NexPoint Residential Trust (NXRT) 10-Q 29 Apr 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 29, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Trading Symbol	NXRT
Entity Registrant Name	NexPoint Residential Trust, Inc.
Entity Central Index Key	0001620393
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,127,141
Entity Interactive Data Current	Yes
Entity File Number	001-36663
Entity Tax Identification Number	47-1881359
Entity Address, Address Line One	300 Crescent Court
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	972
Local Phone Number	628-4100
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	MD
Title of 12(b) Security	Common Stock, par value $0.01 per share
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Operating Real Estate Investments
Land	$ 323,429	$ 323,429
Buildings and improvements	1,546,465	1,544,115
Intangible lease assets	1,675	1,675
Construction in progress	11,975	10,796
Furniture, fixtures, and equipment	100,377	96,228
Total Gross Operating Real Estate Investments	1,983,921	1,976,243
Accumulated depreciation and amortization	235,669	215,494
Total Net Operating Real Estate Investments	1,748,252	1,760,749
Cash and cash equivalents	22,706	24,457
Restricted cash	29,925	32,558
Accounts receivable, net	7,757	9,045
Prepaid and other assets	1,578	2,405
Fair market value of interest rate swaps	12,198	43,530
TOTAL ASSETS	1,810,218	1,829,214
Liabilities:
Mortgages payable, net	1,162,969	1,162,855
Credit facility, net	182,531	182,323
Accounts payable and other accrued liabilities	11,022	10,058
Accrued real estate taxes payable	7,876	12,822
Accrued interest payable	2,240	2,274
Security deposit liability	2,670	2,688
Prepaid rents	1,844	1,639
Total Liabilities	1,383,350	1,418,189
Redeemable noncontrolling interests in the Operating Partnership	3,375	3,098
Stockholders' Equity:
Preferred stock, $0.01 par value: 100,000,000 shares authorized; 0 shares issued
Common stock, $0.01 par value: 500,000,000 shares authorized; 25,245,740 and 25,245,740 shares issued and outstanding, respectively	251	250
Additional paid-in capital	376,897	376,710
Accumulated earnings less dividends	59,451	75,321
Accumulated other comprehensive income (loss)	(13,106)	(44,354)
Total Stockholders' Equity	423,493	407,927
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,810,218	$ 1,829,214

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares, issued	25,127,141	25,016,957
Common stock, shares, outstanding	25,127,141	25,016,957
Common stock, par value	$ 0.01	$ 0.01

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Revenues
Rental income		$ 50,340	$ 51,115
Other income		1,456	1,467
Total revenues		51,796	52,582
Expenses
Property operating expenses		11,216	11,721
Real estate taxes and insurance		8,722	8,023
Property management fees	[1]	1,485	1,550
Advisory and administrative fees	[2]	1,868	1,865
Corporate general and administrative expenses		2,940	2,701
Property general and administrative expenses		1,559	1,832
Depreciation and amortization		20,758	23,338
Total expenses		48,548	51,030
Operating income before gain on sales of real estate		3,248	1,552
Gain on sales of real estate		0	(38,972)
Operating income		3,248	40,524
Interest expense		(10,616)	(11,662)
Loss on extinguishment of debt and modification costs		0	874
Casualty gains (losses)		0	(51)
Miscellaneous income		468	0
Net income (loss)		(6,900)	28,039
Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		(21)	84
Net income (loss) attributable to common stockholders		(6,879)	27,955
Other comprehensive income (loss)
Unrealized gains (losses) on interest rate derivatives		31,342	(50,540)
Total comprehensive income (loss)		24,442	(22,501)
Comprehensive income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		73	(68)
Comprehensive income (loss) attributable to common stockholders		$ 24,369	$ (22,433)
Weighted average common shares outstanding - basic		25,068	25,388
Weighted average common shares outstanding - diluted		25,068	25,851
Earnings (loss) per share - basic		$ (0.27)	$ 1.10
Earnings (loss) per share - diluted		$ (0.27)	$ 1.08
[1]	(1) Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of the Company’s Operating Partnership (see Note 10). (2) Fees incurred to the Adviser (see Note 11).
[2]	(2) Fees incurred to the Adviser (see Note 11).

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Earnings (Loss) Less Dividends	Accumulated Other Comprehensive Income (Loss)	Common Stock Held in Treasury at Cost	2020 At The Market Offering	2020 At The Market OfferingCommon Stock	2020 At The Market OfferingAdditional Paid-in Capital	2021 At The Market Offering	2021 At The Market OfferingAdditional Paid-in Capital
Beginning Balance, Values at Dec. 31, 2019	$ 426,241	$ 251	$ 359,748	$ 63,776	$ 2,466
Beginning Balance, Shares at Dec. 31, 2019		25,245,740
Net income (loss) attributable to common stockholders	27,955			27,955
Repurchase of common stock	(30,999)					$ (30,999)
Retirement of common stock held in treasury		$ (2)	(7,546)			7,548
Retirement of common stock held in treasury, Shares		(225,799)
Vesting of stock-based compensation	(432)	$ 1	(433)
Vesting of stock-based compensation, Shares		137,608
Issuance of common shares							$ 27,180	$ 6	$ 27,174
Issuance of common shares, Shares								560,000
Common stock dividends declared	(8,206)			(8,206)
Other comprehensive income (loss)	(50,388)				(50,388)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	820			820
Ending Balance, Values at Mar. 31, 2020	392,171	$ 256	378,943	84,345	(47,922)	$ (23,451)
Ending Balance, Shares at Mar. 31, 2020		25,717,549
Beginning Balance, Values at Dec. 31, 2019	$ 426,241	$ 251	359,748	63,776	2,466
Beginning Balance, Shares at Dec. 31, 2019		25,245,740
Issuance of common shares, Shares	560,000
Ending Balance, Values at Dec. 31, 2020	$ 407,927	$ 250	376,710	75,321	(44,354)
Ending Balance, Shares at Dec. 31, 2020	25,016,957	25,016,957
Net income (loss) attributable to common stockholders	$ (6,879)			(6,879)
Retirement of common stock held in treasury, Shares		(225,799)
Vesting of stock-based compensation	364	$ 1	363
Vesting of stock-based compensation, Shares		110,184
Issuance of common shares										$ (176)	$ (176)
Common stock dividends declared	(8,776)			(8,776)
Other comprehensive income (loss)	31,248				31,248
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	(215)			(215)
Ending Balance, Values at Mar. 31, 2021	$ 423,493	$ 251	$ 376,897	$ 59,451	$ (13,106)
Ending Balance, Shares at Mar. 31, 2021	25,127,141	25,127,141

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement Of Stockholders Equity [Abstract]
Common stock, dividend per share declared	$ 0.34125	$ 0.3125

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Cash flows from operating activities
Net income (loss)	$ (6,900)	$ 28,039
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Gain on sales of real estate	0	38,972
Depreciation and amortization	20,758	23,338
Amortization/write-off of deferred financing costs	571	1,207
Change in fair value on derivative instruments included in interest expense	3,663	(648)
Net cash received (paid) on derivative settlements	(3,618)	737
Interest Payable On Derivative Instruments		(62)
Amortization/write-off of fair market value adjustment of assumed debt	(51)	(51)
Provision for bad debts, net	734
Vesting of stock-based compensation	1,608	1,300
Insurance proceeds received for business interruption	121
Casualty losses (gains)	468	51
Changes in operating assets and liabilities, net of effects of acquisitions:
Operating assets	(578)	(791)
Operating liabilities	(3,252)	(4,210)
Net cash provided by operating activities	13,744	11,418
Cash flows from investing activities
Net proceeds from sales of real estate		85,418
Prepaid acquisition costs		2,025
Insurance premiums paid for casualty losses		549
Insurance proceeds received from casualty losses	3,178	3,049
Additions to real estate investments	(10,765)	(13,604)
Net cash used in investing activities	(7,587)	72,289
Cash flows from financing activities
Mortgage payments	(198)	(41,845)
Credit facilities proceeds received		35,000
Credit facilities payments		(28,000)
Prepayment penalties on extinguished debt		(416)
Proceeds from the issuance of common shares through at-the-market offering, net of offering costs	(176)	27,180	$ 28,000,000
Payments for taxes related to net share settlement of stock-based compensation	(1,244)	(1,732)
Repurchase of common stock		(30,999)
Dividends paid to common stockholders	(8,923)	(8,496)
Net cash provided by (used in) financing activities	(10,541)	(49,308)
Net increase (decrease) in cash, cash equivalents and restricted cash	(4,384)	34,399
Cash, cash equivalents and restricted cash, beginning of period	57,015	71,182	71,182
Cash, cash equivalents and restricted cash, end of period	52,631	105,581	$ 57,015
Supplemental Disclosure of Cash Flow Information
Interest paid	6,489	9,176
Supplemental Disclosure of Noncash Activities
Capitalized construction costs included in accounts payable and other accrued liabilities	2,237	1,542
Change in fair value on derivative instruments designated as hedges	31,342	(5,665)
Other assets acquired from acquisitions		87
Liabilities assumed from acquisitions		271
Increase in dividends payable upon vesting of restricted stock units	(147)	(290)
Write-off of assets due to casualty losses	$ 2,028
Write-off of fully amortized in-place leases		8,203
Write-off of deferred financing costs		$ 455

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Description of Business	1. Organization and Description of Business NexPoint Residential Trust, Inc. (the “Company”, “we”, “our”) was incorporated in Maryland on September 19, 2014 , and has elected to be taxed as a real estate investment trust (“REIT”). The Company is focused on “value-add” multifamily investments primarily located in the Southeastern and Southwestern United States. Substantially all of the Company’s business is conducted through NexPoint Residential Trust Operating Partnership, L.P. (the “OP”), the Company’s operating partnership. The Company owns its properties (the “Portfolio”) through the OP and its wholly owned taxable REIT subsidiary (“TRS”). The OP owns approximately 99.9 % of the Portfolio; the TRS owns approximately 0.1 % of the Portfolio. The Company’s wholly owned subsidiary, NexPoint Residential Trust Operating Partnership GP, LLC (the “OP GP”), is the sole general partner of the OP. As of March 31, 2021, there were 23,819,402 common units in the OP (“OP Units”) outstanding, of which 23,746,169 , or 99.7 % , were owned by the Company and 73,233 , or 0.3 % , were owned by a noncontrolling limited partner (see Note 10). The Company is externally managed by NexPoint Real Estate Advisors, L.P. (the “Adviser”), through an agreement dated March 16, 2015, as amended, and renewed on February 15, 2021 for a one-year term (the “Advisory Agreement”), by and among the Company, the OP and the Adviser. The Adviser conducts substantially all of the Company’s operations and provides asset management services for its real estate investments. The Company expects it will only have accounting employees while the Advisory Agreement is in effect. All of the Company’s investment decisions are made by the Adviser, subject to general oversight by the Adviser’s investment committee and the Company’s board of directors (the “Board”). The Adviser is wholly owned by NexPoint Advisors, L.P. (the “Sponsor”). The Company’s investment objectives are to maximize the cash flow and value of properties owned, acquire properties with cash flow growth potential, provide quarterly cash distributions and achieve long-term capital appreciation for its stockholders through targeted management and a value-add program. Consistent with the Company’s policy to acquire assets for both income and capital gain, the Company intends to hold at least majority interests in its properties for long-term appreciation and to engage in the business of directly or indirectly acquiring, owning, and operating well-located multifamily properties with a value-add component in large cities and suburban submarkets of large cities primarily in the Southeastern and Southwestern United States consistent with its investment objectives. Economic and market conditions may influence the Company to hold properties for different periods of time. From time to time, the Company may sell a property if, among other deciding factors, the sale would be in the best interest of its stockholders. The Company may allocate up to 30 % of the Portfolio to investments in real estate-related debt and securities with the potential for high current income or total returns. These allocations may include first and second mortgages and subordinated, bridge, mezzanine, construction and other loans, as well as debt securities related to or secured by multifamily real estate and common and preferred equity securities, which may include securities of other REITs or real estate companies.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Accounting The accompanying unaudited consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes to the Company’s significant accounting policies during the three months ended March 31, 2021. The accompanying unaudited consolidated financial statements have been prepared according to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of March 31, 2021 and December 31, 2020 and results of operations for the three months ended March 31, 2021 and 2020 have been included. Such adjustments are normal and recurring in nature. The unaudited information included in this quarterly report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2020 and notes thereto included in its Annual Report on Form 10-K filed with the SEC on February 22, 2021 . Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation . The Company first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest. The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries, including the OP and its subsidiaries. Revenue Recognition The Company’s primary operations consist of rental income earned from its residents under lease agreements typically with terms of one year or less. Rental income is recognized when earned. This policy effectively results in income recognition on the straight-line method over the related terms of the leases. The Company records an allowance to reflect revenue that may not be collectible. This is recorded through a provision for bad debts which is included in rental income in the accompanying consolidated statements of operations and comprehensive income (loss). Resident reimbursements and other income consist of charges billed to residents for utilities, carport and garage rental, and pets, administrative, application and other fees and are recognized when earned. The Company implemented the provisions of Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) as of January 1, 2019 using the modified retrospective approach. The adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated financial statements as a substantial portion of its revenue consists of rental income from leasing arrangements, which is specifically excluded from ASU 2014-09. In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”), which supersedes the current accounting for leases and while retaining two distinct types of leases, finance and operating, (1) requires lessees to record a right of use asset and a related liability for the rights and obligations associated with a lease, regardless of lease classification, and recognize lease expense in a manner similar to current accounting, (2) eliminates most real estate specific lease provisions and (3) aligns many of the underlying lessor model principles with those in the new revenue standard. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. Entities are required to use a modified retrospective approach when transitioning to the ASU for leases that exist as of or are entered into after the beginning of the earliest comparative period presented in the financial statements. As lessors, substantially all of the Company’s agreements have a term of 12 months or less. For lessors, accounting for leases under the new standard is substantially the same as existing guidance for sales-type leases, direct financing leases, and operating leases, but eliminates current real estate specific provisions and changes the treatment of initial direct costs. In April 2020, the FASB issued a Staff Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC 842, Leases. The Q&A states that some lease contracts may contain explicit or implicit enforceable rights and obligations that require lease concessions if certain circumstances arise that are beyond the control of the parties to the contract. Therefore, entities would need to perform a lease-by-lease analysis to determine whether contractual provisions in an existing lease agreement provide enforceable rights and obligations related to lease concessions. The FASB determined it would be acceptable for entities to not perform a lease-by-lease analysis regarding rent concessions resulting from COVID-19, and to instead make a policy election regarding rent concessions, which would give entities the option to account or not to account for these rent concessions as lease modifications if the total payments required by the modified contract are substantially the same or less than the total payments required by the original contract. Entities making the election to account for these rent concessions as lease modifications would recognize the effects of rent abatements and rent deferrals on a prospective straight-line basis over the remainder of the modified contract. We have made the election to not perform a lease-by-lease analysis to determine whether contractual provisions in an existing lease agreement provide enforceable rights and obligations related to payment plans. By electing the FASB relief, we have also made an accounting policy election to not account for rent deferrals provided to lessees due to the COVID-19 pandemic as lease modifications. Lessees are required to pay the full outstanding balance of the rent deferred over the period of the payment plan. Purchase Price Allocation Upon acquisition of a property, the purchase price and related acquisition costs (“total consideration”) are allocated to land, buildings, improvements, furniture, fixtures, and equipment, and intangible lease assets in accordance with FASB ASC 805, Business Combinations. Acquisition costs are capitalized in accordance with FASB ASC 805. The allocation of total consideration, which is determined using inputs that are classified within Level 3 of the fair value hierarchy established by FASB ASC 820, Fair Value Measurement and Disclosures (“ASC 820”) (see Note 7), is based on management’s estimate of the property’s “as-if” vacant fair value and is calculated by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the total consideration to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, legal and other related costs, which the Company, as buyer of the property, did not have to incur to obtain the residents. If any debt is assumed in an acquisition, the difference between the fair value, which is estimated using inputs that are classified within Level 2 of the fair value hierarchy, and the face value of debt is recorded as a premium or discount and amortized as interest expense over the life of the debt assumed. Real estate assets, including land, buildings, improvements, furniture, fixtures and equipment, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months Construction in progress includes the cost of renovation projects being performed at the various properties. Once a project is complete, the historical cost of the renovation is placed into service in one of the categories above depending on the type of renovation project and is depreciated over the estimated useful lives as described in the table above. Impairment Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The key inputs into our impairment analysis include, but are not limited to, the holding period, net operating income, and capitalization rates. In such cases, the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. The Company’s impairment analysis identifies and evaluates events or changes in circumstances that indicate the carrying amount of a real estate investment may not be recoverable, including determining the period the Company will hold the rental property, net operating income, and the estimated capitalization rate for each respective real estate investment. As of March 31, 2021, the Company has not recorded any impairment on its real estate assets. However, we continue to monitor the impact of COVID-19 (see “–Coronavirus (“COVID-19”)” for additional information, below). Held for Sale The Company periodically classifies real estate assets as held for sale when certain criteria are met, in accordance with GAAP. At that time, the Company presents the net real estate assets and the net debt associated with the real estate held for sale separately in its consolidated balance sheet, and the Company ceases recording depreciation and amortization expense related to that property. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell. As of March 31, 2021 , there are no properties held for sale. Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and expects to continue to qualify as a REIT. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute annually at least 90 % of its “REIT taxable income,” as defined by the Code, to its stockholders. As a REIT, the Company will be subject to federal income tax on its undistributed REIT taxable income and net capital gain and to a 4 % nondeductible excise tax on any amount by which distributions it pays with respect to any calendar year are less than the sum of (1) 85 % of its ordinary income, (2) 95 % of its capital gain net income and (3) 100 % of its undistributed income from prior years. The Company intends to operate in such a manner so as to qualify as a REIT, but no assurance can be given that the Company will operate in a manner so as to qualify as a REIT. Taxable income from certain non-REIT activities is managed through a TRS and is subject to applicable federal, state, and local income and margin taxes. The Company had no significant taxes associated with its TRS for the three months ended March 31, 2021 and 2020. If the Company fails to meet these requirements, it could be subject to federal income tax on all of the Company’s taxable income at regular corporate rates for that year. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. As of March 31, 2021, the Company believes it is in compliance with all applicable REIT requirements. The Company evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” (greater than 50 percent probability) of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. The Company’s management is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Company has no examinations in progress and none are expected at this time. The Company recognizes its tax positions and evaluates them using a two-step process. First, the Company determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. The Company had no material unrecognized tax benefit or expense, accrued interest or penalties as of March 31, 2021. The Company and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The 2020, 2019 and 2018 tax years remain open to examination by tax jurisdictions to which the Company and its subsidiaries are subject. When applicable, the Company recognizes interest and/or penalties related to uncertain tax positions on its consolidated statements of operations and comprehensive income (loss). Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2021, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company will continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. Coronavirus (“COVID-19”) As a result of the COVID-19 pandemic, the Company may experience difficulties collecting monthly rent on time, leasing additional apartment units and/or renewing leases with existing tenants, selling or purchasing properties and accessing debt and equity capital on attractive terms, or at all. To date, the Company has not been materially impacted by the COVID-19 pandemic and will continue to monitor the impact of the COVID-19 pandemic on all aspects of its business. As of March 31, 2021, 3,257 residents were on payment plans due to the COVID-19 pandemic for a total of approximately $ 4.7 million in rent. For additional information regarding the risks to the Company related to the COVID-19 pandemic, or any other future pandemic, see Item 1A, Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2020.

Investments in Subsidiaries

Investments in Subsidiaries	3 Months Ended
	Mar. 31, 2021
Schedule Of Investments [Abstract]
Investments in Subsidiaries	3. Investments in Subsidiaries The Company conducts its operations through the OP, which owns the properties through single asset limited liability companies that are special purpose entities (“SPEs”). The Company consolidates the SPEs that it controls as well as any VIEs where it is the primary beneficiary. In connection with its indirect equity investments in the properties acquired, the Company, through the OP and the TRS, directly or indirectly holds 100 % of the membership interests in SPEs that directly own the properties. All of the properties the SPEs own are consolidated in the Company’s consolidated financial statements. The assets of each entity can only be used to settle obligations of that particular entity, and the creditors of each entity have no recourse to the assets of other entities or the Company. Additionally, the Company has in the past and may in the future enter into purchase and sale transactions structured as reverse like-kind exchanges (“1031 Exchanges”) under Section 1031 of the Code. For a reverse 1031 Exchange in which the Company purchases a new property prior to selling the property to be matched in the like-kind exchange (the Company refers to the new property being acquired in the 1031 Exchange prior to the sale of the related property as a “Parked Asset”), legal title to the Parked Asset is held by an Exchange Accommodation Titleholder (“EAT”) engaged to execute the 1031 Exchange until the sale transaction and the 1031 Exchange are completed. The Company, through a wholly owned subsidiary, enters into a master lease agreement with the EAT whereby the EAT leases the acquired property and all other rights acquired in connection with the acquisition to the Company. The term of the master lease agreement is the earlier of the completion of the reverse 1031 Exchange or 180 days from the date that the property was acquired. The EAT is classified as a VIE as it does not have sufficient equity investment at risk to finance its activities without additional subordinated financial support. The Company consolidates the EAT as its primary beneficiary because it has the ability to control the activities that most significantly impact the EAT’s economic performance and the Company retains all of the legal and economic benefits and obligations related to the Parked Assets prior to completion of the 1031 Exchange. As such, the Parked Assets are included in the Company’s consolidated financial statements as VIEs until legal title is transferred to the Company upon either completion of the 1031 Exchange or termination of the master lease agreement, at which time they will be consolidated as wholly owned subsidiaries. As of March 31, 2021, the Company, through the OP and the wholly owned TRS, owned 37 properties through SPEs. The following table represents the Company’s ownership in each property by virtue of its 100 % ownership of the SPEs that directly own the title to each property as of March 31, 2021 and December 31, 2020: Effective Ownership Percentage at Property Name Location Year Acquired March 31, 2021 December 31, 2020 Arbors on Forest Ridge Bedford, Texas 2014 100 % 100 % Cutter's Point Richardson, Texas 2014 100 % 100 % Silverbrook Grand Prairie, Texas 2014 100 % 100 % Beechwood Terrace Antioch, Tennessee 2014 100 % 100 % The Summit at Sabal Park Tampa, Florida 2014 100 % 100 % Courtney Cove Tampa, Florida 2014 100 % 100 % Radbourne Lake Charlotte, North Carolina 2014 100 % 100 % Timber Creek Charlotte, North Carolina 2014 100 % 100 % Sabal Palm at Lake Buena Vista Orlando, Florida 2014 100 % 100 % Cornerstone Orlando, Florida 2015 100 % 100 % The Preserve at Terrell Mill Marietta, Georgia 2015 100 % 100 % Versailles Dallas, Texas 2015 100 % 100 % Seasons 704 Apartments West Palm Beach, Florida 2015 100 % 100 % Madera Point Mesa, Arizona 2015 100 % 100 % Venue at 8651 Fort Worth, Texas 2015 100 % 100 % Parc500 West Palm Beach, Florida 2016 100 % 100 % The Venue on Camelback (1) Phoenix, Arizona 2016 100 % 100 % Old Farm Houston, Texas 2016 100 % 100 % Stone Creek at Old Farm Houston, Texas 2016 100 % 100 % Hollister Place Houston, Texas 2017 100 % 100 % Rockledge Apartments Marietta, Georgia 2017 100 % 100 % Atera Apartments Dallas, Texas 2017 100 % 100 % Cedar Pointe Antioch, Tennessee 2018 100 % 100 % Crestmont Reserve Dallas, Texas 2018 100 % 100 % Brandywine I & II Nashville, Tennessee 2018 100 % 100 % Bella Vista Phoenix, Arizona 2019 100 % 100 % The Enclave Tempe, Arizona 2019 100 % 100 % The Heritage Phoenix, Arizona 2019 100 % 100 % Summers Landing Fort Worth, Texas 2019 100 % 100 % Residences at Glenview Reserve Nashville, Tennessee 2019 100 % 100 % Residences at West Place Orlando, Florida 2019 100 % 100 % Avant at Pembroke Pines Pembroke Pines, Florida 2019 100 % 100 % Arbors of Brentwood Nashville, Tennessee 2019 100 % 100 % Torreyana Apartments (2) Las Vegas, Nevada 2019 100 % 100 % Bloom (2) Las Vegas, Nevada 2019 100 % 100 % Bella Solara (2) Las Vegas, Nevada 2019 100 % 100 % Fairways at San Marcos Chandler, AZ 2020 100 % 100 % (1) Formerly known as The Colonnade. (2) The EAT that directly owned Torreyana, Bloom and Bella Solara was consolidated as a VIE at December 31, 2019. The master lease agreement with the EAT that directly owned these properties terminated on March 31, 2020, at which time legal title transferred to the Company. Upon transfer of the title, the EAT that directly owned these properties was no longer considered a VIE.

Real Estate Investments Statist

Real Estate Investments Statistics	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Real Estate Investments Statistics	4. Real Estate Investments Statistics As of March 31, 2021, the Company was invested in a total of 37 multifamily properties, as listed below: Average Effective Monthly % Occupied (2) as of Property Name Rentable Number Date March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Arbors on Forest Ridge 155 210 1/31/2014 $ 919 $ 917 94.3 % 94.3 % Cutter's Point 198 196 1/31/2014 1,140 1,112 100.0 % 95.0 % Silverbrook 526 642 1/31/2014 937 926 95.5 % 94.9 % Beechwood Terrace 272 300 7/21/2014 957 947 93.3 % 95.7 % The Summit at Sabal Park 205 252 8/20/2014 1,034 1,033 95.6 % 96.0 % Courtney Cove 225 324 8/20/2014 957 946 95.7 % 93.5 % Radbourne Lake 247 225 9/30/2014 1,116 1,137 95.6 % 89.8 % Timber Creek 248 352 9/30/2014 949 949 97.0 % 97.6 % Sabal Palm at Lake Buena Vista 371 400 11/5/2014 1,231 1,259 94.5 % 95.0 % Cornerstone 318 430 1/15/2015 1,036 1,056 95.3 % 91.2 % The Preserve at Terrell Mill 692 752 2/6/2015 1,011 1,006 94.9 % 95.6 % Versailles 301 388 2/26/2015 924 925 93.8 % 94.3 % Seasons 704 Apartments 217 222 4/15/2015 1,231 1,209 96.8 % 98.6 % Madera Point 193 256 8/5/2015 982 980 97.7 % 93.8 % Venue at 8651 289 333 10/30/2015 919 933 95.5 % 99.7 % Parc500 266 217 7/27/2016 1,347 1,340 98.6 % 97.7 % The Venue on Camelback 256 415 10/11/2016 813 821 95.4 % 93.7 % Old Farm 697 734 12/29/2016 1,135 1,133 93.3 % 92.1 % Stone Creek at Old Farm 186 190 12/29/2016 1,174 1,194 97.3 % 94.6 % Hollister Place 246 260 2/1/2017 1,025 1,007 96.2 % 100.9 % Rockledge Apartments 802 708 6/30/2017 1,264 1,261 96.5 % 95.5 % Atera Apartments 334 380 10/25/2017 1,234 1,247 97.7 % 98.9 % Cedar Pointe 224 210 8/24/2018 1,082 1,075 92.9 % 96.2 % Crestmont Reserve 199 242 9/26/2018 899 895 94.6 % 98.8 % Brandywine I & II 414 632 9/26/2018 946 960 94.1 % 94.3 % Bella Vista 243 248 1/28/2019 1,326 1,320 97.6 % 95.6 % The Enclave 194 204 1/28/2019 1,349 1,355 97.1 % 97.5 % The Heritage 199 204 1/28/2019 1,306 1,298 96.6 % 94.1 % Summers Landing 139 196 6/7/2019 944 941 98.0 % 95.9 % Residences at Glenview Reserve 344 360 7/17/2019 986 993 95.0 % 92.8 % Residences at West Place 345 342 7/17/2019 1,205 1,214 93.6 % 90.1 % Avant at Pembroke Pines 1,442 1520 8/30/2019 1,524 1,515 95.9 % 94.4 % Arbors of Brentwood 325 346 9/10/2019 1,184 1,194 95.1 % 91.3 % Torreyana Apartments 309 315 11/22/2019 1,195 1,184 96.2 % 93.0 % Bloom 498 528 11/22/2019 1,142 1,120 88.8 % 94.1 % Bella Solara 271 320 11/22/2019 1,130 1,128 97.2 % 91.6 % Fairways at San Marcos 340 352 11/2/2020 1,268 1,232 95.2 % 96.0 % 12,730 14,205 (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of March 31, 2021 and December 31, 2020, respectively, minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of March 31, 2021 and December 31, 2020 , respectively. (2) Percent occupied is calculated as the number of units occupied as of March 31, 2021 and December 31, 2020 , divided by the total number of units, expressed as a percentage. (3) Includes 229 down units due to casualty events as of March 31, 2021 (see Note 5).

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Real Estate Investments	5. Real Estate Investments As of March 31, 2021, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties Land Buildings and Intangible Construction in Furniture, Totals Arbors on Forest Ridge $ 2,330 $ 11,683 $ — $ 6 $ 1,685 $ 15,704 Cutter's Point 3,330 8,186 — 7,266 2,046 20,828 Silverbrook 4,860 27,283 — 5 5,124 37,272 Beechwood Terrace 1,390 22,266 — — 2,839 26,495 The Summit at Sabal Park 5,770 13,741 — — 1,842 21,353 Courtney Cove 5,880 13,758 — 194 2,223 22,055 Radbourne Lake 2,440 22,657 — — 2,190 27,287 Timber Creek 11,260 13,252 — 44 3,519 28,075 Sabal Palm at Lake Buena Vista 7,580 42,417 — — 2,451 52,448 Cornerstone 1,500 30,787 — 2 3,440 35,729 The Preserve at Terrell Mill 10,170 50,855 — 1,696 7,779 70,500 Versailles 6,720 21,772 — 3 3,880 32,375 Seasons 704 Apartments 7,480 14,480 — — 1,825 23,785 Madera Point 4,920 17,949 — — 2,322 25,191 Venue at 8651 2,350 16,682 — 218 3,587 22,837 Parc500 3,860 21,006 — 11 3,896 28,773 The Venue on Camelback 8,340 38,176 — 11 2,740 49,267 Old Farm 11,078 70,794 — 36 3,506 85,414 Stone Creek at Old Farm 3,493 19,362 — 5 810 23,670 Hollister Place 2,782 21,151 — 16 2,599 26,548 Rockledge Apartments 17,451 96,983 — 169 5,457 120,060 Atera Apartments 22,371 36,700 — 401 2,198 61,670 Cedar Pointe 2,371 24,274 — — 1,616 28,261 Crestmont Reserve 4,124 21,038 — — 1,426 26,588 Brandywine I & II 6,237 73,633 — — 4,295 84,165 Bella Vista 10,942 36,804 — — 2,260 50,006 The Enclave 11,046 30,339 — — 1,946 43,331 The Heritage 6,835 34,796 — — 1,947 43,578 Summers Landing 1,798 18,020 — — 695 20,513 Residences at Glenview Reserve 3,367 42,201 — — 1,593 47,161 Residences at West Place 3,345 51,839 — 264 1,237 56,685 Avant at Pembroke Pines 48,436 275,032 — 1,157 8,897 333,522 Arbors of Brentwood 6,346 55,808 — — 1,227 63,381 Torreyana Apartments 23,824 43,541 — 101 1,095 68,561 Bloom 23,805 82,351 — — 1,921 108,077 Bella Solara 12,605 53,229 — 33 1,344 67,211 Fairways at San Marcos 10,993 71,620 1,675 337 920 85,545 323,429 1,546,465 1,675 11,975 100,377 1,983,921 Accumulated depreciation and amortization — ( 166,571 ) ( 1,396 ) — ( 67,702 ) ( 235,669 ) Total Operating Properties $ 323,429 $ 1,379,894 $ 279 $ 11,975 $ 32,675 $ 1,748,252 As of December 31, 2020, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties Land Buildings and Intangible Lease Construction in Furniture, Totals Arbors on Forest Ridge $ 2,330 $ 11,682 $ — $ 17 $ 1,650 $ 15,679 Cutter's Point 3,330 8,035 — 4,983 2,044 18,392 Silverbrook 4,860 27,256 — 3 5,049 37,168 Beechwood Terrace 1,390 22,233 — 32 2,791 26,446 The Summit at Sabal Park 5,770 13,749 — — 1,813 21,332 Courtney Cove 5,880 13,713 — 114 2,165 21,872 Radbourne Lake 2,440 22,617 — — 2,147 27,204 Timber Creek 11,260 13,245 — 42 3,473 28,020 Sabal Palm at Lake Buena Vista 7,580 42,401 — — 2,391 52,372 Cornerstone 1,500 30,781 — 2 3,343 35,626 The Preserve at Terrell Mill 10,170 50,757 — 1,524 7,310 69,761 Versailles 6,720 21,766 — — 3,861 32,347 Seasons 704 Apartments 7,480 14,418 — 18 1,743 23,659 Madera Point 4,920 17,926 — — 2,273 25,119 Venue at 8651 2,350 17,473 — 106 3,531 23,460 Parc500 3,860 20,927 — 22 3,827 28,636 The Venue on Camelback 8,340 38,106 — 37 2,570 49,053 Old Farm 11,078 70,846 — 24 3,419 85,367 Stone Creek at Old Farm 3,493 19,471 — — 792 23,756 Hollister Place 2,782 21,884 — — 2,555 27,221 Rockledge Apartments 17,451 96,902 — 86 5,363 119,802 Atera Apartments 22,371 37,525 — 9 2,188 62,093 Cedar Pointe 2,371 24,268 — — 1,577 28,216 Crestmont Reserve 4,124 20,955 — 19 1,411 26,509 Brandywine I & II 6,237 73,613 — 6 4,072 83,928 Bella Vista 10,942 36,787 — — 2,110 49,839 The Enclave 11,046 30,308 — — 1,856 43,210 The Heritage 6,835 34,761 — — 1,793 43,389 Summers Landing 1,798 17,909 — 43 670 20,420 Residences at Glenview Reserve 3,367 42,027 — 14 1,495 46,903 Residences at West Place 3,345 51,802 — 154 1,049 56,350 Avant at Pembroke Pines 48,436 272,436 — 2,847 7,977 331,696 Arbors of Brentwood 6,346 55,777 — 21 1,118 63,262 Torreyana Apartments 23,824 43,489 — 122 1,047 68,482 Bloom 23,805 81,714 — 494 1,782 107,795 Bella Solara 12,605 53,134 — 57 1,228 67,024 Fairways at San Marcos 10,993 71,422 1,675 — 745 84,835 323,429 1,544,115 1,675 10,796 96,228 1,976,243 Accumulated depreciation and amortization — ( 153,063 ) ( 558 ) — ( 61,873 ) ( 215,494 ) Total Operating Properties $ 323,429 $ 1,391,052 $ 1,117 $ 10,796 $ 34,355 $ 1,760,749 Depreciation expense was $ 19.9 million and $ 18.5 million for the three months ended March 31, 2021 and 2020, respectively. Amortization expense related to the Company’s intangible lease assets was $ 0.8 million and $ 4.8 million for the three months ended March 31, 2021 and 2020, respectively. Amortization expense related to the Company’s intangible lease assets for all acquisitions completed through March 31, 2021 is expected to be $ 0.3 million for the remainder of the year ended December 31, 2021. Due to the six-month useful life attributable to intangible lease assets, the value of intangible lease assets on any acquisition prior to September 30, 2020 has been fully amortized and the assets and related accumulated amortization have been written off as of March 31, 2021. Acquisitions There were no acquisitions of real estate during the three months ended March 31, 2021 and 2020. Dispositions There were no dispositions of real estate during the three months ended March 31, 2021 . The Company sold three properties during the three months ended March 31, 2020 for approximately $ 86.5 million. Cutter’s Point Casualty Losses On October 20, 2019, as a result of a tornado, the Cutter’s Point property suffered significant property damage. The damage incurred rendered the property inoperable; therefore, the Company has ceased operations at the property as it is under reconstruction. In relation to this event, the Company wrote down the carrying value of Cutter’s Point by approximately $ 7.8 million, and, in accordance with ASC 610 Other Income , the Company recognized approximately $ 3.5 million in casualty losses on the consolidated statement of operations and comprehensive income during the year ended December 31, 2019. Lost rental income is insured and the Company expects any operating losses resulting from the damage to be immaterial while the property undergoes reconstruction. Starting November 1, 2019, the Company began capitalizing insurance expense, real estate taxes, interest expense and debt issuance costs to construction in progress and stopped depreciation due to Cutter’s Point being under development. As of March 31, 2021, approximately $ 0.8 million of these costs have been capitalized. During the three months ended March 31, 2021, Cutter's Point recognized no casualty gains on the consolidated statements of operations and comprehensive income (loss) in relation to this event. The Company filed a business interruption insurance claim and recognized approximately $ 0.3 million for the lost rent, which is included in miscellaneous income on the consolidated statement of operations and comprehensive income (loss) for the three months ended March 31, 2021. Upon completion of Phase I of the rebuild efforts, the Company returned 60 units to service in 2020; there are 60 units occupied out of the 60 available as of March 31, 2021. The remaining 136 units are currently being rebuilt as part of Phase II of the rebuild with an expected return to service in 2021. As of March 31, 2021, Cutter's Point excluded 136 units from the Portfolio’s total unit count due to the property reconstruction which is estimated to be completed in 2021. Venue 8651 Casualty Losses On June 10, 2020, as a result of a fire, the Venue 8651 property suffered property damage. In relation to this event, the Company wrote down the carrying value of Venue 8651 by approximately $ 0.6 million, and, in accordance with ASC 610 Other Income , the Company recognized approximately $ 0.2 million in net casualty gains which is included in property operating expense on the consolidated statements of operations and comprehensive income (loss) during the year ended December 31, 2020. During the three months ended March 31, 2021, Venue 8651 recognized approximately $ 0.1 million in business interruption proceeds for lost rent which is included in miscellaneous income on the consolidated statements of operations and comprehensive income (loss). As of March 31, 2021, Venue 8651 excluded 21 units from the Portfolio’s total unit count and all same store pools due to the property reconstruction which is estimated to be completed in 2021. Timber Creek Casualty Losses On November 26, 2020, as a result of a fire, the Timber Creek property suffered property damage. In relation to this event, the Company wrote down the carrying value of Timber Creek by approximately $ 0.6 million. During the three months ended March 31, 2021, Timber Creek recognized approximately $ 0.1 million in business interruption proceeds for lost rent which is included in miscellaneous income on the consolidated statements of operations and comprehensive income (loss). As of March 31, 2021, Timber Creek excluded 15 units from the Portfolio’s total unit count and all same store pools due to the property reconstruction which is estimated to be completed in 2021. Winter Storm Uri In February of 2021, as a result of winter storm Uri, Atera, Hollister Place, Old Farm, Stone Creek, and Venue 8651 each sustained significant property damage. In relation to this event, the Company wrote down the carrying value of the impacted properties by approximately $ 2.0 million. For the three months ended March 31, 2021, approximately $ 0.1 million of business interruption for lost rent was recognized which is included in miscellaneous income on the consolidated statements of operations and comprehensive income (loss). In accordance with ASC 450 Contingencies, the Company did not recognize a gain contingency since a final settlement from insurance was not reached as of March 31, 2021. As of March 31, 2021, 57 units damaged by winter storm Uri are excluded from the Portfolio’s total unit count and all same store pools due to the properties reconstruction which are estimated to be completed in 2021.

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	6. Debt Mortgage Debt The following table contains summary information concerning the mortgage debt of the Company as of March 31, 2021 (dollars in thousands): Operating Properties Type Term (months) Outstanding Interest Rate (2) Maturity Date Arbors on Forest Ridge (3) Floating 84 $ 13,130 1.79 % 7/1/2024 Cutter's Point (3) Floating 84 16,640 1.79 % 7/1/2024 Silverbrook (3) Floating 84 30,590 1.79 % 7/1/2024 Beechwood Terrace (3) Floating 84 23,365 1.55 % 9/1/2025 The Summit at Sabal Park (3) Floating 84 13,560 1.73 % 7/1/2024 Courtney Cove (3) Floating 84 13,680 1.73 % 7/1/2024 The Preserve at Terrell Mill (3) Floating 84 42,480 1.73 % 7/1/2024 Versailles (3) Floating 84 23,880 1.73 % 7/1/2024 Seasons 704 Apartments (3) Floating 84 17,460 1.73 % 7/1/2024 Madera Point (3) Floating 84 15,150 1.73 % 7/1/2024 Venue at 8651 (3) Floating 84 13,734 1.89 % 7/1/2024 The Venue on Camelback (3) Floating 84 28,093 1.79 % 7/1/2024 Old Farm (3) Floating 84 52,886 1.79 % 7/1/2024 Stone Creek at Old Farm (3) Floating 84 15,274 1.79 % 7/1/2024 Timber Creek (3) Floating 84 24,100 1.37 % 10/1/2025 Radbourne Lake (3) Floating 84 20,000 1.40 % 10/1/2025 Sabal Palm at Lake Buena Vista (3) Floating 84 42,100 1.41 % 9/1/2025 Cornerstone (4) Fixed 120 21,174 4.24 % 3/1/2023 Parc500 (5) Fixed 120 14,878 4.49 % 8/1/2025 Hollister Place (3) Floating 84 14,811 1.45 % 10/1/2025 Rockledge Apartments (3) Floating 84 68,100 1.68 % 7/1/2024 Atera Apartments (3) Floating 84 29,500 1.59 % 11/1/2024 Cedar Pointe (6) Floating 84 17,300 1.46 % 9/1/2025 Crestmont Reserve (3) Floating 84 12,061 1.29 % 10/1/2025 Brandywine I & II (3) Floating 84 43,835 1.29 % 10/1/2025 Bella Vista (6) Floating 84 29,040 1.43 % 2/1/2026 The Enclave (6) Floating 84 25,322 1.43 % 2/1/2026 The Heritage (6) Floating 84 24,625 1.43 % 2/1/2026 Summers Landing (7) Floating 84 10,109 1.29 % 10/1/2025 Residences at Glenview Reserve (8) Floating 84 26,560 1.55 % 10/1/2025 Residences at West Place (8) Fixed 120 33,817 4.24 % 10/1/2028 Avant at Pembroke Pines (3) Floating 84 177,100 1.54 % 9/1/2026 Arbors of Brentwood (3) Floating 84 34,237 1.54 % 10/1/2026 Torreyana Apartments (6) Floating 84 37,400 1.81 % 12/1/2026 Bloom (6) Floating 84 58,850 1.81 % 12/1/2026 Bella Solara (6) Floating 84 36,575 1.81 % 12/1/2026 Fairways at San Marcos (6) Floating 84 46,464 2.14 % 12/1/2027 $ 1,167,880 Fair market value adjustment 1,211 (9) Deferred financing costs, net of accumulated amortization of $ 4,068 ( 6,122 ) $ 1,162,969 (1) Mortgage debt that is non-recourse to the Company and encumbers the multifamily properties. (2) Interest rate is based on a reference rate plus an applicable margin, except for fixed rate mortgage debt. One-month LIBOR was 0.11113 % and 30-Day Average Secured Overnight Financing Rate (“SOFR”) was 0.01467 % as of March 31, 2021. Fairways at San Marcos utilizes 30-Day Average SOFR as its reference rate while all other properties utilize one-month LIBOR. (3) Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00 %. Starting in the 13 th month of the term through the 81 st month of the term, the loan can be pre-paid at par plus 1.00 % of the unpaid principal balance and at par during the last three months of the term. (4) Debt in the amount of $ 18.0 million was assumed upon acquisition of this property and recorded at approximated fair value. The assumed debt carries a 4.09 % fixed rate, was originally issued in March 2013, and had a term of 120 months with an initial 24 months of interest only. At the time of acquisition, the principal balance of the first mortgage remained unchanged and had a remaining term of 98 months with 2 months of interest only. The first mortgage is pre-payable and subject to yield maintenance from the 13 th month through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity. Concurrently with the acquisition of the property, the Company placed a supplemental second mortgage on the property with a principal amount of approximately $ 5.8 million, a fixed rate of 4.70 %, and with a maturity date that is the same time as the first mortgage. The supplemental second mortgage is pre-payable and subject to yield maintenance from the date of issuance through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity. As of March 31, 2021 , the total indebtedness secured by the property had a blended interest rate of 4.24 %. (5) Debt was assumed upon acquisition of this property and recorded at approximated fair value. The loan is open to pre-payment in the last four months of the term. (6) Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00 %. Starting in the 13 th month of the term through the 81 st month of the term, the loan can be pre-paid at par plus 1.00 % of the unpaid principal balance and at par during the last three months of the term. (7) Debt was assumed upon acquisition of this property and recorded at approximated fair value. It can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00 %. Starting in the 13 th month of the term through the 81 st month of the term, the loan can be pre-paid at par plus 1.00 % of the unpaid principal balance and at par during the last three months of the term. (8) Debt was assumed upon acquisition of this property and recorded at approximated fair value. The loan can be prepaid at the greater of par plus 1.00 % of the unpaid principal balance or the product obtained by multiplying the present value of the principal being prepaid by the excess of the monthly fixed interest rate of the loan over a daily discount rate. The loan is open to pre-payment in the last three months of the term. (9) The Company reflected a valuation adjustment on its fixed rate debt for Parc500 and Residences at West Place to adjust it to fair market value on their respective dates of acquisition for the difference between the fair value and the assumed principal amount of debt. The difference is amortized into interest expense over the remaining terms of the mortgages. The weighted average interest rate of the Company’s mortgage indebtedness was 1.79 % as of March 31, 2021 and 1.83 % as of December 31, 2020. The decrease between the periods is primarily related to a decrease in one-month LIBOR of approximately 3 basis points to 0.11113 % as of March 31, 2021 from 0.14388 % as of December 31, 2020. As of March 31, 2021, the adjusted weighted average interest rate of the Company’s mortgage indebtedness was 3.06 % . For purposes of calculating the adjusted weighted average interest rate of the outstanding mortgage indebtedness, the Company has included the weighted average fixed rate of 1.3792 % for one-month LIBOR on its combined $ 1.2 billion notional amount of interest rate swap agreements, which effectively fix the interest rate on $ 1.2 billion of the Company’s floating rate mortgage debt (see Note 7). Each of the Company’s mortgages is a non-recourse obligation subject to customary provisions. The loan agreements contain customary events of default, including defaults in the payment of principal or interest, defaults in compliance with the covenants contained in the documents evidencing the loan, defaults in payments under any other security instrument covering any part of the property, whether junior or senior to the loan, and bankruptcy or other insolvency events. As of March 31, 2021, the Company believes it is in compliance with all provisions. Freddie Mac Multifamily Green Advantage . In order to obtain more favorable pricing on the Company’s mortgage debt financing with Freddie Mac, the Company decided to participate in Freddie Mac’s Multifamily Green Advantage program (the “Green Program”). As of March 31, 2021, the Company has completed its Green Program improvements on all but one property, which is expected to be completed in 2021. The Company expects to reduce water/sewer costs at each property where the Green Program is implemented by at least 15 % through the replacement of showerheads, plumbing fixtures and toilets with modern energy efficient upgrades. Due to changes in Freddie Mac’s requirements to participate in the Green Program, the Company is not implementing this on acquisitions going forward. Credit Facility The following table contains summary information concerning the Company’s credit facility as of March 31, 2021 (dollars in thousands): Type Term (months) Outstanding Interest Rate (1) Maturity Date Corporate Credit Facility Floating 24 $ 183,000 2.61 % 1/28/2022 Deferred financing costs, net of accumulated amortization of $ 2,146 ( 469 ) $ 182,531 (1) Interest rate is based on one-month LIBOR plus an applicable margin. One-month LIBOR as of March 31, 2021 was 0.11113 % . Corporate Credit Facility . On January 28, 2019, the Company, through the OP, entered into a $ 75.0 million credit facility (the “Corporate Credit Facility”) with Truist Bank, as administrative agent and the lenders party thereto, and immediately drew $ 52.5 million to fund a portion of the purchase price of Bella Vista, The Enclave, and The Heritage. The Corporate Credit Facility is a full-term, interest-only facility with an initial 24-month term. The Company has the right to request an increase in the facility amount up to $ 150 million (the “Accordion Feature”). The facility bears interest at a rate of one-month LIBOR plus a range from 2.00 % to 2.50 % , depending on the Company’s leverage level as determined under the Corporate Credit Facility agreement, and is guaranteed by the Company. On June 29, 2019, the Company, through the OP, exercised its option under the Accordion Feature of the Corporate Credit Facility and increased the amount of the facility from $ 75 million to $ 125 million. In conjunction with the increase in the facility, the Company incurred costs of $ 0.5 million in obtaining the additional financing through the Accordion Feature (see “Deferred Financing Costs” below). On August 28, 2019, the Company, through the OP, increased the amount of the Corporate Credit Facility by $ 25 million, resulting in incurred costs of $ 0.2 million of deferred financing costs. On November 20, 2019, the Company, through the OP, increased the amount of the Corporate Credit Facility by $ 75 million, resulting in aggregate commitments of $ 225 million as of December 31, 2019. In conjunction with the increase in the facility, the Company incurred costs of $ 0.8 million of deferred financing costs. As of March 31, 2020, there was $ 183.0 million in aggregate principal outstanding on the Corporate Credit Facility. On October 13, 2020, the Company extended the maturity date of the Corporate Credit Facility from January 28, 2021 to January 28, 2022 (the “Maturity Date”). During 2020, the Company repaid $ 35.0 million in principal on the Corporate Credit Facility and had sufficient cash flow to fund operations as well as close on a new acquisition (Fairways at San Marcos) in the fourth quarter of 2020. Management recognizes that finding an alternative source of funding is necessary to repay the facility by the Maturity Date. Management is evaluating multiple options to fund the repayment of the $ 183.0 million principal balance outstanding, including recasting the Corporate Credit Facility, securing additional equity or debt financing, selling a portion of the Portfolio, or any combination thereof. Management believes that there is sufficient time before the Maturity Date and that the Company has sufficient access to capital to ensure the Company is able to meet its obligations as they become due. Deferred Financing Costs The Company defers costs incurred in obtaining financing and amortizes the costs over the terms of the related loans using the straight-line method, which approximates the effective interest method. Deferred financing costs, net of amortization, are recorded as a reduction from the related debt on the Company’s consolidated balance sheets. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to loss on extinguishment of debt and modification costs (see “Loss on Extinguishment of Debt and Modification Costs” below). For the three months ended March 31, 2021 and 2020, the Company wrote-off deferred financing costs of approximately $ 0.0 million and $ 0.5 million , respectively, which is included in loss on extinguishment of debt and modification costs on the consolidated statements of operations and comprehensive income (loss). For the three months ended March 31, 2021 and 2020, amortization of deferred financing costs of approximately $ 0.6 million and $ 0.7 million , respectively, is included in interest expense on the consolidated statements of operations and comprehensive income (loss). Loss on Extinguishment of Debt and Modification Costs Loss on extinguishment of debt and modification costs includes prepayment penalties and defeasance costs incurred on the early repayment of debt, costs incurred in a debt modification that are not capitalized as deferred financing costs and other costs incurred in a debt extinguishment. Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to March 31, 2021 are as follows (in thousands): Operating Credit Facility Total 2021 $ 698 $ — $ 698 2022 1,502 183,000 184,502 2023 21,254 — 21,254 2024 395,085 — 395,085 2025 245,910 — 245,910 Thereafter 503,431 — 503,431 Total $ 1,167,880 $ 183,000 $ 1,350,880

Fair Value of Derivative and Fi

Fair Value of Derivative and Financial Instruments	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Derivatives and Financial Instruments	7. Fair Value of Derivatives and Financial Instruments Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy):  Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access.  Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals.  Level 3 inputs are the unobservable inputs for the asset or liability, which are typically based on an entity’s own assumption, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on input from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company utilizes independent third parties to perform the allocation of value analysis for each property acquisition and to perform the market valuations on its derivative financial instruments and has established policies, as described above, processes and procedures intended to ensure that the valuation methodologies for investments and derivative financial instruments are fair and consistent as of the measurement date. Derivative Financial Instruments and Hedging Activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company may enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash payments principally related to the Company’s borrowings. In order to minimize counterparty credit risk, the Company enters into and expects to enter into hedging arrangements only with major financial institutions that have high credit ratings. The Company utilizes an independent third party to perform the market valuations on its derivative financial instruments. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate caps are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both the Company’s own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of the Company’s derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with the Company’s derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has determined that the significance of the impact of the credit valuation adjustments made to its derivative contracts, which determination was based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all of the Company’s derivatives held as of March 31, 2021 and December 31, 2020 were classified as Level 2 of the fair value hierarchy. The Company’s main objective in using interest rate derivatives is to add stability to interest expense related to floating rate debt. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The interest rate swaps have terms ranging from four to five years . Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The interest rate caps have terms ranging from three to four years . During the three months ended March 31, 2021 and 2020 , interest rate cap derivatives were used to hedge the variable cash flows associated with a portion of the Company’s floating rate debt. The interest rate cap agreements the Company has entered into effectively cap one-month LIBOR on $ 379.4 million of the Company’s floating rate mortgage indebtedness at a weighted average rate of 5.52 % as of March 31, 2021 . In order to fix a portion of, and mitigate the risk associated with, the Company’s floating rate indebtedness (without incurring substantial prepayment penalties or defeasance costs typically associated with fixed rate indebtedness when repaid early or refinanced), the Company, through the OP, has entered into eleven interest rate swap transactions with KeyBank National Association ("KeyBank") and two with Truist Bank (the “Counterparties”) with a combined notional amount of $ 1.2 billion which are effective as of March 31, 2021 . The interest rate swaps the Company has entered into effectively replace the floating interest rate (one-month LIBOR) with respect to that amount with a weighted average fixed rate of 1.3792 % . The Company has designated these interest rate swaps as cash flow hedges of interest rate risk. As of March 31, 2021, the Company had the following outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk (dollars in thousands): Effective Date Termination Date Counterparty Notional Amount Fixed Rate (1) July 1, 2016 June 1, 2021 KeyBank $ 100,000 1.1055 % July 1, 2016 June 1, 2021 KeyBank 100,000 1.0210 % July 1, 2016 June 1, 2021 KeyBank 100,000 0.9000 % September 1, 2016 June 1, 2021 KeyBank 100,000 0.9560 % April 1, 2017 April 1, 2022 KeyBank 100,000 1.9570 % May 1, 2017 April 1, 2022 KeyBank 50,000 1.9610 % July 1, 2017 July 1, 2022 KeyBank 100,000 1.7820 % June 1, 2019 June 1, 2024 KeyBank 50,000 2.0020 % June 1, 2019 June 1, 2024 Truist 50,000 2.0020 % September 1, 2019 September 1, 2026 KeyBank 100,000 1.4620 % September 1, 2019 September 1, 2026 KeyBank 125,000 1.3020 % January 3, 2020 September 1, 2026 KeyBank 92,500 1.6090 % March 4, 2020 June 1, 2026 Truist 100,000 0.8200 % $ 1,167,500 1.3792 % (2) (1) The floating rate option for the interest rate swaps is one-month LIBOR. As of March 31, 2021, one-month LIBOR was 0.11113 % . (2) Represents the weighted average fixed rate of the interest rate swaps. As of March 31, 2021, the Company had the following outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk with future effective dates (dollars in thousands): Future Swaps Effective Date Termination Date Counterparty Notional Amount Fixed Rate (1) June 1, 2021 September 1, 2026 KeyBank $ 200,000 0.8450 % June 1, 2021 September 1, 2026 KeyBank 200,000 0.9530 % March 1, 2022 March 1, 2025 Truist 145,000 0.5730 % March 1, 2022 March 1, 2025 Truist 105,000 0.6140 % September 1, 2026 January 1, 2027 KeyBank 92,500 1.7980 % $ 742,500 0.9070 % (2) (1) The floating rate option for the interest rate swaps is one-month LIBOR. As of March 31, 2021, one-month LIBOR was 0.11113 % . (2) Represents the weighted average fixed rate of the interest rate swaps. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements but either do not meet the strict requirements to apply hedge accounting in accordance with FASB ASC 815, Derivatives and Hedging , or the Company has elected not to designate such derivatives as hedges. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in net income (loss) as interest expense. As of March 31, 2021 and 2020, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands): As of March 31, Number of Notional Amount 2021 15 $ 379,406 2020 15 $ 346,542 The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of March 31, 2021 and December 31, 2020 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ — $ — $ 12,198 $ 43,530 Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets 15 3 — — Total $ 15 $ 3 $ 12,198 $ 43,530 The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2021 and 2020 (in thousands): Amount of gain (loss) Location of gain Amount of gain (loss) 2021 2020 OCI into income 2021 2020 Derivatives designated as hedging instruments: For the three months ended March 31, Interest rate products $ 27,679 $ ( 49,931 ) Interest expense $ ( 3,663 ) $ 609 Location of gain Amount of gain (loss) recognized in 2021 2020 Derivatives not designated as hedging instruments: For the three months ended March 31, Interest rate products Interest expense $ 12 $ 41 Other Financial Instruments Carried at Fair Value Redeemable noncontrolling interests in the OP have a redemption feature and are marked to their redemption value if such value exceeds the carrying value of the redeemable noncontrolling interests in the OP (see Note 10). The redemption value is based on the fair value of the Company’s common stock at the redemption date, and therefore, is calculated based on the fair value of the Company’s common stock at the balance sheet date. Since the valuation is based on observable inputs such as quoted prices for similar instruments in active markets, redeemable noncontrolling interests in the OP are classified as Level 2 if they are adjusted to their redemption value. Financial Instruments Not Carried at Fair Value At March 31, 2021 and December 31, 2020, the fair values of cash and cash equivalents, restricted cash, accounts receivable, prepaid and other assets, accounts payable and other accrued liabilities, accrued real estate taxes payable, accrued interest payable, security deposits and prepaid rent approximated their carrying values because of the short term nature of these instruments. The estimated fair values of other financial instruments were determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company would realize on the disposition of the financial instruments. The use of different market assumptions or estimation methodologies may have a material effect on the estimated fair value amounts. Long-term indebtedness is carried at amounts that reasonably approximate their fair value at the time they were recognized. In calculating the fair value of its long-term indebtedness, the Company used interest rate and spread assumptions that reflect current credit worthiness and market conditions available for the issuance of long-term debt with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs. The table below presents the carrying value and estimated fair value of our debt at March 31, 2021 and 2020 (in thousands): March 31, 2021 March 31, 2020 Carrying Value Estimated Carrying Value Estimated Fixed rate debt $ 69,869 $ 71,374 $ 70,625 $ 72,386 Floating rate debt (1) $ 1,281,011 $ 1,317,408 $ 1,306,058 $ 1,274,224 (1) Includes balances outstanding under our Corporate Credit Facility. Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In such cases, the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. There can be no assurance that the estimates discussed herein, using Level 3 inputs, are indicative of the amounts the Company could realize on disposition of the real estate asset. For the three months ended March 31, 2021 and 2020 , the Company did no t record any impairment charges related to real estate assets.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Stockholders' Equity	8. Stockholders’ Equity Common Stock During the three months ended March 31, 2021, the Company issued 110,184 shares of common stock pursuant to its long-term incentive plan (see “Long Term Incentive Plan” below) and no shares pursuant to its at-the-market offering (see “At-the-Market Offering” below). As of March 31, 2021, the Company had 25,127,141 shares of common stock, par value $ 0.01 per share, issued and outstanding. Share Repurchase Program On June 15, 2016, the Board authorized the Company to repurchase up to $ 30.0 million of its common stock, par value $ 0.01 per share, during a two-year period that was set to expire on June 15, 2018 (the “Share Repurchase Program”). On April 30, 2018, the Board increased the Share Repurchase Program from $ 30.0 million to up to $ 40.0 million and extended it by an additional two years to June 15, 2020 . On March 13, 2020, the Board further increased the Share Repurchase Program from $40.0 million to up to $ 100.0 million and extended it to March 12, 2023 . The Company may utilize various methods to effect the repurchases, and the timing and extent of the repurchases will depend upon several factors, including market and business conditions, regulatory requirements and other corporate considerations, including whether the Company’s common stock is trading at a significant discount to net asset value per share. Repurchases under this program may be discontinued at any time. During the three months ended March 31, 2020, the Company repurchased 1,090,480 shares of its common stock. During the three months ended March 31, 2021 , the Company repurchased no shares of its common stock. Since the inception of the Share Repurchase Program through March 31, 2021, the Company had repurchased 2,382,155 shares of its common stock, par value $ 0.01 per share, at a total cost of approximately $ 61.2 million, or $ 25.70 per share. Treasury Shares From time to time, in accordance with the Company’s Share Repurchase Program, the Company may repurchase shares of its common stock in the open market. Until any such shares are retired, the cost of the shares is included in common stock held in treasury at cost on the consolidated balance sheet. The number of shares of common stock classified as treasury shares reduces the number of shares of the Company’s common stock outstanding and, accordingly, are considered in the weighted average number of shares outstanding during the period. During the three months ended March 31, 2020, the Company retired 225,799 shares of its common stock held in treasury. During the three months ended March 31, 2021, the Company retired no shares of its common stock. As of March 31, 2021 , the Company had no shares of common stock held in treasury. Long Term Incentive Plan On June 15, 2016, the Company’s stockholders approved a long-term incentive plan (the “2016 LTIP”) and the Company filed a registration statement on Form S-8 registering 2,100,000 shares of common stock, par value $ 0.01 per share, which the Company may issue pursuant to the 2016 LTIP. The 2016 LTIP authorizes the compensation committee of the Board to provide equity-based compensation in the form of stock options, appreciation rights, restricted shares, restricted stock units, performance shares, performance units and certain other awards denominated or payable in, or otherwise based on, the Company’s common stock or factors that may influence the value of the Company’s common stock, plus cash incentive awards, for the purpose of providing the Company’s directors, officers and other key employees (and those of the Adviser and the Company’s subsidiaries), the Company’s non-employee directors, and potentially certain non-employees who perform employee-type functions, incentives and rewards for performance. Restricted Stock Units . Under the 2016 LTIP, restricted stock units may be granted to the Company’s directors, officers and other key employees (and those of the Adviser and the Company’s subsidiaries) and typically vest over a three to five-year period for officers, employees and certain key employees of the Adviser and annually for directors. Beginning on the date of grant, restricted stock units earn dividends that are payable in cash on the vesting date. On August 11, 2016, pursuant to the 2016 LTIP, the Company granted 209,797 restricted stock units to its directors and officers. On March 16, 2017, pursuant to the 2016 LTIP, the Company granted 219,802 restricted stock units to its directors and officers. On February 15, 2018, pursuant to the 2016 LTIP, the Company granted 275,795 restricted stock units to its directors, officers, employees and certain key employees of the Adviser. On February 21, 2019, pursuant to the 2016 LTIP, the Company granted 186,662 restricted stock units to its directors, officers, employees and certain key employees of the Adviser. On February 20, 2020, pursuant to the 2016 LTIP, the Company granted 168,183 restricted stock units to its directors, officers, employees and certain key employees of the Adviser. On May 11, 2020, pursuant to the 2016 LTIP, the Company granted 116,852 restricted stock units to its directors, officers, employees and certain key employees of the Adviser. On February 18, 2021, pursuant to the 2016 LTIP, the Company granted 205,119 restricted stock units to its directors, officers, employees and certain key employees of the Adviser. The following table includes the number of restricted stock units granted, vested, forfeited and outstanding as of March 31, 2021: 2021 Number of Units Weighted Average Outstanding January 1, 553,931 $ 36.83 Granted 204,663 41.43 Vested ( 139,842 ) (1) 34.81 Forfeited ( 5,496 ) 39.11 Outstanding March 31, 613,256 $ 38.81 (1) Certain key employees of the Adviser elected to net the taxes owed upon vesting against the shares issued resulting in 110,184 shares being issued as shown on the Consolidated Statement of Stockholders’ Equity. The following table contains information regarding the vesting of restricted stock units under the 2016 LTIP for the next five calendar years subsequent to March 31, 2021: Shares Vesting February May Total 2021 — (1) 27,602 27,602 2022 179,420 21,839 201,259 2023 104,995 21,836 126,831 2024 104,995 21,834 126,829 2025 70,395 21,834 92,229 2026 38,962 — 38,962 Total 498,767 114,945 613,712 (1) Shares vested prior to March 31, 2021 . As of March 31, 2021, the Company had issued 669,343 shares of common stock under the 2016 LTIP. For the three months ended March 31, 2021 and 2020, the Company recognized approximately $ 1.6 million and $ 1.3 million , respectively, of equity-based compensation expense related to grants of restricted stock units. As of March 31, 2021, the Company had recognized a liability of approximately $ 1.0 million related to dividends earned on restricted stock units that are payable in cash upon vesting. At-the-Market Offering On February 20, 2019, the Company, the OP and the Adviser entered into separate equity distribution agreements with each of Jefferies LLC (“Jefferies”), Raymond James & Associates, Inc. (“Raymond James”) and Truist Securities, Inc. f/k/a SunTrust Robinson Humphrey, Inc. (“Truist”, and together with Raymond James and Jefferies, the “2019 ATM Sales Agents”), pursuant to which the Company may issue and sell from time to time shares of the Company’s common stock, par value $ 0.01 per share, having an aggregate sales price of up to $ 100,000,000 (the “2019 ATM Program”). Sales of shares of common stock, if any, may be made in transactions that are deemed to be “at the market” offerings, as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”), including, without limitation, sales made by means of ordinary brokers’ transactions on the New York Stock Exchange, to or through a market maker at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices based on prevailing market prices. In addition to the issuance and sale of shares of common stock, the Company may enter into forward sale agreements with each of Jefferies and Raymond James, or their respective affiliates, through the 2019 ATM Program. During the three months ended March 31, 2020, the Company issued 560,000 shares of common stock at an average price of $ 50.00 per share for gross proceeds of $ 28.0 million under the 2019 ATM Program. The Company paid approximately $ 0.4 million in fees to the 2019 ATM Sales Agents with respect to such sales and incurred other issuance costs of approximately $ 0.4 million, both of which were netted against the gross proceeds and recorded in additional paid in capital. On February 27, 2020, the 2019 ATM Program reached aggregate sales of $ 100,000,000 and has therefore expired. The following table contains summary information of the 2019 ATM Program during the year ended December 31, 2020: Gross proceeds $ 28,000,000 Common shares issued 560,000 Gross average sale price per share $ 50.00 Sales commissions $ 420,000 Offering costs 331,143 Net proceeds 27,248,857 Average price per share, net $ 48.66 On March 4, 2020, the Company, the OP and the Adviser entered into separate equity distribution agreements with each of Jefferies, Raymond James, KeyBanc Capital Markets Inc. (“KeyBanc”) and Truist (together with Jefferies, Raymond James, KeyBanc and Truist, the “2020 ATM Sales Agents”), pursuant to which the Company may issue and sell from time to time shares of the Company’s common stock, par value $ 0.01 per share, having an aggregate sales price of up to $ 225,000,000 (the “2020 ATM Program”). Sales of shares of common stock, if any, may be made in transactions that are deemed to be “at the market” offerings, as defined in Rule 415 under the Securities Act, including, without limitation, sales made by means of ordinary brokers’ transactions on the New York Stock Exchange, to or through a market maker at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices based on prevailing market prices. In addition to the issuance and sale of shares of common stock, the Company may enter into forward sale agreements with each of Jefferies, KeyBanc, Raymond James, and Truist or their respective affiliates, through the 2020 ATM Program. During the year ended December 31, 2020, the Company issued 718,306 shares of common stock at an average price of $ 43.92 per share for gross proceeds of $ 31.5 million under the 2020 ATM Program. The Company paid approximately $ 0.5 million in fees to the 2020 ATM Sales Agents with respect to such sales and incurred other issuance costs of approximately $ 0.6 million, both of which were netted against the gross proceeds and recorded in additional paid in capital. During the three months ended March 31, 2021, no shares were issued under the 2020 ATM Program. The following table contains summary information of the 2020 ATM Program: Gross proceeds $ 31,546,577 Common shares issued 718,306 Gross average sale price per share $ 43.92 Sales commissions $ 473,199 Offering costs (1) 785,615 Net proceeds 30,287,763 Average price per share, net $ 42.17 (1) For the three months ended March 31, 2021, no common shares were issued, but the Company incurred offering costs in connection with the 2020 ATM Program.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	9. Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of the Company’s common stock outstanding, which excludes any unvested restricted stock units issued pursuant to the 2016 LTIP. Diluted earnings (loss) per share is computed by adjusting basic earnings (loss) per share for the dilutive effect of the assumed vesting of restricted stock units. During periods of net loss, the assumed vesting of restricted stock units is anti-dilutive and is not included in the calculation of earnings (loss) per share. The effect of the conversion of OP Units held by noncontrolling limited partners is not reflected in the computation of basic and diluted earnings (loss) per share, as they are exchangeable for common stock on a one -for-one basis. The income (loss) allocable to such units is allocated on this same basis and reflected as net income (loss) attributable to redeemable noncontrolling interests in the OP in the accompanying consolidated statements of operations and comprehensive income (loss). As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings (loss) per share. See Note 10 for additional information. The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods presented (in thousands, except per share amounts): For the Three Months Ended March 31, 2021 2020 Numerator for earnings (loss) per share: Net income (loss) $( 6,900 ) $ 28,039 Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership ( 21 ) 84 Net income (loss) attributable to common stockholders $( 6,879 ) $ 27,955 Denominator for earnings (loss) per share: Weighted average common shares outstanding 25,068 25,388 Denominator for basic earnings (loss) per share 25,068 25,388 Weighted average unvested restricted stock units 582 463 Denominator for diluted earnings per share (1) 25,068 25,851 Earnings (loss) per weighted average common share: Basic $( 0.27 ) $ 1.10 Diluted $( 0.27 ) $ 1.08 (1) If the Company sustains a net loss for the period presented, unvested restricted stock units are not included in the diluted earnings per share calculation.

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended
	Mar. 31, 2021
Noncontrolling Interest [Abstract]
Noncontrolling Interests	10. Noncontrolling Interests Redeemable Noncontrolling Interests in the OP Interests in the OP held by limited partners are represented by OP Units. Net income (loss) is allocated to holders of OP Units based upon net income (loss) attributable to common stockholders and the weighted average number of OP Units outstanding to total common shares plus OP Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to OP Units in accordance with the terms of the partnership agreement of the OP. Each time the OP distributes cash to the Company, outside limited partners of the OP receive their pro-rata share of the distribution. Redeemable noncontrolling interests in the OP have a redemption feature and are marked to their redemption value if such value exceeds the carrying value of the redeemable noncontrolling interests in the OP. On June 30, 2017, the Company and the OP entered into a contribution agreement with BH Equities, LLC and its affiliates (collectively, “BH Equity”), whereby the Company purchased 100 % of the joint venture interests in the Portfolio owned by BH Equity, representing approximately 8.4 % ownership in the Portfolio (the “BH Buyout”), for total consideration of approximately $ 51.7 million (the “Purchase Amount”). The Purchase Amount consisted of approximately $ 49.7 million in cash that was paid on June 30, 2017 and 73,233 OP Units (initially valued at $ 2.0 million) that were issued on August 1, 2017. The number of OP Units issued was calculated by dividing $ 2.0 million by the midpoint of the range of the Company’s net asset value as publicly disclosed in connection with the Company’s release of its second quarter of 2017 earnings results, which was $ 27.31 per share. In connection with the issuance of OP Units to BH Equity on August 1, 2017, the Company and the OP amended the partnership agreement of the OP (the “Amendment”). Pursuant to the Amendment, limited partners holding OP Units have the right to cause the OP to redeem their units at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the OP), provided that such OP Units have been outstanding for at least one year. The Company, through the OP GP, as the general partner of the OP may, in its sole discretion, purchase the OP Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (one share of common stock of the Company for each OP Unit), as defined in the partnership agreement of the OP. Notwithstanding the foregoing, a limited partner will not be entitled to exercise its redemption right to the extent the issuance of the Company’s common stock to the redeeming limited partner would (1) be prohibited, as determined in the Company’s sole discretion, under the Company’s charter or (2) cause the acquisition of common stock by such redeeming limited partner to be “integrated” with any other distribution of the Company’s common stock for purposes of complying with the Securities Act. Accordingly, the Company records the OP Units held by noncontrolling limited partners outside of permanent equity and reports the OP Units at the greater of their carrying value or their redemption value using the Company’s stock price at each balance sheet date. The following table sets forth the redeemable noncontrolling interests in the OP for the three months ended March 31, 2021 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2020 $ 3,098 Net loss attributable to redeemable noncontrolling interests in the OP ( 21 ) Other comprehensive income attributable to redeemable noncontrolling interests in the OP 94 Contributions from redeemable noncontrolling interests in the OP 5 Distributions to redeemable noncontrolling interests in the OP ( 16 ) Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 215 Redeemable noncontrolling interests in the OP, March 31, 2021 $ 3,375 Noncontrolling Interests Noncontrolling interests have in the past and may in the future be comprised of joint venture partners’ interests in joint ventures the Company consolidates. When applicable, the Company reports its joint venture partners’ interests in its consolidated joint ventures and other subsidiary interests held by third parties as noncontrolling interests. The Company records these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investment’s net income or loss, equity contributions, return of capital, and distributions. Generally, these noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder based on its economic ownership percentage. Fees and Reimbursements to BH and its Affiliates The Company has entered into management agreements with BH Management Services, LLC (“BH”), the Company’s property manager and an independently owned third party, who manages the Company’s properties and supervises the implementation of the Company’s value-add program. BH is an affiliate of BH Equity, who was a noncontrolling interest member of the Company’s joint ventures prior to the BH Buyout on June 30, 2017. Through BH Equity’s noncontrolling interests in such joint ventures, BH Equity was deemed to be a related party. With the completion of the BH Buyout, BH Equity is no longer deemed to be a related party. BH Equity became a noncontrolling limited partner of the OP upon execution of the Amendment. BH and its affiliates do not have common ownership in any joint venture with the Adviser; there is also no common ownership between BH and its affiliates and the Adviser. The property management fee paid to BH is approximately 3 % of the monthly gross income from each property managed. Currently, BH manages all of the Company’s properties. Additionally, the Company may pay BH certain other fees, including: (1) a fee of $ 15 - 25 per unit for the one-time setup and inspection of properties, (2) a construction supervision fee of 5 - 6 % of total project costs, which is capitalized, (3) acquisition fees and due diligence costs reimbursements, and (4) other owner approved fees at $ 55 per hour. BH also acts as a paymaster for the properties and is reimbursed at cost for various operating expenses it pays on behalf of the properties. The following is a summary of fees that the properties incurred to BH and its affiliates, as well as reimbursements paid to BH from the properties for various operating expenses, for the three months ended March 31, 2021 and 2020 (in thousands): For the Three Months Ended March 31, 2021 2020 Fees incurred Property management fees (1) $ 1,479 $ 1,544 Construction supervision fees (2) 254 634 Design fees (2) 54 296 Reimbursements Payroll and benefits (3) 4,238 4,358 Other reimbursements (4) 825 977 (1) Included in property management fees on the consolidated statements of operations and comprehensive income (loss). (2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Included in property operating expenses on the consolidated statements of operations and comprehensive income (loss). (4) Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the consolidated statements of operations and comprehensive income (loss).

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	11. Related Party Transactions Advisory and Administrative Fee In accordance with the Advisory Agreement, the Company pays the Adviser an advisory fee equal to 1.00 % of the Average Real Estate Assets (as defined below). The duties performed by the Company’s Adviser under the terms of the Advisory Agreement include, but are not limited to: providing daily management for the Company, selecting and working with third party service providers, managing the Company’s properties or overseeing the third party property manager, formulating an investment strategy for the Company and selecting suitable properties and investments, managing the Company’s outstanding debt and its interest rate exposure through derivative instruments, determining when to sell assets, and managing the value-add program or overseeing a third party vendor that implements the value-add program. “Average Real Estate Assets” means the average of the aggregate book value of Real Estate Assets before reserves for depreciation or other non-cash reserves, computed by taking the average of the book value of real estate assets at the end of each month (1) for which any fee under the Advisory Agreement is calculated or (2) during the year for which any expense reimbursement under the Advisory Agreement is calculated. “Real Estate Assets” is defined broadly in the Advisory Agreement to include, among other things, investments in real estate-related securities and mortgages and reserves for capital expenditures (the value-add program). The advisory fee is payable monthly in arrears in cash, unless the Adviser elects, in its sole discretion, to receive all or a portion of the advisory fee in shares of common stock, subject to certain limitations. In accordance with the Advisory Agreement, the Company also pays the Adviser an administrative fee equal to 0.20 % of the Average Real Estate Assets. The administrative fee is payable monthly in arrears in cash, unless the Adviser elects, in its sole discretion, to receive all or a portion of the administrative fee in shares of common stock, subject to certain limitations. The advisory and administrative fees paid to the Adviser on the Contributed Assets (as defined in the Advisory Agreement) are subject to an annual cap of approximately $ 5.4 million (the “Contributed Assets Cap”) (see “Expense Cap” below). Pursuant to the terms of the Advisory Agreement, the Company will reimburse the Adviser for all documented Operating Expenses and Offering Expenses it incurs on behalf of the Company. “Operating Expenses” include legal, accounting, financial and due diligence services performed by the Adviser that outside professionals or outside consultants would otherwise perform, the Company’s pro rata share of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the Adviser required for the Company’s operations, and compensation expenses under the 2016 LTIP. Operating Expenses do not include expenses for the advisory and administrative services described in the Advisory Agreement. Certain Operating Expenses, such as the Company’s ratable share of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses incurred by the Adviser or its affiliates that relate to the operations of the Company, may be billed monthly to the Company under a shared services agreement. “Offering Expenses” include all expenses (other than underwriters’ discounts) in connection with an offering, including, without limitation, legal, accounting, printing, mailing and filing fees and other documented offering expenses. For the three months ended March 31, 2021 and 2020, the Adviser did not bill any Operating Expenses or Offering Expenses to the Company and any such expenses the Adviser incurred during the periods are considered to be permanently waived. Expense Cap Pursuant to the terms of the Advisory Agreement, expenses paid or incurred by the Company for advisory and administrative fees payable to the Adviser and Operating Expenses will not exceed 1.5 % of Average Real Estate Assets per calendar year (or part thereof that the Advisory Agreement is in effect (the “Expense Cap”)). The Expense Cap does not limit the reimbursement of expenses related to Offering Expenses. The Expense Cap also does not apply to legal, accounting, financial, due diligence and other service fees incurred in connection with mergers and acquisitions, extraordinary litigation or other events outside the Company’s ordinary course of business or any out-of-pocket acquisitions or due diligence expenses incurred in connection with the acquisition or disposition of real estate assets. Also, advisory and administrative fees are further limited on Contributed Assets to approximately $ 5.4 million in any calendar year. Contributed Assets refers to all Real Estate Assets contributed to the Company as part of its spin-off. The Contributed Assets Cap is not reduced for dispositions of such assets subsequent to its spin-off. Advisory and administrative fees on New Assets are not subject to the above limitation and are based on an annual rate of 1.2 % on Average Real Estate Assets, but are subject to the Expense Cap. New Assets are all Real Estate Assets that are not Contributed Assets. For the three months ended March 31, 2021 and 2020, the Company incurred advisory and administrative fees of $ 1.9 million and $ 1.9 million , respectively. For the three months ended March 31, 2021 and 2020 , the Adviser elected to voluntarily waive the advisory and administrative fees of $ 4.0 million and $ 3.9 million, respectively, and are considered to be permanently waived. The Adviser is not contractually obligated to waive fees on New Assets in the future and may cease waiving fees on New Assets at its discretion. Other Related Party Transactions The Company has in the past, and may in the future, utilize the services of affiliated parties. For the three months ended March 31, 2021 and 2020 , the Company paid approximately $ 0.0 million and $ 0.1 million, respectively, to NexBank Title, Inc. (“NexBank Title”). NexBank Title is an affiliate of the Adviser through common beneficial ownership. NexBank Title provides title insurance and work related to providing title insurance on properties related to acquisitions, dispositions and refinancing transactions. These amounts are either capitalized as real estate assets or deferred financing costs, expensed as loss on extinguishment of debt and modification costs, or expensed as selling costs when determining gain (loss) on sales of real estate, depending on the appropriate accounting as determined for each specific transaction.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Commitments In the normal course of business, the Company enters into various rehabilitation construction related purchase commitments with parties that provide these goods and services. In the event the Company were to terminate rehabilitation construction services prior to the completion of projects, the Company could potentially be committed to satisfy outstanding or uncompleted purchase orders with such parties. As of March 31, 2021, management does not anticipate any material deviations from schedule or budget related to rehabilitation projects currently in process. Contingencies In the normal course of business, the Company is subject to claims, lawsuits, and legal proceedings. While it is not possible to ascertain the ultimate outcome of all such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the consolidated balance sheets or consolidated statements of operations and comprehensive income (loss) of the Company. The Company is not involved in any material litigation nor, to management’s knowledge, is any material litigation currently threatened against the Company or its properties or subsidiaries. Environmental liabilities could have a material adverse effect on the Company’s business, assets, cash flows or results of operations. There can be no assurance that material environmental liabilities do not exist. Self-Insurance Program Effective March 1, 2019, the Company maintains a partial self-insurance program for property and casualty claims whereby it incurs the “first-loss” portion of a claim up to an aggregate loss amount. Claims resulting in losses in excess of a $ 100,000 per occurrence property deductible will be paid by the Company up to an aggregate amount of $ 1.2 million (the “2019 Aggregate Amount”). For the period from March 1, 2019 to February 29, 2020, the Company incurred a claim related to Cutter’s Point (see Note 5) as part of the 2019 Aggregate Amount. The claim related to Cutter’s Point required the Company to fund the full 2019 Aggregate Amount with $ 0.6 million being funded in December 2019 and the remaining $ 0.6 million funded during the three months ended March 31, 2020. For the period from March 1, 2019 to February 29, 2020, there were no other potential claims, besides the claim involving Cutter’s Point, that met the criteria as set forth under ASC 450-20. On March 1, 2020, the Adviser entered into a new policy resulting in a new aggregate amount of $ 2,365,000 (the “2020 Aggregate Amount”) which is allocated across properties managed by the Adviser with approximately $ 1.5 million being allocated to the Company. As of December 30, 2020, all of the $ 1.5 million of the 2020 Aggregate Amount allocated to the Company has been funded. Under ASC 450-20 “Loss Contingencies”, the Company does no t reserve for the 2020 Aggregate Amount or any portion thereof until a claim is made and the amount of the claim and the timing of payment on the claim can be reasonably estimated. For the period from March 1, 2020 to March 31, 2021, the Company fully funded the 2020 Aggregate for claims related to Venue 8651 and Timber Creek (see Note 5). On March 1, 2021, the Adviser entered into a new policy resulting in a new aggregate amount of $ 2,468,750 (the “2021 Aggregate Amount”) which is allocated across properties managed by the Adviser with approximately $ 1.6 million being allocated to the Company. Under ASC 450-20 “Loss Contingencies”, the Company does no t reserve for the 2021 Aggregate Amount or any portion thereof until a claim is made and the amount of the claim and the timing of payment on the claim can be reasonably estimated. For the period from March 1, 2021 to March 31, 2021, the Company did not fund any claims under the 2021 Aggregate Amount.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events Dividends Declared On April 26, 2021, the Company’s Board declared a quarterly dividend of $ 0.34125 per share, payable on June 30, 2021 to stockholders of record on June 15, 2021 .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying unaudited consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes to the Company’s significant accounting policies during the three months ended March 31, 2021. The accompanying unaudited consolidated financial statements have been prepared according to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of March 31, 2021 and December 31, 2020 and results of operations for the three months ended March 31, 2021 and 2020 have been included. Such adjustments are normal and recurring in nature. The unaudited information included in this quarterly report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2020 and notes thereto included in its Annual Report on Form 10-K filed with the SEC on February 22, 2021 .
Principles of Consolidation	Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation . The Company first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest. The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries, including the OP and its subsidiaries.
Revenue Recognition	Revenue Recognition The Company’s primary operations consist of rental income earned from its residents under lease agreements typically with terms of one year or less. Rental income is recognized when earned. This policy effectively results in income recognition on the straight-line method over the related terms of the leases. The Company records an allowance to reflect revenue that may not be collectible. This is recorded through a provision for bad debts which is included in rental income in the accompanying consolidated statements of operations and comprehensive income (loss). Resident reimbursements and other income consist of charges billed to residents for utilities, carport and garage rental, and pets, administrative, application and other fees and are recognized when earned. The Company implemented the provisions of Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) as of January 1, 2019 using the modified retrospective approach. The adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated financial statements as a substantial portion of its revenue consists of rental income from leasing arrangements, which is specifically excluded from ASU 2014-09. In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”), which supersedes the current accounting for leases and while retaining two distinct types of leases, finance and operating, (1) requires lessees to record a right of use asset and a related liability for the rights and obligations associated with a lease, regardless of lease classification, and recognize lease expense in a manner similar to current accounting, (2) eliminates most real estate specific lease provisions and (3) aligns many of the underlying lessor model principles with those in the new revenue standard. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. Entities are required to use a modified retrospective approach when transitioning to the ASU for leases that exist as of or are entered into after the beginning of the earliest comparative period presented in the financial statements. As lessors, substantially all of the Company’s agreements have a term of 12 months or less. For lessors, accounting for leases under the new standard is substantially the same as existing guidance for sales-type leases, direct financing leases, and operating leases, but eliminates current real estate specific provisions and changes the treatment of initial direct costs. In April 2020, the FASB issued a Staff Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC 842, Leases. The Q&A states that some lease contracts may contain explicit or implicit enforceable rights and obligations that require lease concessions if certain circumstances arise that are beyond the control of the parties to the contract. Therefore, entities would need to perform a lease-by-lease analysis to determine whether contractual provisions in an existing lease agreement provide enforceable rights and obligations related to lease concessions. The FASB determined it would be acceptable for entities to not perform a lease-by-lease analysis regarding rent concessions resulting from COVID-19, and to instead make a policy election regarding rent concessions, which would give entities the option to account or not to account for these rent concessions as lease modifications if the total payments required by the modified contract are substantially the same or less than the total payments required by the original contract. Entities making the election to account for these rent concessions as lease modifications would recognize the effects of rent abatements and rent deferrals on a prospective straight-line basis over the remainder of the modified contract. We have made the election to not perform a lease-by-lease analysis to determine whether contractual provisions in an existing lease agreement provide enforceable rights and obligations related to payment plans. By electing the FASB relief, we have also made an accounting policy election to not account for rent deferrals provided to lessees due to the COVID-19 pandemic as lease modifications. Lessees are required to pay the full outstanding balance of the rent deferred over the period of the payment plan.
Purchase Price Allocation	Purchase Price Allocation Upon acquisition of a property, the purchase price and related acquisition costs (“total consideration”) are allocated to land, buildings, improvements, furniture, fixtures, and equipment, and intangible lease assets in accordance with FASB ASC 805, Business Combinations. Acquisition costs are capitalized in accordance with FASB ASC 805. The allocation of total consideration, which is determined using inputs that are classified within Level 3 of the fair value hierarchy established by FASB ASC 820, Fair Value Measurement and Disclosures (“ASC 820”) (see Note 7), is based on management’s estimate of the property’s “as-if” vacant fair value and is calculated by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the total consideration to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, legal and other related costs, which the Company, as buyer of the property, did not have to incur to obtain the residents. If any debt is assumed in an acquisition, the difference between the fair value, which is estimated using inputs that are classified within Level 2 of the fair value hierarchy, and the face value of debt is recorded as a premium or discount and amortized as interest expense over the life of the debt assumed. Real estate assets, including land, buildings, improvements, furniture, fixtures and equipment, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months Construction in progress includes the cost of renovation projects being performed at the various properties. Once a project is complete, the historical cost of the renovation is placed into service in one of the categories above depending on the type of renovation project and is depreciated over the estimated useful lives as described in the table above.
Impairment	Impairment Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The key inputs into our impairment analysis include, but are not limited to, the holding period, net operating income, and capitalization rates. In such cases, the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. The Company’s impairment analysis identifies and evaluates events or changes in circumstances that indicate the carrying amount of a real estate investment may not be recoverable, including determining the period the Company will hold the rental property, net operating income, and the estimated capitalization rate for each respective real estate investment. As of March 31, 2021, the Company has not recorded any impairment on its real estate assets. However, we continue to monitor the impact of COVID-19 (see “–Coronavirus (“COVID-19”)” for additional information, below).
Held-for-Sale	Held for Sale The Company periodically classifies real estate assets as held for sale when certain criteria are met, in accordance with GAAP. At that time, the Company presents the net real estate assets and the net debt associated with the real estate held for sale separately in its consolidated balance sheet, and the Company ceases recording depreciation and amortization expense related to that property. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell. As of March 31, 2021 , there are no properties held for sale.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and expects to continue to qualify as a REIT. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute annually at least 90 % of its “REIT taxable income,” as defined by the Code, to its stockholders. As a REIT, the Company will be subject to federal income tax on its undistributed REIT taxable income and net capital gain and to a 4 % nondeductible excise tax on any amount by which distributions it pays with respect to any calendar year are less than the sum of (1) 85 % of its ordinary income, (2) 95 % of its capital gain net income and (3) 100 % of its undistributed income from prior years. The Company intends to operate in such a manner so as to qualify as a REIT, but no assurance can be given that the Company will operate in a manner so as to qualify as a REIT. Taxable income from certain non-REIT activities is managed through a TRS and is subject to applicable federal, state, and local income and margin taxes. The Company had no significant taxes associated with its TRS for the three months ended March 31, 2021 and 2020. If the Company fails to meet these requirements, it could be subject to federal income tax on all of the Company’s taxable income at regular corporate rates for that year. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. As of March 31, 2021, the Company believes it is in compliance with all applicable REIT requirements. The Company evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” (greater than 50 percent probability) of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. The Company’s management is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Company has no examinations in progress and none are expected at this time. The Company recognizes its tax positions and evaluates them using a two-step process. First, the Company determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. The Company had no material unrecognized tax benefit or expense, accrued interest or penalties as of March 31, 2021. The Company and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The 2020, 2019 and 2018 tax years remain open to examination by tax jurisdictions to which the Company and its subsidiaries are subject. When applicable, the Company recognizes interest and/or penalties related to uncertain tax positions on its consolidated statements of operations and comprehensive income (loss).
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2021, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company will continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.
Coronavirus (COVID-19)	Coronavirus (“COVID-19”) As a result of the COVID-19 pandemic, the Company may experience difficulties collecting monthly rent on time, leasing additional apartment units and/or renewing leases with existing tenants, selling or purchasing properties and accessing debt and equity capital on attractive terms, or at all. To date, the Company has not been materially impacted by the COVID-19 pandemic and will continue to monitor the impact of the COVID-19 pandemic on all aspects of its business. As of March 31, 2021, 3,257 residents were on payment plans due to the COVID-19 pandemic for a total of approximately $ 4.7 million in rent. For additional information regarding the risks to the Company related to the COVID-19 pandemic, or any other future pandemic, see Item 1A, Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2020.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Estimated Useful Lives of Assets	Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months

Investments in Subsidiaries (Ta

Investments in Subsidiaries (Tables)	3 Months Ended
	Mar. 31, 2021
Schedule Of Investments [Abstract]
Schedule of Ownership in Each Property	As of March 31, 2021, the Company, through the OP and the wholly owned TRS, owned 37 properties through SPEs. The following table represents the Company’s ownership in each property by virtue of its 100 % ownership of the SPEs that directly own the title to each property as of March 31, 2021 and December 31, 2020: Effective Ownership Percentage at Property Name Location Year Acquired March 31, 2021 December 31, 2020 Arbors on Forest Ridge Bedford, Texas 2014 100 % 100 % Cutter's Point Richardson, Texas 2014 100 % 100 % Silverbrook Grand Prairie, Texas 2014 100 % 100 % Beechwood Terrace Antioch, Tennessee 2014 100 % 100 % The Summit at Sabal Park Tampa, Florida 2014 100 % 100 % Courtney Cove Tampa, Florida 2014 100 % 100 % Radbourne Lake Charlotte, North Carolina 2014 100 % 100 % Timber Creek Charlotte, North Carolina 2014 100 % 100 % Sabal Palm at Lake Buena Vista Orlando, Florida 2014 100 % 100 % Cornerstone Orlando, Florida 2015 100 % 100 % The Preserve at Terrell Mill Marietta, Georgia 2015 100 % 100 % Versailles Dallas, Texas 2015 100 % 100 % Seasons 704 Apartments West Palm Beach, Florida 2015 100 % 100 % Madera Point Mesa, Arizona 2015 100 % 100 % Venue at 8651 Fort Worth, Texas 2015 100 % 100 % Parc500 West Palm Beach, Florida 2016 100 % 100 % The Venue on Camelback (1) Phoenix, Arizona 2016 100 % 100 % Old Farm Houston, Texas 2016 100 % 100 % Stone Creek at Old Farm Houston, Texas 2016 100 % 100 % Hollister Place Houston, Texas 2017 100 % 100 % Rockledge Apartments Marietta, Georgia 2017 100 % 100 % Atera Apartments Dallas, Texas 2017 100 % 100 % Cedar Pointe Antioch, Tennessee 2018 100 % 100 % Crestmont Reserve Dallas, Texas 2018 100 % 100 % Brandywine I & II Nashville, Tennessee 2018 100 % 100 % Bella Vista Phoenix, Arizona 2019 100 % 100 % The Enclave Tempe, Arizona 2019 100 % 100 % The Heritage Phoenix, Arizona 2019 100 % 100 % Summers Landing Fort Worth, Texas 2019 100 % 100 % Residences at Glenview Reserve Nashville, Tennessee 2019 100 % 100 % Residences at West Place Orlando, Florida 2019 100 % 100 % Avant at Pembroke Pines Pembroke Pines, Florida 2019 100 % 100 % Arbors of Brentwood Nashville, Tennessee 2019 100 % 100 % Torreyana Apartments (2) Las Vegas, Nevada 2019 100 % 100 % Bloom (2) Las Vegas, Nevada 2019 100 % 100 % Bella Solara (2) Las Vegas, Nevada 2019 100 % 100 % Fairways at San Marcos Chandler, AZ 2020 100 % 100 % (1) Formerly known as The Colonnade. (2) The EAT that directly owned Torreyana, Bloom and Bella Solara was consolidated as a VIE at December 31, 2019. The master lease agreement with the EAT that directly owned these properties terminated on March 31, 2020, at which time legal title transferred to the Company. Upon transfer of the title, the EAT that directly owned these properties was no longer considered a VIE.

Real Estate Investments Stati_2

Real Estate Investments Statistics (Tables)	3 Months Ended
	Mar. 31, 2021
Multifamily Properties
Business Acquisition [Line Items]
Summary of Investment in Multifamily Properties	As of March 31, 2021, the Company was invested in a total of 37 multifamily properties, as listed below: Average Effective Monthly % Occupied (2) as of Property Name Rentable Number Date March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Arbors on Forest Ridge 155 210 1/31/2014 $ 919 $ 917 94.3 % 94.3 % Cutter's Point 198 196 1/31/2014 1,140 1,112 100.0 % 95.0 % Silverbrook 526 642 1/31/2014 937 926 95.5 % 94.9 % Beechwood Terrace 272 300 7/21/2014 957 947 93.3 % 95.7 % The Summit at Sabal Park 205 252 8/20/2014 1,034 1,033 95.6 % 96.0 % Courtney Cove 225 324 8/20/2014 957 946 95.7 % 93.5 % Radbourne Lake 247 225 9/30/2014 1,116 1,137 95.6 % 89.8 % Timber Creek 248 352 9/30/2014 949 949 97.0 % 97.6 % Sabal Palm at Lake Buena Vista 371 400 11/5/2014 1,231 1,259 94.5 % 95.0 % Cornerstone 318 430 1/15/2015 1,036 1,056 95.3 % 91.2 % The Preserve at Terrell Mill 692 752 2/6/2015 1,011 1,006 94.9 % 95.6 % Versailles 301 388 2/26/2015 924 925 93.8 % 94.3 % Seasons 704 Apartments 217 222 4/15/2015 1,231 1,209 96.8 % 98.6 % Madera Point 193 256 8/5/2015 982 980 97.7 % 93.8 % Venue at 8651 289 333 10/30/2015 919 933 95.5 % 99.7 % Parc500 266 217 7/27/2016 1,347 1,340 98.6 % 97.7 % The Venue on Camelback 256 415 10/11/2016 813 821 95.4 % 93.7 % Old Farm 697 734 12/29/2016 1,135 1,133 93.3 % 92.1 % Stone Creek at Old Farm 186 190 12/29/2016 1,174 1,194 97.3 % 94.6 % Hollister Place 246 260 2/1/2017 1,025 1,007 96.2 % 100.9 % Rockledge Apartments 802 708 6/30/2017 1,264 1,261 96.5 % 95.5 % Atera Apartments 334 380 10/25/2017 1,234 1,247 97.7 % 98.9 % Cedar Pointe 224 210 8/24/2018 1,082 1,075 92.9 % 96.2 % Crestmont Reserve 199 242 9/26/2018 899 895 94.6 % 98.8 % Brandywine I & II 414 632 9/26/2018 946 960 94.1 % 94.3 % Bella Vista 243 248 1/28/2019 1,326 1,320 97.6 % 95.6 % The Enclave 194 204 1/28/2019 1,349 1,355 97.1 % 97.5 % The Heritage 199 204 1/28/2019 1,306 1,298 96.6 % 94.1 % Summers Landing 139 196 6/7/2019 944 941 98.0 % 95.9 % Residences at Glenview Reserve 344 360 7/17/2019 986 993 95.0 % 92.8 % Residences at West Place 345 342 7/17/2019 1,205 1,214 93.6 % 90.1 % Avant at Pembroke Pines 1,442 1520 8/30/2019 1,524 1,515 95.9 % 94.4 % Arbors of Brentwood 325 346 9/10/2019 1,184 1,194 95.1 % 91.3 % Torreyana Apartments 309 315 11/22/2019 1,195 1,184 96.2 % 93.0 % Bloom 498 528 11/22/2019 1,142 1,120 88.8 % 94.1 % Bella Solara 271 320 11/22/2019 1,130 1,128 97.2 % 91.6 % Fairways at San Marcos 340 352 11/2/2020 1,268 1,232 95.2 % 96.0 % 12,730 14,205 (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of March 31, 2021 and December 31, 2020, respectively, minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of March 31, 2021 and December 31, 2020 , respectively. (2) Percent occupied is calculated as the number of units occupied as of March 31, 2021 and December 31, 2020 , divided by the total number of units, expressed as a percentage. (3) Includes 229 down units due to casualty events as of March 31, 2021 (see Note 5).

Real Estate Investments (Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Summary of Major Components of Investments in Multifamily Properties	As of March 31, 2021, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties Land Buildings and Intangible Construction in Furniture, Totals Arbors on Forest Ridge $ 2,330 $ 11,683 $ — $ 6 $ 1,685 $ 15,704 Cutter's Point 3,330 8,186 — 7,266 2,046 20,828 Silverbrook 4,860 27,283 — 5 5,124 37,272 Beechwood Terrace 1,390 22,266 — — 2,839 26,495 The Summit at Sabal Park 5,770 13,741 — — 1,842 21,353 Courtney Cove 5,880 13,758 — 194 2,223 22,055 Radbourne Lake 2,440 22,657 — — 2,190 27,287 Timber Creek 11,260 13,252 — 44 3,519 28,075 Sabal Palm at Lake Buena Vista 7,580 42,417 — — 2,451 52,448 Cornerstone 1,500 30,787 — 2 3,440 35,729 The Preserve at Terrell Mill 10,170 50,855 — 1,696 7,779 70,500 Versailles 6,720 21,772 — 3 3,880 32,375 Seasons 704 Apartments 7,480 14,480 — — 1,825 23,785 Madera Point 4,920 17,949 — — 2,322 25,191 Venue at 8651 2,350 16,682 — 218 3,587 22,837 Parc500 3,860 21,006 — 11 3,896 28,773 The Venue on Camelback 8,340 38,176 — 11 2,740 49,267 Old Farm 11,078 70,794 — 36 3,506 85,414 Stone Creek at Old Farm 3,493 19,362 — 5 810 23,670 Hollister Place 2,782 21,151 — 16 2,599 26,548 Rockledge Apartments 17,451 96,983 — 169 5,457 120,060 Atera Apartments 22,371 36,700 — 401 2,198 61,670 Cedar Pointe 2,371 24,274 — — 1,616 28,261 Crestmont Reserve 4,124 21,038 — — 1,426 26,588 Brandywine I & II 6,237 73,633 — — 4,295 84,165 Bella Vista 10,942 36,804 — — 2,260 50,006 The Enclave 11,046 30,339 — — 1,946 43,331 The Heritage 6,835 34,796 — — 1,947 43,578 Summers Landing 1,798 18,020 — — 695 20,513 Residences at Glenview Reserve 3,367 42,201 — — 1,593 47,161 Residences at West Place 3,345 51,839 — 264 1,237 56,685 Avant at Pembroke Pines 48,436 275,032 — 1,157 8,897 333,522 Arbors of Brentwood 6,346 55,808 — — 1,227 63,381 Torreyana Apartments 23,824 43,541 — 101 1,095 68,561 Bloom 23,805 82,351 — — 1,921 108,077 Bella Solara 12,605 53,229 — 33 1,344 67,211 Fairways at San Marcos 10,993 71,620 1,675 337 920 85,545 323,429 1,546,465 1,675 11,975 100,377 1,983,921 Accumulated depreciation and amortization — ( 166,571 ) ( 1,396 ) — ( 67,702 ) ( 235,669 ) Total Operating Properties $ 323,429 $ 1,379,894 $ 279 $ 11,975 $ 32,675 $ 1,748,252 As of December 31, 2020, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties Land Buildings and Intangible Lease Construction in Furniture, Totals Arbors on Forest Ridge $ 2,330 $ 11,682 $ — $ 17 $ 1,650 $ 15,679 Cutter's Point 3,330 8,035 — 4,983 2,044 18,392 Silverbrook 4,860 27,256 — 3 5,049 37,168 Beechwood Terrace 1,390 22,233 — 32 2,791 26,446 The Summit at Sabal Park 5,770 13,749 — — 1,813 21,332 Courtney Cove 5,880 13,713 — 114 2,165 21,872 Radbourne Lake 2,440 22,617 — — 2,147 27,204 Timber Creek 11,260 13,245 — 42 3,473 28,020 Sabal Palm at Lake Buena Vista 7,580 42,401 — — 2,391 52,372 Cornerstone 1,500 30,781 — 2 3,343 35,626 The Preserve at Terrell Mill 10,170 50,757 — 1,524 7,310 69,761 Versailles 6,720 21,766 — — 3,861 32,347 Seasons 704 Apartments 7,480 14,418 — 18 1,743 23,659 Madera Point 4,920 17,926 — — 2,273 25,119 Venue at 8651 2,350 17,473 — 106 3,531 23,460 Parc500 3,860 20,927 — 22 3,827 28,636 The Venue on Camelback 8,340 38,106 — 37 2,570 49,053 Old Farm 11,078 70,846 — 24 3,419 85,367 Stone Creek at Old Farm 3,493 19,471 — — 792 23,756 Hollister Place 2,782 21,884 — — 2,555 27,221 Rockledge Apartments 17,451 96,902 — 86 5,363 119,802 Atera Apartments 22,371 37,525 — 9 2,188 62,093 Cedar Pointe 2,371 24,268 — — 1,577 28,216 Crestmont Reserve 4,124 20,955 — 19 1,411 26,509 Brandywine I & II 6,237 73,613 — 6 4,072 83,928 Bella Vista 10,942 36,787 — — 2,110 49,839 The Enclave 11,046 30,308 — — 1,856 43,210 The Heritage 6,835 34,761 — — 1,793 43,389 Summers Landing 1,798 17,909 — 43 670 20,420 Residences at Glenview Reserve 3,367 42,027 — 14 1,495 46,903 Residences at West Place 3,345 51,802 — 154 1,049 56,350 Avant at Pembroke Pines 48,436 272,436 — 2,847 7,977 331,696 Arbors of Brentwood 6,346 55,777 — 21 1,118 63,262 Torreyana Apartments 23,824 43,489 — 122 1,047 68,482 Bloom 23,805 81,714 — 494 1,782 107,795 Bella Solara 12,605 53,134 — 57 1,228 67,024 Fairways at San Marcos 10,993 71,422 1,675 — 745 84,835 323,429 1,544,115 1,675 10,796 96,228 1,976,243 Accumulated depreciation and amortization — ( 153,063 ) ( 558 ) — ( 61,873 ) ( 215,494 ) Total Operating Properties $ 323,429 $ 1,391,052 $ 1,117 $ 10,796 $ 34,355 $ 1,760,749

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Summary of Mortgage Debt of Company and Encumbers Multifamily Properties	The following table contains summary information concerning the mortgage debt of the Company as of March 31, 2021 (dollars in thousands): Operating Properties Type Term (months) Outstanding Interest Rate (2) Maturity Date Arbors on Forest Ridge (3) Floating 84 $ 13,130 1.79 % 7/1/2024 Cutter's Point (3) Floating 84 16,640 1.79 % 7/1/2024 Silverbrook (3) Floating 84 30,590 1.79 % 7/1/2024 Beechwood Terrace (3) Floating 84 23,365 1.55 % 9/1/2025 The Summit at Sabal Park (3) Floating 84 13,560 1.73 % 7/1/2024 Courtney Cove (3) Floating 84 13,680 1.73 % 7/1/2024 The Preserve at Terrell Mill (3) Floating 84 42,480 1.73 % 7/1/2024 Versailles (3) Floating 84 23,880 1.73 % 7/1/2024 Seasons 704 Apartments (3) Floating 84 17,460 1.73 % 7/1/2024 Madera Point (3) Floating 84 15,150 1.73 % 7/1/2024 Venue at 8651 (3) Floating 84 13,734 1.89 % 7/1/2024 The Venue on Camelback (3) Floating 84 28,093 1.79 % 7/1/2024 Old Farm (3) Floating 84 52,886 1.79 % 7/1/2024 Stone Creek at Old Farm (3) Floating 84 15,274 1.79 % 7/1/2024 Timber Creek (3) Floating 84 24,100 1.37 % 10/1/2025 Radbourne Lake (3) Floating 84 20,000 1.40 % 10/1/2025 Sabal Palm at Lake Buena Vista (3) Floating 84 42,100 1.41 % 9/1/2025 Cornerstone (4) Fixed 120 21,174 4.24 % 3/1/2023 Parc500 (5) Fixed 120 14,878 4.49 % 8/1/2025 Hollister Place (3) Floating 84 14,811 1.45 % 10/1/2025 Rockledge Apartments (3) Floating 84 68,100 1.68 % 7/1/2024 Atera Apartments (3) Floating 84 29,500 1.59 % 11/1/2024 Cedar Pointe (6) Floating 84 17,300 1.46 % 9/1/2025 Crestmont Reserve (3) Floating 84 12,061 1.29 % 10/1/2025 Brandywine I & II (3) Floating 84 43,835 1.29 % 10/1/2025 Bella Vista (6) Floating 84 29,040 1.43 % 2/1/2026 The Enclave (6) Floating 84 25,322 1.43 % 2/1/2026 The Heritage (6) Floating 84 24,625 1.43 % 2/1/2026 Summers Landing (7) Floating 84 10,109 1.29 % 10/1/2025 Residences at Glenview Reserve (8) Floating 84 26,560 1.55 % 10/1/2025 Residences at West Place (8) Fixed 120 33,817 4.24 % 10/1/2028 Avant at Pembroke Pines (3) Floating 84 177,100 1.54 % 9/1/2026 Arbors of Brentwood (3) Floating 84 34,237 1.54 % 10/1/2026 Torreyana Apartments (6) Floating 84 37,400 1.81 % 12/1/2026 Bloom (6) Floating 84 58,850 1.81 % 12/1/2026 Bella Solara (6) Floating 84 36,575 1.81 % 12/1/2026 Fairways at San Marcos (6) Floating 84 46,464 2.14 % 12/1/2027 $ 1,167,880 Fair market value adjustment 1,211 (9) Deferred financing costs, net of accumulated amortization of $ 4,068 ( 6,122 ) $ 1,162,969 (1) Mortgage debt that is non-recourse to the Company and encumbers the multifamily properties. (2) Interest rate is based on a reference rate plus an applicable margin, except for fixed rate mortgage debt. One-month LIBOR was 0.11113 % and 30-Day Average Secured Overnight Financing Rate (“SOFR”) was 0.01467 % as of March 31, 2021. Fairways at San Marcos utilizes 30-Day Average SOFR as its reference rate while all other properties utilize one-month LIBOR. (3) Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00 %. Starting in the 13 th month of the term through the 81 st month of the term, the loan can be pre-paid at par plus 1.00 % of the unpaid principal balance and at par during the last three months of the term. (4) Debt in the amount of $ 18.0 million was assumed upon acquisition of this property and recorded at approximated fair value. The assumed debt carries a 4.09 % fixed rate, was originally issued in March 2013, and had a term of 120 months with an initial 24 months of interest only. At the time of acquisition, the principal balance of the first mortgage remained unchanged and had a remaining term of 98 months with 2 months of interest only. The first mortgage is pre-payable and subject to yield maintenance from the 13 th month through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity. Concurrently with the acquisition of the property, the Company placed a supplemental second mortgage on the property with a principal amount of approximately $ 5.8 million, a fixed rate of 4.70 %, and with a maturity date that is the same time as the first mortgage. The supplemental second mortgage is pre-payable and subject to yield maintenance from the date of issuance through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity. As of March 31, 2021 , the total indebtedness secured by the property had a blended interest rate of 4.24 %. (5) Debt was assumed upon acquisition of this property and recorded at approximated fair value. The loan is open to pre-payment in the last four months of the term. (6) Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00 %. Starting in the 13 th month of the term through the 81 st month of the term, the loan can be pre-paid at par plus 1.00 % of the unpaid principal balance and at par during the last three months of the term. (7) Debt was assumed upon acquisition of this property and recorded at approximated fair value. It can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00 %. Starting in the 13 th month of the term through the 81 st month of the term, the loan can be pre-paid at par plus 1.00 % of the unpaid principal balance and at par during the last three months of the term. (8) Debt was assumed upon acquisition of this property and recorded at approximated fair value. The loan can be prepaid at the greater of par plus 1.00 % of the unpaid principal balance or the product obtained by multiplying the present value of the principal being prepaid by the excess of the monthly fixed interest rate of the loan over a daily discount rate. The loan is open to pre-payment in the last three months of the term. (9) The Company reflected a valuation adjustment on its fixed rate debt for Parc500 and Residences at West Place to adjust it to fair market value on their respective dates of acquisition for the difference between the fair value and the assumed principal amount of debt. The difference is amortized into interest expense over the remaining terms of the mortgages.
Schedule of Credit Facility	The following table contains summary information concerning the Company’s credit facility as of March 31, 2021 (dollars in thousands): Type Term (months) Outstanding Interest Rate (1) Maturity Date Corporate Credit Facility Floating 24 $ 183,000 2.61 % 1/28/2022 Deferred financing costs, net of accumulated amortization of $ 2,146 ( 469 ) $ 182,531 (1) Interest rate is based on one-month LIBOR plus an applicable margin. One-month LIBOR as of March 31, 2021 was 0.11113 % .
Schedule of Debt Maturities	The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to March 31, 2021 are as follows (in thousands): Operating Credit Facility Total 2021 $ 698 $ — $ 698 2022 1,502 183,000 184,502 2023 21,254 — 21,254 2024 395,085 — 395,085 2025 245,910 — 245,910 Thereafter 503,431 — 503,431 Total $ 1,167,880 $ 183,000 $ 1,350,880

Fair Value of Derivative and _2

Fair Value of Derivative and Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Summary of Company's Outstanding Interest Rate Swaps	As of March 31, 2021, the Company had the following outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk (dollars in thousands): Effective Date Termination Date Counterparty Notional Amount Fixed Rate (1) July 1, 2016 June 1, 2021 KeyBank $ 100,000 1.1055 % July 1, 2016 June 1, 2021 KeyBank 100,000 1.0210 % July 1, 2016 June 1, 2021 KeyBank 100,000 0.9000 % September 1, 2016 June 1, 2021 KeyBank 100,000 0.9560 % April 1, 2017 April 1, 2022 KeyBank 100,000 1.9570 % May 1, 2017 April 1, 2022 KeyBank 50,000 1.9610 % July 1, 2017 July 1, 2022 KeyBank 100,000 1.7820 % June 1, 2019 June 1, 2024 KeyBank 50,000 2.0020 % June 1, 2019 June 1, 2024 Truist 50,000 2.0020 % September 1, 2019 September 1, 2026 KeyBank 100,000 1.4620 % September 1, 2019 September 1, 2026 KeyBank 125,000 1.3020 % January 3, 2020 September 1, 2026 KeyBank 92,500 1.6090 % March 4, 2020 June 1, 2026 Truist 100,000 0.8200 % $ 1,167,500 1.3792 % (2) (1) The floating rate option for the interest rate swaps is one-month LIBOR. As of March 31, 2021, one-month LIBOR was 0.11113 % . (2) Represents the weighted average fixed rate of the interest rate swaps. As of March 31, 2021, the Company had the following outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk with future effective dates (dollars in thousands): Future Swaps Effective Date Termination Date Counterparty Notional Amount Fixed Rate (1) June 1, 2021 September 1, 2026 KeyBank $ 200,000 0.8450 % June 1, 2021 September 1, 2026 KeyBank 200,000 0.9530 % March 1, 2022 March 1, 2025 Truist 145,000 0.5730 % March 1, 2022 March 1, 2025 Truist 105,000 0.6140 % September 1, 2026 January 1, 2027 KeyBank 92,500 1.7980 % $ 742,500 0.9070 % (2) (1) The floating rate option for the interest rate swaps is one-month LIBOR. As of March 31, 2021, one-month LIBOR was 0.11113 % . (2) Represents the weighted average fixed rate of the interest rate swaps.
Schedule of Outstanding Interest Rate Derivatives	As of March 31, 2021 and 2020, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands): As of March 31, Number of Notional Amount 2021 15 $ 379,406 2020 15 $ 346,542
Summary of Derivative Financial Instruments and Classification on the Consolidated Balance Sheet	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of March 31, 2021 and December 31, 2020 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ — $ — $ 12,198 $ 43,530 Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets 15 3 — — Total $ 15 $ 3 $ 12,198 $ 43,530
Summary of Derivative Financial Instruments on Consolidated Statements of Operations and Comprehensive Income (Loss)	The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2021 and 2020 (in thousands): Amount of gain (loss) Location of gain Amount of gain (loss) 2021 2020 OCI into income 2021 2020 Derivatives designated as hedging instruments: For the three months ended March 31, Interest rate products $ 27,679 $ ( 49,931 ) Interest expense $ ( 3,663 ) $ 609 Location of gain Amount of gain (loss) recognized in 2021 2020 Derivatives not designated as hedging instruments: For the three months ended March 31, Interest rate products Interest expense $ 12 $ 41
Schedule of Carrying Value and Estimated Fair Value of Debt Instruments	The table below presents the carrying value and estimated fair value of our debt at March 31, 2021 and 2020 (in thousands): March 31, 2021 March 31, 2020 Carrying Value Estimated Carrying Value Estimated Fixed rate debt $ 69,869 $ 71,374 $ 70,625 $ 72,386 Floating rate debt (1) $ 1,281,011 $ 1,317,408 $ 1,306,058 $ 1,274,224 (1) Includes balances outstanding under our Corporate Credit Facility.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Class Of Stock [Line Items]
Summary of Restricted Stock Units	The following table includes the number of restricted stock units granted, vested, forfeited and outstanding as of March 31, 2021: 2021 Number of Units Weighted Average Outstanding January 1, 553,931 $ 36.83 Granted 204,663 41.43 Vested ( 139,842 ) (1) 34.81 Forfeited ( 5,496 ) 39.11 Outstanding March 31, 613,256 $ 38.81 (1) Certain key employees of the Adviser elected to net the taxes owed upon vesting against the shares issued resulting in 110,184 shares being issued as shown on the Consolidated Statement of Stockholders’ Equity.
Summary Information of ATM Program	The following table contains summary information of the 2019 ATM Program during the year ended December 31, 2020: Gross proceeds $ 28,000,000 Common shares issued 560,000 Gross average sale price per share $ 50.00 Sales commissions $ 420,000 Offering costs 331,143 Net proceeds 27,248,857 Average price per share, net $ 48.66 The following table contains summary information of the 2020 ATM Program: Gross proceeds $ 31,546,577 Common shares issued 718,306 Gross average sale price per share $ 43.92 Sales commissions $ 473,199 Offering costs (1) 785,615 Net proceeds 30,287,763 Average price per share, net $ 42.17 (1) For the three months ended March 31, 2021, no common shares were issued, but the Company incurred offering costs in connection with the 2020 ATM Program.
2016 LTIP
Class Of Stock [Line Items]
Summary of Vesting of Restricted Stock Units	The following table contains information regarding the vesting of restricted stock units under the 2016 LTIP for the next five calendar years subsequent to March 31, 2021: Shares Vesting February May Total 2021 — (1) 27,602 27,602 2022 179,420 21,839 201,259 2023 104,995 21,836 126,831 2024 104,995 21,834 126,829 2025 70,395 21,834 92,229 2026 38,962 — 38,962 Total 498,767 114,945 613,712 (1) Shares vested prior to March 31, 2021 .

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share	The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods presented (in thousands, except per share amounts): For the Three Months Ended March 31, 2021 2020 Numerator for earnings (loss) per share: Net income (loss) $( 6,900 ) $ 28,039 Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership ( 21 ) 84 Net income (loss) attributable to common stockholders $( 6,879 ) $ 27,955 Denominator for earnings (loss) per share: Weighted average common shares outstanding 25,068 25,388 Denominator for basic earnings (loss) per share 25,068 25,388 Weighted average unvested restricted stock units 582 463 Denominator for diluted earnings per share (1) 25,068 25,851 Earnings (loss) per weighted average common share: Basic $( 0.27 ) $ 1.10 Diluted $( 0.27 ) $ 1.08 (1) If the Company sustains a net loss for the period presented, unvested restricted stock units are not included in the diluted earnings per share calculation.

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	3 Months Ended
	Mar. 31, 2021
Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interests	The following table sets forth the redeemable noncontrolling interests in the OP for the three months ended March 31, 2021 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2020 $ 3,098 Net loss attributable to redeemable noncontrolling interests in the OP ( 21 ) Other comprehensive income attributable to redeemable noncontrolling interests in the OP 94 Contributions from redeemable noncontrolling interests in the OP 5 Distributions to redeemable noncontrolling interests in the OP ( 16 ) Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 215 Redeemable noncontrolling interests in the OP, March 31, 2021 $ 3,375
Summary of Fees Incurred to BH And Its Affiliates As Well As Reimbursements Paid to BH	The following is a summary of fees that the properties incurred to BH and its affiliates, as well as reimbursements paid to BH from the properties for various operating expenses, for the three months ended March 31, 2021 and 2020 (in thousands): For the Three Months Ended March 31, 2021 2020 Fees incurred Property management fees (1) $ 1,479 $ 1,544 Construction supervision fees (2) 254 634 Design fees (2) 54 296 Reimbursements Payroll and benefits (3) 4,238 4,358 Other reimbursements (4) 825 977 (1) Included in property management fees on the consolidated statements of operations and comprehensive income (loss). (2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Included in property operating expenses on the consolidated statements of operations and comprehensive income (loss). (4) Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the consolidated statements of operations and comprehensive income (loss).

Organization and Description _2

Organization and Description of Business - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021shares
Real Estate Properties [Line Items]
Date of incorporation	Sep. 19, 2014
OP Units, outstanding	23,819,402
OP Units owned	23,746,169
Maximum
Real Estate Properties [Line Items]
Investments in real estate-related debt and securities	30.00%
NexPoint Residential Trust Operating Partnership LP
Real Estate Properties [Line Items]
Percentage of OP Units, outstanding owned by company	99.70%
B H Equity
Real Estate Properties [Line Items]
Percentage of OP Units, outstanding owned by noncontrolling limited partner	0.30%
OP
Real Estate Properties [Line Items]
Percentage of ownership in portfolio	99.90%
TRS
Real Estate Properties [Line Items]
Percentage of ownership in portfolio	0.10%
Noncontrolling Limited Partner | B H Equity
Real Estate Properties [Line Items]
OP Units owned	73,233

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021USD ($)PropertyResidents
Summary Of Significant Accounting Policies [Line Items]
Number of properties held for sale | Property	0
Minimum percentage of distributed taxable income to qualify as REIT	90.00%
Percentage of non-deductible excise tax on distribution	4.00%
Percentage of ordinary income considered for payment of distribution	85.00%
Percentage of capital gain net income considered for payment of distribution	95.00%
Percentage of undistributed income of prior considered for payment of distribution	100.00%
Unrecognized tax benefit or expense, accrued interest or penalties	$ 0
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of uncertain tax positions likelihood of being sustained	50.00%
ASU 2014-09
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 1, 2019
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
ASU 2018-11 and 2016-02
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
ASU 2016-01
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
ASU 2016-15
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
COVID-19
Summary Of Significant Accounting Policies [Line Items]
Number of residents on payment plans | Residents	3,257
Proceeds from rent	$ 4,700,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	3 Months Ended
	Mar. 31, 2021
Land
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	Not depreciated
Buildings
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	30 years
Improvements
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	15 years
Furniture, Fixtures, and Equipment
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	3 years
Intangible Lease Assets
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	6 months

Investments in Subsidiaries - A

Investments in Subsidiaries - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021Subsidiary
Schedule Of Investments [Abstract]
Consolidated investment in SPEs	100.00%
Number of wholly owned subsidiaries	37

Investments in Subsidiaries - S

Investments in Subsidiaries - Schedule of Ownership in Each Property (Details)		3 Months Ended
		Mar. 31, 2021	Dec. 31, 2020
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, wholly owned subsidiary		100.00%
Arbors on Forest Ridge | Bedford, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2014
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
Cutter's Point | Richardson, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2014
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
Silverbrook | Grand Prairie, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2014
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
Beechwood Terrace | Grand Prairie, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2014
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
The Summit at Sabal Park | Tampa, Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2014
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
Courtney Cove | Tampa, Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2014
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
Radbourne Lake | Charlotte, North Carolina
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2014
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
Timber Creek | Charlotte, North Carolina
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2014
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
Sabal Palm at Lake Buena Vista | Orlando, Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2014
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
Cornerstone | Orlando, Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2015
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
The Preserve at Terrell Mill | Marietta, Georgia
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2015
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
Versailles | Dallas, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2015
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
Seasons 704 Apartments | West Palm Beach, Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2015
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
Madera Point | Mesa, Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2015
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
Venue at 8651 | Fort Worth, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2015
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
Parc500 | West Palm Beach, Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2016
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
The Venue on Camelback | Phoenix, Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	[1]	2016
Effective ownership percentage, wholly owned subsidiary	[1]	100.00%	100.00%
Old Farm | Houston, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2016
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
Stone Creek at Old Farm | Houston, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2016
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
Hollister Place | Houston, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2017
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
Rockledge Apartments | Marietta, Georgia
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2017
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
Atera Apartments | Dallas, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2017
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
Cedar Pointe | Antioch, Tennessee
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2018
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
Crestmont Reserve | Dallas, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2018
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
Brandywine I & II | Nashville, Tennessee
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2018
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
Bella Vista | Phoenix, Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2019
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
The Enclave | Tempe, Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2019
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
The Heritage | Phoenix, Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2019
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
Summers Landing | Fort Worth, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2019
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
Residences at Glenview Reserve | Nashville, Tennessee
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2019
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
Residences at West Place | Orlando, Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2019
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
Avant at Pembroke Pines | Pembroke Pines, Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2019
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
Arbors of Brentwood | Nashville, Tennessee
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2019
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
Torreyana Apartments | Las Vegas, Nevada
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	[2]	2019
Effective ownership percentage, wholly owned subsidiary	[2]	100.00%	100.00%
Bloom | Las Vegas, Nevada
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	[2]	2019
Effective ownership percentage, wholly owned subsidiary	[2]	100.00%	100.00%
Bella Solara | Las Vegas, Nevada
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	[2]	2019
Effective ownership percentage, wholly owned subsidiary	[2]	100.00%	100.00%
Fairways at San Marcos | Chandler, Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition		2020
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
[1]	(1) Formerly known as The Colonnade. (2) The EAT that directly owned Torreyana, Bloom and Bella Solara was consolidated as a VIE at December 31, 2019. The master lease agreement with the EAT that directly owned these properties terminated on March 31, 2020, at which time legal title transferred to the Company. Upon transfer of the title, the EAT that directly owned these properties was no longer considered a VIE.
[2]	(2) The EAT that directly owned Torreyana, Bloom and Bella Solara was consolidated as a VIE at December 31, 2019. The master lease agreement with the EAT that directly owned these properties terminated on March 31, 2020, at which time legal title transferred to the Company. Upon transfer of the title, the EAT that directly owned these properties was no longer considered a VIE.

Real Estate Investments Stati_3

Real Estate Investments Statistics - Additional Information (Details)	Mar. 31, 2021Property
Multifamily Properties
Business Acquisition [Line Items]
Number of multifamily properties	37

Real Estate Investments Stati_4

Real Estate Investments Statistics - Summary of Investment in Multifamily Properties (Details) ft² in Thousands		3 Months Ended
		Mar. 31, 2021ft²Property$ / Property	Dec. 31, 2020$ / Property$ / A	Mar. 31, 2020
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		12,730
Number of Units | Property		14,205
Arbors on Forest Ridge
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		155
Number of Units | Property		210
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[1]	919	917
% Occupied	[2]	94.30%	94.30%
Cutter's Point
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[3]	198
Number of Units | Property	[3]	196
Date Acquired	[3]	Jan. 31, 2014
Average Effective Monthly Rent Per Unit	[1],[3]	1,140	1,112
% Occupied	[2],[3]	100.00%	95.00%
Silverbrook
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		526
Number of Units | Property		642
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[1]	937	926
% Occupied	[2]	95.50%	94.90%
Beechwood Terrace
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		272
Number of Units | Property		300
Date Acquired		Jul. 21, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[1]	957	947
% Occupied	[2]	93.30%	95.70%
The Summit at Sabal Park
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		205
Number of Units | Property		252
Date Acquired		Aug. 20, 2014
Average Effective Monthly Rent Per Unit	[1]	1,034	1,033
% Occupied	[2]	95.60%	96.00%
Courtney Cove
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		225
Number of Units | Property		324
Date Acquired		Aug. 20, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[1]	957	946
% Occupied	[2]	95.70%	93.50%
Radbourne Lake
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		247
Number of Units | Property		225
Date Acquired		Sep. 30, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,116	1,137
% Occupied	[2]	95.60%	89.80%
Timber Creek
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		248
Number of Units | Property		352
Date Acquired		Sep. 30, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[1]	949	949
% Occupied	[2]	97.00%	97.60%
Sabal Palm at Lake Buena Vista
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		371
Number of Units | Property		400
Date Acquired		Nov. 5, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,231	1,259
% Occupied	[2]	94.50%	95.00%
Cornerstone
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		318
Number of Units | Property		430
Date Acquired		Jan. 15, 2015
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,036	1,056
% Occupied	[2]	95.30%	91.20%
The Preserve at Terrell Mill
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		692
Number of Units | Property		752
Date Acquired		Feb. 6, 2015
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,011	1,006
% Occupied	[2]	94.90%	95.60%
Versailles
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		301
Number of Units | Property		388
Date Acquired		Feb. 26, 2015
Average Effective Monthly Rent Per Unit | $ / Property	[1]	924	925
% Occupied	[2]	93.80%	94.30%
Seasons 704 Apartments
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		217
Number of Units | Property		222
Date Acquired		Apr. 15, 2015
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,231	1,209
% Occupied	[2]	96.80%	98.60%
Madera Point
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		193
Number of Units | Property		256
Date Acquired		Aug. 5, 2015
Average Effective Monthly Rent Per Unit | $ / Property	[1]	982	980
% Occupied	[2]	97.70%	93.80%
Venue at 8651
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		289
Number of Units | Property		333
Date Acquired		Oct. 30, 2015
Average Effective Monthly Rent Per Unit | $ / Property	[1]	919	933
% Occupied	[2]	95.50%	99.70%
Parc500
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		266
Number of Units | Property		217
Date Acquired		Jul. 27, 2016
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,347	1,340
% Occupied	[2]	98.60%	97.70%
The Venue on Camelback
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		256
Number of Units | Property		415
Date Acquired		Oct. 11, 2016
Average Effective Monthly Rent Per Unit | $ / Property	[1]	813	821
% Occupied	[2]	95.40%	93.70%
Old Farm
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		697
Number of Units | Property		734
Date Acquired		Dec. 29, 2016
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,135	1,133
% Occupied	[2]	93.30%	92.10%
Stone Creek at Old Farm
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		186
Number of Units | Property		190
Date Acquired		Dec. 29, 2016
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,174	1,194
% Occupied	[2]	97.30%	94.60%
Hollister Place
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		246
Number of Units | Property		260
Date Acquired		Feb. 1, 2017
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,025	1,007
% Occupied	[2]	96.20%	100.90%
Rockledge Apartments
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		802
Number of Units | Property		708
Date Acquired		Jun. 30, 2017
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,264	1,261
% Occupied	[2]	96.50%	95.50%
Atera Apartments
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		334
Number of Units | Property		380
Date Acquired		Oct. 25, 2017
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,234	1,247
% Occupied	[2]	97.70%	98.90%
Cedar Pointe
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		224
Number of Units | Property		210
Date Acquired		Aug. 24, 2018
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,082	1,075
% Occupied	[2]	92.90%	96.20%
Crestmont Reserve
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		199
Number of Units | Property		242
Date Acquired		Sep. 26, 2018
Average Effective Monthly Rent Per Unit | $ / Property	[1]	899	895
% Occupied	[2]	94.60%	98.80%
Brandywine I & II
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		414
Number of Units | Property		632
Date Acquired		Sep. 26, 2018
Average Effective Monthly Rent Per Unit | $ / Property	[1]	946	960
% Occupied	[2]	94.10%	94.30%
Bella Vista
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		243
Number of Units | Property		248
Date Acquired		Jan. 28, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,326	1,320
% Occupied	[2]	97.60%	95.60%
The Enclave
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		194
Number of Units | Property		204
Date Acquired		Jan. 28, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,349	1,355
% Occupied	[2]	97.10%	97.50%
The Heritage
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		199
Number of Units | Property		204
Date Acquired		Jan. 28, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,306	1,298
% Occupied	[2]	96.60%	94.10%
Summers Landing
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		139
Number of Units | Property		196
Date Acquired		Jun. 7, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[1]	944	941
% Occupied	[2]	98.00%	95.90%
Residences at Glenview Reserve
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		344
Number of Units | Property		360
Date Acquired		Jul. 17, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[1]	986	993
% Occupied	[2]	95.00%	92.80%
Residences at West Place
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		345
Number of Units | Property		342
Date Acquired		Jul. 17, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,205	1,214
% Occupied	[2]	93.60%	90.10%
Avant at Pembroke Pines
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		1,442
Number of Units | Property		1,520
Date Acquired		Aug. 30, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,524	1,515
% Occupied	[2]	95.90%	94.40%
Arbors of Brentwood
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		325
Number of Units | Property		346
Date Acquired		Sep. 10, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,184	1,194
% Occupied	[2]	95.10%	91.30%
Torreyana Apartments
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		309
Number of Units | Property		315
Date Acquired		Nov. 22, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,195	1,184
% Occupied	[2]	96.20%	93.00%
Bloom
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		498
Number of Units | Property		528
Date Acquired		Nov. 22, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,142	1,120
% Occupied	[2]	88.80%	94.10%
Bella Solara
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		271
Number of Units | Property		320
Date Acquired		Nov. 22, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,130	1,128
% Occupied	[2]	97.20%	91.60%
Fairways at San Marcos
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		340
Number of Units | Property		352
Date Acquired		Nov. 2, 2020
Average Effective Monthly Rent Per Unit	[1]	1,268	1,232
% Occupied	[2]	95.20%		96.00%
[1]	(1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of March 31, 2021 and December 31, 2020, respectively, minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of March 31, 2021 and December 31, 2020 , respectively. (2) Percent occupied is calculated as the number of units occupied as of March 31, 2021 and December 31, 2020 , divided by the total number of units, expressed as a percentage. (3) Includes 229 down units due to casualty events as of March 31, 2021 (see Note 5).
[2]	(2) Percent occupied is calculated as the number of units occupied as of March 31, 2021 and December 31, 2020 , divided by the total number of units, expressed as a percentage. (3) Includes 229 down units due to casualty events as of March 31, 2021 (see Note 5).
[3]	(see Note 5).

Real Estate Investments Stati_5

Real Estate Investments Statistics - Summary of Investment in Multifamily Properties (Parenthetical) (Details) - Property		Mar. 31, 2021	Dec. 31, 2020
Real Estate Properties [Line Items]
Number of units		14,205
Cutter's Point
Real Estate Properties [Line Items]
Number of units	[1]	196
Number of units returned to service			60
Number of units occupied		60
Number of units available		60
Number of units currently under rebuilt			136
[1]	(see Note 5).

Real Estate Investments - Summa

Real Estate Investments - Summary of Major Components of Investments in Multifamily Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real Estate Properties [Line Items]
Land	$ 323,429	$ 323,429
Buildings and improvements	1,546,465	1,544,115
Intangible lease assets	1,675	1,675
Construction in progress	11,975	10,796
Furniture, fixtures, and equipment	100,377	96,228
Real estate investment, gross	1,983,921	1,976,243
Accumulated depreciation and amortization	235,669	215,494
Total Net Operating Real Estate Investments	1,748,252	1,760,749
Multifamily Properties | Arbors on Forest Ridge
Real Estate Properties [Line Items]
Land	2,330	2,330
Buildings and improvements	11,683	11,682
Construction in progress	6	17
Furniture, fixtures, and equipment	1,685	1,650
Real estate investment, gross	15,704	15,679
Multifamily Properties | Cutter's Point
Real Estate Properties [Line Items]
Land	3,330	3,330
Buildings and improvements	8,186	8,035
Construction in progress	7,266	4,983
Furniture, fixtures, and equipment	2,046	2,044
Real estate investment, gross	20,828	18,392
Multifamily Properties | Silverbrook
Real Estate Properties [Line Items]
Land	4,860	4,860
Buildings and improvements	27,283	27,256
Construction in progress	5	3
Furniture, fixtures, and equipment	5,124	5,049
Real estate investment, gross	37,272	37,168
Multifamily Properties | Beechwood Terrace
Real Estate Properties [Line Items]
Land	1,390	1,390
Buildings and improvements	22,266	22,233
Construction in progress		32
Furniture, fixtures, and equipment	2,839	2,791
Real estate investment, gross	26,495	26,446
Multifamily Properties | The Summit at Sabal Park
Real Estate Properties [Line Items]
Land	5,770	5,770
Buildings and improvements	13,741	13,749
Furniture, fixtures, and equipment	1,842	1,813
Real estate investment, gross	21,353	21,332
Multifamily Properties | Courtney Cove
Real Estate Properties [Line Items]
Land	5,880	5,880
Buildings and improvements	13,758	13,713
Construction in progress	194	114
Furniture, fixtures, and equipment	2,223	2,165
Real estate investment, gross	22,055	21,872
Multifamily Properties | Radbourne Lake
Real Estate Properties [Line Items]
Land	2,440	2,440
Buildings and improvements	22,657	22,617
Furniture, fixtures, and equipment	2,190	2,147
Real estate investment, gross	27,287	27,204
Multifamily Properties | Timber Creek
Real Estate Properties [Line Items]
Land	11,260	11,260
Buildings and improvements	13,252	13,245
Construction in progress	44	42
Furniture, fixtures, and equipment	3,519	3,473
Real estate investment, gross	28,075	28,020
Multifamily Properties | Sabal Palm at Lake Buena Vista
Real Estate Properties [Line Items]
Land	7,580	7,580
Buildings and improvements	42,417	42,401
Construction in progress	0	0
Furniture, fixtures, and equipment	2,451	2,391
Real estate investment, gross	52,448	52,372
Multifamily Properties | Cornerstone
Real Estate Properties [Line Items]
Land	1,500	1,500
Buildings and improvements	30,787	30,781
Construction in progress	2	2
Furniture, fixtures, and equipment	3,440	3,343
Real estate investment, gross	35,729	35,626
Multifamily Properties | The Preserve at Terrell Mill
Real Estate Properties [Line Items]
Land	10,170	10,170
Buildings and improvements	50,855	50,757
Construction in progress	1,696	1,524
Furniture, fixtures, and equipment	7,779	7,310
Real estate investment, gross	70,500	69,761
Multifamily Properties | Versailles
Real Estate Properties [Line Items]
Land	6,720	6,720
Buildings and improvements	21,772	21,766
Construction in progress	3
Furniture, fixtures, and equipment	3,880	3,861
Real estate investment, gross	32,375	32,347
Multifamily Properties | Seasons 704 Apartments
Real Estate Properties [Line Items]
Land	7,480	7,480
Buildings and improvements	14,480	14,418
Construction in progress		18
Furniture, fixtures, and equipment	1,825	1,743
Real estate investment, gross	23,785	23,659
Multifamily Properties | Madera Point
Real Estate Properties [Line Items]
Land	4,920	4,920
Buildings and improvements	17,949	17,926
Furniture, fixtures, and equipment	2,322	2,273
Real estate investment, gross	25,191	25,119
Multifamily Properties | Venue at 8651
Real Estate Properties [Line Items]
Land	2,350	2,350
Buildings and improvements	16,682	17,473
Construction in progress	218	106
Furniture, fixtures, and equipment	3,587	3,531
Real estate investment, gross	22,837	23,460
Multifamily Properties | Parc500
Real Estate Properties [Line Items]
Land	3,860	3,860
Buildings and improvements	21,006	20,927
Construction in progress	11	22
Furniture, fixtures, and equipment	3,896	3,827
Real estate investment, gross	28,773	28,636
Multifamily Properties | The Venue on Camelback
Real Estate Properties [Line Items]
Land	8,340	8,340
Buildings and improvements	38,176	38,106
Construction in progress	11	37
Furniture, fixtures, and equipment	2,740	2,570
Real estate investment, gross	49,267	49,053
Multifamily Properties | Old Farm
Real Estate Properties [Line Items]
Land	11,078	11,078
Buildings and improvements	70,794	70,846
Construction in progress	36	24
Furniture, fixtures, and equipment	3,506	3,419
Real estate investment, gross	85,414	85,367
Multifamily Properties | Stone Creek at Old Farm
Real Estate Properties [Line Items]
Land	3,493	3,493
Buildings and improvements	19,362	19,471
Construction in progress	5
Furniture, fixtures, and equipment	810	792
Real estate investment, gross	23,670	23,756
Multifamily Properties | Hollister Place
Real Estate Properties [Line Items]
Land	2,782	2,782
Buildings and improvements	21,151	21,884
Construction in progress	16
Furniture, fixtures, and equipment	2,599	2,555
Real estate investment, gross	26,548	27,221
Multifamily Properties | Rockledge Apartments
Real Estate Properties [Line Items]
Land	17,451	17,451
Buildings and improvements	96,983	96,902
Construction in progress	169	86
Furniture, fixtures, and equipment	5,457	5,363
Real estate investment, gross	120,060	119,802
Multifamily Properties | Atera Apartments
Real Estate Properties [Line Items]
Land	22,371	22,371
Buildings and improvements	36,700	37,525
Construction in progress	401	9
Furniture, fixtures, and equipment	2,198	2,188
Real estate investment, gross	61,670	62,093
Multifamily Properties | Cedar Pointe
Real Estate Properties [Line Items]
Land	2,371	2,371
Buildings and improvements	24,274	24,268
Furniture, fixtures, and equipment	1,616	1,577
Real estate investment, gross	28,261	28,216
Multifamily Properties | Residences at West Place
Real Estate Properties [Line Items]
Land	3,345	3,345
Buildings and improvements	51,839	51,802
Construction in progress	264	154
Furniture, fixtures, and equipment	1,237	1,049
Real estate investment, gross	56,685	56,350
Multifamily Properties | Crestmont Reserve
Real Estate Properties [Line Items]
Land	4,124	4,124
Buildings and improvements	21,038	20,955
Construction in progress		19
Furniture, fixtures, and equipment	1,426	1,411
Real estate investment, gross	26,588	26,509
Multifamily Properties | Avant at Pembroke Pines
Real Estate Properties [Line Items]
Land	48,436	48,436
Buildings and improvements	275,032	272,436
Construction in progress	1,157	2,847
Furniture, fixtures, and equipment	8,897	7,977
Real estate investment, gross	333,522	331,696
Multifamily Properties | Brandywine I & II
Real Estate Properties [Line Items]
Land	6,237	6,237
Buildings and improvements	73,633	73,613
Construction in progress		6
Furniture, fixtures, and equipment	4,295	4,072
Real estate investment, gross	84,165	83,928
Multifamily Properties | Bella Vista
Real Estate Properties [Line Items]
Land	10,942	10,942
Buildings and improvements	36,804	36,787
Furniture, fixtures, and equipment	2,260	2,110
Real estate investment, gross	50,006	49,839
Multifamily Properties | The Enclave
Real Estate Properties [Line Items]
Land	11,046	11,046
Buildings and improvements	30,339	30,308
Furniture, fixtures, and equipment	1,946	1,856
Real estate investment, gross	43,331	43,210
Multifamily Properties | The Heritage
Real Estate Properties [Line Items]
Land	6,835	6,835
Buildings and improvements	34,796	34,761
Furniture, fixtures, and equipment	1,947	1,793
Real estate investment, gross	43,578	43,389
Multifamily Properties | Summers Landing
Real Estate Properties [Line Items]
Land	1,798	1,798
Buildings and improvements	18,020	17,909
Construction in progress		43
Furniture, fixtures, and equipment	695	670
Real estate investment, gross	20,513	20,420
Multifamily Properties | Residences at Glenview Reserve
Real Estate Properties [Line Items]
Land	3,367	3,367
Buildings and improvements	42,201	42,027
Construction in progress		14
Furniture, fixtures, and equipment	1,593	1,495
Real estate investment, gross	47,161	46,903
Multifamily Properties | Arbors of Brentwood
Real Estate Properties [Line Items]
Land	6,346	6,346
Buildings and improvements	55,808	55,777
Construction in progress		21
Furniture, fixtures, and equipment	1,227	1,118
Real estate investment, gross	63,381	63,262
Multifamily Properties | Torreyana Apartments
Real Estate Properties [Line Items]
Land	23,824	23,824
Buildings and improvements	43,541	43,489
Construction in progress	101	122
Furniture, fixtures, and equipment	1,095	1,047
Real estate investment, gross	68,561	68,482
Multifamily Properties | Bloom
Real Estate Properties [Line Items]
Land	23,805	23,805
Buildings and improvements	82,351	81,714
Construction in progress		494
Furniture, fixtures, and equipment	1,921	1,782
Real estate investment, gross	108,077	107,795
Multifamily Properties | Bella Solara
Real Estate Properties [Line Items]
Land	12,605	12,605
Buildings and improvements	53,229	53,134
Construction in progress	33	57
Furniture, fixtures, and equipment	1,344	1,228
Real estate investment, gross	67,211	67,024
Multifamily Properties | Fairways at San Marcos
Real Estate Properties [Line Items]
Land	10,993	10,993
Buildings and improvements	71,620	71,422
Intangible lease assets	1,675	1,675
Construction in progress	337
Furniture, fixtures, and equipment	920	745
Real estate investment, gross	85,545	84,835
Multifamily Properties | Operating Properties
Real Estate Properties [Line Items]
Real estate investment, gross	1,983,921	1,976,243
Accumulated depreciation and amortization	(235,669)	(215,494)
Total Net Operating Real Estate Investments	1,748,252	1,760,749
Multifamily Properties | Operating Properties | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	1,675	1,675
Accumulated depreciation and amortization	(1,396)	(558)
Total Net Operating Real Estate Investments	279	1,117
Multifamily Properties | Operating Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross	323,429	323,429
Total Net Operating Real Estate Investments	323,429	323,429
Multifamily Properties | Operating Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	1,546,465	1,544,115
Accumulated depreciation and amortization	(166,571)	(153,063)
Total Net Operating Real Estate Investments	1,379,894	1,391,052
Multifamily Properties | Operating Properties | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	11,975	10,796
Total Net Operating Real Estate Investments	11,975	10,796
Multifamily Properties | Operating Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	100,377	96,228
Accumulated depreciation and amortization	(67,702)	(61,873)
Total Net Operating Real Estate Investments	$ 32,675	$ 34,355

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Details)	Nov. 26, 2020USD ($)	Jun. 10, 2020USD ($)	Oct. 20, 2019USD ($)	Feb. 28, 2021USD ($)	Mar. 31, 2021USD ($)Property	Mar. 31, 2020USD ($)Property	Dec. 31, 2020USD ($)Property	Dec. 31, 2019USD ($)
Real Estate Properties [Line Items]
Depreciation expense					$ 19,900,000	$ 18,500,000
Amortization expense, remainder of year ended December 31, 2021					300,000
Amortization expense of intangible lease assets					$ 800,000	$ 4,800,000
Number of properties acquired | Property					0	0
Number of real estate properties sold | Property					0	3
Sales price of property sold					$ 86,500,000
Impairment of real estate assets					0	$ 0
Casualty losses recognized								$ 3,500,000
Business interruption insurance claim and recognized					300,000
Capitalized cost						$ 800,000
Cutter's Point
Real Estate Properties [Line Items]
Impairment of real estate assets			$ 7,800,000
Casualty gains (losses)					$ 0
Number of units returned to service | Property							60
Number of units occupied | Property					60
Number of units available | Property					60
Number of units currently under rebuilt | Property							136
Venue at 8651
Real Estate Properties [Line Items]
Impairment of real estate assets		$ 600,000
Business interruption insurance claim and recognized					$ 100,000
Gains due to casualty							$ 200,000
Number of units in real estate property excluded from portfolio | Property					21
Timber Creek
Real Estate Properties [Line Items]
Impairment of real estate assets	$ 600,000
Business interruption insurance claim and recognized					$ 100,000
Number of units in real estate property excluded from portfolio | Property					15
Winter Storm
Real Estate Properties [Line Items]
Impairment of real estate assets				$ 2,000,000
Business interruption insurance claim and recognized					$ 100,000
Number of units in real estate property excluded from portfolio | Property					57

Debt - Summary of Mortgage Debt

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Mortgages payable, net	$ 1,162,969	$ 1,162,855
Mortgages Payable | Operating Properties
Debt Instrument [Line Items]
Outstanding Principal	1,167,880
Fair market value adjustment	1,211
Deferred financing costs, net of accumulated amortization	(6,122)
Mortgages payable, net	$ 1,162,969
Mortgages Payable | Arbors on Forest Ridge | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 13,130
Interest Rate	1.79%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Cutter's Point | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 16,640
Interest Rate	1.79%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Silverbrook | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 30,590
Interest Rate	1.79%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Beechwood Terrace | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 23,365
Interest Rate	1.55%
Maturity Date	Sep. 1, 2025
Mortgages Payable | The Summit at Sabal Park | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 13,560
Interest Rate	1.73%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Courtney Cove | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 13,680
Interest Rate	1.73%
Maturity Date	Jul. 1, 2024
Mortgages Payable | The Preserve at Terrell Mill | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 42,480
Interest Rate	1.73%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Versailles | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 23,880
Interest Rate	1.73%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Seasons 704 Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 17,460
Interest Rate	1.73%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Madera Point | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 15,150
Interest Rate	1.73%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Venue at 8651 | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 13,734
Interest Rate	1.89%
Maturity Date	Jul. 1, 2024
Mortgages Payable | The Venue on Camelback | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 28,093
Interest Rate	1.79%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Old Farm | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 52,886
Interest Rate	1.79%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Stone Creek at Old Farm | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 15,274
Interest Rate	1.79%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Timber Creek | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 24,100
Interest Rate	1.37%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Radbourne Lake | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 20,000
Interest Rate	1.40%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Sabal Palm at Lake Buena Vista | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 42,100
Interest Rate	1.41%
Maturity Date	Sep. 1, 2025
Mortgages Payable | Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 21,174
Interest Rate	4.24%
Maturity Date	Mar. 1, 2023
Mortgages Payable | Parc500 | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 14,878
Interest Rate	4.49%
Maturity Date	Aug. 1, 2025
Mortgages Payable | Hollister Place | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 14,811
Interest Rate	1.45%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Rockledge Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 68,100
Interest Rate	1.68%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Atera Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 29,500
Interest Rate	1.59%
Maturity Date	Nov. 1, 2024
Mortgages Payable | Cedar Pointe | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 17,300
Interest Rate	1.46%
Maturity Date	Sep. 1, 2025
Mortgages Payable | Crestmont Reserve | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 12,061
Interest Rate	1.29%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Avant at Pembroke Pines | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 177,100
Interest Rate	1.54%
Maturity Date	Sep. 1, 2026
Mortgages Payable | Brandywine I & II | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 43,835
Interest Rate	1.29%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Bella Vista | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 29,040
Interest Rate	1.43%
Maturity Date	Feb. 1, 2026
Mortgages Payable | The Enclave | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 25,322
Interest Rate	1.43%
Maturity Date	Feb. 1, 2026
Mortgages Payable | The Heritage | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 24,625
Interest Rate	1.43%
Maturity Date	Feb. 1, 2026
Mortgages Payable | Summers Landing | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 10,109
Interest Rate	1.29%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Residences at Glenview Reserve | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 26,560
Interest Rate	1.55%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Residences at West Place | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 33,817
Interest Rate	4.24%
Maturity Date	Oct. 1, 2028
Mortgages Payable | Arbors of Brentwood | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 34,237
Interest Rate	1.54%
Maturity Date	Oct. 1, 2026
Mortgages Payable | Torreyana Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 37,400
Interest Rate	1.81%
Maturity Date	Dec. 1, 2026
Mortgages Payable | Bloom | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 58,850
Interest Rate	1.81%
Maturity Date	Dec. 1, 2026
Mortgages Payable | Bella Solara | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 36,575
Interest Rate	1.81%
Maturity Date	Dec. 1, 2026
Mortgages Payable | Fairways at San Marcos | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 46,464
Interest Rate	2.14%
Maturity Date	Dec. 1, 2027

Debt - Summary of Mortgage De_2

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Parenthetical) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Debt Instrument [Line Items]
Deferred financing costs, accumulated amortization	$ 4,068
Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Interest Rate	4.09%
Fair value of debt assumed upon acquisition	$ 18,000
Debt instrument, payment terms	The assumed debt carries a 4.09% fixed rate, was originally issued in March 2013, and had a term of 120 months with an initial 24 months of interest only.
Blended pay rate	4.24%
Cornerstone | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Debt instrument, payment terms	Debt in the amount of $18.0 million was assumed upon acquisition of this property and recorded at approximated fair value. The assumed debt carries a 4.09% fixed rate, was originally issued in March 2013, and had a term of 120 months with an initial 24 months of interest only. At the time of acquisition, the principal balance of the first mortgage remained unchanged and had a remaining term of 98 months with 2 months of interest only. The first mortgage is pre-payable and subject to yield maintenance from the 13th month through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity. Concurrently with the acquisition of the property, the Company placed a supplemental second mortgage on the property with a principal amount of approximately $5.8 million, a fixed rate of 4.70%, and with a maturity date that is the same time as the first mortgage. The supplemental second mortgage is pre-payable and subject to yield maintenance from the date of issuance through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity. As of March 31, 2021, the total indebtedness secured by the property had a blended interest rate of 4.24%.
Residences at Glenview Reserve and West Place
Debt Instrument [Line Items]
Mortgage loans payable description	Debt was assumed upon acquisition of this property and recorded at approximated fair value. The loan can be prepaid at the greater of par plus 1.00% of the unpaid principal balance or the product obtained by multiplying the present value of the principal being prepaid by the excess of the monthly fixed interest rate of the loan over a daily discount rate. The loan is open to pre-payment in the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
13th month through 81st month
Debt Instrument [Line Items]
Mortgage loans payable description	Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
13th month through 81st month | Cedar Pointe | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Mortgage loans payable description	Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.(7)
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
13th month through 81st month | Torreyana, Bloom and Bella Solara | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Mortgage loans payable description	Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
13th month through 81st month | Summers Landing | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Mortgage loans payable description	Debt was assumed upon acquisition of this property and recorded at approximated fair value. It can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
First 12 months
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
First 12 months | Cedar Pointe | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
First 12 months | Torreyana, Bloom and Bella Solara | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
First 12 months | Summers Landing | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
First Mortgage | Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Debt instrument, payment terms	At the time of acquisition, the principal balance of the first mortgage remained unchanged and had a remaining term of 98 months with 2 months of interest only. The first mortgage is pre-payable and subject to yield maintenance from the 13th month through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity.
Second Mortgage | Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Interest Rate	4.70%
Debt instrument, payment terms	The supplemental second mortgage is pre-payable and subject to yield maintenance from the date of issuance through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity.
Acquired property mortgage loan principle amount	$ 5,800
Last Four Months | Parc500
Debt Instrument [Line Items]
Mortgage loans payable description	Debt was assumed upon acquisition of this property and recorded at approximated fair value. The loan is open to pre-payment in the last four months of the term.
One-month LIBOR
Debt Instrument [Line Items]
Interest Rate	0.11113%
30-Day Average SOFR
Debt Instrument [Line Items]
Interest Rate	0.01467%

Debt - Additional Information (

Debt - Additional Information (Details)	Oct. 13, 2020	Nov. 20, 2019USD ($)	Aug. 28, 2019USD ($)	Jan. 28, 2019USD ($)	Mar. 31, 2021USD ($)Property	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 29, 2019USD ($)
Debt Instrument [Line Items]
Credit facility proceeds received						$ 35,000,000
Repayment of credit facility						28,000,000
Write-off deferred financing costs					$ 0	500,000
Interest expense
Debt Instrument [Line Items]
Amortization of deferred financing fees					600,000	700,000
Corporate Credit Facility
Debt Instrument [Line Items]
Costs incurred on additional financing					$ 469,000
Corporate Credit Facility | Truist Bank
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 75,000,000		$ 183,000,000	$ 183,000,000	$ 225,000,000
Credit facility proceeds received				$ 52,500,000
Facility, term				24 months
Interest rate description				one-month LIBOR plus a range from 2.00% to 2.50%
Line of credit facility, increase in facility amount		$ 75,000,000	$ 25,000,000
Increase in deferred financing cost		$ 800,000	$ 200,000
Line of credit facility, expiration date	Jan. 28, 2022
Repayment of credit facility							$ 35,000,000
Corporate Credit Facility | Truist Bank | Accordion Feature
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 75,000,000					$ 125,000,000
Costs incurred on additional financing									$ 500,000
Corporate Credit Facility | Truist Bank | Accordion Feature | Maximum
Debt Instrument [Line Items]
Line of credit facility, increase in facility amount				$ 150,000,000
Freddie Mac Multifamily Green Advantage Program
Debt Instrument [Line Items]
Number of properties covered under mortgage loan program | Property					1
Percentage of expected cost reduction at each property					15.00%
One-month LIBOR | Corporate Credit Facility | Truist Bank
Debt Instrument [Line Items]
Period of LIBOR				1 month
One-month LIBOR | Corporate Credit Facility | Truist Bank | Maximum
Debt Instrument [Line Items]
Interest rate				2.50%
One-month LIBOR | Corporate Credit Facility | Truist Bank | Minimum
Debt Instrument [Line Items]
Interest rate				2.00%
Mortgages Payable
Debt Instrument [Line Items]
Weighted average interest rate of mortgage indebtedness					1.79%		1.83%
Adjusted weighted average interest rate					3.06%
Weighted average fixed rate					1.3792%
Mortgages Payable | One-month LIBOR
Debt Instrument [Line Items]
Weighted average interest rate of mortgage indebtedness					0.11113%		0.14388%
Weighted average decrease of spread in basis points					0.03%
Mortgages Payable | Floating Interest Rate Swap
Debt Instrument [Line Items]
Combined notional amount					$ 1,200,000,000
Mortgages Payable | Interest Rate Swap
Debt Instrument [Line Items]
Mortgage indebtedness					$ 1,200,000,000

Debt - Summary of the Company's

Debt - Summary of the Company's Credit Facility (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Credit facilities, net		$ 182,531	$ 182,323
Corporate Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization		(469)
Credit facilities, net		$ 182,531
Corporate Credit Facility | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)		24 months
Interest Rate	[1]	2.61%
Maturity Date		Jan. 28, 2022
Credit facilities		$ 183,000
[1]	Interest rate is based on one-month LIBOR plus an applicable margin. One-month LIBOR as of March 31, 2021 was 0.11113 % .

Debt - Summary of the Company_2

Debt - Summary of the Company's Credit Facility (Parenthetical) (Details) $ in Thousands	Mar. 31, 2021USD ($)
Debt Instrument [Line Items]
Deferred financing costs, accumulated amortization	$ 4,068
One-month LIBOR
Debt Instrument [Line Items]
Interest Rate	0.11113%
Corporate Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, accumulated amortization	$ 2,146
Corporate Credit Facility | One-month LIBOR
Debt Instrument [Line Items]
Interest Rate	0.11113%

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) $ in Thousands	Mar. 31, 2021USD ($)
Debt Instrument [Line Items]
2021	$ 698
2022	184,502
2023	21,254
2024	395,085
2025	245,910
Thereafter	503,431
Total	1,350,880
Operating Properties
Debt Instrument [Line Items]
2021	698
2022	1,502
2023	21,254
2024	395,085
2025	245,910
Thereafter	503,431
Total	1,167,880
Credit Facility
Debt Instrument [Line Items]
2022	183,000
Total	$ 183,000

Fair Value of Derivative and _3

Fair Value of Derivative and Financial Instruments - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial instruments cap weighted average rate	5.52%
Impairment write down	$ 0	$ 0
Interest Rate Swap | One-month LIBOR
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Combined notional amount	$ 1,200,000,000
Interest rate description	floating interest rate (one-month LIBOR)
Weighted average fixed rate	1.3792%
Interest rate caps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Combined notional amount	$ 379,400,000
Interest rate description	The interest rate cap agreements the Company has entered into effectively cap one-month LIBOR on $379.4 million of the Company’s floating rate mortgage indebtedness at a weighted average rate of 5.52% as of March 31, 2021.
Minimum | Interest Rate Swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate term range	4 years
Minimum | Interest rate caps | One-month LIBOR
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate term range	3 years
Maximum | Interest Rate Swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate term range	5 years
Maximum | Interest rate caps | One-month LIBOR
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate term range	4 years

Fair Value of Derivative and _4

Fair Value of Derivative and Financial Instruments - Summary of Company's Outstanding Interest Rate Swaps (Details)	3 Months Ended
	Mar. 31, 2021USD ($)
Key Bank And Truist Bank
Debt Instrument [Line Items]
Notional Amount	$ 1,167,500,000
Derivative Average Fixed Interest Rate	1.3792%	[1],[2]
Key Bank And Truist Bank | Future Effective Dates
Debt Instrument [Line Items]
Notional Amount	$ 742,500,000
Fixed Rate	0.907%	[3],[4]
Interest Rate Swap Transaction One | KeyBank
Debt Instrument [Line Items]
Effective Date	Jul. 1, 2016
Termination Date	Jun. 1, 2021
Notional Amount	$ 100,000,000
Fixed Rate	1.1055%	[1]
Interest Rate Swap Transaction Two | KeyBank
Debt Instrument [Line Items]
Effective Date	Jul. 1, 2016
Termination Date	Jun. 1, 2021
Notional Amount	$ 100,000,000
Fixed Rate	1.021%	[1]
Interest Rate Swap Transaction Three | KeyBank
Debt Instrument [Line Items]
Effective Date	Jul. 1, 2016
Termination Date	Jun. 1, 2021
Notional Amount	$ 100,000,000
Fixed Rate	0.90%	[1]
Interest Rate Swap Transaction Four | KeyBank
Debt Instrument [Line Items]
Effective Date	Sep. 1, 2016
Termination Date	Jun. 1, 2021
Notional Amount	$ 100,000,000
Fixed Rate	0.956%	[1]
Interest Rate Swap Transaction Five | KeyBank
Debt Instrument [Line Items]
Effective Date	Apr. 1, 2017
Termination Date	Apr. 1, 2022
Notional Amount	$ 100,000,000
Fixed Rate	1.957%	[1]
Interest Rate Swap Transaction Six | KeyBank
Debt Instrument [Line Items]
Effective Date	May 1, 2017
Termination Date	Apr. 1, 2022
Notional Amount	$ 50,000,000
Fixed Rate	1.961%	[1]
Interest Rate Swap Transaction Seven | KeyBank
Debt Instrument [Line Items]
Effective Date	Jul. 1, 2017
Termination Date	Jul. 1, 2022
Notional Amount	$ 100,000,000
Fixed Rate	1.782%	[1]
Interest Rate Swap Transaction Eight | KeyBank
Debt Instrument [Line Items]
Effective Date	Jun. 1, 2019
Termination Date	Jun. 1, 2024
Notional Amount	$ 50,000,000
Fixed Rate	2.002%	[1]
Interest Rate Swap Transaction Nine | Truist Bank
Debt Instrument [Line Items]
Effective Date	Jun. 1, 2019
Termination Date	Jun. 1, 2024
Notional Amount	$ 50,000,000
Fixed Rate	2.002%	[1]
Interest Rate Swap Transaction Ten | KeyBank
Debt Instrument [Line Items]
Effective Date	Sep. 1, 2019
Termination Date	Sep. 1, 2026
Notional Amount	$ 100,000,000
Fixed Rate	1.462%	[1]
Interest Rate Swap Transaction Eleven | KeyBank
Debt Instrument [Line Items]
Effective Date	Sep. 1, 2019
Termination Date	Sep. 1, 2026
Notional Amount	$ 125,000,000
Fixed Rate	1.302%	[1]
Interest Rate Swap Transaction Twelve | KeyBank
Debt Instrument [Line Items]
Effective Date	Jan. 3, 2020
Termination Date	Sep. 1, 2026
Notional Amount	$ 92,500,000
Fixed Rate	1.609%	[1]
Interest Rate Swap Transaction Thirteen | Truist Bank
Debt Instrument [Line Items]
Effective Date	Mar. 4, 2020
Termination Date	Jun. 1, 2026
Notional Amount	$ 100,000,000
Fixed Rate	0.82%	[1]
Interest Rate Swap Transaction Fourteen | KeyBank | Future Effective Dates
Debt Instrument [Line Items]
Effective Date	Jun. 1, 2021
Termination Date	Sep. 1, 2026
Notional Amount	$ 200,000,000
Fixed Rate	0.845%	[4]
Interest Rate Swap Transaction Fifteen | KeyBank | Future Effective Dates
Debt Instrument [Line Items]
Effective Date	Jun. 1, 2021
Termination Date	Sep. 1, 2026
Notional Amount	$ 200,000,000
Fixed Rate	0.953%	[4]
Interest Rate Swap Transaction Sixteen | Truist Bank | Future Effective Dates
Debt Instrument [Line Items]
Effective Date	Mar. 1, 2022
Termination Date	Mar. 1, 2025
Notional Amount	$ 145,000,000
Fixed Rate	0.573%	[4]
Interest Rate Swap Transaction Seventeen | Truist Bank | Future Effective Dates
Debt Instrument [Line Items]
Effective Date	Mar. 1, 2022
Termination Date	Mar. 1, 2025
Notional Amount	$ 105,000,000
Fixed Rate	0.614%	[4]
Interest Rate Swap Transaction Eighteen | KeyBank | Future Effective Dates
Debt Instrument [Line Items]
Effective Date	Sep. 1, 2026
Termination Date	Jan. 1, 2027
Notional Amount	$ 92,500,000
Fixed Rate	1.798%	[4]
[1]	(1) The floating rate option for the interest rate swaps is one-month LIBOR. As of March 31, 2021, one-month LIBOR was 0.11113 % . (2) Represents the weighted average fixed rate of the interest rate swaps.
[2]	(2) Represents the weighted average fixed rate of the interest rate swaps.
[3]	(2) Represents the weighted average fixed rate of the interest rate swaps.
[4]	(1) The floating rate option for the interest rate swaps is one-month LIBOR. As of March 31, 2021, one-month LIBOR was 0.11113 % . (2) Represents the weighted average fixed rate of the interest rate swaps.

Fair Value of Derivative and _5

Fair Value of Derivative and Financial Instruments - Summary of Company's Outstanding Interest Rate Swaps (Parenthetical) (Details) - One-month LIBOR - Key Bank And Truist Bank	Mar. 31, 2021
Debt Instrument [Line Items]
LIBOR, interest rate	0.11113%
Future Effective Dates
Debt Instrument [Line Items]
LIBOR, interest rate	0.11113%

Fair Value of Derivative and _6

Fair Value of Derivative and Financial Instruments - Outstanding Interest Rate Derivatives Not Designated as Cash Flow Hedges of Interest Rate Risk (Details) - Not designated as hedging instrument	Mar. 31, 2021USD ($)DerivativeInstrument	Mar. 31, 2020USD ($)DerivativeInstrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Number of Instruments | DerivativeInstrument	15	15
Notional Amount | $	$ 379,406,000	$ 346,542,000

Fair Value of Derivative and _7

Fair Value of Derivative and Financial Instruments - Summary of Derivative Financial Instruments and Classification on the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	$ 15	$ 3
Liability Derivatives	12,198	43,530
Fair Market Value Of Interest Rate Swaps | Interest Rate Swap | Designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Liability Derivatives	12,198	43,530
Prepaid and Other Assets | Interest rate caps | Not designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	$ 15	$ 3

Fair Value of Derivative and _8

Fair Value of Derivative and Financial Instruments - Summary of Derivative Financial Instruments on Consolidated Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in OCI	$ 31,342	$ (50,540)
Interest rate products | Interest expense
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in OCI	27,679	(49,931)
Amount of gain (loss) reclassified from OCI into income	(3,663)	609
Amount of gain (loss) recognized in income	$ 12	$ 41

Fair Value of Derivative and _9

Fair Value of Derivative and Financial Instruments - Schedule of Carrying Value and Estimated Fair Value of Debt Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Fixed rate debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Value	$ 69,869	$ 70,625
Estimated Fair Value	71,374	72,386
Floating rate debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Value	1,281,011	1,306,058
Estimated Fair Value	$ 1,317,408	$ 1,274,224

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)

Feb. 18, 2021

May 11, 2020

Mar. 13, 2020

Mar. 04, 2020

Feb. 27, 2020

Feb. 20, 2020

Feb. 21, 2019

Feb. 20, 2019

Apr. 30, 2018

Feb. 15, 2018

Mar. 16, 2017

Aug. 11, 2016

Jun. 15, 2016

Mar. 31, 2021

Mar. 31, 2020

Dec. 31, 2020

Mar. 31, 2021

Dec. 31, 2019

Class Of Stock [Line Items]

Common stock, par value

$ 0.01

$ 0.01

$ 0.01

$ 0.01

Proceeds from issuance of common stock

$ 31,546,577,000

$ (176,000)

$ 27,180,000

$ 28,000,000,000

Common stock, shares, issued

25,127,141

25,016,957

25,127,141

Common stock, shares, outstanding

25,127,141

25,016,957

25,127,141

Share repurchase program, authorized amount

$ 100,000,000

$ 40,000,000

$ 30,000,000

Stock repurchase program, expiration date

Mar. 12, 2023

Jun. 15, 2020

Jun. 15, 2018

Stock repurchase program period in force

2 years

2 years

Share repurchase program, treasury stock shares

0

1,090,480

2,382,155

Share repurchase program, treasury stock, value

$ 30,999,000

$ 61,200,000

Share repurchase program, treasury stock, per share

$ 25.70

Treasury stock, shares

0

0

Shares issued average price per share

$ 42.17

$ 48.66

Common Stock

Class Of Stock [Line Items]

Common stock, shares, retired

225,799

225,799

Common stock, shares, issued

25,127,141

25,717,549

25,016,957

25,127,141

25,245,740

Restricted Stock Units

Class Of Stock [Line Items]

Restricted stock units, granted

204,663

At-the-Market Offering

Class Of Stock [Line Items]

Shares, issued

0

2019 At-the-Market Offering

Class Of Stock [Line Items]

Proceeds from issuance of common stock

$ 28,000,000

Shares, issued

560,000

Shares issued average price per share

$ 50

Stock issuance costs

$ 400,000

Other stock issuance costs

400,000

2019 At-the-Market Offering | Common Stock

Class Of Stock [Line Items]

Common stock, par value

$ 0.01

2019 At-the-Market Offering | Maximum | Common Stock

Class Of Stock [Line Items]

Aggregate sale price of common stock

$ 100,000,000

$ 100,000,000

Eagle Crest

Class Of Stock [Line Items]

Proceeds from issuance of common stock

$ 31,500,000

Shares, issued

718,306

Shares issued average price per share

$ 43.92

Stock issuance costs

$ 500,000

Other stock issuance costs

$ 600,000

Eagle Crest | Common Stock

Class Of Stock [Line Items]

Common stock, par value

$ 0.01

Eagle Crest | Maximum | Common Stock

Class Of Stock [Line Items]

Aggregate sale price of common stock

$ 225,000,000

2016 LTIP

Class Of Stock [Line Items]

Common stock, shares, issued

110,184

Common stock, par value

$ 0.01

Common stock, shares, issued

669,343

669,343

Number of shares authorized to issue

2,100,000

2016 LTIP | Restricted Stock Units

Class Of Stock [Line Items]

Equity-based compensation expense

$ 1,600,000

$ 1,300,000

Dividends earned on restricted stock units

$ 1,000,000

$ 1,000,000

2016 LTIP | Restricted Stock Units | Director

Class Of Stock [Line Items]

Vesting period description

annually

2016 LTIP | Restricted Stock Units | Directors and Officers

Class Of Stock [Line Items]

Restricted stock units, granted

219,802

209,797

2016 LTIP | Restricted Stock Units | Directors, Officers, Employees and Certain Key Employees of Adviser

Class Of Stock [Line Items]

Restricted stock units, granted

205,119

116,852

168,183

186,662

275,795

2016 LTIP | Restricted Stock Units | Minimum [Member] | Officers, Employees and Certain Key Employees of Adviser

Class Of Stock [Line Items]

Restricted stock units, vesting period

3 years

2016 LTIP | Restricted Stock Units | Maximum | Officers, Employees and Certain Key Employees of Adviser

Class Of Stock [Line Items]

Restricted stock units, vesting period

5 years

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Restricted Stock Units (Details) - Restricted Stock Units	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Outstanding at beginning of the period | shares	553,931
Number of Units, Granted | shares	204,663
Number of Units, Vested | shares	(139,842)
Number of Units, Forfeited | shares	(5,496)
Number of Units, Outstanding at ending of the period | shares	613,256
Weighted Average Grant Date Fair Value, Outstanding at beginning of the period | $ / shares	$ 36.83
Weighted Average Grant Date Fair Value, Granted | $ / shares	41.43
Weighted Average Grant Date Fair Value, Vested | $ / shares	34.81
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	39.11
Weighted Average Grant Date Fair Value, Outstanding at ending of the period | $ / shares	$ 38.81

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Restricted Stock Units (Parenthetical) (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock issued upon vesting awards	110,184	137,608

Stockholders' Equity - Summar_3

Stockholders' Equity - Summary of Vesting of Restricted Stock Units (Details)	3 Months Ended
	Mar. 31, 2021shares
Vest in 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	27,602
Vest in 2021 | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	27,602
Vest in 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	201,259
Vest in 2022 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	179,420
Vest in 2022 | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	21,839
Vest in 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	126,831
Vest in 2023 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	104,995
Vest in 2023 | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	21,836
Vest in 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	126,829
Vest in 2024 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	104,995
Vest in 2024 | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	21,834
Vest in 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	92,229
Vest in 2025 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	70,395
Vest in 2025 | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	21,834
Vest in 2026
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	38,962
Vest in 2026 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	38,962
Vest in Total Year
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	613,712
Vest in Total Year | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	498,767
Vest in Total Year | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	114,945

Stockholders' Equity - Summar_4

Stockholders' Equity - Summary Information of 2019 ATM Program (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 04, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Stockholders Equity Note [Abstract]
Proceeds from the issuance of common shares through at-the-market offering, net of offering costs	$ 31,546,577	$ (176)	$ 27,180	$ 28,000,000
Common shares issued	718,306			560,000
Gross average sale price per share	$ 43.92			$ 50
Sales commissions	$ 473,199			$ 420,000
Offering costs	785,615			331,143
Net proceeds	$ 30,287,763			$ 27,248,857
Average price per share, net	$ 42.17			$ 48.66

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Stock conversion ratio	100.00%

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Numerator for earnings (loss) per share:
Net income (loss)		$ (6,900)	$ 28,039
Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		(21)	84
Net income (loss) attributable to common stockholders		$ (6,879)	$ 27,955
Denominator for earnings (loss) per share:
Weighted average common shares outstanding - basic		25,068	25,388
Weighted average unvested restricted stock units		582	463
Denominator for diluted earnings per share	[1]	25,068	25,851
Earnings (loss) per weighted average common share:
Basic		$ (0.27)	$ 1.10
Diluted		$ (0.27)	$ 1.08
[1]	(1) If the Company sustains a net loss for the period presented, unvested restricted stock units are not included in the diluted earnings per share calculation.

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Details)	Jun. 30, 2017USD ($)	Mar. 31, 2021$ / Property$ / h	Aug. 01, 2017USD ($)$ / sharesshares
Minority Interest [Line Items]
Common units transferred to acquire ownership interest in properties of noncontrolling interest holders, per share | $ / shares			$ 27.31
Amount used for calculation of OP units of net asset value	$ 2,000,000
BH Equity Portfolio
Minority Interest [Line Items]
Percentage of noncontrolling interests in joint ventures acquired	100.00%
Consideration transferred to acquire ownership interest in properties of noncontrolling interest holders	$ 51,700,000
Payment to acquire ownership interest in properties of noncontrolling interest holders	$ 49,700,000
Common units transferred to acquire ownership interest in properties of noncontrolling interest holders | shares			73,233
Value of common units transferred to acquire ownership interest in properties of noncontrolling interest holders			$ 2,000,000
BH Equity Portfolio | B H Equity
Minority Interest [Line Items]
Percentage of ownership interests in portfolio	8.40%
BH Management Services, LLC
Minority Interest [Line Items]
Property management fee percent		3.00%
Other owner approved fees, per hour | $ / h		55
BH Management Services, LLC | Minimum
Minority Interest [Line Items]
Inspection of properties fee, per unit | $ / Property		15
Construction supervision fee, percent fee		5.00%
BH Management Services, LLC | Maximum
Minority Interest [Line Items]
Inspection of properties fee, per unit | $ / Property		25
Construction supervision fee, percent fee		6.00%

Noncontrolling Interests - Sche

Noncontrolling Interests - Schedule of Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Noncontrolling Interest [Abstract]
Redeemable noncontrolling interests in the OP, December 31, 2020	$ 3,098
Net loss attributable to redeemable noncontrolling interests in the OP	(21)
Other comprehensive income attributable to redeemable noncontrolling interests in the OP	94
Contributions from redeemable noncontrolling interests in the OP	5
Distributions to redeemable noncontrolling interests in the OP	(16)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP	215	$ (820)
Redeemable noncontrolling interests in the OP, March 31, 2021	$ 3,375

Noncontrolling Interests - Summ

Noncontrolling Interests - Summary of Fees Incurred to BH And Its Affiliates As Well As Reimbursements Paid to BH (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Fees incurred
Property management fees	[1]	$ 1,485	$ 1,550
BH Management Services, LLC
Fees incurred
Property management fees	[2]	1,479	1,544
Construction supervision fees	[3]	254	634
Design fees	[3]	54	296
Reimbursements
Payroll and benefits	[4]	4,238	4,358
Other reimbursements	[5]	$ 825	$ 977
[1]	(1) Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of the Company’s Operating Partnership (see Note 10). (2) Fees incurred to the Adviser (see Note 11).
[2]	(1) Included in property management fees on the consolidated statements of operations and comprehensive income (loss). (2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Included in property operating expenses on the consolidated statements of operations and comprehensive income (loss). (4) Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the consolidated statements of operations and comprehensive income (loss).
[3]	(2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Included in property operating expenses on the consolidated statements of operations and comprehensive income (loss). (4) Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the consolidated statements of operations and comprehensive income (loss).
[4]	(3) Included in property operating expenses on the consolidated statements of operations and comprehensive income (loss). (4) Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the consolidated statements of operations and comprehensive income (loss).
[5]	(4) Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the consolidated statements of operations and comprehensive income (loss).

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
NexPoint Real Estate Advisors, L.P
Related Party Transaction [Line Items]
Percentage of annual advisory, paid monthly	1.00%
Percentage of annual administrative fee, paid monthly	0.20%
Advisory and administrative fees on contributed assets	$ 5,400,000
Advisory and administrative fees percentage	1.20%
Advisory and administrative fees	$ 1,900,000	$ 1,900,000
Advisory and administrative fees waived	4,000,000	3,900,000
NexPoint Real Estate Advisors, L.P | Maximum
Related Party Transaction [Line Items]
Advisory and administrative fees on contributed assets	$ 5,400,000
Advisory and administrative fees percentage	1.50%
NexBank Title, Inc.
Related Party Transaction [Line Items]
Payment to affiliate for services rendered	$ 0	$ 100,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - Self-Insurance Program	Mar. 01, 2021USD ($)	Mar. 01, 2020USD ($)	Mar. 01, 2019USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020Claim
Loss Contingencies [Line Items]
Limit of losses for insurance claims			$ 100,000
Maximum insurance claim amount			$ 1,200,000
Insurance claim funded				$ 600,000
Remaining insurance claim funded						$ 600,000
Amount of reserve for aggregate insurance claim	$ 0				$ 0
Other potential claims that met the criteria under ASC 450-20 | Claim							0
Insurance claim amount	2,468,750,000	$ 2,365,000,000			1,500,000
Parent
Loss Contingencies [Line Items]
Insurance claim amount	$ 1,600,000				$ 1,500,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event	Apr. 26, 2021$ / shares
Subsequent Event [Line Items]
Dividends payable, amount per share	$ 0.34125
Dividends payable, date to be paid	Jun. 30, 2021
Dividends payable, date of record	Jun. 15, 2021