Preferred Apartment Communities (APTS) 10-K 1 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information Document - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 20, 2017	Jun. 30, 2016
Document and Entity Information
entity registrant name	PREFERRED APARTMENT COMMUNITIES INC
entity CIK	1,481,832
Current fiscal year end date	--12-31
document type	10-K
document period end date	Dec. 31, 2016
document fiscal year focus	2,016
entity filer category	Accelerated Filer
document fiscal period focus	FY
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
amendment flag	false
entity common stock, shares outstanding		27,001,669
Entity Public Float			$ 338,093,464

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Real estate
Land	$ 299,547,501	$ 141,729,264
Building and improvements	1,499,129,649	733,417,442
Tenant Improvements	37,806,472	5,781,199
Furniture, fixtures, and equipment	126,357,742	86,092,408
Construction in progress	2,645,634	609,400
Gross real estate	1,965,486,998	967,629,713
Less: accumulated depreciation	(103,814,894)	(48,155,874)
Net real estate	1,861,672,104	919,473,839
Real estate loans	201,855,604	180,688,293
Loans and Leases Receivable, Related Parties	130,905,464	57,313,465
Total real estate and real estate loan, net	2,194,433,172	1,191,292,678
Cash and cash equivalents	12,321,787	2,439,605
Restricted cash	55,392,984	12,539,440
Financing Receivable, Net	15,499,699	18,489,247
Note receivable	52,015,000
Due from Related Parties, Current	22,115,976	19,454,486
Interest Receivable	21,894,549	14,294,648
Intangible Assets, Net (Excluding Goodwill)	79,156,400	19,381,473
Deferred loan costs, net of amortization of $155,953 and $64,480	(22,007,641)	(8,099,517)
Deferred offering costs	2,677,023	5,834,304
Other assets	15,572,233	11,314,382
Total assets	2,420,832,602	1,295,529,033
Liabilities
Long-term Debt, Gross	1,327,878,112	668,836,291
Mortgage notes payable	1,305,870,471	660,736,774
Accounts payable and accrued expenses	20,814,910	12,644,818
Line of Credit Facility, Amount Outstanding	127,500,000	34,500,000
Bank Loans	11,000,000	0
deferred finance costs on term note	(40,095)	0
Short-term Bank Loans and Notes Payable	10,959,905	0
Participating Mortgage Loans, Participation Liabilities, Amount	20,761,819	13,544,160
Interest Payable, Current	3,541,640	1,803,389
Dividends payable	10,159,629	6,647,507
Below Market Lease, Net	29,774,033	9,253,450
Security deposits and prepaid rents	6,189,033	2,836,145
Deferred income	1,809,174	963,417
Total liabilities	1,535,571,440	770,075,243
Stockholder's equity
Common Stock, $0.01 par value per share; 400,066,666 shares authorized; 5,179,093 and 5,149,325 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively	264,982	227,616
Additional paid in capital	906,737,470	536,450,877
Accumulated deficit	(23,231,643)	(13,698,520)
Total stockholders' equity	883,779,953	522,984,803
Non-controlling interest	1,481,209	2,468,987
Total equity	885,261,162	525,453,790
Total liabilities and equity	2,420,832,602	1,295,529,033
Series A Preferred Stock [Member]
Stockholder's equity
Series A Redeemable Preferred Stock, $0.01 par value per share; 150,000 shares authorized; 12,178 and 0 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively	9,144	4,830
Total equity	9,144	4,830
Line of Credit [Member]
Real estate
Deferred loan costs, net of amortization of $155,953 and $64,480	(1,768,779)	(488,770)
Mortgages [Member]
Liabilities
Mortgage notes payable	$ 1,327,878,112	$ 696,945,291

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets, Accumulated Amortization	$ 46,396,254	$ 27,032,157
Allowance for Doubtful Accounts, Premiums and Other Receivables	663,912	434,773
Below Market Lease, Accumulated Amortization	$ 3,771,393	$ 1,578,205
Shares outstanding, preferred stock	914,422	482,964
Common Stock, par value per share	$ 0.01
Common stock, shares outstanding	26,498,192	22,415,578
Series A Preferred Stock [Member]
Series A Redeemable Preferred Stock, par value per share	$ 0.01	$ 0.01
Preferred stock, shares authorized	3,050,000	1,050,000
Preferred stock, shares issued	924,855	486,182
Shares outstanding, preferred stock	914,422	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	26,498,192	22,761,551
Common stock, shares outstanding	26,498,192	22,761,551
Line of Credit [Member]
Deferred loan costs, accumulated amortization	$ 422,873	$ 791,002

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Rental revenues	$ 137,330,774	$ 69,128,280	$ 30,762,423
Other property revenues	19,302,548	9,495,522	3,946,222
Interest income on loan and note receivable	28,840,857	23,207,610	18,531,899
Revenue from Related Parties	14,644,736	7,474,100	3,295,826
Total revenues	200,118,915	109,305,512	56,536,370
Operating expenses:
Property operating and maintenance	19,981,640	10,878,872	4,887,903
property salaries related party	10,398,711	5,885,242	2,882,283
Property management fees	5,980,735	3,014,801	1,347,502
Real estate taxes	21,594,369	9,934,412	3,587,287
General and administrative	4,557,990	2,285,789	1,051,849
Share-based Compensation	2,524,042	2,362,453	1,784,349
Depreciation and amortization	78,139,798	38,096,334	16,328,715
Acquisition costs	7,607,737	4,186,092	3,518,540
acquisition fees paid to related party	939,806	4,967,671	3,714,077
Management fees	13,637,458	7,041,226	3,546,987
Other Expenses	6,172,972	3,568,356	1,903,833
Total operating expenses	171,535,258	92,221,248	44,553,325
manager's fees deferred	(1,585,567)	(1,805,478)	(332,345)
Operating Expenses	169,949,691	90,415,770	44,220,980
Operating Income (Loss)	30,169,224	18,889,742	12,315,390
Interest Expense	44,284,144	21,315,731	10,188,187
Income (Loss) before Gain (Loss) on Sale of Properties	(14,114,920)	(2,425,989)	2,127,203
Gains (Losses) on Sales of Investment Real Estate	4,271,506	0	0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(9,843,414)	(2,425,989)	2,127,203
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	(9,843,414)	(2,425,989)	2,127,203
net loss attributable to non-controlling interests	310,291	25,321	(33,714)
Net loss attributable to the Company	(9,533,123)	(2,400,668)	2,093,489
Deemed noncash dividend	5,072,659	0	0
NetIncomeAllocatedToUnvestedRestrictedShares	(15,843)	(19,256)	(24,090)
Net Income (Loss) Available to Common Stockholders, Basic	$ (50,629,611)	$ (21,171,858)	$ (5,312,921)
Earnings Per Share, Basic	$ (2.11)	$ (0.95)	$ (0.31)
Dividends, Common Stock, Cash	$ 19,940,730	$ 16,196,324
Common Stock, Dividends, Per Share, Declared	$ 0.8175	$ 0.7275	$ 0.655
Weighted Average Number of Shares Outstanding, Basic and Diluted	23,969,494	22,182,971	17,399,147
Weighted Average Number of Shares Outstanding, Basic	23,969,494	22,182,971	17,399,147
Scenario, Actual [Member]
Operating expenses:
Earnings Per Share, Basic	$ (2.11)	$ (0.95)	$ (0.31)
Weighted Average Number of Shares Outstanding, Diluted	23,969,494	22,182,971	17,399,147
Series A Preferred Stock [Member]
Operating expenses:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 0
Dividends to preferred stockholders	$ (41,080,645)	$ (18,751,934)	$ (7,382,320)

Statements of Operations (Paren

Statements of Operations (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Statement Parentheticals [Abstract]
property management fees paid to related party	$ 4,978,142	$ 2,608,364	$ 1,237,387
acquisition fees paid to related party	$ 198,024	$ 189,115	$ 173,578

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating activities:
Net loss attributable to the Company	$ (9,533,123)	$ (2,400,668)	$ 2,093,489
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(9,843,414)	(2,425,989)	2,127,203
Reconciliation of net loss to net cash provided by (used in) operating activities:
Depreciation expense	56,415,608	27,672,387	12,258,812
Amortization expense	21,724,190	10,423,947	4,069,903
Amortization of above and below Market Leases	(1,653,016)	(816,509)	(242,893)
Deferred fee income amortization	(994,809)	(868,615)	(904,144)
Deferred loan cost amortization	3,595,429	1,474,276	887,216
deferred interest income	(7,599,901)	(6,256,200)	(4,751,788)
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	2,524,042	2,362,453	1,784,349
deferred miscellaneous income amortization	48,126	(19,743)	(16,205)
Gain (Loss) on Disposition of Assets	(4,271,506)	0	0
Changes in operating assets and liabilities:
(Increase) in tenant accounts receivable	(4,331,216)	(2,341,649)	(1,723,648)
(Increase) decrease in other assets	3,112,553	4,866,996	1,124,078
Increase in accounts payable and accrued expenses	1,789,109	616,681	673,651
(Decrease) increase in accrued interest payable	818,083	362,625	120,236
Increase (decrease) in prepaid rents	328,191	170,763	29,292
Net cash provided by (used in) operating activities	61,661,469	35,221,423	15,436,062
Investing activities:
Investments in real estate loans	(151,027,549)	(114,026,945)	(54,939,135)
Proceeds from Principal Repayments on Loans and Leases Held-for-investment	36,672,482	18,772,024	13,857,393
Notes receivable issued	12,895,101	15,350,624	6,327,396
Deferred acquisition fee on real estate loans	(34,206,553)	(18,634,237)	(14,981,065)
Deferred real estate loan income	(9,887,486)	(19,339,695)	(11,704,662)
Acquisition of properties, net	(1,010,111,945)	(420,700,550)	(299,506,416)
Proceeds from Sale of Real Estate Held-for-investment	10,606,386	0	0
Additions to real estate assets - improvements	(10,263,736)	(4,239,725)	(2,118,349)
Proceeds from Sale of Productive Assets	10,000	0	4,773
Increase (Decrease) in Earnest Money Deposits Outstanding	(839,600)	(660,400)	0
Increase in cash held in escrow and restricted cash	(3,344,721)	(3,920,995)	(492,778)
AcquisitionFeesRelatedPartyCosts	(1,886,105)	(1,349,273)	(555,583)
Increase (Decrease) in Accounts and Notes Receivable	31,096,618	12,502,579	6,680,951
Net cash (used in) investing activities	(1,126,583,594)	(533,510,211)	(356,423,742)
Financing activities:
Proceeds from mortgage notes payable	622,394,000	256,865,500	227,556,000
Extinguishment of Debt, Amount	(12,035,587)	(4,175,271)	(13,653,331)
Payments for mortgage loan costs	(19,130,246)	(4,481,004)	(5,291,302)
loan balance proceeds from real estate loan participants	6,432,700	4,996,680	7,908,835
Payments on revolving lines of credit	(377,136,020)	(285,800,000)	(101,323,306)
Proceeds from Short-term Debt	46,000,000	32,000,000	44,250,000
Repayments of Short-term Debt	(35,000,000)	(32,000,000)	(44,250,000)
Proceeds from non-revolving lines of credit	470,136,020	295,800,000	96,433,305
Proceeds from sales of Units, net of offering costs	390,904,255	262,456,354	93,651,581
Proceeds from Issuance of Common Stock	22,956,604	5,381,848	48,995,741
Proceeds from Warrant Exercises	21,503,490	1,998,414	0
Dividends declared and paid	(18,515,113)	(15,578,760)	(10,501,589)
Payments of Ordinary Dividends, Preferred Stock and Preference Stock	(38,940,901)	(17,373,097)	(6,913,550)
Payments for deferred offering costs, net of non cash items	(4,685,367)	(2,300,855)	(1,843,485)
Proceeds from (Payments to) Noncontrolling Interests	450,000	0	0
Cash beginning of period	2,439,605	3,113,270	9,180,431
Cash end of period	12,321,787	2,439,605	3,113,270
Supplemental cash flow information:
Cash paid for interest	38,950,463	19,154,375	8,509,477
Noncash Investing and Financing Items [Abstract]
Accrued capital expenditures	353,401	226,892	38,740
Deemed noncash dividend	5,072,659	0	0
Dividends payable to non controlling interests	194,957	53,238	25,379
Payments of Ordinary Dividends, Noncontrolling Interest	(529,528)	(174,686)	(98,380)
Accrued and payable deferred offering costs	683,612	571,786	219,001
receivable for deferred offering costs	1,007,202	667,514	0
writeoff of fully amortized liabilities	(31,555)	(100,573)	0
Reclass of offering costs from deferred asset to equity	8,748,762	3,994,184	1,180,651
amount of bridge loans converted to mezzanine loans	0	49,188,665	24,051,084
Loans Assumed	49,033,530	0	0
Net Cash Provided by (Used in) Financing Activities	1,074,804,307	497,615,123	334,920,519
Cash and Cash Equivalents, Period Increase (Decrease)	9,882,182	(673,665)	(6,067,161)
non cash mezzanine loan settled	12,500,000	10,000,000	0
Share-based Compensation	3,188,263	2,321,578	1,810,301
Noncash settlement of loans	452,853	0	0
loan fees received	3,703,514	2,761,047	1,111,131
Common Stock [Member]
Noncash Investing and Financing Items [Abstract]
Dividends payable	5,740,616	4,314,999	3,697,436
Series A Preferred Stock [Member]
Operating activities:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	0
Noncash Investing and Financing Items [Abstract]
Dividends payable	4,419,014	2,279,270	900,433
Parent [Member]
Operating activities:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(9,533,123)	(2,400,668)	2,093,489
westport capital partners [Member]
Investing activities:
AcquisitionFeesRelatedPartyCosts	$ 0	$ (24,665)	$ (107,398)

Statements of Equity and Accumu

Statements of Equity and Accumulated Deficit - USD ($)	Total	Series A Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total Stockholders' Equity [Member]	Noncontrolling Interest [Member]	ClassBUnits [Member]	ClassBUnits [Member]Series A Preferred Stock [Member]	ClassBUnits [Member]Common Stock [Member]	ClassBUnits [Member]Additional Paid-in Capital [Member]	ClassBUnits [Member]Accumulated Deficit [Member]	ClassBUnits [Member]Total Stockholders' Equity [Member]	ClassBUnits [Member]Noncontrolling Interest [Member]
Proceeds from Issuance of Preferred Stock and Preference Stock	$ 103,892,635	$ 1,039	$ 0	$ 103,891,596	$ 0	$ 103,892,635	$ 0
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests	(105,141)	(4)	331	(105,468)	0	(105,141)	0
Stock Issued During Period, Value, Stock Options Exercised	50,387,933	0	59,373	50,328,560	0	50,387,933	0
Balance at Dec. 31, 2013	166,052,719	893	152,945	177,824,720	(13,391,341)	164,587,217	1,465,502
restricted stock vesting	0	0	293	(293)	0	0	0
Stock Issued During Period, Value, Conversion of Units	0	0	1,040	565,158	0	566,198	(566,198)
amortization of Class A Unit awards								$ 1,436,085						$ 1,436,085
Syndication and offering costs	(13,321,535)			(13,321,535)		(13,321,535)
Stock Issued During Period, Value, Share-based Compensation, Gross	348,264	0	57	348,207	0	348,264	0
Balance at Dec. 31, 2014	291,581,874	1,928	214,039	300,576,349	(11,297,852)	289,494,464	2,087,410
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	2,127,203				2,093,489	2,093,489	33,714
non-controlling interest equity adjustment				175,052		175,052	(175,052)
Payments to Noncontrolling Interests	(106,641)	0	0	0	0	0	(106,641)
Dividends, Preferred Stock	(7,382,320)	0	0	(7,382,320)	0	(7,382,320)	0
Dividends, Common Stock	(11,747,328)	0	0	(11,747,328)	0	(11,747,328)	0
Proceeds from Issuance of Preferred Stock and Preference Stock	292,684,309	2,929	0	292,681,380	0	292,684,309	0
Stock Redeemed or Called During Period, Value	(1,899,044)	(27)	599	(1,899,616)		(1,899,044)
Stock Issued During Period, Value, New Issues	5,493,308	0	5,479	5,487,829	0	5,493,308	0
restricted stock vesting	0	0	543	(543)	0	0	0
Stock Issued During Period, Value, Conversion of Units	0	0	1,080	717,582	0	718,662	(718,662)
amortization of Class A Unit awards								1,987,877						1,987,877
Syndication and offering costs	(33,363,362)			(33,363,362)		(33,363,362)
Stock Issued During Period, Value, Share-based Compensation, Gross	374,576	0	51	374,525	0	374,576	0
Dividends, Common Stock, Cash	(16,196,324)			(16,196,324)		(16,196,324)
Balance at Dec. 31, 2015	525,453,790	4,830	227,616	536,450,877	(13,698,520)	522,984,803	2,468,987
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(2,425,989)				(2,400,668)	(2,400,668)	(25,321)
non-controlling interest equity adjustment				659,772		659,772	(659,772)
Payments to Noncontrolling Interests	(202,545)	0	0	0	0	0	(202,545)
Dividends, Preferred Stock	(18,751,934)	0	0	(18,751,934)	0	(18,751,934)	0
Proceeds from Issuance of Preferred Stock and Preference Stock	438,113,630	4,387		438,109,243		438,113,630
Stock Redeemed or Called During Period, Value	(3,757,328)	(73)	2,090	(3,759,345)		(3,757,328)
Stock Issued During Period, Value, New Issues	23,366,043		16,954	23,349,089		23,366,043
exercise of warrants	18,167,609	0	16,977	18,150,632	0	18,167,609	0
restricted stock vesting	0	0	306	(306)	0	0	0
Stock Issued During Period, Value, Conversion of Units	0	0	956	647,642	0	648,598	(648,598)
amortization of Class A Unit awards								2,060,066	$ 0	$ 0	$ 0	$ 0	$ 0	2,060,066
Syndication and offering costs	(52,620,248)	0	0	(52,620,248)	0	(52,620,248)	0
Stock Issued During Period, Value, Share-based Compensation, Gross	490,980	0	83	490,897	0	490,980	0
Dividends, Common Stock, Cash	(19,940,730)			(19,940,730)		(19,940,730)
Balance at Dec. 31, 2016	885,261,162	9,144	264,982	906,737,470	(23,231,643)	883,779,953	1,481,209
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(9,843,414)	0	0	0	(9,533,123)	(9,533,123)	(310,291)
Stock Issued During Period, Value, Acquisitions								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
non-controlling interest equity adjustment	0	0	0	6,940,364	0	6,940,364	(6,940,364)
Payments to Noncontrolling Interests	(671,250)	0	0	0	0	0	(671,250)
Dividends, Preferred Stock	$ (41,080,645)	$ 0	$ 0	$ (41,080,645)	$ 0	$ (41,080,645)	$ 0

Statements of Equity and Accum8

Statements of Equity and Accumulated Deficit Parenthetical - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Common Stock, Dividends, Per Share, Declared	$ 0.8175	$ 0.7275	$ 0.655
Series A Preferred Stock [Member]
Preferred Stock, Dividends Per Share, Declared	$ 5	$ 5	$ 5

Organization

Organization	12 Months Ended
	Dec. 31, 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 mezzanine debt secured by interests in multifamily properties, membership or partnership interests in multifamily properties and other multifamily related assets and invest a lesser portion of its assets in other real estate related investments, including other income-producing property types, senior mortgage loans, subordinate loans or real estate loans secured by interests in other income-producing property types, or membership or partnership interests in other income-producing property types as determined by its Manager (as defined below) as appropriate for the Company. The Company is externally managed and advised by Preferred Apartment Advisors, LLC, or its Manager, a Delaware limited liability company and related party (see Note 6). As of December 31, 2016 , the Company had 26,498,192 shares of common stock, par value $0.01 per share, or Common Stock, issued and outstanding and was the approximate 96.8% owner of the Operating Partnership at that date. The number of partnership units not owned by the Company totaled 886,168 at December 31, 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 Operating Partnership'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. New Market Properties, LLC owns and conducts the business of our grocery-anchored shopping centers. Preferred Office Properties owns and conducts the business of our portfolio of office buildings. Preferred Campus Communities was formed to acquire off-campus student housing communities. Each of these entities are wholly-owned subsidiaries of the Operating Partnership. Basis of Presentation These consolidated financial statements include all of the accounts of the Company and the Operating Partnership presented in accordance with accounting principles generally accepted in the United States of America, or GAAP. All significant intercompany transactions have been eliminated in consolidation. Certain adjustments have been made consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair presentation of the Company's financial condition and results of operations. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Summary of Significant Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Summary of Significant Accounting Policies Acquisitions and Impairments of Real Estate Assets The Company generally records its initial investments in income-producing real estate at fair value at the acquisition date in accordance with ASC 805-10, Business Combinations . The aggregate purchase price of acquired properties is apportioned to the tangible and identifiable intangible assets and liabilities acquired at their estimated fair values. The value of acquired land, buildings and improvements is estimated by formal appraisals, observed comparable sales transactions, and information gathered during pre-acquisition due diligence activities and the valuation approach considers the value of the property as if it were vacant. The values of furniture, fixtures, and equipment are estimated by calculating their replacement cost and reducing that value by factors based upon estimates of their remaining useful lives. Intangible assets and liabilities for multifamily communities and office buildings 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 inappropriate estimates would result in an incorrect assessment of our purchase price allocations, which would impact the amount of our reported net income. Acquired intangible assets and liabilities have no residual value. The Company evaluates its tangible and identifiable intangible real estate assets for impairment when events such as declines in a property’s operating performance, deteriorating market conditions, or environmental or legal concerns bring recoverability of the carrying value of one or more assets into question. The total undiscounted cash flows of the asset group, including proceeds from disposition, are compared to the net book value of the asset group. If this test indicates that impairment exists, an impairment loss is recorded in earnings equal to the shortage of the book value to fair value, calculated as the discounted net cash flows of the asset group. Deferred Leasing Costs Costs incurred to obtain tenant leases are amortized using the straight-line method over the term of the related lease agreement. Such costs include lease incentives, leasing commissions and legal costs. If the lease is terminated early, the remaining unamortized deferred leasing cost is written off. Real Estate Loans and Notes Receivable The Company carries its investments in real estate loans at amortized cost with assessments made for impairment in the event recoverability of the principal amount becomes doubtful. If, upon testing for impairment, the fair value result of the loan is lower than the carrying amount of the loan, a valuation allowance is recorded to lower the carrying amount to fair value, with a loss recorded in earnings. Recoveries of valuation allowances are only recognized in the event of maturity or a sale or disposition in an amount above carrying value. The balances of real estate loans presented on the consolidated balance sheets consist of drawn amounts on the loans, net of deferred loan fee revenue. These loan balances are presented in the asset section of the consolidated balance sheets inclusive of loan balances from third party participant lenders, with the participant amount presented within the liabilities section. See the "Revenue Recognition" section of this Note for other loan-related policy disclosures required by ASC 310-10-50-6. Certain loans have historically contained contingent exit fees, which are deemed to be embedded derivatives. The Company elects the fair value option for these loans and recognizes in earnings any material changes in fair value. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Restricted cash includes cash restricted by state law or contractual requirement and relates primarily to real estate tax and insurance escrows, capital improvement reserves and resident security deposits. Fair Value Measurements Certain assets and liabilities are required to be carried at fair value, or if they are deemed impaired, to be adjusted to reflect this condition. The Company follows the guidance provided by ASC 820, Fair Value Measurements and Disclosures , in accounting and reporting for real estate assets where appropriate, as well as debt instruments both held for investment and as liabilities. The standard requires disclosure of fair values calculated utilizing each of the following input type within the following hierarchy: • Level 1 – Quoted prices in active markets for identical assets or liabilities at the measurement date. • Level 2 – Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. • Level 3 – Unobservable inputs for the asset or liability. Deferred Loan Costs Deferred loan costs are amortized using the straight-line method, which approximates the effective interest rate method, over the terms of the related indebtedness. Non-controlling Interest Non-controlling interest represents the equity interest of the Operating Partnership that is not owned by the Company. Non-controlling interest is adjusted for contributions, distributions and earnings or loss attributable to the non-controlling interest in the consolidated entity in accordance with the Agreement of Limited Partnership of the Operating Partnership, as amended. Redeemable Preferred Stock Shares of the Series A Redeemable Preferred Stock, stated value $1,000 per share, or Preferred Stock, are redeemable at the option of the holder, subject to a declining redemption fee schedule. Redemptions are therefore outside the control of the Company. However, the Company retains the right to fund any redemptions of Preferred Stock in either Common Stock or cash at its option. Therefore, the Company records the Preferred Stock as a component of permanent stockholders’ equity. Deferred Offering Costs Deferred offering costs represent direct costs incurred by the Company related to current equity offerings, excluding costs specifically identifiable to a closing, such as commissions, dealer-manager fees, and other registration fees. For issuances of equity that occur on one specific date, associated offering costs are reclassified as a reduction of proceeds raised on the date of issue. Our ongoing offering of up to a maximum of 900,000 units, consisting of one share of Series A Redeemable Preferred Stock, or Preferred Stock, and one warrant, or Warrant, to purchase 20 shares of Common Stock, or Units, generally closes on a bimonthly basis in variable amounts. Such offering is referred to herein as the Follow-on Offering, pursuant to our registration statement on Form S-3 (registration number 333-183355), as may be amended from time to time. Deferred offering costs related to the Follow-on Offering and Shelf Offering (as defined in Note 5) are reclassified to the stockholders’ equity section of the consolidated balance sheet as a reduction of proceeds raised on a pro-rata basis equal to the ratio of total Units or value of shares issued to the maximum number of Units, or the value of shares, as applicable, that are expected to be issued. See note 18. Revenue Recognition Real Estate Rental revenue is recognized when earned from residents of the Company's multifamily communities, which is over the terms of rental agreements, typically of 13 months’ duration. The Company evaluates the collectability of amounts due from residents and maintains an allowance for doubtful accounts for estimated losses resulting from the inability of residents to make required payments then due under lease agreements. The balance of amounts due from residents are generally deemed uncollectible 30 days beyond the due date, at which point they are fully reserved. Rental revenue from tenants' operating leases in the Company's retail shopping centers is recognized on a straight-line basis over the term of the lease regardless of when payments are due. Revenue based on "percentage rent" provisions that provide for additional rents that become due upon achievement of specified sales revenue targets (as specified in each lease agreement) is recognized only after the tenant exceeds its specified sales revenue target. Revenue from reimbursements of the tenants' share of real estate taxes, insurance and common area maintenance, or CAM, costs are recognized in the period in which the related expenses are incurred. Lease termination revenues are recognized ratably over the revised remaining lease term after giving effect to the termination notice or when tenant vacates and the Company has no further obligations under the lease. Rents and tenant reimbursements collected in advance are recorded as prepaid rent within other liabilities in the accompanying consolidated balance sheets. The Company estimates the collectability of the tenant receivable related to rental and reimbursement billings due from tenants and straight-line rent receivables, which represent the cumulative amount of future adjustments necessary to present rental revenue on a straight-line basis, by taking into consideration the Company's historical write-off experience, tenant credit-worthiness, current economic trends, and remaining lease terms . The Company may provide retail tenants an allowance for the construction of leasehold improvements. These leasehold improvements are capitalized and depreciated over the shorter of the useful life of the improvements or the remaining lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of minimum rent. Determination of the appropriate accounting for the payment of a tenant allowance is made on a lease-by-lease basis, considering the facts and circumstances of the individual tenant lease. When the Company is the owner of the leasehold improvements, recognition of lease revenue commences when the lessee is given possession of the leased space upon completion of tenant improvements. However, when the leasehold improvements are owned by the tenant, the lease inception date is the date the tenant obtains possession of the leased space for purposes of constructing its leasehold improvements. The PAC Rewards program allows residents in the Company's multifamily communities to accumulate reward points on a monthly basis for actions such as resident referrals and making rent payments online. Once a property has been enrolled in the program, a resident must rent an apartment from the Company for at least 14 months before reward points may be redeemed for services or upgrades to a resident’s unit. The Company accrues a liability for the estimated cost of these future point redemptions, net of a 35% breakage fee, which is the Company’s current estimate of rewards points that will not be redeemed. In accordance with Staff Accounting Bulletin 13.A.3c, the Company deems its obligations under PAC Rewards as inconsequential to the delivery of services according to the lease terms. Therefore, the expense related to the PAC Rewards Program is included in property operating and maintenance expense on the consolidated statements of operations. Real Estate Loans Interest income on real estate loans and notes receivable is recognized on an accrual basis over the lives of the loans or notes using the effective interest rate method. In the event that a loan or note is refinanced with the proceeds of another loan issued by the Company, any unamortized loan fee revenue from the first loan will be recognized as interest revenue over the term of the new loan. Direct loan origination fees applicable to real estate loans are amortized over the lives of the loans as adjustments to interest income. The accrual of interest on all these instruments ceases when there is concern as to the ultimate collection of principal or interest, which is generally a delinquency of 30 days in required payments of interest or principal. Any payments received on such non-accrual loans are recorded as interest income when the payments are received. Real estate loan assets are reclassified as accrual-basis once interest and principal payments become current. Certain real estate loan assets include limited purchase options and either exit fees or additional amounts of accrued interest. Exit fees or accrued interest due will be treated as additional consideration for the acquired project if the Company purchases the subject property. Additional accrued interest becomes due in cash to the Company on the earliest to occur of: (i) the maturity of the loan, (ii) any uncured event of default as defined in the associated loan agreement, (iii) the sale of the project or the refinancing of the loan (other than a refinancing loan by the Company or one of its affiliates) and (iv) any other repayment of the loan. 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 Class B Unit grants at the date of grant utilizing a Monte Carlo simulation model 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. The compensation expense is accrued on a straight-line basis 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. Acquisition Costs Through December 31, 2016, the Company expensed property acquisition costs as incurred, which include costs such as due diligence, legal, certain accounting, environmental and consulting, when the acquisition constituted a business combination. As described below in the section entitled New Accounting Pronouncements, Accounting Standards Update 2017-01 was adopted by the Company effective January 1, 2017, which will cause the Company to capitalize certain of these costs for transactions deemed to be asset acquisitions. Capitalization and Depreciation The Company capitalizes tenant improvements, replacements of furniture, fixtures and equipment, as well as carpet, appliances, air conditioning units, certain common area items and other assets. Significant repair and renovation costs that improve the usefulness or extend the useful life of the properties are also capitalized. These assets are then depreciated on a straight-line basis over their estimated useful lives, as follows: • Buildings: 30 - 50 years • Furniture, fixtures & equipment: 5 - 10 years • Improvements to buildings and land: 5 - 20 years • Tenant improvements: shorter of economic life or lease term Operating expenses related to unit turnover costs, such as carpet cleaning, mini-blind replacements and minor repairs are expensed as incurred. Income Taxes The Company has elected to be taxed as a REIT under the Code. To continue to qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company's annual REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes 100% of the Company's annual REIT taxable income to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company's net income and net cash available for distribution to stockholders. The Company intends to operate in such a manner as to maintain its election for treatment as a REIT. The Company recognizes a liability for uncertain tax positions. An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company measures the tax benefits recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income or loss available to common stockholders by the weighted average number of shares of Common Stock outstanding for the period. Net income or loss attributable to common stockholders is calculated by deducting dividends due to preferred stockholders, including deemed non-cash dividends emanating from beneficial conversion features within convertible preferred stock, as well as nonforfeitable dividends due to holders of unvested restricted stock, which are participating securities under the two-class method of calculating earnings per share. Diluted earnings (loss) per share is computed by dividing net income or net loss available to common stockholders by the weighted average number of shares of Common Stock outstanding adjusted for the effect of dilutive securities such as share grants or warrants. No adjustment is made for potential common stock equivalents that are anti-dilutive during the period. New Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers (Topic 606). ASU 2014-09 provides a single comprehensive revenue recognition model for contracts with customers (excluding certain contracts, such as lease contracts) to improve comparability within industries. ASU 2014-09 requires an entity to recognize revenue to reflect the transfer of goods or services to customers at an amount the entity expects to be paid in exchange for those goods and services and provide enhanced disclosures, all to provide more comprehensive guidance for transactions such as service revenue and contract modifications. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2017 and may be applied using either a full retrospective or a modified approach upon adoption. The Company is currently evaluating the pending guidance but does not believe the adoption of ASU 2014-09 will have a material impact on its results of operations or financial condition, primarily because most of its revenue is rental operations, to which this standard is not applicable. The Company does provide significant non-rental services to its residents and tenants related to ancillary services and common area reimbursements. The Company does not believe that the adoption of ASU 2014-09 will materially impact the accounting for these revenues; however, we are continuing to evaluate the impact. In August 2014, the FASB issued Accounting Standards Update 2014-15 (“ASU 2014-15”), Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This new guidance requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and interim periods thereafter and early adoption is permitted. The Company's adoption of this guidance on December 31, 2016 did not have an impact to the consolidated financial statements or material impact on its disclosures. 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 adoption of ASU 2016-01 will not impact the Company's results of operations or financial condition. 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 currently evaluating the pending guidance but does not believe the adoption of ASU 2016-02 will have a material impact on its results of operations or financial condition, since the Company does not have a material amount of lease expense. 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 has concluded the adoption of ASU 2016-09 will not have a material impact on its results of operations or financial condition as its historical forfeiture rates for equity compensation awards have been immaterial. 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 currently evaluating methods of deriving initial valuation accounts to be applied to its real estate loan portfolio. The Company is continuing to evaluate the pending guidance but does not believe the adoption of ASU 2016-13 will have a material impact on its results of operations or financial condition, since the Company has not yet experienced a credit loss related to any of its financial instruments. 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 adoption of ASU 2016-15 will not impact the Company’s consolidated financial statements, since its current policy is to classify such costs as cash out flows for financing activities. In November 2016, the FASB issued Accounting Standards Update 2016-18 ("ASU 2016-18"), Statement of Cash Flows—(Topic 230): Restricted Cash, which requires restricted cash to be presented with cash and cash equivalents when reconciling the beginning and ending amounts in the statements of cash flows. ASU 2016-18 is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. The Company plans to adopt ASU 2016-18 on January 1, 2018. The Company currently reports changes in restricted cash within the investing activities section of its consolidated statements of cash flows. The Company is continuing to evaluate the impact of the adoption of ASU 2016-18 on its results of operations and financial condition. In January 2017, the FASB issued Accounting Standards Update 2017-01 ("ASU 2017-01"), Business Combinations - (Topic 805) : Clarifying the Definition of a Business. ASU 2017-01 clarifies the definition of a business and provides further guidance for evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. ASU 2017-01 is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. We adopted ASU 2017-01 as of January 1, 2017. We believe our future acquisitions of multifamily communities, office buildings, grocery-anchored shopping centers, and student housing communities will generally qualify as asset acquisitions. Pursuant to ASU 2017-01, certain qualifying acquisition costs will be capitalized and amortized rather than expensed as incurred. The Company expects improvements, which may be material, to its net income available to common stockholders, as well as Funds From Operations ("FFO") resulting from adoption of ASU 2017-01, versus such results under previously effective guidance.

Real Estate Assets (Notes)

Real Estate Assets (Notes)	12 Months Ended
	Dec. 31, 2016
Real Estate Assets [Abstract]
Business Combination Disclosure	Real Estate Assets The Company's real estate assets consisted of: As of December 31, 2016 2015 Multifamily communities (1) 25 19 Units 8,268 6,136 Retail shopping centers 31 14 Approximate gross leasable area (2) 3,295,491 1,279,000 Office buildings 3 — Rentable square feet 1,096,834 — (1) The acquired second phases of the Summit Crossing community is managed in combination with the initial phase and so together are considered a single property, as are the three assets that comprise the Lenox Portfolio. Includes one student housing community as of December 31, 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. Multifamily communities acquired During the years ended December 31, 2016 and 2015 , the Company completed the acquisition of the following multifamily communities: Acquisition date Property Location Approximate purchase price (millions) (1) Units 1/5/16 Baldwin Park Orlando, Florida $ 110.8 528 1/15/16 Crosstown Walk Tampa, Florida $ 45.8 342 2/1/16 Overton Rise Atlanta, Georgia $ 61.1 294 5/31/16 Avalon Park Orlando, Florida $ 92.5 487 6/1/16 North by Northwest (2) Tallahassee, Florida $ 46.1 219 7/1/16 City Vista Pittsburgh, Pennsylvania (3) 272 8/24/16 Sorrel Jacksonville, Florida $ 48.1 290 2,432 12/21/2015 Lenox Portfolio Nashville, Tennessee $ 77.6 474 11/12/2015 Stone Creek Houston, Texas $ 25.8 246 9/3/2015 Citi Lakes Orlando, Florida $ 63.4 346 7/31/2015 Avenues at Creekside San Antonio, Texas $ 56.2 395 6/30/2015 CityPark View Charlotte, North Carolina $ 32.7 284 6/24/2015 Aster at Lely Naples, Florida $ 52.5 308 5/21/2015 Venue at Lakewood Ranch Sarasota, Florida $ 47.4 237 2/13/2015 Houston Portfolio (4) Houston, Texas $ 76.0 520 2,810 (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. The Company allocated the purchase prices to the acquired assets and liabilities based upon their fair values, as shown in the following table. The 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 of the acquisitions. 2016 Multifamily Communities acquired Baldwin Park Crosstown Walk Overton Rise Avalon Park North by Northwest (2) City Vista Sorrel Land 17,402,882 $ 5,178,375 $ 8,511,370 $ 7,410,048 $ 8,281,054 $ 4,081,683 $ 4,412,164 Buildings and improvements 87,105,757 33,605,831 44,710,034 80,558,636 34,355,922 36,084,007 35,512,257 Furniture, fixtures and equipment 3,358,589 5,726,583 6,286,105 1,790,256 2,623,916 5,402,228 6,705,040 Lease intangibles 2,882,772 1,323,511 1,611,314 2,741,060 799,109 2,100,866 1,495,539 Prepaids & other assets 229,972 125,706 73,754 99,297 79,626 167,797 — Escrows 2,555,753 291,868 354,640 3,477,157 1,026,419 599,983 623,791 Accrued taxes (17,421 ) (25,983 ) (66,422 ) (394,731 ) (321,437 ) (245,326 ) (437,510 ) Security deposits, prepaid rents, and other liabilities (226,160 ) (53,861 ) (90,213 ) (207,623 ) (159,462 ) (141,238 ) (68,828 ) Net assets acquired $ 113,292,144 $ 46,172,030 $ 61,390,582 $ 95,474,100 $ 46,685,147 $ 48,050,000 $ 48,242,453 Cash paid $ 35,492,144 $ 13,632,030 $ 20,090,582 $ 30,474,100 $ 12,831,872 $ — $ 14,642,453 Real estate loan settled — — — — — 12,500,000 — Contribution by joint venture partner — — — — — (450,000 ) — Mortgage debt (1) 77,800,000 32,540,000 41,300,000 65,000,000 33,853,275 36,000,000 33,600,000 Total consideration $ 113,292,144 $ 46,172,030 $ 61,390,582 $ 95,474,100 $ 46,685,147 $ 48,050,000 $ 48,242,453 Twelve months ended December 31, 2016: Revenue $ 9,349,000 $ 4,886,000 $ 4,968,000 $ 4,684,000 $ 3,389,000 $ 2,341,000 $ 1,670,000 Net income (loss) $ (4,883,000 ) $ (1,614,000 ) $ (1,894,000 ) $ (2,891,000 ) $ (1,041,000 ) $ (1,689,000 ) $ (854,000 ) Cumulative acquisition costs incurred by the Company $ 1,847,000 $ 319,000 $ 115,000 $ 1,315,000 $ 378,000 $ 41,000 $ 536,000 Remaining amortization period of intangible assets and liabilities (months) 0.0 0.0 0.0 4.5 0.0 3.5 7.5 2015 Multifamily Communities acquired Lenox Portfolio Stone Creek Citi Lakes Avenues at Creekside CityPark View Aster at Lely Venue at Lakewood Ranch Houston Portfolio Land $ 7,877,823 $ 2,210,630 $ 5,558,033 $ 5,983,724 $ 3,558,793 $ 7,675,409 $ 3,791,050 $ 7,162,226 Buildings and improvements 61,262,221 20,711,950 49,416,492 42,050,104 23,797,764 37,661,901 37,574,391 54,217,075 Furniture, fixtures and equipment 6,281,010 2,203,724 7,411,367 6,939,014 4,562,148 6,132,384 5,375,690 13,078,872 Lease intangibles 2,193,946 623,696 964,108 1,227,158 737,790 1,030,306 669,369 1,571,827 Prepaids & other assets 171,814 75,074 40,032 89,582 99,124 106,717 80,201 150,326 Escrows 739,340 844,515 280,863 1,058,468 211,428 — 401,294 362,332 Accrued taxes (564,841 ) (375,842 ) (187,792 ) (440,660 ) (105,756 ) (23,413 ) (216,252 ) (212,601 ) Security deposits, prepaid rents, and other liabilities (260,403 ) (37,331 ) (80,629 ) (218,438 ) (40,152 ) (64,689 ) (35,157 ) (99,181 ) Net assets acquired $ 77,700,910 $ 26,256,416 $ 63,402,474 $ 56,688,952 $ 32,821,139 $ 52,518,615 $ 47,640,586 $ 76,230,876 Cash paid $ 27,896,449 $ 9,439,483 $ 18,952,474 $ 15,063,952 $ 10,000,000 $ 18,518,615 $ 16,830,586 $ 25,452,876 Mortgage debt (1) 49,804,461 16,816,933 44,450,000 41,625,000 22,100,000 34,000,000 30,810,000 50,778,000 Total consideration $ 77,700,910 $ 26,256,416 $ 63,402,474 $ 56,688,952 $ 32,821,139 $ 52,518,615 $ 47,640,586 $ 76,230,876 Twelve months ended December 31, 2016: Revenue $ 7,782,000 $ 3,389,000 $ 5,491,000 $ 5,574,000 $ 3,734,000 $ 5,261,000 $ 4,665,000 $ 8,733,000 Net income (loss) $ (2,307,000 ) $ (946,000 ) $ (1,429,000 ) $ (400,000 ) $ 38,000 $ (165,000 ) $ 17,000 $ (1,124,000 ) Twelve months ended December 31, 2015: Revenue $ 194,000 $ 442,000 $ 1,685,000 $ 2,511,000 $ 1,856,000 $ 2,556,000 $ 2,641,000 $ 7,392,000 Net income (loss) $ (81,000 ) $ (116,000 ) $ (511,000 ) $ (1,095,000 ) $ (818,000 ) $ (1,279,000 ) $ (766,000 ) $ (2,588,000 ) Cumulative acquisition costs incurred by the Company $ 1,550,000 $ 727,000 $ 1,620,000 $ 852,000 $ 276,000 $ 438,000 $ 889,000 $ 1,142,000 Remaining amortization period of intangible assets and liabilities (months) 23.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grocery-anchored shopping centers acquired During the years ended December 31, 2016 and 2015, the Company completed the acquisition of the following grocery-anchored shopping centers: Acquisition date Property Location Approximate purchase price (millions) (2) Gross leasable area (square feet) 2/29/16 Wade Green Village (1) Atlanta, Georgia $ 11.0 74,978 4/29/16 Southeastern Six Portfolio (3) $ 68.7 535,252 5/16/16 The Market at Victory Village Nashville, Tennessee $ 15.6 71,300 7/15/16 Lakeland Plaza Atlanta, Georgia $ 45.3 301,711 8/8/16 Sunbelt Seven Portfolio (4) , (5) $ 159.5 650,360 10/18/16 Champions Village Houston, Texas $ 50.0 383,093 2,016,694 12/22/2015 Overlook at Hamilton Place Chattanooga, Tennessee $ 33.8 213,095 10/30/2015 Summit Point Atlanta, Georgia $ 19.6 111,970 9/4/2015 Royal Lakes Marketplace Atlanta, Georgia $ 16.6 119,493 7/1/2015 Independence Square Dallas, Texas $ 18.0 140,218 584,776 (1) See Note 6 - 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 located in Georgia, South Carolina and Alabama are referred to collectively as the Southeastern Six Portfolio. (4) The seven grocery-anchored shopping centers located in Florida, Georgia, Texas, and North Carolina are referred to collectively as the Sunbelt Seven Portfolio. (5) Includes the purchase of an approximate 0.95 acre outparcel for $1.5 million on December 21, 2016. The Company allocated the purchase prices to the acquired assets and liabilities based upon their fair values, as shown in the following table. The purchase price allocation was based upon the Company's best estimates of the fair values of the acquired assets and liabilities, but is preliminary and is subject to refinement for a period of up to one year from the closing of the acquisition. New Market Properties 2016 acquisitions Champions Village Sunbelt Seven Portfolio Lakeland Plaza The Market at Victory Village Southeastern Six Portfolio Wade Green Village Land 12,812,546 $ 37,719,812 $ 7,079,408 $ 2,271,224 $ 14,081,647 $ 1,840,284 Buildings and improvements 30,647,609 109,373,938 32,258,335 11,872,222 48,598,731 8,159,147 Tenant improvements 2,751,796 2,143,404 828,966 402,973 993,530 251,250 In-place leases 4,283,760 11,005,662 2,947,175 847,939 4,906,398 841,785 Above market leases 765,811 458,353 1,349,624 100,216 86,234 107,074 Leasing costs 1,026,347 4,116,560 1,287,825 253,640 992,143 167,541 Below market leases (3,017,960 ) (7,617,485 ) (797,729 ) (198,214 ) (1,069,877 ) — Other assets 2,017,947 3,409,838 — 157,775 600,069 10,525 Other liabilities (1,413,726 ) (1,196,579 ) (180,331 ) (179,546 ) (437,008 ) (59,264 ) Net assets acquired $ 49,874,130 $ 159,413,503 $ 44,773,273 $ 15,528,229 $ 68,751,867 $ 11,318,342 Cash paid $ 22,474,130 $ 61,759,503 $ 14,773,273 $ 6,278,229 $ 43,751,867 $ 6,245,683 (1) Class A OP Units granted — — — — — 5,072,659 (2) Mortgage debt 27,400,000 97,654,000 30,000,000 9,250,000 (3) 25,000,000 — (4) Total consideration $ 49,874,130 $ 159,413,503 $ 44,773,273 $ 15,528,229 $ 68,751,867 $ 11,318,342 Twelve months ended December 31, 2016: Revenue $ 1,228,000 $ 5,001,000 $ 1,601,000 $ 819,000 $ 4,231,000 $ 900,000 Net income (loss) $ (440,000 ) $ (658,000 ) $ (325,000 ) $ (102,000 ) $ (440,000 ) $ (354,000 ) Cumulative acquisition costs incurred by the Company $ 141,000 $ 691,000 $ 234,000 $ 111,000 $ 633,000 $ 297,000 Remaining amortization period of intangible assets and liabilities (years) 5.4 9.2 7.4 7.9 4.2 2.3 (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. (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 . New Market Properties 2015 acquisitions Overlook at Hamilton Place Summit Point Royal Lakes Marketplace Independence Square Land $ 6,786,593 $ 7,063,874 $ 4,874,078 $ 4,114,574 Buildings and improvements 24,332,628 10,903,486 9,921,403 13,123,553 Tenant improvements 911,580 526,468 517,191 566,857 In-place leases 2,029,643 1,203,246 957,093 1,567,944 Above market leases 361,433 329,546 198,238 35,127 Leasing costs 527,136 368,221 365,629 392,451 Below market leases (1,402,013 ) (842,682 ) (315,837 ) (1,775,506 ) Other assets 75,304 83,123 88,553 — Security deposits and other liabilities (97,976 ) (139,884 ) (145,581 ) (226,599 ) Net assets acquired $ 33,524,328 $ 19,495,398 $ 16,460,767 $ 17,798,401 Cash paid $ 12,524,328 $ 6,595,398 $ 6,660,767 $ 17,798,401 Mortgage debt 21,000,000 12,900,000 9,800,000 — Total consideration $ 33,524,328 $ 19,495,398 $ 16,460,767 $ 17,798,401 Twelve months ended December 31, 2016: Revenue $ 3,198,000 $ 1,591,000 $ 1,350,000 $ 2,107,000 Net income (loss) $ (391,000 ) $ (297,000 ) $ (68,000 ) $ (393,000 ) Twelve months ended December 31, 2015: Revenue $ 86,000 $ 275,000 $ 432,000 $ 993,000 Net income (loss) $ (43,000 ) $ (48,000 ) $ (13,000 ) $ (162,000 ) Cumulative acquisition costs incurred by the Company $ 557,000 $ 266,000 $ 245,000 $ 573,000 Remaining amortization period of intangible assets and liabilities (years) 5.8 6.1 9.8 6.3 Office buildings acquired During the year ended December 31, 2016, the Company completed the acquisition of the following office buildings: Acquisition date Property Market Approximate purchase price (millions) Leasable square feet 8/29/2016 Brookwood Office Birmingham, Alabama $ 49.8 169,489 11/4/2016 Galleria 75 Atlanta, Georgia 17.6 110,597 12/30/2016 Three Ravinia Atlanta, Georgia 210.1 816,748 $ 277.5 1,096,834 The Company allocated the purchase prices to the acquired assets and liabilities based upon their fair values, as shown in the following table. The purchase price allocation was based upon the Company's best estimates of the fair values of the acquired assets and liabilities, but is preliminary and is subject to refinement for a period of up to one year from the closing of the acquisition. Office Buildings 2016 acquisitions Brookwood Office Galleria 75 Three Ravinia Land $ 1,744,828 $ 15,156,267 $ 9,784,645 Buildings and improvements 39,099,395 1,285,856 133,323,658 Tenant improvements 3,561,805 225,811 20,698,893 In-place leases 3,728,049 712,718 17,954,978 Above market leases 146,941 47,947 812,879 Leasing costs 2,402,958 309,513 7,468,128 Below market leases (1,737,158 ) (168,179 ) (8,245,122 ) Other assets 1,466,906 454,931 25,281,764 Other liabilities (580,668 ) (218,923 ) (766,335 ) Net assets acquired $ 49,833,056 $ 17,805,941 $ 206,313,488 Cash paid $ 17,433,056 $ 11,875,686 $ 90,813,488 Mortgage debt 32,400,000 5,930,255 115,500,000 Total consideration $ 49,833,056 $ 17,805,941 $ 206,313,488 Twelve months ended December 31, 2016: Revenue $ 2,021,000 $ 237,000 $ 99,000 Net income (loss) $ 269,000 $ 48,000 $ (345,000 ) Cumulative acquisition costs incurred by the Company $ 387,000 $ 655,000 $ 680,000 Remaining amortization period of intangible assets and liabilities (years) 9.4 2.3 10.8 The Company recorded aggregate amortization and depreciation expense of: Year ended December 31, 2016 2015 2014 Depreciation: Buildings and improvements $ 35,426,794 $ 16,653,380 $ 6,896,205 Furniture, fixtures, and equipment 20,988,814 11,019,007 5,362,607 56,415,608 27,672,387 12,258,812 Amortization: Acquired intangible assets 21,416,784 10,401,697 4,065,142 Deferred leasing costs 283,806 12,920 — Website development costs 23,600 9,330 4,761 Total depreciation and amortization $ 78,139,798 $ 38,096,334 $ 16,328,715 At December 31, 2016, the Company had recorded gross intangible assets of $125.6 million , and accumulated amortization of $46.4 million ; gross intangible liabilities of $33.6 million and accumulated amortization of $3.8 million . Net intangible assets and liabilities as of December 31, 2016 will be amortized as follows: Acquired Intangible Assets Below market lease intangible liability In-place leases Above-market leases Lease origination costs For the years ending December 31: 2017 $ 14,855,573 $ 1,117,196 $ 3,278,758 $ (4,175,864 ) 2018 9,695,514 791,753 2,950,213 (3,942,712 ) 2019 6,671,240 555,791 2,449,817 (3,782,260 ) 2020 5,292,818 396,916 2,102,405 (3,555,802 ) 2021 3,007,306 284,015 1,452,940 (2,698,543 ) Thereafter 15,234,038 1,218,608 7,801,499 (11,618,852 ) Total $ 54,756,489 $ 4,364,279 $ 20,035,632 $ (29,774,033 ) Weighted-average amortization period (in years) 7.4 6.9 3.8 9.5 As of December 31, 2016, the weighted average remaining amortization period for all the Company's intangible assets and liabilities was approximately 6.4 years and 9.5 years , respectively.

Acquired Intangible Assets (Not

Acquired Intangible Assets (Notes)	12 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets Disclosure [Text Block]	At December 31, 2016, the Company had recorded gross intangible assets of $125.6 million , and accumulated amortization of $46.4 million ; gross intangible liabilities of $33.6 million and accumulated amortization of $3.8 million . Net intangible assets and liabilities as of December 31, 2016 will be amortized as follows: Acquired Intangible Assets Below market lease intangible liability In-place leases Above-market leases Lease origination costs For the years ending December 31: 2017 $ 14,855,573 $ 1,117,196 $ 3,278,758 $ (4,175,864 ) 2018 9,695,514 791,753 2,950,213 (3,942,712 ) 2019 6,671,240 555,791 2,449,817 (3,782,260 ) 2020 5,292,818 396,916 2,102,405 (3,555,802 ) 2021 3,007,306 284,015 1,452,940 (2,698,543 ) Thereafter 15,234,038 1,218,608 7,801,499 (11,618,852 ) Total $ 54,756,489 $ 4,364,279 $ 20,035,632 $ (29,774,033 ) Weighted-average amortization period (in years) 7.4 6.9 3.8 9.5 As of December 31, 2016, the weighted average remaining amortization period for all the Company's intangible assets and liabilities was approximately 6.4 years and 9.5 years , respectively.

Real Estate Loans, Notes Receiv

Real Estate Loans, Notes Receivable, and Lines of Credit	12 Months Ended
	Dec. 31, 2016
Receivables [Abstract]
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	he Palisades, Green Park, Stadium Village, 360 Forsyth 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 approximately 25% of the loan commitment amount and collectively receive approximately 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 December 31, 2016 was $20,761,819 . 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 or property. The Haven West, 18 Nineteen and Haven South loans are additionally collateralized by an assignment by the developer of security interests in unrelated projects. Prepayment of the real estate loans are permitted in whole, but not in part, without the Company's consent. Management monitors the credit quality of the obligors under each of the Company's real estate loans by tracking the timeliness of scheduled interest and principal payments relative to the due dates as specified in the loan documents, as well as draw requests on the loans relative to the project budgets. In addition, management monitors the actual progress of development and construction relative to the construction plan, as well as local, regional and national economic conditions that may bear on our current and target markets. The credit quality of the Company’s borrowers is primarily based on their payment history on an individual loan basis, and as such, the Company does not assign quantitative credit value measures or categories to its real estate loans and notes receivable in credit quality categories. At December 31, 2016 , none of the Company's real estate loans were delinquent. At December 31, 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 12/31/2016 12/31/2015 360 Residential, LLC (1) 3/20/2013 6/30/2017 $ 2,000,000 $ 1,472,571 $ 1,304,999 12 % Preferred Capital Marketing Services, LLC (2) 1/24/2013 12/31/2017 1,500,000 1,082,311 1,305,550 10 % Oxford Contracting, LLC (1) 8/27/2013 4/30/2017 1,500,000 1,475,000 1,475,000 8 % Preferred Apartment Advisors, LLC (1,2,3) 8/21/2012 12/31/2018 15,000,000 13,708,761 12,793,440 8 % Haven Campus Communities, LLC (1,2) 6/11/2014 12/31/2017 11,110,000 7,324,904 5,359,904 12 % Oxford Capital Partners, LLC (1,4) 10/5/2015 3/31/2017 10,150,000 7,870,865 10,502,626 12 % Newport Development Partners, LLC (1) 6/17/2014 6/30/2017 3,000,000 — 806,318 12 % 360 Residential, LLC II (1) 12/30/2015 12/31/2017 3,255,000 2,884,845 2,477,952 15 % Hendon Properties, LLC (1) 12/8/2015 3/31/2017 2,000,000 — 2,000,000 12 % Mulberry Development Group, LLC 3/31/2016 5/31/2017 500,000 177,000 — 12 % 360 Capital Company, LLC 5/24/2016 12/31/2017 2,000,000 1,678,999 — 12 % Unamortized loan fees (59,581 ) (82,056 ) $ 52,015,000 $ 37,615,675 $ 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 6. (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: Year ended December 31, 2016 2015 2014 Real estate loans: Current interest payments $ 23,633,118 $ 16,188,752 $ 10,987,856 Additional accrued interest 14,859,365 10,809,028 6,940,500 Deferred loan fee revenue 872,335 829,969 872,513 Total real estate loan revenue 39,364,818 27,827,749 18,800,869 Interest income on notes and lines of credit 4,120,775 2,853,961 3,026,856 Interest income on loans and notes receivable $ 43,485,593 $ 30,681,710 $ 21,827,725 The Company extends loans for purposes such as to partially finance the development of multifamily residential communities, to acquire land in anticipation of developing and constructing multifamily residential communities, and for other real estate or real estate related projects. Certain of these loans include characteristics such as exclusive options to purchase the project at a fixed price within a specific time window following project completion and stabilization, the rights to incremental exit fees over and above the amount of periodic interest paid during the life of the loans, or both, the combined factors of the sufficiency of the borrowers' investment at risk and the existence of payment and performance guaranties provided by the borrowers. These characteristics can cause the loans to create variable interests to the Company and require further evaluation as to whether the variable interest creates a variable interest entity, or VIE, which would necessitate consolidation of the project. The Company considers the facts and circumstances pertinent to each entity borrowing under the loan, including the relative amount of financing the Company is contributing to the overall project cost, decision making rights or control held by the Company, guarantees provided by third parties, and rights to expected residual gains or obligations to absorb expected residual losses that could be significant from the project. If the Company is deemed to be the primary beneficiary of a VIE, consolidation treatment would be required. The Company has no decision making authority or power to direct activity, except normal lender rights, which are subordinate to the senior loans on the projects. The Company has concluded that it is not the primary beneficiary of the borrowing entities and therefore 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 December 31, 2016 of approximately $315.6 million . The maximum aggregate amount of loans to be funded as of December 31, 2016 was approximately $391.0 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 the Haven West, Encore, Encore Capital, Green Park, Stadium Village, Summit Crossing III, Aldridge at Town Village, Bishop Street, Dawsonville Marketplace, Wade Green, Crescent Avenue and 360 Forsyth loans, all of which are partially supporting proposed various real estate projects in or near Atlanta, Georgia. The drawn amount of these loans as of December 31, 2016 totaled approximately $101.5 million (with a total commitment amount of approximately $107.5 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.

Redeemable Preferred Stock

Redeemable Preferred Stock	12 Months Ended
	Dec. 31, 2016
Redeemable Stock, Preferred [Abstract]
Preferred Stock [Text Block]	Redeemable Preferred Stock and Equity Offerings The Company's Follow-on Offering is being offered by International Assets Advisory, LLC, or the Dealer Manager, on a "reasonable best efforts" basis. Each share of Preferred Stock ranks senior to Common Stock and carries a cumulative annual 6% dividend of the stated per share value of $1,000 , payable monthly as declared by the Company’s board of directors. Dividends begin accruing on the date of issuance. The redemption schedule of the Preferred Stock allows redemptions at the option of the holder from the date of issuance of the Preferred Stock through the first year subject to a 13% redemption fee. After year one, the redemption fee decreases to 10% , after year three it decreases to 5% , after year four it decreases to 3% , and after year five there is no redemption fee. Any redeemed shares of Preferred Stock are entitled to any accrued but unpaid dividends at the time of redemption and any redemptions may be in cash or Common Stock, at the Company’s discretion. The Warrant is exercisable by the holder at an exercise price of 120% of the current market price per share of the Common Stock on the date of issuance of such warrant with a minimum exercise price of $9.00 per share. The current market price per share is determined using the volume weighted average closing market price for the 20 trading days prior to the date of issuance of the Warrant. The Warrants are not exercisable until one year following the date of issuance and expire four years following the date of issuance. As of December 31, 2016 , offering costs specifically identifiable to Unit offering closing transactions, such as commissions, dealer manager fees, and other registration fees, totaled approximately $90.8 million . These costs are reflected as a reduction of stockholders' equity at the time of closing. In addition, the costs related to the offering not related to a specific closing transaction totaled approximately $14.6 million . As of December 31, 2016 , the Company had issued 924,855 Units and collected net proceeds of approximately $833.1 million after commissions. A total of 10,433 shares of Preferred Stock were subsequently redeemed. The number of Units issued was approximately 93.5% of the maximum number of Units anticipated to be issued under the Primary Series A Offering and the Follow-on Offering. Consequently, the Company cumulatively recognized approximately 93.5% of the approximate $14.6 million deferred to date, or approximately $13.6 million as a reduction of stockholders' equity. The remaining balance of offering costs not yet reflected as a reduction of stockholder's equity, approximately $1.0 million , are reflected in the asset section of the consolidated balance sheet as deferred offering costs at December 31, 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. See Note 18. 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 Securities and Exchange Commission, or the SEC on July 19, 2013. All amounts previously recorded as deferred offering costs related to this Shelf Registration Statement were reflected as a reduction of stockholders' equity as of July 19, 2016, the date the Shelf Registration Statement expired. 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 2014 ATM Offering, through MLV & Co. LLC as sales agent. The Company sold approximately 6.5 million shares of Common Stock through the 2014 ATM Offering and collected net proceeds of approximately $54.4 million until the termination of the offering 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 $986,000 as of December 31, 2016 , of which $125,000 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 $861,000 , are reflected in the asset section of the consolidated balance sheet as deferred offering costs at December 31, 2016 . 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 December 31, 2016 , the Company sold 1.7 million shares of common stock through the ATM offering and collected net proceeds of approximately $23.0 million . On December 2, 2016, the Company’s registration statement on Form S-3 (Registration No. 333-214531) (the “mShares Registration Statement”) was declared effective by the SEC. The mShares Registration Statement allows us to offer up to a maximum of 500,000 shares of Series M Redeemable Preferred Stock (“mShares”), par value $0.01 per share (the “mShares Offering”). The mShares are being offered by Preferred Capital Securities, LLC, or PCS, on a "reasonable best efforts" basis. The Company intends to invest substantially all the net proceeds of the mShares Offering in connection with the acquisition of multifamily communities, other real estate-related investments and general working capital purposes. On February 14, 2017, we terminated the Follow-on Offering and on the same day, the Company’s registration statement on Form S-3 (Registration No. 333-211924) (the “$1.5 Billion Follow-on Registration Statement”) was declared effective by the SEC. This $1.5 Billion Follow-on Registration Statement allows us to offer up to a maximum of 1,500,000 Units, with each Unit consisting of one share of Series A Redeemable Preferred Stock and one Warrant to purchase up to 20 shares of Common Stock (the "$1.5 Billion Unit Offering"). The price per Unit is $1,000 . The Units are being offered by PCS on a "reasonable best efforts" basis. The Company intends to invest substantially all the net proceeds of the $1.5 Billion Unit Offering in connection with the acquisition of multifamily communities, other real estate-related investments and general working capital purposes. Except as described in the prospectus, the terms of the $1.5 Billion Unit Offering are substantially similar to those under the Follow-on Offering. Deferred offering costs related to the $1.5 Billion Unit Offering reflected in the asset section of the consolidated balance sheet at December 31, 2016 were approximately $867,000 .

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 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, Mr. Silverstein, and Daniel M. DuPree comprise the board of directors of Nell Partners, Inc. Mr. Williams is the Chief Executive Officer and Mr. Silverstein is the President and Chief Operating Officer of the Manager. Mr. DuPree is the Chief Investment Officer of the Manager. Mr. Williams, Mr. Silverstein and Michael J. Cronin, the Company's Executive Vice President, Chief Accounting Officer and Treasurer are executive officers of Williams Realty Advisors, LLC, or WRA, which is the manager of the day-to-day operations of Williams Opportunity Fund, LLC, or WOF, as well as Williams Realty Fund I, LLC, or WRF. The Management Agreement entitles the Manager to receive compensation for various services it performs related to acquiring assets and managing properties on the Company's behalf: Twelve months ended December 31, Type of Compensation Basis of Compensation 2016 2015 2014 Acquisition fees 1% of the gross purchase price of real estate assets acquired prior to January 1, 2016 $ — $ 6,292,280 $ 4,272,586 Loan origination fees 1.0% of the maximum commitment of any real estate loan, note or line of credit receivable 1,886,105 1,349,273 558,509 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) 10,560,120 — — Asset management fees Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted 8,602,675 3,622,589 2,163,783 Property management fees Monthly fee equal to 4% of the monthly gross revenues of the properties managed 4,943,899 2,456,968 1,229,319 General and administrative expense fees Monthly fee equal to 2% of the monthly gross revenues of the Company 3,483,460 1,764,555 1,058,927 Construction management fees Quarterly fee for property renovation and takeover projects 173,614 59,554 — $ 29,649,873 $ 15,545,219 $ 9,283,124 (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. Included in the acquisition fees recognized for the twelve months ended December 31, 2014 were $714,570 paid as a fee to Joel T. Murphy, which was earned prior to his appointment as a director and Chief Executive Officer of New Market Properties, LLC, a related party, related to the acquisition of nine grocery-anchored shopping centers. Mr. Murphy was also paid a fee of $57,268 in connection with one grocery-anchored shopping center acquisition prior to becoming a director of the Company and the Chief Executive Officer of New Market Properties, LLC, which is included in other acquisition costs. The Management Agreement also entitles the Manager to receive construction management fees as compensation for services rendered in connection with the construction, development or landscaping of the properties, 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 Manager may, in its discretion, defer some or all of the asset management, property management, or general and administrative expense fees for properties owned by the Company. Any contingent fees become due and payable to the extent that, in the event of any capital transaction, the net sale proceeds exceed the allocable capital contributions for the asset plus a 7% priority annual return on the asset. A total of approximately $3.7 million of combined asset management and general and administrative expense fees related to the acquired properties as of December 31, 2016 have been deferred by the Manager. The Company will recognize any contingent fees in future periods to the extent, if any, it determines that it is probable that the estimated net sale proceeds would exceed the hurdles listed above. As of December 31, 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 the contingent amounts deferred. In addition to property management fees, the Company incurred the following reimbursable on-site personnel salary and related benefits expenses at the properties, which are listed on the Consolidated Statements of Operations: Year ended December 31, 2016 2015 2014 $ 10,398,711 $ 5,885,242 $ 2,882,283 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 $461,294 , $804,648 and $778,888 for the years ended December 31, 2016 , 2015 and 2014, respectively and Preferred Capital Securities, LLC, or PCS, was reimbursed $1,019,353 and $390,872 for the years ended December 31, 2016 and 2015 , respectively. These costs are recorded as deferred offering costs until such time as additional closings occur on the Unit offerings or the Shelf Offering, at which time they are reclassified on a pro-rata basis as a reduction of offering proceeds within stockholders’ equity. The Company's Haven West, Haven 12, Stadium Village, 18 Nineteen, Haven South, Haven 46, Lubbock II, Haven Northgate and Haven Charlotte 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 50.0% of the first month’s gross rent plus 2.0% 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 150.0% 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 $75,000 in leasing commission fees for the year ended December 31, 2016 . No leasing commission fees were earned by the Manager for the years ended December 31, 2015 or 2014. On September 4, 2015, the Company acquired Royal Lakes Marketplace, a grocery-anchored shopping center in the Atlanta, Georgia market, from Madison Retail - Royal Lakes, LLC, a Georgia limited liability company. WRF provided an equity investment in support of the development of Royal Lakes Marketplace and received $1.9 million from the sales proceeds. The Company executed a net profits interest agreement on September 4, 2015 with the Seller of Royal Lakes Marketplace, or Net Profits Interest Agreement. The Net Profits Interest Agreement grants the seller a 30.0% profit sharing interest in proceeds net of closing costs for Qualifying Transactions (as defined below) related to the four pads of vacant outparcel land acquired as part of the Royal Lakes Marketplace transaction. Qualifying Transactions, as defined in the agreement, include the sale of the outparcels, entry into a ground lease on the outparcels or a build-to-suit transaction. The profit sharing interest was to expire if no Qualifying Transactions were initiated by September 4, 2020. On December 30, 2016, the Net Profits Interest Agreement was terminated with a payment of $50,000 to Madison Retail - Royal Lakes, LLC. The Company holds a promissory note in the amount of $1,082,311 due from Preferred Capital Marketing Services, LLC, or PCMS, which is a wholly-owned subsidiary of NELL Partners. The Company has extended a revolving line of credit with a maximum borrowing amount of $15.0 million to its Manager.

Dividends

Dividends	12 Months Ended
	Dec. 31, 2016
Dividends [Abstract]
Dividends [Text Block]	Dividends and Distributions The Company declares and pays monthly cash dividend distributions on its 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 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 1,824,796 October 31, 2016 801,455 4,060,141 October 30, 2015 384,085 1,955,840 November 30, 2016 850,246 4,255,788 November 30, 2015 417,895 2,138,764 December 30, 2016 893,245 4,422,993 December 31, 2015 446,165 2,279,751 Total $ 41,080,645 Total $ 18,751,934 The Company's dividend activity on its Common Stock for the twelve -month periods ended December 31, 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 0.1800 4,012,322 September 15, 2016 24,652,041 0.2025 4,992,038 September 15, 2015 22,323,604 0.1800 4,018,249 December 15, 2016 26,093,707 0.2200 5,740,616 December 15, 2015 22,415,578 0.1925 4,314,999 $ 0.8175 $ 19,940,730 $ 0.7275 $ 16,196,324
dividends and distributions [Text Block]	Dividends and Distributions The Company declares and pays monthly cash dividend distributions on its 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 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 1,824,796 October 31, 2016 801,455 4,060,141 October 30, 2015 384,085 1,955,840 November 30, 2016 850,246 4,255,788 November 30, 2015 417,895 2,138,764 December 30, 2016 893,245 4,422,993 December 31, 2015 446,165 2,279,751 Total $ 41,080,645 Total $ 18,751,934 The Company's dividend activity on its Common Stock for the twelve -month periods ended December 31, 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 0.1800 4,012,322 September 15, 2016 24,652,041 0.2025 4,992,038 September 15, 2015 22,323,604 0.1800 4,018,249 December 15, 2016 26,093,707 0.2200 5,740,616 December 15, 2015 22,415,578 0.1925 4,314,999 $ 0.8175 $ 19,940,730 $ 0.7275 $ 16,196,324 The holders of Class A OP Units of the Operating Partnership are entitled to equivalent distributions as those declared on the Common Stock. At December 31, 2016 , the Company had 886,168 Class A OP Units outstanding, which are exchangeable on a one-for-one basis for shares of Common Stock or the equivalent amount of cash. Distribution activity by the Operating Partnership was: 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 December 15, 2016 January 17, 2017 194,957 November 5, 2015 January 15, 2016 53,238 $ 671,250 $ 202,545 The income tax characterization of the Company's dividend distributions were as follows: 2016 2015 2014 Preferred Stock: Ordinary income 88.1 % 100 % 100 % Return of capital 10.5 % — — Capital gains 1.4 % — — Common Stock: Ordinary income — 33 % 100 % Return of Capital 100 % 67 % —

Equity Compensation

Equity Compensation	12 Months Ended
	Dec. 31, 2016
Equity Compensation [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Equity Compensation Stock Incentive Plan On February 25, 2011, the Company’s board of directors adopted, and the Company’s stockholders approved, the Preferred Apartment Communities, Inc. 2011 Stock Incentive Plan to incentivize, compensate and retain eligible officers, consultants, and non-employee directors. On May 7, 2015, the Company's stockholders approved the third amendment to the Preferred Apartment Communities, Inc. 2011 Stock Incentive Plan, or, as amended, the 2011 Plan, which amendment increased the aggregate number of shares of Common Stock authorized for issuance under the 2011 Plan from 1,317,500 to 2,617,500 and extended the expiration date of the 2011 Plan to December 31, 2019. Equity compensation expense by award type for the Company was: Year ended December 31, Unamortized expense as of December 31, 2016 2015 2014 2016 Quarterly board member committee fee grants $ 83,973 $ 53,926 $ 47,864 $ — Class B Unit awards: Executive officers - 2013 — — 2,318 — Executive officers - 2014 — 3,825 1,433,767 — Executive officers - 2015 5,236 1,984,052 — — Executive officers - 2016 2,054,830 — — 612,458 Restricted stock grants: 2013 — — 85,812 — 2014 — 107,321 214,588 — 2015 106,670 213,329 — — 2016 273,333 — — 136,666 Total $ 2,524,042 $ 2,362,453 $ 1,784,349 $ 749,124 Restricted Stock Grants The following annual grants of restricted stock were made to members of the Company's independent directors, as payment of the annual retainer fees. The total compensation cost for the restricted stock grant for the 2014 service year was recognized on a straight-line basis over the one-year period ending on May 7, 2015, at which time all shares vested. The restricted stock grants for the 2015 and 2016 service years vested (or are scheduled to vest) on the four consecutive 90-day periods following the date of grant. The shares granted vested or are scheduled to vest on a pro-rata basis over these same four periods. Service year Shares Fair value per share Total compensation cost 2014 39,216 $ 8.21 $ 321,963 2015 30,133 $ 10.62 $ 320,012 2016 30,990 $ 13.23 $ 409,998 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. Year Number of shares Fair value per share Total fair value 2014 5,693 $ 8.41 $ 47,864 2015 5,067 $ 10.64 53,926 2016 6,444 $ 13.03 83,973 Total 17,204 $ 185,763 Class B OP Units On January 2, 2014, pursuant to the limited partnership agreement of the Operating Partnership, the Company caused the Operating Partnership to grant 239,556 Class B Units of the Operating Partnership, or Class B OP Units, to certain of its executive officers as compensation for service to be rendered during 2014. On January 2, 2015, the Company caused the Operating Partnership to grant 285,997 Class B OP Units for service to be rendered during 2015. On January 4, 2016, the Company caused the Operating Partnership to grant 265,931 Class B OP 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. See Note 18. The underlying valuation assumptions and results for the Class B OP Unit awards were: Grant dates 1/2/2014 1/2/2015 1/4/2016 Stock price $ 8.05 $ 9.21 $ 12.88 Dividend yield 8.12 % 7.60 % 5.98 % Expected volatility 32.72 % 30.13 % 26.10 % Risk-free interest rate 3.80 % 2.55 % 2.81 % Number of Units granted: One year vesting period 239,556 285,997 176,835 Three year vesting period — — 89,096 239,556 285,997 265,931 Calculated fair value per Unit $ 5.94 $ 6.81 $ 10.03 Total fair value of Units $ 1,422,963 $ 1,947,640 $ 2,667,288 Target market threshold increase $ 1,959,000 $ 2,629,000 $ 3,549,000 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 $0.16 for the 2014 awards, $0.1925 for the 2015 awards and $0.1925 for the 2016 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 OP Units have no expiration date, a derived service period of one year was utilized, which equals the period of time from the grant date to the initial valuation date.

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2016
Debt [Abstract]
Debt Disclosure [Text Block]	Indebtedness Mortgage Notes Payable The following table shows certain details regarding our mortgage notes payable: Principal balance as of Interest only through date (2) Acquisition/ refinancing date December 31, 2016 December 31, 2015 Maturity date Interest rate (1) Multifamily communities: Trail Creek 6/25/2013 $ — $ 28,109,000 7/1/2020 4.22 % 7/1/2020 Stone Rise 7/3/2014 24,485,726 25,014,250 8/1/2019 2.89 % 8/31/2015 Summit Crossing 4/21/2011 20,034,920 20,366,748 5/1/2018 4.71 % 5/1/2014 Summit Crossing secondary financing 8/28/2014 5,057,941 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 Table continued from previous page Principal balance as of Interest only through date (2) Acquisition/ refinancing date December 31, 2016 December 31, 2015 Maturity date Interest rate (1) 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 6,404,575 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 30,894,890 31,556,664 10/1/2019 3.18 % N/A Stoneridge 9/26/2014 26,729,985 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 Avenues at Cypress 2/13/2015 22,135,938 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 29,950,413 30,528,618 12/1/2022 3.55 % N/A Aster Lely 6/24/2015 33,120,899 33,746,379 7/5/2022 3.84 % N/A CityPark View 6/30/2015 21,489,269 21,924,060 7/1/2022 3.27 % N/A Avenues at Creekside 7/31/2015 41,349,590 41,625,000 8/1/2024 2.37 % (3) 8/31/2016 Citi Lakes 9/3/2015 43,309,606 44,282,826 4/1/2023 2.94 % (4) N/A Stone Creek 11/12/2015 16,497,919 16,792,850 10/1/2046 3.75 % N/A Lenox Village Town Center 12/21/2015 30,717,024 31,394,460 5/1/2019 3.82 % N/A Lenox Village III 12/21/2015 18,125,780 18,410,000 1/1/2023 4.04 % N/A Overton Rise 2/1/2016 40,712,134 — 8/1/2026 3.98 % N/A Baldwin Park 1/5/2016 73,910,000 — 1/5/2019 2.67 % (6) 1/5/2019 Baldwin Park (second) 1/5/2016 3,890,000 — 1/5/2019 10.67 % (7) 1/5/2019 Crosstown Walk 1/15/2016 32,069,832 — 2/1/2023 3.90 % N/A Avalon Park 5/31/2016 61,750,000 — 6/5/2019 2.77 % (8) N/A Avalon Park B Note 5/31/2016 3,250,000 — 6/5/2019 11.77 % (9) N/A City Vista 7/1/2016 35,734,946 — 7/1/2026 3.68 % N/A Sorrel 8/24/2016 33,442,303 — 9/1/2023 3.44 % N/A Retail: Spring Hill Plaza 9/5/2014 9,672,371 9,868,025 10/1/2019 3.36 % 10/31/2015 Parkway Town Centre 9/5/2014 7,034,452 7,176,745 10/1/2019 3.36 % 10/31/2015 Woodstock Crossing 8/8/2014 3,041,620 3,090,953 9/1/2021 4.71 % N/A Deltona Landings 9/30/2014 6,928,913 7,074,722 10/1/2019 3.48 % N/A Powder Springs 9/30/2014 7,311,197 7,465,051 10/1/2019 3.48 % N/A Kingwood Glen 9/30/2014 11,592,787 11,836,741 10/1/2019 3.48 % N/A Barclay Crossing 9/30/2014 6,517,956 6,655,117 10/1/2019 3.48 % N/A Sweetgrass Corner 9/30/2014 7,900,135 8,063,653 10/1/2019 3.58 % N/A Parkway Centre 9/30/2014 4,539,632 4,635,162 10/1/2019 3.48 % N/A Salem Cove 10/6/2014 9,586,678 9,600,000 11/1/2024 4.21 % 11/30/2016 Independence Square 8/27/2015 12,208,524 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 3.12 % (5) 4/3/2017 The Overlook at Hamilton Place 12/22/2015 20,672,618 21,000,000 1/1/2026 4.19 % N/A Summit Point 10/30/2015 12,546,792 12,846,544 11/1/2022 3.57 % N/A East Gate Shopping Center 4/29/2016 5,719,897 — 5/1/2026 3.97 % N/A Fury's Ferry 4/29/2016 6,607,467 — 5/1/2026 3.97 % N/A Rosewood Shopping Center 4/29/2016 4,437,851 — 5/1/2026 3.97 % N/A Southgate Village 4/29/2016 7,889,513 — 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 Wade Green Village 4/7/2016 8,116,465 — 5/1/2026 4.00 % N/A Lakeland Plaza 7/15/2016 29,760,342 — 8/1/2026 3.85 % N/A University Palms 8/8/2016 13,513,891 — 9/1/2026 3.45 % N/A Cherokee Plaza 8/8/2016 26,017,293 — 9/1/2021 3.02 % (10) N/A Sandy Plains Exchange 8/8/2016 9,439,850 — 9/1/2026 3.45 % N/A Thompson Bridge Commons 8/8/2016 12,619,589 — 9/1/2026 3.45 % N/A Table continued from previous page Principal balance as of Interest only through date (2) Acquisition/ refinancing date December 31, 2016 December 31, 2015 Maturity date Interest rate (1) Heritage Station 8/8/2016 9,340,483 — 9/1/2026 3.45 % N/A Oak Park Village 8/8/2016 9,638,584 — 9/1/2026 3.45 % N/A Shoppes of Parkland 8/8/2016 16,492,503 — 9/1/2023 4.67 % N/A Champions Village 10/18/2016 27,400,000 — 11/1/2021 3.78 % (11) 11/1/2021 Student housing community: North by Northwest 6/1/2016 33,499,754 — 9/1/2022 4.02 % N/A Office: Brookwood Office 8/29/2016 32,400,000 — 9/10/2031 3.52 % 9/10/17 Galleria 75 11/4/2016 5,900,265 — 7/1/2022 4.25 % N/A Three Ravinia 12/30/2016 115,500,000 — 1/1/2042 4.46 % 2/1/2022 $ 1,327,878,112 $ 696,945,291 Footnotes to Mortgage Notes Table (1) Interest rates are fixed, except as indicated. (2) Following the indicated interest only period (where applicable), monthly payments of accrued interest and principal are based on a 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%. (11) Variable rate which consisted of 1 Month LIBOR plus 300 basis points. The interest rate has a floor of 3.25%. 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 December 31, 2016 , the Company has an outstanding principal balance of $9.8 million 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 1 Month LIBOR plus 250 basis points, which was 3.12% as of December 31, 2016 . The mortgage note secured by our Champions Village property has a maximum commitment of $34.16 million . As of December 31, 2016 , the Company has an outstanding principal balance of $27.4 million . Additional advances of the mortgage commitment will be drawn as the Company achieves leasing activity. Additional advances are available through October 2019. This mortgage note has a variable interest of the greater of (i) 3.25% and (ii) the sum of the 3.00% plus the LIBOR Rate, which was 3.78% as of December 31, 2016 . As of December 31, 2016 , the weighted-average remaining life of deferred loan costs related to the Company's mortgage indebtedness was approximately 8.1 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 increased to $150,000,000 pursuant to the Fourth Amended and Restated Credit Agreement, as amended effective December 27, 2016. The Revolving Line of Credit accrues interest at a variable rate of one month LIBOR plus 3.25% per annum and matures on August 5, 2019, with an option to extend the maturity date to August 5, 2020, subject to certain conditions described therein. On February 12, 2015, we entered into a $32.0 million term loan with Key Bank under the Credit Facility, or the 2015 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, we entered into a $35.0 million term loan with Key Bank under the Credit Facility, or the 2016 Term Loan, to partially finance the acquisition of the Baldwin Park multifamily community. The Term Loan accrued interest at a rate of LIBOR plus 3.75% per annum. On August 5, 2016, the Company repaid the 2016 Term Loan in full. On May 26, 2016, the Company entered into a $11.0 million interim term loan with Key Bank, or the Interim Term Loan, to partially finance the acquisition of Anderson Central, a retail shopping center located in Anderson, South Carolina. The Interim Term Loan accrues interest at a rate of LIBOR plus 2.5% per annum and the maturity date is May 25, 2017. The Amended and Restated Credit Agreement contains certain affirmative and negative covenants, including negative covenants that limit or restrict secured and unsecured indebtedness, mergers and fundamental changes, investments and acquisitions, liens and encumbrances, dividends, transactions with affiliates, burdensome agreements, changes in fiscal year and other matters customarily restricted in such agreements. The amount of dividends that may be paid out by the Company is restricted to a maximum of 95% of AFFO for the trailing rolling four quarters without the lender's consent; solely for purposes of this covenant, AFFO is calculated as earnings before interest, taxes, depreciation and amortization expense, plus reserves for capital expenditures, less normally recurring capital expenditures, less consolidated interest expense. As of December 31, 2016 , the Company was in compliance with all covenants related to the Revolving Line of Credit, as shown in the following table: Covenant (1) Requirement Result Net worth Minimum $840,200,000 (2) $885,261,162 Debt yield Minimum 8.0% 8.64% Payout ratio Maximum 95% (3) 85.6% Total leverage ratio Maximum 65.0% 60.5% Debt service coverage ratio Minimum 1.50x 2.12x (1) All covenants are as defined in the credit agreement for the Revolving Line of Credit. (2) Minimum $687 million plus 75% of the net proceeds of any equity offering, which totaled approximately $840 million as of December 31, 2016 . (3) Calculated on a trailing four-quarter basis. For the year ended December 31, 2015, the maximum dividends and distributions allowed under this covenant was approximately $68,500,000 . Loan fees and closing costs for the establishment and subsequent amendments of the Credit Facility, as well as the mortgage debt on the Company's multifamily communities and grocery-anchored shopping centers, are amortized utilizing the effective interest rate method over the lives of the loans. At December 31, 2016 , aggregate unamortized loan costs were approximately $1.7 million , which will be amortized over a weighted average remaining loan life of approximately 2.5 years. The weighted average interest rate for the Credit Facility was 3.96% for the twelve -month period ended December 31, 2016 . The Revolving Line of Credit also bears a commitment fee on the average daily unused portion of the Revolving Credit Facility of 0.35% per annum. Interest Expense Interest expense, including amortization of deferred loan costs was: Year ended December 31, 2016 2015 2014 Multifamily communities $ 28,135,936 $ 14,994,053 $ 7,109,292 New Market Properties 8,870,094 3,479,879 854,097 Office buildings 474,402 — — Student housing community 894,277 — — Interest paid to real estate loan participants 2,008,741 1,496,566 219,587 40,383,450 19,970,498 8,182,976 Revolving Credit Facility and Term Note 3,900,694 1,345,233 2,005,211 Interest Expense $ 44,284,144 $ 21,315,731 $ 10,188,187 Future Principal Payments The Company’s estimated future principal payments due on its debt instruments as of December 31, 2016 were: Period Future principal payments 2017 $ 157,110,067 (1) 2018 41,352,234 2019 332,726,142 2020 89,858,023 2021 138,241,835 thereafter 707,089,811 Total $ 1,466,378,112 (1) Includes the principal amount due of the Company's Revolving Line of Credit of $127.5 million.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Taxes [Abstract]
Income Tax Disclosure [Text Block]	Income Taxes The Company elected to be taxed as a REIT effective with its tax year ended December 31, 2011, and therefore, the Company 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 (which does not equal net income as calculated in accordance with GAAP and determined without regard for the deduction for dividends paid and excluding net capital gains) 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 years ended December 31, 2016 , 2015 and 2014.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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. As of December 31, 2016 , the amount guarantied by the Company was $5.97 million and 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. As of December 31, 2016 , the Company guarantied up to $405,000 on these credit cards. The Company is otherwise currently subject to neither any known material commitments or contingencies from its business operations, nor any material known or threatened litigation. A total of approximately $3.7 million of combined asset management and general and administrative expense fees related to the acquired properties as of December 31, 2016 have been deferred by the Manager. The Company will recognize any contingent fees in future periods to the extent, if any, it determines that it is probable that the estimated net sale proceeds would exceed the hurdles listed above. At December 31, 2016 , the Company had unfunded balances on its real estate loan portfolio of approximately $76.5 million .

Operating Leases (Notes)

Operating Leases (Notes)	12 Months Ended
	Dec. 31, 2016
Leases [Abstract]
Operating Leases of Lessor Disclosure [Text Block]	Operating Leases The Company’s grocery-anchored shopping centers and office properties are leased to tenants under operating leases for which the terms vary. The future minimum rental income due under the remaining non-cancelable terms of the Company's operating leases in place, excluding tenant reimbursements of operating expenses and real estate taxes and additional percentage rent based on tenants’ sales volumes, as of December 31, 2016 , is presented below, assuming that all leases which expire are not renewed and tenant renewal options are not exercised: For the years ending December 31: Future Minimum Rents New Market Properties Office buildings Total 2017 $ 35,514,141 $ 19,954,746 $ 55,468,887 2018 32,284,111 21,232,719 53,516,830 2019 25,818,913 22,097,943 47,916,856 2020 21,589,847 22,383,499 43,973,346 2021 16,517,832 18,116,847 34,634,679 Thereafter 65,382,207 146,790,026 212,172,233 $ 197,107,051 $ 250,575,780 $ 447,682,831 The Company’s grocery-anchored shopping centers are geographically concentrated within the Sunbelt region of the United States. The Company’s retail tenant base primarily consists of national and regional supermarkets, consumer services, healthcare providers, and restaurants. Our grocery anchor tenants comprise approximately 52.1% of our gross leasable area. Our credit risk, therefore, is concentrated in the retail/grocery real estate sector. Amounts required as security deposits vary depending upon the terms of the respective leases and the creditworthiness of the tenant, with the exception of our grocer anchor tenants, who generally are not required to provide security deposits. Exposure to credit risk is limited to the extent that tenant receivables exceed security deposits. Security deposits related to tenant leases are included in security deposits and other liabilities in the accompanying consolidated balance sheets. As of December 31, 2016 the Company’s approximately 1.1 million square foot office portfolio was 98% leased to a predominantly investment grade credit (or investment grade equivalent) tenant roster. For non-credit tenants, our leases typically require a security deposit or letter of credit, which limits worst case collection exposure to amounts in excess of those protections. Additionally, some credit tenant leases will include credit enhancement provisions that require a security deposit or letter of credit in the event of a rating downgrade. We conduct thorough credit analyses not only for leasing activities within our existing portfolio but also for major tenants in properties we are considering acquiring. As of December 31, 2016 credit tenants represented approximately 77% of the Company’s total office rentable area.

Segment information

Segment information	12 Months Ended
	Dec. 31, 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 buildings. Multifamily Communities - consists of the Company's portfolio of owned residential multifamily communities. Financing - consists of the Company's 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 retail real estate loan. New Market Properties - consists of the Company's portfolio of 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 retail real estate loans. Office Buildings - consists of the Company's portfolio of office buildings. The CODM monitors net operating income (“NOI”) on a segment and a consolidated basis as a key performance measure for its operating segments. NOI is defined as rental and other property revenue from real estate assets plus interest income from its loan portfolio less total property operating and maintenance expenses, property management fees, real estate taxes, property insurance, and general and administrative expenses. The CODM uses NOI as a measure of operating performance because it provides a measure of the core operations, rather than factoring in depreciation and amortization, financing costs, acquisition expenses, and other expenses generally incurred at the corporate level. The following tables present the Company's assets, revenues, and NOI results by reportable segment, as well as a reconciliation from NOI to net income (loss). The assets attributable to 'Other' primarily consist of deferred offering costs recorded but not yet reclassified as reductions of stockholders' equity and cash balances at the Company and Operating Partnership levels. December 31, 2016 December 31, 2015 Assets: Multifamily communities $ 1,166,766,664 $ 781,224,019 Financing 379,070,918 272,454,610 New Market Properties 579,738,707 229,461,573 Office buildings 285,229,700 — Other 10,026,613 12,388,831 Consolidated assets $ 2,420,832,602 $ 1,295,529,033 Total capitalized expenditures of $8,400,801 and $3,579,457 (excluding the purchase price of acquisitions) were recorded for the twelve months ended December 31, 2016 and 2015 , respectively, attributable to the Company’s multifamily communities segment. Total capitalized expenditures of $1,640,036 and $1,088,585 (excluding the purchase price of acquisitions) were recorded for the twelve months ended December 31, 2016 and 2015 , respectively, attributable to the Company’s retail segment. Total capitalized expenditures of $11,193 (excluding the purchase price of acquisitions) were recorded for the twelve months ended December 31, 2016 attributable to the Company’s office buildings segment. Twelve months ended December 31, 2016 2015 2014 Revenues Multifamily communities $ 120,553,674 $ 65,232,087 $ 31,234,822 Financing 41,717,650 30,000,654 21,827,725 New Market Properties 35,490,552 14,072,771 3,473,823 Office buildings 2,357,039 — — Consolidated revenues $ 200,118,915 $ 109,305,512 $ 56,536,370 Segment net operating income (Segment NOI) Multifamily communities $ 66,553,559 $ 36,339,603 $ 18,209,645 Financing 41,717,650 30,000,654 21,827,725 New Market Properties 25,934,359 10,180,531 2,526,122 Office buildings 1,675,886 — — Consolidated segment net operating income 135,881,454 76,520,788 42,563,492 Interest and loss on early debt extinguishment: Multifamily communities 29,030,213 14,994,054 7,109,292 New Market Properties 8,870,094 3,479,879 854,097 Office buildings 474,402 — — Financing 5,909,435 2,841,799 2,224,798 Depreciation and amortization: Multifamily communities 57,664,568 30,970,345 14,199,048 New Market Properties 19,245,688 7,125,989 2,129,667 Office buildings 1,229,542 — — Professional fees 3,134,432 1,880,232 1,261,667 Management fees, net of deferrals 12,051,891 5,235,748 3,214,642 Acquisition costs: Multifamily communities 4,723,480 7,496,798 3,109,252 New Market Properties 2,103,112 1,656,965 4,123,365 Office buildings 1,720,951 — — Equity compensation to directors and executives 2,524,042 2,362,453 1,784,349 Gain on sale of real estate (4,271,506 ) — — Other 1,314,524 902,515 426,112 Net income (loss) $ (9,843,414 ) $ (2,425,989 ) $ 2,127,203

Loss per Share

Loss per Share	12 Months Ended
	Dec. 31, 2016
Loss per share [Abstract]
Earnings Per Share [Text Block]	The following is a reconciliation of weighted average basic and diluted shares outstanding used in the calculation of income (loss) per share of Common Stock: Year ended December 31, 2016 2015 2014 Numerator: Net (loss) income before gain on sale of real estate $ (14,114,920 ) $ (2,425,989 ) $ 2,127,203 Gain on sale of real estate, net of disposition expenses 4,271,506 — — Net (loss) income (9,843,414 ) (2,425,989 ) 2,127,203 Consolidated net loss (income) attributable to non-controlling interests 310,291 25,321 (33,714 ) Net (loss) income attributable to the Company (9,533,123 ) (2,400,668 ) 2,093,489 Dividends declared to Series A preferred stockholders (A) (41,080,645 ) (18,751,934 ) (7,382,320 ) Earnings attributable to unvested restricted stock (B) (15,843 ) (19,256 ) (24,090 ) Net loss attributable to common stockholders $ (50,629,611 ) $ (21,171,858 ) $ (5,312,921 ) Denominator: Weighted average number of shares of Common Stock - basic 23,969,494 22,182,971 17,399,147 Effect of dilutive securities: (C) Warrants — — — Class B Units — — — Unvested restricted stock — — — Weighted average number of shares of Common Stock - diluted 23,969,494 22,182,971 17,399,147 Net loss per share of Common Stock attributable to common stockholders, basic and diluted $ (2.11 ) $ (0.95 ) $ (0.31 ) (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 914,422 , 482,964 and 192,846 outstanding shares of Series A Preferred Stock at December 31, 2016, 2015, and 2014, respectively. (B) The Company's outstanding unvested restricted share awards ( 15,498 , 15,067 and 39,216 shares of Common Stock at December 31, 2016 , 2015, and 2014, respectively) contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares' participation rights in undistributed earnings. Given the Company incurred a net loss attributable to common stockholders for the years ended December 31, 2016 , 2015 and 2014, the dividends declared for that period are adjusted in determining the calculation of loss per share of Common Stock since the unvested restricted share awards are defined as participating securities. (C) Potential dilution from 150,000 shares of Common Stock that would have been outstanding for the first quarter of 2015 due to the hypothetical exercise of a warrant issued by the Company to International Assets Advisory LLC, or IAA, on March 31, 2011, which expired on March 31, 2015, and warrants outstanding from issuances of Units from our Primary Series A Offering that are potentially exercisable into 16,148,760 shares of Common Stock, are excluded from the diluted shares calculations because the effect was antidilutive. Class A Units were excluded from the denominator because earnings were allocated to non-controlling interests in the calculation of the numerator.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Notes)	12 Months Ended
	Dec. 31, 2016
Statement of Financial Position [Abstract]
Quarterly Financial Information [Text Block]	Selected Quarterly Financial Data (unaudited) Quarterly financial information was as follows: Three months ended: 3/31/2016 6/30/2016 9/30/2016 12/31/2016 Revenues $ 41,735,781 $ 45,853,944 $ 53,537,337 $ 58,991,853 Operating (loss) income $ 5,505,340 $ 5,505,474 $ 9,545,554 $ 9,612,856 Net (loss) income $ (3,389,490 ) $ 217,479 $ (2,688,620 ) $ (3,982,783 ) Net (loss) income attributable to common stockholders $ (11,184,115 ) $ (9,239,588 ) $ (13,624,001 ) $ (16,589,868 ) Net (loss) income per share of Common Stock available to Common Stockholders: Basic $ (0.49 ) $ (0.40 ) $ (0.56 ) $ (0.66 ) Diluted $ (0.49 ) $ (0.40 ) $ (0.56 ) $ (0.66 ) Weighted average shares outstanding: Basic 22,983,741 23,325,663 24,340,791 25,210,069 Diluted 22,983,741 23,325,663 24,340,791 25,210,069 Three months ended: 3/31/2015 6/30/2015 9/30/2015 12/31/2015 Revenues (1) $ 21,344,515 $ 24,088,827 $ 29,955,693 $ 33,916,477 Operating (loss) income (1) $ 3,612,186 $ 5,109,304 $ 4,120,993 $ 6,047,259 Net (loss) income $ (764,929 ) $ 420,836 $ (1,697,767 ) $ (384,129 ) Net (loss) income attributable to common stockholders $ (3,934,990 ) $ (3,679,421 ) $ (6,800,672 ) $ (6,756,775 ) Net (loss) income per share of Common Stock available to Common Stockholders: Basic $ (0.18 ) $ (0.17 ) $ (0.31 ) $ (0.30 ) Diluted $ (0.18 ) $ (0.17 ) $ 0.31 $ (0.30 ) Weighted average shares outstanding: Basic 21,813,974 22,215,663 22,292,217 22,402,366 Diluted 21,813,974 22,215,663 22,922,217 22,402,366

Pro Forma Financial Information

Pro Forma Financial Information	12 Months Ended
	Dec. 31, 2016
Pro Forma Financial Information [Abstract]
Subsequent Event, Pro Forma Business Combinations [Text Block]	Pro Forma Financial Information (unaudited) The Company’s condensed pro forma financial results assume the following acquisitions were hypothetically completed on January 1 of the previous year, as shown below: Hypothetical acquisition date 1/1/2015 1/1/2014 1/1/2013 Baldwin Park Lenox Portfolio Dunbar Portfolio Crosstown Walk Stone Creek Salem Cove Overton Rise Citi Lakes Sunbelt Portfolio Avalon Park Avenues at Creekside Spring Hill Plaza North by Northwest CityPark View Parkway Town Centre City Vista Aster at Lely Sorrel Venue at Lakewood Ranch Wade Green Village Houston Portfolio Southeastern Six Portfolio Overlook at Hamilton Place The Market at Victory Village Summit Point Lakeland Plaza Royal Lakes Marketplace Sunbelt Seven Portfolio Independence Square Champions Village Brookwood Office Galleria 75 Three Ravinia The Company’s condensed pro forma financial results were: Twelve months ended December 31, 2016 2015 2014 Pro forma: Revenues $ 253,909,996 $ 228,020,379 $ 106,896,527 Net income (loss) $ (1,082,540 ) $ (49,338,846 ) $ (24,386,460 ) Net income (loss) attributable to the Company $ (1,061,358 ) $ (47,765,401 ) $ (24,171,219 ) Net loss attributable to common stockholders $ (42,157,846 ) $ (66,536,591 ) $ (31,577,629 ) Net income loss per share of Common Stock attributable to common stockholders, Basic and diluted $ (1.76 ) $ (3.00 ) $ (1.68 ) Weighted average number of shares of Common Stock outstanding, Basic and diluted 23,969,494 22,182,971 18,850,410 Material nonrecurring pro forma adjustments which were directly attributable to these business combinations included the pro forma removal of all acquisition costs incurred from the actual historical periods of recognition of approximately $(8.4) million , $(8.1) million and $(2.1) million for the years ended December 31, 2016 , 2015, and 2014, 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	12 Months Ended
	Dec. 31, 2016
Fair Values of Financial Instruments [Abstract]
Fair Value Disclosures [Text Block]	Fair Values of Financial Instruments Fair value is defined as the price at which an asset or liability is exchanged between market participants in an orderly transaction at the reporting date. The Company’s cash equivalents, notes receivable, accounts receivable and payables and accrued expenses all approximate fair value due to their short term nature. The following tables provide estimated fair values of the Company’s financial instruments. The carrying values of the Company's real estate loans include accrued interest receivable from additional interest or exit fee provisions and are presented net of deferred loan fee revenue, where applicable. As of December 31, 2016 Carrying value Fair value measurements using fair value hierarchy Fair Value Level 1 Level 2 Level 3 Financial Assets: Real estate loans (1) $ 332,761,068 $ 374,856,749 $ — $ — $ 374,856,749 Notes receivable and line of credit receivable 37,615,675 37,615,675 — — 37,615,675 $ 370,376,743 $ 412,472,424 $ — $ — $ 412,472,424 Financial Liabilities: Mortgage notes payable (2) $ 1,327,878,112 $ 1,314,966,652 $ — $ — $ 1,314,966,652 Revolving credit facility 127,500,000 127,500,000 — — 127,500,000 Term loan 11,000,000 11,000,000 — — 11,000,000 Loan participation obligations 20,761,819 21,500,448 — — 21,500,448 $ 1,487,139,931 $ 1,474,967,100 $ — $ — $ 1,474,967,100 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 receivable 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 Palisades, Green Park, Founders' Village, Encore and Stadium Village real estate loans, which includes the amounts funded by unrelated participants. The loan participation obligations are the amounts due the participants under these arrangements. Accrued interest included in the carrying values of the Company's real estate loans was approximately $21.9 million and $14.3 million at December 31, 2016 and 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 December 31, 2016 , discounted to the reporting date utilizing a discount rate believed to be appropriate for multifamily development projects. 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, ten and 35 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	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Events On January 20, 2017, we sold our 364-unit Sandstone Creek multifamily community to an unrelated third party for $48.1 million , exclusive of disposition-related transaction costs and realized a gain on the sale of approximately $0.6 million . Between January 1, 2017 and February 14, 2017, the Company issued the final 64,553 Units and collected net proceeds of approximately $58.1 million after commissions and fees under its Follow-on Offering. On February 14, 2017, our $1.5 Billion Unit Offering was declared effective by the SEC. On February 2, 2017, the Company declared a quarterly dividend on its Common Stock of $0.22 per share, payable on April 14, 2017 to stockholders of record on March 15, 2017. On January 4, 2017, the Company had exceeded the benchmark market capitalization goal set as the vesting hurdle for its Class B Unit grants made to certain members of senior management for service provided during 2016. All of the 265,931 Class B Units granted on January 4, 2016 became earned and 206,528 automatically vested and converted to Class A Units. Of the remaining earned Class B Units, 29,699 will vest and automatically convert to Class A Units on January 4, 2018 and the final 29,704 earned Class B Units will vest and automatically convert to Class A Units on January 4, 2019, assuming each grantee fulfills the requisite service requirement. On January 3, 2017, the Company awarded 286,392 Class B Units to its executive officers and other key personnel for service to be provided during 2017, 2018 and 2019. The total compensation cost was calculated to be $3,413,793 . The 2017 award carries vesting terms and features substantially similar to the Class B Units awarded for previous years, except the fair value of 227,576 of the Class B Units will be recognized over the one year period ending on the vesting date of January 3, 2018, the fair value of 29,401 of the Class B Units will be recognized over the one year period ending on the vesting date of January 3, 2019 and the remaining compensation cost pertaining to 29,415 Class B Units will be recognized over the one year period ending on the vesting date of January 3, 2020. On February 28, 2017, we acquired a 225 -unit, 640 -bed student housing community located near Arizona State University in Tempe, Arizona. We financed the acquisition using our newly closed Revolving Credit Facility with Freddie Mac and KeyBank National Association, or the Facility. The Facility provides for aggregate borrowings of up to a maximum amount of $200 million , subject to increase to $300 million in KeyBank's sole discretion, has a five year term, and a floating interest rate that is dependent on the type of property in the Facility and the leverage level of each individual asset.

Significant Accounting Polici28

Significant Accounting Policies Basis of Presentation (Policies)	12 Months Ended
	Dec. 31, 2016
Summary of Significant Accounting Policies [Abstract]
Earnings Per Share, Policy [Policy Text Block]	Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income or loss available to common stockholders by the weighted average number of shares of Common Stock outstanding for the period. Net income or loss attributable to common stockholders is calculated by deducting dividends due to preferred stockholders, including deemed non-cash dividends emanating from beneficial conversion features within convertible preferred stock, as well as nonforfeitable dividends due to holders of unvested restricted stock, which are participating securities under the two-class method of calculating earnings per share. Diluted earnings (loss) per share is computed by dividing net income or net loss available to common stockholders by the weighted average number of shares of Common Stock outstanding adjusted for the effect of dilutive securities such as share grants or warrants. No adjustment is made for potential common stock equivalents that are anti-dilutive during the period.
Income Tax, Policy [Policy Text Block]	Income Taxes The Company has elected to be taxed as a REIT under the Code. To continue to qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company's annual REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes 100% of the Company's annual REIT taxable income to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company's net income and net cash available for distribution to stockholders. The Company intends to operate in such a manner as to maintain its election for treatment as a REIT. The Company recognizes a liability for uncertain tax positions. An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company measures the tax benefits recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes.
Discontinued Operations, Policy [Policy Text Block]	Acquisition Costs Through December 31, 2016, the Company expensed property acquisition costs as incurred, which include costs such as due diligence, legal, certain accounting, environmental and consulting, when the acquisition constituted a business combination. As described below in the section entitled New Accounting Pronouncements, Accounting Standards Update 2017-01 was adopted by the Company effective January 1, 2017, which will cause the Company to capitalize certain of these costs for transactions deemed to be asset acquisitions.
Finance, Loan and Lease Receivables, Held-for-investment, Policy [Policy Text Block]	Loans and Notes Receivable The Company carries its investments in real estate loans at amortized cost with assessments made for impairment in the event recoverability of the principal amount becomes doubtful. If, upon testing for impairment, the fair value result of the loan is lower than the carrying amount of the loan, a valuation allowance is recorded to lower the carrying amount to fair value, with a loss recorded in earnings. Recoveries of valuation allowances are only recognized in the event of maturity or a sale or disposition in an amount above carrying value. The balances of real estate loans presented on the consolidated balance sheets consist of drawn amounts on the loans, net of deferred loan fee revenue. These loan balances are presented in the asset section of the consolidated balance sheets inclusive of loan balances from third party participant lenders, with the participant amount presented within the liabilities section. See the "Revenue Recognition" section of this Note for other loan-related policy disclosures required by ASC 310-10-50-6. Certain loans have historically contained contingent exit fees, which are deemed to be embedded derivatives. The Company elects the fair value option for these loans and recognizes in earnings any material changes in fair value.
Deferred Charges, Policy [Policy Text Block]	Deferred Loan Costs Deferred loan costs are amortized using the straight-line method, which approximates the effective interest rate method, over the terms of the related indebtedness.
Non-controlling interests [Policy Text Block]	Non-controlling Interest Non-controlling interest represents the equity interest of the Operating Partnership that is not owned by the Company. Non-controlling interest is adjusted for contributions, distributions and earnings or loss attributable to the non-controlling interest in the consolidated entity in accordance with the Agreement of Limited Partnership of the Operating Partnership, as amended.
Stockholders' Equity Note, Redeemable Preferred Stock, Issue, Policy [Policy Text Block]	Redeemable Preferred Stock Shares of the Series A Redeemable Preferred Stock, stated value $1,000 per share, or Preferred Stock, are redeemable at the option of the holder, subject to a declining redemption fee schedule. Redemptions are therefore outside the control of the Company. However, the Company retains the right to fund any redemptions of Preferred Stock in either Common Stock or cash at its option. Therefore, the Company records the Preferred Stock as a component of permanent stockholders’ equity.
Goodwill and Intangible Assets, Policy [Policy Text Block]	Acquisitions and Impairments of Real Estate Assets The Company generally records its initial investments in income-producing real estate at fair value at the acquisition date in accordance with ASC 805-10, Business Combinations . The aggregate purchase price of acquired properties is apportioned to the tangible and identifiable intangible assets and liabilities acquired at their estimated fair values. The value of acquired land, buildings and improvements is estimated by formal appraisals, observed comparable sales transactions, and information gathered during pre-acquisition due diligence activities and the valuation approach considers the value of the property as if it were vacant. The values of furniture, fixtures, and equipment are estimated by calculating their replacement cost and reducing that value by factors based upon estimates of their remaining useful lives. Intangible assets and liabilities for multifamily communities and office buildings 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 inappropriate estimates would result in an incorrect assessment of our purchase price allocations, which would impact the amount of our reported net income. Acquired intangible assets and liabilities have no residual value. The Company evaluates its tangible and identifiable intangible real estate assets for impairment when events such as declines in a property’s operating performance, deteriorating market conditions, or environmental or legal concerns bring recoverability of the carrying value of one or more assets into question. The total undiscounted cash flows of the asset group, including proceeds from disposition, are compared to the net book value of the asset group. If this test indicates that impairment exists, an impairment loss is recorded in earnings equal to the shortage of the book value to fair value, calculated as the discounted net cash flows of the asset group.
deferred equity offering costs policy [Policy Text Block]	Deferred Offering Costs Deferred offering costs represent direct costs incurred by the Company related to current equity offerings, excluding costs specifically identifiable to a closing, such as commissions, dealer-manager fees, and other registration fees. For issuances of equity that occur on one specific date, associated offering costs are reclassified as a reduction of proceeds raised on the date of issue. Our ongoing offering of up to a maximum of 900,000 units, consisting of one share of Series A Redeemable Preferred Stock, or Preferred Stock, and one warrant, or Warrant, to purchase 20 shares of Common Stock, or Units, generally closes on a bimonthly basis in variable amounts. Such offering is referred to herein as the Follow-on Offering, pursuant to our registration statement on Form S-3 (registration number 333-183355), as may be amended from time to time. Deferred offering costs related to the Follow-on Offering and Shelf Offering (as defined in Note 5) are reclassified to the stockholders’ equity section of the consolidated balance sheet as a reduction of proceeds raised on a pro-rata basis equal to the ratio of total Units or value of shares issued to the maximum number of Units, or the value of shares, as applicable, that are expected to be issued.
Revenue Recognition Leases, Operating [Policy Text Block]	Revenue Recognition Real Estate Rental revenue is recognized when earned from residents of the Company's multifamily communities, which is over the terms of rental agreements, typically of 13 months’ duration. The Company evaluates the collectability of amounts due from residents and maintains an allowance for doubtful accounts for estimated losses resulting from the inability of residents to make required payments then due under lease agreements. The balance of amounts due from residents are generally deemed uncollectible 30 days beyond the due date, at which point they are fully reserved. Rental revenue from tenants' operating leases in the Company's retail shopping centers is recognized on a straight-line basis over the term of the lease regardless of when payments are due. Revenue based on "percentage rent" provisions that provide for additional rents that become due upon achievement of specified sales revenue targets (as specified in each lease agreement) is recognized only after the tenant exceeds its specified sales revenue target. Revenue from reimbursements of the tenants' share of real estate taxes, insurance and common area maintenance, or CAM, costs are recognized in the period in which the related expenses are incurred. Lease termination revenues are recognized ratably over the revised remaining lease term after giving effect to the termination notice or when tenant vacates and the Company has no further obligations under the lease. Rents and tenant reimbursements collected in advance are recorded as prepaid rent within other liabilities in the accompanying consolidated balance sheets. The Company estimates the collectability of the tenant receivable related to rental and reimbursement billings due from tenants and straight-line rent receivables, which represent the cumulative amount of future adjustments necessary to present rental revenue on a straight-line basis, by taking into consideration the Company's historical write-off experience, tenant credit-worthiness, current economic trends, and remaining lease terms . The Company may provide retail tenants an allowance for the construction of leasehold improvements. These leasehold improvements are capitalized and depreciated over the shorter of the useful life of the improvements or the remaining lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of minimum rent. Determination of the appropriate accounting for the payment of a tenant allowance is made on a lease-by-lease basis, considering the facts and circumstances of the individual tenant lease. When the Company is the owner of the leasehold improvements, recognition of lease revenue commences when the lessee is given possession of the leased space upon completion of tenant improvements. However, when the leasehold improvements are owned by the tenant, the lease inception date is the date the tenant obtains possession of the leased space for purposes of constructing its leasehold improvements. The PAC Rewards program allows residents in the Company's multifamily communities to accumulate reward points on a monthly basis for actions such as resident referrals and making rent payments online. Once a property has been enrolled in the program, a resident must rent an apartment from the Company for at least 14 months before reward points may be redeemed for services or upgrades to a resident’s unit. The Company accrues a liability for the estimated cost of these future point redemptions, net of a 35% breakage fee, which is the Company’s current estimate of rewards points that will not be redeemed. In accordance with Staff Accounting Bulletin 13.A.3c, the Company deems its obligations under PAC Rewards as inconsequential to the delivery of services according to the lease terms. Therefore, the expense related to the PAC Rewards Program is included in property operating and maintenance expense on the consolidated statements of operations.
Revenue Recognition, Interest [Policy Text Block]	Interest income on real estate loans and notes receivable is recognized on an accrual basis over the lives of the loans or notes using the effective interest rate method. In the event that a loan or note is refinanced with the proceeds of another loan issued by the Company, any unamortized loan fee revenue from the first loan will be recognized as interest revenue over the term of the new loan. Direct loan origination fees applicable to real estate loans are amortized over the lives of the loans as adjustments to interest income. The accrual of interest on all these instruments ceases when there is concern as to the ultimate collection of principal or interest, which is generally a delinquency of 30 days in required payments of interest or principal. Any payments received on such non-accrual loans are recorded as interest income when the payments are received. Real estate loan assets are reclassified as accrual-basis once interest and principal payments become current. Certain real estate loan assets include limited purchase options and either exit fees or additional amounts of accrued interest. Exit fees or accrued interest due will be treated as additional consideration for the acquired project if the Company purchases the subject property. Additional accrued interest becomes due in cash to the Company on the earliest to occur of: (i) the maturity of the loan, (ii) any uncured event of default as defined in the associated loan agreement, (iii) the sale of the project or the refinancing of the loan (other than a refinancing loan by the Company or one of its affiliates) and (iv) any other repayment of the loan.
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 Class B Unit grants at the date of grant utilizing a Monte Carlo simulation model 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. The compensation expense is accrued on a straight-line basis 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.
Depreciation, Depletion, and Amortization [Policy Text Block]	Capitalization and Depreciation The Company capitalizes tenant improvements, replacements of furniture, fixtures and equipment, as well as carpet, appliances, air conditioning units, certain common area items and other assets. Significant repair and renovation costs that improve the usefulness or extend the useful life of the properties are also capitalized. These assets are then depreciated on a straight-line basis over their estimated useful lives, as follows: • Buildings: 30 - 50 years • Furniture, fixtures & equipment: 5 - 10 years • Improvements to buildings and land: 5 - 20 years • Tenant improvements: shorter of economic life or lease term Operating expenses related to unit turnover costs, such as carpet cleaning, mini-blind replacements and minor repairs are expensed as incurred.
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers (Topic 606). ASU 2014-09 provides a single comprehensive revenue recognition model for contracts with customers (excluding certain contracts, such as lease contracts) to improve comparability within industries. ASU 2014-09 requires an entity to recognize revenue to reflect the transfer of goods or services to customers at an amount the entity expects to be paid in exchange for those goods and services and provide enhanced disclosures, all to provide more comprehensive guidance for transactions such as service revenue and contract modifications. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2017 and may be applied using either a full retrospective or a modified approach upon adoption. The Company is currently evaluating the pending guidance but does not believe the adoption of ASU 2014-09 will have a material impact on its results of operations or financial condition, primarily because most of its revenue is rental operations, to which this standard is not applicable. The Company does provide significant non-rental services to its residents and tenants related to ancillary services and common area reimbursements. The Company does not believe that the adoption of ASU 2014-09 will materially impact the accounting for these revenues; however, we are continuing to evaluate the impact. In August 2014, the FASB issued Accounting Standards Update 2014-15 (“ASU 2014-15”), Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This new guidance requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and interim periods thereafter and early adoption is permitted. The Company's adoption of this guidance on December 31, 2016 did not have an impact to the consolidated financial statements or material impact on its disclosures. 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 adoption of ASU 2016-01 will not impact the Company's results of operations or financial condition. 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 currently evaluating the pending guidance but does not believe the adoption of ASU 2016-02 will have a material impact on its results of operations or financial condition, since the Company does not have a material amount of lease expense. 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 has concluded the adoption of ASU 2016-09 will not have a material impact on its results of operations or financial condition as its historical forfeiture rates for equity compensation awards have been immaterial. 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 currently evaluating methods of deriving initial valuation accounts to be applied to its real estate loan portfolio. The Company is continuing to evaluate the pending guidance but does not believe the adoption of ASU 2016-13 will have a material impact on its results of operations or financial condition, since the Company has not yet experienced a credit loss related to any of its financial instruments. 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 adoption of ASU 2016-15 will not impact the Company’s consolidated financial statements, since its current policy is to classify such costs as cash out flows for financing activities. In November 2016, the FASB issued Accounting Standards Update 2016-18 ("ASU 2016-18"), Statement of Cash Flows—(Topic 230): Restricted Cash, which requires restricted cash to be presented with cash and cash equivalents when reconciling the beginning and ending amounts in the statements of cash flows. ASU 2016-18 is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. The Company plans to adopt ASU 2016-18 on January 1, 2018. The Company currently reports changes in restricted cash within the investing activities section of its consolidated statements of cash flows. The Company is continuing to evaluate the impact of the adoption of ASU 2016-18 on its results of operations and financial condition. In January 2017, the FASB issued Accounting Standards Update 2017-01 ("ASU 2017-01"), Business Combinations - (Topic 805) : Clarifying the Definition of a Business. ASU 2017-01 clarifies the definition of a business and provides further guidance for evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. ASU 2017-01 is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. We adopted ASU 2017-01 as of January 1, 2017. We believe our future acquisitions of multifamily communities, office buildings, grocery-anchored shopping centers, and student housing communities will generally qualify as asset acquisitions. Pursuant to ASU 2017-01, certain qualifying acquisition costs will be capitalized and amortized rather than expensed as incurred. The Company expects improvements, which may be material, to its net income available to common stockholders, as well as Funds From Operations ("FFO") resulting from adoption of ASU 2017-01, versus such results under previously effective guidance.

Real Estate Assets (Tables)

Real Estate Assets (Tables)	12 Months Ended
	Dec. 31, 2016
Business Acquisition
real estate owned [Table Text Block]	The Company's real estate assets consisted of: As of December 31, 2016 2015 Multifamily communities (1) 25 19 Units 8,268 6,136 Retail shopping centers 31 14 Approximate gross leasable area (2) 3,295,491 1,279,000 Office buildings 3 — Rentable square feet 1,096,834 — (1) The acquired second phases of the Summit Crossing community is managed in combination with the initial phase and so together are considered a single property, as are the three assets that comprise the Lenox Portfolio. Includes one student housing community as of December 31, 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.
Table of Properties Acquired	Acquisition date Property Location Approximate purchase price (millions) (1) Units 1/5/16 Baldwin Park Orlando, Florida $ 110.8 528 1/15/16 Crosstown Walk Tampa, Florida $ 45.8 342 2/1/16 Overton Rise Atlanta, Georgia $ 61.1 294 5/31/16 Avalon Park Orlando, Florida $ 92.5 487 6/1/16 North by Northwest (2) Tallahassee, Florida $ 46.1 219 7/1/16 City Vista Pittsburgh, Pennsylvania (3) 272 8/24/16 Sorrel Jacksonville, Florida $ 48.1 290 2,432 12/21/2015 Lenox Portfolio Nashville, Tennessee $ 77.6 474 11/12/2015 Stone Creek Houston, Texas $ 25.8 246 9/3/2015 Citi Lakes Orlando, Florida $ 63.4 346 7/31/2015 Avenues at Creekside San Antonio, Texas $ 56.2 395 6/30/2015 CityPark View Charlotte, North Carolina $ 32.7 284 6/24/2015 Aster at Lely Naples, Florida $ 52.5 308 5/21/2015 Venue at Lakewood Ranch Sarasota, Florida $ 47.4 237 2/13/2015 Houston Portfolio (4) Houston, Texas $ 76.0 520 2,810
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	2016 Multifamily Communities acquired Baldwin Park Crosstown Walk Overton Rise Avalon Park North by Northwest (2) City Vista Sorrel Land 17,402,882 $ 5,178,375 $ 8,511,370 $ 7,410,048 $ 8,281,054 $ 4,081,683 $ 4,412,164 Buildings and improvements 87,105,757 33,605,831 44,710,034 80,558,636 34,355,922 36,084,007 35,512,257 Furniture, fixtures and equipment 3,358,589 5,726,583 6,286,105 1,790,256 2,623,916 5,402,228 6,705,040 Lease intangibles 2,882,772 1,323,511 1,611,314 2,741,060 799,109 2,100,866 1,495,539 Prepaids & other assets 229,972 125,706 73,754 99,297 79,626 167,797 — Escrows 2,555,753 291,868 354,640 3,477,157 1,026,419 599,983 623,791 Accrued taxes (17,421 ) (25,983 ) (66,422 ) (394,731 ) (321,437 ) (245,326 ) (437,510 ) Security deposits, prepaid rents, and other liabilities (226,160 ) (53,861 ) (90,213 ) (207,623 ) (159,462 ) (141,238 ) (68,828 ) Net assets acquired $ 113,292,144 $ 46,172,030 $ 61,390,582 $ 95,474,100 $ 46,685,147 $ 48,050,000 $ 48,242,453 Cash paid $ 35,492,144 $ 13,632,030 $ 20,090,582 $ 30,474,100 $ 12,831,872 $ — $ 14,642,453 Real estate loan settled — — — — — 12,500,000 — Contribution by joint venture partner — — — — — (450,000 ) — Mortgage debt (1) 77,800,000 32,540,000 41,300,000 65,000,000 33,853,275 36,000,000 33,600,000 Total consideration $ 113,292,144 $ 46,172,030 $ 61,390,582 $ 95,474,100 $ 46,685,147 $ 48,050,000 $ 48,242,453 Twelve months ended December 31, 2016: Revenue $ 9,349,000 $ 4,886,000 $ 4,968,000 $ 4,684,000 $ 3,389,000 $ 2,341,000 $ 1,670,000 Net income (loss) $ (4,883,000 ) $ (1,614,000 ) $ (1,894,000 ) $ (2,891,000 ) $ (1,041,000 ) $ (1,689,000 ) $ (854,000 ) Cumulative acquisition costs incurred by the Company $ 1,847,000 $ 319,000 $ 115,000 $ 1,315,000 $ 378,000 $ 41,000 $ 536,000 Remaining amortization period of intangible assets and liabilities (months) 0.0 0.0 0.0 4.5 0.0 3.5 7.5 2015 Multifamily Communities acquired Lenox Portfolio Stone Creek Citi Lakes Avenues at Creekside CityPark View Aster at Lely Venue at Lakewood Ranch Houston Portfolio Land $ 7,877,823 $ 2,210,630 $ 5,558,033 $ 5,983,724 $ 3,558,793 $ 7,675,409 $ 3,791,050 $ 7,162,226 Buildings and improvements 61,262,221 20,711,950 49,416,492 42,050,104 23,797,764 37,661,901 37,574,391 54,217,075 Furniture, fixtures and equipment 6,281,010 2,203,724 7,411,367 6,939,014 4,562,148 6,132,384 5,375,690 13,078,872 Lease intangibles 2,193,946 623,696 964,108 1,227,158 737,790 1,030,306 669,369 1,571,827 Prepaids & other assets 171,814 75,074 40,032 89,582 99,124 106,717 80,201 150,326 Escrows 739,340 844,515 280,863 1,058,468 211,428 — 401,294 362,332 Accrued taxes (564,841 ) (375,842 ) (187,792 ) (440,660 ) (105,756 ) (23,413 ) (216,252 ) (212,601 ) Security deposits, prepaid rents, and other liabilities (260,403 ) (37,331 ) (80,629 ) (218,438 ) (40,152 ) (64,689 ) (35,157 ) (99,181 ) Net assets acquired $ 77,700,910 $ 26,256,416 $ 63,402,474 $ 56,688,952 $ 32,821,139 $ 52,518,615 $ 47,640,586 $ 76,230,876 Cash paid $ 27,896,449 $ 9,439,483 $ 18,952,474 $ 15,063,952 $ 10,000,000 $ 18,518,615 $ 16,830,586 $ 25,452,876 Mortgage debt (1) 49,804,461 16,816,933 44,450,000 41,625,000 22,100,000 34,000,000 30,810,000 50,778,000 Total consideration $ 77,700,910 $ 26,256,416 $ 63,402,474 $ 56,688,952 $ 32,821,139 $ 52,518,615 $ 47,640,586 $ 76,230,876 Twelve months ended December 31, 2016: Revenue $ 7,782,000 $ 3,389,000 $ 5,491,000 $ 5,574,000 $ 3,734,000 $ 5,261,000 $ 4,665,000 $ 8,733,000 Net income (loss) $ (2,307,000 ) $ (946,000 ) $ (1,429,000 ) $ (400,000 ) $ 38,000 $ (165,000 ) $ 17,000 $ (1,124,000 ) Twelve months ended December 31, 2015: Revenue $ 194,000 $ 442,000 $ 1,685,000 $ 2,511,000 $ 1,856,000 $ 2,556,000 $ 2,641,000 $ 7,392,000 Net income (loss) $ (81,000 ) $ (116,000 ) $ (511,000 ) $ (1,095,000 ) $ (818,000 ) $ (1,279,000 ) $ (766,000 ) $ (2,588,000 ) Cumulative acquisition costs incurred by the Company $ 1,550,000 $ 727,000 $ 1,620,000 $ 852,000 $ 276,000 $ 438,000 $ 889,000 $ 1,142,000 Remaining amortization period of intangible assets and liabilities (months) 23.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Depreciation and Amortization Expense	The Company recorded aggregate amortization and depreciation expense of: Year ended December 31, 2016 2015 2014 Depreciation: Buildings and improvements $ 35,426,794 $ 16,653,380 $ 6,896,205 Furniture, fixtures, and equipment 20,988,814 11,019,007 5,362,607 56,415,608 27,672,387 12,258,812 Amortization: Acquired intangible assets 21,416,784 10,401,697 4,065,142 Deferred leasing costs 283,806 12,920 — Website development costs 23,600 9,330 4,761 Total depreciation and amortization $ 78,139,798 $ 38,096,334 $ 16,328,715
Schedule of Finite-Lived Intangible Assets	At December 31, 2016, the Company had recorded gross intangible assets of $125.6 million , and accumulated amortization of $46.4 million ; gross intangible liabilities of $33.6 million and accumulated amortization of $3.8 million . Net intangible assets and liabilities as of December 31, 2016 will be amortized as follows: Acquired Intangible Assets Below market lease intangible liability In-place leases Above-market leases Lease origination costs For the years ending December 31: 2017 $ 14,855,573 $ 1,117,196 $ 3,278,758 $ (4,175,864 ) 2018 9,695,514 791,753 2,950,213 (3,942,712 ) 2019 6,671,240 555,791 2,449,817 (3,782,260 ) 2020 5,292,818 396,916 2,102,405 (3,555,802 ) 2021 3,007,306 284,015 1,452,940 (2,698,543 ) Thereafter 15,234,038 1,218,608 7,801,499 (11,618,852 ) Total $ 54,756,489 $ 4,364,279 $ 20,035,632 $ (29,774,033 ) Weighted-average amortization period (in years) 7.4 6.9 3.8 9.5 As of December 31, 2016, the weighted average remaining amortization period for all the Company's intangible assets and liabilities was approximately 6.4 years and 9.5 years , respectively.
Retail Segment [Member]
Business Acquisition
Table of Properties Acquired	Acquisition date Property Location Approximate purchase price (millions) (2) Gross leasable area (square feet) 2/29/16 Wade Green Village (1) Atlanta, Georgia $ 11.0 74,978 4/29/16 Southeastern Six Portfolio (3) $ 68.7 535,252 5/16/16 The Market at Victory Village Nashville, Tennessee $ 15.6 71,300 7/15/16 Lakeland Plaza Atlanta, Georgia $ 45.3 301,711 8/8/16 Sunbelt Seven Portfolio (4) , (5) $ 159.5 650,360 10/18/16 Champions Village Houston, Texas $ 50.0 383,093 2,016,694 12/22/2015 Overlook at Hamilton Place Chattanooga, Tennessee $ 33.8 213,095 10/30/2015 Summit Point Atlanta, Georgia $ 19.6 111,970 9/4/2015 Royal Lakes Marketplace Atlanta, Georgia $ 16.6 119,493 7/1/2015 Independence Square Dallas, Texas $ 18.0 140,218 584,776 (1) See Note 6 - 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 located in Georgia, South Carolina and Alabama are referred to collectively as the Southeastern Six Portfolio. (4) The seven grocery-anchored shopping centers located in Florida, Georgia, Texas, and North Carolina are referred to collectively as the Sunbelt Seven Portfolio. (5) Includes the purchase of an approximate 0.95 acre outparcel for $1.5 million on December 21, 2016.
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	New Market Properties 2016 acquisitions Champions Village Sunbelt Seven Portfolio Lakeland Plaza The Market at Victory Village Southeastern Six Portfolio Wade Green Village Land 12,812,546 $ 37,719,812 $ 7,079,408 $ 2,271,224 $ 14,081,647 $ 1,840,284 Buildings and improvements 30,647,609 109,373,938 32,258,335 11,872,222 48,598,731 8,159,147 Tenant improvements 2,751,796 2,143,404 828,966 402,973 993,530 251,250 In-place leases 4,283,760 11,005,662 2,947,175 847,939 4,906,398 841,785 Above market leases 765,811 458,353 1,349,624 100,216 86,234 107,074 Leasing costs 1,026,347 4,116,560 1,287,825 253,640 992,143 167,541 Below market leases (3,017,960 ) (7,617,485 ) (797,729 ) (198,214 ) (1,069,877 ) — Other assets 2,017,947 3,409,838 — 157,775 600,069 10,525 Other liabilities (1,413,726 ) (1,196,579 ) (180,331 ) (179,546 ) (437,008 ) (59,264 ) Net assets acquired $ 49,874,130 $ 159,413,503 $ 44,773,273 $ 15,528,229 $ 68,751,867 $ 11,318,342 Cash paid $ 22,474,130 $ 61,759,503 $ 14,773,273 $ 6,278,229 $ 43,751,867 $ 6,245,683 (1) Class A OP Units granted — — — — — 5,072,659 (2) Mortgage debt 27,400,000 97,654,000 30,000,000 9,250,000 (3) 25,000,000 — (4) Total consideration $ 49,874,130 $ 159,413,503 $ 44,773,273 $ 15,528,229 $ 68,751,867 $ 11,318,342 Twelve months ended December 31, 2016: Revenue $ 1,228,000 $ 5,001,000 $ 1,601,000 $ 819,000 $ 4,231,000 $ 900,000 Net income (loss) $ (440,000 ) $ (658,000 ) $ (325,000 ) $ (102,000 ) $ (440,000 ) $ (354,000 ) Cumulative acquisition costs incurred by the Company $ 141,000 $ 691,000 $ 234,000 $ 111,000 $ 633,000 $ 297,000 Remaining amortization period of intangible assets and liabilities (years) 5.4 9.2 7.4 7.9 4.2 2.3 (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. (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 . New Market Properties 2015 acquisitions Overlook at Hamilton Place Summit Point Royal Lakes Marketplace Independence Square Land $ 6,786,593 $ 7,063,874 $ 4,874,078 $ 4,114,574 Buildings and improvements 24,332,628 10,903,486 9,921,403 13,123,553 Tenant improvements 911,580 526,468 517,191 566,857 In-place leases 2,029,643 1,203,246 957,093 1,567,944 Above market leases 361,433 329,546 198,238 35,127 Leasing costs 527,136 368,221 365,629 392,451 Below market leases (1,402,013 ) (842,682 ) (315,837 ) (1,775,506 ) Other assets 75,304 83,123 88,553 — Security deposits and other liabilities (97,976 ) (139,884 ) (145,581 ) (226,599 ) Net assets acquired $ 33,524,328 $ 19,495,398 $ 16,460,767 $ 17,798,401 Cash paid $ 12,524,328 $ 6,595,398 $ 6,660,767 $ 17,798,401 Mortgage debt 21,000,000 12,900,000 9,800,000 — Total consideration $ 33,524,328 $ 19,495,398 $ 16,460,767 $ 17,798,401 Twelve months ended December 31, 2016: Revenue $ 3,198,000 $ 1,591,000 $ 1,350,000 $ 2,107,000 Net income (loss) $ (391,000 ) $ (297,000 ) $ (68,000 ) $ (393,000 ) Twelve months ended December 31, 2015: Revenue $ 86,000 $ 275,000 $ 432,000 $ 993,000 Net income (loss) $ (43,000 ) $ (48,000 ) $ (13,000 ) $ (162,000 ) Cumulative acquisition costs incurred by the Company $ 557,000 $ 266,000 $ 245,000 $ 573,000 Remaining amortization period of intangible assets and liabilities (years) 5.8 6.1 9.8 6.3
Retail Segment [Member]
Business Acquisition
Table of Properties Acquired	During the year ended December 31, 2016, the Company completed the acquisition of the following office buildings: Acquisition date Property Market Approximate purchase price (millions) Leasable square feet 8/29/2016 Brookwood Office Birmingham, Alabama $ 49.8 169,489 11/4/2016 Galleria 75 Atlanta, Georgia 17.6 110,597 12/30/2016 Three Ravinia Atlanta, Georgia 210.1 816,748 $ 277.5 1,096,834
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	Office Buildings 2016 acquisitions Brookwood Office Galleria 75 Three Ravinia Land $ 1,744,828 $ 15,156,267 $ 9,784,645 Buildings and improvements 39,099,395 1,285,856 133,323,658 Tenant improvements 3,561,805 225,811 20,698,893 In-place leases 3,728,049 712,718 17,954,978 Above market leases 146,941 47,947 812,879 Leasing costs 2,402,958 309,513 7,468,128 Below market leases (1,737,158 ) (168,179 ) (8,245,122 ) Other assets 1,466,906 454,931 25,281,764 Other liabilities (580,668 ) (218,923 ) (766,335 ) Net assets acquired $ 49,833,056 $ 17,805,941 $ 206,313,488 Cash paid $ 17,433,056 $ 11,875,686 $ 90,813,488 Mortgage debt 32,400,000 5,930,255 115,500,000 Total consideration $ 49,833,056 $ 17,805,941 $ 206,313,488 Twelve months ended December 31, 2016: Revenue $ 2,021,000 $ 237,000 $ 99,000 Net income (loss) $ 269,000 $ 48,000 $ (345,000 ) Cumulative acquisition costs incurred by the Company $ 387,000 $ 655,000 $ 680,000 Remaining amortization period of intangible assets and liabilities (years) 9.4 2.3 10.8

Real Estate Loans, Notes Rece30

Real Estate Loans, Notes Receivable, and Lines of Credit Real estate loans (Tables)	12 Months Ended
	Dec. 31, 2016
Receivables [Abstract]
Real Estate Owned [Text Block]	As of December 31, 2016 2015 Multifamily communities (1) 25 19 Units 8,268 6,136 Retail shopping centers 31 14 Approximate gross leasable area (2) 3,295,491 1,279,000 Office buildings 3 — Rentable square feet 1,096,834 — (1) The acquired second phases of the Summit Crossing community is managed in combination with the initial phase and so together are considered a single property, as are the three assets that comprise the Lenox Portfolio. Includes one student housing community as of December 31, 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 Accounts, Notes, Loans and Financing Receivable [Table Text Block]	Project/Property Location Maturity date Optional extension date Total loan commitments Carrying amount (1) as of Current / deferred interest % per annum December 31, 2016 December 31, 2015 Multifamily communities: Crosstown Walk Tampa, FL 11/1/2016 5/1/2018 (2) $ — $ 10,962,000 — City Vista Pittsburgh, PA 6/1/2016 7/1/2017 (2) — 16,107,735 — Overton Rise Atlanta, GA 11/1/2016 5/1/2018 (2) — 16,603,935 — Founders' Village Williamsburg, VA 8/29/2018 N/A $ 10,346,000 9,866,000 9,866,000 8 / 7.5 Encore Atlanta, GA 4/8/2019 10/8/2020 10,958,200 10,958,200 10,958,200 8.5 / 5 Encore Capital Atlanta, GA 4/8/2019 10/8/2020 9,758,200 6,748,380 6,036,465 8.5 / 5 Palisades Northern VA 2/18/2018 8/18/2019 17,270,000 16,214,545 16,070,000 8 / 5 Fusion Irvine, CA 5/31/2018 5/31/2020 59,052,583 49,456,067 37,332,837 8.5 / 7.5 Green Park Atlanta, GA 12/1/2017 12/1/2019 13,464,372 13,464,372 12,356,189 8.5 / 5.83 Summit Crossing III Atlanta, GA 2/26/2018 2/26/2020 7,246,400 7,246,400 7,246,400 8.5 / 7.5 Overture Tampa, FL 7/21/2018 7/21/2020 6,920,000 6,123,739 4,519,495 8.5 / 7.5 Aldridge at Town Village Atlanta, GA 12/27/2017 12/27/2019 10,975,000 10,656,171 9,776,455 8.5 / 6 Bishop Street Atlanta, GA 2/18/2020 N/A 12,693,457 11,145,302 3,107,012 8.5 / 6.5 Hidden River Tampa, FL 12/3/2018 12/3/2020 4,734,960 4,734,960 — 8.5 / 6.5 Hidden River Capital Tampa, FL 12/4/2018 12/4/2020 5,380,000 4,626,238 2,671,870 8.5 / 6.5 CityPark II Charlotte, NC 1/7/2019 1/7/2021 3,364,800 3,364,800 — 8.5 / 6.5 CityPark II Capital Charlotte, NC 1/8/2019 1/31/2021 3,916,000 3,325,668 — 8.5 / 6.5 Park 35 on Clairmont Birmingham, AL 6/26/2018 6/26/2020 21,060,160 19,795,886 — 8.5 / 2 Fort Myers Fort Myers, FL 9/25/2017 N/A 4,000,000 3,654,621 — 12 / 0 Wiregrass Tampa, FL 5/15/2020 5/15/2023 14,975,853 1,862,548 — 8.5 / 6.5 Wiregrass Capital Tampa, FL 5/15/2020 5/15/2023 3,744,147 3,268,114 — 8.5 / 6.5 360 Forsyth Atlanta, GA 12/1/2017 N/A 3,225,000 2,520,420 — 12 / 0 Student housing communities: Haven West Atlanta, GA 6/2/2018 N/A 6,940,795 6,784,167 6,784,167 8 / 6 Haven 12 Starkville, MS 6/16/2017 11/30/2020 6,116,384 5,815,849 5,815,849 8.5 / 6.5 Stadium Village Atlanta, GA 6/27/2017 N/A 13,424,995 13,329,868 13,329,868 8.5 / 5.83 18 Nineteen Lubbock, TX 4/9/2018 4/9/2020 15,598,352 15,584,017 14,496,563 8.5 / 6 Haven South Waco, TX 5/1/2018 5/1/2019 15,455,668 15,301,876 14,200,703 8.5 / 6 Haven46 Tampa, FL 3/29/2019 9/29/2020 9,819,662 9,136,847 2,900,000 8.5 / 5 Haven Northgate College Station, TX 6/20/2019 6/20/2020 64,678,549 46,419,194 — 6.6 / 1.5 Lubbock II Lubbock, TX 4/20/2019 N/A 9,357,171 8,770,838 — 8.5 / 5 Haven Charlotte Charlotte, NC 12/22/2019 12/22/2021 19,581,593 5,781,295 — 8.5 / 6.5 Haven Charlotte Member Charlotte, NC 12/22/2019 12/22/2021 8,201,170 — — 8.5 / 6.5 New Market Properties: Dawson Marketplace Atlanta, GA 11/15/2018 11/15/2020 12,857,005 12,613,860 11,573,432 8.5 / 5 Wade Green Atlanta, GA 2/5/2016 8/5/2016 (2) — 6,250,000 — Other: Crescent Avenue Atlanta, GA 7/13/2017 N/A 6,000,000 6,000,000 — 9 / 3 $ 411,116,476 334,570,242 238,965,175 Unamortized loan origination fees (1,809,174 ) (963,417 ) Carrying amount $ 332,761,068 $ 238,001,758 (1) Carrying amounts presented per loan are amounts drawn, exclusive of deferred fee revenue. (2) Loans extended to Crosstown Walk, City Vista, Overton Rise, and Wade Green with total commitments of $11.0 million, $16.1 million, $16.7 million and $6.3 million, respectively, were paid off during 2016. As a result, the total carrying amounts associated with these loans are shown as $0 as of December, 31 2016.
Notes receivable [Table Text Block]	At December 31, 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 12/31/2016 12/31/2015 360 Residential, LLC (1) 3/20/2013 6/30/2017 $ 2,000,000 $ 1,472,571 $ 1,304,999 12 % Preferred Capital Marketing Services, LLC (2) 1/24/2013 12/31/2017 1,500,000 1,082,311 1,305,550 10 % Oxford Contracting, LLC (1) 8/27/2013 4/30/2017 1,500,000 1,475,000 1,475,000 8 % Preferred Apartment Advisors, LLC (1,2,3) 8/21/2012 12/31/2018 15,000,000 13,708,761 12,793,440 8 % Haven Campus Communities, LLC (1,2) 6/11/2014 12/31/2017 11,110,000 7,324,904 5,359,904 12 % Oxford Capital Partners, LLC (1,4) 10/5/2015 3/31/2017 10,150,000 7,870,865 10,502,626 12 % Newport Development Partners, LLC (1) 6/17/2014 6/30/2017 3,000,000 — 806,318 12 % 360 Residential, LLC II (1) 12/30/2015 12/31/2017 3,255,000 2,884,845 2,477,952 15 % Hendon Properties, LLC (1) 12/8/2015 3/31/2017 2,000,000 — 2,000,000 12 % Mulberry Development Group, LLC 3/31/2016 5/31/2017 500,000 177,000 — 12 % 360 Capital Company, LLC 5/24/2016 12/31/2017 2,000,000 1,678,999 — 12 % Unamortized loan fees (59,581 ) (82,056 ) $ 52,015,000 $ 37,615,675 $ 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 6. (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]	The Company recorded interest income and other revenue from these instruments as follows: Year ended December 31, 2016 2015 2014 Real estate loans: Current interest payments $ 23,633,118 $ 16,188,752 $ 10,987,856 Additional accrued interest 14,859,365 10,809,028 6,940,500 Deferred loan fee revenue 872,335 829,969 872,513 Total real estate loan revenue 39,364,818 27,827,749 18,800,869 Interest income on notes and lines of credit 4,120,775 2,853,961 3,026,856 Interest income on loans and notes receivable $ 43,485,593 $ 30,681,710 $ 21,827,725

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Schedule of Related Party Transactions [Table Text Block]	Year ended December 31, 2016 2015 2014 $ 10,398,711 $ 5,885,242 $ 2,882,283 Twelve months ended December 31, Type of Compensation Basis of Compensation 2016 2015 2014 Acquisition fees 1% of the gross purchase price of real estate assets acquired prior to January 1, 2016 $ — $ 6,292,280 $ 4,272,586 Loan origination fees 1.0% of the maximum commitment of any real estate loan, note or line of credit receivable 1,886,105 1,349,273 558,509 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) 10,560,120 — — Asset management fees Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted 8,602,675 3,622,589 2,163,783 Property management fees Monthly fee equal to 4% of the monthly gross revenues of the properties managed 4,943,899 2,456,968 1,229,319 General and administrative expense fees Monthly fee equal to 2% of the monthly gross revenues of the Company 3,483,460 1,764,555 1,058,927 Construction management fees Quarterly fee for property renovation and takeover projects 173,614 59,554 — $ 29,649,873 $ 15,545,219 $ 9,283,124 (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 (Tables)

Dividends (Tables)	12 Months Ended
	Dec. 31, 2016
Dividends Payable [Line Items]
dividend activity [Table Text Block]	The Company's cash distributions on its 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 1,824,796 October 31, 2016 801,455 4,060,141 October 30, 2015 384,085 1,955,840 November 30, 2016 850,246 4,255,788 November 30, 2015 417,895 2,138,764 December 30, 2016 893,245 4,422,993 December 31, 2015 446,165 2,279,751 Total $ 41,080,645 Total $ 18,751,934

Dividends Series A Preferred St

Dividends Series A Preferred Stock (Tables)	12 Months Ended
	Dec. 31, 2016
Series A Preferred Stock [Abstract]
dividend activity [Table Text Block]	The Company's cash distributions on its 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 1,824,796 October 31, 2016 801,455 4,060,141 October 30, 2015 384,085 1,955,840 November 30, 2016 850,246 4,255,788 November 30, 2015 417,895 2,138,764 December 30, 2016 893,245 4,422,993 December 31, 2015 446,165 2,279,751 Total $ 41,080,645 Total $ 18,751,934

Dividends Class A Distributions

Dividends Class A Distributions (Tables)	12 Months Ended
	Dec. 31, 2016
Noncontrolling Interest [Abstract]
partnership unit distributions [Table Text Block]	The holders of Class A OP Units of the Operating Partnership are entitled to equivalent distributions as those declared on the Common Stock. At December 31, 2016 , the Company had 886,168 Class A OP Units outstanding, which are exchangeable on a one-for-one basis for shares of Common Stock or the equivalent amount of cash. Distribution activity by the Operating Partnership was: 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 December 15, 2016 January 17, 2017 194,957 November 5, 2015 January 15, 2016 53,238 $ 671,250 $ 202,545

Dividends Dividend characteriza

Dividends Dividend characterization (Tables)	12 Months Ended
	Dec. 31, 2016
Dividend characterization [Abstract]
dividends and distributions [Text Block]	Dividends and Distributions The Company declares and pays monthly cash dividend distributions on its 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 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 1,824,796 October 31, 2016 801,455 4,060,141 October 30, 2015 384,085 1,955,840 November 30, 2016 850,246 4,255,788 November 30, 2015 417,895 2,138,764 December 30, 2016 893,245 4,422,993 December 31, 2015 446,165 2,279,751 Total $ 41,080,645 Total $ 18,751,934 The Company's dividend activity on its Common Stock for the twelve -month periods ended December 31, 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 0.1800 4,012,322 September 15, 2016 24,652,041 0.2025 4,992,038 September 15, 2015 22,323,604 0.1800 4,018,249 December 15, 2016 26,093,707 0.2200 5,740,616 December 15, 2015 22,415,578 0.1925 4,314,999 $ 0.8175 $ 19,940,730 $ 0.7275 $ 16,196,324 The holders of Class A OP Units of the Operating Partnership are entitled to equivalent distributions as those declared on the Common Stock. At December 31, 2016 , the Company had 886,168 Class A OP Units outstanding, which are exchangeable on a one-for-one basis for shares of Common Stock or the equivalent amount of cash. Distribution activity by the Operating Partnership was: 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 December 15, 2016 January 17, 2017 194,957 November 5, 2015 January 15, 2016 53,238 $ 671,250 $ 202,545 The income tax characterization of the Company's dividend distributions were as follows: 2016 2015 2014 Preferred Stock: Ordinary income 88.1 % 100 % 100 % Return of capital 10.5 % — — Capital gains 1.4 % — — Common Stock: Ordinary income — 33 % 100 % Return of Capital 100 % 67 % —

Equity Compensation (Tables)

Equity Compensation (Tables)	12 Months Ended
	Dec. 31, 2016
Equity Compensation [Abstract]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	The underlying valuation assumptions and results for the Class B OP Unit awards were: Grant dates 1/2/2014 1/2/2015 1/4/2016 Stock price $ 8.05 $ 9.21 $ 12.88 Dividend yield 8.12 % 7.60 % 5.98 % Expected volatility 32.72 % 30.13 % 26.10 % Risk-free interest rate 3.80 % 2.55 % 2.81 % Number of Units granted: One year vesting period 239,556 285,997 176,835 Three year vesting period — — 89,096 239,556 285,997 265,931 Calculated fair value per Unit $ 5.94 $ 6.81 $ 10.03 Total fair value of Units $ 1,422,963 $ 1,947,640 $ 2,667,288 Target market threshold increase $ 1,959,000 $ 2,629,000 $ 3,549,000 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 $0.16 for the 2014 awards, $0.1925 for the 2015 awards and $0.1925 for the 2016 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 OP Units have no expiration date, a derived service period of one year was utilized, which equals the period of time from the grant date to the initial valuation date.
equity compensation expense [Table Text Block]	Year ended December 31, Unamortized expense as of December 31, 2016 2015 2014 2016 Quarterly board member committee fee grants $ 83,973 $ 53,926 $ 47,864 $ — Class B Unit awards: Executive officers - 2013 — — 2,318 — Executive officers - 2014 — 3,825 1,433,767 — Executive officers - 2015 5,236 1,984,052 — — Executive officers - 2016 2,054,830 — — 612,458 Restricted stock grants: 2013 — — 85,812 — 2014 — 107,321 214,588 — 2015 106,670 213,329 — — 2016 273,333 — — 136,666 Total $ 2,524,042 $ 2,362,453 $ 1,784,349 $ 749,124
ClassBUnitGrantsvaluationassumptions [Table Text Block]	Grant dates 1/2/2014 1/2/2015 1/4/2016 Stock price $ 8.05 $ 9.21 $ 12.88 Dividend yield 8.12 % 7.60 % 5.98 % Expected volatility 32.72 % 30.13 % 26.10 % Risk-free interest rate 3.80 % 2.55 % 2.81 % Number of Units granted: One year vesting period 239,556 285,997 176,835 Three year vesting period — — 89,096 239,556 285,997 265,931 Calculated fair value per Unit $ 5.94 $ 6.81 $ 10.03 Total fair value of Units $ 1,422,963 $ 1,947,640 $ 2,667,288 Target market threshold increase $ 1,959,000 $ 2,629,000 $ 3,549,000
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	Restricted Stock Grants The following annual grants of restricted stock were made to members of the Company's independent directors, as payment of the annual retainer fees. The total compensation cost for the restricted stock grant for the 2014 service year was recognized on a straight-line basis over the one-year period ending on May 7, 2015, at which time all shares vested. The restricted stock grants for the 2015 and 2016 service years vested (or are scheduled to vest) on the four consecutive 90-day periods following the date of grant. The shares granted vested or are scheduled to vest on a pro-rata basis over these same four periods. Service year Shares Fair value per share Total compensation cost 2014 39,216 $ 8.21 $ 321,963 2015 30,133 $ 10.62 $ 320,012 2016 30,990 $ 13.23 $ 409,998
Schedule of Share-based Compensation, Nonemployee Director Stock Award Plan, Activity [Table Text Block]	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. Year Number of shares Fair value per share Total fair value 2014 5,693 $ 8.41 $ 47,864 2015 5,067 $ 10.64 53,926 2016 6,444 $ 13.03 83,973 Total 17,204 $ 185,763

Indebtedness (Tables)

Indebtedness (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Instrument [Line Items]
Schedule of Long-term Debt Instruments [Table Text Block]	The following table shows certain details regarding our mortgage notes payable: Principal balance as of Interest only through date (2) Acquisition/ refinancing date December 31, 2016 December 31, 2015 Maturity date Interest rate (1) Multifamily communities: Trail Creek 6/25/2013 $ — $ 28,109,000 7/1/2020 4.22 % 7/1/2020 Stone Rise 7/3/2014 24,485,726 25,014,250 8/1/2019 2.89 % 8/31/2015 Summit Crossing 4/21/2011 20,034,920 20,366,748 5/1/2018 4.71 % 5/1/2014 Summit Crossing secondary financing 8/28/2014 5,057,941 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 Table continued from previous page Principal balance as of Interest only through date (2) Acquisition/ refinancing date December 31, 2016 December 31, 2015 Maturity date Interest rate (1) 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 6,404,575 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 30,894,890 31,556,664 10/1/2019 3.18 % N/A Stoneridge 9/26/2014 26,729,985 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 Avenues at Cypress 2/13/2015 22,135,938 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 29,950,413 30,528,618 12/1/2022 3.55 % N/A Aster Lely 6/24/2015 33,120,899 33,746,379 7/5/2022 3.84 % N/A CityPark View 6/30/2015 21,489,269 21,924,060 7/1/2022 3.27 % N/A Avenues at Creekside 7/31/2015 41,349,590 41,625,000 8/1/2024 2.37 % (3) 8/31/2016 Citi Lakes 9/3/2015 43,309,606 44,282,826 4/1/2023 2.94 % (4) N/A Stone Creek 11/12/2015 16,497,919 16,792,850 10/1/2046 3.75 % N/A Lenox Village Town Center 12/21/2015 30,717,024 31,394,460 5/1/2019 3.82 % N/A Lenox Village III 12/21/2015 18,125,780 18,410,000 1/1/2023 4.04 % N/A Overton Rise 2/1/2016 40,712,134 — 8/1/2026 3.98 % N/A Baldwin Park 1/5/2016 73,910,000 — 1/5/2019 2.67 % (6) 1/5/2019 Baldwin Park (second) 1/5/2016 3,890,000 — 1/5/2019 10.67 % (7) 1/5/2019 Crosstown Walk 1/15/2016 32,069,832 — 2/1/2023 3.90 % N/A Avalon Park 5/31/2016 61,750,000 — 6/5/2019 2.77 % (8) N/A Avalon Park B Note 5/31/2016 3,250,000 — 6/5/2019 11.77 % (9) N/A City Vista 7/1/2016 35,734,946 — 7/1/2026 3.68 % N/A Sorrel 8/24/2016 33,442,303 — 9/1/2023 3.44 % N/A Retail: Spring Hill Plaza 9/5/2014 9,672,371 9,868,025 10/1/2019 3.36 % 10/31/2015 Parkway Town Centre 9/5/2014 7,034,452 7,176,745 10/1/2019 3.36 % 10/31/2015 Woodstock Crossing 8/8/2014 3,041,620 3,090,953 9/1/2021 4.71 % N/A Deltona Landings 9/30/2014 6,928,913 7,074,722 10/1/2019 3.48 % N/A Powder Springs 9/30/2014 7,311,197 7,465,051 10/1/2019 3.48 % N/A Kingwood Glen 9/30/2014 11,592,787 11,836,741 10/1/2019 3.48 % N/A Barclay Crossing 9/30/2014 6,517,956 6,655,117 10/1/2019 3.48 % N/A Sweetgrass Corner 9/30/2014 7,900,135 8,063,653 10/1/2019 3.58 % N/A Parkway Centre 9/30/2014 4,539,632 4,635,162 10/1/2019 3.48 % N/A Salem Cove 10/6/2014 9,586,678 9,600,000 11/1/2024 4.21 % 11/30/2016 Independence Square 8/27/2015 12,208,524 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 3.12 % (5) 4/3/2017 The Overlook at Hamilton Place 12/22/2015 20,672,618 21,000,000 1/1/2026 4.19 % N/A Summit Point 10/30/2015 12,546,792 12,846,544 11/1/2022 3.57 % N/A East Gate Shopping Center 4/29/2016 5,719,897 — 5/1/2026 3.97 % N/A Fury's Ferry 4/29/2016 6,607,467 — 5/1/2026 3.97 % N/A Rosewood Shopping Center 4/29/2016 4,437,851 — 5/1/2026 3.97 % N/A Southgate Village 4/29/2016 7,889,513 — 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 Wade Green Village 4/7/2016 8,116,465 — 5/1/2026 4.00 % N/A Lakeland Plaza 7/15/2016 29,760,342 — 8/1/2026 3.85 % N/A University Palms 8/8/2016 13,513,891 — 9/1/2026 3.45 % N/A Cherokee Plaza 8/8/2016 26,017,293 — 9/1/2021 3.02 % (10) N/A Sandy Plains Exchange 8/8/2016 9,439,850 — 9/1/2026 3.45 % N/A Thompson Bridge Commons 8/8/2016 12,619,589 — 9/1/2026 3.45 % N/A Table continued from previous page Principal balance as of Interest only through date (2) Acquisition/ refinancing date December 31, 2016 December 31, 2015 Maturity date Interest rate (1) Heritage Station 8/8/2016 9,340,483 — 9/1/2026 3.45 % N/A Oak Park Village 8/8/2016 9,638,584 — 9/1/2026 3.45 % N/A Shoppes of Parkland 8/8/2016 16,492,503 — 9/1/2023 4.67 % N/A Champions Village 10/18/2016 27,400,000 — 11/1/2021 3.78 % (11) 11/1/2021 Student housing community: North by Northwest 6/1/2016 33,499,754 — 9/1/2022 4.02 % N/A Office: Brookwood Office 8/29/2016 32,400,000 — 9/10/2031 3.52 % 9/10/17 Galleria 75 11/4/2016 5,900,265 — 7/1/2022 4.25 % N/A Three Ravinia 12/30/2016 115,500,000 — 1/1/2042 4.46 % 2/1/2022 $ 1,327,878,112 $ 696,945,291

Indebtedness debt principal rep

Indebtedness debt principal repayments (Tables)	12 Months Ended
	Dec. 31, 2016
Debt [Abstract]
Schedule of Maturities of Long-term Debt [Table Text Block]	Period Future principal payments 2017 $ 157,110,067 (1) 2018 41,352,234 2019 332,726,142 2020 89,858,023 2021 138,241,835 thereafter 707,089,811 Total $ 1,466,378,112 (1) Includes the principal amount due of the Company's Revolving Line of Credit of $127.5 million.

Indebtedness LOC debt covenants

Indebtedness LOC debt covenants (Tables)	12 Months Ended
	Dec. 31, 2016
Line of Credit Facility [Line Items]
debt covenant [Table Text Block]	As of December 31, 2016 , the Company was in compliance with all covenants related to the Revolving Line of Credit, as shown in the following table: Covenant (1) Requirement Result Net worth Minimum $840,200,000 (2) $885,261,162 Debt yield Minimum 8.0% 8.64% Payout ratio Maximum 95% (3) 85.6% Total leverage ratio Maximum 65.0% 60.5% Debt service coverage ratio Minimum 1.50x 2.12x (1) All covenants are as defined in the credit agreement for the Revolving Line of Credit. (2) Minimum $687 million plus 75% of the net proceeds of any equity offering, which totaled approximately $840 million as of December 31, 2016 . (3) Calculated on a trailing four-quarter basis. For the year ended December 31, 2015, the maximum dividends and distributions allowed under this covenant was approximately $68,500,000 .
Schedule of Debt [Table Text Block]	Period Future principal payments 2017 $ 157,110,067 (1) 2018 41,352,234 2019 332,726,142 2020 89,858,023 2021 138,241,835 thereafter 707,089,811 Total $ 1,466,378,112 (1) Includes the principal amount due of the Company's Revolving Line of Credit of $127.5 million.

Indebtedness Mortgage interest

Indebtedness Mortgage interest (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
mortgage interest [Table Text Block]	Year ended December 31, 2016 2015 2014 Multifamily communities $ 28,135,936 $ 14,994,053 $ 7,109,292 New Market Properties 8,870,094 3,479,879 854,097 Office buildings 474,402 — — Student housing community 894,277 — — Interest paid to real estate loan participants 2,008,741 1,496,566 219,587 40,383,450 19,970,498 8,182,976 Revolving Credit Facility and Term Note 3,900,694 1,345,233 2,005,211 Interest Expense $ 44,284,144 $ 21,315,731 $ 10,188,187

Operating Leases (Tables)

Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2016
Leases [Abstract]
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]	For the years ending December 31: Future Minimum Rents New Market Properties Office buildings Total 2017 $ 35,514,141 $ 19,954,746 $ 55,468,887 2018 32,284,111 21,232,719 53,516,830 2019 25,818,913 22,097,943 47,916,856 2020 21,589,847 22,383,499 43,973,346 2021 16,517,832 18,116,847 34,634,679 Thereafter 65,382,207 146,790,026 212,172,233 $ 197,107,051 $ 250,575,780 $ 447,682,831

Segment information (Tables)

Segment information (Tables)	12 Months Ended
	Dec. 31, 2016
Segment Reporting Information [Line Items]
segment assets [Table Text Block]	December 31, 2016 December 31, 2015 Assets: Multifamily communities $ 1,166,766,664 $ 781,224,019 Financing 379,070,918 272,454,610 New Market Properties 579,738,707 229,461,573 Office buildings 285,229,700 — Other 10,026,613 12,388,831 Consolidated assets $ 2,420,832,602 $ 1,295,529,033
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Twelve months ended December 31, 2016 2015 2014 Revenues Multifamily communities $ 120,553,674 $ 65,232,087 $ 31,234,822 Financing 41,717,650 30,000,654 21,827,725 New Market Properties 35,490,552 14,072,771 3,473,823 Office buildings 2,357,039 — — Consolidated revenues $ 200,118,915 $ 109,305,512 $ 56,536,370 Segment net operating income (Segment NOI) Multifamily communities $ 66,553,559 $ 36,339,603 $ 18,209,645 Financing 41,717,650 30,000,654 21,827,725 New Market Properties 25,934,359 10,180,531 2,526,122 Office buildings 1,675,886 — — Consolidated segment net operating income 135,881,454 76,520,788 42,563,492 Interest and loss on early debt extinguishment: Multifamily communities 29,030,213 14,994,054 7,109,292 New Market Properties 8,870,094 3,479,879 854,097 Office buildings 474,402 — — Financing 5,909,435 2,841,799 2,224,798 Depreciation and amortization: Multifamily communities 57,664,568 30,970,345 14,199,048 New Market Properties 19,245,688 7,125,989 2,129,667 Office buildings 1,229,542 — — Professional fees 3,134,432 1,880,232 1,261,667 Management fees, net of deferrals 12,051,891 5,235,748 3,214,642 Acquisition costs: Multifamily communities 4,723,480 7,496,798 3,109,252 New Market Properties 2,103,112 1,656,965 4,123,365 Office buildings 1,720,951 — — Equity compensation to directors and executives 2,524,042 2,362,453 1,784,349 Gain on sale of real estate (4,271,506 ) — — Other 1,314,524 902,515 426,112 Net income (loss) $ (9,843,414 ) $ (2,425,989 ) $ 2,127,203

Loss per Share (Tables)

Loss per Share (Tables)	12 Months Ended
	Dec. 31, 2016
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
earnings loss per share [Table Text Block]	Year ended December 31, 2016 2015 2014 Numerator: Net (loss) income before gain on sale of real estate $ (14,114,920 ) $ (2,425,989 ) $ 2,127,203 Gain on sale of real estate, net of disposition expenses 4,271,506 — — Net (loss) income (9,843,414 ) (2,425,989 ) 2,127,203 Consolidated net loss (income) attributable to non-controlling interests 310,291 25,321 (33,714 ) Net (loss) income attributable to the Company (9,533,123 ) (2,400,668 ) 2,093,489 Dividends declared to Series A preferred stockholders (A) (41,080,645 ) (18,751,934 ) (7,382,320 ) Earnings attributable to unvested restricted stock (B) (15,843 ) (19,256 ) (24,090 ) Net loss attributable to common stockholders $ (50,629,611 ) $ (21,171,858 ) $ (5,312,921 ) Denominator: Weighted average number of shares of Common Stock - basic 23,969,494 22,182,971 17,399,147 Effect of dilutive securities: (C) Warrants — — — Class B Units — — — Unvested restricted stock — — — Weighted average number of shares of Common Stock - diluted 23,969,494 22,182,971 17,399,147 Net loss per share of Common Stock attributable to common stockholders, basic and diluted $ (2.11 ) $ (0.95 ) $ (0.31 )

Selected Quarterly Financial 44

Selected Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Schedule of Quarterly Financial Information [Table Text Block]	Quarterly financial information was as follows: Three months ended: 3/31/2016 6/30/2016 9/30/2016 12/31/2016 Revenues $ 41,735,781 $ 45,853,944 $ 53,537,337 $ 58,991,853 Operating (loss) income $ 5,505,340 $ 5,505,474 $ 9,545,554 $ 9,612,856 Net (loss) income $ (3,389,490 ) $ 217,479 $ (2,688,620 ) $ (3,982,783 ) Net (loss) income attributable to common stockholders $ (11,184,115 ) $ (9,239,588 ) $ (13,624,001 ) $ (16,589,868 ) Net (loss) income per share of Common Stock available to Common Stockholders: Basic $ (0.49 ) $ (0.40 ) $ (0.56 ) $ (0.66 ) Diluted $ (0.49 ) $ (0.40 ) $ (0.56 ) $ (0.66 ) Weighted average shares outstanding: Basic 22,983,741 23,325,663 24,340,791 25,210,069 Diluted 22,983,741 23,325,663 24,340,791 25,210,069	Three months ended: 3/31/2015 6/30/2015 9/30/2015 12/31/2015 Revenues (1) $ 21,344,515 $ 24,088,827 $ 29,955,693 $ 33,916,477 Operating (loss) income (1) $ 3,612,186 $ 5,109,304 $ 4,120,993 $ 6,047,259 Net (loss) income $ (764,929 ) $ 420,836 $ (1,697,767 ) $ (384,129 ) Net (loss) income attributable to common stockholders $ (3,934,990 ) $ (3,679,421 ) $ (6,800,672 ) $ (6,756,775 ) Net (loss) income per share of Common Stock available to Common Stockholders: Basic $ (0.18 ) $ (0.17 ) $ (0.31 ) $ (0.30 ) Diluted $ (0.18 ) $ (0.17 ) $ 0.31 $ (0.30 ) Weighted average shares outstanding: Basic 21,813,974 22,215,663 22,292,217 22,402,366 Diluted 21,813,974 22,215,663 22,922,217 22,402,366

Pro Forma Financial Informati45

Pro Forma Financial Information pro forma (Tables)	12 Months Ended
	Dec. 31, 2016
Pro Forma Financial Information [Abstract]
segment operating results [Table Text Block]	Twelve months ended December 31, 2016 2015 2014 Pro forma: Revenues $ 253,909,996 $ 228,020,379 $ 106,896,527 Net income (loss) $ (1,082,540 ) $ (49,338,846 ) $ (24,386,460 ) Net income (loss) attributable to the Company $ (1,061,358 ) $ (47,765,401 ) $ (24,171,219 ) Net loss attributable to common stockholders $ (42,157,846 ) $ (66,536,591 ) $ (31,577,629 ) Net income loss per share of Common Stock attributable to common stockholders, Basic and diluted $ (1.76 ) $ (3.00 ) $ (1.68 ) Weighted average number of shares of Common Stock outstanding, Basic and diluted 23,969,494 22,182,971 18,850,410

Fair Values of Financial Inst46

Fair Values of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Fair Values of Financial Instruments [Abstract]
Fair Value Measurements, Nonrecurring [Table Text Block]	As of December 31, 2016 Carrying value Fair value measurements using fair value hierarchy Fair Value Level 1 Level 2 Level 3 Financial Assets: Real estate loans (1) $ 332,761,068 $ 374,856,749 $ — $ — $ 374,856,749 Notes receivable and line of credit receivable 37,615,675 37,615,675 — — 37,615,675 $ 370,376,743 $ 412,472,424 $ — $ — $ 412,472,424 Financial Liabilities: Mortgage notes payable (2) $ 1,327,878,112 $ 1,314,966,652 $ — $ — $ 1,314,966,652 Revolving credit facility 127,500,000 127,500,000 — — 127,500,000 Term loan 11,000,000 11,000,000 — — 11,000,000 Loan participation obligations 20,761,819 21,500,448 — — 21,500,448 $ 1,487,139,931 $ 1,474,967,100 $ — $ — $ 1,474,967,100	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 receivable and line of credit receivable 37,943,733 37,943,733 — — 37,943,733 $ 290,240,139 $ 305,327,160 $ — $ — $ 305,327,160 Financial Liabilities: Mortgage notes payable (2) $ 696,945,291 692,008,640 $ — $ — $ 692,008,640 Revolving credit facility 34,500,000 34,500,000 — — 34,500,000 Loan participation obligations 13,544,160 14,061,190 — — 14,061,190 $ 744,989,451 $ 740,569,830 $ — $ — $ 740,569,830

Organization (Details)

Organization (Details)	Dec. 31, 2016$ / sharesshares	Dec. 31, 2015$ / sharesshares	Sep. 30, 2015shares	Jun. 30, 2015shares	Mar. 31, 2015shares
Class of Stock [Line Items]
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.01
Common Stock, Shares, Outstanding	26,498,192	22,415,578	22,323,604	22,290,677	22,004,309
Noncontrolling Interest, Ownership Percentage by Parent	96.80%
minority interest partnership units outstanding	886,168
daycountvolweightedavgcalcformarketvalue	20
Common Stock [Member]
Class of Stock [Line Items]
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.01	$ 0.01
Common Stock, Shares, Outstanding	26,498,192	22,761,551

Significant Accounting Polici48

Significant Accounting Policies (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2016shares	Dec. 31, 2016shares
Real Estate Properties [Line Items]
MinimummonthsPACrewardseligibility	14	14
AverageLeaseterm		13
stabilization level	92.00%
days receivables delinquent nonaccrual status	30	30
rewardsbreakagepercentage	35.00%	35.00%
Series A Preferred Stock [Member]
Real Estate Properties [Line Items]
series a redeemable preferred stock	1	1
Common Stock [Member]
Real Estate Properties [Line Items]
unitswarrants	20	20
Minimum [Member]
Real Estate Properties [Line Items]
percent REIT taxable income distributed		90.00%
Maximum
Real Estate Properties [Line Items]
percent REIT taxable income distributed		100.00%
Building [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Property, Plant and Equipment, Useful Life		30 years
Building [Member] | Maximum
Real Estate Properties [Line Items]
Property, Plant and Equipment, Useful Life		50 years
Furniture and Fixtures [Member]
Real Estate Properties [Line Items]
Property, Plant and Equipment, Useful Life		5 years
Furniture and Fixtures [Member] | Maximum
Real Estate Properties [Line Items]
Property, Plant and Equipment, Useful Life		10 years
Leasehold Improvements [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Property, Plant and Equipment, Useful Life		5 years
Leasehold Improvements [Member] | Maximum
Real Estate Properties [Line Items]
Property, Plant and Equipment, Useful Life		20 years

Significant Accounting Polici49

Significant Accounting Policies deferred offering costs (Details)	Dec. 31, 2016shares
Statutory Accounting Practices [Line Items]
maximum shares available to be issued	900,000
Warrant [Member]
Statutory Accounting Practices [Line Items]
series a redeemable preferred stock	1

Real Estate Assets - Narrative

Real Estate Assets - Narrative (Details)	3 Months Ended								12 Months Ended
	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2016	Dec. 31, 2016ft²	Dec. 21, 2016USD ($)a	Dec. 31, 2015ft²
Business Acquisition
Number of units in real estate property					6,136					6,136		8,268	2,432		2,810
Net assets acquired									$ 2,000,000	$ 600,000
Area of Real Estate Property | ft²													3,295,491		1,279,000
Revenues	$ 58,991,853	$ 53,537,337	$ 45,853,944	$ 41,735,781	$ 33,916,477	$ 29,955,693	$ 24,088,827	$ 21,344,515	200,118,915	109,305,512	$ 56,536,370
Net Income contributed to consolidated results	(3,982,783)	$ (2,688,620)	$ 217,479	$ (3,389,490)	$ (384,129)	$ (1,697,767)	$ 420,836	$ (764,929)	(9,843,414)	(2,425,989)	2,127,203
Membership interests business acquisition percentage related parties												100.00%
non cash mezzanine loan settled									12,500,000	$ 10,000,000	$ 0
outparcel purchase price														$ 1,500,000
Retail Site [Member]
Business Acquisition
Number of Real Estate Properties					14					14		31
sunbelt 7 portfolio [Member]
Business Acquisition
Net assets acquired									159,500,000
Area of Real Estate Property | a														0.95
Revenues									5,001,000
Net Income contributed to consolidated results									(658,000)
Acquisition costs	$ 691,000								691,000
Business Combination, Consideration Transferred									$ 159,413,503

Real Estate Assets - Table of P

Real Estate Assets - Table of Properties Acquired (Details)	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2016	Dec. 31, 2016bed	Dec. 31, 2016ft²	Dec. 21, 2016a	Dec. 31, 2015	Dec. 31, 2015ft²
Business Acquisition
Number of units in real estate property				8,268		2,432		6,136	2,810
Area of Real Estate Property | ft²						3,295,491			1,279,000
business combination purchase price	$ 2,000,000	$ 600,000
Restricted Cash and Cash Equivalents	55,392,984	12,539,440
Below-market leases	(33,600,000)
non cash mezzanine loan settled	12,500,000	10,000,000	$ 0
Noncash or Part Noncash Acquisition, Debt Assumed	$ 73,000,000
Finite-Lived Intangible Assets, Remaining Amortization Period	6 years 5 months
brookwood office [Member]
Business Acquisition
Land	$ 1,744,828
Buildings and improvements	39,099,395
Tenant improvements	3,561,805
Other liabilities	(580,668)
Business Combination, Consideration Transferred	49,833,056
In-place leases	3,728,049
Above-market leases	$ 146,941
Finite-Lived Intangible Assets, Remaining Amortization Period	9 years 5 months
Galleria 75 [Member]
Business Acquisition
Land	$ 15,156,267
Buildings and improvements	1,285,856
Tenant improvements	225,811
Other liabilities	(218,923)
Business Combination, Consideration Transferred	17,805,941
In-place leases	712,718
Above-market leases	$ 47,947
Finite-Lived Intangible Assets, Remaining Amortization Period	2 years 3 months
Three ravinia [Member]
Business Acquisition
Land	$ 9,784,645
Buildings and improvements	133,323,658
Tenant improvements	20,698,893
Other liabilities	(766,335)
Business Combination, Consideration Transferred	206,313,488
In-place leases	17,954,978
Above-market leases	$ 812,879
Finite-Lived Intangible Assets, Remaining Amortization Period	10 years 10 months
wade green [Member]
Business Acquisition
Land	$ 1,840,284
Buildings and improvements	8,159,147
Tenant improvements	251,250
business combination debt financing	0
Other liabilities	(59,264)
Business Combination, Consideration Transferred	11,318,342
business combination purchase price	11,000,000
Net Rentable Area | ft²						74,978
In-place leases	841,785
non cash mezzanine loan settled	6,250,000
Above-market leases	$ 107,074
Finite-Lived Intangible Assets, Remaining Amortization Period	2 years 4 months
Southeastern Six Pack [Member]
Business Acquisition
Land	$ 14,081,647
Buildings and improvements	48,598,731
Tenant improvements	993,530
business combination debt financing	25,000,000
Other liabilities	(437,008)
Business Combination, Consideration Transferred	68,751,867
business combination purchase price	68,700,000
Net Rentable Area | ft²						535,252
In-place leases	4,906,398
Above-market leases	$ 86,234
Finite-Lived Intangible Assets, Remaining Amortization Period	4 years 2 months 18 days
victory village [Member]
Business Acquisition
Land	$ 2,271,224
Buildings and improvements	11,872,222
Tenant improvements	402,973
business combination debt financing	9,250,000
Other liabilities	(179,546)
Business Combination, Consideration Transferred	15,528,229
business combination purchase price	15,600,000
Net Rentable Area | ft²						71,300
In-place leases	847,939
Above-market leases	$ 100,216
Finite-Lived Intangible Assets, Remaining Amortization Period	7 years 11 months
lakeland plaza [Member]
Business Acquisition
Land	$ 7,079,408
Buildings and improvements	32,258,335
Tenant improvements	828,966
business combination debt financing	30,000,000
Other liabilities	(180,331)
Business Combination, Consideration Transferred	44,773,273
business combination purchase price	45,300,000
Net Rentable Area | ft²						301,711
In-place leases	2,947,175
Above-market leases	$ 1,349,624
Finite-Lived Intangible Assets, Remaining Amortization Period	7 years 4 months 18 days
sunbelt 7 portfolio [Member]
Business Acquisition
Land	$ 37,719,812
Buildings and improvements	109,373,938
Tenant improvements	2,143,404
business combination debt financing	97,654,000
Other liabilities	(1,196,579)
Business Combination, Consideration Transferred	159,413,503
Area of Real Estate Property | a							0.95
business combination purchase price	159,500,000
Net Rentable Area | ft²						650,360
In-place leases	11,005,662
Above-market leases	$ 458,353
Finite-Lived Intangible Assets, Remaining Amortization Period	9 years 2 months 12 days
Champions Village [Member]
Business Acquisition
Land	$ 12,812,546
Buildings and improvements	30,647,609
Tenant improvements	2,751,796
business combination debt financing	27,400,000
Other liabilities	(1,413,726)
Business Combination, Consideration Transferred	49,874,130
business combination purchase price	50,000,000
Net Rentable Area | ft²						383,093
In-place leases	4,283,760
Above-market leases	$ 765,811
Finite-Lived Intangible Assets, Remaining Amortization Period	5 years 4 months 24 days
baldwin park [Member]
Business Acquisition
Land	$ 17,402,882
Buildings and improvements	87,105,757
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	3,358,589
Finite-lived Intangible Assets Acquired	2,882,772
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	229,972
business combinations, escrow fund asset recognized	2,555,753
business combinations, accrued property tax liability	17,421
Other liabilities	(226,160)
Business Combination, Consideration Transferred	113,292,144
Cash paid	35,492,144
Number of units in real estate property | ft²						528
business combination purchase price	110,800,000
Mortgage debt	$ 77,800,000
Finite-Lived Intangible Assets, Remaining Amortization Period	0 years
crosstown walk [Member]
Business Acquisition
Land	$ 5,178,375
Buildings and improvements	33,605,831
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	5,726,583
Finite-lived Intangible Assets Acquired	1,323,511
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	125,706
business combinations, escrow fund asset recognized	291,868
business combinations, accrued property tax liability	25,983
Other liabilities	(53,861)
Business Combination, Consideration Transferred	46,172,030
Cash paid	13,632,030
Number of units in real estate property | ft²						342
business combination purchase price	45,800,000
Mortgage debt	$ 32,540,000
Finite-Lived Intangible Assets, Remaining Amortization Period	0 years
newport overton [Member]
Business Acquisition
Land	$ 8,511,370
Buildings and improvements	44,710,034
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	6,286,105
Finite-lived Intangible Assets Acquired	1,611,314
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	73,754
business combinations, escrow fund asset recognized	354,640
business combinations, accrued property tax liability	66,422
Other liabilities	(90,213)
Business Combination, Consideration Transferred	61,390,582
Cash paid	20,090,582
Number of units in real estate property | ft²						294
business combination purchase price	61,100,000
Mortgage debt	$ 41,300,000
Finite-Lived Intangible Assets, Remaining Amortization Period	0 years
Avalon Park [Member]
Business Acquisition
Land	$ 7,410,048
Buildings and improvements	80,558,636
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	1,790,256
Finite-lived Intangible Assets Acquired	2,741,060
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	99,297
business combinations, escrow fund asset recognized	3,477,157
business combinations, accrued property tax liability	394,731
Other liabilities	(207,623)
Business Combination, Consideration Transferred	95,474,100
Cash paid	30,474,100
Number of units in real estate property | ft²						487
business combination purchase price		92,500,000
Mortgage debt	$ 65,000,000
Finite-Lived Intangible Assets, Remaining Amortization Period	4 years 6 months
North by northwest FSU [Member]
Business Acquisition
Number of beds, student housing | bed					679
Land	$ 8,281,054
Buildings and improvements	34,355,922
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	2,623,916
Finite-lived Intangible Assets Acquired	799,109
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	79,626
business combinations, escrow fund asset recognized	1,026,419
business combinations, accrued property tax liability	321,437
Other liabilities	(159,462)
Business Combination, Consideration Transferred	46,685,147
Cash paid	12,831,872
Number of units in real estate property | ft²						219
business combination purchase price	46,100,000
Mortgage debt	$ 33,853,275
Finite-Lived Intangible Assets, Remaining Amortization Period	0 years
City Vista [Member]
Business Acquisition
Land	$ 4,081,683
Buildings and improvements	36,084,007
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	5,402,228
Finite-lived Intangible Assets Acquired	2,100,866
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	167,797
business combinations, escrow fund asset recognized	599,983
business combinations, accrued property tax liability	245,326
Other liabilities	(141,238)
Business Combination, Consideration Transferred	48,050,000
Cash paid	0
Number of units in real estate property | ft²						272
Mortgage debt	36,000,000
non cash mezzanine loan settled	$ 12,500,000
equity ownership percentage joint venture				96.00%
Finite-Lived Intangible Assets, Remaining Amortization Period	3 years 6 months
Sorrel [Member]
Business Acquisition
Land	$ 4,412,164
Buildings and improvements	35,512,257
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	6,705,040
Finite-lived Intangible Assets Acquired	1,495,539
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	0
business combinations, escrow fund asset recognized	623,791
business combinations, accrued property tax liability	437,510
Other liabilities	(68,828)
Business Combination, Consideration Transferred	48,242,453
Cash paid	14,642,453
Number of units in real estate property | ft²						290
business combination purchase price		48,100,000
Mortgage debt	$ 33,600,000
Finite-Lived Intangible Assets, Remaining Amortization Period	7 years 6 months
Overlook at Hamilton Place [Member]
Business Acquisition
Land	$ 6,786,593
Buildings and improvements	24,332,628
Tenant improvements	911,580
business combination debt financing	21,000,000
Other liabilities	(97,976)
Business Combination, Consideration Transferred	33,524,328
business combination purchase price		33,800,000
Net Rentable Area | ft²									213,095
In-place leases	2,029,643
Above-market leases	$ 361,433
Finite-Lived Intangible Assets, Remaining Amortization Period	5 years 9 months 18 days
Summit Point [Member]
Business Acquisition
Land	$ 7,063,874
Buildings and improvements	10,903,486
Tenant improvements	526,468
business combination debt financing	12,900,000
Other liabilities	(139,884)
Business Combination, Consideration Transferred	19,495,398
business combination purchase price		19,600,000
Net Rentable Area | ft²									111,970
In-place leases	1,203,246
Above-market leases	$ 329,546
Finite-Lived Intangible Assets, Remaining Amortization Period	6 years 1 month 6 days
Royal Lakes [Member]
Business Acquisition
Land	$ 4,874,078
Buildings and improvements	9,921,403
Tenant improvements	517,191
business combination debt financing	9,800,000
Other liabilities	(145,581)
Business Combination, Consideration Transferred	16,460,767
business combination purchase price		16,600,000
Net Rentable Area | ft²									119,493
In-place leases	957,093
Above-market leases	$ 198,238
Finite-Lived Intangible Assets, Remaining Amortization Period	9 years 9 months 18 days
Independence Square [Member]
Business Acquisition
Land	$ 4,114,574
Buildings and improvements	13,123,553
Tenant improvements	566,857
business combination debt financing	0
Other liabilities	(226,599)
Business Combination, Consideration Transferred	17,798,401
business combination purchase price		18,000,000
Net Rentable Area | ft²									140,218
In-place leases	1,567,944
Above-market leases	$ 35,127
Finite-Lived Intangible Assets, Remaining Amortization Period	6 years 3 months 18 days
Lenox Portfolio [Member]
Business Acquisition
Land	$ 7,877,823
Buildings and improvements	61,262,221
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	6,281,010
Finite-lived Intangible Assets Acquired	2,193,946
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	171,814
business combinations, escrow fund asset recognized	739,340
business combinations, accrued property tax liability	564,841
Other liabilities	(260,403)
Business Combination, Consideration Transferred	77,700,910
Cash paid	27,896,449
Number of units in real estate property | ft²									474
business combination purchase price		77,600,000
Net Rentable Area | ft²						47,600
Mortgage debt	$ 49,804,461
Finite-Lived Intangible Assets, Remaining Amortization Period	24 months 13 days
stone creek [Member]
Business Acquisition
Land	$ 2,210,630
Buildings and improvements	20,711,950
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	2,203,724
Finite-lived Intangible Assets Acquired	623,696
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	75,074
business combinations, escrow fund asset recognized	844,515
business combinations, accrued property tax liability	375,842
Other liabilities	(37,331)
Business Combination, Consideration Transferred	26,256,416
Cash paid	9,439,483
Number of units in real estate property | ft²									246
business combination purchase price		25,800,000
Mortgage debt	$ 16,816,933
Finite-Lived Intangible Assets, Remaining Amortization Period	0 years
Citilakes [Member]
Business Acquisition
Land	$ 5,558,033
Buildings and improvements	49,416,492
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	7,411,367
Finite-lived Intangible Assets Acquired	964,108
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	40,032
business combinations, escrow fund asset recognized	280,863
business combinations, accrued property tax liability	187,792
Other liabilities	(80,629)
Business Combination, Consideration Transferred	63,402,474
Cash paid	18,952,474
Number of units in real estate property | ft²									346
business combination purchase price		63,400,000
Mortgage debt	$ 44,450,000
Finite-Lived Intangible Assets, Remaining Amortization Period	0 years
Mansions at Creekside [Member]
Business Acquisition
Land	$ 5,983,724
Buildings and improvements	42,050,104
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	6,939,014
Finite-lived Intangible Assets Acquired	1,227,158
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	89,582
business combinations, escrow fund asset recognized	1,058,468
business combinations, accrued property tax liability	440,660
Other liabilities	(218,438)
Business Combination, Consideration Transferred	56,688,952
Cash paid	15,063,952
Number of units in real estate property | ft²									395
business combination purchase price		56,200,000
Mortgage debt	$ 41,625,000
Finite-Lived Intangible Assets, Remaining Amortization Period	0 years
City Park [Member]
Business Acquisition
Number of units in real estate property | ft²									284
business combination purchase price		32,700,000
Lely [Member]
Business Acquisition
Land	$ 7,675,409
Buildings and improvements	37,661,901
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	6,132,384
Finite-lived Intangible Assets Acquired	1,030,306
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	106,717
business combinations, escrow fund asset recognized	0
business combinations, accrued property tax liability	23,413
Other liabilities	(64,689)
Business Combination, Consideration Transferred	52,518,615
Cash paid	18,518,615
Number of units in real estate property | ft²									308
business combination purchase price		52,500,000
Mortgage debt	$ 34,000,000
Finite-Lived Intangible Assets, Remaining Amortization Period	0 years
Sarasota [Member]
Business Acquisition
Number of units in real estate property | ft²									237
business combination purchase price		47,400,000
Houston Portfolio [Member]
Business Acquisition
Land	$ 7,162,226
Buildings and improvements	54,217,075
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	13,078,872
Finite-lived Intangible Assets Acquired	1,571,827
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	150,326
business combinations, escrow fund asset recognized	362,332
business combinations, accrued property tax liability	212,601
Other liabilities	(99,181)
Business Combination, Consideration Transferred	76,230,876
Cash paid	25,452,876
business combination purchase price		$ 76,000,000
Mortgage debt	$ 50,778,000
Finite-Lived Intangible Assets, Remaining Amortization Period	0 years
Cypress [Member]
Business Acquisition
Number of units in real estate property | ft²									520
Office Building [Member]
Business Acquisition
business combination purchase price	$ 277,500,000
Net Rentable Area | ft²						1,096,834
Office Building [Member] | brookwood office [Member]
Business Acquisition
business combination purchase price	49,800,000
Net Rentable Area | ft²						169,489
Office Building [Member] | Galleria 75 [Member]
Business Acquisition
business combination purchase price	17,600,000
Net Rentable Area | ft²						110,597
Office Building [Member] | Three ravinia [Member]
Business Acquisition
business combination purchase price	$ 210,100,000
Net Rentable Area | ft²						816,748

Real Estate Assets - Purchase P

Real Estate Assets - Purchase Price Allocation (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition
non cash mezzanine loan settled									$ 12,500,000	$ 10,000,000	$ 0
Tenant Improvements	$ 37,806,472				$ 5,781,199				37,806,472	5,781,199
Below-market leases	(33,600,000)								(33,600,000)
Revenues	58,991,853	$ 53,537,337	$ 45,853,944	$ 41,735,781	33,916,477	$ 29,955,693	$ 24,088,827	$ 21,344,515	200,118,915	109,305,512	56,536,370
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(3,982,783)	$ (2,688,620)	$ 217,479	$ (3,389,490)	$ (384,129)	$ (1,697,767)	$ 420,836	$ (764,929)	$ (9,843,414)	(2,425,989)	$ 2,127,203
Finite-Lived Intangible Assets, Remaining Amortization Period									6 years 5 months
brookwood office [Member]
Business Acquisition
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
Prepaids & other assets	(1,737,158)								(1,737,158)
Other liabilities	(580,668)								(580,668)
Business Combination, Consideration Transferred									49,833,056
Revenues									2,021,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest									269,000
Acquisition costs	387,000								$ 387,000
Finite-Lived Intangible Assets, Remaining Amortization Period									9 years 5 months
Other Finite-Lived Intangible Assets, Gross	2,402,958								$ 2,402,958
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	1,466,906								1,466,906
business combination cash consideration transferred	17,433,056								17,433,056
OP units granted aggregate fair value									32,400,000
Three ravinia [Member]
Business Acquisition
Land	9,784,645								9,784,645
Buildings and improvements	133,323,658								133,323,658
Tenant improvements	20,698,893								20,698,893
In-place leases	17,954,978								17,954,978
Above-market leases	812,879								812,879
Prepaids & other assets	(8,245,122)								(8,245,122)
Other liabilities	(766,335)								(766,335)
Business Combination, Consideration Transferred									206,313,488
Revenues									99,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest									(345,000)
Acquisition costs	680,000								$ 680,000
Finite-Lived Intangible Assets, Remaining Amortization Period									10 years 10 months
Other Finite-Lived Intangible Assets, Gross	7,468,128								$ 7,468,128
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	25,281,764								25,281,764
business combination cash consideration transferred	90,813,488								90,813,488
OP units granted aggregate fair value									115,500,000
Galleria 75 [Member]
Business Acquisition
Land	15,156,267								15,156,267
Buildings and improvements	1,285,856								1,285,856
Tenant improvements	225,811								225,811
In-place leases	712,718								712,718
Above-market leases	47,947								47,947
Prepaids & other assets	(168,179)								(168,179)
Other liabilities	(218,923)								(218,923)
Business Combination, Consideration Transferred									17,805,941
Revenues									237,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest									48,000
Acquisition costs	655,000								$ 655,000
Finite-Lived Intangible Assets, Remaining Amortization Period									2 years 3 months
Other Finite-Lived Intangible Assets, Gross	309,513								$ 309,513
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	454,931								454,931
business combination cash consideration transferred	11,875,686								11,875,686
OP units granted aggregate fair value									5,930,255
wade green [Member]
Business Acquisition
non cash mezzanine loan settled									6,250,000
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
Prepaids & other assets	0								0
Other liabilities	(59,264)								(59,264)
Business Combination, Consideration Transferred									11,318,342
Revenues									900,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest									(354,000)
Acquisition costs	297,000								$ 297,000
Finite-Lived Intangible Assets, Remaining Amortization Period									2 years 4 months
Other Finite-Lived Intangible Assets, Gross	167,541								$ 167,541
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	10,525								10,525
business combination cash consideration transferred	6,245,683								6,245,683
OP units granted aggregate fair value									5,072,659
business combination debt financing									$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period									419,228
Extinguishment of Debt, Amount									$ 8,200,000
Southeastern Six Pack [Member]
Business Acquisition
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
Prepaids & other assets	(1,069,877)								(1,069,877)
Other liabilities	(437,008)								(437,008)
Business Combination, Consideration Transferred									68,751,867
Revenues									4,231,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest									(440,000)
Acquisition costs	633,000								$ 633,000
Finite-Lived Intangible Assets, Remaining Amortization Period									4 years 2 months 18 days
Other Finite-Lived Intangible Assets, Gross	992,143								$ 992,143
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	600,069								600,069
business combination cash consideration transferred	43,751,867								43,751,867
OP units granted aggregate fair value									0
business combination debt financing									25,000,000
lakeland plaza [Member]
Business Acquisition
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
Prepaids & other assets	(797,729)								(797,729)
Other liabilities	(180,331)								(180,331)
Business Combination, Consideration Transferred									44,773,273
Revenues									1,601,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest									(325,000)
Acquisition costs	234,000								$ 234,000
Finite-Lived Intangible Assets, Remaining Amortization Period									7 years 4 months 18 days
Other Finite-Lived Intangible Assets, Gross	1,287,825								$ 1,287,825
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	0								0
business combination cash consideration transferred	14,773,273								14,773,273
OP units granted aggregate fair value									0
business combination debt financing									30,000,000
victory village [Member]
Business Acquisition
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
Prepaids & other assets	(198,214)								(198,214)
Other liabilities	(179,546)								(179,546)
Business Combination, Consideration Transferred									15,528,229
Revenues									819,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest									(102,000)
Acquisition costs	111,000								$ 111,000
Finite-Lived Intangible Assets, Remaining Amortization Period									7 years 11 months
Other Finite-Lived Intangible Assets, Gross	253,640								$ 253,640
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	157,775								157,775
business combination cash consideration transferred	6,278,229								6,278,229
OP units granted aggregate fair value									0
business combination debt financing									9,250,000
Champions Village [Member]
Business Acquisition
Land	12,812,546								12,812,546
Buildings and improvements	30,647,609								30,647,609
Tenant improvements	2,751,796								2,751,796
In-place leases	4,283,760								4,283,760
Above-market leases	765,811								765,811
Prepaids & other assets	(3,017,960)								(3,017,960)
Other liabilities	(1,413,726)								(1,413,726)
Business Combination, Consideration Transferred									49,874,130
Revenues									1,228,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest									(440,000)
Acquisition costs	141,000								$ 141,000
Finite-Lived Intangible Assets, Remaining Amortization Period									5 years 4 months 24 days
Other Finite-Lived Intangible Assets, Gross	1,026,347								$ 1,026,347
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	2,017,947								2,017,947
business combination cash consideration transferred	22,474,130								22,474,130
OP units granted aggregate fair value									0
business combination debt financing									27,400,000
sunbelt 7 portfolio [Member]
Business Acquisition
Land	37,719,812								37,719,812
Buildings and improvements	109,373,938								109,373,938
Tenant improvements	2,143,404								2,143,404
In-place leases	11,005,662								11,005,662
Above-market leases	458,353								458,353
Prepaids & other assets	(7,617,485)								(7,617,485)
Other liabilities	(1,196,579)								(1,196,579)
Business Combination, Consideration Transferred									159,413,503
Revenues									5,001,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest									(658,000)
Acquisition costs	691,000								$ 691,000
Finite-Lived Intangible Assets, Remaining Amortization Period									9 years 2 months 12 days
Other Finite-Lived Intangible Assets, Gross	4,116,560								$ 4,116,560
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	3,409,838								3,409,838
business combination cash consideration transferred	61,759,503								61,759,503
OP units granted aggregate fair value									0
business combination debt financing									97,654,000
baldwin park [Member]
Business Acquisition
Land	17,402,882								17,402,882
Buildings and improvements	87,105,757								87,105,757
Furniture, fixtures and equipment	3,358,589								3,358,589
Escrows	(2,555,753)								(2,555,753)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	229,972								229,972
Other liabilities	(226,160)								(226,160)
Cash paid									35,492,144
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	0								0
business combinations cash received real estate joint venture	0								0
Mortgage debt									77,800,000
Finite-lived Intangible Assets Acquired									2,882,772
business combinations, accrued property tax liability	(17,421)								(17,421)
Business Combination, Consideration Transferred									113,292,144
Revenues									9,349,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest									(4,883,000)
Acquisition costs	1,847,000								$ 1,847,000
Finite-Lived Intangible Assets, Remaining Amortization Period									0 years
crosstown walk [Member]
Business Acquisition
Land	5,178,375								$ 5,178,375
Buildings and improvements	33,605,831								33,605,831
Furniture, fixtures and equipment	5,726,583								5,726,583
Escrows	(291,868)								(291,868)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	125,706								125,706
Other liabilities	(53,861)								(53,861)
Cash paid									13,632,030
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	0								0
business combinations cash received real estate joint venture	0								0
Mortgage debt									32,540,000
Finite-lived Intangible Assets Acquired									1,323,511
business combinations, accrued property tax liability	(25,983)								(25,983)
Business Combination, Consideration Transferred									46,172,030
Revenues									4,886,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest									(1,614,000)
Acquisition costs	319,000								$ 319,000
Finite-Lived Intangible Assets, Remaining Amortization Period									0 years
newport overton [Member]
Business Acquisition
Land	8,511,370								$ 8,511,370
Buildings and improvements	44,710,034								44,710,034
Furniture, fixtures and equipment	6,286,105								6,286,105
Escrows	(354,640)								(354,640)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	73,754								73,754
Other liabilities	(90,213)								(90,213)
Cash paid									20,090,582
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	0								0
business combinations cash received real estate joint venture	0								0
Mortgage debt									41,300,000
Finite-lived Intangible Assets Acquired									1,611,314
business combinations, accrued property tax liability	(66,422)								(66,422)
Business Combination, Consideration Transferred									61,390,582
Revenues									4,968,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest									(1,894,000)
Acquisition costs	115,000								$ 115,000
Finite-Lived Intangible Assets, Remaining Amortization Period									0 years
Avalon Park [Member]
Business Acquisition
Land	7,410,048								$ 7,410,048
Buildings and improvements	80,558,636								80,558,636
Furniture, fixtures and equipment	1,790,256								1,790,256
Escrows	(3,477,157)								(3,477,157)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	99,297								99,297
Other liabilities	(207,623)								(207,623)
Cash paid									30,474,100
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	0								0
business combinations cash received real estate joint venture	0								0
Mortgage debt									65,000,000
Finite-lived Intangible Assets Acquired									2,741,060
business combinations, accrued property tax liability	(394,731)								(394,731)
Business Combination, Consideration Transferred									95,474,100
Revenues									4,684,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest									(2,891,000)
Acquisition costs	1,315,000								$ 1,315,000
Finite-Lived Intangible Assets, Remaining Amortization Period									4 years 6 months
North by northwest FSU [Member]
Business Acquisition
Land	8,281,054								$ 8,281,054
Buildings and improvements	34,355,922								34,355,922
Furniture, fixtures and equipment	2,623,916								2,623,916
Escrows	(1,026,419)								(1,026,419)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	79,626								79,626
Other liabilities	(159,462)								(159,462)
Cash paid									12,831,872
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	0								0
business combinations cash received real estate joint venture	0								0
Mortgage debt									33,853,275
Finite-lived Intangible Assets Acquired									799,109
business combinations, accrued property tax liability	(321,437)								(321,437)
Business Combination, Consideration Transferred									46,685,147
Revenues									3,389,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest									(1,041,000)
Acquisition costs	378,000								$ 378,000
Finite-Lived Intangible Assets, Remaining Amortization Period									0 years
City Vista [Member]
Business Acquisition
non cash mezzanine loan settled									$ 12,500,000
Land	4,081,683								4,081,683
Buildings and improvements	36,084,007								36,084,007
Furniture, fixtures and equipment	5,402,228								5,402,228
Escrows	(599,983)								(599,983)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	167,797								167,797
Other liabilities	(141,238)								(141,238)
Cash paid									0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	12,500,000								12,500,000
business combinations cash received real estate joint venture	(450,000)								(450,000)
Mortgage debt									36,000,000
Finite-lived Intangible Assets Acquired									2,100,866
business combinations, accrued property tax liability	(245,326)								(245,326)
Business Combination, Consideration Transferred									48,050,000
Revenues									2,341,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest									(1,689,000)
Acquisition costs	41,000								$ 41,000
Finite-Lived Intangible Assets, Remaining Amortization Period									3 years 6 months
Sorrel [Member]
Business Acquisition
Land	4,412,164								$ 4,412,164
Buildings and improvements	35,512,257								35,512,257
Furniture, fixtures and equipment	6,705,040								6,705,040
Escrows	(623,791)								(623,791)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	0								0
Other liabilities	(68,828)								(68,828)
Cash paid									14,642,453
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	0								0
business combinations cash received real estate joint venture	0								0
Mortgage debt									33,600,000
Finite-lived Intangible Assets Acquired									1,495,539
business combinations, accrued property tax liability	(437,510)								(437,510)
Business Combination, Consideration Transferred									48,242,453
Revenues									1,670,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest									(854,000)
Acquisition costs	536,000								$ 536,000
Finite-Lived Intangible Assets, Remaining Amortization Period									7 years 6 months
Lenox Portfolio [Member]
Business Acquisition
Land	7,877,823								$ 7,877,823
Buildings and improvements	61,262,221								61,262,221
Furniture, fixtures and equipment	6,281,010								6,281,010
Escrows	(739,340)								(739,340)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	171,814								171,814
Other liabilities	(260,403)								(260,403)
Cash paid									27,896,449
Mortgage debt									49,804,461
Finite-lived Intangible Assets Acquired									2,193,946
business combinations, accrued property tax liability	(564,841)								(564,841)
Business Combination, Consideration Transferred									77,700,910
Revenues									7,782,000	194,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest									(2,307,000)	(81,000)
Acquisition costs	1,550,000								$ 1,550,000
Finite-Lived Intangible Assets, Remaining Amortization Period									24 months 13 days
Houston Portfolio [Member]
Business Acquisition
Land	7,162,226								$ 7,162,226
Buildings and improvements	54,217,075								54,217,075
Furniture, fixtures and equipment	13,078,872								13,078,872
Escrows	(362,332)								(362,332)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	150,326								150,326
Other liabilities	(99,181)								(99,181)
Cash paid									25,452,876
Mortgage debt									50,778,000
Finite-lived Intangible Assets Acquired									1,571,827
business combinations, accrued property tax liability	(212,601)								(212,601)
Business Combination, Consideration Transferred									76,230,876
Revenues									8,733,000	7,392,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest									(1,124,000)	(2,588,000)
Acquisition costs	1,142,000								$ 1,142,000
Finite-Lived Intangible Assets, Remaining Amortization Period									0 years
lakewood ranch [Member]
Business Acquisition
Land	3,791,050								$ 3,791,050
Buildings and improvements	37,574,391								37,574,391
Furniture, fixtures and equipment	5,375,690								5,375,690
Escrows	(401,294)								(401,294)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	80,201								80,201
Other liabilities	(35,157)								(35,157)
Cash paid									16,830,586
Mortgage debt									30,810,000
Finite-lived Intangible Assets Acquired									669,369
business combinations, accrued property tax liability	(216,252)								(216,252)
Business Combination, Consideration Transferred									47,640,586
Revenues									4,665,000	2,641,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest									17,000	(766,000)
Acquisition costs	889,000								$ 889,000
Finite-Lived Intangible Assets, Remaining Amortization Period									0 years
Lely [Member]
Business Acquisition
Land	7,675,409								$ 7,675,409
Buildings and improvements	37,661,901								37,661,901
Furniture, fixtures and equipment	6,132,384								6,132,384
Escrows	0								0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	106,717								106,717
Other liabilities	(64,689)								(64,689)
Cash paid									18,518,615
Mortgage debt									34,000,000
Finite-lived Intangible Assets Acquired									1,030,306
business combinations, accrued property tax liability	(23,413)								(23,413)
Business Combination, Consideration Transferred									52,518,615
Revenues									5,261,000	2,556,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest									(165,000)	(1,279,000)
Acquisition costs	438,000								$ 438,000
Finite-Lived Intangible Assets, Remaining Amortization Period									0 years
stone creek [Member]
Business Acquisition
Land	2,210,630								$ 2,210,630
Buildings and improvements	20,711,950								20,711,950
Furniture, fixtures and equipment	2,203,724								2,203,724
Escrows	(844,515)								(844,515)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	75,074								75,074
Other liabilities	(37,331)								(37,331)
Cash paid									9,439,483
Mortgage debt									16,816,933
Finite-lived Intangible Assets Acquired									623,696
business combinations, accrued property tax liability	(375,842)								(375,842)
Business Combination, Consideration Transferred									26,256,416
Revenues									3,389,000	442,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest									(946,000)	(116,000)
Acquisition costs	727,000								$ 727,000
Finite-Lived Intangible Assets, Remaining Amortization Period									0 years
citypark view II [Member]
Business Acquisition
Land	3,558,793								$ 3,558,793
Buildings and improvements	23,797,764								23,797,764
Furniture, fixtures and equipment	4,562,148								4,562,148
Escrows	(211,428)								(211,428)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	99,124								99,124
Other liabilities	(40,152)								(40,152)
Cash paid									10,000,000
Mortgage debt									22,100,000
Finite-lived Intangible Assets Acquired									737,790
business combinations, accrued property tax liability	(105,756)								(105,756)
Business Combination, Consideration Transferred									32,821,139
Revenues									3,734,000	1,856,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest									38,000	(818,000)
Acquisition costs	276,000								$ 276,000
Finite-Lived Intangible Assets, Remaining Amortization Period									0 years
Citilakes [Member]
Business Acquisition
Land	5,558,033								$ 5,558,033
Buildings and improvements	49,416,492								49,416,492
Furniture, fixtures and equipment	7,411,367								7,411,367
Escrows	(280,863)								(280,863)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	40,032								40,032
Other liabilities	(80,629)								(80,629)
Cash paid									18,952,474
Mortgage debt									44,450,000
Finite-lived Intangible Assets Acquired									964,108
business combinations, accrued property tax liability	(187,792)								(187,792)
Business Combination, Consideration Transferred									63,402,474
Revenues									5,491,000	1,685,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest									(1,429,000)	(511,000)
Acquisition costs	1,620,000								$ 1,620,000
Finite-Lived Intangible Assets, Remaining Amortization Period									0 years
Mansions at Creekside [Member]
Business Acquisition
Land	5,983,724								$ 5,983,724
Buildings and improvements	42,050,104								42,050,104
Furniture, fixtures and equipment	6,939,014								6,939,014
Escrows	(1,058,468)								(1,058,468)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	89,582								89,582
Other liabilities	(218,438)								(218,438)
Cash paid									15,063,952
Mortgage debt									41,625,000
Finite-lived Intangible Assets Acquired									1,227,158
business combinations, accrued property tax liability	(440,660)								(440,660)
Business Combination, Consideration Transferred									56,688,952
Revenues									5,574,000	2,511,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest									(400,000)	(1,095,000)
Acquisition costs	852,000								$ 852,000
Finite-Lived Intangible Assets, Remaining Amortization Period									0 years
Independence Square [Member]
Business Acquisition
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
Prepaids & other assets	(1,775,506)								(1,775,506)
Other liabilities	(226,599)								(226,599)
Business Combination, Consideration Transferred									17,798,401
Revenues									2,107,000	993,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest									(393,000)	(162,000)
Acquisition costs	573,000								$ 573,000
Finite-Lived Intangible Assets, Remaining Amortization Period									6 years 3 months 18 days
Other Finite-Lived Intangible Assets, Gross	392,451								$ 392,451
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	0								0
business combination cash consideration transferred	17,798,401								17,798,401
business combination debt financing									0
Overlook at Hamilton Place [Member]
Business Acquisition
Land	6,786,593								6,786,593
Buildings and improvements	24,332,628								24,332,628
Tenant improvements	911,580								911,580
In-place leases	2,029,643								2,029,643
Above-market leases	361,433								361,433
Prepaids & other assets	(1,402,013)								(1,402,013)
Other liabilities	(97,976)								(97,976)
Business Combination, Consideration Transferred									33,524,328
Revenues									3,198,000	86,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest									(391,000)	(43,000)
Acquisition costs	557,000								$ 557,000
Finite-Lived Intangible Assets, Remaining Amortization Period									5 years 9 months 18 days
Other Finite-Lived Intangible Assets, Gross	527,136								$ 527,136
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	75,304								75,304
business combination cash consideration transferred	12,524,328								12,524,328
business combination debt financing									21,000,000
Summit Point [Member]
Business Acquisition
Land	7,063,874								7,063,874
Buildings and improvements	10,903,486								10,903,486
Tenant improvements	526,468								526,468
In-place leases	1,203,246								1,203,246
Above-market leases	329,546								329,546
Prepaids & other assets	(842,682)								(842,682)
Other liabilities	(139,884)								(139,884)
Business Combination, Consideration Transferred									19,495,398
Revenues									1,591,000	275,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest									(297,000)	(48,000)
Acquisition costs	266,000								$ 266,000
Finite-Lived Intangible Assets, Remaining Amortization Period									6 years 1 month 6 days
Other Finite-Lived Intangible Assets, Gross	368,221								$ 368,221
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	83,123								83,123
business combination cash consideration transferred	6,595,398								6,595,398
business combination debt financing									12,900,000
Royal Lakes [Member]
Business Acquisition
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
Prepaids & other assets	(315,837)								(315,837)
Other liabilities	(145,581)								(145,581)
Business Combination, Consideration Transferred									16,460,767
Revenues									1,350,000	432,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest									(68,000)	$ (13,000)
Acquisition costs	245,000								$ 245,000
Finite-Lived Intangible Assets, Remaining Amortization Period									9 years 9 months 18 days
Other Finite-Lived Intangible Assets, Gross	365,629								$ 365,629
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	88,553								88,553
business combination cash consideration transferred	$ 6,660,767								6,660,767
business combination debt financing									$ 9,800,000

Real Estate Assets - Depreciati

Real Estate Assets - Depreciation and Amortization (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition
Finite-Lived Intangible Assets, Gross	$ 125,600,000
accumulated amortization finite lived intangible assets other	46,400,000
Below Market Lease, Gross	33,600,000
Depreciation:
Depreciation	56,415,608	$ 27,672,387	$ 12,258,812
Amortization:
Depreciation and amortization	78,139,798	38,096,334	16,328,715
Below Market Lease, Accumulated Amortization	$ 3,771,393	1,578,205
Finite-Lived Intangible Assets, Remaining Amortization Period	6 years 5 months
Finite-Lived Intangible Liabilities, Remaining Amortization Period	9 years 6 months
Leases, Acquired-in-Place [Member]
Business Acquisition
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	$ 14,855,573
Finite-Lived Intangible Assets, Amortization Expense, Year Two	9,695,514
Depreciation:
Amortization of Intangible Assets	54,756,489
Amortization:
Finite-Lived Intangible Assets, Amortization Expense, Year Four	5,292,818
Finite-Lived Intangible Assets, Amortization Expense, Year Three	6,671,240
Finite-Lived Intangible Assets, Amortization Expense, Year Five	3,007,306
Finite-Lived Intangible Assets, Amortization Expense, after Year Five	$ 15,234,038
Finite-Lived Intangible Assets, Remaining Amortization Period	7 years 4 months 24 days
Off-Market Favorable Lease [Member]
Business Acquisition
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	$ 1,117,196
Finite-Lived Intangible Assets, Amortization Expense, Year Two	791,753
Depreciation:
Amortization of Intangible Assets	4,364,279
Amortization:
Finite-Lived Intangible Assets, Amortization Expense, Year Four	396,916
Finite-Lived Intangible Assets, Amortization Expense, Year Three	555,791
Finite-Lived Intangible Assets, Amortization Expense, Year Five	284,015
Finite-Lived Intangible Assets, Amortization Expense, after Year Five	$ 1,218,608
Finite-Lived Intangible Assets, Remaining Amortization Period	6 years 10 months 24 days
lease origination costs [Member]
Business Acquisition
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	$ 3,278,758
Finite-Lived Intangible Assets, Amortization Expense, Year Two	2,950,213
Depreciation:
Amortization of Intangible Assets	20,035,632
Amortization:
Finite-Lived Intangible Assets, Amortization Expense, Year Four	2,102,405
Finite-Lived Intangible Assets, Amortization Expense, Year Three	2,449,817
Finite-Lived Intangible Assets, Amortization Expense, Year Five	1,452,940
Finite-Lived Intangible Assets, Amortization Expense, after Year Five	$ 7,801,499
Finite-Lived Intangible Assets, Remaining Amortization Period	3 years 9 months 18 days
Acquired Intangible Assets
Depreciation:
Amortization of Intangible Assets	$ 21,416,784	10,401,697	4,065,142
Lease Agreements [Member]
Amortization:
Deferred Costs, Leasing, Gross	283,806	12,920	0
Website Development
Amortization:
amortization website development costs	23,600	9,330	4,761
off market unfavorable leases [Member]
Business Acquisition
Finite-Lived Intangible Assets, Below Market Lease Intangible Liability, Next Twelve Months	(4,175,864)
Finite-Lived Intangible Assets, Below Market Lease Intangible Liability, Year Two	(3,942,712)
Depreciation:
Finite-Lived Intangible Liabilities	(29,774,033)
Amortization:
Finite-Lived Intangible Assets, Below Market Lease Intangible Liability, Year Four	(3,555,802)
Finite-Lived Intangible Assets, Below Market Lease Intangible Liability, Year Three	(3,782,260)
Finite-Lived Intangible Assets, Below Market Lease Intangible Liability, Year Five	(2,698,543)
Finite-Lived Intangible Assets, Below Market Lease Intangible Liability, After year Five	$ (11,618,852)
Finite-Lived Intangible Assets, Remaining Amortization Period	9 years 6 months
Building and Improvements
Depreciation:
Depreciation	$ 35,426,794	16,653,380	6,896,205
Furniture, Fixtures, and Equipment
Depreciation:
Depreciation	$ 20,988,814	$ 11,019,007	$ 5,362,607

Real Estate Assets Contribution

Real Estate Assets Contributions to revenue and net income (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Combination, Separately Recognized Transactions [Line Items]
Revenues	$ 58,991,853	$ 53,537,337	$ 45,853,944	$ 41,735,781	$ 33,916,477	$ 29,955,693	$ 24,088,827	$ 21,344,515	$ 200,118,915	$ 109,305,512	$ 56,536,370
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ (3,982,783)	$ (2,688,620)	$ 217,479	$ (3,389,490)	$ (384,129)	$ (1,697,767)	$ 420,836	$ (764,929)	$ (9,843,414)	$ (2,425,989)	$ 2,127,203

Real Estate Assets Real estate

Real Estate Assets Real estate assets owned (Details)	Dec. 31, 2016	Dec. 31, 2016ft²	Dec. 31, 2015	Dec. 31, 2015ft²
Business Combination Segment Allocation [Line Items]
Number of units in real estate property	8,268	2,432	6,136	2,810
Area of Real Estate Property		3,295,491		1,279,000
Area of Real Estate Property, Excluded from Floor Retail Space		1,096,834		0
Office Building [Member]
Business Combination Segment Allocation [Line Items]
Number of Real Estate Properties	3		0
Multifamily [Member]
Business Combination Segment Allocation [Line Items]
Number of Real Estate Properties	25		19
Retail Site [Member]
Business Combination Segment Allocation [Line Items]
Number of Real Estate Properties	31		14
Lenox Portfolio [Member]
Business Combination Segment Allocation [Line Items]
Number of units in real estate property				474
Net Rentable Area		47,600

Acquired Intangible Assets amor

Acquired Intangible Assets amortization (Details)	12 Months Ended
	Dec. 31, 2016USD ($)
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 125,600,000
accumulated amortization finite lived intangible assets other	(46,400,000)
Off-Market Favorable Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	1,117,196
Finite-Lived Intangible Assets, Amortization Expense, Year Two	791,753
Finite-Lived Intangible Assets, Amortization Expense, Year Three	555,791
Finite-Lived Intangible Assets, Amortization Expense, Year Four	396,916
Finite-Lived Intangible Assets, Amortization Expense, Year Five	284,015
Finite-Lived Intangible Assets, Amortization Expense, after Year Five	1,218,608
Amortization of Intangible Assets	4,364,279
Leases, Acquired-in-Place [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	14,855,573
Finite-Lived Intangible Assets, Amortization Expense, Year Two	9,695,514
Finite-Lived Intangible Assets, Amortization Expense, Year Three	6,671,240
Finite-Lived Intangible Assets, Amortization Expense, Year Four	5,292,818
Finite-Lived Intangible Assets, Amortization Expense, Year Five	3,007,306
Finite-Lived Intangible Assets, Amortization Expense, after Year Five	15,234,038
Amortization of Intangible Assets	$ 54,756,489

Real Estate Loans, Notes Rece57

Real Estate Loans, Notes Receivable, and Lines of Credit Real Estate Loans (Details)	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Mortgage Loans on Real Estate [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	$ 315,600,000
variable interest entity loans amount to be funded	391,000,000
loans to be funded	$ 411,116,476
membership interests business acquisition percentage related parties	100.00%
amount drawn under loan agreement	$ 334,570,242	$ 238,965,175
Deferred Revenue	(1,809,174)	(963,417)
Loans and Leases Receivable, Net Amount	37,615,675	37,943,733
interest revenue current pay	23,633,118	16,188,752	$ 10,987,856
Loans and Leases Receivable, Deferred Income	59,581	82,056
Amount drawn under loan agreement, Net	332,761,068	238,001,758
City Park [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	3,364,800
amount drawn under loan agreement	3,364,800	0
crosstown walk [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	11,000,000
amount drawn under loan agreement	0	10,962,000
City Vista [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	16,100,000
amount drawn under loan agreement	0	16,107,735
newport overton [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	16,700,000
amount drawn under loan agreement	0	16,603,935
haven west [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	6,940,795
amount drawn under loan agreement	$ 6,784,167	6,784,167
Beds	568
starkville [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	$ 6,116,384
amount drawn under loan agreement	$ 5,815,849	5,815,849
Beds	536
Newtown [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	$ 10,346,000
amount drawn under loan agreement	9,866,000	9,866,000
Encore [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	10,958,200
amount drawn under loan agreement	10,958,200	10,958,200
Manassas [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	17,270,000
amount drawn under loan agreement	16,214,545	16,070,000
Irvine [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	59,052,583
amount drawn under loan agreement		37,332,837
Weems Road [Domain]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	13,464,372
amount drawn under loan agreement	13,464,372	12,356,189
Kennesaw [Domain]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	13,424,995
amount drawn under loan agreement	$ 13,329,868	13,329,868
Beds	792
city park II capital [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	$ 3,916,000
amount drawn under loan agreement	3,325,668	0
Summit III [Domain]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	7,246,400
amount drawn under loan agreement	7,246,400	7,246,400
park 35 on clairmont [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	21,060,160
amount drawn under loan agreement	19,795,886	0
crosstown walk II [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	6,920,000
amount drawn under loan agreement	6,123,739	4,519,495
fort myers [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	4,000,000
amount drawn under loan agreement	3,654,621	0
Haven South Florida [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	10,975,000
amount drawn under loan agreement	10,656,171	9,776,455
Wiregrass [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	14,975,853
amount drawn under loan agreement	1,862,548	0
bishop street [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	15,598,352
amount drawn under loan agreement	15,584,017	14,496,563
Wiregrass capital [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	3,744,147
amount drawn under loan agreement	3,268,114	0
Haven Waco [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	15,455,668
amount drawn under loan agreement	15,301,876	14,200,703
360 forsyth [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	3,225,000
amount drawn under loan agreement	2,520,420	0
Haven South Florida [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	9,819,662
amount drawn under loan agreement	9,136,847	2,900,000
haven northgate [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	64,678,549
amount drawn under loan agreement	46,419,194	0
Lubbock II [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	9,357,171
amount drawn under loan agreement	8,770,838	0
haven charlotte [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	19,581,593
amount drawn under loan agreement	5,781,295	0
haven charlotte member [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	8,201,170
amount drawn under loan agreement	0	0
hidden river [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	12,693,457
amount drawn under loan agreement	11,145,302	3,107,012
dawsonville [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	12,857,005
amount drawn under loan agreement	12,613,860	11,573,432
hidden river [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	6,300,000
amount drawn under loan agreement	0	6,250,000
hidden river [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	4,734,960
amount drawn under loan agreement	4,734,960	0
Encore Lending [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	9,758,200
amount drawn under loan agreement	6,748,380	6,036,465
crosstown walk II [Member] [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	5,380,000
amount drawn under loan agreement	4,626,238	2,671,870
crescent avenue [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	6,000,000
amount drawn under loan agreement	6,000,000	$ 0
Irvine [Member] | Irvine [Member]
Mortgage Loans on Real Estate [Line Items]
amount drawn under loan agreement	$ 49,456,067

Real Estate Loans, Notes Rece58

Real Estate Loans, Notes Receivable, and Lines of Credit Notes and lines of credit (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues	$ 58,991,853	$ 53,537,337	$ 45,853,944	$ 41,735,781	$ 33,916,477	$ 29,955,693	$ 24,088,827	$ 21,344,515	$ 200,118,915	$ 109,305,512	$ 56,536,370
Financing Receivable, Gross	52,015,000								52,015,000
Loans and Leases Receivable, Net Amount	37,615,675				37,943,733				37,615,675	37,943,733
Loans and Leases Receivable, Deferred Income	(59,581)				(82,056)				(59,581)	(82,056)
guaranty cap amount	6,000,000								6,000,000
360 Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
line of credit receivable	2,000,000								2,000,000
Loans and Leases Receivable, Net Amount	$ 1,472,571				1,304,999				$ 1,472,571	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	$ 1,082,311				1,305,550				$ 1,082,311	1,305,550
interest rate note receivable	10.00%								10.00%
Oxford Contracting LLC [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
line of credit receivable	$ 1,500,000								$ 1,500,000
Loans and Leases Receivable, Net Amount	$ 1,475,000				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]
line of credit receivable	$ 15,000,000								$ 15,000,000
Loans and Leases Receivable, Net Amount	$ 13,708,761				12,793,440				$ 13,708,761	12,793,440
interest rate note receivable	8.00%								8.00%
HCC [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
line of credit receivable	$ 11,110,000								$ 11,110,000
Loans and Leases Receivable, Net Amount	$ 7,324,904				5,359,904				$ 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]
line of credit receivable	$ 10,150,000	$ 10,150,000	$ 10,650,000						$ 10,150,000
Loans and Leases Receivable, Net Amount	$ 7,870,865				10,502,626				$ 7,870,865	10,502,626
interest rate note receivable	12.00%								12.00%
newport development partners [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
line of credit receivable	$ 3,000,000								$ 3,000,000
Loans and Leases Receivable, Net Amount	$ 0				806,318				$ 0	806,318
interest rate note receivable	12.00%								12.00%
360 Residential, LLC II [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
line of credit receivable	$ 3,255,000								$ 3,255,000
Loans and Leases Receivable, Net Amount	$ 2,884,845				2,477,952				$ 2,884,845	2,477,952
interest rate note receivable	15.00%								15.00%
Hendon Properties, LLC [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
line of credit receivable	$ 2,000,000								$ 2,000,000
Loans and Leases Receivable, Net Amount	$ 0				2,000,000				$ 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]
line of credit receivable	$ 500,000								$ 500,000
Loans and Leases Receivable, Net Amount	$ 177,000				0				$ 177,000	0
interest rate note receivable	12.00%								12.00%
360 Capital Company [Domain]
Accounts, Notes, Loans and Financing Receivable [Line Items]
line of credit receivable	$ 2,000,000								$ 2,000,000
Loans and Leases Receivable, Net Amount	$ 1,678,999				$ 0				$ 1,678,999	$ 0
interest rate note receivable	12.00%								12.00%

Real Estate Loans, Notes Rece59

Real Estate Loans, Notes Receivable, and Lines of Credit Interest income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Interest income [Abstract]
interest revenue current pay	$ 23,633,118	$ 16,188,752	$ 10,987,856
Accrued exit fee revenue	14,859,365	10,809,028	6,940,500
Deferred Revenue, Revenue Recognized	872,335	829,969	872,513
Net loan fee revenue	39,364,818	27,827,749	18,800,869
interest revenue notes receivable	4,120,775	2,853,961	3,026,856
Interest revenue on real estate loans	$ 43,485,593	$ 30,681,710	$ 21,827,725

Real Estate Loans, Notes Rece60

Real Estate Loans, Notes Receivable, and Lines of Credit Real Estate Loans Narrative (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
real estate loan participation percentage	25.00%								25.00%
amount drawn under loan agreement	$ 334,570,242				$ 238,965,175				$ 334,570,242	$ 238,965,175
loans to be funded	411,116,476								411,116,476
Revenues	58,991,853	$ 53,537,337	$ 45,853,944	$ 41,735,781	33,916,477	$ 29,955,693	$ 24,088,827	$ 21,344,515	200,118,915	109,305,512	$ 56,536,370
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	315,600,000								315,600,000
variable interest entity loans amount to be funded	391,000,000								391,000,000
Participating Mortgage Loans, Participation Liabilities, Amount	$ 20,761,819				13,544,160				$ 20,761,819	13,544,160
membership interests business acquisition percentage related parties	100.00%								100.00%
Encore [Member]
Mortgage Loans on Real Estate [Line Items]
real estate loan participation percentage	49.00%								49.00%
amount drawn under loan agreement	$ 10,958,200				$ 10,958,200				$ 10,958,200	$ 10,958,200
loans to be funded	10,958,200								10,958,200
Geographic Concentration Risk [Member] | Oxford [Member]
Mortgage Loans on Real Estate [Line Items]
amount drawn under loan agreement	101,500,000								101,500,000
loan commitment amount	$ 107,500,000								$ 107,500,000

Real Estate Loans, Notes Rece61

Real Estate Loans, Notes Receivable, and Lines of Credit phantom facts (Details)	12 Months Ended
	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)
Mortgage Loans on Real Estate [Line Items]
loan commitment guaranty limit amount	$ 2,000,000
loans to be funded	$ 411,116,476
loan commitment guaranty percent	25.00%
Oxford Capital Partners LLC [Member]
Mortgage Loans on Real Estate [Line Items]
line of credit receivable	$ 10,150,000	$ 10,150,000	$ 10,650,000
interest rate note receivable	12.00%
haven west [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.00%
current interest rate	8.00%
Unit count	160
Beds	568
loans to be funded	$ 6,940,795
Manassas [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	5.00%
current interest rate	8.00%
Unit count	304
loan commitment amount	$ 10.9
loans to be funded	$ 17,270,000
Irvine [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	7.50%
current interest rate	8.50%
Unit count	280
loan commitment amount	$ 21
loans to be funded	$ 59,052,583
Weems Road [Domain]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	5.83%
current interest rate	8.50%
Unit count	310
loan commitment amount	$ 5.7
loans to be funded	$ 13,464,372
Kennesaw [Domain]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	5.83%
current interest rate	8.50%
Unit count	198
loan commitment amount	$ 13.4
Beds	792
Cap rate discount	50
loans to be funded	$ 13,424,995
starkville [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.50%
current interest rate	8.50%
Unit count	152
Beds	536
Cap rate discount	50
loans to be funded	$ 6,116,384
newport overton [Member]
Mortgage Loans on Real Estate [Line Items]
loan commitment amount	16,000,000
loans to be funded	16,700,000
crosstown walk [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	$ 11,000,000
Newtown [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	8.00%
current interest rate	8.00%
loans to be funded	$ 10,346,000
encore capital [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	5.00%
current interest rate	8.50%
Summit III [Domain]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	8.00%
current interest rate	8.50%
loans to be funded	$ 7,246,400
crosstown walk II [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	8.00%
current interest rate	8.50%
loans to be funded	$ 6,920,000
Haven South Florida [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.00%
current interest rate	8.50%
loans to be funded	$ 10,975,000
City Vista [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.00%
current interest rate	8.00%
loans to be funded	$ 16,100,000
haven lubbock [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.00%
current interest rate	8.50%
loans to be funded	$ 15,598,352
Haven Waco [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.00%
current interest rate	8.50%
loans to be funded	$ 15,455,668
Haven South Florida [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	5.00%
current interest rate	8.50%
loans to be funded	$ 9,819,662
hidden river [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.50%
current interest rate	8.50%
loans to be funded	$ 12,693,457
dawsonville [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	5.00%
current interest rate	8.50%
loans to be funded	$ 12,857,005
hidden river [Member]
Mortgage Loans on Real Estate [Line Items]
loans to be funded	$ 6,300,000
hidden river [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.50%
current interest rate	8.50%
loans to be funded	$ 4,734,960
crosstown walk II [Member] [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.50%
current interest rate	8.50%
loans to be funded	$ 5,380,000
citypark view II [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.50%
current interest rate	8.50%
city park II capital [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.50%
current interest rate	8.50%
loans to be funded	$ 3,916,000
crescent avenue [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	3.00%
current interest rate	9.00%
loans to be funded	$ 6,000,000
haven northgate [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	1.50%
current interest rate	6.60%
loans to be funded	$ 64,678,549
park 35 on clairmont [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	2.00%
current interest rate	8.50%
loans to be funded	$ 21,060,160
fort myers [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	0.00%
current interest rate	12.00%
loans to be funded	$ 4,000,000
Wiregrass [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.50%
current interest rate	8.50%
loans to be funded	$ 14,975,853
Wiregrass capital [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.50%
current interest rate	8.50%
loans to be funded	$ 3,744,147
360 forsyth [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	0.00%
current interest rate	12.00%
loans to be funded	$ 3,225,000
haven charlotte [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.50%
current interest rate	8.50%
loans to be funded	$ 19,581,593
haven charlotte member [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred interest rate	6.50%
current interest rate	8.50%
loans to be funded	$ 8,201,170

Redeemable Preferred Stock (Det

Redeemable Preferred Stock (Details)	3 Months Ended								12 Months Ended
	Dec. 31, 2016USD ($)shares$ / shares	Sep. 30, 2016$ / shares	Jun. 30, 2016$ / shares	Mar. 31, 2016$ / shares	Dec. 31, 2015USD ($)$ / sharesshares	Sep. 30, 2015$ / shares	Jun. 30, 2015$ / shares	Mar. 31, 2015$ / shares	Dec. 31, 2016USD ($)shares$ / shares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)$ / shares	Dec. 02, 2016shares
Class of Stock [Line Items]
Common Stock, Dividends, Per Share, Declared | $ / shares	$ 0.22	$ 0.2025	$ 0.2025	$ 0.1925	$ 0.1925	$ 0.18	$ 0.18	$ 0.175	$ 0.8175	$ 0.7275	$ 0.655
Unitsyearcounttoredemptionthree	3								3
Stock Redeemed or Called During Period, Shares | shares									10,433
Proceeds from Issuance of Common Stock									$ 22,956,604	$ 5,381,848	$ 48,995,741
warrant exercise price as percent of gross ipo price	120.00%								120.00%
warrant minimum exercise price | $ / shares	$ 9								$ 9
daycountvolweightedavgcalcformarketvalue	20								20
warrantexercisewindowminyrsfromissue									1
warrantexercisewindowmaxyrsfromissue									4
Preferred Stock, Dividend Rate, Percentage									6.00%
Units stated value per share | $ / shares	$ 1,000								$ 1,000
Unitsredemptionfeepercentoneyear	13.00%								13.00%
Unitsredemptionfeepercenttwoyear	10.00%								10.00%
Unitsissuedpercentageofmaximum									0.00%
max proceeds equity sales									$ 100,000,000
aggregate offering costs	$ 14,600,000								14,600,000
prorataamountofferingcostsreclassed									13,600,000
deferred offering costs not yet reclassified	$ 1,000,000								$ 1,000,000
maximum shares available to be issued | shares	900,000								900,000
shares common stock from warrant exercises | shares									20
Deferred offering costs	$ 2,677,023				$ 5,834,304				$ 2,677,023	5,834,304
Deferred Offering Costs	$ 90,800,000								90,800,000
Dividends, Common Stock, Cash									$ 19,940,730	$ 16,196,324
mShares [Domain]
Class of Stock [Line Items]
Preferred Stock, Par or Stated Value Per Share | $ / shares	$ 0.01								$ 0.01
Series A Preferred Stock [Member]
Class of Stock [Line Items]
preferred stock | shares	924,855				486,182				924,855	486,182
Preferred Stock, Par or Stated Value Per Share | $ / shares	$ 0.01				$ 0.01				$ 0.01	$ 0.01
Preferred Stock, Value, Issued	$ 9,144				$ 4,830				$ 9,144	$ 4,830
Common Stock [Member]
Class of Stock [Line Items]
unitswarrants | shares	20								20
Unitsredemptionfee [Domain]
Class of Stock [Line Items]
Unitsredemptionfeespercentfouryears	3.00%								3.00%
Unitsredemptionfeespercentthreeyears	5.00%								5.00%
Unitsyearcounttoredemptionfive	5								5
Unitsredemptionfeepercentfiveyears									0.00%
Unitsyearcounttoredemptionfour	4								4
Unitsissued [Member]
Class of Stock [Line Items]
Proceeds from Other Equity									$ 833,100,000
Unitsissuedcumulative | shares									924,855
$1.5 billion unit [Domain]
Class of Stock [Line Items]
maximum shares available to be issued | shares	1,500,000								1,500,000
Unit Offering [Member]
Class of Stock [Line Items]
Deferred offering costs	$ 867,000								$ 867,000
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]
max proceeds equity sales									300,000,000
aggregate offering costs	1,000,000								1,000,000
prorataamountofferingcostsreclassed									100,000
deferred offering costs not yet reclassified	$ 900,000								900,000
mShares [Domain]
Class of Stock [Line Items]
maximum shares available to be issued | shares												500,000
at the market [Domain]
Class of Stock [Line Items]
Proceeds from Other Equity									$ 54,400,000
Common Stock, Shares, Issued | shares	6,500,000								6,500,000

Related Party Transactions (Det

Related Party Transactions (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2016USD ($)shares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)	Sep. 30, 2015shares	Jun. 30, 2015shares	Mar. 31, 2015shares
Related Party Transaction [Line Items]
loan coordination fees		$ 10,560,120	$ 0	$ 0
Cost of Reimbursable Expense		10,398,711	5,885,242	2,882,283
capital marketing and professional		461,294	804,648	778,888
acquisition fees paid to related party		$ 939,806	$ 4,967,671	3,714,077
Common Stock, Shares, Outstanding | shares	26,498,192	26,498,192	22,415,578		22,323,604	22,290,677	22,004,309
Construction Management Fee		$ 173,614	$ 59,554	0
Related Party Transaction, Expenses from Transactions with Related Party		29,649,873	15,545,219	9,283,124
Property management fees		5,980,735	3,014,801	1,347,502
AcquisitionFeesRelatedPartyCosts		(1,886,105)	(1,349,273)	(555,583)
loan origination fees		1,886,105	1,349,273	558,509
manager's fees deferred	$ 3,700,000	1,585,567	1,805,478	332,345
Financing Receivable, Gross	52,015,000	52,015,000
Loans and Leases Receivable, Net Amount	$ 37,615,675	37,615,675	37,943,733
disposition fee to manager		390,000
leasing commission fees		75,000
equity return on construction project		$ 1,900,000
Profit Sharing Interest		30.00%
net profits interest termination payment		$ 50,000
Acquisition-related Costs [Member]
Related Party Transaction [Line Items]
Percentageusedtocalculateacquisitionfees	0.00%	0.00%
AcquisitionFeesRelatedPartyCosts		$ 0	6,292,280	4,272,586
AssetmanagementFees [Member]
Related Party Transaction [Line Items]
Asset Management Costs		8,602,675	3,622,589	2,163,783
Propertymanagementfees [Member]
Related Party Transaction [Line Items]
Property management fees		4,943,899	2,456,968	1,229,319
General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party		$ 3,483,460	1,764,555	$ 1,058,927
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		$ 1,019,353	$ 390,872
Retail Site [Member]
Related Party Transaction [Line Items]
AcquisitionFeesRelatedPartyCosts	$ 714,570
Number of Real Estate Properties	31	31	14
woodstock retail [Member]
Related Party Transaction [Line Items]
AcquisitionFeesRelatedPartyCosts	$ 57,268
PCMS [Member]
Related Party Transaction [Line Items]
Financing Receivable, Gross	1,500,000	$ 1,500,000
Loans and Leases Receivable, Net Amount	1,082,311	1,082,311	$ 1,305,550
PCMS [Member] | PCMS [Member]
Related Party Transaction [Line Items]
Loans and Leases Receivable, Net Amount	1,082,311	1,082,311
PAA [Member]
Related Party Transaction [Line Items]
Loans and Leases Receivable, Net Amount	13,708,761	13,708,761	$ 12,793,440
line of credit receivable	$ 15,000,000	$ 15,000,000

Dividends (Details)

Dividends (Details) - USD ($)	1 Months Ended																								3 Months Ended								12 Months Ended
	Dec. 31, 2015	Nov. 30, 2015	Oct. 31, 2015	Sep. 30, 2015	Aug. 31, 2015	Jul. 31, 2015	Jun. 30, 2015	May 31, 2015	Apr. 30, 2015	Mar. 31, 2015	Feb. 28, 2015	Jan. 31, 2015	Dec. 31, 2014	Nov. 30, 2014	Oct. 31, 2014	Sep. 30, 2014	Aug. 31, 2014	Jul. 31, 2014	Jun. 30, 2014	May 31, 2014	Apr. 30, 2014	Mar. 31, 2014	Feb. 28, 2014	Jan. 31, 2014	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Dividends Payable [Line Items]
minority interest partnership units outstanding																									886,168								886,168
Common Stock, Dividends, Per Share, Declared																									$ 0.22	$ 0.2025	$ 0.2025	$ 0.1925	$ 0.1925	$ 0.18	$ 0.18	$ 0.175	$ 0.8175	$ 0.7275	$ 0.655
dividends common stock declared																									$ 5,740,616	$ 4,992,038	$ 4,772,587	$ 4,435,489	$ 4,314,999	$ 4,018,249	$ 4,012,322	$ 3,850,754	$ 19,940,730	$ 16,196,324
common stock shares entitled to dividends																									26,093,707	24,652,041	23,568,328	23,041,502					26,093,707
Dividends, Preferred Stock, Cash	$ 4,422,993	$ 4,255,788	$ 4,060,141	$ 3,886,173	$ 3,671,020	$ 3,458,513	$ 3,321,519	$ 3,143,567	$ 2,979,196	$ 2,770,048	$ 2,630,601	$ 2,481,086	$ 2,279,751	$ 2,138,764	$ 1,955,840	$ 1,824,796	$ 1,701,019	$ 1,588,310	$ 1,480,101	$ 1,366,207	$ 1,244,249	$ 1,141,491	$ 1,047,189	$ 984,217									$ 41,080,645	$ 18,751,934
Common Stock, Shares, Outstanding	22,415,578			22,323,604			22,290,677			22,004,309															26,498,192				22,415,578	22,323,604	22,290,677	22,004,309	26,498,192	22,415,578
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																								12 Months Ended
	Dec. 31, 2015	Nov. 30, 2015	Oct. 31, 2015	Sep. 30, 2015	Aug. 31, 2015	Jul. 31, 2015	Jun. 30, 2015	May 31, 2015	Apr. 30, 2015	Mar. 31, 2015	Feb. 28, 2015	Jan. 31, 2015	Dec. 31, 2014	Nov. 30, 2014	Oct. 31, 2014	Sep. 30, 2014	Aug. 31, 2014	Jul. 31, 2014	Jun. 30, 2014	May 31, 2014	Apr. 30, 2014	Mar. 31, 2014	Feb. 28, 2014	Jan. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Feb. 27, 2015	Jan. 30, 2015
Dividends Payable [Line Items]
Dividends, Preferred Stock, Cash	$ 4,422,993	$ 4,255,788	$ 4,060,141	$ 3,886,173	$ 3,671,020	$ 3,458,513	$ 3,321,519	$ 3,143,567	$ 2,979,196	$ 2,770,048	$ 2,630,601	$ 2,481,086	$ 2,279,751	$ 2,138,764	$ 1,955,840	$ 1,824,796	$ 1,701,019	$ 1,588,310	$ 1,480,101	$ 1,366,207	$ 1,244,249	$ 1,141,491	$ 1,047,189	$ 984,217	$ 41,080,645	$ 18,751,934
Preferred Stock entitled to dividend payments	446,165	850,246	801,455	358,687	721,143	682,392	288,392	617,994	582,720	223,699				417,895	384,085		334,013	311,944		267,273	243,570		206,007	192,607	893,245	446,165	765,185	651,439	544,129	516,017	482,774

Dividends NCI (Details)

Dividends NCI (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Equity [Abstract]
Distribution Made to Limited Partner, Cash Distributions Declared	$ 194,957	$ 179,449	$ 179,449	$ 117,395	$ 53,238	$ 49,779	$ 50,465	$ 49,063	$ 671,250	$ 202,545

Dividends tax characterization

Dividends tax characterization (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
tax characterization capital gain	0.00%	0.00%	0.00%
Series A Preferred Stock [Member]
Class of Stock [Line Items]
tax characterization ordinary income	88.00%	100.00%	100.00%
Tax characterization return of capital	11.00%	0.00%	0.00%
Common Stock [Member]
Class of Stock [Line Items]
tax characterization ordinary income	0.00%	33.00%	100.00%
Tax characterization return of capital	100.00%	67.00%	0.00%

Equity Compensation (Details)

Equity Compensation (Details) - USD ($)	Jan. 02, 2015	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2016	Jun. 30, 2015	Jan. 02, 2014	Jan. 03, 2013
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized								2,617,500	1,317,500
Share-based Compensation					$ 2,524,042	$ 2,362,453	$ 1,784,349
market vesting condition capital increase threshhold		$ 2,629,000	$ 3,549,000	$ 1,959,000
warrant exercise price as percent of gross ipo price					120.00%
Restricted Stock [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period					30,990	30,133	39,216
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					17,204,000,000
ClassBUnits [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
common stock fair value per share	$ 12.88									$ 9.21	$ 8.05
Class B Units valuation assumption dividend yield	5.98%									7.60%	8.12%
ClassBUnit valuation assumption expected volatility	26.10%									30.13%	32.70%
Class B Unit valuation assumptions risk free rate	2.81%									2.55%	3.80%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	285,997				265,931
2014 [Member] | Restricted Stock [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Share-based Compensation					$ 0	$ 107,321	$ 214,588
2014 [Member] | ClassBUnits [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				239,556
Share-based Compensation					$ 0	$ 3,825	$ 1,433,767

Equity Compensation Restricted

Equity Compensation Restricted Stock (Details) - USD ($)	Jan. 02, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2016	Jun. 30, 2015	Jan. 02, 2014	Jan. 03, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized					2,617,500	1,317,500
Stock Granted, Value, Share-based Compensation, Gross		$ 185,763,000,000
Share-based Compensation		$ 2,524,042	$ 2,362,453	$ 1,784,349
ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
common stock fair value per share	$ 12.88						$ 9.21	$ 8.05
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	285,997	265,931
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period		30,990	30,133	39,216
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share		$ 13.23	$ 10.62	$ 8.21
Stock Granted, Value, Share-based Compensation, Gross		$ 409,998	$ 320,012	$ 321,963

Equity Compensation Committee F

Equity Compensation Committee Fee Grants (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	$ (2,524,042)	$ (2,362,453)	$ (1,784,349)
Share-based Compensation	2,524,042	$ 2,362,453	$ 1,784,349
Stock Granted, Value, Share-based Compensation, Gross	$ 185,763,000,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	30,990	30,133	39,216
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share	$ 13.23	$ 10.62	$ 8.21
Stock Granted, Value, Share-based Compensation, Gross	$ 409,998	$ 320,012	$ 321,963
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	17,204,000,000
Award Year 2014 [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, Intrinsic Value, Amount Per Share	$ 8.41
Stock Granted, Value, Share-based Compensation, Gross	$ 47,864
Award Year 2014 [Member] | Directorscommitteefees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	5,693
Award Year 2015 [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, Intrinsic Value, Amount Per Share	$ 10.64
Stock Granted, Value, Share-based Compensation, Gross	$ 53,926
Award Year 2015 [Member] | Directorscommitteefees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	5,067
Award Year 2016 [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, Intrinsic Value, Amount Per Share	$ 13.03
Stock Granted, Value, Share-based Compensation, Gross	$ 83,973,000,000
Award Year 2016 [Member] | Directorscommitteefees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	6,444,000,000

Equity Compensation Class B Uni

Equity Compensation Class B Units (Details) - USD ($)	Jan. 02, 2015	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jan. 02, 2014	Jan. 03, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Dividends, Per Share, Declared		$ 0.22	$ 0.2025	$ 0.2025	$ 0.1925	$ 0.1925	$ 0.18	$ 0.18	$ 0.175		$ 0.8175	$ 0.7275	$ 0.655
Share-based Compensation											$ 2,524,042	$ 2,362,453	$ 1,784,349
market vesting condition capital increase threshhold					$ 2,629,000				$ 3,549,000	$ 1,959,000
ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
common stock fair value per share	$ 12.88													$ 9.21	$ 8.05
Common Stock, Dividends, Per Share, Declared											$ 0.19	$ 0.19	$ 0.16
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum											20 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	285,997										265,931
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%	8.12%
ClassBUnit valuation assumption expected volatility	26.10%													30.13%	32.70%
Class B Unit valuation assumptions risk free rate	2.81%													2.55%	3.80%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	2,667,288													1,947,640	1,422,963
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	$ 5.94
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	239,556
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	0

Equity Compensation Warrant (De

Equity Compensation Warrant (Details) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.22	$ 0.2025	$ 0.2025	$ 0.1925	$ 0.1925	$ 0.18	$ 0.18	$ 0.175	$ 0.8175	$ 0.7275	$ 0.655
warrant exercise price as percent of gross ipo price	120.00%								120.00%
Warrant [Member] | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Outstanding	150,000								150,000

Equity Compensation Equity comp

Equity Compensation Equity compensation expense by grant (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.22	$ 0.2025	$ 0.2025	$ 0.1925	$ 0.1925	$ 0.18	$ 0.18	$ 0.175	$ 0.8175	$ 0.7275	$ 0.655
Share-based Compensation									$ 2,524,042	$ 2,362,453	$ 1,784,349
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 749,124								749,124
stock grants for quarterly board committee fees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation									83,973	$ 53,926	$ 47,864
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]
Common Stock, Dividends, Per Share, Declared									$ 0.19	$ 0.19	$ 0.16
2013 [Member] | ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation									$ 0	$ 0	$ 2,318
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	0								0
2013 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation									0	0	85,812
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									5,236	1,984,052	0
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	0								0
2015 Year [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation									106,670	213,329	0
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	0								0
2016 [Member] | ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation									2,054,830	0	0
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	612,458								612,458
2016 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation									273,333	0	0
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	136,666								136,666
2014 [Member] | ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation									0	3,825	1,433,767
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	$ 107,321	$ 214,588
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 0								$ 0

Indebtedness (Details)

Indebtedness (Details)	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Initial Interest Rate	3.93%
Unamortized Debt Issuance Expense	$ 1,700,000
Interest Expense, Long-term Debt	40,383,450	$ 19,970,498	$ 8,182,976
interest expense to loan participant	2,008,741	1,496,566	219,587
Long-term Debt, Current Maturities	157,110,067
Long-term Debt	$ 1,305,870,471	660,736,774
variable interest rate minimum	3.00%
Long-term Debt, Maturities, Repayments of Principal in Year Two	$ 41,352,234
Long-term Debt, Maturities, Repayments of Principal in Year Three	332,726,142
Long-term Debt, Maturities, Repayments of Principal in Year Four	89,858,023
Long-term Debt, Maturities, Repayments of Principal after Year Five	138,241,835
Long-term Debt, Maturities, Repayments of Principal after Year Five	707,089,811
Long-term Debt	1,466,378,112
Interest Expense	44,284,144	21,315,731	10,188,187
Line of Credit Facility, Amount Outstanding	$ 127,500,000	34,500,000
total debt covenant min equity	2.120
Amortization of Financing Costs	$ 3,595,429	1,474,276	887,216
interest expense credit facility	$ 3,900,694	1,345,233	2,005,211
Spread over Initial Interest Rate option 1	200
Spread over Initial Interest Rate option 2	400
Indebtedness Weighted Average Remaining Maturity	8 years 1 month 6 days
Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 1,327,878,112	696,945,291
Enclave | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 24,862,000	24,862,000
Debt Instrument, Interest Rate, Stated Percentage	3.68%
ashfordpark second mtg [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 6,404,575	6,520,564
Debt Instrument, Interest Rate, Stated Percentage	4.13%
Summit Crossing Second mtg [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 5,057,941	5,145,250
Debt Instrument, Interest Rate, Stated Percentage	4.39%
Summit II [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 13,357,000	13,357,000
Debt Instrument, Interest Rate, Stated Percentage	4.49%
Trail Creek [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 0	28,109,000
Stone Rise Apartments [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 24,485,726	25,014,250
Debt Instrument, Basis Spread on Variable Rate	2.89%
Summit Crossing [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 20,034,920	20,366,748
Debt Instrument, Interest Rate, Stated Percentage	4.71%
Ashford Park | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 25,626,000	25,626,000
Debt Instrument, Interest Rate, Stated Percentage	3.13%
Trail II [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	4.22%
McNeil Ranch | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 13,646,000	13,646,000
Debt Instrument, Interest Rate, Stated Percentage	3.13%
Lake Cameron | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 19,773,000	19,773,000
Debt Instrument, Interest Rate, Stated Percentage	3.13%
Sandstone Creek Apartments | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 30,894,890	31,556,664
Debt Instrument, Interest Rate, Stated Percentage	3.18%
Stoneridge Farms at Hunt Club | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 26,729,985	27,302,546
Debt Instrument, Interest Rate, Stated Percentage	3.18%
Vineyards Apartments | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 34,775,000	34,775,000
Debt Instrument, Interest Rate, Stated Percentage	3.68%
springhill [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 9,672,371	9,868,025
Debt Instrument, Interest Rate, Stated Percentage	3.36%
Parkway Town Centre | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 7,034,452	7,176,745
Debt Instrument, Interest Rate, Stated Percentage	3.36%
Parkway Centre | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 4,539,632	4,635,162
Debt Instrument, Interest Rate, Stated Percentage	3.48%
woodstock retail [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 3,041,620	3,090,953
Debt Instrument, Interest Rate, Stated Percentage	4.71%
Deltona Landing | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 6,928,913	7,074,722
Debt Instrument, Interest Rate, Stated Percentage	3.48%
Powder Springs | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 7,311,197	7,465,051
Debt Instrument, Interest Rate, Stated Percentage	3.48%
Kingwood Glen | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 11,592,787	11,836,741
Debt Instrument, Interest Rate, Stated Percentage	3.48%
Barclay Crossing | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 6,517,956	6,655,117
Debt Instrument, Interest Rate, Stated Percentage	3.48%
Sweetgrass Corner | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 7,900,135	8,063,653
Debt Instrument, Interest Rate, Stated Percentage	3.58%
salem cove [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 9,586,678	9,600,000
Debt Instrument, Interest Rate, Stated Percentage	4.21%
Cypress [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 22,135,938	22,578,863
Debt Instrument, Interest Rate, Stated Percentage	3.43%
Northpointe [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 27,878,000	27,878,000
Debt Instrument, Interest Rate, Stated Percentage	3.16%
lakewood ranch [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 29,950,413	30,528,618
Debt Instrument, Interest Rate, Stated Percentage	3.55%
Lely [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 33,120,899	33,746,379
Debt Instrument, Interest Rate, Stated Percentage	3.84%
City Park [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 21,489,269	21,924,060
Debt Instrument, Interest Rate, Stated Percentage	3.27%
Mansions at Creekside [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 41,349,590	41,625,000
Debt Instrument, Interest Rate, Stated Percentage	2.37%
Citilakes [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 43,309,606	44,282,826
Debt Instrument, Interest Rate, Stated Percentage	2.94%
Independence Square [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 12,208,524	12,617,500
Debt Instrument, Interest Rate, Stated Percentage	3.93%
Royal Lakes [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 9,800,000	9,800,000
Debt Instrument, Interest Rate, Stated Percentage	3.12%
Debt Instrument, Basis Spread on Variable Rate	25000.00%
stone creek [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 16,497,919	16,792,850
Debt Instrument, Interest Rate, Stated Percentage	3.75%
lenox village town center [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 30,717,024	31,394,460
Debt Instrument, Interest Rate, Stated Percentage	3.82%
Lenox Village III [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 18,125,780	18,410,000
Debt Instrument, Interest Rate, Stated Percentage	4.04%
newport overton [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 40,712,134	0
Debt Instrument, Interest Rate, Stated Percentage	3.98%
baldwin park [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 73,910,000	0
Debt Instrument, Interest Rate, Stated Percentage	2.67%
Baldwin Park 2 [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 3,890,000	0
Debt Instrument, Interest Rate, Stated Percentage	10.67%
crosstown walk [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 32,069,832	0
Debt Instrument, Interest Rate, Stated Percentage	3.90%
Avalon Park [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 61,750,000	0
Debt Instrument, Interest Rate, Stated Percentage	2.77%
Avalon Park 2 [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 3,250,000	0
Debt Instrument, Interest Rate, Stated Percentage	11.77%
City Vista [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 35,734,946	0
Debt Instrument, Interest Rate, Stated Percentage	3.68%
Sorrel [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 33,442,303	0
Debt Instrument, Interest Rate, Stated Percentage	3.44%
Overlook at Hamilton Place [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 20,672,618	21,000,000
Debt Instrument, Interest Rate, Stated Percentage	4.19%
Summit Point [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 12,546,792	12,846,544
Debt Instrument, Interest Rate, Stated Percentage	3.57%
wade green [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 8,116,465	0
Debt Instrument, Interest Rate, Stated Percentage	4.00%
lakeland plaza [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 29,760,342	0
Debt Instrument, Interest Rate, Stated Percentage	3.85%
University Palms [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 13,513,891	0
Debt Instrument, Interest Rate, Stated Percentage	3.45%
Cherokee Plaza [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 26,017,293	0
Debt Instrument, Interest Rate, Stated Percentage	3.02%
Sandy Plains Exchange [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 9,439,850	0
Debt Instrument, Interest Rate, Stated Percentage	3.45%
Thompson Bridge Commons [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 12,619,589	0
Debt Instrument, Interest Rate, Stated Percentage	3.45%
Heritage Station [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 9,340,483	0
Debt Instrument, Interest Rate, Stated Percentage	3.45%
Oak Park Village [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 9,638,584	0
Debt Instrument, Interest Rate, Stated Percentage	3.45%
North by northwest FSU [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 33,499,754	0
Debt Instrument, Interest Rate, Stated Percentage	4.02%
brookwood office [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 32,400,000	0
Debt Instrument, Interest Rate, Stated Percentage	3.52%
Galleria 75 [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 5,900,265	0
Debt Instrument, Interest Rate, Stated Percentage	4.25%
victory village [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 9,250,000	0
Debt Instrument, Interest Rate, Stated Percentage	4.40%
Southgate retail [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 7,889,513	0
Debt Instrument, Interest Rate, Stated Percentage	3.97%
Rosewood retail [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 4,437,851	0
Debt Instrument, Interest Rate, Stated Percentage	3.97%
Furys ferry retail [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 6,607,467	0
Debt Instrument, Interest Rate, Stated Percentage	3.97%
East Gate retail [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 5,719,897	0
Debt Instrument, Interest Rate, Stated Percentage	3.97%
Champions Village [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 27,400,000
Debt Instrument, Interest Rate, Stated Percentage	3.78%
Debt Instrument, Basis Spread on Variable Rate	3.00%
Three ravinia [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 115,500,000	0
Debt Instrument, Interest Rate, Stated Percentage	4.46%
Shoppes of Parkland [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 16,492,503	0
Debt Instrument, Interest Rate, Stated Percentage	4.67%
Multifamily [Member]
Debt Instrument [Line Items]
Interest Expense, Long-term Debt	$ 28,135,936	14,994,053	7,109,292
Retail Segment [Member]
Debt Instrument [Line Items]
Interest Expense, Long-term Debt	8,870,094	3,479,879	854,097
Office Building [Member]
Debt Instrument [Line Items]
Interest Expense	474,402	0	0
Nashville Portfolio [Member] | student housing [Member]
Debt Instrument [Line Items]
Interest Expense, Long-term Debt	894,277	0	0
Sunbelt Portfolio [Member] | Office Building [Member]
Debt Instrument [Line Items]
Interest Expense, Long-term Debt	$ 474,402	$ 0	$ 0
Cherokee Plaza [Member]
Debt Instrument [Line Items]
LIBOR spread	225
Derivative, Cap Interest Rate	2.70%
Avalon Park 2 [Member]
Debt Instrument [Line Items]
LIBOR spread	1,100
Avalon Park [Member]
Debt Instrument [Line Items]
LIBOR spread	200
Baldwin Park 2 [Member]
Debt Instrument [Line Items]
LIBOR spread	990
baldwin park [Member]
Debt Instrument [Line Items]
LIBOR spread	190
Citilakes [Member]
Debt Instrument [Line Items]
LIBOR spread	217
Derivative, Cap Interest Rate	4.30%
Mansions at Creekside [Member]
Debt Instrument [Line Items]
LIBOR spread	160
Derivative, Cap Interest Rate	5.00%
Royal Lakes [Member]
Debt Instrument [Line Items]
loan commitment amount	$ 11,050,000
LIBOR spread	250
Champions Village [Member]
Debt Instrument [Line Items]
loan commitment amount	$ 34,160,000
LIBOR spread	300
Derivative, Cap Interest Rate	3.30%

Indebtedness debt covenants (De

Indebtedness debt covenants (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2016	Jun. 30, 2016
debt covenants [Line Items]
dividend restriction AFFO		100.00%
Line of Credit Facility, Maximum Borrowing Capacity			$ 150,000,000
minimum equity debt covenants	$ 687,000,000	$ 687,000,000
equity raise above min equity required	75.00%	75.00%
total debt covenant min equity	$ 840,200,000	$ 840,200,000
maximum dividends debt covenant	68,500,000
Minimum Net Worth Required for Compliance	$ 885,261,162	$ 885,261,162
debt yield	8.64%	8.64%
payout ratio	85.60%	85.60%
Total leverage ratio	60.50%	60.50%

Indebtedness Credit Facility (D

Indebtedness Credit Facility (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2016	May 26, 2016	Jan. 05, 2016
Line of Credit Facility [Line Items]
Short-term Debt	$ 32,000,000		$ 11,000,000	$ 35,000,000
Short-term Debt, Weighted Average Interest Rate	4.00%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.35%
Line of Credit Facility, Maximum Borrowing Capacity		$ 150,000,000
term loan [Member]
Line of Credit Facility [Line Items]
Loans Receivable, Basis Spread on Variable Rate	4.00%			3.80%
term loan [Member] [Member]
Line of Credit Facility [Line Items]
Loans Receivable, Basis Spread on Variable Rate	2.50%
Royal Lakes [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.12%

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2010
Operating Loss Carryforwards [Line Items]
Deferred Tax Assets, Net of Valuation Allowance		$ 298,100
DeferredTaxAssetsValuationAllowancePercentage	100.00%

Commitments and Contingencies (

Commitments and Contingencies (Details)	12 Months Ended
	Dec. 31, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
lease term	11 years
guaranty cap amount	$ 6,000,000
Annual reduction in guaranty cap	555,000
guaranty cap amount credit cards	405,000
real estate loan balances unfunded	$ 76,500,000

Operating Leases (Details)

Operating Leases (Details)	Dec. 31, 2016USD ($)ft²
Operating Leased Assets [Line Items]
anchor tenants percent of ABR	52.10%
Operating Leases, Future Minimum Payments Receivable, Remainder of Fiscal Year	$ 55,468,887
Operating Leases, Future Minimum Payments Receivable, in Two Years	53,516,830
Operating Leases, Future Minimum Payments Receivable, in Three Years	47,916,856
Operating Leases, Future Minimum Payments Receivable, in Four Years	43,973,346
Operating Leases, Future Minimum Payments Receivable, in Five Years	34,634,679
Operating Leases, Future Minimum Payments Receivable, Thereafter	212,172,233
Operating Leases, Future Minimum Payments Receivable	$ 447,682,831
office space leasable square feet | ft²	1,100,000
percent of space leased to credit tenant	98.00%
percent of space leased to major tenants	77.00%
Office Building [Member]
Operating Leased Assets [Line Items]
Operating Leases, Future Minimum Payments Receivable, Remainder of Fiscal Year	$ 19,954,746
Operating Leases, Future Minimum Payments Receivable, in Two Years	21,232,719
Operating Leases, Future Minimum Payments Receivable, in Three Years	22,097,943
Operating Leases, Future Minimum Payments Receivable, in Four Years	22,383,499
Operating Leases, Future Minimum Payments Receivable, in Five Years	18,116,847
Operating Leases, Future Minimum Payments Receivable, Thereafter	146,790,026
Operating Leases, Future Minimum Payments Receivable	250,575,780
new market properties [Member]
Operating Leased Assets [Line Items]
Operating Leases, Future Minimum Payments Receivable, Remainder of Fiscal Year	35,514,141
Operating Leases, Future Minimum Payments Receivable, in Two Years	32,284,111
Operating Leases, Future Minimum Payments Receivable, in Three Years	25,818,913
Operating Leases, Future Minimum Payments Receivable, in Four Years	21,589,847
Operating Leases, Future Minimum Payments Receivable, in Five Years	16,517,832
Operating Leases, Future Minimum Payments Receivable, Thereafter	65,382,207
Operating Leases, Future Minimum Payments Receivable	$ 197,107,051

Segment information (Details)

Segment information (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Assets	$ 2,420,832,602				$ 1,295,529,033				$ 2,420,832,602	$ 1,295,529,033
Operating Leases, Income Statement, Lease Revenue									137,330,774	69,128,280	$ 30,762,423
rental and other property revenues									200,118,915	109,305,512	56,536,370
adjusted funds from operations									135,881,454	76,520,788	42,563,492
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest									(9,843,414)	(2,425,989)	2,127,203
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(3,982,783)	$ (2,688,620)	$ 217,479	$ (3,389,490)	(384,129)	$ (1,697,767)	$ 420,836	$ (764,929)	(9,843,414)	(2,425,989)	2,127,203
Interest Expense									44,284,144	21,315,731	10,188,187
Depreciation									56,415,608	27,672,387	12,258,812
Business Combination, Acquisition Related Costs									(7,607,737)	(4,186,092)	(3,518,540)
Share-based Compensation									(2,524,042)	(2,362,453)	(1,784,349)
Gains (Losses) on Sales of Investment Real Estate									(4,271,506)	0	0
loan fees received									3,703,514	2,761,047	1,111,131
noncash loan interest income									3,134,432	1,880,232	1,261,667
Management fees net of deferrals									12,051,891	5,235,748	3,214,642
Multifamily [Member]
Segment Reporting Information [Line Items]
capitalized expenditures for long lived assets									8,400,801	3,579,457
Multifamily Communities
Segment Reporting Information [Line Items]
Assets	1,166,766,664				781,224,019				1,166,766,664	781,224,019
Operating Leases, Income Statement, Lease Revenue									120,553,674	65,232,087	31,234,822
adjusted funds from operations									66,553,559	36,339,603	18,209,645
Acquisition Costs, Period Cost									4,723,480	7,496,798	3,109,252
Retail Site [Member]
Segment Reporting Information [Line Items]
capitalized expenditures for long lived assets									1,640,036	1,088,585
Acquisition Costs, Period Cost									2,103,112	1,656,965	4,123,365
financingsegment [Member]
Segment Reporting Information [Line Items]
Assets	379,070,918				272,454,610				379,070,918	272,454,610
adjusted funds from operations									41,717,650	30,000,654	21,827,725
Interest Expense									5,909,435	2,841,799	2,224,798
Interest and Other Income									41,717,650	30,000,654	21,827,725
Retail Segment [Member]
Segment Reporting Information [Line Items]
Assets	579,738,707				229,461,573				579,738,707	229,461,573
woodstock retail [Member]
Segment Reporting Information [Line Items]
adjusted funds from operations									25,934,359	10,180,531	2,526,122
Interest Expense									8,870,094	3,479,879	854,097
Depreciation									19,245,688	7,125,989	2,129,667
Interest and Other Income									35,490,552	14,072,771	3,473,823
Office Building [Member]
Segment Reporting Information [Line Items]
capitalized expenditures for long lived assets									11,193
Assets	285,229,700				0				285,229,700	0
adjusted funds from operations									1,675,886	0	0
Interest Expense									474,402	0	0
Depreciation									1,229,542	0	0
Interest and Other Income									2,357,039	0	0
Acquisition Costs, Period Cost									1,720,951	0	0
Other Assets [Member]
Segment Reporting Information [Line Items]
Assets	$ 10,026,613				$ 12,388,831				10,026,613	12,388,831
All Other Segments [Member]
Segment Reporting Information [Line Items]
adjusted funds from operations									1,314,524	902,515	426,112
real estate assets [Member]
Segment Reporting Information [Line Items]
Interest Expense									29,030,213	14,994,054	7,109,292
Depreciation									$ 57,664,568	$ 30,970,345	$ 14,199,048

Loss per Share (Details)

Loss per Share (Details) - USD ($)	Jan. 02, 2015	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jan. 02, 2014	Jan. 03, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest		$ (3,982,783)	$ (2,688,620)	$ 217,479	$ (3,389,490)	$ (384,129)	$ (1,697,767)	$ 420,836	$ (764,929)	$ (9,843,414)	$ (2,425,989)	$ 2,127,203
Gains (Losses) on Sales of Investment Real Estate										$ 4,271,506	$ 0	$ 0
Preferred Stock, Shares Outstanding		914,422				482,964				914,422	482,964	192,846
Net Income (Loss) Attributable to Parent										$ (9,533,123)	$ (2,400,668)	$ 2,093,489
Deemed noncash dividend										(5,072,659)	0	0
NetIncomeAllocatedToUnvestedRestrictedShares										15,843	19,256	24,090
Income (Loss) Attributable to Noncontrolling Interest										310,291	25,321	(33,714)
Net Income (Loss) Available to Common Stockholders, Basic		$ (16,589,868)	$ (13,624,001)	$ (9,239,588)	$ (11,184,115)	$ (6,756,775)	$ (6,800,672)	$ (3,679,421)	$ (3,934,990)	$ (50,629,611)	$ (21,171,858)	$ (5,312,921)
Weighted Average Number of Shares Outstanding, Basic		25,210,069	24,340,791	23,325,663	22,983,741	22,402,366	22,292,217	22,215,663	21,813,974	23,969,494	22,182,971	17,399,147
Weighted Average Number of Shares Outstanding, Diluted		25,210,069	24,340,791	23,325,663	22,983,741	22,402,366	22,922,217	22,215,663	21,813,974
Preferred Stock, Dividend Rate, Percentage										6.00%
Units stated value per share		$ 1,000								$ 1,000
Incremental Common Shares from conversion of outstanding units		16,148,760								16,148,760
Earnings Per Share, Basic		$ (0.66)	$ (0.56)	$ (0.40)	$ (0.49)	$ (0.30)	$ (0.31)	$ (0.17)	$ (0.18)	$ (2.11)	$ (0.95)	$ (0.31)
Earnings Per Share, Diluted		$ (0.66)	$ (0.56)	$ (0.40)	$ (0.49)	$ (0.30)	$ 0.31	$ (0.17)	$ (0.18)
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Incremental Common Shares Attributable to Share-based Payment Arrangements										0	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
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
Unitsissued [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unitsissuedcumulative										924,855
ClassBUnits [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	2,667,288												1,947,640	1,422,963
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	285,997									265,931
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number		15,498				15,067				15,498	15,067	39,216
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period										30,990	30,133	39,216
Warrant [Member] | Maximum
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Class of Warrant or Right, Outstanding		150,000								150,000
Series A Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest										$ 0
Preferred Stock, Shares Outstanding		914,422				482,964				914,422	482,964
Dividends, Preferred Stock										$ (41,080,645)	$ (18,751,934)	$ (7,382,320)
Scenario, Actual [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted Average Number of Shares Outstanding, Diluted										23,969,494	22,182,971	17,399,147
Earnings Per Share, Basic										$ (2.11)	$ (0.95)	$ (0.31)

Selected Quarterly Financial 82

Selected Quarterly Financial Data (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating Leases, Income Statement, Lease Revenue	$ 58,991,853	$ 53,537,337	$ 45,853,944	$ 41,735,781	$ 33,916,477	$ 29,955,693	$ 24,088,827	$ 21,344,515	$ 200,118,915	$ 109,305,512	$ 56,536,370
Operating Income (Loss)	9,612,856	9,545,554	5,505,474	5,505,340	6,047,259	4,120,993	5,109,304	3,612,186	30,169,224	18,889,742	12,315,390
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(3,982,783)	(2,688,620)	217,479	(3,389,490)	(384,129)	(1,697,767)	420,836	(764,929)	(9,843,414)	(2,425,989)	2,127,203
Net Income (Loss) Available to Common Stockholders, Basic	$ (16,589,868)	$ (13,624,001)	$ (9,239,588)	$ (11,184,115)	$ (6,756,775)	$ (6,800,672)	$ (3,679,421)	$ (3,934,990)	$ (50,629,611)	$ (21,171,858)	$ (5,312,921)
Earnings Per Share, Basic	$ (0.66)	$ (0.56)	$ (0.40)	$ (0.49)	$ (0.30)	$ (0.31)	$ (0.17)	$ (0.18)	$ (2.11)	$ (0.95)	$ (0.31)
Earnings Per Share, Diluted	$ (0.66)	$ (0.56)	$ (0.40)	$ (0.49)	$ (0.30)	$ 0.31	$ (0.17)	$ (0.18)
Weighted Average Number of Shares Outstanding, Basic	25,210,069	24,340,791	23,325,663	22,983,741	22,402,366	22,292,217	22,215,663	21,813,974	23,969,494	22,182,971	17,399,147
Weighted Average Number of Shares Outstanding, Diluted	25,210,069	24,340,791	23,325,663	22,983,741	22,402,366	22,922,217	22,215,663	21,813,974

Pro Forma Financial Informati83

Pro Forma Financial Information (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
pro forma acquisition cost adjustment									$ (8,400,000)	$ (8,100,000)	$ (2,100,000)
Revenues	$ 58,991,853	$ 53,537,337	$ 45,853,944	$ 41,735,781	$ 33,916,477	$ 29,955,693	$ 24,088,827	$ 21,344,515	200,118,915	109,305,512	56,536,370
loans to be funded	$ 411,116,476								411,116,476
pro forma net income common stockholders									$ (42,157,846)	$ (66,536,591)	$ (31,577,629)
Weighted Average Number of Shares Outstanding, Basic	25,210,069	24,340,791	23,325,663	22,983,741	22,402,366	22,292,217	22,215,663	21,813,974	23,969,494	22,182,971	17,399,147
Weighted average number of shares of Common Stock outstanding, basic and diluted									23,969,494	22,182,971	17,399,147
Weighted Average Number of Shares Outstanding, Diluted	25,210,069	24,340,791	23,325,663	22,983,741	22,402,366	22,922,217	22,215,663	21,813,974
Pro Forma [Member]
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenues									$ 253,909,996	$ 228,020,379	$ 106,896,527
Business Acquisition, Pro Forma Net Income (Loss)									(1,082,540)	(49,338,846)	(24,386,460)
pro forma net income company									$ (1,061,358)	$ (47,765,401)	$ (24,171,219)
Business Acquisition, Pro Forma Earnings Per Share, Basic									$ (1.76)	$ (3)	$ (1.68)
Weighted Average Number of Shares Outstanding, Basic									23,969,494	22,182,971	18,850,410

Fair Values of Financial Inst84

Fair Values of Financial Instruments (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Accrued Investment Income Receivable	$ 21,900,000	$ 14,300,000
Financing Receivable, Net	15,499,699	18,489,247
Mortgage notes payable	1,305,870,471	660,736,774
Line of Credit Facility, Amount Outstanding	127,500,000	34,500,000
Bank Loans	11,000,000	0
Debt, Long-term and Short-term, Combined Amount		744,989,451
Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	1,327,878,112	696,945,291
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bank Loans	0
Financial and Nonfinancial Liabilities, Fair Value Disclosure		0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bank Loans	11,000,000
Financial and Nonfinancial Liabilities, Fair Value Disclosure		740,569,830
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
line of credit receivable	37,615,675	37,943,733
financial assets carrying value	370,376,743	290,240,139
Participating Mortgage Loans, Mortgage Obligations, Amount	20,761,819	13,544,160
Debt, Long-term and Short-term, Combined Amount	1,487,139,931
Real estate loans carrying value including accrued interest	332,761,068	252,296,406
Reported Value Measurement [Member] | Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	1,327,878,112	696,945,291
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Line of Credit Facility, Amount Outstanding	127,500,000	34,500,000
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
line of credit receivable	37,615,675	37,943,733
Participating Mortgage Loans, Mortgage Obligations, Amount	21,500,448	14,061,190
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure	0	0
real estate related loans fair value	0
Long-term Debt, Fair Value	0	0
Line of Credit Facility, Amount Outstanding	0	0
Participating Mortgage Loans, Mortgage Obligations, Amount	0	0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure	412,472,424	305,327,160
real estate related loans fair value	374,856,749	267,383,427
Long-term Debt, Fair Value	1,314,966,652	692,008,640
Line of Credit Facility, Amount Outstanding	127,500,000	34,500,000
Participating Mortgage Loans, Mortgage Obligations, Amount	21,500,448	14,061,190
Financial and Nonfinancial Liabilities, Fair Value Disclosure	1,474,967,100
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
real estate related loans fair value	0
Long-term Debt, Fair Value	0	0
Participating Mortgage Loans, Mortgage Obligations, Amount	0	0
Mortgages [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure	1,474,967,100	$ 267,383,427
real estate related loans fair value	$ 374,856,749

Subsequent Events sub events (D

Subsequent Events sub events (Details)	Jan. 02, 2015shares	Mar. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / shares	Sep. 30, 2016$ / shares	Jun. 30, 2016USD ($)$ / shares	Mar. 31, 2016$ / shares	Dec. 31, 2015$ / shares	Sep. 30, 2015$ / shares	Jun. 30, 2015$ / shares	Mar. 31, 2015$ / shares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares	Jun. 30, 2017USD ($)	Jan. 03, 2017USD ($)	Dec. 31, 2016	Dec. 31, 2016ft²	May 26, 2016USD ($)	Jan. 05, 2016USD ($)	Dec. 31, 2015ft²
Subsequent Event [Line Items]
business combination purchase price											$ 2,000,000	$ 600,000
Number of units in real estate property							6,136					6,136				8,268	2,432			2,810
interest revenue current pay											23,633,118	$ 16,188,752	$ 10,987,856
Financing Receivable, Gross			$ 52,015,000								52,015,000
loans to be funded			411,116,476								411,116,476
Proceeds from Issuance of Common Stock											22,956,604	5,381,848	48,995,741
deferred interest income											7,599,901	$ 6,256,200	$ 4,751,788
Short-term Debt			$ 32,000,000								$ 32,000,000							$ 11,000,000	$ 35,000,000
Common Stock, Dividends, Per Share, Declared | $ / shares			$ 0.22	$ 0.2025	$ 0.2025	$ 0.1925	$ 0.1925	$ 0.18	$ 0.18	$ 0.175	$ 0.8175	$ 0.7275	$ 0.655
Proceeds from Issuance of Preferred Stock and Preference Stock											$ 438,113,630	$ 292,684,309	$ 103,892,635
Proceeds from Issuance or Sale of Equity											390,904,255	262,456,354	$ 93,651,581
Area of Real Estate Property | ft²																	3,295,491			1,279,000
Line of Credit Facility, Maximum Borrowing Capacity					$ 150,000,000
wade green [Member]
Subsequent Event [Line Items]
business combination purchase price											$ 11,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares											419,228
Sarasota [Member]
Subsequent Event [Line Items]
business combination purchase price												$ 47,400,000
Number of units in real estate property | ft²																				237
citypark view II [Member]
Subsequent Event [Line Items]
current interest rate											8.50%
Deferred interest rate											6.50%
crescent avenue [Member]
Subsequent Event [Line Items]
loans to be funded			$ 6,000,000								$ 6,000,000
current interest rate											9.00%
Deferred interest rate											3.00%
PAA [Member]
Subsequent Event [Line Items]
line of credit receivable			$ 15,000,000								$ 15,000,000
interest rate note receivable																8.00%
Unitsissued [Member]
Subsequent Event [Line Items]
Proceeds from Other Equity											$ 833,100,000
Unitsissuedcumulative | shares											924,855
ClassBUnits [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares	285,997										265,931
Common Stock, Dividends, Per Share, Declared | $ / shares											$ 0.19	$ 0.19	$ 0.16
Restricted Stock [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares											30,990	30,133	39,216
2013 Shelf offering [Member]
Subsequent Event [Line Items]
Proceeds from Issuance of Common Stock											$ 200,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared | $ / shares		$ 0.22
Subsequent Event [Member] | Sandstone Creek Apartments
Subsequent Event [Line Items]
business combination purchase price		$ 48,100,000
Undistributed Net Realized Gain (Loss) on Sale of Properties		$ 600,000
Subsequent Event [Member] | Unitsissued [Member]
Subsequent Event [Line Items]
Unitsissuedcumulative | shares		64,553
Proceeds from Issuance of Preferred Stock and Preference Stock		$ 58,100,000
2016 [Domain] | Subsequent Event [Member] | 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
2016 [Domain] | Share-based Compensation Award, Tranche One [Member] | Subsequent Event [Member] | ClassBUnits [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares		206,528
2016 [Domain] | Share-based Compensation Award, Tranche Two [Member] | Subsequent Event [Member] | ClassBUnits [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares		29,699
2016 [Domain] | Share-based Compensation Award, Tranche Three [Member] | Subsequent Event [Member] | ClassBUnits [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares		29,704
2017 [Domain] | Subsequent Event [Member] | ClassBUnits [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares		286,392
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number															$ 3,413,793
2017 [Domain] | Share-based Compensation Award, Tranche One [Member] | Subsequent Event [Member] | ClassBUnits [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares		227,576
2017 [Domain] | Share-based Compensation Award, Tranche Two [Member] | Subsequent Event [Member] | ClassBUnits [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares		29,401
2017 [Domain] | Share-based Compensation Award, Tranche Three [Member] | Subsequent Event [Member] | ClassBUnits [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares		29,415
ASU [Domain]
Subsequent Event [Line Items]
Number of units in real estate property																225
Number of beds, student housing																640
February 2017 facility [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 200,000,000												$ 300,000,000

Schedule III (Details)

Schedule III (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Gross	$ 1,965,486,998	$ 1,007,285,586	$ 496,475,543	$ 204,449,160
SEC Schedule III, Real Estate Accumulated Depreciation	(103,814,895)	(53,994,666)	(26,388,066)	$ (14,133,421)
Long-term Debt	1,305,870,471	660,736,774
SEC Schedule III, Real Estate, Other Acquisitions	988,070,717	506,207,786	289,947,272
SEC Schedule III, Real Estate, Improvements	7,972,176	4,125,290	2,024,207
SEC Schedule III, Real Estate, Other Additions	2,102,882	542,752	66,647
SEC Schedule III, Real Estate Accumulated Depreciation, Period Increase (Decrease)	(559,888)	(65,785)	(11,743)
SEC Schedule III, Real Estate, Cost of Real Estate Sold	(39,384,475)	0	0
SEC Schedule III, Real Estate, Other Deductions	559,888	65,785	4,167
SEC Schedule III, Real Estate Accumulated Depreciation, Real Estate Sold	5,960,197	0	0
SEC Schedule III, Real Estate Accumulated Depreciation, Depreciation Expense	(56,340,314)	(27,672,385)	$ (12,258,812)
Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	299,497,501
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	1,648,354,789
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	17,634,709
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	299,547,501
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	1,663,293,863
Construction in Progress, Gross	2,645,633
SEC Schedule III, Real Estate, Gross	1,965,486,998
SEC Schedule III, Real Estate Accumulated Depreciation	(103,814,894)
Long-term Debt	1,327,878,112	696,945,291
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	1,327,878,112
Cypress [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	3,241,595
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	30,092,664
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	226,449
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,241,595
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	30,312,731
Construction in Progress, Gross	6,383
SEC Schedule III, Real Estate, Gross	33,560,709
SEC Schedule III, Real Estate Accumulated Depreciation	$ (2,983,603)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2014
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Feb. 13, 2015
Long-term Debt	$ 22,135,938	22,578,863
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	22,135,938
Summit Crossing Second mtg [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	3,450,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	27,704,648
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	836,341
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,450,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	28,540,989
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	31,990,989
SEC Schedule III, Real Estate Accumulated Depreciation	$ (7,339,657)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2007
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Apr. 21, 2011
Long-term Debt	$ 5,057,941	5,145,250
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	25,092,861
Summit II [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	3,220,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	15,852,100
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	172,222
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,220,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	16,024,322
SEC Schedule III, Real Estate, Gross	19,244,322
SEC Schedule III, Real Estate Accumulated Depreciation	$ (2,468,874)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2013
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Dec. 31, 2013
Long-term Debt	$ 13,357,000	13,357,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	13,357,000
Trail Creek [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Long-term Debt	0	28,109,000
Ashford Park | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	10,600,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	26,293,524
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	1,992,868
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	10,600,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	28,286,392
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	38,886,392
SEC Schedule III, Real Estate Accumulated Depreciation	$ (6,758,554)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 1992
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Jan. 23, 2013
Long-term Debt	$ 25,626,000	25,626,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	32,030,575
McNeil Ranch [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	2,100,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	17,556,219
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	640,030
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,100,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	18,196,249
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	20,296,249
SEC Schedule III, Real Estate Accumulated Depreciation	$ (3,873,879)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 1999
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Jan. 23, 2013
Long-term Debt	$ 13,646,000	13,646,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	13,646,000
Lake Cameron [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	4,000,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	24,443,573
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	774,915
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	4,000,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	25,218,488
Construction in Progress, Gross
SEC Schedule III, Real Estate, Gross	29,218,488
SEC Schedule III, Real Estate Accumulated Depreciation	$ (6,128,998)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 1997
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Jan. 23, 2013
Long-term Debt	$ 19,773,000	19,773,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	19,773,000
Enclave [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	4,704,917
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	32,173,328
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	514,198
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	4,704,917
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	32,687,526
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	37,392,443
SEC Schedule III, Real Estate Accumulated Depreciation	$ (3,092,877)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2003
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Sep. 26, 2014
Long-term Debt	$ 24,862,000	24,862,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	24,862,000
Sandstone Creek Apartments [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	2,846,197
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	45,194,352
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	1,824,722
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,846,197
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	46,458,193
Construction in Progress, Gross	560,881
SEC Schedule III, Real Estate, Gross	49,865,271
SEC Schedule III, Real Estate Accumulated Depreciation	$ (4,732,919)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2000
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Sep. 26, 2014
Long-term Debt	$ 30,894,890	31,556,664
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	30,894,890
Stoneridge Farms at Hunt Club [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	3,026,393
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	38,478,205
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	755,640
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,026,393
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	39,233,845
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	42,260,238
SEC Schedule III, Real Estate Accumulated Depreciation	$ (3,975,500)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2002
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Sep. 26, 2014
Long-term Debt	$ 26,729,985	27,302,546
Vineyards Apartments [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	5,455,594
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	46,201,367
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	466,910
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	5,455,594
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	46,668,277
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	52,123,871
SEC Schedule III, Real Estate Accumulated Depreciation	$ (4,323,049)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2003
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Sep. 26, 2014
Long-term Debt	$ 34,775,000	34,775,000
baldwin park [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	17,402,882
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	90,464,346
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	2,245,401
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	17,402,882
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	91,507,458
Construction in Progress, Gross	1,202,289
SEC Schedule III, Real Estate, Gross	110,112,629
SEC Schedule III, Real Estate Accumulated Depreciation	$ (3,674,999)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2008
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Jan. 5, 2016
Long-term Debt	$ 73,910,000	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	77,800,000
crosstown walk [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	5,178,375
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	39,332,414
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	62,750
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	5,178,375
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	39,395,164
SEC Schedule III, Real Estate, Gross	44,573,539
SEC Schedule III, Real Estate Accumulated Depreciation	$ (1,784,672)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2014
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Jan. 15, 2016
Long-term Debt	$ 32,069,832	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	32,069,832
newport overton [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	8,511,370
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	50,996,139
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	110,814
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	8,511,370
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	51,096,385
Construction in Progress, Gross	10,568
SEC Schedule III, Real Estate, Gross	59,618,323
SEC Schedule III, Real Estate Accumulated Depreciation	$ (1,670,533)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Feb. 1, 2016
Long-term Debt	$ 40,712,134	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	40,712,134
stone creek [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	2,210,630
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	22,915,674
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	321,299
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,210,630
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	23,180,831
Construction in Progress, Gross	56,141
SEC Schedule III, Real Estate, Gross	25,447,602
SEC Schedule III, Real Estate Accumulated Depreciation	$ (1,572,817)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2009
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Nov. 12, 2015
Long-term Debt	$ 16,497,919	16,792,850
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	16,497,919
Citilakes [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	5,558,033
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	56,827,859
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	349,928
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	5,558,033
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	57,170,323
Construction in Progress, Gross	7,464
SEC Schedule III, Real Estate, Gross	62,735,820
SEC Schedule III, Real Estate Accumulated Depreciation	$ (3,303,888)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2014
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Sep. 3, 2015
Long-term Debt	$ 43,309,606	44,282,826
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	43,309,606
lenox village town center [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	4,611,835
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	39,911,439
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	689,026
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	4,611,835
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	40,419,599
Construction in Progress, Gross	180,866
SEC Schedule III, Real Estate, Gross	45,212,300
SEC Schedule III, Real Estate Accumulated Depreciation	$ (1,969,166)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2009
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Dec. 21, 2015
Long-term Debt	$ 30,717,024	31,394,460
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	30,717,024
Avalon Park [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	7,410,048
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	82,348,892
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	333,923
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	7,410,048
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	82,529,500
Construction in Progress, Gross	153,315
SEC Schedule III, Real Estate, Gross	90,092,863
SEC Schedule III, Real Estate Accumulated Depreciation	$ (2,474,674)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2008
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	May 31, 2016
Long-term Debt	$ 61,750,000	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	65,000,000
City Vista [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	4,081,682
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	41,486,235
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	5,969
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	4,081,683
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	41,487,264
Construction in Progress, Gross	4,939
SEC Schedule III, Real Estate, Gross	45,573,886
SEC Schedule III, Real Estate Accumulated Depreciation	$ (933,313)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2014
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Jul. 1, 2016
Long-term Debt	$ 35,734,946	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	35,734,946
Sorrel [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	4,412,164
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	42,217,297
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	128,843
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	4,412,163
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	42,256,167
Construction in Progress, Gross	89,975
SEC Schedule III, Real Estate, Gross	46,758,305
SEC Schedule III, Real Estate Accumulated Depreciation	$ (763,075)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Aug. 24, 2016
Long-term Debt	$ 33,442,303	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	33,442,303
lenox regent [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	301,455
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	3,492,892
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	21,238
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	301,455
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	3,514,130
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	3,815,585
SEC Schedule III, Real Estate Accumulated Depreciation	$ (171,625)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2009
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Dec. 21, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Lenox Village III [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	2,964,533
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	24,210,605
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	90,993
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,964,533
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	24,252,274
Construction in Progress, Gross	49,324
SEC Schedule III, Real Estate, Gross	27,266,131
SEC Schedule III, Real Estate Accumulated Depreciation	$ (1,141,956)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Dec. 21, 2015
Long-term Debt	$ 18,125,780	18,410,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	18,125,780
Mansions at Creekside [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	5,983,724
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	48,989,119
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	345,113
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	5,983,724
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	49,294,238
Construction in Progress, Gross	39,994
SEC Schedule III, Real Estate, Gross	55,317,956
SEC Schedule III, Real Estate Accumulated Depreciation	$ (3,376,891)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2013
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Jul. 31, 2015
Long-term Debt	$ 41,349,590	41,625,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	41,349,590
City Park [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	3,558,793
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	28,359,912
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	37,361
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,558,793
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	28,397,273
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	31,956,066
SEC Schedule III, Real Estate Accumulated Depreciation	$ (2,282,321)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2014
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Jun. 30, 2015
Long-term Debt	$ 21,489,269	21,924,060
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	21,489,269
Lely [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	7,675,409
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	43,794,285
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	91,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	7,675,409
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	43,885,285
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	51,560,694
SEC Schedule III, Real Estate Accumulated Depreciation	$ (3,141,727)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Jun. 24, 2015
Long-term Debt	$ 33,120,899	33,746,379
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	33,120,899
lakewood ranch [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	3,791,050
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	42,950,081
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	220,739
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,791,050
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	43,170,820
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	46,961,870
SEC Schedule III, Real Estate Accumulated Depreciation	$ (3,068,574)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	May 21, 2015
Long-term Debt	$ 29,950,413	30,528,618
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	29,950,413
Northpointe [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	3,920,631
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	37,203,283
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	278,566
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,920,631
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	37,475,466
Construction in Progress, Gross	6,383
SEC Schedule III, Real Estate, Gross	41,402,480
SEC Schedule III, Real Estate Accumulated Depreciation	$ (3,559,010)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2013
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Feb. 13, 2015
Long-term Debt	$ 27,878,000	27,878,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	27,878,000
woodstock retail [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	1,750,576
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	3,800,101
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	528,349
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,750,576
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	4,328,450
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	6,079,026
SEC Schedule III, Real Estate Accumulated Depreciation	$ (543,631)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 1994
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Feb. 12, 2014
Long-term Debt	$ 3,041,620	3,090,953
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	3,041,620
Parkway Town Centre [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	3,053,816
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	6,694,333
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	374,673
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,053,816
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	7,069,006
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	10,122,822
SEC Schedule III, Real Estate Accumulated Depreciation	$ (614,721)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2005
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Sep. 5, 2014
Long-term Debt	$ 7,034,452	7,176,745
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	7,034,452
springhill [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	4,375,940
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	8,104,053
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	34,640
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	4,375,940
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	8,138,693
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	12,514,633
SEC Schedule III, Real Estate Accumulated Depreciation	$ (809,777)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2005
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Sep. 5, 2014
Long-term Debt	$ 9,672,371	9,868,025
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	9,672,371
Barclay Crossing [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	2,855,845
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	7,571,732
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	239,784
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,855,845
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	7,811,516
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	10,667,361
SEC Schedule III, Real Estate Accumulated Depreciation	$ (683,088)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 1998
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Sep. 30, 2014
Long-term Debt	$ 6,517,956	6,655,117
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	6,517,956
Deltona Landing [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	2,255,891
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	8,344,124
ScheduleIIICostsCapitalizedSubsequenttoacquisition	(32,668)
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,255,891
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	8,311,456
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	10,567,347
SEC Schedule III, Real Estate Accumulated Depreciation	$ (757,813)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 1999
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Sep. 30, 2014
Long-term Debt	$ 6,928,913	7,074,722
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	6,928,913
Kingwood Glen [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	5,021,327
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	12,929,578
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	394,409
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	5,021,327
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	13,323,987
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	18,345,314
SEC Schedule III, Real Estate Accumulated Depreciation	$ (1,203,789)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 1998
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Sep. 30, 2014
Long-term Debt	$ 11,592,787	11,836,741
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	11,592,787
Parkway Centre [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	2,070,712
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	4,515,541
ScheduleIIICostsCapitalizedSubsequenttoacquisition	33,427
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,070,712
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	4,548,968
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	6,619,680
SEC Schedule III, Real Estate Accumulated Depreciation	$ (442,280)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 1999
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Sep. 30, 2014
Long-term Debt	$ 4,539,632	4,635,162
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	4,539,632
Powder Springs [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	1,832,455
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	8,245,595
ScheduleIIICostsCapitalizedSubsequenttoacquisition	23,216
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,832,455
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	8,268,811
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	10,101,266
SEC Schedule III, Real Estate Accumulated Depreciation	$ (773,971)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 1999
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Sep. 30, 2014
Long-term Debt	$ 7,311,197	7,465,051
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	7,311,197
Sweetgrass Corner [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	3,075,699
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	12,670,136
ScheduleIIICostsCapitalizedSubsequenttoacquisition	(2,187)
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	3,075,699
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	12,667,949
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	15,743,648
SEC Schedule III, Real Estate Accumulated Depreciation	$ (1,101,841)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 1999
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Sep. 30, 2014
Long-term Debt	$ 7,900,135	8,063,653
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	7,900,135
salem cove [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	2,427,095
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	10,272,370
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	28,570
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,427,095
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	10,300,940
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	12,728,035
SEC Schedule III, Real Estate Accumulated Depreciation	$ (763,602)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2010
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Oct. 6, 2014
Long-term Debt	$ 9,586,678	9,600,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	9,586,678
Independence Square [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	4,114,574
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	13,690,410
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	956,890
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	4,114,574
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	14,647,300
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	18,761,874
SEC Schedule III, Real Estate Accumulated Depreciation	$ (980,866)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 1977
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Jul. 1, 2015
Long-term Debt	$ 12,208,524	12,617,500
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	12,208,524
Royal Lakes [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	4,874,078
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	10,438,594
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	55,846
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	4,924,078
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	10,444,440
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	15,368,518
SEC Schedule III, Real Estate Accumulated Depreciation	$ (614,845)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2008
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Sep. 4, 2015
Long-term Debt	$ 9,800,000	9,800,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	9,800,000
Summit Point [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	7,063,874
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	11,429,954
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	48,520
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	7,063,874
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	11,478,474
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	18,542,348
SEC Schedule III, Real Estate Accumulated Depreciation	$ (660,579)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2004
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Oct. 30, 2015
Long-term Debt	$ 12,546,792	12,846,544
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	12,546,792
Stone Rise Apartments [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	6,950,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	21,456,450
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	575,636
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	6,950,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	22,032,086
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	28,982,086
SEC Schedule III, Real Estate Accumulated Depreciation	$ (5,447,414)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2008
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Apr. 15, 2011
Long-term Debt	$ 24,485,726	25,014,250
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	24,485,726
Overlook at Hamilton Place [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	6,786,593
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	25,244,208
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	6,786,593
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	25,244,208
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	32,030,801
SEC Schedule III, Real Estate Accumulated Depreciation	$ (1,159,091)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 1992
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Dec. 22, 2015
Long-term Debt	$ 20,672,618	21,000,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	20,672,618
wade green [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	1,840,284
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	8,410,397
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	79,415
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,840,284
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	8,489,812
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	10,330,096
SEC Schedule III, Real Estate Accumulated Depreciation	$ (377,526)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 1993
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Feb. 29, 2016
Long-term Debt	$ 8,116,465	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	8,116,465
Anderson central retail [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	5,059,370
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	13,278,266
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	9,290
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	5,059,370
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	13,287,556
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	18,346,926
SEC Schedule III, Real Estate Accumulated Depreciation	$ (534,631)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 1999
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Apr. 29, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
East Gate retail [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	1,653,219
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	7,390,858
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	5,001
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,653,219
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	7,395,859
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	9,049,078
SEC Schedule III, Real Estate Accumulated Depreciation	$ (225,371)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 1995
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Apr. 29, 2016
Long-term Debt	$ 5,719,897	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	5,719,897
Fairview market retail [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	1,352,712
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	5,178,954
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,352,712
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	5,178,954
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	6,531,666
SEC Schedule III, Real Estate Accumulated Depreciation	$ (183,935)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 1998
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Apr. 29, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Furys ferry retail [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	2,083,772
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	8,106,864
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	21,500
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,083,772
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	8,128,364
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	10,212,136
SEC Schedule III, Real Estate Accumulated Depreciation	$ (225,152)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 1996
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Apr. 29, 2016
Long-term Debt	$ 6,607,467	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	6,607,467
Rosewood retail [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	1,671,035
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	5,347,314
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,671,035
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	5,347,314
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	7,018,349
SEC Schedule III, Real Estate Accumulated Depreciation	$ (128,686)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2002
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Apr. 29, 2016
Long-term Debt	$ 4,437,851	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	4,437,851
Southgate retail [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	2,261,539
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	10,290,005
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	36,089
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,261,539
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	10,326,093
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	12,587,632
SEC Schedule III, Real Estate Accumulated Depreciation	$ (280,597)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 1988
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Apr. 29, 2016
Long-term Debt	$ 7,889,513	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	7,889,513
victory village [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	2,271,224
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	12,275,195
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	2,271,224
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	12,275,195
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	14,546,419
SEC Schedule III, Real Estate Accumulated Depreciation	$ (288,841)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2007
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	May 16, 2016
Long-term Debt	$ 9,250,000	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	9,250,000
lakeland plaza [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	7,079,408
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	33,087,301
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	7,079,408
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	33,087,301
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	40,166,709
SEC Schedule III, Real Estate Accumulated Depreciation	$ (638,097)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 1990
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Jul. 15, 2016
Long-term Debt	$ 29,760,342	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	29,760,342
Cherokee Plaza [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	8,392,128
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	32,249,367
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	8,392,128
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	32,249,367
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	40,641,495
SEC Schedule III, Real Estate Accumulated Depreciation	$ (376,385)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 1958
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Aug. 8, 2016
Long-term Debt	$ 26,017,293	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	26,017,293
Heritage Station [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	1,683,830
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	9,882,860
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	23,025
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,683,830
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	9,905,885
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	11,589,715
SEC Schedule III, Real Estate Accumulated Depreciation	$ (131,321)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2004
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Aug. 8, 2016
Long-term Debt	$ 9,340,483	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	9,340,483
Oak Park Village [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	5,744,764
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	10,779,268
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	5,744,764
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	10,779,268
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	16,524,032
SEC Schedule III, Real Estate Accumulated Depreciation	$ (157,751)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 1970
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Aug. 8, 2016
Long-term Debt	$ 9,638,584	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	9,638,584
Sandy Plains Exchange [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	4,787,902
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	9,309,429
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	4,787,902
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	9,309,429
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	14,097,331
SEC Schedule III, Real Estate Accumulated Depreciation	$ (156,431)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 1997
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Aug. 8, 2016
Long-term Debt	$ 9,439,850	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	9,439,850
Shoppes of Parkland [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	10,779,274
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	16,543,059
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	10,779,274
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	16,543,059
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	27,322,333
SEC Schedule III, Real Estate Accumulated Depreciation	$ (322,336)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2000
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Aug. 8, 2016
Long-term Debt	$ 16,492,503	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	16,492,503
Thompson Bridge Commons [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	1,478,326
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	16,047,116
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,478,326
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	16,047,116
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	17,525,442
SEC Schedule III, Real Estate Accumulated Depreciation	$ (196,288)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2001
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Aug. 8, 2016
Long-term Debt	$ 12,619,589	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	12,619,589
University Palms [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	4,853,588
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	16,706,243
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	4,853,588
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	16,706,243
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	21,559,831
SEC Schedule III, Real Estate Accumulated Depreciation	$ (233,255)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 1993
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Aug. 8, 2016
Long-term Debt	$ 13,513,891	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	13,513,891
Champions Village [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	12,812,546
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	33,399,405
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	12,812,546
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	33,399,404
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	46,211,951
SEC Schedule III, Real Estate Accumulated Depreciation	$ (386,183)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 1973
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Oct. 18, 2016
Long-term Debt	$ 27,400,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	27,400,000
brookwood office [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	1,744,828
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	42,661,202
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	1,744,828
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	42,661,202
SEC Schedule III, Real Estate, Gross	44,406,030
SEC Schedule III, Real Estate Accumulated Depreciation	$ (466,449)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2007
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Aug. 24, 2016
Long-term Debt	$ 32,400,000	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	32,400,000
Galleria 75 [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	15,156,267
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	1,511,667
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	15,156,267
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	1,511,667
SEC Schedule III, Real Estate, Gross	16,667,934
SEC Schedule III, Real Estate Accumulated Depreciation	$ (28,473)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 1988
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Nov. 4, 2016
Long-term Debt	$ 5,900,265	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	5,900,265
Three ravinia [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	9,784,645
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	154,022,551
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	11,193
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	9,784,645
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	154,022,550
Construction in Progress, Gross	11,193
SEC Schedule III, Real Estate, Gross	163,818,388
SEC Schedule III, Real Estate Accumulated Depreciation	$ (253,057)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 1991
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Dec. 30, 2016
Long-term Debt	$ 115,500,000	0
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	115,500,000
North by northwest FSU [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	8,281,055
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	36,979,837
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	652,833
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	8,281,055
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	37,366,752
Construction in Progress, Gross	265,918
SEC Schedule III, Real Estate, Gross	45,913,725
SEC Schedule III, Real Estate Accumulated Depreciation	$ (1,099,670)
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction	Dec. 31, 2012
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired	Jun. 1, 2016
Long-term Debt	$ 33,499,754	$ 0
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	33,499,754
Retail Segment [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	127,363,396
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	392,232,630
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	2,857,789
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	127,413,396
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	395,040,417
Construction in Progress, Gross	0
SEC Schedule III, Real Estate, Gross	522,453,814
SEC Schedule III, Real Estate Accumulated Depreciation	(15,952,680)
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	325,597,403
Multifamily communities [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	137,167,310
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	1,020,946,902
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	14,112,894
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	137,167,310
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	1,032,691,275
Construction in Progress, Gross	2,368,522
SEC Schedule III, Real Estate, Gross	1,172,227,107
SEC Schedule III, Real Estate Accumulated Depreciation	(86,014,565)
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	814,980,690
Office Building [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land	26,685,740
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	198,195,420
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs	11,193
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land	26,685,740
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements	198,195,419
Construction in Progress, Gross	11,193
SEC Schedule III, Real Estate, Gross	224,892,352
SEC Schedule III, Real Estate Accumulated Depreciation	(747,979)
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 153,800,265
Minimum [Member] | Summit Crossing Second mtg [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Minimum [Member] | Summit II [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Minimum [Member] | Trail Creek [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Minimum [Member] | Trail II [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Minimum [Member] | Ashford Park | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Minimum [Member] | McNeil Ranch [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Minimum [Member] | Lake Cameron [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Minimum [Member] | Enclave [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Minimum [Member] | Sandstone Creek Apartments [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Minimum [Member] | Stoneridge Farms at Hunt Club [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Minimum [Member] | Vineyards Apartments [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Minimum [Member] | woodstock retail [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Minimum [Member] | Parkway Town Centre [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Minimum [Member] | springhill [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Minimum [Member] | Barclay Crossing [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Minimum [Member] | Deltona Landing [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Minimum [Member] | Kingwood Glen [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Minimum [Member] | Parkway Centre [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Minimum [Member] | Powder Springs [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Minimum [Member] | Sweetgrass Corner [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Minimum [Member] | salem cove [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Minimum [Member] | Stone Rise Apartments [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	5 years
Maximum | Summit Crossing Second mtg [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Maximum | Summit II [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Maximum | Trail Creek [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Maximum | Trail II [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Maximum | Ashford Park | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	30 years
Maximum | McNeil Ranch [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	30 years
Maximum | Lake Cameron [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	30 years
Maximum | Enclave [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	35 years
Maximum | Sandstone Creek Apartments [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	35 years
Maximum | Stoneridge Farms at Hunt Club [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	35 years
Maximum | Vineyards Apartments [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	35 years
Maximum | woodstock retail [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	30 years
Maximum | Parkway Town Centre [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Maximum | springhill [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Maximum | Barclay Crossing [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	30 years
Maximum | Deltona Landing [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	30 years
Maximum | Kingwood Glen [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	30 years
Maximum | Parkway Centre [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	30 years
Maximum | Powder Springs [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	30 years
Maximum | Sweetgrass Corner [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	30 years
Maximum | salem cove [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Maximum | Stone Rise Apartments [Member] | Mortgages [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years