Income	7,954,880	5,835,999	21,399,052	15,821,540
adjusted funds from operations	7,954,880	5,835,999	21,399,052	15,821,540
Interest Expense	720,764	364,431	2,089,779	1,156,134
woodstock retail [Member]
Segment Reporting Information [Line Items]
Assets	159,597,066		159,597,066		123,932,893
Interest and Other Income	3,376,279	394,139	9,275,798	673,749
adjusted funds from operations	2,472,650	293,431	6,529,303	504,540
Interest Expense	844,472	82,639	2,391,479	82,639
Depreciation	1,816,634	315,289	4,882,862	421,433
Other Assets [Member]
Segment Reporting Information [Line Items]
Assets	13,746,142		13,746,142		$ 9,240,795
All Other Segments [Member]
Segment Reporting Information [Line Items]
adjusted funds from operations	255,751	56,590	671,792	242,561
Retail Segment [Domain]
Segment Reporting Information [Line Items]
capitalized expenditures for long lived assets			1,008,023	221,950
real estate assets [Member]
Segment Reporting Information [Line Items]
Interest Expense	4,253,524	1,702,977	10,403,085	4,411,323
Depreciation	$ 8,719,852	$ 2,870,450	$ 21,526,901	$ 8,369,612

Loss per Share (Details)

Loss per Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ (1,697,767)	$ (3,229,373)	$ (2,041,860)	$ 1,990,940
Preferred Stock, Shares Outstanding	384,112	146,145	384,112	146,145
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures			22,602	39,216
Net Income (Loss) Attributable to Parent	$ (1,682,478)	$ (3,202,892)	$ (2,021,148)	$ 1,958,193
NetIncomeAllocatedToUnvestedRestrictedShares	(4,068)	(6,275)	(16,355)	(17,227)
Income (Loss) Attributable to Noncontrolling Interest	15,289	26,481	20,712	(32,747)
Net Income (Loss) Available to Common Stockholders, Basic	$ (6,800,672)	$ (5,112,684)	$ (14,415,083)	$ (2,983,866)
Weighted Average Number of Shares Outstanding, Basic	22,292,217	17,564,091	22,109,036	16,399,675
Preferred Stock, Dividend Rate, Percentage			6.00%
Units stated value per share	$ 1,000		$ 1,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period		131,464
Earnings Per Share, Basic	$ (0.31)		$ (0.65)
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Incremental Common Shares Attributable to Share-based Payment Arrangements	0	0	0	0
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Incremental Common Shares Attributable to Share-based Payment Arrangements	0	0	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	0	0	0
Unitsissued [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unitsissuedcumulative			386,912
ClassBUnits [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest			$ (2,041,860)	$ 1,990,940
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	285,997	239,556	285,997
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				29,016
Warrant [Member] | Maximum
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Class of Warrant or Right, Outstanding	150,000		150,000
Series A Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred Stock, Shares Outstanding	384,112		384,112		192,846
Dividends, Preferred Stock	$ (5,114,126)	$ (1,903,517)	$ (12,377,580)	$ (4,924,832)
Scenario, Actual [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted Average Number of Shares Outstanding, Diluted	22,292,217	17,564,091	22,109,036	16,399,675
Earnings Per Share, Basic		$ (0.29)	$ (0.65)	$ (0.18)
Earnings Per Share, Diluted	$ (0.31)	$ (0.29)	$ (0.65)	$ (0.18)

Pro Forma Financial Informati75

Pro Forma Financial Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenues	$ 29,955,693	$ 13,182,660	$ 75,389,035	$ 36,487,932
loans to be funded	259,057,321		259,057,321
pro forma net income common stockholders	$ (3,035,435)	$ (4,199,160)	$ (11,602,541)	$ (22,295,040)
Weighted Average Number of Shares Outstanding, Basic	22,292,217	17,564,091	22,109,036	16,399,675
Pro Forma [Member]
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenues	$ 31,193,556	$ 24,872,962	$ 88,716,623	$ 67,656,005
Business Acquisition, Pro Forma Net Income (Loss)	2,113,973	(2,365,790)	803,751	(17,596,392)
pro forma net income company	$ 2,082,759	$ (2,289,368)	$ 791,394	$ (17,352,981)
Business Acquisition, Pro Forma Earnings Per Share, Basic	$ (0.13)	$ (0.22)	$ (0.49)	$ (1.25)
Weighted Average Number of Shares Outstanding, Basic	23,742,217	19,104,091	23,559,036	17,849,675
Multifamily communities [Member]
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
capitalized expenditures for long lived assets			$ 2,737,108	$ 1,337,702

Fair Values of Financial Inst76

Fair Values of Financial Instruments (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Receivable	$ 11,227,275	$ 8,038,447
Exit fee		2,000,000
real estate related loans fair value	0	20,313,722
Financing Receivable, Gross	33,850,000
Financing Receivable, Net	10,449,914	14,543,638
Mortgage notes payable	590,804,256	349,391,163
Line of Credit Facility, Amount Outstanding	28,700,000	24,500,000
Debt, Long-term and Short-term, Combined Amount		381,881,961
Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	598,045,978	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	28,325,212
real estate loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Receivable	11,227,275	8,038,447
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate loans carrying value including accrued interest	219,024,185	161,270,120
Financing Receivable, Gross	28,295,233
financial assets carrying value	247,319,418	189,967,680
line of credit receivable		28,697,560
Participating Mortgage Loans, Mortgage Obligations, Amount	12,525,823	7,990,798
Debt, Long-term and Short-term, Combined Amount	632,030,079
Reported Value Measurement [Member] | Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	590,804,256	349,391,163
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
Reported Value Measurement [Member] | Irvine [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure		20,313,722
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	639,043,953
real estate related loans fair value	231,276,149
Assets, Fair Value Disclosure	259,571,382
Financing Receivable, Gross	28,295,233
line of credit receivable		28,697,560
Long-term Debt, Fair Value	597,305,328
Participating Mortgage Loans, Mortgage Obligations, Amount	13,038,625	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	639,043,953
real estate related loans fair value		166,583,953
Assets, Fair Value Disclosure	259,571,382	195,281,513
Financing Receivable, Gross	28,295,233
Long-term Debt, Fair Value	597,305,328	360,557,496
Line of Credit Facility, Amount Outstanding		24,500,000
Participating Mortgage Loans, Mortgage Obligations, Amount	13,038,625	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	$ 231,276,149	$ 166,583,953

Subsequent Events sub events (D

Subsequent Events sub events (Details)	Nov. 05, 2015$ / shares	Oct. 04, 2015USD ($)$ / sharesshares	Oct. 31, 2015USD ($)shares	Dec. 31, 2015USD ($)ft²$ / sharesshares	Sep. 30, 2015USD ($)ft²$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares	Mar. 31, 2015USD ($)$ / sharesshares	Sep. 30, 2014USD ($)ft²$ / sharesshares	Jun. 30, 2014$ / shares	Mar. 31, 2014USD ($)$ / sharesshares	Sep. 30, 2015USD ($)ft²$ / sharesshares	Sep. 30, 2014USD ($)ft²$ / shares	Jan. 02, 2014shares
Subsequent Event [Line Items]
Beds											4,010
interest revenue current pay					$ 4,077,298			$ 2,924,660			$ 11,263,071	$ 7,852,786
Financing Receivable, Gross					$ 33,850,000						$ 33,850,000
Net Rentable Area | ft²					259,711						259,711
guaranty cap amount					$ 6,900,000						$ 6,900,000
loans to be funded					$ 259,057,321						259,057,321
Proceeds from Issuance of Common Stock											5,381,848	36,058,950
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares								131,464
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ / shares					$ 10.94	$ 10.62	$ 10.05	$ 8.80		$ 8
deferred interest income											$ 3,188,828	$ 3,219,158
Common Stock, Dividends, Per Share, Declared | $ / shares	$ 0.1925				$ 0.18	$ 0.18	$ 0.175	$ 0.16	$ 0.16	$ 0.16	$ 0.535	$ 0.48
Proceeds from Issuance or Sale of Equity											$ 174,702,572	$ 51,479,498
Area of real estate property | ft²					954,000			632,000			954,000	632,000
Stock Granted, Value, Share-based Compensation, Gross					$ 18,018	$ 5,990	$ 17,909	$ 11,880		$ 17,928
Oxford Capital Partners LLC [Member]
Subsequent Event [Line Items]
Financing Receivable, Gross					8,250,000						$ 8,250,000
guaranty cap amount					$ 1,000,000						$ 1,000,000
interest rate note receivable					12.00%						12.00%
Irvine [Member]
Subsequent Event [Line Items]
Beds											0
loans to be funded					$ 59,052,583						$ 59,052,583
Haven South Florida [Member]
Subsequent Event [Line Items]
Beds											542
loans to be funded					2,900,000						$ 2,900,000
current interest rate											10.00%
Deferred interest rate											0.00%
Haven Waco [Member]
Subsequent Event [Line Items]
Beds											840
loans to be funded					15,445,668						$ 15,445,668
current interest rate											8.50%
Deferred interest rate											6.00%
13th street [Member]
Subsequent Event [Line Items]
Financing Receivable, Gross					0						$ 0
Summit II [Member]
Subsequent Event [Line Items]
Beds											732
loans to be funded					15,598,352						$ 15,598,352
current interest rate											8.50%
Deferred interest rate											6.00%
dawsonville [Member]
Subsequent Event [Line Items]
Beds											0
loans to be funded					6,553,500						$ 6,553,500
current interest rate											12.00%
Deferred interest rate											0.00%
Encore [Member]
Subsequent Event [Line Items]
Beds											0
loans to be funded					20,026,525						$ 20,026,525
PAA [Member]
Subsequent Event [Line Items]
Financing Receivable, Gross					$ 12,000,000						$ 12,000,000
interest rate note receivable					8.00%						8.00%
Unitsissued [Member]
Subsequent Event [Line Items]
Proceeds from Other Equity											$ 349,300,000
Unitsissuedcumulative | shares											386,912
ClassBUnits [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares					285,997			239,556			285,997
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares					1,947,640						1,947,640		1,422,963
Common Stock, Dividends, Per Share, Declared | $ / shares								$ 0.16			$ 0.175
Restricted Stock [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares					1,647	564	1,782	1,350		2,241
2013 Shelf offering [Member]
Subsequent Event [Line Items]
Proceeds from Issuance of Common Stock											$ 200,000,000
Subsequent Event [Member] | Summit Point [Member]
Subsequent Event [Line Items]
Net Rentable Area | ft²				112,000
Subsequent Event [Member] | Oxford Capital Partners LLC [Member]
Subsequent Event [Line Items]
Financing Receivable, Gross				$ 13,400,000
Subsequent Event [Member] | dawsonville [Member]
Subsequent Event [Line Items]
Financing Receivable, Gross				11,600,000
Subsequent Event [Member] | Encore [Member]
Subsequent Event [Line Items]
Financing Receivable, Gross				20,700,000
Subsequent Event [Member] | PAA [Member]
Subsequent Event [Line Items]
Financing Receivable, Gross				$ 13,000,000
Subsequent Event [Member] | Unitsissued [Member]
Subsequent Event [Line Items]
Unitsissuedcumulative | shares			33,966
Proceeds from Issuance of Preferred Stock and Preference Stock			$ 30,600,000
Subsequent Event [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 | shares		540		534
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ / shares		$ 11.14		$ 11.22
Stock Granted, Value, Share-based Compensation, Gross		$ 6,016		$ 5,991