NexPoint Residential Trust (NXRT) 10-Q/A 15 Jun 15 2015 Q1 Quarterly report (amended) Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	7-May-15
Document And Entity Information [Abstract]
Document Type	10-Q/A
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	NXRT
Entity Registrant Name	NexPoint Residential Trust, Inc.
Entity Central Index Key	1620393
Current Fiscal Year End Date	-19
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		21,405,244

COMBINED_CONSOLIDATED_BALANCE_

COMBINED CONSOLIDATED BALANCE SHEETS (Unaudited) (Predecessor, USD $)	Mar. 31, 2015	Dec. 31, 2014
Predecessor
Operating Real Estate Investments
Land (including from VIEs of $156,150,000 and $127,740,000, respectively)	$157,730,000	$129,320,000
Buildings and improvements (including from VIEs of $611,372,378 and $479,936,656, respectively)	619,741,634	488,292,528
Intangible lease assets (including from VIEs of $9,432,000 and $17,594,000, respectively)	9,432,000	17,884,000
Construction in progress (including from VIEs of $9,009,458 and $6,530,212, respectively)	9,060,566	6,530,212
Furniture, fixtures, and equipment (including from VIEs of $10,954,789 and $7,853,753, respectively)	11,406,368	8,287,107
Total Gross Operating Real Estate Investments	807,370,568	650,313,847
Accumulated depreciation and amortization (including from VIEs of $20,057,871 and $21,109,832, respectively)	-20,515,228	-21,787,940
Total Net Operating Real Estate Investments	786,855,340	628,525,907
Cash and cash equivalents (including from VIEs of $29,205,190 and $11,868,779, respectively)	31,923,332	12,661,535
Restricted cash (including from VIEs of $59,744,979 and $47,192,578, respectively)	60,546,240	47,817,342
Accounts receivable (including from VIEs of $1,546,744 and $1,134,869, respectively)	1,602,394	1,151,225
Prepaid and other assets (including from VIEs of $3,137,716 and $2,545,660, respectively)	3,177,632	2,568,933
Deferred financing costs, net (including from VIEs of $5,484,552 and $4,535,381, respectively)	5,647,715	4,632,429
TOTAL ASSETS	889,752,653	697,357,371
LIABILITIES AND EQUITY
Mortgages payable (including from VIEs of $602,717,060 and $480,976,130, respectively)	611,117,060	486,976,130
Accounts payable and other accrued liabilities (including from VIEs of $3,985,069 and $5,512,955, respectively)	4,053,780	5,642,297
Accrued real estate taxes payable (including from VIEs of $2,561,376 and $3,692,468, respectively)	2,602,968	3,858,836
Accrued interest payable (including from VIEs of $1,229,084 and $1,006,420, respectively)	1,246,393	1,030,962
Security deposit liability (including from VIEs of $1,497,188 and $1,484,004, respectively)	1,528,417	1,513,431
Prepaid rents (including from VIEs of $1,293,984 and $760,046, respectively)	1,304,947	791,810
Due to affiliates (including from VIEs of $ and $20,000, respectively)		20,000
Total Liabilities	621,853,565	499,833,466
Invested Equity		176,549,066
NexPoint Residential Trust, Inc. stockholders' equity:
Preferred Stock: 100,000,000 shares authorized and 0 shares issued at par value $0.01
Common Stock: 500,000,000 shares authorized and 21,405,244 shares issued at par value $0.01	214,052
Additional paid in capital	240,947,572
Accumulated other comprehensive loss	-575,618	-305,860
Noncontrolling interests	27,313,082	21,280,699
Total Equity	267,899,088	197,523,905
TOTAL LIABILITIES AND EQUITY	$889,752,653	$697,357,371

COMBINED_CONSOLIDATED_BALANCE_1

COMBINED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) (USD $)	Mar. 31, 2015	Dec. 31, 2014
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	21,405,244	21,405,244
Common stock, par value	$0.01	$0.01
VIE
Land	$156,150,000	$127,740,000
Buildings and improvements	611,372,378	479,936,656
Intangible lease assets	9,432,000	17,594,000
Construction in progress	9,009,458	6,530,212
Furniture, fixtures, and equipment	10,954,789	7,853,753
Accumulated depreciation and amortization	20,057,871	21,109,832
Cash and cash equivalents	29,205,190	11,868,779
Restricted cash	59,744,979	47,192,578
Accounts receivable	1,546,744	1,134,869
Prepaid and other assets	3,137,716	2,545,660
Deferred financing costs, net	5,484,552	4,535,381
Mortgages payable	602,717,060	480,976,130
Accounts payable and other accrued liabilities	3,985,069	5,512,955
Accrued real estate taxes payable	2,561,376	3,692,468
Accrued interest payable	1,229,084	1,006,420
Security deposit liability	1,497,188	1,484,004
Prepaid rents	1,293,984	760,046
Due to affiliates		$20,000

COMBINED_CONSOLIDATED_STATEMEN

COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) (Predecessor, USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Predecessor
Revenues
Rental income	$22,690,537	$3,560,203
Other	2,846,933	416,782
Total revenues	25,537,470	3,976,985
Expenses
Property operating expenses	7,319,301	1,037,751
Acquisition costs	1,931,601	1,894,896
Real estate taxes and insurance	3,377,919	532,581
Property management fees (related party)	758,814	122,624
Management and administrative fees (related party)	1,276,687	108,199
Property general and administrative expenses	1,146,558	155,014
Depreciation and amortization	11,610,290	2,011,191
Total expenses	27,421,170	5,862,256
Operating loss	-1,883,700	-1,885,271
Interest expense	-4,008,849	-737,570
Net loss	-5,892,549	-2,622,841
Net loss attributable to noncontrolling interests	-493,696	-318,030
Net loss attributable to invested equity	-5,398,853	-2,304,811
Other comprehensive loss
Net losses related to interest rate cap valuations	-269,758
Total comprehensive loss	-6,162,307	-2,622,841
Comprehensive loss attributable to noncontrolling interest	-517,999	-318,030
Comprehensive loss attributable to invested equity	($5,644,308)	($2,304,811)
Loss per share: Basic and diluted (See Footnote 2)	$0	$0

COMBINED_CONSOLIDATED_STATEMEN1

COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Amortization of deferred financing fees	$306,596	$25,440
Supplemental Disclosure of Noncash Investing and Financing Activities
Change in fair value on hedging derivative instruments		0
Predecessor
Cash flows from operating activities
Net loss	-5,892,549	-2,622,841
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	11,610,290	2,011,191
Amortization of deferred financing fees	306,596	25,440
Change in fair value on derivative instruments included in interest expense	115,529	204,903
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	-451,171	-273,928
Prepaid and other assets	-537,381	-68,207
Restricted cash	-273,451	-1,527,435
Accounts payable and other accrued liabilities	-3,738,478	1,276,654
Net cash provided by (used in) operating activities	1,139,385	-974,223
Cash flows from investing activities
Change in restricted cash	-12,455,447	-4,847,032
Additions to operating real estate investments	-6,821,354	-679,412
Acquisitions of operating real estate investments	-143,695,084	-147,029,766
Net cash used in investing activities	-162,971,885	-152,556,210
Cash flows from financing activities
Mortgage proceeds received	106,386,933	118,320,000
Mortgage payments	-246,003
Deferred financing fees paid	-1,321,883	-1,232,819
Interest rate cap fees paid	-242,240	-505,369
Due to affiliates	-20,000
Contributions from noncontrolling interest	6,526,079	5,115,648
Contributions	70,011,411	36,410,946
Net cash provided by financing activities	181,094,297	158,108,406
Net increase in cash	19,261,797	4,577,973
Cash, beginning of period	12,661,535	189,868
Cash, end of period	31,923,332	4,767,841
Supplemental Disclosure of Cash Flow Information
Interest paid	3,371,293	752,006
Supplemental Disclosure of Noncash Investing and Financing Activities
Capitalized construction costs included in accounts payable and other accrued liabilities	734,367	232,377
Change in fair value on hedging derivative instruments	269,758
Liabilities assumed from acquisitions	903,280	795,251
Other assets acquired from acquisitions	214,365	275,016
Assumed debt on acquisitions of operating real estate investments	$18,000,000

COMBINED_CONSOLIDATED_STATEMEN2

COMBINED CONSOLIDATED STATEMENT OF EQUITY (UNAUDITED) (Predecessor, USD $)	Predecessor	Predecessor	Predecessor	Predecessor	Predecessor	Predecessor	Predecessor	Predecessor
	USD ($)	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Invested Equity	Noncontrolling Interest
		USD ($)	USD ($)	USD ($)	USD ($)	USD ($)	USD ($)	USD ($)
Beginning Balance, Values at Dec. 31, 2014	$197,523,905	$0	$0	$0	$0	($305,860)	$176,549,066	$21,280,699
Beginning Balance, Shares at Dec. 31, 2014		0	0
Contributions	76,537,490						70,011,411	6,526,079
Other comprehensive loss	-269,758					-269,758
Net loss	-5,892,549						-5,398,853	-493,696
Exchange of predecessor invested equity for common stock, Values			214,052	240,947,572			-241,161,624
Exchange of predecessor invested equity for common stock, Shares			21,405,244
Ending Balances, Values at Mar. 31, 2015	$267,899,088	$0	$214,052	$240,947,572		($575,618)		$27,313,082
Ending Balances, Shares at Mar. 31, 2015		0	21,405,244

Organization_and_Description_o

Organization and Description of Business	3 Months Ended
	Mar. 31, 2015
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 on September 19, 2014, and intends to elect to be taxed as a real estate investment trust (“REIT”) focused on “value-add” multifamily investments primarily located in the Southwestern and Southeastern United States. Substantially all of the Company’s business will be conducted through NexPoint Residential Trust Operating Partnership, L.P. (the “OP”). The Company’s subsidiary, NexPoint Residential Trust Operating Partnership GP, LLC is the sole general partner of the OP. The sole limited partner of the OP is the Company.
	The Company began operations on March 31, 2015 as a result of the transfer and contribution by NexPoint Credit Strategies Fund ("NHF") of all but one of the multifamily properties owned by NHF through its subsidiary Freedom REIT, LLC ("Freedom REIT").  NHF is a publicly listed closed-end fund that was formed on June 29, 2006 and is managed by NexPoint Advisors, L.P. ("NexPoint Advisors"), an SEC-registered investment adviser and affiliate of Highland Capital Management, L.P. and our advisor. We use the term “predecessor" to mean the carve out business of the entities that owned all or a majority interest in the multifamily properties transferred or contributed to the Company by NHF. On March 31, 2015, NHF distributed all of the outstanding shares of the Company's common stock held by NHF to holders of NHF common shares.  We refer to the distribution of our common stock by NHF as the "Spin-Off." The combined consolidated financial statements represent the operations and activities of the predecessor until the Spin-Off. The Company recorded the assets and liabilities associated with the multifamily properties involved in this Spin-Off at their respective historical carrying values at the time of Spin-Off in accordance with the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 505-60, Spinoffs and Reverse Spinoffs. Certain properties included in the Spin-Off have interests owned by parties other than the Company that are reflected at historical carrying values in the financial statements of the Company as “noncontrolling interests”, as required under accounting principles generally accepted in the United States of America (“GAAP”).
	We are externally managed by NexPoint Real Estate Advisors, L.P., (our "Adviser"), through an Advisory Agreement dated March 16, 2015, by and among the Company, the OP and our Adviser.  Our Adviser conducts substantially all of our operations and provides asset management for our real estate investments. We will not have any employees while the Advisory Agreement is in effect.  All of our investment decisions will be made by our Adviser, subject to general oversight by our Adviser’s investment committee and our Board of Directors.  Our Adviser is an affiliate of NexPoint Advisors.
	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 capex value-add component. Consistent with the Company’s policy to acquire assets for both income and capital gain, the Company intends to hold majority interests in the 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 our investment objectives.
	The Company may also participate with third parties in property ownership, through limited liability companies, funds or other types of co-ownership or acquire real estate or interests in real estate in exchange for the issuance of common stock, units, preferred stock or options to purchase stock. These types of investments may permit the Company to own interests in larger assets without unduly restricting diversification which provides flexibility in structuring the Company’s portfolio.
	The Company may allocate up to approximately thirty percent 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, subordinated, bridge, mezzanine, construction and other loans, as well as debt securities related to or secured by real estate and common and preferred equity securities, which may include securities of other REIT or real estate companies.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies
	2. Summary of Significant Accounting Policies
	Predecessor
	With the exception of a nominal amount of initial cash funded at inception, the Company did not own any assets prior to March 31, 2015. The business and operations of the Company prior to March 31, 2015 occurred under the predecessor. Our predecessor included all of the properties in our portfolio that were held indirectly by Freedom REIT, a wholly owned subsidiary of NHF, prior to the Spin-Off that occurred on March 31, 2015. Our predecessor was determined in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). References throughout these combined consolidated financial statements to the Company, we, or our, include the activity of the predecessor defined above.
	Basis of Accounting
	The accompanying unaudited interim combined consolidated financial statements of the Company are prepared in accordance with GAAP and with Rule 10-01 Regulation S-X for interim financial statements. The combined consolidated balance sheets include the accounts of the Company and its subsidiaries. Our predecessor combined consolidated financial statements were derived from the historical accounting records of our predecessor and reflect the historical financial position, results of operations and cash flows for the periods prior to the Spin-Off. All intercompany balances and transactions are eliminated in consolidation. The financial statements of the Company’s subsidiaries are prepared using accounting polices consistent with those of the Company. In addition, the Company evaluates relationships with other entities to identify whether there are variable interest entities (“VIE’s”) as required by FASB ASC 810, Consolidation, and to assess whether it is the primary beneficiary of such entities. If the determination is made that the Company is the primary beneficiary, then that entity is included in the financial statements in accordance with FASB ASC 810. In the opinion of the Company’s management, the accompanying combined consolidated financial statements include all adjustments and eliminations, consisting only of normal recurring items necessary for their fair presentation in conformity with GAAP. Interim results are not necessarily indicative of operating results for a full year. The unaudited information included in this quarterly report on form 10-Q should be read in conjunction with our predecessor audited financial statements identified as “Freedom REIT Contribution Group” for the year ended December 31, 2014 and notes thereto included in the information statement filed as an exhibit to our registration statement on Form 10 filed on March 12, 2015. There have been no significant changes to the Company’s significant accounting policies during the three months ended March 31, 2015.
	Use of Estimates
	The preparation of the combined consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. It is at least reasonably possible that these estimates could change in the near term.
	Real Estate Investments
	Upon acquisition, in accordance with FASB ASC 805, Business Combinations, the purchase price of a property is allocated to land, building, improvements, furniture, fixtures, and equipment, and intangible lease assets. The purchase price allocation is based on management’s estimate of the property’s “as-if” vacant fair value, which 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 purchase price 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 and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. Costs associated with the acquisition of a property, including acquisition fees paid, are expensed as incurred.
	The results of operations for acquired properties are included in the combined consolidated statements of operations and comprehensive loss from their respective acquisition dates.
	Real estate assets, including land, building, improvements, furniture, fixtures and equipment, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of the Company’s real estate assets are capitalized as incurred. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. 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
	Building		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 renovation project and is depreciated over the estimated useful lives as described in the table above.
	Impairment
	Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. For the periods ended March 31, 2015 and 2014, the Company did not record any impairment charges related to real estate assets.
	Cash and Cash Equivalents
	The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value.
	Restricted Cash
	Restricted cash is comprised of amounts set aside for security deposits, capital improvements and lender impound reserve accounts on the Company’s borrowings for escrow deposits, and amounts set aside for real estate taxes and insurance. The following is a summary of the restricted cash held as of March 31, 2015 and December 31, 2014:
			31-Mar-15			December 31, 2014
	Security deposits		$	1,498,986		$	1,574,302
	Operating escrows			7,648,193			7,299,426
	Renovation and repair escrows			51,399,061			38,943,614
			$	60,546,240		$	47,817,342
	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. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to earnings. Deferred financing costs, net of amortization, of $5,647,715 and $4,632,429 are recorded on the accompanying combined consolidated balance sheets as of March 31, 2015 and at December 31, 2014, respectively. Amortization of deferred financing costs of $306,596 and $25,440 is included in interest expense in the combined consolidated statements of operations and comprehensive loss for the three month periods ended March 31, 2015 and 2014, respectively.
	Noncontrolling Interests
	Noncontrolling interests are comprised of the Company’s joint venture partners’ interests in the joint ventures in multifamily properties that the Company consolidates. The Company reports its joint venture partners’ interests in its consolidated real estate joint ventures and other subsidiary interests held by third parties as noncontrolling interests. The Company records these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investment’s net income or loss and equity contributions and distributions. These noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder based on its economic ownership percentage.
	Accounting for Joint Ventures
	The Company first analyzes its investments in joint ventures to determine if the joint venture is a VIE in accordance with FASB ASC 810, and if so, whether the Company is the primary beneficiary requiring consolidation. A VIE is an entity that has (i) insufficient equity to permit it to finance its activities without additional subordinated financial support or (ii) equity holders that lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary, which is the entity that has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that potentially could be significant to the entity. Variable interests in a VIE are contractual, ownership, or other financial interests that change with changes in the fair value of the VIE’s net assets. The Company assesses at each level of the joint venture whether the entity is (i) a VIE, and (ii) if the Company is the primary beneficiary of the VIE. If an entity in which the Company holds a joint venture interest qualifies as a VIE and the Company is determined to be the primary beneficiary, the joint venture is consolidated.
	The following table represents the Company’s investments in joint ventures at March 31, 2015 and December 31, 2014:
	Properties		Location		Year Acquired	Effective Ownership			Effective Ownership
						Percentage at March 31, 2015			Percentage at
									31-Dec-14
	The Miramar Apartments		Dallas, Texas		2013		100	%		100	%
	Arbors on Forest Ridge		Bedford, Texas		2014		90	%		90	%
	Cutter's Point		Richardson, Texas		2014		90	%		90	%
	Eagle Crest		Irving, Texas		2014		90	%		90	%
	Meridian		Austin, Texas		2014		90	%		90	%
	Silverbrook		Grand Prairie, Texas		2014		90	%		90	%
	Timberglen		Dallas, Texas		2014		90	%		90	%
	Toscana		Dallas, Texas		2014		90	%		90	%
	The Grove at Alban		Frederick, Maryland		2014		76	%		76	%
	Willowdale Crossings		Frederick, Maryland		2014		80	%		80	%
	Edgewater at Sandy Springs		Atlanta, Georgia		2014		90	%		90	%
	Beechwood Terrace		Nashville, Tennessee		2014		90	%		90	%
	Willow Grove		Nashville, Tennessee		2014		90	%		90	%
	Woodbridge		Nashville, Tennessee		2014		90	%		90	%
	Abbington Heights		Antioch, Tennessee		2014		90	%		90	%
	The Summit at Sabal Park		Tampa, Florida		2014		90	%		90	%
	Courtney Cove		Tampa, Florida		2014		90	%		90	%
	Colonial Forest		Jacksonville, Florida		2014		90	%		90	%
	Park at Blanding		Orange Park, Florida		2014		90	%		90	%
	Park at Regency		Jacksonville, Florida		2014		90	%		90	%
	Jade Park (FKA Wood Forest)		Daytona Beach, Florida		2014		90	%		90	%
	Mandarin Reserve (FKAVictoria Park)		Jacksonville, Florida		2014		90	%		90	%
	Radbourne Lake		Charlotte, North Carolina		2014		90	%		90	%
	Timber Creek		Charlotte, North Carolina		2014		90	%		90	%
Belmont at Duck Creek		Garland, Texas		2014		90	%		90	%
The Arbors		Tucker, Georgia		2014		90	%		90	%
The Crossings		Marietta, Georgia		2014		90	%		90	%
The Crossings at Holcomb Bridge		Roswell, Georgia		2014		90	%		90	%
The Knolls		Marietta, Georgia		2014		90	%		90	%
Regatta Bay		Seabrook, Texas		2014		90	%		90	%
Sabal Palm at Lake Buena Vista		Orlando, Florida		2014		90	%		90	%
Steeplechase Apartments		Fredericksburg, Virginia		2014		85	%		85	%
Barrington Mill		Marietta, Georgia		2015		90	%		0	%	-1
Cornerstone		Orlando, Florida		2015		90	%		0	%	-1
Dana Point		Dallas, Texas		2015		90	%		0	%	-1
Heatherstone		Dallas, Texas		2015		90	%		0	%	-1
Versailles		Dallas, Texas		2015		90	%		0	%	-1
McMillan Place		Dallas, Texas		2015		90	%		0	%	-1
-1	Properties were acquired in 2015, therefore no ownership as of December 31, 2014.
In connection with its indirect equity investments in the properties acquired, the Company holds LLC membership interests in the operating partnerships. These entities are deemed to be variable interest entities as we have disproportionately few voting rights (in the form of substantive participating rights over all of the decisions that are made that most significantly affect economic performance) relative to our economic interests in the entities and substantially all of the activities of the entities are performed on our behalf. The Company is considered the primary beneficiary of these VIEs as no single party meets both criteria to be the primary beneficiary, and we are the member of the related party group that has both the power to direct the activities that most significantly impact economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Within the related party group, the Company is the most closely associated to the VIE based on the purpose and design of the entity, the size of our ownership interests relative to the other investors, and the rights we hold with respect to the other investors’ equity interests, including our ability to preclude any transfers of their interests and ability to drag them along on the sale of our equity interest. All VIEs are consolidated in the Company’s financial statements. The assets of these VIEs can only be used to settle obligations of the VIEs, and the creditors of these entities have no recourse to other assets of the Company.
The other investor in the VIEs is BH Equity or affiliates of BH Equity.  When these VIEs were formed under our predecessor, BH Equity invested in each VIE (with the exception of Miramar) on the same basis as us, receiving a proportional share of each VIE (other than Miramar).  Each VIE has a non-recourse mortgage that has standard scope non-recourse carve outs required by agency lenders and generally call for protection by the borrower and the guarantor against losses by the lender for so-called “bad acts,” such as misrepresentations, and may include full recourse liability for more significant events such as bankruptcy. BH Equity, or its affiliates provided non-recourse carve out guarantees for the mortgage indebtedness currently outstanding relating to the Portfolio.  In consideration of the guarantees provided by BH Equity and its affiliates, they will earn an additional 10% profit interest in the VIE such that distributions will be made to the members of the VIE pro rata in proportion to their relative percentage interests until the members have received an internal rate of return equal to 13%. Then, generally 80% of the distributions will be paid to us and 20% of the distributions will be paid to BH Equity or an affiliate.
Revenue Recognition
The Company’s primary operations consist of rental income earned from its residents under lease agreements 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. Resident reimbursements and other income consist of charges billed to residents for utilities, carport and garage rental, pets, administrative, application and other fees and are recognized when earned.
Asset Management & Property Management Services
Management fee expenses are recognized when incurred in accordance with each management agreement, see additional disclosures at Note 8.
Allowance for Doubtful Accounts
Allowances for rental income receivables are established when management determines that collections of such receivables are doubtful. Balances are considered past due when payment is not received on the contractual due date. When management has determined that receivables are uncollectible, they are written off against the allowance for doubtful accounts.
Income Taxes
The Company intends to elect to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with its first taxable year of operations as a separate public company. If the Company qualifies for taxation as a REIT, it generally will not be subject to federal corporate income tax on its taxable income that is distributed to its stockholders as long as it distributes at least 90% of its taxable income to its stockholders and meets certain tests regarding the nature of the Company’s income and assets. As a REIT, the Company will not be subject to federal income tax with respect to the portion of the Company’s income that meets certain criteria and is distributed annually to stockholders. The Company intends to operate in a manner that allows the Company to meet the requirements for taxation as a REIT, including creating taxable REIT subsidiaries to hold assets that generate income that would not be consistent with the rules applicable for qualification as a REIT if held directly by the REIT. If the Company were to fail to meet these requirements, it could be subject to federal income tax on the Company’s taxable income at regular corporate rates. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. The Company will also be disqualified for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions.
Reportable Segment
Substantially all of the Company’s consolidated net loss is from investments in real estate properties within the multi-family sector that the Company owns through LLCs. The Company evaluates operating performance on an individual property level and views its real estate assets as one industry segment and, accordingly, its properties are aggregated into one reportable segment.
Concentration of Credit Risk
The Company maintains cash balances with high quality financial institutions and periodically evaluates the creditworthiness of such institutions and believes that the Company is not exposed to significant credit risk. Cash balances may be in excess of the amounts insured by the Federal Deposit Insurance Corporation.
Fair Value Measurements
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, FASB ASC 820, Fair Value Measurement and Disclosures, 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 an independent third party to perform the valuation analysis for each property acquisition and also to perform the market valuations on the interest rate caps and has established policies, as described above, processes and procedures intended to ensure that the valuation methodologies for investments and interest rate caps are fair and consistent as of the measurement date.
Per Share Data
The Company began operations on March 31, 2015 as described above and therefore no earnings per share have been disclosed on the combined consolidated statements of operations and comprehensive loss since all operating activities of the Company were presented as predecessor operations. Basic earnings per share will be presented for all periods following March 31, 2015 and computed by dividing net income or loss by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted loss per share is computed based on the weighted average number of shares of the Company’s common stock and all potentially dilutive securities, if any.
Recent Accounting Pronouncements
Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 13(a) of the Exchange Act, for complying with new or revised accounting standards applicable to public companies. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of this extended transition period. As a result of this election, our financial statements may not be comparable to companies that comply with public company effective dates for such new or revised standards. We may elect to comply with public company effective dates at any time, and such election would be irrevocable pursuant to Section 107(b) of the JOBS Act. The following recent accounting pronouncements reflect effective dates that delay the adoption until those standards would otherwise apply to private companies.
In April 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changed the requirements for reporting discontinued operations. This ASU limits discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have a major effect on an entity’s operations and financial results. As a result, under the new standard the Company does not expect to report discontinued operations for most real estate dispositions. The new standard is effective for any disposals of components of the Company in annual reporting periods beginning on or after December 15, 2014. The Company implemented the provisions of ASU 2014-08 as of January 1, 2015.
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity should also disclose sufficient quantitative and qualitative information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new standard is effective for annual reporting periods beginning after December 15, 2017 and interim periods within that reporting period. The Company will implement the provisions of ASU 2014-09 as of January 1, 2018. The Company has not yet determined the impact of the new standard on its current policies for revenue recognition.
In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis, which changes the way reporting enterprises evaluate whether (a) they should consolidate limited partnerships and similar entities, (b) fees paid to a decision maker or service provider are variable interests in a VIE, and (c) variable interests in a VIE held by related parties of the reporting enterprise require the reporting enterprise to consolidate the VIE. The ASU also significantly changes how to evaluate voting rights for entities that are not similar to limited partnerships when determining whether the entity is a VIE, which may affect entities for which the decision making rights are conveyed though a contractual arrangement. The ASU is effective for annual and interim periods in fiscal years beginning after December 15, 2016. The Company will implement the provisions of ASU 2015-02 as of January 1, 2017. The Company has not yet determined the impact of the new standard on its current policies for consolidation.
In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest, which changes the way reporting enterprises record debt issuance costs. The ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with debt discounts. The new standard is effective for annual reporting periods beginning after December 15, 2015. The Company will implement the provisions of ASU 2015-03 as of January 1, 2016. The Company does not expect the new standard to have a material impact on its financial statements.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2015
Business Combinations [Abstract]
Acquisitions	3. Acquisitions
	As of March 31, 2015, through its consolidated joint ventures, the Company has invested in a total of thirty-eight multifamily properties as listed below (property descriptions including rentable square footage, number of units, average effective monthly rent and occupancy are unaudited):
	Multifamily Property Name		Rentable Square Footage		Number of Units		Date Acquired	Average		% Occupied as			% Occupied as
								Effective		of March 31,			of December 31, 2014 (2)
								Monthly Rent		2015 (2)
								Per Unit (1)
	The Miramar Apartments			183,100	314		10/31/13	$	552		96.5	%		92.7	%
	Arbors on Forest Ridge			154,556	210		1/31/14	$	781		96.2	%		92.9	%
	Cutter's Point			197,972	196		1/31/14	$	949		94.9	%		96.4	%
	Eagle Crest			395,951	447		1/31/14	$	756		95.5	%		94.9	%
	Meridian			148,200	200		1/31/14	$	776		94.5	%		95	%
	Silverbrook			526,138	642		1/31/14	$	682		93.8	%		91.7	%
	Timberglen			221,376	304		1/31/14	$	717		93.8	%		93.4	%
	Toscana			115,400	192		1/31/14	$	625		93.8	%		93.2	%
	The Grove at Alban			267,300	290		3/10/14	$	941		94.1	%		89.3	%
	Willowdale Crossings			411,800	432		5/15/14	$	996		87.5	%		82.9	%
	Edgewater at Sandy Springs			726,774	760		7/18/14	$	778		92	%		92.5	%
	Beechwood Terrace			271,728	300		7/21/14	$	756		96	%		98.7	%
	Willow Grove			229,140	244		7/21/14	$	704		96.7	%		94.7	%
	Woodbridge			246,840	220		7/21/14	$	840		94.5	%		90.5	%
	Abbington Heights			238,974	274		8/1/14	$	755		96.4	%		96	%
	The Summit at Sabal Park			204,545	252		8/20/14	$	802		93.3	%		88.5	%
	Courtney Cove			224,958	324		8/20/14	$	694		94.1	%		95.1	%
	Colonial Forest			160,093	174		8/20/14	$	612		90.8	%		94.8	%
	Park at Blanding			116,410	117		8/20/14	$	753		94	%		88.9	%
	Park at Regency			134,253	159		8/20/14	$	735		93.1	%		91.2	%
	Jade Park (FKA Wood Forest)			118,392	144		8/20/14	$	698		91	%		96.5	%
	Mandarin Reserve (FKA Victoria Park)			449,276	520		9/15/14	$	677		95.4	%		95.4	%
	Radbourne Lake			246,599	225		9/30/14	$	930		93.8	%		92.4	%
	Timber Creek			248,391	352		9/30/14	$	716		88.1	%		93.2	%
	Belmont at Duck Creek			198,279	240		9/30/14	$	825		93.3	%		93.8	%
	The Arbors			127,536	140		10/16/14	$	734		91.4	%		92.1	%
	The Crossings			377,840	380		10/16/14	$	699		96.3	%		94.7	%
	The Crossings at Holcomb Bridge			247,982	268		10/16/14	$	729		95.1	%		93.7	%
	The Knolls			311,160	312		10/16/14	$	778		93.9	%		95.2	%
	Regatta Bay			200,440	240		11/4/14	$	955		95	%		96.3	%
	Sabal Palm at Lake Buena Vista			370,768	400		11/5/14	$	1,053		93	%		95	%
	Steeplechase Apartments			115,712	156		12/18/14	$	1,005		89.1	%		92.9	%
	McMillan Place			290,051	402		1/15/15	$	667		92.3	%	-3
	Cornerstone			317,565	430		1/15/15	$	827		90.7	%	-3
	Barrington Mill			692,180	752		2/6/15	$	709		96	%	-3
	Dana Point			206,276	264		2/26/15	$	772		94.7	%	-3
	Heatherstone			115,615	152		2/26/15	$	762		92.8	%	-3
	Versailles			300,908	388		2/26/15	$	800		92	%	-3
				10,110,478		11,816
	-1	Average effective monthly rent per unit is equal to the average of (i) the contractual rent for commenced leases as of March 31, 2015 minus any tenant concession over the term of the lease, divided by (ii) the number of units under commenced leases as of March 31, 2015.
	-2	Percent occupied is calculated as (i) the number of units occupied as of March 31, 2015, and at December 31, 2014, divided by total number of units, expressed as a percentage.
	-3	Properties Acquired in 2015.

Real_Estate_Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2015
Real Estate [Abstract]
Real Estate Investments	4. Real Estate Investments
	As of March 31, 2015, the major components of the Company’s investments in multifamily properties, were as follows (unaudited):
	Property	Land		Building and Improvements			Intangible Lease Assets			Construction in Progress		Furniture, Fixtures and Equipment			Totals
	The Miramar Apartments	$	1,580,000	$	8,369,256		$	—		$	51,108	$	451,579		$	10,451,944
	Arbors on Forest Ridge		2,330,000		10,860,861			—			—		287,754			13,478,616
	Cutter's Point		3,330,000		12,666,499			—			24,701		371,423			16,392,623
	Eagle Crest		5,450,000		21,502,269			—			255,092		482,312			27,689,673
	Meridian		2,310,000		10,285,125			—			324		234,190			12,829,639
	Silverbrook		4,860,000		24,593,306			—			160,361		1,007,362			30,621,029
	Timberglen		2,510,000		14,085,555			—			81,645		332,500			17,009,701
	Toscana		1,730,000		7,006,461			—			80,284		261,700			9,078,445
	The Grove at Alban		3,640,000		18,928,816			—			92,690		297,617			22,959,123
	Willowdale Crossings		4,650,000		35,540,995			—			65,264		486,529			40,742,787
	Edgewater at Sandy		14,290,000		41,318,896			—			1,378,139		1,229,042			58,216,076
	Springs
	Beechwood Terrace		1,390,000		20,124,973			—			38,727		231,435			21,785,135
	Willow Grove		3,940,000		9,990,585			—			539,035		174,319			14,643,939
	Woodbridge		3,650,000		12,063,289			—			305,915		215,642			16,234,845
	Abbington Heights		1,770,000		16,117,302			—			39,666		221,456			18,148,424
	The Summit at Sabal Park		5,770,000		13,021,170			—			125,330		274,165			19,190,665
	Courtney Cove		5,880,000		12,569,229			—			153,913		405,233			19,008,375
	Colonial Forest		2,090,000		3,134,390			—			289,101		200,304			5,713,794
	Park at Blanding		2,610,000		3,874,234			—			24,781		127,263			6,636,279
	Park at Regency		2,620,000		5,352,249			—			138,050		256,352			8,366,651
	Jade Park (FKA Wood Forest)		1,490,000		6,166,312			—			224,596		144,067			8,024,975
	Mandarin Reserve (FKA Victoria Park)		5,610,000		19,699,737			—			741,759		417,614			26,469,110
	Radbourne Lake		2,440,000		20,950,098			—			168,636		430,825			23,989,559
	Timber Creek		11,260,000		10,755,680			—			1,652,306		153,543			23,821,529
	Belmont at Duck Creek		1,910,000		16,875,625			—			9,894		221,835			19,017,354
	The Arbors		1,730,000		5,859,987			199,000			403,110		98,776			8,290,873
	The Crossings		4,150,000		16,139,574			834,000			611,754		255,384			21,990,712
	The Crossings at Holcomb		5,560,000		9,811,712			616,000			316,550		201,804			16,506,065
	Bridge
	The Knolls		3,410,000		16,935,843			759,000			203,470		231,605			21,539,917
	Regatta Bay		1,660,000		15,803,412			714,000			17,186		167,550			18,362,149
	Sabal Palm at Lake Buena		7,580,000		40,133,564			1,387,000			282,225		455,566			49,838,356
	Vista
	Steeplechase Apartments		6,120,000		10,373,000			492,000			116,345		71,768			17,173,113
	Barrington Mill		10,170,000		45,912,126			1,814,000			264,359		138,978			58,299,463
	Cornerstone		1,500,000		29,322,368			894,000			201,848		77,375			31,995,590
	Dana Point		4,090,000		11,548,000			362,000			—		236,502			16,236,502
	Heatherstone		2,320,000		6,787,000			208,000			—		136,275			9,451,275
	Versailles		6,720,000		18,519,000			581,000			—		347,275			26,167,275
	McMillan Place		3,610,000		16,743,136			572,000			2,404		71,448			20,998,988
			157,730,000		619,741,634			9,432,000			9,060,566		11,406,368			807,370,568
	Accumulated depreciation		—		(13,913,263	)		(5,351,567	)		—		(1,250,398	)		(20,515,228	)
	and amortization
		$	157,730,000	$	605,828,371		$	4,080,433		$	9,060,566	$	10,155,970		$	786,855,340
	As of December 31, 2014, the major components of the Company’s investments in multifamily properties, were as follows:
	Property	Land		Building and Improvements			Intangible Lease Assets			Construction in Progress		Furniture, Fixtures and Equipment			Totals
	The Miramar Apartments	$	1,580,000	$	8,355,872		$	290,000		$	—	$	433,354		$	10,659,226
	Arbors on Forest Ridge		2,330,000		10,831,742			312,000			1,556		263,482			13,738,780
	Cutter's Point		3,330,000		12,619,109			352,000			27,633		326,259			16,655,001
	Eagle Crest		5,450,000		21,465,476			654,000			125,369		463,430			28,158,275
	Meridian		2,310,000		10,258,263			299,000			—		198,449			13,065,712
	Silverbrook		4,860,000		24,543,851			793,000			92,461		903,432			31,192,744
	Timberglen		2,510,000		14,076,404			408,000			375		309,404			17,304,183
	Toscana		1,730,000		6,961,530			230,000			23,145		229,169			9,173,844
	The Grove at Alban		3,640,000		18,913,344			796,000			104,844		228,722			23,682,910
	Willowdale Crossings		4,650,000		35,543,667			1,172,000			1,200		401,169			41,768,036
	Edgewater at Sandy		14,290,000		41,094,413			1,930,000			1,261,227		1,005,747			59,581,387
	Springs
	Beechwood Terrace		1,390,000		19,680,820			409,000			164,621		157,222			21,801,663
	Willow Grove		3,940,000		9,512,555			298,000			647,574		91,824			14,489,953
Woodbridge		3,650,000		12,020,293			334,000			305,915		178,974			16,489,182
Abbington Heights		1,770,000		15,863,951			400,000			110,310		170,595			18,314,856
The Summit at Sabal Park		5,770,000		12,972,098			404,000			81,884		221,200			19,449,182
Courtney Cove		5,880,000		12,486,882			431,000			80,447		311,573			19,189,902
Colonial Forest		2,090,000		3,116,687			186,000			242,841		166,378			5,801,906
Park at Blanding		2,610,000		3,691,461			177,000			183,739		111,158			6,773,358
Park at Regency		2,620,000		5,343,919			220,000			60,558		196,138			8,440,615
Jade Parl (FKA Wood Forest)		1,490,000		6,061,395			200,000			218,688		89,406			8,059,489
Mandarin Reserve (FKA Victoria Park)		5,610,000		19,679,711			701,000			701,020		300,213			26,991,944
Radbourne Lake		2,440,000		20,830,406			652,000			148,114		355,391			24,425,911
Timber Creek		11,260,000		10,704,510			799,000			948,430		113,475			23,825,415
Belmont at Duck Creek		1,910,000		16,654,792			436,000			107,063		134,860			19,242,715
The Arbors		1,730,000		5,844,105			199,000			162,100		44,827			7,980,032
The Crossings		4,150,000		16,138,747			834,000			491,672		126,678			21,741,097
The Crossings at Holcomb		5,560,000		9,788,284			616,000			48,173		66,311			16,078,768
Bridge
The Knolls		3,410,000		16,931,399			759,000			107,984		124,357			21,332,740
Regatta Bay		1,660,000		15,803,412			714,000			1,014		110,384			18,288,810
Sabal Palm at Lake Buena		7,580,000		40,130,430			1,387,000			80,255		438,526			49,616,211
Vista
Steeplechase Apartments		6,120,000		10,373,000			492,000			—		15,000			17,000,000
		129,320,000		488,292,528			17,884,000			6,530,212		8,287,107			650,313,847
Accumulated depreciation		—		(8,533,478	)		(12,442,170	)		—		(812,292	)		(21,787,940	)
and amortization
	$	129,320,000	$	479,759,050		$	5,441,830		$	6,530,212	$	7,474,815		$	628,525,907
Depreciation expense was $5,818,665 and $735,525 for the three months ended March 31, 2015 and 2014, respectively.
Amortization expense related to the Company’s intangible lease assets was $5,791,625 and $1,275,666 for the three months ended March 31, 2015 and 2014, respectively. Amortization expense related to the Company’s intangible lease assets for the remainder of the year ended December 31, 2015 is expected to be $4,080,433. Due to the six month useful life attributable to intangible lease assets, the value of intangible lease assets on any acquisition prior to September 30, 2014 has been fully amortized and the assets and related accumulated amortization have been written-off as of March 31, 2015.

Pro_Forma_Financial_Informatio

Pro Forma Financial Information (Unaudited)	3 Months Ended
	Mar. 31, 2015
Pro Forma Financial Information [Abstract]
Pro Forma Financial Information (Unaudited)	5. Pro Forma Financial Information (Unaudited)
	The following table summarizes, on an unaudited basis, the combined consolidated pro forma results of operations of the Company for the periods ended March 31, 2015 and 2014. The Company acquired thirty seven properties during the period January 1, 2014 through March 31, 2015 and one additional property subsequent to the period on April 15, 2015 (see footnote 10). The following unaudited pro forma information for the periods ended March 31, 2015 and 2014 has been provided to give effect to the acquisitions of the properties as if they had occurred on January 1, 2014. This pro forma financial information is not intended to represent what the actual results of operations of the Company would have been had these acquisitions occurred on this date, nor does it purport to predict the results of operations for future periods.
		Three Months Ended March 31,
		2015			2014
	Actual
	Total revenue	$	25,537,470		$	3,976,985
	Net loss		(5,892,549	)		(2,622,841	)
	Pro forma:
	Total revenues		28,286,111			27,048,805
	Net income (loss)		1,114,373			(11,038,316	)
	The pro forma information includes adjustments to actual revenues and expenses recorded to reflect operations of all properties acquired as of and subsequent to March 31, 2015, assuming each was owned by the Company and operating as of January 1, 2014. Net loss has been adjusted as follows: (1) interest expense has been adjusted to reflect the additional interest expense that would have been charged had the Company acquired the properties on January 1, 2014 under the same financing arrangements as existed as of the acquisition date; (2) depreciation and amortization has been adjusted based on the Company’s basis in the properties, and half of intangible lease assets have been amortized during the three month period ended March 31, 2014 due to the six month life; (3) acquisition costs have been excluded for pro forma purposes for the acquisition costs of the properties; (4) management and advisory fees have been adjusted for based on pro forma basis; and (5) general and administrative fees expected to be incurred on a quarterly basis at a parent level have been adjusted for based on a quarterly estimate of $950,000.

Debt

Debt	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Debt	6. Debt
	Mortgages Payable
	The following table contains summary information concerning the mortgage debt that is nonrecourse to the Company and encumbers the multifamily properties as of March 31, 2015:
	Property			Type	Term (months)		Amortization (months)		Outstanding Principal		Interest Rate (1)		Maturity Date
	The Miramar Apartments	-2		Floating		120		360	$	8,400,000		2.40%	2/1/25
	Arbors on Forest Ridge	-3		Floating		84		360		10,244,000		2.91%	2/1/21
	Cutter's Point	-3		Floating		84		360		12,676,000		2.91%	2/1/21
	Eagle Crest	-3		Floating		84		360		21,860,000		2.91%	2/1/21
	Meridian	-3		Floating		84		360		9,840,000		2.91%	2/1/21
	Silverbrook	-3		Floating		84		360		24,320,000		2.91%	2/1/21
	Timberglen	-3		Floating		84		360		13,560,000		2.91%	2/1/21
	Toscana	-3		Floating		84		360		7,100,000		2.91%	2/1/21
	Beechwood Terrace	-4		Floating		84		360		17,120,000		2.26%	8/1/21
	Colonial Forest	-4		Floating		84		360		4,125,000		2.34%	9/1/21
	Courtney Cove	-4		Floating		84		360		14,210,000		2.26%	9/1/21
	Edgewater at Sandy Springs	-4		Floating		84		360		43,550,000		2.27%	8/1/21
	The Grove at Alban	-4		Floating		84		360		18,720,000		2.72%	4/1/21
	Park at Blanding	-4		Floating		84		360		4,875,000		2.34%	9/1/21
	Park at Regency	-4		Floating		84		360		6,225,000		2.34%	9/1/21
	The Summit at Sabal Park	-4		Floating		84		360		14,287,000		2.26%	9/1/21
	Mandarin Reserve (FKA Victoria Park)	-4		Floating		84		360		19,650,000		2.28%	10/1/21
	Willow Grove	-4		Floating		84		360		11,000,000		2.29%	8/1/21
	Willowdale Crossings	-4		Floating		84		360		32,800,000		2.45%	6/1/21
	Jade Park (FKA Wood Forest)	-4		Floating		84		360		5,850,000		2.33%	9/1/21
	Woodbridge	-4		Floating		84		360		12,800,000		2.27%	8/1/21
	Steeplechase	-4		Floating		84		360		13,600,000		2.29%	1/1/22
	Barrington Mill	-4		Floating		84		360		43,500,000		2.14%	3/1/22
	Dana Point	-4		Floating		84		360		12,176,000		2.23%	3/1/22
	Heatherstone	-4		Floating		84		360		7,087,000		2.26%	3/1/22
	Versailles	-4		Floating		84		360		19,623,000		2.21%	3/1/22
	Timber Creek	-5		Floating		120		360		19,482,000		2.00%	10/1/24
	Radbourne Lake	-5		Floating		120		360		19,213,000		1.99%	10/1/24
	The Arbors	-5		Floating		120		360		5,812,000		1.99%	11/1/24
	The Crossings	-5		Floating		120		360		16,200,000		1.99%	11/1/24
	The Crossings at Holcomb Bridge	-5		Floating		120		360		12,450,000		1.99%	11/1/24
	The Knolls	-5		Floating		120		360		16,038,000		1.99%	11/1/24
	McMillan Place	-5		Floating		120		360		15,738,000		2.10%	2/1/25
	Abbington Heights	-6		Fixed		120		360		10,544,915		3.79%	9/1/22
	Belmont at Duck Creek	-7		Fixed		84		360		11,480,786		4.68%	9/1/18
	Regatta Bay	-8		Fixed		480		480		13,131,125		4.85%	8/1/50
	Sabal Palm at Lake Buena Vista	-9		Floating		120		360		37,680,000		1.99%	12/1/24
	Cornerstone	-10		Fixed		120		360		23,775,000		4.24%	3/1/23
									$	610,742,826
	Valuation adjustments									374,234
									$	611,117,060
	-1	Interest rate is based on one month LIBOR plus an applicable margin, except for Abbington Heights (based on fixed rate of 3.79%), Belmont at Duck Creek (based on fixed rate of 4.68%), Regatta Bay (based on fixed rate of 4.85%) and Cornerstone (based on a blended fixed rate of 4.24%). One month LIBOR as of March 31, 2015 was 0.18%.
	-2	Loan can be pre-paid within the first 12 months of the term at par plus 1.00% of the unpaid principal balance, loan can be pre-paid starting in the 13th month of the term through the 24th month of the term at par plus 0.50% of the unpaid principal balance, loan can be pre-paid starting in the 25th month of the term through the 36th month of the term at par plus 0.25% of the unpaid principal balance and at par during the last two years of the term.
	-3	Loan can be pre-paid starting in the 25th month of the term through the 81st month of the term at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
	-4	Loans can be pre-paid starting in the 13th month of the term through the 81st month of the term at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
	-5	Loans can be pre-paid starting in the 13th month of the term through the 116th month of the term at par plus 1.00% of the unpaid principal balance and at par during the last four months of the term.
	-6	Debt was assumed upon acquisition of this property and approximated fair value. The loan is open to pre-payment in the last three months of the term.
	-7	Debt was assumed upon acquisition of this property. An adjustment was made to approximate the debt to fair value. The loan is open to pre-payment in the last six months of the term.
	-8	Debt was assumed upon acquisition of this property and is a Housing and Urban Development (“HUD”) loan that is fully amortizing and approximated fair value. Debt is insured by HUD under the Section 221(d)(4) program.
	-9	Loan can be pre-paid in the first 12 months of the term at par plus 5.00% and can also be prepaid starting in the 13th month of the term through the 116th month of the term at par plus 1.00% of the unpaid principal balance and at par during the last four months of the term.
	-10	Debt in the amount of $18,000,000 was assumed upon acquisition and approximated fair value. The assumed debt carries a 4.09% fixed rate, was originally issued in March 2013 and had a term of 120 months with an initial 24 months of interest only. At the time of acquisition, the principal balance of the first mortgage remained unchanged and had a remaining term of 98 months with 2 months interest only. The first mortgage is prepayable and subject to yield maintenance from month 13 through August 31, 2022 and is prepayable at par September 1, 2022 until maturity.  Concurrently with the acquisition of the property, we placed a supplemental second mortgage on the property with a principal amount of $5,775,000, a fixed rate of 4.70%, and maturing conterminously with the first mortgage. The supplemental second mortgage is prepayable and subject to yield maintenance from the date of issuance through August 31, 2022 and is prepayable at par September 1, 2022 until maturity. As of March 31, 2015, the total indebtedness secured by the property is $23,775,000 and has a blended pay rate of 4.24%.
	The weighted average interest rate of our mortgage indebtedness was 2.53% as of March 31, 2015 and 2.65% as of December 31, 2014. Each of our mortgages is a non-recourse obligation subject to customary exceptions. 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.
	Schedule of Debt Maturities
	Debt maturities scheduled for each of the next five years and thereafter, are as follows:
	Remainder of 2015		$	829,539
	2016			4,632,983
	2017			8,087,338
	2018			13,668,179
	2019			14,583,922
	Thereafter			568,940,865
Total		$	610,742,826

Fair_Value_Measures_and_Financ

Fair Value Measures and Financial Instruments

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Measures and Financial Instruments

7. Fair Value Measures and Financial Instruments

From time to time, the Company records certain assets and liabilities at fair value. Real estate assets are recorded at fair value at acquisition and may be stated at fair value if they become impaired in a given period and may be stated at fair value if they are held for sale and the fair value of such assets is below historical cost. Additionally, the Company records derivative financial instruments at fair value. The Company also uses fair value metrics to evaluate the carrying values of its real estate assets and for the disclosure of certain financial instruments.

Real estate acquisitions

As of December 31, 2014 and as further discussed in Notes 2 and 3, the Company acquired thirty two properties for approximately $633,200,000. The purchase prices of these properties were allocated as follows: land $129,320,000, building, building improvements, furniture, fixtures and equipment $485,996,000, and intangible lease assets $17,884,000 based on their estimated fair values using Level 3 inputs. Of the thirty two properties acquired there were three properties with assumed debt which was recorded based on their estimated fair value using Level 2 inputs.

During the period ended March 31, 2015 and as further discussed in Notes 2 and 3, the Company acquired six additional properties for approximately $162,588,400. The purchase prices of these properties were allocated as follows: land $28,410,000, building, building improvements, furniture, fixtures, and equipment $129,747,400, and intangible lease assets $4,431,000 based on their estimated fair values using Level 3 inputs. Of six properties acquired there was one property with assumed debt which was recorded based on its estimated fair value using Level 2 inputs.

As discussed in Note 2, fair value measurements at the time of acquisition were determined by management using available market information and appropriate valuation methodologies available to management for the period ended March 31, 2015 and at December 31, 2014. Critical estimates in valuing certain assets and liabilities and the assumptions of what marketplace participants would use in making estimates of fair value include, but are not limited to: future expected cash flows, estimated carrying costs, estimated origination costs, lease up periods and tenant risk attributes, as well as assumptions about the period of time the acquired lease will continue to be used in the Company’s portfolio and discount rates used in these calculations. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable. Assumptions may not always reflect unanticipated events and changes in circumstances may occur. In making such estimates, management uses a number of sources, including appraisals, third party cost segregation studies or other market data, as well as, information obtained in its pre-acquisition due diligence, marketing and leasing activities. Considerable judgment is necessary to interpret market data and estimate fair value. Accordingly, 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 assets or other financial instruments. The use of different market assumptions and/or estimation methodologies could have a material effect on the estimated fair value amounts. The following table represents critical assumptions used and the ranges for those assumptions:

Going-in cap rate

4.8% - 6.2%

Terminal cap rate

5.2% - 6.8%

Discount rate

5.5% - 10.7%

Growth rate revenues

1.6% - 3.3%

Growth rate operating costs

1.6% - 3.3%

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 receipts and its known or expected cash payments principally related to the Company’s investments and borrowings.

The Company’s objectives in using interest rate derivatives are to add stability to interest expense related to mortgage debt and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate caps related to mortgage debt as part of its interest rate risk management strategy. 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 rate caps have terms ranging from 3-4 years. During the three-months ended March 31, 2015 and 2014, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. The derivatives cap our variable interest rate at a weighted average interest rate of 6.00%.

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive loss (“OCI”) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three-months ended March 31, 2015, the Company recorded no ineffectiveness in earnings attributable to derivatives designated as cash flow hedges. During the three-months ended March 31, 2014, the Company had no derivatives designated as cash flow hedges.

As of March 31, 2015, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:

Product

Number of Instruments

Notional

Interest rate caps

14

$

246,999,000

Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements but do not meet the strict hedge accounting requirements of FASB ASC 815, Derivatives and Hedging. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. As of March 31, 2015, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships:

Product

Number of Instruments

Notional

Interest rate caps

20

$

304,812,000

The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the combined consolidated balance sheets as of March 31, 2015 and December 31, 2014:

Asset Derivative

Liability Derivative

Balance

March 31,

December 31,

Balance

March 31,

December 31,

Sheet Location

2015

2014

Sheet Location

2015

2014

Derivatives designated as hedging instruments:

Interest rate caps

Other assets

289,903

263,301

Other liabilities

—

—

Derivatives not designated as hedging instruments:

Interest rate caps

Other assets

79,203

194,732

Other liabilities

—

—

Total

369,107

458,033

—

—

The tables below present the effect of the Company’s derivative financial instruments on the combined consolidated statements of operations and comprehensive loss for the three months ended March 31, 2015 and 2014:

Amount of gain

Location of gain

Amount of gain

Location of gain

Amount of gain

(loss) recognized in

(loss) reclassified

(loss) reclassified

(loss) recognized in

(loss) recognized in

OCI on derivative

from accumulated

from accumulated OCI

income on derivative

income on derivative

(effective portion)

OCI into income

into income (effective

(ineffective portion)

(ineffective portion)

(effective portion)

portion)

2015

2014

2015

2014

2015

2014

Derivatives designated as hedging

instruments

For the three months ended March 31,

Interest rate caps

(269,758

)

—

Interest expense

—

—

Interest expense

—

—

Total

(269,758

)

—

—

—

—

—

Amount of gain (loss)

recognized in income

Location of gain (loss) recognized in income

2015

2014

Derivatives not designated as hedging

instruments

For the three months ended March 31,

Interest rate caps

Interest expense

(115,529

)

(204,903

)

Total

(115,529

)

(204,903

)

Other financial instruments

Cash equivalents, rents and accounts receivables, accounts payable, accrued expenses and other liabilities are carried at amounts that reasonably approximate their fair values because of the short-term nature of these instruments.

Long-term indebtedness is carried at amounts that reasonably approximate their fair value because of the limited period in which the amounts were outstanding and owed on some loans and the variable interest rate terms. Management used a market spread from quoted prices to determine the interest rate on variable rate loans which was 2.02% and 2.02% as of March 31, 2015 and December 31, 2014, respectively. On fixed rate debt management used quoted prices which ranged from 3.7% to 3.9%.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	8. Related Party Transactions
	Asset Management Fee
	In accordance with the operating agreement of each real estate property the Company earns an asset management fee for services provided in connection with monitoring the operations of the properties. The asset management fee is equal to 0.5% per annum of the aggregate effective Gross Income of the properties, as defined. For the three months ended March 31, 2015 and 2014, the properties comprising the Company incurred asset management fees to the Company of $126,715 and $16,959, respectively. Since the fees are paid to the Company they have been eliminated in consolidation.
	Property management and construction fees
	The Company has entered into management agreements with BH Management Services, LLC (“BH”), the Company’s property manager, who manages the Company’s properties and supervises the implementation of the Company’s value-add program. BH is an affiliate of the noncontrolling interest member of the Company by virtue of ownership in certain VIEs through its affiliate BH Equity. The property management fee is approximately 3% of the monthly gross income from each property managed. Currently BH manages all of our properties. Additionally, the Company may pay BH certain other fees, including (1) a fee of $15.00 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, and other owner approved fees at $55 per hour. For the three months ended March 31, 2015 and 2014, the properties comprising the Company incurred management fees to BH of $758,814 and $122,624, respectively. For the three months ended March 31, 2015 and 2014, the properties comprising the Company incurred construction supervision fees to BH of $140,948 and $0, respectively.
	Management and administrative fee
	Prior to the Spin-Off, the predecessor paid NexPoint Advisors, an affiliate of the Adviser, an annual fee, paid monthly, in an amount equal to 1.00% of the average daily value of the predecessor’s “Managed Assets”. The predecessor’s Managed Assets were an amount equal to the total assets of the predecessor, including any form of leverage, minus all accrued expenses incurred in the normal course of operations, but not excluding any liabilities or obligations attributable to investment leverage obtained through (i) indebtedness of any type (including, without limitation, borrowing through a credit facility or the issuance of debt securities), (ii) the issuance of preferred stock or other preference securities, (iii) the reinvestment of collateral received for securities loaned in accordance with the predecessor’s investment objectives and policies, and/or (iv) any other means.
	Additionally, the predecessor paid NexPoint Advisors an administrative fee for services to the predecessor. The administrative fee was payable monthly, in an amount equal to 0.20% of the average weekly value of the predecessor’s Managed Assets. The advisory and administration fees were paid by the predecessor on behalf of the Company.
	Following the Spin-Off and in accordance with the Advisory Agreement, the Company will pay the Adviser a management fee equal to 1.00% of the Average Real Estate Assets, as defined in the Advisory Agreement. The duties performed by our Adviser under the terms of the Advisory Agreement include but are not limited to: providing daily management for us, selecting and working with third party service providers, managing our properties or overseeing the third party property manager, formulating an investment strategy for us and selecting suitable properties and investments for us. “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 (or partial 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 management fee is payable monthly in arrears in cash, unless the Adviser elects, in its sole discretion, to receive all or a portion of the management fee in shares of common stock, subject to certain limitations.
	In accordance with the Advisory Agreement, the Company will also pay the Adviser an administrative fee equal to 0.20% of the Average Real Estate Assets. The administrative fee will be 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. The management and administrative fees to be paid to the Adviser on the real estate assets that are owned are subject to a stipulated cap.
	Pursuant to the terms of the Advisory Agreement, the Company will reimburse the Adviser for all documented Operating Expenses and Offering Expenses. Operating Expenses include legal, accounting, financial and due diligence services performed by the Advisor that outside professionals or outside consultants would otherwise perform, and the Company’s pro rata share of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the Advisor required for the Company’s operations. Operating Expenses do not include expenses for the management and administrative services described in the Advisory 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. Certain Operating Expenses such as, our 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 will be billed monthly to us under a shared services agreement.
	Expense Cap
	Pursuant to the terms of the Advisory Agreement, expenses paid or incurred by us for management and administrative fees payable to the Adviser, stock-based compensation granted under any Company equity compensation plan, and Operating Expenses will not exceed 1.5% of Average Real Estate Assets (the “1.5% Limitation”) per calendar year (or part thereof that the Advisory Agreement is in effect). The cap does not limit the reimbursement of expenses related to securities offerings or Offering Expenses. The 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, management and administrative fees are further limited on Contributed Assets to $5,691,428 in any calendar year.  Contributed Assets refers to all Real Estate Assets contributed to the Company as part of the Spin-off.  Management and administrative fees on New Assets are not subject to the above limitation but are subject to the 1.5% Limitation.  New Assets are all Real Estate Assets that are not Contributed Assets.
	The amount of management and administration fees incurred by our predecessor was $1,276,687 and $108,199 for the three months ended March 31, 2015 and 2014, respectively, and are reflected on the statements of operations and comprehensive loss in management and administrative fees. The allocation is based on the terms of the NexPoint Advisors Advisory Agreement prior to the Spin-Off. In management’s estimation, the allocation methodologies used are reasonable and result in a reasonable allocation of operating costs borne by our predecessor; however, these allocations may not be indicative of the cost of future operations or the amount of future allocations.

Commitment_and_Contingencies

Commitment and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. 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. At March 31, 2015, management does not anticipate any material deviations from schedule or budget related to rehabilitation projects currently in process.
	Contingencies
	In the normal course of business, the Company is subject to claims, lawsuits and legal proceedings. While it is not possible to ascertain the ultimate outcome of all such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the consolidated balance sheets or consolidated statements of operations and comprehensive 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 us or our properties or subsidiaries, other than routine litigation arising in the ordinary course of business.
	The Company is not aware of any environmental liability with respect to the properties that could have a material adverse effect on our business, assets or results of operations. However, there can be no assurance that such a material environmental liability does not exist. The existence of any such material environmental liability could have an adverse effect on our results of operations and cash flows.

Subsequent_Events

Subsequent Events

3 Months Ended

Mar. 31, 2015

Subsequent Events [Abstract]

Subsequent Events

10. Subsequent Events

The Company acquired the following property subsequent to March 31, 2015 (unaudited):

Property

Location

Closing Date

Purchase Price (2)

Debt

# Units

Noncontrolling Interest

Effective Ownership

Bayberry Apartments

West Palm Beach, Florida

15-Apr-15

$

21,000,000

$

12,660,000

-1

222

10

%

90

%

(1) - New loan with floating interest rate at 1.80% over the one-month LIBOR over an 84 month term, with an initial 48 months of interest only, that matures on May 1, 2022. A third party interest rate cap was purchased fixing the max note rate at 7.75%. The note is pre-payable in the 13th month through the 81st month of the term at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Predecessor	Predecessor
	With the exception of a nominal amount of initial cash funded at inception, the Company did not own any assets prior to March 31, 2015. The business and operations of the Company prior to March 31, 2015 occurred under the predecessor. Our predecessor included all of the properties in our portfolio that were held indirectly by Freedom REIT, a wholly owned subsidiary of NHF, prior to the Spin-Off that occurred on March 31, 2015. Our predecessor was determined in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). References throughout these combined consolidated financial statements to the Company, we, or our, include the activity of the predecessor defined above.
Basis of Accounting	Basis of Accounting
	The accompanying unaudited interim combined consolidated financial statements of the Company are prepared in accordance with GAAP and with Rule 10-01 Regulation S-X for interim financial statements. The combined consolidated balance sheets include the accounts of the Company and its subsidiaries. Our predecessor combined consolidated financial statements were derived from the historical accounting records of our predecessor and reflect the historical financial position, results of operations and cash flows for the periods prior to the Spin-Off. All intercompany balances and transactions are eliminated in consolidation. The financial statements of the Company’s subsidiaries are prepared using accounting polices consistent with those of the Company. In addition, the Company evaluates relationships with other entities to identify whether there are variable interest entities (“VIE’s”) as required by FASB ASC 810, Consolidation, and to assess whether it is the primary beneficiary of such entities. If the determination is made that the Company is the primary beneficiary, then that entity is included in the financial statements in accordance with FASB ASC 810. In the opinion of the Company’s management, the accompanying combined consolidated financial statements include all adjustments and eliminations, consisting only of normal recurring items necessary for their fair presentation in conformity with GAAP. Interim results are not necessarily indicative of operating results for a full year. The unaudited information included in this quarterly report on form 10-Q should be read in conjunction with our predecessor audited financial statements identified as “Freedom REIT Contribution Group” for the year ended December 31, 2014 and notes thereto included in the information statement filed as an exhibit to our registration statement on Form 10 filed on March 12, 2015. There have been no significant changes to the Company’s significant accounting policies during the three months ended March 31, 2015.
Use of Estimates	Use of Estimates
	The preparation of the combined consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. It is at least reasonably possible that these estimates could change in the near term.
Real Estate Investments	Real Estate Investments
	Upon acquisition, in accordance with FASB ASC 805, Business Combinations, the purchase price of a property is allocated to land, building, improvements, furniture, fixtures, and equipment, and intangible lease assets. The purchase price allocation is based on management’s estimate of the property’s “as-if” vacant fair value, which 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 purchase price 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 and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. Costs associated with the acquisition of a property, including acquisition fees paid, are expensed as incurred.
	The results of operations for acquired properties are included in the combined consolidated statements of operations and comprehensive loss from their respective acquisition dates.
	Real estate assets, including land, building, improvements, furniture, fixtures and equipment, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of the Company’s real estate assets are capitalized as incurred. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. 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
	Building		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 renovation project and is depreciated over the estimated useful lives as described in the table above.
Impairment	Impairment
	Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. For the periods ended March 31, 2015 and 2014, the Company did not record any impairment charges related to real estate assets.
Cash and Cash Equivalents	Cash and Cash Equivalents
	The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value.
Restricted Cash	Restricted Cash
	Restricted cash is comprised of amounts set aside for security deposits, capital improvements and lender impound reserve accounts on the Company’s borrowings for escrow deposits, and amounts set aside for real estate taxes and insurance. The following is a summary of the restricted cash held as of March 31, 2015 and December 31, 2014:
			31-Mar-15			December 31, 2014
	Security deposits		$	1,498,986		$	1,574,302
	Operating escrows			7,648,193			7,299,426
	Renovation and repair escrows			51,399,061			38,943,614
			$	60,546,240		$	47,817,342
Deferred Financing Costs	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. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to earnings. Deferred financing costs, net of amortization, of $5,647,715 and $4,632,429 are recorded on the accompanying combined consolidated balance sheets as of March 31, 2015 and at December 31, 2014, respectively. Amortization of deferred financing costs of $306,596 and $25,440 is included in interest expense in the combined consolidated statements of operations and comprehensive loss for the three month periods ended March 31, 2015 and 2014, respectively.
Noncontrolling Interests	Noncontrolling Interests
	Noncontrolling interests are comprised of the Company’s joint venture partners’ interests in the joint ventures in multifamily properties that the Company consolidates. The Company reports its joint venture partners’ interests in its consolidated real estate joint ventures and other subsidiary interests held by third parties as noncontrolling interests. The Company records these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investment’s net income or loss and equity contributions and distributions. These noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder based on its economic ownership percentage.
Accounting for Joint Ventures	Accounting for Joint Ventures
	The Company first analyzes its investments in joint ventures to determine if the joint venture is a VIE in accordance with FASB ASC 810, and if so, whether the Company is the primary beneficiary requiring consolidation. A VIE is an entity that has (i) insufficient equity to permit it to finance its activities without additional subordinated financial support or (ii) equity holders that lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary, which is the entity that has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that potentially could be significant to the entity. Variable interests in a VIE are contractual, ownership, or other financial interests that change with changes in the fair value of the VIE’s net assets. The Company assesses at each level of the joint venture whether the entity is (i) a VIE, and (ii) if the Company is the primary beneficiary of the VIE. If an entity in which the Company holds a joint venture interest qualifies as a VIE and the Company is determined to be the primary beneficiary, the joint venture is consolidated.
	The following table represents the Company’s investments in joint ventures at March 31, 2015 and December 31, 2014:
	Properties		Location		Year Acquired	Effective Ownership			Effective Ownership
						Percentage at March 31, 2015			Percentage at
									31-Dec-14
	The Miramar Apartments		Dallas, Texas		2013		100	%		100	%
	Arbors on Forest Ridge		Bedford, Texas		2014		90	%		90	%
	Cutter's Point		Richardson, Texas		2014		90	%		90	%
	Eagle Crest		Irving, Texas		2014		90	%		90	%
	Meridian		Austin, Texas		2014		90	%		90	%
	Silverbrook		Grand Prairie, Texas		2014		90	%		90	%
	Timberglen		Dallas, Texas		2014		90	%		90	%
	Toscana		Dallas, Texas		2014		90	%		90	%
	The Grove at Alban		Frederick, Maryland		2014		76	%		76	%
	Willowdale Crossings		Frederick, Maryland		2014		80	%		80	%
	Edgewater at Sandy Springs		Atlanta, Georgia		2014		90	%		90	%
	Beechwood Terrace		Nashville, Tennessee		2014		90	%		90	%
	Willow Grove		Nashville, Tennessee		2014		90	%		90	%
	Woodbridge		Nashville, Tennessee		2014		90	%		90	%
	Abbington Heights		Antioch, Tennessee		2014		90	%		90	%
	The Summit at Sabal Park		Tampa, Florida		2014		90	%		90	%
	Courtney Cove		Tampa, Florida		2014		90	%		90	%
	Colonial Forest		Jacksonville, Florida		2014		90	%		90	%
	Park at Blanding		Orange Park, Florida		2014		90	%		90	%
	Park at Regency		Jacksonville, Florida		2014		90	%		90	%
	Jade Park (FKA Wood Forest)		Daytona Beach, Florida		2014		90	%		90	%
	Mandarin Reserve (FKAVictoria Park)		Jacksonville, Florida		2014		90	%		90	%
	Radbourne Lake		Charlotte, North Carolina		2014		90	%		90	%
	Timber Creek		Charlotte, North Carolina		2014		90	%		90	%
	Belmont at Duck Creek		Garland, Texas		2014		90	%		90	%
	The Arbors		Tucker, Georgia		2014		90	%		90	%
	The Crossings		Marietta, Georgia		2014		90	%		90	%
	The Crossings at Holcomb Bridge		Roswell, Georgia		2014		90	%		90	%
	The Knolls		Marietta, Georgia		2014		90	%		90	%
	Regatta Bay		Seabrook, Texas		2014		90	%		90	%
	Sabal Palm at Lake Buena Vista		Orlando, Florida		2014		90	%		90	%
	Steeplechase Apartments		Fredericksburg, Virginia		2014		85	%		85	%
	Barrington Mill		Marietta, Georgia		2015		90	%		0	%	-1
	Cornerstone		Orlando, Florida		2015		90	%		0	%	-1
	Dana Point		Dallas, Texas		2015		90	%		0	%	-1
	Heatherstone		Dallas, Texas		2015		90	%		0	%	-1
	Versailles		Dallas, Texas		2015		90	%		0	%	-1
	McMillan Place		Dallas, Texas		2015		90	%		0	%	-1
	-1	Properties were acquired in 2015, therefore no ownership as of December 31, 2014.
	In connection with its indirect equity investments in the properties acquired, the Company holds LLC membership interests in the operating partnerships. These entities are deemed to be variable interest entities as we have disproportionately few voting rights (in the form of substantive participating rights over all of the decisions that are made that most significantly affect economic performance) relative to our economic interests in the entities and substantially all of the activities of the entities are performed on our behalf. The Company is considered the primary beneficiary of these VIEs as no single party meets both criteria to be the primary beneficiary, and we are the member of the related party group that has both the power to direct the activities that most significantly impact economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Within the related party group, the Company is the most closely associated to the VIE based on the purpose and design of the entity, the size of our ownership interests relative to the other investors, and the rights we hold with respect to the other investors’ equity interests, including our ability to preclude any transfers of their interests and ability to drag them along on the sale of our equity interest. All VIEs are consolidated in the Company’s financial statements. The assets of these VIEs can only be used to settle obligations of the VIEs, and the creditors of these entities have no recourse to other assets of the Company.
	The other investor in the VIEs is BH Equity or affiliates of BH Equity.  When these VIEs were formed under our predecessor, BH Equity invested in each VIE (with the exception of Miramar) on the same basis as us, receiving a proportional share of each VIE (other than Miramar).  Each VIE has a non-recourse mortgage that has standard scope non-recourse carve outs required by agency lenders and generally call for protection by the borrower and the guarantor against losses by the lender for so-called “bad acts,” such as misrepresentations, and may include full recourse liability for more significant events such as bankruptcy. BH Equity, or its affiliates provided non-recourse carve out guarantees for the mortgage indebtedness currently outstanding relating to the Portfolio.  In consideration of the guarantees provided by BH Equity and its affiliates, they will earn an additional 10% profit interest in the VIE such that distributions will be made to the members of the VIE pro rata in proportion to their relative percentage interests until the members have received an internal rate of return equal to 13%. Then, generally 80% of the distributions will be paid to us and 20% of the distributions will be paid to BH Equity or an affiliate.
Revenue Recognition	Revenue Recognition
	The Company’s primary operations consist of rental income earned from its residents under lease agreements 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. Resident reimbursements and other income consist of charges billed to residents for utilities, carport and garage rental, pets, administrative, application and other fees and are recognized when earned.
Asset Management & Property Management Services	Asset Management & Property Management Services
	Management fee expenses are recognized when incurred in accordance with each management agreement, see additional disclosures at Note 8.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts
	Allowances for rental income receivables are established when management determines that collections of such receivables are doubtful. Balances are considered past due when payment is not received on the contractual due date. When management has determined that receivables are uncollectible, they are written off against the allowance for doubtful accounts.
Income Taxes	Income Taxes
	The Company intends to elect to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with its first taxable year of operations as a separate public company. If the Company qualifies for taxation as a REIT, it generally will not be subject to federal corporate income tax on its taxable income that is distributed to its stockholders as long as it distributes at least 90% of its taxable income to its stockholders and meets certain tests regarding the nature of the Company’s income and assets. As a REIT, the Company will not be subject to federal income tax with respect to the portion of the Company’s income that meets certain criteria and is distributed annually to stockholders. The Company intends to operate in a manner that allows the Company to meet the requirements for taxation as a REIT, including creating taxable REIT subsidiaries to hold assets that generate income that would not be consistent with the rules applicable for qualification as a REIT if held directly by the REIT. If the Company were to fail to meet these requirements, it could be subject to federal income tax on the Company’s taxable income at regular corporate rates. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. The Company will also be disqualified for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions.
Reportable Segment	Reportable Segment
	Substantially all of the Company’s consolidated net loss is from investments in real estate properties within the multi-family sector that the Company owns through LLCs. The Company evaluates operating performance on an individual property level and views its real estate assets as one industry segment and, accordingly, its properties are aggregated into one reportable segment.
Concentration of Credit Risk	Concentration of Credit Risk
	The Company maintains cash balances with high quality financial institutions and periodically evaluates the creditworthiness of such institutions and believes that the Company is not exposed to significant credit risk. Cash balances may be in excess of the amounts insured by the Federal Deposit Insurance Corporation.
Fair Value Measurements	Fair Value Measurements
	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, FASB ASC 820, Fair Value Measurement and Disclosures, 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 an independent third party to perform the valuation analysis for each property acquisition and also to perform the market valuations on the interest rate caps and has established policies, as described above, processes and procedures intended to ensure that the valuation methodologies for investments and interest rate caps are fair and consistent as of the measurement date.
Per Share Data	Per Share Data
	The Company began operations on March 31, 2015 as described above and therefore no earnings per share have been disclosed on the combined consolidated statements of operations and comprehensive loss since all operating activities of the Company were presented as predecessor operations. Basic earnings per share will be presented for all periods following March 31, 2015 and computed by dividing net income or loss by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted loss per share is computed based on the weighted average number of shares of the Company’s common stock and all potentially dilutive securities, if any.
Recent Accounting Pronouncements	Recent Accounting Pronouncements
	Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 13(a) of the Exchange Act, for complying with new or revised accounting standards applicable to public companies. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of this extended transition period. As a result of this election, our financial statements may not be comparable to companies that comply with public company effective dates for such new or revised standards. We may elect to comply with public company effective dates at any time, and such election would be irrevocable pursuant to Section 107(b) of the JOBS Act. The following recent accounting pronouncements reflect effective dates that delay the adoption until those standards would otherwise apply to private companies.
	In April 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changed the requirements for reporting discontinued operations. This ASU limits discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have a major effect on an entity’s operations and financial results. As a result, under the new standard the Company does not expect to report discontinued operations for most real estate dispositions. The new standard is effective for any disposals of components of the Company in annual reporting periods beginning on or after December 15, 2014. The Company implemented the provisions of ASU 2014-08 as of January 1, 2015.
	In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity should also disclose sufficient quantitative and qualitative information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new standard is effective for annual reporting periods beginning after December 15, 2017 and interim periods within that reporting period. The Company will implement the provisions of ASU 2014-09 as of January 1, 2018. The Company has not yet determined the impact of the new standard on its current policies for revenue recognition.
	In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis, which changes the way reporting enterprises evaluate whether (a) they should consolidate limited partnerships and similar entities, (b) fees paid to a decision maker or service provider are variable interests in a VIE, and (c) variable interests in a VIE held by related parties of the reporting enterprise require the reporting enterprise to consolidate the VIE. The ASU also significantly changes how to evaluate voting rights for entities that are not similar to limited partnerships when determining whether the entity is a VIE, which may affect entities for which the decision making rights are conveyed though a contractual arrangement. The ASU is effective for annual and interim periods in fiscal years beginning after December 15, 2016. The Company will implement the provisions of ASU 2015-02 as of January 1, 2017. The Company has not yet determined the impact of the new standard on its current policies for consolidation.
	In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest, which changes the way reporting enterprises record debt issuance costs. The ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with debt discounts. The new standard is effective for annual reporting periods beginning after December 15, 2015. The Company will implement the provisions of ASU 2015-03 as of January 1, 2016. The Company does not expect the new standard to have a material impact on its financial statements.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Estimated Useful Lives of Assets	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
	Building		30 years
	Improvements		15 years
	Furniture, fixtures, and equipment		3 years
	Intangible lease assets		6 months
Summary of Restricted Cash Held	The following is a summary of the restricted cash held as of March 31, 2015 and December 31, 2014:
			31-Mar-15			December 31, 2014
	Security deposits		$	1,498,986		$	1,574,302
	Operating escrows			7,648,193			7,299,426
	Renovation and repair escrows			51,399,061			38,943,614
			$	60,546,240		$	47,817,342
Schedule of Investments in Joint Ventures	The following table represents the Company’s investments in joint ventures at March 31, 2015 and December 31, 2014:
	Properties		Location		Year Acquired	Effective Ownership			Effective Ownership
						Percentage at March 31, 2015			Percentage at
									31-Dec-14
	The Miramar Apartments		Dallas, Texas		2013		100	%		100	%
	Arbors on Forest Ridge		Bedford, Texas		2014		90	%		90	%
	Cutter's Point		Richardson, Texas		2014		90	%		90	%
	Eagle Crest		Irving, Texas		2014		90	%		90	%
	Meridian		Austin, Texas		2014		90	%		90	%
	Silverbrook		Grand Prairie, Texas		2014		90	%		90	%
	Timberglen		Dallas, Texas		2014		90	%		90	%
	Toscana		Dallas, Texas		2014		90	%		90	%
	The Grove at Alban		Frederick, Maryland		2014		76	%		76	%
	Willowdale Crossings		Frederick, Maryland		2014		80	%		80	%
	Edgewater at Sandy Springs		Atlanta, Georgia		2014		90	%		90	%
	Beechwood Terrace		Nashville, Tennessee		2014		90	%		90	%
	Willow Grove		Nashville, Tennessee		2014		90	%		90	%
	Woodbridge		Nashville, Tennessee		2014		90	%		90	%
	Abbington Heights		Antioch, Tennessee		2014		90	%		90	%
	The Summit at Sabal Park		Tampa, Florida		2014		90	%		90	%
	Courtney Cove		Tampa, Florida		2014		90	%		90	%
	Colonial Forest		Jacksonville, Florida		2014		90	%		90	%
	Park at Blanding		Orange Park, Florida		2014		90	%		90	%
	Park at Regency		Jacksonville, Florida		2014		90	%		90	%
	Jade Park (FKA Wood Forest)		Daytona Beach, Florida		2014		90	%		90	%
	Mandarin Reserve (FKAVictoria Park)		Jacksonville, Florida		2014		90	%		90	%
	Radbourne Lake		Charlotte, North Carolina		2014		90	%		90	%
	Timber Creek		Charlotte, North Carolina		2014		90	%		90	%
	Belmont at Duck Creek		Garland, Texas		2014		90	%		90	%
	The Arbors		Tucker, Georgia		2014		90	%		90	%
	The Crossings		Marietta, Georgia		2014		90	%		90	%
	The Crossings at Holcomb Bridge		Roswell, Georgia		2014		90	%		90	%
	The Knolls		Marietta, Georgia		2014		90	%		90	%
	Regatta Bay		Seabrook, Texas		2014		90	%		90	%
	Sabal Palm at Lake Buena Vista		Orlando, Florida		2014		90	%		90	%
	Steeplechase Apartments		Fredericksburg, Virginia		2014		85	%		85	%
	Barrington Mill		Marietta, Georgia		2015		90	%		0	%	-1
	Cornerstone		Orlando, Florida		2015		90	%		0	%	-1
	Dana Point		Dallas, Texas		2015		90	%		0	%	-1
	Heatherstone		Dallas, Texas		2015		90	%		0	%	-1
	Versailles		Dallas, Texas		2015		90	%		0	%	-1
	McMillan Place		Dallas, Texas		2015		90	%		0	%	-1
	-1	Properties were acquired in 2015, therefore no ownership as of December 31, 2014.

Acquisitions_Tables

Acquisitions (Tables) (Multifamily Properties)	3 Months Ended
	Mar. 31, 2015
Multifamily Properties
Business Acquisition [Line Items]
Summary of Investment in Multifamily Properties	As of March 31, 2015, through its consolidated joint ventures, the Company has invested in a total of thirty-eight multifamily properties as listed below (property descriptions including rentable square footage, number of units, average effective monthly rent and occupancy are unaudited):
	Multifamily Property Name		Rentable Square Footage		Number of Units		Date Acquired	Average		% Occupied as			% Occupied as
								Effective		of March 31,			of December 31, 2014 (2)
								Monthly Rent		2015 (2)
								Per Unit (1)
	The Miramar Apartments			183,100	314		10/31/13	$	552		96.5	%		92.7	%
	Arbors on Forest Ridge			154,556	210		1/31/14	$	781		96.2	%		92.9	%
	Cutter's Point			197,972	196		1/31/14	$	949		94.9	%		96.4	%
	Eagle Crest			395,951	447		1/31/14	$	756		95.5	%		94.9	%
	Meridian			148,200	200		1/31/14	$	776		94.5	%		95	%
	Silverbrook			526,138	642		1/31/14	$	682		93.8	%		91.7	%
	Timberglen			221,376	304		1/31/14	$	717		93.8	%		93.4	%
	Toscana			115,400	192		1/31/14	$	625		93.8	%		93.2	%
	The Grove at Alban			267,300	290		3/10/14	$	941		94.1	%		89.3	%
	Willowdale Crossings			411,800	432		5/15/14	$	996		87.5	%		82.9	%
	Edgewater at Sandy Springs			726,774	760		7/18/14	$	778		92	%		92.5	%
	Beechwood Terrace			271,728	300		7/21/14	$	756		96	%		98.7	%
	Willow Grove			229,140	244		7/21/14	$	704		96.7	%		94.7	%
	Woodbridge			246,840	220		7/21/14	$	840		94.5	%		90.5	%
	Abbington Heights			238,974	274		8/1/14	$	755		96.4	%		96	%
	The Summit at Sabal Park			204,545	252		8/20/14	$	802		93.3	%		88.5	%
	Courtney Cove			224,958	324		8/20/14	$	694		94.1	%		95.1	%
	Colonial Forest			160,093	174		8/20/14	$	612		90.8	%		94.8	%
	Park at Blanding			116,410	117		8/20/14	$	753		94	%		88.9	%
	Park at Regency			134,253	159		8/20/14	$	735		93.1	%		91.2	%
	Jade Park (FKA Wood Forest)			118,392	144		8/20/14	$	698		91	%		96.5	%
	Mandarin Reserve (FKA Victoria Park)			449,276	520		9/15/14	$	677		95.4	%		95.4	%
	Radbourne Lake			246,599	225		9/30/14	$	930		93.8	%		92.4	%
	Timber Creek			248,391	352		9/30/14	$	716		88.1	%		93.2	%
	Belmont at Duck Creek			198,279	240		9/30/14	$	825		93.3	%		93.8	%
	The Arbors			127,536	140		10/16/14	$	734		91.4	%		92.1	%
	The Crossings			377,840	380		10/16/14	$	699		96.3	%		94.7	%
	The Crossings at Holcomb Bridge			247,982	268		10/16/14	$	729		95.1	%		93.7	%
	The Knolls			311,160	312		10/16/14	$	778		93.9	%		95.2	%
	Regatta Bay			200,440	240		11/4/14	$	955		95	%		96.3	%
	Sabal Palm at Lake Buena Vista			370,768	400		11/5/14	$	1,053		93	%		95	%
	Steeplechase Apartments			115,712	156		12/18/14	$	1,005		89.1	%		92.9	%
	McMillan Place			290,051	402		1/15/15	$	667		92.3	%	-3
	Cornerstone			317,565	430		1/15/15	$	827		90.7	%	-3
	Barrington Mill			692,180	752		2/6/15	$	709		96	%	-3
	Dana Point			206,276	264		2/26/15	$	772		94.7	%	-3
	Heatherstone			115,615	152		2/26/15	$	762		92.8	%	-3
	Versailles			300,908	388		2/26/15	$	800		92	%	-3
				10,110,478		11,816
	-1	Average effective monthly rent per unit is equal to the average of (i) the contractual rent for commenced leases as of March 31, 2015 minus any tenant concession over the term of the lease, divided by (ii) the number of units under commenced leases as of March 31, 2015.
	-2	Percent occupied is calculated as (i) the number of units occupied as of March 31, 2015, and at December 31, 2014, divided by total number of units, expressed as a percentage.
	-3	Properties Acquired in 2015.

Real_Estate_Investments_Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2015
Real Estate [Abstract]
Summary of Major Components of Investments in Multifamily Properties	As of March 31, 2015, the major components of the Company’s investments in multifamily properties, were as follows (unaudited):
	Property	Land		Building and Improvements			Intangible Lease Assets			Construction in Progress		Furniture, Fixtures and Equipment			Totals
	The Miramar Apartments	$	1,580,000	$	8,369,256		$	—		$	51,108	$	451,579		$	10,451,944
	Arbors on Forest Ridge		2,330,000		10,860,861			—			—		287,754			13,478,616
	Cutter's Point		3,330,000		12,666,499			—			24,701		371,423			16,392,623
	Eagle Crest		5,450,000		21,502,269			—			255,092		482,312			27,689,673
	Meridian		2,310,000		10,285,125			—			324		234,190			12,829,639
	Silverbrook		4,860,000		24,593,306			—			160,361		1,007,362			30,621,029
	Timberglen		2,510,000		14,085,555			—			81,645		332,500			17,009,701
	Toscana		1,730,000		7,006,461			—			80,284		261,700			9,078,445
	The Grove at Alban		3,640,000		18,928,816			—			92,690		297,617			22,959,123
	Willowdale Crossings		4,650,000		35,540,995			—			65,264		486,529			40,742,787
	Edgewater at Sandy		14,290,000		41,318,896			—			1,378,139		1,229,042			58,216,076
	Springs
	Beechwood Terrace		1,390,000		20,124,973			—			38,727		231,435			21,785,135
	Willow Grove		3,940,000		9,990,585			—			539,035		174,319			14,643,939
	Woodbridge		3,650,000		12,063,289			—			305,915		215,642			16,234,845
	Abbington Heights		1,770,000		16,117,302			—			39,666		221,456			18,148,424
	The Summit at Sabal Park		5,770,000		13,021,170			—			125,330		274,165			19,190,665
	Courtney Cove		5,880,000		12,569,229			—			153,913		405,233			19,008,375
	Colonial Forest		2,090,000		3,134,390			—			289,101		200,304			5,713,794
	Park at Blanding		2,610,000		3,874,234			—			24,781		127,263			6,636,279
	Park at Regency		2,620,000		5,352,249			—			138,050		256,352			8,366,651
	Jade Park (FKA Wood Forest)		1,490,000		6,166,312			—			224,596		144,067			8,024,975
	Mandarin Reserve (FKA Victoria Park)		5,610,000		19,699,737			—			741,759		417,614			26,469,110
	Radbourne Lake		2,440,000		20,950,098			—			168,636		430,825			23,989,559
	Timber Creek		11,260,000		10,755,680			—			1,652,306		153,543			23,821,529
	Belmont at Duck Creek		1,910,000		16,875,625			—			9,894		221,835			19,017,354
	The Arbors		1,730,000		5,859,987			199,000			403,110		98,776			8,290,873
	The Crossings		4,150,000		16,139,574			834,000			611,754		255,384			21,990,712
	The Crossings at Holcomb		5,560,000		9,811,712			616,000			316,550		201,804			16,506,065
	Bridge
	The Knolls		3,410,000		16,935,843			759,000			203,470		231,605			21,539,917
	Regatta Bay		1,660,000		15,803,412			714,000			17,186		167,550			18,362,149
	Sabal Palm at Lake Buena		7,580,000		40,133,564			1,387,000			282,225		455,566			49,838,356
	Vista
	Steeplechase Apartments		6,120,000		10,373,000			492,000			116,345		71,768			17,173,113
	Barrington Mill		10,170,000		45,912,126			1,814,000			264,359		138,978			58,299,463
	Cornerstone		1,500,000		29,322,368			894,000			201,848		77,375			31,995,590
	Dana Point		4,090,000		11,548,000			362,000			—		236,502			16,236,502
	Heatherstone		2,320,000		6,787,000			208,000			—		136,275			9,451,275
	Versailles		6,720,000		18,519,000			581,000			—		347,275			26,167,275
	McMillan Place		3,610,000		16,743,136			572,000			2,404		71,448			20,998,988
			157,730,000		619,741,634			9,432,000			9,060,566		11,406,368			807,370,568
	Accumulated depreciation		—		(13,913,263	)		(5,351,567	)		—		(1,250,398	)		(20,515,228	)
	and amortization
		$	157,730,000	$	605,828,371		$	4,080,433		$	9,060,566	$	10,155,970		$	786,855,340
	As of December 31, 2014, the major components of the Company’s investments in multifamily properties, were as follows:
	Property	Land		Building and Improvements			Intangible Lease Assets			Construction in Progress		Furniture, Fixtures and Equipment			Totals
	The Miramar Apartments	$	1,580,000	$	8,355,872		$	290,000		$	—	$	433,354		$	10,659,226
	Arbors on Forest Ridge		2,330,000		10,831,742			312,000			1,556		263,482			13,738,780
	Cutter's Point		3,330,000		12,619,109			352,000			27,633		326,259			16,655,001
	Eagle Crest		5,450,000		21,465,476			654,000			125,369		463,430			28,158,275
	Meridian		2,310,000		10,258,263			299,000			—		198,449			13,065,712
	Silverbrook		4,860,000		24,543,851			793,000			92,461		903,432			31,192,744
	Timberglen		2,510,000		14,076,404			408,000			375		309,404			17,304,183
	Toscana		1,730,000		6,961,530			230,000			23,145		229,169			9,173,844
	The Grove at Alban		3,640,000		18,913,344			796,000			104,844		228,722			23,682,910
	Willowdale Crossings		4,650,000		35,543,667			1,172,000			1,200		401,169			41,768,036
	Edgewater at Sandy		14,290,000		41,094,413			1,930,000			1,261,227		1,005,747			59,581,387
	Springs
	Beechwood Terrace		1,390,000		19,680,820			409,000			164,621		157,222			21,801,663
	Willow Grove		3,940,000		9,512,555			298,000			647,574		91,824			14,489,953
	Woodbridge		3,650,000		12,020,293			334,000			305,915		178,974			16,489,182
Abbington Heights		1,770,000		15,863,951			400,000			110,310		170,595			18,314,856
The Summit at Sabal Park		5,770,000		12,972,098			404,000			81,884		221,200			19,449,182
Courtney Cove		5,880,000		12,486,882			431,000			80,447		311,573			19,189,902
Colonial Forest		2,090,000		3,116,687			186,000			242,841		166,378			5,801,906
Park at Blanding		2,610,000		3,691,461			177,000			183,739		111,158			6,773,358
Park at Regency		2,620,000		5,343,919			220,000			60,558		196,138			8,440,615
Jade Parl (FKA Wood Forest)		1,490,000		6,061,395			200,000			218,688		89,406			8,059,489
Mandarin Reserve (FKA Victoria Park)		5,610,000		19,679,711			701,000			701,020		300,213			26,991,944
Radbourne Lake		2,440,000		20,830,406			652,000			148,114		355,391			24,425,911
Timber Creek		11,260,000		10,704,510			799,000			948,430		113,475			23,825,415
Belmont at Duck Creek		1,910,000		16,654,792			436,000			107,063		134,860			19,242,715
The Arbors		1,730,000		5,844,105			199,000			162,100		44,827			7,980,032
The Crossings		4,150,000		16,138,747			834,000			491,672		126,678			21,741,097
The Crossings at Holcomb		5,560,000		9,788,284			616,000			48,173		66,311			16,078,768
Bridge
The Knolls		3,410,000		16,931,399			759,000			107,984		124,357			21,332,740
Regatta Bay		1,660,000		15,803,412			714,000			1,014		110,384			18,288,810
Sabal Palm at Lake Buena		7,580,000		40,130,430			1,387,000			80,255		438,526			49,616,211
Vista
Steeplechase Apartments		6,120,000		10,373,000			492,000			—		15,000			17,000,000
		129,320,000		488,292,528			17,884,000			6,530,212		8,287,107			650,313,847
Accumulated depreciation		—		(8,533,478	)		(12,442,170	)		—		(812,292	)		(21,787,940	)
and amortization
	$	129,320,000	$	479,759,050		$	5,441,830		$	6,530,212	$	7,474,815		$	628,525,907

Pro_Forma_Financial_Informatio1

Pro Forma Financial Information (Unaudited) (Tables)	3 Months Ended
	Mar. 31, 2015
Pro Forma Financial Information [Abstract]
Summary of Pro Forma Financial Information	This pro forma financial information is not intended to represent what the actual results of operations of the Company would have been had these acquisitions occurred on this date, nor does it purport to predict the results of operations for future periods.
		Three Months Ended March 31,
		2015			2014
	Actual
	Total revenue	$	25,537,470		$	3,976,985
	Net loss		(5,892,549	)		(2,622,841	)
	Pro forma:
	Total revenues		28,286,111			27,048,805
	Net income (loss)		1,114,373			(11,038,316	)

Debt_Tables

Debt (Tables)	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Summary of Mortgage Debt to Company and Encumbers Multifamily Properties	The following table contains summary information concerning the mortgage debt that is nonrecourse to the Company and encumbers the multifamily properties as of March 31, 2015:
	Property			Type	Term (months)		Amortization (months)		Outstanding Principal		Interest Rate (1)		Maturity Date
	The Miramar Apartments	-2		Floating		120		360	$	8,400,000		2.40%	2/1/25
	Arbors on Forest Ridge	-3		Floating		84		360		10,244,000		2.91%	2/1/21
	Cutter's Point	-3		Floating		84		360		12,676,000		2.91%	2/1/21
	Eagle Crest	-3		Floating		84		360		21,860,000		2.91%	2/1/21
	Meridian	-3		Floating		84		360		9,840,000		2.91%	2/1/21
	Silverbrook	-3		Floating		84		360		24,320,000		2.91%	2/1/21
	Timberglen	-3		Floating		84		360		13,560,000		2.91%	2/1/21
	Toscana	-3		Floating		84		360		7,100,000		2.91%	2/1/21
	Beechwood Terrace	-4		Floating		84		360		17,120,000		2.26%	8/1/21
	Colonial Forest	-4		Floating		84		360		4,125,000		2.34%	9/1/21
	Courtney Cove	-4		Floating		84		360		14,210,000		2.26%	9/1/21
	Edgewater at Sandy Springs	-4		Floating		84		360		43,550,000		2.27%	8/1/21
	The Grove at Alban	-4		Floating		84		360		18,720,000		2.72%	4/1/21
	Park at Blanding	-4		Floating		84		360		4,875,000		2.34%	9/1/21
	Park at Regency	-4		Floating		84		360		6,225,000		2.34%	9/1/21
	The Summit at Sabal Park	-4		Floating		84		360		14,287,000		2.26%	9/1/21
	Mandarin Reserve (FKA Victoria Park)	-4		Floating		84		360		19,650,000		2.28%	10/1/21
	Willow Grove	-4		Floating		84		360		11,000,000		2.29%	8/1/21
	Willowdale Crossings	-4		Floating		84		360		32,800,000		2.45%	6/1/21
	Jade Park (FKA Wood Forest)	-4		Floating		84		360		5,850,000		2.33%	9/1/21
	Woodbridge	-4		Floating		84		360		12,800,000		2.27%	8/1/21
	Steeplechase	-4		Floating		84		360		13,600,000		2.29%	1/1/22
	Barrington Mill	-4		Floating		84		360		43,500,000		2.14%	3/1/22
	Dana Point	-4		Floating		84		360		12,176,000		2.23%	3/1/22
	Heatherstone	-4		Floating		84		360		7,087,000		2.26%	3/1/22
	Versailles	-4		Floating		84		360		19,623,000		2.21%	3/1/22
	Timber Creek	-5		Floating		120		360		19,482,000		2.00%	10/1/24
	Radbourne Lake	-5		Floating		120		360		19,213,000		1.99%	10/1/24
	The Arbors	-5		Floating		120		360		5,812,000		1.99%	11/1/24
	The Crossings	-5		Floating		120		360		16,200,000		1.99%	11/1/24
	The Crossings at Holcomb Bridge	-5		Floating		120		360		12,450,000		1.99%	11/1/24
	The Knolls	-5		Floating		120		360		16,038,000		1.99%	11/1/24
	McMillan Place	-5		Floating		120		360		15,738,000		2.10%	2/1/25
	Abbington Heights	-6		Fixed		120		360		10,544,915		3.79%	9/1/22
	Belmont at Duck Creek	-7		Fixed		84		360		11,480,786		4.68%	9/1/18
	Regatta Bay	-8		Fixed		480		480		13,131,125		4.85%	8/1/50
	Sabal Palm at Lake Buena Vista	-9		Floating		120		360		37,680,000		1.99%	12/1/24
	Cornerstone	-10		Fixed		120		360		23,775,000		4.24%	3/1/23
									$	610,742,826
	Valuation adjustments									374,234
									$	611,117,060
	-1	Interest rate is based on one month LIBOR plus an applicable margin, except for Abbington Heights (based on fixed rate of 3.79%), Belmont at Duck Creek (based on fixed rate of 4.68%), Regatta Bay (based on fixed rate of 4.85%) and Cornerstone (based on a blended fixed rate of 4.24%). One month LIBOR as of March 31, 2015 was 0.18%.
	-2	Loan can be pre-paid within the first 12 months of the term at par plus 1.00% of the unpaid principal balance, loan can be pre-paid starting in the 13th month of the term through the 24th month of the term at par plus 0.50% of the unpaid principal balance, loan can be pre-paid starting in the 25th month of the term through the 36th month of the term at par plus 0.25% of the unpaid principal balance and at par during the last two years of the term.
	-3	Loan can be pre-paid starting in the 25th month of the term through the 81st month of the term at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
	-4	Loans can be pre-paid starting in the 13th month of the term through the 81st month of the term at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
	-5	Loans can be pre-paid starting in the 13th month of the term through the 116th month of the term at par plus 1.00% of the unpaid principal balance and at par during the last four months of the term.
	-6	Debt was assumed upon acquisition of this property and approximated fair value. The loan is open to pre-payment in the last three months of the term.
	-7	Debt was assumed upon acquisition of this property. An adjustment was made to approximate the debt to fair value. The loan is open to pre-payment in the last six months of the term.
	-8	Debt was assumed upon acquisition of this property and is a Housing and Urban Development (“HUD”) loan that is fully amortizing and approximated fair value. Debt is insured by HUD under the Section 221(d)(4) program.
	-9	Loan can be pre-paid in the first 12 months of the term at par plus 5.00% and can also be prepaid starting in the 13th month of the term through the 116th month of the term at par plus 1.00% of the unpaid principal balance and at par during the last four months of the term.
	-10	Debt in the amount of $18,000,000 was assumed upon acquisition and approximated fair value. The assumed debt carries a 4.09% fixed rate, was originally issued in March 2013 and had a term of 120 months with an initial 24 months of interest only. At the time of acquisition, the principal balance of the first mortgage remained unchanged and had a remaining term of 98 months with 2 months interest only. The first mortgage is prepayable and subject to yield maintenance from month 13 through August 31, 2022 and is prepayable at par September 1, 2022 until maturity.  Concurrently with the acquisition of the property, we placed a supplemental second mortgage on the property with a principal amount of $5,775,000, a fixed rate of 4.70%, and maturing conterminously with the first mortgage. The supplemental second mortgage is prepayable and subject to yield maintenance from the date of issuance through August 31, 2022 and is prepayable at par September 1, 2022 until maturity. As of March 31, 2015, the total indebtedness secured by the property is $23,775,000 and has a blended pay rate of 4.24%.
Schedule of Debt Maturities	Debt maturities scheduled for each of the next five years and thereafter, are as follows:
	Remainder of 2015		$	829,539
	2016			4,632,983
	2017			8,087,338
	2018			13,668,179
	2019			14,583,922
	Thereafter			568,940,865
	Total		$	610,742,826

Fair_Value_Measures_and_Financ1

Fair Value Measures and Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Summary of Critical Assumptions	The following table represents critical assumptions used and the ranges for those assumptions:
	Going-in cap rate			4.8% - 6.2%
	Terminal cap rate			5.2% - 6.8%
	Discount rate			5.5% - 10.7%
	Growth rate revenues			1.6% - 3.3%
	Growth rate operating costs			1.6% - 3.3%
Schedule of Outstanding Interest Rate Derivatives	As of March 31, 2015, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:
	Product		Number of Instruments				Notional
	Interest rate caps			14			$	246,999,000
	As of March 31, 2015, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships:
	Product		Number of Instruments				Notional
	Interest rate caps			20			$	304,812,000
Summary of Derivative Financial Instruments and Classification on the Combined Consolidated Balance Sheet	The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the combined consolidated balance sheets as of March 31, 2015 and December 31, 2014:
		Asset Derivative									Liability Derivative
		Balance		March 31,				December 31,			Balance		March 31,				December 31,
		Sheet Location		2015				2014			Sheet Location		2015				2014
	Derivatives designated as hedging instruments:
	Interest rate caps	Other assets			289,903				263,301		Other liabilities			—				—
	Derivatives not designated as hedging instruments:
	Interest rate caps	Other assets			79,203				194,732		Other liabilities			—				—
	Total				369,107				458,033					—				—
Summary of Derivative Financial Instruments and Combined Consolidated Statements of Operations and Comprehensive Loss	The tables below present the effect of the Company’s derivative financial instruments on the combined consolidated statements of operations and comprehensive loss for the three months ended March 31, 2015 and 2014:
		Amount of gain								Location of gain	Amount of gain								Location of gain	Amount of gain
		(loss) recognized in								(loss) reclassified	(loss) reclassified								(loss) recognized in	(loss) recognized in
		OCI on derivative								from accumulated	from accumulated OCI								income on derivative	income on derivative
		(effective portion)								OCI into income	into income (effective								(ineffective portion)	(ineffective portion)
										(effective portion)	portion)
		2015				2014					2015				2014					2015		2014
	Derivatives designated as hedging
	instruments
	For the three months ended March 31,
	Interest rate caps		(269,758	)			—			Interest expense		—				—			Interest expense		—		—
	Total		(269,758	)			—					—				—					—		—
								Amount of gain (loss)
								recognized in income
						Location of gain (loss) recognized in income		2015			2014
	Derivatives not designated as hedging
	instruments
	For the three months ended March 31,
	Interest rate caps					Interest expense			(115,529	)		(204,903	)
	Total								(115,529	)		(204,903	)

Subsequent_Events_Tables

Subsequent Events (Tables)

3 Months Ended

Mar. 31, 2015

Subsequent Events [Abstract]

Schedule of Subsequent Events [Table Text Block]

The Company acquired the following property subsequent to March 31, 2015 (unaudited):

Property

Location

Closing Date

Purchase Price (2)

Debt

# Units

Noncontrolling Interest

Effective Ownership

Bayberry Apartments

West Palm Beach, Florida

15-Apr-15

$

21,000,000

$

12,660,000

-1

222

10

%

90

%

Organization_and_Description_o1

Organization and Description of Business - Additional Information (Details)	3 Months Ended
	Mar. 31, 2015
Real Estate Properties [Line Items]
Date of incorporation	19-Sep-14
Maximum
Real Estate Properties [Line Items]
Investments in real estate-related debt and securities	30.00%

Summary_of_Significant_Account3

Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	3 Months Ended
	Mar. 31, 2015
Land
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	Not depreciated
Building
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_Account4

Summary of Significant Accounting Policies - Additional Information (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Summary Of Significant Accounting Policies [Line Items]
Impairment charges related to real estate assets	$0	$0
Amortization of deferred financing fees	306,596	25,440
Percentage of distributions paid	80.00%
Proportion of taxable income distributed to stockholders to be considered REIT	90.00%
Number of reportable segments	1
B H Equity
Summary Of Significant Accounting Policies [Line Items]
Additional profit interest in VIE	10.00%
Percentage of distributions paid	20.00%
Maximum
Summary Of Significant Accounting Policies [Line Items]
Internal rate of return in VIE	13.00%
Predecessor
Summary Of Significant Accounting Policies [Line Items]
Deferred financing costs, net	5,647,715		4,632,429
Amortization of deferred financing fees	$306,596	$25,440

Summary_of_Significant_Account5

Summary of Significant Accounting Policies - Summary of Restricted Cash Held (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Security deposits	$1,498,986	$1,574,302
Operating escrows	7,648,193	7,299,426
Renovation and repair escrows	51,399,061	38,943,614
Predecessor
Restricted cash held	$60,546,240	$47,817,342

Summary_of_Significant_Account6

Summary of Significant Accounting Policies - Schedule of Investments in Joint Ventures (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
The Miramar Apartments | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2013
Effective ownership percentage	100.00%	100.00%
Arbors on Forest Ridge | Bedford | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	90.00%	90.00%
Cutter's Point | Richardson | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	90.00%	90.00%
Eagle Crest | Irving | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	90.00%	90.00%
Meridian | Austin | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	90.00%	90.00%
Silverbrook | Grand Prairie | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	90.00%	90.00%
Timberglen | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	90.00%	90.00%
Toscana | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	90.00%	90.00%
The Grove at Alban | Frederick | Maryland
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	76.00%	76.00%
Willowdale Crossings | Frederick | Maryland
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	80.00%	80.00%
Edgewater at Sandy Springs | Atlanta | Georgia
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	90.00%	90.00%
Beechwood Terrace | Nashville | Tennessee
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	90.00%	90.00%
Willow Grove | Nashville | Tennessee
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	90.00%	90.00%
Woodbridge | Nashville | Tennessee
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	90.00%	90.00%
Abbington Heights | Antioch | Tennessee
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	90.00%	90.00%
The Summit at Sabal Park | Tampa | Florida
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	90.00%	90.00%
Courtney Cove | Tampa | Florida
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	90.00%	90.00%
Colonial Forest | Jacksonville | Florida
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	90.00%	90.00%
Park at Blanding | Orange Park | Florida
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	90.00%	90.00%
Park at Regency | Jacksonville | Florida
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	90.00%	90.00%
Jade Park (FKA Wood Forest) | Daytona Beach | Florida
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	90.00%	90.00%
Mandarin Reserve (FKA Victoria Park) | Jacksonville | Florida
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	90.00%	90.00%
Radbourne Lake | Charlotte | North Carolina
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	90.00%	90.00%
Timber Creek | Charlotte | North Carolina
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	90.00%	90.00%
Belmont at Duck Creek | Garland | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	90.00%	90.00%
The Arbors | Tucker | Georgia
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	90.00%	90.00%
The Crossings | Marietta | Georgia
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	90.00%	90.00%
The Crossings at Holcomb Bridge | Roswell | Georgia
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	90.00%	90.00%
The Knolls | Marietta | Georgia
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	90.00%	90.00%
Regatta Bay | Seabrook | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	90.00%	90.00%
Sabal Palm at Lake Buena Vista | Orlando | Florida
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	90.00%	90.00%
Steeplechase Apartments | Fredericksburg | Virginia
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2014
Effective ownership percentage	85.00%	85.00%
Barrington Mill | Marietta | Georgia
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2015
Effective ownership percentage	90.00%	0.00%
Cornerstone | Orlando | Florida
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2015
Effective ownership percentage	90.00%	0.00%
Dana Point | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2015
Effective ownership percentage	90.00%	0.00%
Heatherstone | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2015
Effective ownership percentage	90.00%	0.00%
Versailles | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2015
Effective ownership percentage	90.00%	0.00%
McMillan Place | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2015
Effective ownership percentage	90.00%	0.00%

Acquisitions_Additional_Inform

Acquisitions - Additional Information (Details)	Dec. 31, 2014	Mar. 31, 2015
	Property	Property
Business Acquisition [Line Items]
Number of multifamily properties	32
Multifamily Properties
Business Acquisition [Line Items]
Number of multifamily properties		38

Acquisitions_Summary_of_Invest

Acquisitions - Summary of Investment in Multifamily Properties (Details)	3 Months Ended
	Mar. 31, 2015		Dec. 31, 2014
	Property
	sqft
Real Estate Properties [Line Items]
Rentable Square Footage	10,110,478
Number of Units	11,816
The Miramar Apartments
Real Estate Properties [Line Items]
Rentable Square Footage	183,100
Number of Units	314
Date Acquired	31-Oct-13
Average Effective Monthly Rent Per Unit	552	[1]
% Occupied	96.50%	[2]	92.70%	[2]
Arbors on Forest Ridge
Real Estate Properties [Line Items]
Rentable Square Footage	154,556
Number of Units	210
Date Acquired	31-Jan-14
Average Effective Monthly Rent Per Unit	781	[1]
% Occupied	96.20%	[2]	92.90%	[2]
Cutter's Point
Real Estate Properties [Line Items]
Rentable Square Footage	197,972
Number of Units	196
Date Acquired	31-Jan-14
Average Effective Monthly Rent Per Unit	949	[1]
% Occupied	94.90%	[2]	96.40%	[2]
Eagle Crest
Real Estate Properties [Line Items]
Rentable Square Footage	395,951
Number of Units	447
Date Acquired	31-Jan-14
Average Effective Monthly Rent Per Unit	756	[1]
% Occupied	95.50%	[2]	94.90%	[2]
Meridian
Real Estate Properties [Line Items]
Rentable Square Footage	148,200
Number of Units	200
Date Acquired	31-Jan-14
Average Effective Monthly Rent Per Unit	776	[1]
% Occupied	94.50%	[2]	95.00%	[2]
Silverbrook
Real Estate Properties [Line Items]
Rentable Square Footage	526,138
Number of Units	642
Date Acquired	31-Jan-14
Average Effective Monthly Rent Per Unit	682	[1]
% Occupied	93.80%	[2]	91.70%	[2]
Timberglen
Real Estate Properties [Line Items]
Rentable Square Footage	221,376
Number of Units	304
Date Acquired	31-Jan-14
Average Effective Monthly Rent Per Unit	717	[1]
% Occupied	93.80%	[2]	93.40%	[2]
Toscana
Real Estate Properties [Line Items]
Rentable Square Footage	115,400
Number of Units	192
Date Acquired	31-Jan-14
Average Effective Monthly Rent Per Unit	625	[1]
% Occupied	93.80%	[2]	93.20%	[2]
The Grove at Alban
Real Estate Properties [Line Items]
Rentable Square Footage	267,300
Number of Units	290
Date Acquired	10-Mar-14
Average Effective Monthly Rent Per Unit	941	[1]
% Occupied	94.10%	[2]	89.30%	[2]
Willowdale Crossings
Real Estate Properties [Line Items]
Rentable Square Footage	411,800
Number of Units	432
Date Acquired	15-May-14
Average Effective Monthly Rent Per Unit	996	[1]
% Occupied	87.50%	[2]	82.90%	[2]
Edgewater at Sandy Springs
Real Estate Properties [Line Items]
Rentable Square Footage	726,774
Number of Units	760
Date Acquired	18-Jul-14
Average Effective Monthly Rent Per Unit	778	[1]
% Occupied	92.00%	[2]	92.50%	[2]
Beechwood Terrace
Real Estate Properties [Line Items]
Rentable Square Footage	271,728
Number of Units	300
Date Acquired	21-Jul-14
Average Effective Monthly Rent Per Unit	756	[1]
% Occupied	96.00%	[2]	98.70%	[2]
Willow Grove
Real Estate Properties [Line Items]
Rentable Square Footage	229,140
Number of Units	244
Date Acquired	21-Jul-14
Average Effective Monthly Rent Per Unit	704	[1]
% Occupied	96.70%	[2]	94.70%	[2]
Woodbridge
Real Estate Properties [Line Items]
Rentable Square Footage	246,840
Number of Units	220
Date Acquired	21-Jul-14
Average Effective Monthly Rent Per Unit	840	[1]
% Occupied	94.50%	[2]	90.50%	[2]
Abbington Heights
Real Estate Properties [Line Items]
Rentable Square Footage	238,974
Number of Units	274
Date Acquired	1-Aug-14
Average Effective Monthly Rent Per Unit	755	[1]
% Occupied	96.40%	[2]	96.00%	[2]
The Summit at Sabal Park
Real Estate Properties [Line Items]
Rentable Square Footage	204,545
Number of Units	252
Date Acquired	20-Aug-14
Average Effective Monthly Rent Per Unit	802	[1]
% Occupied	93.30%	[2]	88.50%	[2]
Courtney Cove
Real Estate Properties [Line Items]
Rentable Square Footage	224,958
Number of Units	324
Date Acquired	20-Aug-14
Average Effective Monthly Rent Per Unit	694	[1]
% Occupied	94.10%	[2]	95.10%	[2]
Colonial Forest
Real Estate Properties [Line Items]
Rentable Square Footage	160,093
Number of Units	174
Date Acquired	20-Aug-14
Average Effective Monthly Rent Per Unit	612	[1]
% Occupied	90.80%	[2]	94.80%	[2]
Park at Blanding
Real Estate Properties [Line Items]
Rentable Square Footage	116,410
Number of Units	117
Date Acquired	20-Aug-14
Average Effective Monthly Rent Per Unit	753	[1]
% Occupied	94.00%	[2]	88.90%	[2]
Park at Regency
Real Estate Properties [Line Items]
Rentable Square Footage	134,253
Number of Units	159
Date Acquired	20-Aug-14
Average Effective Monthly Rent Per Unit	735	[1]
% Occupied	93.10%	[2]	91.20%	[2]
Jade Park (FKA Wood Forest)
Real Estate Properties [Line Items]
Rentable Square Footage	118,392
Number of Units	144
Date Acquired	20-Aug-14
Average Effective Monthly Rent Per Unit	698	[1]
% Occupied	91.00%	[2]	96.50%	[2]
Mandarin Reserve (FKA Victoria Park)
Real Estate Properties [Line Items]
Rentable Square Footage	449,276
Number of Units	520
Date Acquired	15-Sep-14
Average Effective Monthly Rent Per Unit	677	[1]
% Occupied	95.40%	[2]	95.40%	[2]
Radbourne Lake
Real Estate Properties [Line Items]
Rentable Square Footage	246,599
Number of Units	225
Date Acquired	30-Sep-14
Average Effective Monthly Rent Per Unit	930	[1]
% Occupied	93.80%	[2]	92.40%	[2]
Timber Creek
Real Estate Properties [Line Items]
Rentable Square Footage	248,391
Number of Units	352
Date Acquired	30-Sep-14
Average Effective Monthly Rent Per Unit	716	[1]
% Occupied	88.10%	[2]	93.20%	[2]
Belmont at Duck Creek
Real Estate Properties [Line Items]
Rentable Square Footage	198,279
Number of Units	240
Date Acquired	30-Sep-14
Average Effective Monthly Rent Per Unit	825	[1]
% Occupied	93.30%	[2]	93.80%	[2]
The Arbors
Real Estate Properties [Line Items]
Rentable Square Footage	127,536
Number of Units	140
Date Acquired	16-Oct-14
Average Effective Monthly Rent Per Unit	734	[1]
% Occupied	91.40%	[2]	92.10%	[2]
The Crossings
Real Estate Properties [Line Items]
Rentable Square Footage	377,840
Number of Units	380
Date Acquired	16-Oct-14
Average Effective Monthly Rent Per Unit	699	[1]
% Occupied	96.30%	[2]	94.70%	[2]
The Crossings at Holcomb Bridge
Real Estate Properties [Line Items]
Rentable Square Footage	247,982
Number of Units	268
Date Acquired	16-Oct-14
Average Effective Monthly Rent Per Unit	729	[1]
% Occupied	95.10%	[2]	93.70%	[2]
The Knolls
Real Estate Properties [Line Items]
Rentable Square Footage	311,160
Number of Units	312
Date Acquired	16-Oct-14
Average Effective Monthly Rent Per Unit	778	[1]
% Occupied	93.90%	[2]	95.20%	[2]
Regatta Bay
Real Estate Properties [Line Items]
Rentable Square Footage	200,440
Number of Units	240
Date Acquired	4-Nov-14
Average Effective Monthly Rent Per Unit	955	[1]
% Occupied	95.00%	[2]	96.30%	[2]
Sabal Palm at Lake Buena Vista
Real Estate Properties [Line Items]
Rentable Square Footage	370,768
Number of Units	400
Date Acquired	5-Nov-14
Average Effective Monthly Rent Per Unit	1,053	[1]
% Occupied	93.00%	[2]	95.00%	[2]
Steeplechase Apartments
Real Estate Properties [Line Items]
Rentable Square Footage	115,712
Number of Units	156
Date Acquired	18-Dec-14
Average Effective Monthly Rent Per Unit	1,005	[1]
% Occupied	89.10%	[2]	92.90%	[2]
McMillan Place
Real Estate Properties [Line Items]
Rentable Square Footage	290,051
Number of Units	402
Date Acquired	15-Jan-15
Average Effective Monthly Rent Per Unit	667	[1]
% Occupied	92.30%	[2]
Cornerstone
Real Estate Properties [Line Items]
Rentable Square Footage	317,565
Number of Units	430
Date Acquired	15-Jan-15
Average Effective Monthly Rent Per Unit	827	[1]
% Occupied	90.70%	[2]
Barrington Mill
Real Estate Properties [Line Items]
Rentable Square Footage	692,180
Number of Units	752
Date Acquired	6-Feb-15
Average Effective Monthly Rent Per Unit	709	[1]
% Occupied	96.00%	[2]
Dana Point
Real Estate Properties [Line Items]
Rentable Square Footage	206,276
Number of Units	264
Date Acquired	26-Feb-15
Average Effective Monthly Rent Per Unit	772	[1]
% Occupied	94.70%	[2]
Heatherstone
Real Estate Properties [Line Items]
Rentable Square Footage	115,615
Number of Units	152
Date Acquired	26-Feb-15
Average Effective Monthly Rent Per Unit	762	[1]
% Occupied	92.80%	[2]
Versailles
Real Estate Properties [Line Items]
Rentable Square Footage	300,908
Number of Units	388
Date Acquired	26-Feb-15
Average Effective Monthly Rent Per Unit	800	[1]
% Occupied	92.00%	[2]
[1]	Average effective monthly rent per unit is equal to the average of (i) the contractual rent for commenced leases as of March 31, 2015 minus any tenant concession over the term of the lease, divided by (ii) the number of units under commenced leases as of March 31, 2015.
[2]	Percent occupied is calculated as (i) the number of units occupied as of March 31, 2015, and at December 31, 2014, divided by total number of units, expressed as a percentage.

Real_Estate_Investments_Summar

Real Estate Investments - Summary of Major Components of Investments in Multifamily Properties (Details) (Multifamily Properties, USD $)	Mar. 31, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Real estate investment, gross	$807,370,568	$650,313,847
Accumulated depreciation and amortization	-20,515,228	-21,787,940
Total Net Operating Real Estate Investments	786,855,340	628,525,907
Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	9,432,000	17,884,000
Accumulated depreciation and amortization	-5,351,567	-12,442,170
Total Net Operating Real Estate Investments	4,080,433	5,441,830
Land
Real Estate Properties [Line Items]
Real estate investment, gross	157,730,000	129,320,000
Total Net Operating Real Estate Investments	157,730,000	129,320,000
Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	619,741,634	488,292,528
Accumulated depreciation and amortization	-13,913,263	-8,533,478
Total Net Operating Real Estate Investments	605,828,371	479,759,050
Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	9,060,566	6,530,212
Total Net Operating Real Estate Investments	9,060,566	6,530,212
Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	11,406,368	8,287,107
Accumulated depreciation and amortization	-1,250,398	-812,292
Total Net Operating Real Estate Investments	10,155,970	7,474,815
The Miramar Apartments
Real Estate Properties [Line Items]
Real estate investment, gross	10,451,944	10,659,226
The Miramar Apartments | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		290,000
The Miramar Apartments | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,580,000	1,580,000
The Miramar Apartments | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	8,369,256	8,355,872
The Miramar Apartments | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	51,108
The Miramar Apartments | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	451,579	433,354
Arbors on Forest Ridge
Real Estate Properties [Line Items]
Real estate investment, gross	13,478,616	13,738,780
Arbors on Forest Ridge | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		312,000
Arbors on Forest Ridge | Land
Real Estate Properties [Line Items]
Real estate investment, gross	2,330,000	2,330,000
Arbors on Forest Ridge | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	10,860,861	10,831,742
Arbors on Forest Ridge | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		1,556
Arbors on Forest Ridge | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	287,754	263,482
Cutter's Point
Real Estate Properties [Line Items]
Real estate investment, gross	16,392,623	16,655,001
Cutter's Point | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		352,000
Cutter's Point | Land
Real Estate Properties [Line Items]
Real estate investment, gross	3,330,000	3,330,000
Cutter's Point | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	12,666,499	12,619,109
Cutter's Point | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	24,701	27,633
Cutter's Point | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	371,423	326,259
Eagle Crest
Real Estate Properties [Line Items]
Real estate investment, gross	27,689,673	28,158,275
Eagle Crest | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		654,000
Eagle Crest | Land
Real Estate Properties [Line Items]
Real estate investment, gross	5,450,000	5,450,000
Eagle Crest | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	21,502,269	21,465,476
Eagle Crest | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	255,092	125,369
Eagle Crest | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	482,312	463,430
Meridian
Real Estate Properties [Line Items]
Real estate investment, gross	12,829,639	13,065,712
Meridian | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		299,000
Meridian | Land
Real Estate Properties [Line Items]
Real estate investment, gross	2,310,000	2,310,000
Meridian | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	10,285,125	10,258,263
Meridian | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	324
Meridian | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	234,190	198,449
Silverbrook
Real Estate Properties [Line Items]
Real estate investment, gross	30,621,029	31,192,744
Silverbrook | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		793,000
Silverbrook | Land
Real Estate Properties [Line Items]
Real estate investment, gross	4,860,000	4,860,000
Silverbrook | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	24,593,306	24,543,851
Silverbrook | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	160,361	92,461
Silverbrook | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,007,362	903,432
Timberglen
Real Estate Properties [Line Items]
Real estate investment, gross	17,009,701	17,304,183
Timberglen | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		408,000
Timberglen | Land
Real Estate Properties [Line Items]
Real estate investment, gross	2,510,000	2,510,000
Timberglen | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	14,085,555	14,076,404
Timberglen | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	81,645	375
Timberglen | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	332,500	309,404
Toscana
Real Estate Properties [Line Items]
Real estate investment, gross	9,078,445	9,173,844
Toscana | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		230,000
Toscana | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,730,000	1,730,000
Toscana | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	7,006,461	6,961,530
Toscana | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	80,284	23,145
Toscana | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	261,700	229,169
The Grove at Alban
Real Estate Properties [Line Items]
Real estate investment, gross	22,959,123	23,682,910
The Grove at Alban | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		796,000
The Grove at Alban | Land
Real Estate Properties [Line Items]
Real estate investment, gross	3,640,000	3,640,000
The Grove at Alban | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	18,928,816	18,913,344
The Grove at Alban | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	92,690	104,844
The Grove at Alban | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	297,617	228,722
Willowdale Crossings
Real Estate Properties [Line Items]
Real estate investment, gross	40,742,787	41,768,036
Willowdale Crossings | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		1,172,000
Willowdale Crossings | Land
Real Estate Properties [Line Items]
Real estate investment, gross	4,650,000	4,650,000
Willowdale Crossings | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	35,540,995	35,543,667
Willowdale Crossings | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	65,264	1,200
Willowdale Crossings | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	486,529	401,169
Edgewater at Sandy Springs
Real Estate Properties [Line Items]
Real estate investment, gross	58,216,076	59,581,387
Edgewater at Sandy Springs | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		1,930,000
Edgewater at Sandy Springs | Land
Real Estate Properties [Line Items]
Real estate investment, gross	14,290,000	14,290,000
Edgewater at Sandy Springs | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	41,318,896	41,094,413
Edgewater at Sandy Springs | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	1,378,139	1,261,227
Edgewater at Sandy Springs | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,229,042	1,005,747
Beechwood Terrace
Real Estate Properties [Line Items]
Real estate investment, gross	21,785,135	21,801,663
Beechwood Terrace | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		409,000
Beechwood Terrace | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,390,000	1,390,000
Beechwood Terrace | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	20,124,973	19,680,820
Beechwood Terrace | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	38,727	164,621
Beechwood Terrace | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	231,435	157,222
Willow Grove
Real Estate Properties [Line Items]
Real estate investment, gross	14,643,939	14,489,953
Willow Grove | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		298,000
Willow Grove | Land
Real Estate Properties [Line Items]
Real estate investment, gross	3,940,000	3,940,000
Willow Grove | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	9,990,585	9,512,555
Willow Grove | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	539,035	647,574
Willow Grove | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	174,319	91,824
Woodbridge
Real Estate Properties [Line Items]
Real estate investment, gross	16,234,845	16,489,182
Woodbridge | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		334,000
Woodbridge | Land
Real Estate Properties [Line Items]
Real estate investment, gross	3,650,000	3,650,000
Woodbridge | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	12,063,289	12,020,293
Woodbridge | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	305,915	305,915
Woodbridge | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	215,642	178,974
Abbington Heights
Real Estate Properties [Line Items]
Real estate investment, gross	18,148,424	18,314,856
Abbington Heights | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		400,000
Abbington Heights | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,770,000	1,770,000
Abbington Heights | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	16,117,302	15,863,951
Abbington Heights | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	39,666	110,310
Abbington Heights | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	221,456	170,595
The Summit at Sabal Park
Real Estate Properties [Line Items]
Real estate investment, gross	19,190,665	19,449,182
The Summit at Sabal Park | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		404,000
The Summit at Sabal Park | Land
Real Estate Properties [Line Items]
Real estate investment, gross	5,770,000	5,770,000
The Summit at Sabal Park | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	13,021,170	12,972,098
The Summit at Sabal Park | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	125,330	81,884
The Summit at Sabal Park | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	274,165	221,200
Courtney Cove
Real Estate Properties [Line Items]
Real estate investment, gross	19,008,375	19,189,902
Courtney Cove | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		431,000
Courtney Cove | Land
Real Estate Properties [Line Items]
Real estate investment, gross	5,880,000	5,880,000
Courtney Cove | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	12,569,229	12,486,882
Courtney Cove | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	153,913	80,447
Courtney Cove | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	405,233	311,573
Colonial Forest
Real Estate Properties [Line Items]
Real estate investment, gross	5,713,794	5,801,906
Colonial Forest | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		186,000
Colonial Forest | Land
Real Estate Properties [Line Items]
Real estate investment, gross	2,090,000	2,090,000
Colonial Forest | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	3,134,390	3,116,687
Colonial Forest | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	289,101	242,841
Colonial Forest | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	200,304	166,378
Park at Blanding
Real Estate Properties [Line Items]
Real estate investment, gross	6,636,279	6,773,358
Park at Blanding | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		177,000
Park at Blanding | Land
Real Estate Properties [Line Items]
Real estate investment, gross	2,610,000	2,610,000
Park at Blanding | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	3,874,234	3,691,461
Park at Blanding | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	24,781	183,739
Park at Blanding | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	127,263	111,158
Park at Regency
Real Estate Properties [Line Items]
Real estate investment, gross	8,366,651	8,440,615
Park at Regency | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		220,000
Park at Regency | Land
Real Estate Properties [Line Items]
Real estate investment, gross	2,620,000	2,620,000
Park at Regency | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	5,352,249	5,343,919
Park at Regency | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	138,050	60,558
Park at Regency | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	256,352	196,138
Jade Park (FKA Wood Forest)
Real Estate Properties [Line Items]
Real estate investment, gross	8,024,975	8,059,489
Jade Park (FKA Wood Forest) | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		200,000
Jade Park (FKA Wood Forest) | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,490,000	1,490,000
Jade Park (FKA Wood Forest) | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	6,166,312	6,061,395
Jade Park (FKA Wood Forest) | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	224,596	218,688
Jade Park (FKA Wood Forest) | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	144,067	89,406
Mandarin Reserve (FKA Victoria Park)
Real Estate Properties [Line Items]
Real estate investment, gross	26,469,110	26,991,944
Mandarin Reserve (FKA Victoria Park) | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		701,000
Mandarin Reserve (FKA Victoria Park) | Land
Real Estate Properties [Line Items]
Real estate investment, gross	5,610,000	5,610,000
Mandarin Reserve (FKA Victoria Park) | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	19,699,737	19,679,711
Mandarin Reserve (FKA Victoria Park) | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	741,759	701,020
Mandarin Reserve (FKA Victoria Park) | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	417,614	300,213
Radbourne Lake
Real Estate Properties [Line Items]
Real estate investment, gross	23,989,559	24,425,911
Radbourne Lake | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		652,000
Radbourne Lake | Land
Real Estate Properties [Line Items]
Real estate investment, gross	2,440,000	2,440,000
Radbourne Lake | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	20,950,098	20,830,406
Radbourne Lake | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	168,636	148,114
Radbourne Lake | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	430,825	355,391
Timber Creek
Real Estate Properties [Line Items]
Real estate investment, gross	23,821,529	23,825,415
Timber Creek | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		799,000
Timber Creek | Land
Real Estate Properties [Line Items]
Real estate investment, gross	11,260,000	11,260,000
Timber Creek | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	10,755,680	10,704,510
Timber Creek | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	1,652,306	948,430
Timber Creek | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	153,543	113,475
Belmont at Duck Creek
Real Estate Properties [Line Items]
Real estate investment, gross	19,017,354	19,242,715
Belmont at Duck Creek | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		436,000
Belmont at Duck Creek | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,910,000	1,910,000
Belmont at Duck Creek | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	16,875,625	16,654,792
Belmont at Duck Creek | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	9,894	107,063
Belmont at Duck Creek | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	221,835	134,860
The Arbors
Real Estate Properties [Line Items]
Real estate investment, gross	8,290,873	7,980,032
The Arbors | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	199,000	199,000
The Arbors | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,730,000	1,730,000
The Arbors | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	5,859,987	5,844,105
The Arbors | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	403,110	162,100
The Arbors | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	98,776	44,827
The Crossings
Real Estate Properties [Line Items]
Real estate investment, gross	21,990,712	21,741,097
The Crossings | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	834,000	834,000
The Crossings | Land
Real Estate Properties [Line Items]
Real estate investment, gross	4,150,000	4,150,000
The Crossings | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	16,139,574	16,138,747
The Crossings | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	611,754	491,672
The Crossings | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	255,384	126,678
The Crossings at Holcomb Bridge
Real Estate Properties [Line Items]
Real estate investment, gross	16,506,065	16,078,768
The Crossings at Holcomb Bridge | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	616,000	616,000
The Crossings at Holcomb Bridge | Land
Real Estate Properties [Line Items]
Real estate investment, gross	5,560,000	5,560,000
The Crossings at Holcomb Bridge | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	9,811,712	9,788,284
The Crossings at Holcomb Bridge | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	316,550	48,173
The Crossings at Holcomb Bridge | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	201,804	66,311
The Knolls
Real Estate Properties [Line Items]
Real estate investment, gross	21,539,917	21,332,740
The Knolls | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	759,000	759,000
The Knolls | Land
Real Estate Properties [Line Items]
Real estate investment, gross	3,410,000	3,410,000
The Knolls | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	16,935,843	16,931,399
The Knolls | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	203,470	107,984
The Knolls | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	231,605	124,357
Regatta Bay
Real Estate Properties [Line Items]
Real estate investment, gross	18,362,149	18,288,810
Regatta Bay | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	714,000	714,000
Regatta Bay | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,660,000	1,660,000
Regatta Bay | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	15,803,412	15,803,412
Regatta Bay | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	17,186	1,014
Regatta Bay | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	167,550	110,384
Sabal Palm at Lake Buena Vista
Real Estate Properties [Line Items]
Real estate investment, gross	49,838,356	49,616,211
Sabal Palm at Lake Buena Vista | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	1,387,000	1,387,000
Sabal Palm at Lake Buena Vista | Land
Real Estate Properties [Line Items]
Real estate investment, gross	7,580,000	7,580,000
Sabal Palm at Lake Buena Vista | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	40,133,564	40,130,430
Sabal Palm at Lake Buena Vista | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	282,225	80,255
Sabal Palm at Lake Buena Vista | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	455,566	438,526
Steeplechase Apartments
Real Estate Properties [Line Items]
Real estate investment, gross	17,173,113	17,000,000
Steeplechase Apartments | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	492,000	492,000
Steeplechase Apartments | Land
Real Estate Properties [Line Items]
Real estate investment, gross	6,120,000	6,120,000
Steeplechase Apartments | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	10,373,000	10,373,000
Steeplechase Apartments | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	116,345
Steeplechase Apartments | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	71,768	15,000
Barrington Mill
Real Estate Properties [Line Items]
Real estate investment, gross	58,299,463
Barrington Mill | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	1,814,000
Barrington Mill | Land
Real Estate Properties [Line Items]
Real estate investment, gross	10,170,000
Barrington Mill | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	45,912,126
Barrington Mill | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	264,359
Barrington Mill | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	138,978
Cornerstone
Real Estate Properties [Line Items]
Real estate investment, gross	31,995,590
Cornerstone | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	894,000
Cornerstone | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,500,000
Cornerstone | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	29,322,368
Cornerstone | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	201,848
Cornerstone | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	77,375
Dana Point
Real Estate Properties [Line Items]
Real estate investment, gross	16,236,502
Dana Point | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	362,000
Dana Point | Land
Real Estate Properties [Line Items]
Real estate investment, gross	4,090,000
Dana Point | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	11,548,000
Dana Point | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	236,502
Heatherstone
Real Estate Properties [Line Items]
Real estate investment, gross	9,451,275
Heatherstone | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	208,000
Heatherstone | Land
Real Estate Properties [Line Items]
Real estate investment, gross	2,320,000
Heatherstone | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	6,787,000
Heatherstone | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	136,275
Versailles
Real Estate Properties [Line Items]
Real estate investment, gross	26,167,275
Versailles | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	581,000
Versailles | Land
Real Estate Properties [Line Items]
Real estate investment, gross	6,720,000
Versailles | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	18,519,000
Versailles | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	347,275
McMillan Place
Real Estate Properties [Line Items]
Real estate investment, gross	20,998,988
McMillan Place | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	572,000
McMillan Place | Land
Real Estate Properties [Line Items]
Real estate investment, gross	3,610,000
McMillan Place | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	16,743,136
McMillan Place | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	2,404
McMillan Place | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	$71,448

Real_Estate_Investments_Additi

Real Estate Investments - Additional Information (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Real Estate Properties [Line Items]
Depreciation expense	$5,818,665	$735,525
Intangible Lease Assets
Real Estate Properties [Line Items]
Amortization expense of intangible lease assets	5,791,625	1,275,666
Amortization expense, remainder of fiscal year	$4,080,433

Pro_Forma_Financial_Informatio2

Pro Forma Financial Information (Unaudited) - Additional Information (Details) (USD $)	3 Months Ended	15 Months Ended
	Mar. 31, 2015	Mar. 31, 2015	Apr. 15, 2015
		Property	Property
Pro Forma Financial Information [Line Items]
Number of properties acquired		37
General and administrative fees expected	$950,000
Subsequent Event
Pro Forma Financial Information [Line Items]
Additional property acquired			1

Pro_Forma_Financial_Informatio3

Pro Forma Financial Information (Unaudited) - Summary of Pro Forma Financial Information (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Disclosure - Pro Forma Financial Information (Unaudited) - Summary of Pro Forma Financial Information (Details) [Line Items]
Total revenues, pro forma	$28,286,111	$27,048,805
Net income (loss), pro forma	1,114,373	-11,038,316
Predecessor
Disclosure - Pro Forma Financial Information (Unaudited) - Summary of Pro Forma Financial Information (Details) [Line Items]
Total revenue, actual	25,537,470	3,976,985
Net loss	($5,892,549)	($2,622,841)

Debt_Summary_of_Mortgage_Debt_

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
Debt Instrument [Line Items]
Outstanding Principal	$610,742,826
Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Mortgages Payable	23,775,000
Interest Rate	4.09%
Mortgages Payable
Debt Instrument [Line Items]
Outstanding Principal	610,742,826
Valuation adjustments	374,234
Mortgages Payable	611,117,060
Mortgages Payable | The Miramar Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Amortization (months)	360 months
Outstanding Principal	8,400,000
Interest Rate	2.40%
Maturity Date	1-Feb-25
Mortgages Payable | Arbors on Forest Ridge | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	10,244,000
Interest Rate	2.91%
Maturity Date	1-Feb-21
Mortgages Payable | Cutter's Point | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	12,676,000
Interest Rate	2.91%
Maturity Date	1-Feb-21
Mortgages Payable | Eagle Crest | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	21,860,000
Interest Rate	2.91%
Maturity Date	1-Feb-21
Mortgages Payable | Meridian | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	9,840,000
Interest Rate	2.91%
Maturity Date	1-Feb-21
Mortgages Payable | Silverbrook | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	24,320,000
Interest Rate	2.91%
Maturity Date	1-Feb-21
Mortgages Payable | Timberglen | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	13,560,000
Interest Rate	2.91%
Maturity Date	1-Feb-21
Mortgages Payable | Toscana | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	7,100,000
Interest Rate	2.91%
Maturity Date	1-Feb-21
Mortgages Payable | Beechwood Terrace | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	17,120,000
Interest Rate	2.26%
Maturity Date	1-Aug-21
Mortgages Payable | Colonial Forest | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	4,125,000
Interest Rate	2.34%
Maturity Date	1-Sep-21
Mortgages Payable | Courtney Cove | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	14,210,000
Interest Rate	2.26%
Maturity Date	1-Sep-21
Mortgages Payable | Edgewater at Sandy Springs | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	43,550,000
Interest Rate	2.27%
Maturity Date	1-Aug-21
Mortgages Payable | The Grove at Alban | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	18,720,000
Interest Rate	2.72%
Maturity Date	1-Apr-21
Mortgages Payable | Park at Blanding | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	4,875,000
Interest Rate	2.34%
Maturity Date	1-Sep-21
Mortgages Payable | Park at Regency | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	6,225,000
Interest Rate	2.34%
Maturity Date	1-Sep-21
Mortgages Payable | The Summit at Sabal Park | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	14,287,000
Interest Rate	2.26%
Maturity Date	1-Sep-21
Mortgages Payable | Mandarin Reserve (FKA Victoria Park) | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	19,650,000
Interest Rate	2.28%
Maturity Date	1-Oct-21
Mortgages Payable | Willow Grove | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	11,000,000
Interest Rate	2.29%
Maturity Date	1-Aug-21
Mortgages Payable | Willowdale Crossings | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	32,800,000
Interest Rate	2.45%
Maturity Date	1-Jun-21
Mortgages Payable | Jade Park (FKA Wood Forest) | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	5,850,000
Interest Rate	2.33%
Maturity Date	1-Sep-21
Mortgages Payable | Woodbridge | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	12,800,000
Interest Rate	2.27%
Maturity Date	1-Aug-21
Mortgages Payable | Steeplechase | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	13,600,000
Interest Rate	2.29%
Maturity Date	1-Jan-22
Mortgages Payable | Barrington Mill | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	43,500,000
Interest Rate	2.14%
Maturity Date	1-Mar-22
Mortgages Payable | Dana Point | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	12,176,000
Interest Rate	2.23%
Maturity Date	1-Mar-22
Mortgages Payable | Heatherstone | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	7,087,000
Interest Rate	2.26%
Maturity Date	1-Mar-22
Mortgages Payable | Versailles | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	19,623,000
Interest Rate	2.21%
Maturity Date	1-Mar-22
Mortgages Payable | Timber Creek | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Amortization (months)	360 months
Outstanding Principal	19,482,000
Interest Rate	2.00%
Maturity Date	1-Oct-24
Mortgages Payable | Radbourne Lake | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Amortization (months)	360 months
Outstanding Principal	19,213,000
Interest Rate	1.99%
Maturity Date	1-Oct-24
Mortgages Payable | The Arbors | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Amortization (months)	360 months
Outstanding Principal	5,812,000
Interest Rate	1.99%
Maturity Date	1-Nov-24
Mortgages Payable | The Crossings | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Amortization (months)	360 months
Outstanding Principal	16,200,000
Interest Rate	1.99%
Maturity Date	1-Nov-24
Mortgages Payable | The Crossings at Holcomb Bridge | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Amortization (months)	360 months
Outstanding Principal	12,450,000
Interest Rate	1.99%
Maturity Date	1-Nov-24
Mortgages Payable | The Knolls | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Amortization (months)	360 months
Outstanding Principal	16,038,000
Interest Rate	1.99%
Maturity Date	1-Nov-24
Mortgages Payable | McMillan Place | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Amortization (months)	360 months
Outstanding Principal	15,738,000
Interest Rate	2.10%
Maturity Date	1-Feb-25
Mortgages Payable | Abbington Heights | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Amortization (months)	360 months
Outstanding Principal	10,544,915
Interest Rate	3.79%
Maturity Date	1-Sep-22
Mortgages Payable | Belmont at Duck Creek | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	11,480,786
Interest Rate	4.68%
Maturity Date	1-Sep-18
Mortgages Payable | Regatta Bay | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	480 months
Amortization (months)	480 months
Outstanding Principal	13,131,125
Interest Rate	4.85%
Maturity Date	1-Aug-50
Mortgages Payable | Sabal Palm at Lake Buena Vista | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Amortization (months)	360 months
Outstanding Principal	37,680,000
Interest Rate	1.99%
Maturity Date	1-Dec-24
Mortgages Payable | Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Amortization (months)	360 months
Outstanding Principal	$23,775,000
Interest Rate	4.24%
Maturity Date	1-Mar-23

Debt_Summary_of_Mortgage_Debt_1

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Parenthetical) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
25th month through 81st month
Debt Instrument [Line Items]
Mortgage loans description	Loan can be pre-paid starting in the 25th month of the term through the 81st month of the term at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
13th month through 81st month
Debt Instrument [Line Items]
Mortgage loans description	Loans can be pre-paid starting in the 13th month of the term through the 81st month of the term at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
13th month through 116th month
Debt Instrument [Line Items]
Mortgage loans description	Loans can be pre-paid starting in the 13th month of the term through the 116th month of the term at par plus 1.00% of the unpaid principal balance and at par during the last four months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
Abbington Heights | Last Three Months
Debt Instrument [Line Items]
Mortgage loans description	Debt was assumed upon acquisition of this property and approximated fair value. The loan is open to pre-payment in the last three months of the term.
Belmont at Duck Creek | Last Six Months
Debt Instrument [Line Items]
Mortgage loans description	Debt was assumed upon acquisition of this property. An adjustment was made to approximate the debt to fair value. The loan is open to pre-payment in the last six months of the term.
Regatta Bay | Housing and Urban Development (bHUDb)
Debt Instrument [Line Items]
Mortgage loans description	Debt was assumed upon acquisition of this property and is a Housing and Urban Development (bHUDb) loan that is fully amortizing and approximated fair value. Debt is insured by HUD under the Section 221(d)(4) program.
The Miramar Apartments | 25th month through 36th month
Debt Instrument [Line Items]
Mortgage loans description	Loan can be pre-paid within the first 12 months of the term at par plus 1.00% of the unpaid principal balance, loan can be pre-paid starting in the 13th month of the term through the 24th month of the term at par plus 0.50% of the unpaid principal balance, loan can be pre-paid starting in the 25th month of the term through the 36th month of the term at par plus 0.25% of the unpaid principal balance and at par during the last two years of the term.
Loan prepayment fee as a percentage of unpaid principal balance	0.25%
The Miramar Apartments | First 12 months
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
The Miramar Apartments | 13th month through 24th month
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	0.50%
Sabal Palm at Lake Buena Vista
Debt Instrument [Line Items]
Mortgage loans description	Loan can be pre-paid in the first 12 months of the term at par plus 5.00% and can also be prepaid starting in the 13th month of the term through the 116th month of the term at par plus 1.00% of the unpaid principal balance and at par during the last four months of the term
Sabal Palm at Lake Buena Vista | First 12 months
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
Sabal Palm at Lake Buena Vista | 13th month through 116th month
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
Mortgages Payable | LIBOR
Debt Instrument [Line Items]
LIBOR, one month interest rate	0.18%
Mortgages Payable | Abbington Heights
Debt Instrument [Line Items]
Interest Rate	3.79%
Mortgages Payable | Belmont at Duck Creek
Debt Instrument [Line Items]
Interest Rate	4.68%
Mortgages Payable | Regatta Bay
Debt Instrument [Line Items]
Interest Rate	4.85%
Mortgages Payable | Cornerstone
Debt Instrument [Line Items]
Interest Rate	4.24%
Debt With Fixed Interest Rate | Cornerstone
Debt Instrument [Line Items]
Interest Rate	4.09%
Fair value of debt assumed upon acquisition	18,000,000
Debt instrument, payment terms	The assumed debt carries a 4.09% fixed rate, was originally issued in March 2013 and had a term of 120 months with an initial 24 months of interest only.
Mortgages payable (including from VIEs of $602,717,060 and $480,976,130, respectively)	23,775,000
Blended pay rate	4.24%
Debt With Fixed Interest Rate | Cornerstone | First Mortgage
Debt Instrument [Line Items]
Debt instrument, payment terms	At the time of acquisition, the principal balance of the first mortgage remained unchanged and had a remaining term of 98 months with 2 months interest only. The first mortgage is prepayable and subject to yield maintenance from month 13 through August 31, 2022 and is prepayable at par September 1, 2022 until maturity.
Debt With Fixed Interest Rate | Cornerstone | Second Mortgage
Debt Instrument [Line Items]
Interest Rate	4.70%
Debt instrument, payment terms	The supplemental second mortgage is prepayable and subject to yield maintenance from the date of issuance through August 31, 2022 and is prepayable at par September 1, 2022 until maturity.
Mortgage on the property with a principal amount	5,775,000

Debt_Additional_Information_De

Debt - Additional Information (Details)	Mar. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Weighted average interest rate of mortgage indebtedness	2.53%	2.65%

Debt_Schedule_of_Debt_Maturiti

Debt - Schedule of Debt Maturities (Details) (USD $)	Mar. 31, 2015
Debt Disclosure [Abstract]
Remainder of 2015	$829,539
2016	4,632,983
2017	8,087,338
2018	13,668,179
2019	14,583,922
Thereafter	568,940,865
Total	$610,742,826

Fair_Value_Measures_and_Financ2

Fair Value Measures and Financial Instruments - Additional Information (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
			Property
Fair Value Inputs Assets Quantitative Information [Line Items]
Properties acquired			32
Properties acquired for cash			$633,200,000
Purchased price of land			129,320,000
Building, building improvements, furniture, fixtures and equipment			485,996,000
Intangible lease assets gross			17,884,000
Derivatives cap weighted average interest rate	6.00%
Earnings ineffectiveness to derivatives designated as cash flow hedges	0
Change in fair value on hedging derivative instruments		0
Debt With Floating Interest Rate
Fair Value Inputs Assets Quantitative Information [Line Items]
Interest rate on variable rate loans	2.02%		2.02%
Debt With Fixed Interest Rate
Fair Value Inputs Assets Quantitative Information [Line Items]
Fixed rate debt, minimum	3.70%
Fixed rate debt, maximum	3.90%
Minimum
Fair Value Inputs Assets Quantitative Information [Line Items]
Interest rate caps term range	3 years
Maximum
Fair Value Inputs Assets Quantitative Information [Line Items]
Interest rate caps term range	4 years
Additional Real Estate Properties Acquisition
Fair Value Inputs Assets Quantitative Information [Line Items]
Properties acquired	6
Properties acquired for cash	162,588,400
Purchased price of land	28,410,000
Building, building improvements, furniture, fixtures and equipment	129,747,400
Intangible lease assets gross	$4,431,000
Level 2 Inputs
Fair Value Inputs Assets Quantitative Information [Line Items]
Properties acquired			3
Level 2 Inputs | Additional Real Estate Properties Acquisition
Fair Value Inputs Assets Quantitative Information [Line Items]
Properties acquired	1

Fair_Value_Measures_and_Financ3

Fair Value Measures and Financial Instruments - Summary of Critical Assumptions (Details)	3 Months Ended
	Mar. 31, 2015
Minimum
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount rate	5.50%
Growth rate revenues	1.60%
Growth rate operating costs	1.60%
Maximum
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount rate	10.70%
Growth rate revenues	3.30%
Growth rate operating costs	3.30%
Going-in cap rate | Minimum
Fair Value Inputs Assets Quantitative Information [Line Items]
Going-in cap rate	4.80%
Going-in cap rate | Maximum
Fair Value Inputs Assets Quantitative Information [Line Items]
Going-in cap rate	6.20%
Terminal cap rate | Minimum
Fair Value Inputs Assets Quantitative Information [Line Items]
Going-in cap rate	5.20%
Terminal cap rate | Maximum
Fair Value Inputs Assets Quantitative Information [Line Items]
Going-in cap rate	6.80%

Fair_Value_Measures_and_Financ4

Fair Value Measures and Financial Instruments - Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk (Details) (Designated as hedging instrument, Interest rate caps, USD $)	Mar. 31, 2015
	DerivativeInstrument
Designated as hedging instrument | Interest rate caps
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps	14
Interest rate caps	$246,999,000

Fair_Value_Measures_and_Financ5

Fair Value Measures and Financial Instruments - Outstanding Interest Rate Derivatives Not Designated as Cash Flow Hedges of Interest Rate Risk (Details) (Not designated as hedging instrument, Interest rate caps, USD $)	Mar. 31, 2015
	DerivativeInstrument
Not designated as hedging instrument | Interest rate caps
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps	20
Interest rate caps	$304,812,000

Fair_Value_Measures_and_Financ6

Fair Value Measures and Financial Instruments - Summary of Derivative Financial Instruments and Classification on the Combined Consolidated Balance Sheet (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps	$369,107	$458,033
Other assets | Interest rate caps | Designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps	289,903	263,301
Other assets | Interest rate caps | Not designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps	$79,203	$194,732

Fair_Value_Measures_and_Financ7

Fair Value Measures and Financial Instruments - Summary of Derivative Financial Instruments and Combined Consolidated Statements of Operations and Comprehensive Loss (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in OCI on derivative (effective portion)	($269,758)
Amount of gain (loss) recognized in income	-115,529	-204,903
Interest rate caps | Interest Expense
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in OCI on derivative (effective portion)	-269,758
Amount of gain (loss) recognized in income	($115,529)	($204,903)

Related_Party_Transactions_Add

Related Party Transactions - Additional Information (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Related Party Transaction [Line Items]
Asset management fee percent	0.50%
Asset management fees	$126,715	$16,959
Nex Point Advisors
Related Party Transaction [Line Items]
Asset management fee percent	1.00%
Percentage of monthly payable administrative fee	0.20%
Predecessor | Nex Point Advisors
Related Party Transaction [Line Items]
Percentage of monthly paid annual fee	1.00%
Percentage of monthly payable administrative fee	0.20%
Management and administration fees	1,276,687	108,199
Maximum | Nex Point Advisors
Related Party Transaction [Line Items]
Management and administrative fee percentage	1.50%
Management and administrative fees on contributed assets	5,691,428
BH Management Services, LLC
Related Party Transaction [Line Items]
Asset management fee percent	3.00%
Inspection of properties fee, per unit	15
Other owner approved fees, per hour	55
Property management fees	758,814	122,624
Construction supervision fee	$140,948	$0
BH Management Services, LLC | Maximum
Related Party Transaction [Line Items]
Construction supervision fee, percent fee	6.00%
BH Management Services, LLC | Minimum
Related Party Transaction [Line Items]
Construction supervision fee, percent fee	5.00%

Subsequent_Events_Summary_of_A

Subsequent Events - Summary of Acquired Property (Details) (USD $)	0 Months Ended
	Apr. 15, 2015	Mar. 31, 2015
	Units	Property
Subsequent Event [Line Items]
# Units		11,816
Bayberry Apartments | West Palm Beach | Florida
Subsequent Event [Line Items]
Closing Date	15-Apr-15
Purchase Price	$21,000,000
Debt	$12,660,000
# Units	222
Noncontrolling Interest	10.00%
Effective ownership percentage	90.00%

Subsequent_Events_Summary_of_A1

Subsequent Events - Summary of Acquired Property (Parenthetical) (Details) (Debt With Floating Interest Rate)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Subsequent Event [Line Items]
New loan floating interest rate	2.02%	2.02%
Bayberry Apartments
Subsequent Event [Line Items]
New loan floating interest rate	1.80%
Debt instrument description	floating interest rate at 1.80% over the one-month LIBOR over an 84 month term, with an initial 48 months of interest only, that matures on May 1, 2022.
Maturity Date	1-May-22
Derivative cap interest rate	7.75%
Loan prepayment fee as a percentage of unpaid principal balance	1.00%