Preferred Apartment Communities (APTS) 10-Q 9 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Jun. 30, 2016	Jul. 31, 2016
Document and Entity Information
entity registrant name	PREFERRED APARTMENT COMMUNITIES INC
entity CIK	1,481,832
Current fiscal year end date	--06-30
document type	10-Q
document period end date	Jun. 30, 2016
document fiscal year focus	2,016
entity filer category	Accelerated Filer
document fiscal period focus	Q2
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
amendment flag	false
entity common stock, shares outstanding		24,214,804

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Real estate
Land	$ 206,706,147	$ 141,729,264
Building and improvements	1,079,949,148	733,417,442
Tenant improvements	7,443,986	5,781,199
Furniture, fixtures, and equipment	112,147,819	86,092,408
Construction in progress	1,696,177	609,400
Gross real estate	1,407,943,277	967,629,713
Less: accumulated depreciation	(71,760,464)	(48,155,874)
Net real estate	1,336,182,813	919,473,839
Property held for sale (net of accumulated depreciation of $0 and $5,838,792)	0	33,817,081
Real estate loans, net of deferred fee income	181,287,965	180,688,293
Real estate loans to related parties, net	97,769,345	57,313,465
Total real estate and real estate loans, net	1,615,240,123	1,191,292,678
Cash and cash equivalents	5,717,111	2,439,605
Restricted cash	23,146,020	12,539,440
Notes receivable	16,929,381	18,489,247
Note receivable and revolving line of credit due from related party	24,010,987	19,454,486
Accrued interest receivable on real estate loans	13,751,480	14,294,648
Acquired intangible assets, net of amortization of $33,598,998 and $27,032,157	27,532,024	19,381,473
Deferred loan costs for revolving line of credit, net of amortization of $163,819 and $791,002	419,668	488,770
Deferred offering costs	4,699,537	5,834,304
Tenant receivables (net of allowance of $463,283 and $434,773) and other assets	25,562,202	11,314,382
Total assets	1,757,008,533	1,295,529,033
Liabilities
Mortgage notes payable, principal amount	957,087,042	668,836,291
Less: deferred loan costs, net of amortization of $3,513,390 and $2,021,696	(13,588,680)	(8,099,517)
Mortgage notes payable, net of deferred loan costs	943,498,362	660,736,774
Mortgage note held for sale	0	28,109,000
Revolving line of credit	28,500,000	34,500,000
Term note payable	41,000,000	0
Less: deferred loan costs, net of amortization	(55,456)	0
Term note payable, net of deferred loan costs	40,944,544	0
Real estate loan participation obligation	13,997,758	13,544,160
Accounts payable and accrued expenses	18,548,928	12,644,818
Accrued interest payable	2,633,222	1,803,389
Dividends and partnership distributions payable	8,272,974	6,647,507
Acquired below market lease intangibles, net of amortization of $2,227,174 and $1,578,205	9,734,618	9,253,450
Security deposits and other liabilities	3,956,465	2,836,145
Total liabilities	1,070,086,871	770,075,243
Stockholder's equity
Series A Redeemable Preferred Stock	6,835	4,830
Common Stock	236,922	227,616
Additional paid-in capital	702,363,652	536,450,877
Accumulated deficit	(16,789,931)	(13,698,520)
Total stockholders' equity	685,817,478	522,984,803
Non-controlling interest	1,104,184	2,468,987
Total equity	686,921,662	525,453,790
Total liabilities and equity	$ 1,757,008,533	$ 1,295,529,033

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
property held for sale accumulated depreciation	$ 0	$ 5,838,792
Finite-Lived Intangible Assets, Accumulated Amortization	33,598,998	27,032,157
Allowance for Doubtful Accounts, Premiums and Other Receivables	463,283	434,773
Below Market Lease, Accumulated Amortization	$ 3,513,390	$ 2,021,696
Shares outstanding, preferred stock	683,545
Common Stock, par value per share	$ 0.01
Common stock, shares outstanding	23,692,178
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	688,788	486,182
Shares outstanding, preferred stock	683,545	482,964
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	23,692,178	22,761,551
Common stock, shares outstanding	23,692,178	22,761,551
Revolving Credit Facility [Member]
Deferred loan costs, accumulated amortization	$ 163,819	$ 791,002
Mortgages [Member]
Deferred loan costs, accumulated amortization	$ 2,227,174	$ 1,578,205

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Rental revenues	$ 30,966,738	$ 14,720,482	$ 59,222,337	$ 27,861,602
Other property revenues	4,308,360	2,157,800	8,068,443	4,127,567
Interest income on loan and note receivable	6,847,724	5,582,871	13,789,883	10,457,957
Revenue from Related Parties	3,731,122	1,627,674	6,509,062	2,986,216
Total revenues	45,853,944	24,088,827	87,589,725	45,433,342
Operating expenses:
Property operating and maintenance	4,356,923	2,545,578	8,378,285	4,624,937
property salaries related party	2,516,605	1,308,832	4,880,068	2,426,405
Property management fees	1,356,409	655,139	2,584,430	1,225,545
Real estate taxes	5,494,608	2,327,472	10,668,049	4,404,149
General and administrative	1,191,520	463,298	2,111,472	921,502
Share-based Compensation	618,867	577,543	1,229,292	1,167,851
Depreciation and amortization	17,969,975	7,927,849	33,316,701	15,873,277
Acquisition costs	2,490,566	669,342	5,143,271	1,092,934
acquisition fees paid to related party	274,176	1,098,471	385,056	1,858,771
Management fees	2,958,991	1,570,956	5,725,077	2,921,846
Other Expenses	1,571,514	644,202	2,878,495	1,349,754
Total operating expenses	40,800,154	19,788,682	77,300,196	37,866,971
manager's fees deferred	(451,684)	(809,159)	(721,285)	(1,155,119)
Operating Expenses	40,348,470	18,979,523	76,578,911	36,711,852
Operating Income (Loss)	5,505,474	5,109,304	11,010,814	8,721,490
Interest Expense	9,559,501	4,688,468	18,454,331	9,065,583
Income (Loss) before Gain (Loss) on Sale of Properties	(4,054,027)	420,836	(7,443,517)	(344,093)
Net loss	217,479	420,836	(3,172,011)	(344,093)
Gains (Losses) on Sales of Investment Real Estate	4,271,506	0	4,271,506	0
net loss attributable to non-controlling interests	(7,961)	(4,276)	80,600	5,423
Net loss attributable to the Company	209,518	416,560	(3,091,411)	(338,670)
Dividends to preferred stockholders	(9,444,282)	(4,090,557)	(17,326,017)	(7,263,454)
NetIncomeAllocatedToUnvestedRestrictedShares	4,824	5,424	6,275	12,287
Net Income (Loss) Available to Common Stockholders, Basic	$ (9,239,588)	$ (3,679,421)	$ (20,423,703)	$ (7,614,411)
Earnings Per Share, Basic	$ (0.40)	$ (0.17)	$ (0.88)	$ (0.35)
Dividends, Common Stock, Cash			$ 9,208,076	$ 7,863,076
Common Stock, Dividends, Per Share, Declared	$ 0.2025	$ 0.18	$ 0.395	$ 0.355
Weighted Average Number of Shares Outstanding, Basic	23,325,663	22,215,663	23,154,702	22,015,928

Statements of Operations (Paren

Statements of Operations (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement Parentheticals [Abstract]
property management fees paid to related party	$ 1,140,603	$ 563,567	$ 2,211,691	$ 1,043,618
acquisition fees paid to related party	$ 39,222	$ 37,636	$ 106,353	$ 84,641

Statements of Cash Flows

Statements of Cash Flows	6 Months Ended
	Jun. 30, 2016USD ($)shares	Jun. 30, 2015USD ($)shares
Operating activities:
Net loss	$ (3,172,011)	$ (344,093)
Reconciliation of net loss to net cash provided by (used in) operating activities:
Depreciation expense	23,973,536	11,507,799
Amortization expense	9,343,165	4,365,478
Amortization of above and below Market Leases	(593,455)	(341,328)
Deferred fee income amortization	(492,490)	(367,406)
Deferred loan cost amortization	1,393,318	700,833
deferred interest income	543,167	(896,557)
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	(1,256,296)	(1,167,851)
deferred miscellaneous income amortization	(1,067)	(9,872)
Changes in operating assets and liabilities:
(Increase) in tenant accounts receivable	433,419	9,405
(Increase) decrease in other assets	3,374,618	2,136,764
Increase in accounts payable and accrued expenses	883,490	50,145
(Decrease) increase in accrued interest payable	(44,077)	275,169
Increase (decrease) in prepaid rents	233,357	44,055
Net cash provided by (used in) operating activities	32,859,760	18,298,243
Investing activities:
Investments in real estate loans	(75,603,964)	(46,515,765)
Proceeds from Principal Repayments on Loans and Leases Held-for-investment	27,695,229	18,772,024
Deferred real estate loan income	(8,051,980)	(3,044,871)
Notes receivable issued	9,615,213	9,897,319
Deferred acquisition fee on real estate loans	18,653,990	8,413,133
Increase (Decrease) in Accounts and Notes Receivable	13,842,681	5,198,392
loan fees received	2,249,137	1,138,713
AcquisitionFeesRelatedPartyCosts	(1,124,226)	(569,356)
Acquisition of properties, net	(404,186,508)	(199,211,216)
Additions to real estate assets - improvements	(4,000,551)	(1,656,383)
Proceeds from Sale of Productive Assets	(11,194,950)	(1,288,375)
Increase in cash held in escrow and restricted cash	(4,291,485)	(1,855,932)
Net cash (used in) investing activities	(463,089,008)	(227,573,248)
Financing activities:
Proceeds from mortgage notes payable	249,840,000	137,688,000
Extinguishment of Debt, Amount	(4,692,524)	(1,433,487)
Payments for mortgage loan costs	(9,616,676)	(1,987,114)
loan balance proceeds from real estate loan participants	135,398	3,712,031
Proceeds from non-revolving lines of credit	195,500,000	71,900,000
Payments on revolving lines of credit	(201,500,000)	(96,400,000)
Proceeds from Short-term Debt	46,000,000	32,000,000
Repayments of Short-term Debt	(5,000,000)	(32,000,000)
Proceeds from sales of Units, net of offering costs	180,446,649	108,573,262
Proceeds from Issuance of Common Stock	0	5,381,848
Proceeds from Warrant Exercises	9,380,346	796,751
Dividends declared and paid	(8,750,488)	(7,548,190)
Payments of Ordinary Dividends, Preferred Stock and Preference Stock	(16,284,348)	(6,684,424)
Payments of Ordinary Dividends, Noncontrolling Interest	(170,630)	(74,440)
Payments for deferred offering costs, net of non cash items	(1,780,973)	(893,960)
Net Cash Provided by (Used in) Financing Activities	433,506,754	213,030,277
Cash and Cash Equivalents, Period Increase (Decrease)	3,277,506	3,755,272
Cash beginning of period	2,439,605	3,113,270
Cash end of period	5,717,111	6,868,542
Supplemental cash flow information:
Cash paid for interest	16,231,180	8,314,605
Noncash Investing and Financing Items [Abstract]
Accrued capital expenditures	1,369,091	641,333
writeoff of fully amortized liabilities	1,124,625	249,440
Dividends payable to non controlling interests	179,449	50,465
Accrued and payable deferred offering costs	1,172,932	641,614
Reclass of offering costs from deferred asset to equity	$ 3,699,985	$ 1,544,106
Common Unit, Issued | shares	6,250,000	0
non cash mezzanine loan settled	$ 0	$ 10,000,000
Share-based Compensation	$ 3,134,281	$ 2,291,551
offering costs reimbursable to the Manager	222,206	382,664
Common Stock [Member]
Financing activities:
Proceeds from Warrant Exercises	$ 8,400,000	$ 1,100,000
Noncash Investing and Financing Items [Abstract]
Dividends payable	4,772,587	4,012,322
Series A Preferred Stock [Member]
Noncash Investing and Financing Items [Abstract]
Dividends payable	3,320,938	1,479,463
westport capital partners [Member]
Investing activities:
AcquisitionFeesRelatedPartyCosts	$ 0	$ (24,665)

Statements of Equity and Accumu

Statements of Equity and Accumulated Deficit - USD ($)	Total	ClassBUnits [Member]	Series A Preferred Stock [Member]	Series A Preferred Stock [Member]ClassBUnits [Member]	Common Stock [Member]	Common Stock [Member]ClassBUnits [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member]ClassBUnits [Member]	Accumulated Deficit [Member]	Accumulated Deficit [Member]ClassBUnits [Member]	Total Stockholders' Equity [Member]	Total Stockholders' Equity [Member]ClassBUnits [Member]	Noncontrolling Interest [Member]	Noncontrolling Interest [Member]ClassBUnits [Member]
Balance at Dec. 31, 2014	$ 291,581,874		$ 1,928		$ 214,039		$ 300,576,349		$ (11,297,852)		$ 289,494,464		$ 2,087,410
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Units	120,850,177		1,209		0		120,848,968		0		120,850,177		0
Redemptions of Series A Preferred Stock	(684,051)		(14)		599		(684,636)		0		(684,051)		0
Issuance of Common Stock	5,493,308		0		5,479		5,487,829		0		5,493,308		0
Exercises of warrants	1,135,491		0		1,194		1,134,297		0		1,135,491		0
Syndication and offering costs	(13,781,636)						(13,781,636)				(13,781,636)
Equity compensation to executives and directors	184,554		0		24		184,530		0		184,554		0
Vesting of restricted stock	0		0		392		(392)		0		0		0
Conversion of Class A Units to Common Stock	0		0		1,042		695,050		0		696,092		(696,092)
Current period amortization of Class B Units	983,297		0		0		0		0		0		983,297
Net Income (Loss) Attributable to Parent	(338,670)									$ (338,670)		$ (338,670)		$ (5,423)
Net loss	(344,093)	$ (344,093)
Reallocation adjustment to non-controlling interests							356,220				356,220		(356,220)
Distributions to non-controlling interests	(99,528)												(99,528)
Dividends, Preferred Stock	(7,263,454)		0		0		(7,263,454)		0		(7,263,454)		0
Dividends, Common Stock, Cash	(7,863,076)						(7,863,076)				(7,863,076)
Balance at Jun. 30, 2015	390,192,863		3,123		222,769		399,690,049		(11,636,522)		388,279,419		1,913,444
Balance at Dec. 31, 2015	525,453,790		4,830		227,616		536,450,877		(13,698,520)		522,984,803		2,468,987
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Units	202,458,286		2,026		0		202,456,260		0		202,458,286		0
Redemptions of Series A Preferred Stock	(1,854,552)		(21)		0		(1,854,531)		0		(1,854,552)		0
Issuance of Common Stock	8,395,704		0		8,155		8,387,549		0		8,395,704		0
Syndication and offering costs	(23,857,575)		0		0		(23,857,575)		0		(23,857,575)		0
Equity compensation to executives and directors	232,000		0		44		231,956		0		232,000		0
Vesting of restricted stock	0		0		151		(151)		0		0		0
Conversion of Class A Units to Common Stock	0		0		956		647,642		0		648,598		(648,598)
Current period amortization of Class B Units	1,024,298		0		0		0		0		0		1,024,298
Net Income (Loss) Attributable to Parent	(3,091,411)									(3,091,411)		(3,091,411)		(80,600)
Net loss	(3,172,011)	(3,172,011)
Class A Units issued for property acquisition		$ 5,072,659		$ 0		$ 0		$ 0		$ 0		$ 0		$ 5,072,659
Reallocation adjustment to non-controlling interests							6,435,718				6,435,718		(6,435,718)
Distributions to non-controlling interests	(296,844)												(296,844)
Dividends, Preferred Stock	(17,326,017)		0		0		(17,326,017)		0		(17,326,017)		0
Dividends, Common Stock, Cash	(9,208,076)		0		0		(9,208,076)		0		(9,208,076)		0
Balance at Jun. 30, 2016	$ 686,921,662		$ 6,835		$ 236,922		$ 702,363,652		$ (16,789,931)		$ 685,817,478		$ 1,104,184

Statements of Equity and Accum8

Statements of Equity and Accumulated Deficit Parenthetical - $ / shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Common Stock, Dividends, Per Share, Declared	$ 0.395	$ 0.355
Series A Preferred Stock [Member]
Dividends, Preferred Stock, Cash	$ 5	$ 5

Organization

Organization	6 Months Ended
	Jun. 30, 2016
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 real estate related 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 real estate loans 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, subject to any temporary increase unanimously approved by its board of directors, in other real estate related investments such as grocery-anchored shopping centers, 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 June 30, 2016 , the Company had 23,692,178 shares of common stock, par value $0.01 per share, or Common Stock, issued and outstanding and was the approximate 96.4% owner of the Operating Partnership at that date. The number of partnership units not owned by the Company totaled 886,168 at June 30, 2016 and represented Class A OP Units of the Operating Partnership, or Class A OP Units. The Class A OP Units are convertible at any time at the option of the holder into the Company's choice of either cash or Common Stock. In the case of cash, the value is determined based upon the trailing 20 -day volume weighted average price of the Company's Common Stock. The Company controls the Operating Partnership through its sole general partner interest and conducts substantially all of its business through the Operating Partnership. The Company has determined the Operating Partnership is a variable interest entity, or VIE, of which the Company is the primary beneficiary. Substantially all of the Company's assets and liabilities are held by 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 the fair statement of the Company's financial condition. 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 2015 Annual Report on Form 10-K filed with the Securities and Exchange Commission, or the SEC, on March 14, 2016.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Summary of Significant Accounting Policies Acquisitions and Impairments of Real Estate Assets The Company records its initial investments in income-producing real estate at fair value at the acquisition date in accordance with ASC 805-10, Business Combinations , which requires that all consideration transferred be measured at its acquisition-date fair value. 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. Loan Coordination Fees Amendment Number One to the Fifth Amended and Restated Management Agreement, which was effective January 1, 2016, replaced the acquisition fees which were paid to the Manager upon the closing of the acquisition of a property with loan coordination fees, which are intended to reimburse the Manager for costs incurred related to negotiating and securing mortgage debt financing on acquired properties. Acquisition fees were recognized in full at the date of acquisition. Loan coordination fees are recognized over the term of the associated loan using the effective interest method in cases where mortgage financing is obtained at the closing date of the property acquisition. If no debt financing is utilized in conjunction with a property acquisition, the loan coordination fee is recognized in full at the date of property acquisition, in the Acquisition fees to related parties line in the Consolidated Statements of Operations. If debt financing is obtained subsequent to the acquisition, any incremental deferred loan coordination fee earned is recognized over the term of the associated loan using the effective interest method. Stock-Based Compensation The Company accounts for stock-based compensation in accordance with guidance provided by ASC 505-50, Equity-Based Payments to Non-Employees and ASC 718, Stock Compensation . We calculate the fair value of equity compensation instruments at the date of grant based upon estimates of their expected term, the expected volatility of and dividend yield on our Common Stock over this expected term period and the market risk-free rate of return. We also estimate forfeitures of these instruments and accrue the compensation expense, net of estimated forfeitures, over the vesting period(s). We record the fair value of restricted stock awards based upon the closing stock price on the trading day immediately preceding the date of grant. For awards of equity compensation which have market performance vesting conditions in addition to multiple tranches of service period requirements, the Company utilizes the straight-line expense attribution method. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board, or 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 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's adoption of ASU 2015-02 had no impact on its consolidated financial statements. In January 2016, the FASB issued Accounting Standards Update 2016-01 ("ASU 2016-01"), Financial Instruments—Overall (Subtopic 825-10): Recognition and measurement of Financial Assets and Liabilities. The new standard's applicable provisions to the Company include an elimination of the disclosure requirement of the significant inputs and assumptions underlying the fair value calculations of its financial instruments which are carried at amortized cost. The standard is effective on January 1, 2018, and early adoption is not permitted for the applicable provision. The Company does not expected the adoption of ASU 2016-01 to impact the Company’s consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update 2016-02 ("ASU 2016-02"), Leases (ASC 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASC 842 supersedes the previous leases standard, ASC 840 Leases. The standard is effective on January 1, 2019, with early adoption permitted. The Company is in the process of evaluating the impact of this new guidance but does not expected its adoption to materially impact the Company’s consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update 2016-09 ("ASU 2016-09"), Compensation—Stock Compensation (Topic 178): Improvements to Employee Share-Based Payment Accounting. The new standard's provisions applicable to the Company include allowing the entity to make an accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures of equity compensation awards when they occur. Previous guidance required entities to estimate the number of awards that are expected to vest. The standard is effective on January 1, 2017, and the Company adopted ASU 2016-09 on January 1, 2016 pursuant to the allowed early adoption provision. The Company does not expect the adoption of ASU 2016-09 to materially impact the Company’s consolidated financial statements. In June 2016, the FASB issued Accounting Standards Update 2016-13 ("ASU 2016-13"), Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new standard requires financial instruments carried at amortized cost to be presented at the net amount expected to be collected, utilizing a valuation account which reflects the cumulative net adjustments from the gross amortized cost value. Under existing GAAP, entities would not record a valuation allowance until a loss was probable of occurring. The standard is effective for the Company on January 1, 2020. The Company is presently evaluating the impact the adoption of ASU 2016-13 will have on the Company’s consolidated financial statements.

Real Estate Assets (Notes)

Real Estate Assets (Notes)	6 Months Ended
	Jun. 30, 2016
Real Estate Assets [Abstract]
Real Estate Assets	Real Estate Assets The Company's real estate assets consisted of: As of: 6/30/2016 12/31/2015 Multifamily communities (1) 23 19 Units 7,706 6,136 Retail shopping centers 22 14 Approximate square feet of gross leasable area (2) 1,960,000 1,279,000 (1) The acquired second phase of the Summit Crossing community is managed in combination with the initial phase of this community and the two are therefore considered a single property, as are the three assets that comprise the Lenox Portfolio. Includes one student housing community as of June 30, 2016. (2) The Company also owns approximately 47,600 square feet of gross leasable area of ground floor retail space which is embedded within the Lenox Portfolio and not included in the totals above. On September 8, 2015, pursuant to a recommendation by the Company's investment committee, the Company took action to market for sale both phases of its Trail Creek multifamily community located in Hampton, Virginia. On February 24, 2016, the Company reclassified the following real estate assets and the mortgage note payable for Trail Creek from its held and used multifamily segment to property held for sale on its consolidated balance sheets. On May 19, 2016, the Company closed on the sale of Trail Creek to an unrelated third party. The purchaser will not be considered a related party to the Company on an ongoing basis by virtue of its acquisition of Trail Creek. The carrying values of the significant assets and liabilities of Trail Creek reclassified at December 31, 2015 and at the date of disposition were: 5/19/2016 12/31/2015 Real estate assets: Land $ 4,200,000 $ 4,200,000 Building and improvements 30,892,259 30,881,025 Furniture, fixtures and equipment 4,647,117 4,574,848 Accumulated depreciation (6,034,171 ) (5,838,792 ) Property held for sale $ 33,705,205 $ 33,817,081 Liabilities: Mortgage note payable $ 28,109,000 $ 28,109,000 The Company acquired the following multifamily communities during the six months ended June 30, 2016 and 2015: Acquisition date Property Location Approximate purchase price (millions) (1) Units 1/5/2016 Baldwin Park Orlando, Florida $ 110.8 528 1/15/2016 Crosstown Walk Tampa, Florida $ 45.8 342 2/1/2016 Overton Rise Atlanta, Georgia $ 61.1 294 5/31/2016 Avalon Park Orlando, Florida $ 92.5 487 6/1/2016 North by Northwest (2) Tallahassee, Florida $ 46.1 219 1,870 2/13/2015 Avenues at Cypress Houston, Texas (3) 240 2/13/2015 Avenues at Northpointe Houston, Texas (3) 280 5/21/2015 Venue at Lakewood Ranch Sarasota, Florida $ 47.4 237 6/24/2015 Aster at Lely Naples, Florida $ 52.5 308 6/30/2015 CityPark View Charlotte, North Carolina $ 32.7 284 1,349 (1) Purchase prices shown are exclusive of acquired escrows, security deposits, prepaids, and other miscellaneous assets and assumed liabilities. (2) A 679-bed student housing community located adjacent to the campus of Florida State University in Tallahassee, Florida. (3) 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. 2016 North by Northwest Avalon Park Overton Rise Baldwin Park Crosstown Walk Land $ 8,281,054 $ 7,410,048 $ 8,511,370 $ 17,402,882 $ 5,178,375 Buildings and improvements 34,355,922 80,558,636 44,710,034 87,105,757 33,605,831 Furniture, fixtures and equipment 2,623,916 1,790,256 6,286,105 3,358,589 5,726,583 Lease intangibles 799,109 2,741,060 1,611,314 2,882,772 1,323,511 Prepaids & other assets 79,626 99,297 73,754 229,972 125,706 Escrows 1,026,419 3,477,157 354,640 2,555,753 291,868 Accrued taxes (321,437 ) (394,731 ) (66,422 ) (17,421 ) (25,983 ) Security deposits, prepaid rents, and other liabilities (159,462 ) (207,623 ) (90,213 ) (226,160 ) (53,861 ) Net assets acquired $ 46,685,147 $ 95,474,100 $ 61,390,582 $ 113,292,144 $ 46,172,030 Cash paid $ 12,831,872 $ 30,474,100 $ 20,090,582 $ 35,492,144 $ 13,632,030 Mortgage debt 33,853,275 65,000,000 41,300,000 77,800,000 32,540,000 Total consideration $ 46,685,147 $ 95,474,100 $ 61,390,582 $ 113,292,144 $ 46,172,030 Three months ended June 30, 2016: Revenue $ 470,000 $ 664,000 $ 1,387,000 $ 2,344,000 $ 1,287,000 Net loss $ (7,000 ) $ (656,000 ) $ (581,000 ) $ (1,610,000 ) $ (514,000 ) Six months ended June 30, 2016: Revenue $ 470,000 $ 664,000 $ 2,303,000 $ 4,756,000 $ 2,339,000 Net loss $ (7,000 ) $ (656,000 ) $ (832,000 ) $ (2,738,000 ) $ (967,000 ) Cumulative acquisition costs incurred by the Company $ 401,000 $ 1,314,000 $ 116,000 $ 1,846,000 $ 320,000 Remaining amortization period of intangible assets and liabilities (months) 5.5 10.5 4.5 2.5 3.5 2015 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 settled 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 Three months ended June 30, 2016: Revenue $ 913,000 $ 1,312,000 $ 1,153,000 $ 2,185,000 Net loss $ (2,000 ) $ (13,000 ) $ (53,000 ) $ (186,000 ) Six months ended June 30, 2016: Revenue $ 1,826,000 $ 2,643,000 $ 2,329,000 $ 4,341,000 Net loss $ 4,000 $ (73,000 ) $ (97,000 ) $ (618,000 ) Cumulative acquisition costs incurred by the Company $ 276,000 $ 438,000 $ 889,000 $ 1,142,000 Remaining amortization period of intangible assets and liabilities (months) 0 0 0 0 The Company acquired the following grocery-anchored shopping centers during the six months ended June 30, 2016 : Acquisition date Property Location Approximate purchase price (millions) (2) Gross leasable area (square feet) 2/29/2016 Wade Green Village (1) Atlanta, Georgia $ 11.0 74,978 4/29/2016 Anderson Central Greenville-Anderson, South Carolina MSA (3) 223,211 4/29/2016 East Gate Shopping Center Augusta, Georgia MSA (3) 75,716 4/29/2016 Fairview Market Greenville, South Carolina (3) 53,888 4/29/2016 Fury's Ferry Augusta, Georgia (3) 70,458 4/29/2016 Rosewood Shopping Center Columbia, South Carolina (3) 36,887 4/29/2016 Southgate Village Birmingham, Alabama (3) 75,092 5/16/2016 The Market at Victory Village Nashville, Tennessee $ 15.6 71,300 681,530 (1) See Note 7 - Related Party Transactions. (2) Purchase price shown is exclusive of acquired escrows, security deposits, prepaids, and other miscellaneous assets and assumed liabilities. (3) The six grocery-anchored shopping centers are referred to collectively as the Southeastern Six Portfolio, which was acquired for approximately $68.7 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. Market at Victory Village Southeastern Six Portfolio Wade Green Village Land $ 2,271,224 $ 14,081,647 $ 1,840,284 Buildings and improvements 11,872,222 48,598,731 8,159,147 Tenant improvements 402,973 993,530 251,250 In-place leases 847,939 4,906,398 841,785 Above-market leases 100,216 86,234 107,074 Leasing costs 253,640 992,143 167,541 Below-market leases (198,214 ) (1,069,877 ) — Other assets 157,775 600,069 10,525 Other liabilities (179,546 ) (437,008 ) (59,264 ) Net assets acquired $ 15,528,229 $ 68,751,867 $ 11,318,342 Cash paid $ 6,278,229 $ 43,751,867 $ 6,245,683 (1) Class A OP Units granted — — 5,072,659 (2) Mortgage debt 9,250,000 (3) 25,000,000 — (4) Total consideration $ 15,528,229 $ 68,751,867 $ 11,318,342 Three months ended June 30, 2016: Revenue $ 160,000 $ 1,091,000 $ 254,000 Net loss $ (18,000 ) $ (227,000 ) $ (109,000 ) Six months ended June 30, 2016: Revenue $ 160,000 $ 1,091,000 $ 337,000 Net loss $ (18,000 ) $ (227,000 ) $ (152,000 ) Cumulative acquisition costs incurred by the Company $ 109,000 $ 644,000 $ 295,000 Remaining amortization period of intangible assets and liabilities (years) 8.1 4.4 2.7 (1) The contributor had an outstanding $6.25 million bridge loan secured by the property issued by Madison Wade Green Lending, LLC, an indirect wholly owned entity of the Company. Upon contribution of the property, the Company assumed the loan and concurrently extinguished the obligation. (2) As partial consideration for the property contribution, the Company granted 419,228 Class A OP Units to the contributor, net of contribution adjustments at closing. The value and number of Class A OP Units to be granted at closing was determined during the contract process and remeasured at fair value as of the contribution date of February 29, 2016. Class A OP Units are exchangeable for shares of Common Stock on a one-for-one basis, or cash, at the election of the Operating Partnership. Therefore, the Company determined the fair value of the Units to be equivalent to the price of its common stock on the closing date of the acquisition. (3) The Company assumed the existing mortgage in conjunction with its acquisition of The Market at Victory Village. See note 10. (4) Subsequent to the closing of the acquisition, the Company closed on a mortgage loan on Wade Green Village in the amount of $8.2 million . See note 10. The Company recognizes depreciation and amortization expense over the estimated useful life of its tangible and intangible assets. The Company's consolidated amortization and depreciation expense consisted of: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Depreciation: Buildings and improvements $ 7,832,592 $ 3,586,070 $ 14,613,736 $ 6,811,368 Furniture, fixtures, and equipment 4,937,888 2,581,304 9,359,800 4,696,431 12,770,480 6,167,374 23,973,536 11,507,799 Amortization: Acquired intangible assets 5,184,271 1,756,605 9,318,164 4,360,418 Deferred leasing costs 10,032 — 14,889 — Website development costs 5,192 3,870 10,112 5,060 Total depreciation and amortization $ 17,969,975 $ 7,927,849 $ 33,316,701 $ 15,873,277

Acquired Intangible Assets (Not

Acquired Intangible Assets (Notes)	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 Multifamily Retail Total Multifamily Retail Total In-place leases $ 31,529,592 $ 20,909,327 $ 52,438,919 $ 24,704,733 $ 14,439,414 $ 39,144,147 Above-market leases — 1,666,393 1,666,393 — 1,386,254 1,386,254 Customer relationships 1,335,417 — 1,335,417 1,588,277 — 1,588,277 Lease origination costs 78,786 5,611,507 5,690,293 78,786 4,216,166 4,294,952 Acquired intangible assets $ 32,943,795 $ 28,187,227 $ 61,131,022 $ 26,371,796 $ 20,041,834 $ 46,413,630 Less accumulated amortization of: In-place leases $ (25,633,619 ) $ (5,099,527 ) $ (30,733,146 ) $ (21,608,833 ) $ (2,965,096 ) $ (24,573,929 ) Above market leases — (413,917 ) (413,917 ) — (233,833 ) (233,833 ) Customer relationships (1,335,417 ) — (1,335,417 ) (1,588,277 ) — (1,588,277 ) Lease origination costs (20,200 ) (1,096,318 ) (1,116,518 ) (1,466 ) (634,652 ) (636,118 ) Accumulated amortization (26,989,236 ) (6,609,762 ) (33,598,998 ) (23,198,576 ) (3,833,581 ) (27,032,157 ) Acquired intangible assets, net $ 5,954,559 $ 21,577,465 $ 27,532,024 $ 3,173,220 $ 16,208,253 $ 19,381,473 Below market lease liability $ 277,195 $ 11,684,597 $ 11,961,792 $ 383,593 $ 10,448,062 $ 10,831,655 Less: accumulated amortization (277,195 ) (1,949,979 ) (2,227,174 ) (383,593 ) (1,194,612 ) (1,578,205 ) Below market lease liability, net $ — $ 9,734,618 $ 9,734,618 $ — $ 9,253,450 $ 9,253,450 The Company recognized amortization of acquired intangible assets and liabilities as follows: Three months ended June 30, 2016 2015 Amortization expense Multifamily Retail Total Multifamily Retail Total Intangible assets: Leases in place $ 3,532,771 $ 1,356,557 $ 4,889,328 $ 1,100,597 $ 541,848 $ 1,642,445 Above-market leases (1) — 105,048 105,048 — 41,286 41,286 Customer relationships — — — — — — Lease origination costs 9,937 285,006 294,943 — 114,408 114,408 $ 3,542,708 $ 1,746,611 $ 5,289,319 $ 1,100,597 $ 697,542 $ 1,798,139 Intangible liabilities: Below-market leases (1) $ — $ 433,093 $ 433,093 $ — $ 199,183 $ 199,183 (1) Amortization of above and below market lease intangibles is recorded as a decrease and an increase to rental revenue, respectively. Six months ended June 30, 2016 2015 Amortization expense Multifamily Retail Total Multifamily Retail Total Intangible assets: Leases in place $ 6,557,777 $ 2,260,640 $ 8,818,417 $ 2,978,656 $ 1,148,140 $ 4,126,796 Above-market leases (1) — 193,468 193,468 — 83,103 83,103 Customer relationships — — — — — — Lease origination costs 20,098 479,649 499,747 — 233,622 233,622 $ 6,577,875 $ 2,933,757 $ 9,511,632 $ 2,978,656 $ 1,464,865 $ 4,443,521 Intangible liabilities: Below-market leases (1) $ — $ 786,923 $ 786,923 $ — $ 424,431 $ 424,431 (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	6 Months Ended
	Jun. 30, 2016
Receivables [Abstract]
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	Real Estate Loans, Notes Receivable, and Line of Credit At June 30, 2016 , our portfolio of real estate loans, including maximum potential loan amounts were: 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) City Vista (1) Pittsburgh, PA 8/31/2012 7/1/2017 — $ 16,107,735 $ 28,400,000 8 / 6 Haven West (2) Atlanta, GA 7/15/2013 12/15/2016 6/2/2018 6,940,795 $ 16,195,189 8 / 6 Haven 12 (3) Starkville, MS 6/16/2014 6/16/2017 11/30/2020 6,116,384 $ 18,615,081 8.5 / 6.5 (4) Founders' Village Williamsburg, VA 8/29/2013 8/29/2018 N/A 10,346,000 $ 26,936,000 8 / 6 Encore Atlanta, GA 10/9/2015 4/8/2019 10/8/2020 10,958,200 $ 46,892,800 8.5 / 5 (4) Encore Capital Atlanta, GA 10/9/2015 4/8/2019 10/8/2020 9,758,200 — 8.5 / 5 Palisades Northern VA 8/18/2014 2/18/2018 8/18/2019 17,270,000 $ 38,000,000 8 / 5 (4) Fusion Irvine, CA 7/1/2015 5/31/2018 5/31/2020 59,052,583 $ 43,747,287 8.5 / 7.5 (4) Green Park Atlanta, GA 12/1/2014 12/1/2017 12/1/2019 13,464,372 $ 27,775,000 8.5 / 4.33 (4) Stadium Village (5) Atlanta, GA 6/27/2014 6/27/2017 N/A 13,424,995 $ 34,825,000 8.5 / 4.33 (4) Summit Crossing III Atlanta, GA 2/27/2015 2/26/2018 2/26/2020 7,246,400 $ 16,822,000 8.5 / 6 (4) Overture Tampa, FL 7/21/2015 7/21/2018 7/21/2020 6,920,000 $ 17,080,000 8.5 / 6 (4) Aldridge at Town Village Atlanta, GA 1/27/2015 12/27/2017 12/27/2019 10,975,000 $ 28,338,937 8.5 / 6 (4) 18 Nineteen (6) Lubbock, TX 4/9/2015 4/9/2018 4/9/2020 15,598,352 $ 34,871,251 8.5 / 6 (4) Haven South (7) Waco, TX 5/1/2015 5/1/2018 5/1/2019 15,455,668 $ 41,827,034 8.5 / 6 (4) Haven46 (8) Tampa, FL 3/29/2016 3/29/2019 9/29/2020 9,819,662 $ 29,885,928 8.5 / 5 (4) Bishop Street (9) Atlanta, GA 2/18/2016 2/18/2020 N/A 12,693,457 $ 29,700,000 8.5 / 5 (4) Dawson Marketplace (10) Atlanta, GA 12/16/2015 11/15/2018 11/15/2020 12,857,005 $ 36,740,430 8.5 / 5 (4) Hidden River Tampa, FL 12/4/2015 12/3/2018 12/3/2020 4,734,960 $ 27,620,600 8.5 / 5 (4) Hidden River Capital Tampa, FL 12/4/2015 12/4/2018 12/4/2020 5,380,000 $ — 8.5 / 5 CityPark II Charlotte, NC 1/8/2016 1/7/2019 1/7/2021 3,364,800 $ 19,628,000 8.5 / 5 (4) CityPark II Capital Charlotte, NC 1/8/2016 1/8/2019 1/31/2021 3,916,000 $ — 8.5 / 5 Crescent Avenue (11) Atlanta, GA 1/13/2016 7/13/2017 N/A 6,000,000 $ — 9 / 3 Haven Northgate (12) College Station, TX 6/21/2016 6/20/2019 6/20/2020 64,678,549 $ — (12) (4) Lubbock II (13) Lubbock, TX 4/19/2016 4/20/2019 N/A 9,357,171 $ 28,500,000 8.5 / 5 (4) $ 352,436,288 (1) All loans pertain to developments of multifamily communities, except as otherwise indicated. On July 1, 2016, we converted approximately $12.5 million of the principal amount due on the City Vista loan into a 96% equity ownership interest in a joint venture that owns the underlying multifamily community. (2) Real estate loan in support of a completed 160-unit, 568-bed student housing community adjacent to the campus of the University of West Georgia. On August 1, 2016, we terminated the purchase option on the community. (3) Real estate loan in support of a completed 152-unit, 536-bed student housing community adjacent to the campus of Mississippi State University. (4) 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. (5) Real estate loan in support of a completed 198-unit, 792-bed student housing community adjacent to the campus of Kennesaw State University in Atlanta, Georgia. (6) Real estate loan of up to approximately $15.6 million in support of a planned 217-unit, 732-bed student housing community adjacent to the campus of Texas Tech University. (7) Real estate loan in support of a planned 250-unit, 840-bed student housing community adjacent to the campus of Baylor University. (8) On March 29, 2016, our bridge loan was converted to a real estate loan in support of a planned 158-unit, 542-bed student housing community adjacent to the campus of the University of South Florida. (9) On February 18, 2016, our bridge loan was converted to a real estate loan in support of a planned multifamily community in Atlanta, Georgia. (10) Real estate loan in support of a planned approximate 200,000 square foot retail center in the Atlanta, Georgia market. (Table continued on next page) (Table continued from previous page) (11) Bridge loan in support of a proposed multi-use property in Atlanta, Georgia. (12) Senior loan in support of a planned 427-unit, 808-bed student housing community adjacent to the campus of Texas A&M University, which accrues interest at 1 month LIBOR plus 600 basis points. See note 7 for related party disclosure. (13) Real estate loan of up to approximately $9.4 million in support of a planned 140-unit, 556-bed second phase student housing community adjacent to the campus of Texas Tech University. 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 aggregate amount of the Company's liability under the loan participation agreement at June 30, 2016 was $13,997,758 . 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 Crescent Avenue and Haven Northgate loans are also collateralized by the acquired land. The Haven West loan is additionally collateralized by an assignment by the developer of security interests in unrelated projects. Prepayment of the real estate loans are permitted in whole, but not in part, without the Company's consent. The Company monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets may not be recoverable or realized. When conditions suggest that an asset group may be impaired, the Company compares its carrying value to its estimated undiscounted future cash flows, including proceeds from its eventual disposition. If, based on this analysis, the Company does not believe that the carrying value of an asset group may be recoverable, an impairment charge is recorded to the extent that the carrying value exceeds the estimated fair value of the asset group. Fair value is determined based on a discounted cash flow analysis. This analysis requires the use of future estimates of net operating income, expected hold period, capitalization rates and discount rates. The use of different assumptions would result in variations of the values of the assets which could impact the amount of net income and the value of the assets on the Company's balance sheet. As of 6/30/2016 Carrying amount as of Amount drawn Loan fee received from borrower - 2% (1) Acquisition fee paid to Manager - 1% (1) Unamortized deferred loan fee revenue June 30, 2016 December 31, 2015 Project/Property Crosstown Walk — — — — — $ 10,950,040 City Vista 16,107,735 322,134 (161,067 ) — 16,107,735 16,083,431 Overton Rise — — — — — 16,572,959 Haven West 6,784,167 138,816 (69,408 ) — 6,784,167 6,775,835 Haven 12 5,815,849 122,328 (61,164 ) — 5,815,849 5,815,849 Founders' Village (1) 9,866,000 197,320 (98,660 ) (18,924 ) 9,847,076 9,841,816 Encore 10,958,200 539,695 (269,847 ) (52,248 ) 10,905,952 10,894,278 Encore Capital 6,383,817 — — — 6,383,817 6,036,465 Palisades (1) 16,070,000 321,400 (160,700 ) (4,580 ) 16,065,420 16,063,817 Fusion 47,360,071 1,120,890 (560,445 ) (197,725 ) 47,162,346 37,072,235 Green Park (1) 12,897,783 269,287 (134,644 ) (18,388 ) 12,879,395 12,330,489 Stadium Village (1) 13,329,868 268,500 (134,250 ) (5,518 ) 13,324,350 13,321,293 Summit Crossing III 7,246,400 144,928 (72,464 ) (29,989 ) 7,216,411 7,205,894 Overture 5,864,252 138,400 (69,200 ) (29,370 ) 5,834,882 4,481,446 Aldridge at Town Village 10,204,627 219,500 (109,750 ) (49,670 ) 10,154,957 9,707,532 18 Nineteen 15,152,992 311,967 (155,984 ) (56,272 ) 15,096,720 14,421,568 Haven South 14,847,703 309,113 (154,557 ) (85,398 ) 14,762,305 14,087,852 Haven46 4,496,251 58,000 (29,000 ) (61,586 ) 4,434,665 2,891,067 Bishop Street 10,062,472 62,140 (31,070 ) (84,434 ) 9,978,038 3,086,778 Dawson Marketplace 12,079,361 257,140 (128,570 ) (8,603 ) 12,070,758 11,563,352 Madison Wade Green — — — — — 6,225,304 Hidden River Lending 2,156,448 94,700 (47,350 ) (44,396 ) 2,112,052 (47,350 ) Hidden River Capital 4,430,206 107,600 (53,800 ) (41,424 ) 4,388,782 2,619,808 Crescent Avenue 6,000,000 120,000 (60,000 ) (40,138 ) 5,959,862 — City Park Lending 1,095,924 67,296 (33,648 ) (28,451 ) 1,067,473 — City Park II Capital Lending 3,184,746 78,320 (39,160 ) (31,740 ) 3,153,006 — Haven Northgate 35,441,421 1,293,571 (646,786 ) (591,886 ) 34,849,535 — Lubbock II 2,787,617 187,143 (93,572 ) (85,860 ) 2,701,757 — $ 280,623,910 6,750,188 $ (3,375,096 ) $ (1,566,600 ) $ 279,057,310 $ 238,001,758 (1) See note 7. (2) 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 City Vista 2/1/2017 5/31/2017 $ 43,560,271 272 — Haven West (1) 8/1/2016 1/31/2017 $ 26,138,466 160 568 Haven 12 9/1/2016 11/30/2016 (2) 152 536 Founders' Village 2/1/2017 5/31/2017 $ 44,266,000 247 — Encore 1/8/2018 5/8/2018 (2) 340 — Palisades 3/1/2017 7/31/2017 (2) 304 — Fusion 1/1/2018 4/1/2018 (2) 280 — Green Park 11/1/2017 2/28/2018 (2) 310 — Stadium Village 9/1/2016 11/30/2016 (2) 198 792 Summit Crossing III 8/1/2017 11/30/2017 (2) 172 — Overture 1/1/2018 5/1/2018 (2) 180 — Aldridge at Town Village 11/1/2017 2/28/2018 (2) 300 — 18 Nineteen 10/1/2017 12/31/2017 (2) 217 732 Haven South 10/1/2017 12/31/2017 (2) 250 840 Haven46 11/1/2018 1/31/2019 (2) 158 542 Bishop Street 10/1/2018 12/31/2018 (2) 232 — Dawson Marketplace 12/16/2017 12/15/2018 (2) — — Hidden River 9/1/2018 12/31/2018 (2) 300 — Crescent Avenue N/A N/A N/A — — City Park II 5/1/2018 8/31/2018 (2) 200 — Haven Northgate 10/1/2018 12/31/2018 (2) 427 808 Lubbock II 11/1/2018 1/31/2019 (2) 140 556 4,839 5,374 (1) On August 1, 2016, the Company terminated the purchase option on the Haven West student housing community. (2) The purchase price is to be calculated based upon market cap rates at the time of exercise of the purchase option, with discounts ranging from between 20 and 60 basis points, depending on the loan. 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 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 would be required. 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, 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 June 30, 2016 of approximately $32.8 million . The maximum aggregate amount of loans to be funded as of June 30, 2016 was approximately $33.4 million . 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 is subject to a concentration of credit risk that could be considered significant with regard to the real estate investment loans, promissory note, and revolving line of credit 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 instruments total approximately $95.4 million (with a total commitment amount of $108.2 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 June 30, 2016 . The Company is also subject to a geographic concentration of risk that could be considered significant with regard to real estate investment loans 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 June 30, 2016 totaled approximately $95.9 million (with a total commitment amount of approximately $104.3 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 real estate investment loans, the promissory note and the revolving line of credit to Oxford Capital Partners, LLC and other related entities 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 $6.2 million and $6.0 million for the six-month periods ended June 30, 2016 , and 2015. At June 30, 2016 , 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 6/30/2016 12/31/2015 360 Residential, LLC 3/20/2013 6/30/2017 $ 2,000,000 $ 1,385,371 $ 1,304,999 12 % (1) Preferred Capital Marketing Services, LLC (2) 1/24/2013 12/31/2016 1,500,000 1,140,647 1,305,550 10 % Oxford Contracting LLC 8/27/2013 4/30/2017 1,500,000 1,475,000 1,475,000 8 % (1) Preferred Apartment Advisors, LLC (2,3) 8/21/2012 12/31/2016 15,000,000 12,382,446 12,793,440 8 % Haven Campus Communities, LLC (2) 6/11/2014 12/31/2016 11,500,000 10,524,904 5,359,904 12 % (1) Oxford Capital Partners, LLC (4) 10/5/2015 3/31/2017 10,650,000 10,567,443 10,502,626 12 % Newport Development Partners, LLC 6/17/2014 6/30/2017 3,000,000 — 806,318 12 % (1) 360 Residential, LLC II 12/30/2015 12/31/2017 3,255,000 2,673,155 2,477,952 15 % (1) Hendon Properties, LLC 12/8/2015 3/31/2017 2,000,000 — 2,000,000 12 % Mulberry Development Group, LLC 3/31/2016 5/31/2017 500,000 96,000 — 12 % 360 Capital Company, LLC 5/24/2016 12/31/2017 2,000,000 806,694 $ — 12 % (1) Unamortized loan fees (111,292 ) (82,056 ) $ 52,905,000 $ 40,940,368 $ 37,943,733 (1) 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. (2) See related party disclosure in note 7. (3) The amounts payable under this revolving credit line were collateralized by an assignment of the Manager's rights to fees due under the Fifth Amended and Restated Management Agreement between the Company and the Manager. (4) The amounts payable under the terms of this revolving credit line, up to the lesser of 25% of the loan balance or $2,000,000 are collateralized by a personal guaranty of repayment by the principals of the borrower. On June 15, 2016, the loan commitment amount was temporarily raised to $10,650,000 until July 15, 2016, when it reverted back to the previous amount of $10,150,000. The Company recorded interest income and other revenue from these instruments as follows: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Real estate loans: Current interest payments $ 5,917,452 $ 3,801,861 $ 11,010,122 $ 7,185,769 Additional accrued interest 3,443,642 2,550,798 6,716,297 4,554,278 Deferred loan fee revenue 196,127 200,552 435,726 350,871 Total real estate loan revenue 9,557,221 6,553,211 18,162,145 12,090,918 Interest income on notes and lines of credit 1,021,625 657,334 2,136,800 1,353,255 Interest income on loans and notes receivable $ 10,578,846 $ 7,210,545 $ 20,298,945 $ 13,444,173

Redeemable Preferred Stock

Redeemable Preferred Stock	6 Months Ended
	Jun. 30, 2016
Redeemable Stock, Preferred [Abstract]
Preferred Stock [Text Block]	Redeemable Preferred Stock and Equity Offerings On August 16, 2012, the Company filed a registration statement on Form S-11 (333-183355), and later amended the registration statement onto Form S-3, for an offering of up to 900,000 Units consisting of 900,000 Series A Redeemable Preferred Stock and warrants to purchase 18,000,000 shares of Common Stock, or the Follow-on Offering. 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. Warrant exercises resulted in the issuance of 815,520 shares of Common Stock for cash proceeds of approximately $8.4 million for the six-month period ended June 30, 2016 and 119,420 shares of Common Stock for cash proceeds of approximately $1.1 million for the six-month period ended June 30, 2015. As of June 30, 2016 , offering costs specifically identifiable to Unit offering closing transactions, such as commissions, dealer manager fees, and other registration fees, totaled approximately $67.4 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 $12.5 million . As of June 30, 2016 , the Company had issued 688,788 Units from which it realized net proceeds of approximately $620.8 million after commissions and other costs. A total of 5,243 shares of Series A Preferred Stock were subsequently redeemed. The number of Units issued was approximately 69.6% 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 69.6% of the approximate $12.5 million deferred to date, or approximately $8.7 million as a reduction of stockholders' equity. The remaining balance of offering costs not yet reflected as a reduction of stockholder's equity, approximately $3.8 million , are reflected in the asset section of the consolidated balance sheet as deferred offering costs at June 30, 2016 . 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 June 30, 2016 , of which all have been reflected as a reduction of stockholders' equity. On February 28, 2014, the Company filed a prospectus supplement to the Shelf Registration Statement to issue and sell up to $100 million of Common Stock from time to time in an "at the market" offering, or the ATM Offering, through MLV & Co. LLC as sales agent. Through June 30, 2016 , the Company sold approximately 6.5 million shares of Common Stock through the ATM offering and collected net proceeds of approximately $54.4 million . The ATM Offering terminated in connection with the expiration of the Shelf Registration Statement. On May 5, 2016, the Company filed a registration statement on Form S-3 (File No. 333-211178), or the New Shelf Registration Statement, for an offering of up to $300 million of equity or debt securities, or the Shelf Offering, which was declared effective by the SEC on May 17, 2016. See note 17. On June 9, 2016, the Company filed a registration statement on Form S-3 (File No. 333-211924) for an offering of up to 2,000,000 Units consisting of 2,000,000 shares of Series A Redeemable Preferred Stock and warrants to purchase 40,000,000 shares of Common Stock, or the New Follow-On Offering. Except as described in the prospectus, the terms of the New Follow-on Offering are substantially similar to those under the Follow-on Offering.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2016
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. The Sixth Amended and Restated Management Agreement, or Management Agreement, which was effective June 3, 2016, 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 June 30, Six months ended June 30, Type of Compensation Basis of Compensation 2016 2015 2016 2015 Acquisition fees 1% of the gross purchase price of real estate assets acquired or loans advanced, or 1.6% of the purchase price at an assumed hypothetical 63% leverage, if the asset is purchased without debt financing $ 274,176 $ 1,448,114 $ 385,056 $ 2,403,463 Loan coordination fees 1.6% of any assumed, new or supplemental debt incurred in connection with an acquired property 2,149,972 — 4,300,553 — Asset management fees Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted 1,751,501 580,579 3,512,505 1,244,884 Property management fees Monthly fee equal to 4% of the monthly gross revenues of the properties managed 1,128,285 436,168 2,190,753 908,260 General and administrative expense fees Monthly fee equal to 2% of the monthly gross revenues of the Company 768,124 308,617 1,512,225 657,202 $ 6,072,058 $ 2,773,478 $ 11,901,092 $ 5,213,809 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 $72,511 to the Manager for the six-month period ended June 30, 2016, which were capitalized as part of the related capital improvements. There were no such amounts paid to the Manager for the six-month period ended June 30, 2015. The Manager, at its election, may elect to forego payment of certain of the asset management, property management, or general and administrative expense fees due to the Manager for properties owned by the Company. With this election, the future payment of those fees becomes contingent upon the occurrence of certain capital transactions, to the extent that the net sale proceeds from these transactions exceed the allocable capital contributions for the asset plus a 7% priority annual return on the asset. A total of $721,285 of combined asset management, general and administrative expense and property management fees related to certain properties and land loans during the six months ended June 30, 2016 and $2,859,108 cumulatively are contingent upon these events. The Company will recognize these contingent fees, if any, in future periods to the extent it determines that it is probable that the estimated net sale proceeds would exceed the hurdles listed above. As of June 30, 2016, the Company determined that there was insufficient evidence to support recognition of these contingent fees; therefore, the Company has not recognized any expense for these contingent amounts. In addition to property management fees, the Company incurred the following reimbursable on-site personnel salary and related benefits expenses at the properties, which are listed on the Consolidated Statements of Operations: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 $ 2,516,605 $ 1,308,832 $ 4,880,068 $ 2,426,405 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 $252,210 and $538,225 for the six-month periods ended June 30, 2016 and 2015, respectively. Preferred Capital Securities, LLC, a broker-dealer owned by NELL Partners, Inc., was reimbursed $508,204 for these same costs for the six-month period ended June 30, 2016. These costs are recorded as deferred offering costs until such time as additional closings occur on the Follow-on Offering, the New Follow-on Series A Offering, 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, Haven46, Haven Northgate and Lubbock II 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 a disposition fee of 1% of the sale price of a real estate asset. The Manager earned a disposition fee of $390,000 on the sale of the Trail Creek property, which is included net in the Gain on sale of real estate, net of disposition expenses line on the Consolidated Statements of Operations.The Manager also receives leasing commission fees. The Manager earned approximately $23,000 and $30,000 in leasing commission fees for the three-month and six-month periods ended June 30, 2016, respectively. No leasing commission fees were earned by the Manager for the three-month and six-month periods ended June 30, 2015. The Company holds a promissory note in the amount of $ 1,140,647 due from Preferred Capital Marketing Services, LLC, which is a wholly-owned subsidiary of NELL Partners. The Company has extended a revolving line of credit with a maximum borrowing amount of $15.0 million to its Manager.

Dividends

Dividends	6 Months Ended
	Jun. 30, 2016
Dividends [Abstract]
Dividends [Text Block]	The Company's dividend activity on its Common Stock for the six -month periods ended June 30, 2016 and 2015 was: 2016 2015 Record date Number of shares Dividend per share Aggregate dividends paid Record date Number of shares Dividend per share Aggregate dividends paid March 15, 2016 23,041,502 $ 0.1925 $ 4,435,489 March 13, 2015 22,004,309 $ 0.175 $ 3,850,754 June 15, 2016 23,568,328 0.2025 4,772,587 June 15, 2015 22,290,677 0.18 4,012,322 $ 0.395 $ 9,208,076 $ 0.355 $ 7,863,076
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: 2016 2015 Record date Number of shares Aggregate dividends declared Record date Number of shares Aggregate dividends declared January 30, 2016 482,774 $ 2,481,086 January 30, 2015 192,607 $ 984,217 February 27, 2016 516,017 2,630,601 February 27, 2015 206,007 1,047,189 March 31, 2016 544,129 2,770,048 March 31, 2015 223,699 1,141,491 April 29, 2016 582,720 2,979,196 April 30, 2015 243,570 1,244,249 May 31, 2016 617,994 3,143,567 May 29, 2015 267,273 1,366,207 June 30, 2016 651,439 3,321,519 June 30, 2015 288,392 1,480,101 Total $ 17,326,017 Total $ 7,263,454 The Company's dividend activity on its Common Stock for the six -month periods ended June 30, 2016 and 2015 was: 2016 2015 Record date Number of shares Dividend per share Aggregate dividends paid Record date Number of shares Dividend per share Aggregate dividends paid March 15, 2016 23,041,502 $ 0.1925 $ 4,435,489 March 13, 2015 22,004,309 $ 0.175 $ 3,850,754 June 15, 2016 23,568,328 0.2025 4,772,587 June 15, 2015 22,290,677 0.18 4,012,322 $ 0.395 $ 9,208,076 $ 0.355 $ 7,863,076 The holders of Class A Units of the Operating Partnership are entitled to equivalent distributions as those declared on the Common Stock. At June 30, 2016 , the Company had 886,168 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: 2016 2015 Declaration date Payment date Aggregate distributions Declaration date Payment date Aggregate distributions February 4, 2016 April 15, 2016 $ 117,395 February 5, 2015 April 22, 2015 $ 49,063 May 5, 2016 July 15, 2016 179,449 April 29, 2015 July 15, 2015 50,465 $ 296,844 $ 99,528

Equity Compensation

Equity Compensation	6 Months Ended
	Jun. 30, 2016
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 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, as amended, 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 June 30, Six months ended June 30, Unamortized expense as of June 30, 2016 2015 2016 2015 2016 Quarterly board member committee fee grants $ 5,982 $ 5,990 $ 29,991 $ 23,899 $ — Class B Unit awards: Executive officers - 2014 — — — 3,825 — Executive officers - 2015 — 491,390 5,236 979,472 — Executive officers - 2016 517,884 — 1,019,062 — 1,648,226 Restricted stock grants: 2014 — 26,830 — 107,322 — 2015 26,668 53,333 106,670 53,333 — 2016 68,333 — 68,333 — 341,665 Total $ 618,867 $ 577,543 $ 1,229,292 $ 1,167,851 $ 1,989,891 Restricted Stock Grants On May 5, 2016, the Company granted a total of 30,990 shares of restricted Common Stock to its independent board members, in payment of their annual retainer fees. The per-share fair value was $13.23 and total compensation cost in the amount of $409,998 will be recognized over the four consecutive 90-day periods following the date of grant. The shares granted vested on a pro-rata basis over these same four periods. 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 was recognized over the four consecutive 90-day periods following the date of grant. The shares granted vested 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 5/4/2016 474 $ 12.62 $ 5,982 3/4/2016 474 $ 12.68 $ 6,010 2/4/2016 1,485 $ 12.12 $ 17,998 5/7/2015 564 $ 10.62 $ 5,990 2/5/2015 1,782 $ 10.05 $ 17,909 Class B Units 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. On January 4, 2016, the Company granted 265,931 Class B Units for service to be rendered during 2016, 2017, and 2018. Prior to January 4, 2016, the Class B Units became Vested Class B Units at the Initial Valuation Date, which was generally one year from the date of grant. Beginning with the 2016 grant, certain Class B Units vest in three equal consecutive one-year tranches 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, 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. On January 2, 2016, the 285,997 outstanding Class B Units for 2015 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 1/4/2016 1/2/2015 Stock price $ 12.88 $ 9.21 Dividend yield 5.98 % 7.60 % Expected volatility 26.10 % 30.13 % Risk-free interest rate 2.81 % 2.55 % Number of Units granted: One year vesting period 176,835 285,997 Three year vesting period 89,096 — 265,931 285,997 Calculated fair value per Unit $ 10.03 $ 6.81 Total fair value of Units $ 2,667,288 $ 1,947,640 Target market threshold increase $ 3,549,000 $ 2,629,000 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 $0.1925 for the 2016 awards, $0.1925 for the 2015 awards and $0.16 for the 2014 awards. Since the Company had a limited amount of operating history in the public equity market, the expected volatility assumptions for the 2014 and 2015 awards were 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 approximated the Company’s size, capitalization, leverage, line of business and geographic focus markets. For the 2016 awards, the Company's own stock price volatility was utilized as the basis for deriving this assumption. 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 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	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 , 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 2.96% as of June 30, 2016 . 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 June 30, 2016 , 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 is $70.0 million , pursuant to the Third Amended and Restated Credit Agreement. The Revolving Line of Credit accrues interest at a rate equal to LIBOR plus 3.25% per annum and the maturity date is August 27, 2018. Also on February 12, 2015, the Company entered into a $32.0 million term loan with Key Bank 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. On January 5, 2016, the Company entered into a $35.0 million term loan with Key Bank under the Credit Facility, or the 2016 Term Loan, to partially finance the acquisition of the Baldwin Park multifamily community. The 2016 Term Loan accrued interest at a rate of LIBOR plus 3.75% per annum (see note 17, Subsequent Events). On May 26, 2016, the Company entered into a $11.0 million interim term loan with Key Bank, or the Interim Term Loan, to partially finance the acquisition of Anderson Central, a retail shopping center located in Anderson, South Carolina. The Interim Term Loan accrues interest at a rate of LIBOR plus 2.5% per annum and the maturity date is May 25, 2017. The Amended and Restated 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 Adjusted Funds From Operations, or 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 June 30, 2016 , 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 $360,000,000 (2) $ 686,921,662 Debt yield Minimum 8.0% 8.49 % Payout ratio Maximum 95% (3) 74 % Total leverage ratio Maximum 62.5% 60 % Debt service coverage ratio Minimum 1.50x 2.6X (1) All covenants are as defined in the credit agreement for the Credit Facility. (2) Minimum $360 million plus 75% of the net proceeds of any equity offering, which totaled approximately $503 million as of June 30, 2016 . (3) Calculated on a trailing four-quarter basis. For the twelve-month period ended June 30, 2016 , the maximum dividends and distributions allowed under this covenant was approximately $60.0 million . 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 June 30, 2016 , aggregate unamortized loan costs for the Revolving Line of Credit were $419,668 , 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 3.94% for the six -month period ended June 30, 2016 . 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 June 30, 2016 were: Period Future principal payments 2016 $ 76,253,937 2017 15,281,726 2018 37,187,099 2019 323,685,200 2020 83,969,367 thereafter 490,209,713 Total $ 1,026,587,042

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
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 generally 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 six-month periods ended June 30, 2016 and 2015.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 , the amount guarantied by the Company was $6.4 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. A total of approximately $2.9 million of combined asset management and general and administrative expense fees related to the acquired properties as of June 30, 2016 have been deferred by the Manager. The Company will recognize any contingent 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. At June 30, 2016 , the Company had unfunded balances on its real estate loan portfolio of approximately $71.8 million . The Company is otherwise currently subject to neither any known material commitments or contingencies from its business operations, nor any material known or threatened litigation.

Segment information

Segment information	6 Months Ended
	Jun. 30, 2016
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, including its owned student housing community. 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 financing segment less total property operating and maintenance expenses, property management fees, real estate taxes, property insurance, and general and administrative expenses. The CODM uses NOI as a measure of operating performance because it provides a measure of the core operations, rather than factoring in depreciation and amortization, financing costs, acquisition expenses, and other expenses generally incurred at the corporate level. The following tables present the Company's assets, revenues, and NOI results by reportable segment, as well as a reconciliation from NOI to net income (loss). The assets attributable to 'Other' primarily consist of deferred offering costs recorded but not yet reclassified as reductions of stockholders' equity and cash balances at the Company and Operating Partnership levels. June 30, 2016 December 31, 2015 Assets: Multifamily communities $ 1,092,823,300 $ 781,224,019 Financing 333,834,899 290,268,921 Retail 319,868,491 211,647,262 Other 10,481,843 12,388,831 Consolidated assets $ 1,757,008,533 $ 1,295,529,033 Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Revenues Multifamily communities $ 28,704,544 $ 13,955,158 $ 55,686,587 $ 26,089,651 Financing 10,578,846 7,210,545 20,298,944 13,444,172 Retail 6,570,554 2,923,124 11,604,194 5,899,519 Consolidated revenues $ 45,853,944 $ 24,088,827 $ 87,589,725 $ 45,433,342 Capitalized expenditures (1) Multifamily communities $ 2,794,400 $ 1,139,643 $ 4,087,907 $ 1,580,972 Retail 437,873 543,802 1,114,756 681,524 Total capitalized expenditures $ 3,232,273 $ 1,683,445 $ 5,202,663 $ 2,262,496 (1) Excluding the purchase price of acquisitions and including construction in progress. Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Segment net operating income (Segment NOI) Multifamily communities $ 15,467,692 $ 7,426,483 $ 29,755,444 $ 14,046,647 Financing 10,578,846 7,210,545 20,298,945 13,444,172 Retail 4,687,505 2,009,313 8,335,816 4,078,642 Consolidated segment net operating income 30,734,043 16,646,341 58,390,205 31,569,461 Interest expense: Multifamily communities 6,785,216 3,277,663 13,154,341 6,149,561 Retail 1,645,824 772,515 2,973,022 1,547,007 Financing 1,128,461 638,290 2,326,968 1,369,015 Depreciation and amortization: Multifamily communities 14,116,337 6,433,407 26,771,521 12,807,049 Retail 3,853,638 1,494,442 6,545,180 3,066,228 Professional fees 914,097 293,569 1,582,887 672,368 Management fees, net of deferrals 2,507,307 761,797 5,003,792 1,766,727 Acquisition costs: Multifamily communities 1,697,167 1,622,604 4,038,017 2,791,990 Retail 1,067,574 145,209 1,490,310 159,715 Equity compensation to directors and executives 618,867 577,543 1,229,292 1,167,851 Gain on sale of real estate 4,271,506 — 4,271,506 — Other 453,582 208,466 718,392 416,043 Net income (loss) $ 217,479 $ 420,836 $ (3,172,011 ) $ (344,093 )

Loss per Share

Loss per Share	6 Months Ended
	Jun. 30, 2016
Loss per share [Abstract]
Earnings Per Share [Text Block]	The following is a reconciliation of weighted average basic and diluted shares outstanding used in the calculation of income (loss) per share of Common Stock: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Numerator: Net income (loss) $ 217,479 $ 420,836 $ (3,172,011 ) $ (344,093 ) Net (income) loss attributable to non-controlling interests (7,961 ) (4,276 ) 80,600 5,423 Net income (loss) attributable to the Company 209,518 416,560 (3,091,411 ) (338,670 ) Dividends declared to Series A preferred stockholders (A) (9,444,282 ) (4,090,557 ) (17,326,017 ) (7,263,454 ) Earnings attributable to unvested restricted stock (B) (4,824 ) (5,424 ) (6,275 ) (12,287 ) Net loss available to common stockholders $ (9,239,588 ) $ (3,679,421 ) $ (20,423,703 ) $ (7,614,411 ) Denominator: Weighted average number of shares of Common Stock - basic 23,325,663 22,215,663 23,154,702 22,015,928 Effect of dilutive securities: (C) Warrants — — — — Class B Units — — — — Unvested restricted stock — — — — Weighted average number of shares of Common Stock - diluted 23,325,663 22,215,663 23,154,702 22,015,928 Net loss per share of Common Stock available to common stockholders: Basic and diluted $ (0.40 ) $ (0.17 ) $ (0.88 ) $ (0.35 ) (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 683,545 and 312,308 outstanding shares of Series A Preferred Stock at June 30, 2016 , and 2015, respectively. (B) The Company's outstanding unvested restricted share awards ( 30,990 and 30,133 shares of Common Stock at June 30, 2016 , and 2015, 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 each of the three-month and six-month periods ended June 30, 2016 and 2015, the dividends declared for that period are adjusted in determining the calculation of loss per share of Common Stock since the unvested restricted share awards are defined as participating securities. (C) Potential dilution from warrants outstanding at June 30, 2016 and June 30, 2015 from issuances of Units that are potentially exercisable into 12,353,700 and 6,165,280 shares of Common Stock respectively, 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	6 Months Ended
	Jun. 30, 2016
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 assume the following acquisitions were hypothetically completed on the following dates, as shown below: Hypothetical acquisition date Lenox Portfolio 1/1/2014 Stone Creek 1/1/2014 Citi Lakes 12/1/2014 Avenues at Creekside 1/1/2014 CityPark View 1/1/2014 Aster at Lely 1/1/2014 Venue at Lakewood Ranch 9/1/2014 Houston Portfolio 2/1/2014 The Overlook at Hamilton Place 1/1/2014 Summit Point 1/1/2014 Royal Lakes Marketplace 1/1/2014 Independence Square 1/1/2014 Overton Rise 1/1/2015 Baldwin Park 1/1/2015 Crosstown Walk 1/1/2015 Wade Green Village 1/1/2015 Southeastern 6 Portfolio 1/1/2015 Avalon Park 1/1/2015 North by Northwest 1/1/2015 The Market at Victory Village 1/1/2015 Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Pro forma: Revenues $ 48,619,464 $ 43,649,575 $ 96,676,861 $ 84,002,124 Net income (loss) $ 5,483,326 $ (7,868,376 ) $ 5,616,662 $ (17,011,767 ) Net income (loss) attributable to the Company $ 5,285,795 $ (7,574,240 ) $ 5,377,347 $ (16,397,930 ) Net loss attributable to common stockholders $ (4,163,311 ) $ (11,670,221 ) $ (11,954,945 ) $ (23,673,671 ) Net loss per share of Common Stock attributable to common stockholders, Basic and diluted $ (0.18 ) $ (0.53 ) $ (0.52 ) $ (1.08 ) Weighted average number of shares of Common Stock outstanding, basic and diluted 23,325,663 22,215,663 23,154,702 22,015,928 These pro forma operating results include aggregate nonrecurring adjustments to combined acquisition costs and acquisition fees of reductions of approximately $2.5 million and $0 for the three-month periods ended June 30, 2016 and 2015, respectively, and reductions of approximately $5.1 million and $1.0 million for the six-month periods ended June 30, 2016 and 2015, respectively. 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	6 Months Ended
	Jun. 30, 2016
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 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 June 30, 2016 Carrying value Fair value measurements using fair value hierarchy Fair Value Level 1 Level 2 Level 3 Financial assets: Real estate loans (1) $ 279,057,310 $ 304,391,331 $ — $ — $ 304,391,331 Notes and line of credit receivable 40,940,368 40,940,368 — — 40,940,368 $ 319,997,678 $ 345,331,699 $ — $ — $ 345,331,699 Financial liabilities: Mortgage notes payable (2) $ 957,087,042 $ 979,668,590 $ — $ — $ 979,668,590 Revolving credit facility 28,500,000 28,500,000 — — 28,500,000 Term loan 41,000,000 41,000,000 — — 41,000,000 Loan participation obligations 13,997,758 14,176,332 — — 14,176,332 $ 1,040,584,800 $ 1,063,344,922 $ — $ — $ 1,063,344,922 As of December 31, 2015 Carrying value Fair value measurements using fair value hierarchy Fair Value Level 1 Level 2 Level 3 Financial assets: Real estate loans (1) $ 252,296,406 $ 267,383,427 $ — $ — $ 267,383,427 Notes and line of credit receivable 37,943,733 37,943,733 — — 37,943,733 $ 290,240,139 $ 305,327,160 $ — $ — $ 305,327,160 Financial liabilities: Mortgage notes payable (2) $ 696,945,291 692,008,640 $ — $ — $ 692,008,640 Revolving credit facility 34,500,000 34,500,000 — — 34,500,000 Loan participation obligations 13,544,160 14,061,190 — — 14,061,190 $ 744,989,451 $ 740,569,830 $ — $ — $ 740,569,830 (1) 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 approximately $13.8 million and $14.3 million as of June 30, 2016 and December 31, 2015, 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 June 30, 2016 , discounted to the reporting date utilizing discount rates ranging between 10% and 12.5% . 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, seven and 30 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	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Events Between July 1, 2016 and July 31, 2016, the Company issued 39,407 Units and collected net proceeds of approximately $35.5 million after commissions and fees under its Follow-on Offering. On July 1, 2016, the Company converted $12.5 million of the principal amount due on our City Vista real estate loan investment into a 96% equity ownership interest in a joint venture that owns the underlying 272 -unit apartment community in Pittsburgh, Pennsylvania. The allocation of this transaction to the fair value of individual assets and liabilities is not presented as the calculations of the allocation were not complete at the date of filing of this Quarterly Report on Form 10-Q. On July 15, 2016, we acquired a grocery-anchored shopping center comprising 301,711 square feet of gross leasable area located in the Atlanta, Georgia market. The allocation of this transaction to the fair value of individual assets and liabilities is not presented as the calculations of the allocation were not complete at the date of filing of this Quarterly Report on Form 10-Q. On July 18, 2016, we filed a prospectus to the New Shelf Registration Statement to issue and sell up to $150 million of our Common Stock from time to time in an “at the market” offering, or the New ATM Offering, through Jones Trading Institutional Services LLC, FBR Capital Markets & Co., and Canaccord Genuity Inc., as sales agents. On August 4, 2016, the Company declared a Common Stock dividend of $0.2025 per share for the third quarter 2016, which is payable on October 14, 2016, to common stockholders of record on September 15, 2016. On August 5, 2016, we entered into a Fourth Amended and Restated Credit Agreement with Key Bank and the other lenders, or the Fourth Amended and Restated Credit Agreement, that (i) increased the borrowing capacity under our Revolving Line of Credit from $70 million to $135 million with the ability to further increase it to $300 million , subject to certain syndication and other requirements and (ii) extended the maturity date to August 5, 2019, with an option, subject to certain conditions described therein, to extend the maturity date to August 5, 2020. On August 5, 2016, the Company repaid the 2016 Term Loan in full. On August 8, 2016, the Company acquired a portfolio of seven grocery-anchored shopping centers with an aggregate of approximately 650,000 square feet of gross leasable area, located in various locations in four states in the southeastern U.S. The total purchase price was approximately $158.0 million and the consideration transferred included approximately $97.7 million of mortgage financing. The allocation of this transaction to the fair value of individual assets and liabilities is not presented as the calculations of the allocation were not complete at the date of filing of this Quarterly Report on Form 10-Q.

Significant Accounting Polici26

Significant Accounting Policies Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Goodwill and Intangible Assets, Policy [Policy Text Block]	Acquisitions and Impairments of Real Estate Assets The Company records its initial investments in income-producing real estate at fair value at the acquisition date in accordance with ASC 805-10, Business Combinations , which requires that all consideration transferred be measured at its acquisition-date fair value. 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 Leases Receivable, Origination Fees, Discounts or Premiums, and Direct Costs to Acquire Loans Policy [Policy Text Block]	Loan Coordination Fees Amendment Number One to the Fifth Amended and Restated Management Agreement, which was effective January 1, 2016, replaced the acquisition fees which were paid to the Manager upon the closing of the acquisition of a property with loan coordination fees, which are intended to reimburse the Manager for costs incurred related to negotiating and securing mortgage debt financing on acquired properties. Acquisition fees were recognized in full at the date of acquisition. Loan coordination fees are recognized over the term of the associated loan using the effective interest method in cases where mortgage financing is obtained at the closing date of the property acquisition. If no debt financing is utilized in conjunction with a property acquisition, the loan coordination fee is recognized in full at the date of property acquisition, in the Acquisition fees to related parties line in the Consolidated Statements of Operations. If debt financing is obtained subsequent to the acquisition, any incremental deferred loan coordination fee earned is recognized over the term of the associated loan using the effective interest method.
Compensation Related Costs, Policy [Policy Text Block]	Stock-Based Compensation The Company accounts for stock-based compensation in accordance with guidance provided by ASC 505-50, Equity-Based Payments to Non-Employees and ASC 718, Stock Compensation . We calculate the fair value of equity compensation instruments at the date of grant based upon estimates of their expected term, the expected volatility of and dividend yield on our Common Stock over this expected term period and the market risk-free rate of return. We also estimate forfeitures of these instruments and accrue the compensation expense, net of estimated forfeitures, over the vesting period(s). We record the fair value of restricted stock awards based upon the closing stock price on the trading day immediately preceding the date of grant. For awards of equity compensation which have market performance vesting conditions in addition to multiple tranches of service period requirements, the Company utilizes the straight-line expense attribution method.
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board, or 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 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's adoption of ASU 2015-02 had no impact on its consolidated financial statements. In January 2016, the FASB issued Accounting Standards Update 2016-01 ("ASU 2016-01"), Financial Instruments—Overall (Subtopic 825-10): Recognition and measurement of Financial Assets and Liabilities. The new standard's applicable provisions to the Company include an elimination of the disclosure requirement of the significant inputs and assumptions underlying the fair value calculations of its financial instruments which are carried at amortized cost. The standard is effective on January 1, 2018, and early adoption is not permitted for the applicable provision. The Company does not expected the adoption of ASU 2016-01 to impact the Company’s consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update 2016-02 ("ASU 2016-02"), Leases (ASC 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASC 842 supersedes the previous leases standard, ASC 840 Leases. The standard is effective on January 1, 2019, with early adoption permitted. The Company is in the process of evaluating the impact of this new guidance but does not expected its adoption to materially impact the Company’s consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update 2016-09 ("ASU 2016-09"), Compensation—Stock Compensation (Topic 178): Improvements to Employee Share-Based Payment Accounting. The new standard's provisions applicable to the Company include allowing the entity to make an accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures of equity compensation awards when they occur. Previous guidance required entities to estimate the number of awards that are expected to vest. The standard is effective on January 1, 2017, and the Company adopted ASU 2016-09 on January 1, 2016 pursuant to the allowed early adoption provision. The Company does not expect the adoption of ASU 2016-09 to materially impact the Company’s consolidated financial statements. In June 2016, the FASB issued Accounting Standards Update 2016-13 ("ASU 2016-13"), Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new standard requires financial instruments carried at amortized cost to be presented at the net amount expected to be collected, utilizing a valuation account which reflects the cumulative net adjustments from the gross amortized cost value. Under existing GAAP, entities would not record a valuation allowance until a loss was probable of occurring. The standard is effective for the Company on January 1, 2020. The Company is presently evaluating the impact the adoption of ASU 2016-13 will have on the Company’s consolidated financial statements.

Real Estate Assets (Tables)

Real Estate Assets (Tables)	6 Months Ended
	Jun. 30, 2016
Real Estate Properties [Line Items]
Real Estate Owned [Text Block]	The Company's real estate assets consisted of: As of: 6/30/2016 12/31/2015 Multifamily communities (1) 23 19 Units 7,706 6,136 Retail shopping centers 22 14 Approximate square feet of gross leasable area (2) 1,960,000 1,279,000 (1) The acquired second phase of the Summit Crossing community is managed in combination with the initial phase of this community and the two are therefore considered a single property, as are the three assets that comprise the Lenox Portfolio. Includes one student housing community as of June 30, 2016. (2) The Company also owns approximately 47,600 square feet of gross leasable area of ground floor retail space which is embedded within the Lenox Portfolio and not included in the totals above.
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	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. 2016 North by Northwest Avalon Park Overton Rise Baldwin Park Crosstown Walk Land $ 8,281,054 $ 7,410,048 $ 8,511,370 $ 17,402,882 $ 5,178,375 Buildings and improvements 34,355,922 80,558,636 44,710,034 87,105,757 33,605,831 Furniture, fixtures and equipment 2,623,916 1,790,256 6,286,105 3,358,589 5,726,583 Lease intangibles 799,109 2,741,060 1,611,314 2,882,772 1,323,511 Prepaids & other assets 79,626 99,297 73,754 229,972 125,706 Escrows 1,026,419 3,477,157 354,640 2,555,753 291,868 Accrued taxes (321,437 ) (394,731 ) (66,422 ) (17,421 ) (25,983 ) Security deposits, prepaid rents, and other liabilities (159,462 ) (207,623 ) (90,213 ) (226,160 ) (53,861 ) Net assets acquired $ 46,685,147 $ 95,474,100 $ 61,390,582 $ 113,292,144 $ 46,172,030 Cash paid $ 12,831,872 $ 30,474,100 $ 20,090,582 $ 35,492,144 $ 13,632,030 Mortgage debt 33,853,275 65,000,000 41,300,000 77,800,000 32,540,000 Total consideration $ 46,685,147 $ 95,474,100 $ 61,390,582 $ 113,292,144 $ 46,172,030 Three months ended June 30, 2016: Revenue $ 470,000 $ 664,000 $ 1,387,000 $ 2,344,000 $ 1,287,000 Net loss $ (7,000 ) $ (656,000 ) $ (581,000 ) $ (1,610,000 ) $ (514,000 ) Six months ended June 30, 2016: Revenue $ 470,000 $ 664,000 $ 2,303,000 $ 4,756,000 $ 2,339,000 Net loss $ (7,000 ) $ (656,000 ) $ (832,000 ) $ (2,738,000 ) $ (967,000 ) Cumulative acquisition costs incurred by the Company $ 401,000 $ 1,314,000 $ 116,000 $ 1,846,000 $ 320,000 Remaining amortization period of intangible assets and liabilities (months) 5.5 10.5 4.5 2.5 3.5 2015 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 settled 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 Three months ended June 30, 2016: Revenue $ 913,000 $ 1,312,000 $ 1,153,000 $ 2,185,000 Net loss $ (2,000 ) $ (13,000 ) $ (53,000 ) $ (186,000 ) Six months ended June 30, 2016: Revenue $ 1,826,000 $ 2,643,000 $ 2,329,000 $ 4,341,000 Net loss $ 4,000 $ (73,000 ) $ (97,000 ) $ (618,000 ) Cumulative acquisition costs incurred by the Company $ 276,000 $ 438,000 $ 889,000 $ 1,142,000 Remaining amortization period of intangible assets and liabilities (months) 0 0 0 0
Depreciation and Amortization Expense	The Company recognizes depreciation and amortization expense over the estimated useful life of its tangible and intangible assets. The Company's consolidated amortization and depreciation expense consisted of: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Depreciation: Buildings and improvements $ 7,832,592 $ 3,586,070 $ 14,613,736 $ 6,811,368 Furniture, fixtures, and equipment 4,937,888 2,581,304 9,359,800 4,696,431 12,770,480 6,167,374 23,973,536 11,507,799 Amortization: Acquired intangible assets 5,184,271 1,756,605 9,318,164 4,360,418 Deferred leasing costs 10,032 — 14,889 — Website development costs 5,192 3,870 10,112 5,060 Total depreciation and amortization $ 17,969,975 $ 7,927,849 $ 33,316,701 $ 15,873,277
Multifamily communities [Member]
Real Estate Properties [Line Items]
Table of Properties Acquired	The Company acquired the following multifamily communities during the six months ended June 30, 2016 and 2015: Acquisition date Property Location Approximate purchase price (millions) (1) Units 1/5/2016 Baldwin Park Orlando, Florida $ 110.8 528 1/15/2016 Crosstown Walk Tampa, Florida $ 45.8 342 2/1/2016 Overton Rise Atlanta, Georgia $ 61.1 294 5/31/2016 Avalon Park Orlando, Florida $ 92.5 487 6/1/2016 North by Northwest (2) Tallahassee, Florida $ 46.1 219 1,870 2/13/2015 Avenues at Cypress Houston, Texas (3) 240 2/13/2015 Avenues at Northpointe Houston, Texas (3) 280 5/21/2015 Venue at Lakewood Ranch Sarasota, Florida $ 47.4 237 6/24/2015 Aster at Lely Naples, Florida $ 52.5 308 6/30/2015 CityPark View Charlotte, North Carolina $ 32.7 284 1,349 (1) Purchase prices shown are exclusive of acquired escrows, security deposits, prepaids, and other miscellaneous assets and assumed liabilities. (2) A 679-bed student housing community located adjacent to the campus of Florida State University in Tallahassee, Florida. (3) Avenues at Cypress and Avenues at Northpointe are referred to collectively as the Houston Portfolio, which was acquired for approximately $76.0 million .
Retail Segment [Member]
Real Estate Properties [Line Items]
Table of Properties Acquired	The Company acquired the following grocery-anchored shopping centers during the six months ended June 30, 2016 : Acquisition date Property Location Approximate purchase price (millions) (2) Gross leasable area (square feet) 2/29/2016 Wade Green Village (1) Atlanta, Georgia $ 11.0 74,978 4/29/2016 Anderson Central Greenville-Anderson, South Carolina MSA (3) 223,211 4/29/2016 East Gate Shopping Center Augusta, Georgia MSA (3) 75,716 4/29/2016 Fairview Market Greenville, South Carolina (3) 53,888 4/29/2016 Fury's Ferry Augusta, Georgia (3) 70,458 4/29/2016 Rosewood Shopping Center Columbia, South Carolina (3) 36,887 4/29/2016 Southgate Village Birmingham, Alabama (3) 75,092 5/16/2016 The Market at Victory Village Nashville, Tennessee $ 15.6 71,300 681,530 (1) See Note 7 - Related Party Transactions. (2) Purchase price shown is exclusive of acquired escrows, security deposits, prepaids, and other miscellaneous assets and assumed liabilities. (3) The six grocery-anchored shopping centers are referred to collectively as the Southeastern Six Portfolio, which was acquired for approximately
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	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. Market at Victory Village Southeastern Six Portfolio Wade Green Village Land $ 2,271,224 $ 14,081,647 $ 1,840,284 Buildings and improvements 11,872,222 48,598,731 8,159,147 Tenant improvements 402,973 993,530 251,250 In-place leases 847,939 4,906,398 841,785 Above-market leases 100,216 86,234 107,074 Leasing costs 253,640 992,143 167,541 Below-market leases (198,214 ) (1,069,877 ) — Other assets 157,775 600,069 10,525 Other liabilities (179,546 ) (437,008 ) (59,264 ) Net assets acquired $ 15,528,229 $ 68,751,867 $ 11,318,342 Cash paid $ 6,278,229 $ 43,751,867 $ 6,245,683 (1) Class A OP Units granted — — 5,072,659 (2) Mortgage debt 9,250,000 (3) 25,000,000 — (4) Total consideration $ 15,528,229 $ 68,751,867 $ 11,318,342 Three months ended June 30, 2016: Revenue $ 160,000 $ 1,091,000 $ 254,000 Net loss $ (18,000 ) $ (227,000 ) $ (109,000 ) Six months ended June 30, 2016: Revenue $ 160,000 $ 1,091,000 $ 337,000 Net loss $ (18,000 ) $ (227,000 ) $ (152,000 ) Cumulative acquisition costs incurred by the Company $ 109,000 $ 644,000 $ 295,000 Remaining amortization period of intangible assets and liabilities (years) 8.1 4.4 2.7 (1) The contributor had an outstanding $6.25 million bridge loan secured by the property issued by Madison Wade Green Lending, LLC, an indirect wholly owned entity of the Company. Upon contribution of the property, the Company assumed the loan and concurrently extinguished the obligation. (2) As partial consideration for the property contribution, the Company granted 419,228 Class A OP Units to the contributor, net of contribution adjustments at closing. The value and number of Class A OP Units to be granted at closing was determined during the contract process and remeasured at fair value as of the contribution date of February 29, 2016. Class A OP Units are exchangeable for shares of Common Stock on a one-for-one basis, or cash, at the election of the Operating Partnership. Therefore, the Company determined the fair value of the Units to be equivalent to the price of its common stock on the closing date of the acquisition. (3) The Company assumed the existing mortgage in conjunction with its acquisition of The Market at Victory Village. See note 10. (4) Subsequent to the closing of the acquisition, the Company closed on a mortgage loan on Wade Green Village in the amount of $8.2 million . See note 10. The Company recognizes depreciation and amortization expense over the estimated useful life of its tangible and intangible assets. The Company's consolidated amortization and depreciation expense consisted of: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Depreciation: Buildings and improvements $ 7,832,592 $ 3,586,070 $ 14,613,736 $ 6,811,368 Furniture, fixtures, and equipment 4,937,888 2,581,304 9,359,800 4,696,431 12,770,480 6,167,374 23,973,536 11,507,799 Amortization: Acquired intangible assets 5,184,271 1,756,605 9,318,164 4,360,418 Deferred leasing costs 10,032 — 14,889 — Website development costs 5,192 3,870 10,112 5,060 Total depreciation and amortization $ 17,969,975 $ 7,927,849 $ 33,316,701 $ 15,873,277
Trail Creek [Member]
Real Estate Properties [Line Items]
Schedule of Real Estate Properties [Table Text Block]	The carrying values of the significant assets and liabilities of Trail Creek reclassified at December 31, 2015 and at the date of disposition were: 5/19/2016 12/31/2015 Real estate assets: Land $ 4,200,000 $ 4,200,000 Building and improvements 30,892,259 30,881,025 Furniture, fixtures and equipment 4,647,117 4,574,848 Accumulated depreciation (6,034,171 ) (5,838,792 ) Property held for sale $ 33,705,205 $ 33,817,081 Liabilities: Mortgage note payable $ 28,109,000 $ 28,109,000

Acquired Intangible Assets (Tab

Acquired Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets [Table Text Block]	The Company recorded the following acquired lease intangible assets and liabilities and related accumulated amortization, as of June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 Multifamily Retail Total Multifamily Retail Total In-place leases $ 31,529,592 $ 20,909,327 $ 52,438,919 $ 24,704,733 $ 14,439,414 $ 39,144,147 Above-market leases — 1,666,393 1,666,393 — 1,386,254 1,386,254 Customer relationships 1,335,417 — 1,335,417 1,588,277 — 1,588,277 Lease origination costs 78,786 5,611,507 5,690,293 78,786 4,216,166 4,294,952 Acquired intangible assets $ 32,943,795 $ 28,187,227 $ 61,131,022 $ 26,371,796 $ 20,041,834 $ 46,413,630 Less accumulated amortization of: In-place leases $ (25,633,619 ) $ (5,099,527 ) $ (30,733,146 ) $ (21,608,833 ) $ (2,965,096 ) $ (24,573,929 ) Above market leases — (413,917 ) (413,917 ) — (233,833 ) (233,833 ) Customer relationships (1,335,417 ) — (1,335,417 ) (1,588,277 ) — (1,588,277 ) Lease origination costs (20,200 ) (1,096,318 ) (1,116,518 ) (1,466 ) (634,652 ) (636,118 ) Accumulated amortization (26,989,236 ) (6,609,762 ) (33,598,998 ) (23,198,576 ) (3,833,581 ) (27,032,157 ) Acquired intangible assets, net $ 5,954,559 $ 21,577,465 $ 27,532,024 $ 3,173,220 $ 16,208,253 $ 19,381,473 Below market lease liability $ 277,195 $ 11,684,597 $ 11,961,792 $ 383,593 $ 10,448,062 $ 10,831,655 Less: accumulated amortization (277,195 ) (1,949,979 ) (2,227,174 ) (383,593 ) (1,194,612 ) (1,578,205 ) Below market lease liability, net $ — $ 9,734,618 $ 9,734,618 $ — $ 9,253,450 $ 9,253,450
Finite-lived Intangible Assets Amortization Expense [Table Text Block]	The Company recognized amortization of acquired intangible assets and liabilities as follows: Three months ended June 30, 2016 2015 Amortization expense Multifamily Retail Total Multifamily Retail Total Intangible assets: Leases in place $ 3,532,771 $ 1,356,557 $ 4,889,328 $ 1,100,597 $ 541,848 $ 1,642,445 Above-market leases (1) — 105,048 105,048 — 41,286 41,286 Customer relationships — — — — — — Lease origination costs 9,937 285,006 294,943 — 114,408 114,408 $ 3,542,708 $ 1,746,611 $ 5,289,319 $ 1,100,597 $ 697,542 $ 1,798,139 Intangible liabilities: Below-market leases (1) $ — $ 433,093 $ 433,093 $ — $ 199,183 $ 199,183 (1) Amortization of above and below market lease intangibles is recorded as a decrease and an increase to rental revenue, respectively. Six months ended June 30, 2016 2015 Amortization expense Multifamily Retail Total Multifamily Retail Total Intangible assets: Leases in place $ 6,557,777 $ 2,260,640 $ 8,818,417 $ 2,978,656 $ 1,148,140 $ 4,126,796 Above-market leases (1) — 193,468 193,468 — 83,103 83,103 Customer relationships — — — — — — Lease origination costs 20,098 479,649 499,747 — 233,622 233,622 $ 6,577,875 $ 2,933,757 $ 9,511,632 $ 2,978,656 $ 1,464,865 $ 4,443,521 Intangible liabilities: Below-market leases (1) $ — $ 786,923 $ 786,923 $ — $ 424,431 $ 424,431 (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)	6 Months Ended
	Jun. 30, 2016
Receivables [Abstract]
real estate loans carrying amounts [Table Text Block]	As of 6/30/2016 Carrying amount as of Amount drawn Loan fee received from borrower - 2% (1) Acquisition fee paid to Manager - 1% (1) Unamortized deferred loan fee revenue June 30, 2016 December 31, 2015 Project/Property Crosstown Walk — — — — — $ 10,950,040 City Vista 16,107,735 322,134 (161,067 ) — 16,107,735 16,083,431 Overton Rise — — — — — 16,572,959 Haven West 6,784,167 138,816 (69,408 ) — 6,784,167 6,775,835 Haven 12 5,815,849 122,328 (61,164 ) — 5,815,849 5,815,849 Founders' Village (1) 9,866,000 197,320 (98,660 ) (18,924 ) 9,847,076 9,841,816 Encore 10,958,200 539,695 (269,847 ) (52,248 ) 10,905,952 10,894,278 Encore Capital 6,383,817 — — — 6,383,817 6,036,465 Palisades (1) 16,070,000 321,400 (160,700 ) (4,580 ) 16,065,420 16,063,817 Fusion 47,360,071 1,120,890 (560,445 ) (197,725 ) 47,162,346 37,072,235 Green Park (1) 12,897,783 269,287 (134,644 ) (18,388 ) 12,879,395 12,330,489 Stadium Village (1) 13,329,868 268,500 (134,250 ) (5,518 ) 13,324,350 13,321,293 Summit Crossing III 7,246,400 144,928 (72,464 ) (29,989 ) 7,216,411 7,205,894 Overture 5,864,252 138,400 (69,200 ) (29,370 ) 5,834,882 4,481,446 Aldridge at Town Village 10,204,627 219,500 (109,750 ) (49,670 ) 10,154,957 9,707,532 18 Nineteen 15,152,992 311,967 (155,984 ) (56,272 ) 15,096,720 14,421,568 Haven South 14,847,703 309,113 (154,557 ) (85,398 ) 14,762,305 14,087,852 Haven46 4,496,251 58,000 (29,000 ) (61,586 ) 4,434,665 2,891,067 Bishop Street 10,062,472 62,140 (31,070 ) (84,434 ) 9,978,038 3,086,778 Dawson Marketplace 12,079,361 257,140 (128,570 ) (8,603 ) 12,070,758 11,563,352 Madison Wade Green — — — — — 6,225,304 Hidden River Lending 2,156,448 94,700 (47,350 ) (44,396 ) 2,112,052 (47,350 ) Hidden River Capital 4,430,206 107,600 (53,800 ) (41,424 ) 4,388,782 2,619,808 Crescent Avenue 6,000,000 120,000 (60,000 ) (40,138 ) 5,959,862 — City Park Lending 1,095,924 67,296 (33,648 ) (28,451 ) 1,067,473 — City Park II Capital Lending 3,184,746 78,320 (39,160 ) (31,740 ) 3,153,006 — Haven Northgate 35,441,421 1,293,571 (646,786 ) (591,886 ) 34,849,535 — Lubbock II 2,787,617 187,143 (93,572 ) (85,860 ) 2,701,757 — $ 280,623,910 6,750,188 $ (3,375,096 ) $ (1,566,600 ) $ 279,057,310 $ 238,001,758 (1) See note 7. (2) 25% of the net amount collected by the Company as an acquisition fee was paid to the associated third party loan participant.
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	At June 30, 2016 , our portfolio of real estate loans, including maximum potential loan amounts were: 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) City Vista (1) Pittsburgh, PA 8/31/2012 7/1/2017 — $ 16,107,735 $ 28,400,000 8 / 6 Haven West (2) Atlanta, GA 7/15/2013 12/15/2016 6/2/2018 6,940,795 $ 16,195,189 8 / 6 Haven 12 (3) Starkville, MS 6/16/2014 6/16/2017 11/30/2020 6,116,384 $ 18,615,081 8.5 / 6.5 (4) Founders' Village Williamsburg, VA 8/29/2013 8/29/2018 N/A 10,346,000 $ 26,936,000 8 / 6 Encore Atlanta, GA 10/9/2015 4/8/2019 10/8/2020 10,958,200 $ 46,892,800 8.5 / 5 (4) Encore Capital Atlanta, GA 10/9/2015 4/8/2019 10/8/2020 9,758,200 — 8.5 / 5 Palisades Northern VA 8/18/2014 2/18/2018 8/18/2019 17,270,000 $ 38,000,000 8 / 5 (4) Fusion Irvine, CA 7/1/2015 5/31/2018 5/31/2020 59,052,583 $ 43,747,287 8.5 / 7.5 (4) Green Park Atlanta, GA 12/1/2014 12/1/2017 12/1/2019 13,464,372 $ 27,775,000 8.5 / 4.33 (4) Stadium Village (5) Atlanta, GA 6/27/2014 6/27/2017 N/A 13,424,995 $ 34,825,000 8.5 / 4.33 (4) Summit Crossing III Atlanta, GA 2/27/2015 2/26/2018 2/26/2020 7,246,400 $ 16,822,000 8.5 / 6 (4) Overture Tampa, FL 7/21/2015 7/21/2018 7/21/2020 6,920,000 $ 17,080,000 8.5 / 6 (4) Aldridge at Town Village Atlanta, GA 1/27/2015 12/27/2017 12/27/2019 10,975,000 $ 28,338,937 8.5 / 6 (4) 18 Nineteen (6) Lubbock, TX 4/9/2015 4/9/2018 4/9/2020 15,598,352 $ 34,871,251 8.5 / 6 (4) Haven South (7) Waco, TX 5/1/2015 5/1/2018 5/1/2019 15,455,668 $ 41,827,034 8.5 / 6 (4) Haven46 (8) Tampa, FL 3/29/2016 3/29/2019 9/29/2020 9,819,662 $ 29,885,928 8.5 / 5 (4) Bishop Street (9) Atlanta, GA 2/18/2016 2/18/2020 N/A 12,693,457 $ 29,700,000 8.5 / 5 (4) Dawson Marketplace (10) Atlanta, GA 12/16/2015 11/15/2018 11/15/2020 12,857,005 $ 36,740,430 8.5 / 5 (4) Hidden River Tampa, FL 12/4/2015 12/3/2018 12/3/2020 4,734,960 $ 27,620,600 8.5 / 5 (4) Hidden River Capital Tampa, FL 12/4/2015 12/4/2018 12/4/2020 5,380,000 $ — 8.5 / 5 CityPark II Charlotte, NC 1/8/2016 1/7/2019 1/7/2021 3,364,800 $ 19,628,000 8.5 / 5 (4) CityPark II Capital Charlotte, NC 1/8/2016 1/8/2019 1/31/2021 3,916,000 $ — 8.5 / 5 Crescent Avenue (11) Atlanta, GA 1/13/2016 7/13/2017 N/A 6,000,000 $ — 9 / 3 Haven Northgate (12) College Station, TX 6/21/2016 6/20/2019 6/20/2020 64,678,549 $ — (12) (4) Lubbock II (13) Lubbock, TX 4/19/2016 4/20/2019 N/A 9,357,171 $ 28,500,000 8.5 / 5 (4) $ 352,436,288 (1) All loans pertain to developments of multifamily communities, except as otherwise indicated. On July 1, 2016, we converted approximately $12.5 million of the principal amount due on the City Vista loan into a 96% equity ownership interest in a joint venture that owns the underlying multifamily community. (2) Real estate loan in support of a completed 160-unit, 568-bed student housing community adjacent to the campus of the University of West Georgia. On August 1, 2016, we terminated the purchase option on the community. (3) Real estate loan in support of a completed 152-unit, 536-bed student housing community adjacent to the campus of Mississippi State University. (4) 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. (5) Real estate loan in support of a completed 198-unit, 792-bed student housing community adjacent to the campus of Kennesaw State University in Atlanta, Georgia. (6) Real estate loan of up to approximately $15.6 million in support of a planned 217-unit, 732-bed student housing community adjacent to the campus of Texas Tech University. (7) Real estate loan in support of a planned 250-unit, 840-bed student housing community adjacent to the campus of Baylor University. (8) On March 29, 2016, our bridge loan was converted to a real estate loan in support of a planned 158-unit, 542-bed student housing community adjacent to the campus of the University of South Florida. (9) On February 18, 2016, our bridge loan was converted to a real estate loan in support of a planned multifamily community in Atlanta, Georgia. (10) Real estate loan in support of a planned approximate 200,000 square foot retail center in the Atlanta, Georgia market. (Table continued on next page) (Table continued from previous page) (11) Bridge loan in support of a proposed multi-use property in Atlanta, Georgia. (12) Senior loan in support of a planned 427-unit, 808-bed student housing community adjacent to the campus of Texas A&M University, which accrues interest at 1 month LIBOR plus 600 basis points. See note 7 for related party disclosure. (13) Real estate loan of up to approximately $9.4 million in support of a planned 140-unit, 556-bed second phase student housing community adjacent to the campus of Texas Tech University.
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 City Vista 2/1/2017 5/31/2017 $ 43,560,271 272 — Haven West (1) 8/1/2016 1/31/2017 $ 26,138,466 160 568 Haven 12 9/1/2016 11/30/2016 (2) 152 536 Founders' Village 2/1/2017 5/31/2017 $ 44,266,000 247 — Encore 1/8/2018 5/8/2018 (2) 340 — Palisades 3/1/2017 7/31/2017 (2) 304 — Fusion 1/1/2018 4/1/2018 (2) 280 — Green Park 11/1/2017 2/28/2018 (2) 310 — Stadium Village 9/1/2016 11/30/2016 (2) 198 792 Summit Crossing III 8/1/2017 11/30/2017 (2) 172 — Overture 1/1/2018 5/1/2018 (2) 180 — Aldridge at Town Village 11/1/2017 2/28/2018 (2) 300 — 18 Nineteen 10/1/2017 12/31/2017 (2) 217 732 Haven South 10/1/2017 12/31/2017 (2) 250 840 Haven46 11/1/2018 1/31/2019 (2) 158 542 Bishop Street 10/1/2018 12/31/2018 (2) 232 — Dawson Marketplace 12/16/2017 12/15/2018 (2) — — Hidden River 9/1/2018 12/31/2018 (2) 300 — Crescent Avenue N/A N/A N/A — — City Park II 5/1/2018 8/31/2018 (2) 200 — Haven Northgate 10/1/2018 12/31/2018 (2) 427 808 Lubbock II 11/1/2018 1/31/2019 (2) 140 556 4,839 5,374 (1) On August 1, 2016, the Company terminated the purchase option on the Haven West student housing community. (2) The purchase price is to be calculated based upon market cap rates at the time of exercise of the purchase option, with discounts ranging from between 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 6/30/2016 12/31/2015 360 Residential, LLC 3/20/2013 6/30/2017 $ 2,000,000 $ 1,385,371 $ 1,304,999 12 % (1) Preferred Capital Marketing Services, LLC (2) 1/24/2013 12/31/2016 1,500,000 1,140,647 1,305,550 10 % Oxford Contracting LLC 8/27/2013 4/30/2017 1,500,000 1,475,000 1,475,000 8 % (1) Preferred Apartment Advisors, LLC (2,3) 8/21/2012 12/31/2016 15,000,000 12,382,446 12,793,440 8 % Haven Campus Communities, LLC (2) 6/11/2014 12/31/2016 11,500,000 10,524,904 5,359,904 12 % (1) Oxford Capital Partners, LLC (4) 10/5/2015 3/31/2017 10,650,000 10,567,443 10,502,626 12 % Newport Development Partners, LLC 6/17/2014 6/30/2017 3,000,000 — 806,318 12 % (1) 360 Residential, LLC II 12/30/2015 12/31/2017 3,255,000 2,673,155 2,477,952 15 % (1) Hendon Properties, LLC 12/8/2015 3/31/2017 2,000,000 — 2,000,000 12 % Mulberry Development Group, LLC 3/31/2016 5/31/2017 500,000 96,000 — 12 % 360 Capital Company, LLC 5/24/2016 12/31/2017 2,000,000 806,694 $ — 12 % (1) Unamortized loan fees (111,292 ) (82,056 ) $ 52,905,000 $ 40,940,368 $ 37,943,733 (1) 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. (2) See related party disclosure in note 7. (3) The amounts payable under this revolving credit line were collateralized by an assignment of the Manager's rights to fees due under the Fifth Amended and Restated Management Agreement between the Company and the Manager. (4) The amounts payable under the terms of this revolving credit line, up to the lesser of 25% of the loan balance or $2,000,000 are collateralized by a personal guaranty of repayment by the principals of the borrower. On June 15, 2016, the loan commitment amount was temporarily raised to $10,650,000 until July 15, 2016, when it reverted back to the previous amount of $10,150,000.
interest income [Table Text Block]	Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Real estate loans: Current interest payments $ 5,917,452 $ 3,801,861 $ 11,010,122 $ 7,185,769 Additional accrued interest 3,443,642 2,550,798 6,716,297 4,554,278 Deferred loan fee revenue 196,127 200,552 435,726 350,871 Total real estate loan revenue 9,557,221 6,553,211 18,162,145 12,090,918 Interest income on notes and lines of credit 1,021,625 657,334 2,136,800 1,353,255 Interest income on loans and notes receivable $ 10,578,846 $ 7,210,545 $ 20,298,945 $ 13,444,173

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Related Party Transactions [Abstract]
benefit costs reimbursed [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 June 30, Six months ended June 30, 2016 2015 2016 2015 $ 2,516,605 $ 1,308,832 $ 4,880,068 $ 2,426,405
offering costs reimbursable to the Manager	222,206	382,664
Schedule of Related Party Transactions [Table Text Block]	The following table details Manager fees recognized, net of deferrals, as described below. Three months ended June 30, Six months ended June 30, Type of Compensation Basis of Compensation 2016 2015 2016 2015 Acquisition fees 1% of the gross purchase price of real estate assets acquired or loans advanced, or 1.6% of the purchase price at an assumed hypothetical 63% leverage, if the asset is purchased without debt financing $ 274,176 $ 1,448,114 $ 385,056 $ 2,403,463 Loan coordination fees 1.6% of any assumed, new or supplemental debt incurred in connection with an acquired property 2,149,972 — 4,300,553 — Asset management fees Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted 1,751,501 580,579 3,512,505 1,244,884 Property management fees Monthly fee equal to 4% of the monthly gross revenues of the properties managed 1,128,285 436,168 2,190,753 908,260 General and administrative expense fees Monthly fee equal to 2% of the monthly gross revenues of the Company 768,124 308,617 1,512,225 657,202 $ 6,072,058 $ 2,773,478 $ 11,901,092 $ 5,213,809

Dividends Series A Preferred St

Dividends Series A Preferred Stock (Tables)	6 Months Ended
	Jun. 30, 2016
Series A Preferred Stock [Abstract]
dividend activity [Table Text Block]	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: 2016 2015 Record date Number of shares Aggregate dividends declared Record date Number of shares Aggregate dividends declared January 30, 2016 482,774 $ 2,481,086 January 30, 2015 192,607 $ 984,217 February 27, 2016 516,017 2,630,601 February 27, 2015 206,007 1,047,189 March 31, 2016 544,129 2,770,048 March 31, 2015 223,699 1,141,491 April 29, 2016 582,720 2,979,196 April 30, 2015 243,570 1,244,249 May 31, 2016 617,994 3,143,567 May 29, 2015 267,273 1,366,207 June 30, 2016 651,439 3,321,519 June 30, 2015 288,392 1,480,101 Total $ 17,326,017 Total $ 7,263,454

Dividends Class A Distributions

Dividends Class A Distributions (Tables)	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 , the Company had 886,168 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: 2016 2015 Declaration date Payment date Aggregate distributions Declaration date Payment date Aggregate distributions February 4, 2016 April 15, 2016 $ 117,395 February 5, 2015 April 22, 2015 $ 49,063 May 5, 2016 July 15, 2016 179,449 April 29, 2015 July 15, 2015 50,465 $ 296,844 $ 99,528

Dividends Common Stock (Tables)

Dividends Common Stock (Tables)	6 Months Ended
	Jun. 30, 2016
Real Estate [Abstract]
Dividends [Text Block]	The Company's dividend activity on its Common Stock for the six -month periods ended June 30, 2016 and 2015 was: 2016 2015 Record date Number of shares Dividend per share Aggregate dividends paid Record date Number of shares Dividend per share Aggregate dividends paid March 15, 2016 23,041,502 $ 0.1925 $ 4,435,489 March 13, 2015 22,004,309 $ 0.175 $ 3,850,754 June 15, 2016 23,568,328 0.2025 4,772,587 June 15, 2015 22,290,677 0.18 4,012,322 $ 0.395 $ 9,208,076 $ 0.355 $ 7,863,076

Equity Compensation (Tables)

Equity Compensation (Tables)	6 Months Ended
	Jun. 30, 2016
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 5/4/2016 474 $ 12.62 $ 5,982 3/4/2016 474 $ 12.68 $ 6,010 2/4/2016 1,485 $ 12.12 $ 17,998 5/7/2015 564 $ 10.62 $ 5,990 2/5/2015 1,782 $ 10.05 $ 17,909
equity compensation expense [Table Text Block]	Three months ended June 30, Six months ended June 30, Unamortized expense as of June 30, 2016 2015 2016 2015 2016 Quarterly board member committee fee grants $ 5,982 $ 5,990 $ 29,991 $ 23,899 $ — Class B Unit awards: Executive officers - 2014 — — — 3,825 — Executive officers - 2015 — 491,390 5,236 979,472 — Executive officers - 2016 517,884 — 1,019,062 — 1,648,226 Restricted stock grants: 2014 — 26,830 — 107,322 — 2015 26,668 53,333 106,670 53,333 — 2016 68,333 — 68,333 — 341,665 Total $ 618,867 $ 577,543 $ 1,229,292 $ 1,167,851 $ 1,989,891
ClassBUnitGrantsvaluationassumptions [Table Text Block]	Grant dates 1/4/2016 1/2/2015 Stock price $ 12.88 $ 9.21 Dividend yield 5.98 % 7.60 % Expected volatility 26.10 % 30.13 % Risk-free interest rate 2.81 % 2.55 % Number of Units granted: One year vesting period 176,835 285,997 Three year vesting period 89,096 — 265,931 285,997 Calculated fair value per Unit $ 10.03 $ 6.81 Total fair value of Units $ 2,667,288 $ 1,947,640 Target market threshold increase $ 3,549,000 $ 2,629,000

Indebtedness (Tables)

Indebtedness (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Instrument [Line Items]
Schedule of Long-term Debt Instruments [Table Text Block]	The following table presents certain details regarding our mortgage notes payable: Principal balance as of Interest only through date (2) Acquisition/ refinancing date June 30, 2016 December 31, 2015 Maturity date Interest rate (1) Trail Creek 6/25/2013 $ — $ 28,109,000 7/1/2020 4.22 % 7/1/2020 Stone Rise 7/3/2014 24,751,927 25,014,250 8/1/2019 2.89 % 8/31/2015 Summit Crossing 4/21/2011 20,202,816 20,366,748 5/1/2018 4.71 % 5/31/2014 Summit Crossing secondary financing 8/28/2014 5,102,081 5,145,250 9/1/2019 4.39 % N/A Summit II 3/20/2014 13,357,000 13,357,000 4/1/2021 4.49 % 4/30/2019 Ashford Park 1/24/2013 25,626,000 25,626,000 2/1/2020 3.13 % 2/28/2018 Ashford Park secondary financing 8/28/2014 6,463,177 6,520,564 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 31,228,447 31,556,664 10/1/2019 3.18 % N/A Stoneridge 9/26/2014 27,018,576 27,302,546 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 9,771,018 9,868,025 10/1/2019 3.36 % 10/31/2015 Parkway Town Centre 9/5/2014 7,106,195 7,176,745 10/1/2019 3.36 % 10/31/2015 Woodstock Crossing 8/8/2014 3,066,581 3,090,953 9/1/2021 4.71 % N/A Deltona Landings 9/30/2014 7,002,450 7,074,722 10/1/2019 3.48 % N/A Powder Springs 9/30/2014 7,388,792 7,465,051 10/1/2019 3.48 % N/A Kingwood Glen 9/30/2014 11,715,824 11,836,741 10/1/2019 3.48 % N/A Barclay Crossing 9/30/2014 6,587,133 6,655,117 10/1/2019 3.48 % N/A Sweetgrass Corner 9/30/2014 7,982,625 8,063,653 10/1/2019 3.58 % N/A Parkway Centre 9/30/2014 4,587,812 4,635,162 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 22,359,328 22,578,863 9/1/2022 3.43 % N/A Avenues at Northpointe 2/13/2015 27,878,000 27,878,000 3/1/2022 3.16 % 3/31/2017 Lakewood Ranch 5/21/2015 30,242,120 30,528,618 12/1/2022 3.55 % N/A Aster Lely 6/24/2015 33,436,636 33,746,379 7/5/2022 3.84 % N/A CityPark View 6/30/2015 21,708,469 21,924,060 7/1/2022 3.27 % N/A Avenues at Creekside 7/31/2015 41,625,000 41,625,000 8/1/2024 2.07 % (3) 8/31/2016 Citi Lakes 9/3/2015 43,795,189 44,282,826 4/1/2023 2.64 % (4) N/A Independence Square 8/27/2015 12,617,500 12,617,500 9/1/2022 3.93 % 9/30/2016 Royal Lakes Marketplace 9/4/2015 9,800,000 9,800,000 9/4/2020 2.96 % (5) 4/3/2017 Stone Creek 11/12/2015 16,646,765 16,792,850 10/1/2046 3.75 % N/A Lenox Village Town Center 12/21/2015 31,059,026 31,394,460 5/1/2019 3.82 % N/A Lenox Village III 12/21/2015 18,281,564 18,410,000 1/1/2023 4.04 % N/A The Overlook at Hamilton Place 12/22/2015 20,852,745 21,000,000 1/1/2026 4.19 % N/A Summit Point 10/30/2015 12,711,507 12,846,544 11/1/2022 3.57 % N/A Overton Rise 2/1/2016 41,064,460 — 8/1/2026 3.98 % N/A Baldwin Park 1/5/2016 73,910,000 — 1/5/2019 2.37 % (6) 1/5/2019 Baldwin Park (second) 1/5/2016 3,890,000 — 1/5/2019 10.37 % (7) 1/5/2019 Crosstown Walk 1/15/2016 32,351,656 — 2/1/2023 3.90 % N/A East Gate Shopping Center 4/29/2016 5,788,670 — 5/1/2026 3.97 % N/A Fury's Ferry 4/29/2016 6,686,912 — 5/1/2026 3.97 % N/A Rosewood Shopping Center 4/29/2016 4,491,209 — 5/1/2026 3.97 % N/A Southgate Village 4/29/2016 7,984,372 — 5/1/2026 3.97 % N/A The Market at Victory Village 5/16/2016 9,250,000 — 9/11/2024 4.40 % 10/10/2017 Avalon Park 5/31/2016 61,750,000 — 6/5/2019 2.47 % (8) N/A Avalon Park B Note 5/31/2016 3,250,000 — 6/5/2019 11.47 % (9) N/A Wade Green Village 4/7/2016 8,188,185 — 5/1/2026 4.00 % N/A North by Northwest 6/1/2016 33,853,275 — 9/1/2022 4.02 % N/A Total $ 957,087,042 $ 696,945,291 (1) Interest accrues at a fixed rate, except where indicated. (2) Following the indicated interest only period (where applicable), monthly payments of accrued interest and principal are based on a 25 to 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. (6) Variable rate which consisted of 1 Month LIBOR plus 190 basis points. (7) Variable rate which consisted of 1 Month LIBOR plus 990 basis points. (8) Variable rate which consisted of 1 Month LIBOR plus 200 basis points. (9) Variable rate which consisted of 1 Month LIBOR plus 1100 basis points.
debt covenant [Table Text Block]	As of June 30, 2016 , 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 $360,000,000 (2) $ 686,921,662 Debt yield Minimum 8.0% 8.49 % Payout ratio Maximum 95% (3) 74 % Total leverage ratio Maximum 62.5% 60 % Debt service coverage ratio Minimum 1.50x 2.6X (1) All covenants are as defined in the credit agreement for the Credit Facility. (2) Minimum $360 million plus 75% of the net proceeds of any equity offering, which totaled approximately $503 million as of June 30, 2016 . (3) Calculated on a trailing four-quarter basis. For the twelve-month period ended June 30, 2016 , the maximum dividends and distributions allowed under this covenant was approximately $60.0 million .
Schedule of Maturities of Long-term Debt [Table Text Block]	The Company’s estimated future principal payments due on its debt instruments as of June 30, 2016 were: Period Future principal payments 2016 $ 76,253,937 2017 15,281,726 2018 37,187,099 2019 323,685,200 2020 83,969,367 thereafter 490,209,713 Total $ 1,026,587,042

Segment information (Tables)

Segment information (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Reporting Information [Line Items]
segment revenues [Table Text Block]	Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Revenues Multifamily communities $ 28,704,544 $ 13,955,158 $ 55,686,587 $ 26,089,651 Financing 10,578,846 7,210,545 20,298,944 13,444,172 Retail 6,570,554 2,923,124 11,604,194 5,899,519 Consolidated revenues $ 45,853,944 $ 24,088,827 $ 87,589,725 $ 45,433,342 Capitalized expenditures (1) Multifamily communities $ 2,794,400 $ 1,139,643 $ 4,087,907 $ 1,580,972 Retail 437,873 543,802 1,114,756 681,524 Total capitalized expenditures $ 3,232,273 $ 1,683,445 $ 5,202,663 $ 2,262,496 (1) Excluding the purchase price of acquisitions and including construction in progress.
segment assets [Table Text Block]	June 30, 2016 December 31, 2015 Assets: Multifamily communities $ 1,092,823,300 $ 781,224,019 Financing 333,834,899 290,268,921 Retail 319,868,491 211,647,262 Other 10,481,843 12,388,831 Consolidated assets $ 1,757,008,533 $ 1,295,529,033
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Segment net operating income (Segment NOI) Multifamily communities $ 15,467,692 $ 7,426,483 $ 29,755,444 $ 14,046,647 Financing 10,578,846 7,210,545 20,298,945 13,444,172 Retail 4,687,505 2,009,313 8,335,816 4,078,642 Consolidated segment net operating income 30,734,043 16,646,341 58,390,205 31,569,461 Interest expense: Multifamily communities 6,785,216 3,277,663 13,154,341 6,149,561 Retail 1,645,824 772,515 2,973,022 1,547,007 Financing 1,128,461 638,290 2,326,968 1,369,015 Depreciation and amortization: Multifamily communities 14,116,337 6,433,407 26,771,521 12,807,049 Retail 3,853,638 1,494,442 6,545,180 3,066,228 Professional fees 914,097 293,569 1,582,887 672,368 Management fees, net of deferrals 2,507,307 761,797 5,003,792 1,766,727 Acquisition costs: Multifamily communities 1,697,167 1,622,604 4,038,017 2,791,990 Retail 1,067,574 145,209 1,490,310 159,715 Equity compensation to directors and executives 618,867 577,543 1,229,292 1,167,851 Gain on sale of real estate 4,271,506 — 4,271,506 — Other 453,582 208,466 718,392 416,043 Net income (loss) $ 217,479 $ 420,836 $ (3,172,011 ) $ (344,093 )

Loss per Share (Tables)

Loss per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
earnings loss per share [Table Text Block]	Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Numerator: Net income (loss) $ 217,479 $ 420,836 $ (3,172,011 ) $ (344,093 ) Net (income) loss attributable to non-controlling interests (7,961 ) (4,276 ) 80,600 5,423 Net income (loss) attributable to the Company 209,518 416,560 (3,091,411 ) (338,670 ) Dividends declared to Series A preferred stockholders (A) (9,444,282 ) (4,090,557 ) (17,326,017 ) (7,263,454 ) Earnings attributable to unvested restricted stock (B) (4,824 ) (5,424 ) (6,275 ) (12,287 ) Net loss available to common stockholders $ (9,239,588 ) $ (3,679,421 ) $ (20,423,703 ) $ (7,614,411 ) Denominator: Weighted average number of shares of Common Stock - basic 23,325,663 22,215,663 23,154,702 22,015,928 Effect of dilutive securities: (C) Warrants — — — — Class B Units — — — — Unvested restricted stock — — — — Weighted average number of shares of Common Stock - diluted 23,325,663 22,215,663 23,154,702 22,015,928 Net loss per share of Common Stock available to common stockholders: Basic and diluted $ (0.40 ) $ (0.17 ) $ (0.88 ) $ (0.35 )

Pro Forma Financial Informati38

Pro Forma Financial Information pro forma (Tables)	6 Months Ended
	Jun. 30, 2016
Pro Forma Financial Information [Abstract]
segment operating results [Table Text Block]	Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Pro forma: Revenues $ 48,619,464 $ 43,649,575 $ 96,676,861 $ 84,002,124 Net income (loss) $ 5,483,326 $ (7,868,376 ) $ 5,616,662 $ (17,011,767 ) Net income (loss) attributable to the Company $ 5,285,795 $ (7,574,240 ) $ 5,377,347 $ (16,397,930 ) Net loss attributable to common stockholders $ (4,163,311 ) $ (11,670,221 ) $ (11,954,945 ) $ (23,673,671 ) Net loss per share of Common Stock attributable to common stockholders, Basic and diluted $ (0.18 ) $ (0.53 ) $ (0.52 ) $ (1.08 ) Weighted average number of shares of Common Stock outstanding, basic and diluted 23,325,663 22,215,663 23,154,702 22,015,928

Fair Values of Financial Inst39

Fair Values of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Fair Values of Financial Instruments [Abstract]
Fair Value Measurements, Nonrecurring [Table Text Block]	The following tables provide estimated fair values of the Company’s financial instruments. The carrying values of the Company's real estate loans include accrued interest receivable from additional interest or exit fee provisions and are presented net of deferred loan fee revenue, where applicable. As of June 30, 2016 Carrying value Fair value measurements using fair value hierarchy Fair Value Level 1 Level 2 Level 3 Financial assets: Real estate loans (1) $ 279,057,310 $ 304,391,331 $ — $ — $ 304,391,331 Notes and line of credit receivable 40,940,368 40,940,368 — — 40,940,368 $ 319,997,678 $ 345,331,699 $ — $ — $ 345,331,699 Financial liabilities: Mortgage notes payable (2) $ 957,087,042 $ 979,668,590 $ — $ — $ 979,668,590 Revolving credit facility 28,500,000 28,500,000 — — 28,500,000 Term loan 41,000,000 41,000,000 — — 41,000,000 Loan participation obligations 13,997,758 14,176,332 — — 14,176,332 $ 1,040,584,800 $ 1,063,344,922 $ — $ — $ 1,063,344,922	As of December 31, 2015 Carrying value Fair value measurements using fair value hierarchy Fair Value Level 1 Level 2 Level 3 Financial assets: Real estate loans (1) $ 252,296,406 $ 267,383,427 $ — $ — $ 267,383,427 Notes and line of credit receivable 37,943,733 37,943,733 — — 37,943,733 $ 290,240,139 $ 305,327,160 $ — $ — $ 305,327,160 Financial liabilities: Mortgage notes payable (2) $ 696,945,291 692,008,640 $ — $ — $ 692,008,640 Revolving credit facility 34,500,000 34,500,000 — — 34,500,000 Loan participation obligations 13,544,160 14,061,190 — — 14,061,190 $ 744,989,451 $ 740,569,830 $ — $ — $ 740,569,830

Organization (Details)

Organization (Details)	Jun. 30, 2016$ / sharesshares	Dec. 31, 2015shares	Jun. 30, 2015shares	Mar. 31, 2015shares
Organization [Abstract]
Common Stock, Shares, Outstanding	23,692,178		22,290,677	22,004,309
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.01
Noncontrolling Interest, Ownership Percentage by Parent	96.40%
minority interest partnership units outstanding	886,168	886,168
daycountvolweightedavgcalcformarketvalue	20

Significant Accounting Polici41

Significant Accounting Policies (Details)	3 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
stabilization level	92.00%

Real Estate Assets - Narrative

Real Estate Assets - Narrative (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2016USD ($)bedshares	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Business Acquisition [Line Items]
non cash mezzanine loan settled	$ 0	$ 10,000,000
Cypress and Northpointe [Member]
Business Acquisition [Line Items]
Approximate purchase price			$ 76,000,000
North by northwest FSU [Member]
Business Acquisition [Line Items]
Number of beds, student housing | bed	679
Approximate purchase price	$ 46,100,000
Southeastern Six Pack [Member]
Business Acquisition [Line Items]
Approximate purchase price	68,700,000
wade green [Member]
Business Acquisition [Line Items]
Approximate purchase price	11,000,000
non cash mezzanine loan settled	$ 6,250,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares	419,228
Extinguishment of Debt, Amount	$ 8,200,000

Real Estate Assets - Table of P

Real Estate Assets - Table of Properties Acquired (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)ft²	Jun. 30, 2015USD ($)ft²	Jun. 30, 2016USD ($)ft²	Jun. 30, 2015USD ($)ft²	Jun. 30, 2016USD ($)	Jun. 30, 2016	May 19, 2016USD ($)	Dec. 31, 2015USD ($)ft²
Business Acquisition [Line Items]
Number of units in real estate property	1,870	1,349	1,870	1,349		7,706		6,136
Area of real estate property | ft²	1,960,000		1,960,000					1,279,000
Net Rentable Area | ft²	681,530		681,530
Land					$ 206,706,147			$ 141,729,264
Building and improvements					1,079,949,148			733,417,442
Furniture, fixtures, and equipment					112,147,819			86,092,408
Accumulated depreciation					(71,760,464)			(48,155,874)
Mortgage note payable					0			(28,109,000)
Revenues	$ 45,853,944	$ 24,088,827	$ 87,589,725	$ 45,433,342
Net loss	$ 217,479	$ 420,836	$ (3,172,011)	$ (344,093)
In-place leases					52,438,919			39,144,147
above market lease intangibles					1,666,393			1,386,254
Leasing costs					5,690,293			4,294,952
baldwin park [Member]
Business Acquisition [Line Items]
Number of units in real estate property | ft²	528		528
Land					17,402,882
Buildings and improvements					87,105,757
Furniture, fixtures and equipment					3,358,589
Lease intangibles			$ 2,882,772
Prepaids & other assets					229,972
Escrows					2,555,753
Accrued taxes					(17,421)
Security deposits, prepaid rents, and other liabilities					(226,160)
Net assets acquired			113,292,144
Cash paid			35,492,144
Mortgage debt			77,800,000
Revenues	$ 2,344,000		4,756,000
Net loss	$ (1,610,000)		$ (2,738,000)
Cumulative acquisition costs incurred by the Company					1,846,000
Finite-Lived Intangible Assets, Remaining Amortization Period			2 years 6 months
Approximate purchase price			$ 110,800,000
City Park [Member]
Business Acquisition [Line Items]
Number of units in real estate property | ft²	342		342
Land					5,178,375
Buildings and improvements					33,605,831
Furniture, fixtures and equipment					5,726,583
Lease intangibles			$ 1,323,511
Prepaids & other assets					125,706
Escrows					291,868
Accrued taxes					(25,983)
Security deposits, prepaid rents, and other liabilities					(53,861)
Net assets acquired			46,172,030
Cash paid			13,632,030
Mortgage debt			32,540,000
Revenues	$ 1,287,000		2,339,000
Net loss	$ (514,000)		$ (967,000)
Cumulative acquisition costs incurred by the Company					320,000
Finite-Lived Intangible Assets, Remaining Amortization Period			3 years 6 months
Approximate purchase price			$ 45,800,000
Citilakes [Member]
Business Acquisition [Line Items]
Number of units in real estate property | ft²	294		294
Land					8,511,370
Buildings and improvements					44,710,034
Furniture, fixtures and equipment					6,286,105
Lease intangibles			$ 1,611,314
Prepaids & other assets					73,754
Escrows					354,640
Accrued taxes					(66,422)
Security deposits, prepaid rents, and other liabilities					(90,213)
Net assets acquired			61,390,582
Cash paid			20,090,582
Mortgage debt			41,300,000
Revenues	$ 1,387,000		2,303,000
Net loss	$ (581,000)		$ (832,000)
Cumulative acquisition costs incurred by the Company					116,000
Finite-Lived Intangible Assets, Remaining Amortization Period			4 years 6 months
Approximate purchase price			$ 61,100,000
Avalon Park [Member]
Business Acquisition [Line Items]
Number of units in real estate property | ft²	487		487
Land					7,410,048
Buildings and improvements					80,558,636
Furniture, fixtures and equipment					1,790,256
Lease intangibles			$ 2,741,060
Prepaids & other assets					99,297
Escrows					3,477,157
Accrued taxes					(394,731)
Security deposits, prepaid rents, and other liabilities					(207,623)
Net assets acquired			95,474,100
Cash paid			30,474,100
Mortgage debt			65,000,000
Revenues	$ 664,000		664,000
Net loss	$ (656,000)		$ (656,000)
Cumulative acquisition costs incurred by the Company					1,314,000
Finite-Lived Intangible Assets, Remaining Amortization Period			10 years 6 months
Approximate purchase price			$ 92,500,000
North by northwest FSU [Member]
Business Acquisition [Line Items]
Number of units in real estate property | ft²	219		219
Land					8,281,054
Buildings and improvements					34,355,922
Furniture, fixtures and equipment					2,623,916
Lease intangibles			$ 799,109
Prepaids & other assets					79,626
Escrows					1,026,419
Accrued taxes					(321,437)
Security deposits, prepaid rents, and other liabilities					(159,462)
Net assets acquired			46,685,147
Cash paid			12,831,872
Mortgage debt			33,853,275
Revenues	$ 470,000		470,000
Net loss	(7,000)		$ (7,000)
Cumulative acquisition costs incurred by the Company					401,000
Finite-Lived Intangible Assets, Remaining Amortization Period			5 years 6 months
Approximate purchase price			$ 46,100,000
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
lakewood ranch [Member]
Business Acquisition [Line Items]
Number of units in real estate property | ft²		237		237
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
Lease intangibles				669,369
Prepaids & other assets		80,201		80,201
Escrows		401,294		401,294
Accrued taxes		(216,252)		(216,252)
Security deposits, prepaid rents, and other liabilities		(35,157)		(35,157)
Net assets acquired				47,640,586
Cash paid				16,830,586
Real estate loan settled				0
Mortgage debt				30,810,000
Revenues	1,153,000		2,329,000
Net loss	(53,000)		(97,000)
Cumulative acquisition costs incurred by the Company		$ 889,000		$ 889,000
Finite-Lived Intangible Assets, Remaining Amortization Period				0 months
Approximate purchase price				$ 47,400,000
Lely [Member]
Business Acquisition [Line Items]
Number of units in real estate property | ft²		308		308
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
Lease intangibles				1,030,306
Prepaids & other assets		106,717		106,717
Escrows		0		0
Accrued taxes		(23,413)		(23,413)
Security deposits, prepaid rents, and other liabilities		(64,689)		(64,689)
Net assets acquired				52,518,615
Cash paid				18,518,615
Real estate loan settled				0
Mortgage debt				34,000,000
Revenues	1,312,000		2,643,000
Net loss	(13,000)		(73,000)
Cumulative acquisition costs incurred by the Company		$ 438,000		$ 438,000
Finite-Lived Intangible Assets, Remaining Amortization Period				0 months
Approximate purchase price				$ 52,500,000
City Park [Member]
Business Acquisition [Line Items]
Number of units in real estate property | ft²		284		284
Approximate purchase price				$ 32,700,000
citypark view II [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
Lease intangibles				737,790
Prepaids & other assets		99,124		99,124
Escrows		211,428		211,428
Accrued taxes		(105,756)		(105,756)
Security deposits, prepaid rents, and other liabilities		(40,152)		(40,152)
Net assets acquired				32,821,139
Cash paid				721,139
Real estate loan settled				10,000,000
Mortgage debt				22,100,000
Revenues	913,000		1,826,000
Net loss	(2,000)		4,000
Cumulative acquisition costs incurred by the Company		276,000		$ 276,000
Finite-Lived Intangible Assets, Remaining Amortization Period				0 months
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
Lease intangibles				1,571,827
Prepaids & other assets		150,326		150,326
Escrows		362,332		362,332
Accrued taxes		(212,601)		(212,601)
Security deposits, prepaid rents, and other liabilities		(99,181)		(99,181)
Net assets acquired				76,230,876
Cash paid				25,452,876
Real estate loan settled				0
Mortgage debt				50,778,000
Revenues	2,185,000		4,341,000
Net loss	$ (186,000)		$ (618,000)
Cumulative acquisition costs incurred by the Company		$ 1,142,000		$ 1,142,000
Finite-Lived Intangible Assets, Remaining Amortization Period				0 months
wade green [Member]
Business Acquisition [Line Items]
Net Rentable Area | ft²	74,978		74,978
Land					1,840,284
Buildings and improvements					8,159,147
Security deposits, prepaid rents, and other liabilities					(59,264)
Net assets acquired			$ 11,318,342
Revenues	$ 254,000		337,000
Net loss	$ (109,000)		$ (152,000)
Cumulative acquisition costs incurred by the Company					295,000
Finite-Lived Intangible Assets, Remaining Amortization Period			2 years 8 months
Approximate purchase price			$ 11,000,000
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed tenant improvements					251,250
In-place leases					841,785
above market lease intangibles					107,074
Leasing costs					167,541
Below-market leases					0
Other assets					10,525
Cash paid					6,245,683
Class A OP Units granted			5,072,659
Mortgage debt			$ 0
Anderson central retail [Member]
Business Acquisition [Line Items]
Net Rentable Area | ft²	223,211		223,211
East Gate retail [Member]
Business Acquisition [Line Items]
Net Rentable Area | ft²	75,716		75,716
Fairview market retail [Member]
Business Acquisition [Line Items]
Net Rentable Area | ft²	53,888		53,888
Furys ferry retail [Member]
Business Acquisition [Line Items]
Net Rentable Area | ft²	70,458		70,458
Rosewood retail [Member]
Business Acquisition [Line Items]
Net Rentable Area | ft²	36,887		36,887
Southgate retail [Member]
Business Acquisition [Line Items]
Net Rentable Area | ft²	75,092		75,092
victory village [Member]
Business Acquisition [Line Items]
Net Rentable Area | ft²	71,300		71,300
Land					2,271,224
Buildings and improvements					11,872,222
Security deposits, prepaid rents, and other liabilities					(179,546)
Net assets acquired			$ 15,528,229
Revenues	$ 160,000		160,000
Net loss	$ (18,000)		$ (18,000)
Cumulative acquisition costs incurred by the Company					109,000
Finite-Lived Intangible Assets, Remaining Amortization Period			8 years 1 month
Approximate purchase price			$ 15,600,000
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed tenant improvements					402,973
In-place leases					847,939
above market lease intangibles					100,216
Leasing costs					253,640
Below-market leases					(198,214)
Other assets					157,775
Cash paid					6,278,229
Class A OP Units granted			0
Mortgage debt			$ 9,250,000
Lenox Portfolio [Member]
Business Acquisition [Line Items]
Net Rentable Area | ft²	47,600		47,600
Southeastern Six Pack [Member]
Business Acquisition [Line Items]
Land					14,081,647
Buildings and improvements					48,598,731
Security deposits, prepaid rents, and other liabilities					(437,008)
Net assets acquired			$ 68,751,867
Revenues	$ 1,091,000		1,091,000
Net loss	$ (227,000)		$ (227,000)
Cumulative acquisition costs incurred by the Company					644,000
Finite-Lived Intangible Assets, Remaining Amortization Period			4 years 5 months
Approximate purchase price			$ 68,700,000
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed tenant improvements					993,530
In-place leases					4,906,398
above market lease intangibles					86,234
Leasing costs					992,143
Below-market leases					(1,069,877)
Other assets					600,069
Cash paid					43,751,867
Class A OP Units granted			0
Mortgage debt			$ 25,000,000
Trail Creek [Member]
Business Acquisition [Line Items]
Land							$ 4,200,000	4,200,000
Building and improvements							30,892,259	30,881,025
Furniture, fixtures, and equipment							4,647,117	4,574,848
Accumulated depreciation							(6,034,171)	(5,838,792)
Property held for sale							33,705,205	33,817,081
Mortgage note payable							$ 28,109,000	$ 28,109,000
Multifamily communities [Member]
Business Acquisition [Line Items]
Number of Real Estate Properties						23		19
In-place leases					31,529,592			$ 24,704,733
above market lease intangibles					0			0
Leasing costs					$ 78,786			$ 78,786
Retail Site [Member]
Business Acquisition [Line Items]
Number of Real Estate Properties						22		14

Real Estate Assets - Depreciati

Real Estate Assets - Depreciation and Amortization (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Depreciation:
Depreciation	$ 12,770,480	$ 6,167,374	$ 23,973,536	$ 11,507,799
Amortization of Intangible Assets	5,289,319	1,798,139	9,511,632	4,443,521
Amortization:
Depreciation and amortization	17,969,975	7,927,849	33,316,701	15,873,277
Acquired Intangible Assets
Depreciation:
Amortization of Intangible Assets	5,184,271	1,756,605	9,318,164	4,360,418
Lease Agreements [Member]
Amortization:
Amortization of Deferred Leasing Fees	10,032	0	14,889	0
Website Development
Amortization:
Amortization	5,192	3,870	10,112	5,060
Building and Building Improvements [Member]
Depreciation:
Depreciation	7,832,592	3,586,070	14,613,736	6,811,368
Furniture and Fixtures [Member]
Depreciation:
Depreciation	$ 4,937,888	$ 2,581,304	$ 9,359,800	$ 4,696,431

Acquired Intangible Assets amor

Acquired Intangible Assets amortization (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Acquired-in-Place Leases	$ 52,438,919		$ 52,438,919		$ 39,144,147
above market lease intangibles	1,666,393		1,666,393		1,386,254
Finite-Lived Customer Relationships, Gross	1,335,417		1,335,417		1,588,277
Leasing costs	5,690,293		5,690,293		4,294,952
Finite-Lived Intangible Assets, Gross	61,131,022		61,131,022		46,413,630
accumulated amortization finite lived intangible assets in place leases	(30,733,146)		(30,733,146)		(24,573,929)
accumulated amortization finite lived intangible assets above market leases	(413,917)		(413,917)		(233,833)
accumulated amortization finite lived intangible assets customer relationships	(1,335,417)		(1,335,417)		(1,588,277)
accumulated amortization finite lived intangible assets other	(1,116,518)		(1,116,518)		(636,118)
Finite-Lived Intangible Assets, Accumulated Amortization	33,598,998		33,598,998		27,032,157
Finite-Lived Intangible Assets, Net	27,532,024		27,532,024		19,381,473
finite lived intangible asset off market lease unfavorable gross	11,961,792		11,961,792		10,831,655
accumulated amortization finitel lived intangible asset off market lease unfavorable	(2,227,174)		(2,227,174)		(1,578,205)
finite lived intangible asset off market lease unfavorable net	9,734,618		9,734,618		9,253,450
Amortization of Intangible Assets	5,289,319	$ 1,798,139	9,511,632	$ 4,443,521
Leases, Acquired-in-Place [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	4,889,328	1,642,445	8,818,417	4,126,796
Above Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	105,048	41,286	193,468	83,103
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	0	0	0	0
lease origination costs [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	294,943	114,408	499,747	233,622
off market unfavorable leases [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	433,093	199,183	786,923	424,431
Multifamily communities [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Acquired-in-Place Leases	31,529,592		31,529,592		24,704,733
above market lease intangibles	0		0		0
Finite-Lived Customer Relationships, Gross	1,335,417		1,335,417		1,588,277
Leasing costs	78,786		78,786		78,786
Finite-Lived Intangible Assets, Gross	32,943,795		32,943,795		26,371,796
accumulated amortization finite lived intangible assets in place leases	(25,633,619)		(25,633,619)		(21,608,833)
accumulated amortization finite lived intangible assets above market leases	0		0		0
accumulated amortization finite lived intangible assets customer relationships	(1,335,417)		(1,335,417)		(1,588,277)
accumulated amortization finite lived intangible assets other	(20,200)		(20,200)		(1,466)
Finite-Lived Intangible Assets, Accumulated Amortization	26,989,236		26,989,236		23,198,576
Finite-Lived Intangible Assets, Net	5,954,559		5,954,559		3,173,220
finite lived intangible asset off market lease unfavorable gross	277,195		277,195		383,593
accumulated amortization finitel lived intangible asset off market lease unfavorable	(277,195)		(277,195)		(383,593)
finite lived intangible asset off market lease unfavorable net	0		0		0
Amortization of Intangible Assets	3,542,708	1,100,597	6,577,875	2,978,656
Multifamily communities [Member] | Leases, Acquired-in-Place [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	3,532,771	1,100,597	6,557,777	2,978,656
Multifamily communities [Member] | Above Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	0	0	0	0
Multifamily communities [Member] | Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	0	0	0	0
Multifamily communities [Member] | lease origination costs [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	9,937	0	20,098	0
Multifamily communities [Member] | off market unfavorable leases [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	0	0	0	0
Retail Segment [Domain]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Acquired-in-Place Leases	20,909,327		20,909,327		14,439,414
above market lease intangibles	1,666,393		1,666,393		1,386,254
Finite-Lived Customer Relationships, Gross	0		0		0
Leasing costs	5,611,507		5,611,507		4,216,166
Finite-Lived Intangible Assets, Gross	28,187,227		28,187,227		20,041,834
accumulated amortization finite lived intangible assets in place leases	(5,099,527)		(5,099,527)		(2,965,096)
accumulated amortization finite lived intangible assets above market leases	(413,917)		(413,917)		(233,833)
accumulated amortization finite lived intangible assets customer relationships	0		0		0
accumulated amortization finite lived intangible assets other	(1,096,318)		(1,096,318)		(634,652)
Finite-Lived Intangible Assets, Accumulated Amortization	6,609,762		6,609,762		3,833,581
Finite-Lived Intangible Assets, Net	21,577,465		21,577,465		16,208,253
finite lived intangible asset off market lease unfavorable gross	11,684,597		11,684,597		10,448,062
accumulated amortization finitel lived intangible asset off market lease unfavorable	(1,949,979)		(1,949,979)		(1,194,612)
finite lived intangible asset off market lease unfavorable net	9,734,618		9,734,618		$ 9,253,450
Amortization of Intangible Assets	1,746,611	697,542	2,933,757	1,464,865
Retail Segment [Domain] | Leases, Acquired-in-Place [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	1,356,557	541,848	2,260,640	1,148,140
Retail Segment [Domain] | Above Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	105,048	41,286	193,468	83,103
Retail Segment [Domain] | Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	0	0	0	0
Retail Segment [Domain] | lease origination costs [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	285,006	114,408	479,649	233,622
Retail Segment [Domain] | off market unfavorable leases [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 433,093	$ 199,183	$ 786,923	$ 424,431

Real Estate Loans, Notes Rece46

Real Estate Loans, Notes Receivable, and Lines of Credit Real Estate Loans (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Mortgage Loans on Real Estate [Line Items]
real estate loan participation percentage	25.00%		25.00%
loans to be funded	$ 352,436,288		$ 352,436,288
membership interests business acquisition percentage related parties	100.00%		100.00%
amount drawn under loan agreement	$ 280,623,910		$ 280,623,910
LoanFee	6,750,188		6,750,188
acquisition fee	(3,375,096)		(3,375,096)
Deferred Revenue	(1,566,600)		(1,566,600)
Loans and Leases Receivable, Net of Deferred Income	279,057,310		279,057,310		$ 238,001,758
Loans and Leases Receivable, Net Amount	40,940,368		40,940,368		37,943,733
interest revenue current pay	5,917,452	$ 3,801,861	11,010,122	$ 7,185,769
Loans and Leases Receivable, Deferred Income	$ 111,292		$ 111,292		82,056
numberofunitstobecompleted	4,839		4,839
Beds			5,374
City Park [Member]
Mortgage Loans on Real Estate [Line Items]
real estate loan option purchase price	$ 43,560,271		$ 43,560,271
numberofunitstobecompleted	272		272
City Vista [Member]
Mortgage Loans on Real Estate [Line Items]
current interest rate			8.00%
Deferred interest rate			6.00%
loans to be funded	$ 16,107,735		$ 16,107,735
SeniorLoanHeldByUnrelatedThirdParty	28,400,000		28,400,000
amount drawn under loan agreement	16,107,735		16,107,735
LoanFee	322,134		322,134
acquisition fee	(161,067)		(161,067)
Deferred Revenue	0		0
Loans and Leases Receivable, Net of Deferred Income	16,107,735		16,107,735		16,083,431
newport overton [Member]
Mortgage Loans on Real Estate [Line Items]
amount drawn under loan agreement	0		0
LoanFee	0		0
acquisition fee	0		0
Deferred Revenue	0		0
Loans and Leases Receivable, Net of Deferred Income	0		$ 0		16,572,959
Beds			0
crosstown walk [Member]
Mortgage Loans on Real Estate [Line Items]
amount drawn under loan agreement	0		$ 0
LoanFee	0		0
acquisition fee	0		0
Deferred Revenue	0		0
Loans and Leases Receivable, Net of Deferred Income	0		$ 0		10,950,040
haven west [Member]
Mortgage Loans on Real Estate [Line Items]
current interest rate			8.00%
Deferred interest rate			6.00%
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	0		0
Loans and Leases Receivable, Net of Deferred Income	6,784,167		6,784,167		6,775,835
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]
current interest rate			8.50%
Deferred interest rate			7.00%
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	0		0
Loans and Leases Receivable, Net of Deferred Income	$ 5,815,849		$ 5,815,849		5,815,849
numberofunitstobecompleted	152		152
Beds			536
Newtown [Member]
Mortgage Loans on Real Estate [Line Items]
current interest rate			8.00%
Deferred interest rate			6.00%
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	(18,924)		(18,924)
Loans and Leases Receivable, Net of Deferred Income	9,847,076		9,847,076		9,841,816
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	$ 10,958,200		$ 10,958,200
SeniorLoanHeldByUnrelatedThirdParty	46,892,800		46,892,800
amount drawn under loan agreement	10,958,200		10,958,200
LoanFee	539,695		539,695
acquisition fee	(269,847)		(269,847)
Deferred Revenue	(52,248)		(52,248)
Loans and Leases Receivable, Net of Deferred Income	$ 10,905,952		$ 10,905,952		10,894,278
numberofunitstobecompleted	340		340
Beds			0
encore capital [Member]
Mortgage Loans on Real Estate [Line Items]
current interest rate			8.50%
Deferred interest rate			5.00%
amount drawn under loan agreement	$ 6,383,817		$ 6,383,817
LoanFee	0		0
acquisition fee	0		0
Deferred Revenue	0		0
Loans and Leases Receivable, Net of Deferred Income	6,383,817		6,383,817		6,036,465
Encore Lending [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	9,758,200		9,758,200
SeniorLoanHeldByUnrelatedThirdParty	0		$ 0
Manassas [Member]
Mortgage Loans on Real Estate [Line Items]
current interest rate			8.00%
Deferred interest rate			5.00%
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	(4,580)		(4,580)
Loans and Leases Receivable, Net of Deferred Income	$ 16,065,420		$ 16,065,420		16,063,817
numberofunitstobecompleted	304		304
Beds			0
Irvine [Member]
Mortgage Loans on Real Estate [Line Items]
current interest rate			8.50%
Deferred interest rate			8.00%
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	$ (197,725)		$ (197,725)
Loans and Leases Receivable, Net of Deferred Income					37,072,235
numberofunitstobecompleted	280		280
Beds			0
Weems Road [Domain]
Mortgage Loans on Real Estate [Line Items]
current interest rate			8.50%
Deferred interest rate			4.00%
loans to be funded	$ 13,464,372		$ 13,464,372
SeniorLoanHeldByUnrelatedThirdParty	27,775,000		27,775,000
amount drawn under loan agreement	12,897,783		12,897,783
LoanFee	269,287		269,287
acquisition fee	(134,644)		(134,644)
Deferred Revenue	(18,388)		(18,388)
Loans and Leases Receivable, Net of Deferred Income	$ 12,879,395		$ 12,879,395		12,330,489
numberofunitstobecompleted	310		310
Beds			0
Kennesaw [Domain]
Mortgage Loans on Real Estate [Line Items]
current interest rate			8.50%
Deferred interest rate			4.00%
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	(5,518)		(5,518)
Loans and Leases Receivable, Net of Deferred Income	$ 13,324,350		$ 13,324,350		13,321,293
numberofunitstobecompleted	198		198
Beds			792
Summit III [Domain]
Mortgage Loans on Real Estate [Line Items]
current interest rate			8.50%
Deferred interest rate			6.00%
loans to be funded	$ 7,246,400		$ 7,246,400
SeniorLoanHeldByUnrelatedThirdParty	16,822,000		16,822,000
amount drawn under loan agreement	7,246,400		7,246,400
LoanFee	144,928		144,928
acquisition fee	(72,464)		(72,464)
Deferred Revenue	(29,989)		(29,989)
Loans and Leases Receivable, Net of Deferred Income	$ 7,216,411		$ 7,216,411		7,205,894
numberofunitstobecompleted	172		172
Beds			0
crosstown walk II [Member]
Mortgage Loans on Real Estate [Line Items]
current interest rate			8.50%
Deferred interest rate			6.00%
loans to be funded	$ 6,920,000		$ 6,920,000
SeniorLoanHeldByUnrelatedThirdParty	17,080,000		17,080,000
amount drawn under loan agreement	5,864,252		5,864,252
LoanFee	138,400		138,400
acquisition fee	(69,200)		(69,200)
Deferred Revenue	(29,370)		(29,370)
Loans and Leases Receivable, Net of Deferred Income	$ 5,834,882		$ 5,834,882		4,481,446
numberofunitstobecompleted	180		180
Beds			0
Aldridge at Town Village [Member]
Mortgage Loans on Real Estate [Line Items]
current interest rate			8.50%
Deferred interest rate			6.00%
loans to be funded	$ 10,975,000		$ 10,975,000
SeniorLoanHeldByUnrelatedThirdParty	28,338,937		28,338,937
amount drawn under loan agreement	10,204,627		10,204,627
LoanFee	219,500		219,500
acquisition fee	(109,750)		(109,750)
Deferred Revenue	(49,670)		(49,670)
Loans and Leases Receivable, Net of Deferred Income	$ 10,154,957		$ 10,154,957		9,707,532
numberofunitstobecompleted	300		300
Beds			0
haven lubbock [Member]
Mortgage Loans on Real Estate [Line Items]
current interest rate			8.50%
Deferred interest rate			6.00%
loans to be funded	$ 15,598,352		$ 15,598,352
SeniorLoanHeldByUnrelatedThirdParty	34,871,251		34,871,251
amount drawn under loan agreement	15,152,992		15,152,992
LoanFee	311,967		311,967
acquisition fee	(155,984)		(155,984)
Deferred Revenue	(56,272)		(56,272)
Loans and Leases Receivable, Net of Deferred Income	$ 15,096,720		$ 15,096,720		14,421,568
numberofunitstobecompleted	217		217
Beds			732
Haven Waco [Member]
Mortgage Loans on Real Estate [Line Items]
current interest rate			8.50%
Deferred interest rate			6.00%
loans to be funded	$ 15,455,668		$ 15,455,668
SeniorLoanHeldByUnrelatedThirdParty	41,827,034		41,827,034
amount drawn under loan agreement	14,847,703		14,847,703
LoanFee	309,113		309,113
acquisition fee	(154,557)		(154,557)
Deferred Revenue	(85,398)		(85,398)
Loans and Leases Receivable, Net of Deferred Income	$ 14,762,305		$ 14,762,305		14,087,852
numberofunitstobecompleted	250		250
Beds			840
Haven South Florida [Member]
Mortgage Loans on Real Estate [Line Items]
current interest rate			8.50%
Deferred interest rate			5.00%
loans to be funded	$ 9,819,662		$ 9,819,662
SeniorLoanHeldByUnrelatedThirdParty	29,885,928		29,885,928
amount drawn under loan agreement	4,496,251		4,496,251
LoanFee	58,000		58,000
acquisition fee	(29,000)		(29,000)
Deferred Revenue	(61,586)		(61,586)
Loans and Leases Receivable, Net of Deferred Income	$ 4,434,665		$ 4,434,665		2,891,067
numberofunitstobecompleted	158		158
Beds			542
bishop street [Member]
Mortgage Loans on Real Estate [Line Items]
current interest rate			8.50%
Deferred interest rate			5.00%
loans to be funded	$ 12,693,457		$ 12,693,457
SeniorLoanHeldByUnrelatedThirdParty	29,700,000		29,700,000
amount drawn under loan agreement	10,062,472		10,062,472
LoanFee	62,140		62,140
acquisition fee	(31,070)		(31,070)
Deferred Revenue	(84,434)		(84,434)
Loans and Leases Receivable, Net of Deferred Income	$ 9,978,038		$ 9,978,038		3,086,778
numberofunitstobecompleted	232		232
Beds			0
dawsonville [Member]
Mortgage Loans on Real Estate [Line Items]
current interest rate			8.50%
Deferred interest rate			5.00%
loans to be funded	$ 12,857,005		$ 12,857,005
SeniorLoanHeldByUnrelatedThirdParty	36,740,430		36,740,430
amount drawn under loan agreement	12,079,361		12,079,361
LoanFee	257,140		257,140
acquisition fee	(128,570)		(128,570)
Deferred Revenue	(8,603)		(8,603)
Loans and Leases Receivable, Net of Deferred Income	$ 12,070,758		$ 12,070,758		11,563,352
numberofunitstobecompleted	0		0
Beds			0
wade green [Member]
Mortgage Loans on Real Estate [Line Items]
amount drawn under loan agreement	$ 0		$ 0
LoanFee	0		0
acquisition fee	0		0
Deferred Revenue	0		0
Loans and Leases Receivable, Net of Deferred Income	0		$ 0		6,225,304
hidden river [Member]
Mortgage Loans on Real Estate [Line Items]
current interest rate			8.50%
Deferred interest rate			5.00%
loans to be funded	4,734,960		$ 4,734,960
SeniorLoanHeldByUnrelatedThirdParty	27,620,600		27,620,600
amount drawn under loan agreement	2,156,448		2,156,448
LoanFee	94,700		94,700
acquisition fee	(47,350)		(47,350)
Deferred Revenue	(44,396)		(44,396)
Loans and Leases Receivable, Net of Deferred Income	$ 2,112,052		$ 2,112,052		(47,350)
numberofunitstobecompleted	300		300
Beds			0
hidden river capital [Member]
Mortgage Loans on Real Estate [Line Items]
current interest rate			8.50%
Deferred interest rate			5.00%
loans to be funded	$ 5,380,000		$ 5,380,000
SeniorLoanHeldByUnrelatedThirdParty	0		0
amount drawn under loan agreement	4,430,206		4,430,206
LoanFee	107,600		107,600
acquisition fee	(53,800)		(53,800)
Deferred Revenue	(41,424)		(41,424)
Loans and Leases Receivable, Net of Deferred Income	4,388,782		$ 4,388,782		2,619,808
citypark view II [Member]
Mortgage Loans on Real Estate [Line Items]
current interest rate			8.50%
Deferred interest rate			5.00%
loans to be funded	3,364,800		$ 3,364,800
SeniorLoanHeldByUnrelatedThirdParty	19,628,000		19,628,000
amount drawn under loan agreement	6,000,000		6,000,000
LoanFee	120,000		120,000
acquisition fee	(60,000)		(60,000)
Deferred Revenue	(40,138)		(40,138)
Loans and Leases Receivable, Net of Deferred Income	5,959,862		$ 5,959,862		0
city park II capital [Member]
Mortgage Loans on Real Estate [Line Items]
current interest rate			8.50%
Deferred interest rate			5.00%
loans to be funded	3,916,000		$ 3,916,000
SeniorLoanHeldByUnrelatedThirdParty	0		0
amount drawn under loan agreement	1,095,924		1,095,924
LoanFee	67,296		67,296
acquisition fee	(33,648)		(33,648)
Deferred Revenue	(28,451)		(28,451)
Loans and Leases Receivable, Net of Deferred Income	$ 1,067,473		$ 1,067,473		0
numberofunitstobecompleted	200		200
Beds			0
crescent avenue [Member]
Mortgage Loans on Real Estate [Line Items]
current interest rate			9.00%
Deferred interest rate			3.00%
loans to be funded	$ 6,000,000		$ 6,000,000
SeniorLoanHeldByUnrelatedThirdParty	0		0
amount drawn under loan agreement	3,184,746		3,184,746
LoanFee	78,320		78,320
acquisition fee	(39,160)		(39,160)
Deferred Revenue	(31,740)		(31,740)
Loans and Leases Receivable, Net of Deferred Income	$ 3,153,006		$ 3,153,006		0
numberofunitstobecompleted	0		0
Beds			0
haven northgate [Member]
Mortgage Loans on Real Estate [Line Items]
current interest rate			11.00%
Deferred interest rate			0.00%
loans to be funded	$ 64,678,549		$ 64,678,549
SeniorLoanHeldByUnrelatedThirdParty	0		0
amount drawn under loan agreement	35,441,421		35,441,421
LoanFee	1,293,571		1,293,571
acquisition fee	(646,786)		(646,786)
Deferred Revenue	(591,886)		(591,886)
Loans and Leases Receivable, Net of Deferred Income	$ 34,849,535		$ 34,849,535		0
numberofunitstobecompleted	427		427
Beds			808
Lubbock II [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	$ 9,357,171		$ 9,357,171
SeniorLoanHeldByUnrelatedThirdParty	28,500,000		28,500,000
amount drawn under loan agreement	2,787,617		2,787,617
LoanFee	187,143		187,143
acquisition fee	(93,572)		(93,572)
Deferred Revenue	(85,860)		(85,860)
Loans and Leases Receivable, Net of Deferred Income	$ 2,701,757		$ 2,701,757		$ 0
numberofunitstobecompleted	140		140
Beds			556
Irvine [Member]
Mortgage Loans on Real Estate [Line Items]
amount drawn under loan agreement	$ 47,360,071		$ 47,360,071
Loans Receivable, Fair Value Disclosure	$ 47,162,346		$ 47,162,346

Real Estate Loans, Notes Rece47

Real Estate Loans, Notes Receivable, and Lines of Credit Notes and lines of credit (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues	$ 45,853,944	$ 24,088,827	$ 87,589,725	$ 45,433,342
Financing Receivable, Gross	52,905,000		52,905,000
Loans and Leases Receivable, Net Amount	40,940,368		40,940,368		$ 37,943,733
Loans and Leases Receivable, Deferred Income	(111,292)		(111,292)		(82,056)
guaranty cap amount	6,400,000		6,400,000
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	$ 1,385,371		$ 1,385,371		1,304,999
interest rate note receivable	12.00%		12.00%
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					1,305,550
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	$ 15,000,000		$ 15,000,000
Loans and Leases Receivable, Net Amount	$ 12,382,446		$ 12,382,446		12,793,440
interest rate note receivable	8.00%		8.00%
HCC [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	$ 11,500,000		$ 11,500,000
Loans and Leases Receivable, Net Amount	$ 10,524,904		$ 10,524,904		5,359,904
interest rate note receivable	12.00%		12.00%
Oxford Capital Partners LLC [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	$ 10,650,000		$ 10,650,000
Loans and Leases Receivable, Net Amount	$ 10,567,443		$ 10,567,443		10,502,626
interest rate note receivable	12.00%		12.00%
guaranty cap amount	$ 2,000,000		$ 2,000,000
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		806,318
interest rate note receivable	12.00%		12.00%
Oxford [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues	$ 6,200,000	$ 6,000,000
360 Residential, LLC II [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	3,255,000		$ 3,255,000
Loans and Leases Receivable, Net Amount	$ 2,673,155		$ 2,673,155		2,477,952
interest rate note receivable	15.00%		15.00%
Hendon Properties, LLC [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	$ 2,000,000		$ 2,000,000
Loans and Leases Receivable, Net Amount	$ 0		$ 0		2,000,000
interest rate note receivable	12.00%		12.00%
Mulberry Development Group LLC [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	$ 500,000		$ 500,000
Loans and Leases Receivable, Net Amount	$ 96,000		$ 96,000		0
interest rate note receivable	12.00%		12.00%
360 Capital Company [Domain]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	$ 2,000,000		$ 2,000,000
Loans and Leases Receivable, Net Amount	$ 806,694		$ 806,694		$ 0
interest rate note receivable	12.00%		12.00%

Real Estate Loans, Notes Rece48

Real Estate Loans, Notes Receivable, and Lines of Credit Interest income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Interest income [Abstract]
interest revenue current pay	$ 5,917,452	$ 3,801,861	$ 11,010,122	$ 7,185,769
Accrued exit fee revenue	3,443,642	2,550,798	6,716,297	4,554,278
Deferred Revenue, Revenue Recognized	196,127	200,552	435,726	350,871
Net loan fee revenue	9,557,221	6,553,211	18,162,145	12,090,918
interest revenue notes receivable	1,021,625	657,334	2,136,800	1,353,255
Interest revenue on real estate loans	$ 10,578,846	$ 7,210,545	$ 20,298,945	$ 13,444,173

Real Estate Loans, Notes Rece49

Real Estate Loans, Notes Receivable, and Lines of Credit Real Estate Loans Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Real estate loan participation obligation	$ 13,997,758		$ 13,997,758		$ 13,544,160
amount drawn under loan agreement	280,623,910		280,623,910
loans to be funded	352,436,288		352,436,288
Revenues	45,853,944	$ 24,088,827	87,589,725	$ 45,433,342
variable interest entity loans amount to be funded	33,400,000		33,400,000
Oxford [Member]
Mortgage Loans on Real Estate [Line Items]
amount drawn under loan agreement	95,400,000		95,400,000
loan commitment amount	108,200,000		108,200,000
Revenues	6,200,000	$ 6,000,000
Variable Interest Entity (VIE) or Potential VIE, Information Unavailability [Member] | Oxford [Member]
Mortgage Loans on Real Estate [Line Items]
amount drawn under loan agreement	32,800,000		32,800,000
atlanta GA [Member] | Oxford [Member]
Mortgage Loans on Real Estate [Line Items]
amount drawn under loan agreement	104,300,000		104,300,000
loan commitment amount	$ 95,900,000		$ 95,900,000

Real Estate Loans, Notes Rece50

Real Estate Loans, Notes Receivable, and Lines of Credit phantom facts (Details)	6 Months Ended
	Jun. 30, 2016ft²	Jul. 01, 2016USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015ft²
Mortgage Loans on Real Estate [Line Items]
guaranty cap amount			$ 6,400,000
Beds	5,374
amount drawn under loan agreement			280,623,910
Number of units in real estate property	1,870			7,706	6,136	1,349
Oxford Capital Partners LLC [Member]
Mortgage Loans on Real Estate [Line Items]
guaranty cap amount			2,000,000
acquisition fee to participants	25.00%
interest rate note receivable				12.00%
haven west [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.00%
current interest rate	8.00%
Beds	568
amount drawn under loan agreement			6,784,167
Manassas [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	5.00%
current interest rate	8.00%
Beds	0
amount drawn under loan agreement			16,070,000
Irvine [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	8.00%
current interest rate	8.50%
Beds	0
Weems Road [Domain]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	4.00%
current interest rate	8.50%
Beds	0
amount drawn under loan agreement			12,897,783
Kennesaw [Domain]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	4.00%
current interest rate	8.50%
Beds	792
Cap rate discount	20
amount drawn under loan agreement			13,329,868
Number of units in real estate property | ft²	198
starkville [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	7.00%
current interest rate	8.50%
Beds	536
Cap rate discount	60
amount of interest rate change				1.00%
amount drawn under loan agreement			5,815,849
newport overton [Member]
Mortgage Loans on Real Estate [Line Items]
Beds	0
amount drawn under loan agreement			0
crosstown walk [Member]
Mortgage Loans on Real Estate [Line Items]
amount of interest rate change				1.50%
amount drawn under loan agreement			0
Newtown [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.00%
current interest rate	8.00%
Beds	0
amount drawn under loan agreement			9,866,000
encore capital [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	5.00%
current interest rate	8.50%
amount drawn under loan agreement			6,383,817
Encore [Member]
Mortgage Loans on Real Estate [Line Items]
Beds	0
amount drawn under loan agreement			10,958,200
Summit III [Domain]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.00%
current interest rate	8.50%
Beds	0
amount drawn under loan agreement			7,246,400
crosstown walk II [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.00%
current interest rate	8.50%
Beds	0
amount drawn under loan agreement			5,864,252
Aldridge at Town Village [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.00%
current interest rate	8.50%
Beds	0
amount drawn under loan agreement			10,204,627
haven lubbock [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.00%
current interest rate	8.50%
Beds	732
amount drawn under loan agreement			15,152,992
Haven Waco [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.00%
current interest rate	8.50%
Beds	840
amount drawn under loan agreement			14,847,703
Haven South Florida [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	5.00%
current interest rate	8.50%
Beds	542
amount drawn under loan agreement			4,496,251
bishop street [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	5.00%
current interest rate	8.50%
Beds	0
amount drawn under loan agreement			10,062,472
dawsonville [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	5.00%
current interest rate	8.50%
Beds	0
amount drawn under loan agreement			12,079,361
hidden river [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	5.00%
current interest rate	8.50%
Beds	0
amount drawn under loan agreement			2,156,448
hidden river capital [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	5.00%
current interest rate	8.50%
amount drawn under loan agreement			4,430,206
citypark view II [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	5.00%
current interest rate	8.50%
amount drawn under loan agreement			6,000,000
city park II capital [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	5.00%
current interest rate	8.50%
Beds	0
amount drawn under loan agreement			1,095,924
crescent avenue [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	3.00%
current interest rate	9.00%
Beds	0
amount drawn under loan agreement			3,184,746
haven northgate [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	0.00%
current interest rate	11.00%
Beds	808
amount drawn under loan agreement			35,441,421
City Vista [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.00%
current interest rate	8.00%
amount drawn under loan agreement			$ 16,107,735
Haven South Florida [Member]
Mortgage Loans on Real Estate [Line Items]
Beds	542
Number of units in real estate property | ft²	158
haven northgate [Member]
Mortgage Loans on Real Estate [Line Items]
Beds	808
Number of units in real estate property | ft²	427
Haven Waco [Member]
Mortgage Loans on Real Estate [Line Items]
Beds	840
Number of units in real estate property | ft²	250
haven lubbock [Member]
Mortgage Loans on Real Estate [Line Items]
Beds	732
Number of units in real estate property | ft²	217
starkville [Member]
Mortgage Loans on Real Estate [Line Items]
Beds	536
Number of units in real estate property | ft²	152
Royal Lakes [Member]
Mortgage Loans on Real Estate [Line Items]
Net Rentable Area | ft²	200,000
haven west [Member]
Mortgage Loans on Real Estate [Line Items]
Beds	568
Number of units in real estate property | ft²	160
Subsequent Event [Member] | City Vista [Member]
Mortgage Loans on Real Estate [Line Items]
amount drawn under loan agreement		$ 12,500,000

Redeemable Preferred Stock (Det

Redeemable Preferred Stock (Details)	3 Months Ended				6 Months Ended		9 Months Ended
	Jun. 30, 2016USD ($)$ / sharesshares	Mar. 31, 2016$ / shares	Jun. 30, 2015$ / shares	Mar. 31, 2015$ / shares	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares	Sep. 30, 2016USD ($)	Jun. 09, 2016shares	Dec. 31, 2015USD ($)$ / sharesshares	Aug. 16, 2012shares
Class of Stock [Line Items]
Preferred Stock, Shares Authorized | shares								2,000,000		900,000
Common Stock, Dividends, Per Share, Declared | $ / shares	$ 0.2025	$ 0.1925	$ 0.18	$ 0.175	$ 0.395	$ 0.355
Unitsyearcounttoredemptionthree	3				3
Stock Redeemed or Called During Period, Shares | shares					5,243
Proceeds from Issuance of Common Stock					$ 0	$ 5,381,848
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
Proceeds from Warrant Exercises					$ 9,380,346	$ 796,751
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					69.60%
max proceeds equity sales					$ 100,000,000
aggregate offering costs	$ 12,500,000				12,500,000
prorataamountofferingcostsreclassed					8,700,000
deferred offering costs not yet reclassified	3,800,000				3,800,000
Deferred offering costs	4,699,537				4,699,537				$ 5,834,304
Deferred Offering Costs	67,400,000				$ 67,400,000
offering costs reimbursable to the Manager					222,206	382,664
Preferred Stock, Value, Issued	$ 6,835				$ 6,835				$ 4,830
Dividends, Common Stock, Cash					$ 9,208,076	$ 7,863,076
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Authorized | shares	1,050,000				1,050,000			2,000,000	1,050,000	900,000
preferred stock | shares	688,788				688,788				486,182
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]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares								40,000,000		18,000,000
shares common stock from warrant exercises | shares					815,520	119,420
Proceeds from Warrant Exercises					$ 8,400,000	$ 1,100,000
Common Stock, Shares, Issued | shares	23,692,178				23,692,178				22,761,551
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					$ 620,800,000
Unitsissuedcumulative | shares					688,788
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		$ 300,000,000
deferred offering costs not yet reclassified	$ 721,000				721,000
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		6 Months Ended		12 Months Ended
	Jun. 30, 2016USD ($)shares	Jun. 30, 2015USD ($)shares	Jun. 30, 2016USD ($)shares	Jun. 30, 2015USD ($)shares	Dec. 31, 2015USD ($)	Mar. 31, 2015shares
Related Party Transaction [Line Items]
marketing and legal cost reimbursements			$ 252,210	$ 538,225
Cost of Reimbursable Expense	$ 2,516,605	$ 1,308,832	4,880,068	2,426,405
acquisition fees paid to related party	$ 274,176	$ 1,098,471	$ 385,056	$ 1,858,771
Common Stock, Shares, Outstanding | shares	23,692,178	22,290,677	23,692,178	22,290,677		22,004,309
Related Party Transaction, Expenses from Transactions with Related Party	$ 6,072,058	$ 2,773,478	$ 11,901,092	$ 5,213,809
Loans and Leases Receivable, Net Amount	40,940,368		40,940,368		$ 37,943,733
Property management fees	1,356,409	655,139	2,584,430	1,225,545
Loan Processing Fee	2,149,972	0	4,300,553	0
AcquisitionFeesRelatedPartyCosts			(1,124,226)	(569,356)
Construction Management Fee			72,511
manager's fees deferred	451,684	809,159	721,285	1,155,119	$ 2,859,108
Financing Receivable, Gross	52,905,000		52,905,000
Notes Receivable, Related Parties, Noncurrent	15,000,000		15,000,000
disposition fee to manager			390,000
leasing commission fees	$ 23,000		$ 30,000
Acquisition-related Costs [Member]
Related Party Transaction [Line Items]
Percentageusedtocalculateacquisitionfees	0.00%		0.00%
AcquisitionFeesRelatedPartyCosts	$ 274,176	1,448,114	$ 385,056	2,403,463
AssetmanagementFees [Member]
Related Party Transaction [Line Items]
Asset Management Costs	1,751,501	580,579	3,512,505	1,244,884
Propertymanagementfees [Member]
Related Party Transaction [Line Items]
Property management fees	1,128,285	436,168	2,190,753	908,260
General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party	$ 768,124	$ 308,617	$ 1,512,225	$ 657,202
Cash Distribution [Member]
Related Party Transaction [Line Items]
priorityannualreturnoncapitalandexpensesassetsales			0.00%
preferred capital securities [Member]
Related Party Transaction [Line Items]
marketing and legal cost reimbursements			$ 508,204
Retail Site [Member]
Related Party Transaction [Line Items]
Number of Real Estate Properties	22		22		14
PCMS [Member]
Related Party Transaction [Line Items]
Loans and Leases Receivable, Net Amount					$ 1,305,550
Financing Receivable, Gross	$ 1,500,000		$ 1,500,000
PCMS [Member] | PCMS [Member]
Related Party Transaction [Line Items]
Loans and Leases Receivable, Net Amount	1,140,647		1,140,647
PAA [Member]
Related Party Transaction [Line Items]
Loans and Leases Receivable, Net Amount	12,382,446		12,382,446		$ 12,793,440
Financing Receivable, Gross	$ 15,000,000		$ 15,000,000

Dividends (Details)

Dividends (Details) - USD ($)	1 Months Ended												3 Months Ended				6 Months Ended
	Jun. 30, 2016	May 31, 2016	Apr. 30, 2016	Mar. 31, 2016	Feb. 28, 2016	Jan. 31, 2016	Jun. 30, 2015	May 31, 2015	Apr. 30, 2015	Mar. 31, 2015	Feb. 28, 2015	Jan. 31, 2015	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Dividends Payable [Line Items]
minority interest partnership units outstanding	886,168												886,168				886,168		886,168
Common Stock, Dividends, Per Share, Declared													$ 0.2025	$ 0.1925	$ 0.18	$ 0.175	$ 0.395	$ 0.355
dividends common stock declared													$ 4,772,587	$ 4,435,489	$ 4,012,322	$ 3,850,754	$ 9,208,076	$ 7,863,076
common stock shares entitled to dividends	23,568,328			23,041,502									23,568,328	23,041,502			23,568,328
Dividends, Preferred Stock, Cash	$ 3,321,519	$ 3,143,567	$ 2,979,196	$ 2,770,048	$ 2,630,601	$ 2,481,086	$ 1,480,101	$ 1,366,207	$ 1,244,249	$ 1,141,491	$ 1,047,189	$ 984,217					$ 17,326,017	$ 7,263,454
Common Stock, Shares, Outstanding	23,692,178						22,290,677			22,004,309			23,692,178		22,290,677	22,004,309	23,692,178	22,290,677
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												6 Months Ended
	Jun. 30, 2016	May 31, 2016	Apr. 30, 2016	Mar. 31, 2016	Feb. 28, 2016	Jan. 31, 2016	Jun. 30, 2015	May 31, 2015	Apr. 30, 2015	Mar. 31, 2015	Feb. 28, 2015	Jan. 31, 2015	Jun. 30, 2016	Jun. 30, 2015	Feb. 27, 2016	Feb. 27, 2015	Jan. 30, 2015
Dividends Payable [Line Items]
Dividends, Preferred Stock, Cash	$ 3,321,519	$ 3,143,567	$ 2,979,196	$ 2,770,048	$ 2,630,601	$ 2,481,086	$ 1,480,101	$ 1,366,207	$ 1,244,249	$ 1,141,491	$ 1,047,189	$ 984,217	$ 17,326,017	$ 7,263,454
Preferred Stock entitled to dividend payments	651,439	617,994	582,720	544,129		482,774	288,392	267,273	243,570	223,699			651,439	288,392	516,017	206,007	192,607

Dividends NCI (Details)

Dividends NCI (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015
Equity [Abstract]
Distribution Made to Limited Partner, Cash Distributions Declared	$ 179,449	$ 117,395	$ 50,465	$ 49,063	$ 296,844	$ 99,528

Equity Compensation (Details)

Equity Compensation (Details) - USD ($)	May 05, 2016	Jan. 04, 2016	Jan. 02, 2015	Mar. 31, 2016	Feb. 28, 2016	May 31, 2015	May 29, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Common Stock, Dividends, Per Share, Declared								$ 0.2025	$ 0.1925		$ 0.18	$ 0.175	$ 0.395	$ 0.355
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized								2,617,500			1,317,500		2,617,500	1,317,500
Share-based Compensation								$ 618,867			$ 577,543		$ 1,229,292	$ 1,167,851
market vesting condition capital increase threshhold													$ 3,549,000	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, Grants in Period, Weighted Average Grant Date Fair Value	$ 13.23									$ 10.62
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	$ 409,998									$ 320,012
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				474	1,485	564	474,000,000				1,782
ClassBUnits [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Common Stock, Dividends, Per Share, Declared											$ 0.16	$ 0.1925
common stock fair value per share								$ 12.88			$ 9.21		$ 12.88	$ 9.21
Class B Units valuation assumption dividend yield								5.98%			7.60%		5.98%	7.60%
ClassBUnit valuation assumption expected volatility								26.10%			30.13%		26.10%	30.13%
Class B Unit valuation assumptions risk free rate								2.81%			2.55%		2.81%	2.55%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		265,931	285,997										265,931	285,997

Equity Compensation Restricted

Equity Compensation Restricted Stock (Details) - USD ($)	May 05, 2016	Mar. 31, 2016	Feb. 28, 2016	May 31, 2015	May 29, 2016	Jun. 30, 2016	Sep. 30, 2015	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Issued for Services								30,990
Share-based Compensation						$ 618,867		$ 577,543	$ 1,229,292	$ 1,167,851
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, Grants in Period, Weighted Average Grant Date Fair Value	$ 13.23						$ 10.62
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	$ 409,998						$ 320,012
Stock Issued During Period, Shares, Restricted Stock Award, Gross							30,133
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		474	1,485	564	474,000,000			1,782

Equity Compensation Committee F

Equity Compensation Committee Fee Grants (Details) - USD ($)	May 05, 2016	Mar. 31, 2016	Feb. 28, 2016	May 31, 2015	May 29, 2016	Jun. 30, 2016	Sep. 30, 2015	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation						$ 618,867		$ 577,543	$ 1,229,292	$ 1,167,851
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share		$ 12.68	$ 12.12		$ 12,620,000			$ 10.05
Stock Granted, Value, Share-based Compensation, Gross		$ 6,010	$ 17,998	$ 5,990	$ 5,982			$ 17,909
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, Grants in Period, Weighted Average Grant Date Fair Value	$ 13.23						$ 10.62
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	$ 409,998						$ 320,012
Stock Issued During Period, Shares, Restricted Stock Award, Gross							30,133
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		474	1,485	564	474,000,000			1,782

Equity Compensation Class B Uni

Equity Compensation Class B Units (Details) - USD ($)	Jan. 04, 2016	Jan. 02, 2015	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Mar. 31, 2015	Mar. 31, 2014	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Dividends, Per Share, Declared			$ 0.2025	$ 0.1925	$ 0.18	$ 0.175		$ 0.395	$ 0.355
Share-based Compensation			$ 618,867		$ 577,543			$ 1,229,292	$ 1,167,851
market vesting condition capital increase threshhold								3,549,000	2,629,000
ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
common stock fair value per share			$ 12.88		$ 9.21			$ 12.88	$ 9.21
Common Stock, Dividends, Per Share, Declared					$ 0.16	$ 0.1925
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	265,931	285,997						265,931	285,997
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum								30 years
Class B Units valuation assumption dividend yield			5.98%		7.60%			5.98%	7.60%
ClassBUnit valuation assumption expected volatility			26.10%		30.13%			26.10%	30.13%
Class B Unit valuation assumptions risk free rate			2.81%		2.55%			2.81%	2.55%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number			2,667,288		1,947,640			2,667,288	1,947,640
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			$ 10.03		$ 6.81			$ 10.03	$ 6.81
2013 [Member] | ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation			$ 0		$ 0			$ 0	$ 3,825
2014 [Member] | ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation			$ 0		$ 491,390			$ 5,236	$ 979,472
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period							239,556
one year [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, Grants in Period								176,835	285,997
three year [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, Grants in Period								89,096	0

Equity Compensation Warrant (De

Equity Compensation Warrant (Details) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.2025	$ 0.1925	$ 0.18	$ 0.175	$ 0.395	$ 0.355
warrant exercise price as percent of gross ipo price	120.00%				120.00%

Equity Compensation Equity comp

Equity Compensation Equity compensation expense by grant (Details) - USD ($)	Jan. 04, 2016	Jan. 02, 2015	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2014	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation			$ 618,867	$ 577,543		$ 1,229,292	$ 1,167,851
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized			1,989,891			1,989,891
market vesting condition capital increase threshhold						3,549,000	2,629,000
stock grants for quarterly board committee fees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation			5,982	$ 5,990		29,991	$ 23,899
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized			$ 0			$ 0
ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
risk free rate min year horizon for interpolation						20 years
risk free rate max year horizon for interpolation						30 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	265,931	285,997				265,931	285,997
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number			2,667,288	1,947,640		2,667,288	1,947,640
2013 [Member] | ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation			$ 0	$ 0		$ 0	$ 3,825
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 Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period					239,556
Share-based Compensation			0	491,390		5,236	979,472
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	26,830		0	107,322
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			517,884	0		1,019,062	0
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized			1,648,226			1,648,226
2015 Year [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation			26,668	53,333		106,670	53,333
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized			0			0
2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation			68,333	$ 0		68,333	$ 0
2016 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized			$ 341,665			$ 341,665
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			$ 10.03	$ 6.81		$ 10.03	$ 6.81

Indebtedness (Details)

Indebtedness (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	May 26, 2016USD ($)	Jan. 05, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015	Feb. 28, 2015USD ($)
Debt Instrument [Line Items]
Initial Interest Rate	3.93%		3.93%
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					$ 11,000,000	$ 35,000,000			$ 32,000,000
Unamortized Debt Issuance Expense	$ 419,668		$ 419,668
Long-term Debt, Current Maturities	76,253,937		76,253,937
Long-term Debt	943,498,362		943,498,362				$ 660,736,774
Mortgage notes payable, principal amount	957,087,042		957,087,042				668,836,291
Long-term Debt, Maturities, Repayments of Principal in Year Two	15,281,726		15,281,726
Long-term Debt, Maturities, Repayments of Principal in Year Three	37,187,099		37,187,099
Long-term Debt, Maturities, Repayments of Principal in Year Four	323,685,200		323,685,200
Long-term Debt, Maturities, Repayments of Principal after Year Five	83,969,367		83,969,367
Long-term Debt, Maturities, Repayments of Principal after Year Five	490,209,713		490,209,713
Long-term Debt	1,026,587,042		1,026,587,042
Interest Expense	9,559,501	$ 4,688,468	18,454,331	$ 9,065,583
Revolving line of credit	$ 28,500,000		28,500,000				34,500,000
Amortization of Financing Costs			$ 1,393,318	$ 700,833
long term debt gross including debt held for sale							696,945,291
term loan [Member]
Debt Instrument [Line Items]
Loans Receivable, Basis Spread on Variable Rate	3.75%	4.00%	3.75%	4.00%
Enclave [Member] | 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%
stone creek [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 16,646,765		$ 16,646,765				16,792,850
Debt Instrument, Interest Rate, Stated Percentage	3.75%		3.75%
ashfordpark second mtg [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 6,463,177		$ 6,463,177				6,520,564
Debt Instrument, Interest Rate, Stated Percentage	4.13%		4.13%
Summit Crossing Second mtg [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 5,102,081		$ 5,102,081				5,145,250
Debt Instrument, Interest Rate, Stated Percentage	4.39%		4.39%
Summit II [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 13,357,000		$ 13,357,000				13,357,000
Debt Instrument, Interest Rate, Stated Percentage	4.49%		4.49%
Stone Rise Apartments [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 24,751,927		$ 24,751,927				25,014,250
Debt Instrument, Interest Rate, Stated Percentage	2.89%		2.89%
Summit Crossing [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 20,202,816		$ 20,202,816				20,366,748
Debt Instrument, Interest Rate, Stated Percentage	4.71%		4.71%
Ashford Park | Mortgages [Member]
Debt Instrument [Line Items]
amortization period			30
Long-term Debt	$ 25,626,000		$ 25,626,000				25,626,000
Debt Instrument, Interest Rate, Stated Percentage	3.13%		3.13%
Trail II [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 0		$ 0				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	$ 31,228,447		$ 31,228,447				31,556,664
Debt Instrument, Interest Rate, Stated Percentage	3.18%		3.18%
Stoneridge Farms at Hunt Club | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 27,018,576		$ 27,018,576				27,302,546
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%
Spring Hill Plaza [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 9,771,018		$ 9,771,018				9,868,025
Debt Instrument, Interest Rate, Stated Percentage	3.36%		3.36%
Cypress [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 22,359,328		$ 22,359,328				22,578,863
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				27,878,000
Debt Instrument, Interest Rate, Stated Percentage	3.16%		3.16%
lakewood ranch [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 30,242,120		$ 30,242,120				30,528,618
Debt Instrument, Interest Rate, Stated Percentage	3.55%		3.55%
Parkway Town Centre | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 7,106,195		$ 7,106,195				7,176,745
Debt Instrument, Interest Rate, Stated Percentage	3.36%		3.36%
Woodstock Crossing [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 3,066,581		$ 3,066,581				3,090,953
Debt Instrument, Interest Rate, Stated Percentage	4.71%		4.71%
Parkway Centre | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 4,587,812		$ 4,587,812				4,635,162
Debt Instrument, Interest Rate, Stated Percentage	3.48%		3.48%
Deltona Landing | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 7,002,450		$ 7,002,450				7,074,722
Debt Instrument, Interest Rate, Stated Percentage	3.48%		3.48%
Powder Springs | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 7,388,792		$ 7,388,792				7,465,051
Debt Instrument, Interest Rate, Stated Percentage	3.48%		3.48%
Kingwood Glen | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 11,715,824		$ 11,715,824				11,836,741
Debt Instrument, Interest Rate, Stated Percentage	3.48%		3.48%
Barclay Crossing | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 6,587,133		$ 6,587,133				6,655,117
Debt Instrument, Interest Rate, Stated Percentage	3.48%		3.48%
Sweetgrass Corner | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 7,982,625		$ 7,982,625				8,063,653
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%
Lely [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 33,436,636		$ 33,436,636				33,746,379
Debt Instrument, Interest Rate, Stated Percentage	3.84%		3.84%
citypark view II [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 21,708,469		$ 21,708,469				21,924,060
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				41,625,000
Debt Instrument, Interest Rate, Stated Percentage	2.07%		2.07%
Citilakes [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 43,795,189		$ 43,795,189				44,282,826
Debt Instrument, Interest Rate, Stated Percentage	2.64%		2.64%
Independence Square [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 12,617,500		$ 12,617,500				12,617,500
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				9,800,000
Debt Instrument, Basis Spread on Variable Rate			25000.00%
Debt Instrument, Interest Rate, Stated Percentage	2.96%		2.96%					3.25%
lenox village town center [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 31,059,026		$ 31,059,026				31,394,460
Debt Instrument, Interest Rate, Stated Percentage	3.82%		3.82%
Lenox Village III [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 18,281,564		$ 18,281,564				18,410,000
Debt Instrument, Interest Rate, Stated Percentage	4.04%		4.04%
Overlook at Hamilton Place [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 20,852,745		$ 20,852,745				21,000,000
Debt Instrument, Interest Rate, Stated Percentage	4.19%		4.19%
Summit Point [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 12,711,507		$ 12,711,507				12,846,544
Debt Instrument, Interest Rate, Stated Percentage	3.57%		3.57%
newport overton [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 41,064,460		$ 41,064,460				0
Debt Instrument, Interest Rate, Stated Percentage	3.98%		3.98%
baldwin park [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 73,910,000		$ 73,910,000				0
Debt Instrument, Interest Rate, Stated Percentage	2.37%		2.37%
Baldwin Park 2 [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 3,890,000		$ 3,890,000				0
Debt Instrument, Interest Rate, Stated Percentage	10.37%		10.37%
crosstown walk [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 32,351,656		$ 32,351,656				0
Debt Instrument, Interest Rate, Stated Percentage	3.90%		3.90%
East Gate retail [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 5,788,670		$ 5,788,670				0
Debt Instrument, Interest Rate, Stated Percentage	3.97%		3.97%
Furys ferry retail [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 6,686,912		$ 6,686,912				0
Debt Instrument, Interest Rate, Stated Percentage	3.97%		3.97%
Rosewood retail [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 4,491,209		$ 4,491,209				0
Debt Instrument, Interest Rate, Stated Percentage	3.97%		3.97%
Southgate retail [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 7,984,372		$ 7,984,372				0
Debt Instrument, Interest Rate, Stated Percentage	3.97%		3.97%
victory village [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 9,250,000		$ 9,250,000				0
Debt Instrument, Interest Rate, Stated Percentage	4.40%		4.40%
Avalon Park [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 61,750,000		$ 61,750,000				0
Debt Instrument, Interest Rate, Stated Percentage	2.47%		2.47%
Avalon Park 2 [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 3,250,000		$ 3,250,000				0
Debt Instrument, Interest Rate, Stated Percentage	11.47%		11.47%
wade green [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 8,188,185		$ 8,188,185				0
Debt Instrument, Interest Rate, Stated Percentage	4.00%		4.00%
North by northwest FSU [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 33,853,275		$ 33,853,275				$ 0
Debt Instrument, Interest Rate, Stated Percentage	4.02%		4.02%
Avalon Park 2 [Member]
Debt Instrument [Line Items]
LIBOR spread								1,100
Avalon Park [Member]
Debt Instrument [Line Items]
LIBOR spread								200
Baldwin Park 2 [Member]
Debt Instrument [Line Items]
LIBOR spread								990
Royal Lakes [Member]
Debt Instrument [Line Items]
loan commitment amount	$ 11,050,000		$ 11,050,000
LIBOR spread								250
Citilakes [Member]
Debt Instrument [Line Items]
LIBOR spread								217
Derivative, Cap Interest Rate								4.33%
Mansions at Creekside [Member]
Debt Instrument [Line Items]
LIBOR spread	190		190					160
Derivative, Cap Interest Rate								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	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015
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	$ 70,000,000
minimum equity debt covenants	$ 360,000,000	$ 360,000,000
equity raise above min equity required	75.00%	75.00%
total debt covenant min equity	$ 503,000,000	$ 503,000,000
maximum dividends debt covenant	$ 60,000,000
Spread over Initial Interest Rate	200	200
Minimum Net Worth Required for Compliance	$ 686,921,662	$ 686,921,662
debt yield	8.50%	8.50%
payout ratio	74.00%	74.00%
Total leverage ratio	60.00%	60.00%
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 ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Line of Credit Facility [Line Items]
Unamortized Debt Issuance Expense	$ 419,668
Short-term Debt, Weighted Average Interest Rate	4.00%
Line of Credit Facility, Maximum Borrowing Capacity	$ 70,000,000	$ 70,000,000
term loan [Member]
Line of Credit Facility [Line Items]
Loans Receivable, Basis Spread on Variable Rate	3.75%	4.00%
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	Jun. 30, 2016	May 26, 2016	Jan. 05, 2016	Jun. 30, 2015	Feb. 28, 2015
Line of Credit Facility [Line Items]
Short-term Debt		$ 11	$ 35		$ 32
term loan [Member]
Line of Credit Facility [Line Items]
Loans Receivable, Basis Spread on Variable Rate	3.75%			4.00%
term loan [Member] [Member]
Line of Credit Facility [Line Items]
Loans Receivable, Basis Spread on Variable Rate				2.50%

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2010
Operating Loss Carryforwards [Line Items]
real estate loan balances unfunded	$ 71,800,000
Deferred Tax Assets, Net of Valuation Allowance		$ 298,100
DeferredTaxAssetsValuationAllowancePercentage	100.00%

Commitments and Contingencies (

Commitments and Contingencies (Details)	6 Months Ended
	Jun. 30, 2016USD ($)ft²	Jun. 30, 2016USD ($)	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015ft²
Long-term Purchase Commitment [Line Items]
Number of units in real estate property	1,870		7,706	6,136	1,349
manager's fees deferred	$ 2,900,000
real estate loan balances unfunded		$ 71,800,000
lease term	11 years
guaranty cap amount		6,400,000
Annual reduction in guaranty cap		$ 555,000
guaranty cap amount credit cards	$ 405,000

Segment information (Details)

Segment information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
capitalized expenditures for long lived assets	$ 3,232,273	$ 1,683,445	$ 5,202,663	$ 2,262,496
Assets	1,757,008,533		1,757,008,533		$ 1,295,529,033
Operating Leases, Income Statement, Lease Revenue	30,966,738	14,720,482	59,222,337	27,861,602
rental and other property revenues	45,853,944	24,088,827	87,589,725	45,433,342
adjusted funds from operations	30,734,043	16,646,341	58,390,205	31,569,461
Interest Expense	9,559,501	4,688,468	18,454,331	9,065,583
Depreciation	12,770,480	6,167,374	23,973,536	11,507,799
noncash loan interest income	914,097	293,569	1,582,887	672,368
Management fees net of deferrals	2,507,307	761,797	5,003,792	1,766,727
Share-based Compensation	(618,867)	(577,543)	(1,229,292)	(1,167,851)
Gains (Losses) on Sales of Investment Real Estate	4,271,506	0	4,271,506	0
Net loss	217,479	420,836	(3,172,011)	(344,093)
loan fees received			2,249,137	1,138,713
Business Combination, Acquisition Related Costs	(2,490,566)	(669,342)	(5,143,271)	(1,092,934)
Multifamily communities [Member]
Segment Reporting Information [Line Items]
capitalized expenditures for long lived assets	2,794,400	1,139,643	4,087,907	1,580,972
Assets	1,092,823,300		1,092,823,300		781,224,019
Operating Leases, Income Statement, Lease Revenue	28,704,544	13,955,158	55,686,587	26,089,651
adjusted funds from operations	15,467,692	7,426,483	29,755,444	14,046,647
Acquisition Costs, Period Cost	1,697,167	1,622,604	4,038,017	2,791,990
Retail Site [Member]
Segment Reporting Information [Line Items]
Acquisition Costs, Period Cost	1,067,574	145,209	1,490,310	159,715
financingsegment [Member]
Segment Reporting Information [Line Items]
Assets	333,834,899		333,834,899		290,268,921
Interest and Other Income	10,578,846	7,210,545	20,298,944	13,444,172
adjusted funds from operations	10,578,846	7,210,545	20,298,945	13,444,172
Interest Expense	1,128,461	638,290	2,326,968	1,369,015
woodstock retail [Member]
Segment Reporting Information [Line Items]
Assets	319,868,491		319,868,491		211,647,262
Interest and Other Income	6,570,554	2,923,124	11,604,194	5,899,519
adjusted funds from operations	4,687,505	2,009,313	8,335,816	4,078,642
Interest Expense	1,645,824	772,515	2,973,022	1,547,007
Depreciation	3,853,638	1,494,442	6,545,180	3,066,228
Other Assets [Member]
Segment Reporting Information [Line Items]
Assets	10,481,843		10,481,843		$ 12,388,831
All Other Segments [Member]
Segment Reporting Information [Line Items]
adjusted funds from operations	453,582	208,466	718,392	416,043
Retail Segment [Member]
Segment Reporting Information [Line Items]
capitalized expenditures for long lived assets	437,873	543,802	1,114,756	681,524
real estate assets [Member]
Segment Reporting Information [Line Items]
Interest Expense	6,785,216	3,277,663	13,154,341	6,149,561
Depreciation	$ 14,116,337	$ 6,433,407	$ 26,771,521	$ 12,807,049

Loss per Share (Details)

Loss per Share (Details) - USD ($)	Jan. 04, 2016	Jan. 02, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net loss			$ 217,479	$ 420,836	$ (3,172,011)	$ (344,093)
Preferred Stock, Shares Outstanding			683,545	312,308	683,545	312,308
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures					30,990	30,133
Net Income (Loss) Attributable to Parent			$ 209,518	$ 416,560	$ (3,091,411)	$ (338,670)
Dividends, Preferred Stock			(9,444,282)	(4,090,557)	(17,326,017)	(7,263,454)
NetIncomeAllocatedToUnvestedRestrictedShares			(4,824)	(5,424)	(6,275)	(12,287)
Income (Loss) Attributable to Noncontrolling Interest			(7,961)	(4,276)	80,600	5,423
Net Income (Loss) Available to Common Stockholders, Basic			$ (9,239,588)	$ (3,679,421)	$ (20,423,703)	$ (7,614,411)
Weighted Average Number of Shares Outstanding, Basic			23,325,663	22,215,663	23,154,702	22,015,928
Preferred Stock, Dividend Rate, Percentage					6.00%
Units stated value per share			$ 1,000		$ 1,000
Earnings Per Share, Basic			$ (0.40)	$ (0.17)	$ (0.88)	$ (0.35)
Earnings Per Share, Potentially Dilutive Securities					12,353,700	6,165,280
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					688,788
ClassBUnits [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net loss					$ (3,172,011)	$ (344,093)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	265,931	285,997			265,931	285,997
Series A Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred Stock, Shares Outstanding			683,545		683,545		482,964
Scenario, Actual [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted Average Number of Shares Outstanding, Diluted			23,325,663	22,215,663	23,154,702	22,015,928

Pro Forma Financial Informati70

Pro Forma Financial Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenues	$ 45,853,944	$ 24,088,827	$ 87,589,725	$ 45,433,342
pro forma net income common stockholders	$ (4,163,311)	$ (11,670,221)	$ (11,954,945)	$ (23,673,671)
Weighted Average Number of Shares Outstanding, Basic	23,325,663	22,215,663	23,154,702	22,015,928
Transaction costs	$ 2,500,000	$ 0	$ 5,100,000	$ 1,000,000
Pro Forma [Member]
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenues	48,619,464	43,649,575	96,676,861	84,002,124
Business Acquisition, Pro Forma Net Income (Loss)	5,483,326	(7,868,376)	5,616,662	(17,011,767)
pro forma net income company	$ 5,285,795	$ (7,574,240)	$ 5,377,347	$ (16,397,930)
Business Acquisition, Pro Forma Earnings Per Share, Basic	$ (0.18)	$ (0.53)	$ (0.52)	$ (1.08)
Weighted Average Number of Shares Outstanding, Basic	23,325,663	22,215,663	23,154,702	22,015,928

Fair Values of Financial Inst71

Fair Values of Financial Instruments (Details) - USD ($)	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Accrued interest receivable on real estate loans	$ 13,751,480	$ 14,294,648
Financing Receivable, Gross	52,905,000
Notes receivable	16,929,381	18,489,247
Mortgage notes payable	943,498,362	660,736,774
Long-term Line of Credit	28,500,000	34,500,000
Term note payable	41,000,000	0
Debt, Long-term and Short-term, Combined Amount	1,040,584,800	744,989,451
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	1,063,344,922	740,569,830
Term note payable	$ 41,000,000
Fair Value Inputs, Discount Rate	12.50%
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	$ 0	0
Term note payable	0
Irvine [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure	47,162,346
real estate loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Accrued interest receivable on real estate loans	13,800,000	14,300,000
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Participating Mortgage Loans, Mortgage Obligations, Amount	14,176,332	14,061,190
line of credit receivable	40,940,368	37,943,733
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Participating Mortgage Loans, Mortgage Obligations, Amount	14,176,332	14,061,190
real estate related loans fair value	304,391,331	267,383,427
Assets, Fair Value Disclosure	345,331,699	305,327,160
Long-term Debt, Fair Value	979,668,590	692,008,640
Long-term Line of Credit	28,500,000	34,500,000
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Participating Mortgage Loans, Mortgage Obligations, Amount	0	0
Long-term Debt, Fair Value	0	0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Participating Mortgage Loans, Mortgage Obligations, Amount	0	0
Assets, Fair Value Disclosure	0	0
Long-term Debt, Fair Value	0	0
Long-term Line of Credit	0	0
Estimate of Fair Value Measurement [Member] | Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure	304,391,331	267,383,427
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate loans carrying value including accrued interest	279,057,310	252,296,406
Participating Mortgage Loans, Mortgage Obligations, Amount	13,997,758	13,544,160
financial assets carrying value	319,997,678	290,240,139
line of credit receivable	40,940,368	37,943,733
Reported Value Measurement [Member] | Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	957,087,042	696,945,291
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Line of Credit	$ 28,500,000	$ 34,500,000
Minimum [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value Inputs, Discount Rate	10.00%

Subsequent Events sub events (D

Subsequent Events sub events (Details)	Aug. 08, 2016USD ($)ft²	Aug. 04, 2016$ / shares	Jul. 18, 2016USD ($)	Jul. 14, 2016USD ($)ft²	May 05, 2016USD ($)$ / shares	Jan. 04, 2016shares	Jan. 02, 2015shares	Jul. 31, 2016USD ($)shares	Mar. 31, 2016USD ($)$ / sharesshares	Feb. 28, 2016USD ($)$ / sharesshares	May 31, 2015USD ($)shares	May 29, 2016USD ($)$ / sharesshares	Jun. 30, 2016USD ($)ft²$ / sharesshares	Mar. 31, 2016$ / shares	Sep. 30, 2015USD ($)$ / shares	Jun. 30, 2015USD ($)$ / sharesshares	Mar. 31, 2015$ / shares	Jun. 30, 2016USD ($)ft²$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares	Sep. 30, 2016USD ($)	Aug. 05, 2016USD ($)	Jul. 15, 2016ft²	Jul. 01, 2016USD ($)	Dec. 31, 2015USD ($)ft²
Subsequent Event [Line Items]
Beds																		5,374
interest revenue current pay													$ 5,917,452			$ 3,801,861		$ 11,010,122	$ 7,185,769
Financing Receivable, Gross													$ 52,905,000					$ 52,905,000
Net Rentable Area | ft²													681,530					681,530
guaranty cap amount													$ 6,400,000					$ 6,400,000
loans to be funded													$ 352,436,288					$ 352,436,288
numberofunitstobecompleted													4,839					4,839
Proceeds from Issuance of Common Stock																		$ 0	5,381,848
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ / shares									$ 12.68	$ 12.12		$ 12,620,000				$ 10.05
deferred interest income																		$ (543,167)	$ 896,557
Common Stock, Dividends, Per Share, Declared | $ / shares													$ 0.2025	$ 0.1925		$ 0.18	$ 0.175	$ 0.395	$ 0.355
Proceeds from Issuance or Sale of Equity																		$ 180,446,649	$ 108,573,262
Area of real estate property | ft²													1,960,000					1,960,000						1,279,000
amount drawn under loan agreement													$ 280,623,910					$ 280,623,910
equity ownership percentage joint venture																							96.00%
Stock Granted, Value, Share-based Compensation, Gross									$ 6,010	$ 17,998	$ 5,990	$ 5,982				$ 17,909
Long-term Debt													943,498,362					943,498,362						$ 660,736,774
Share-based Compensation													618,867			577,543		1,229,292	1,167,851
Line of Credit Facility, Maximum Borrowing Capacity													70,000,000			$ 70,000,000		70,000,000	$ 70,000,000
Southeastern Six Pack [Member]
Subsequent Event [Line Items]
Approximate purchase price																		68,700,000
City Vista [Member]
Subsequent Event [Line Items]
loans to be funded													16,107,735					$ 16,107,735
current interest rate																		8.00%
Deferred interest rate																		6.00%
amount drawn under loan agreement													16,107,735					$ 16,107,735
starkville [Member]
Subsequent Event [Line Items]
Beds																		536
loans to be funded													$ 6,116,384					$ 6,116,384
numberofunitstobecompleted													152					152
current interest rate																		8.50%
Deferred interest rate																		7.00%
amount drawn under loan agreement													$ 5,815,849					$ 5,815,849
Oxford Capital Partners LLC [Member]
Subsequent Event [Line Items]
Financing Receivable, Gross													10,650,000					10,650,000
guaranty cap amount													$ 2,000,000					$ 2,000,000
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
numberofunitstobecompleted													280					280
current interest rate																		8.50%
Deferred interest rate																		8.00%
Haven South Florida [Member]
Subsequent Event [Line Items]
Beds																		542
loans to be funded													$ 9,819,662					$ 9,819,662
numberofunitstobecompleted													158					158
current interest rate																		8.50%
Deferred interest rate																		5.00%
amount drawn under loan agreement													$ 4,496,251					$ 4,496,251
Haven Waco [Member]
Subsequent Event [Line Items]
Beds																		840
loans to be funded													$ 15,455,668					$ 15,455,668
numberofunitstobecompleted													250					250
current interest rate																		8.50%
Deferred interest rate																		6.00%
amount drawn under loan agreement													$ 14,847,703					$ 14,847,703
Summit II [Member]
Subsequent Event [Line Items]
Beds																		732
loans to be funded													$ 15,598,352					$ 15,598,352
numberofunitstobecompleted													217					217
current interest rate																		8.50%
Deferred interest rate																		6.00%
amount drawn under loan agreement													$ 15,152,992					$ 15,152,992
dawsonville [Member]
Subsequent Event [Line Items]
Beds																		0
loans to be funded													$ 12,857,005					$ 12,857,005
numberofunitstobecompleted													0					0
current interest rate																		8.50%
Deferred interest rate																		5.00%
amount drawn under loan agreement													$ 12,079,361					$ 12,079,361
Encore [Member]
Subsequent Event [Line Items]
Beds																		0
loans to be funded													$ 10,958,200					$ 10,958,200
numberofunitstobecompleted													340					340
amount drawn under loan agreement													$ 10,958,200					$ 10,958,200
PAA [Member]
Subsequent Event [Line Items]
Financing Receivable, Gross													$ 15,000,000					$ 15,000,000
interest rate note receivable													8.00%					8.00%
Unitsissued [Member]
Subsequent Event [Line Items]
Proceeds from Other Equity																		$ 620,800,000
Unitsissuedcumulative | shares																		688,788
Restricted Stock [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares					$ 13.23										$ 10.62
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures					$ 409,998										$ 320,012
ClassBUnits [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares						265,931	285,997											265,931	285,997
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares													2,667,288			1,947,640		2,667,288	1,947,640
Common Stock, Dividends, Per Share, Declared | $ / shares																$ 0.16	$ 0.1925
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									474	1,485	564	474,000,000				1,782
2013 Shelf offering [Member]
Subsequent Event [Line Items]
Proceeds from Issuance of Common Stock																		$ 200,000,000		$ 300,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared | $ / shares		$ 0.2025
Line of Credit Facility, Maximum Borrowing Capacity																					$ 135,000,000
Line Of Credit Facility, Maximum Borrowing Capacity, Potential Increase, Amount																					$ 300,000,000
Subsequent Event [Member] | hines portfolio [Member]
Subsequent Event [Line Items]
Net Rentable Area | ft²	650,000			1,100,000
Earnest Money Deposits				$ 20,000,000
Approximate purchase price	$ 158,000,000			$ 209,100,000
Mortgage Loans on Real Estate, Face Amount of Mortgages	$ 97,700,000
Subsequent Event [Member] | lakeland plaza [Member]
Subsequent Event [Line Items]
Net Rentable Area | ft²																						301,711
Subsequent Event [Member] | City Vista [Member]
Subsequent Event [Line Items]
numberofunitstobecompleted																							272
amount drawn under loan agreement																							$ 12,500,000
Subsequent Event [Member] | Unitsissued [Member]
Subsequent Event [Line Items]
Unitsissuedcumulative | shares								39,407
Proceeds from Issuance of Preferred Stock and Preference Stock								$ 35,500,000
Subsequent Event [Member] | 2013 Shelf offering [Member]
Subsequent Event [Line Items]
Total offering of debt and equity securities			$ 150,000,000
Mortgages [Member] | Summit Point [Member]
Subsequent Event [Line Items]
Long-term Debt													$ 12,711,507					12,711,507						$ 12,846,544
2016 [Member]
Subsequent Event [Line Items]
Share-based Compensation													$ 68,333			$ 0		$ 68,333	$ 0