Preferred Apartment Communities (APTS) 10-Q 7 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	9 Months Ended
	Sep. 30, 2016	Oct. 28, 2016
Document and Entity Information
entity registrant name	PREFERRED APARTMENT COMMUNITIES INC
entity CIK	1,481,832
Current fiscal year end date	--09-30
document type	10-Q
document period end date	Sep. 30, 2016
document fiscal year focus	2,016
entity filer category	Accelerated Filer
document fiscal period focus	Q3
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
amendment flag	false
entity common stock, shares outstanding		24,697,128

Balance Sheets

Balance Sheets - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Real estate
Land	$ 260,222,888	$ 141,729,264
Building and improvements	1,333,186,314	733,417,442
Tenant improvements	14,132,772	5,781,199
Furniture, fixtures, and equipment	125,292,571	86,092,408
Construction in progress	2,879,528	609,400
Gross real estate	1,735,714,073	967,629,713
Less: accumulated depreciation	(87,020,014)	(48,155,874)
Net real estate	1,648,694,059	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	195,971,159	180,688,293
Real estate loans to related parties, net	109,436,327	57,313,465
Total real estate and real estate loans, net	1,954,101,545	1,191,292,678
Cash and cash equivalents	10,462,384	2,439,605
Restricted cash	32,948,161	12,539,440
Notes receivable	14,341,875	18,489,247
Note receivable and revolving line of credit due from related party	20,986,537	19,454,486
Accrued interest receivable on real estate loans	17,669,121	14,294,648
Acquired intangible assets, net of amortization of $39,979,097 and $27,032,157	49,825,572	19,381,473
Deferred loan costs for revolving line of credit, net of amortization of $268,801 and $791,002	1,738,508	488,770
Deferred offering costs	3,809,014	5,834,304
Tenant receivables (net of allowance of $466,122 and $434,773) and other assets	17,654,353	11,314,382
Total assets	2,123,537,070	1,295,529,033
Liabilities
Mortgage notes payable, principal amount	1,183,335,433	668,836,291
Less: deferred loan costs, net of amortization of $4,390,077 and $2,021,696	(19,317,090)	(8,099,517)
Mortgage notes payable, net of unamortized deferred loan costs	1,164,018,343	660,736,774
Mortgage note held for sale	0	28,109,000
Revolving line of credit	82,000,000	34,500,000
Term note payable	11,000,000	0
Less: deferred loan costs, net of amortization	(67,032)	0
Term note payable, net of unamortized deferred loan costs	10,932,968	0
Real estate loan participation obligation	19,638,232	13,544,160
Accounts payable and accrued expenses	25,309,813	12,644,818
Accrued interest payable	3,490,151	1,803,389
Dividends and partnership distributions payable	9,056,611	6,647,507
Acquired below market lease intangibles, net of amortization of $2,933,811 and $1,578,205	19,180,354	9,253,450
Security deposits and other liabilities	5,161,358	2,836,145
Total liabilities	1,338,787,830	770,075,243
Stockholder's equity
Series A Redeemable Preferred Stock	8,020	4,830
Common Stock	246,580	227,616
Additional paid-in capital	802,559,257	536,450,877
Accumulated deficit	(19,384,106)	(13,698,520)
Total stockholders' equity	783,429,751	522,984,803
Non-controlling interest	1,319,489	2,468,987
Total equity	784,749,240	525,453,790
Total liabilities and equity	$ 2,123,537,070	$ 1,295,529,033

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
property held for sale accumulated depreciation	$ 0	$ 5,838,792
Finite-Lived Intangible Assets, Accumulated Amortization	39,979,097	27,032,157
Allowance for Doubtful Accounts, Premiums and Other Receivables	466,102	434,773
Below Market Lease, Accumulated Amortization	$ 4,390,077	$ 2,021,696
Shares outstanding, preferred stock	802,032
Common Stock, par value per share	$ 0.01
Common stock, shares outstanding	24,658,034
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	809,460	486,182
Shares outstanding, preferred stock	802,032	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	24,658,034	22,761,551
Common stock, shares outstanding	24,658,034	22,761,551
Revolving Credit Facility [Member]
Deferred loan costs, accumulated amortization	$ 268,801	$ 791,002
Mortgages [Member]
Deferred loan costs, accumulated amortization	$ 2,933,811	$ 1,578,205

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Rental revenues	$ 37,319,207	$ 19,442,628	$ 96,541,544	$ 47,304,230
Other property revenues	5,221,887	2,558,185	13,290,330	6,685,752
Interest income on loan and note receivable	7,194,742	5,909,907	20,984,625	16,367,864
Revenue from Related Parties	3,801,501	2,044,973	10,310,563	5,031,189
Total revenues	53,537,337	29,955,693	141,127,062	75,389,035
Operating expenses:
Property operating and maintenance	5,504,848	3,097,080	13,883,133	7,722,017
property salaries related party	2,808,402	1,688,347	7,688,470	4,114,752
Property management fees	1,724,411	857,294	4,308,841	2,082,839
Real estate taxes	4,789,085	2,506,885	15,457,134	6,911,034
General and administrative	1,144,256	632,164	3,255,728	1,553,666
Share-based Compensation	638,414	593,417	1,867,706	1,761,268
Depreciation and amortization	21,664,363	10,536,486	54,981,064	26,409,763
Acquisition costs	1,036,171	1,783,708	6,179,442	2,876,642
acquisition fees paid to related party	321,366	1,541,250	706,422	3,400,021
Management fees	3,759,084	1,908,742	9,484,161	4,830,588
Other Expenses	1,338,343	1,062,687	4,216,838	2,412,441
Total operating expenses	44,728,743	26,208,060	122,028,939	64,075,031
manager's fees deferred	(736,960)	(373,360)	(1,458,245)	(1,528,479)
Operating Expenses	43,991,783	25,834,700	120,570,694	62,546,552
Operating Income (Loss)	9,545,554	4,120,993	20,556,368	12,842,483
Interest Expense	12,234,174	5,818,760	30,688,505	14,884,343
Income (Loss) before Gain (Loss) on Sale of Properties	(2,688,620)	(1,697,767)	(10,132,137)	(2,041,860)
Net loss	(2,688,620)	(1,697,767)	(5,860,631)	(2,041,860)
Gains (Losses) on Sales of Investment Real Estate	0	0	4,271,506	0
net loss attributable to non-controlling interests	86,484	15,289	175,045	20,712
Net loss attributable to the Company	(2,602,136)	(1,682,478)	(5,685,586)	(2,021,148)
Dividends to preferred stockholders	(11,015,706)	(5,114,126)	(28,341,723)	(12,377,580)
NetIncomeAllocatedToUnvestedRestrictedShares	6,159	4,068	12,434	16,355
Net Income (Loss) Available to Common Stockholders, Basic	$ (13,624,001)	$ (6,800,672)	$ (34,039,743)	$ (14,415,083)
Earnings Per Share, Basic	$ (0.56)	$ (0.31)	$ (1.45)	$ (0.65)
Dividends, Common Stock, Cash			$ 14,200,114	$ 11,881,325
Common Stock, Dividends, Per Share, Declared	$ 0.2025	$ 0.18	$ 0.5975	$ 0.535
Weighted Average Number of Shares Outstanding, Basic	24,340,791	22,292,217	23,552,951	22,109,036

Statements of Operations (Paren

Statements of Operations (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement Parentheticals [Abstract]
property management fees paid to related party	$ 1,444,518	$ 751,817	$ 3,656,209	$ 1,795,435
acquisition fees paid to related party	$ 89,631	$ 63,486	$ 141,548	$ 148,127

Statements of Cash Flows

Statements of Cash Flows	9 Months Ended
	Sep. 30, 2016USD ($)shares	Sep. 30, 2015USD ($)
Operating activities:
Net loss	$ (5,860,631)	$ (2,041,860)
Reconciliation of net loss to net cash provided by (used in) operating activities:
Depreciation expense	39,387,351	19,052,639
Amortization expense	15,593,713	7,357,124
Amortization of above and below Market Leases	(1,118,329)	(566,260)
Deferred fee income amortization	(725,913)	(580,996)
Deferred loan cost amortization	2,431,809	1,069,961
deferred interest income	(3,374,473)	(3,188,828)
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	(1,867,706)	(1,761,268)
Gain (Loss) on Sale of Properties	(4,271,506)	0
deferred miscellaneous income amortization	56,582	(14,807)
Changes in operating assets and liabilities:
(Increase) in tenant accounts receivable	(1,230,183)	(539,565)
(Increase) decrease in other assets	8,843,052	5,069,158
Increase in accounts payable and accrued expenses	1,740,420	427,750
(Decrease) increase in accrued interest payable	235,035	237,613
Increase (decrease) in prepaid rents	282,738	144,931
Net cash provided by (used in) operating activities	53,857,371	28,188,128
Investing activities:
Investments in real estate loans	(123,427,150)	(83,800,145)
Proceeds from Principal Repayments on Loans and Leases Held-for-investment	36,672,482	18,772,024
Deferred real estate loan income	(8,730,166)	(5,805,972)
Notes receivable issued	12,895,101	9,897,319
Proceeds from (Repayments of) Lines of Credit	(25,821,121)	(12,869,093)
Increase (Decrease) in Accounts and Notes Receivable	23,791,676	8,514,582
loan fees received	2,695,961	2,126,913
AcquisitionFeesRelatedPartyCosts	(1,374,828)	(1,063,456)
Acquisition of properties, net	(740,597,973)	(311,936,810)
Proceeds from Sale of Real Estate Held-for-investment	10,606,386	0
Additions to real estate assets - improvements	(7,613,065)	(3,007,537)
Payments for (Proceeds from) Productive Assets	10,000	0
Proceeds from Sale of Productive Assets	(3,128,370)	(1,519,269)
Increase in cash held in escrow and restricted cash	(9,070,073)	(4,998,076)
Net cash (used in) investing activities	(833,091,140)	(385,714,185)
Financing activities:
Proceeds from mortgage notes payable	479,494,000	204,555,500
Extinguishment of Debt, Amount	(7,748,011)	(2,553,190)
Payments for mortgage loan costs	(15,400,974)	(3,240,080)
loan balance proceeds from real estate loan participants	5,575,484	4,134,882
Proceeds from non-revolving lines of credit	357,136,020	165,900,000
Payments on revolving lines of credit	(309,636,020)	(161,700,000)
Proceeds from Short-term Debt	46,000,000	32,000,000
Repayments of Short-term Debt	(35,000,000)	(32,000,000)
Proceeds from sales of Units, net of offering costs	287,830,612	173,466,135
Proceeds from Issuance of Common Stock	2,810,156	5,381,848
Proceeds from Warrant Exercises	19,831,294	1,236,437
Dividends declared and paid	(13,523,075)	(11,560,512)
Payments of Ordinary Dividends, Preferred Stock and Preference Stock	(26,735,870)	(11,453,618)
Payments of Ordinary Dividends, Noncontrolling Interest	(350,079)	(124,905)
Payments for deferred offering costs, net of non cash items	(3,476,989)	(1,582,886)
Proceeds from (Payments to) Noncontrolling Interests	450,000	0
Net Cash Provided by (Used in) Financing Activities	787,256,548	362,459,611
Cash and Cash Equivalents, Period Increase (Decrease)	8,022,779	4,933,554
Cash beginning of period	2,439,605	3,113,270
Cash end of period	10,462,384
Supplemental cash flow information:
Cash paid for interest	26,569,933	13,386,632
Noncash Investing and Financing Items [Abstract]
Accrued capital expenditures	1,125,774	641,627
writeoff of fully amortized liabilities	149,288	290,009
Write off of Deferred Debt Issuance Cost	826,359	0
Dividends payable to non controlling interests	179,449	49,781
Accrued and payable deferred offering costs	690,643	665,756
Reclass of offering costs from deferred asset to equity	6,080,235	2,584,073
bridge loans converted to mezzanine loans	$ 0	29,158,371
Common Unit, Issued | shares	5,072,659
non cash mezzanine loan settled	$ 12,500,000	10,000,000
Share-based Compensation	$ 3,152,312	$ 2,309,569
offering costs reimbursable to the Manager	482,871	670,579
Noncash or Part Noncash Acquisition, Debt Assumed	$ 43,103,275	$ 41,625,000
Common Stock [Member]
Financing activities:
Proceeds from Warrant Exercises	16,200,000	1,200,000
Noncash Investing and Financing Items [Abstract]
Dividends payable	4,992,038	4,018,249
Series A Preferred Stock [Member]
Noncash Investing and Financing Items [Abstract]
Dividends payable	3,885,123	1,824,395
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	193,449,291		1,936		0		193,447,355		0		193,449,291		0
Redemptions of Series A Preferred Stock	(1,505,331)		(23)		599		(1,505,907)		0		(1,505,331)		0
Issuance of Common Stock	5,493,308		0		5,479		5,487,829		0		5,493,308		0
Exercises of warrants	1,243,263		0		1,307		1,241,956		0		1,243,263		0
Syndication and offering costs	(22,027,008)						(22,027,008)				(22,027,008)
Equity compensation to executives and directors	282,572		0		40		282,532		0		282,572		0
Vesting of restricted stock	0		0		468		(468)		0		0		0
Conversion of Class A Units to Common Stock	0		0		1,080		717,583		0		718,663		(718,663)
Current period amortization of Class B Units	1,478,696		0		0		0		0		0		1,478,696
Net Income (Loss) Attributable to Parent	(2,021,148)									$ (2,021,148)		$ (2,021,148)		$ (20,712)
Net loss	(2,041,860)	$ (2,041,860)
Reallocation adjustment to non-controlling interests							508,937				508,937		(508,937)
Distributions to non-controlling interests	(149,307)												(149,307)
Dividends, Preferred Stock	(12,377,579)		0		0		(12,377,579)		0		(12,377,579)		0
Dividends, Common Stock, Cash	(11,881,325)						(11,881,325)				(11,881,325)
Balance at Sep. 30, 2015	443,546,594		3,841		223,012		454,470,254		(13,319,000)		441,378,107		2,168,487
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	322,940,390		3,233		0		322,937,157		0		322,940,390		0
Redemptions of Series A Preferred Stock	(3,020,128)		(43)		588		(3,020,673)		0		(3,020,128)		0
Issuance of Common Stock	2,860,284		0		1,973		2,858,311		0		2,860,284		0
Exercises of warrants	16,196,309		0		15,163		16,181,146		0		16,196,309		0
Syndication and offering costs	(38,220,013)		0		0		(38,220,013)		0		(38,220,013)		0
Equity compensation to executives and directors	352,528		0		56		352,472		0		352,528		0
Vesting of restricted stock	0		0		228		(228)		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	1,542,182		0		0		0		0		0		1,542,182
Net Income (Loss) Attributable to Parent	(5,685,586)									(5,685,586)		(5,685,586)		(175,045)
Net loss	(5,860,631)	(5,860,631)
Class A Units issued for property acquisition		5,072,659		$ 0		$ 0		$ 0		0		0		5,072,659
Payments to Acquire Interest in Joint Venture		$ 450,000		$ 0		$ 0		$ 0		$ 0		$ 0		$ 450,000
Reallocation adjustment to non-controlling interests							6,914,403				6,914,403		(6,914,403)
Distributions to non-controlling interests	(476,293)												(476,293)
Dividends, Preferred Stock	(28,341,723)		0		0		(28,341,723)		0		(28,341,723)		0
Dividends, Common Stock, Cash	(14,200,114)		0		0		(14,200,114)		0		(14,200,114)		0
Balance at Sep. 30, 2016	$ 784,749,240		$ 8,020		$ 246,580		$ 802,559,257		$ (19,384,106)		$ 783,429,751		$ 1,319,489

Statements of Equity and Accum8

Statements of Equity and Accumulated Deficit Parenthetical - $ / shares	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Common Stock, Dividends, Per Share, Declared	$ 0.5975	$ 0.535
Series A Preferred Stock [Member]
Dividends, Preferred Stock, Cash	$ 5	$ 5

Organization

Organization	9 Months Ended
	Sep. 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 September 30, 2016 , the Company had 24,658,034 shares of common stock, par value $0.01 per share, or Common Stock, issued and outstanding and was the approximate 96.5% owner of the Operating Partnership at that date. The number of partnership units not owned by the Company totaled 886,168 at September 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	9 Months Ended
	Sep. 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 and office buildings 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 and office buildings 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 for office buildings. The amortization period for retail shopping center leases is the remaining lease term 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. In accordance with guidance provided by ASC 310-20-25, the portion of loan coordination fees to secure financing 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. The remaining portion of loan coordination fees are accounted for as acquisition costs and are expensed as incurred. 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. Non-controlling interests As of each reporting date, the outstanding Class A Units in the Operating Partnership and the proportionate amount of amortized but unvested Class B Units in the Operating Partnership are apportioned a pro-rata amount of the Company's equity attributable to Common Stockholders and Unitholders according to the period-end percentage of Class A Units to shares of Common Stock issued and outstanding. This equity allocation is adjusted for periodic consolidated net income/loss attributable to non-controlling interests and periodic amortization of unvested Class B Unit awards. 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 August 2014, the FASB issued Accounting Standards Update 2014-15 ("ASU 2014-15"), Presentation of Financial Statements—Going Concern (Subtopic 205-40) Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This new guidance establishes a requirement that management evaluate the entity's ability to continue as a going concern and requires certain disclosures should substantial doubt exist about the entity's future viability. ASU 2014-15 is effective on January 1, 2017 and the Company expects to adopt the new guidance on that date. The Company does not expected the adoption of ASU 2014-15 to materially impact its consolidated 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 expect the adoption of ASU 2016-01 to materially 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. In August 2016, the FASB issued Accounting Standards Update 2016-15 ("ASU 2016-15"), Statement of Cash Flows—(Topic 326): Classification of Certain Cash Receipts and Cash Payments. The new standard clarifies or establishes guidance for the presentation of various cash transactions on the statement of cash flows. The portion of the guidance applicable to the Company's business activities include the requirement that cash payments for debt prepayment or debt extinguishment costs be presented as cash out flows for financing activities. The standard is effective for the Company on January 1, 2018. The Company does not expect the adoption of ASU 2016-15 to materially impact the Company’s consolidated financial statements.

Real Estate Assets (Notes)

Real Estate Assets (Notes)	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Real Estate Assets	Real Estate Assets The Company's real estate assets consisted of: As of: 9/30/2016 12/31/2015 Multifamily communities (1) 25 19 Multifamily units 8,268 6,136 Retail shopping centers 30 14 Approximate square feet of retail gross leasable area (2) 2,913,000 1,279,000 Class A office building 1 — (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 September 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 nine months ended September 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 7/1/2016 City Vista Pittsburgh, Pennsylvania (3 ) 272 8/24/2016 Sorrel Jacksonville, Florida $ 48.1 290 2,432 2/13/2015 Avenues at Cypress Houston, Texas (4) 240 2/13/2015 Avenues at Northpointe Houston, Texas (4) 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 7/31/2015 Avenues at Creekside San Antonio, Texas $ 56.2 395 9/3/2015 Citi Lakes Orlando, Florida $ 63.4 346 2,090 (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) The Company converted $12,500,000 of its City Vista real estate loan into an approximate 96% ownership interest in a joint venture which owns the underlying property. (4) 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 Land $ 8,281,054 $ 7,410,048 $ 8,511,370 $ 17,402,882 Buildings and improvements 34,355,922 80,558,636 44,710,034 87,105,757 Furniture, fixtures and equipment 2,623,916 1,790,256 6,286,105 3,358,589 Lease intangibles 799,109 2,741,060 1,611,314 2,882,772 Prepaids & other assets 79,626 99,297 73,754 229,972 Escrows 1,026,419 3,477,157 354,640 2,555,753 Accrued taxes (321,437 ) (394,731 ) (66,422 ) (17,421 ) Security deposits, prepaid rents, and other liabilities (159,462 ) (207,623 ) (90,213 ) (226,160 ) Net assets acquired $ 46,685,147 $ 95,474,100 $ 61,390,582 $ 113,292,144 Cash paid $ 12,831,872 $ 30,474,100 $ 20,090,582 $ 35,492,144 Mortgage debt 33,853,275 65,000,000 41,300,000 77,800,000 Total consideration $ 46,685,147 $ 95,474,100 $ 61,390,582 $ 113,292,144 Three months ended September 30, 2016: Revenue $ 1,480,000 $ 2,059,000 $ 1,328,000 $ 2,288,000 Net loss $ (601,000 ) $ (1,094,000 ) $ (593,000 ) $ (1,442,000 ) Nine months ended September 30, 2016: Revenue $ 1,950,000 $ 2,723,000 $ 3,631,000 $ 7,044,000 Net loss $ (608,000 ) $ (1,750,000 ) $ (1,425,000 ) $ (4,180,000 ) Cumulative acquisition costs incurred by the Company $ 402,000 $ 1,314,000 $ 116,000 $ 1,847,000 Remaining amortization period of intangible assets and liabilities (months) 3 8 2 0 2016 Crosstown Walk City Vista Sorrel Land $ 5,178,375 $ 4,081,683 $ 4,412,164 Buildings and improvements 33,605,831 36,084,007 35,512,257 Furniture, fixtures and equipment 5,726,583 5,402,228 6,705,040 Lease intangibles 1,323,511 2,100,866 1,495,539 Prepaids & other assets 125,706 167,797 — Escrows 291,868 599,983 623,791 Accrued taxes (25,983 ) (245,326 ) (437,510 ) Security deposits, prepaid rents, and other liabilities (53,861 ) (141,238 ) (68,828 ) Net assets acquired $ 46,172,030 $ 48,050,000 $ 48,242,453 Cash paid $ 13,632,030 — $ 14,642,453 Real estate loan settled — 12,500,000 — Joint venture partner — (450,000 ) — Mortgage debt 32,540,000 36,000,000 33,600,000 Total consideration $ 46,172,030 $ 48,050,000 $ 48,242,453 Three months ended September 30, 2016: Revenue $ 1,286,000 $ 1,202,000 $ 478,000 Net loss $ (461,000 ) $ (692,000 ) $ (294,000 ) Nine months ended September 30, 2016: Revenue $ 3,625,000 $ 1,202,000 $ 478,000 Net loss $ (1,429,000 ) $ (692,000 ) $ (294,000 ) Cumulative acquisition costs incurred by the Company $ 320,000 $ 18,000 $ 529,000 Remaining amortization period of intangible assets and liabilities (months) 1 7 11 2015 CityPark View Aster at Lely Venue at Lakewood Ranch Houston Portfolio Avenues at Creekside Citi Lakes Land $ 3,558,793 $ 7,675,409 $ 3,791,050 $ 7,162,226 $ 5,983,724 $ 5,558,033 Buildings and improvements 23,797,764 37,661,901 37,574,391 54,217,075 42,050,104 49,416,492 Furniture, fixtures and equipment 4,562,148 6,132,384 5,375,690 13,078,872 6,939,014 7,411,367 Lease intangibles 737,790 1,030,306 669,369 1,571,827 1,227,158 964,108 Prepaids & other assets 99,124 106,717 80,201 150,326 89,582 40,032 Escrows 211,428 — 401,294 362,332 1,058,468 280,863 Accrued taxes (105,756 ) (23,413 ) (216,252 ) (212,601 ) (440,660 ) (187,792 ) Security deposits, prepaid rents, and other liabilities (40,152 ) (64,689 ) (35,157 ) (99,181 ) (218,438 ) (80,629 ) Net assets acquired $ 32,821,139 $ 52,518,615 $ 47,640,586 $ 76,230,876 $ 56,688,952 $ 63,402,474 Cash paid $ 721,139 $ 18,518,615 $ 16,830,586 $ 25,452,876 $ 15,063,952 $ 18,952,474 Real estate loan settled 10,000,000 — — — — — Mortgage debt 22,100,000 34,000,000 30,810,000 50,778,000 41,625,000 44,450,000 Total consideration $ 32,821,139 $ 52,518,615 $ 47,640,586 $ 76,230,876 $ 56,688,952 $ 63,402,474 Three months ended September 30, 2016: Revenue $ 971,000 $ 1,311,000 $ 1,170,000 $ 2,185,000 $ 1,435,000 $ 1,398,000 Net income (loss) $ 58,000 $ (1,000 ) $ 123,000 $ (246,000 ) $ 137,000 $ (143,000 ) Nine months ended September 30, 2016: Revenue $ 2,797,000 $ 3,954,000 $ 3,499,000 $ 6,526,000 $ 4,223,000 $ 4,126,000 Net income (loss) $ 61,000 $ (74,000 ) $ 27,000 $ (864,000 ) $ (157,000 ) $ (1,213,000 ) Cumulative acquisition costs incurred by the Company $ 276,000 $ 438,000 $ 889,000 $ 1,142,000 $ 852,000 $ 1,620,000 Remaining amortization period of intangible assets and liabilities (months) 0 0 0 0 0 0 The Company acquired the following grocery-anchored shopping centers during the nine months ended September 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 7/15/2016 Lakeland Plaza Atlanta, Georgia $ 45.3 301,711 8/8/2016 Thompson Bridge Commons Atlanta, Georgia (4) 92,587 8/8/2016 Cherokee Plaza Atlanta, Georgia (4) 102,864 8/8/2016 Sandy Plains Exchange Atlanta, Georgia (4) 72,784 8/8/2016 Shoppes of Parkland Miami, Florida (4) 145,720 8/8/2016 University Palms Orlando, Florida (4) 99,172 8/8/2016 Heritage Station Raleigh, North Carolina (4) 72,946 8/8/2016 Oak Park Village San Antonio, Texas (4) 64,287 1,633,601 (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 . (4) The seven grocery-anchored shopping centers are referred to collectively as the Sunbelt Seven Portfolio, which was acquired for approximately $158.0 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. Market at Victory Village Southeastern Six Portfolio Wade Green Village Lakeland Plaza Sunbelt 7 Portfolio Land $ 2,271,224 $ 14,081,647 $ 1,840,284 $ 7,079,408 $ 36,198,658 Buildings and improvements 11,872,222 48,598,731 8,159,147 32,258,335 109,504,038 Tenant improvements 402,973 993,530 251,250 828,966 2,143,404 In-place leases 847,939 4,906,398 841,785 2,947,175 11,005,662 Above-market leases 100,216 86,234 107,074 1,349,624 458,353 Leasing costs 253,640 992,143 167,541 1,287,825 4,116,560 Below-market leases (198,214 ) (1,069,877 ) — (797,729 ) (7,617,485 ) Other assets 157,775 600,069 10,525 — 3,409,838 Other liabilities (179,546 ) (437,008 ) (59,264 ) (180,331 ) (1,196,579 ) Net assets acquired $ 15,528,229 $ 68,751,867 $ 11,318,342 $ 44,773,273 $ 158,022,449 Cash paid $ 6,278,229 $ 43,751,867 $ 6,245,683 (1) $ 14,773,273 $ 60,368,449 Class A OP Units granted — — 5,072,659 (2) — — Mortgage debt 9,250,000 (3) 25,000,000 — (4) 30,000,000 97,654,000 Total consideration $ 15,528,229 $ 68,751,867 $ 11,318,342 $ 44,773,273 $ 158,022,449 Three months ended September 30, 2016: Revenue $ 331,000 $ 1,569,000 $ 297,000 $ 728,000 $ 1,787,000 Net loss $ (38,000 ) $ (105,000 ) $ (103,000 ) $ (134,000 ) $ (164,000 ) Nine months ended September 30, 2016: Revenue $ 491,000 $ 2,660,000 $ 634,000 $ 728,000 $ 1,787,000 Net loss $ (56,000 ) $ (334,000 ) $ (255,000 ) $ (134,000 ) $ (164,000 ) Cumulative acquisition costs incurred by the Company $ 112,000 $ 639,000 $ 295,000 $ 200,000 $ 614,000 Remaining amortization period of intangible assets and liabilities (years) 8.0 4.3 2.5 7.5 9.2 (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 acquired the following grocery-anchored shopping centers during the nine months ended September 30, 2015 : Acquisition date Property Location Approximate purchase price (millions) Gross leasable area 9/4/2015 Royal Lakes Marketplace (1) Atlanta, Georgia $ 16.6 119,493 7/1/2015 Independence Square Dallas, Texas $ 18.0 140,218 259,711 (1) See Note 7 - Related Party Transactions The purchase prices approximated the fair value of the acquired assets and assumed liabilities. The Company allocated the purchase prices to the acquired assets and liabilities based upon their fair values, as shown in the following table. These purchase price allocations were based upon the Company's best estimates of the fair values of the acquired assets and liabilities, but are preliminary and are subject to refinement for a period of up to one year from the closing date of each transaction. Independence Square Royal Lakes Marketplace Land $ 4,114,574 $ 4,874,078 Buildings and improvements 13,123,553 9,921,403 Tenant improvements 566,857 517,191 In-place leases 1,567,944 957,093 Above-market leases 35,127 198,238 Leasing costs 392,451 365,629 Below-market leases (1,775,506 ) (315,837 ) Other assets — 88,553 Security deposits, prepaid rents, and other liabilities (226,599 ) (145,581 ) Net assets acquired $ 17,798,401 $ 16,460,767 Cash paid $ 17,798,401 $ 6,660,767 Mortgage debt — (1) 9,800,000 Total consideration $ 17,798,401 $ 16,460,767 (1) On August 27, 2015, the Company entered into a mortgage note secured by the Independence Square property in the principal amount of $12,617,500 . Independence Square Royal Lakes Marketplace Three months ended September 30, 2016: Revenue $ 535,000 $ 341,000 Net loss $ (68,000 ) $ (5,000 ) Nine months ended September 30, 2016: Revenue $ 1,580,000 $ 1,016,000 Net loss $ (256,000 ) $ (61,000 ) Cumulative acquisition costs incurred by the Company $ 573,000 $ 245,000 Remaining amortization period of intangible assets and liabilities (years) 6.3 9.9 On August 29, 2016, the Company acquired a nine-story, class A office building in Birmingham Alabama. The Company allocated the purchase price to the acquired assets and liabilities based upon their fair values, as shown in the following table. The purchase price allocation was based upon the Company's best estimates of the fair values of the acquired assets and liabilities, but are preliminary and are subject to refinement for a period of up to one year from the closing date of the transaction. Brookwood Office Land $ 1,744,828 Buildings and improvements 39,099,395 Tenant improvements 3,561,805 In-place leases 3,728,049 Above-market leases 146,941 Leasing costs 2,402,958 Below-market leases (1,737,158 ) Other assets 1,466,906 Other liabilities (580,668 ) Net assets acquired $ 49,833,056 Cash paid $ 17,433,056 Mortgage debt 32,400,000 Total consideration $ 49,833,056 Three months ended September 30, 2016: Revenue $ 513,000 Net income $ 74,000 Nine months ended September 30, 2016: Revenue $ 513,000 Net income $ 74,000 Cumulative acquisition costs incurred by the Company $ 377,000 Remaining amortization period of intangible assets and liabilities (years) 11.9 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 September 30, Nine months ended September 30, 2016 2015 2016 2015 Depreciation: Buildings and improvements $ 9,637,960 $ 4,545,441 $ 24,251,696 $ 11,356,809 Furniture, fixtures, and equipment 5,775,856 2,999,399 15,135,655 7,695,830 15,413,816 7,544,840 39,387,351 19,052,639 Amortization: Acquired intangible assets 6,205,194 2,982,982 15,523,359 7,343,400 Deferred leasing costs 38,621 7,207 53,510 7,207 Website development costs 6,732 1,457 16,844 6,517 Total depreciation and amortization $ 21,664,363 $ 10,536,486 $ 54,981,064 $ 26,409,763

Acquired Intangible Assets (Not

Acquired Intangible Assets (Notes)	9 Months Ended
	Sep. 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 September 30, 2016 and December 31, 2015: September 30, 2016 Multifamily Retail Office building Total In-place leases $ 35,125,997 $ 34,862,165 $ 3,728,048 $ 73,716,210 Above-market leases — 3,474,370 146,941 3,621,311 Customer relationships 1,335,417 — — 1,335,417 Lease origination costs 78,786 11,015,892 37,053 11,131,731 Acquired intangible assets $ 36,540,200 $ 49,352,427 $ 3,912,042 $ 89,804,669 Less accumulated amortization of: In-place leases $ (29,493,437 ) $ (6,976,555 ) $ (44,016 ) $ (36,514,008 ) Above market leases — (580,489 ) (8,415 ) (588,904 ) Customer relationships (1,335,417 ) — — (1,335,417 ) Lease origination costs (31,330 ) (1,509,438 ) — (1,540,768 ) Accumulated amortization (30,860,184 ) (9,066,482 ) (52,431 ) (39,979,097 ) Acquired intangible assets, net $ 5,680,016 $ 40,285,945 $ 3,859,611 $ 49,825,572 Below market lease liability $ 277,195 $ 20,099,812 $ 1,737,158 $ 22,114,165 Less: accumulated amortization (277,195 ) (2,641,572 ) (15,044 ) (2,933,811 ) Below market lease liability, net $ — $ 17,458,240 $ 1,722,114 $ 19,180,354 December 31, 2015 Multifamily Retail Total In-place leases $ 24,704,733 $ 14,439,414 $ 39,144,147 Above-market leases — 1,386,254 1,386,254 Customer relationships 1,588,277 — 1,588,277 Lease origination costs 78,786 4,216,166 4,294,952 Acquired intangible assets $ 26,371,796 $ 20,041,834 $ 46,413,630 Less accumulated amortization of: In-place leases $ (21,608,833 ) $ (2,965,096 ) $ (24,573,929 ) Above market leases — (233,833 ) (233,833 ) Customer relationships (1,588,277 ) — (1,588,277 ) Lease origination costs (1,466 ) (634,652 ) (636,118 ) Accumulated amortization (23,198,576 ) (3,833,581 ) (27,032,157 ) Acquired intangible assets, net $ 3,173,220 $ 16,208,253 $ 19,381,473 Below market lease liability $ 383,593 $ 10,448,062 $ 10,831,655 Less: accumulated amortization (383,593 ) (1,194,612 ) (1,578,205 ) Below market lease liability, net $ — $ 9,253,450 $ 9,253,450 The Company recognized amortization of acquired intangible assets and liabilities as follows: Three months ended September 30, 2016 Amortization expense Multifamily Retail Office building Total Intangible assets: Leases in place $ 3,859,901 $ 1,877,026 $ 44,016 $ 5,780,943 Above-market leases (1) — 173,347 8,416 181,763 Lease origination costs 11,131 413,120 — 424,251 $ 3,871,032 $ 2,463,493 $ 52,432 $ 6,386,957 Intangible liabilities: Below-market leases (1) $ — $ 691,593 $ 15,044 $ 706,637 Three months ended September 30, 2015 Amortization expense Multifamily Retail Total Intangible assets: Leases in place $ 2,183,437 $ 668,053 $ 2,851,490 Above-market leases (1) — 45,585 45,585 Lease origination costs — 131,492 131,492 $ 2,183,437 $ 845,130 $ 3,028,567 Intangible liabilities: Below-market leases (1) $ — $ 270,517 $ 270,517 Nine months ended September 30, 2016 Amortization expense Multifamily Retail Office building Total Intangible assets: Leases in place $ 10,417,678 $ 4,137,666 $ 44,016 $ 14,599,360 Above-market leases (1) — 366,816 8,416 375,232 Lease origination costs 31,229 892,769 — 923,998 $ 10,448,907 $ 5,397,251 $ 52,432 $ 15,898,590 Intangible liabilities: Below-market leases (1) $ — $ 1,478,517 $ 15,044 $ 1,493,561 Nine months ended September 30, 2015 Amortization expense Multifamily Retail Total Intangible assets: Leases in place $ 5,162,093 $ 1,816,193 $ 6,978,286 Above-market leases (1) — 128,688 128,688 Lease origination costs — 365,114 365,114 $ 5,162,093 $ 2,309,995 $ 7,472,088 Intangible liabilities: Below-market leases (1) $ — $ 694,948 $ 694,948 (1) Amortization of above and below market lease intangibles is recorded as a decrease and an increase to rental revenue, respectively.

Real Estate Loans, Notes Receiv

Real Estate Loans, Notes Receivable, and Lines of Credit	9 Months Ended
	Sep. 30, 2016
Receivables [Abstract]
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	Real Estate Loans, Notes Receivable, and Line of Credit At September 30, 2016 , our portfolio of real estate loans, including maximum potential loan amounts, consisted of: Project/Property Location Date of loan Maturity date Optional extension date Total loan commitments Senior loans held by unrelated third parties Current / deferred interest % per annum (1) 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 / 7.5 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 / 5.83 (4) Stadium Village (5) Atlanta, GA 6/27/2014 6/27/2017 N/A 13,424,995 $ 34,825,000 8.5 / 5.83 (4) Summit Crossing III Atlanta, GA 2/27/2015 2/26/2018 2/26/2020 7,246,400 $ 16,822,000 8.5 / 7.5 (4) Overture Tampa, FL 7/21/2015 7/21/2018 7/21/2020 6,920,000 $ 17,080,000 8.5 / 7.5 (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 / 6.5 (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 / 6.5 (4) Hidden River Capital Tampa, FL 12/4/2015 12/4/2018 12/4/2020 5,380,000 $ — 8.5 / 6.5 CityPark II Charlotte, NC 1/8/2016 1/7/2019 1/7/2021 3,364,800 $ 19,628,000 8.5 / 6.5 (4) CityPark II Capital Charlotte, NC 1/8/2016 1/8/2019 1/31/2021 3,916,000 $ — 8.5 / 6.5 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 $ — 6.6 / 1.5 (14) Lubbock II (13) Lubbock, TX 4/19/2016 4/20/2019 N/A 9,357,171 $ 28,478,346 8.5 / 5 (4) Park 35 on Clairmont Birmingham, AL 8/24/2016 6/26/2018 6/26/2020 21,000,000 $ 35,000,000 8.5 / 2 (4) Fort Myers Fort Myers, FL 9/26/2016 9/25/2017 N/A 4,000,000 $ — 12 / 0 $ 361,328,553 (1) All loans pertain to developments of multifamily communities, except as otherwise indicated. (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, plus adjustments, if any. (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. (14) Current interest is calculated as the sum of 6.0% plus 1 month LIBOR. The Palisades, Green Park, Stadium Village, and Founders' Village loans are subject to a loan participation agreement with a syndicate of unaffiliated third parties, under which the syndicate is to fund 25% of the loan commitment amount and collectively receive 25% of interest payments and returns of principal. The Company's Encore loan is subject to a loan participation agreement of 49% of the loan commitment amount, interest payments, and return of principal. The aggregate amount of the Company's liability under the loan participation agreements at September 30, 2016 was $19,638,232 . 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, Haven Northgate, and Fort Myers 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. At September 30, 2016 , the carrying values of our portfolio of real estate loans were: As of 9/30/2016 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 September 30, 2016 December 31, 2015 Project/Property Crosstown Walk $ — $ — $ — $ — $ — $ 10,950,040 City Vista — — — — — 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 (1,2) 9,866,000 197,320 (98,660 ) (16,370 ) 9,849,630 9,841,816 Encore (2) 10,958,200 539,695 (269,847 ) — 10,958,200 10,894,278 Encore Capital 6,564,124 — — — 6,564,124 6,036,465 Palisades (1,2) 16,070,000 321,400 (160,700 ) (3,809 ) 16,066,191 16,063,817 Fusion 48,396,901 1,120,890 (560,445 ) (168,107 ) 48,228,794 37,072,235 Green Park (1,2) 13,180,052 269,287 (134,644 ) (14,846 ) 13,165,206 12,330,489 Stadium Village (1,2) 13,329,868 268,500 (134,250 ) (4,039 ) 13,325,829 13,321,293 Summit Crossing III 7,246,400 144,928 (72,464 ) (24,903 ) 7,221,497 7,205,894 Overture 5,992,592 138,400 (69,200 ) (25,218 ) 5,967,374 4,481,446 Aldridge at Town Village 10,427,956 219,500 (109,750 ) (40,479 ) 10,387,477 9,707,532 18 Nineteen 15,496,602 311,967 (155,984 ) (47,340 ) 15,449,262 14,421,568 Haven South 15,186,370 309,113 (154,557 ) (72,277 ) 15,114,093 14,087,852 Haven46 7,146,862 58,000 (29,000 ) (54,553 ) 7,092,309 2,891,067 Bishop Street 10,906,611 62,140 (31,070 ) (77,010 ) 10,829,601 3,086,778 Dawson Marketplace 12,343,718 257,140 (128,570 ) (7,817 ) 12,335,901 11,563,352 Madison Wade Green — — — — — 6,225,304 Hidden River Lending 4,734,960 94,700 (47,350 ) (38,889 ) 4,696,071 (47,350 ) Hidden River Capital 4,527,161 107,600 (53,800 ) (36,382 ) 4,490,779 2,619,808 Crescent Avenue 6,000,000 120,000 (60,000 ) (29,871 ) 5,970,129 — City Park Lending 3,364,800 67,296 (33,648 ) (25,001 ) 3,339,799 — City Park II Capital Lending 3,254,444 78,320 (39,160 ) (27,998 ) 3,226,446 — Haven Northgate 39,082,506 1,293,571 (646,786 ) (534,802 ) 38,547,704 — Lubbock II 7,382,840 187,143 (93,572 ) (75,726 ) 7,307,114 — Park 35 on Clairmont 19,371,924 421,203 (210,602 ) (197,502 ) 19,174,422 — Fort Myers 3,538,936 80,000 (40,000 ) (39,418 ) 3,499,518 — $ 306,969,843 $ 6,929,257 $ (3,464,631 ) $ (1,562,357 ) $ 305,407,486 $ 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 participant on our Encore loan was paid $53,695 as an acquisition fee. 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 Haven 12 (1) 9/1/2017 11/30/2017 (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 (3) 9/1/2017 11/30/2017 (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 Fort Myers N/A N/A N/A 224 — Park 35 on Clairmont (4) (4) (2) 271 — 4,902 4,806 (1) Effective August 31, 2016, the purchase option window dates were amended as shown. (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, plus adjustments, if any. (3) Effective July 1, 2016, the purchase option window dates were amended as shown. (4) Purchase option begins on the first day of the month that is 90 days after the project achieves at least 93% occupancy and ends 60 days thereafter. 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. The Company's Founders' Village loan includes an exclusive option to purchase the project at a fixed price within a specific time window following project completion and stabilization and this and other loans provide the Company with the rights to incremental exit fees over and above the amount of periodic interest paid during the life of the loans. 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, and the existence of a purchase option at a discount to market. The Company has concluded that it is not the primary beneficiary of the borrowing entities. It has no decision making authority or power to direct activity, except normal lender rights, which are subordinate to the senior loans on the projects. Therefore, since the Company has concluded it is not the primary beneficiary, it has not consolidated these entities in its consolidated financial statements. The Company's maximum exposure to loss from these loans is their drawn amount as of September 30, 2016 of approximately $290.6 million . The maximum aggregate amount of loans to be funded as of September 30, 2016 was approximately $344.4 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 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 September 30, 2016 totaled approximately $97.7 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. At September 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 9/30/2016 12/31/2015 360 Residential, LLC 3/20/2013 6/30/2017 $ 2,000,000 $ 1,428,306 $ 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 12,539,917 12,793,440 8 % Haven Campus Communities, LLC (2) 6/11/2014 12/31/2016 11,500,000 7,324,904 5,359,904 12 % (1) Oxford Capital Partners, LLC (4) 10/5/2015 3/31/2017 10,650,000 7,559,004 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 2,776,984 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 500,000 129,000 — 12 % 360 Capital Company, LLC 5/24/2016 12/31/2017 2,000,000 1,033,667 — 12 % (1) Unamortized loan fees (79,017 ) (82,056 ) $ 52,905,000 $ 35,328,412 $ 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 September 30, Nine months ended September 30, 2016 2015 2016 2015 Real estate loans: Current interest payments $ 5,902,915 $ 4,077,298 $ 16,913,037 $ 11,263,071 Additional accrued interest 3,917,641 3,018,766 10,633,937 7,573,044 Deferred loan fee revenue 201,147 204,790 636,875 555,657 Total real estate loan revenue 10,021,703 7,300,854 28,183,849 19,391,772 Interest income on notes and lines of credit 974,540 654,026 3,111,339 2,007,281 Interest income on loans and notes receivable $ 10,996,243 $ 7,954,880 $ 31,295,188 $ 21,399,053

Redeemable Preferred Stock

Redeemable Preferred Stock	9 Months Ended
	Sep. 30, 2016
Preferred Stock, Number of Shares, Par Value and Other Disclosures [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 1,516,320 shares of Common Stock for cash proceeds of approximately $16.2 million for the nine-month period ended September 30, 2016 and 130,720 shares of Common Stock for cash proceeds of approximately $1.2 million for the nine-month period ended September 30, 2015 . As of September 30, 2016 , offering costs specifically identifiable to Unit offering closing transactions, such as commissions, dealer manager fees, and other registration fees, totaled approximately $79.4 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 $13.5 million . As of September 30, 2016 , the Company had issued 809,460 Units from which it realized net proceeds of approximately $729.4 million after commissions and other costs. A total of 7,428 shares of Series A Preferred Stock were subsequently redeemed. The number of Units issued was approximately 81.8% of the maximum number of Units anticipated to be issued under the Primary Series A Offering and the Follow-On Offering. The Company cumulatively recognized approximately 81.8% of the approximate $13.5 million deferred to date, or approximately $11.1 million as a reduction of stockholders' equity. The remaining balance of offering costs not yet reflected as a reduction of stockholder's equity, approximately $2.4 million , are reflected in the asset section of the consolidated balance sheet as deferred offering costs at September 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. All amounts previously recorded as deferred offering costs related to this Shelf Registration Statement have been reflected as a reduction of stockholders' equity as of September 30, 2016 . The Shelf Registration Statement expired on July 19, 2016. On February 28, 2014, the Company filed a prospectus supplement to the Shelf Registration Statement to issue and sell up to $100 million of Common Stock from time to time in an "at the market" offering, or the ATM Offering, through MLV & Co. LLC as sales agent. Through September 30, 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. Deferred offering costs related to this Shelf Registration Statement totaled approximately $825,000 as of September 30, 2016 , of which $13,000 has been reflected as a reduction of stockholders' equity. The remaining balance of offering costs not yet reflected as a reduction of stockholder's equity, approximately $812,000 , are reflected in the asset section of the consolidated balance sheet as deferred offering costs at September 30, 2016. 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. Deferred offering costs related to the New Follow-On Offering reflected in the asset section of the consolidated balance sheet at September 30, 2016 were approximately $538,000 . On July 18, 2016, the Company filed a prospectus for its registration statement on Form S-3 (Registration No. 333-211178) to issue and sell up to $150 million of Common Stock from time to time in an "at the market" offering (the "2016 ATM Offering") through JonesTrading Institutional Services LLC, FBR Capital Markets & Co, and Canaccord Genuity Inc, as its sales agents. The Company intends to use any proceeds from the 2016 ATM Offering to repay outstanding amounts under our existing senior secured revolving credit facility and for other general corporate purposes, which includes making investments in accordance with the Company's investment objectives. Through September 30, 2016 , the Company sold 197,256 shares of common stock through the ATM offering and collected net proceeds of approximately $2.8 million .

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, Type of Compensation Basis of Compensation 2016 2015 2016 2015 Acquisition fees 1% of the gross purchase price of real estate assets acquired prior to January 1, 2016 $ — $ 2,035,350 $ — $ 4,438,813 Loan origination fees 1.0% of the maximum commitment of any real estate loan, note or line of credit receivable 250,602 494,100 1,374,828 1,063,457 Loan coordination fees As of January 1, 2016, 1.6% of any assumed, new or supplemental debt incurred in connection with an acquired property (1) 3,493,227 — 8,178,836 — Asset management fees Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted 2,196,363 1,045,986 5,708,868 2,290,870 Property management fees Monthly fee equal to 4% of the monthly gross revenues of the properties managed 1,438,569 743,775 3,629,322 1,652,034 General and administrative expense fees Monthly fee equal to 2% of the monthly gross revenues of the Company 831,711 497,437 2,343,936 1,154,639 $ 8,210,472 $ 4,816,648 $ 21,235,790 $ 10,599,813 (1) If an asset is acquired without debt financing, the loan coordination fee is calculated as 1.6% of 63% of the purchase price of the asset. 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 $126,446 and $9,193 to the Manager for the nine-month periods ended September 30, 2016 and 2015 , respectively which were capitalized as part of the related capital improvements. 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 $1,458,245 of combined asset management, general and administrative expense and property management fees related to certain properties and land loans during the nine-month period ended September 30, 2016 and $3,596,068 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 September 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 September 30, Nine months ended September 30, 2016 2015 2016 2015 $ 2,808,402 $ 1,688,347 $ 7,688,470 $ 4,114,752 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 $356,752 and $708,547 for the nine-month periods ended September 30, 2016 and 2015 , respectively. Preferred Capital Securities, LLC, a broker-dealer owned by NELL Partners, Inc., was reimbursed $768,869 for these same costs for the nine-month period ended September 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. Retail leasing commission fees (a) for new retail leases are equal to the greater of (i) $4.00 per square foot, and (ii) 4.0% of the aggregate base rental payments to be made by the tenant for the first 10 years of the original lease term; and (b) for lease renewals are equal to the greater of (i) $2.00 per square foot, and (ii) 2.0% of the aggregate base rental payments to be made by the tenant for the first 10 years of the newly renewed lease term. There are no commissions payable on retail lease renewals thereafter. Office leasing commission fees (a) for new office leases are equal to 50% of the first month’s gross rent plus 2% of the remaining fixed gross rent on the guaranteed lease term, (b) in the event of co-broker participation in a new lease, the leasing commission determined for a new lease are equal to 150% of the first month’s gross rent plus 6% of the remaining fixed gross rent of the guaranteed lease term, and (c) for lease renewals, are equal to 2% of the fixed gross rent of the guaranteed lease term or, in the event of a co-broker, 6% of the fixed gross rent of the guaranteed lease term. Office leasing commission fees may not exceed market rates for office leasing services. The Manager earned approximately $17,000 and $47,000 in leasing commission fees for the three-month and nine-month periods ended September 30, 2016, respectively. No leasing commission fees were earned by the Manager for the three-month and nine-month periods ended September 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	9 Months Ended
	Sep. 30, 2016
Dividends [Abstract]
Dividends [Text Block]	The Company's dividend activity on its Common Stock for the nine -month periods ended September 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 September 15, 2016 24,652,041 0.2025 4,992,038 September 15, 2015 22,323,604 0.18 4,018,249 $ 0.5975 $ 14,200,114 $ 0.535 $ 11,881,325
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 July 29, 2016 682,392 3,458,513 July 31, 2015 311,944 1,588,310 August 31, 2016 721,143 3,671,020 August 31, 2015 334,013 1,701,019 September 30, 2016 765,185 3,886,173 September 30, 2015 358,687 1,824,797 Total $ 28,341,723 Total $ 12,377,580 The Company's dividend activity on its Common Stock for the nine -month periods ended September 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 September 15, 2016 24,652,041 0.2025 4,992,038 September 15, 2015 22,323,604 0.18 4,018,249 $ 0.5975 $ 14,200,114 $ 0.535 $ 11,881,325 The holders of Class A Units of the Operating Partnership are entitled to equivalent distributions as those declared on the Common Stock. At September 30, 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 August 4, 2016 October 14, 2016 179,449 August 6, 2015 October 21, 2015 49,779 $ 476,293 $ 149,307

Equity Compensation

Equity Compensation	9 Months Ended
	Sep. 30, 2016
Share-based Arrangements with Employees and Nonemployees [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 September 30, Nine months ended September 30, Unamortized expense as of September 30, 2016 2015 2016 2015 2016 Quarterly board member committee fee grants $ 18,030 $ 18,018 $ 48,021 $ 41,917 $ — Class B Unit awards: Executive officers - 2014 — — — 3,825 — Executive officers - 2015 — 495,399 5,236 1,474,872 — Executive officers - 2016 517,884 — 1,536,946 — 1,130,342 Restricted stock grants: 2014 — — — 107,321 — 2015 — 80,000 106,670 133,333 — 2016 102,500 — 170,833 — 239,166 Total $ 638,414 $ 593,417 $ 1,867,706 $ 1,761,268 $ 1,369,508 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 8/4/2016 834 $ 14.44 12,042 8/3/2016 417 $ 14.36 $ 5,988 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 8/6/2015 1,647 $ 10.94 $ 18,018 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	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Indebtedness Mortgage Notes Payable The following table presents certain details regarding our mortgage notes payable: Principal balance as of Interest only through date (2) Acquisition/ refinancing date September 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 24,620,298 25,014,250 8/1/2019 2.89 % 8/31/2015 Summit Crossing 4/21/2011 20,120,677 20,366,748 5/1/2018 4.71 % 5/31/2014 Summit Crossing secondary financing 8/28/2014 5,080,441 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 6,434,397 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 31,063,707 31,556,664 10/1/2019 3.18 % N/A Stoneridge 9/26/2014 26,876,044 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 9,721,902 9,868,025 10/1/2019 3.36 % 10/31/2015 Parkway Town Centre 9/5/2014 7,070,474 7,176,745 10/1/2019 3.36 % 10/31/2015 Woodstock Crossing 8/8/2014 3,054,374 3,090,953 9/1/2021 4.71 % N/A Deltona Landings 9/30/2014 6,965,841 7,074,722 10/1/2019 3.48 % N/A Powder Springs 9/30/2014 7,350,163 7,465,051 10/1/2019 3.48 % N/A Kingwood Glen 9/30/2014 11,654,573 11,836,741 10/1/2019 3.48 % N/A Barclay Crossing 9/30/2014 6,552,695 6,655,117 10/1/2019 3.48 % N/A Sweetgrass Corner 9/30/2014 7,941,564 8,063,653 10/1/2019 3.58 % N/A Parkway Centre 9/30/2014 4,563,827 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 22,249,173 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 30,098,400 30,528,618 12/1/2022 3.55 % N/A Aster Lely 6/24/2015 33,279,524 33,746,379 7/5/2022 3.84 % N/A CityPark View 6/30/2015 21,600,300 21,924,060 7/1/2022 3.27 % N/A Avenues at Creekside 7/31/2015 41,556,147 41,625,000 8/1/2024 2.13 % (3) 8/31/2016 Citi Lakes 9/3/2015 43,553,746 44,282,826 4/1/2023 2.70 % (4) N/A Independence Square 8/27/2015 12,267,378 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 3.02 % (5) 4/3/2017 Stone Creek 11/12/2015 16,572,690 16,792,850 10/1/2046 3.75 % N/A Lenox Village Town Center 12/21/2015 30,890,483 31,394,460 5/1/2019 3.82 % N/A Lenox Village III 12/21/2015 18,205,087 18,410,000 1/1/2023 4.04 % N/A The Overlook at Hamilton Place 12/22/2015 20,763,152 21,000,000 1/1/2026 4.19 % N/A Summit Point 10/30/2015 12,629,516 12,846,544 11/1/2022 3.57 % N/A (Table continued on next page) (Continued from previous page) Principal balance as of Interest only through date (2) Acquisition/ refinancing date September 30, 2016 December 31, 2015 Maturity date Interest rate (1) Overton Rise 2/1/2016 40,891,434 — 8/1/2026 3.98 % N/A Baldwin Park 1/5/2016 73,910,000 — 1/5/2019 2.43 % (6) 1/5/2019 Baldwin Park (second) 1/5/2016 3,890,000 — 1/5/2019 10.43 % (7) 1/5/2019 Crosstown Walk 1/15/2016 32,213,176 — 2/1/2023 3.90 % N/A East Gate Shopping Center 4/29/2016 5,754,454 — 5/1/2026 3.97 % N/A Fury's Ferry 4/29/2016 6,647,386 — 5/1/2026 3.97 % N/A Rosewood Shopping Center 4/29/2016 4,464,662 — 5/1/2026 3.97 % N/A Southgate Village 4/29/2016 7,937,178 — 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 2.53 % (8) N/A Avalon Park B Note 5/31/2016 3,250,000 — 6/5/2019 11.53 % (9) N/A Wade Green Village 4/7/2016 8,152,504 — 5/1/2026 4.00 % N/A North by Northwest 6/1/2016 33,679,285 — 9/1/2022 4.02 % N/A City Vista 7/1/2016 35,897,408 — 7/1/2026 3.68 % N/A Lakeland Plaza 7/15/2016 29,940,373 — 8/1/2026 3.85 % N/A Sorrel 8/24/2016 33,600,000 — 9/1/2023 3.44 % N/A Brookwood Office 8/29/2016 32,400,000 — 9/10/2031 3.52 % 9/10/17 University Palms 8/8/2016 13,600,000 — 9/1/2026 3.45 % N/A Cherokee Plaza 8/8/2016 26,200,000 — 9/1/2021 2.77 % (10) N/A Sandy Plains Exchange 8/8/2016 9,500,000 — 9/1/2026 3.45 % N/A Thompson Bridge Commons 8/8/2016 12,700,000 — 9/1/2026 3.45 % N/A Heritage Station 8/8/2016 9,400,000 — 9/1/2026 3.45 % N/A Oak Park Village 8/8/2016 9,700,000 — 9/1/2026 3.45 % N/A Shoppes of Parkland 8/8/2016 16,554,000 — 9/1/2023 4.67 % N/A Total $ 1,183,335,433 $ 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. (10) Variable rate which consisted of 1 Month LIBOR plus 225 basis points. The interest rate has a floor of 2.7%. The mortgage note secured by our Independence Square property is a seven year term with an anticipated repayment date of September 1, 2022. If the Company elects not to pay its principal balance at the anticipated repayment date, the term will be extended for an additional five years, maturing on September 1, 2027. The interest rate from September 1, 2022 to September 1, 2027 will be the greater of (i) the Initial Interest Rate of 3.93% plus 200 basis points or (ii) the yield on the seven year U.S. treasury security rate plus approximately 400 basis points. The mortgage note secured by our Royal Lakes Marketplace property has a maximum commitment of $11,050,000 . As of September 30, 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 3.02% as of September 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 September 30, 2016 , the weighted-average remaining life of deferred loan costs related to the Company's mortgage indebtedness was approximately 6.3 years . Credit Facility The Company has a credit facility, or Credit Facility, with Key Bank National Association, or Key Bank, which defines a revolving line of credit, or Revolving Line of Credit, which is used to fund investments, capital expenditures, dividends (with consent of Key Bank), working capital and other general corporate purposes on an as needed basis. The maximum borrowing capacity on the Revolving Line of Credit was $70.0 million , pursuant to the Third Amended and Restated Credit Agreement and accrued interest at a rate equal to LIBOR plus 3.25% per annum. On August 5, 2016, the Company 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 $70.0 million to $135.0 million with the ability to further increase it to $300.0 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. 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. On August 5, 2016, the Company repaid the 2016 Term Loan. 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 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 September 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 $686,921,700 (2) $ 784,749,240 Debt yield Minimum 8.0% 8.37 % Payout ratio Maximum 95% (3) 81.9 % Total leverage ratio Maximum 65.0% 61.1 % Debt service coverage ratio Minimum 1.50x 2.25x (1) All covenants are as defined in the current credit agreement for the Credit Facility. (2) Minimum $686.9 million plus 75% of the net proceeds of any equity offering, which totaled approximately $745.5 million as of September 30, 2016 . (3) Calculated on a trailing four-quarter basis. For the twelve-month period ended September 30, 2016 , the maximum dividends and distributions allowed under this covenant was approximately $62.4 million . Loan fees and closing costs for the establishment and subsequent amendments of the Revolving Line of Credit, the 2016 Term Loan, as well as the mortgage debt on the Company's multifamily communities, are amortized using the straight-line method, which approximates the effective interest method over the lives of the loans. At September 30, 2016 , aggregate unamortized loan costs for the Revolving Line of Credit were $1.9 million , 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 4.0% for the nine -month period ended September 30, 2016 . The Revolving Line of Credit also bears a commitment fee on the average daily unused portion of the Credit Facility of 0.20% or 0.30% per annum, based on the amount borrowed as a percentage of the total commitment. Future Principal Payments The Company’s estimated future principal payments due on its debt instruments as of September 30, 2016 were: Period Future principal payments 2016 $ 97,231,643 2017 18,629,724 2018 41,224,611 2019 332,587,612 2020 89,708,642 thereafter 696,953,201 Total $ 1,276,335,433

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [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 nine-month periods ended September 30, 2016 and 2015.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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 September 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. See note 17. A total of approximately $3.6 million of combined asset management and general and administrative expense fees related to the acquired properties as of September 30, 2016 have been deemed contingent 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 allocable capital contributions for the asset plus a 7% priority annual return on the asset. At September 30, 2016 , the Company had unfunded balances on its real estate loan portfolio of approximately $54.4 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	9 Months Ended
	Sep. 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 four distinct segments: multifamily communities, real estate related financing, New Market Properties, and office building. Multifamily Communities - consists of the Company's portfolio of owned residential multifamily communities, including its owned student housing community and the Lenox Portfolio, which includes 47,600 square feet of ground floor retail gross leasable area. 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. Excluded from the financing segment are financial results of the Company's Dawson Marketplace real estate loan. New Market Properties - consists of the Company's portfolio of owned grocery-anchored shopping centers, which are owned by New Market Properties, LLC, a wholly-owned subsidiary of the Company, as well as the financial results from the Company's Dawson Marketplace real estate loan. Office Building - consists of the Company's Class A office building located in Birmingham, Alabama. 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. September 30, 2016 December 31, 2015 Assets: Multifamily communities $ 1,182,652,596 $ 781,224,019 Financing 345,622,541 272,454,610 New Market Properties 533,156,727 229,461,573 Office building 52,187,657 — Other 9,917,549 12,388,831 Consolidated assets $ 2,123,537,070 $ 1,295,529,033 Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Revenues Multifamily communities $ 32,254,954 $ 18,624,534 $ 87,941,541 $ 44,714,185 Financing 10,575,595 7,822,002 29,957,116 21,266,174 New Market Properties 10,193,843 3,509,157 22,715,460 9,408,676 Office building 512,945 — 512,945 — Consolidated revenues $ 53,537,337 $ 29,955,693 $ 141,127,062 $ 75,389,035 Capitalized expenditures (1) Multifamily communities $ 2,674,743 $ 1,156,136 $ 6,762,650 $ 2,737,108 New Market Properties 565,010 326,499 1,679,766 1,008,023 Total capitalized expenditures $ 3,239,753 $ 1,482,635 $ 8,442,416 $ 3,745,131 (1) Excluding the purchase price of acquisitions and including construction in progress. Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Segment net operating income (Segment NOI) Multifamily communities $ 18,413,797 $ 10,517,036 $ 48,169,241 $ 24,585,670 Financing 10,575,595 7,822,002 29,957,116 21,266,174 New Market Properties 7,795,476 2,605,528 17,048,716 6,662,181 Office building 373,454 — 373,454 — Consolidated segment net operating income 37,158,322 20,944,566 95,548,527 52,514,025 Interest expense: Multifamily communities 7,852,145 4,253,524 21,006,486 10,403,085 New Market Properties 2,615,924 844,472 5,588,947 2,391,479 Financing 1,632,424 720,764 3,959,391 2,089,779 Office building 133,681 — 133,681 — 12,234,174 5,818,760 30,688,505 14,884,343 Depreciation and amortization: Multifamily communities 16,028,880 8,719,852 42,800,401 21,526,901 New Market Properties 5,452,490 1,816,634 11,997,670 4,882,862 Office building 182,993 — 182,993 — 21,664,363 10,536,486 54,981,064 26,409,763 Professional fees 593,623 577,579 2,176,510 1,249,947 Management fees, net of deferrals 3,022,124 1,535,382 8,025,916 3,302,109 Acquisition costs: Multifamily communities 601,033 2,543,159 4,645,530 5,335,149 New Market Properties 396,679 781,799 1,856,933 941,514 Office building 359,825 — 383,401 — 1,357,537 3,324,958 6,885,864 6,276,663 Equity compensation to directors and executives: New Market Properties 20,356 72,071 60,289 213,912 Other 618,058 521,346 1,807,417 1,547,356 638,414 593,417 1,867,706 1,761,268 Gain on sale of real estate — — 4,271,506 — Other 336,707 255,751 1,055,099 671,792 Net income (loss) $ (2,688,620 ) $ (1,697,767 ) $ (5,860,631 ) $ (2,041,860 )

Loss per Share

Loss per Share	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	The following is a reconciliation of weighted average basic and diluted shares outstanding used in the calculation of income (loss) per share of Common Stock: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Numerator: Net income (loss) $ (2,688,620 ) $ (1,697,767 ) $ (5,860,631 ) $ (2,041,860 ) Net (income) loss attributable to non-controlling interests 86,484 15,289 175,045 20,712 Net income (loss) attributable to the Company (2,602,136 ) (1,682,478 ) (5,685,586 ) (2,021,148 ) Dividends declared to Series A preferred stockholders (A) (11,015,706 ) (5,114,126 ) (28,341,723 ) (12,377,580 ) Earnings attributable to unvested restricted stock (B) (6,159 ) (4,068 ) (12,434 ) (16,355 ) Net loss available to common stockholders $ (13,624,001 ) $ (6,800,672 ) $ (34,039,743 ) $ (14,415,083 ) Denominator: Weighted average number of shares of Common Stock - basic 24,340,791 22,292,217 23,552,951 22,109,036 Effect of dilutive securities: (C) Warrants — — — — Class B Units — — — — Unvested restricted stock — — — — Weighted average number of shares of Common Stock - diluted 24,340,791 22,292,217 23,552,951 22,109,036 Net loss per share of Common Stock available to common stockholders: Basic and diluted $ (0.56 ) $ (0.31 ) $ (1.45 ) $ (0.65 ) (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 802,032 and 384,112 outstanding shares of Series A Preferred Stock at September 30, 2016 , and 2015, respectively. (B) The Company's outstanding unvested restricted share awards ( 23,247 and 22,602 shares of Common Stock at September 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 nine-month periods ended September 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 September 30, 2016 and September 30, 2015 from issuances of Units that are potentially exercisable into 14,056,460 and 7,607,520 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	9 Months Ended
	Sep. 30, 2016
Business Acquisition, Pro Forma Information [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 September 30, Nine months ended September 30, Unamortized expense as of September 30, 2016 2015 2016 2015 2016 Quarterly board member committee fee grants $ 18,030 $ 18,018 $ 48,021 $ 41,917 $ — Class B Unit awards: Executive officers - 2014 — — — 3,825 — Executive officers - 2015 — 495,399 5,236 1,474,872 — Executive officers - 2016 517,884 — 1,536,946 — 1,130,342 Restricted stock grants: 2014 — — — 107,321 — 2015 — 80,000 106,670 133,333 — 2016 102,500 — 170,833 — 239,166 Total $ 638,414 $ 593,417 $ 1,867,706 $ 1,761,268 $ 1,369,508 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 8/4/2016 834 $ 14.44 12,042 8/3/2016 417 $ 14.36 $ 5,988 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 8/6/2015 1,647 $ 10.94 $ 18,018 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.
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 City Vista 1/1/2015 Lakeland Plaza 1/1/2015 Sorrel 1/1/2015 Brookwood Office 1/1/2015 University Palms 1/1/2015 Cherokee Plaza 1/1/2015 Sandy Plains Exchange 1/1/2015 Thompson Bridge Commons 1/1/2015 Heritage Station 1/1/2015 Oak Park Village 1/1/2015 Shoppes of Parkland 1/1/2015 Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Pro forma: Revenues $ 56,305,235 $ 52,440,197 $ 167,230,831 $ 149,371,941 Net income (loss) $ 2,634,574 $ (7,583,116 ) $ 3,586,801 $ (31,388,770 ) Net income (loss) attributable to the Company $ 2,536,343 $ (7,365,660 ) $ 3,419,840 $ (30,309,018 ) Net loss attributable to common stockholders $ (8,485,522 ) $ (12,483,854 ) $ (24,934,317 ) $ (42,702,953 ) Net loss per share of Common Stock attributable to common stockholders, Basic and diluted $ (0.35 ) $ (0.56 ) $ (1.06 ) $ (1.89 ) Weighted average number of shares of Common Stock outstanding, basic and diluted 24,340,791 22,292,217 23,552,951 22,570,222 These pro forma operating results include aggregate nonrecurring adjustments to combined acquisition costs and acquisition fees of reductions of approximately $1.7 million and $3.2 million for the three-month periods ended September 30, 2016 and 2015, respectively, and reductions of approximately $6.8 million and $5.5 million for the nine-month periods ended September 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	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [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 September 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) $ 305,407,486 $ 342,775,296 $ — $ — $ 342,775,296 Notes and line of credit receivable 35,328,412 35,328,412 — — 35,328,412 $ 340,735,898 $ 378,103,708 $ — $ — $ 378,103,708 Financial liabilities: Mortgage notes payable (2) $ 1,183,335,433 $ 1,197,997,866 $ — $ — $ 1,197,997,866 Revolving credit facility 82,000,000 82,000,000 — — 82,000,000 Term loan 11,000,000 11,000,000 — — 11,000,000 Loan participation obligations 19,638,232 20,486,803 — — 20,486,803 $ 1,295,973,665 $ 1,311,484,669 $ — $ — $ 1,311,484,669 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 $17.7 million and $14.3 million as of September 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 September 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	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Events Between October 1, 2016 and October 31, 2016, the Company issued 29,419 Units and collected net proceeds of approximately $26.5 million after commissions and fees under its Follow-on Offering. On October 18, 2016, the Company acquired a grocery-anchored shopping center with approximately 383,100 square feet of gross leasable area, located in the Houston, Texas 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 October 25, 2016, Preferred Capital Securities, LLC issued certain of its employees credit cards which the Company has guarantied up to $200,000. On November 3, 2016, the Company declared a Common Stock dividend of $0.22 per share for the fourth quarter 2016, which is payable on January 17, 2017, to common stockholders of record on December 15, 2016. On November 4, 2016, the Company acquired an approximate 110,000 square foot office building in the Atlanta, Georgia area. 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)	9 Months Ended
	Sep. 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 and office buildings 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 and office buildings 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 for office buildings. The amortization period for retail shopping center leases is the remaining lease term 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. In accordance with guidance provided by ASC 310-20-25, the portion of loan coordination fees to secure financing 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. The remaining portion of loan coordination fees are accounted for as acquisition costs and are expensed as incurred. 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.
Non-controlling interests [Policy Text Block]	Non-controlling interests As of each reporting date, the outstanding Class A Units in the Operating Partnership and the proportionate amount of amortized but unvested Class B Units in the Operating Partnership are apportioned a pro-rata amount of the Company's equity attributable to Common Stockholders and Unitholders according to the period-end percentage of Class A Units to shares of Common Stock issued and outstanding. This equity allocation is adjusted for periodic consolidated net income/loss attributable to non-controlling interests and periodic amortization of unvested Class B Unit awards.
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 August 2014, the FASB issued Accounting Standards Update 2014-15 ("ASU 2014-15"), Presentation of Financial Statements—Going Concern (Subtopic 205-40) Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This new guidance establishes a requirement that management evaluate the entity's ability to continue as a going concern and requires certain disclosures should substantial doubt exist about the entity's future viability. ASU 2014-15 is effective on January 1, 2017 and the Company expects to adopt the new guidance on that date. The Company does not expected the adoption of ASU 2014-15 to materially impact its consolidated 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 expect the adoption of ASU 2016-01 to materially 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. In August 2016, the FASB issued Accounting Standards Update 2016-15 ("ASU 2016-15"), Statement of Cash Flows—(Topic 326): Classification of Certain Cash Receipts and Cash Payments. The new standard clarifies or establishes guidance for the presentation of various cash transactions on the statement of cash flows. The portion of the guidance applicable to the Company's business activities include the requirement that cash payments for debt prepayment or debt extinguishment costs be presented as cash out flows for financing activities. The standard is effective for the Company on January 1, 2018. The Company does not expect the adoption of ASU 2016-15 to materially impact the Company’s consolidated financial statements.

Real Estate Assets (Tables)

Real Estate Assets (Tables)	9 Months Ended
	Sep. 30, 2016
Real Estate Properties [Line Items]
Real Estate Owned [Table Text Block]	The Company's real estate assets consisted of: As of: 9/30/2016 12/31/2015 Multifamily communities (1) 25 19 Multifamily units 8,268 6,136 Retail shopping centers 30 14 Approximate square feet of retail gross leasable area (2) 2,913,000 1,279,000 Class A office building 1 — (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 September 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 Land $ 8,281,054 $ 7,410,048 $ 8,511,370 $ 17,402,882 Buildings and improvements 34,355,922 80,558,636 44,710,034 87,105,757 Furniture, fixtures and equipment 2,623,916 1,790,256 6,286,105 3,358,589 Lease intangibles 799,109 2,741,060 1,611,314 2,882,772 Prepaids & other assets 79,626 99,297 73,754 229,972 Escrows 1,026,419 3,477,157 354,640 2,555,753 Accrued taxes (321,437 ) (394,731 ) (66,422 ) (17,421 ) Security deposits, prepaid rents, and other liabilities (159,462 ) (207,623 ) (90,213 ) (226,160 ) Net assets acquired $ 46,685,147 $ 95,474,100 $ 61,390,582 $ 113,292,144 Cash paid $ 12,831,872 $ 30,474,100 $ 20,090,582 $ 35,492,144 Mortgage debt 33,853,275 65,000,000 41,300,000 77,800,000 Total consideration $ 46,685,147 $ 95,474,100 $ 61,390,582 $ 113,292,144 Three months ended September 30, 2016: Revenue $ 1,480,000 $ 2,059,000 $ 1,328,000 $ 2,288,000 Net loss $ (601,000 ) $ (1,094,000 ) $ (593,000 ) $ (1,442,000 ) Nine months ended September 30, 2016: Revenue $ 1,950,000 $ 2,723,000 $ 3,631,000 $ 7,044,000 Net loss $ (608,000 ) $ (1,750,000 ) $ (1,425,000 ) $ (4,180,000 ) Cumulative acquisition costs incurred by the Company $ 402,000 $ 1,314,000 $ 116,000 $ 1,847,000 Remaining amortization period of intangible assets and liabilities (months) 3 8 2 0 2016 Crosstown Walk City Vista Sorrel Land $ 5,178,375 $ 4,081,683 $ 4,412,164 Buildings and improvements 33,605,831 36,084,007 35,512,257 Furniture, fixtures and equipment 5,726,583 5,402,228 6,705,040 Lease intangibles 1,323,511 2,100,866 1,495,539 Prepaids & other assets 125,706 167,797 — Escrows 291,868 599,983 623,791 Accrued taxes (25,983 ) (245,326 ) (437,510 ) Security deposits, prepaid rents, and other liabilities (53,861 ) (141,238 ) (68,828 ) Net assets acquired $ 46,172,030 $ 48,050,000 $ 48,242,453 Cash paid $ 13,632,030 — $ 14,642,453 Real estate loan settled — 12,500,000 — Joint venture partner — (450,000 ) — Mortgage debt 32,540,000 36,000,000 33,600,000 Total consideration $ 46,172,030 $ 48,050,000 $ 48,242,453 Three months ended September 30, 2016: Revenue $ 1,286,000 $ 1,202,000 $ 478,000 Net loss $ (461,000 ) $ (692,000 ) $ (294,000 ) Nine months ended September 30, 2016: Revenue $ 3,625,000 $ 1,202,000 $ 478,000 Net loss $ (1,429,000 ) $ (692,000 ) $ (294,000 ) Cumulative acquisition costs incurred by the Company $ 320,000 $ 18,000 $ 529,000 Remaining amortization period of intangible assets and liabilities (months) 1 7 11 2015 CityPark View Aster at Lely Venue at Lakewood Ranch Houston Portfolio Avenues at Creekside Citi Lakes Land $ 3,558,793 $ 7,675,409 $ 3,791,050 $ 7,162,226 $ 5,983,724 $ 5,558,033 Buildings and improvements 23,797,764 37,661,901 37,574,391 54,217,075 42,050,104 49,416,492 Furniture, fixtures and equipment 4,562,148 6,132,384 5,375,690 13,078,872 6,939,014 7,411,367 Lease intangibles 737,790 1,030,306 669,369 1,571,827 1,227,158 964,108 Prepaids & other assets 99,124 106,717 80,201 150,326 89,582 40,032 Escrows 211,428 — 401,294 362,332 1,058,468 280,863 Accrued taxes (105,756 ) (23,413 ) (216,252 ) (212,601 ) (440,660 ) (187,792 ) Security deposits, prepaid rents, and other liabilities (40,152 ) (64,689 ) (35,157 ) (99,181 ) (218,438 ) (80,629 ) Net assets acquired $ 32,821,139 $ 52,518,615 $ 47,640,586 $ 76,230,876 $ 56,688,952 $ 63,402,474 Cash paid $ 721,139 $ 18,518,615 $ 16,830,586 $ 25,452,876 $ 15,063,952 $ 18,952,474 Real estate loan settled 10,000,000 — — — — — Mortgage debt 22,100,000 34,000,000 30,810,000 50,778,000 41,625,000 44,450,000 Total consideration $ 32,821,139 $ 52,518,615 $ 47,640,586 $ 76,230,876 $ 56,688,952 $ 63,402,474 Three months ended September 30, 2016: Revenue $ 971,000 $ 1,311,000 $ 1,170,000 $ 2,185,000 $ 1,435,000 $ 1,398,000 Net income (loss) $ 58,000 $ (1,000 ) $ 123,000 $ (246,000 ) $ 137,000 $ (143,000 ) Nine months ended September 30, 2016: Revenue $ 2,797,000 $ 3,954,000 $ 3,499,000 $ 6,526,000 $ 4,223,000 $ 4,126,000 Net income (loss) $ 61,000 $ (74,000 ) $ 27,000 $ (864,000 ) $ (157,000 ) $ (1,213,000 ) Cumulative acquisition costs incurred by the Company $ 276,000 $ 438,000 $ 889,000 $ 1,142,000 $ 852,000 $ 1,620,000 Remaining amortization period of intangible assets and liabilities (months) 0 0 0 0 0 0
Depreciation and Amortization Expense [Table Text Block]	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 September 30, Nine months ended September 30, 2016 2015 2016 2015 Depreciation: Buildings and improvements $ 9,637,960 $ 4,545,441 $ 24,251,696 $ 11,356,809 Furniture, fixtures, and equipment 5,775,856 2,999,399 15,135,655 7,695,830 15,413,816 7,544,840 39,387,351 19,052,639 Amortization: Acquired intangible assets 6,205,194 2,982,982 15,523,359 7,343,400 Deferred leasing costs 38,621 7,207 53,510 7,207 Website development costs 6,732 1,457 16,844 6,517 Total depreciation and amortization $ 21,664,363 $ 10,536,486 $ 54,981,064 $ 26,409,763
Multifamily communities [Member]
Real Estate Properties [Line Items]
Table of Properties Acquired [Table Text Block]	The Company acquired the following multifamily communities during the nine months ended September 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 7/1/2016 City Vista Pittsburgh, Pennsylvania (3 ) 272 8/24/2016 Sorrel Jacksonville, Florida $ 48.1 290 2,432 2/13/2015 Avenues at Cypress Houston, Texas (4) 240 2/13/2015 Avenues at Northpointe Houston, Texas (4) 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 7/31/2015 Avenues at Creekside San Antonio, Texas $ 56.2 395 9/3/2015 Citi Lakes Orlando, Florida $ 63.4 346 2,090 (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) The Company converted $12,500,000 of its City Vista real estate loan into an approximate 96% ownership interest in a joint venture which owns the underlying property. (4) Avenues at Cypress and Avenues at Northpointe are referred to collectively as the Houston Portfolio, which was acquired for approximately $76.0 million .
Officer [Member]
Real Estate Properties [Line Items]
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 Lakeland Plaza Sunbelt 7 Portfolio Land $ 2,271,224 $ 14,081,647 $ 1,840,284 $ 7,079,408 $ 36,198,658 Buildings and improvements 11,872,222 48,598,731 8,159,147 32,258,335 109,504,038 Tenant improvements 402,973 993,530 251,250 828,966 2,143,404 In-place leases 847,939 4,906,398 841,785 2,947,175 11,005,662 Above-market leases 100,216 86,234 107,074 1,349,624 458,353 Leasing costs 253,640 992,143 167,541 1,287,825 4,116,560 Below-market leases (198,214 ) (1,069,877 ) — (797,729 ) (7,617,485 ) Other assets 157,775 600,069 10,525 — 3,409,838 Other liabilities (179,546 ) (437,008 ) (59,264 ) (180,331 ) (1,196,579 ) Net assets acquired $ 15,528,229 $ 68,751,867 $ 11,318,342 $ 44,773,273 $ 158,022,449 Cash paid $ 6,278,229 $ 43,751,867 $ 6,245,683 (1) $ 14,773,273 $ 60,368,449 Class A OP Units granted — — 5,072,659 (2) — — Mortgage debt 9,250,000 (3) 25,000,000 — (4) 30,000,000 97,654,000 Total consideration $ 15,528,229 $ 68,751,867 $ 11,318,342 $ 44,773,273 $ 158,022,449 Three months ended September 30, 2016: Revenue $ 331,000 $ 1,569,000 $ 297,000 $ 728,000 $ 1,787,000 Net loss $ (38,000 ) $ (105,000 ) $ (103,000 ) $ (134,000 ) $ (164,000 ) Nine months ended September 30, 2016: Revenue $ 491,000 $ 2,660,000 $ 634,000 $ 728,000 $ 1,787,000 Net loss $ (56,000 ) $ (334,000 ) $ (255,000 ) $ (134,000 ) $ (164,000 ) Cumulative acquisition costs incurred by the Company $ 112,000 $ 639,000 $ 295,000 $ 200,000 $ 614,000 Remaining amortization period of intangible assets and liabilities (years) 8.0 4.3 2.5 7.5 9.2 (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 acquired the following grocery-anchored shopping centers during the nine months ended September 30, 2015 : Acquisition date Property Location Approximate purchase price (millions) Gross leasable area 9/4/2015 Royal Lakes Marketplace (1) Atlanta, Georgia $ 16.6 119,493 7/1/2015 Independence Square Dallas, Texas $ 18.0 140,218 259,711 (1) See Note 7 - Related Party Transactions The purchase prices approximated the fair value of the acquired assets and assumed liabilities. The Company allocated the purchase prices to the acquired assets and liabilities based upon their fair values, as shown in the following table. These purchase price allocations were based upon the Company's best estimates of the fair values of the acquired assets and liabilities, but are preliminary and are subject to refinement for a period of up to one year from the closing date of each transaction. Independence Square Royal Lakes Marketplace Land $ 4,114,574 $ 4,874,078 Buildings and improvements 13,123,553 9,921,403 Tenant improvements 566,857 517,191 In-place leases 1,567,944 957,093 Above-market leases 35,127 198,238 Leasing costs 392,451 365,629 Below-market leases (1,775,506 ) (315,837 ) Other assets — 88,553 Security deposits, prepaid rents, and other liabilities (226,599 ) (145,581 ) Net assets acquired $ 17,798,401 $ 16,460,767 Cash paid $ 17,798,401 $ 6,660,767 Mortgage debt — (1) 9,800,000 Total consideration $ 17,798,401 $ 16,460,767 (1) On August 27, 2015, the Company entered into a mortgage note secured by the Independence Square property in the principal amount of $12,617,500 . Independence Square Royal Lakes Marketplace Three months ended September 30, 2016: Revenue $ 535,000 $ 341,000 Net loss $ (68,000 ) $ (5,000 ) Nine months ended September 30, 2016: Revenue $ 1,580,000 $ 1,016,000 Net loss $ (256,000 ) $ (61,000 ) Cumulative acquisition costs incurred by the Company $ 573,000 $ 245,000 Remaining amortization period of intangible assets and liabilities (years) 6.3 9.9 On August 29, 2016, the Company acquired a nine-story, class A office building in Birmingham Alabama. The Company allocated the purchase price to the acquired assets and liabilities based upon their fair values, as shown in the following table. The purchase price allocation was based upon the Company's best estimates of the fair values of the acquired assets and liabilities, but are preliminary and are subject to refinement for a period of up to one year from the closing date of the transaction. Brookwood Office Land $ 1,744,828 Buildings and improvements 39,099,395 Tenant improvements 3,561,805 In-place leases 3,728,049 Above-market leases 146,941 Leasing costs 2,402,958 Below-market leases (1,737,158 ) Other assets 1,466,906 Other liabilities (580,668 ) Net assets acquired $ 49,833,056 Cash paid $ 17,433,056 Mortgage debt 32,400,000 Total consideration $ 49,833,056 Three months ended September 30, 2016: Revenue $ 513,000 Net income $ 74,000 Nine months ended September 30, 2016: Revenue $ 513,000 Net income $ 74,000 Cumulative acquisition costs incurred by the Company $ 377,000 Remaining amortization period of intangible assets and liabilities (years) 11.9
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)	9 Months Ended
	Sep. 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 September 30, 2016 and December 31, 2015: September 30, 2016 Multifamily Retail Office building Total In-place leases $ 35,125,997 $ 34,862,165 $ 3,728,048 $ 73,716,210 Above-market leases — 3,474,370 146,941 3,621,311 Customer relationships 1,335,417 — — 1,335,417 Lease origination costs 78,786 11,015,892 37,053 11,131,731 Acquired intangible assets $ 36,540,200 $ 49,352,427 $ 3,912,042 $ 89,804,669 Less accumulated amortization of: In-place leases $ (29,493,437 ) $ (6,976,555 ) $ (44,016 ) $ (36,514,008 ) Above market leases — (580,489 ) (8,415 ) (588,904 ) Customer relationships (1,335,417 ) — — (1,335,417 ) Lease origination costs (31,330 ) (1,509,438 ) — (1,540,768 ) Accumulated amortization (30,860,184 ) (9,066,482 ) (52,431 ) (39,979,097 ) Acquired intangible assets, net $ 5,680,016 $ 40,285,945 $ 3,859,611 $ 49,825,572 Below market lease liability $ 277,195 $ 20,099,812 $ 1,737,158 $ 22,114,165 Less: accumulated amortization (277,195 ) (2,641,572 ) (15,044 ) (2,933,811 ) Below market lease liability, net $ — $ 17,458,240 $ 1,722,114 $ 19,180,354 December 31, 2015 Multifamily Retail Total In-place leases $ 24,704,733 $ 14,439,414 $ 39,144,147 Above-market leases — 1,386,254 1,386,254 Customer relationships 1,588,277 — 1,588,277 Lease origination costs 78,786 4,216,166 4,294,952 Acquired intangible assets $ 26,371,796 $ 20,041,834 $ 46,413,630 Less accumulated amortization of: In-place leases $ (21,608,833 ) $ (2,965,096 ) $ (24,573,929 ) Above market leases — (233,833 ) (233,833 ) Customer relationships (1,588,277 ) — (1,588,277 ) Lease origination costs (1,466 ) (634,652 ) (636,118 ) Accumulated amortization (23,198,576 ) (3,833,581 ) (27,032,157 ) Acquired intangible assets, net $ 3,173,220 $ 16,208,253 $ 19,381,473 Below market lease liability $ 383,593 $ 10,448,062 $ 10,831,655 Less: accumulated amortization (383,593 ) (1,194,612 ) (1,578,205 ) Below market lease liability, net $ — $ 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 September 30, 2016 Amortization expense Multifamily Retail Office building Total Intangible assets: Leases in place $ 3,859,901 $ 1,877,026 $ 44,016 $ 5,780,943 Above-market leases (1) — 173,347 8,416 181,763 Lease origination costs 11,131 413,120 — 424,251 $ 3,871,032 $ 2,463,493 $ 52,432 $ 6,386,957 Intangible liabilities: Below-market leases (1) $ — $ 691,593 $ 15,044 $ 706,637 Three months ended September 30, 2015 Amortization expense Multifamily Retail Total Intangible assets: Leases in place $ 2,183,437 $ 668,053 $ 2,851,490 Above-market leases (1) — 45,585 45,585 Lease origination costs — 131,492 131,492 $ 2,183,437 $ 845,130 $ 3,028,567 Intangible liabilities: Below-market leases (1) $ — $ 270,517 $ 270,517 Nine months ended September 30, 2016 Amortization expense Multifamily Retail Office building Total Intangible assets: Leases in place $ 10,417,678 $ 4,137,666 $ 44,016 $ 14,599,360 Above-market leases (1) — 366,816 8,416 375,232 Lease origination costs 31,229 892,769 — 923,998 $ 10,448,907 $ 5,397,251 $ 52,432 $ 15,898,590 Intangible liabilities: Below-market leases (1) $ — $ 1,478,517 $ 15,044 $ 1,493,561 Nine months ended September 30, 2015 Amortization expense Multifamily Retail Total Intangible assets: Leases in place $ 5,162,093 $ 1,816,193 $ 6,978,286 Above-market leases (1) — 128,688 128,688 Lease origination costs — 365,114 365,114 $ 5,162,093 $ 2,309,995 $ 7,472,088 Intangible liabilities: Below-market leases (1) $ — $ 694,948 $ 694,948 (1) Amortization of above and below market lease intangibles is recorded as a decrease and an increase to rental revenue, respectively.

Real Estate Loans, Notes Rece29

Real Estate Loans, Notes Receivable, and Lines of Credit Real estate loans (Tables)	9 Months Ended
	Sep. 30, 2016
Receivables [Abstract]
real estate loans carrying amounts [Table Text Block]	As of 9/30/2016 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 September 30, 2016 December 31, 2015 Project/Property Crosstown Walk $ — $ — $ — $ — $ — $ 10,950,040 City Vista — — — — — 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 (1,2) 9,866,000 197,320 (98,660 ) (16,370 ) 9,849,630 9,841,816 Encore (2) 10,958,200 539,695 (269,847 ) — 10,958,200 10,894,278 Encore Capital 6,564,124 — — — 6,564,124 6,036,465 Palisades (1,2) 16,070,000 321,400 (160,700 ) (3,809 ) 16,066,191 16,063,817 Fusion 48,396,901 1,120,890 (560,445 ) (168,107 ) 48,228,794 37,072,235 Green Park (1,2) 13,180,052 269,287 (134,644 ) (14,846 ) 13,165,206 12,330,489 Stadium Village (1,2) 13,329,868 268,500 (134,250 ) (4,039 ) 13,325,829 13,321,293 Summit Crossing III 7,246,400 144,928 (72,464 ) (24,903 ) 7,221,497 7,205,894 Overture 5,992,592 138,400 (69,200 ) (25,218 ) 5,967,374 4,481,446 Aldridge at Town Village 10,427,956 219,500 (109,750 ) (40,479 ) 10,387,477 9,707,532 18 Nineteen 15,496,602 311,967 (155,984 ) (47,340 ) 15,449,262 14,421,568 Haven South 15,186,370 309,113 (154,557 ) (72,277 ) 15,114,093 14,087,852 Haven46 7,146,862 58,000 (29,000 ) (54,553 ) 7,092,309 2,891,067 Bishop Street 10,906,611 62,140 (31,070 ) (77,010 ) 10,829,601 3,086,778 Dawson Marketplace 12,343,718 257,140 (128,570 ) (7,817 ) 12,335,901 11,563,352 Madison Wade Green — — — — — 6,225,304 Hidden River Lending 4,734,960 94,700 (47,350 ) (38,889 ) 4,696,071 (47,350 ) Hidden River Capital 4,527,161 107,600 (53,800 ) (36,382 ) 4,490,779 2,619,808 Crescent Avenue 6,000,000 120,000 (60,000 ) (29,871 ) 5,970,129 — City Park Lending 3,364,800 67,296 (33,648 ) (25,001 ) 3,339,799 — City Park II Capital Lending 3,254,444 78,320 (39,160 ) (27,998 ) 3,226,446 — Haven Northgate 39,082,506 1,293,571 (646,786 ) (534,802 ) 38,547,704 — Lubbock II 7,382,840 187,143 (93,572 ) (75,726 ) 7,307,114 — Park 35 on Clairmont 19,371,924 421,203 (210,602 ) (197,502 ) 19,174,422 — Fort Myers 3,538,936 80,000 (40,000 ) (39,418 ) 3,499,518 — $ 306,969,843 $ 6,929,257 $ (3,464,631 ) $ (1,562,357 ) $ 305,407,486 $ 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 participant on our Encore loan was paid $53,695 as an acquisition fee.
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	At September 30, 2016 , our portfolio of real estate loans, including maximum potential loan amounts, consisted of: Project/Property Location Date of loan Maturity date Optional extension date Total loan commitments Senior loans held by unrelated third parties Current / deferred interest % per annum (1) 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 / 7.5 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 / 5.83 (4) Stadium Village (5) Atlanta, GA 6/27/2014 6/27/2017 N/A 13,424,995 $ 34,825,000 8.5 / 5.83 (4) Summit Crossing III Atlanta, GA 2/27/2015 2/26/2018 2/26/2020 7,246,400 $ 16,822,000 8.5 / 7.5 (4) Overture Tampa, FL 7/21/2015 7/21/2018 7/21/2020 6,920,000 $ 17,080,000 8.5 / 7.5 (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 / 6.5 (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 / 6.5 (4) Hidden River Capital Tampa, FL 12/4/2015 12/4/2018 12/4/2020 5,380,000 $ — 8.5 / 6.5 CityPark II Charlotte, NC 1/8/2016 1/7/2019 1/7/2021 3,364,800 $ 19,628,000 8.5 / 6.5 (4) CityPark II Capital Charlotte, NC 1/8/2016 1/8/2019 1/31/2021 3,916,000 $ — 8.5 / 6.5 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 $ — 6.6 / 1.5 (14) Lubbock II (13) Lubbock, TX 4/19/2016 4/20/2019 N/A 9,357,171 $ 28,478,346 8.5 / 5 (4) Park 35 on Clairmont Birmingham, AL 8/24/2016 6/26/2018 6/26/2020 21,000,000 $ 35,000,000 8.5 / 2 (4) Fort Myers Fort Myers, FL 9/26/2016 9/25/2017 N/A 4,000,000 $ — 12 / 0 $ 361,328,553 (1) All loans pertain to developments of multifamily communities, except as otherwise indicated. (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, plus adjustments, if any. (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. (14) Current interest is calculated as the sum of 6.0% plus 1 month LIBOR.
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 Haven 12 (1) 9/1/2017 11/30/2017 (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 (3) 9/1/2017 11/30/2017 (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 Fort Myers N/A N/A N/A 224 — Park 35 on Clairmont (4) (4) (2) 271 — 4,902 4,806 (1) Effective August 31, 2016, the purchase option window dates were amended as shown. (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, plus adjustments, if any. (3) Effective July 1, 2016, the purchase option window dates were amended as shown. (4) Purchase option begins on the first day of the month that is 90 days after the project achieves at least 93% occupancy and ends 60 days thereafter.
Notes receivable [Table Text Block]	Borrower Date of loan Maturity date Total loan commitments Outstanding balance as of: Interest rate 9/30/2016 12/31/2015 360 Residential, LLC 3/20/2013 6/30/2017 $ 2,000,000 $ 1,428,306 $ 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 12,539,917 12,793,440 8 % Haven Campus Communities, LLC (2) 6/11/2014 12/31/2016 11,500,000 7,324,904 5,359,904 12 % (1) Oxford Capital Partners, LLC (4) 10/5/2015 3/31/2017 10,650,000 7,559,004 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 2,776,984 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 500,000 129,000 — 12 % 360 Capital Company, LLC 5/24/2016 12/31/2017 2,000,000 1,033,667 — 12 % (1) Unamortized loan fees (79,017 ) (82,056 ) $ 52,905,000 $ 35,328,412 $ 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 September 30, Nine months ended September 30, 2016 2015 2016 2015 Real estate loans: Current interest payments $ 5,902,915 $ 4,077,298 $ 16,913,037 $ 11,263,071 Additional accrued interest 3,917,641 3,018,766 10,633,937 7,573,044 Deferred loan fee revenue 201,147 204,790 636,875 555,657 Total real estate loan revenue 10,021,703 7,300,854 28,183,849 19,391,772 Interest income on notes and lines of credit 974,540 654,026 3,111,339 2,007,281 Interest income on loans and notes receivable $ 10,996,243 $ 7,954,880 $ 31,295,188 $ 21,399,053

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2016	Sep. 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 September 30, Nine months ended September 30, 2016 2015 2016 2015 $ 2,808,402 $ 1,688,347 $ 7,688,470 $ 4,114,752
offering costs reimbursable to the Manager	482,871	670,579
Schedule of Related Party Transactions [Table Text Block]	The following table details Manager fees recognized, net of deferrals, as described below. Three months ended September 30, Nine months ended September 30, Type of Compensation Basis of Compensation 2016 2015 2016 2015 Acquisition fees 1% of the gross purchase price of real estate assets acquired prior to January 1, 2016 $ — $ 2,035,350 $ — $ 4,438,813 Loan origination fees 1.0% of the maximum commitment of any real estate loan, note or line of credit receivable 250,602 494,100 1,374,828 1,063,457 Loan coordination fees As of January 1, 2016, 1.6% of any assumed, new or supplemental debt incurred in connection with an acquired property (1) 3,493,227 — 8,178,836 — Asset management fees Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted 2,196,363 1,045,986 5,708,868 2,290,870 Property management fees Monthly fee equal to 4% of the monthly gross revenues of the properties managed 1,438,569 743,775 3,629,322 1,652,034 General and administrative expense fees Monthly fee equal to 2% of the monthly gross revenues of the Company 831,711 497,437 2,343,936 1,154,639 $ 8,210,472 $ 4,816,648 $ 21,235,790 $ 10,599,813 (1) If an asset is acquired without debt financing, the loan coordination fee is calculated as 1.6% of 63% of the purchase price of the asset.

Dividends Series A Preferred St

Dividends Series A Preferred Stock (Tables)	9 Months Ended
	Sep. 30, 2016
Dividends [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 July 29, 2016 682,392 3,458,513 July 31, 2015 311,944 1,588,310 August 31, 2016 721,143 3,671,020 August 31, 2015 334,013 1,701,019 September 30, 2016 765,185 3,886,173 September 30, 2015 358,687 1,824,797 Total $ 28,341,723 Total $ 12,377,580

Dividends Class A Distributions

Dividends Class A Distributions (Tables)	9 Months Ended
	Sep. 30, 2016
Dividends [Abstract]
partnership unit distributions [Table Text Block]	The holders of Class A Units of the Operating Partnership are entitled to equivalent distributions as those declared on the Common Stock. At September 30, 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 August 4, 2016 October 14, 2016 179,449 August 6, 2015 October 21, 2015 49,779 $ 476,293 $ 149,307

Dividends Common Stock (Tables)

Dividends Common Stock (Tables)	9 Months Ended
	Sep. 30, 2016
Dividends [Abstract]
Dividends [Text Block]	The Company's dividend activity on its Common Stock for the nine -month periods ended September 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 September 15, 2016 24,652,041 0.2025 4,992,038 September 15, 2015 22,323,604 0.18 4,018,249 $ 0.5975 $ 14,200,114 $ 0.535 $ 11,881,325

Equity Compensation (Tables)

Equity Compensation (Tables)	9 Months Ended
	Sep. 30, 2016
Share-based Arrangements with Employees and Nonemployees [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 8/4/2016 834 $ 14.44 12,042 8/3/2016 417 $ 14.36 $ 5,988 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 8/6/2015 1,647 $ 10.94 $ 18,018 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 September 30, Nine months ended September 30, Unamortized expense as of September 30, 2016 2015 2016 2015 2016 Quarterly board member committee fee grants $ 18,030 $ 18,018 $ 48,021 $ 41,917 $ — Class B Unit awards: Executive officers - 2014 — — — 3,825 — Executive officers - 2015 — 495,399 5,236 1,474,872 — Executive officers - 2016 517,884 — 1,536,946 — 1,130,342 Restricted stock grants: 2014 — — — 107,321 — 2015 — 80,000 106,670 133,333 — 2016 102,500 — 170,833 — 239,166 Total $ 638,414 $ 593,417 $ 1,867,706 $ 1,761,268 $ 1,369,508
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)	9 Months Ended
	Sep. 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 September 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 24,620,298 25,014,250 8/1/2019 2.89 % 8/31/2015 Summit Crossing 4/21/2011 20,120,677 20,366,748 5/1/2018 4.71 % 5/31/2014 Summit Crossing secondary financing 8/28/2014 5,080,441 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 6,434,397 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 31,063,707 31,556,664 10/1/2019 3.18 % N/A Stoneridge 9/26/2014 26,876,044 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 9,721,902 9,868,025 10/1/2019 3.36 % 10/31/2015 Parkway Town Centre 9/5/2014 7,070,474 7,176,745 10/1/2019 3.36 % 10/31/2015 Woodstock Crossing 8/8/2014 3,054,374 3,090,953 9/1/2021 4.71 % N/A Deltona Landings 9/30/2014 6,965,841 7,074,722 10/1/2019 3.48 % N/A Powder Springs 9/30/2014 7,350,163 7,465,051 10/1/2019 3.48 % N/A Kingwood Glen 9/30/2014 11,654,573 11,836,741 10/1/2019 3.48 % N/A Barclay Crossing 9/30/2014 6,552,695 6,655,117 10/1/2019 3.48 % N/A Sweetgrass Corner 9/30/2014 7,941,564 8,063,653 10/1/2019 3.58 % N/A Parkway Centre 9/30/2014 4,563,827 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 22,249,173 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 30,098,400 30,528,618 12/1/2022 3.55 % N/A Aster Lely 6/24/2015 33,279,524 33,746,379 7/5/2022 3.84 % N/A CityPark View 6/30/2015 21,600,300 21,924,060 7/1/2022 3.27 % N/A Avenues at Creekside 7/31/2015 41,556,147 41,625,000 8/1/2024 2.13 % (3) 8/31/2016 Citi Lakes 9/3/2015 43,553,746 44,282,826 4/1/2023 2.70 % (4) N/A Independence Square 8/27/2015 12,267,378 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 3.02 % (5) 4/3/2017 Stone Creek 11/12/2015 16,572,690 16,792,850 10/1/2046 3.75 % N/A Lenox Village Town Center 12/21/2015 30,890,483 31,394,460 5/1/2019 3.82 % N/A Lenox Village III 12/21/2015 18,205,087 18,410,000 1/1/2023 4.04 % N/A The Overlook at Hamilton Place 12/22/2015 20,763,152 21,000,000 1/1/2026 4.19 % N/A Summit Point 10/30/2015 12,629,516 12,846,544 11/1/2022 3.57 % N/A (Table continued on next page) (Continued from previous page) Principal balance as of Interest only through date (2) Acquisition/ refinancing date September 30, 2016 December 31, 2015 Maturity date Interest rate (1) Overton Rise 2/1/2016 40,891,434 — 8/1/2026 3.98 % N/A Baldwin Park 1/5/2016 73,910,000 — 1/5/2019 2.43 % (6) 1/5/2019 Baldwin Park (second) 1/5/2016 3,890,000 — 1/5/2019 10.43 % (7) 1/5/2019 Crosstown Walk 1/15/2016 32,213,176 — 2/1/2023 3.90 % N/A East Gate Shopping Center 4/29/2016 5,754,454 — 5/1/2026 3.97 % N/A Fury's Ferry 4/29/2016 6,647,386 — 5/1/2026 3.97 % N/A Rosewood Shopping Center 4/29/2016 4,464,662 — 5/1/2026 3.97 % N/A Southgate Village 4/29/2016 7,937,178 — 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 2.53 % (8) N/A Avalon Park B Note 5/31/2016 3,250,000 — 6/5/2019 11.53 % (9) N/A Wade Green Village 4/7/2016 8,152,504 — 5/1/2026 4.00 % N/A North by Northwest 6/1/2016 33,679,285 — 9/1/2022 4.02 % N/A City Vista 7/1/2016 35,897,408 — 7/1/2026 3.68 % N/A Lakeland Plaza 7/15/2016 29,940,373 — 8/1/2026 3.85 % N/A Sorrel 8/24/2016 33,600,000 — 9/1/2023 3.44 % N/A Brookwood Office 8/29/2016 32,400,000 — 9/10/2031 3.52 % 9/10/17 University Palms 8/8/2016 13,600,000 — 9/1/2026 3.45 % N/A Cherokee Plaza 8/8/2016 26,200,000 — 9/1/2021 2.77 % (10) N/A Sandy Plains Exchange 8/8/2016 9,500,000 — 9/1/2026 3.45 % N/A Thompson Bridge Commons 8/8/2016 12,700,000 — 9/1/2026 3.45 % N/A Heritage Station 8/8/2016 9,400,000 — 9/1/2026 3.45 % N/A Oak Park Village 8/8/2016 9,700,000 — 9/1/2026 3.45 % N/A Shoppes of Parkland 8/8/2016 16,554,000 — 9/1/2023 4.67 % N/A Total $ 1,183,335,433 $ 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. (10) Variable rate which consisted of 1 Month LIBOR plus 225 basis points. The interest rate has a floor of 2.7%.
debt covenant [Table Text Block]	As of September 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 $686,921,700 (2) $ 784,749,240 Debt yield Minimum 8.0% 8.37 % Payout ratio Maximum 95% (3) 81.9 % Total leverage ratio Maximum 65.0% 61.1 % Debt service coverage ratio Minimum 1.50x 2.25x (1) All covenants are as defined in the current credit agreement for the Credit Facility. (2) Minimum $686.9 million plus 75% of the net proceeds of any equity offering, which totaled approximately $745.5 million as of September 30, 2016 . (3) Calculated on a trailing four-quarter basis. For the twelve-month period ended September 30, 2016 , the maximum dividends and distributions allowed under this covenant was approximately $62.4 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 September 30, 2016 were: Period Future principal payments 2016 $ 97,231,643 2017 18,629,724 2018 41,224,611 2019 332,587,612 2020 89,708,642 thereafter 696,953,201 Total $ 1,276,335,433

Segment information (Tables)

Segment information (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Reporting Information [Line Items]
segment revenues [Table Text Block]	Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Revenues Multifamily communities $ 32,254,954 $ 18,624,534 $ 87,941,541 $ 44,714,185 Financing 10,575,595 7,822,002 29,957,116 21,266,174 New Market Properties 10,193,843 3,509,157 22,715,460 9,408,676 Office building 512,945 — 512,945 — Consolidated revenues $ 53,537,337 $ 29,955,693 $ 141,127,062 $ 75,389,035 Capitalized expenditures (1) Multifamily communities $ 2,674,743 $ 1,156,136 $ 6,762,650 $ 2,737,108 New Market Properties 565,010 326,499 1,679,766 1,008,023 Total capitalized expenditures $ 3,239,753 $ 1,482,635 $ 8,442,416 $ 3,745,131 (1) Excluding the purchase price of acquisitions and including construction in progress.
segment assets [Table Text Block]	September 30, 2016 December 31, 2015 Assets: Multifamily communities $ 1,182,652,596 $ 781,224,019 Financing 345,622,541 272,454,610 New Market Properties 533,156,727 229,461,573 Office building 52,187,657 — Other 9,917,549 12,388,831 Consolidated assets $ 2,123,537,070 $ 1,295,529,033
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Segment net operating income (Segment NOI) Multifamily communities $ 18,413,797 $ 10,517,036 $ 48,169,241 $ 24,585,670 Financing 10,575,595 7,822,002 29,957,116 21,266,174 New Market Properties 7,795,476 2,605,528 17,048,716 6,662,181 Office building 373,454 — 373,454 — Consolidated segment net operating income 37,158,322 20,944,566 95,548,527 52,514,025 Interest expense: Multifamily communities 7,852,145 4,253,524 21,006,486 10,403,085 New Market Properties 2,615,924 844,472 5,588,947 2,391,479 Financing 1,632,424 720,764 3,959,391 2,089,779 Office building 133,681 — 133,681 — 12,234,174 5,818,760 30,688,505 14,884,343 Depreciation and amortization: Multifamily communities 16,028,880 8,719,852 42,800,401 21,526,901 New Market Properties 5,452,490 1,816,634 11,997,670 4,882,862 Office building 182,993 — 182,993 — 21,664,363 10,536,486 54,981,064 26,409,763 Professional fees 593,623 577,579 2,176,510 1,249,947 Management fees, net of deferrals 3,022,124 1,535,382 8,025,916 3,302,109 Acquisition costs: Multifamily communities 601,033 2,543,159 4,645,530 5,335,149 New Market Properties 396,679 781,799 1,856,933 941,514 Office building 359,825 — 383,401 — 1,357,537 3,324,958 6,885,864 6,276,663 Equity compensation to directors and executives: New Market Properties 20,356 72,071 60,289 213,912 Other 618,058 521,346 1,807,417 1,547,356 638,414 593,417 1,867,706 1,761,268 Gain on sale of real estate — — 4,271,506 — Other 336,707 255,751 1,055,099 671,792 Net income (loss) $ (2,688,620 ) $ (1,697,767 ) $ (5,860,631 ) $ (2,041,860 )

Loss per Share (Tables)

Loss per Share (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2016 2015 2016 2015 Numerator: Net income (loss) $ (2,688,620 ) $ (1,697,767 ) $ (5,860,631 ) $ (2,041,860 ) Net (income) loss attributable to non-controlling interests 86,484 15,289 175,045 20,712 Net income (loss) attributable to the Company (2,602,136 ) (1,682,478 ) (5,685,586 ) (2,021,148 ) Dividends declared to Series A preferred stockholders (A) (11,015,706 ) (5,114,126 ) (28,341,723 ) (12,377,580 ) Earnings attributable to unvested restricted stock (B) (6,159 ) (4,068 ) (12,434 ) (16,355 ) Net loss available to common stockholders $ (13,624,001 ) $ (6,800,672 ) $ (34,039,743 ) $ (14,415,083 ) Denominator: Weighted average number of shares of Common Stock - basic 24,340,791 22,292,217 23,552,951 22,109,036 Effect of dilutive securities: (C) Warrants — — — — Class B Units — — — — Unvested restricted stock — — — — Weighted average number of shares of Common Stock - diluted 24,340,791 22,292,217 23,552,951 22,109,036 Net loss per share of Common Stock available to common stockholders: Basic and diluted $ (0.56 ) $ (0.31 ) $ (1.45 ) $ (0.65 )

Pro Forma Financial Informati38

Pro Forma Financial Information pro forma (Tables)	9 Months Ended
	Sep. 30, 2016
Business Acquisition, Pro Forma Information [Abstract]
segment operating results [Table Text Block]	Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Pro forma: Revenues $ 56,305,235 $ 52,440,197 $ 167,230,831 $ 149,371,941 Net income (loss) $ 2,634,574 $ (7,583,116 ) $ 3,586,801 $ (31,388,770 ) Net income (loss) attributable to the Company $ 2,536,343 $ (7,365,660 ) $ 3,419,840 $ (30,309,018 ) Net loss attributable to common stockholders $ (8,485,522 ) $ (12,483,854 ) $ (24,934,317 ) $ (42,702,953 ) Net loss per share of Common Stock attributable to common stockholders, Basic and diluted $ (0.35 ) $ (0.56 ) $ (1.06 ) $ (1.89 ) Weighted average number of shares of Common Stock outstanding, basic and diluted 24,340,791 22,292,217 23,552,951 22,570,222

Fair Values of Financial Inst39

Fair Values of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [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 September 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) $ 305,407,486 $ 342,775,296 $ — $ — $ 342,775,296 Notes and line of credit receivable 35,328,412 35,328,412 — — 35,328,412 $ 340,735,898 $ 378,103,708 $ — $ — $ 378,103,708 Financial liabilities: Mortgage notes payable (2) $ 1,183,335,433 $ 1,197,997,866 $ — $ — $ 1,197,997,866 Revolving credit facility 82,000,000 82,000,000 — — 82,000,000 Term loan 11,000,000 11,000,000 — — 11,000,000 Loan participation obligations 19,638,232 20,486,803 — — 20,486,803 $ 1,295,973,665 $ 1,311,484,669 $ — $ — $ 1,311,484,669 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 $17.7 million and $14.3 million as of September 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.

Organization (Details)

Organization (Details)	Sep. 30, 2016$ / sharesshares	Dec. 31, 2015shares	Sep. 30, 2015shares	Jun. 30, 2015shares	Mar. 31, 2015shares
Organization [Abstract]
maximum percentage of non-multifamily assets	0.00%
Common Stock, Shares, Outstanding	24,658,034		22,323,604	22,290,677	22,004,309
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.01
Noncontrolling Interest, Ownership Percentage by Parent	96.50%
minority interest partnership units outstanding	886,168	886,168
daycountvolweightedavgcalcformarketvalue	20

Significant Accounting Polici41

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

Real Estate Assets - Narrative

Real Estate Assets - Narrative (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2016USD ($)bedshares	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Business Acquisition [Line Items]
non cash mezzanine loan settled	$ 12,500,000	$ 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
City Vista [Member]
Business Acquisition [Line Items]
Approximate purchase price	(3,000,000)
non cash mezzanine loan settled	$ 12,500,000
equity ownership percentage joint venture	96.00%

Real Estate Assets - Table of P

Real Estate Assets - Table of Properties Acquired (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016USD ($)ft²bed	Sep. 30, 2015USD ($)ft²	Sep. 30, 2016USD ($)ft²bed	Sep. 30, 2015USD ($)ft²	Dec. 31, 2016USD ($)	May 19, 2016USD ($)	Dec. 31, 2015USD ($)ft²	Jun. 30, 2015USD ($)ft²
Business Acquisition [Line Items]
Number of units in real estate property | ft²	2,432		2,432					2,090
Net Rentable Area | ft²	1,633,601	259,711	1,633,601	259,711
Land	$ 260,222,888		$ 260,222,888				$ 141,729,264
Building and improvements	1,333,186,314		1,333,186,314				733,417,442
Furniture, fixtures, and equipment	125,292,571		125,292,571				86,092,408
Accumulated depreciation	(87,020,014)		(87,020,014)				(48,155,874)
Mortgage note payable	0		0				28,109,000
In-place leases	73,716,210		73,716,210				39,144,147
Above-market leases	3,621,311		3,621,311				1,386,254
Leasing costs	11,131,731		11,131,731				4,294,952
Mortgage debt			(1)
Revenues	53,537,337	$ 29,955,693	141,127,062	$ 75,389,035
Net loss	(2,688,620)	$ (1,697,767)	(5,860,631)	(2,041,860)
non cash mezzanine loan settled			12,500,000	10,000,000
City Park [Member]
Business Acquisition [Line Items]
Number of units in real estate property | ft²								284
Land								$ 3,558,793
Buildings and improvements								23,797,764
Other liabilities								(40,152)
Net assets acquired				32,821,139
Cash paid				721,139
Mortgage debt				$ 22,100,000
Revenues	971,000		2,797,000
Net loss	$ 58,000		$ 61,000
Cumulative acquisition costs incurred by the Company								276,000
Remaining amortization period of intangible assets and liabilities				0 months
Furniture, fixtures and equipment								4,562,148
Lease intangibles				$ 737,790
Prepaids & other assets								99,124
Escrows								211,428
Accrued taxes								$ (105,756)
Real estate loan settled				10,000,000
Approximate purchase price				$ 32,700,000
North by northwest FSU [Member]
Business Acquisition [Line Items]
Number of units in real estate property | ft²	219		219
Number of beds, student housing | bed	679		679
Land	$ 8,281,054		$ 8,281,054
Buildings and improvements	34,355,922		34,355,922
Other liabilities	(159,462)		(159,462)
Net assets acquired			46,685,147
Cash paid			12,831,872
Mortgage debt			33,853,275
Revenues	1,480,000		1,950,000
Net loss	(601,000)		(608,000)
Cumulative acquisition costs incurred by the Company	402,000		$ 402,000
Remaining amortization period of intangible assets and liabilities			3 months
Furniture, fixtures and equipment	2,623,916		$ 2,623,916
Lease intangibles			799,109
Prepaids & other assets	79,626		79,626
Escrows	1,026,419		1,026,419
Accrued taxes	$ (321,437)		(321,437)
Approximate purchase price			$ 46,100,000
Avalon Park [Member]
Business Acquisition [Line Items]
Number of units in real estate property | ft²	487		487
Land	$ 7,410,048		$ 7,410,048
Buildings and improvements	80,558,636		80,558,636
Other liabilities	(207,623)		(207,623)
Net assets acquired			95,474,100
Cash paid			30,474,100
Mortgage debt			65,000,000
Revenues	2,059,000		2,723,000
Net loss	(1,094,000)		(1,750,000)
Cumulative acquisition costs incurred by the Company	1,314,000		$ 1,314,000
Remaining amortization period of intangible assets and liabilities			8 months
Furniture, fixtures and equipment	1,790,256		$ 1,790,256
Lease intangibles			2,741,060
Prepaids & other assets	99,297		99,297
Escrows	3,477,157		3,477,157
Accrued taxes	$ (394,731)		(394,731)
Approximate purchase price			$ 92,500,000
baldwin park [Member]
Business Acquisition [Line Items]
Number of units in real estate property | ft²	528		528
Land	$ 17,402,882		$ 17,402,882
Buildings and improvements	87,105,757		87,105,757
Other liabilities	(226,160)		(226,160)
Net assets acquired			113,292,144
Cash paid			35,492,144
Mortgage debt			77,800,000
Revenues	2,288,000		7,044,000
Net loss	(1,442,000)		(4,180,000)
Cumulative acquisition costs incurred by the Company	1,847,000		$ 1,847,000
Remaining amortization period of intangible assets and liabilities			0 months
Furniture, fixtures and equipment	3,358,589		$ 3,358,589
Lease intangibles			2,882,772
Prepaids & other assets	229,972		229,972
Escrows	2,555,753		2,555,753
Accrued taxes	(17,421)		(17,421)
Approximate purchase price			110,800,000
Royal Lakes [Member]
Business Acquisition [Line Items]
Net Rentable Area | ft²		119,493		119,493
Land	4,874,078		4,874,078
Buildings and improvements	9,921,403		9,921,403
Tenant improvements	517,191		517,191
In-place leases	957,093		957,093
Above-market leases	198,238		198,238
Leasing costs	365,629		365,629
Other assets	88,553		88,553
Other liabilities	(145,581)		(145,581)
Net assets acquired			16,460,767
Cash paid			6,660,767
Mortgage debt			9,800,000
Revenues	341,000		1,016,000
Net loss	(5,000)		(61,000)
Cumulative acquisition costs incurred by the Company	245,000		$ 245,000
Remaining amortization period of intangible assets and liabilities			9 years 11 months
Approximate purchase price				$ 16,600,000
Below-market leases	$ (315,837)		$ (315,837)
crosstown walk [Member]
Business Acquisition [Line Items]
Number of units in real estate property | ft²	342		342
Land	$ 5,178,375		$ 5,178,375
Buildings and improvements	33,605,831		33,605,831
Other liabilities	(53,861)		(53,861)
Net assets acquired			46,172,030
Cash paid			13,632,030
Mortgage debt			32,540,000
Revenues	1,286,000		3,625,000
Net loss	(461,000)		(1,429,000)
Cumulative acquisition costs incurred by the Company	320,000		$ 320,000
Remaining amortization period of intangible assets and liabilities			1 month
Furniture, fixtures and equipment	5,726,583		$ 5,726,583
Lease intangibles			1,323,511
Prepaids & other assets	125,706		125,706
Escrows	291,868		291,868
Accrued taxes	$ (25,983)		(25,983)
Real estate loan settled			0
Approximate purchase price			$ 45,800,000
City Vista [Member]
Business Acquisition [Line Items]
Number of units in real estate property | ft²	272		272
Land	$ 4,081,683		$ 4,081,683
Buildings and improvements	36,084,007		36,084,007
Other liabilities	(141,238)		(141,238)
Net assets acquired			48,050,000
Cash paid			0
Revenues	1,202,000		1,202,000
Net loss	(692,000)		(692,000)
Cumulative acquisition costs incurred by the Company	18,000		$ 18,000
Remaining amortization period of intangible assets and liabilities			7 months
Furniture, fixtures and equipment	5,402,228		$ 5,402,228
Lease intangibles			2,100,866
Prepaids & other assets	167,797		167,797
Escrows	599,983		599,983
Accrued taxes	$ (245,326)		(245,326)
Real estate loan settled			12,500,000
Approximate purchase price			(3,000,000)
non cash mezzanine loan settled			$ 12,500,000
equity ownership percentage joint venture	96.00%		96.00%
Sorrel [Member]
Business Acquisition [Line Items]
Number of units in real estate property | ft²	290		290
Land	$ 4,412,164		$ 4,412,164
Buildings and improvements	35,512,257		35,512,257
Other liabilities	(68,828)		(68,828)
Net assets acquired			48,242,453
Cash paid			14,642,453
Revenues	478,000		478,000
Net loss	(294,000)		(294,000)
Cumulative acquisition costs incurred by the Company	529,000		$ 529,000
Remaining amortization period of intangible assets and liabilities			11 months
Furniture, fixtures and equipment	6,705,040		$ 6,705,040
Lease intangibles			1,495,539
Prepaids & other assets	0		0
Escrows	623,791		623,791
Accrued taxes	(437,510)		(437,510)
Real estate loan settled			0
Approximate purchase price			48,100,000
Cypress [Member]
Business Acquisition [Line Items]
Number of units in real estate property | ft²								240
Northpointe [Member]
Business Acquisition [Line Items]
Number of units in real estate property | ft²								280
lakewood ranch [Member]
Business Acquisition [Line Items]
Number of units in real estate property | ft²								237
Land								$ 3,791,050
Buildings and improvements								37,574,391
Other liabilities								(35,157)
Net assets acquired				47,640,586
Cash paid				16,830,586
Mortgage debt				$ 30,810,000
Revenues	1,170,000		3,499,000
Net loss	123,000		27,000
Cumulative acquisition costs incurred by the Company								889,000
Remaining amortization period of intangible assets and liabilities				0 months
Furniture, fixtures and equipment								5,375,690
Lease intangibles				$ 669,369
Prepaids & other assets								80,201
Escrows								401,294
Accrued taxes								$ (216,252)
Real estate loan settled				0
Approximate purchase price				47,400,000
Lely [Member]
Business Acquisition [Line Items]
Number of units in real estate property | ft²								308
Land								$ 7,675,409
Buildings and improvements								37,661,901
Other liabilities								(64,689)
Net assets acquired				52,518,615
Cash paid				18,518,615
Mortgage debt				$ 34,000,000
Revenues	1,311,000		3,954,000
Net loss	$ (1,000)		$ (74,000)
Cumulative acquisition costs incurred by the Company								438,000
Remaining amortization period of intangible assets and liabilities				0 months
Furniture, fixtures and equipment								6,132,384
Lease intangibles				$ 1,030,306
Prepaids & other assets								106,717
Escrows								0
Accrued taxes								$ (23,413)
Real estate loan settled				0
Approximate purchase price				52,500,000
Citilakes [Member]
Business Acquisition [Line Items]
Number of units in real estate property | ft²	294		294
Land	$ 8,511,370		$ 8,511,370
Buildings and improvements	44,710,034		44,710,034
Other liabilities	(90,213)		(90,213)
Net assets acquired			61,390,582
Cash paid			20,090,582
Mortgage debt			41,300,000
Revenues	1,328,000		3,631,000
Net loss	(593,000)		(1,425,000)
Cumulative acquisition costs incurred by the Company	116,000		$ 116,000
Remaining amortization period of intangible assets and liabilities			2 months
Furniture, fixtures and equipment	6,286,105		$ 6,286,105
Lease intangibles			1,611,314
Prepaids & other assets	73,754		73,754
Escrows	354,640		354,640
Accrued taxes	(66,422)		(66,422)
Approximate purchase price			61,100,000
Mansions at Creekside [Member]
Business Acquisition [Line Items]
Number of units in real estate property | ft²								395
Land								$ 5,983,724
Buildings and improvements								42,050,104
Other liabilities								(218,438)
Net assets acquired				56,688,952
Cash paid				15,063,952
Mortgage debt				$ 41,625,000
Revenues	1,435,000		4,223,000
Net loss	137,000		(157,000)
Cumulative acquisition costs incurred by the Company								852,000
Remaining amortization period of intangible assets and liabilities				0 months
Furniture, fixtures and equipment								6,939,014
Lease intangibles				$ 1,227,158
Prepaids & other assets								89,582
Escrows								1,058,468
Accrued taxes								(440,660)
Approximate purchase price				56,200,000
Houston Portfolio [Member]
Business Acquisition [Line Items]
Land								7,162,226
Buildings and improvements								54,217,075
Other liabilities								(99,181)
Net assets acquired				76,230,876
Cash paid				25,452,876
Mortgage debt				$ 50,778,000
Revenues	2,185,000		6,526,000
Net loss	(246,000)		(864,000)
Cumulative acquisition costs incurred by the Company								1,142,000
Remaining amortization period of intangible assets and liabilities				0 months
Furniture, fixtures and equipment								13,078,872
Lease intangibles				$ 1,571,827
Prepaids & other assets								150,326
Escrows								362,332
Accrued taxes								$ (212,601)
Real estate loan settled				0
Citilakes [Member]
Business Acquisition [Line Items]
Number of units in real estate property | ft²								346
Land								$ 5,558,033
Buildings and improvements								49,416,492
Other liabilities								(80,629)
Net assets acquired				63,402,474
Cash paid				18,952,474
Mortgage debt				$ 44,450,000
Revenues	1,398,000		4,126,000
Net loss	(143,000)		(1,213,000)
Cumulative acquisition costs incurred by the Company								1,620,000
Remaining amortization period of intangible assets and liabilities				0 months
Furniture, fixtures and equipment								7,411,367
Lease intangibles				$ 964,108
Prepaids & other assets								40,032
Escrows								280,863
Accrued taxes								$ (187,792)
Approximate purchase price				$ 63,400,000
Independence Square [Member]
Business Acquisition [Line Items]
Net Rentable Area | ft²		140,218		140,218
Land	4,114,574		4,114,574
Buildings and improvements	13,123,553		13,123,553
Tenant improvements	566,857		566,857
In-place leases	1,567,944		1,567,944
Above-market leases	35,127		35,127
Leasing costs	392,451		392,451
Other assets	0		0
Other liabilities	(226,599)		(226,599)
Net assets acquired			17,798,401
Cash paid			17,798,401
Mortgage debt			0		$ 12,617,500
Revenues	535,000		1,580,000
Net loss	(68,000)		(256,000)
Cumulative acquisition costs incurred by the Company	573,000		$ 573,000
Remaining amortization period of intangible assets and liabilities			6 years 4 months
Approximate purchase price				$ 18,000,000
Below-market leases	$ (1,775,506)		$ (1,775,506)
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
brookwood office [Member]
Business Acquisition [Line Items]
Land	$ 1,744,828		$ 1,744,828
Buildings and improvements	39,099,395		39,099,395
Tenant improvements	3,561,805		3,561,805
In-place leases	3,728,049		3,728,049
Above-market leases	146,941		146,941
Leasing costs	2,402,958		2,402,958
Below-market leases	(1,737,158)		(1,737,158)
Other assets	1,466,906		1,466,906
Other liabilities	(580,668)		(580,668)
Net assets acquired			49,833,056
Cash paid	17,433,056		17,433,056
Class A OP Units granted			32,400,000
Revenues	513,000		513,000
Net loss	74,000		74,000
Cumulative acquisition costs incurred by the Company	$ 377,000		$ 377,000
Remaining amortization period of intangible assets and liabilities			11 years 11 months
Thompson Bridge Commons [Member]
Business Acquisition [Line Items]
Net Rentable Area | ft²	92,587		92,587
Cherokee Plaza [Member]
Business Acquisition [Line Items]
Net Rentable Area | ft²	102,864		102,864
Sandy Plains Exchange [Member]
Business Acquisition [Line Items]
Net Rentable Area | ft²	72,784		72,784
Shoppes of Parkland [Member]
Business Acquisition [Line Items]
Net Rentable Area | ft²	145,720		145,720
University Palms [Member]
Business Acquisition [Line Items]
Net Rentable Area | ft²	99,172		99,172
Heritage Station [Member]
Business Acquisition [Line Items]
Net Rentable Area | ft²	72,946		72,946
lakeland plaza [Member]
Business Acquisition [Line Items]
Net Rentable Area | ft²	301,711		301,711
Land	$ 7,079,408		$ 7,079,408
Buildings and improvements	32,258,335		32,258,335
Tenant improvements	828,966		828,966
In-place leases	2,947,175		2,947,175
Above-market leases	1,349,624		1,349,624
Leasing costs	1,287,825		1,287,825
Below-market leases	(797,729)		(797,729)
Other assets	0		0
Other liabilities	(180,331)		(180,331)
Net assets acquired			44,773,273
Cash paid	14,773,273		14,773,273
Class A OP Units granted			0
Mortgage debt			30,000,000
Revenues	728,000		728,000
Net loss	(134,000)		(134,000)
Cumulative acquisition costs incurred by the Company	$ 200,000		$ 200,000
Remaining amortization period of intangible assets and liabilities			7 years 6 months
Approximate purchase price			$ 45,300,000
Oak Park Village [Member]
Business Acquisition [Line Items]
Net Rentable Area | ft²	64,287		64,287
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		$ 14,081,647
Buildings and improvements	48,598,731		48,598,731
Tenant improvements	993,530		993,530
In-place leases	4,906,398		4,906,398
Above-market leases	86,234		86,234
Leasing costs	992,143		992,143
Below-market leases	(1,069,877)		(1,069,877)
Other assets	600,069		600,069
Other liabilities	(437,008)		(437,008)
Net assets acquired			68,751,867
Cash paid	43,751,867		43,751,867
Class A OP Units granted			0
Mortgage debt			25,000,000
Revenues	1,569,000		2,660,000
Net loss	(105,000)		(334,000)
Cumulative acquisition costs incurred by the Company	$ 639,000		$ 639,000
Remaining amortization period of intangible assets and liabilities			4 years 4 months
Approximate purchase price			$ 68,700,000
wade green [Member]
Business Acquisition [Line Items]
Extinguishment of Debt, Amount			$ 8,200,000
Net Rentable Area | ft²	74,978		74,978
Land	$ 1,840,284		$ 1,840,284
Buildings and improvements	8,159,147		8,159,147
Tenant improvements	251,250		251,250
In-place leases	841,785		841,785
Above-market leases	107,074		107,074
Leasing costs	167,541		167,541
Below-market leases	0		0
Other assets	10,525		10,525
Other liabilities	(59,264)		(59,264)
Net assets acquired			11,318,342
Cash paid	6,245,683		6,245,683
Class A OP Units granted			5,072,659
Mortgage debt			0
Revenues	297,000		634,000
Net loss	(103,000)		(255,000)
Cumulative acquisition costs incurred by the Company	295,000		$ 295,000
Remaining amortization period of intangible assets and liabilities			2 years 6 months
Approximate purchase price			$ 11,000,000
non cash mezzanine loan settled			6,250,000
Sunbelt 7 Portfolio [Member]
Business Acquisition [Line Items]
Land	36,198,658		36,198,658
Buildings and improvements	109,504,038		109,504,038
Tenant improvements	2,143,404		2,143,404
In-place leases	11,005,662		11,005,662
Above-market leases	458,353		458,353
Leasing costs	4,116,560		4,116,560
Below-market leases	(7,617,485)		(7,617,485)
Other assets	3,409,838		3,409,838
Other liabilities	(1,196,579)		(1,196,579)
Net assets acquired			158,022,449
Cash paid	60,368,449		60,368,449
Class A OP Units granted			0
Mortgage debt			97,654,000
Revenues	1,787,000		1,787,000
Net loss	(164,000)		(164,000)
Cumulative acquisition costs incurred by the Company	$ 614,000		$ 614,000
Remaining amortization period of intangible assets and liabilities			9 years 2 months
victory village [Member]
Business Acquisition [Line Items]
Net Rentable Area | ft²	71,300		71,300
Land	$ 2,271,224		$ 2,271,224
Buildings and improvements	11,872,222		11,872,222
Tenant improvements	402,973		402,973
In-place leases	847,939		847,939
Above-market leases	100,216		100,216
Leasing costs	253,640		253,640
Below-market leases	(198,214)		(198,214)
Other assets	157,775		157,775
Other liabilities	(179,546)		(179,546)
Net assets acquired			15,528,229
Cash paid	6,278,229		6,278,229
Class A OP Units granted			0
Mortgage debt			9,250,000
Revenues	331,000		491,000
Net loss	(38,000)		(56,000)
Cumulative acquisition costs incurred by the Company	$ 112,000		$ 112,000
Remaining amortization period of intangible assets and liabilities			8 years
Approximate purchase price			$ 15,600,000
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	25		25				19
Number of units in real estate property	8,268		8,268				6,136
In-place leases	$ 35,125,997		$ 35,125,997				$ 24,704,733
Above-market leases	0		0				0
Leasing costs	$ 78,786		$ 78,786				$ 78,786
Retail Site [Member]
Business Acquisition [Line Items]
Number of Real Estate Properties	30		30				14
Area of real estate property | ft²	2,913,000		2,913,000				1,279,000
Office Building [Member]
Business Acquisition [Line Items]
Number of Real Estate Properties	1		1				0

Real Estate Assets - Depreciati

Real Estate Assets - Depreciation and Amortization (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Depreciation:
Depreciation	$ 15,413,816	$ 7,544,840	$ 39,387,351	$ 19,052,639
Amortization of Intangible Assets	6,386,957	3,028,567	1,493,561	694,948
Amortization:
Depreciation and amortization	21,664,363	10,536,486	54,981,064	26,409,763
Acquired Intangible Assets
Depreciation:
Amortization of Intangible Assets	6,205,194	2,982,982	15,523,359	7,343,400
Lease Agreements [Member]
Amortization:
Amortization of Deferred Leasing Fees	38,621	7,207	53,510	7,207
Website Development
Amortization:
Amortization	6,732	1,457	16,844	6,517
Building and Building Improvements [Member]
Depreciation:
Depreciation	9,637,960	4,545,441	24,251,696	11,356,809
Furniture and Fixtures [Member]
Depreciation:
Depreciation	$ 5,775,856	$ 2,999,399	$ 15,135,655	$ 7,695,830

Acquired Intangible Assets amor

Acquired Intangible Assets amortization (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Acquired-in-Place Leases	$ 73,716,210		$ 73,716,210		$ 39,144,147
above market lease intangibles	3,621,311		3,621,311		1,386,254
Finite-Lived Customer Relationships, Gross	1,335,417		1,335,417		1,588,277
Leasing costs	11,131,731		11,131,731		4,294,952
Finite-Lived Intangible Assets, Gross	89,804,669		89,804,669		46,413,630
accumulated amortization finite lived intangible assets in place leases	(36,514,008)		(36,514,008)		(24,573,929)
accumulated amortization finite lived intangible assets above market leases	(588,904)		(588,904)		(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	(1,540,768)		(1,540,768)		(636,118)
Finite-Lived Intangible Assets, Accumulated Amortization	39,979,097		39,979,097		27,032,157
Finite-Lived Intangible Assets, Net	49,825,572		49,825,572		19,381,473
finite lived intangible asset off market lease unfavorable gross	22,114,165		22,114,165		10,831,655
accumulated amortization finitel lived intangible asset off market lease unfavorable	(2,933,811)		(2,933,811)		(1,578,205)
finite lived intangible asset off market lease unfavorable net	19,180,354		19,180,354		9,253,450
Amortization of Intangible Assets	6,386,957	$ 3,028,567	1,493,561	$ 694,948
Leases, Acquired-in-Place [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	5,780,943	2,851,490	14,599,360	6,978,286
Above Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	181,763	45,585	375,232	128,688
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets			923,998	365,114
lease origination costs [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	424,251	131,492	15,898,590	7,472,088
off market unfavorable leases [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	706,637	270,517
Multifamily communities [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Acquired-in-Place Leases	35,125,997		35,125,997		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	36,540,200		36,540,200		26,371,796
accumulated amortization finite lived intangible assets in place leases	(29,493,437)		(29,493,437)		(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	(31,330)		(31,330)		(1,466)
Finite-Lived Intangible Assets, Accumulated Amortization	30,860,184		30,860,184		23,198,576
Finite-Lived Intangible Assets, Net	5,680,016		5,680,016		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	3,871,032	2,183,437	0	0
Multifamily communities [Member] | Leases, Acquired-in-Place [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	3,859,901	2,183,437	10,417,678	5,162,093
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			31,229	0
Multifamily communities [Member] | lease origination costs [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	11,131	0	10,448,907	5,162,093
Multifamily communities [Member] | off market unfavorable leases [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	0	0
Retail Segment [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Acquired-in-Place Leases					14,439,414
above market lease intangibles					1,386,254
Finite-Lived Customer Relationships, Gross					0
Leasing costs					4,216,166
Finite-Lived Intangible Assets, Gross					20,041,834
accumulated amortization finite lived intangible assets in place leases					(2,965,096)
accumulated amortization finite lived intangible assets above market leases					(233,833)
accumulated amortization finite lived intangible assets customer relationships					0
accumulated amortization finite lived intangible assets other					(634,652)
Finite-Lived Intangible Assets, Accumulated Amortization					3,833,581
Finite-Lived Intangible Assets, Net					16,208,253
finite lived intangible asset off market lease unfavorable gross					10,448,062
accumulated amortization finitel lived intangible asset off market lease unfavorable					(1,194,612)
finite lived intangible asset off market lease unfavorable net					$ 9,253,450
Amortization of Intangible Assets			1,478,517	694,948
Retail Segment [Member] | Leases, Acquired-in-Place [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets			4,137,666	1,816,193
Retail Segment [Member] | Above Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets			366,816	128,688
Retail Segment [Member] | Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets			892,769	365,114
Retail Segment [Member] | lease origination costs [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets			5,397,251	$ 2,309,995
Retail Segment [Member] | off market unfavorable leases [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets		270,517
Office Building [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	15,044		15,044
Office Building [Member] | Leases, Acquired-in-Place [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	44,016		44,016
Office Building [Member] | Above Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	8,416		8,416
Office Building [Member] | Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	0		0
Office Building [Member] | lease origination costs [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	52,432		52,432
Retail Segment [Domain]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Acquired-in-Place Leases	34,862,165		34,862,165
above market lease intangibles	3,474,370		3,474,370
Finite-Lived Customer Relationships, Gross	0		0
Leasing costs	11,015,892		11,015,892
Finite-Lived Intangible Assets, Gross	49,352,427		49,352,427
accumulated amortization finite lived intangible assets in place leases	(6,976,555)		(6,976,555)
accumulated amortization finite lived intangible assets above market leases	(580,489)		(580,489)
accumulated amortization finite lived intangible assets customer relationships	0		0
accumulated amortization finite lived intangible assets other	(1,509,438)		(1,509,438)
Finite-Lived Intangible Assets, Accumulated Amortization	9,066,482		9,066,482
Finite-Lived Intangible Assets, Net	40,285,945		40,285,945
finite lived intangible asset off market lease unfavorable gross	20,099,812		20,099,812
accumulated amortization finitel lived intangible asset off market lease unfavorable	(2,641,572)		(2,641,572)
finite lived intangible asset off market lease unfavorable net	17,458,240		$ 17,458,240
Amortization of Intangible Assets	2,463,493	845,130
Retail Segment [Domain] | Leases, Acquired-in-Place [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	1,877,026	668,053
Retail Segment [Domain] | Above Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	173,347	45,585
Retail Segment [Domain] | lease origination costs [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	413,120	$ 131,492
Retail Segment [Domain] | off market unfavorable leases [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 691,593

Real Estate Loans, Notes Rece46

Real Estate Loans, Notes Receivable, and Lines of Credit Real Estate Loans (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Mortgage Loans on Real Estate [Line Items]
real estate loan participation percentage	25.00%		25.00%
loans to be funded	$ 361,328,553		$ 361,328,553
membership interests business acquisition percentage related parties	100.00%		100.00%
amount drawn under loan agreement	$ 306,969,843		$ 306,969,843
LoanFee	6,929,257		6,929,257
Deferred Revenue	(1,562,357)		(1,562,357)
Loans and Leases Receivable, Net of Deferred Income	(305,407,486)		(305,407,486)		$ (238,001,758)
Loans and Leases Receivable, Net Amount	35,328,412		35,328,412		37,943,733
interest revenue current pay	5,902,915	$ 4,077,298	16,913,037	$ 11,263,071
Loans and Leases Receivable, Deferred Income	$ 79,017		$ 79,017		82,056
numberofunitstobecompleted	4,902		4,902
Beds			4,806
City Vista [Member]
Mortgage Loans on Real Estate [Line Items]
current interest rate			8.00%
Deferred interest rate			6.00%
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		(16,083,431)
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)
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)
starkville [Member]
Mortgage Loans on Real Estate [Line Items]
current interest rate			8.50%
Deferred interest rate			6.50%
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			8.00%
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
Deferred Revenue	(16,370)		(16,370)
Loans and Leases Receivable, Net of Deferred Income	(9,849,630)		(9,849,630)		(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]
real estate loan participation percentage	49.00%		49.00%
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	53,695		53,695
Deferred Revenue	0		0
Loans and Leases Receivable, Net of Deferred Income	$ (10,958,200)		$ (10,958,200)		(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	$ 6,564,124		$ 6,564,124
LoanFee	0		0
Deferred Revenue	0		0
Loans and Leases Receivable, Net of Deferred Income	(6,564,124)		(6,564,124)		(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
Deferred Revenue	(3,809)		(3,809)
Loans and Leases Receivable, Net of Deferred Income	$ (16,066,191)		$ (16,066,191)		(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			7.50%
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	$ (168,107)		$ (168,107)
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			5.83%
loans to be funded	$ 13,464,372		$ 13,464,372
SeniorLoanHeldByUnrelatedThirdParty	27,775,000		27,775,000
amount drawn under loan agreement	13,180,052		13,180,052
LoanFee	269,287		269,287
Deferred Revenue	(14,846)		(14,846)
Loans and Leases Receivable, Net of Deferred Income	$ (13,165,206)		$ (13,165,206)		(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			5.83%
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
Deferred Revenue	(4,039)		(4,039)
Loans and Leases Receivable, Net of Deferred Income	$ (13,325,829)		$ (13,325,829)		(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			8.00%
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	(24,903)		(24,903)
Loans and Leases Receivable, Net of Deferred Income	$ (7,221,497)		$ (7,221,497)		(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			8.00%
loans to be funded	$ 6,920,000		$ 6,920,000
SeniorLoanHeldByUnrelatedThirdParty	17,080,000		17,080,000
amount drawn under loan agreement	5,992,592		5,992,592
LoanFee	138,400		138,400
acquisition fee	(69,200)		(69,200)
Deferred Revenue	(25,218)		(25,218)
Loans and Leases Receivable, Net of Deferred Income	$ (5,967,374)		$ (5,967,374)		(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	10,427,956		10,427,956
LoanFee	219,500		219,500
acquisition fee	(109,750)		(109,750)
Deferred Revenue	(40,479)		(40,479)
Loans and Leases Receivable, Net of Deferred Income	$ (10,387,477)		$ (10,387,477)		(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	15,496,602		15,496,602
LoanFee	311,967		311,967
acquisition fee	(155,984)		(155,984)
Deferred Revenue	(47,340)		(47,340)
Loans and Leases Receivable, Net of Deferred Income	$ (15,449,262)		$ (15,449,262)		(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	15,186,370		15,186,370
LoanFee	309,113		309,113
Deferred Revenue	(72,277)		(72,277)
Loans and Leases Receivable, Net of Deferred Income	$ (15,114,093)		$ (15,114,093)		(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	7,146,862		7,146,862
LoanFee	58,000		58,000
Deferred Revenue	(54,553)		(54,553)
Loans and Leases Receivable, Net of Deferred Income	$ (7,092,309)		$ (7,092,309)		(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			6.50%
loans to be funded	$ 12,693,457		$ 12,693,457
SeniorLoanHeldByUnrelatedThirdParty	29,700,000		29,700,000
amount drawn under loan agreement	10,906,611		10,906,611
LoanFee	62,140		62,140
acquisition fee	(31,070)		(31,070)
Deferred Revenue	(77,010)		(77,010)
Loans and Leases Receivable, Net of Deferred Income	$ (10,829,601)		$ (10,829,601)		(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	12,343,718		12,343,718
LoanFee	257,140		257,140
acquisition fee	(128,570)		(128,570)
Deferred Revenue	(7,817)		(7,817)
Loans and Leases Receivable, Net of Deferred Income	$ (12,335,901)		$ (12,335,901)		(11,563,352)
numberofunitstobecompleted	0		0
Beds			0
hidden river [Member]
Mortgage Loans on Real Estate [Line Items]
current interest rate			8.50%
Deferred interest rate			6.50%
loans to be funded	$ 4,734,960		$ 4,734,960
SeniorLoanHeldByUnrelatedThirdParty	27,620,600		27,620,600
amount drawn under loan agreement	4,734,960		4,734,960
LoanFee	94,700		94,700
acquisition fee	(47,350)		(47,350)
Deferred Revenue	(38,889)		(38,889)
Loans and Leases Receivable, Net of Deferred Income	$ (4,696,071)		$ (4,696,071)		(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			6.50%
loans to be funded	$ 5,380,000		$ 5,380,000
SeniorLoanHeldByUnrelatedThirdParty	0		0
amount drawn under loan agreement	4,527,161		4,527,161
LoanFee	107,600		107,600
acquisition fee	(53,800)		(53,800)
Deferred Revenue	(36,382)		(36,382)
Loans and Leases Receivable, Net of Deferred Income	(4,490,779)		$ (4,490,779)		(2,619,808)
citypark view II [Member]
Mortgage Loans on Real Estate [Line Items]
current interest rate			8.50%
Deferred interest rate			6.50%
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	(29,871)		(29,871)
Loans and Leases Receivable, Net of Deferred Income	(5,970,129)		$ (5,970,129)
city park II capital [Member]
Mortgage Loans on Real Estate [Line Items]
current interest rate			8.50%
Deferred interest rate			6.50%
loans to be funded	3,916,000		$ 3,916,000
SeniorLoanHeldByUnrelatedThirdParty	0		0
amount drawn under loan agreement	3,364,800		3,364,800
LoanFee	67,296		67,296
acquisition fee	(33,648)		(33,648)
Deferred Revenue	(25,001)		(25,001)
Loans and Leases Receivable, Net of Deferred Income	$ (3,339,799)		$ (3,339,799)
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	3,254,444		3,254,444
LoanFee	78,320		78,320
acquisition fee	(39,160)		(39,160)
Deferred Revenue	(27,998)		(27,998)
Loans and Leases Receivable, Net of Deferred Income	$ (3,226,446)		$ (3,226,446)
numberofunitstobecompleted	0		0
Beds			0
haven northgate [Member]
Mortgage Loans on Real Estate [Line Items]
current interest rate			6.60%
Deferred interest rate			1.50%
loans to be funded	$ 64,678,549		$ 64,678,549
SeniorLoanHeldByUnrelatedThirdParty	0		0
amount drawn under loan agreement	39,082,506		39,082,506
LoanFee	1,293,571		1,293,571
acquisition fee	(646,786)		(646,786)
Deferred Revenue	(534,802)		(534,802)
Loans and Leases Receivable, Net of Deferred Income	$ (38,547,704)		$ (38,547,704)
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	28,478,346		28,478,346
amount drawn under loan agreement	7,382,840		7,382,840
LoanFee	187,143		187,143
acquisition fee	(93,572)		(93,572)
Deferred Revenue	(75,726)		(75,726)
Loans and Leases Receivable, Net of Deferred Income	$ (7,307,114)		$ (7,307,114)		0
numberofunitstobecompleted	140		140
Beds			556
park 35 on clairmont [Member]
Mortgage Loans on Real Estate [Line Items]
current interest rate			8.50%
Deferred interest rate			2.00%
loans to be funded	$ 21,000,000		$ 21,000,000
SeniorLoanHeldByUnrelatedThirdParty	35,000,000		35,000,000
amount drawn under loan agreement	19,371,924		19,371,924
LoanFee	421,203		421,203
acquisition fee	(210,602)		(210,602)
Deferred Revenue	(197,502)		(197,502)
Loans and Leases Receivable, Net of Deferred Income	$ (19,174,422)		$ (19,174,422)		0
numberofunitstobecompleted	271		271
Beds			0
fort myers [Member]
Mortgage Loans on Real Estate [Line Items]
current interest rate			12.00%
Deferred interest rate			0.00%
loans to be funded	$ 4,000,000		$ 4,000,000
SeniorLoanHeldByUnrelatedThirdParty	0		0
amount drawn under loan agreement	3,538,936		3,538,936
LoanFee	80,000		80,000
acquisition fee	(40,000)		(40,000)
Deferred Revenue	(39,418)		(39,418)
Loans and Leases Receivable, Net of Deferred Income	$ (3,499,518)		$ (3,499,518)		$ 0
numberofunitstobecompleted	224		224
Beds			0
Irvine [Member]
Mortgage Loans on Real Estate [Line Items]
amount drawn under loan agreement	$ 48,396,901		$ 48,396,901
Loans Receivable, Fair Value Disclosure	$ 48,228,794		$ 48,228,794

Real Estate Loans, Notes Rece47

Real Estate Loans, Notes Receivable, and Lines of Credit Notes and lines of credit (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
real estate loan participation percentage	25.00%		25.00%
Revenues	$ 53,537,337	$ 29,955,693	$ 141,127,062	$ 75,389,035
Financing Receivable, Gross	52,905,000		52,905,000
Loans and Leases Receivable, Net Amount	35,328,412		35,328,412		$ 37,943,733
Loans and Leases Receivable, Deferred Income	(79,017)		(79,017)		(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	$ 1,428,306		$ 1,428,306		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	$ 12,539,917		$ 12,539,917		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	$ 7,324,904		$ 7,324,904		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	$ 7,559,004		$ 7,559,004		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%
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	$ 2,776,984		$ 2,776,984		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	$ 129,000		$ 129,000		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	$ 1,033,667		$ 1,033,667		$ 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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Receivables [Abstract]
interest revenue current pay	$ 5,902,915	$ 4,077,298	$ 16,913,037	$ 11,263,071
Accrued exit fee revenue	3,917,641	3,018,766	10,633,937	7,573,044
Deferred Revenue, Revenue Recognized	201,147	204,790	636,875	555,657
Net loan fee revenue	10,021,703	7,300,854	28,183,849	19,391,772
interest revenue notes receivable	974,540	654,026	3,111,339	2,007,281
Interest revenue on real estate loans	$ 10,996,243	$ 7,954,880	$ 31,295,188	$ 21,399,053

Real Estate Loans, Notes Rece49

Real Estate Loans, Notes Receivable, and Lines of Credit Real Estate Loans Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Real estate loan participation obligation	$ 19,638,232		$ 19,638,232		$ 13,544,160
amount drawn under loan agreement	306,969,843		306,969,843
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	344,387,758		344,387,758
loans to be funded	361,328,553		361,328,553
Revenues	$ 53,537,337	$ 29,955,693	$ 141,127,062	$ 75,389,035
membership interests business acquisition percentage related parties	100.00%		100.00%
Variable Interest Entity (VIE) or Potential VIE, Information Unavailability [Member] | Oxford [Member]
Mortgage Loans on Real Estate [Line Items]
amount drawn under loan agreement	$ 290,600,000		$ 290,600,000
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	$ 97,700,000		$ 97,700,000

Real Estate Loans, Notes Rece50

Real Estate Loans, Notes Receivable, and Lines of Credit phantom facts (Details)	9 Months Ended
	Sep. 30, 2016USD ($)ft²	Jun. 30, 2015ft²
Mortgage Loans on Real Estate [Line Items]
guaranty cap amount	$ 6,400,000
Beds	4,806
Number of units in real estate property | ft²	2,432	2,090
park 35 on clairmont [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	2.00%
acquisition fee	$ (210,602)
current interest rate	8.50%
Beds	0
fort myers [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	0.00%
acquisition fee	$ (40,000)
current interest rate	12.00%
Beds	0
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%
acquisition fee	$ (69,408)
current interest rate	8.00%
Manassas [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	5.00%
current interest rate	8.00%
Beds	0
Irvine [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	7.50%
acquisition fee	$ (560,445)
current interest rate	8.50%
Beds	0
Weems Road [Domain]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	5.83%
current interest rate	8.50%
Beds	0
Kennesaw [Domain]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	5.83%
current interest rate	8.50%
Beds	792
Cap rate discount	20
Number of units in real estate property | ft²	198
starkville [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.50%
acquisition fee	$ (61,164)
current interest rate	8.50%
Beds	536
Cap rate discount	60
amount of interest rate change	1.00%
newport overton [Member]
Mortgage Loans on Real Estate [Line Items]
acquisition fee	$ 0
crosstown walk [Member]
Mortgage Loans on Real Estate [Line Items]
acquisition fee	$ 0
amount of interest rate change	1.50%
Newtown [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	8.00%
current interest rate	8.00%
Beds	0
encore capital [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	5.00%
current interest rate	8.50%
Encore [Member]
Mortgage Loans on Real Estate [Line Items]
acquisition fee	$ 53,695
Beds	0
Summit III [Domain]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	8.00%
acquisition fee	$ (72,464)
current interest rate	8.50%
Beds	0
crosstown walk II [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	8.00%
acquisition fee	$ (69,200)
current interest rate	8.50%
Beds	0
Aldridge at Town Village [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.00%
acquisition fee	$ (109,750)
current interest rate	8.50%
Beds	0
haven lubbock [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.00%
acquisition fee	$ (155,984)
current interest rate	8.50%
Beds	732
Haven Waco [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.00%
current interest rate	8.50%
Beds	840
Haven South Florida [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	5.00%
current interest rate	8.50%
Beds	542
bishop street [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.50%
acquisition fee	$ (31,070)
current interest rate	8.50%
Beds	0
dawsonville [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	5.00%
acquisition fee	$ (128,570)
current interest rate	8.50%
Beds	0
hidden river [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.50%
acquisition fee	$ (47,350)
current interest rate	8.50%
Beds	0
hidden river capital [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.50%
acquisition fee	$ (53,800)
current interest rate	8.50%
citypark view II [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.50%
acquisition fee	$ (60,000)
current interest rate	8.50%
city park II capital [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.50%
acquisition fee	$ (33,648)
current interest rate	8.50%
Beds	0
crescent avenue [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	3.00%
acquisition fee	$ (39,160)
current interest rate	9.00%
Beds	0
haven northgate [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	1.50%
acquisition fee	$ (646,786)
current interest rate	6.60%
Beds	808
City Vista [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.00%
acquisition fee	$ 0
current interest rate	8.00%
amount drawn under loan agreement	$ 12,500,000
dawsonville [Member]
Mortgage Loans on Real Estate [Line Items]
Net Rentable Area | ft²	200,000
Lubbock II [Member]
Mortgage Loans on Real Estate [Line Items]
Beds	556
Number of units in real estate property | ft²	140
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
haven west [Member]
Mortgage Loans on Real Estate [Line Items]
Beds	568
Number of units in real estate property | ft²	160

Redeemable Preferred Stock (Det

Redeemable Preferred Stock (Details)	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2016$ / sharesshares	Mar. 31, 2016$ / shares	Sep. 30, 2015$ / shares	Jun. 30, 2015$ / shares	Mar. 31, 2015$ / shares	Sep. 30, 2016USD ($)$ / sharesshares	Sep. 30, 2015USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Jun. 09, 2016shares	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	$ 0.2025	$ 0.1925	$ 0.18	$ 0.18	$ 0.175	$ 0.5975	$ 0.535
Unitsyearcounttoredemptionthree	3						3
Stock Redeemed or Called During Period, Shares | shares							7,428
Proceeds from Issuance of Common Stock							$ 2,810,156	$ 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							$ 19,831,294	$ 1,236,437
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							81.80%
max proceeds equity sales							$ 100,000,000
aggregate offering costs	$ 13,500,000						13,500,000
prorataamountofferingcostsreclassed							11,100,000
deferred offering costs not yet reclassified	2,400,000						2,400,000
Deferred offering costs	3,809,014						3,809,014		$ 5,834,304
Deferred Offering Costs	79,400,000						$ 79,400,000
offering costs reimbursable to the Manager							482,871	670,579
Preferred Stock, Value, Issued	$ 8,020						$ 8,020		$ 4,830
Dividends, Common Stock, Cash							$ 14,200,114	$ 11,881,325
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Authorized | shares	1,050,000						1,050,000		1,050,000		900,000
preferred stock | shares	809,460						809,460		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							1,516,320	130,720
Proceeds from Warrant Exercises							$ 16,200,000	$ 1,200,000
Common Stock, Shares, Issued | shares	24,658,034						24,658,034		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							$ 729,400,000
Unitsissuedcumulative | shares							809,460
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
2016 Shelf Offering [Member]
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock							300,000,000
deferred offering costs not yet reclassified	$ 812,000						812,000
Deferred offering costs	825,000						825,000
deferred offering costs reclassified	13,000						13,000
New Follow On Offering [Member]
Class of Stock [Line Items]
deferred offering costs not yet reclassified	$ 538,000						538,000
2016 ATM Offering [Member]
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock							150,000,000
at the market [Domain]
Class of Stock [Line Items]
Proceeds from Other Equity							$ 2,800,000		$ 54,400,000
Common Stock, Shares, Issued | shares	200,000	6,500,000					200,000

Related Party Transactions (Det

Related Party Transactions (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016USD ($)shares	Sep. 30, 2015USD ($)shares	Sep. 30, 2016USD ($)shares	Sep. 30, 2015USD ($)shares	Dec. 31, 2015USD ($)	Jun. 30, 2015shares	Mar. 31, 2015shares
Related Party Transaction [Line Items]
marketing and legal cost reimbursements			$ 356,752	$ 708,547
Cost of Reimbursable Expense	$ 2,808,402	$ 1,688,347	7,688,470	4,114,752
acquisition fees paid to related party	$ 321,366	$ 1,541,250	$ 706,422	$ 3,400,021
Common Stock, Shares, Outstanding | shares	24,658,034	22,323,604	24,658,034	22,323,604		22,290,677	22,004,309
Related Party Transaction, Expenses from Transactions with Related Party	$ 8,210,472	$ 4,816,648	$ 21,235,790	$ 10,599,813
Loans and Leases Receivable, Net Amount	35,328,412		35,328,412		$ 37,943,733
Property management fees	1,724,411	857,294	4,308,841	2,082,839
Loan Processing Fee	3,493,227	0	8,178,836	0
AcquisitionFeesRelatedPartyCosts			(1,374,828)	(1,063,456)
loan origination fees	250,602	494,100	1,374,828	1,063,457
Construction Management Fee			126,446	9,193
manager's fees deferred	736,960	373,360	1,458,245	1,528,479	$ 3,596,068
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	$ 17,000		$ 47,000
Acquisition-related Costs [Member]
Related Party Transaction [Line Items]
Percentageusedtocalculateacquisitionfees	0.00%		0.00%
AcquisitionFeesRelatedPartyCosts	$ 0	2,035,350	$ 0	4,438,813
AssetmanagementFees [Member]
Related Party Transaction [Line Items]
Asset Management Costs	2,196,363	1,045,986	5,708,868	2,290,870
Propertymanagementfees [Member]
Related Party Transaction [Line Items]
Property management fees	1,438,569	743,775	3,629,322	1,652,034
General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party	$ 831,711	$ 497,437	$ 2,343,936	$ 1,154,639
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			$ 768,869
Retail Site [Member]
Related Party Transaction [Line Items]
Number of Real Estate Properties	30		30		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	12,539,917		12,539,917		$ 12,793,440
Financing Receivable, Gross	$ 15,000,000		$ 15,000,000

Dividends (Details)

Dividends (Details) - USD ($)	1 Months Ended																3 Months Ended						9 Months Ended
	Aug. 31, 2016	Jul. 31, 2016	Jun. 30, 2016	May 31, 2016	Apr. 30, 2016	Mar. 31, 2016	Feb. 28, 2016	Jan. 31, 2016	Aug. 31, 2015	Jul. 31, 2015	Jun. 30, 2015	May 31, 2015	Apr. 30, 2015	Mar. 31, 2015	Feb. 28, 2015	Jan. 31, 2015	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Dividends Payable [Line Items]
minority interest partnership units outstanding																	886,168						886,168		886,168
Common Stock, Dividends, Per Share, Declared																	$ 0.2025	$ 0.2025	$ 0.1925	$ 0.18	$ 0.18	$ 0.175	$ 0.5975	$ 0.535
dividends common stock declared																	$ 4,992,038	$ 4,772,587	$ 4,435,489	$ 4,018,249	$ 4,012,322	$ 3,850,754	$ 14,200,114	$ 11,881,325
common stock shares entitled to dividends			23,568,328			23,041,502											24,652,041	23,568,328	23,041,502				24,652,041
Dividends, Preferred Stock, Cash	$ 3,671,020	$ 3,458,513	$ 3,321,519	$ 3,143,567	$ 2,979,196	$ 2,770,048	$ 2,630,601	$ 2,481,086	$ 1,701,019	$ 1,588,310	$ 1,480,101	$ 1,366,207	$ 1,244,249	$ 1,141,491	$ 1,047,189	$ 984,217	$ 3,886,173			$ 1,824,797			$ 28,341,723	$ 12,377,580
Common Stock, Shares, Outstanding											22,290,677			22,004,309			24,658,034			22,323,604	22,290,677	22,004,309	24,658,034	22,323,604
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																3 Months Ended		9 Months Ended
	Aug. 31, 2016	Jul. 31, 2016	Jun. 30, 2016	May 31, 2016	Apr. 30, 2016	Mar. 31, 2016	Feb. 28, 2016	Jan. 31, 2016	Aug. 31, 2015	Jul. 31, 2015	Jun. 30, 2015	May 31, 2015	Apr. 30, 2015	Mar. 31, 2015	Feb. 28, 2015	Jan. 31, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Jul. 29, 2016	Apr. 29, 2016	Feb. 27, 2016	Jan. 30, 2016	Feb. 27, 2015	Jan. 30, 2015
Dividends Payable [Line Items]
Dividends, Preferred Stock, Cash	$ 3,671,020	$ 3,458,513	$ 3,321,519	$ 3,143,567	$ 2,979,196	$ 2,770,048	$ 2,630,601	$ 2,481,086	$ 1,701,019	$ 1,588,310	$ 1,480,101	$ 1,366,207	$ 1,244,249	$ 1,141,491	$ 1,047,189	$ 984,217	$ 3,886,173	$ 1,824,797	$ 28,341,723	$ 12,377,580
Preferred Stock entitled to dividend payments	721,143		651,439	617,994		544,129			334,013	311,944	288,392	267,273	243,570	223,699			765,185	358,687	765,185	358,687	682,392	582,720	516,017	482,774	206,007	192,607

Dividends NCI (Details)

Dividends NCI (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2016	Sep. 30, 2015
Dividends [Abstract]
Distribution Made to Limited Partner, Cash Distributions Declared	$ 179,449	$ 179,449	$ 117,395	$ 49,779	$ 50,465	$ 49,063	$ 476,293	$ 149,307

Equity Compensation (Details)

Equity Compensation (Details) - USD ($)	Aug. 04, 2016	May 05, 2016	Jan. 04, 2016	Jan. 02, 2015	Aug. 31, 2016	Mar. 31, 2016	Feb. 28, 2016	Aug. 31, 2015	May 31, 2015	May 29, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Common Stock, Dividends, Per Share, Declared											$ 0.2025	$ 0.2025	$ 0.1925	$ 0.18	$ 0.18	$ 0.175	$ 0.5975	$ 0.535
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized											2,617,500				1,317,500		2,617,500
Share-based Compensation											$ 638,414			$ 593,417			$ 1,867,706	$ 1,761,268
market vesting condition capital increase threshhold																	3,549,000	$ 2,629,000
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						$ 10.94						$ 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	834				417	474	1,485	1,647	564	474				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
Class B Units valuation assumption dividend yield											5.98%				7.60%		5.98%
ClassBUnit valuation assumption expected volatility											26.10%				30.13%		26.10%
Class B Unit valuation assumptions risk free rate											2.81%				2.55%		2.81%
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 ($)	Aug. 04, 2016	May 05, 2016	Aug. 31, 2016	Mar. 31, 2016	Feb. 28, 2016	Aug. 31, 2015	May 31, 2015	May 29, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 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									$ 638,414	$ 593,417	$ 1,867,706	$ 1,761,268
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				$ 10.94				$ 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	834		417	474	1,485	1,647	564	474		1,782

Equity Compensation Committee F

Equity Compensation Committee Fee Grants (Details) - USD ($)	Aug. 04, 2016	May 05, 2016	Aug. 31, 2016	Mar. 31, 2016	Feb. 28, 2016	Aug. 31, 2015	May 31, 2015	May 29, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation									$ 638,414	$ 593,417	$ 1,867,706	$ 1,761,268
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share	$ 14.44		$ 14.36	$ 12.68	$ 12.12			$ 12.62		$ 10.05
Stock Granted, Value, Share-based Compensation, Gross	$ 0		$ 0	$ 6,010	$ 17,998	$ 18,018	$ 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				$ 10.94				$ 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	834		417	474	1,485	1,647	564	474		1,782

Equity Compensation Class B Uni

Equity Compensation Class B Units (Details) - USD ($)	Jan. 04, 2016	Jan. 02, 2015	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Mar. 31, 2014	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Dividends, Per Share, Declared			$ 0.2025	$ 0.2025	$ 0.1925	$ 0.18	$ 0.18	$ 0.175		$ 0.5975	$ 0.535
Share-based Compensation			$ 638,414			$ 593,417				$ 1,867,706	$ 1,761,268
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
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%
ClassBUnit valuation assumption expected volatility			26.10%				30.13%			26.10%
Class B Unit valuation assumptions risk free rate			2.81%				2.55%			2.81%
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
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
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			$ 495,399				$ 5,236	$ 1,474,872
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 Equity comp

Equity Compensation Equity compensation expense by grant (Details) - USD ($)	Jan. 04, 2016	Jan. 02, 2015	Sep. 30, 2016	Sep. 30, 2015	Mar. 31, 2014	Sep. 30, 2016	Sep. 30, 2015	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation			$ 638,414	$ 593,417		$ 1,867,706	$ 1,761,268
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized			1,369,508			1,369,508
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			18,030	18,018		48,021	$ 41,917
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			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	495,399		5,236	1,474,872
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	0		0	107,321
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		1,536,946	0
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized			1,130,342			1,130,342
2015 Year [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation			0	80,000		106,670	133,333
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			102,500	$ 0		170,833	$ 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			$ 239,166			$ 239,166
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			$ 10.03		$ 6.81

Indebtedness (Details)

Indebtedness (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	May 26, 2016USD ($)	Jan. 05, 2016USD ($)	Dec. 31, 2015USD ($)	Jun. 30, 2015	Feb. 28, 2015USD ($)
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			6 years 4 months
Short-term Debt					$ 11,000,000	$ 35,000,000			$ 32,000,000
Unamortized Debt Issuance Expense	$ 1,900,000		$ 1,900,000
Long-term Debt, Current Maturities	97,231,643		97,231,643
Long-term Debt	1,164,018,343		1,164,018,343				$ 660,736,774
Mortgage notes payable, principal amount	1,183,335,433		1,183,335,433				668,836,291
Long-term Debt, Maturities, Repayments of Principal in Year Two	18,629,724		18,629,724
Long-term Debt, Maturities, Repayments of Principal in Year Three	41,224,611		41,224,611
Long-term Debt, Maturities, Repayments of Principal in Year Four	332,587,612		332,587,612
Long-term Debt, Maturities, Repayments of Principal after Year Five	89,708,642		89,708,642
Long-term Debt, Maturities, Repayments of Principal after Year Five	696,953,201		696,953,201
Long-term Debt	1,276,335,433		1,276,335,433
Interest Expense	12,234,174	$ 5,818,760	30,688,505	$ 14,884,343
Revolving line of credit	82,000,000		82,000,000				34,500,000
Amortization of Financing Costs			2,431,809	$ 1,069,961
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								4.00%
Mortgages [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		3.25%		3.25%
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	$ 16,572,690		$ 16,572,690				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	$ 6,434,397		$ 6,434,397				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	$ 5,080,441		$ 5,080,441				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	$ 24,620,298		$ 24,620,298				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	$ 20,120,677		$ 20,120,677				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	$ 31,063,707		$ 31,063,707				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	$ 26,876,044		$ 26,876,044				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	$ 9,721,902		$ 9,721,902				9,868,025
Debt Instrument, Interest Rate, Stated Percentage	3.36%		3.36%
Cypress [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 22,249,173		$ 22,249,173				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	$ 30,098,400		$ 30,098,400				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	$ 7,070,474		$ 7,070,474				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	$ 3,054,374		$ 3,054,374				3,090,953
Debt Instrument, Interest Rate, Stated Percentage	4.71%		4.71%
Parkway Centre | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 4,563,827		$ 4,563,827				4,635,162
Debt Instrument, Interest Rate, Stated Percentage	3.48%		3.48%
Deltona Landing | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 6,965,841		$ 6,965,841				7,074,722
Debt Instrument, Interest Rate, Stated Percentage	3.48%		3.48%
Powder Springs | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 7,350,163		$ 7,350,163				7,465,051
Debt Instrument, Interest Rate, Stated Percentage	3.48%		3.48%
Kingwood Glen | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 11,654,573		$ 11,654,573				11,836,741
Debt Instrument, Interest Rate, Stated Percentage	3.48%		3.48%
Barclay Crossing | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 6,552,695		$ 6,552,695				6,655,117
Debt Instrument, Interest Rate, Stated Percentage	3.48%		3.48%
Sweetgrass Corner | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 7,941,564		$ 7,941,564				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	$ 33,279,524		$ 33,279,524				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	$ 21,600,300		$ 21,600,300				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	$ 41,556,147		$ 41,556,147				41,625,000
Debt Instrument, Interest Rate, Stated Percentage	2.13%		2.13%
Citilakes [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 43,553,746		$ 43,553,746				44,282,826
Debt Instrument, Interest Rate, Stated Percentage	2.70%		2.70%
Independence Square [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 12,267,378		$ 12,267,378				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	3.02%		3.02%
lenox village town center [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 30,890,483		$ 30,890,483				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	$ 18,205,087		$ 18,205,087				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	$ 20,763,152		$ 20,763,152				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	$ 12,629,516		$ 12,629,516				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	$ 40,891,434		$ 40,891,434				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	2.43%		2.43%
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	10.43%		10.43%
crosstown walk [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 32,213,176		$ 32,213,176				0
Debt Instrument, Interest Rate, Stated Percentage	3.90%		3.90%
East Gate retail [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 5,754,454		$ 5,754,454				0
Debt Instrument, Interest Rate, Stated Percentage	3.97%		3.97%
Furys ferry retail [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 6,647,386		$ 6,647,386				0
Debt Instrument, Interest Rate, Stated Percentage	3.97%		3.97%
Rosewood retail [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 4,464,662		$ 4,464,662				0
Debt Instrument, Interest Rate, Stated Percentage	3.97%		3.97%
Southgate retail [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 7,937,178		$ 7,937,178				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	2.53%		2.53%
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	11.53%		11.53%
wade green [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 8,152,504		$ 8,152,504				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	$ 33,679,285		$ 33,679,285				0
Debt Instrument, Interest Rate, Stated Percentage	4.02%		4.02%
City Vista [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 35,897,408		$ 35,897,408				0
Debt Instrument, Interest Rate, Stated Percentage	3.68%		3.68%
lakeland plaza [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 29,940,373		$ 29,940,373				0
Debt Instrument, Interest Rate, Stated Percentage	3.85%		3.85%
Sorrel [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 33,600,000		$ 33,600,000				0
Debt Instrument, Interest Rate, Stated Percentage	3.44%		3.44%
brookwood office [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 32,400,000		$ 32,400,000				0
Debt Instrument, Interest Rate, Stated Percentage	3.52%		3.52%
University Palms [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 13,600,000		$ 13,600,000				0
Debt Instrument, Interest Rate, Stated Percentage	3.45%		3.45%
Cherokee Plaza [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 26,200,000		$ 26,200,000				0
Debt Instrument, Interest Rate, Stated Percentage	2.77%		2.77%
Sandy Plains Exchange [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 9,500,000		$ 9,500,000				0
Debt Instrument, Interest Rate, Stated Percentage	3.45%		3.45%
Thompson Bridge Commons [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 12,700,000		$ 12,700,000				0
Debt Instrument, Interest Rate, Stated Percentage	3.45%		3.45%
Heritage Station [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 9,400,000		$ 9,400,000				0
Debt Instrument, Interest Rate, Stated Percentage	3.45%		3.45%
Oak Park Village [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 9,700,000		$ 9,700,000				0
Debt Instrument, Interest Rate, Stated Percentage	3.45%		3.45%
Shoppes of Parkland [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 16,554,000		$ 16,554,000				$ 0
Debt Instrument, Interest Rate, Stated Percentage	4.67%		4.67%
Avalon Park 2 [Member]
Debt Instrument [Line Items]
LIBOR spread		1,100		1,100
Avalon Park [Member]
Debt Instrument [Line Items]
LIBOR spread		200		200
Baldwin Park 2 [Member]
Debt Instrument [Line Items]
LIBOR spread		990		990
Royal Lakes [Member]
Debt Instrument [Line Items]
loan commitment amount	$ 11,050,000		$ 11,050,000
LIBOR spread		250		250
Citilakes [Member]
Debt Instrument [Line Items]
LIBOR spread		217		217
Derivative, Cap Interest Rate		4.33%		4.33%
Mansions at Creekside [Member]
Debt Instrument [Line Items]
LIBOR spread	190	160	190	160
Derivative, Cap Interest Rate		5.00%		5.00%
Summit II [Member]
Debt Instrument [Line Items]
amortization period			30
Summit Crossing [Member]
Debt Instrument [Line Items]
amortization period			30
Stone Rise Apartments [Member]
Debt Instrument [Line Items]
amortization period			30
Trail Creek [Member]
Debt Instrument [Line Items]
amortization period			30

Indebtedness debt covenants (De

Indebtedness debt covenants (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015
debt covenants [Line Items]
Long-term Debt	$ 1,164,018,343	$ 1,164,018,343		$ 660,736,774
Initial Interest Rate	3.93%	3.93%
dividend restriction AFFO		95.00%
Line of Credit Facility, Maximum Borrowing Capacity	$ 135,000,000	$ 135,000,000	$ 300,000,000			$ 70,000,000
minimum equity debt covenants	$ 686,900,000	$ 686,900,000
equity raise above min equity required	75.00%	75.00%
total debt covenant min equity	$ 745,456,734	$ 745,456,734
maximum dividends debt covenant	$ 62,400,000
Spread over Initial Interest Rate	200	200
Spread over Initial Interest Rate option 2	400	400
Minimum Net Worth Required for Compliance	$ 784,749,240	$ 784,749,240
debt yield	8.37%	8.37%
payout ratio	81.90%	81.90%
Total leverage ratio	61.10%	61.10%
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%
Mortgages [Member]
debt covenants [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					3.25%
City Vista [Member] | Mortgages [Member]
debt covenants [Line Items]
Long-term Debt	$ 35,897,408	$ 35,897,408		0
Debt Instrument, Interest Rate, Stated Percentage	3.68%	3.68%
lakeland plaza [Member] | Mortgages [Member]
debt covenants [Line Items]
Long-term Debt	$ 29,940,373	$ 29,940,373		0
Debt Instrument, Interest Rate, Stated Percentage	3.85%	3.85%
Sorrel [Member] | Mortgages [Member]
debt covenants [Line Items]
Long-term Debt	$ 33,600,000	$ 33,600,000		0
Debt Instrument, Interest Rate, Stated Percentage	3.44%	3.44%
brookwood office [Member] | Mortgages [Member]
debt covenants [Line Items]
Long-term Debt	$ 32,400,000	$ 32,400,000		0
Debt Instrument, Interest Rate, Stated Percentage	3.52%	3.52%
University Palms [Member] | Mortgages [Member]
debt covenants [Line Items]
Long-term Debt	$ 13,600,000	$ 13,600,000		0
Debt Instrument, Interest Rate, Stated Percentage	3.45%	3.45%
Cherokee Plaza [Member] | Mortgages [Member]
debt covenants [Line Items]
Long-term Debt	$ 26,200,000	$ 26,200,000		0
Debt Instrument, Interest Rate, Stated Percentage	2.77%	2.77%
Sandy Plains Exchange [Member] | Mortgages [Member]
debt covenants [Line Items]
Long-term Debt	$ 9,500,000	$ 9,500,000		0
Debt Instrument, Interest Rate, Stated Percentage	3.45%	3.45%
Thompson Bridge Commons [Member] | Mortgages [Member]
debt covenants [Line Items]
Long-term Debt	$ 12,700,000	$ 12,700,000		0
Debt Instrument, Interest Rate, Stated Percentage	3.45%	3.45%
Heritage Station [Member] | Mortgages [Member]
debt covenants [Line Items]
Long-term Debt	$ 9,400,000	$ 9,400,000		0
Debt Instrument, Interest Rate, Stated Percentage	3.45%	3.45%
Oak Park Village [Member] | Mortgages [Member]
debt covenants [Line Items]
Long-term Debt	$ 9,700,000	$ 9,700,000		0
Debt Instrument, Interest Rate, Stated Percentage	3.45%	3.45%
Shoppes of Parkland [Member] | Mortgages [Member]
debt covenants [Line Items]
Long-term Debt	$ 16,554,000	$ 16,554,000		0
Debt Instrument, Interest Rate, Stated Percentage	4.67%	4.67%
Royal Lakes [Member] | Mortgages [Member]
debt covenants [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	3.02%	3.02%
Royal Lakes [Member]
debt covenants [Line Items]
loan commitment amount	$ 11,050,000	$ 11,050,000

Indebtedness Credit Facility (D

Indebtedness Credit Facility (Details) - USD ($)	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2016	May 26, 2016	Jan. 05, 2016	Sep. 30, 2015	Jun. 30, 2015	Feb. 28, 2015
Line of Credit Facility [Line Items]
Short-term Debt			$ 11,000,000	$ 35,000,000			$ 32,000,000
Unamortized Debt Issuance Expense	$ 1,900,000
Short-term Debt, Weighted Average Interest Rate	4.00%
Line of Credit Facility, Maximum Borrowing Capacity	$ 135,000,000	$ 300,000,000				$ 70,000,000
Mortgages [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					3.25%
term loan [Member]
Line of Credit Facility [Line Items]
Loans Receivable, Basis Spread on Variable Rate						4.00%
term loan [Member] [Member]
Line of Credit Facility [Line Items]
Loans Receivable, Basis Spread on Variable Rate						2.50%
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	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			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 ($)	Sep. 30, 2016	Dec. 31, 2010
Operating Loss Carryforwards [Line Items]
real estate loan balances unfunded	$ 54,400,000
Deferred Tax Assets, Net of Valuation Allowance		$ 298,100
DeferredTaxAssetsValuationAllowancePercentage	100.00%

Commitments and Contingencies (

Commitments and Contingencies (Details)	9 Months Ended
	Sep. 30, 2016USD ($)ft²	Jun. 30, 2015ft²
Long-term Purchase Commitment [Line Items]
Number of units in real estate property | ft²	2,432	2,090
manager's fees deferred	$ 3,600,000
real estate loan balances unfunded	$ 54,400,000
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)	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)ft²	Sep. 30, 2015USD ($)ft²	Sep. 30, 2016USD ($)ft²	Sep. 30, 2015USD ($)ft²	Dec. 31, 2015USD ($)
Segment Reporting Information [Line Items]
Net Rentable Area | ft²	1,633,601	259,711	1,633,601	259,711
capitalized expenditures for long lived assets	$ 3,239,753	$ 1,482,635	$ 8,442,416	$ 3,745,131
Assets	2,123,537,070		2,123,537,070		$ 1,295,529,033
Operating Leases, Income Statement, Lease Revenue	37,319,207	19,442,628	96,541,544	47,304,230
rental and other property revenues	53,537,337	29,955,693	141,127,062	75,389,035
adjusted funds from operations	37,158,322	20,944,566	95,548,527	52,514,025
Interest Expense	12,234,174	5,818,760	30,688,505	14,884,343
Depreciation, Depletion and Amortization	21,664,363	10,536,486	54,981,064	26,409,763
noncash loan interest income	593,623	577,579	2,176,510	1,249,947
Management fees net of deferrals	3,022,124	1,535,382	8,025,916	3,302,109
Acquisition Costs, Period Cost	1,357,537	3,324,958	6,885,864	6,276,663
Share-based Compensation	(638,414)	(593,417)	(1,867,706)	(1,761,268)
Gains (Losses) on Sales of Investment Real Estate	0	0	4,271,506	0
Net loss	(2,688,620)	(1,697,767)	(5,860,631)	(2,041,860)
loan fees received			2,695,961	2,126,913
Business Combination, Acquisition Related Costs	(1,036,171)	(1,783,708)	(6,179,442)	(2,876,642)
Multifamily communities [Member]
Segment Reporting Information [Line Items]
capitalized expenditures for long lived assets	2,674,743	1,156,136	6,762,650	2,737,108
Assets	1,182,652,596		1,182,652,596		781,224,019
Operating Leases, Income Statement, Lease Revenue	32,254,954	18,624,534	87,941,541	44,714,185
adjusted funds from operations	18,413,797	10,517,036	48,169,241	24,585,670
Acquisition Costs, Period Cost	601,033	2,543,159	4,645,530	5,335,149
Retail Site [Member]
Segment Reporting Information [Line Items]
Acquisition Costs, Period Cost	396,679	781,799	1,856,933	941,514
Office Building [Member]
Segment Reporting Information [Line Items]
adjusted funds from operations	373,454	0	373,454	0
Interest Expense	133,681	0	133,681	0
Depreciation, Depletion and Amortization	182,993	0	182,993	0
Acquisition Costs, Period Cost	359,825	0	383,401	0
new market properties [Member]
Segment Reporting Information [Line Items]
Share-based Compensation	(20,356)	(72,071)	(60,289)	(213,912)
financingsegment [Member]
Segment Reporting Information [Line Items]
Assets	345,622,541		345,622,541		272,454,610
Interest and Other Income	10,575,595	7,822,002	29,957,116	21,266,174
adjusted funds from operations	10,575,595	7,822,002	29,957,116	21,266,174
Interest Expense	1,632,424	720,764	3,959,391	2,089,779
woodstock retail [Member]
Segment Reporting Information [Line Items]
Assets	533,156,727		533,156,727		229,461,573
Interest and Other Income	10,193,843	3,509,157	22,715,460	9,408,676
adjusted funds from operations	7,795,476	2,605,528	17,048,716	6,662,181
Interest Expense	2,615,924	844,472	5,588,947	2,391,479
Depreciation, Depletion and Amortization	5,452,490	1,816,634	11,997,670	4,882,862
Other Assets [Member]
Segment Reporting Information [Line Items]
Assets	9,917,549		9,917,549		$ 12,388,831
All Other Segments [Member]
Segment Reporting Information [Line Items]
adjusted funds from operations	336,707	255,751	1,055,099	671,792
Share-based Compensation	(618,058)	(521,346)	(1,807,417)	(1,547,356)
Retail Segment [Member]
Segment Reporting Information [Line Items]
capitalized expenditures for long lived assets	565,010	326,499	1,679,766	1,008,023
real estate assets [Member]
Segment Reporting Information [Line Items]
Interest Expense	7,852,145	4,253,524	21,006,486	10,403,085
Depreciation, Depletion and Amortization	$ 16,028,880	$ 8,719,852	$ 42,800,401	$ 21,526,901
Lenox Portfolio [Member]
Segment Reporting Information [Line Items]
Net Rentable Area | ft²	47,600		47,600

Loss per Share (Details)

Loss per Share (Details) - USD ($)	Jan. 04, 2016	Jan. 02, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015	Jun. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net loss			$ (2,688,620)	$ (1,697,767)	$ (5,860,631)	$ (2,041,860)
Preferred Stock, Shares Outstanding			802,032		802,032			384,112
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures					23,247	22,602
Net Income (Loss) Attributable to Parent			$ (2,602,136)	(1,682,478)	$ (5,685,586)	$ (2,021,148)
Dividends, Preferred Stock			(11,015,706)	(5,114,126)	(28,341,723)	(12,377,580)
NetIncomeAllocatedToUnvestedRestrictedShares			(6,159)	(4,068)	(12,434)	(16,355)
Income (Loss) Attributable to Noncontrolling Interest			86,484	15,289	175,045	20,712
Net Income (Loss) Available to Common Stockholders, Basic			$ (13,624,001)	$ (6,800,672)	$ (34,039,743)	$ (14,415,083)
Weighted Average Number of Shares Outstanding, Basic			24,340,791	22,292,217	23,552,951	22,109,036
Preferred Stock, Dividend Rate, Percentage					6.00%
Units stated value per share			$ 1,000		$ 1,000
Earnings Per Share, Basic			$ (0.56)	$ (0.31)	$ (1.45)	$ (0.65)
Earnings Per Share, Potentially Dilutive Securities					14,056,460	7,607,520
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					809,460
ClassBUnits [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net loss					$ (5,860,631)	$ (2,041,860)
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			802,032		802,032		482,964
Scenario, Actual [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted Average Number of Shares Outstanding, Diluted			24,340,791	22,292,217	23,552,951	22,109,036

Pro Forma Financial Informati69

Pro Forma Financial Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
pro forma acquisition cost adjustment	$ 1,700,000	$ 3,200,000	$ 6,800,000	$ 5,500,000
Revenues	53,537,337	29,955,693	141,127,062	75,389,035
pro forma net income common stockholders	$ (8,485,522)	$ (12,483,854)	$ (24,934,317)	$ (42,702,953)
Weighted Average Number of Shares Outstanding, Basic	24,340,791	22,292,217	23,552,951	22,109,036
Pro Forma [Member]
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenues	$ 56,305,235	$ 52,440,197	$ 167,230,831	$ 149,371,941
Business Acquisition, Pro Forma Net Income (Loss)	2,634,574	(7,583,116)	3,586,801	(31,388,770)
pro forma net income company	$ 2,536,343	$ (7,365,660)	$ 3,419,840	$ (30,309,018)
Business Acquisition, Pro Forma Earnings Per Share, Basic	$ (0.35)	$ (0.56)	$ (1.06)	$ (1.89)
Weighted Average Number of Shares Outstanding, Basic	24,340,791	22,292,217	23,552,951	22,570,222

Fair Values of Financial Inst70

Fair Values of Financial Instruments (Details) - USD ($)	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Accrued interest receivable on real estate loans	$ 17,669,121	$ 14,294,648
Financing Receivable, Gross	52,905,000
Notes receivable	14,341,875	18,489,247
Mortgage notes payable	1,164,018,343	660,736,774
Long-term Line of Credit	82,000,000	34,500,000
Term note payable	11,000,000	0
Debt, Long-term and Short-term, Combined Amount	1,295,973,665	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	1,311,484,669	740,569,830
Term note payable	$ 11,000,000
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	48,228,794
real estate loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Accrued interest receivable on real estate loans	17,700,000	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	20,486,803	14,061,190
line of credit receivable	35,328,412	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	20,486,803	14,061,190
real estate related loans fair value	342,775,296	267,383,427
Assets, Fair Value Disclosure	378,103,708	305,327,160
Long-term Debt, Fair Value	1,197,997,866	692,008,640
Long-term Line of Credit	82,000,000	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	342,775,296	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	305,407,486	252,296,406
Participating Mortgage Loans, Mortgage Obligations, Amount	19,638,232	13,544,160
financial assets carrying value	340,735,898	290,240,139
line of credit receivable	35,328,412	37,943,733
Reported Value Measurement [Member] | Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	1,183,335,433	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	$ 82,000,000	$ 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. 04, 2016USD ($)$ / sharesshares	May 05, 2016USD ($)$ / shares	Jan. 04, 2016shares	Jan. 02, 2015shares	Aug. 31, 2016USD ($)$ / sharesshares	Mar. 31, 2016USD ($)$ / sharesshares	Feb. 28, 2016USD ($)$ / sharesshares	Aug. 31, 2015USD ($)$ / sharesshares	May 31, 2015USD ($)shares	May 29, 2016USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Sep. 30, 2016USD ($)ft²$ / sharesshares	Jun. 30, 2016$ / shares	Mar. 31, 2016$ / shares	Sep. 30, 2015USD ($)ft²$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares	Mar. 31, 2015$ / shares	Sep. 30, 2016USD ($)ft²$ / sharesshares	Sep. 30, 2015USD ($)ft²$ / sharesshares	Oct. 18, 2016ft²	Dec. 31, 2015USD ($)
Subsequent Event [Line Items]
Beds																		4,806
interest revenue current pay												$ 5,902,915			$ 4,077,298			$ 16,913,037	$ 11,263,071
Financing Receivable, Gross												$ 52,905,000						$ 52,905,000
Net Rentable Area | ft²												1,633,601			259,711			1,633,601	259,711
guaranty cap amount												$ 6,400,000						$ 6,400,000
loans to be funded												$ 361,328,553						$ 361,328,553
numberofunitstobecompleted												4,902						4,902
Proceeds from Issuance of Common Stock																		$ 2,810,156	$ 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	$ 14.44				$ 14.36	$ 12.68	$ 12.12			$ 12.62					$ 10.05
deferred interest income																		$ 3,374,473	$ 3,188,828
Common Stock, Dividends, Per Share, Declared | $ / shares												$ 0.2025	$ 0.2025	$ 0.1925	$ 0.18	$ 0.18	$ 0.175	$ 0.5975	$ 0.535
Proceeds from Issuance or Sale of Equity																		$ 287,830,612	$ 173,466,135
amount drawn under loan agreement												$ 306,969,843						306,969,843
Stock Granted, Value, Share-based Compensation, Gross	$ 0				$ 0	$ 6,010	$ 17,998	$ 18,018	$ 5,990	$ 5,982					$ 17,909
Long-term Debt												1,164,018,343						1,164,018,343			$ 660,736,774
Share-based Compensation												638,414			$ 593,417			1,867,706	$ 1,761,268
Line of Credit Facility, Maximum Borrowing Capacity											$ 300,000,000	$ 135,000,000				$ 70,000,000		135,000,000
Southeastern Six Pack [Member]
Subsequent Event [Line Items]
Approximate purchase price																		$ 68,700,000
lakeland plaza [Member]
Subsequent Event [Line Items]
Net Rentable Area | ft²												301,711						301,711
Approximate purchase price																		$ 45,300,000
City Vista [Member]
Subsequent Event [Line Items]
current interest rate																		8.00%
Deferred interest rate																		6.00%
amount drawn under loan agreement												$ 0						$ 0
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																		6.50%
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																		7.50%
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												$ 7,146,862						$ 7,146,862
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												$ 15,186,370						$ 15,186,370
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												$ 15,496,602						$ 15,496,602
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												$ 12,343,718						$ 12,343,718
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																		$ 729,400,000
Unitsissuedcumulative | shares																		809,460
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						$ 10.94							$ 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
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	834				417	474	1,485	1,647	564	474					1,782
2013 Shelf offering [Member]
Subsequent Event [Line Items]
Proceeds from Issuance of Common Stock																		$ 200,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Net Rentable Area | ft²																				383,100
Common Stock, Dividends, Per Share, Declared | $ / shares											$ 0.22
Subsequent Event [Member] | Unitsissued [Member]
Subsequent Event [Line Items]
Unitsissuedcumulative | shares											29,419
Proceeds from Issuance of Preferred Stock and Preference Stock											$ 26,500,000
Mortgages [Member] | Summit Point [Member]
Subsequent Event [Line Items]
Long-term Debt												$ 12,629,516						12,629,516			12,846,544
Mortgages [Member] | lakeland plaza [Member]
Subsequent Event [Line Items]
Long-term Debt												29,940,373						29,940,373			$ 0
2016 [Member]
Subsequent Event [Line Items]
Share-based Compensation												$ 102,500			$ 0			$ 170,833	$ 0
Galleria 75 [Member]
Subsequent Event [Line Items]
office space leasable square feet | ft²												110,000						110,000

Uncategorized Items - apts-2016

Label	Element	Value
Common Unit, Issued	us-gaap_CommonUnitIssued	0