NexPoint Residential Trust (NXRT) 10-K 26 Feb 25 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 26, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Trading Symbol	NXRT
Entity Registrant Name	NexPoint Residential Trust, Inc.
Entity Central Index Key	0001620393
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,466,105
Entity Public Float			$ 951,000,000
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	(214)
Local Phone Number	276-6300
Document Annual 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
Auditor Name	KPMG, LLP
Auditor Location	Dallas, Texas, United States
Auditor Firm ID	185
Documents Incorporated by Reference	Portions of the proxy statement for the registrant’s 2025 Annual Meeting of Stockholders are incorporated by reference in Part III of this Form 10-K.
Auditor Opinion [Text Block]	Opinion on Internal Control Over Financial Reporting We have audited NexPoint Residential Trust, Inc. and subsidiaries' (the Company) internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2024 and 2023, the related consolidated statements of operations and comprehensive income (loss), stockholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes and financial statement Schedule III Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements), and our report dated February 26, 2025 expressed an unqualified opinion on those consolidated financial statements.

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Real Estate Investments
Land	$ 359,819	$ 359,819
Buildings and improvements	1,738,677	1,719,864
Construction in progress	1,267	8,322
Furniture, fixtures and equipment	202,029	180,435
Total Gross Operating Real Estate Investments	2,301,792	2,268,440
Accumulated depreciation and amortization	(508,569)	(411,087)
Total Net Operating Real Estate Investments	1,793,223	1,857,353
Real estate held for sale	0	110,747
Total Net Real Estate Investments	1,793,223	1,968,100
Cash and cash equivalents	23,148	12,367
Restricted cash	30,769	32,912
Accounts receivable, net	12,337	14,598
Prepaid and other assets	6,102	8,640
Fair market value of interest rate swaps	41,841	71,028
TOTAL ASSETS	1,907,420	2,107,645
Liabilities:
Mortgages payable, net	1,463,650	1,453,787
Mortgages payable held for sale, net	0	88,044
Credit facility, net	0	23,243
Accounts payable and other accrued liabilities	11,351	17,140
Accrued real estate taxes payable	4,260	11,230
Accrued interest payable	7,630	9,399
Security deposit liability	2,954	3,159
Prepaid rents	1,425	1,773
Total Liabilities	1,491,270	1,607,775
Redeemable noncontrolling interests in the OP	5,782	5,246
Stockholders' Equity:
Preferred stock, $0.01 par value: 100,000,000 shares authorized; 0 shares issued	0	0
Common stock, $0.01 par value: 500,000,000 shares authorized; 25,403,537 and 25,674,313 shares issued and outstanding, respectively	254	256
Additional paid-in capital	407,429	413,010
Accumulated earnings (loss) less dividends	(38,030)	11,493
Accumulated other comprehensive income	40,715	69,865
Total Stockholders' Equity	410,368	494,624
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,907,420	$ 2,107,645

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Net of accumulated depreciation	$ 0	$ 31,871
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	25,403,537	25,674,313
Common stock, shares, outstanding	25,403,537	25,674,313
Common stock, par value	$ 0.01	$ 0.01

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Rental income		$ 251,861	$ 270,078	$ 257,855
Other income		7,840	7,448	6,097
Total revenues		259,701	277,526	263,952
Expenses
Property operating expenses		56,583	57,838	58,151
Real estate taxes and insurance		33,062	36,847	37,433
Property management fees	[1]	7,484	8,069	7,636
Advisory and administrative fees	[2]	6,899	7,645	7,547
Corporate general and administrative expenses		19,399	17,146	14,670
Property general and administrative expenses		9,198	9,543	9,298
Depreciation and amortization		97,762	95,186	97,648
Total expenses		230,387	232,274	232,383
Operating income before gain on sales of real estate		29,314	45,252	31,569
Gain on sales of real estate	[3],[4]	54,246	67,926	14,684
Operating income		83,560	113,178	46,253
Interest expense		(58,477)	(67,106)	(50,587)
Loss on extinguishment of debt and modification costs		(24,004)	(2,409)	(8,734)
Casualty gain (loss)		(626)	(856)	2,506
Gain on forfeited deposits		0	250	0
Equity in earnings of affiliate		172	205	0
Miscellaneous income		489	1,171	1,271
Net income (loss)		1,114	44,433	(9,291)
Net income (loss) attributable to redeemable noncontrolling interests in the OP		4	169	(31)
Net income (loss) attributable to common stockholders		1,110	44,264	(9,260)
Other comprehensive income (loss)
Unrealized gains (losses) on interest rate derivatives		(29,265)	(32,413)	99,915
Total comprehensive income (loss)		(28,151)	12,020	90,624
Comprehensive income (loss) attributable to redeemable noncontrolling interests in the OP		(111)	46	307
Comprehensive income (loss) attributable to common stockholders		$ (28,040)	$ 11,974	$ 90,317
Weighted average common shares outstanding - basic		25,516	25,654	25,610
Weighted average common shares outstanding - diluted	[5]	26,246	26,245	25,610
Earnings (loss) per share - basic		$ 0.04	$ 1.73	$ (0.36)
Earnings (loss) per share - diluted		$ 0.04	$ 1.69	$ (0.36)
[1] Fees incurred to an unaffiliated third party that is an affiliate of a noncontrolling limited partner of the Company’s Operating Partnership (see Note 9). Fees incurred to the Adviser (see Note 10). $ 31.5 million with a related party for the year ended December 31, 2024 (see Note 10). $ 31.5 million with a related party for the year ended December 31, 2024 (see Note 10) . If the Company sustains a net loss for the period presented, unvested restricted stock units are not included in the diluted earnings (loss) per share calculation.

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
NXRTBH Old Farm, LLC
Recognized gain of deconsolidation	$ 31.5

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 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
Beginning Balance, Values at Dec. 31, 2021	$ 469,845	$ 255	$ 407,803	$ 59,209	$ 2,578
Beginning Balance, Shares at Dec. 31, 2021		25,500,567
Net Income (Loss)	(9,260)			(9,260)
Repurchases of common stock	$ (11,127)					$ (11,127)
Retirement of common stock held in treasury		$ (2)	(11,125)			11,127
Retirement of common stock held in treasury, Shares	(168,437)	(168,473)
Vesting of stock-based compensation	$ 4,783	$ 1	4,782
Vesting of stock-based compensation, Shares		165,134
Issuance of common shares through at-the-market offering, net of offering costs	3,969	$ 1	3,968
Issuance of common shares through at-the-market offering, net of offering costs, Shares		52,091
Common stock dividends declared	(40,809)			(40,809)
Other comprehensive income (loss)	99,577				99,577
Offering costs of the issuance of redeemable noncontrolling interests in the OP	(52)		(52)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP	2,740			2,740
Ending Balance, Values at Dec. 31, 2022	519,666	$ 255	405,376	11,880	102,155
Ending Balance, Shares at Dec. 31, 2022		25,549,319
Net Income (Loss)	$ 44,264			44,264
Retirement of common stock held in treasury, Shares	0
Vesting of stock-based compensation	$ 7,570	$ 1	7,569
Vesting of stock-based compensation, Shares		124,994
Common stock dividends declared	(45,178)			(45,178)
Other comprehensive income (loss)	(32,290)				(32,290)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP	592		65	527
Ending Balance, Values at Dec. 31, 2023	$ 494,624	$ 256	413,010	11,493	69,865
Ending Balance, Shares at Dec. 31, 2023	25,674,313	25,674,313
Net Income (Loss)	$ 1,110			1,110
Repurchases of common stock	$ (14,573)					(14,573)
Retirement of common stock held in treasury		$ (4)	(14,569)			$ 14,573
Retirement of common stock held in treasury, Shares	(438,678)	(438,678)
Vesting of stock-based compensation	$ 8,990	$ 2	8,988
Vesting of stock-based compensation, Shares		167,902
Common stock dividends declared	(49,790)			(49,790)
Other comprehensive income (loss)	(29,150)				(29,150)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP	(843)			(843)
Ending Balance, Values at Dec. 31, 2024	$ 410,368	$ 254	$ 407,429	$ (38,030)	$ 40,715
Ending Balance, Shares at Dec. 31, 2024	25,403,537	25,403,537

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock, dividend per share declared	$ 1.9	$ 1.72	$ 1.56

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net income (loss)		$ 1,114	$ 44,433	$ (9,291)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Gain on sales of real estate	[1],[2]	(54,246)	(67,926)	(14,684)
Depreciation and amortization		97,762	95,186	97,648
Amortization/write-off of deferred financing costs and debt prepayment penalties		27,317	5,354	11,513
Change in fair value on derivative instruments included in interest expense		(49,003)	(46,233)	(10,124)
Net cash received on derivative settlements		53,295	49,699	2,329
Amortization/write-off of fair market value adjustment of assumed debt		(106)	(108)	(194)
Provision for bad debts, net		3,741	8,652	8,004
Vesting of stock-based compensation		10,543	9,286	7,902
Insurance proceeds received for business interruption		803	936	681
Equity in earnings of affiliate		(172)	(205)	0
Gain on forfeited deposits		0	(250)	0
Casualty loss (gain)		896	(2,842)	(1,863)
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable		(4,010)	(8,090)	(10,651)
Prepaid and other assets		(808)	(15)	(666)
Operating liabilities		(6,583)	4,706	4,442
Real estate taxes payable		(6,970)	3,998	(5,950)
Net cash provided by operating activities		73,573	96,581	79,096
Cash flows from investing activities
Net proceeds from sales of real estate		165,703	117,779	36,455
Forfeited deposits			250
Self-insurance paid for casualty loss		(179)	(1,819)	(1,819)
Insurance proceeds received from casualty losses		2,352	6,713	5,957
Additions to real estate investments		(37,257)	(71,415)	(62,100)
Acquisitions of real estate investments			415	(140,796)
Net cash provided by (used in) investing activities		130,619	51,923	(162,303)
Cash flows from financing activities
Mortgage proceeds received		1,433,889	42,788	885,825
Mortgage payments		(1,517,418)	(98,580)	(559,944)
Credit facilities proceeds received				55,000
Credit facilities payments		(24,000)	(50,500)	(260,500)
Deferred financing costs received (paid)		(5,400)	1,001	(13,007)
Interest rate cap fees paid		(1,556)	(592)	(3,925)
Prepayment penalties on extinguished debt		(15,486)	(2,370)	(5,704)
Proceeds from the issuance of common shares through at-the-market offering, net of offering costs				3,969
Payments for taxes related to net share settlement of stock-based compensation		(1,510)	(1,716)	(3,119)
Redemption of redeemable noncontrolling interests in the Operating Partnership			(70)
Repurchase of common stock		(14,573)		(11,127)
Dividends paid to common stockholders		(49,304)	(44,801)	(40,639)
Distributions to redeemable noncontrolling interest in the OP		(196)	(184)	(519)
Net cash provided by (used in) financing activities		(195,554)	(155,024)	46,310
Net increase (decrease) in cash, cash equivalents and restricted cash		8,638	(6,520)	(36,897)
Cash, cash equivalents and restricted cash, beginning of year		45,279	51,799	88,696
Cash, cash equivalents and restricted cash, end of year		53,917	45,279	51,799
Supplemental Disclosure of Cash Flow Information
Interest paid		105,991	109,049	52,671
Supplemental Disclosure of Noncash Activities
Issuance of operating partnership units for purchase of noncontrolling interests			415	2,444
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP		(843)	592	2,740
Capitalized construction costs included in accounts payable and other accrued liabilities		3,024	5,789	4,721
Change in fair value on derivative instruments designated as hedges		(29,265)	(32,413)	99,915
Other assets acquired from acquisitions				168
Liabilities assumed from acquisitions				358
Increase in dividends payable upon vesting of restricted stock units		486	377	170
Write-off of assets due to casualty losses		1,140	1,897	7,014
Write-off of fully amortized in-place leases				5,179
Write-off of deferred financing costs		$ 8,465	$ 483	$ 1,961
[1] $ 31.5 million with a related party for the year ended December 31, 2024 (see Note 10). $ 31.5 million with a related party for the year ended December 31, 2024 (see Note 10) .

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
NXRTBH Old Farm, LLC
Recognized gain of deconsolidation	$ 31.5

Cybersecurity Risk Management,

Cybersecurity Risk Management, Strategy and Governance	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. Cybersecurity The Company’s Board recognizes the critical importance of maintaining the trust and confidence of our customers, clients, business partners and employees. The Board is actively involved in oversight of the Company’s risk management program, and cybersecurity represents an important component of the Company’s overall approach to risk management. Our Adviser maintains cybersecurity policies, standards, processes and practices that are based on recognized security frameworks such as the National Institute of Standards and Technology cybersecurity framework and the Azure Security Benchmark. In general, our Adviser seeks to address cybersecurity risks of the Company through a comprehensive, cross-functional approach that is focused on continually assessing the Company’s information systems to detect, prevent and mitigate cybersecurity threats and effectively respond to cybersecurity incidents when they occur. As one of the critical elements of the Company’s overall risk management, our cybersecurity program is focused on the following key areas: Governance: The Board’s oversight of cybersecurity risk management is supported by the Audit Committee of the Board (the “Audit Committee”), which interacts with our Adviser’s Director of Information Technology and other members of management of our Adviser that implement and oversee our Adviser’s cybersecurity program. Risk Assessment: No less frequently than annually, our Adviser completes an assessment to identify potential cybersecurity threats and vulnerabilities to better prioritize and mitigate the Company’s cybersecurity risk. The assessment includes, among other things, evaluating the nature, sensitivity and location of information the Company collects, processes and stores and the resiliency of the underlying technologies, the validity and effectiveness of the Company’s security policies, controls and processes and the cybersecurity preparedness of the third-party vendors used by the Company and our Adviser. To supplement our Adviser’s internal assessment, our Adviser also periodically engages third-party consultants to assess system configurations through configuration review and penetration testing. Technical Safeguards: Our Adviser deploys technical safeguards that are designed to protect the Company’s and our Adviser’s information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality and access controls, which are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence. Incident Response and Recovery Planning: Our Adviser has established and maintains comprehensive business continuity plans that address potential impacts should the information or technology systems become compromised, and the technological components of such plans are tested and evaluated on a regular basis. Third-Party Risk Management: Our Adviser maintains a comprehensive , risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, including key vendors, service providers and other external users of the Company’s and the Adviser’s systems, as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems. Education and Awareness: Our Adviser provides regular, mandatory training for its employees regarding cybersecurity threats as a means to equip its employees with effective tools to address cybersecurity threats, and to communicate our Adviser’s evolving information security policies, standards, processes and practices. Our Adviser engages in the periodic assessment and testing of our Adviser’s policies, standards, processes and practices that are designed to address the Company’s cybersecurity threats and incidents. These efforts include a wide range of activities, including annual penetration and third-party compliance testing and ongoing internal testing and creation and modification of policies and procedures. The results of the annual assessments are reported to the Audit Committee and the Board, and our Adviser adjusts its cybersecurity policies, standards, processes and practices as necessary based on the information provided by these assessments and ongoing testing. The Audit Committee oversees the Company’s risk management policies, including the management of risks arising from cybersecurity threats. The Audit Committee receives presentations and reports on cybersecurity risks, which address a wide range of topics including annual assessments of internal and third-party policies, vulnerability assessments, technological trends and information security considerations arising with respect to the Company and our Adviser. The Audit Committee also receives prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed. On an annual basis, the Board and the Audit Committee discuss the Company’s approach to cybersecurity risk management with our Adviser, including the Adviser’s Director of Information Technology. The Adviser’s Director of Information Technology, in coordination with relevant senior management and personnel of the Adviser, which includes our Adviser’s Chief Financial Officer, Senior Infrastructure Engineer, and Chief Compliance Officer, work to conceive, implement, and monitor the effectiveness of a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any security incidents in accordance with the Company’s business continuity plan. To ensure the effectiveness of these controls, the Adviser’s technology team continually monitors, hardens, and evolves systems’ security postures to model and mirror various security frameworks such as NIST CSF and Azure Security Benchmark. The Adviser’s Director of Information Technology will promptly notify our General Counsel of any cybersecurity events, with material cybersecurity events promptly communicated to the Audit Committee and publicly disclosed as deemed necessary. The Adviser’s Director of Information Technology has served in various roles in information technology and information security for 25 years, including serving as Global Technology Manager at a multi-national publicly traded broker-dealer, and 15 years as the Director of Information Technology at a privately held financial services firm. The Adviser’s Director of Information Technology holds an undergraduate degree in biochemistry and has attained numerous information technology certifications over the years including Microsoft Certified Systems Engineer (MCSE) and Cisco Certified network Professional (CCNP). The Adviser’s Senior Infrastructure Engineer has over 20 years industry experience, holds an undergraduate degree in radiology, and has completed various Microsoft related information technology certifications. Combined, our Adviser’s information technology team has over 50 years of experience covering all major aspects of network architecture and management. Risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected , and we do not believe are reasonably likely to materially affect, us, including our business strategy, results of operations or financial condition. However, the risk of cybersecurity threats could be significant if a cyber-attack disrupts the Company’s critical operations, service or financial systems. See “ Risk Factors - We are highly dependent on information technology and security breaches or systems failures could significantly disrupt our business, which may, in turn, negatively affect the market price of our securities and our ability to pay dividends. ”
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance: The Board’s oversight of cybersecurity risk management is supported by the Audit Committee of the Board (the “Audit Committee”), which interacts with our Adviser’s Director of Information Technology and other members of management of our Adviser that implement and oversee our Adviser’s cybersecurity program.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee oversees the Company’s risk management policies, including the management of risks arising from cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee receives presentations and reports on cybersecurity risks, which address a wide range of topics including annual assessments of internal and third-party policies, vulnerability assessments, technological trends and information security considerations arising with respect to the Company and our Adviser. The Audit Committee also receives prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed.
Cybersecurity Risk Role of Management [Text Block]	The Adviser’s Director of Information Technology, in coordination with relevant senior management and personnel of the Adviser, which includes our Adviser’s Chief Financial Officer, Senior Infrastructure Engineer, and Chief Compliance Officer, work to conceive, implement, and monitor the effectiveness of a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any security incidents in accordance with the Company’s business continuity plan. To ensure the effectiveness of these controls, the Adviser’s technology team continually monitors, hardens, and evolves systems’ security postures to model and mirror various security frameworks such as NIST CSF and Azure Security Benchmark. The Adviser’s Director of Information Technology will promptly notify our General Counsel of any cybersecurity events, with material cybersecurity events promptly communicated to the Audit Committee and publicly disclosed as deemed necessary. The Adviser’s Director of Information Technology has served in various roles in information technology and information security for 25 years, including serving as Global Technology Manager at a multi-national publicly traded broker-dealer, and 15 years as the Director of Information Technology at a privately held financial services firm. The Adviser’s Director of Information Technology holds an undergraduate degree in biochemistry and has attained numerous information technology certifications over the years including Microsoft Certified Systems Engineer (MCSE) and Cisco Certified network Professional (CCNP). The Adviser’s Senior Infrastructure Engineer has over 20 years industry experience, holds an undergraduate degree in radiology, and has completed various Microsoft related information technology certifications. Combined, our Adviser’s information technology team has over 50 years of experience covering all major aspects of network architecture and management.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Adviser’s Director of Information Technology, in coordination with relevant senior management and personnel of the Adviser, which includes our Adviser’s Chief Financial Officer, Senior Infrastructure Engineer, and Chief Compliance Officer, work to conceive, implement, and monitor the effectiveness of a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any security incidents in accordance with the Company’s business continuity plan.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Adviser’s Director of Information Technology has served in various roles in information technology and information security for 25 years, including serving as Global Technology Manager at a multi-national publicly traded broker-dealer, and 15 years as the Director of Information Technology at a privately held financial services firm. The Adviser’s Director of Information Technology holds an undergraduate degree in biochemistry and has attained numerous information technology certifications over the years including Microsoft Certified Systems Engineer (MCSE) and Cisco Certified network Professional (CCNP). The Adviser’s Senior Infrastructure Engineer has over 20 years industry experience, holds an undergraduate degree in radiology, and has completed various Microsoft related information technology certifications. Combined, our Adviser’s information technology team has over 50 years of experience covering all major aspects of network architecture and management.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Adviser engages in the periodic assessment and testing of our Adviser’s policies, standards, processes and practices that are designed to address the Company’s cybersecurity threats and incidents. These efforts include a wide range of activities, including annual penetration and third-party compliance testing and ongoing internal testing and creation and modification of policies and procedures. The results of the annual assessments are reported to the Audit Committee and the Board, and our Adviser adjusts its cybersecurity policies, standards, processes and practices as necessary based on the information provided by these assessments and ongoing testing.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,110	$ 44,264	$ (9,260)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 2024
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”) and the Company believes the current organization and method of operation will enable it to maintain its status as a 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 also consolidates certain variable interest entities ("VIEs") in accordance with Financial Accounting Standards Board’s ("FASB") Accounting Standards Codification ("ASC") 810 Consolidation. The Company controls and consolidates the OP as a VIE. 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 December 31, 2024, there were 26,053,988 common units in the OP (“OP Units”) outstanding, of which 25,951,154 , or 99.6 % , were owned by the Company and 102,834 , or 0.4 % , were owned by noncontrolling limited partners (see Note 9 to our consolidated financial statements). 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 24, 2025 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	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles (“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 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 year ended December 31, 2024 . 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 consolidated financial statements include the accounts of the Company and its subsidiaries, including the OP and its subsidiaries. Reclassification of Prior Year Activity on the Consolidated Statements of Cash Flows Certain reclassifications have been made within the consolidated statements of cash flows to the changes in operating assets and liabilities, net of effects of sales and acquisitions for the year ended December 31, 2022 to be comparative to the consolidated statement of cash flows for the years ended December 31, 2024 and 2023. Restricted Cash The Company's restricted cash balance consist of security deposits, operating escrows and renovation reserves. 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 collectable. 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. Purchase Price Allocation Upon acquisition of a property considered to be an asset acquisition, 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 6 to our consolidated financial statements), 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. Operating Real Estate Investments 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 investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an investment may not be recoverable. The key inputs into our impairment analysis include, but are not limited to, the expected holding period, estimated net operating income, and estimated capitalization rates. In such cases, the Company will evaluate the recoverability of such real estate investments based on estimated future cash flows inclusive of the estimated liquidation value of such real estate investments, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate investment. If impaired, the real estate investment 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 for, net operating income, and the estimated capitalization rate for each respective real estate investment. For the years ended December 31, 2024, 2023 and 2022 , the Company has no t recorded any impairment on its real estate investments. 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 December 31, 2024 and 2023 , there are zero and three properties held for sale, respectively. In addition to the net real estate and mortgages payable held for sale, the consolidated balance sheet also includes approximately $ 0.0 million and $ 0.8 million of accounts receivable and prepaid and other assets, and approximately $ 0.0 million and $ 4.9 million of accounts payable, real estate taxes payable, security deposits, prepaid rents, and other accrued liabilities as of December 31, 2024 and 2023 , respectively. 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”) commencing with its taxable year ended December 31, 2015, 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 U.S. 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 TRSs and is subject to applicable federal, state, and local income and margin taxes. The Company had no significant taxes associated with its TRSs for the years ended December 31, 2024, 2023 and 2022. If the Company fails to meet these requirements, it could be subject to U.S. federal income tax on all of the Company’s taxable income at 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 would 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 December 31, 2024 and 2023, 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 December 31, 2024 and 2023. The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of various state and local jurisdictions. The 2023, 2022 and 2021 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) . Segment Reporting We adopted ASU 2023-07, Segment Reporting – Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires a public entity to disclose significant segment expenses and other segment items in interim and annual periods and expands the GAAP disclosure requirements for interim periods. ASU 2023-07 also explicitly requires public entities with a single reportable segment to provide all segment disclosures under GAAP. The Company identifies and discloses its reporting segment(s) in accordance with ASC 280, Segment Reporting . In applying this guidance, the Company first identifies its operating segment(s) from the component(s) where: (1) it engages in business activities from which it may recognize revenue and incur expenses, (2) its operating results are regularly reviewed by the chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (3) its discrete financial information is available. Reportable segments are generally those operating segments that meet certain quantitative thresholds. The Company has determined it has one reportable segment: NXRT. Recent Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires disclosures of disaggregated information about certain income statement expense line items on an annual and interim basis. The amendments are effective for fiscal years beginning after December 15, 2026, with early adoption permitted, and should be applied prospectively, with the option to apply retrospectively. The Company is currently evaluating the impact of adopting the amendments on its disclosures.

Investments in Subsidiaries

Investments in Subsidiaries	12 Months Ended
	Dec. 31, 2024
Schedule of Investments [Abstract]
Investments in Subsidiaries	3. Investments in Subsidiaries The Company conducts its operations through the OP, which owns 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. The Company controls and consolidates the OP as a VIE. 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 (“Reverse 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 Reverse 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 Reverse 1031 Exchange until the sale transaction and the Reverse 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 Reverse 1031 Exchange. As such, the Parked Assets are included in the Company’s consolidated financial statements as VIEs until legal title and control is transferred to the Company upon either completion of the Reverse 1031 Exchange or termination of the master lease agreement, at which time they will be consolidated as wholly owned subsidiaries. As of December 31, 2024 and 2023, the Company, through the OP and the wholly owned TRS, owned 35 and 38 properties, respectively, 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 December 31, 2024 and 2023: Effective Ownership Percentage at December 31, Property Name Location Year Acquired 2024 2023 Arbors on Forest Ridge Bedford, Texas 2014 100 % 100 % Cutter's Point Richardson, Texas 2014 100 % 100 % The Summit at Sabal Park Tampa, Florida 2014 100 % 100 % Courtney Cove Tampa, Florida 2014 100 % 100 % Radbourne Lake (1) Charlotte, North Carolina 2014 — 100 % (2) 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 Phoenix, Arizona 2016 100 % 100 % Old Farm (1) Houston, Texas 2016 — 100 % (2) Stone Creek at Old Farm (1) Houston, Texas 2016 — 100 % (2) Rockledge Apartments Marietta, Georgia 2017 100 % 100 % Atera Apartments Dallas, Texas 2017 100 % 100 % Versailles II 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 Las Vegas, Nevada 2019 100 % 100 % Bloom Las Vegas, Nevada 2019 100 % 100 % Bella Solara Las Vegas, Nevada 2019 100 % 100 % Fairways at San Marcos Chandler, Arizona 2020 100 % 100 % The Verandas at Lake Norman Charlotte, North Carolina 2021 100 % 100 % Creekside at Matthews Charlotte, North Carolina 2021 100 % 100 % Six Forks Station Raleigh, North Carolina 2021 100 % 100 % High House at Cary Cary, North Carolina 2021 100 % 100 % The Adair Sandy Springs, Georgia 2022 100 % 100 % Estates on Maryland Phoenix, Arizona 2022 100 % 100 % (1) Properties sold in 2024. (2) Properties classified as held for sale as of December 31, 2023 .

Real Estate Investments

Real Estate Investments	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Real Estate Investments	4. Real Estate Investments As of December 31, 2024, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties Land Buildings and Construction in Furniture, Totals Arbors on Forest Ridge $ 2,330 $ 12,078 $ — $ 2,553 $ 16,961 Cutter's Point 3,330 14,777 — 6,954 25,061 The Summit at Sabal Park 5,770 15,138 26 3,088 24,022 Courtney Cove 5,880 15,217 71 4,493 25,661 Sabal Palm at Lake Buena Vista 7,558 45,175 — 5,709 58,442 Cornerstone 1,500 31,286 22 5,758 38,566 The Preserve at Terrell Mill 10,170 54,334 — 16,264 80,768 Versailles 6,720 22,977 — 6,504 36,201 Seasons 704 Apartments 7,480 16,241 15 4,561 28,297 Madera Point 4,920 18,390 — 4,031 27,341 Venue at 8651 2,350 19,953 1 4,961 27,265 Parc500 3,860 21,989 — 5,836 31,685 The Venue on Camelback 8,340 38,962 41 6,620 53,963 Rockledge Apartments 17,451 102,013 548 13,063 133,075 Atera Apartments 22,371 39,054 — 3,866 65,291 Versailles II 4,124 21,328 54 3,133 28,639 Brandywine I & II 6,237 75,329 — 10,385 91,951 Bella Vista 10,942 37,482 — 4,345 52,769 The Enclave 11,046 30,760 — 3,861 45,667 The Heritage 6,835 35,284 8 3,942 46,069 Summers Landing 1,798 19,218 — 1,774 22,790 Residences at Glenview Reserve 3,367 43,187 — 6,482 53,036 Residences at West Place 3,345 53,708 — 5,022 62,075 Avant at Pembroke Pines 48,436 287,102 78 24,956 360,572 Arbors of Brentwood 6,346 56,881 8 4,038 67,273 Torreyana Apartments 23,824 44,290 — 2,696 70,810 Bloom 23,803 83,832 14 6,269 113,918 Bella Solara 12,605 52,686 274 3,849 69,414 Fairways at San Marcos 10,993 73,175 — 4,795 88,963 The Verandas at Lake Norman 9,510 54,002 14 2,770 66,296 Creekside at Matthews 11,515 46,171 — 3,482 61,168 Six Forks Station 11,357 65,130 6 4,816 81,309 High House at Cary 23,809 68,654 87 4,019 96,569 The Adair 8,344 57,399 — 3,301 69,044 Estates on Maryland 11,553 65,475 — 3,833 80,861 $ 359,819 $ 1,738,677 $ 1,267 $ 202,029 $ 2,301,792 Accumulated depreciation and amortization — ( 351,780 ) — ( 156,789 ) ( 508,569 ) Total Operating Properties $ 359,819 $ 1,386,897 $ 1,267 $ 45,240 $ 1,793,223 As of December 31, 2023, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties Land Buildings and Construction in Furniture, Totals Arbors on Forest Ridge $ 2,330 $ 11,874 $ 78 $ 2,301 $ 16,583 Cutter's Point 3,330 14,622 — 6,760 24,712 The Summit at Sabal Park 5,770 14,663 — 2,746 23,179 Courtney Cove 5,880 15,099 12 3,837 24,828 Sabal Palm at Lake Buena Vista 7,558 45,023 — 5,040 57,621 Cornerstone 1,500 31,181 30 5,193 37,904 The Preserve at Terrell Mill 10,170 53,490 44 15,116 78,820 Versailles 6,720 22,048 587 5,586 34,941 Seasons 704 Apartments 7,480 15,585 25 4,025 27,115 Madera Point 4,920 18,330 — 3,771 27,021 Venue at 8651 2,350 19,720 374 4,688 27,132 Parc500 3,860 21,501 270 5,421 31,052 The Venue on Camelback 8,340 38,497 324 5,901 53,062 Rockledge Apartments 17,451 99,310 1,649 10,844 129,254 Atera Apartments 22,371 38,922 142 3,622 65,057 Versailles II 4,124 20,764 391 2,656 27,935 Brandywine I & II 6,237 73,895 — 9,541 89,673 Bella Vista 10,942 37,410 — 4,086 52,438 The Enclave 11,046 30,723 — 3,688 45,457 The Heritage 6,835 35,216 — 3,730 45,781 Summers Landing 1,798 18,955 2 1,589 22,344 Residences at Glenview Reserve 3,367 42,693 — 5,524 51,584 Residences at West Place 3,345 53,512 — 4,319 61,176 Avant at Pembroke Pines 48,436 284,582 85 21,681 354,784 Arbors of Brentwood 6,346 54,735 1,534 3,576 66,191 Torreyana Apartments 23,824 44,231 13 2,478 70,546 Bloom 23,803 83,440 8 5,638 112,889 Bella Solara 12,605 52,645 1,687 3,230 70,167 Fairways at San Marcos 10,993 73,068 — 4,443 88,504 The Verandas at Lake Norman 9,510 53,864 — 2,491 65,865 Creekside at Matthews 11,515 46,047 3 3,231 60,796 Six Forks Station 11,357 63,404 985 4,101 79,847 High House at Cary 23,809 68,263 62 3,501 95,635 The Adair 8,344 57,192 — 2,852 68,388 Estates on Maryland 11,553 65,360 17 3,229 80,159 $ 359,819 $ 1,719,864 $ 8,322 $ 180,435 $ 2,268,440 Accumulated depreciation and amortization — ( 287,963 ) — ( 123,124 ) ( 411,087 ) Total Operating Properties $ 359,819 $ 1,431,901 $ 8,322 $ 57,311 $ 1,857,353 Held For Sale Properties Old Farm $ 11,078 $ 71,097 $ 24 $ 6,081 $ 88,280 Stone Creek at Old Farm 3,493 19,689 — 1,465 24,647 Radbourne Lake 2,440 23,229 3 4,019 29,691 Accumulated depreciation and amortization — ( 24,536 ) — ( 7,335 ) ( 31,871 ) Total Held For Sale Properties $ 17,011 $ 89,479 $ 27 $ 4,230 $ 110,747 Total $ 376,830 $ 1,521,380 $ 8,349 $ 61,541 $ 1,968,100 Depreciation expense was $ 97.8 million , $ 95.2 million and $ 93.5 million for the years ended December 31, 2024, 2023 and 2022, respectively. Amortization expense related to the Company’s intangible lease assets was $ 0.0 million , $ 0.0 million and $ 4.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. Due to the six-month useful life attributable to intangible lease assets, the value of intangible lease assets on any acquisition prior to June 30, 2024 has been fully amortized and the assets and related accumulated amortization have been written off as of December 31, 2024. Acquisitions There were no acquisitions during the years ended December 31, 2024 and 2023. Dispositions The Company sold three properties during the year ended December 31, 2024, as detailed in the table below (in thousands). Property Name Location Date of Sale Sales Price Net Cash Proceeds (1) Gain on Sale Old Farm (2) Houston, Texas March 1, 2024 $ 103,000 $ 102,704 $ 31,548 Radbourne Lake Charlotte, North Carolina April 30, 2024 39,250 38,904 18,847 Stone Creek at Old Farm Houston, Texas October 1, 2024 24,500 24,095 3,851 $ 166,750 $ 165,703 $ 54,246 (1) Represents sales price, net of closing costs. (2) Old Farm was sold to NexBank Capital. A director and officer of the Company also (i) is the beneficiary of a trust that indirectly owns 100 % of the limited partnership interests in the parent of the Adviser and directly owns 100 % of the general partnership interests in the parent of the Adviser and (ii) is a director of NexBank Capital. See Note 10. The Company sold two properties during the year ended December 31, 2023, as detailed in the table below (in thousands). Property Name Location Date of Sale Sales Price Net Cash Proceeds (1) Gain on Sale Silverbrook Grand Prairie, Texas September 22, 2023 $ 70,000 $ 69,431 $ 43,107 Timber Creek Charlotte, North Carolina December 13, 2023 49,000 48,348 24,819 $ 119,000 $ 117,779 $ 67,926 (1) Represents sales price, net of closing costs. NXRT Captive On July 6, 2023, NexPoint Captive Insurance Company, Inc. (“NexPoint Captive”) was authorized to transact business in the State of Montana as a captive insurance company. NexPoint Captive began providing rental insurance coverage to NXRT properties and properties managed by affiliates of the Adviser on August 1, 2023. The OP purchased 100 % ownership interest and has the power to direct the activities of NexPoint Captive. NexPoint Captive is required to maintain a cash reserve of $ 250,000 to fund potential claims, which is classified as restricted cash on the consolidated balance sheets. As of December 31, 2024 and 2023 , the Company had approximately $ 0.3 million and $ 0.1 million, respectively, accrued for case reserves which is reflected in accounts payable and other accrued liabilities on the consolidated balance sheets. The Company consolidates NexPoint Captive in its consolidated financial statements. Casualty Losses The Company experienced certain casualty events during the years ended December 31, 2024, 2023 and 2022. Certain casualty proceeds from insurance are recorded in casualty gains (loss) on the consolidated statements of operations and comprehensive income (loss) in relation to these events. Events that are considered to be small, standard and not extraordinary are recorded through property operating expense. Insurance proceeds received from casualty losses are recognized on the Company’s consolidated statements of cash flows as investing activities. The Company differentiates proceeds received from business interruption and casualty gains (losses) in accounting for the transactions. Business interruption proceeds are specifically insurance proceeds to recoup lost rents due to a qualifying event(s) (i.e., fires, floods, storms, water damage, etc.) as determined by the insurance policy and are reflected as operating cash flows in the accompanying consolidated statements of cash flows. Business interruption that has been accrued by the Company is presented in miscellaneous income in the accompanying consolidated statements of operations and comprehensive income (loss). Casualty gains (losses) are distinctly attributable to damage and subsequent write down of the property (loss), and the recoupment of funds from the insurance policy, as it relates to the damage. Such proceeds received from the damage to the property are accounted for as a gain to the Company, and potentially offset losses attributable to net write off of damaged assets. During the years ended December 31, 2024, 2023 and 2022 , the Company recognized $ 0.6 million in casualty loss, $ 0.9 million in casualty loss and $ 2.5 million in casualty gains, respectively, and $ 0.5 million, $ 1.2 million and $ 1.3 million in business interruption proceeds on the consolidated statement of operations and comprehensive income (loss) due to casualty events, respectively.

Debt

Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Mortgage Debt The following table contains summary information concerning the mortgage debt of the Company as of December 31, 2024 (dollars in thousands): Operating Properties Type Term (months) Outstanding Interest Rate (1) Maturity Date Residences at West Place Fixed 120 $ 33,817 4.24 % 10/1/2028 Arbors of Brentwood Floating 84 39,977 5.62 % 10/1/2031 Avant at Pembroke Pines Floating 84 248,185 5.62 % 10/1/2031 Bella Vista Floating 84 37,400 5.62 % 10/1/2031 Brandywine I & II Floating 84 59,526 5.62 % 10/1/2031 Cornerstone Floating 84 45,815 5.62 % 10/1/2031 Estates on Maryland Floating 84 37,345 5.62 % 10/1/2031 High House at Cary Floating 84 32,478 5.62 % 10/1/2031 Residences at Glenview Reserve Floating 84 33,271 5.62 % 10/1/2031 Sabal Palm at Lake Buena Vista Floating 84 56,220 5.62 % 10/1/2031 Six Forks Station Floating 84 30,430 5.62 % 10/1/2031 Summers Landing Floating 84 14,135 5.62 % 10/1/2031 The Adair Floating 84 33,229 5.62 % 10/1/2031 The Enclave Floating 84 33,440 5.62 % 10/1/2031 The Heritage Floating 84 29,810 5.62 % 10/1/2031 The Venue on Camelback Floating 84 36,465 5.62 % 10/1/2031 The Verandas at Lake Norman Floating 84 30,113 5.62 % 10/1/2031 Versailles II Floating 84 15,706 5.62 % 10/1/2031 Arbors on Forest Ridge Floating 84 17,307 5.62 % 12/1/2031 Atera Apartments Floating 84 38,555 5.62 % 12/1/2031 Bella Solara Floating 84 37,772 5.62 % 12/1/2031 Bloom Floating 84 60,848 5.62 % 12/1/2031 Courtney Cove Floating 84 31,596 5.62 % 12/1/2031 Creekside at Matthews Floating 84 28,703 5.62 % 12/1/2031 Cutter's Point Floating 84 18,994 5.62 % 12/1/2031 Fairways at San Marcos Floating 84 55,056 5.62 % 12/1/2031 Madera Point Floating 84 29,676 5.62 % 12/1/2031 Parc500 Floating 84 30,012 5.62 % 12/1/2031 Rockledge Apartments Floating 84 78,444 5.62 % 12/1/2031 Seasons 704 Apartments Floating 84 33,960 5.62 % 12/1/2031 The Preserve at Terrell Mill Floating 84 74,341 5.62 % 12/1/2031 The Summit at Sabal Park Floating 84 26,735 5.62 % 12/1/2031 Torreyana Apartments Floating 84 43,153 5.62 % 12/1/2031 Venue at 8651 Floating 84 24,620 5.62 % 12/1/2031 Versailles Floating 84 26,108 5.62 % 12/1/2031 $ 1,503,242 Fair market value adjustment 397 Deferred financing costs, net of accumulated amortization of $ 1,113 ( 39,989 ) $ 1,463,650 (1) Interest rate is based on a reference rate plus an applicable margin, except for fixed rate mortgage debt. The reference rates used in our Portfolio is 30-Day Average Secured Overnight Financing Rate (“SOFR”). As of December 31, 2024 , SOFR was 4.53 % . The following table contains summary information concerning the mortgage debt of the Company as of December 31, 2023 (dollars in thousands): Operating Properties Type Term (months) Outstanding Interest Rate Maturity Date Arbors on Forest Ridge Floating 120 $ 19,184 6.89 % 12/1/2032 Cutter's Point Floating 120 21,524 6.89 % 12/1/2032 The Summit at Sabal Park Floating 120 30,826 6.89 % 12/1/2032 Courtney Cove Floating 120 36,146 6.89 % 12/1/2032 The Preserve at Terrell Mill Floating 120 71,098 6.89 % 12/1/2032 Versailles Floating 120 40,247 6.89 % 12/1/2032 Seasons 704 Apartments Floating 120 33,132 6.89 % 12/1/2032 Madera Point Floating 120 34,457 6.89 % 12/1/2032 Venue at 8651 Floating 120 18,690 6.89 % 12/1/2032 The Venue on Camelback Floating 120 42,788 7.52 % 2/1/2033 Sabal Palm at Lake Buena Vista Floating 84 42,100 6.76 % 9/1/2025 Cornerstone Floating 120 46,804 7.43 % 12/1/2032 Parc500 Floating 120 29,416 6.89 % 12/1/2032 Rockledge Apartments Floating 120 93,129 6.89 % 12/1/2032 Atera Apartments Floating 120 46,198 6.89 % 12/1/2032 Versailles II Floating 84 12,061 6.64 % 10/1/2025 Brandywine I & II Floating 84 43,835 6.64 % 10/1/2025 Bella Vista Floating 84 29,040 6.78 % 2/1/2026 The Enclave Floating 84 25,322 6.78 % 2/1/2026 The Heritage Floating 84 24,625 6.78 % 2/1/2026 Summers Landing Floating 84 10,109 6.64 % 10/1/2025 Residences at Glenview Reserve Floating 84 25,574 6.90 % 10/1/2025 Residences at West Place Fixed 120 33,817 4.24 % 10/1/2028 Avant at Pembroke Pines Floating 84 177,101 6.89 % 9/1/2026 Arbors of Brentwood Floating 84 34,237 6.89 % 10/1/2026 Torreyana Apartments Floating 120 50,580 6.89 % 12/1/2032 Bloom Floating 120 59,830 6.89 % 12/1/2032 Bella Solara Floating 120 40,328 6.89 % 12/1/2032 Fairways at San Marcos Floating 120 60,228 6.89 % 12/1/2032 The Verandas at Lake Norman Floating 84 34,925 7.19 % 7/1/2028 Creekside at Matthews Floating 120 29,648 6.89 % 12/1/2032 Six Forks Station Floating 120 41,180 7.06 % 10/1/2031 High House at Cary Floating 84 46,625 7.35 % 1/1/2029 The Adair Floating 84 35,115 7.31 % 4/1/2029 Estates on Maryland Floating 84 43,157 7.31 % 4/1/2029 $ 1,463,076 Fair market value adjustment 503 Deferred financing costs, net of accumulated amortization of $ 3,763 ( 9,792 ) $ 1,453,787 Held For Sale Properties Old Farm Floating 84 $ 52,886 7.14 % 7/1/2024 Stone Creek at Old Farm Floating 84 15,274 7.14 % 7/1/2024 Radbourne Lake Floating 84 20,000 6.75 % 10/1/2025 $ 88,160 Deferred financing costs, net of accumulated amortization of $ 528 ( 116 ) $ 88,044 During the year ended December 31, 2024, the Company sold three properties and repaid the related mortgage loans that encumbered the properties, as detailed in the table below (in thousands): Property Name Date of Sale Type Outstanding Old Farm March 1, 2024 Floating $ 52,886 Radbourne Lake April 30, 2024 Floating 20,000 Stone Creek at Old Farm October 1, 2024 Floating 15,274 $ 88,160 (1) Represents the outstanding principal balance when the loan was repaid. The weighted average interest rate of the Company’s mortgage indebtedness was 5.56 % as of December 31, 2024 and 6.90 % as of December 31, 2023. As of December 31, 2024, the adjusted weighted average interest rate of the Company’s mortgage indebtedness was 2.96 % . 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 0.98 % for Adjusted SOFR on its combined $ 1.1 billion notional amount of interest rate swap agreements, which effectively fix the interest rate on $ 1.1 billion of $ 1.5 billion of the Company’s floating rate mortgage debt (see Note 6 to our consolidated financial statements). 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 December 31, 2024 and 2023, the Company believes it is in compliance with all provisions. During the fourth quarter of 2024, the Company completed a refinance on 34 of its properties, increasing outstanding principal on the mortgage debt from approximately $ 1.4 billion to $ 1.5 billion. The Company accounted for each refinance as a debt extinguishment in accordance with ASC 470-50. As part of the refinance in the fourth quarter of 2024, the Company paid $ 40.9 million in deferred financing cost, which is classified as mortgages payable, net on the consolidated balance sheets. The Company incurred prepayment penalties of approximately $ 14.8 million, refinance expenses of approximately $ 0.1 million, and wrote-off deferred financing costs of approximately $ 8.4 million in connection with the refinance in the fourth quarter of 2024 which are included in loss on extinguishment of debt and modification costs in the consolidated statements of operations and comprehensive income (loss). Credit Facility On June 30, 2021, the Company, through the OP, entered into a secured $ 250.0 million credit facility with Truist Bank (“Truist Bank”), as administrative agent, and the lenders from time to time party thereto (as amended or modified, the “Corporate Credit Facility”). In connection with entering into the Corporate Credit Facility, the Company, through the OP, terminated its $ 225.0 million credit facility with Truist Bank, as administrative agent, and the lenders from time to time party thereto, prior to the maturity date of January 28, 2022. On September 9, 2021, the Company, through the OP, modified the Corporate Credit Facility to provide for an additional $ 35.0 million term loan with a maturity date of December 31, 2021 , increasing the Corporate Credit Facility from $ 250 million to $ 285 million. In conjunction with the increase in the facility, the Company incurred costs of $ 0.3 million in obtaining the additional financing through the modification. On December 6, 2021, the Company, through the OP, increased the amount of the Corporate Credit Facility by $ 55.0 million, and incurred costs of $ 0.4 million of deferred financing costs in conjunction with the increase in the facility. On March 25, 2022, the Company entered into a loan modification agreement by and among the Company, the OP, Truist Bank and the Lenders party thereto, which modified the Corporate Credit Facility. Subject to conditions provided in the Corporate Credit Facility, the commitments under Corporate Credit Facility may be increased up to an additional $ 150.0 million if the lenders agree to increase their commitments or if the lenders agree for the increase to be funded by any additional lender proposed by the Company, through the OP. On March 25, 2022, the Company drew on $ 55.0 million of the Corporate Credit Facility. On October 24, 2022, the Company exercised its option to extend the Corporate Credit Facility with respect to the revolving commitments for a single one-year term resulting in a maturity date of June 30, 2025 . As of December 31, 2024 and 2023, there was $ 0.0 and $ 24.0 million, respectively, in aggregate principal outstanding on the Corporate Credit Facility and $ 350.0 and $ 326.0 million, respectively, available for borrowing under the Corporate Credit Facility. Advances under the Corporate Credit Facility accrue interest at a per annum rate equal to, at the Company’s election, either Term SOFR plus a margin of 1.90 % to 2.40 %, depending on the Company’s total leverage ratio, and a benchmark replacement adjustment of 0.1 %, or a base rate determined according to the highest of (a) the prime rate, (b) the federal funds rate plus 0.50%, (c) Term SOFR plus 1.0% or (d) 0.0% plus a margin of 0.90% to 1.40%, depending on the Company’s total leverage ratio. An unused commitment fee at a rate of 0.15% or 0.25% , depending on the outstanding aggregate revolving commitments, applies to unutilized borrowing capacity under the Corporate Credit Facility. Amounts owing under the Corporate Credit Facility may be prepaid at any time without premium or penalty. The Corporate Credit Facility is guaranteed by the Company and the obligations under the Corporate Credit Facility are, subject to some exceptions, secured by a continuing security interest in substantially all of the assets of the Company. As of December 31, 2024 and 2023, the Company is in compliance with all of the covenants required in its Corporate Credit Facility. 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. As of December 31, 2024 , the Company had $ 3.0 million of deferred financing costs and $ 2.9 million of accumulated amortization related to the Corporate Credit Facility classified in prepaid and other assets on the 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 years ended December 31, 2024, 2023 and 2022, amortization of deferred financing costs of approximately $ 3.4 million , $ 2.9 million and $ 2.8 million, respectively, is included in interest expense on the consolidated statements of operations and comprehensive income (loss). Gain (loss) on Extinguishment of Debt and Modification Costs Gain (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. 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. The following table contains summary information concerning the loss on extinguishment of debt and modification costs for the years ended December 31, 2024, 2023 and 2022 (dollars in thousands): For the Year Ended December 31, 2024 2023 2022 Prepayment penalties and defeasance costs $ 15,486 $ 2,370 $ 5,702 Write-off of deferred financing costs 8,465 483 1,961 Write-off of fair market value adjustment of assumed debt — — ( 256 ) Debt modification and other extinguishment costs 53 ( 444 ) 1,327 Total $ 24,004 $ 2,409 $ 8,734 Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to December 31, 2024 are as follows (in thousands): Operating 2025 $ — 2026 — 2027 — 2028 33,817 2029 — Thereafter 1,469,425 Total $ 1,503,242

Fair Value of Derivatives and F

Fair Value of Derivatives and Financial Instruments	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Derivatives and Financial Instruments	6. 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 December 31, 2024 and 2023 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 years ended December 31, 2024, 2023 and 2022 , 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 SOFR on the Company’s floating rate mortgage indebtedness at a weighted average rate of 6.31 % . The Company determined at inception of each of the interest rate caps that they do not meet the hedge accounting criteria, and therefore the Company recognizes market-to-market movements of the interest rate caps against interest expense on the consolidated statement of operations and in prepaid and other assets on the consolidated balance sheet. For any interest cap that is designated as an effective hedge, the Company recognized mark-to-market movements in other comprehensive income (loss) and in prepaid and other assets on the consolidated balance sheet. 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 interest rate swap transactions with KeyBank National Association (“KeyBank”) and Truist Bank. The interest rate swaps the Company has entered into effectively fix the floating interest rate with respect to that amount with a weighted average fixed rate of 0.98 % . The Company has designated these interest rate swaps as cash flow hedges of interest rate risk. LIBOR ceased publication on June 30, 2023. On July 1, 2023, LIBOR rates were replaced with SOFR as the reference rate for most LIBOR debt and derivative instruments. For debt instruments that transitioned from LIBOR to SOFR, the adjustment included an increase of 0.11448 % to the all-in rate. For the Company's interest rate swaps, the reference transitioned from one-month LIBOR to Adjusted SOFR. As of December 31, 2024, 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) 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 % 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 % $ 1,067,500 0.9807 % (2) (1) The floating rate option for the interest rate swaps is Adjusted SOFR. As of December 31, 2024 , Adjusted SOFR was 4.65 % . (2) Represents the weighted average fixed rate of the interest rate swaps. As of December 31, 2024 and 2023, the Company had the following outstanding interest rate swap that was designated as cash flow hedge of interest rate risk with a future effective date (dollars in thousands): Future Swap Effective Date Termination Date Counterparty Notional Amount Fixed Rate (1) September 1, 2026 January 1, 2027 KeyBank $ 92,500 1.7980 % (1) The floating rate option for the interest rate swap is Adjusted SOFR. As of December 31, 2024 , Adjusted SOFR was 4.65 % . 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 December 31, 2024, the Company had the following interest rate caps outstanding that were not designated as cash flow hedges of interest rate risk (dollars in thousands): Properties Type Maturity Date Notional Strike Rate High House at Cary Floating 1/1/2025 $ 46,625 2.74 % Bella Vista Floating 2/1/2025 29,040 5.18 % The Enclave Floating 2/1/2025 25,322 5.18 % The Heritage Floating 2/1/2025 24,625 5.18 % Estates on Maryland Floating 4/1/2025 43,157 3.91 % The Adair Floating 4/1/2025 35,115 3.91 % Rockledge Apartments Floating 12/1/2025 93,129 6.45 % The Preserve at Terrell Mill Floating 12/1/2025 71,098 6.45 % Fairways at San Marcos Floating 12/1/2025 60,228 6.70 % Bloom Floating 12/1/2025 59,830 6.70 % Torreyana Apartments Floating 12/1/2025 50,580 6.70 % Cornerstone Floating 12/1/2025 46,804 6.66 % Atera Apartments Floating 12/1/2025 46,198 6.45 % Silverbrook Floating 12/1/2025 46,088 6.45 % Bella Solara Floating 12/1/2025 40,328 6.70 % Versailles Floating 12/1/2025 40,247 6.45 % Courtney Cove Floating 12/1/2025 36,146 6.70 % Madera Point Floating 12/1/2025 34,457 6.70 % Seasons 704 Apartments Floating 12/1/2025 33,132 6.70 % The Summit at Sabal Park Floating 12/1/2025 30,826 6.70 % Creekside at Matthews Floating 12/1/2025 29,648 6.45 % Parc500 Floating 12/1/2025 29,416 6.45 % Cutter's Point Floating 12/1/2025 21,524 6.45 % Arbors on Forest Ridge Floating 12/1/2025 19,184 6.70 % Venue at 8651 Floating 12/1/2025 18,690 6.45 % The Venue on Camelback Floating 2/1/2026 42,788 6.07 % Avant at Pembroke Pines Floating 10/1/2027 248,185 8.16 % Brandywine I & II Floating 10/1/2027 59,526 8.16 % Sabal Palm at Lake Buena Vista Floating 10/1/2027 56,220 8.41 % Cornerstone Floating 10/1/2027 45,815 8.66 % Arbors of Brentwood Floating 10/1/2027 39,977 8.16 % Bella Vista Floating 10/1/2027 37,400 8.91 % Estates on Maryland Floating 10/1/2027 37,345 8.91 % The Venue on Camelback Floating 10/1/2027 36,465 8.16 % The Enclave Floating 10/1/2027 33,440 8.66 % Residences at Glenview Reserve Floating 10/1/2027 33,271 8.16 % The Adair Floating 10/1/2027 33,229 8.16 % High House at Cary Floating 10/1/2027 32,478 8.16 % Six Forks Station Floating 10/1/2027 30,430 8.16 % The Verandas at Lake Norman Floating 10/1/2027 30,113 8.16 % The Heritage Floating 10/1/2027 29,810 8.91 % Versailles II Floating 10/1/2027 15,706 8.16 % Summers Landing Floating 10/1/2027 14,135 8.66 % Rockledge Apartments Floating 12/1/2027 78,444 7.66 % The Preserve at Terrell Mill Floating 12/1/2027 74,341 7.66 % Bloom Floating 12/1/2027 60,848 7.66 % Fairways at San Marcos Floating 12/1/2027 55,056 7.66 % Torreyana Apartments Floating 12/1/2027 43,153 7.66 % Atera Apartments Floating 12/1/2027 38,555 7.66 % Bella Solara Floating 12/1/2027 37,772 7.66 % Seasons 704 Apartments Floating 12/1/2027 33,960 7.66 % Courtney Cove Floating 12/1/2027 31,596 7.66 % Parc500 Floating 12/1/2027 30,012 7.66 % Madera Point Floating 12/1/2027 29,676 7.66 % Creekside at Matthews Floating 12/1/2027 28,703 7.66 % The Summit at Sabal Park Floating 12/1/2027 26,735 7.66 % Versailles Floating 12/1/2027 26,108 7.66 % Venue at 8651 Floating 12/1/2027 24,620 7.66 % Cutter's Point Floating 12/1/2027 18,994 7.66 % Arbors on Forest Ridge Floating 12/1/2027 17,307 7.66 % $ 2,523,650 7.22 % As of December 31, 2024, the Company had the following interest rate cap outstanding that was designated as a cash flow hedge of interest rate risk (dollars in thousands): Property Type Maturity Date Notional Strike Rate The Verandas at Lake Norman Floating 7/1/2025 $ 34,925 3.40 % 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 December 31, 2024 and 2023 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ 41,841 $ 71,028 $ — $ — Interest rate caps Prepaid and other assets 156 — — — Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets 1,073 2,988 — — Total $ 43,070 $ 74,016 $ — $ — 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 years ended December 31, 2024, 2023 and 2022 (in thousands): Amount of gain Location of gain reclassified Amount of gain 2024 2023 2022 OCI into income 2024 2023 2022 Derivatives designated as hedging instruments: For the year ended December 31, Interest rate swaps $ 18,913 $ 15,304 $ 106,593 Interest expense $ 48,102 $ 47,717 $ 6,678 Interest rate caps $ 231 $ — $ — Interest expense $ 307 $ — $ — Location of gain Amount of gain (loss) recognized in 2024 2023 2022 Derivatives not designated as hedging instruments: For the year ended December 31, Interest rate caps Interest expense $ 593 $ ( 1,484 ) $ 3,446 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 9 to our consolidated financial statements). 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 December 31, 2024 and 2023, respectively, the fair values of cash and cash equivalents, restricted cash, accounts receivable, prepaid and other assets, excluding interest rate caps, 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. 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 outstanding principal balances and estimated fair values of our debt at December 31, 2024 and 2023 (in thousands): December 31, 2024 December 31, 2023 Outstanding Principal Balance Estimated Outstanding Principal Balance Estimated Fixed rate debt $ 33,817 $ 32,073 $ 33,817 $ 31,950 Floating rate debt (1) $ 1,469,425 $ 1,396,265 $ 1,541,419 $ 1,335,635 (1) Includes balances outstanding under our Corporate Credit Facility and held for sale debt. Real estate investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an investment may not be recoverable. In such cases, the Company will evaluate the recoverability of such real estate investments based on estimated future cash flows and the estimated liquidation value of such real estate investments and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate investment. If impaired, the real estate investment 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 investment.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Stockholders' Equity	7. Stockholders’ Equity Common Stock During the years ended December 31, 2024, 2023 and 2022, the Company issued 167,902 , 124,994 and 165,134 shares of common stock pursuant to its long-term incentive plan (see “Long Term Incentive Plan” below) and zero , zero and 52,091 shares pursuant to its at-the-market offering (see “At-the-Market Offering” below). As of December 31, 2024 and 2023, the Company had 25,403,537 shares and 25,674,313 shares of common stock, par value $ 0.01 per share, issued and outstanding. Share Repurchase Program On October 24, 2022, the Board authorized the Company to repurchase an indeterminate number of shares of our common stock at an aggregate market value of up to $ 100.0 million during a two-year period that expired on October 24, 2024 (the “Share Repurchase Program”). On October 28, 2024, the Board authorized the Company to repurchase an indeterminate number of shares of our common stock at an aggregate market value of up to $ 100.0 million during a two-year period that will expire on October 28, 2026 . This authorization replaced the Board’s prior authorization of the Share Repurchase Program. The Company may utilize various methods to affect 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 year ended December 31, 2024, the Company repurchased 438,678 shares of its common stock, par value of $ 0.01 per share, at a total cost of approximately $ 14.6 million , or $ 33.19 per share on average. During the year ended December 31, 2023, the Company did no t repurchase any shares of its common stock. During the year ended December 31, 2022, the Company repurchased 168,473 shares of its common stock for approximately $ 11.1 million, or $ 66.04 per share. Since the inception of the Share Repurchase Program in June 2016 through December 31, 2024, the Company has repurchased 2,989,306 shares of its common stock, par value $ 0.01 per share, at a total cost of approximately $ 86.9 million, or $ 29.07 per share on average. 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 years ended December 31, 2024, 2023 and 2022 , the Company retired 438,678 , zero and 168,437 shares of common stock, respectively. As of December 31, 2024 and 2023 , the Company did no t have any 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), 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. Compensation expense is recognized on a straight-line basis over the total requisite service period for the entire reward. Beginning on the date of grant, restricted stock units earn dividends that are payable in cash on the vesting date. The following table includes the number of restricted stock units granted to its directors, officers, employees and certain key employees of the Adviser under the 2016 LTIP: Summary of Grants February March May Total 2019 186,662 — — 186,662 2020 168,183 — 116,852 285,035 2021 204,663 — — 204,663 2022 142,519 — — 142,519 2023 — 260,709 — 260,709 2024 — 355,475 — 355,475 Total 702,027 616,184 116,852 1,435,063 As of December 31, 2024 and 2023 , the Company had 754,329 and 620,137 unvested units under the 2016 LTIP, respectively. The following table includes the number of restricted stock units granted, vested, forfeited and outstanding as of December 31, 2024: 2024 Number of Units Weighted Average Outstanding January 1, 620,137 $ 47.50 Granted 355,475 30.89 Vested ( 217,731 ) (1) 45.32 Forfeited ( 3,552 ) 32.10 Outstanding December 31, 754,329 $ 40.51 (1) Certain key employees of the Adviser elected to net the taxes owed upon vesting against the shares issued resulting in 167,902 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 December 31, 2024: Shares Vesting February March May Total 2025 96,937 136,024 21,617 254,578 2026 64,147 114,329 — 178,476 2027 26,283 114,329 — 140,612 2028 — 114,323 — 114,323 2029 — 66,340 — 66,340 Total 187,367 545,345 21,617 754,329 As of December 31, 2024 and 2023, the Company had issued 1,150,106 and 982,202 shares of common stock under the 2016 LTIP, respectively. For the years ended December 31, 2024, 2023 and 2022, the Company recognized approximately $ 10.5 million , $ 9.3 million and $ 7.9 million , respectively, of equity-based compensation expense related to grants of restricted stock units. As of December 31, 2024 and 2023, the Company had recognized a liability of approximately $ 2.6 million and $ 2.1 million, respectively, related to dividends earned on restricted stock units that are payable in cash upon vesting which is included in accounts payable and other accrued liabilities on the consolidated balance sheets. Forfeitures are recognized as they occur. As of December 31, 2024 and 2023 , the Company had total unrecognized compensation expense on restricted stock unit awards of approximately $ 21.9 million and $ 21.5 million, and the expense is expected to be recognized over weighted average vesting periods of 1.6 years and 1.5 years, respectively. At-the-Market Offering On March 4, 2020, 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”), KeyBanc Capital Markets Inc. (“KeyBanc”) and Truist Securities (f/k/a SunTrust Robinson Humphrey, Inc., “SunTrust,” and together with Jefferies, Raymond James and KeyBanc, the “2020 ATM Sales Agents”), pursuant to which the Company could 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, were 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 entered into forward sale agreements with each of Jefferies, KeyBanc and Raymond James, or their respective affiliates, through the 2020 ATM Program. The following table contains summary information of the 2020 ATM Program since its inception: Gross proceeds $ 62,310,967 Common shares issued 1,120,910 Gross average sale price per share $ 55.59 Sales commissions $ 934,665 Offering costs 1,353,015 Net proceeds $ 60,023,287 Average price per share, net $ 53.55

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	8. 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 the assumed conversion of these units would have no net impact on the determination of diluted earnings (loss) per share. See Note 9 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 Year Ended December 31, 2024 2023 2022 Numerator for earnings (loss) per share: Net income (loss) $ 1,114 $ 44,433 $ ( 9,291 ) Net income (loss) attributable to redeemable noncontrolling interests in the OP 4 169 ( 31 ) Net income (loss) attributable to common stockholders $ 1,110 $ 44,264 $ ( 9,260 ) Denominator for earnings (loss) per share: Weighted average common shares outstanding 25,516 25,654 25,610 Denominator for basic loss per share 25,516 25,654 25,610 Weighted average unvested restricted stock units 730 591 542 Denominator for diluted loss per share (1) 26,246 26,245 25,610 Earnings (loss) per weighted average common share: Basic $ 0.04 $ 1.73 $ ( 0.36 ) Diluted $ 0.04 $ 1.69 $ ( 0.36 ) (1) If the Company sustains a net loss for the period presented, unvested restricted stock units are not included in the diluted earnings (loss) per share calculation.

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2024
Noncontrolling Interest [Abstract]
Noncontrolling Interests	9. 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 April 1, 2022, the Company acquired The Adair and Estates on Maryland, from investors in a Delaware Statutory Trust managed by an entity affiliated with the Adviser, for total consideration of $ 143.4 million (the “Purchase Price”). The Purchase Price consisted of 31,071 OP Units (valued at $ 2.9 million) that were issued in connection with the acquisition and approximately $ 70.7 million in cash and debt. The fair value of the OP Units was determined based on the April 1, 2022 share price of NXRT as the OP units are convertible to common stock on a one to one basis. 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 years ended December 31, 2024 and 2023 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2022 $ 5,631 Net income attributable to redeemable noncontrolling interests in the OP 169 Other comprehensive loss attributable to redeemable noncontrolling interests in the OP ( 123 ) Distributions to redeemable noncontrolling interests in the OP ( 184 ) Issuance of operating partnership units for purchase of noncontrolling interests 415 Redemption of operating partnership units of noncontrolling interests ( 70 ) Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP ( 592 ) Redeemable noncontrolling interests in the OP, December 31, 2023 $ 5,246 Net income attributable to redeemable noncontrolling interests in the OP 4 Other comprehensive loss attributable to redeemable noncontrolling interests in the OP ( 115 ) Distributions to redeemable noncontrolling interests in the OP ( 196 ) Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 843 Redeemable noncontrolling interests in the OP, December 31, 2024 $ 5,782 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 Equities, LLC and its affiliates (collectively, “BH Equity"), who was a noncontrolling interest member of the Company’s joint ventures prior to the purchase by the Company of 100 % of the joint venture interests in the portfolio owned by BH Equity, representing approximately 8.4 % ownership in the portfolio (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 years ended December 31, 2024, 2023 and 2022 (in thousands): For the Year Ended December 31, 2024 2023 2022 Fees incurred Property management fees (1) $ 7,446 $ 8,051 $ 7,606 Construction supervision fees (2) 903 2,062 2,000 Design fees (2) 19 67 198 Acquisition fees (3) ( 2 ) ( 83 ) 45 Reimbursements Payroll and benefits (4) 18,837 18,809 21,310 Other reimbursements (5) 3,564 8,001 4,695 (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) Includes due diligence costs. Acquisition fees are capitalized to real estate assets on the consolidated balance sheets. (4) Included in property operating expenses on the consolidated statements of operations and comprehensive income (loss) . (5) 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	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	10. 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 years ended December 31, 2024, 2023 and 2022, 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 years ended December 31, 2024, 2023 and 2022, the Company incurred advisory and administrative fees of $ 6.9 million , $ 7.6 million and $ 7.5 million, respectively. For the years ended December 31, 2024, 2023 and 2022, the Adviser elected to voluntarily waive advisory and administrative fees of $ 21.3 million, $ 21.7 million and $ 21.0 million, respectively. The advisory and administrative fees waived by the Adviser for the years ended December 31, 2024, 2023 and 2022 are considered to be permanently waived for the periods. 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 years ended December 31, 2024, 2023 and 2022, the Company paid approximately $ 0.0 million , $ 0.2 million and $ 0.8 million , respectively, to NexBank Title, Inc. (“NexBank Title”). 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. The Company holds multiple operating accounts at NexBank Capital. A director and officer of the Company also (i) is the beneficiary of a trust that indirectly owns 100 % of the limited partnership interests in the parent of the Adviser and directly owns 100 % of the general partnership interests in the parent of the Adviser and (ii) is a director of NexBank Capital, which directly owns 100 % of the common stock of NexBank Title. On July 30, 2021, three of our property-owning subsidiaries entered into agreements with NLMF Holdco, LLC, an entity under common control with our Adviser and in which we own a 10 % equity interest, to provide faster, more reliable and lower cost internet to our residents. The lease of the fiber facilities and easement is between NLMF Holdco, LLC and NLMF Leaseco, LLC, which is wholly and separately owned by NLMF Leaseco Owner, LLC, which is controlled by Matt McGraner, one of our officers. The fiber management and internet services agreement is managed by NLMF Leaseco, LLC. The Company accounts for its interest in NLMF Holdco, LLC using the equity method of accounting. As of December 31, 2024 and 2023 , the Company has funded approximately $ 0.7 million and $ 0.3 million to NLMF Holdco, LLC, respectively, which is included in prepaid and other assets on the consolidated balance sheet of the Company. For the years ended December 31, 2024, 2023 and 2022 , the Company recognized $ 0.2 million, $ 0.2 million, and $ 0.0 million of NLMF Holdco, LLC net income in equity in earnings of affiliate on the consolidated statement of operations and comprehensive income (loss) . The Company incurred expenses of $ 2.6 million, $ 2.9 million and $ 0.1 million for fiber internet service to NLMF Leaseco, LLC for the years ended December 31, 2024, 2023 and 2022, respectively, which is included in property operating expenses on the consolidated statement of operations and comprehensive income (loss). On April 1, 2022, the Company acquired The Adair and Estates on Maryland, from investors in a Delaware Statutory Trust managed by an entity affiliated with the Adviser, for total consideration of $ 143.4 million (the “Purchase Price”). The Purchase Price consisted of 31,071 OP Units (valued at $ 2.9 million) that were issued in connection with the acquisition and approximately $ 70.7 million in cash and debt. The fair value of the OP Units was determined based on the April 1, 2022 share price of NXRT as the OP units are convertible to common stock on a one to one basis. NXRTBH Old Farm, LLC On August 16, 2023, the Company entered into a Membership Interest Purchase Agreement (as amended, the “MIPA”) between NXRTBH McMillan, LLC (a wholly owned subsidiary of the Company, the “Seller”) and NexBank Capital to sell all the membership interests of NXRTBH Old Farm, LLC (“Old Farm subsidiary”). On March 1, 2024 (the “closing date”), in accordance with the MIPA, the Seller sold the membership interests of the Old Farm subsidiary to NexBank Capital for $ 103 million. Substantially all of the fair value of the disposed membership interests is concentrated in the property that is wholly owned by the Old Farm subsidiary at the closing date. As such, the Company determined the Old Farm subsidiary is not a business, and the membership interests represent an in-substance nonfinancial asset consistent with ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets . The membership interests sold represented 100 % of the outstanding equity interests. Following the sale, the Company determined it no longer holds a controlling financial interest in the Old Farm subsidiary and is no longer the primary beneficiary. The Company deconsolidated the Old Farm subsidiary (including the property) as of March 1, 2024. Simultaneously with the sale, the Seller, NexBank Capital and the Old Farm subsidiary entered into an Agreement Regarding Ownership of Bank Accounts, which retained the bank account and its retained balance, along with all its respective rights, titles and interest in, to, and under, at the Seller. Therefore, the $ 1.0 million retained cash balance as of the closing date was not deconsolidated along with the sale. The Company recognized a gain on deconsolidation of $ 31.5 million which was recognized in gain on sales of real estate in the consolidated statement of operation and comprehensive income (loss). A director and officer of the Company also (i) is the beneficiary of a trust that indirectly owns 100 % of the limited partnership interests in the parent of the Adviser and directly owns 100 % of the general partnership interests in the parent of the Adviser and (ii) is a director of NexBank Capital, the holding company of NexBank, directly owns a minority of the common stock of NexBank, and is the beneficiary of a trust that directly owns a substantial portion of the common stock of NexBank.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. 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 December 31, 2024 and 2023, management does not anticipate any material deviations from schedule or budget related to rehabilitation projects currently in process. The Company’s agreement with NLMF Holdco, LLC may result in additional funding requirements to cover future project costs. The maximum exposure of potential commitments is expected to be no more than $ 4.0 million. 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. As of December 31, 2024 and 2023 , the Company was no t aware of any environmental liabilities. There can be no assurance that material environmental liabilities do not exist. Self-Insurance Program On March 1, 2022, the Adviser entered into a self-insurance policy resulting in an aggregate amount of $ 2,497,500 (the “2022 Aggregate Amount”) which is allocated across properties managed by the Adviser with approximately $ 1.8 million being allocated to the Company. On April 1, 2023, the Adviser entered into a new self-insurance policy resulting in a new aggregate amount of $ 2,950,000 (the “2023 Aggregate Amount”) which is allocated across properties managed by the Adviser with approximately $ 2.1 million being allocated to the Company. On April 1, 2024, the Adviser entered into a new self-insurance policy resulting in a new aggregate amount of $ 2,950,000 (the “2024 Aggregate Amount”) which is allocated across properties managed by the Adviser with approximately $ 2.1 million being allocated to the Company. As of December 31, 2024 and 2023, the Company had funded its entire 2024 and 2023 Aggregate Amounts due and zero remained in prepaid and other assets on the consolidated balance sheets. During the years ended December 31, 2024, 2023 and 2022 , the Company incurred $ 2.1 , zero , and $ 3.9 million, respectively, in self-insurance expenses which is included in property operating expenses on the consolidated statement of operations and comprehensive income (loss).

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	12. Segment Reporting We have one reportable segment: NXRT. For a description of the types of products and services from which this single reportable segment derives its revenues, see Notes 1 and 2. The accounting policies of the NXRT segment are the same as those described in the Summary of Significant Accounting Policies. The chief operating decision maker assesses performance for the NXRT segment and decides how to allocate resources based on net income that also is reported on the consolidated statements of operations and comprehensive income (loss). The measure of segment assets is reported on the consolidated balance sheets as total assets. The chief operating decision maker uses net income to evaluate profitability generated from the segment’s portfolio in deciding whether to reinvest profits into new or existing investments or into other parts of the entity, such as for dividend amounts, or deciding which investments to dispose. The chief operating decision maker manages the business on a consolidated basis, and therefore the Company has identified NXRT as the one operating segment and the reportable segment. The Company’s chief operating decision maker is the chief investment officer. The significant segment expenses are computed in accordance with GAAP and are consistent with the financial information presented in the consolidated statements of operations and comprehensive income (loss) .

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events Dividends Declared On February 24, 2025 , the Company’s board of directors declared a quarterly dividend of $ 0.51 per share, payable on March 31, 2025 to stockholders of record on March 14, 2025 .

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation and Amortization	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III- Real Estate and Accumulated Depreciation	SCHEDULE III REAL ESTATE AND ACCUMULATED D EPRECIATION DECEMBER 31, 2024 (in thousands) Initial Cost to Company Costs Capitalized Gross Amount Carried at December 31, 2024 Accumulated Property Name Location Encumbrances (1) Land Buildings and Improvements (2) Total Subsequent to Land Buildings and Total Depreciation and Date Acquired Arbors on Forest Ridge Bedford, Texas $ 17,307 $ 2,330 $ 10,475 $ 12,805 $ 4,468 $ 2,330 $ 14,631 $ 16,961 $ ( 7,048 ) 1/31/2014 Cutter's Point Richardson, Texas 18,994 3,330 12,515 15,845 9,568 3,330 21,731 25,061 ( 11,364 ) 1/31/2014 The Summit at Sabal Park Tampa, Florida 26,735 5,770 13,280 19,050 5,376 5,770 18,252 24,022 ( 7,947 ) 8/20/2014 Courtney Cove Tampa, Florida 31,596 5,880 13,070 18,950 7,142 5,880 19,781 25,661 ( 8,785 ) 8/20/2014 Sabal Palm at Lake Buena Vista Orlando, Florida 56,220 7,558 41,920 49,478 10,351 7,558 50,884 58,442 ( 19,602 ) 11/5/2014 Cornerstone Orlando, Florida 45,815 1,500 30,050 31,550 7,910 1,500 37,066 38,566 ( 15,746 ) 1/15/2015 The Preserve at Terrell Mill Marietta, Georgia 74,341 10,170 47,830 58,000 24,582 10,170 70,598 80,768 ( 31,717 ) 2/6/2015 Versailles Dallas, Texas 26,108 6,720 19,445 26,165 10,617 6,720 29,481 36,201 ( 12,846 ) 2/26/2015 Seasons 704 Apartments West Palm Beach, Florida 33,960 7,480 13,520 21,000 7,698 7,480 20,817 28,297 ( 8,854 ) 4/15/2015 Madera Point Mesa, Arizona 29,676 4,920 17,605 22,525 5,445 4,920 22,421 27,341 ( 9,470 ) 8/5/2015 Venue at 8651 Fort Worth, Texas 24,620 2,350 16,900 19,250 8,526 2,350 24,915 27,265 ( 10,455 ) 10/30/2015 Parc500 West Palm Beach, Florida 30,012 3,860 19,424 23,284 8,892 3,860 27,825 31,685 ( 11,609 ) 7/27/2016 The Venue on Camelback Phoenix, Arizona 36,465 8,340 36,520 44,860 9,826 8,340 45,623 53,963 ( 16,403 ) 10/11/2016 Rockledge Apartments Marietta, Georgia 78,444 17,451 96,577 114,028 22,068 17,451 115,624 133,075 ( 35,594 ) 6/30/2017 Atera Apartments Dallas, Texas 38,555 22,371 37,090 59,461 7,170 22,371 42,920 65,291 ( 13,162 ) 10/25/2017 Versailles II Dallas, Texas 15,706 4,124 20,667 24,791 4,535 4,124 24,515 28,639 ( 7,002 ) 9/26/2018 Brandywine I & II Nashville, Tennessee 59,526 6,237 73,870 80,107 13,606 6,237 85,714 91,951 ( 24,392 ) 9/26/2018 Bella Vista Phoenix, Arizona 37,400 10,942 37,661 48,603 5,085 10,942 41,827 52,769 ( 11,586 ) 1/28/2019 The Enclave Tempe, Arizona 33,440 11,046 30,933 41,979 4,457 11,046 34,621 45,667 ( 9,857 ) 1/28/2019 The Heritage Phoenix, Arizona 29,810 6,835 35,244 42,079 4,740 6,835 39,234 46,069 ( 10,732 ) 1/28/2019 Summers Landing Fort Worth, Texas 14,135 1,798 17,628 19,426 3,897 1,798 20,992 22,790 ( 5,090 ) 6/7/2019 Residences at Glenview Reserve Nashville, Tennessee 33,271 3,367 41,652 45,019 8,999 3,367 49,669 53,036 ( 12,905 ) 7/17/2019 Residences at West Place Orlando, Florida 33,817 3,345 52,657 56,002 7,251 3,345 58,730 62,075 ( 13,589 ) 7/17/2019 Avant at Pembroke Pines Pembroke Pines, Florida 248,185 48,436 275,671 324,107 43,454 48,436 312,136 360,572 ( 71,470 ) 8/30/2019 Arbors of Brentwood Nashville, Tennessee 39,977 6,346 56,409 62,755 5,732 6,346 60,927 67,273 ( 13,444 ) 9/10/2019 Torreyana Apartments Las Vegas, Nevada 43,153 23,824 44,560 68,384 3,627 23,824 46,986 70,810 ( 10,045 ) 11/22/2019 Bloom Las Vegas, Nevada 60,848 23,803 83,290 107,093 8,676 23,803 90,115 113,918 ( 19,696 ) 11/22/2019 Bella Solara Las Vegas, Nevada 37,772 12,605 54,262 66,867 3,706 12,605 56,809 69,414 ( 12,007 ) 11/22/2019 Fairways at San Marcos Chandler, Arizona 55,056 10,993 73,785 84,778 5,860 10,993 77,970 88,963 ( 14,127 ) 11/2/2020 The Verandas at Lake Norman Charlotte, North Carolina 30,113 9,510 54,270 63,780 3,487 9,510 56,786 66,296 ( 8,458 ) 6/30/2021 Creekside at Matthews Charlotte, North Carolina 28,703 11,515 46,741 58,256 3,913 11,515 49,653 61,168 ( 8,099 ) 6/30/2021 Six Forks Station Raleigh, North Carolina 30,430 11,357 63,748 75,105 7,404 11,357 69,952 81,309 ( 10,270 ) 9/10/2021 High House at Cary Cary, North Carolina 32,478 23,809 69,793 93,602 4,343 23,809 72,760 96,569 ( 9,602 ) 12/7/2021 The Adair Sandy Springs, Georgia 33,229 8,344 57,156 65,500 3,544 8,344 60,700 69,044 ( 7,312 ) 4/1/2022 Estates on Maryland Phoenix, Arizona 37,345 11,553 66,347 77,900 2,961 11,553 69,308 80,861 ( 8,284 ) 4/1/2022 $ 1,503,242 $ 359,819 $ 1,682,565 $ 2,042,384 $ 298,916 $ 359,819 $ 1,941,973 $ 2,301,792 $ ( 508,569 ) (1) Encumbrances includes mortgage debt. (2) Includes gross intangible lease assets of approximately $ 42.1 million and buildings, improvements and furniture, fixtures and equipment of approximately $ 1.6 billion , which includes total acquisition costs of approximately $ 7.7 million incurred on the acquisitions and a fair market value adjustment, a premium of approximately $ 0.9 million, related to the assumption of debt. NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2024 A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2024, 2023 and 2022 is as follows (in thousands): For the Year Ended December 31, 2024 2023 2022 Real Estate: Balance, beginning of year $ 2,411,058 $ 2,413,845 $ 2,248,796 Additions: Real estate acquired — — 143,400 Improvements 35,337 72,262 58,715 Deductions: Real estate sold ( 143,183 ) ( 72,958 ) ( 28,239 ) Write-off of fully amortized assets and other ( 1,420 ) ( 2,091 ) ( 8,827 ) Balance, end of year $ 2,301,792 $ 2,411,058 $ 2,413,845 Accumulated Depreciation and Amortization: Balance, beginning of year $ 442,958 $ 371,293 $ 287,096 Depreciation expense 97,762 95,186 93,499 Amortization expense — — 4,149 Accumulated depreciation on sales ( 31,871 ) ( 23,327 ) ( 6,459 ) Write-off of fully amortized assets and other ( 280 ) ( 194 ) ( 6,992 ) Balance, end of year $ 508,569 $ 442,958 $ 371,293

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles (“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 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 year ended December 31, 2024 .
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 consolidated financial statements include the accounts of the Company and its subsidiaries, including the OP and its subsidiaries.
Reclassification of Prior Year Activity on the Consolidated Statements of Cash Flows	Reclassification of Prior Year Activity on the Consolidated Statements of Cash Flows Certain reclassifications have been made within the consolidated statements of cash flows to the changes in operating assets and liabilities, net of effects of sales and acquisitions for the year ended December 31, 2022 to be comparative to the consolidated statement of cash flows for the years ended December 31, 2024 and 2023.
Restricted Cash	Restricted Cash The Company's restricted cash balance consist of security deposits, operating escrows and renovation reserves.
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 collectable. 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.
Purchase Price Allocation	Purchase Price Allocation Upon acquisition of a property considered to be an asset acquisition, 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 6 to our consolidated financial statements), 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.
Operating Real Estate Investments	Operating Real Estate Investments 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 investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an investment may not be recoverable. The key inputs into our impairment analysis include, but are not limited to, the expected holding period, estimated net operating income, and estimated capitalization rates. In such cases, the Company will evaluate the recoverability of such real estate investments based on estimated future cash flows inclusive of the estimated liquidation value of such real estate investments, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate investment. If impaired, the real estate investment 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 for, net operating income, and the estimated capitalization rate for each respective real estate investment. For the years ended December 31, 2024, 2023 and 2022 , the Company has no t recorded any impairment on its real estate investments.
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 December 31, 2024 and 2023 , there are zero and three properties held for sale, respectively. In addition to the net real estate and mortgages payable held for sale, the consolidated balance sheet also includes approximately $ 0.0 million and $ 0.8 million of accounts receivable and prepaid and other assets, and approximately $ 0.0 million and $ 4.9 million of accounts payable, real estate taxes payable, security deposits, prepaid rents, and other accrued liabilities as of December 31, 2024 and 2023 , respectively.
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”) commencing with its taxable year ended December 31, 2015, 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 U.S. 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 TRSs and is subject to applicable federal, state, and local income and margin taxes. The Company had no significant taxes associated with its TRSs for the years ended December 31, 2024, 2023 and 2022. If the Company fails to meet these requirements, it could be subject to U.S. federal income tax on all of the Company’s taxable income at 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 would 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 December 31, 2024 and 2023, 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 December 31, 2024 and 2023. The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of various state and local jurisdictions. The 2023, 2022 and 2021 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) .
Segment Reporting	Segment Reporting We adopted ASU 2023-07, Segment Reporting – Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires a public entity to disclose significant segment expenses and other segment items in interim and annual periods and expands the GAAP disclosure requirements for interim periods. ASU 2023-07 also explicitly requires public entities with a single reportable segment to provide all segment disclosures under GAAP. The Company identifies and discloses its reporting segment(s) in accordance with ASC 280, Segment Reporting . In applying this guidance, the Company first identifies its operating segment(s) from the component(s) where: (1) it engages in business activities from which it may recognize revenue and incur expenses, (2) its operating results are regularly reviewed by the chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (3) its discrete financial information is available. Reportable segments are generally those operating segments that meet certain quantitative thresholds. The Company has determined it has one reportable segment: NXRT.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires disclosures of disaggregated information about certain income statement expense line items on an annual and interim basis. The amendments are effective for fiscal years beginning after December 15, 2026, with early adoption permitted, and should be applied prospectively, with the option to apply retrospectively. The Company is currently evaluating the impact of adopting the amendments on its disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
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)	12 Months Ended
	Dec. 31, 2024
Schedule of Investments [Abstract]
Schedule of Ownership in Each Property	As of December 31, 2024 and 2023, the Company, through the OP and the wholly owned TRS, owned 35 and 38 properties, respectively, 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 December 31, 2024 and 2023: Effective Ownership Percentage at December 31, Property Name Location Year Acquired 2024 2023 Arbors on Forest Ridge Bedford, Texas 2014 100 % 100 % Cutter's Point Richardson, Texas 2014 100 % 100 % The Summit at Sabal Park Tampa, Florida 2014 100 % 100 % Courtney Cove Tampa, Florida 2014 100 % 100 % Radbourne Lake (1) Charlotte, North Carolina 2014 — 100 % (2) 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 Phoenix, Arizona 2016 100 % 100 % Old Farm (1) Houston, Texas 2016 — 100 % (2) Stone Creek at Old Farm (1) Houston, Texas 2016 — 100 % (2) Rockledge Apartments Marietta, Georgia 2017 100 % 100 % Atera Apartments Dallas, Texas 2017 100 % 100 % Versailles II 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 Las Vegas, Nevada 2019 100 % 100 % Bloom Las Vegas, Nevada 2019 100 % 100 % Bella Solara Las Vegas, Nevada 2019 100 % 100 % Fairways at San Marcos Chandler, Arizona 2020 100 % 100 % The Verandas at Lake Norman Charlotte, North Carolina 2021 100 % 100 % Creekside at Matthews Charlotte, North Carolina 2021 100 % 100 % Six Forks Station Raleigh, North Carolina 2021 100 % 100 % High House at Cary Cary, North Carolina 2021 100 % 100 % The Adair Sandy Springs, Georgia 2022 100 % 100 % Estates on Maryland Phoenix, Arizona 2022 100 % 100 % (1) Properties sold in 2024. (2) Properties classified as held for sale as of December 31, 2023 .

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Summary of Major Components of Investments in Multifamily Properties	As of December 31, 2024, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties Land Buildings and Construction in Furniture, Totals Arbors on Forest Ridge $ 2,330 $ 12,078 $ — $ 2,553 $ 16,961 Cutter's Point 3,330 14,777 — 6,954 25,061 The Summit at Sabal Park 5,770 15,138 26 3,088 24,022 Courtney Cove 5,880 15,217 71 4,493 25,661 Sabal Palm at Lake Buena Vista 7,558 45,175 — 5,709 58,442 Cornerstone 1,500 31,286 22 5,758 38,566 The Preserve at Terrell Mill 10,170 54,334 — 16,264 80,768 Versailles 6,720 22,977 — 6,504 36,201 Seasons 704 Apartments 7,480 16,241 15 4,561 28,297 Madera Point 4,920 18,390 — 4,031 27,341 Venue at 8651 2,350 19,953 1 4,961 27,265 Parc500 3,860 21,989 — 5,836 31,685 The Venue on Camelback 8,340 38,962 41 6,620 53,963 Rockledge Apartments 17,451 102,013 548 13,063 133,075 Atera Apartments 22,371 39,054 — 3,866 65,291 Versailles II 4,124 21,328 54 3,133 28,639 Brandywine I & II 6,237 75,329 — 10,385 91,951 Bella Vista 10,942 37,482 — 4,345 52,769 The Enclave 11,046 30,760 — 3,861 45,667 The Heritage 6,835 35,284 8 3,942 46,069 Summers Landing 1,798 19,218 — 1,774 22,790 Residences at Glenview Reserve 3,367 43,187 — 6,482 53,036 Residences at West Place 3,345 53,708 — 5,022 62,075 Avant at Pembroke Pines 48,436 287,102 78 24,956 360,572 Arbors of Brentwood 6,346 56,881 8 4,038 67,273 Torreyana Apartments 23,824 44,290 — 2,696 70,810 Bloom 23,803 83,832 14 6,269 113,918 Bella Solara 12,605 52,686 274 3,849 69,414 Fairways at San Marcos 10,993 73,175 — 4,795 88,963 The Verandas at Lake Norman 9,510 54,002 14 2,770 66,296 Creekside at Matthews 11,515 46,171 — 3,482 61,168 Six Forks Station 11,357 65,130 6 4,816 81,309 High House at Cary 23,809 68,654 87 4,019 96,569 The Adair 8,344 57,399 — 3,301 69,044 Estates on Maryland 11,553 65,475 — 3,833 80,861 $ 359,819 $ 1,738,677 $ 1,267 $ 202,029 $ 2,301,792 Accumulated depreciation and amortization — ( 351,780 ) — ( 156,789 ) ( 508,569 ) Total Operating Properties $ 359,819 $ 1,386,897 $ 1,267 $ 45,240 $ 1,793,223 As of December 31, 2023, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties Land Buildings and Construction in Furniture, Totals Arbors on Forest Ridge $ 2,330 $ 11,874 $ 78 $ 2,301 $ 16,583 Cutter's Point 3,330 14,622 — 6,760 24,712 The Summit at Sabal Park 5,770 14,663 — 2,746 23,179 Courtney Cove 5,880 15,099 12 3,837 24,828 Sabal Palm at Lake Buena Vista 7,558 45,023 — 5,040 57,621 Cornerstone 1,500 31,181 30 5,193 37,904 The Preserve at Terrell Mill 10,170 53,490 44 15,116 78,820 Versailles 6,720 22,048 587 5,586 34,941 Seasons 704 Apartments 7,480 15,585 25 4,025 27,115 Madera Point 4,920 18,330 — 3,771 27,021 Venue at 8651 2,350 19,720 374 4,688 27,132 Parc500 3,860 21,501 270 5,421 31,052 The Venue on Camelback 8,340 38,497 324 5,901 53,062 Rockledge Apartments 17,451 99,310 1,649 10,844 129,254 Atera Apartments 22,371 38,922 142 3,622 65,057 Versailles II 4,124 20,764 391 2,656 27,935 Brandywine I & II 6,237 73,895 — 9,541 89,673 Bella Vista 10,942 37,410 — 4,086 52,438 The Enclave 11,046 30,723 — 3,688 45,457 The Heritage 6,835 35,216 — 3,730 45,781 Summers Landing 1,798 18,955 2 1,589 22,344 Residences at Glenview Reserve 3,367 42,693 — 5,524 51,584 Residences at West Place 3,345 53,512 — 4,319 61,176 Avant at Pembroke Pines 48,436 284,582 85 21,681 354,784 Arbors of Brentwood 6,346 54,735 1,534 3,576 66,191 Torreyana Apartments 23,824 44,231 13 2,478 70,546 Bloom 23,803 83,440 8 5,638 112,889 Bella Solara 12,605 52,645 1,687 3,230 70,167 Fairways at San Marcos 10,993 73,068 — 4,443 88,504 The Verandas at Lake Norman 9,510 53,864 — 2,491 65,865 Creekside at Matthews 11,515 46,047 3 3,231 60,796 Six Forks Station 11,357 63,404 985 4,101 79,847 High House at Cary 23,809 68,263 62 3,501 95,635 The Adair 8,344 57,192 — 2,852 68,388 Estates on Maryland 11,553 65,360 17 3,229 80,159 $ 359,819 $ 1,719,864 $ 8,322 $ 180,435 $ 2,268,440 Accumulated depreciation and amortization — ( 287,963 ) — ( 123,124 ) ( 411,087 ) Total Operating Properties $ 359,819 $ 1,431,901 $ 8,322 $ 57,311 $ 1,857,353 Held For Sale Properties Old Farm $ 11,078 $ 71,097 $ 24 $ 6,081 $ 88,280 Stone Creek at Old Farm 3,493 19,689 — 1,465 24,647 Radbourne Lake 2,440 23,229 3 4,019 29,691 Accumulated depreciation and amortization — ( 24,536 ) — ( 7,335 ) ( 31,871 ) Total Held For Sale Properties $ 17,011 $ 89,479 $ 27 $ 4,230 $ 110,747 Total $ 376,830 $ 1,521,380 $ 8,349 $ 61,541 $ 1,968,100
Schedule of Sale of Properties	The Company sold three properties during the year ended December 31, 2024, as detailed in the table below (in thousands). Property Name Location Date of Sale Sales Price Net Cash Proceeds (1) Gain on Sale Old Farm (2) Houston, Texas March 1, 2024 $ 103,000 $ 102,704 $ 31,548 Radbourne Lake Charlotte, North Carolina April 30, 2024 39,250 38,904 18,847 Stone Creek at Old Farm Houston, Texas October 1, 2024 24,500 24,095 3,851 $ 166,750 $ 165,703 $ 54,246 (1) Represents sales price, net of closing costs. (2) Old Farm was sold to NexBank Capital. A director and officer of the Company also (i) is the beneficiary of a trust that indirectly owns 100 % of the limited partnership interests in the parent of the Adviser and directly owns 100 % of the general partnership interests in the parent of the Adviser and (ii) is a director of NexBank Capital. See Note 10. The Company sold two properties during the year ended December 31, 2023, as detailed in the table below (in thousands). Property Name Location Date of Sale Sales Price Net Cash Proceeds (1) Gain on Sale Silverbrook Grand Prairie, Texas September 22, 2023 $ 70,000 $ 69,431 $ 43,107 Timber Creek Charlotte, North Carolina December 13, 2023 49,000 48,348 24,819 $ 119,000 $ 117,779 $ 67,926 (1) Represents sales price, net of closing costs.

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2024
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 December 31, 2024 (dollars in thousands): Operating Properties Type Term (months) Outstanding Interest Rate (1) Maturity Date Residences at West Place Fixed 120 $ 33,817 4.24 % 10/1/2028 Arbors of Brentwood Floating 84 39,977 5.62 % 10/1/2031 Avant at Pembroke Pines Floating 84 248,185 5.62 % 10/1/2031 Bella Vista Floating 84 37,400 5.62 % 10/1/2031 Brandywine I & II Floating 84 59,526 5.62 % 10/1/2031 Cornerstone Floating 84 45,815 5.62 % 10/1/2031 Estates on Maryland Floating 84 37,345 5.62 % 10/1/2031 High House at Cary Floating 84 32,478 5.62 % 10/1/2031 Residences at Glenview Reserve Floating 84 33,271 5.62 % 10/1/2031 Sabal Palm at Lake Buena Vista Floating 84 56,220 5.62 % 10/1/2031 Six Forks Station Floating 84 30,430 5.62 % 10/1/2031 Summers Landing Floating 84 14,135 5.62 % 10/1/2031 The Adair Floating 84 33,229 5.62 % 10/1/2031 The Enclave Floating 84 33,440 5.62 % 10/1/2031 The Heritage Floating 84 29,810 5.62 % 10/1/2031 The Venue on Camelback Floating 84 36,465 5.62 % 10/1/2031 The Verandas at Lake Norman Floating 84 30,113 5.62 % 10/1/2031 Versailles II Floating 84 15,706 5.62 % 10/1/2031 Arbors on Forest Ridge Floating 84 17,307 5.62 % 12/1/2031 Atera Apartments Floating 84 38,555 5.62 % 12/1/2031 Bella Solara Floating 84 37,772 5.62 % 12/1/2031 Bloom Floating 84 60,848 5.62 % 12/1/2031 Courtney Cove Floating 84 31,596 5.62 % 12/1/2031 Creekside at Matthews Floating 84 28,703 5.62 % 12/1/2031 Cutter's Point Floating 84 18,994 5.62 % 12/1/2031 Fairways at San Marcos Floating 84 55,056 5.62 % 12/1/2031 Madera Point Floating 84 29,676 5.62 % 12/1/2031 Parc500 Floating 84 30,012 5.62 % 12/1/2031 Rockledge Apartments Floating 84 78,444 5.62 % 12/1/2031 Seasons 704 Apartments Floating 84 33,960 5.62 % 12/1/2031 The Preserve at Terrell Mill Floating 84 74,341 5.62 % 12/1/2031 The Summit at Sabal Park Floating 84 26,735 5.62 % 12/1/2031 Torreyana Apartments Floating 84 43,153 5.62 % 12/1/2031 Venue at 8651 Floating 84 24,620 5.62 % 12/1/2031 Versailles Floating 84 26,108 5.62 % 12/1/2031 $ 1,503,242 Fair market value adjustment 397 Deferred financing costs, net of accumulated amortization of $ 1,113 ( 39,989 ) $ 1,463,650 (1) Interest rate is based on a reference rate plus an applicable margin, except for fixed rate mortgage debt. The reference rates used in our Portfolio is 30-Day Average Secured Overnight Financing Rate (“SOFR”). As of December 31, 2024 , SOFR was 4.53 % . The following table contains summary information concerning the mortgage debt of the Company as of December 31, 2023 (dollars in thousands): Operating Properties Type Term (months) Outstanding Interest Rate Maturity Date Arbors on Forest Ridge Floating 120 $ 19,184 6.89 % 12/1/2032 Cutter's Point Floating 120 21,524 6.89 % 12/1/2032 The Summit at Sabal Park Floating 120 30,826 6.89 % 12/1/2032 Courtney Cove Floating 120 36,146 6.89 % 12/1/2032 The Preserve at Terrell Mill Floating 120 71,098 6.89 % 12/1/2032 Versailles Floating 120 40,247 6.89 % 12/1/2032 Seasons 704 Apartments Floating 120 33,132 6.89 % 12/1/2032 Madera Point Floating 120 34,457 6.89 % 12/1/2032 Venue at 8651 Floating 120 18,690 6.89 % 12/1/2032 The Venue on Camelback Floating 120 42,788 7.52 % 2/1/2033 Sabal Palm at Lake Buena Vista Floating 84 42,100 6.76 % 9/1/2025 Cornerstone Floating 120 46,804 7.43 % 12/1/2032 Parc500 Floating 120 29,416 6.89 % 12/1/2032 Rockledge Apartments Floating 120 93,129 6.89 % 12/1/2032 Atera Apartments Floating 120 46,198 6.89 % 12/1/2032 Versailles II Floating 84 12,061 6.64 % 10/1/2025 Brandywine I & II Floating 84 43,835 6.64 % 10/1/2025 Bella Vista Floating 84 29,040 6.78 % 2/1/2026 The Enclave Floating 84 25,322 6.78 % 2/1/2026 The Heritage Floating 84 24,625 6.78 % 2/1/2026 Summers Landing Floating 84 10,109 6.64 % 10/1/2025 Residences at Glenview Reserve Floating 84 25,574 6.90 % 10/1/2025 Residences at West Place Fixed 120 33,817 4.24 % 10/1/2028 Avant at Pembroke Pines Floating 84 177,101 6.89 % 9/1/2026 Arbors of Brentwood Floating 84 34,237 6.89 % 10/1/2026 Torreyana Apartments Floating 120 50,580 6.89 % 12/1/2032 Bloom Floating 120 59,830 6.89 % 12/1/2032 Bella Solara Floating 120 40,328 6.89 % 12/1/2032 Fairways at San Marcos Floating 120 60,228 6.89 % 12/1/2032 The Verandas at Lake Norman Floating 84 34,925 7.19 % 7/1/2028 Creekside at Matthews Floating 120 29,648 6.89 % 12/1/2032 Six Forks Station Floating 120 41,180 7.06 % 10/1/2031 High House at Cary Floating 84 46,625 7.35 % 1/1/2029 The Adair Floating 84 35,115 7.31 % 4/1/2029 Estates on Maryland Floating 84 43,157 7.31 % 4/1/2029 $ 1,463,076 Fair market value adjustment 503 Deferred financing costs, net of accumulated amortization of $ 3,763 ( 9,792 ) $ 1,453,787 Held For Sale Properties Old Farm Floating 84 $ 52,886 7.14 % 7/1/2024 Stone Creek at Old Farm Floating 84 15,274 7.14 % 7/1/2024 Radbourne Lake Floating 84 20,000 6.75 % 10/1/2025 $ 88,160 Deferred financing costs, net of accumulated amortization of $ 528 ( 116 ) $ 88,044
Sale of Properties and Repayment of Related Mortgage Loans	During the year ended December 31, 2024, the Company sold three properties and repaid the related mortgage loans that encumbered the properties, as detailed in the table below (in thousands): Property Name Date of Sale Type Outstanding Old Farm March 1, 2024 Floating $ 52,886 Radbourne Lake April 30, 2024 Floating 20,000 Stone Creek at Old Farm October 1, 2024 Floating 15,274 $ 88,160 (1) Represents the outstanding principal balance when the loan was repaid.
Summary of Loss on Extinguishment of Debt and Modification Costs	The following table contains summary information concerning the loss on extinguishment of debt and modification costs for the years ended December 31, 2024, 2023 and 2022 (dollars in thousands): For the Year Ended December 31, 2024 2023 2022 Prepayment penalties and defeasance costs $ 15,486 $ 2,370 $ 5,702 Write-off of deferred financing costs 8,465 483 1,961 Write-off of fair market value adjustment of assumed debt — — ( 256 ) Debt modification and other extinguishment costs 53 ( 444 ) 1,327 Total $ 24,004 $ 2,409 $ 8,734
Schedule of Debt Maturities	Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to December 31, 2024 are as follows (in thousands): Operating 2025 $ — 2026 — 2027 — 2028 33,817 2029 — Thereafter 1,469,425 Total $ 1,503,242

Fair Value of Derivatives and_2

Fair Value of Derivatives and Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Summary of Company's Outstanding Interest Rate Swaps	As of December 31, 2024, 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) 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 % 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 % $ 1,067,500 0.9807 % (2) (1) The floating rate option for the interest rate swaps is Adjusted SOFR. As of December 31, 2024 , Adjusted SOFR was 4.65 % . (2) Represents the weighted average fixed rate of the interest rate swaps. As of December 31, 2024 and 2023, the Company had the following outstanding interest rate swap that was designated as cash flow hedge of interest rate risk with a future effective date (dollars in thousands): Future Swap Effective Date Termination Date Counterparty Notional Amount Fixed Rate (1) September 1, 2026 January 1, 2027 KeyBank $ 92,500 1.7980 % (1) The floating rate option for the interest rate swap is Adjusted SOFR. As of December 31, 2024 , Adjusted SOFR was 4.65 % .
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 December 31, 2024 and 2023 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ 41,841 $ 71,028 $ — $ — Interest rate caps Prepaid and other assets 156 — — — Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets 1,073 2,988 — — Total $ 43,070 $ 74,016 $ — $ —
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 years ended December 31, 2024, 2023 and 2022 (in thousands): Amount of gain Location of gain reclassified Amount of gain 2024 2023 2022 OCI into income 2024 2023 2022 Derivatives designated as hedging instruments: For the year ended December 31, Interest rate swaps $ 18,913 $ 15,304 $ 106,593 Interest expense $ 48,102 $ 47,717 $ 6,678 Interest rate caps $ 231 $ — $ — Interest expense $ 307 $ — $ — Location of gain Amount of gain (loss) recognized in 2024 2023 2022 Derivatives not designated as hedging instruments: For the year ended December 31, Interest rate caps Interest expense $ 593 $ ( 1,484 ) $ 3,446
Schedule of Outstanding Principal Balances and Estimated Fair Values of Debt Instruments	The table below presents the outstanding principal balances and estimated fair values of our debt at December 31, 2024 and 2023 (in thousands): December 31, 2024 December 31, 2023 Outstanding Principal Balance Estimated Outstanding Principal Balance Estimated Fixed rate debt $ 33,817 $ 32,073 $ 33,817 $ 31,950 Floating rate debt (1) $ 1,469,425 $ 1,396,265 $ 1,541,419 $ 1,335,635 (1) Includes balances outstanding under our Corporate Credit Facility and held for sale debt.
Designated as hedging instrument | Cash Flow Hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Summary of Company's Outstanding Interest Rate Caps	As of December 31, 2024, the Company had the following interest rate cap outstanding that was designated as a cash flow hedge of interest rate risk (dollars in thousands): Property Type Maturity Date Notional Strike Rate The Verandas at Lake Norman Floating 7/1/2025 $ 34,925 3.40 %
Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Summary of Company's Outstanding Interest Rate Caps	As of December 31, 2024, the Company had the following interest rate caps outstanding that were not designated as cash flow hedges of interest rate risk (dollars in thousands): Properties Type Maturity Date Notional Strike Rate High House at Cary Floating 1/1/2025 $ 46,625 2.74 % Bella Vista Floating 2/1/2025 29,040 5.18 % The Enclave Floating 2/1/2025 25,322 5.18 % The Heritage Floating 2/1/2025 24,625 5.18 % Estates on Maryland Floating 4/1/2025 43,157 3.91 % The Adair Floating 4/1/2025 35,115 3.91 % Rockledge Apartments Floating 12/1/2025 93,129 6.45 % The Preserve at Terrell Mill Floating 12/1/2025 71,098 6.45 % Fairways at San Marcos Floating 12/1/2025 60,228 6.70 % Bloom Floating 12/1/2025 59,830 6.70 % Torreyana Apartments Floating 12/1/2025 50,580 6.70 % Cornerstone Floating 12/1/2025 46,804 6.66 % Atera Apartments Floating 12/1/2025 46,198 6.45 % Silverbrook Floating 12/1/2025 46,088 6.45 % Bella Solara Floating 12/1/2025 40,328 6.70 % Versailles Floating 12/1/2025 40,247 6.45 % Courtney Cove Floating 12/1/2025 36,146 6.70 % Madera Point Floating 12/1/2025 34,457 6.70 % Seasons 704 Apartments Floating 12/1/2025 33,132 6.70 % The Summit at Sabal Park Floating 12/1/2025 30,826 6.70 % Creekside at Matthews Floating 12/1/2025 29,648 6.45 % Parc500 Floating 12/1/2025 29,416 6.45 % Cutter's Point Floating 12/1/2025 21,524 6.45 % Arbors on Forest Ridge Floating 12/1/2025 19,184 6.70 % Venue at 8651 Floating 12/1/2025 18,690 6.45 % The Venue on Camelback Floating 2/1/2026 42,788 6.07 % Avant at Pembroke Pines Floating 10/1/2027 248,185 8.16 % Brandywine I & II Floating 10/1/2027 59,526 8.16 % Sabal Palm at Lake Buena Vista Floating 10/1/2027 56,220 8.41 % Cornerstone Floating 10/1/2027 45,815 8.66 % Arbors of Brentwood Floating 10/1/2027 39,977 8.16 % Bella Vista Floating 10/1/2027 37,400 8.91 % Estates on Maryland Floating 10/1/2027 37,345 8.91 % The Venue on Camelback Floating 10/1/2027 36,465 8.16 % The Enclave Floating 10/1/2027 33,440 8.66 % Residences at Glenview Reserve Floating 10/1/2027 33,271 8.16 % The Adair Floating 10/1/2027 33,229 8.16 % High House at Cary Floating 10/1/2027 32,478 8.16 % Six Forks Station Floating 10/1/2027 30,430 8.16 % The Verandas at Lake Norman Floating 10/1/2027 30,113 8.16 % The Heritage Floating 10/1/2027 29,810 8.91 % Versailles II Floating 10/1/2027 15,706 8.16 % Summers Landing Floating 10/1/2027 14,135 8.66 % Rockledge Apartments Floating 12/1/2027 78,444 7.66 % The Preserve at Terrell Mill Floating 12/1/2027 74,341 7.66 % Bloom Floating 12/1/2027 60,848 7.66 % Fairways at San Marcos Floating 12/1/2027 55,056 7.66 % Torreyana Apartments Floating 12/1/2027 43,153 7.66 % Atera Apartments Floating 12/1/2027 38,555 7.66 % Bella Solara Floating 12/1/2027 37,772 7.66 % Seasons 704 Apartments Floating 12/1/2027 33,960 7.66 % Courtney Cove Floating 12/1/2027 31,596 7.66 % Parc500 Floating 12/1/2027 30,012 7.66 % Madera Point Floating 12/1/2027 29,676 7.66 % Creekside at Matthews Floating 12/1/2027 28,703 7.66 % The Summit at Sabal Park Floating 12/1/2027 26,735 7.66 % Versailles Floating 12/1/2027 26,108 7.66 % Venue at 8651 Floating 12/1/2027 24,620 7.66 % Cutter's Point Floating 12/1/2027 18,994 7.66 % Arbors on Forest Ridge Floating 12/1/2027 17,307 7.66 % $ 2,523,650 7.22 %

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2024
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 December 31, 2024: 2024 Number of Units Weighted Average Outstanding January 1, 620,137 $ 47.50 Granted 355,475 30.89 Vested ( 217,731 ) (1) 45.32 Forfeited ( 3,552 ) 32.10 Outstanding December 31, 754,329 $ 40.51 (1) Certain key employees of the Adviser elected to net the taxes owed upon vesting against the shares issued resulting in 167,902 shares being issued as shown on the consolidated statement of stockholders’ equity.
Summary Information of 2020 ATM Program	The following table contains summary information of the 2020 ATM Program since its inception: Gross proceeds $ 62,310,967 Common shares issued 1,120,910 Gross average sale price per share $ 55.59 Sales commissions $ 934,665 Offering costs 1,353,015 Net proceeds $ 60,023,287 Average price per share, net $ 53.55
2016 LTIP
Class Of Stock [Line Items]
Summary of Granted and 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 December 31, 2024: Shares Vesting February March May Total 2025 96,937 136,024 21,617 254,578 2026 64,147 114,329 — 178,476 2027 26,283 114,329 — 140,612 2028 — 114,323 — 114,323 2029 — 66,340 — 66,340 Total 187,367 545,345 21,617 754,329
2016 LTIP | Directors, Officers, Employees and Certain Key Employees of Adviser
Class Of Stock [Line Items]
Summary of Granted and Vesting of Restricted Stock Units	The following table includes the number of restricted stock units granted to its directors, officers, employees and certain key employees of the Adviser under the 2016 LTIP: Summary of Grants February March May Total 2019 186,662 — — 186,662 2020 168,183 — 116,852 285,035 2021 204,663 — — 204,663 2022 142,519 — — 142,519 2023 — 260,709 — 260,709 2024 — 355,475 — 355,475 Total 702,027 616,184 116,852 1,435,063

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2024
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 Year Ended December 31, 2024 2023 2022 Numerator for earnings (loss) per share: Net income (loss) $ 1,114 $ 44,433 $ ( 9,291 ) Net income (loss) attributable to redeemable noncontrolling interests in the OP 4 169 ( 31 ) Net income (loss) attributable to common stockholders $ 1,110 $ 44,264 $ ( 9,260 ) Denominator for earnings (loss) per share: Weighted average common shares outstanding 25,516 25,654 25,610 Denominator for basic loss per share 25,516 25,654 25,610 Weighted average unvested restricted stock units 730 591 542 Denominator for diluted loss per share (1) 26,246 26,245 25,610 Earnings (loss) per weighted average common share: Basic $ 0.04 $ 1.73 $ ( 0.36 ) Diluted $ 0.04 $ 1.69 $ ( 0.36 ) (1) If the Company sustains a net loss for the period presented, unvested restricted stock units are not included in the diluted earnings (loss) per share calculation.

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 2024
Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interests	The following table sets forth the redeemable noncontrolling interests in the OP for the years ended December 31, 2024 and 2023 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2022 $ 5,631 Net income attributable to redeemable noncontrolling interests in the OP 169 Other comprehensive loss attributable to redeemable noncontrolling interests in the OP ( 123 ) Distributions to redeemable noncontrolling interests in the OP ( 184 ) Issuance of operating partnership units for purchase of noncontrolling interests 415 Redemption of operating partnership units of noncontrolling interests ( 70 ) Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP ( 592 ) Redeemable noncontrolling interests in the OP, December 31, 2023 $ 5,246 Net income attributable to redeemable noncontrolling interests in the OP 4 Other comprehensive loss attributable to redeemable noncontrolling interests in the OP ( 115 ) Distributions to redeemable noncontrolling interests in the OP ( 196 ) Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 843 Redeemable noncontrolling interests in the OP, December 31, 2024 $ 5,782
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 years ended December 31, 2024, 2023 and 2022 (in thousands): For the Year Ended December 31, 2024 2023 2022 Fees incurred Property management fees (1) $ 7,446 $ 8,051 $ 7,606 Construction supervision fees (2) 903 2,062 2,000 Design fees (2) 19 67 198 Acquisition fees (3) ( 2 ) ( 83 ) 45 Reimbursements Payroll and benefits (4) 18,837 18,809 21,310 Other reimbursements (5) 3,564 8,001 4,695 (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) Includes due diligence costs. Acquisition fees are capitalized to real estate assets on the consolidated balance sheets. (4) Included in property operating expenses on the consolidated statements of operations and comprehensive income (loss) . (5) 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)	12 Months Ended
	Dec. 31, 2024 shares
Real Estate Properties [Line Items]
Date of incorporation	Sep. 19, 2014
OP Units, outstanding	26,053,988
OP Units owned	25,951,154
Maximum
Real Estate Properties [Line Items]
Investments in real estate-related debt and securities	30%
NexPoint Residential Trust Operating Partnership LP
Real Estate Properties [Line Items]
Percentage of OP Units, outstanding owned by company	99.60%
B H Equity
Real Estate Properties [Line Items]
Percentage of OP Units, outstanding owned by noncontrolling limited partners	0.40%
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	102,834

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	Dec. 31, 2024
Property Plant And Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	Land
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

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) Property	Dec. 31, 2023 USD ($) Property	Dec. 31, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Impairment of real estate assets	$ 0	$ 0	$ 0
Number of properties held for sale | Property	0	3
Real estate held for sale assets	$ 1,793,223,000	$ 1,857,353,000
Minimum percentage of distributed taxable income to qualify as REIT	90%
Percentage of non-deductible excise tax on distribution	4%
Percentage of ordinary income considered for payment of distribution	85%
Percentage of capital gain net income considered for payment of distribution	95%
Percentage of undistributed income of prior considered for payment of distribution	100%
Unrecognized tax benefit or expense, accrued interest or penalties	$ 0	0
Gain on forfeited deposits	$ 0	250,000	$ 0
Minimum
Summary Of Significant Accounting Policies [Line Items]
Percentage of uncertain tax positions likelihood of being sustained	50%
Accounts Receivable and Prepaid and Oher Assets
Summary Of Significant Accounting Policies [Line Items]
Real estate held for sale assets	$ 0	800,000
Accounts Payable Real Estate Taxes Payable Security Deposits Prepaid Rents and Other Accrued Liabilities
Summary Of Significant Accounting Policies [Line Items]
Real estate held for sale associated with liabilities	$ 0	$ 4,900,000

Investments in Subsidiaries - A

Investments in Subsidiaries - Additional Information (Details) - Subsidiary	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Schedule of Investments [Abstract]
Consolidated investment in SPEs	100%	100%
Number of wholly owned subsidiaries	35	38

Investments in Subsidiaries - S

Investments in Subsidiaries - Schedule of Ownership in Each Property (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, wholly owned subsidiary	100%	100%
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%	100%
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%	100%
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%	100%
Courtney Cove | Tampa, Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2014
Effective ownership percentage, wholly owned subsidiary	100%	100%
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%
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%	100%
Cornerstone | Orlando, Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2015
Effective ownership percentage, wholly owned subsidiary	100%	100%
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%	100%
Versailles | Dallas, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2015
Effective ownership percentage, wholly owned subsidiary	100%	100%
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%	100%
Madera Point | Mesa, Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2015
Effective ownership percentage, wholly owned subsidiary	100%	100%
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%	100%
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%	100%
The Venue on Camelback | Phoenix, Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2016
Effective ownership percentage, wholly owned subsidiary	100%	100%
Old Farm | Houston, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2016
Effective ownership percentage, wholly owned subsidiary		100%
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%
Rockledge Apartments | Marietta, Georgia
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2017
Effective ownership percentage, wholly owned subsidiary	100%	100%
Atera Apartments | Dallas, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2017
Effective ownership percentage, wholly owned subsidiary	100%	100%
Versailles II | Dallas, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2018
Effective ownership percentage, wholly owned subsidiary	100%	100%
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%	100%
Bella Vista | Phoenix, Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100%	100%
The Enclave | Tempe, Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100%	100%
The Heritage | Phoenix, Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100%	100%
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%	100%
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%	100%
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%	100%
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%	100%
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%	100%
Torreyana Apartments | Las Vegas, Nevada
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100%	100%
Bloom | Las Vegas, Nevada
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100%	100%
Bella Solara | Las Vegas, Nevada
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100%	100%
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%	100%
The Verandas at Lake Norman | Charlotte, North Carolina
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2021
Effective ownership percentage, wholly owned subsidiary	100%	100%
Creekside At Matthews | Charlotte, North Carolina
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2021
Effective ownership percentage, wholly owned subsidiary	100%	100%
Six Forks Station | Raleigh, North Carolina
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2021
Effective ownership percentage, wholly owned subsidiary	100%	100%
High House At Cary | Cary, North Carolina
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2021
Effective ownership percentage, wholly owned subsidiary	100%	100%
The Adair | Sandy Springs, Georgia
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2022
Effective ownership percentage, wholly owned subsidiary	100%	100%
Estates On Maryland | Phoenix, Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2022
Effective ownership percentage, wholly owned subsidiary	100%	100%

Real Estate Investments - Summa

Real Estate Investments - Summary of Major Components of Investments in Multifamily Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Real Estate Properties [Line Items]
Land	$ 359,819	$ 359,819
Buildings and improvements	1,738,677	1,719,864
Construction in progress	1,267	8,322
Furniture, fixtures and equipment	202,029	180,435
Real estate investment, gross	2,301,792	2,268,440
Accumulated depreciation and amortization	(508,569)	(411,087)
Total Net Operating Real Estate Investments	1,793,223	1,857,353
Total Net Real Estate Investments	1,793,223	1,968,100
Multifamily Properties
Real Estate Properties [Line Items]
Accumulated depreciation and amortization		(31,871)
Total Net Real Estate Investments		1,968,100
Multifamily Properties | Land
Real Estate Properties [Line Items]
Total Net Real Estate Investments		376,830
Multifamily Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Accumulated depreciation and amortization		(24,536)
Total Net Real Estate Investments		1,521,380
Multifamily Properties | Construction in Progress
Real Estate Properties [Line Items]
Total Net Real Estate Investments		8,349
Multifamily Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Accumulated depreciation and amortization		(7,335)
Total Net Real Estate Investments		61,541
Multifamily Properties | Real Estate Properties Held For Sale
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments		110,747
Multifamily Properties | Real Estate Properties Held For Sale | Land
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments		17,011
Multifamily Properties | Real Estate Properties Held For Sale | Buildings and Improvements
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments		89,479
Multifamily Properties | Real Estate Properties Held For Sale | Construction in Progress
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments		27
Multifamily Properties | Real Estate Properties Held For Sale | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments		4,230
Multifamily Properties | Arbors on Forest Ridge
Real Estate Properties [Line Items]
Land	2,330	2,330
Buildings and improvements	12,078	11,874
Construction in progress		78
Furniture, fixtures and equipment	2,553	2,301
Real estate investment, gross	16,961	16,583
Multifamily Properties | Cutter's Point
Real Estate Properties [Line Items]
Land	3,330	3,330
Buildings and improvements	14,777	14,622
Furniture, fixtures and equipment	6,954	6,760
Real estate investment, gross	25,061	24,712
Multifamily Properties | The Summit at Sabal Park
Real Estate Properties [Line Items]
Land	5,770	5,770
Buildings and improvements	15,138	14,663
Construction in progress	26
Furniture, fixtures and equipment	3,088	2,746
Real estate investment, gross	24,022	23,179
Multifamily Properties | Courtney Cove
Real Estate Properties [Line Items]
Land	5,880	5,880
Buildings and improvements	15,217	15,099
Construction in progress	71	12
Furniture, fixtures and equipment	4,493	3,837
Real estate investment, gross	25,661	24,828
Multifamily Properties | Radbourne Lake | Real Estate Properties Held For Sale
Real Estate Properties [Line Items]
Land		2,440
Buildings and improvements		23,229
Construction in progress		3
Furniture, fixtures and equipment		4,019
Real estate investment, gross		29,691
Multifamily Properties | Sabal Palm at Lake Buena Vista
Real Estate Properties [Line Items]
Land	7,558	7,558
Buildings and improvements	45,175	45,023
Furniture, fixtures and equipment	5,709	5,040
Real estate investment, gross	58,442	57,621
Multifamily Properties | Cornerstone
Real Estate Properties [Line Items]
Land	1,500	1,500
Buildings and improvements	31,286	31,181
Construction in progress	22	30
Furniture, fixtures and equipment	5,758	5,193
Real estate investment, gross	38,566	37,904
Multifamily Properties | The Preserve at Terrell Mill
Real Estate Properties [Line Items]
Land	10,170	10,170
Buildings and improvements	54,334	53,490
Construction in progress		44
Furniture, fixtures and equipment	16,264	15,116
Real estate investment, gross	80,768	78,820
Multifamily Properties | The Venue on Camelback
Real Estate Properties [Line Items]
Land	8,340	8,340
Buildings and improvements	38,962	38,497
Construction in progress	41	324
Furniture, fixtures and equipment	6,620	5,901
Real estate investment, gross	53,963	53,062
Multifamily Properties | Versailles
Real Estate Properties [Line Items]
Land	6,720	6,720
Buildings and improvements	22,977	22,048
Construction in progress		587
Furniture, fixtures and equipment	6,504	5,586
Real estate investment, gross	36,201	34,941
Multifamily Properties | Seasons 704 Apartments
Real Estate Properties [Line Items]
Land	7,480	7,480
Buildings and improvements	16,241	15,585
Construction in progress	15	25
Furniture, fixtures and equipment	4,561	4,025
Real estate investment, gross	28,297	27,115
Multifamily Properties | Madera Point
Real Estate Properties [Line Items]
Land	4,920	4,920
Buildings and improvements	18,390	18,330
Furniture, fixtures and equipment	4,031	3,771
Real estate investment, gross	27,341	27,021
Multifamily Properties | Venue at 8651
Real Estate Properties [Line Items]
Land	2,350	2,350
Buildings and improvements	19,953	19,720
Construction in progress	1	374
Furniture, fixtures and equipment	4,961	4,688
Real estate investment, gross	27,265	27,132
Multifamily Properties | Parc500
Real Estate Properties [Line Items]
Land	3,860	3,860
Buildings and improvements	21,989	21,501
Construction in progress		270
Furniture, fixtures and equipment	5,836	5,421
Real estate investment, gross	31,685	31,052
Multifamily Properties | Bella Vista
Real Estate Properties [Line Items]
Land	10,942	10,942
Buildings and improvements	37,482	37,410
Furniture, fixtures and equipment	4,345	4,086
Real estate investment, gross	52,769	52,438
Multifamily Properties | Old Farm | Real Estate Properties Held For Sale
Real Estate Properties [Line Items]
Land		11,078
Buildings and improvements		71,097
Construction in progress		24
Furniture, fixtures and equipment		6,081
Real estate investment, gross		88,280
Multifamily Properties | The Enclave
Real Estate Properties [Line Items]
Land	11,046	11,046
Buildings and improvements	30,760	30,723
Furniture, fixtures and equipment	3,861	3,688
Real estate investment, gross	45,667	45,457
Multifamily Properties | Stone Creek at Old Farm | Real Estate Properties Held For Sale
Real Estate Properties [Line Items]
Land		3,493
Buildings and improvements		19,689
Furniture, fixtures and equipment		1,465
Real estate investment, gross		24,647
Multifamily Properties | The Heritage
Real Estate Properties [Line Items]
Land	6,835	6,835
Buildings and improvements	35,284	35,216
Construction in progress	8
Furniture, fixtures and equipment	3,942	3,730
Real estate investment, gross	46,069	45,781
Multifamily Properties | Rockledge Apartments
Real Estate Properties [Line Items]
Land	17,451	17,451
Buildings and improvements	102,013	99,310
Construction in progress	548	1,649
Furniture, fixtures and equipment	13,063	10,844
Real estate investment, gross	133,075	129,254
Multifamily Properties | Summers Landing
Real Estate Properties [Line Items]
Land	1,798	1,798
Buildings and improvements	19,218	18,955
Construction in progress		2
Furniture, fixtures and equipment	1,774	1,589
Real estate investment, gross	22,790	22,344
Multifamily Properties | Atera Apartments
Real Estate Properties [Line Items]
Land	22,371	22,371
Buildings and improvements	39,054	38,922
Construction in progress		142
Furniture, fixtures and equipment	3,866	3,622
Real estate investment, gross	65,291	65,057
Multifamily Properties | Versailles II
Real Estate Properties [Line Items]
Land	4,124	4,124
Buildings and improvements	21,328	20,764
Construction in progress	54	391
Furniture, fixtures and equipment	3,133	2,656
Real estate investment, gross	28,639	27,935
Multifamily Properties | Residences at Glenview Reserve
Real Estate Properties [Line Items]
Land	3,367	3,367
Buildings and improvements	43,187	42,693
Furniture, fixtures and equipment	6,482	5,524
Real estate investment, gross	53,036	51,584
Multifamily Properties | Residences at West Place
Real Estate Properties [Line Items]
Land	3,345	3,345
Buildings and improvements	53,708	53,512
Furniture, fixtures and equipment	5,022	4,319
Real estate investment, gross	62,075	61,176
Multifamily Properties | Avant at Pembroke Pines
Real Estate Properties [Line Items]
Land	48,436	48,436
Buildings and improvements	287,102	284,582
Construction in progress	78	85
Furniture, fixtures and equipment	24,956	21,681
Real estate investment, gross	360,572	354,784
Multifamily Properties | Brandywine I & II
Real Estate Properties [Line Items]
Land	6,237	6,237
Buildings and improvements	75,329	73,895
Furniture, fixtures and equipment	10,385	9,541
Real estate investment, gross	91,951	89,673
Multifamily Properties | Arbors of Brentwood
Real Estate Properties [Line Items]
Land	6,346	6,346
Buildings and improvements	56,881	54,735
Construction in progress	8	1,534
Furniture, fixtures and equipment	4,038	3,576
Real estate investment, gross	67,273	66,191
Multifamily Properties | Torreyana Apartments
Real Estate Properties [Line Items]
Land	23,824	23,824
Buildings and improvements	44,290	44,231
Construction in progress		13
Furniture, fixtures and equipment	2,696	2,478
Real estate investment, gross	70,810	70,546
Multifamily Properties | Bloom
Real Estate Properties [Line Items]
Land	23,803	23,803
Buildings and improvements	83,832	83,440
Construction in progress	14	8
Furniture, fixtures and equipment	6,269	5,638
Real estate investment, gross	113,918	112,889
Multifamily Properties | The Verandas at Lake Norman
Real Estate Properties [Line Items]
Land	9,510	9,510
Buildings and improvements	54,002	53,864
Construction in progress	14
Furniture, fixtures and equipment	2,770	2,491
Real estate investment, gross	66,296	65,865
Multifamily Properties | High House At Cary
Real Estate Properties [Line Items]
Land	23,809	23,809
Buildings and improvements	68,654	68,263
Construction in progress	87	62
Furniture, fixtures and equipment	4,019	3,501
Real estate investment, gross	96,569	95,635
Multifamily Properties | Bella Solara
Real Estate Properties [Line Items]
Land	12,605	12,605
Buildings and improvements	52,686	52,645
Construction in progress	274	1,687
Furniture, fixtures and equipment	3,849	3,230
Real estate investment, gross	69,414	70,167
Multifamily Properties | Fairways at San Marcos
Real Estate Properties [Line Items]
Land	10,993	10,993
Buildings and improvements	73,175	73,068
Furniture, fixtures and equipment	4,795	4,443
Real estate investment, gross	88,963	88,504
Multifamily Properties | Creekside At Matthews
Real Estate Properties [Line Items]
Land	11,515	11,515
Buildings and improvements	46,171	46,047
Construction in progress		3
Furniture, fixtures and equipment	3,482	3,231
Real estate investment, gross	61,168	60,796
Multifamily Properties | The Adair
Real Estate Properties [Line Items]
Land	8,344	8,344
Buildings and improvements	57,399	57,192
Furniture, fixtures and equipment	3,301	2,852
Real estate investment, gross	69,044	68,388
Multifamily Properties | Six Forks Station
Real Estate Properties [Line Items]
Land	11,357	11,357
Buildings and improvements	65,130	63,404
Construction in progress	6	985
Furniture, fixtures and equipment	4,816	4,101
Real estate investment, gross	81,309	79,847
Multifamily Properties | Estates On Maryland
Real Estate Properties [Line Items]
Land	11,553	11,553
Buildings and improvements	65,475	65,360
Construction in progress		17
Furniture, fixtures and equipment	3,833	3,229
Real estate investment, gross	80,861	80,159
Multifamily Properties | Operating Properties
Real Estate Properties [Line Items]
Real estate investment, gross	2,301,792	2,268,440
Accumulated depreciation and amortization	(508,569)	(411,087)
Total Net Operating Real Estate Investments	1,793,223	1,857,353
Multifamily Properties | Operating Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross	359,819	359,819
Total Net Operating Real Estate Investments	359,819	359,819
Multifamily Properties | Operating Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	1,738,677	1,719,864
Accumulated depreciation and amortization	(351,780)	(287,963)
Total Net Operating Real Estate Investments	1,386,897	1,431,901
Multifamily Properties | Operating Properties | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	1,267	8,322
Total Net Operating Real Estate Investments	1,267	8,322
Multifamily Properties | Operating Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	202,029	180,435
Accumulated depreciation and amortization	(156,789)	(123,124)
Total Net Operating Real Estate Investments	$ 45,240	$ 57,311

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Details)			12 Months Ended
	Jul. 06, 2023 USD ($)	Apr. 01, 2022 USD ($)	Dec. 31, 2024 USD ($) Property	Dec. 31, 2023 USD ($) Property	Dec. 31, 2022 USD ($)
Real Estate Properties [Line Items]
Depreciation expense			$ 97,800,000	$ 95,200,000	$ 93,500,000
Amortization expense of intangible lease assets			$ 0	$ 0	4,149,000
Number of real estate properties sold | Property			3	2
Casualty (gains) loss			$ 626,000	$ 856,000	(2,506,000)
Casualty Losses
Real Estate Properties [Line Items]
Casualty (gains) loss			600,000	900,000	(2,500,000)
Business interruption insurance claim proceeds			500,000	1,200,000	$ 1,300,000
NexPoint Captive
Real Estate Properties [Line Items]
Purchased ownership interest percentage	100%
Cash reserve	$ 250,000
Accrued for case reserves			$ 300,000	$ 100,000
Acquired Property
Real Estate Properties [Line Items]
Number of properties acquired | Property			0	0
Purchase price		$ 143,400,000

Real Estate Investments - Sum_2

Real Estate Investments - Summary of Sale of Properties (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real Estate Properties [Line Items]
Sales Price	$ 166,750,000	$ 119,000,000
Net Cash Proceeds	165,703,000	117,779,000	$ 36,455,000
Gain on Sale of Real Estate	$ 54,246,000	$ 67,926,000
Old Farm | Houston, Texas
Real Estate Properties [Line Items]
Date of Sale	Mar. 01, 2024
Sales Price	$ 103,000,000
Net Cash Proceeds	102,704,000
Gain on Sale of Real Estate	$ 31,548,000
Stone Creek at Old Farm | Houston, Texas
Real Estate Properties [Line Items]
Date of Sale	Oct. 01, 2024
Sales Price	$ 24,500,000
Net Cash Proceeds	24,095,000
Gain on Sale of Real Estate	$ 3,851,000
Silverbrook | Grand Prairie, Texas
Real Estate Properties [Line Items]
Date of Sale		Sep. 22, 2023
Sales Price		$ 70,000,000
Net Cash Proceeds		69,431,000
Gain on Sale of Real Estate		$ 43,107,000
Timber Creek | Charlotte, North Carolina
Real Estate Properties [Line Items]
Date of Sale		Dec. 13, 2023
Sales Price		$ 49,000,000
Net Cash Proceeds		48,348,000
Gain on Sale of Real Estate		$ 24,819,000
Radbourne Lake | Charlotte, North Carolina
Real Estate Properties [Line Items]
Date of Sale	Apr. 30, 2024
Sales Price	$ 39,250
Net Cash Proceeds	38,904
Gain on Sale of Real Estate	$ 18,847

Real Estate Investments - Sum_3

Real Estate Investments - Summary of Sale of Properties (Parenthetical) (Details) - NexBank Capital	12 Months Ended
	Dec. 31, 2024
Real Estate Properties [Line Items]
Indirect ownership limited partnership interests in parent of adviser	100%
General partnership interests in parent of adviser	100%

Debt - Summary of Mortgage Debt

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 09, 2021
Debt Instrument [Line Items]
Outstanding Principal			$ 35,000
Mortgages payable, net	$ 1,463,650	$ 1,453,787
Mortgages Payable
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization		(116)
Mortgages payable, net		88,044
Mortgages Payable | Discontinued Operations, Held-for-sale | Nonrecourse
Debt Instrument [Line Items]
Outstanding Principal		88,160
Mortgages Payable | Operating Properties
Debt Instrument [Line Items]
Outstanding Principal	1,463,650	1,453,787
Fair market value adjustment	397	503
Deferred financing costs, net of accumulated amortization	(39,989)	(9,792)
Mortgages payable, net	$ 1,503,242	$ 1,463,076
Mortgages Payable | Residences at West Place | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months	120 months
Outstanding Principal	$ 33,817	$ 33,817
Interest Rate	4.24%	4.24%
Maturity Date	Oct. 01, 2028	Oct. 01, 2028
Mortgages Payable | Arbors of Brentwood | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	84 months
Outstanding Principal	$ 39,977	$ 34,237
Interest Rate	5.62%	6.89%
Maturity Date	Oct. 01, 2031	Oct. 01, 2026
Mortgages Payable | Avant at Pembroke Pines | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	84 months
Outstanding Principal	$ 248,185	$ 177,101
Interest Rate	5.62%	6.89%
Maturity Date	Oct. 01, 2031	Sep. 01, 2026
Mortgages Payable | Bella Vista | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	84 months
Outstanding Principal	$ 37,400	$ 29,040
Interest Rate	5.62%	6.78%
Maturity Date	Oct. 01, 2031	Feb. 01, 2026
Mortgages Payable | Brandywine I & II | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	84 months
Outstanding Principal	$ 59,526	$ 43,835
Interest Rate	5.62%	6.64%
Maturity Date	Oct. 01, 2031	Oct. 01, 2025
Mortgages Payable | Cornerstone | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	120 months
Outstanding Principal	$ 45,815	$ 46,804
Interest Rate	5.62%	7.43%
Maturity Date	Oct. 01, 2031	Dec. 01, 2032
Mortgages Payable | Estates On Maryland | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	84 months
Outstanding Principal	$ 37,345	$ 43,157
Interest Rate	5.62%	7.31%
Maturity Date	Oct. 01, 2031	Apr. 01, 2029
Mortgages Payable | High House At Cary | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	84 months
Outstanding Principal	$ 32,478	$ 46,625
Interest Rate	5.62%	7.35%
Maturity Date	Oct. 01, 2031	Jan. 01, 2029
Mortgages Payable | Residences at Glenview Reserve | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	84 months
Outstanding Principal	$ 33,271	$ 25,574
Interest Rate	5.62%	6.90%
Maturity Date	Oct. 01, 2031	Oct. 01, 2025
Mortgages Payable | Sabal Palm at Lake Buena Vista | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	84 months
Outstanding Principal	$ 56,220	$ 42,100
Interest Rate	5.62%	6.76%
Maturity Date	Oct. 01, 2031	Sep. 01, 2025
Mortgages Payable | Six Forks Station | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	120 months
Outstanding Principal	$ 30,430	$ 41,180
Interest Rate	5.62%	7.06%
Maturity Date	Oct. 01, 2031	Oct. 01, 2031
Mortgages Payable | Summers Landing | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	84 months
Outstanding Principal	$ 14,135	$ 10,109
Interest Rate	5.62%	6.64%
Maturity Date	Oct. 01, 2031	Oct. 01, 2025
Mortgages Payable | The Adair | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	84 months
Outstanding Principal	$ 33,229	$ 35,115
Interest Rate	5.62%	7.31%
Maturity Date	Oct. 01, 2031	Apr. 01, 2029
Mortgages Payable | The Enclave | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	84 months
Outstanding Principal	$ 33,440	$ 25,322
Interest Rate	5.62%	6.78%
Maturity Date	Oct. 01, 2031	Feb. 01, 2026
Mortgages Payable | The Heritage | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	84 months
Outstanding Principal	$ 29,810	$ 24,625
Interest Rate	5.62%	6.78%
Maturity Date	Oct. 01, 2031	Feb. 01, 2026
Mortgages Payable | The Venue on Camelback | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	120 months
Outstanding Principal	$ 36,465	$ 42,788
Interest Rate	5.62%	7.52%
Maturity Date	Oct. 01, 2031	Feb. 01, 2033
Mortgages Payable | The Verandas at Lake Norman | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	84 months
Outstanding Principal	$ 30,113	$ 34,925
Interest Rate	5.62%	7.19%
Maturity Date	Oct. 01, 2031	Jul. 01, 2028
Mortgages Payable | Versailles II | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	84 months
Outstanding Principal	$ 15,706	$ 12,061
Interest Rate	5.62%	6.64%
Maturity Date	Oct. 01, 2031	Oct. 01, 2025
Mortgages Payable | Arbors on Forest Ridge | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	120 months
Outstanding Principal	$ 17,307	$ 19,184
Interest Rate	5.62%	6.89%
Maturity Date	Dec. 01, 2031	Dec. 01, 2032
Mortgages Payable | Atera Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	120 months
Outstanding Principal	$ 38,555	$ 46,198
Interest Rate	5.62%	6.89%
Maturity Date	Dec. 01, 2031	Dec. 01, 2032
Mortgages Payable | Bella Solara | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	120 months
Outstanding Principal	$ 37,772	$ 40,328
Interest Rate	5.62%	6.89%
Maturity Date	Dec. 01, 2031	Dec. 01, 2032
Mortgages Payable | Bloom | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	120 months
Outstanding Principal	$ 60,848	$ 59,830
Interest Rate	5.62%	6.89%
Maturity Date	Dec. 01, 2031	Dec. 01, 2032
Mortgages Payable | Courtney Cove | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	120 months
Outstanding Principal	$ 31,596	$ 36,146
Interest Rate	5.62%	6.89%
Maturity Date	Dec. 01, 2031	Dec. 01, 2032
Mortgages Payable | Creekside At Matthews | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	120 months
Outstanding Principal	$ 28,703	$ 29,648
Interest Rate	5.62%	6.89%
Maturity Date	Dec. 01, 2031	Dec. 01, 2032
Mortgages Payable | Cutter's Point | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	120 months
Outstanding Principal	$ 18,994	$ 21,524
Interest Rate	5.62%	6.89%
Maturity Date	Dec. 01, 2031	Dec. 01, 2032
Mortgages Payable | Fairways at San Marcos | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	120 months
Outstanding Principal	$ 55,056	$ 60,228
Interest Rate	5.62%	6.89%
Maturity Date	Dec. 01, 2031	Dec. 01, 2032
Mortgages Payable | Madera Point | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	120 months
Outstanding Principal	$ 29,676	$ 34,457
Interest Rate	5.62%	6.89%
Maturity Date	Dec. 01, 2031	Dec. 01, 2032
Mortgages Payable | Parc500 | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	120 months
Outstanding Principal	$ 30,012	$ 29,416
Interest Rate	5.62%	6.89%
Maturity Date	Dec. 01, 2031	Dec. 01, 2032
Mortgages Payable | Rockledge Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	120 months
Outstanding Principal	$ 78,444	$ 93,129
Interest Rate	5.62%	6.89%
Maturity Date	Dec. 01, 2031	Dec. 01, 2032
Mortgages Payable | Seasons 704 Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	120 months
Outstanding Principal	$ 33,960	$ 33,132
Interest Rate	5.62%	6.89%
Maturity Date	Dec. 01, 2031	Dec. 01, 2032
Mortgages Payable | The Preserve at Terrell Mill | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	120 months
Outstanding Principal	$ 74,341	$ 71,098
Interest Rate	5.62%	6.89%
Maturity Date	Dec. 01, 2031	Dec. 01, 2032
Mortgages Payable | The Summit at Sabal Park | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	120 months
Outstanding Principal	$ 26,735	$ 30,826
Interest Rate	5.62%	6.89%
Maturity Date	Dec. 01, 2031	Dec. 01, 2032
Mortgages Payable | Torreyana Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	120 months
Outstanding Principal	$ 43,153	$ 50,580
Interest Rate	5.62%	6.89%
Maturity Date	Dec. 01, 2031	Dec. 01, 2032
Mortgages Payable | Venue at 8651 | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	120 months
Outstanding Principal	$ 24,620	$ 18,690
Interest Rate	5.62%	6.89%
Maturity Date	Dec. 01, 2031	Dec. 01, 2032
Mortgages Payable | Versailles | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months	120 months
Outstanding Principal	$ 26,108	$ 40,247
Interest Rate	5.62%	6.89%
Maturity Date	Dec. 01, 2031	Dec. 01, 2032
Mortgages Payable | Old Farm | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)		84 months
Outstanding Principal		$ 52,886
Interest Rate		7.14%
Maturity Date		Jul. 01, 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		7.14%
Maturity Date		Jul. 01, 2024
Mortgages Payable | Radbourne Lake | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)		84 months
Outstanding Principal		$ 20,000
Interest Rate		6.75%
Maturity Date		Oct. 01, 2025

Debt - Summary of Mortgage De_2

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Parenthetical) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Deferred financing costs, accumulated amortization	$ 1,113	$ 3,763
Interest Rate	4.53%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Average Secured Overnight Financing Rate [Member]
Discontinued Operations, Held-for-sale
Debt Instrument [Line Items]
Deferred financing costs, accumulated amortization		$ 528

Debt - Additional Information (

Debt - Additional Information (Details)				1 Months Ended		3 Months Ended	12 Months Ended
	Oct. 24, 2022	Mar. 25, 2022 USD ($)	Dec. 06, 2021 USD ($)	Sep. 09, 2021 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2024 USD ($) Property	Dec. 31, 2024 USD ($) Property	Dec. 31, 2023 USD ($) Property	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Number of properties sold | Property							3	2
Number of refinance mortgage debt properties | Property						34
Outstanding Principal				$ 35,000,000
Prepayment penalties incurred						$ 14,800,000	$ 15,486,000	$ 2,370,000	$ 5,704,000
Refinance expenses						100,000
Wrote-off deferred financing costs						8,400,000
Credit facility proceeds received									55,000,000
Long-term Debt, Gross				$ 35,000,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]							Average Secured Overnight Financing Rate [Member]
Line of credit facility, description							(a) the prime rate, (b) the federal funds rate plus 0.50%, (c) Term SOFR plus 1.0% or (d) 0.0% plus a margin of 0.90% to 1.40%, depending on the Company’s total leverage ratio. An unused commitment fee at a rate of 0.15% or 0.25%
Term loan maturity date				Dec. 31, 2021
Accumulated amortization						1,113,000	$ 1,113,000	3,763,000
Interest expense
Debt Instrument [Line Items]
Amortization of deferred financing fees							3,400,000	2,900,000	$ 2,800,000
Nex Point Residential Trust Inc
Debt Instrument [Line Items]
Terminated revolving credit facility with truist					$ 225,000,000
Corporate Credit Facility | Prepaid and Other Assets
Debt Instrument [Line Items]
Deferred financing costs						3,000,000	3,000,000
Accumulated amortization						2,900,000	$ 2,900,000
Corporate Credit Facility | Nex Point Residential Trust Inc
Debt Instrument [Line Items]
Credit facility proceeds received		$ 55,000,000			$ 250,000,000
Percentage of benchmark replacement adjustment							0.1
Term loan maturity date	Jun. 30, 2025
Line of credit facility, maximum borrowing capacity						0	$ 0	24,000,000
Line of credit facility, available borrowing capacity						$ 350,000,000	$ 350,000,000	326,000,000
Facility, term	1 year
Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding Principal								225,000,000
Long-term Debt, Gross								$ 225,000,000
Amended And Restated Corporate Credit Facility | Nex Point Residential Trust Inc
Debt Instrument [Line Items]
Line of credit facility, increase in facility amount			$ 55,000,000
Deferred financing costs			$ 400,000
Amended And Restated Corporate Credit Facility | Nex Point Residential Trust Inc | Accordion Feature
Debt Instrument [Line Items]
Deferred financing costs				$ 300,000
Minimum | Corporate Credit Facility | Nex Point Residential Trust Inc
Debt Instrument [Line Items]
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]							Average Secured Overnight Financing Rate [Member]
Interest rate							1.90%
Minimum | Amended And Restated Corporate Credit Facility | Nex Point Residential Trust Inc
Debt Instrument [Line Items]
Line of credit facility, increase in facility amount				250,000,000
Maximum | Corporate Credit Facility | Nex Point Residential Trust Inc
Debt Instrument [Line Items]
Interest rate							2.40%
Maximum | Corporate Credit Facility | Nex Point Residential Trust Inc | Accordion Feature
Debt Instrument [Line Items]
Line of credit facility, increase in facility amount							$ 150,000,000
Maximum | Amended And Restated Corporate Credit Facility | Nex Point Residential Trust Inc
Debt Instrument [Line Items]
Line of credit facility, increase in facility amount				$ 285,000,000
Mortgages Payable
Debt Instrument [Line Items]
Weighted average interest rate of mortgage indebtedness						5.56%	5.56%	6.90%
Adjusted weighted average interest rate						2.96%	2.96%
Weighted average fixed rate						0.98%	0.98%
Deferred financing costs paid						$ 40,900,000
Deferred financing costs								$ 116,000
Mortgages Payable | Minimum
Debt Instrument [Line Items]
Outstanding Principal						1,400,000,000	$ 1,400,000,000
Long-term Debt, Gross						1,400,000,000	1,400,000,000
Mortgages Payable | Maximum
Debt Instrument [Line Items]
Outstanding Principal						1,500,000,000	1,500,000,000
Long-term Debt, Gross						1,500,000,000	1,500,000,000
Mortgages Payable | Floating Interest Rate Swap
Debt Instrument [Line Items]
Combined notional amount						1,100,000,000	1,100,000,000
Indebtedness						1,500,000,000	1,500,000,000
Mortgages Payable | Interest Rate Swap
Debt Instrument [Line Items]
Indebtedness						$ 1,100,000,000	$ 1,100,000,000

Debt - Sale of Properties and R

Debt - Sale of Properties and Repayment of Related Mortgage Loans That Encumbered (Details) - Mortgages Loan - Debt With Floating Interest Rate $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Outstanding Principal	$ 88,160
Old Farm
Debt Instrument [Line Items]
Date of Sale	Mar. 01, 2024
Outstanding Principal	$ 52,886
Radbourne Lake
Debt Instrument [Line Items]
Date of Sale	Apr. 30, 2024
Outstanding Principal	$ 20,000
Stone Creek at Old Farm
Debt Instrument [Line Items]
Date of Sale	Oct. 01, 2024
Outstanding Principal	$ 15,274

Debt - Summary of Loss on Extin

Debt - Summary of Loss on Extinguishment of Debt and Modification Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Prepayment of penalties incurred	$ 15,486	$ 2,370	$ 5,702
Write-off of deferred financing costs	8,465	483	1,961
Write-off of fair market value adjustment of assumed debt			(256)
Debt modification and other extinguishment costs	53	(444)	1,327
Total	$ 24,004	$ 2,409	$ 8,734

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) - Operating Properties $ in Thousands	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
2028	$ 33,817
Thereafter	1,469,425
Total	$ 1,503,242

Fair Value of Derivatives and_3

Fair Value of Derivatives and Financial Instruments - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial instruments cap weighted average rate	6.31%
SOFR
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate	0.11448%
Interest Rate Swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate description	floating interest rate
Weighted average fixed rate	0.98%
Interest rate caps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate description	The interest rate cap agreements the Company has entered into effectively cap SOFR on the Company’s floating rate mortgage indebtedness at a weighted average rate of 6.31%.
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 and SOFR
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 and SOFR
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate term range	4 years

Fair Value of Derivatives and_4

Fair Value of Derivatives and Financial Instruments - Summary of Company's Outstanding Interest Rate Swaps (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Interest Rate Swap Transaction One | KeyBank
Debt Instrument [Line Items]
Effective Date	Sep. 01, 2019
Termination Date	Sep. 01, 2026
Notional Amount	$ 100,000,000
Fixed Rate	1.462%
Interest Rate Swap Transaction Two | KeyBank
Debt Instrument [Line Items]
Effective Date	Sep. 01, 2019
Termination Date	Sep. 01, 2026
Notional Amount	$ 125,000,000
Fixed Rate	1.302%
Interest Rate Swap Transaction Three | KeyBank
Debt Instrument [Line Items]
Effective Date	Jan. 03, 2020
Termination Date	Sep. 01, 2026
Notional Amount	$ 92,500,000
Fixed Rate	1.609%
Interest Rate Swap Transaction Four | Truist
Debt Instrument [Line Items]
Effective Date	Mar. 04, 2020
Termination Date	Jun. 01, 2026
Notional Amount	$ 100,000,000
Fixed Rate	0.82%
Interest Rate Swap Transaction Five | KeyBank
Debt Instrument [Line Items]
Effective Date	Jun. 01, 2021
Termination Date	Sep. 01, 2026
Notional Amount	$ 200,000,000
Fixed Rate	0.845%
Interest Rate Swap Transaction Six | KeyBank
Debt Instrument [Line Items]
Effective Date	Jun. 01, 2021
Termination Date	Sep. 01, 2026
Notional Amount	$ 200,000,000
Fixed Rate	0.953%
Interest Rate Swap Transaction Seven | Truist
Debt Instrument [Line Items]
Effective Date	Mar. 01, 2022
Termination Date	Mar. 01, 2025
Notional Amount	$ 145,000,000
Fixed Rate	0.573%
Interest Rate Swap Transaction Eight | Truist
Debt Instrument [Line Items]
Effective Date	Mar. 01, 2022
Termination Date	Mar. 01, 2025
Notional Amount	$ 105,000,000
Fixed Rate	0.614%
Interest Rate Swap Transaction Nine
Debt Instrument [Line Items]
Notional Amount	$ 1,067,500,000
Fixed Rate	0.9807%
Interest Rate Swap Transaction Fourteen | KeyBank | Future Effective Dates
Debt Instrument [Line Items]
Effective Date	Sep. 01, 2026	Sep. 01, 2026
Termination Date	Jan. 01, 2027	Jan. 01, 2027
Notional Amount	$ 92,500,000	$ 92,500,000
Fixed Rate	1.798%	1.798%

Fair Value of Derivatives and_5

Fair Value of Derivatives and Financial Instruments - Summary of Company's Outstanding Interest Rate Swaps (Parenthetical) (Details)	Dec. 31, 2024
Key Bank And Truist Bank
Debt Instrument [Line Items]
LIBOR, interest rate	4.65%
Investment, Variable Interest Rate, Type [Extensible Enumeration]	Adjustment To Average Secured Overnight Financing Rate [Member]
KeyBank | Future Effective Dates
Debt Instrument [Line Items]
LIBOR, interest rate	4.65%
Investment, Variable Interest Rate, Type [Extensible Enumeration]	Adjustment To Average Secured Overnight Financing Rate [Member]

Fair Value of Derivatives and_6

Fair Value of Derivatives and Financial Instruments - Summary of Company's Outstanding Interest Rate Caps (Details) - Not Designated as Hedging Instrument - Cash Flow Hedges	12 Months Ended
	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Notional	$ 2,523,650,000
Strike Rate	7.22%
Residences at Glenview Reserve
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Oct. 01, 2027
Notional	$ 33,271,000
Strike Rate	8.16%
Brandywine I & II
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Oct. 01, 2027
Notional	$ 59,526,000
Strike Rate	8.16%
Madera Point One
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2027
Notional	$ 29,676,000
Strike Rate	7.66%
Summers Landing
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Oct. 01, 2027
Notional	$ 14,135,000
Strike Rate	8.66%
Versailles II
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Oct. 01, 2027
Notional	$ 15,706,000
Strike Rate	8.16%
The Verandas at Lake Norman
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Oct. 01, 2027
Notional	$ 30,113,000
Strike Rate	8.16%
Creekside At Matthews
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 29,648,000
Strike Rate	6.45%
Versailles One
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2027
Notional	$ 26,108,000
Strike Rate	7.66%
Six Forks Station
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Oct. 01, 2027
Notional	$ 30,430,000
Strike Rate	8.16%
High House At Cary
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Jan. 01, 2025
Notional	$ 46,625,000
Strike Rate	2.74%
Estates On Maryland
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Apr. 01, 2025
Notional	$ 43,157,000
Strike Rate	3.91%
Estates On Maryland One
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Oct. 01, 2027
Notional	$ 37,345,000
Strike Rate	8.91%
Parc500 One
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2027
Notional	$ 30,012,000
Strike Rate	7.66%
The Summit at Sabal Park One
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2027
Notional	$ 26,735,000
Strike Rate	7.66%
The Adair
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Apr. 01, 2025
Notional	$ 35,115,000
Strike Rate	3.91%
The Adair One
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Oct. 01, 2027
Notional	$ 33,229,000
Strike Rate	8.16%
High House At Cary One
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Oct. 01, 2027
Notional	$ 32,478,000
Strike Rate	8.16%
Rockledge Apartments
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 93,129,000
Strike Rate	6.45%
Rockledge Apartments One
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2027
Notional	$ 78,444,000
Strike Rate	7.66%
The Preserve at Terrell Mill
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 71,098,000
Strike Rate	6.45%
The Preserve at Terrell Mill One
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2027
Notional	$ 74,341,000
Strike Rate	7.66%
Fairways at San Marcos
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 60,228,000
Strike Rate	6.70%
Fairways at San Marcos One
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2027
Notional	$ 55,056,000
Strike Rate	7.66%
Courtney Cove One
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2027
Notional	$ 31,596,000
Strike Rate	7.66%
Bloom
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 59,830,000
Strike Rate	6.70%
Bloom One
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2027
Notional	$ 60,848,000
Strike Rate	7.66%
Atera Apartments
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 46,198,000
Strike Rate	6.45%
Atera Apartments One
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2027
Notional	$ 38,555,000
Strike Rate	7.66%
Silverbrook
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 46,088,000
Strike Rate	6.45%
Torreyana Apartments
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 50,580,000
Strike Rate	6.70%
Torreyana Apartments One
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2027
Notional	$ 43,153,000
Strike Rate	7.66%
Cornerstone
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 46,804,000
Strike Rate	6.66%
Cornerstone One
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Oct. 01, 2027
Notional	$ 45,815,000
Strike Rate	8.66%
Versailles
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 40,247,000
Strike Rate	6.45%
Bella Solara
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 40,328,000
Strike Rate	6.70%
Bella Solara One
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2027
Notional	$ 37,772,000
Strike Rate	7.66%
Courtney Cove
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 36,146,000
Strike Rate	6.70%
Madera Point
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 34,457,000
Strike Rate	6.70%
Creekside at Matthews One
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2027
Notional	$ 28,703,000
Strike Rate	7.66%
Parc500
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 29,416,000
Strike Rate	6.45%
Seasons 704 Apartments
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 33,132,000
Strike Rate	6.70%
Seasons 704 Apartments One
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2027
Notional	$ 33,960,000
Strike Rate	7.66%
The Summit at Sabal Park
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 30,826,000
Strike Rate	6.70%
Cutter's Point
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 21,524,000
Strike Rate	6.45%
Cutter's Point One
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2027
Notional	$ 18,994,000
Strike Rate	7.66%
Venue at 8651
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 18,690,000
Strike Rate	6.45%
Venue at 8651 One
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2027
Notional	$ 24,620,000
Strike Rate	7.66%
The Heritage
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Feb. 01, 2025
Notional	$ 24,625,000
Strike Rate	5.18%
The Heritage One
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Oct. 01, 2027
Notional	$ 29,810,000
Strike Rate	8.91%
The Enclave
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Feb. 01, 2025
Notional	$ 25,322,000
Strike Rate	5.18%
The Enclave One
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Oct. 01, 2027
Notional	$ 33,440,000
Strike Rate	8.66%
Bella Vista
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Feb. 01, 2025
Notional	$ 29,040,000
Strike Rate	5.18%
Bella Vista One
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Oct. 01, 2027
Notional	$ 37,400,000
Strike Rate	8.91%
Sabal Palm at Lake Buena Vista
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Oct. 01, 2027
Notional	$ 56,220,000
Strike Rate	8.41%
Arbors on Forest Ridge
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2025
Notional	$ 19,184,000
Strike Rate	6.70%
Arbors on Forest Ridge One
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Dec. 01, 2027
Notional	$ 17,307,000
Strike Rate	7.66%
The Venue on Camelback
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Feb. 01, 2026
Notional	$ 42,788,000
Strike Rate	6.07%
The Venue on Camelback One
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Oct. 01, 2027
Notional	$ 36,465,000
Strike Rate	8.16%
Avant at Pembroke Pines
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Oct. 01, 2027
Notional	$ 248,185,000
Strike Rate	8.16%
Arbors of Brentwood
Debt Instrument [Line Items]
Type	Floating
Maturity Date	Oct. 01, 2027
Notional	$ 39,977,000
Strike Rate	8.16%

Fair Value of Derivatives and_7

Fair Value of Derivatives and Financial Instruments - Summary of Forward Interest Rate Cap (Details) - The Verandas at Lake Norman - Designated as hedging instrument - Cash Flow Hedges $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Derivative [Line Items]
Type	Floating
Maturity Date	Jul. 01, 2025
Notional	$ 34,925
Strike Rate	3.40%

Fair Value of Derivatives and_8

Fair Value of Derivatives and Financial Instruments - Summary of Derivative Financial Instruments and Classification on the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	$ 43,070	$ 74,016
Fair Market Value Of Interest Rate Swaps | Interest Rate Swap | Designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	41,841	71,028
Prepaid and Other Assets | Interest rate caps | Designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	156
Prepaid and Other Assets | Interest rate caps | Not Designated as Hedging Instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	$ 1,073	$ 2,988

Fair Value of Derivatives and_9

Fair Value of Derivatives and Financial Instruments - Summary of Derivative Financial Instruments on Consolidated Statements of Operations and Comprehensive Income (loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments Gain Loss [Line Items]
Amount of gain recognized in OCI	$ (29,265)	$ (32,413)	$ 99,915
Interest rate swaps
Derivative Instruments Gain Loss [Line Items]
Amount of gain reclassified from OCI into income	$ 48,102	$ 47,717	$ 6,678
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense, Operating and Nonoperating	Interest Expense, Operating and Nonoperating	Interest Expense, Operating and Nonoperating
Interest rate swaps | Interest expense
Derivative Instruments Gain Loss [Line Items]
Amount of gain recognized in OCI	$ 18,913	$ 15,304	$ 106,593
Interest rate caps
Derivative Instruments Gain Loss [Line Items]
Amount of gain reclassified from OCI into income	$ 307
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense, Operating and Nonoperating
Interest rate caps | Interest expense
Derivative Instruments Gain Loss [Line Items]
Amount of gain recognized in OCI	$ 231
Amount of gain (loss) recognized in income	$ 593	$ (1,484)	$ 3,446

Fair Value of Derivative and Fi

Fair Value of Derivative and Financial Instruments - Schedule of Outstanding Principal Balances and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023	Sep. 09, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Outsanding Principal Balance				$ 35,000
Fixed rate debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Outsanding Principal Balance		$ 33,817	$ 33,817
Estimated Fair Value		32,073	31,950
Floating rate debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Outsanding Principal Balance	[1]	1,469,425	1,541,419
Estimated Fair Value	[1]	$ 1,396,265	$ 1,335,635
[1] Includes balances outstanding under our Corporate Credit Facility and held for sale debt. Real estate investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an investment may not be recoverable. In such cases, the Company will evaluate the recoverability of such real estate investments based on estimated future cash flows and the estimated liquidation value of such real estate investments and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate investment. If impaired, the real estate investment 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 investment.

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)				12 Months Ended			103 Months Ended
	Oct. 28, 2024	Oct. 24, 2022	Mar. 04, 2020	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2021	Jun. 15, 2016
Class Of Stock [Line Items]
Common stock, shares, issued				25,403,537	25,674,313		25,403,537
Common stock, shares, outstanding				25,403,537	25,674,313		25,403,537
Common stock, par value				$ 0.01	$ 0.01		$ 0.01
Share repurchase program, authorized amount	$ 100,000,000	$ 100,000,000
Stock repurchase program, expiration date	Oct. 28, 2026	Oct. 24, 2024
Stock repurchase program period in force	2 years	2 years
Share repurchase program, treasury stock, per share				$ 33.19		$ 66.04	$ 29.07
Share repurchase program, treasury stock shares				438,678	0	168,473	2,989,306
Share repurchase program, treasury stock, value				$ 14,573,000		$ 11,127,000	$ 86,900,000
Common stock, shares, retired				438,678	0	168,437
Treasury Stock, Shares				0	0		0
Aggregate sale price of common stock						$ 3,969,000
Common Stock
Class Of Stock [Line Items]
Common stock, shares, issued				25,403,537	25,674,313	25,549,319	25,403,537	25,500,567
Common stock, shares, retired				438,678		168,473
Aggregate sale price of common stock						$ 1,000
Restricted Stock Units
Class Of Stock [Line Items]
Unvested units				754,329	620,137		754,329
Unrecognized compensation expense				$ 21,900,000	$ 21,500,000		$ 21,900,000
Weighted average vesting period				1 year 7 months 6 days	1 year 6 months
At-the-Market Offering
Class Of Stock [Line Items]
Shares, issued				0	0	52,091
2020 At-the-Market Offering | Common Stock
Class Of Stock [Line Items]
Common stock, par value			$ 0.01
2020 At-the-Market Offering | 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				167,902	124,994	165,134
Common stock, shares, issued				1,150,106	982,202		1,150,106
Common stock, par value									$ 0.01
Number of shares authorized to issue									2,100,000
2016 LTIP | Restricted Stock Units
Class Of Stock [Line Items]
Equity-based compensation expense				$ 10,500,000	$ 9,300,000	$ 7,900,000
Dividends earned on restricted stock units				$ 2,600,000	$ 2,100,000		$ 2,600,000
Unvested units				754,329	620,137		754,329
2016 LTIP | Restricted Stock Units | Director
Class Of Stock [Line Items]
Vesting period description				annually
2016 LTIP | Restricted Stock Units | Minimum | 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	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Outstanding at beginning of the period | shares	620,137
Number of Units, Granted | shares	355,475
Number of Units, Vested | shares	(217,731)
Number of Units, Forfeited | shares	(3,552)
Number of Units, Outstanding at ending of the period | shares	754,329
Weighted Average Grant Date Fair Value, Outstanding at beginning of the period | $ / shares	$ 47.5
Weighted Average Grant Date Fair Value, Granted | $ / shares	30.89
Weighted Average Grant Date Fair Value, Vested | $ / shares	45.32
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	32.1
Weighted Average Grant Date Fair Value, Outstanding at ending of the period | $ / shares	$ 40.51

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Restricted Stock Units (Parenthetical) (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock issued upon vesting awards	167,902	124,994	165,134

Stockholders' Equity - Summar_3

Stockholders' Equity - Summary of Granted and Vesting of Restricted Stock Units (Details)	12 Months Ended
	Dec. 31, 2024 shares
Vest in 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	254,578
Vest in 2025 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	96,937
Vest in 2025 | March
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	136,024
Vest in 2025 | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	21,617
Vest in 2026
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	178,476
Vest in 2026 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	64,147
Vest in 2026 | March
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	114,329
Vest in 2027
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	140,612
Vest in 2027 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	26,283
Vest in 2027 | March
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	114,329
Vest in 2028
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	114,323
Vest in 2028 | March
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	114,323
Vest in 2029
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	66,340
Vest in 2029 | March
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	66,340
Vest in Total Year
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	754,329
Vest in Total Year | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	187,367
Vest in Total Year | March
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	545,345
Vest in Total Year | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Vested	21,617
Grant in 2019 | Directors, Officers, Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	186,662
Grant in 2019 | February | Directors, Officers, Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	186,662
Grant in 2020 | Directors, Officers, Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	285,035
Grant in 2020 | February | Directors, Officers, Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	168,183
Grant in 2020 | May | Directors, Officers, Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	116,852
Grant in 2021 | Directors, Officers, Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	204,663
Grant in 2021 | February | Directors, Officers, Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	204,663
Grant in 2022 | Directors, Officers, Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	142,519
Grant in 2022 | February | Directors, Officers, Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	142,519
Grant in 2023 | Directors, Officers, Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	260,709
Grant in 2023 | March | Directors, Officers, Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	260,709
Grant in 2024 | Directors, Officers, Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	355,475
Grant in 2024 | March | Directors, Officers, Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	355,475
Grant in Total Year | Directors, Officers, Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	1,435,063
Grant in Total Year | February | Directors, Officers, Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	702,027
Grant in Total Year | March | Directors, Officers, Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	616,184
Grant in Total Year | May | Directors, Officers, Employees and Certain Key Employees of Adviser
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, granted	116,852

Stockholders' Equity - Summar_4

Stockholders' Equity - Summary Information 2020 ATM Program (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 04, 2020	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Proceeds from issuance of common stock	$ 62,310,967	$ 3,969
Common shares issued	1,120,910
Gross average sale price per share	$ 55.59
Sales commissions	$ 934,665
Offering costs	1,353,015
Net proceeds	$ 60,023,287
Average price per share, net	$ 53.55

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		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator for earnings (loss) per share:
Net income (loss)		$ 1,114	$ 44,433	$ (9,291)
Net income (loss) attributable to redeemable noncontrolling interests in the OP		4	169	(31)
Net income (loss) attributable to common stockholders		$ 1,110	$ 44,264	$ (9,260)
Denominator for earnings (loss) per share:
Weighted average common shares outstanding - basic		25,516	25,654	25,610
Weighted average unvested restricted stock units		730	591	542
Weighted average common shares outstanding - diluted	[1]	26,246	26,245	25,610
Earnings (loss) per weighted average common share:
Basic		$ 0.04	$ 1.73	$ (0.36)
Diluted		$ 0.04	$ 1.69	$ (0.36)
[1] If the Company sustains a net loss for the period presented, unvested restricted stock units are not included in the diluted earnings (loss) per share calculation.

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Details)			12 Months Ended
	Apr. 01, 2022 USD ($) shares	Jun. 30, 2017 USD ($)	Dec. 31, 2024 $ / Property $ / h	Aug. 01, 2017 USD ($) $ / shares shares
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
Acquired Property
Minority Interest [Line Items]
Purchase price	$ 143,400,000
DST purchase amount, OP Units | shares	31,071
DST purchase amount, OP Units value	$ 2,900,000
DST purchase amount, cash	70,700,000
DST purchase amount, debt	$ 70,700,000
Convertible to common stock, description			The fair value of the OP Units was determined based on the April 1, 2022 share price of NXRT as the OP units are convertible to common stock on a one to one basis.
Convertible to common stock basis	1
BH Equity Portfolio
Minority Interest [Line Items]
Percentage of noncontrolling interests in joint ventures acquired		100%
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%
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%
BH Management Services, LLC | Maximum
Minority Interest [Line Items]
Inspection of properties fee, per unit | $ / Property			25
Construction supervision fee, percent fee			6%

Noncontrolling Interests - Sche

Noncontrolling Interests - Schedule of Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Redeemable noncontrolling interests in the OP, Benning Balance	$ 5,246	$ 5,631
Net income (loss) attributable to redeemable noncontrolling interests in the OP	4	169
Other comprehensive income (loss) attributable to redeemable noncontrolling interests in the OP	(115)	(123)
Distributions to redeemable noncontrolling interests in the OP	(196)	(184)
Issuance of operating partnership units for purchase of noncontrolling interests		415	$ 2,444
Redemption of operating partnership units of noncontrolling interests		(70)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP	843	(592)	(2,740)
Redeemable noncontrolling interests in the OP, Ending Balance	$ 5,782	$ 5,246	$ 5,631

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		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fees incurred
Property management fees	[1]	$ 7,484	$ 8,069	$ 7,636
BH Management Services, LLC
Fees incurred
Property management fees	[2]	7,446	8,051	7,606
Construction supervision fees	[3]	903	2,062	2,000
Design fees	[3]	19	67	198
Acquisition fees	[4]	(2)	(83)	45
Reimbursements
Payroll and benefits	[5]	18,837	18,809	21,310
Other reimbursements	[6]	$ 3,564	$ 8,001	$ 4,695
[1] Fees incurred to an unaffiliated third party that is an affiliate of a noncontrolling limited partner of the Company’s Operating Partnership (see Note 9). Included in property management fees on the consolidated statements of operations and comprehensive income (loss) . Capitalized on the consolidated balance sheets and reflected in buildings and improvements. Includes due diligence costs. Acquisition fees are capitalized to real estate assets on the consolidated balance sheets. Included in property operating expenses on the consolidated statements of operations and comprehensive income (loss) . 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)			12 Months Ended
	Aug. 16, 2023 USD ($)	Apr. 01, 2022 USD ($) shares	Dec. 31, 2024 USD ($) Subsidiary	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Advisory and administrative fees			$ 0	$ 200,000	$ 800,000
Prepaid and other assets			6,102,000	8,640,000
Real estate held for sale assets			$ 1,793,223,000	1,857,353,000
Acquired Property
Related Party Transaction [Line Items]
Purchase price		$ 143,400,000
DST purchase amount, OP Units | shares		31,071
DST purchase amount, OP Units value		$ 2,900,000
DST purchase amount, debt		70,700,000
DST purchase amount, cash		$ 70,700,000
Convertible to common stock, description			The fair value of the OP Units was determined based on the April 1, 2022 share price of NXRT as the OP units are convertible to common stock on a one to one basis.
Convertible to common stock basis		1
Gains on Sales of Real Estate
Related Party Transaction [Line Items]
Recognized gain of deconsolidation			$ 31,500,000
NexPoint Real Estate Advisors, L.P
Related Party Transaction [Line Items]
Percentage of annual advisory, paid monthly			1%
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			$ 6,900,000	7,600,000	7,500,000
Advisory and administrative fees waived			21,300,000	21,700,000	21,000,000
NexPoint Real Estate Advisors, L.P | Maximum
Related Party Transaction [Line Items]
Advisory and administrative fees on contributed assets			$ 5,400,000
Corporate general and administrative expenses and advisory and administrative fees percentage			1.50%
NLMF Holdco LLC
Related Party Transaction [Line Items]
Equity interest owned			10%
Property owning subsidiaries | Subsidiary			3
Prepaid and other assets			$ 700,000	300,000
Net income equity in earnings of affiliate			200,000	200,000	0
NLMF Leaseco, LLC
Related Party Transaction [Line Items]
Expenses incurred for fiber internet service included in property operating expenses			2,600,000	$ 2,900,000	$ 100,000
NXRTBH Old Farm, LLC
Related Party Transaction [Line Items]
Proceeds from sale of membership interest in subsidiary	$ 103,000,000
Outstanding equity interests	100%
Retained cash balance	$ 1,000,000
Recognized gain of deconsolidation			$ 31,500,000
NexBank Capital
Related Party Transaction [Line Items]
Indirect ownership limited partnership interests in parent of adviser			100%
General partnership interests in parent of adviser			100%
NexBank Capital | Director and Officer
Related Party Transaction [Line Items]
Equity interest owned			100%
Indirect ownership limited partnership interests in parent of adviser			100%
General partnership interests in parent of adviser			100%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)				3 Months Ended		6 Months Ended	12 Months Ended
	Apr. 01, 2024	Apr. 01, 2023	Mar. 01, 2022	Mar. 31, 2024	Mar. 31, 2022	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Maximum exposure of potential commitments							$ 4,000,000
Environmental liability incurred							0	$ 0
Prepaid and other assets							6,102,000	8,640,000
Self-Insurance Program
Loss Contingencies [Line Items]
Insurance claim amount	$ 2,950,000	$ 2,950,000	$ 2,497,500	$ 2,100,000	$ 1,800,000	$ 2,100,000
Incurred self-insurance expenses							2,100,000	0	$ 3,900,000
Prepaid and other assets							$ 0	$ 0

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024 Segment
Segment Reporting [Abstract]
Number of reportable segments	1

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event - O2024 Q4 Dividends [Member]	Feb. 24, 2025 $ / shares
Subsequent Event [Line Items]
Dividends payable, amount per share	$ 0.51
Dividends payable, date declared	Feb. 24, 2025
Dividend payable date to be paid day month and year	Mar. 31, 2025
Dividends payable date of record day month and year	Mar. 14, 2025

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	$ 1,503,242
Initial Cost to Company, Land	359,819
Initial Cost to Company, Buildings and Improvements	1,682,565
Initial Cost to Company, Total	2,042,384
Costs Capitalized Subsequent to Acquisition	298,916
Gross Amount Carried , Land	359,819
Gross Amount Carried , Buildings and Improvements	1,941,973
Gross Amount Carried , Total	2,301,792	$ 2,411,058	$ 2,413,845	$ 2,248,796
Accumulated Depreciation and Amortization	(508,569)
Arbors on Forest Ridge | Bedford, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	17,307
Initial Cost to Company, Land	2,330
Initial Cost to Company, Buildings and Improvements	10,475
Initial Cost to Company, Total	12,805
Costs Capitalized Subsequent to Acquisition	4,468
Gross Amount Carried , Land	2,330
Gross Amount Carried , Buildings and Improvements	14,631
Gross Amount Carried , Total	$ 16,961
Date Acquired	Jan. 31, 2014
Accumulated Depreciation and Amortization	$ (7,048)
Cutter's Point | Richardson, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	18,994
Initial Cost to Company, Land	3,330
Initial Cost to Company, Buildings and Improvements	12,515
Initial Cost to Company, Total	15,845
Costs Capitalized Subsequent to Acquisition	9,568
Gross Amount Carried , Land	3,330
Gross Amount Carried , Buildings and Improvements	21,731
Gross Amount Carried , Total	$ 25,061
Date Acquired	Jan. 31, 2014
Accumulated Depreciation and Amortization	$ (11,364)
The Summit at Sabal Park | Tampa, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	26,735
Initial Cost to Company, Land	5,770
Initial Cost to Company, Buildings and Improvements	13,280
Initial Cost to Company, Total	19,050
Costs Capitalized Subsequent to Acquisition	5,376
Gross Amount Carried , Land	5,770
Gross Amount Carried , Buildings and Improvements	18,252
Gross Amount Carried , Total	$ 24,022
Date Acquired	Aug. 20, 2014
Accumulated Depreciation and Amortization	$ (7,947)
Courtney Cove | Tampa, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	31,596
Initial Cost to Company, Land	5,880
Initial Cost to Company, Buildings and Improvements	13,070
Initial Cost to Company, Total	18,950
Costs Capitalized Subsequent to Acquisition	7,142
Gross Amount Carried , Land	5,880
Gross Amount Carried , Buildings and Improvements	19,781
Gross Amount Carried , Total	$ 25,661
Date Acquired	Aug. 20, 2014
Accumulated Depreciation and Amortization	$ (8,785)
Sabal Palm at Lake Buena Vista | Orlando, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	56,220
Initial Cost to Company, Land	7,558
Initial Cost to Company, Buildings and Improvements	41,920
Initial Cost to Company, Total	49,478
Costs Capitalized Subsequent to Acquisition	10,351
Gross Amount Carried , Land	7,558
Gross Amount Carried , Buildings and Improvements	50,884
Gross Amount Carried , Total	$ 58,442
Date Acquired	Nov. 05, 2014
Accumulated Depreciation and Amortization	$ (19,602)
Cornerstone | Orlando, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	45,815
Initial Cost to Company, Land	1,500
Initial Cost to Company, Buildings and Improvements	30,050
Initial Cost to Company, Total	31,550
Costs Capitalized Subsequent to Acquisition	7,910
Gross Amount Carried , Land	1,500
Gross Amount Carried , Buildings and Improvements	37,066
Gross Amount Carried , Total	$ 38,566
Date Acquired	Jan. 15, 2015
Accumulated Depreciation and Amortization	$ (15,746)
The Preserve at Terrell Mill | Marietta, Georgia
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	74,341
Initial Cost to Company, Land	10,170
Initial Cost to Company, Buildings and Improvements	47,830
Initial Cost to Company, Total	58,000
Costs Capitalized Subsequent to Acquisition	24,582
Gross Amount Carried , Land	10,170
Gross Amount Carried , Buildings and Improvements	70,598
Gross Amount Carried , Total	$ 80,768
Date Acquired	Feb. 06, 2015
Accumulated Depreciation and Amortization	$ (31,717)
Versailles | Dallas, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	26,108
Initial Cost to Company, Land	6,720
Initial Cost to Company, Buildings and Improvements	19,445
Initial Cost to Company, Total	26,165
Costs Capitalized Subsequent to Acquisition	10,617
Gross Amount Carried , Land	6,720
Gross Amount Carried , Buildings and Improvements	29,481
Gross Amount Carried , Total	$ 36,201
Date Acquired	Feb. 26, 2015
Accumulated Depreciation and Amortization	$ (12,846)
Seasons 704 Apartments | West Palm Beach, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	33,960
Initial Cost to Company, Land	7,480
Initial Cost to Company, Buildings and Improvements	13,520
Initial Cost to Company, Total	21,000
Costs Capitalized Subsequent to Acquisition	7,698
Gross Amount Carried , Land	7,480
Gross Amount Carried , Buildings and Improvements	20,817
Gross Amount Carried , Total	$ 28,297
Date Acquired	Apr. 15, 2015
Accumulated Depreciation and Amortization	$ (8,854)
Madera Point | Mesa, Arizona
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	29,676
Initial Cost to Company, Land	4,920
Initial Cost to Company, Buildings and Improvements	17,605
Initial Cost to Company, Total	22,525
Costs Capitalized Subsequent to Acquisition	5,445
Gross Amount Carried , Land	4,920
Gross Amount Carried , Buildings and Improvements	22,421
Gross Amount Carried , Total	$ 27,341
Date Acquired	Aug. 05, 2015
Accumulated Depreciation and Amortization	$ (9,470)
Venue at 8651 | Fort Worth, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	24,620
Initial Cost to Company, Land	2,350
Initial Cost to Company, Buildings and Improvements	16,900
Initial Cost to Company, Total	19,250
Costs Capitalized Subsequent to Acquisition	8,526
Gross Amount Carried , Land	2,350
Gross Amount Carried , Buildings and Improvements	24,915
Gross Amount Carried , Total	$ 27,265
Date Acquired	Oct. 30, 2015
Accumulated Depreciation and Amortization	$ (10,455)
Parc500 | West Palm Beach, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	30,012
Initial Cost to Company, Land	3,860
Initial Cost to Company, Buildings and Improvements	19,424
Initial Cost to Company, Total	23,284
Costs Capitalized Subsequent to Acquisition	8,892
Gross Amount Carried , Land	3,860
Gross Amount Carried , Buildings and Improvements	27,825
Gross Amount Carried , Total	$ 31,685
Date Acquired	Jul. 27, 2016
Accumulated Depreciation and Amortization	$ (11,609)
The Venue on Camelback | Phoenix, Arizona
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	36,465
Initial Cost to Company, Land	8,340
Initial Cost to Company, Buildings and Improvements	36,520
Initial Cost to Company, Total	44,860
Costs Capitalized Subsequent to Acquisition	9,826
Gross Amount Carried , Land	8,340
Gross Amount Carried , Buildings and Improvements	45,623
Gross Amount Carried , Total	$ 53,963
Date Acquired	Oct. 11, 2016
Accumulated Depreciation and Amortization	$ (16,403)
Rockledge Apartments | Marietta, Georgia
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	78,444
Initial Cost to Company, Land	17,451
Initial Cost to Company, Buildings and Improvements	96,577
Initial Cost to Company, Total	114,028
Costs Capitalized Subsequent to Acquisition	22,068
Gross Amount Carried , Land	17,451
Gross Amount Carried , Buildings and Improvements	115,624
Gross Amount Carried , Total	$ 133,075
Date Acquired	Jun. 30, 2017
Accumulated Depreciation and Amortization	$ (35,594)
Atera Apartments | Dallas, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	38,555
Initial Cost to Company, Land	22,371
Initial Cost to Company, Buildings and Improvements	37,090
Initial Cost to Company, Total	59,461
Costs Capitalized Subsequent to Acquisition	7,170
Gross Amount Carried , Land	22,371
Gross Amount Carried , Buildings and Improvements	42,920
Gross Amount Carried , Total	$ 65,291
Date Acquired	Oct. 25, 2017
Accumulated Depreciation and Amortization	$ (13,162)
Versailles II | Dallas, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	15,706
Initial Cost to Company, Land	4,124
Initial Cost to Company, Buildings and Improvements	20,667
Initial Cost to Company, Total	24,791
Costs Capitalized Subsequent to Acquisition	4,535
Gross Amount Carried , Land	4,124
Gross Amount Carried , Buildings and Improvements	24,515
Gross Amount Carried , Total	$ 28,639
Date Acquired	Sep. 26, 2018
Accumulated Depreciation and Amortization	$ (7,002)
Brandywine I & II | Nashville, Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	59,526
Initial Cost to Company, Land	6,237
Initial Cost to Company, Buildings and Improvements	73,870
Initial Cost to Company, Total	80,107
Costs Capitalized Subsequent to Acquisition	13,606
Gross Amount Carried , Land	6,237
Gross Amount Carried , Buildings and Improvements	85,714
Gross Amount Carried , Total	$ 91,951
Date Acquired	Sep. 26, 2018
Accumulated Depreciation and Amortization	$ (24,392)
Bella Vista | Phoenix, Arizona
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	37,400
Initial Cost to Company, Land	10,942
Initial Cost to Company, Buildings and Improvements	37,661
Initial Cost to Company, Total	48,603
Costs Capitalized Subsequent to Acquisition	5,085
Gross Amount Carried , Land	10,942
Gross Amount Carried , Buildings and Improvements	41,827
Gross Amount Carried , Total	$ 52,769
Date Acquired	Jan. 28, 2019
Accumulated Depreciation and Amortization	$ (11,586)
The Enclave | Tempe, Arizona
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	33,440
Initial Cost to Company, Land	11,046
Initial Cost to Company, Buildings and Improvements	30,933
Initial Cost to Company, Total	41,979
Costs Capitalized Subsequent to Acquisition	4,457
Gross Amount Carried , Land	11,046
Gross Amount Carried , Buildings and Improvements	34,621
Gross Amount Carried , Total	$ 45,667
Date Acquired	Jan. 28, 2019
Accumulated Depreciation and Amortization	$ (9,857)
The Heritage | Phoenix, Arizona
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	29,810
Initial Cost to Company, Land	6,835
Initial Cost to Company, Buildings and Improvements	35,244
Initial Cost to Company, Total	42,079
Costs Capitalized Subsequent to Acquisition	4,740
Gross Amount Carried , Land	6,835
Gross Amount Carried , Buildings and Improvements	39,234
Gross Amount Carried , Total	$ 46,069
Date Acquired	Jan. 28, 2019
Accumulated Depreciation and Amortization	$ (10,732)
Summers Landing | Fort Worth, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	14,135
Initial Cost to Company, Land	1,798
Initial Cost to Company, Buildings and Improvements	17,628
Initial Cost to Company, Total	19,426
Costs Capitalized Subsequent to Acquisition	3,897
Gross Amount Carried , Land	1,798
Gross Amount Carried , Buildings and Improvements	20,992
Gross Amount Carried , Total	$ 22,790
Date Acquired	Jun. 07, 2019
Accumulated Depreciation and Amortization	$ (5,090)
Residences at Glenview Reserve | Nashville, Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	33,271
Initial Cost to Company, Land	3,367
Initial Cost to Company, Buildings and Improvements	41,652
Initial Cost to Company, Total	45,019
Costs Capitalized Subsequent to Acquisition	8,999
Gross Amount Carried , Land	3,367
Gross Amount Carried , Buildings and Improvements	49,669
Gross Amount Carried , Total	$ 53,036
Date Acquired	Jul. 17, 2019
Accumulated Depreciation and Amortization	$ (12,905)
Residences at West Place | Orlando, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	33,817
Initial Cost to Company, Land	3,345
Initial Cost to Company, Buildings and Improvements	52,657
Initial Cost to Company, Total	56,002
Costs Capitalized Subsequent to Acquisition	7,251
Gross Amount Carried , Land	3,345
Gross Amount Carried , Buildings and Improvements	58,730
Gross Amount Carried , Total	$ 62,075
Date Acquired	Jul. 17, 2019
Accumulated Depreciation and Amortization	$ (13,589)
Avant at Pembroke Pines | Pembroke Pines, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	248,185
Initial Cost to Company, Land	48,436
Initial Cost to Company, Buildings and Improvements	275,671
Initial Cost to Company, Total	324,107
Costs Capitalized Subsequent to Acquisition	43,454
Gross Amount Carried , Land	48,436
Gross Amount Carried , Buildings and Improvements	312,136
Gross Amount Carried , Total	$ 360,572
Date Acquired	Aug. 30, 2019
Accumulated Depreciation and Amortization	$ (71,470)
Arbors of Brentwood | Nashville, Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	39,977
Initial Cost to Company, Land	6,346
Initial Cost to Company, Buildings and Improvements	56,409
Initial Cost to Company, Total	62,755
Costs Capitalized Subsequent to Acquisition	5,732
Gross Amount Carried , Land	6,346
Gross Amount Carried , Buildings and Improvements	60,927
Gross Amount Carried , Total	$ 67,273
Date Acquired	Sep. 10, 2019
Accumulated Depreciation and Amortization	$ (13,444)
Torreyana Apartments | Las Vegas, Nevada
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	43,153
Initial Cost to Company, Land	23,824
Initial Cost to Company, Buildings and Improvements	44,560
Initial Cost to Company, Total	68,384
Costs Capitalized Subsequent to Acquisition	3,627
Gross Amount Carried , Land	23,824
Gross Amount Carried , Buildings and Improvements	46,986
Gross Amount Carried , Total	$ 70,810
Date Acquired	Nov. 22, 2019
Accumulated Depreciation and Amortization	$ (10,045)
Bloom | Las Vegas, Nevada
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	60,848
Initial Cost to Company, Land	23,803
Initial Cost to Company, Buildings and Improvements	83,290
Initial Cost to Company, Total	107,093
Costs Capitalized Subsequent to Acquisition	8,676
Gross Amount Carried , Land	23,803
Gross Amount Carried , Buildings and Improvements	90,115
Gross Amount Carried , Total	$ 113,918
Date Acquired	Nov. 22, 2019
Accumulated Depreciation and Amortization	$ (19,696)
Bella Solara | Las Vegas, Nevada
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	37,772
Initial Cost to Company, Land	12,605
Initial Cost to Company, Buildings and Improvements	54,262
Initial Cost to Company, Total	66,867
Costs Capitalized Subsequent to Acquisition	3,706
Gross Amount Carried , Land	12,605
Gross Amount Carried , Buildings and Improvements	56,809
Gross Amount Carried , Total	$ 69,414
Date Acquired	Nov. 22, 2019
Accumulated Depreciation and Amortization	$ (12,007)
Fairways at San Marcos | Chandler, Arizona
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	55,056
Initial Cost to Company, Land	10,993
Initial Cost to Company, Buildings and Improvements	73,785
Initial Cost to Company, Total	84,778
Costs Capitalized Subsequent to Acquisition	5,860
Gross Amount Carried , Land	10,993
Gross Amount Carried , Buildings and Improvements	77,970
Gross Amount Carried , Total	$ 88,963
Date Acquired	Nov. 02, 2020
Accumulated Depreciation and Amortization	$ (14,127)
The Verandas at Lake Norman | Charlotte, North Carolina
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	30,113
Initial Cost to Company, Land	9,510
Initial Cost to Company, Buildings and Improvements	54,270
Initial Cost to Company, Total	63,780
Costs Capitalized Subsequent to Acquisition	3,487
Gross Amount Carried , Land	9,510
Gross Amount Carried , Buildings and Improvements	56,786
Gross Amount Carried , Total	$ 66,296
Date Acquired	Jun. 30, 2021
Accumulated Depreciation and Amortization	$ (8,458)
Creekside At Matthews | Charlotte, North Carolina
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	28,703
Initial Cost to Company, Land	11,515
Initial Cost to Company, Buildings and Improvements	46,741
Initial Cost to Company, Total	58,256
Costs Capitalized Subsequent to Acquisition	3,913
Gross Amount Carried , Land	11,515
Gross Amount Carried , Buildings and Improvements	49,653
Gross Amount Carried , Total	$ 61,168
Date Acquired	Jun. 30, 2021
Accumulated Depreciation and Amortization	$ (8,099)
Six Forks Station | Raleigh, North Carolina
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	30,430
Initial Cost to Company, Land	11,357
Initial Cost to Company, Buildings and Improvements	63,748
Initial Cost to Company, Total	75,105
Costs Capitalized Subsequent to Acquisition	7,404
Gross Amount Carried , Land	11,357
Gross Amount Carried , Buildings and Improvements	69,952
Gross Amount Carried , Total	$ 81,309
Date Acquired	Sep. 10, 2021
Accumulated Depreciation and Amortization	$ (10,270)
High House At Cary | Cary, North Carolina
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	32,478
Initial Cost to Company, Land	23,809
Initial Cost to Company, Buildings and Improvements	69,793
Initial Cost to Company, Total	93,602
Costs Capitalized Subsequent to Acquisition	4,343
Gross Amount Carried , Land	23,809
Gross Amount Carried , Buildings and Improvements	72,760
Gross Amount Carried , Total	$ 96,569
Date Acquired	Dec. 07, 2021
Accumulated Depreciation and Amortization	$ (9,602)
The Adair | Sandy Springs, Georgia
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	33,229
Initial Cost to Company, Land	8,344
Initial Cost to Company, Buildings and Improvements	57,156
Initial Cost to Company, Total	65,500
Costs Capitalized Subsequent to Acquisition	3,544
Gross Amount Carried , Land	8,344
Gross Amount Carried , Buildings and Improvements	60,700
Gross Amount Carried , Total	$ 69,044
Date Acquired	Apr. 01, 2022
Accumulated Depreciation and Amortization	$ (7,312)
Estates On Maryland | Phoenix, Arizona
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	37,345
Initial Cost to Company, Land	11,553
Initial Cost to Company, Buildings and Improvements	66,347
Initial Cost to Company, Total	77,900
Costs Capitalized Subsequent to Acquisition	2,961
Gross Amount Carried , Land	11,553
Gross Amount Carried , Buildings and Improvements	69,308
Gross Amount Carried , Total	$ 80,861
Date Acquired	Apr. 01, 2022
Accumulated Depreciation and Amortization	$ (8,284)

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Real Estate And Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	$ 1,682,565
Gross Amount Carried , Buildings and Improvements	1,941,973
The Colonnade, Old Farm, Stone Creek at Old Farm, Hollister Place, Rockledge Apartments, Atera Apartments, Crestmont Reserve and Brandywine I & II
Real Estate And Accumulated Depreciation [Line Items]
Total acquisition costs	7,700
Parc500
Real Estate And Accumulated Depreciation [Line Items]
Debt instrument, unamortized premium	900
Buildings and Improvements and Furniture, Fixtures, and Equipment
Real Estate And Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	1,600,000
Gross Intangible Lease Assets
Real Estate And Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	$ 42,100

Schedule III - Summary Of Activ

Schedule III - Summary Of Activity For Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real Estate:
Balance, beginning of year	$ 2,411,058	$ 2,413,845	$ 2,248,796
Additions:
Real estate acquired			143,400
Improvements	35,337	72,262	58,715
Deductions:
Real estate sold	(143,183)	(72,958)	(28,239)
Write-off of fully amortized assets and other	(1,420)	(2,091)	(8,827)
Balance, end of year	2,301,792	2,411,058	2,413,845
Accumulated Depreciation and Amortization:
Balance, beginning of year	442,958	371,293	287,096
Depreciation expense	97,762	95,186	93,499
Amortization expense	0	0	4,149
Accumulated depreciation on sales	(31,871)	(23,327)	(6,459)
Write-off of fully amortized assets and other	(280)	(194)	(6,992)
Balance, end of year	$ 508,569	$ 442,958	$ 371,293