Steadfast Apartment REIT (STFR) 10-Q 12 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 06, 2015
Document and Entity Information
Entity Registrant Name	Steadfast Apartment REIT, Inc.
Entity Central Index Key	1,585,219
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		30,140,512
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Real Estate:
Land	$ 104,706,656	$ 34,558,732
Building and improvements	814,066,819	234,259,502
Tenant origination and absorption costs	12,496,253	5,578,528
Total real estate, cost	931,269,728	274,396,762
Less accumulated depreciation and amortization	(20,361,293)	(4,409,133)
Total real estate, net	910,908,435	269,987,629
Cash and cash equivalents	49,952,282	28,595,826
Restricted cash	13,360,728	2,792,589
Rents and other receivables	2,780,924	2,056,147
Deferred financing costs and other assets, net	12,219,066	3,038,306
Total assets	989,221,435	306,470,497
Liabilities:
Accounts payable and accrued liabilities	16,210,919	3,386,648
Notes payable:
Mortgage notes payable	552,810,019	196,930,600
Revolving credit facility	114,600,000	0
Total notes payable	667,410,019	196,930,600
Distributions payable	1,965,054	608,904
Due to affiliates	1,642,295	1,499,869
Total liabilities	$ 687,228,287	$ 202,426,021
Commitments and contingencies
Redeemable common stock	$ 6,257,053	$ 660,089
Stockholders’ Equity:
Preferred stock, $0.01 par value per share; 100,000,000 shares authorized, no shares issued and outstanding	0	0
Additional paid-in capital	355,334,812	117,443,760
Cumulative distributions and net losses	(59,874,499)	(14,151,178)
Total stockholders’ equity	295,736,095	103,384,387
Total liabilities and stockholders’ equity	989,221,435	306,470,497
Common stock, $0.01 par value per share; 999,999,000 shares authorized, 21,785,820 and 9,179,536 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively [Member]
Stockholders’ Equity:
Common/Convertible stock, $0.01 par value per share	275,772	91,795
Convertible stock, $0.01 par value per share; 1,000 shares authorized, issued and outstanding as of June 30, 2015 and December 31, 2014, respectively [Member]
Stockholders’ Equity:
Common/Convertible stock, $0.01 par value per share	$ 10	$ 10

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common Stock [Member]
Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Stock, shares authorized (in shares)	999,999,000	999,999,000
Stock, shares issued (in shares)	27,577,172	9,179,536
Stock, shares outstanding (in shares)	27,577,172	9,179,536
Convertible Stock [Member]
Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Stock, shares authorized (in shares)	1,000	1,000
Stock, shares issued (in shares)	1,000	1,000
Stock, shares outstanding (in shares)	1,000	1,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Rental income	$ 18,010,874	$ 1,601,385	$ 36,487,551	$ 1,785,964
Tenant reimbursements and other	2,181,812	138,663	4,199,702	146,948
Total revenues	20,192,686	1,740,048	40,687,253	1,932,912
Expenses:
Operating, maintenance and management	5,607,063	441,824	11,082,156	498,382
Real estate taxes and insurance	2,239,371	284,297	5,270,842	304,649
Fees to affiliates	7,751,727	953,666	17,335,703	1,713,203
Depreciation and amortization	12,493,027	1,204,076	25,562,812	1,354,372
Interest expense	4,086,542	287,399	7,938,509	405,468
General and administrative expenses	610,641	486,056	2,018,031	1,075,227
Acquisition costs	1,624,174	515,705	4,662,394	940,535
Total expenses	34,412,545	4,173,023	73,870,447	6,291,836
Net loss	$ (14,219,859)	$ (2,432,975)	$ (33,183,194)	$ (4,358,924)
Loss per common share - basic and diluted (in dollars per share)	$ (0.58)	$ (0.86)	$ (1.78)	$ (3.56)
Weighted average number of common shares outstanding - basic and diluted (in shares)	24,641,077	2,833,846	18,654,201	1,224,298
Distributions declared per share (in dollars per share)	$ 0.227	$ 0.227	$ 0.673	$ 0.436

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($)	Total	Common Stock [Member]	Stock [Member]Common Stock [Member]	Stock [Member]Convertible Stock [Member]	Additional Paid-In Capital [Member]	Cumulative Distributions & Net Losses [Member]
BALANCE, beginning of period at Dec. 31, 2013	$ 116,856		$ 135	$ 10	$ 203,355	$ (86,644)
BALANCE, beginning of period (in shares) at Dec. 31, 2013			13,500	1,000
Increase (decrease) in Stockholders' Equity
Issuance of common stock	136,387,892		$ 91,660		136,296,232
Issuance of common stock (in shares)			9,166,036
Commissions on sales of common stock and related dealer manager fees to affiliates	(12,789,627)				(12,789,627)
Transfers to redeemable common stock	(693,640)				(693,640)
Other offering costs to affiliates	(5,667,857)				(5,667,857)
Distributions declared	(2,224,079)					(2,224,079)
Amortization of stock-based compensation	95,297				95,297
Net loss for period	(11,840,455)					(11,840,455)
BALANCE, end of period at Dec. 31, 2014	103,384,387		$ 91,795	$ 10	117,443,760	(14,151,178)
BALANCE, end of period (in shares) at Dec. 31, 2014			9,179,536	1,000
Increase (decrease) in Stockholders' Equity
Issuance of common stock	274,848,642		$ 184,112		274,664,530
Issuance of common stock (in shares)			18,411,137
Commissions on sales of common stock and related dealer manager fees to affiliates	(26,025,010)				(26,025,010)
Transfers to redeemable common stock	(5,640,163)				(5,640,163)
Redemption of common stock	(202,317)		$ (135)		(202,182)
Redemption of common stock (in shares)			(13,501)
Other offering costs to affiliates	(4,969,605)				(4,969,605)
Distributions declared	(12,540,127)	$ (12,540,127)				(12,540,127)
Amortization of stock-based compensation	63,482				63,482
Net loss for period	(33,183,194)					(33,183,194)
BALANCE, end of period at Sep. 30, 2015	$ 295,736,095		$ 275,772	$ 10	$ 355,334,812	$ (59,874,499)
BALANCE, end of period (in shares) at Sep. 30, 2015			27,577,172	1,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash Flows from Operating Activities:
Net loss	$ (33,183,194)	$ (4,358,924)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	25,562,812	1,354,372
Amortization of deferred financing costs	220,287	11,520
Amortization of stock-based compensation	63,482	81,230
Change in fair value of interest rate cap agreements	2,206,162	140,339
Bad debt expense	420,340	7,613
Changes in operating assets and liabilities:
Restricted cash for operating activities	(9,846,842)	(900,706)
Rents and other receivables	(1,558,829)	(28,566)
Other assets	(1,214,660)	(292,011)
Accounts payable and accrued liabilities	12,304,416	1,795,234
Due to affiliates, net	(598,782)	460,036
Net cash used in operating activities	(5,624,808)	(1,729,863)
Cash Flows from Investing Activities:
Acquisition of real estate investments	(617,662,481)	(85,518,265)
Additions to real estate investments	(8,323,406)	(107,630)
Escrow deposits for pending real estate acquisitions	(20,073,700)	(3,931,200)
Restricted cash for investing activities	(721,297)	(167,024)
Purchase of interest rate cap agreements	(2,248,826)	(502,483)
Cash used in investing activities	(649,029,710)	(90,226,602)
Cash Flows from Financing Activities:
Proceeds from issuance of mortgage notes payable	331,070,500	60,970,000
Borrowings from revolving credit facility	114,600,000	0
Proceeds from issuance of common stock	269,681,317	60,905,353
Payments of commissions on sale of common stock and related dealer manager fees	(26,025,010)	(5,649,279)
Reimbursement of other offering costs to affiliates	(4,228,397)	(3,388,203)
Payment of deferred financing costs	(3,543,623)	(498,240)
Distributions to common stockholders	(5,341,496)	(328,594)
Redemptions of common stock	(202,317)	0
Net cash provided by financing activities	676,010,974	112,011,037
Net increase in cash and cash equivalents	21,356,456	20,054,572
Cash and cash equivalents, beginning of period	28,595,826	203,500
Cash and cash equivalents, end of period	49,952,282	20,258,072
Supplemental Disclosures of Cash Flow Information:
Interest paid	4,632,711	146,120
Supplemental Disclosures of Noncash Transactions:
Application of escrow deposits to acquire real estate	15,473,600	1,545,985
Assumption of mortgage notes payable to acquire real estate	24,808,919	0
Increase in amounts receivable from transfer agent	0	441,030
Increase in amounts payable to affiliates for other offering costs	741,208	121,593
Distributions paid to common stockholders through common stock issuances pursuant to the distribution reinvestment plan	5,842,481	200,556
Increase in redeemable common stock	5,640,163	200,556
Increase in redemptions payable	43,199	0
Increase in accounts payable and accrued liabilities from additions to real estate investments	$ 476,656	$ 0

Organization and Business

Organization and Business	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Steadfast Apartment REIT, Inc. (the “Company”) was formed on August 22, 2013, as a Maryland corporation that has elected to qualify as a real estate investment trust (“REIT”) commencing with the taxable year ended December 31, 2014. On September 3, 2013, the Company was initially capitalized with the sale of 13,500 shares of common stock to Steadfast REIT Investments, LLC (the “Sponsor”) at a purchase price of $15.00 per share for an aggregate purchase price of $202,500 . Steadfast Apartment Advisor, LLC (the “Advisor”), a Delaware limited liability company formed on August 22, 2013, invested $1,000 in the Company in exchange for 1,000 shares of non-participating, non-voting convertible stock (the “Convertible Stock”) as described in Note 6. Substantially all of the Company’s business is conducted through Steadfast Apartment REIT Operating Partnership, L.P. (the “Operating Partnership”), a Delaware limited partnership formed on August 27, 2013. The Company is the general partner of the Operating Partnership. The Company and Steadfast Apartment REIT Limited Partner, LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company, entered into a Limited Partnership Agreement (the “Partnership Agreement”) on September 3, 2013. As the Company accepts subscriptions for shares of its common stock, the Company transfers substantially all of the net offering proceeds from its Public Offering (defined below) to the Operating Partnership as a contribution in exchange for partnership interests and the Company’s percentage ownership in the Operating Partnership increases proportionately. As of September 30, 2015 , the Company owned 24 multifamily properties comprising a total of 7,891 apartment homes. For more information on the Company’s real estate portfolio, see Note 3. Public Offering On December 30, 2013, the Company commenced its initial public offering pursuant to a registration statement on Form S-11, filed with the Securities and Exchange Commission (the “SEC”), to offer a maximum of 66,666,667 shares of common stock for sale to the public at an initial price of $15.00 per share (with discounts available for certain categories of purchasers) (the “Primary Offering”). The Company also registered up to 7,017,544 shares of common stock for sale pursuant to the Company’s distribution reinvestment plan (the “DRP,” and together with the Primary Offering, the “Public Offering”) at an initial price of $14.25 per share. The Company may, from time to time, in its sole discretion, change the price at which the Company offers shares to the public in the Primary Offering or pursuant to the DRP to reflect changes in the Company’s estimated value per share and other factors that the Company’s board of directors deems relevant. The Company may reallocate shares of common stock registered in the Public Offering between the Primary Offering and the DRP. Pursuant to the terms of the Public Offering, offering proceeds were held in an escrow account until the Company raised the minimum offering amount of $2,000,000 . On February 27, 2014, the Company raised the minimum offering amount and the offering proceeds held in escrow were released to the Company. As of September 30, 2015 , the Company had sold 27,557,178 shares of common stock in the Public Offering for gross proceeds of $411,236,534 . The Company will continue to offer shares of the Company’s common stock in the Public Offering until March 25, 2016, or the date the maximum offering amount has been sold. The Company reserves the right to terminate the Public Offering at any time. The Company intends to use substantially all of the net proceeds from the Public Offering to invest in and manage a diverse portfolio of multifamily properties located in targeted markets throughout the United States. In addition to the Company’s focus on multifamily properties, the Company may also make selective strategic acquisitions of other types of commercial properties. The Company may also acquire or originate mortgage, mezzanine, bridge and other real estate loans and equity securities of other real estate companies. The business of the Company is externally managed by the Advisor, pursuant to the Advisory Agreement dated December 13, 2013, by and among the Company, the Operating Partnership and the Advisor (as amended, the “Advisory Agreement”). The Advisory Agreement is subject to annual renewal by the Company’s board of directors. The current term of the Advisory Agreement expires on December 13, 2016. Subject to certain restrictions and limitations, the Advisor manages the Company’s day-to-day operations, manages the Company’s portfolio of properties and real estate-related assets, sources and presents investment opportunities to the Company’s board of directors and provides investment management services on the Company’s behalf. The Advisor has also entered into an Advisory Services Agreement with Crossroads Capital Advisors, LLC (“Crossroads Capital Advisors”), whereby Crossroads Capital Advisors provides advisory services to the Company on behalf of the Advisor. The Company has retained Steadfast Capital Markets Group, LLC (the “Dealer Manager”), an affiliate of the Company, to serve as the dealer manager for the Public Offering. The Dealer Manager is responsible for marketing the Company’s shares of common stock being offered pursuant to the Public Offering. The Advisor, along with the Dealer Manager, also provides offering services, marketing, investor relations and other administrative services on the Company’s behalf. The Partnership Agreement provides that the Operating Partnership is operated in a manner that will enable the Company to (1) satisfy the requirements for being classified as a REIT for tax purposes, (2) avoid any federal income or excise tax liability and (3) ensure that the Operating Partnership will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), which classification could result in the Operating Partnership being taxed as a corporation. In addition to the administrative and operating costs and expenses incurred by the Operating Partnership in acquiring and operating real properties, the Operating Partnership will pay all of the Company’s administrative costs and expenses, and such expenses will be treated as expenses of the Operating Partnership. The Company commenced its real estate operations on May 22, 2014, upon acquiring a fee simple interest in a multifamily property located in Spring Hill, Tennessee.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies There have been no significant changes to the Company’s accounting policies since it filed its audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2014 . For further information about the Company’s accounting policies, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2014 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 16, 2015. Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company, the Operating Partnership and its subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. The financial statements of the Company’s subsidiaries are prepared using accounting policies consistent with those of the Company. The accompanying unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments that are of a normal and recurring nature and necessary for a fair and consistent presentation of the results of such periods. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 . The unaudited consolidated financial statements herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. Fair Value Measurements Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other assets and liabilities at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and will classify such items in Level 1 or Level 2. In instances where the market is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines the market for a financial instrument owned by the Company to be illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and will establish a fair value by assigning weights to the various valuation sources. The following describes the valuation methodologies used by the Company to measure fair value, including an indication of the level in the fair value hierarchy in which each asset or liability is generally classified. Interest rate cap agreements - These derivatives are recorded at fair value. Fair value was based on a model-driven valuation using the associated variable rate curve and an implied market volatility, both of which were observable at commonly quoted intervals for the full term of the interest rate cap agreements. Therefore, the Company’s interest rate cap agreements were classified within Level 2 of the fair value hierarchy and are included in deferred financing costs and other assets in the accompanying consolidated balance sheets. Changes in the fair value of the interest rate cap agreements are recorded as interest expense in the accompanying consolidated statements of operations. The following table reflects the Company’s assets required to be measured at fair value on a recurring basis on the consolidated balance sheets: September 30, 2015 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 691,078 $ — December 31, 2014 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 648,414 $ — Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the instrument. Fair Value of Financial Instruments The accompanying consolidated balance sheets include the following financial instruments: cash and cash equivalents, restricted cash, rents and other receivables, accounts payable and accrued liabilities, due to affiliates and notes payable. The Company considers the carrying value of cash and cash equivalents, restricted cash, rents and other receivables and accounts payable and accrued liabilities to approximate the fair value of these financial instruments based on the short duration between origination of the instruments and their expected realization. The fair value of amounts due to affiliates is not determinable due to the related party nature of such amounts. The Company has determined that its notes payable are classified as Level 3 within the fair value hierarchy. The fair value of the notes payable is estimated using a discounted cash flow analysis using borrowing rates available to the Company for debt instruments with similar terms and maturities. As of September 30, 2015 and December 31, 2014 , the fair value of the notes payable was $641,535,193 and $191,983,420 , respectively, compared to the carrying value of $667,410,019 and $196,930,600 , respectively. Distribution Policy The Company elected to be taxed as a REIT commencing with the taxable year ended December 31, 2014. To maintain its qualification as a REIT, the Company intends to make distributions each taxable year equal to at least 90% of its REIT taxable income (which is determined 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). On April 4, 2014, the Company’s board of directors declared a dividend which began to accrue on April 7, 2014. Distributions paid during the nine months ended September 30, 2015 were based on daily record dates and calculated at a rate of $0.002466 per share per day. Each day during the period from January 1, 2015 to September 30, 2015 was a record date for distributions. Distributions to stockholders are determined by the board of directors of the Company and are dependent upon a number of factors relating to the Company, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements and annual distribution requirements in order for the Company to qualify as a REIT under the Internal Revenue Code. During the three and nine months ended September 30, 2015 , the Company declared distributions totaling $0.227 and $0.673 per share of common stock, respectively. During the three and nine months ended September 30, 2014 , the Company declared distributions totaling $0.227 and $0.436 per share of common stock, respectively. Per Share Data Basic loss per share attributable to common stockholders for all periods presented are computed by dividing net loss by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted loss per share is computed based on the weighted average number of shares of the Company’s common stock and all potentially dilutive securities, if any. Distributions declared per common share assumes each share was issued and outstanding each day during the period. Nonvested shares of the Company’s restricted common stock give rise to potentially dilutive shares of the Company’s common stock but such shares were excluded from the computation of diluted earnings per share because such shares were anti-dilutive during the period. Segment Disclosure The Company has determined that it has one reportable segment with activities related to investing in multifamily properties. The Company’s investments in real estate are in different geographic regions, and management evaluates operating performance on an individual asset level. However, as each of the Company’s assets has similar economic characteristics, tenants and products and services, its assets have been aggregated into one reportable segment. Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standard Updates (“ASU”) 2014-09, Revenue from Contracts with Customers ( Topic 606 ). The new guidance requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The new guidance supersedes the revenue requirements in Revenue Recognition ( Topic 605 ) and most industry-specific guidance throughout the Industry Topics of the Codification. The new guidance does not apply to lease contracts within the scope of Leases ( Topic 840 ). In July 2015, the FASB decided to delay the effective date of the new guidance by one year, which will result in the new guidance being effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and is to be applied retrospectively. Early adoption is permitted, but can be no earlier than the original public entity effective date of fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company is still evaluating the impact of adopting the new guidance on its financial statements, but does not expect the adoption to have a material impact on its financial statements. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern , that requires management to evaluate whether there are conditions and events that raise substantial doubt about an entity’s ability to continue as a going concern. Until now, the requirement to perform a going concern evaluation existed only in auditing standards. The new guidance requires management to evaluate relevant conditions, events and certain management plans that are known or reasonably knowable as of the evaluation date when determining whether substantial doubt about an entity’s ability to continue as a going concern exists. Management will be required to make this evaluation for both annual and interim reporting periods. The standard states substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. The guidance is effective for annual periods ending after December 15, 2016 and for annual periods and interim periods thereafter. Early adoption is permitted. The Company does not expect there to be a material impact from adopting this new guidance. In January 2015, the FASB issued ASU 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items , that eliminates the concept of the extraordinary items from GAAP. The objective of the new guidance is to simplify the income statement presentation requirements of GAAP. Eliminating the extraordinary classification simplifies income statement presentation by altogether removing the concept of extraordinary items from consideration. The guidance is effective for annual periods, including interim periods within that period, beginning after December 15, 2015. Early adoption is permitted. The Company does not expect there to be a material impact from adopting this new guidance. In February 2015, the FASB issued ASU 2015-02, Consolidation , that provides amendments to the consolidation analysis. The amendments in this new guidance affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The guidance is effective for annual periods, including interim periods within that period, beginning after December 15, 2015. Early adoption is permitted. The Company does not expect there to be a material impact from adopting this new guidance. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs , as amended in August 2015 by ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, that will require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of a debt liability, consistent with debt discounts or premiums. The FASB will permit debt issuance costs related to line-of-credit arrangements to be deferred and presented as an asset and subsequently amortized over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The recognition and measurement guidance for debt issuance costs will not be affected by the new guidance. The guidance requires retrospective application and is effective for annual periods, including interim periods within that period, beginning after December 15, 2015. Early adoption is permitted. Upon adoption, the Company will reclassify debt issuance costs from deferred financing costs and other assets, net to notes payable on the consolidated balance sheet.

Real Estate

Real Estate	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Real Estate	Real Estate As of September 30, 2015 , the Company owned 24 multifamily properties comprising a total of 7,891 apartment homes. The total acquisition price of the Company’s real estate portfolio was $932,509,250 . As of September 30, 2015 and December 31, 2014 , the Company’s portfolio was approximately 94.3% and 94.2% occupied and the average monthly rent was $1,000 and $884 , respectively. Current Year Acquisitions During the nine months ended September 30, 2015 , the Company acquired the following properties: Purchase Price Allocation Property Name Location Purchase Date Units Land Buildings and Improvements Tenant Origination and Absorption Costs Other Accounts Receivable Total Purchase Price Columns on Wetherington Florence, KY 2/26/2015 192 $ 1,276,787 $ 23,172,820 $ 550,393 $ — $ 25,000,000 Preston Hills at Mill Creek Buford, GA 3/10/2015 464 5,813,218 43,594,089 1,592,693 — 51,000,000 Eagle Lake Landing Apartments Speedway, IN 3/27/2015 277 1,607,980 16,933,827 658,193 — 19,200,000 Reveal on Cumberland Fishers, IN 3/30/2015 220 3,299,502 25,458,315 480,739 261,444 29,500,000 Randall Highlands Apartments North Aurora, IL 3/31/2015 146 2,499,350 28,865,543 750,107 — 32,115,000 Heritage Place Apartments Franklin, TN 4/27/2015 105 1,697,036 7,772,323 180,641 — 9,650,000 Rosemont at East Cobb Marietta, GA 5/21/2015 180 3,599,586 12,563,661 286,753 — 16,450,000 Ridge Crossings Apartments Hoover, AL 5/28/2015 720 7,747,295 62,446,959 1,805,746 — 72,000,000 Bella Terra at City Center Aurora, CO 6/11/2015 304 5,895,389 30,901,144 803,467 — 37,600,000 Hearthstone at City Center Aurora, CO 6/25/2015 360 7,219,143 44,787,119 1,393,738 — 53,400,000 Arbors at Brookfield Mauldin, SC 6/30/2015 702 7,553,349 57,517,403 1,729,248 — 66,800,000 Carrington Park Kansas City, MO 8/19/2015 298 2,517,886 36,060,358 901,756 — 39,480,000 Delano at North Richland Hills North Richland Hills, TX 8/26/2015 263 3,941,458 33,550,081 1,008,461 — 38,500,000 Meadows at North Richland Hills North Richland Hills, TX 8/26/2015 252 4,054,337 27,615,674 929,989 — 32,600,000 Kensington by the Vineyard Euless, TX 8/26/2015 259 3,938,677 41,017,607 1,243,716 — 46,200,000 Monticello by the Vineyard Euless, TX 9/23/2015 354 5,386,400 45,510,628 1,302,972 — 52,200,000 The Shores Oklahoma City, OK 9/29/2015 300 2,100,531 33,239,703 909,766 — 36,250,000 5,396 $ 70,147,924 $ 571,007,254 $ 16,528,378 $ 261,444 $ 657,945,000 As of September 30, 2015 and December 31, 2014 , accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows: September 30, 2015 Assets Land Building and Improvements Tenant Origination and Absorption Total Real Estate Investments in real estate $ 104,706,656 $ 814,066,819 $ 12,496,253 $ 931,269,728 Less: Accumulated depreciation and amortization — (15,740,214 ) (4,621,079 ) (20,361,293 ) Net investments in real estate and related lease intangibles $ 104,706,656 $ 798,326,605 $ 7,875,174 $ 910,908,435 December 31, 2014 Assets Land Building and Improvements Tenant Origination and Absorption Total Real Estate Investments in real estate $ 34,558,732 $ 234,259,502 $ 5,578,528 $ 274,396,762 Less: Accumulated depreciation and amortization — (2,206,072 ) (2,203,061 ) (4,409,133 ) Net investments in real estate and related lease intangibles $ 34,558,732 $ 232,053,430 $ 3,375,467 $ 269,987,629 Depreciation and amortization expense was $12,493,027 and $25,562,812 for the three and nine months ended September 30, 2015 , and $1,204,076 and $1,354,372 for the three and nine months ended September 30, 2014 , respectively. Depreciation of the Company’s buildings and improvements was $6,786,834 and $13,534,142 for the three and nine months ended September 30, 2015 , and $485,661 and $540,747 for the three and nine months ended September 30, 2014 , respectively. Amortization of the Company’s tenant origination and absorption costs was $5,706,193 and $12,028,670 for the three and nine months ended September 30, 2015 , and $718,415 and $813,625 for the three and nine months ended September 30, 2014 , respectively. Tenant origination and absorption costs had a weighted-average amortization period as of the date of acquisition of less than one year . Operating Leases As of September 30, 2015 , the Company’s real estate portfolio comprised 7,891 residential units and was 94.3% occupied by a diverse group of residents. The residential lease terms consist of lease durations equal to twelve months or less. Some residential leases contain provisions to extend the lease agreements, options for early termination after paying a specified penalty and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires security deposits from tenants in the form of a cash deposit. Amounts required as security deposits vary depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of its security deposit. Security deposits received in cash related to tenant leases are included in accounts payables and accrued liabilities in the accompanying consolidated balance sheets and totaled $1,691,451 and $459,707 as of September 30, 2015 and December 31, 2014 , respectively. As of September 30, 2015 and 2014 , no tenant represented over 10% of the Company’s annualized base rent.

Deferred Financing Costs and Ot

Deferred Financing Costs and Other Assets	9 Months Ended
	Sep. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Financing Costs and Other Assets	Deferred Financing Costs and Other Assets As of September 30, 2015 and December 31, 2014 , deferred financing costs and other assets, net of accumulated amortization, consisted of: September 30, 2015 December 31, 2014 Deferred financing costs $ 4,862,064 $ 1,318,441 Less: accumulated amortization (259,532 ) (39,245 ) 4,602,532 1,279,196 Prepaid expenses 1,135,450 360,316 Interest rate cap agreements 691,078 648,414 Escrow deposits for pending real estate acquisitions 5,100,100 500,000 Other deposits 689,906 250,380 $ 12,219,066 $ 3,038,306

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt Mortgage Notes Payable The following is a summary of mortgage notes payable secured by real property as of September 30, 2015 and December 31, 2014 . September 30, 2015 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Variable rate (1) 19 12/1/2021 - 9/1/2025 1-Mo LIBOR + 1.68% 1-Mo LIBOR + 2.48% 2.23% $ 528,001,100 Fixed rate 1 5/1/2054 4.34 % 4.34 % 4.34% 24,808,919 20 2.33% $ 552,810,019 December 31, 2014 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Variable rate (1) 7 12/1/2021 - 11/1/2024 1-Mo LIBOR + 1.70% 1-Mo LIBOR + 2.13% 1.99% $ 196,930,600 ___________ (1) See Note 10 for a discussion of the interest rate cap agreements used to manage the exposure to interest rate movement on the Company’s variable rate loans. Revolving Credit Facility On August 26, 2015 , the Company entered into a revolving credit facility (the “Credit Facility”) with PNC Bank, National Association (“PNC Bank”) which provides for advances to purchase properties or refinance existing properties from time to time in an amount not to exceed $200,000,000 during 2015 (subject to certain debt service and loan to value requirements). During 2016 , the maximum amount that may be drawn under the Credit Facility may be increased up to $350,000,000 , as further described in the Credit Agreement (the “Credit Agreement”) entered into by certain of the Company’s wholly-owned subsidiaries with PNC Bank in connection with the property acquisitions. For each advance drawn under the Credit Facility, an Addition Fee, as defined in the Credit Agreement, is incurred. The Credit Facility has a maturity date of September 1, 2020 , subject to extension (the “Maturity Date”). Advances made under the Credit Facility will be secured by the property for which such advances are used (each a “Loan”), as evidenced by the Credit Agreement, Multifamily Loan and Security Agreement (the “Loan Agreement”), the Multifamily Revolving Credit Note (the “Note”) and a Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (the “Mortgage”) and a Guaranty from the Company (as described below, the “Guaranty,” together with the Credit Agreement, the Loan Agreement, the Note and the Mortgage, the “Loan Documents”). Each Loan will be purchased from PNC Bank by the Federal Home Loan Mortgage Corporation (“Freddie Mac”). As of September 30, 2015 , the advances obtained under the Credit Facility are summarized in the following table. Each property is pledged as collateral for repayment of amounts advanced under the Credit Facility. Collateralized Property Date of Advance Amount of Advance Delano at North Richland Hills August 26, 2015 $ 28,875,000 Meadows at North Richland Hills August 26, 2015 24,450,000 Reveal on Cumberland September 3, 2015 22,125,000 Monticello by the Vineyard September 23, 2015 39,150,000 $ 114,600,000 Monthly interest payments on the outstanding principal balances of the Loans accrue at the one-month London Interbank Offered Rate (LIBOR) plus (1) the servicing spread of 0.05% and (2) the net spread, based on the debt service coverage ratio, of between 1.80% and 2.10% , as further described in the applicable Notes, and are due and payable on the first date of each month until the Maturity Date. The entire outstanding principal balance and any accrued and unpaid interest on the Loans are due and payable in full on the Maturity Date. The interest rate was 2.34% as of September 30, 2015 . In addition to monthly interest payments, an unused commitment fee equal to 0.1% of the average daily difference between the amount of (i) the commitment and (ii) the maximum facility available is due and payable monthly. Additionally, an unused capacity fee equal to 1.0% of the average daily difference between the amount of the (i) maximum facility available and (ii) the outstanding borrowing tranches, each as defined in the Credit Agreement, is due and payable monthly. Upon the second anniversary of each advance pursuant to the Credit Facility, a seasoning fee equal to 0.25% of such advance is due and payable monthly. The seasoning fee will increase by 0.25% on each subsequent anniversary until the Maturity Date. The following is a summary of the Company’s aggregate maturities as of September 30, 2015 : Maturities During the Years Ending December 31, Contractual Obligations Total Remainder of 2015 2016 2017 2018 2019 Thereafter Principal payments on outstanding debt $ 667,410,019 $ 77,165 $ 238,436 $ 335,561 $ 2,147,927 $ 3,975,393 $ 660,635,537 The Company’s notes payable contain customary financial and non-financial debt covenants. As of September 30, 2015 , the Company was in compliance with all financial and non-financial debt covenants. For the three and nine months ended September 30, 2015 , the Company incurred interest expense of $4,086,542 and $7,938,509 , respectively. Interest expense for the three and nine months ended September 30, 2015 includes amortization of deferred financing costs of $117,487 and $220,287 , net unrealized losses from the change in fair value of interest rate cap agreements of $1,038,080 and $2,206,162 and credit facility commitment fees of $11,968 and $11,968 , respectively. For the three and nine months ended September 30, 2014 , the Company incurred interest expense of $287,399 and $405,468 , respectively. Interest expense for the three and nine months ended September 30, 2014 includes amortization of deferred financing costs of $9,151 and $11,520 and net unrealized losses from the change in fair value of interest rate cap agreements of $57,127 and $140,339 , respectively. Interest expense of $1,164,744 and $285,395 was payable as of September 30, 2015 and December 31, 2014 , respectively, and is included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity General Under the Company’s Articles of Amendment and Restatement (the “Charter”), the total number of shares of capital stock authorized for issuance is 1,100,000,000 shares, consisting of 999,999,000 shares of common stock with a par value of $0.01 per share, 1,000 shares of convertible stock with a par value of $0.01 per share and 100,000,000 shares designated as preferred stock with a par value of $0.01 per share. Common Stock The shares of the Company’s common stock entitle the holders to one vote per share on all matters upon which stockholders are entitled to vote, to receive dividends and other distributions as authorized by the Company’s board of directors in accordance with the Maryland General Corporation Law and to all rights of a stockholder pursuant to the Maryland General Corporation Law. The common stock has no preferences or preemptive, conversion or exchange rights. On September 3, 2013, the Company issued 13,500 shares of common stock to the Sponsor for $202,500 . From inception through September 30, 2015 , the Company had issued 27,557,178 shares of common stock in its Public Offering for offering proceeds of $361,784,435 , including 458,675 shares of common stock issued pursuant to the DRP for total proceeds of $6,536,120 , net of offering costs of $49,452,099 . The offering costs primarily consist of selling commissions and dealer manager fees. Offering proceeds include $1,104,462 and $1,779,618 of amounts due from the Company’s transfer agent as of September 30, 2015 and December 31, 2014 , respectively, which are included in rents and other receivables in the accompanying consolidated balance sheets. On February 27, 2014 , the Company granted 3,333 shares of restricted common stock to each of its three independent directors pursuant to the Company’s independent directors’ compensation plan at a fair value of $15.00 per share in connection with the Company raising $2,000,000 in the Public Offering. On both August 7, 2014 and August 13, 2015 , the Company granted 1,666 shares of restricted common stock to each of its three independent directors pursuant to the Company’s independent directors’ compensation plan at a fair value of $15.00 per share as compensation for services in connection with their re-election to the board of directors at the Company’s annual meeting of stockholders. The shares of restricted common stock vest and become non-forfeitable in four equal annual installments beginning on the date of grant and ending on the third anniversary of the date of grant or will become fully vested and become non-forfeitable on the earlier to occur of (1) the termination of the independent director’s service as a director due to his or her death or disability, or (2) a change in control of the Company. The issuance and vesting activity for the nine months ended September 30, 2015 and year ended December 31, 2014 for the restricted stock issued to the Company’s independent directors as compensation for services in connection with the Company raising $2,000,000 in the Public Offering and the independent directors’ re-election to the board of directors at the Company’s 2014 and 2015 annual meetings is as follows: Nine Months Ended September 30, 2015 Year Ended December 31, 2014 Nonvested shares at the beginning of the period 11,248 — Granted shares 4,998 14,997 Vested shares (4,999 ) (3,749 ) Nonvested shares at the end of the period 11,247 11,248 Included in general and administrative expenses is $35,348 and $63,482 for the three and nine months ended September 30, 2015 and $30,967 and $81,230 for the three and nine months ended September 30, 2014 , respectively, for compensation expense related to the issuance of restricted common stock. The weighted average remaining term of the restricted common stock was 1.33 years years as of September 30, 2015 . As of September 30, 2015 , no shares of restricted common stock issued to the independent directors have been forfeited. Convertible Stock The Company issued 1,000 shares of Convertible Stock to the Advisor for $1,000 . The Convertible Stock will convert into shares of common stock if and when: (A) the Company has made total distributions on the then-outstanding shares of its common stock equal to the original issue price of those shares plus an aggregate 6.0% cumulative, non-compounded, annual return on the original issue price of those shares, (B) the Company lists its common stock for trading on a national securities exchange, or (C) the Advisory Agreement is terminated or not renewed (other than for “cause” as defined in the Advisory Agreement). In the event of a termination or non-renewal of the Advisory Agreement for cause, all of the shares of the Convertible Stock will be redeemed for $1.00 . In general, each share of Convertible Stock will convert into a number of shares of common stock equal to 1/1000 of the quotient of (A) 15% of the excess of (1) the Company’s “enterprise value” plus the aggregate value of distributions paid to date on the then outstanding shares of the Company’s common stock over (2) the aggregate purchase price paid by stockholders for those outstanding shares of common stock plus an aggregated 6.0% cumulative, non-compounded, annual return on the original issue price of those outstanding shares, divided by (B) the Company’s enterprise value divided by the number of outstanding shares of common stock on an as-converted basis, in each case calculated as of the date of the conversion. Preferred Stock The Charter also provides the Company’s board of directors with the authority to issue one or more classes or series of preferred stock, and prior to the issuance of such shares of preferred stock, the board of directors shall have the power from time to time to classify or reclassify, in one or more series, any unissued shares and designate the preferences, rights and privileges of such shares of preferred stock. The Company’s board of directors is authorized to amend the Charter without the approval of the stockholders to increase the aggregate number of authorized shares of capital stock or the number of shares of any class or series that the Company has authority to issue. As of September 30, 2015 and December 31, 2014 , no shares of the Company’s preferred stock were issued and outstanding. Distribution Reinvestment Plan The Company’s board of directors has approved the DRP through which common stockholders may elect to reinvest an amount equal to the distributions declared on their shares of common stock in additional shares of the Company’s common stock in lieu of receiving cash distributions. The purchase price per share under the DRP is $14.25 . The Company’s board of directors may, in its sole discretion, from time to time, change this price based upon changes in the Company’s estimated value per share, the then current price of shares of the Company’s common stock offered in the Public Offering and other factors that the Company’s board of directors deems relevant. No sales commissions or dealer manager fees are payable on shares sold through the DRP. The Company’s board of directors may amend, suspend or terminate the DRP at its discretion at any time upon ten days notice to the Company’s stockholders. Following any termination of the DRP, all subsequent distributions to stockholders will be made in cash. Share Repurchase Plan and Redeemable Common Stock The Company’s share repurchase plan may provide an opportunity for stockholders to have their shares of common stock repurchased by the Company, subject to certain restrictions and limitations. No shares can be repurchased under the Company’s share repurchase plan until after the first anniversary of the date of purchase of such shares; provided, however, that this holding period shall not apply to repurchases requested within two years after the death or disability of a stockholder. Prior to the date the Company publishes an estimated value per share of its common stock, the purchase price for shares repurchased under the Company’s share repurchase plan will be as follows: Share Purchase Anniversary Repurchase Price on Repurchase Date (1) Less than 1 year No Repurchase Allowed 1 year 92.5% of Purchase Price 2 years 95.0% of Purchase Price 3 years 97.5% of Purchase Price 4 years 100.0% of Purchase Price In the event of a stockholder’s death or disability (2) Average Issue Price for Shares (3) Following the date the Company publishes an estimated value per share of its common stock, the purchase price for shares repurchased under the Company’s share repurchase plan will be as follows: Share Purchase Anniversary Repurchase Price on Repurchase Date (1) Less than 1 year No Repurchase Allowed 1 year 92.5% of Estimated Value per Share (4) 2 years 95.0% of Estimated Value per Share (4) 3 years 97.5% of Estimated Value per Share (4) 4 years 100.0% of Estimated Value per Share (4) In the event of a stockholder’s death or disability (2) Average Issue Price for Shares (3) ________________ (1) As adjusted for any stock dividends, combinations, splits, recapitalizations or any similar transaction with respect to the shares of common stock. Repurchase price includes the full amount paid for each share, including all sales commissions and dealer manager fees. (2) The required one year holding period to be eligible to redeem shares under the Company’s share repurchase plan does not apply in the event of death or disability of a stockholder. (3) The purchase price per share for shares repurchased upon the death or disability of a stockholder will be equal to the average issue price per share for all of the stockholder’s shares. (4) The Company’s board of directors will determine an estimated value per share of the Company’s common stock based on valuations by independent third-party appraisers or qualified valuation experts. Pursuant to current rules and regulations, the Company will establish an estimated value per share no later than 150 days following the second anniversary of breaking escrow in the Public Offering, or such earlier date as may be determined by the board of directors. The purchase price per share for shares repurchased pursuant to the Company’s share repurchase plan will be further reduced by the aggregate amount of net proceeds per share, if any, distributed to the Company’s stockholders prior to the repurchase date as a result of the sale of one or more of the Company’s assets that constitutes a return of capital distribution as a result of such sales. Repurchases of shares of the Company’s common stock will be made quarterly upon written request to the Company at least 15 days prior to the end of the applicable quarter. Repurchase requests will be honored approximately 30 days following the end of the applicable quarter (the “Repurchase Date”). Stockholders may withdraw their repurchase request at any time up to three business days prior to the Repurchase Date. During the three and nine months ended September 30, 2015 , the Company redeemed a total of 6,601 and 13,501 shares with a total redemption value of $98,862 and $202,317 and received requests for the redemption of 5,267 and 16,503 shares with a total redemption value of $76,750 and $245,164 , respectively. During the three and nine months ended September 30, 2014 , the Company did not redeem any shares or receive requests for the redemption of any shares. As of September 30, 2015 , the Company had 5,267 shares of outstanding and unfulfilled redemption requests and recorded $76,750 in accounts payable and accrued liabilities on the accompanying consolidated balance sheet related to these unfulfilled redemption requests. The Company redeemed the outstanding redemption requests as of September 30, 2015 of $76,750 on the October 30, 2015 Repurchase Date. The Company cannot guarantee that the funds set aside for the share repurchase plan will be sufficient to accommodate all repurchase requests made in any quarter. In the event that the Company does not have sufficient funds available to repurchase all of the shares of the Company’s common stock for which repurchase requests have been submitted in any quarter, priority will be given to redemption requests in the case of the death or disability of a stockholder. If the Company repurchases less than all of the shares subject to a repurchase request in any quarter, with respect to any shares which have not been repurchased, the Company will treat the shares that have not been repurchased as a request for repurchase in the following quarter pursuant to the limitations of the share repurchase plan and when sufficient funds are available, unless the stockholder withdraws the request for repurchase. Such pending requests will be honored among all requests for redemptions in any given repurchase period as follows: first, pro rata as to repurchases sought upon a stockholder’s death or disability; and, next, pro rata as to other repurchase requests. The Company is not obligated to repurchase shares of its common stock under the share repurchase plan. The share repurchase plan limits the number of shares to be repurchased in any calendar year to (1) 5% of the weighted average number of shares of common stock outstanding during the prior calendar year and (2) those that could be funded from the net proceeds from the sale of shares under the DRP in the prior calendar year, plus such additional funds as may be reserved for that purpose by the Company’s board of directors. Such sources of funds could include cash on hand, cash available from borrowings and cash from liquidations of securities investments as of the end of the applicable month, to the extent that such funds are not otherwise dedicated to a particular use, such as working capital, cash distributions to stockholders or purchases of real estate assets. There is no fee in connection with a repurchase of shares of the Company’s common stock pursuant to the Company’s share repurchase plan. The Company’s board of directors may, in its sole discretion, amend, suspend or terminate the share repurchase plan at any time upon 30 days’ notice to its stockholders if it determines that the funds available to fund the share repurchase plan are needed for other business or operational purposes or that amendment, suspension or termination of the share repurchase plan is in the best interest of the Company’s stockholders. Therefore, a stockholder may not have the opportunity to make a repurchase request prior to any potential termination of the Company’s share repurchase plan. The share repurchase plan will terminate in the event that a secondary market develops for the Company’s shares of common stock. Pursuant to the share repurchase plan, for the three and nine months ended September 30, 2015 , the Company reclassified $2,645,676 and $5,640,163 , net of $98,862 and $202,317 of fulfilled redemption requests, and for the three and nine months ended September 30, 2014 , $25,066 and $200,556 , net of $0 and $0 of fulfilled redemption requests, respectively, from permanent equity to temporary equity, which is included as redeemable common stock on the accompanying consolidated balance sheets. Distributions The Company’s long-term policy is to pay distributions solely from cash flow from operations. However, the Company expects to have insufficient cash flow from operations available for distribution until the Company makes substantial investments. Further, because the Company may receive income from interest or rents at various times during the Company’s fiscal year and because the Company may need cash flow from operations during a particular period to fund capital expenditures and other expenses, the Company expects that at least during the early stages of the Company’s development and from time to time during the Company’s operational stage, the Company will declare distributions in anticipation of cash flow that the Company expects to receive during a later period, and the Company expects to pay these distributions in advance of its actual receipt of these funds. In these instances, the Company’s board of directors has the authority under its organizational documents, to the extent permitted by Maryland law, to fund distributions from sources such as borrowings, offering proceeds or advances and the deferral of fees and expense reimbursements by the Advisor, in its sole discretion. The Company has not established a limit on the amount of proceeds it may use from the Public Offering to fund distributions. If the Company pays distributions from sources other than cash flow from operations, the Company will have fewer funds available for investments and stockholders’ overall return on their investment in the Company may be reduced. To maintain the Company’s qualification as a REIT, the Company must make aggregate annual distributions to its stockholders of at least 90% of its REIT taxable income (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). If the Company meets the REIT qualification requirements, the Company generally will not be subject to federal income tax on the income that the Company distributes to its stockholders each year. Distributions Declared On April 4, 2014, the Company’s board of directors approved a cash distribution that accrues at a rate of $0.002466 per day for each share of the Company’s common stock, which, if paid over a 365-day period, is equivalent to a 6.0% annualized distribution rate based on a purchase price of $15.00 per share of the Company’s common stock. This distribution began to accrue on April 7, 2014. The distributions declared accrue daily to stockholders of record as of the close of business on each day and are payable in cumulative amounts on or before the third day of each calendar month with respect to the prior month. There is no guarantee that the Company will continue to pay distributions at this rate or at all. Distributions declared for the three and nine months ended September 30, 2015 were $5,586,074 and $12,540,127 , including $2,971,637 and $6,597,098 , or 208,536 and 462,954 shares of common stock, respectively, attributable to the DRP. Distributions declared for the three and nine months ended September 30, 2014 were $642,532 and $800,804 , including $269,216 and $321,218 , or 18,892 and 22,542 shares of common stock attributable to the DRP. As of September 30, 2015 and December 31, 2014 , $1,965,054 and $608,904 of distributions declared were payable, which included $1,048,138 and $293,521 , or 73,554 and 20,598 shares of common stock, attributable to the DRP, respectively. Distributions Paid For the three and nine months ended September 30, 2015 , the Company paid cash distributions of $2,420,013 and $5,341,496 , which related to distributions declared for each day in the period from June 1, 2015 through August 31, 2015 and December 1, 2014 through August 31, 2015, respectively. Additionally, for the three and nine months ended September 30, 2015 , 192,599 and 409,999 shares of common stock were issued pursuant to the DRP for gross offering proceeds of $2,744,538 and $5,842,481 , respectively. For the three and nine months ended September 30, 2015 , the Company paid total distributions of $5,164,551 and $11,183,977 , respectively. For the three and nine months ended September 30, 2014 , the Company paid cash distributions of $279,014 and $328,594 , which related to distributions declared for each day in the period from from June 1, 2014 through August 31, 2014 and April 7, 2014 through August 31, 2014. Additionally, for the three and nine months ended September 30, 2014 , 12,315 and 14,074 shares of common stock were issued pursuant to the DRP for gross offering proceeds of $175,490 and $200,556 , respectively. For the three and nine months ended September 30, 2014 , the Company paid total distributions of $454,504 and $529,150 , respectively.

Related Party Arrangements

Related Party Arrangements	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements The Company has entered into the Advisory Agreement with the Advisor and a Dealer Manager Agreement with the Dealer Manager with respect to the Public Offering. Pursuant to the Advisory Agreement and Dealer Manager Agreement, the Company is obligated to pay the Advisor and the Dealer Manager specified fees upon the provision of certain services related to the Public Offering, the investment of funds in real estate and real estate-related investments and the management of the Company’s investments and for other services (including, but not limited to, the disposition of investments). Subject to the limitations described below, the Company is also obligated to reimburse the Advisor and its affiliates for organization and offering costs incurred by the Advisor and its affiliates on behalf of the Company, as well as acquisition and origination expenses and certain operating expenses incurred on behalf of the Company or incurred in connection with providing services to the Company. Amounts attributable to the Advisor and its affiliates incurred for the three and nine months ended September 30, 2015 and 2014 and amounts outstanding to the Advisor and its affiliates as of September 30, 2015 and December 31, 2014 are as follows: Incurred For the Incurred For the Three Months Ended September 30, Nine Months Ended September 30, Payable as of 2015 2014 2015 2014 September 30, 2015 December 31, 2014 Consolidated Statements of Operations: Expensed Organization costs (1) $ — $ — $ — $ 42,882 $ — $ — Investment management fees (2) 2,065,532 80,155 4,198,328 88,740 22,907 147,946 Acquisition fees (2) 2,561,266 488,962 6,891,098 930,405 — 581,418 Acquisition expenses (3) 927,643 307,183 2,780,293 516,067 138,910 22,157 Loan coordination fees (2) 2,353,989 315,000 4,704,794 609,700 — 280,000 Property management: Fees (2) 582,945 50,915 1,182,106 58,037 229,811 65,882 Reimbursement of onsite personnel (4) 1,932,568 141,426 3,874,342 163,500 352,958 66,268 Other fees (2) 187,995 18,634 359,377 26,321 22,502 6,799 Other operating expenses (1) 303,260 173,320 954,635 430,672 88,482 322,804 Consolidated Balance Sheets: Capitalized to real estate Construction management fees 244,614 5,439 535,040 5,524 45,517 6,595 Additional paid-in capital Other offering costs reimbursement 1,853,313 2,061,463 4,969,605 3,509,796 741,208 — Selling commissions 5,604,446 2,486,052 17,936,003 3,909,240 — — Dealer manager fees 2,509,032 1,129,004 8,089,007 1,740,039 — — $ 21,126,603 $ 7,257,553 $ 56,474,628 $ 12,030,923 $ 1,642,295 $ 1,499,869 _____________________ (1) Included in general and administrative expenses in the accompanying consolidated statements of operations. (2) Included in fees to affiliates in the accompanying consolidated statements of operations. (3) Included in acquisition costs in the accompanying consolidated statements of operations. (4) Included in operating, maintenance and management in the accompanying consolidated statements of operations. Organization and Offering Costs Organization and offering expenses include all expenses (other than sales commissions and the dealer manager fee) to be paid by the Company in connection with the Public Offering, including legal, accounting, printing, mailing and filing fees, charges of the Company’s transfer agent, expenses of organizing the Company, data processing fees, advertising and sales literature costs, out-of-pocket due diligence costs and amounts to reimburse the Advisor or its affiliates for the salaries of its employees and other costs in connection with preparing supplemental sales materials and providing other administrative services in connection with the Public Offering. Any such reimbursement will not exceed actual expenses incurred by the Advisor. After the termination of the Public Offering, the Advisor will reimburse the Company to the extent total organization and offering expenses (including sales commissions and dealer manager fees) borne by the Company exceed 15% of the gross proceeds raised in the Primary Offering. In addition, to the extent the Company does not pay the full sales commissions or dealer manager fee for shares sold in the Public Offering, the Company may also reimburse costs of bona fide training and education meetings held by the Company (primarily the travel, meal and lodging costs of registered representatives of broker-dealers), attendance and sponsorship fees and cost reimbursement of employees of the Company’s affiliates to attend seminars conducted by broker-dealers and, in certain cases, reimbursement to participating broker-dealers for technology costs associated with the offering, costs and expenses related to such technology costs, and costs and expenses associated with the facilitation of the marketing of the Company’s shares and the ownership of the Company’s shares by such broker-dealers’ customers; provided, however, that the Company will not pay any of the foregoing costs to the extent that such payment would cause total underwriting compensation paid by the Company to exceed 10% of the gross offering proceeds of the Public Offering, as required by the rules of Financial Industry Regulatory Authority, Inc. (“FINRA”). Organization and offering costs include payments made to Crossroads Capital Advisors, an affiliate of the Sponsor, for certain specified services provided to the Company on behalf of the Advisor, including, without limitation, establishing operational and administrative processes; engaging and negotiating with vendors; providing recommendations and advice for the development of marketing materials and ongoing communications with investors; and assisting in public relations activities and the administration of the DRP and share repurchase plan. As of September 30, 2015 and December 31, 2014 , the Advisor had incurred $2,531,323 and $1,000,008 , respectively, of amounts payable to Crossroads Capital Advisors for the services described above on the Company’s behalf, all of which was recorded by the Company as offering costs during the applicable periods. The amount of reimbursable organization and offering (“O&O”) costs that have been paid or recognized from inception through September 30, 2015 is as follows: Amount Percentage of Gross Offering Proceeds Gross offering proceeds: $ 404,700,414 100.00 % O&O limitation 15.00 % Total O&O costs available to be paid/reimbursed $ 60,705,062 15.00 % O&O expenses recorded: Sales commissions $ 26,751,060 6.61 % Broker dealer fees 12,063,577 2.98 % Offering cost reimbursements 10,637,462 2.63 % Organizational costs reimbursements 42,882 0.01 % Total O&O cost reimbursements recorded by the Company $ 49,494,981 12.23 % When recognized, organization costs are expensed as incurred. From inception through September 30, 2015 , the Advisor incurred $42,882 of organizational costs on the Company’s behalf, all of which was reimbursed to the Advisor. Offering costs, including selling commissions and dealer manager fees, are deferred and charged to stockholders’ equity as such amounts are reimbursed to the Advisor, the Dealer Manager or their affiliates from gross offering proceeds. For the three and nine months ended September 30, 2015 , the Advisor incurred $2,843,613 and $7,654,926 of offering costs related to the Public Offering. For the three and nine months ended September 30, 2014 , the Advisor incurred $2,078,946 and $5,747,990 of offering costs related to the Public Offering. The Advisor has incurred total offering costs related to the Public Offering of $16,875,673 from inception through September 30, 2015 , of which $6,238,211 is deferred and may be reimbursable, subject to the limitations described above and the approval of the independent directors. The Company accrued $741,208 and $0 for the reimbursement of offering costs in the accompanying consolidated balance sheets as of September 30, 2015 and December 31, 2014 . The deferred offering costs of $6,238,211 were not included in the financial statements of the Company because such costs were not a liability of the Company as they exceeded the 10% limitation described above. Investment Management Fee The Company paid the Advisor a monthly investment management fee equal to one-twelfth of 0.50% of (1) the cost of the Company’s investments in real properties and real estate-related assets until the aggregate cost of the Company’s investments in real properties and real estate related assets equaled $300,000,000 , which occurred in December 2014. Thereafter, the Company pays the Advisor a monthly investment management fee equal to one-twelfth of 1.0% of the cost of the Company’s investments in real properties and real estate-related assets. Such fee will be calculated including acquisition fees, acquisition expenses and any debt attributable to such investments, or the Company’s proportionate share thereof in the case of investments made through joint ventures. Acquisition Fees and Expenses The Company pays the Advisor an acquisition fee equal to 1.0% of the cost of investment, which includes the amount actually paid or budgeted to fund the acquisition, origination, development, construction or improvement (i.e. value-enhancement) of any real property or real estate-related asset acquired. In addition to acquisition fees, the Company reimburses the Advisor for amounts directly incurred by the Advisor and amounts the Advisor pays to third parties in connection with the selection, evaluation, acquisition and development of a property or acquisition of real estate-related assets, whether or not the Company ultimately acquires the property or the real estate-related assets. The Charter limits the Company’s ability to pay acquisition fees if the total of all acquisition fees and expenses relating to the purchase would exceed 4.5% of the contract purchase price. Under the Charter, a majority of the Company’s board of directors, including a majority of the independent directors, is required to approve any acquisition fees (or portion thereof) that would cause the total of all acquisition fees and expenses relating to an acquisition to exceed 4.5% of the contract purchase price. In connection with the purchase of securities, the acquisition fee may be paid to an affiliate of the Advisor that is registered as a FINRA member broker-dealer if applicable FINRA rules would prohibit the payment of the acquisition fee to a firm that is not a registered broker-dealer. Loan Coordination Fee The Company pays the Advisor or its affiliate a loan coordination fee equal to 1.0% of the initial amount of the new debt financed or outstanding debt assumed in connection with the acquisition, development, construction, improvement or origination of a property or a real estate-related asset. In addition, in connection with any financing or the refinancing of any debt (in each case, other than identified at the time of the acquisition of a property or a real estate-related asset), the Company will pay the Advisor or its affiliate a loan coordination fee equal to 0.75% of the amount of debt financed or refinanced. Property Management Fees and Expenses The Company has entered into Property Management Agreements with Steadfast Management Company, Inc., an affiliate of the Sponsor (the “Property Manager”), in connection with the management of each of the Company’s properties. The property management fee payable with respect to each property under the Property Management Agreements (each a “Property Management Agreement”) at September 30, 2015 ranges from 2.5% to 3.0% of the annual gross revenue collected at the property, which is usual and customary for comparable property management services rendered to similar properties in similar geographic markets, as determined by the Advisor and approved by a majority of the Company’s board of directors, including a majority of the independent directors. In addition to the property management fee, the Property Management Agreements also specify certain other fees payable to the Property Manager for benefit administration, information technology infrastructure, licenses, and support and training services. The Company also reimburses the Property Manager for the salaries and related benefits of on-site property management employees. Construction Management Fee The Company has entered into Construction Management Agreements with Pacific Coast Land & Construction, Inc., an affiliate of the Sponsor (the “Construction Manager”), in connection with capital improvements and renovation or value-enhancement projects for certain properties the Company acquires. The Construction Management Fee payable with respect to each property under the Construction Management Agreements (each a “Construction Management Agreement”) has ranged from 8.0% to 12.0% of the costs of the improvements for which the Construction Manager has planning and oversight authority. For all properties acquired after October 15, 2014, such fees are an amount equal to 8.0% of the total cost of the project. Generally, each Construction Management Agreement can be terminated by either party with 30 days prior written notice to the other party. Construction management fees are capitalized to the respective real estate properties in the period in which they are incurred as such costs relate to capital improvements and renovations for apartment homes while they undergo the planned renovation. Other Operating Expense Reimbursement In addition to the various fees paid to the Advisor, the Company is obligated to pay directly or reimburse all expenses incurred by the Advisor in providing services to the Company, including the Company’s allocable share of the Advisor’s overhead, such as rent, employee costs, utilities and information technology costs. The Company will not reimburse the Advisor for employee costs in connection with services for which the Advisor or its affiliates receive acquisition fees or disposition fees or for the salaries the Advisor pays to the Company’s executive officers. The Charter limits the Company’s total operating expenses during any four fiscal quarters to the greater of 2% of the Company’s average invested assets or 25% of the Company’s net income for the same period (the “2%/25% Limitation”). The Company may reimburse the Advisor, at the end of each fiscal quarter, for operating expenses incurred by the Advisor; provided, however, that the Company shall not reimburse the Advisor at the end of any fiscal quarter for operating expenses that exceed the 2%/25% Limitation unless the independent directors have determined that such excess expenses were justified based on unusual and non-recurring factors. The Advisor must reimburse the Company for the amount by which the Company’s operating expenses for the preceding four fiscal quarters then ended exceed the 2%/25% Limitation, unless approved by the independent directors. For purposes of determining the 2%/25% Limitation amount, “average invested assets” means the average monthly book value of the Company’s assets invested directly or indirectly in equity interests and loans secured by real estate during the 12 -month period before deducting depreciation, bad debts or other non-cash reserves. “Total operating expenses” means all expenses paid or incurred by the Company that are in any way related to the Company’s operation, including the Company’s allocable share of Advisor overhead and investment management fees, but excluding (a) the expenses of raising capital such as organization and offering expenses, legal, audit, accounting, underwriting, brokerage, listing, registration and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer, listing and registration of shares of the Company’s common stock; (b) interest payments; (c) taxes; (d) non-cash expenditures such as depreciation, amortization and bad debt reserves; (e) reasonable incentive fees based on the gain in the sale of the Company’s assets; (f) acquisition fees and acquisition expenses (including expenses relating to potential acquisitions that the Company does not close); (g) real estate commissions on the resale of investments; and (h) other expenses connected with the acquisition, disposition, management and ownership of investments (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of real property). At September 30, 2015 , the Company’s total operating expenses, as defined above, did not exceed the 2%/25% Limitation test. Disposition Fee If the Advisor or its affiliates provides a substantial amount of services in connection with the sale of a property or real estate-related asset as determined by a majority of the Company’s independent directors, the Company will pay the Advisor or its affiliates one-half of the brokerage commissions paid, but in no event to exceed 1.0% of the sales price of each property or real estate-related asset sold. To the extent the disposition fee is paid upon the sale of any assets other than real property, it will be included as an operating expense for purposes of the 2% / 25% Limitation. In connection with the sale of securities, the disposition fee may be paid to an affiliate of the Advisor that is registered as a FINRA member broker-dealer if applicable FINRA rules would prohibit the payment of the disposition fee to a firm that is not a registered broker-dealer. As of September 30, 2015 the Company had not sold or otherwise disposed of property or any real estate-related assets. Accordingly, the Company had not incurred any disposition fees as of September 30, 2015 . Selling Commissions and Dealer Manager Fees The Company pays the Dealer Manager up to 7% and 3% of the gross offering proceeds from the Primary Offering as selling commissions and dealer manager fees, respectively. A reduced sales commission and dealer manager fee is paid in connection with volume discounts and certain other categories of sales. No sales commission or dealer manager fee is paid with respect to shares of common stock issued pursuant to the DRP. The Dealer Manager reallows 100% of sales commissions earned to participating broker-dealers. The Dealer Manager may also reallow to any participating broker-dealer a portion of the dealer manager fee that is attributable to that participating broker-dealer for certain marketing costs of that participating broker-dealer. The Dealer Manager will negotiate the reallowance of the dealer manager fee on a case-by-case basis with each participating broker-dealer subject to various factors associated with the cost of the marketing program.

Incentive Award Plan and Indepe

Incentive Award Plan and Independent Director Compensation	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Incentive Award Plan and Independent Director Compensation	Incentive Award Plan and Independent Director Compensation The Company has adopted an incentive plan (the “Incentive Award Plan”) that provides for the grant of equity awards to its employees, directors and consultants and those of the Company’s affiliates. The Incentive Award Plan authorizes the grant of non-qualified and incentive stock options, restricted stock awards, restricted stock units, stock appreciation rights, dividend equivalents and other stock-based awards or cash-based awards. Under the Company’s independent directors’ compensation plan, which is a sub-plan of the Incentive Award Plan, each of the Company’s independent directors was entitled to receive 3,333 shares of restricted common stock once the Company raised $2,000,000 in gross offering proceeds in the Public Offering. Each subsequent independent director that joins the Company’s board of directors receives 3,333 shares of restricted common stock upon election to the Company’s board of directors. In addition, on the date following an independent director’s re-election to the Company’s board of directors, he or she receives 1,666 shares of restricted common stock. One-fourth of the shares of restricted common stock generally vest and become non-forfeitable upon issuance and the remaining portion will vest in three equal annual installments beginning on the date of grant and ending on the third anniversary of the date of grant; provided, however, that the restricted stock will become fully vested and become non-forfeitable on the earlier to occur of (1) the termination of the independent director’s service as a director due to his or her death or disability, or (2) a change in control of the Company. On February 27, 2014 , the Company raised over $2,000,000 in gross offering proceeds in the Public Offering and granted each of the three independent directors 3,333 shares of restricted common stock. On both August 7, 2014 and August 13, 2015 , the Company granted 1,666 shares of restricted common stock to each of its three independent directors upon their re-election to the Company’s board of directors at the 2014 and 2015 annual meetings of stockholders. The Company recorded stock-based compensation expense of $35,348 and $63,482 for the three and nine months ended September 30, 2015 and $30,967 and $81,230 for the three and nine months ended September 30, 2014 , respectively, related to the independent directors’ restricted common stock. In addition to the stock awards, the Company pays each of its independent directors an annual amount of $55,000 , prorated for any partial term (the audit committee chairperson receives an additional $10,000 annual amount, prorated for any partial term). In addition, the independent directors are paid for attending meetings as follows: (1) $2,500 for each board meeting attended in person, (2) $1,500 for each committee meeting attended in person in such director’s capacity as a committee member, (3) $1,000 for each board meeting attended via teleconference (not to exceed $4,000 for any one set of meetings attended on any given day). All directors also receive reimbursement of reasonable out of pocket expenses incurred in connection with attendance at meetings of the board of directors. Director compensation is an operating expense of the Company that is subject to the operating expense reimbursement obligation of the Advisor discussed in Note 7. The Company recorded an operating expense of, and paid, $55,750 and $180,250 for the three and nine months ended September 30, 2015 and $57,750 and $174,250 for the three and nine months ended September 30, 2014 related to the independent directors annual retainer, which is included in general and administrative expenses in the accompanying consolidated statements of operations.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Economic Dependency The Company is dependent on the Advisor and the Dealer Manager for certain services that are essential to the Company, including the sale of the Company’s shares of common and preferred stock available for issue; the identification, evaluation, negotiation, purchase and disposition of real estate and real estate-related investments; management of the daily operations of the Company’s real estate and real estate-related investment portfolio; and other general and administrative responsibilities. In the event that these companies are unable to provide the respective services, the Company will be required to obtain such services from other sources. The Company may not be able to retain services from such other sources on favorable terms or at all. Concentration of Credit Risk The geographic concentration of the Company’s portfolio makes it particularly susceptible to adverse economic developments in the Atlanta, Georgia, Dallas/Fort Worth, Texas and Denver, Colorado apartment markets. Any adverse economic or real estate developments in these markets, such as business layoffs or downsizing, relocations of businesses, increased competition from other apartment communities, decrease in demand for apartments or any other changes, could adversely affect the Company’s operating results and its ability to make distributions to stockholders. Environmental As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. The Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the properties could result in future environmental liabilities. Legal Matters From time to time, the Company is subject, or party, to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings of which the outcome is reasonably likely to have a material adverse effect on the Company’s results of operations or financial condition nor is the Company aware of any such legal proceedings contemplated by government agencies.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company uses interest rate derivatives with the objective of managing exposure to interest rate movements thereby minimizing the effect of interest rate changes and the effect they could have on future cash flows. Interest rate cap agreements are used to accomplish this objective. The following table provides the terms of the Company’s interest rate derivative instruments that were in effect at September 30, 2015 and December 31, 2014 : September 30, 2015 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest Rate Cap 6/1/2018 - 10/1/2019 One-Month LIBOR 19 $ 528,001,100 0.19% 2.06% $ 691,078 December 31, 2014 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest Rate Cap 6/1/2018 - 1/1/2019 One-Month LIBOR 7 $ 196,930,600 0.17% 2.00% $ 648,414 The interest rate cap agreements are not designated as effective cash flow hedges. Accordingly, the Company records any changes in the fair value of the interest rate cap agreements as interest expense. The change in the fair value of the interest rate cap agreements for the three and nine months ended September 30, 2015 resulted in an unrealized loss of $1,038,080 and $2,206,162 and for the three and nine months ended September 30, 2014 resulted in an unrealized loss of $57,127 and $140,339 , respectively. The fair value of the interest rate cap agreements of $691,078 and $648,414 as of September 30, 2015 and December 31, 2014 is included in deferred financing costs and other assets, net on the accompanying consolidated balance sheets.

Pro Forma Information (unaudite

Pro Forma Information (unaudited)	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Pro Forma Information (unaudited)	Pro Forma Information (unaudited) The following table summarizes, on an unaudited basis, the consolidated pro forma results of operations of the Company for the three and nine months ended September 30, 2015 and 2014 . The Company acquired six properties during the three months ended September 30, 2015 and 17 properties during the nine months ended September 30, 2015 . These properties contributed $18,923,673 of revenues and $10,735,023 of net loss, including $14,969,383 of depreciation and amortization, to the Company’s results of operations from the date of acquisition to September 30, 2015 . The following unaudited pro forma information for the three and nine months ended September 30, 2015 and 2014 has been provided to give effect to the acquisitions of the properties as if they had occurred on January 1, 2014 . This pro forma information does not purport to represent what the actual results of operations of the Company would have been had these acquisitions occurred on this date, nor does it purport to predict the results of operations for future periods. Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues $ 24,057,752 $ 16,496,660 $ 72,173,255 $ 49,489,979 Net loss $ (11,968,402 ) $ (15,967,096 ) $ (35,905,207 ) $ (47,901,288 ) Loss per common share, basic and diluted $ (0.43 ) $ (0.58 ) $ (1.30 ) $ (1.74 ) The pro forma information reflects adjustments for actual revenues and expenses of the properties acquired during the three and nine months ended September 30, 2015 for the respective period prior to acquisition by the Company. Net loss has been adjusted as follows: (1) interest expense has been adjusted to reflect the additional interest expense that would have been charged had the Company acquired the properties on January 1, 2014 under the same financing arrangements as existed as of the acquisition date; (2) depreciation and amortization has been adjusted based on the Company’s basis in the properties; and (3) transaction costs have been adjusted for the acquisition of the properties.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Status of Our Offering As of November 6, 2015 , the Company had sold 30,125,783 shares of common stock in the Public Offering for gross proceeds of $449,506,794 , including 613,638 shares of common stock issued pursuant to the DRP for gross offering proceeds of $8,744,346 . Distributions Paid On October 1, 2015 , the Company paid distributions of $1,965,054 , which related to distributions declared for each day in the period from September 1, 2015 through September 30, 2015 and consisted of cash distributions paid in the amount of $916,916 and $1,048,138 in shares issued pursuant to the DRP. On November 2, 2015 , the Company paid distributions of $2,170,727 , which related to distributions declared for each day in the period from October 1, 2015 through October 31, 2015 and consisted of cash distributions paid in the amount of $1,018,189 and $1,152,538 in shares issued pursuant to the DRP. Acquisition of Lakeside at Coppell On October 7, 2015, the Company acquired a fee simple interest in Regency by the Lake (the “Lakeside Property”) located in Coppell, Texas for a purchase price of $60,500,000 , exclusive of closing costs. The Company has initiated the process to re-name the Lakeside Property to “Lakeside at Coppell.” The Company financed the payment of the Lakeside Property with (1) proceeds from its initial public offering and (2) the proceeds of a secured loan in the aggregate principal amount of $45,375,000 from a financial institution. The Lakeside Property consists of 45 two-story residential buildings, a two-story leasing office/clubhouse, a pool restroom building and a maintenance building. The Lakeside Property contains 315 units consisting of 90 one-bedroom apartments, 135 two-bedroom apartments, 45 three-bedroom apartments and 45 four-bedroom apartments that average 1,221 square feet. The Company has not yet measured the fair value of the tangible and identified intangible assets and liabilities of the acquisition. Second Amended and Restated Dealer Manager Agreement On October 15, 2015, the Company entered into the Second Amended and Restated Dealer Manager Agreement with the Dealer Manager and the Operating Partnership. The Company will allow a participating broker-dealer to elect to receive the 7% selling commission at the time of sale or elect to have the selling commission paid on a trailing basis. A participating broker-dealer electing to receive a trailing selling commission will be paid as follows: 2% at the time of sale and the remaining 5% paid ratably ( 1% per year) on each of the first five anniversaries of the sale. The Dealer Manager may also agree to different payment schedules with a participating broker-dealer in the future; provided the selling commission paid will not exceed 7% . The total amount of all items of compensation from any source payable to the Dealer Manager and the soliciting dealers will not exceed 10% of the gross proceeds from the Primary Offering. The Company has no obligation to pay the trailing selling commission if the applicable shares are no longer outstanding or total underwriting compensation paid by the Company will exceed 10% of the gross offering proceeds from the Primary Offering. The dealer manager fee remains 3% of the gross proceeds on sales by a participating broker-dealer in the Primary Offering. No sales commissions will be paid for sales pursuant to the DRP. Acquisition of Meadows at River Run On October 30, 2015, the Company acquired a fee simple interest in Meadows at River Run (the “River Run Property”) located in Bolingbrook, Illinois for a purchase price of $58,500,000 , exclusive of closing costs. The Company financed the payment of the River Run Property with (1) proceeds from its initial public offering and (2) the assumption of an existing mortgage loan in the principal amount of $43,600,000 from a financial institution. The River Run Property consists of 17 two-, three- and four-story residential buildings, a one-story leasing office/clubhouse, a 24-hour fitness center, a business center, a pet park and a swimming pool. The River Run Property contains 374 units consisting of 194 one-bedroom apartments, 164 two-bedroom apartments and 16 three-bedroom apartments that average 945 square feet. The Company has not yet measured the fair value of the tangible and identified intangible assets and liabilities of the acquisition. Advisory Agreement Renewal On November 11, 2015, the Company entered into Amendment No. 2 to the Advisory Agreement, which is effective on December 13, 2015, to renew the term of the Advisory Agreement for an additional one year term ending December 13, 2016.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company, the Operating Partnership and its subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. The financial statements of the Company’s subsidiaries are prepared using accounting policies consistent with those of the Company.
Basis of Presentation	The accompanying unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments that are of a normal and recurring nature and necessary for a fair and consistent presentation of the results of such periods. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 . The unaudited consolidated financial statements herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 .
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Fair Value Measurements	Fair Value Measurements Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other assets and liabilities at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and will classify such items in Level 1 or Level 2. In instances where the market is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines the market for a financial instrument owned by the Company to be illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and will establish a fair value by assigning weights to the various valuation sources. The following describes the valuation methodologies used by the Company to measure fair value, including an indication of the level in the fair value hierarchy in which each asset or liability is generally classified. Interest rate cap agreements - These derivatives are recorded at fair value. Fair value was based on a model-driven valuation using the associated variable rate curve and an implied market volatility, both of which were observable at commonly quoted intervals for the full term of the interest rate cap agreements. Therefore, the Company’s interest rate cap agreements were classified within Level 2 of the fair value hierarchy and are included in deferred financing costs and other assets in the accompanying consolidated balance sheets. Changes in the fair value of the interest rate cap agreements are recorded as interest expense in the accompanying consolidated statements of operations.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The accompanying consolidated balance sheets include the following financial instruments: cash and cash equivalents, restricted cash, rents and other receivables, accounts payable and accrued liabilities, due to affiliates and notes payable. The Company considers the carrying value of cash and cash equivalents, restricted cash, rents and other receivables and accounts payable and accrued liabilities to approximate the fair value of these financial instruments based on the short duration between origination of the instruments and their expected realization. The fair value of amounts due to affiliates is not determinable due to the related party nature of such amounts. The Company has determined that its notes payable are classified as Level 3 within the fair value hierarchy. The fair value of the notes payable is estimated using a discounted cash flow analysis using borrowing rates available to the Company for debt instruments with similar terms and maturities.
Distribution Policy	Distributions to stockholders are determined by the board of directors of the Company and are dependent upon a number of factors relating to the Company, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements and annual distribution requirements in order for the Company to qualify as a REIT under the Internal Revenue Code. Distribution Policy The Company elected to be taxed as a REIT commencing with the taxable year ended December 31, 2014. To maintain its qualification as a REIT, the Company intends to make distributions each taxable year equal to at least 90% of its REIT taxable income (which is determined 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).
Per Share Data	Per Share Data Basic loss per share attributable to common stockholders for all periods presented are computed by dividing net loss by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted loss per share is computed based on the weighted average number of shares of the Company’s common stock and all potentially dilutive securities, if any. Distributions declared per common share assumes each share was issued and outstanding each day during the period. Nonvested shares of the Company’s restricted common stock give rise to potentially dilutive shares of the Company’s common stock but such shares were excluded from the computation of diluted earnings per share because such shares were anti-dilutive during the period.
Segment Disclosure	Segment Disclosure The Company has determined that it has one reportable segment with activities related to investing in multifamily properties. The Company’s investments in real estate are in different geographic regions, and management evaluates operating performance on an individual asset level. However, as each of the Company’s assets has similar economic characteristics, tenants and products and services, its assets have been aggregated into one reportable segment.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standard Updates (“ASU”) 2014-09, Revenue from Contracts with Customers ( Topic 606 ). The new guidance requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The new guidance supersedes the revenue requirements in Revenue Recognition ( Topic 605 ) and most industry-specific guidance throughout the Industry Topics of the Codification. The new guidance does not apply to lease contracts within the scope of Leases ( Topic 840 ). In July 2015, the FASB decided to delay the effective date of the new guidance by one year, which will result in the new guidance being effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and is to be applied retrospectively. Early adoption is permitted, but can be no earlier than the original public entity effective date of fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company is still evaluating the impact of adopting the new guidance on its financial statements, but does not expect the adoption to have a material impact on its financial statements. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern , that requires management to evaluate whether there are conditions and events that raise substantial doubt about an entity’s ability to continue as a going concern. Until now, the requirement to perform a going concern evaluation existed only in auditing standards. The new guidance requires management to evaluate relevant conditions, events and certain management plans that are known or reasonably knowable as of the evaluation date when determining whether substantial doubt about an entity’s ability to continue as a going concern exists. Management will be required to make this evaluation for both annual and interim reporting periods. The standard states substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. The guidance is effective for annual periods ending after December 15, 2016 and for annual periods and interim periods thereafter. Early adoption is permitted. The Company does not expect there to be a material impact from adopting this new guidance. In January 2015, the FASB issued ASU 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items , that eliminates the concept of the extraordinary items from GAAP. The objective of the new guidance is to simplify the income statement presentation requirements of GAAP. Eliminating the extraordinary classification simplifies income statement presentation by altogether removing the concept of extraordinary items from consideration. The guidance is effective for annual periods, including interim periods within that period, beginning after December 15, 2015. Early adoption is permitted. The Company does not expect there to be a material impact from adopting this new guidance. In February 2015, the FASB issued ASU 2015-02, Consolidation , that provides amendments to the consolidation analysis. The amendments in this new guidance affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The guidance is effective for annual periods, including interim periods within that period, beginning after December 15, 2015. Early adoption is permitted. The Company does not expect there to be a material impact from adopting this new guidance. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs , as amended in August 2015 by ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, that will require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of a debt liability, consistent with debt discounts or premiums. The FASB will permit debt issuance costs related to line-of-credit arrangements to be deferred and presented as an asset and subsequently amortized over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The recognition and measurement guidance for debt issuance costs will not be affected by the new guidance. The guidance requires retrospective application and is effective for annual periods, including interim periods within that period, beginning after December 15, 2015. Early adoption is permitted. Upon adoption, the Company will reclassify debt issuance costs from deferred financing costs and other assets, net to notes payable on the consolidated balance sheet.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Schedule of Assets Required to be Measured at Fair Value on a Recurring Basis	The following table reflects the Company’s assets required to be measured at fair value on a recurring basis on the consolidated balance sheets: September 30, 2015 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 691,078 $ — December 31, 2014 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 648,414 $ —

Real Estate (Tables)

Real Estate (Tables)	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Schedule of Purchase Price Allocation	During the nine months ended September 30, 2015 , the Company acquired the following properties: Purchase Price Allocation Property Name Location Purchase Date Units Land Buildings and Improvements Tenant Origination and Absorption Costs Other Accounts Receivable Total Purchase Price Columns on Wetherington Florence, KY 2/26/2015 192 $ 1,276,787 $ 23,172,820 $ 550,393 $ — $ 25,000,000 Preston Hills at Mill Creek Buford, GA 3/10/2015 464 5,813,218 43,594,089 1,592,693 — 51,000,000 Eagle Lake Landing Apartments Speedway, IN 3/27/2015 277 1,607,980 16,933,827 658,193 — 19,200,000 Reveal on Cumberland Fishers, IN 3/30/2015 220 3,299,502 25,458,315 480,739 261,444 29,500,000 Randall Highlands Apartments North Aurora, IL 3/31/2015 146 2,499,350 28,865,543 750,107 — 32,115,000 Heritage Place Apartments Franklin, TN 4/27/2015 105 1,697,036 7,772,323 180,641 — 9,650,000 Rosemont at East Cobb Marietta, GA 5/21/2015 180 3,599,586 12,563,661 286,753 — 16,450,000 Ridge Crossings Apartments Hoover, AL 5/28/2015 720 7,747,295 62,446,959 1,805,746 — 72,000,000 Bella Terra at City Center Aurora, CO 6/11/2015 304 5,895,389 30,901,144 803,467 — 37,600,000 Hearthstone at City Center Aurora, CO 6/25/2015 360 7,219,143 44,787,119 1,393,738 — 53,400,000 Arbors at Brookfield Mauldin, SC 6/30/2015 702 7,553,349 57,517,403 1,729,248 — 66,800,000 Carrington Park Kansas City, MO 8/19/2015 298 2,517,886 36,060,358 901,756 — 39,480,000 Delano at North Richland Hills North Richland Hills, TX 8/26/2015 263 3,941,458 33,550,081 1,008,461 — 38,500,000 Meadows at North Richland Hills North Richland Hills, TX 8/26/2015 252 4,054,337 27,615,674 929,989 — 32,600,000 Kensington by the Vineyard Euless, TX 8/26/2015 259 3,938,677 41,017,607 1,243,716 — 46,200,000 Monticello by the Vineyard Euless, TX 9/23/2015 354 5,386,400 45,510,628 1,302,972 — 52,200,000 The Shores Oklahoma City, OK 9/29/2015 300 2,100,531 33,239,703 909,766 — 36,250,000 5,396 $ 70,147,924 $ 571,007,254 $ 16,528,378 $ 261,444 $ 657,945,000
Schedule of Accumulated Depreciation and Amortization Related to Consolidated Real Estate Properties and Related Intangibles	As of September 30, 2015 and December 31, 2014 , accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows: September 30, 2015 Assets Land Building and Improvements Tenant Origination and Absorption Total Real Estate Investments in real estate $ 104,706,656 $ 814,066,819 $ 12,496,253 $ 931,269,728 Less: Accumulated depreciation and amortization — (15,740,214 ) (4,621,079 ) (20,361,293 ) Net investments in real estate and related lease intangibles $ 104,706,656 $ 798,326,605 $ 7,875,174 $ 910,908,435 December 31, 2014 Assets Land Building and Improvements Tenant Origination and Absorption Total Real Estate Investments in real estate $ 34,558,732 $ 234,259,502 $ 5,578,528 $ 274,396,762 Less: Accumulated depreciation and amortization — (2,206,072 ) (2,203,061 ) (4,409,133 ) Net investments in real estate and related lease intangibles $ 34,558,732 $ 232,053,430 $ 3,375,467 $ 269,987,629

Deferred Financing Costs and 22

Deferred Financing Costs and Other Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	As of September 30, 2015 and December 31, 2014 , deferred financing costs and other assets, net of accumulated amortization, consisted of: September 30, 2015 December 31, 2014 Deferred financing costs $ 4,862,064 $ 1,318,441 Less: accumulated amortization (259,532 ) (39,245 ) 4,602,532 1,279,196 Prepaid expenses 1,135,450 360,316 Interest rate cap agreements 691,078 648,414 Escrow deposits for pending real estate acquisitions 5,100,100 500,000 Other deposits 689,906 250,380 $ 12,219,066 $ 3,038,306

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Summary of Mortgage Notes Payable Secured by Real Property	The following is a summary of mortgage notes payable secured by real property as of September 30, 2015 and December 31, 2014 . September 30, 2015 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Variable rate (1) 19 12/1/2021 - 9/1/2025 1-Mo LIBOR + 1.68% 1-Mo LIBOR + 2.48% 2.23% $ 528,001,100 Fixed rate 1 5/1/2054 4.34 % 4.34 % 4.34% 24,808,919 20 2.33% $ 552,810,019 December 31, 2014 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Variable rate (1) 7 12/1/2021 - 11/1/2024 1-Mo LIBOR + 1.70% 1-Mo LIBOR + 2.13% 1.99% $ 196,930,600 ___________ (1) See Note 10 for a discussion of the interest rate cap agreements used to manage the exposure to interest rate movement on the Company’s variable rate loans.
Summary of Advances Obtained under the Credit Facility	As of September 30, 2015 , the advances obtained under the Credit Facility are summarized in the following table. Each property is pledged as collateral for repayment of amounts advanced under the Credit Facility. Collateralized Property Date of Advance Amount of Advance Delano at North Richland Hills August 26, 2015 $ 28,875,000 Meadows at North Richland Hills August 26, 2015 24,450,000 Reveal on Cumberland September 3, 2015 22,125,000 Monticello by the Vineyard September 23, 2015 39,150,000 $ 114,600,000
Summary of Aggregate Maturities	The following is a summary of the Company’s aggregate maturities as of September 30, 2015 : Maturities During the Years Ending December 31, Contractual Obligations Total Remainder of 2015 2016 2017 2018 2019 Thereafter Principal payments on outstanding debt $ 667,410,019 $ 77,165 $ 238,436 $ 335,561 $ 2,147,927 $ 3,975,393 $ 660,635,537

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Schedule of Restricted Stock Issued to Independent Directors as Compensation for Services	The issuance and vesting activity for the nine months ended September 30, 2015 and year ended December 31, 2014 for the restricted stock issued to the Company’s independent directors as compensation for services in connection with the Company raising $2,000,000 in the Public Offering and the independent directors’ re-election to the board of directors at the Company’s 2014 and 2015 annual meetings is as follows: Nine Months Ended September 30, 2015 Year Ended December 31, 2014 Nonvested shares at the beginning of the period 11,248 — Granted shares 4,998 14,997 Vested shares (4,999 ) (3,749 ) Nonvested shares at the end of the period 11,247 11,248
Schedule of Share Repurchase Plan Prior to Estimated Value Per Share of Common Stock is Published	(1) As adjusted for any stock dividends, combinations, splits, recapitalizations or any similar transaction with respect to the shares of common stock. Repurchase price includes the full amount paid for each share, including all sales commissions and dealer manager fees. (2) The required one year holding period to be eligible to redeem shares under the Company’s share repurchase plan does not apply in the event of death or disability of a stockholder. (3) The purchase price per share for shares repurchased upon the death or disability of a stockholder will be equal to the average issue price per share for all of the stockholder’s shares. (4) The Company’s board of directors will determine an estimated value per share of the Company’s common stock based on valuations by independent third-party appraisers or qualified valuation experts. Pursuant to current rules and regulations, the Company will establish an estimated value per share no later than 150 days following the second anniversary of breaking escrow in the Public Offering, or such earlier date as may be determined by the board of directors. Prior to the date the Company publishes an estimated value per share of its common stock, the purchase price for shares repurchased under the Company’s share repurchase plan will be as follows: Share Purchase Anniversary Repurchase Price on Repurchase Date (1) Less than 1 year No Repurchase Allowed 1 year 92.5% of Purchase Price 2 years 95.0% of Purchase Price 3 years 97.5% of Purchase Price 4 years 100.0% of Purchase Price In the event of a stockholder’s death or disability (2) Average Issue Price for Shares (3)
Schedule of Share Repurchase Plan Following Estimated Value Per Share of Common Stock is Published	Following the date the Company publishes an estimated value per share of its common stock, the purchase price for shares repurchased under the Company’s share repurchase plan will be as follows: Share Purchase Anniversary Repurchase Price on Repurchase Date (1) Less than 1 year No Repurchase Allowed 1 year 92.5% of Estimated Value per Share (4) 2 years 95.0% of Estimated Value per Share (4) 3 years 97.5% of Estimated Value per Share (4) 4 years 100.0% of Estimated Value per Share (4) In the event of a stockholder’s death or disability (2) Average Issue Price for Shares (3) ________________ (1) As adjusted for any stock dividends, combinations, splits, recapitalizations or any similar transaction with respect to the shares of common stock. Repurchase price includes the full amount paid for each share, including all sales commissions and dealer manager fees. (2) The required one year holding period to be eligible to redeem shares under the Company’s share repurchase plan does not apply in the event of death or disability of a stockholder. (3) The purchase price per share for shares repurchased upon the death or disability of a stockholder will be equal to the average issue price per share for all of the stockholder’s shares. (4) The Company’s board of directors will determine an estimated value per share of the Company’s common stock based on valuations by independent third-party appraisers or qualified valuation experts. Pursuant to current rules and regulations, the Company will establish an estimated value per share no later than 150 days following the second anniversary of breaking escrow in the Public Offering, or such earlier date as may be determined by the board of directors.

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Schedule of Amounts Attributable to the Advisor and its Affiliates	Amounts attributable to the Advisor and its affiliates incurred for the three and nine months ended September 30, 2015 and 2014 and amounts outstanding to the Advisor and its affiliates as of September 30, 2015 and December 31, 2014 are as follows: Incurred For the Incurred For the Three Months Ended September 30, Nine Months Ended September 30, Payable as of 2015 2014 2015 2014 September 30, 2015 December 31, 2014 Consolidated Statements of Operations: Expensed Organization costs (1) $ — $ — $ — $ 42,882 $ — $ — Investment management fees (2) 2,065,532 80,155 4,198,328 88,740 22,907 147,946 Acquisition fees (2) 2,561,266 488,962 6,891,098 930,405 — 581,418 Acquisition expenses (3) 927,643 307,183 2,780,293 516,067 138,910 22,157 Loan coordination fees (2) 2,353,989 315,000 4,704,794 609,700 — 280,000 Property management: Fees (2) 582,945 50,915 1,182,106 58,037 229,811 65,882 Reimbursement of onsite personnel (4) 1,932,568 141,426 3,874,342 163,500 352,958 66,268 Other fees (2) 187,995 18,634 359,377 26,321 22,502 6,799 Other operating expenses (1) 303,260 173,320 954,635 430,672 88,482 322,804 Consolidated Balance Sheets: Capitalized to real estate Construction management fees 244,614 5,439 535,040 5,524 45,517 6,595 Additional paid-in capital Other offering costs reimbursement 1,853,313 2,061,463 4,969,605 3,509,796 741,208 — Selling commissions 5,604,446 2,486,052 17,936,003 3,909,240 — — Dealer manager fees 2,509,032 1,129,004 8,089,007 1,740,039 — — $ 21,126,603 $ 7,257,553 $ 56,474,628 $ 12,030,923 $ 1,642,295 $ 1,499,869 _____________________ (1) Included in general and administrative expenses in the accompanying consolidated statements of operations. (2) Included in fees to affiliates in the accompanying consolidated statements of operations. (3) Included in acquisition costs in the accompanying consolidated statements of operations. (4) Included in operating, maintenance and management in the accompanying consolidated statements of operations.
Schedule of Reimbursable Organization and Offering Costs	The amount of reimbursable organization and offering (“O&O”) costs that have been paid or recognized from inception through September 30, 2015 is as follows: Amount Percentage of Gross Offering Proceeds Gross offering proceeds: $ 404,700,414 100.00 % O&O limitation 15.00 % Total O&O costs available to be paid/reimbursed $ 60,705,062 15.00 % O&O expenses recorded: Sales commissions $ 26,751,060 6.61 % Broker dealer fees 12,063,577 2.98 % Offering cost reimbursements 10,637,462 2.63 % Organizational costs reimbursements 42,882 0.01 % Total O&O cost reimbursements recorded by the Company $ 49,494,981 12.23 %

Derivative Financial Instrume26

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The following table provides the terms of the Company’s interest rate derivative instruments that were in effect at September 30, 2015 and December 31, 2014 : September 30, 2015 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest Rate Cap 6/1/2018 - 10/1/2019 One-Month LIBOR 19 $ 528,001,100 0.19% 2.06% $ 691,078 December 31, 2014 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest Rate Cap 6/1/2018 - 1/1/2019 One-Month LIBOR 7 $ 196,930,600 0.17% 2.00% $ 648,414

Pro Forma Information (unaudi27

Pro Forma Information (unaudited) (Tables)	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Schedule of Unaudited Pro Forma Information	This pro forma information does not purport to represent what the actual results of operations of the Company would have been had these acquisitions occurred on this date, nor does it purport to predict the results of operations for future periods. Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues $ 24,057,752 $ 16,496,660 $ 72,173,255 $ 49,489,979 Net loss $ (11,968,402 ) $ (15,967,096 ) $ (35,905,207 ) $ (47,901,288 ) Loss per common share, basic and diluted $ (0.43 ) $ (0.58 ) $ (1.30 ) $ (1.74 )

Organization and Business - Nar

Organization and Business - Narrative (Details)	Sep. 03, 2013USD ($)$ / sharesshares	Aug. 22, 2013USD ($)shares	Sep. 30, 2015apartment	Sep. 30, 2015multifamily_property	Sep. 30, 2015unit	Apr. 04, 2014$ / shares
Initial capitalization
Number of multifamily properties | multifamily_property				24
Number of apartment homes			7,891		5,396
Common Stock [Member]
Initial capitalization
Share price (in dollars per share) | $ / shares						$ 15
Common Stock [Member] | Sponsor [Member]
Initial capitalization
Issuance of common stock (in shares)	13,500
Share price (in dollars per share) | $ / shares	$ 15
Issuance of common stock | $	$ 202,500
Convertible Stock [Member] | Advisor [Member]
Initial capitalization
Issuance of common stock (in shares)		1,000
Issuance of common stock | $		$ 1,000

Organization and Business - N29

Organization and Business - Narrative - Public Offering (Details) - USD ($)	Dec. 30, 2013	Feb. 27, 2014	Sep. 30, 2015	Sep. 30, 2015	Apr. 04, 2014
Public Offering Information
Proceeds from issuance of common stock			$ 411,236,534
IPO [Member]
Public Offering Information
Escrow account release threshold, minimum offering amount		$ 2,000,000
Common Stock [Member]
Public Offering Information
Registration statement, price per share (in dollars per share)					$ 15
Common Stock [Member] | IPO [Member]
Public Offering Information
Issuance of common stock (in shares)			27,557,178	27,557,178
Common Stock [Member] | Primary Offering [Member]
Public Offering Information
Maximum number of shares authorized for sale under registration statement (in shares)	66,666,667
Registration statement, price per share (in dollars per share)	$ 15
Common Stock [Member] | Distribution Reinvestment Plan [Member]
Public Offering Information
Maximum number of shares authorized for sale under registration statement (in shares)	7,017,544
Registration statement, price per share (in dollars per share)	$ 14.25		$ 14.25	$ 14.25

Summary of Significant Accoun30

Summary of Significant Accounting Policies - Schedule of Assets Required to be Measured at Fair Value on a Recurring Basis (Details) - Interest Rate Cap [Member] - Fair Value, Measurements, Recurring [Member] - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate cap agreements	$ 0	$ 0
Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate cap agreements	691,078	648,414
Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate cap agreements	$ 0	$ 0

Summary of Significant Accoun31

Summary of Significant Accounting Policies - Narrative - Fair Value of Financial Instruments (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Outstanding	$ 552,810,019	$ 196,930,600
Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Outstanding	667,410,019	196,930,600
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	$ 641,535,193	$ 191,983,420

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Narrative - Distribution Policy (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Accounting Policies [Abstract]
Common share, distribution rate per share per day, declared (in dollars per share)			$ 0.002466
Distributions declared per common share (in dollars per share)	$ 0.227	$ 0.227	$ 0.673	$ 0.436

Summary of Significant Accoun33

Summary of Significant Accounting Policies - Narrative - Segment Disclosure (Details)	9 Months Ended
	Sep. 30, 2015segment
Accounting Policies [Abstract]
Number of reportable segments	1

Real Estate - Narrative (Detail

Real Estate - Narrative (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015USD ($)apartment	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)apartment	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2015residential_unit	Sep. 30, 2015multifamily_property	Sep. 30, 2015unit
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Number of multifamily properties | multifamily_property							24
Units	7,891		7,891					5,396
Purchase price			$ 932,509,250
Average percentage of real estate portfolio occupied			94.30%		94.20%
Average monthly collected rent			$ 1,000		$ 884
Depreciation and amortization	$ 12,493,027	$ 1,204,076	25,562,812	$ 1,354,372
Tenant Origination and Absorption [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Amortization of intangible assets	5,706,193	718,415	$ 12,028,670	813,625
Tenant Origination and Absorption [Member] | Maximum [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Weighted average amortization period of tenant origination and absorption costs			1 year
Building and Building Improvements [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Depreciation	$ 6,786,834	$ 485,661	$ 13,534,142	$ 540,747
Residential Real Estate [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Units	7,891		7,891			7,891

Real Estate - Schedule of Purch

Real Estate - Schedule of Purchase Price Allocation (Details) - Sep. 30, 2015	apartment	unit	USD ($)
Business Acquisition
Units	7,891	5,396
Land			$ 70,147,924
Buildings and Improvements			571,007,254
Tenant Origination and Absorption Costs			16,528,378
Other Accounts Receivable			261,444
Total Purchase Price			657,945,000
Columns on Wetherington [Member]
Business Acquisition
Units | unit		192
Land			1,276,787
Buildings and Improvements			23,172,820
Tenant Origination and Absorption Costs			550,393
Other Accounts Receivable			0
Total Purchase Price			25,000,000
Preston Hills at Mill Creek [Member]
Business Acquisition
Units | unit		464
Land			5,813,218
Buildings and Improvements			43,594,089
Tenant Origination and Absorption Costs			1,592,693
Other Accounts Receivable			0
Total Purchase Price			51,000,000
Eagle Lake Landing Apartments [Member]
Business Acquisition
Units | unit		277
Land			1,607,980
Buildings and Improvements			16,933,827
Tenant Origination and Absorption Costs			658,193
Other Accounts Receivable			0
Total Purchase Price			19,200,000
Reveal on Cumberland [Member]
Business Acquisition
Units | unit		220
Land			3,299,502
Buildings and Improvements			25,458,315
Tenant Origination and Absorption Costs			480,739
Other Accounts Receivable			261,444
Total Purchase Price			29,500,000
Randall Highlands [Member]
Business Acquisition
Units | unit		146
Land			2,499,350
Buildings and Improvements			28,865,543
Tenant Origination and Absorption Costs			750,107
Other Accounts Receivable			0
Total Purchase Price			32,115,000
Heritage Place Apartments [Member]
Business Acquisition
Units | unit		105
Land			1,697,036
Buildings and Improvements			7,772,323
Tenant Origination and Absorption Costs			180,641
Other Accounts Receivable			0
Total Purchase Price			9,650,000
Rosemont at East Cobb [Member]
Business Acquisition
Units | unit		180
Land			3,599,586
Buildings and Improvements			12,563,661
Tenant Origination and Absorption Costs			286,753
Other Accounts Receivable			0
Total Purchase Price			16,450,000
Ridge Crossings Apartments [Member]
Business Acquisition
Units | unit		720
Land			7,747,295
Buildings and Improvements			62,446,959
Tenant Origination and Absorption Costs			1,805,746
Other Accounts Receivable			0
Total Purchase Price			72,000,000
Bella Terra at City Center [Member]
Business Acquisition
Units | unit		304
Land			5,895,389
Buildings and Improvements			30,901,144
Tenant Origination and Absorption Costs			803,467
Other Accounts Receivable			0
Total Purchase Price			37,600,000
Hearthstone at City Center [Member]
Business Acquisition
Units | unit		360
Land			7,219,143
Buildings and Improvements			44,787,119
Tenant Origination and Absorption Costs			1,393,738
Other Accounts Receivable			0
Total Purchase Price			53,400,000
Arbors at Brookfield [Member]
Business Acquisition
Units | unit		702
Land			7,553,349
Buildings and Improvements			57,517,403
Tenant Origination and Absorption Costs			1,729,248
Other Accounts Receivable			0
Total Purchase Price			66,800,000
Carrington Park [Member]
Business Acquisition
Units | unit		298
Land			2,517,886
Buildings and Improvements			36,060,358
Tenant Origination and Absorption Costs			901,756
Other Accounts Receivable			0
Total Purchase Price			39,480,000
Delano at North Richland Hills [Member]
Business Acquisition
Units | unit		263
Land			3,941,458
Buildings and Improvements			33,550,081
Tenant Origination and Absorption Costs			1,008,461
Other Accounts Receivable			0
Total Purchase Price			38,500,000
Meadows at North Richland Hills [Member]
Business Acquisition
Units | unit		252
Land			4,054,337
Buildings and Improvements			27,615,674
Tenant Origination and Absorption Costs			929,989
Other Accounts Receivable			0
Total Purchase Price			32,600,000
Kensington by the Vineyard [Member]
Business Acquisition
Units | unit		259
Land			3,938,677
Buildings and Improvements			41,017,607
Tenant Origination and Absorption Costs			1,243,716
Other Accounts Receivable			0
Total Purchase Price			46,200,000
Monticello by the Vineyard [Member]
Business Acquisition
Units | unit		354
Land			5,386,400
Buildings and Improvements			45,510,628
Tenant Origination and Absorption Costs			1,302,972
Other Accounts Receivable			0
Total Purchase Price			52,200,000
The Shores [Member]
Business Acquisition
Units | unit		300
Land			2,100,531
Buildings and Improvements			33,239,703
Tenant Origination and Absorption Costs			909,766
Other Accounts Receivable			0
Total Purchase Price			$ 36,250,000

Real Estate - Schedule of Accum

Real Estate - Schedule of Accumulated Depreciation and Amortization Related to Consolidated Real Estate Properties and Related Intangibles (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	$ 931,269,728	$ 274,396,762
Less: Accumulated depreciation and amortization	(20,361,293)	(4,409,133)
Total real estate, net	910,908,435	269,987,629
Land [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	104,706,656	34,558,732
Less: Accumulated depreciation and amortization	0	0
Total real estate, net	104,706,656	34,558,732
Building and Improvements [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	814,066,819	234,259,502
Less: Accumulated depreciation and amortization	(15,740,214)	(2,206,072)
Total real estate, net	798,326,605	232,053,430
Tenant Origination and Absorption [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	12,496,253	5,578,528
Less: Accumulated depreciation and amortization	(4,621,079)	(2,203,061)
Total real estate, net	$ 7,875,174	$ 3,375,467

Real Estate - Narrative - Opera

Real Estate - Narrative - Operating Leases (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2015apartmenttenant	Sep. 30, 2014tenant	Dec. 31, 2014USD ($)	Sep. 30, 2015residential_unit	Sep. 30, 2015unit	Sep. 30, 2015USD ($)
Real Estate Properties [Line Items]
Units	7,891				5,396
Average percentage of real estate portfolio occupied	94.30%		94.20%
Tenant [Member] | Customer Concentration Risk [Member]
Real Estate Properties [Line Items]
Number of tenants | tenant	0	0
Accounts Payable and Accrued Liabilities [Member]
Real Estate Properties [Line Items]
Security deposit liability			$ 459,707			$ 1,691,451
Maximum [Member]
Real Estate Properties [Line Items]
Operating lease term	12 months
Residential Real Estate [Member]
Real Estate Properties [Line Items]
Units	7,891			7,891

Deferred Financing Costs and 38

Deferred Financing Costs and Other Assets - Schedule of Other Assets (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred financing costs	$ 4,862,064	$ 1,318,441
Less: accumulated amortization	(259,532)	(39,245)
Deferred financing costs, net	4,602,532	1,279,196
Prepaid expenses	1,135,450	360,316
Interest rate cap agreements	691,078	648,414
Escrow deposits for pending real estate acquisitions	5,100,100	500,000
Other deposits	689,906	250,380
Deferred financing costs and other assets, net	$ 12,219,066	$ 3,038,306

Debt - Summary of Mortgage Note

Debt - Summary of Mortgage Notes Payable Secured by Real Property (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)instrument	Dec. 31, 2014USD ($)instrument
Debt Instrument [Line Items]
Principal Outstanding	$ 552,810,019	$ 196,930,600
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Number of Instruments | instrument	20
Weighted Average Interest Rate	2.33%
Principal Outstanding	$ 552,810,019
Notes Payable to Banks [Member] | Mortgage Notes Payable, Variable Interest [Member]
Debt Instrument [Line Items]
Number of Instruments | instrument	19	7
Weighted Average Interest Rate	2.23%	1.99%
Principal Outstanding	$ 528,001,100	$ 196,930,600
Notes Payable to Banks [Member] | Mortgage Notes Payable, Variable Interest [Member] | Minimum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Variable rate	1.68%	1.70%
Notes Payable to Banks [Member] | Mortgage Notes Payable, Variable Interest [Member] | Maximum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Variable rate	2.48%	2.13%
Notes Payable to Banks [Member] | Mortgage Notes Payable, Fixed Interest [Member]
Debt Instrument [Line Items]
Number of Instruments | instrument	1
Weighted Average Interest Rate	4.34%
Principal Outstanding	$ 24,808,919
Notes Payable to Banks [Member] | Mortgage Notes Payable, Fixed Interest [Member] | Minimum [Member]
Debt Instrument [Line Items]
Variable rate	4.34%
Notes Payable to Banks [Member] | Mortgage Notes Payable, Fixed Interest [Member] | Maximum [Member]
Debt Instrument [Line Items]
Variable rate	4.34%

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2016	Aug. 26, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Interest expense	$ 4,086,542	$ 287,399	$ 7,938,509	$ 405,468
Amortization of deferred financing costs	117,487	9,151	220,287	11,520
Change in fair value of interest rate cap agreements			2,206,162	140,339
Credit facility commitment fees	11,968		11,968
Accounts Payable and Accrued Liabilities [Member]
Debt Instrument [Line Items]
Interest payable	1,164,744		1,164,744				$ 285,395
Interest Rate Cap [Member]
Debt Instrument [Line Items]
Change in fair value of interest rate cap agreements	$ 1,038,080	$ 57,127	$ 2,206,162	$ 140,339
Line of Credit [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity						$ 200,000,000
Interest rate	2.34%		2.34%
Unused commitment fee percentage			0.10%
Additional unused commitment fee percentage			1.00%
Seasoning fee percentage			0.25%
Seasoning fee percentage, increase on each subsequent anniversary			0.25%
Line of Credit [Member] | Revolving Credit Facility [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Servicing rate	0.05%		0.05%
Line of Credit [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | Minimum [Member]
Debt Instrument [Line Items]
Variable rate			1.80%
Line of Credit [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | Maximum [Member]
Debt Instrument [Line Items]
Variable rate			2.10%
Line of Credit [Member] | Revolving Credit Facility [Member] | Forecast [Member]
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity, accordion feature					$ 350,000,000

Debt - Summary of Advances Obta

Debt - Summary of Advances Obtained under the Credit Facility (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Revolving credit facility	$ 114,600,000	$ 0
Line of Credit [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Revolving credit facility	114,600,000
Line of Credit [Member] | Revolving Credit Facility [Member] | Residential Real Estate [Member] | Delano at North Richland Hills [Member]
Line of Credit Facility [Line Items]
Revolving credit facility	28,875,000
Line of Credit [Member] | Revolving Credit Facility [Member] | Residential Real Estate [Member] | Meadows at North Richland Hills [Member]
Line of Credit Facility [Line Items]
Revolving credit facility	24,450,000
Line of Credit [Member] | Revolving Credit Facility [Member] | Residential Real Estate [Member] | Reveal on Cumberland [Member]
Line of Credit Facility [Line Items]
Revolving credit facility	22,125,000
Line of Credit [Member] | Revolving Credit Facility [Member] | Residential Real Estate [Member] | Monticello by the Vineyard [Member]
Line of Credit Facility [Line Items]
Revolving credit facility	$ 39,150,000

Debt - Summary of Aggregate Mat

Debt - Summary of Aggregate Maturities (Details)	Sep. 30, 2015USD ($)
Debt Disclosure [Abstract]
Total	$ 667,410,019
Remainder of 2015	77,165
2,016	238,436
2,017	335,561
2,018	2,147,927
2,019	3,975,393
Thereafter	$ 660,635,537

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative - General (Details) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Common and preferred shares authorized (in shares)	1,100,000,000
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock [Member]
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	999,999,000	999,999,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Convertible Stock [Member]
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	1,000	1,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01

Stockholders' Equity - Narrat44

Stockholders' Equity - Narrative - Common Stock (Details)	Aug. 13, 2015director$ / sharesshares	Aug. 07, 2014director$ / sharesshares	Feb. 27, 2014USD ($)director$ / sharesshares	Sep. 03, 2013USD ($)shares	Feb. 27, 2014USD ($)	Sep. 30, 2015USD ($)shares	Sep. 30, 2014USD ($)shares	Sep. 30, 2015USD ($)vote / sharesshares	Sep. 30, 2014USD ($)shares	Dec. 31, 2014USD ($)shares	Sep. 30, 2015USD ($)shares
Class of Stock [Line Items]
Offering costs								$ 26,025,010	$ 5,649,279
Stock issued during period, dividend reinvestment plan (in shares) | shares						192,599	12,315	409,999	14,074		458,675
Proceeds from issuance of common stock, dividend reinvestment plan						$ 2,744,538	$ 175,490	$ 5,842,481	$ 200,556		$ 6,536,120
Receivable from transfer agent						1,104,462		1,104,462		$ 1,779,618	1,104,462
Share-based compensation expense								$ 63,482	81,230
Restricted Stock [Member]
Class of Stock [Line Items]
Shares granted (in shares) | shares								4,998		14,997
Forfeited shares (in shares) | shares								0
IPO [Member]
Class of Stock [Line Items]
Offering costs											$ 49,452,099
Public offering proceeds					$ 2,000,000
Common Stock [Member]
Class of Stock [Line Items]
Number of votes per share | vote / shares								1
Common Stock [Member] | Independent Directors Compensation Plan [Member] | Restricted Stock [Member]
Class of Stock [Line Items]
Number of directors | director	3	3	3
Shares granted, grant date fair value (in dollars per share) | $ / shares	$ 15	$ 15	$ 15
Number of equal annual vesting installments	4 years	4 years
Share-based compensation expense						35,348	30,967	$ 63,482	81,230
Weighted-average remaining term								1 year 3 months 29 days
Common Stock [Member] | Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | General and Administrative Expense [Member]
Class of Stock [Line Items]
Share-based compensation expense						$ 35,348	$ 30,967	$ 63,482	$ 81,230
Common Stock [Member] | Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | Director One [Member]
Class of Stock [Line Items]
Shares granted (in shares) | shares	1,666	1,666	3,333
Number of directors | director	3	3
Common Stock [Member] | Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | Director Two [Member]
Class of Stock [Line Items]
Shares granted (in shares) | shares	1,666	1,666	3,333
Common Stock [Member] | Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | Director Three [Member]
Class of Stock [Line Items]
Shares granted (in shares) | shares	1,666	1,666	3,333
Common Stock [Member] | IPO [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares								27,557,178			27,557,178
Proceeds from issuance of stock, net of offering costs											$ 361,784,435
Common Stock [Member] | IPO [Member] | Independent Directors Compensation Plan [Member] | Restricted Stock [Member]
Class of Stock [Line Items]
Public offering proceeds			$ 2,000,000
Common Stock [Member] | Sponsor [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares				13,500
Issuance of common stock				$ 202,500

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Restricted Stock Issued to Independent Directors as Compensation for Services (Details) - Restricted Stock [Member] - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested shares at the beginning of the year (in shares)	11,248	0
Granted shares (in shares)	4,998	14,997
Vested shares (in shares)	(4,999)	(3,749)
Nonvested shares at the end of the year (in shares)	11,247	11,248

Stockholders' Equity - Narrat46

Stockholders' Equity - Narrative - Convertible Stock (Details) - Advisor [Member] - Convertible Stock [Member] - USD ($)	Aug. 22, 2013	Sep. 30, 2015
Class of Stock [Line Items]
Issuance of common stock (in shares)	1,000
Issuance of common stock	$ 1,000
Aggregate percentage of cumulative, non-compounded, annual return on the original issue price added to total distributions qualifying for conversion of stock		6.00%
Convertible stock redemption price (in dollars per share)		$ 1
Convertible stock, conversion ratio		0.001
Convertible stock, percentage applied to the excess of enterprise value, including distributions to date		15.00%
Private Placement [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares)		1,000
Issuance of common stock		$ 1,000

Stockholders' Equity - Narrat47

Stockholders' Equity - Narrative - Preferred Stock (Details)	9 Months Ended
	Sep. 30, 2015classshares	Dec. 31, 2014shares
Equity [Abstract]
Preferred stock, number of classes or series the Board of Directors is authorized to classify or reclassify | class	1
Preferred stock, number of classes or series the Board of Directors is authorized to issue | class	1
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

Stockholders' Equity - Narrat48

Stockholders' Equity - Narrative - Distribution Reinvestment Plan (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Apr. 04, 2014	Dec. 30, 2013
Common Stock [Member]
Class of Stock [Line Items]
Share price (in dollars per share)		$ 15
Distribution Reinvestment Plan [Member]
Class of Stock [Line Items]
Sales commissions or dealer manager fees payable on shares sold under the plan	$ 0
Notice period for termination of plan	10 days
Distribution Reinvestment Plan [Member] | Common Stock [Member]
Class of Stock [Line Items]
Share price (in dollars per share)	$ 14.25		$ 14.25

Stockholders' Equity - Narrat49

Stockholders' Equity - Narrative - Share Repurchase Plan and Redeemable Common Stock (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)shares	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)assetshares	Sep. 30, 2014USD ($)
Class of Stock [Line Items]
Transfers to redeemable common stock	$ 2,645,676	$ 25,066	$ 5,640,163	$ 200,556
Share Repurchase Plan [Member]
Class of Stock [Line Items]
Number of company assets sold that constitute a return of capital as a result of such sale. | asset			1
Written request period for repurchase of shares			15 days
Payment period following the repurchase date for honoring repurchase requests			30 days
Minimum number of days prior to repurchase date a repurchase request may be withdrawn			3 days
Shares redeemed (in shares) | shares	6,601		13,501
Total redemption value	$ 98,862		$ 202,317
Stock requested for redemption (in shares) | shares	5,267		16,503
Stock requested for redemption, amount	$ 76,750		$ 245,164
Shares of outstanding and unfulfilled redemption requests (in shares) | shares	5,267		5,267
Notice period for amendment, suspension, or termination of share repurchase plan.			30 days
Share Repurchase Plan [Member] | Accounts Payable and Accrued Liabilities [Member]
Class of Stock [Line Items]
Stock requested for redemption, amount			$ 76,750
Share Repurchase Plan [Member] | Common Stock [Member]
Class of Stock [Line Items]
Number of shares that can be repurchased under Company's share repurchase plan after first anniversary of date of purchase of shares (in shares) | shares	0		0
Share repurchase plan, maximum period of time allowed from date of death or disability of shareholder to request holding period exemption for shares to be repurchased			2 years
Maximum percentage of weighted average shares outstanding in prior calendar period that may be repurchased in current calendar period			5.00%
Fee charged to repurchase shares			$ 0
Fulfilled redemption requests	$ 98,862	$ 0	$ 202,317	$ 0

Stockholders' Equity - Schedu50

Stockholders' Equity - Schedule of Share Repurchase Plan Prior to Estimated Value Per Share of Common Stock is Published (Details) - Share Repurchase Plan Pre-published Valuation [Member] - Common Stock [Member]	9 Months Ended
	Sep. 30, 2015
Class of Stock [Line Items]
Less than 1 year	0.00%
1 year	92.50%
2 years	95.00%
3 years	97.50%
4 years	100.00%

Stockholders' Equity - Schedu51

Stockholders' Equity - Schedule of Share Repurchase Plan Following Estimated Value Per Share of Common Stock is Published (Details) - Share Repurchase Plan Post Published Valuation [Member] - Common Stock [Member]	9 Months Ended
	Sep. 30, 2015
Class of Stock [Line Items]
Less than 1 year	0.00%
1 year	92.50%
2 years	95.00%
3 years	97.50%
4 years	100.00%

Stockholders' Equity - Schedu52

Stockholders' Equity - Schedule of Share Repurchase Plan Prior to/Following Estimated Value Per Share of Common Stock is Published (Footnote) (Details)	9 Months Ended
	Sep. 30, 2015
Share Repurchase Plan [Member] | Common Stock [Member]
Class of Stock [Line Items]
Holding period	1 year

Stockholders' Equity - Narrat53

Stockholders' Equity - Narrative - Distributions Declared (Details) - USD ($)	Apr. 04, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Class of Stock [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)				$ 0.002466
Distributions declared				$ 12,540,127		$ 2,224,079
Distributions payable				$ 1,356,150	$ 271,654
Dividend Paid [Member]
Class of Stock [Line Items]
Dividends, common stock, distribution reinvestment plan (in shares)				73,554		20,598
Distributions payable				$ 1,965,054		$ 608,904
Distributions paid to common stockholders through common stock issuances pursuant to distribution reinvestment plan		$ 1,048,138		1,048,138		$ 293,521
Common Stock [Member]
Class of Stock [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)	$ 0.002466
Common stock distribution rate percentage	6.00%
Share price (in dollars per share)	$ 15
Distributions declared		5,586,074	$ 642,532	12,540,127	800,804
Dividends, common stock, distribution reinvestment plan		$ 2,971,637	$ 269,216	$ 6,597,098	$ 321,218
Dividends, common stock, distribution reinvestment plan (in shares)		208,536	18,892	462,954	22,542

Stockholders' Equity - Narrat54

Stockholders' Equity - Narrative - Distributions Paid (Details) - USD ($)	3 Months Ended		9 Months Ended		25 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015
Equity [Abstract]
Payments of ordinary dividends, common stock	$ 2,420,013	$ 279,014	$ 5,341,496	$ 328,594
Stock issued during period, dividend reinvestment plan (in shares)	192,599	12,315	409,999	14,074	458,675
Proceeds from issuance of common stock, dividend reinvestment plan	$ 2,744,538	$ 175,490	$ 5,842,481	$ 200,556	$ 6,536,120
Distributions paid, common stock, including distribution reinvestment plan	$ 5,164,551	$ 454,504	$ 11,183,977	$ 529,150

Related Party Arrangements - Sc

Related Party Arrangements - Schedule of Amounts Attributable to the Advisor and its Affiliates - Amounts Incurred and Payable (Details) - Advisor [Member] - USD ($)	3 Months Ended		9 Months Ended		25 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Dec. 31, 2014
Organization Costs [Member]
Related Party Transaction [Line Items]
Incurred in the period					$ 42,882
Other Offering Costs Reimbursement [Member]
Related Party Transaction [Line Items]
Incurred in the period	$ 2,843,613	$ 2,078,946	$ 7,654,926	$ 5,747,990	16,875,673
Advisor and its Affiliates [Member]
Related Party Transaction [Line Items]
Incurred in the period	21,126,603	7,257,553	56,474,628	12,030,923
Payable at end of period	1,642,295		1,642,295		1,642,295	$ 1,499,869
Advisor and its Affiliates [Member] | Organization Costs [Member] | General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Incurred in the period	0	0	0	42,882
Payable at end of period	0		0		0	0
Advisor and its Affiliates [Member] | Investment Management Fees [Member] | Fees to Affiliates [Member]
Related Party Transaction [Line Items]
Incurred in the period	2,065,532	80,155	4,198,328	88,740
Payable at end of period	22,907		22,907		22,907	147,946
Advisor and its Affiliates [Member] | Acquisition Fees [Member] | Fees to Affiliates [Member]
Related Party Transaction [Line Items]
Incurred in the period	2,561,266	488,962	6,891,098	930,405
Payable at end of period	0		0		0	581,418
Advisor and its Affiliates [Member] | Acquisition Expenses [Member] | Acquisition Costs [Member]
Related Party Transaction [Line Items]
Incurred in the period	927,643	307,183	2,780,293	516,067
Payable at end of period	138,910		138,910		138,910	22,157
Advisor and its Affiliates [Member] | Loan Coordination Fees [Member] | Fees to Affiliates [Member]
Related Party Transaction [Line Items]
Incurred in the period	2,353,989	315,000	4,704,794	609,700
Payable at end of period	0		0		0	280,000
Advisor and its Affiliates [Member] | Property Management, Fees [Member] | Fees to Affiliates [Member]
Related Party Transaction [Line Items]
Incurred in the period	582,945	50,915	1,182,106	58,037
Payable at end of period	229,811		229,811		229,811	65,882
Advisor and its Affiliates [Member] | Property Management, Reimbursement of Onsite Personnel [Member] | Operating, Maintenance and Management [Member]
Related Party Transaction [Line Items]
Incurred in the period	1,932,568	141,426	3,874,342	163,500
Payable at end of period	352,958		352,958		352,958	66,268
Advisor and its Affiliates [Member] | Property Management, Other Fees [Member] | Fees to Affiliates [Member]
Related Party Transaction [Line Items]
Incurred in the period	187,995	18,634	359,377	26,321
Payable at end of period	22,502		22,502		22,502	6,799
Advisor and its Affiliates [Member] | Other Operating Expenses [Member] | General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Incurred in the period	303,260	173,320	954,635	430,672
Payable at end of period	88,482		88,482		88,482	322,804
Advisor and its Affiliates [Member] | Construction Management Fees [Member]
Related Party Transaction [Line Items]
Incurred in the period	244,614	5,439	535,040	5,524
Payable at end of period	45,517		45,517		45,517	6,595
Advisor and its Affiliates [Member] | Other Offering Costs Reimbursement [Member] | Additional Paid-In Capital [Member]
Related Party Transaction [Line Items]
Incurred in the period	1,853,313	2,061,463	4,969,605	3,509,796
Payable at end of period	741,208		741,208		741,208	0
Advisor and its Affiliates [Member] | Selling Commissions [Member] | Additional Paid-In Capital [Member]
Related Party Transaction [Line Items]
Incurred in the period	5,604,446	2,486,052	17,936,003	3,909,240
Payable at end of period	0		0		0	0
Advisor and its Affiliates [Member] | Dealer Manager Fees [Member] | Additional Paid-In Capital [Member]
Related Party Transaction [Line Items]
Incurred in the period	2,509,032	$ 1,129,004	8,089,007	$ 1,740,039
Payable at end of period	$ 0		$ 0		$ 0	$ 0

Related Party Arrangements - Na

Related Party Arrangements - Narrative - Organization and Offering Costs (Details) - USD ($)	3 Months Ended		9 Months Ended		25 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Dec. 31, 2014
Advisor [Member] | Advisor and its Affiliates [Member]
Related Party Transaction [Line Items]
Amount payable	$ 1,642,295		$ 1,642,295		$ 1,642,295	$ 1,499,869
Incurred in the period	21,126,603	$ 7,257,553	$ 56,474,628	$ 12,030,923
Advisor [Member] | Advisor [Member]
Related Party Transaction [Line Items]
Organization and offering costs threshold, percentage of gross proceeds of public offering					15.00%
Advisor [Member] | Organization and Offering Costs [Member]
Related Party Transaction [Line Items]
Organization and offering costs threshold, percentage of gross proceeds of public offering			15.00%
Advisor [Member] | Organization and Offering Costs [Member] | Advisor [Member]
Related Party Transaction [Line Items]
Underwriting compensation maximum threshold, percentage of gross proceeds of public offering			10.00%
Incurred in the period					$ 49,494,981
Advisor [Member] | Organizational Costs Reimbursements [Member]
Related Party Transaction [Line Items]
Incurred in the period					42,882
Advisor [Member] | Organizational Costs Reimbursements [Member] | Advisor [Member]
Related Party Transaction [Line Items]
Incurred in the period					42,882
Advisor [Member] | Other Offering Costs Reimbursement [Member]
Related Party Transaction [Line Items]
Incurred in the period	2,843,613	2,078,946	$ 7,654,926	5,747,990	16,875,673
Deferred offering costs	6,238,211		6,238,211		6,238,211
Advisor [Member] | Other Offering Costs Reimbursement [Member] | Advisor and its Affiliates [Member] | Additional Paid-In Capital [Member]
Related Party Transaction [Line Items]
Amount payable	741,208		741,208		741,208	0
Incurred in the period	1,853,313	$ 2,061,463	4,969,605	$ 3,509,796
Advisor [Member] | Other Offering Costs Reimbursement [Member] | Advisor [Member]
Related Party Transaction [Line Items]
Incurred in the period					10,637,462
Crossroads Capital Advisors [Member] | Organization and Offering Costs [Member] | Advisor [Member]
Related Party Transaction [Line Items]
Amount payable	$ 2,531,323		$ 2,531,323		$ 2,531,323	$ 1,000,008

Related Party Arrangements - 57

Related Party Arrangements - Schedule of Reimbursable Organization and Offering Costs (Details) - Advisor [Member] - USD ($)	3 Months Ended		9 Months Ended		25 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015
Organization and Offering Costs [Member]
Related Party Transaction [Line Items]
O&O limitation			15.00%
Offering Cost Reimbursements Accrual [Member]
Related Party Transaction [Line Items]
Incurred in the period	$ 2,843,613	$ 2,078,946	$ 7,654,926	$ 5,747,990	$ 16,875,673
Organizational Costs Reimbursements [Member]
Related Party Transaction [Line Items]
Incurred in the period					42,882
Advisor [Member]
Related Party Transaction [Line Items]
Gross offering proceeds					$ 404,700,414
O&O limitation					15.00%
Percentage of Gross Offering Proceeds					100.00%
Advisor [Member] | Organization and Offering Costs [Member]
Related Party Transaction [Line Items]
Total O&O costs available to be paid/reimbursed					$ 60,705,062
Incurred in the period					$ 49,494,981
Percentage of Gross Offering Proceeds					12.23%
Advisor [Member] | Sales Commissions Paid [Member]
Related Party Transaction [Line Items]
Incurred in the period					$ 26,751,060
Percentage of Gross Offering Proceeds					6.61%
Advisor [Member] | Broker Dealer Fees Paid [Member]
Related Party Transaction [Line Items]
Incurred in the period					$ 12,063,577
Percentage of Gross Offering Proceeds					2.98%
Advisor [Member] | Offering Cost Reimbursements Accrual [Member]
Related Party Transaction [Line Items]
Incurred in the period					$ 10,637,462
Percentage of Gross Offering Proceeds					2.63%
Advisor [Member] | Organizational Costs Reimbursements [Member]
Related Party Transaction [Line Items]
Incurred in the period					$ 42,882
Percentage of Gross Offering Proceeds					0.01%

Related Party Arrangements - 58

Related Party Arrangements - Narrative - Investment Management Fee (Details) - Advisor [Member] - Investment Management Fee [Member]	9 Months Ended
	Sep. 30, 2015USD ($)
One-twelfth of 0.50% [Member]
Related Party Transaction [Line Items]
Monthly investment management fee, percentage	0.0417%
One-twelfth of 1.0% [Member]
Related Party Transaction [Line Items]
Monthly investment management fee, percentage	0.0833%
Advisor [Member] | One-twelfth of 1.0% [Member]
Related Party Transaction [Line Items]
Aggregate cost of investments in properties and real estate related assets, threshold	$ 300,000,000

Related Party Arrangements - 59

Related Party Arrangements - Narrative - Acquisition Fees and Expenses (Details) - Advisor [Member] - Advisor [Member] - Acquisition Fees and Expenses [Member]	9 Months Ended
	Sep. 30, 2015
Related Party Transaction [Line Items]
Acquisition fee, percent	1.00%
Acquisition fee payable without board approval as a percent of total contract price	4.50%

Related Party Arrangements - 60

Related Party Arrangements - Narrative - Loan Coordination Fee (Details) - Advisor [Member] - Advisor [Member] - Loan Coordination Fee [Member]	9 Months Ended
	Sep. 30, 2015
Related Party Transaction [Line Items]
Loan coordination fee, acquisitions	1.00%
Loan coordination fee, other than acquisitions	0.75%

Related Party Arrangements - 61

Related Party Arrangements - Narrative - Property Management Fees and Expenses (Details) - Property Management Fees and Expenses [Member] - Steadfast Management Company [Member] - Property Manager [Member]	9 Months Ended
	Sep. 30, 2015
Minimum [Member]
Related Party Transaction [Line Items]
Property management fee, percent fee	2.50%
Maximum [Member]
Related Party Transaction [Line Items]
Property management fee, percent fee	3.00%

Related Party Arrangements - 62

Related Party Arrangements - Narrative - Construction Management Fee (Details) - Pacific Coast Land & Construction, Inc. [Member] - Affiliated Entity [Member] - Construction Management Fee [Member]	9 Months Ended
	Sep. 30, 2015
Related Party Transaction [Line Items]
Construction management fee, percent	8.00%
Construction management agreement, notice of termination of contract, period	30 days
Minimum [Member]
Related Party Transaction [Line Items]
Construction management fee, percent	8.00%
Maximum [Member]
Related Party Transaction [Line Items]
Construction management fee, percent	12.00%

Related Party Arrangements - 63

Related Party Arrangements - Narrative - Other Operating Expense Reimbursements (Details) - Advisor [Member] - Advisor [Member] - Other Operating Expense Reimbursement [Member]	9 Months Ended
	Sep. 30, 2015quarter
Operating Expenses
Operating expense limitation, number of rolling quarters	4
Operating expenses limitation as a percentage of average invested assets	2.00%
Operating expenses limitation as a percentage of net income	25.00%
Average invested assets, calculation period	12 months

Related Party Arrangements - 64

Related Party Arrangements - Narrative - Disposition Fee (Details) - Advisor [Member] - Advisor [Member] - Disposition Fee [Member]	9 Months Ended
	Sep. 30, 2015USD ($)
Related Party Transaction [Line Items]
Disposition fee, maximum percent of brokerage commission paid threshold	50.00%
Property sale disposition fee, maximum percentage of total sale price	1.00%
Operating expenses limitation as a percentage of average invested assets	2.00%
Operating expenses limitation as a percentage of net income	25.00%
Disposition fees incurred	$ 0

Related Party Arrangements - 65

Related Party Arrangements - Narrative - Selling Commissions and Dealer Manager Fees (Details) - Steadfast Capital Markets Group, LLC [Member] - Dealer Manager [Member]	9 Months Ended
	Sep. 30, 2015USD ($)
Sales Commissions [Member] | Primary Offering [Member]
Related Party Transaction [Line Items]
Sales commission, percentage of gross offering proceeds	7.00%
Dealer manager reallowance of sales commissions earned, percent	100.00%
Dealer Manager Fees [Member] | Primary Offering [Member]
Related Party Transaction [Line Items]
Dealer manager fees, percentage of gross offering proceeds	3.00%
Sales Commissions and Dealer Manager Fees [Member] | Distribution Reinvestment Plan [Member]
Related Party Transaction [Line Items]
Sales commissions or dealer manager fees paid	$ 0

Incentive Award Plan and Inde66

Incentive Award Plan and Independent Director Compensation - Narrative (Details)	Aug. 13, 2015directorshares	Aug. 07, 2014directorshares	Feb. 27, 2014USD ($)directorshares	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)shares	Sep. 30, 2014USD ($)	Dec. 31, 2014shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of common stock						$ 269,681,317	$ 60,905,353
Amortization of stock-based compensation						63,482	81,230
Operating expenses				$ 34,412,545	$ 4,173,023	73,870,447	6,291,836
Common Stock [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of common stock						$ 2,000,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) | shares						4,998		14,997
Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equal annual vesting installments	4 years	4 years
Number of directors | director	3	3	3
Amortization of stock-based compensation				35,348	30,967	$ 63,482	81,230
Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | IPO [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of common stock			$ 2,000,000
Director One [Member] | Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) | shares	1,666	1,666	3,333
Number of directors | director	3	3
Director Two [Member] | Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) | shares	1,666	1,666	3,333
Director Three [Member] | Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) | shares	1,666	1,666	3,333
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual amount						55,000
Annual amount, additional due audit committee chairperson						10,000
Board Meeting attendance fee						2,500
Committee Meeting attendance fee						1,500
Teleconference attendance fee						1,000
Teleconference attendance fee, daily maximum						4,000
Operating expenses				$ 55,750	$ 57,750	$ 180,250	$ 174,250
Director [Member] | Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | IPO [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares entitled to be received under plan (in shares) | shares						3,333
Shares entitled to be received upon re-election to Board of Directors (in shares) | shares						1,666
Shares of restricted stock vesting percentage						25.00%
Number of equal annual vesting installments						3 years

Derivative Financial Instrume67

Derivative Financial Instruments - Schedule of Interest Rate Derivatives (Details) - Interest Rate Cap [Member] - Cash Flow Hedging [Member] - Not Designated as Hedging Instrument [Member]	Sep. 30, 2015USD ($)instrument	Dec. 31, 2014USD ($)instrument
Derivative [Line Items]
Number of Instruments | instrument	19	7
Notional Amount	$ 528,001,100	$ 196,930,600
Weighted Average Rate Cap	2.06%	2.00%
Fair Value	$ 691,078	$ 648,414
LIBOR [Member]
Derivative [Line Items]
Variable Rate	0.19%	0.17%

Derivative Financial Instrume68

Derivative Financial Instruments - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Derivative [Line Items]
Unrealized loss			$ 2,206,162	$ 140,339
Interest Rate Cap [Member]
Derivative [Line Items]
Unrealized loss	$ 1,038,080	$ 57,127	2,206,162	140,339
Interest Rate Cap [Member] | Deferred Financing Costs and Other Assets, Net [Member]
Derivative [Line Items]
Fair Value	691,078		691,078		$ 648,414
Interest Rate Cap [Member] | Interest Expense [Member]
Derivative [Line Items]
Unrealized loss	$ 1,038,080	$ 57,127	$ 2,206,162	$ 140,339

Pro Forma Information (unaudi69

Pro Forma Information (unaudited) - Narrative (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2015property	Sep. 30, 2015USD ($)property
Business Combinations [Abstract]
Number of properties acquired | property	6	17
Contributed revenue		$ 18,923,673
Contributed net loss		10,735,023
Contributed depreciation and amortization		$ 14,969,383

Pro Forma Information (unaudi70

Pro Forma Information (unaudited) - Schedule of Unaudited Pro Forma Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Business Combinations [Abstract]
Revenues	$ 24,057,752	$ 16,496,660	$ 72,173,255	$ 49,489,979
Net loss	$ (11,968,402)	$ (15,967,096)	$ (35,905,207)	$ (47,901,288)
Loss per common share, basic and diluted (in dollars per share)	$ (0.43)	$ (0.58)	$ (1.30)	$ (1.74)

Subsequent Events - Narrative -

Subsequent Events - Narrative - Status of Our Offering (Details) - USD ($)	Nov. 06, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015
Subsequent Event [Line Items]
Initial public offering, gross proceeds				$ 269,681,317	$ 60,905,353
Stock issued during period, dividend reinvestment plan (in shares)		192,599	12,315	409,999	14,074	458,675
Proceeds from issuance of common stock, dividend reinvestment plan		$ 2,744,538	$ 175,490	$ 5,842,481	$ 200,556	$ 6,536,120
IPO [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Issuance of common stock (in shares)				27,557,178		27,557,178
IPO [Member] | Common Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Issuance of common stock (in shares)	30,125,783
Initial public offering, gross proceeds	$ 449,506,794
Stock issued during period, dividend reinvestment plan (in shares)	613,638
Proceeds from issuance of common stock, dividend reinvestment plan	$ 8,744,346

Subsequent Events - Narrative72

Subsequent Events - Narrative - Distributions Paid (Details) - USD ($)	Nov. 02, 2015	Oct. 01, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Subsequent Event [Line Items]
Distributions paid, common stock, including distribution reinvestment plan			$ 5,164,551	$ 454,504	$ 11,183,977	$ 529,150
Payments of ordinary dividends, common stock			$ 2,420,013	$ 279,014	$ 5,341,496	$ 328,594
Subsequent Event [Member]
Subsequent Event [Line Items]
Distributions paid, common stock, including distribution reinvestment plan	$ 2,170,727	$ 1,965,054
Dividend Paid [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Payments of ordinary dividends, common stock	1,018,189	916,916
Distributions paid to common stockholders through common stock issuances pursuant to distribution reinvestment plan	$ 1,152,538	$ 1,048,138

Subsequent Events - Narrative73

Subsequent Events - Narrative - Acquisition of Lakeside at Coppell (Details)	Oct. 07, 2015USD ($)ft²apartmentbuilding	Sep. 30, 2015USD ($)apartment	Sep. 30, 2015multifamily_property	Sep. 30, 2015unit
Subsequent Event [Line Items]
Purchase price | $		$ 932,509,250
Number of properties | multifamily_property			24
Units		7,891		5,396
Subsequent Event [Member] | Lakeside Property [Member]
Subsequent Event [Line Items]
Purchase price | $	$ 60,500,000
Subsequent Event [Member] | Lakeside Property [Member] | Two-Story Residential Buildings [Member]
Subsequent Event [Line Items]
Number of properties | building	45
Subsequent Event [Member] | Lakeside Property [Member] | Two-Story Leasing Office / Clubhouse [Member]
Subsequent Event [Line Items]
Number of properties | building	1
Subsequent Event [Member] | Lakeside Property [Member] | Pool Restroom Building [Member]
Subsequent Event [Line Items]
Number of properties | building	1
Subsequent Event [Member] | Lakeside Property [Member] | Maintenance Building [Member]
Subsequent Event [Line Items]
Number of properties | building	1
Subsequent Event [Member] | Lakeside Property [Member] | Apartment Units [Member]
Subsequent Event [Line Items]
Units	315
Average square feet | ft²	1,221
Subsequent Event [Member] | Lakeside Property [Member] | One-Bedroom Apartment [Member]
Subsequent Event [Line Items]
Units	90
Subsequent Event [Member] | Lakeside Property [Member] | Two-Bedroom Apartment [Member]
Subsequent Event [Line Items]
Units	135
Subsequent Event [Member] | Lakeside Property [Member] | Three-Bedroom Apartment [Member]
Subsequent Event [Line Items]
Units	45
Subsequent Event [Member] | Lakeside Property [Member] | Four-Bedroom Apartment [Member]
Subsequent Event [Line Items]
Units	45
Subsequent Event [Member] | Lakeside Property [Member] | Secured Debt [Member]
Subsequent Event [Line Items]
Debt, principal amount | $	$ 45,375,000

Subsequent Events - Narrative74

Subsequent Events - Narrative - Second Amended and Restated Dealer Manager Agreement (Details) - Steadfast Capital Markets Group, LLC [Member] - Dealer Manager [Member] - USD ($)	Oct. 15, 2015	Sep. 30, 2015
Primary Offering [Member] | Sales Commissions [Member]
Subsequent Event [Line Items]
Sales commission, percentage of gross offering proceeds		7.00%
Primary Offering [Member] | Dealer Manager Fees [Member]
Subsequent Event [Line Items]
Dealer manager fees, percentage of gross offering proceeds		3.00%
Distribution Reinvestment Plan [Member] | Sales Commissions and Dealer Manager Fees [Member]
Subsequent Event [Line Items]
Sales commissions or dealer manager fees paid		$ 0
Subsequent Event [Member] | Primary Offering [Member]
Subsequent Event [Line Items]
Compensation costs threshold, percentage of gross proceeds of public offering	10.00%
Underwriting compensation maximum threshold, percentage of gross proceeds of public offering	10.00%
Subsequent Event [Member] | Primary Offering [Member] | Sales Commissions [Member]
Subsequent Event [Line Items]
Sales commission, percentage of gross offering proceeds	7.00%
Sales commission, percentage of gross offering proceeds, at time of sale	2.00%
Sales commission, percentage of gross offering proceeds, remaining after sale	5.00%
Sales commission, percentage of gross offering proceeds, ratable on each of the first five anniversaries	1.00%
Selling commission, percentage of gross offering proceeds threshold	7.00%
Subsequent Event [Member] | Primary Offering [Member] | Dealer Manager Fees [Member]
Subsequent Event [Line Items]
Dealer manager fees, percentage of gross offering proceeds	3.00%
Subsequent Event [Member] | Distribution Reinvestment Plan [Member] | Sales Commissions and Dealer Manager Fees [Member]
Subsequent Event [Line Items]
Sales commissions or dealer manager fees paid	$ 0

Subsequent Events - Narrative75

Subsequent Events - Narrative - Acquisition of Meadows at River Run (Details)	Oct. 30, 2015USD ($)ft²apartmentbuilding	Sep. 30, 2015USD ($)apartment	Sep. 30, 2015multifamily_property	Sep. 30, 2015unit
Subsequent Event [Line Items]
Purchase price | $		$ 932,509,250
Number of properties | multifamily_property			24
Units		7,891		5,396
Subsequent Event [Member] | River Run Property [Member]
Subsequent Event [Line Items]
Purchase price | $	$ 58,500,000
Subsequent Event [Member] | River Run Property [Member] | Two- Three- and Four-Story Residential Buildings [Member]
Subsequent Event [Line Items]
Number of properties	17
Subsequent Event [Member] | River Run Property [Member] | One-Story Leasing Office / Clubhouse [Member]
Subsequent Event [Line Items]
Number of properties	1
Subsequent Event [Member] | River Run Property [Member] | Fitness Center [Member]
Subsequent Event [Line Items]
Number of properties	1
Subsequent Event [Member] | River Run Property [Member] | Business Center [Member]
Subsequent Event [Line Items]
Number of properties	1
Subsequent Event [Member] | River Run Property [Member] | Pet Park [Member]
Subsequent Event [Line Items]
Number of properties	1
Subsequent Event [Member] | River Run Property [Member] | Swimming Pool [Member]
Subsequent Event [Line Items]
Number of properties	1
Subsequent Event [Member] | River Run Property [Member] | Apartment Units [Member]
Subsequent Event [Line Items]
Units | apartment	374
Average square feet | ft²	945
Subsequent Event [Member] | River Run Property [Member] | One-Bedroom Apartment [Member]
Subsequent Event [Line Items]
Units | apartment	194
Subsequent Event [Member] | River Run Property [Member] | Two-Bedroom Apartment [Member]
Subsequent Event [Line Items]
Units | apartment	164
Subsequent Event [Member] | River Run Property [Member] | Three-Bedroom Apartment [Member]
Subsequent Event [Line Items]
Units | apartment	16
Subsequent Event [Member] | River Run Property [Member] | Mortgages [Member]
Subsequent Event [Line Items]
Debt, principal amount | $	$ 43,600,000