Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 07, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | NXRT | |
Entity Registrant Name | NexPoint Residential Trust, Inc. | |
Entity Central Index Key | 1,620,393 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 21,293,825 |
COMBINED CONSOLIDATED BALANCE S
COMBINED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Operating Real Estate Investments | ||
Land (including from VIEs of $163,630,000 and $127,740,000, respectively) | $ 165,210,000 | $ 129,320,000 |
Buildings and improvements (including from VIEs of $631,369,109 and $479,904,527, respectively) | 639,751,506 | 488,260,399 |
Intangible lease assets (including from VIEs of $4,832,000 and $17,594,000, respectively) | 4,832,000 | 17,884,000 |
Construction in progress (including from VIEs of $9,703,550 and $6,529,884, respectively) | 9,754,658 | 6,529,884 |
Furniture, fixtures, and equipment (including from VIEs of $14,336,658 and $7,886,210, respectively) | 14,818,049 | 8,319,564 |
Total Gross Operating Real Estate Investments | 834,366,213 | 650,313,847 |
Accumulated depreciation and amortization (including from VIEs of $25,035,193 and $21,109,832, respectively) | (25,564,246) | (21,787,940) |
Total Net Operating Real Estate Investments | 808,801,967 | 628,525,907 |
Cash and cash equivalents (including from VIEs of $21,754,567 and $11,868,779, respectively) | 24,156,124 | 12,661,535 |
Restricted cash (including from VIEs of $56,832,772 and $47,192,578, respectively) | 57,627,898 | 47,817,342 |
Accounts receivable (including from VIEs of $1,789,384 and $1,134,869, respectively) | 1,818,624 | 1,151,225 |
Prepaid and other assets (including from VIEs of $3,008,256 and $2,545,660, respectively) | 5,064,393 | 2,568,933 |
Deferred financing costs, net (including from VIEs of $5,453,716 and $4,535,381, respectively) | 5,611,170 | 4,632,429 |
TOTAL ASSETS | 903,080,176 | 697,357,371 |
LIABILITIES AND EQUITY | ||
Mortgages payable (including from VIEs of $615,120,482 and $480,976,130, respectively) | 623,520,482 | 486,976,130 |
Accounts payable and other accrued liabilities (including from VIEs of $4,609,615 and $5,322,045, respectively) | 4,697,373 | 5,642,297 |
Accrued real estate taxes payable (including from VIEs of $5,144,153 and $3,858,836, respectively) | 5,227,337 | 3,858,836 |
Accrued interest payable (including from VIEs of $1,246,261 and $1,030,962, respectively) | 1,263,089 | 1,030,962 |
Security deposit liability (including from VIEs of $1,465,732 and $1,484,004, respectively) | 1,496,363 | 1,513,431 |
Prepaid rents (including from VIEs of $1,090,643 and $760,046, respectively) | 1,100,986 | 791,810 |
Dividend payable | 4,386,528 | |
Due to affiliates (including from VIEs of $474,286 and $20,000, respectively) | 474,286 | 20,000 |
Total Liabilities | $ 642,166,444 | 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 21,293,825 shares issued at par value $0.01 | $ 212,938 | |
Additional paid-in capital | 240,775,201 | |
Accumulated deficit | (6,639,149) | |
Accumulated other comprehensive loss | (701,491) | $ (305,860) |
Noncontrolling interests | 27,266,233 | 21,280,699 |
Total Equity | 260,913,732 | 197,523,905 |
TOTAL LIABILITIES AND EQUITY | $ 903,080,176 | $ 697,357,371 |
COMBINED CONSOLIDATED BALANCE 3
COMBINED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Land | $ 165,210,000 | $ 129,320,000 |
Buildings and improvements | 639,751,506 | 488,260,399 |
Intangible lease assets | 4,832,000 | 17,884,000 |
Construction in progress | 9,754,658 | 6,529,884 |
Furniture, fixtures, and equipment | 14,818,049 | 8,319,564 |
Accumulated depreciation and amortization | 25,564,246 | 21,787,940 |
Cash and cash equivalents | 24,156,124 | 12,661,535 |
Restricted cash | 57,627,898 | 47,817,342 |
Accounts receivable | 1,818,624 | 1,151,225 |
Prepaid and other assets | 5,064,393 | 2,568,933 |
Deferred financing costs, net | 5,611,170 | 4,632,429 |
Mortgages payable | 623,520,482 | 486,976,130 |
Accounts payable and other accrued liabilities | 4,697,373 | 5,642,297 |
Accrued real estate taxes payable | 5,227,337 | 3,858,836 |
Accrued interest payable | 1,263,089 | 1,030,962 |
Security deposit liability | 1,496,363 | 1,513,431 |
Prepaid rents | 1,100,986 | 791,810 |
Due to affiliates | $ 474,286 | $ 20,000 |
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 | 21,293,825 | 21,293,825 |
Common stock, par value | $ 0.01 | $ 0.01 |
VIE | ||
Land | $ 163,630,000 | $ 127,740,000 |
Buildings and improvements | 631,369,109 | 479,904,527 |
Intangible lease assets | 4,832,000 | 17,594,000 |
Construction in progress | 9,703,550 | 6,529,884 |
Furniture, fixtures, and equipment | 14,336,658 | 7,886,210 |
Accumulated depreciation and amortization | 25,035,193 | 21,109,832 |
Cash and cash equivalents | 21,754,567 | 11,868,779 |
Restricted cash | 56,832,772 | 47,192,578 |
Accounts receivable | 1,789,384 | 1,134,869 |
Prepaid and other assets | 3,008,256 | 2,545,660 |
Deferred financing costs, net | 5,453,716 | 4,535,381 |
Mortgages payable | 615,120,482 | 480,976,130 |
Accounts payable and other accrued liabilities | 4,609,615 | 5,322,045 |
Accrued real estate taxes payable | 5,144,153 | 3,858,836 |
Accrued interest payable | 1,246,261 | 1,030,962 |
Security deposit liability | 1,465,732 | 1,484,004 |
Prepaid rents | 1,090,643 | 760,046 |
Due to affiliates | $ 474,286 | $ 20,000 |
COMBINED CONSOLIDATED STATEMENT
COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues | ||||
Rental income | $ 25,527,979 | $ 6,103,787 | $ 48,218,515 | $ 9,663,992 |
Other | 3,219,317 | 714,114 | 6,066,250 | 1,147,855 |
Total revenues | 28,747,296 | 6,817,901 | 54,284,765 | 10,811,847 |
Expenses | ||||
Property operating expenses | 8,292,668 | 1,900,815 | 15,611,964 | 2,938,565 |
Acquisition costs | 237,664 | 851,627 | 2,169,262 | 2,746,524 |
Real estate taxes and insurance | 3,577,214 | 953,721 | 6,955,140 | 1,486,301 |
Property management fees (related party) | 857,687 | 206,688 | 1,616,499 | 329,311 |
Management and administrative fees (related party) | 1,438,667 | 115,562 | 2,715,354 | 240,720 |
Corporate general and administrative expenses | 830,984 | 830,984 | ||
Property general and administrative expenses | 1,488,568 | 224,688 | 2,635,155 | 379,698 |
Depreciation and amortization | 10,050,017 | 3,568,030 | 21,660,310 | 5,579,220 |
Total expenses | 26,773,469 | 7,821,131 | 54,194,668 | 13,700,339 |
Operating income (loss) | 1,973,827 | (1,003,230) | 90,097 | (2,888,492) |
Interest expense | (4,238,816) | (1,332,289) | (8,247,661) | (2,069,858) |
Net loss | (2,264,989) | (2,335,519) | (8,157,564) | (4,958,350) |
Net loss attributable to noncontrolling interests | (12,368) | (354,142) | (506,066) | (672,171) |
Net loss attributable to common shareholders | (2,252,621) | (1,981,377) | (7,651,498) | (4,286,179) |
Other comprehensive loss | ||||
Net losses related to interest rate cap valuations | (125,873) | (395,631) | ||
Total comprehensive loss | (2,390,862) | (2,335,519) | (8,553,195) | (4,958,350) |
Comprehensive loss attributable to noncontrolling interest | (24,666) | (354,142) | (542,668) | (672,171) |
Comprehensive loss attributable to common shareholders | $ (2,366,196) | $ (1,981,377) | $ (8,010,527) | $ (4,286,179) |
Weighted average common shares outstanding - basic and diluted | 21,293,825 | 21,293,825 | 21,293,825 | 21,293,825 |
Dividends declared per common share | $ 0.206 | $ 0.206 | ||
Loss per share: Basic and diluted (See Footnote 2) | $ (0.11) | $ (0.11) | $ (0.38) | $ (0.23) |
COMBINED CONSOLIDATED STATEMEN5
COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities | ||
Net loss | $ (8,157,564) | $ (4,958,350) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 21,660,310 | 5,579,220 |
Amortization of deferred financing fees | 540,527 | 81,949 |
Change in fair value on derivative instruments included in interest expense | 165,599 | 449,538 |
Changes in operating assets and liabilities, net of effects of acquisitions: | ||
Accounts receivable | (667,405) | (420,688) |
Prepaid and other assets | (417,536) | (904,822) |
Restricted cash | (4,252,810) | (2,868,958) |
Accounts payable and other accrued liabilities | (1,477,904) | 2,207,248 |
Net cash provided by (used in) operating activities | 7,393,217 | (834,863) |
Cash flows from investing activities | ||
Change in restricted cash | (5,557,746) | (6,229,712) |
Prepaid acquisition deposits | (2,088,362) | |
Additions to operating real estate investments | (17,230,421) | (2,483,625) |
Acquisitions of operating real estate investments | (164,577,909) | (187,864,183) |
Net cash used in investing activities | (189,454,438) | (196,577,520) |
Cash flows from financing activities | ||
Mortgage proceeds received | 124,990,032 | 157,120,000 |
Mortgage payments | (6,445,680) | |
Deferred financing fees paid | (1,519,268) | (1,726,155) |
Interest rate cap fees paid | (253,110) | (114,838) |
Due to affiliates | 454,286 | 8,459 |
Distributions to noncontrolling interest | (1,136,055) | |
Distributions | (6,049,933) | |
Contributions from noncontrolling interest | 7,627,655 | 7,563,370 |
Contributions | 69,837,950 | 46,322,438 |
Net cash provided by financing activities | 193,555,810 | 203,123,341 |
Net increase in cash | 11,494,589 | 5,710,958 |
Cash, beginning of period | 12,661,535 | 189,868 |
Cash, end of period | 24,156,124 | 5,900,826 |
Supplemental Disclosure of Cash Flow Information | ||
Interest paid | 7,309,408 | 1,191,095 |
Supplemental Disclosure of Noncash Investing and Financing Activities | ||
Capitalized construction costs included in accounts payable and other accrued liabilities | 1,321,945 | 1,067,836 |
Capitalized construction costs included in due to affiliates | 84,755 | |
Change in fair value on hedging derivative instruments | 395,631 | 0 |
Liabilities assumed from acquisitions | 1,103,771 | 1,073,524 |
Dividend declared and payable | 4,386,528 | |
Other assets acquired from acquisitions | 297,682 | $ 387,704 |
Assumed debt on acquisitions of operating real estate investments | $ 18,000,000 |
COMBINED CONSOLIDATED STATEMEN6
COMBINED CONSOLIDATED STATEMENT OF EQUITY (UNAUDITED) - 6 months ended Jun. 30, 2015 - USD ($) | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Invested Equity | Noncontrolling Interest |
Beginning Balance, Values at Dec. 31, 2014 | $ 197,523,905 | $ (305,860) | $ 176,549,066 | $ 21,280,699 | |||
Beginning Balance, Shares at Dec. 31, 2014 | 21,293,825 | ||||||
Contributions | $ 77,465,605 | 69,837,950 | 7,627,655 | ||||
Distributions / Dividends | (5,522,583) | $ (4,386,528) | (1,136,055) | ||||
Other comprehensive loss | (395,631) | (395,631) | |||||
Net loss | (8,157,564) | (2,252,621) | (5,398,877) | (506,066) | |||
Exchange of predecessor invested equity for common stock, Values | $ 212,938 | $ 240,775,201 | $ (240,988,139) | ||||
Exchange of predecessor invested equity for common stock, Shares | 21,293,825 | ||||||
Ending Balances, Values at Jun. 30, 2015 | $ 260,913,732 | $ 212,938 | $ 240,775,201 | $ (6,639,149) | $ (701,491) | $ 27,266,233 | |
Ending Balances, Shares at Jun. 30, 2015 | 21,293,825 | 21,293,825 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jun. 30, 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”) for the 2015 tax year. We are focused on “value-add” multifamily investments primarily located in the Southeastern and Southwestern United States. Substantially all of the Company’s business is conducted through NexPoint Residential Trust Operating Partnership, L.P. (the “OP”). The Company’s 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 Freedom REIT, which owned all or a majority interest in the multifamily properties transferred or contributed to the Company by NHF through its subsidiary Freedom REIT. 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 the Spin-Off in accordance with the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 505-60, Spinoffs and Reverse Spinoffs We are externally managed by NexPoint Real Estate Advisors, L.P., (our "Adviser"), through an agreement dated March 16, 2015 (the “Advisory Agreement”), 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 have only accounting 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 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 multifamily real estate and common and preferred equity securities, which may include securities of other REIT or real estate companies. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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. However, our combined consolidated statements of operations and comprehensive loss and statements of cash flows reflect operations of our predecessor through March 31, 2015 as if they were incurred by us. 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 sheet includes 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 combination and 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 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 combined 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 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 upon closing the acquisition. 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 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 June 30, 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 June 30, 2015 and December 31, 2014: June 30, 2015 December Security Deposits $ 1,457,731 $ 1,574,302 Operating Escrows 11,668,807 7,299,426 Renovation value-add reserves 44,501,360 38,943,614 $ 57,627,898 $ 47,817,342 Prepaid acquisition deposits The Company incurs costs in connection with future acquisitions that may include good faith deposits prior to possible acquisitions that are expected to be rolled into the costs of the closing. Until an acquisition closes, the Company reflects these costs as prepaid costs on the balance sheet. As of June 30, 2015, prepaid costs were $2,000,000 in escrow that will be rolled into the cost of the properties at closing in connection with two subsequent acquisitions (Note 10). These costs are included in prepaid and other assets on the consolidated balance sheet. No such costs existed as of December 31, 2014. 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 $5,611,170 and $4,632,429 are recorded on the accompanying combined consolidated balance sheets as of June 30, 2015 and at December 31, 2014, respectively. Amortization of deferred financing costs of $233,931 and $56,509 is included in interest expense in the combined consolidated statements of operations and comprehensive loss for the three month periods ended June 30, 2015 and 2014, respectively. Amortization of deferred financing costs of $540,527 and $81,949 is included in interest expense in the combined consolidated statements of operations and comprehensive loss for the six month periods ended June 30, 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 combines and 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 at June 30, 2015 and December 31, 2014: Properties Location Year Acquired Effective Percentage at June 30, 2015 Effective Percentage December 31, 2014 The Miramar Apartments Dallas, Texas 2013 100 % 100 % (1) 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 Daytona Beach, Florida 2014 90 % 90 % Mandarin Reserve Jacksonville, Florida 2014 90 % 90 % Radbourne Lake Charlotte, 2014 90 % 90 % Timber Creek Charlotte, 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 % Southpoint Reserve at Stoney Creek (FKA Steeplechase Apartments) Fredericksburg, 2014 85 % 85 % Cornerstone Orlando, Florida 2015 90 % 0 % (2) McMillan Place Dallas, Texas 2015 90 % 0 % (2) Barrington Mill Marietta, Georgia 2015 90 % 0 % (2) Dana Point Dallas, Texas 2015 90 % 0 % (2) Heatherstone Dallas, Texas 2015 90 % 0 % (2) Versailles Dallas, Texas 2015 90 % 0 % (2) Bayberry Apartments West Palm Beach, Florida 2015 90 % 0 % (2) (1) The Miramar Apartments has no joint venture interest. (2 ) 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 VIEs 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 each entity have no recourse to the assets of other entities or 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 cash 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 where BH Equity or its affiliates own 10% of the VIE. They will receive more if they own more than 10% and less if they own less than 10%. 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. 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. 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, including NexBank, an affiliate of our Advisor, 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 · 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 the Company had no operating activities or earnings (loss) per share before March 31, 2015. However, for purposes of the combined consolidated statements of operations and comprehensive loss the Company has presented basic and diluted earnings (loss) per share as if the operating activities of the predecessor were those of the Company and assuming the shares outstanding at the date of the Spin-Off were outstanding for all periods prior to the Spin-Off. Basic earnings per share will be shown for all periods presented 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. There were no potentially dilutive securities for any of the periods presented. The Company incurred a loss per share of $0.11 for the three months ended June 30, 2015, the first interim period following the Spin-Off.. 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 In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers In August 2014, the FASB issued ASU 2014-015, Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | 3. Acquisitions As of June 30, 2015, through its combined consolidated joint ventures, the Company has invested in a total of thirty-nine 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 Effective Monthly Rent Per Unit (1) % Occupied of 2015 (2) % Occupied as of December The Miramar Apartments 183,100 314 10/31/2013 $ 561 91.4 % 92.7 % Arbors on Forest Ridge 154,556 210 1/31/2014 $ 787 93.8 % 92.9 % Cutter's Point 197,972 196 1/31/2014 $ 954 95.9 % 96.4 % Eagle Crest 395,951 447 1/31/2014 $ 767 95.7 % 94.9 % Meridian 148,200 200 1/31/2014 $ 791 94.0 % 95.0 % Silverbrook 526,138 642 1/31/2014 $ 696 94.1 % 91.7 % Timberglen 221,376 304 1/31/2014 $ 727 92.8 % 93.4 % Toscana 115,400 192 1/31/2014 $ 634 92.7 % 93.2 % The Grove at Alban 267,300 290 3/10/2014 $ 947 91.4 % 89.3 % Willowdale Crossings 411,800 432 5/15/2014 $ 995 91.9 % 82.9 % Edgewater at Sandy Springs 726,774 760 7/18/2014 $ 791 89.5 % 92.5 % Beechwood Terrace 271,728 300 7/21/2014 $ 760 96.3 % 98.7 % Willow Grove 229,140 244 7/21/2014 $ 723 95.1 % 94.7 % Woodbridge 246,840 220 7/21/2014 $ 848 91.4 % 90.5 % Abbington Heights 238,974 274 8/1/2014 $ 763 95.3 % 96.0 % The Summit at Sabal Park 204,545 252 8/20/2014 $ 811 93.3 % 88.5 % Courtney Cove 224,958 324 8/20/2014 $ 704 93.2 % 95.1 % Colonial Forest 160,093 174 8/20/2014 $ 625 90.8 % 94.8 % Park at Blanding 116,410 117 8/20/2014 $ 762 96.6 % 88.9 % Park at Regency 134,253 159 8/20/2014 $ 739 93.7 % 91.2 % Jade Park 118,392 144 8/20/2014 $ 708 92.4 % 96.5 % Mandarin Reserve 449,276 520 9/15/2014 $ 693 95.2 % 95.4 % Radbourne Lake 246,599 225 9/30/2014 $ 1,057 92.0 % 92.4 % Timber Creek 248,391 352 9/30/2014 $ 725 95.7 % 93.2 % Belmont at Duck Creek 198,279 240 9/30/2014 $ 834 92.9 % 93.8 % The Arbors 127,536 140 10/16/2014 $ 747 96.4 % 92.1 % The Crossings 377,840 380 10/16/2014 $ 715 94.2 % 94.7 % The Crossings at Holcomb Bridge 247,982 268 10/16/2014 $ 747 96.3 % 93.7 % The Knolls 311,160 312 10/16/2014 $ 793 92.9 % 95.2 % Regatta Bay 200,440 240 11/4/2014 $ 972 97.9 % 96.3 % Sabal Palm at Lake Buena Vista 370,768 400 11/5/2014 $ 1,070 93.3 % 95.0 % Southpoint Reserve at Stoney Creek (FKA Steeplechase Apartments) 115,712 156 12/18/2014 $ 1,001 89.1 % 92.9 % Cornerstone 317,565 430 1/15/2015 $ 821 94.7 % (3) McMillan Place 290,051 402 1/15/2015 $ 668 89.1 % (3) Barrington Mill 692,180 752 2/6/2015 $ 723 94.5 % (3) Dana Point 206,276 264 2/26/2015 $ 753 91.7 % (3) Heatherstone 115,615 152 2/26/2015 $ 752 91.4 % (3) Versailles 300,908 388 2/26/2015 $ 781 92.3 % (3) Bayberry Apartment 216,891 222 4/15/2015 $ 961 96.4 % (3) 10,327,369 12,038 (1) Average effective monthly rent per unit is equal to the average of (i) the contractual rent for commenced leases as of June 30, 2015 minus any tenant concession over the term of the lease, divided by (ii) the number of units under commenced leases as of June 30, 2015. (2) Percent occupied is calculated as (i) the number of units occupied as of June 30, 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 | 6 Months Ended |
Jun. 30, 2015 | |
Real Estate [Abstract] | |
Real Estate Investments | 4. Real Estate Investments As of June 30, 2015, the major components of the Company’s investments in multifamily properties, were as follows (unaudited): Property Land Building Intangible Construction in Progress Furniture, Fixtures and Equipment Totals The Miramar Apartments $ 1,580,000 $ 8,382,397 $ — $ 51,108 $ 481,391 $ 10,494,896 Arbors on Forest Ridge 2,330,000 10,933,104 — 3,066 344,014 13,610,184 Cutter's Point 3,330,000 12,705,851 — 4,872 454,310 16,495,033 Eagle Crest 5,450,000 21,729,555 — 9,435 601,546 27,790,536 Meridian 2,310,000 10,292,699 — 14,261 299,730 12,916,690 Silverbrook 4,860,000 24,760,216 — 102,240 1,143,201 30,865,657 Timberglen 2,510,000 14,108,874 — 194,345 385,363 17,198,582 Toscana 1,730,000 7,045,546 — 244,628 282,110 9,302,284 The Grove at Alban 3,640,000 18,949,455 — 316,379 340,779 23,246,613 Willowdale Crossings 4,650,000 35,584,957 — 108,391 551,553 40,894,901 Edgewater at Sandy Springs 14,290,000 41,567,414 — 1,662,215 1,558,001 59,077,630 Beechwood Terrace 1,390,000 20,306,191 — 13,531 310,704 22,020,426 Willow Grove 3,940,000 10,212,885 — 335,360 294,493 14,782,738 Woodbridge 3,650,000 12,130,551 — 384,850 301,092 16,466,493 Abbington Heights 1,770,000 16,133,545 — 34,556 323,982 18,262,083 The Summit at Sabal Park 5,770,000 13,170,279 — 97,574 358,546 19,396,399 Courtney Cove 5,880,000 12,700,535 — 119,112 514,021 19,213,668 Colonial Forest 2,090,000 3,436,453 — 11,088 240,997 5,778,538 Park at Blanding 2,610,000 3,952,226 — 65,043 190,986 6,818,255 Park at Regency 2,620,000 5,617,077 — 11,083 324,987 8,573,147 Jade Park 1,490,000 6,383,222 — 34,467 197,330 8,105,019 Mandarin Reserve 5,610,000 19,980,761 — 788,816 531,848 26,911,425 Radbourne Lake 2,440,000 21,115,026 — 202,433 546,902 24,304,361 Timber Creek 11,260,000 11,983,564 — 867,295 191,824 24,302,683 Belmont at Duck Creek 1,910,000 16,896,199 — 3,068 331,496 19,140,763 The Arbors 1,730,000 6,402,658 — 6,275 170,108 8,309,041 The Crossings 4,150,000 16,587,591 — 663,995 405,201 21,806,787 The Crossings at Holcomb Bridge 5,560,000 9,875,229 — 651,171 371,562 16,457,962 The Knolls 3,410,000 17,265,489 — 109,229 361,760 21,146,478 Regatta Bay 1,660,000 15,838,146 — 186,212 238,560 17,922,918 Sabal Palm at Lake Buena Vista 7,580,000 40,245,240 — 353,329 484,425 48,662,994 Southpoint Reserve at Stoney Creek (FKA Steeplechase Apartments) 6,120,000 10,401,326 — 344,429 144,441 17,010,196 Cornerstone 1,500,000 29,393,528 894,000 407,323 158,882 32,353,733 McMillan Place 3,610,000 16,787,699 572,000 145,662 105,691 21,221,052 Barrington Mill 10,170,000 46,480,099 1,814,000 449,253 275,266 59,188,618 Dana Point 4,090,000 11,555,782 362,000 99,459 305,887 16,413,128 Heatherstone 2,320,000 6,793,214 208,000 45,565 142,799 9,509,578 Versailles 6,720,000 19,052,192 581,000 190,217 390,675 26,934,084 Bayberry Apartments 7,480,000 12,994,731 401,000 423,323 161,586 21,460,640 165,210,000 639,751,506 4,832,000 9,754,658 14,818,049 834,366,213 Accumulated depreciation and amortization — (20,101,421 ) (3,719,371 ) — (1,743,454 ) (25,564,246 ) $ 165,210,000 $ 619,650,085 $ 1,112,629 $ 9,754,658 $ 13,074,595 $ 808,801,967 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 12,612,164 352,000 27,633 333,204 16,655,001 Eagle Crest 5,450,000 21,454,515 654,000 125,369 474,391 28,158,275 Meridian 2,310,000 10,258,263 299,000 — 198,449 13,065,712 Silverbrook 4,860,000 24,534,598 793,000 92,461 912,685 31,192,744 Timberglen 2,510,000 14,071,434 408,000 375 314,374 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 Springs 14,290,000 41,094,413 1,930,000 1,261,227 1,005,747 59,581,387 Beechwood Terrace 1,390,000 19,680,820 409,000 164,621 157,222 21,801,663 Willow Grove 3,940,000 9,512,555 298,000 647,246 92,152 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 Park 1,490,000 6,061,395 200,000 218,688 89,406 8,059,489 Mandarin Reserve 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 Bridge 5,560,000 9,788,284 616,000 48,173 66,311 16,078,768 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 Vista 7,580,000 40,130,430 1,387,000 80,255 438,526 49,616,211 Southpoint Reserve at Stoney Creek (FKA Steeplechase Apartments) 6,120,000 10,373,000 492,000 — 15,000 17,000,000 129,320,000 488,260,399 17,884,000 6,529,884 8,319,564 650,313,847 Accumulated and amortization — (8,533,478 ) (12,442,170 ) — (812,292 ) (21,787,940 ) $ 129,320,000 $ 479,726,921 $ 5,441,830 $ 6,529,884 $ 7,507,272 $ 628,525,907 Depreciation expense was $12,499,888 and $2,088,554 for the six months ended June 30, 2015 and 2014, respectively. Amortization expense related to the Company’s intangible lease assets was $9,160,422 and $3,490,666 for the six months ended June 30, 2015 and 2014, respectively. Amortization expense related to the Company’s intangible lease assets for the remainder of the year ended December 31, 2015 for all acquisitions completed through June 30 2015 is expected to be |
Pro Forma Financial Information
Pro Forma Financial Information (Unaudited) | 6 Months Ended |
Jun. 30, 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 June 30, 2015 and 2014. The Company acquired thirty eight properties during the period January 1, 2014 through June 30, 2015 and two additional properties subsequent to the period on August 5, 2015 (see footnote 10). The following unaudited pro forma information for the periods ended June 30, 2015 and 2014 has been provided to give effect to the acquisitions of the properties as if they had occurred on January 1, 2014. This pro forma 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. Six Months Ended June 30, 2015 2014 Actual Total revenue $ 54,284,765 $ 10,811,847 Net loss (8,157,564 ) (4,958,350 ) Pro forma: Total revenues 60,907,729 58,068,087 Net income (loss) 1,661,232 (22,315,061 ) The pro forma information includes adjustments to actual revenues and expenses recorded to reflect operations of all properties acquired as of and subsequent to June 30, 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 all of intangible lease assets have been amortized during the six month period ended June 30, 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 to include the acquisitions on a pro forma basis; and (5) general and administrative fees expected to be incurred on a quarterly basis at a parent level have been adjusted to include the acquisitions on a pro forma basis and are estimated to be $950,000 per quarter. |
Debt
Debt | 6 Months Ended |
Jun. 30, 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 June 30, 2015: Property Type Term (months) Amortization (months) Outstanding Principal Interest Rate (1) Max Note Rate (2) Maturity Date The Miramar Apartments (3) Floating 120 360 $ 8,400,000 2.41% 5.75% 2/1/2025 Beechwood Terrace (3) Floating 84 360 17,120,000 2.27% 6.00% 8/1/2021 Colonial Forest (3) Floating 84 360 4,125,000 2.35% 6.25% 9/1/2021 Courtney Cove (3) Floating 84 360 14,210,000 2.27% 5.75% 9/1/2021 Edgewater at Sandy Springs (3) Floating 84 360 43,550,000 2.28% 5.75% 8/1/2021 The Grove at Alban (3) Floating 84 360 18,720,000 2.73% 6.50% 4/1/2021 Park at Blanding (3) Floating 84 360 4,875,000 2.35% 7.25% 9/1/2021 Park at Regency (3) Floating 84 360 6,225,000 2.35% 7.01% 9/1/2021 The Summit at Sabal Park (3) Floating 84 360 14,287,000 2.27% 5.75% 9/1/2021 Mandarin Reserve (3) Floating 84 360 19,650,000 2.29% 5.50% 10/1/2021 Willow Grove (3) Floating 84 360 11,000,000 2.30% 6.00% 8/1/2021 Willowdale Crossings (3) Floating 84 360 32,800,000 2.46% 5.75% 6/1/2021 Jade Park (3) Floating 84 360 5,850,000 2.34% 6.49% 9/1/2021 Woodbridge (3) Floating 84 360 12,800,000 2.28% 6.25% 8/1/2021 Southpoint Reserve at Stoney Creek (FKA Steeplechase Apartments) (3) Floating 84 360 13,600,000 2.30% 6.00% 1/1/2022 Barrington Mill (3) Floating 84 360 43,500,000 2.15% 5.50% 3/1/2022 Dana Point (3) Floating 84 360 12,176,000 2.24% 5.50% 3/1/2022 Heatherstone (3) Floating 84 360 7,087,000 2.27% 5.50% 3/1/2022 Versailles (3) Floating 84 360 19,623,000 2.22% 5.50% 3/1/2022 Bayberry (3) Floating 84 360 12,660,000 1.99% 5.95% 5/1/2022 Arbors on Forest Ridge (4) Floating 84 360 10,244,000 2.92% 5.75% 2/1/2021 Cutter's Point (4) Floating 84 360 12,676,000 2.92% 5.75% 2/1/2021 Eagle Crest (4) Floating 84 360 21,860,000 2.92% 5.75% 2/1/2021 Meridian (4) Floating 84 360 9,840,000 2.92% 5.75% 2/1/2021 Silverbrook (4) Floating 84 360 24,320,000 2.92% 5.75% 2/1/2021 Timberglen (4) Floating 84 360 13,560,000 2.92% 5.75% 2/1/2021 Toscana (4) Floating 84 360 7,100,000 2.92% 5.75% 2/1/2021 Timber Creek (5) Floating 120 360 19,482,000 2.01% 5.96% 10/1/2024 Radbourne Lake (5) Floating 120 360 19,213,000 2.00% 6.25% 10/1/2024 The Arbors (5) Floating 120 360 5,812,000 2.00% 7.11% 11/1/2024 The Crossings (5) Floating 120 360 16,200,000 2.00% 7.21% 11/1/2024 The Crossings at Holcomb Bridge (5) Floating 120 360 12,450,000 2.00% 7.35% 11/1/2024 The Knolls (5) Floating 120 360 16,038,000 2.00% 7.11% 11/1/2024 McMillan Place (5) Floating 120 360 15,738,000 2.11% 5.92% 2/1/2025 Sabal Palm at Lake Buena Vista (5) Floating 120 360 37,680,000 2.00% 6.26% 12/1/2024 Abbington Heights (6) Fixed 120 360 10,498,346 3.79% 3.79% 9/1/2022 Belmont at Duck Creek (7) Fixed 84 360 11,435,520 4.68% 4.68% 9/1/2018 Regatta Bay (8) Fixed 480 480 13,096,011 4.85% 4.85% 8/1/2050 Cornerstone (9) Fixed 120 360 23,672,754 4.24% 4.24% 3/1/2023 $ 623,173,631 Valuation adjustments 346,851 $ 623,520,482 (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 June 30, 2015 was 0.1865%. (2) Represents the maximum rate payable on each note (see Note 7, derivative financial instruments and hedging activities). (3 ) Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. 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. ( 4 ) Loan can be pre-paid in the first 24 months of the term at par plus 5.00%. 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. (5 ) 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 13 th th (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 ) 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 June 30, 2015, the total indebtedness secured by the property is $23,672,754 and has a blended pay rate of 4.24%. The weighted average interest rate of our mortgage indebtedness was 2.53% as of June 30, 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 the remainder of 2015, each of the next four years and thereafter, are as follows: Remainder of 2015 $ 584,273 2016 4,609,592 2017 8,059,713 2018 13,634,121 2019 14,730,436 Thereafter 581,555,496 Total $ 623,173,631 |
Fair Value Measures and Financi
Fair Value Measures and Financial Instruments | 6 Months Ended |
Jun. 30, 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 had 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 six months ended June 30, 2015 and as further discussed in Notes 2 and 3, the Company acquired seven additional properties for approximately $183,588,400. The purchase prices of these properties were allocated as follows: land $35,890,000, building, building improvements, furniture, fixtures, and equipment $142,866,400, and intangible lease assets $4,832,000 based on their estimated fair values using Level 3 inputs. Of the seven 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 June 30, 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 six-months ended June 30, 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 six-months ended June 30, 2015, the Company recorded no ineffectiveness in earnings attributable to derivatives designated as cash flow hedges. During the six-months ended June 30, 2014, the Company had no derivatives designated as cash flow hedges. As of June 30, 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 15 $ 259,659,000 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 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 June 30, 2015 and December 31, 2014: Asset Derivative Liability Derivative Balance Sheet Location June 30, 2015 December 31, 2014 Balance Sheet Location June 30, 2015 December 31, 2014 Derivatives designated as hedging instruments: Interest rate caps Other assets 154,198 263,301 Other — — Derivatives not designated as hedging instruments: Interest rate caps Other assets 49,837 194,732 Other liabilities — — Total 204,035 458,033 — — 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 June 30, 2015 and 2014 and for the six months ended June 30, 2015 and 2014: Amount of gain (loss) recognized in OCI on derivative (effective portion) Location of gain (loss) reclassified from accumulated OCI into income (effective portion) Amount of gain (loss) reclassified from accumulated OCI into income (effective portion) Location of gain (loss) recognized in income on derivative (ineffective portion) Amount of gain (loss) recognized in income on derivative (ineffective portion) 2015 2014 2015 2014 2015 2014 Derivatives designated as hedging instruments For the three months ended June 30, Interest rate caps (125,873 ) — Interest expense — — Interest expense — — For the six months ended June 30, Interest rate caps (395,631 ) — Interest expense — — Interest expense — — 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 June 30, Interest rate caps Interest expense (50,070 ) (424,098 ) For the six months ended June 30, Interest rate caps Interest expense (165,599 ) (449,538 ) 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 2.01% and 2.02% as of June 30, 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 | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 8. Related Party Transactions Asset Management Fee In accordance with the operating agreement of each entity that owns the real estate properties 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 in each of the operating agreements. For the three months ended June 30, 2015 and 2014, the properties incurred asset management fees to the Company of $141,249 and $31,206, respectively. For the six months ended June 30, 2015 and 2014, the properties incurred asset management fees to the Company of $267,966 and $48,165, respectively. Since the fees are paid to the Company by consolidated properties they have been eliminated in consolidation. However, because our joint venture partner owns a portion of each entity, with the exception of The Miramar Apartments, they absorb their pro rata share of the asset management fee. This amount is reflected on the combined consolidated statements of operations and comprehensive loss in the net loss attributable to non-controlling interest. 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 affiliates. 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 June 30, 2015 and 2014, the properties incurred management fees, including one time setup and inspection fees, to BH of $857,687 and $206,688, respectively. For the six months ended June 30, 2015 and 2014, the properties incurred management fees, including one time setup and inspection fees, to BH of $1,616,499 and $329,311, respectively. These are reflected on the combined consolidated statement of operations and comprehensive loss in property management fees. For the three months ended June 30, 2015 and 2014, the properties incurred construction supervision fees to BH of $504,989 and $0, respectively. For the six months ended June 30, 2015 and 2014, the properties incurred construction supervision fees to BH of $675,078 and $0, respectively. These are capitalized on the consolidated balance sheet and reflected in buildings and improvements. 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 weekly 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, managing our outstanding debt on properties, managing our interest rate exposure through derivative instruments, determining when to sell assets, and managing the value add program or overseeing a third party vendor that implements the value-add program. “Average Real Estate Assets” means the average of the aggregate book value of Real Estate Assets before reserves for depreciation or other non-cash reserves, computed by taking the average of the book value of real estate assets at the end of each month (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 value-add program). 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 Contributed Assets (as defined below) 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 it incurs on behalf of the Company. 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 (as defined in the Advisory Agreement) 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 were $2,715,354 and $240,720 for the six months ended June 30, 2015 and 2014, respectively. The amount of management and administrative fees incurred were $1,438,667 and $115,562 for the three months ended June 30, 2015 and 2014, respectively. These fees are reflected on the statements of operations and comprehensive loss in management and administrative fees. The allocation is based on the terms of the advisory agreement between our predecessor and NexPoint Advisors 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2015, management does not anticipate any material deviations from schedule or budget related to rehabilitation projects currently in process. In addition, the Company incurs costs in the normal course of business to acquire future investments in real estate assets and should the closing of those assets fall through the costs incurred in connection with these future acquisitions could be lost (see footnote 2 prepaid costs). At June 30, 2015 the Company has no prepaid costs outstanding that were lost as a result of a failed acquisition. 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 | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. Subsequent Events The Company acquired the following properties subsequent to June 30, 2015 (unaudited): Property Location Closing Date Purchase Price Debt # Units Noncontrolling Interest Effective Ownership Madera Point Mesa, Arizona August 5, 2015 $ 22,525,000 $ 13,515,000 (1) 256 5 % 95 % The Pointe at the Foothills Phoenix, Arizona August 5, 2015 $ 52,275,000 $ 31,365,000 (1) 528 5 % 95 % (1) – Madera Point: Funded with a new interest only loan with floating interest rate at 1.90% plus one-month LIBOR with a term of 60 months, that matures on September 1, 2020. The note is pre-payable in the 13 th th – The Pointe at the Foothills: Funded with a new interest only loan with floating interest rate at 1.90% plus one-month LIBOR with a term of 60 months, that matures on September 1, 2020. The note is pre-payable in the 13 th th On August 5, 2015 the Company executed a bridge facility (the “Bridge Facility”) with Key Bank, N.A. in the amount of $29,000,000. The proceeds from the Bridge Facility were used to fund a portion of the purchase price of the Madera Point and The Pointe at the Foothills acquisitions. The Bridge Facility is payable in full on August 4, 2016 but is pre-payable at any time without penalty. The Bridge Facility is non-amortizing during the term it is outstanding and accrues interest at an annual rate of 4.00% plus one-month LIBOR. On August 10, 2015 the Company’s board of directors approved a $.206 per share dividend for record date September 15 and payable September 30. |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 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. However, our combined consolidated statements of operations and comprehensive loss and statements of cash flows reflect operations of our predecessor through March 31, 2015 as if they were incurred by us. 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 sheet includes 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 combination and 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 |
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 combined 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 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 upon closing the acquisition. 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 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 June 30, 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 June 30, 2015 and December 31, 2014: June 30, 2015 December Security Deposits $ 1,457,731 $ 1,574,302 Operating Escrows 11,668,807 7,299,426 Renovation value-add reserves 44,501,360 38,943,614 $ 57,627,898 $ 47,817,342 |
Prepaid Acquisition Deposits | Prepaid acquisition deposits The Company incurs costs in connection with future acquisitions that may include good faith deposits prior to possible acquisitions that are expected to be rolled into the costs of the closing. Until an acquisition closes, the Company reflects these costs as prepaid costs on the balance sheet. As of June 30, 2015, prepaid costs were $2,000,000 in escrow that will be rolled into the cost of the properties at closing in connection with two subsequent acquisitions (Note 10). These costs are included in prepaid and other assets on the consolidated balance sheet. No such costs existed as of December 31, 2014. |
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 $5,611,170 and $4,632,429 are recorded on the accompanying combined consolidated balance sheets as of June 30, 2015 and at December 31, 2014, respectively. Amortization of deferred financing costs of $233,931 and $56,509 is included in interest expense in the combined consolidated statements of operations and comprehensive loss for the three month periods ended June 30, 2015 and 2014, respectively. Amortization of deferred financing costs of $540,527 and $81,949 is included in interest expense in the combined consolidated statements of operations and comprehensive loss for the six month periods ended June 30, 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 combines and 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 at June 30, 2015 and December 31, 2014: Properties Location Year Acquired Effective Percentage at June 30, 2015 Effective Percentage December 31, 2014 The Miramar Apartments Dallas, Texas 2013 100 % 100 % (1) 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 Daytona Beach, Florida 2014 90 % 90 % Mandarin Reserve Jacksonville, Florida 2014 90 % 90 % Radbourne Lake Charlotte, 2014 90 % 90 % Timber Creek Charlotte, 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 % Southpoint Reserve at Stoney Creek (FKA Steeplechase Apartments) Fredericksburg, 2014 85 % 85 % Cornerstone Orlando, Florida 2015 90 % 0 % (2) McMillan Place Dallas, Texas 2015 90 % 0 % (2) Barrington Mill Marietta, Georgia 2015 90 % 0 % (2) Dana Point Dallas, Texas 2015 90 % 0 % (2) Heatherstone Dallas, Texas 2015 90 % 0 % (2) Versailles Dallas, Texas 2015 90 % 0 % (2) Bayberry Apartments West Palm Beach, Florida 2015 90 % 0 % (2) (1) The Miramar Apartments has no joint venture interest. (2 ) 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 VIEs 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 each entity have no recourse to the assets of other entities or 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 cash 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 where BH Equity or its affiliates own 10% of the VIE. They will receive more if they own more than 10% and less if they own less than 10%. |
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. 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. 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, including NexBank, an affiliate of our Advisor, 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 · 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 the Company had no operating activities or earnings (loss) per share before March 31, 2015. However, for purposes of the combined consolidated statements of operations and comprehensive loss the Company has presented basic and diluted earnings (loss) per share as if the operating activities of the predecessor were those of the Company and assuming the shares outstanding at the date of the Spin-Off were outstanding for all periods prior to the Spin-Off. Basic earnings per share will be shown for all periods presented 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. There were no potentially dilutive securities for any of the periods presented. The Company incurred a loss per share of $0.11 for the three months ended June 30, 2015, the first interim period following the Spin-Off.. |
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 In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers In August 2014, the FASB issued ASU 2014-015, Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2015 and December 31, 2014: June 30, 2015 December Security Deposits $ 1,457,731 $ 1,574,302 Operating Escrows 11,668,807 7,299,426 Renovation value-add reserves 44,501,360 38,943,614 $ 57,627,898 $ 47,817,342 |
Schedule of Investments | The following table represents the Company’s investments at June 30, 2015 and December 31, 2014: Properties Location Year Acquired Effective Percentage at June 30, 2015 Effective Percentage December 31, 2014 The Miramar Apartments Dallas, Texas 2013 100 % 100 % (1) 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 Daytona Beach, Florida 2014 90 % 90 % Mandarin Reserve Jacksonville, Florida 2014 90 % 90 % Radbourne Lake Charlotte, 2014 90 % 90 % Timber Creek Charlotte, 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 % Southpoint Reserve at Stoney Creek (FKA Steeplechase Apartments) Fredericksburg, 2014 85 % 85 % Cornerstone Orlando, Florida 2015 90 % 0 % (2) McMillan Place Dallas, Texas 2015 90 % 0 % (2) Barrington Mill Marietta, Georgia 2015 90 % 0 % (2) Dana Point Dallas, Texas 2015 90 % 0 % (2) Heatherstone Dallas, Texas 2015 90 % 0 % (2) Versailles Dallas, Texas 2015 90 % 0 % (2) Bayberry Apartments West Palm Beach, Florida 2015 90 % 0 % (2) (1) The Miramar Apartments has no joint venture interest. (2 ) Properties were acquired in 2015, therefore no ownership as of December 31, 2014. |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Multifamily Properties | |
Business Acquisition [Line Items] | |
Summary of Investment in Multifamily Properties | As of June 30, 2015, through its combined consolidated joint ventures, the Company has invested in a total of thirty-nine 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 Effective Monthly Rent Per Unit (1) % Occupied of 2015 (2) % Occupied as of December The Miramar Apartments 183,100 314 10/31/2013 $ 561 91.4 % 92.7 % Arbors on Forest Ridge 154,556 210 1/31/2014 $ 787 93.8 % 92.9 % Cutter's Point 197,972 196 1/31/2014 $ 954 95.9 % 96.4 % Eagle Crest 395,951 447 1/31/2014 $ 767 95.7 % 94.9 % Meridian 148,200 200 1/31/2014 $ 791 94.0 % 95.0 % Silverbrook 526,138 642 1/31/2014 $ 696 94.1 % 91.7 % Timberglen 221,376 304 1/31/2014 $ 727 92.8 % 93.4 % Toscana 115,400 192 1/31/2014 $ 634 92.7 % 93.2 % The Grove at Alban 267,300 290 3/10/2014 $ 947 91.4 % 89.3 % Willowdale Crossings 411,800 432 5/15/2014 $ 995 91.9 % 82.9 % Edgewater at Sandy Springs 726,774 760 7/18/2014 $ 791 89.5 % 92.5 % Beechwood Terrace 271,728 300 7/21/2014 $ 760 96.3 % 98.7 % Willow Grove 229,140 244 7/21/2014 $ 723 95.1 % 94.7 % Woodbridge 246,840 220 7/21/2014 $ 848 91.4 % 90.5 % Abbington Heights 238,974 274 8/1/2014 $ 763 95.3 % 96.0 % The Summit at Sabal Park 204,545 252 8/20/2014 $ 811 93.3 % 88.5 % Courtney Cove 224,958 324 8/20/2014 $ 704 93.2 % 95.1 % Colonial Forest 160,093 174 8/20/2014 $ 625 90.8 % 94.8 % Park at Blanding 116,410 117 8/20/2014 $ 762 96.6 % 88.9 % Park at Regency 134,253 159 8/20/2014 $ 739 93.7 % 91.2 % Jade Park 118,392 144 8/20/2014 $ 708 92.4 % 96.5 % Mandarin Reserve 449,276 520 9/15/2014 $ 693 95.2 % 95.4 % Radbourne Lake 246,599 225 9/30/2014 $ 1,057 92.0 % 92.4 % Timber Creek 248,391 352 9/30/2014 $ 725 95.7 % 93.2 % Belmont at Duck Creek 198,279 240 9/30/2014 $ 834 92.9 % 93.8 % The Arbors 127,536 140 10/16/2014 $ 747 96.4 % 92.1 % The Crossings 377,840 380 10/16/2014 $ 715 94.2 % 94.7 % The Crossings at Holcomb Bridge 247,982 268 10/16/2014 $ 747 96.3 % 93.7 % The Knolls 311,160 312 10/16/2014 $ 793 92.9 % 95.2 % Regatta Bay 200,440 240 11/4/2014 $ 972 97.9 % 96.3 % Sabal Palm at Lake Buena Vista 370,768 400 11/5/2014 $ 1,070 93.3 % 95.0 % Southpoint Reserve at Stoney Creek (FKA Steeplechase Apartments) 115,712 156 12/18/2014 $ 1,001 89.1 % 92.9 % Cornerstone 317,565 430 1/15/2015 $ 821 94.7 % (3) McMillan Place 290,051 402 1/15/2015 $ 668 89.1 % (3) Barrington Mill 692,180 752 2/6/2015 $ 723 94.5 % (3) Dana Point 206,276 264 2/26/2015 $ 753 91.7 % (3) Heatherstone 115,615 152 2/26/2015 $ 752 91.4 % (3) Versailles 300,908 388 2/26/2015 $ 781 92.3 % (3) Bayberry Apartment 216,891 222 4/15/2015 $ 961 96.4 % (3) 10,327,369 12,038 (1) Average effective monthly rent per unit is equal to the average of (i) the contractual rent for commenced leases as of June 30, 2015 minus any tenant concession over the term of the lease, divided by (ii) the number of units under commenced leases as of June 30, 2015. (2) Percent occupied is calculated as (i) the number of units occupied as of June 30, 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) | 6 Months Ended |
Jun. 30, 2015 | |
Real Estate [Abstract] | |
Summary of Major Components of Investments in Multifamily Properties | As of June 30, 2015, the major components of the Company’s investments in multifamily properties, were as follows (unaudited): Property Land Building Intangible Construction in Progress Furniture, Fixtures and Equipment Totals The Miramar Apartments $ 1,580,000 $ 8,382,397 $ — $ 51,108 $ 481,391 $ 10,494,896 Arbors on Forest Ridge 2,330,000 10,933,104 — 3,066 344,014 13,610,184 Cutter's Point 3,330,000 12,705,851 — 4,872 454,310 16,495,033 Eagle Crest 5,450,000 21,729,555 — 9,435 601,546 27,790,536 Meridian 2,310,000 10,292,699 — 14,261 299,730 12,916,690 Silverbrook 4,860,000 24,760,216 — 102,240 1,143,201 30,865,657 Timberglen 2,510,000 14,108,874 — 194,345 385,363 17,198,582 Toscana 1,730,000 7,045,546 — 244,628 282,110 9,302,284 The Grove at Alban 3,640,000 18,949,455 — 316,379 340,779 23,246,613 Willowdale Crossings 4,650,000 35,584,957 — 108,391 551,553 40,894,901 Edgewater at Sandy Springs 14,290,000 41,567,414 — 1,662,215 1,558,001 59,077,630 Beechwood Terrace 1,390,000 20,306,191 — 13,531 310,704 22,020,426 Willow Grove 3,940,000 10,212,885 — 335,360 294,493 14,782,738 Woodbridge 3,650,000 12,130,551 — 384,850 301,092 16,466,493 Abbington Heights 1,770,000 16,133,545 — 34,556 323,982 18,262,083 The Summit at Sabal Park 5,770,000 13,170,279 — 97,574 358,546 19,396,399 Courtney Cove 5,880,000 12,700,535 — 119,112 514,021 19,213,668 Colonial Forest 2,090,000 3,436,453 — 11,088 240,997 5,778,538 Park at Blanding 2,610,000 3,952,226 — 65,043 190,986 6,818,255 Park at Regency 2,620,000 5,617,077 — 11,083 324,987 8,573,147 Jade Park 1,490,000 6,383,222 — 34,467 197,330 8,105,019 Mandarin Reserve 5,610,000 19,980,761 — 788,816 531,848 26,911,425 Radbourne Lake 2,440,000 21,115,026 — 202,433 546,902 24,304,361 Timber Creek 11,260,000 11,983,564 — 867,295 191,824 24,302,683 Belmont at Duck Creek 1,910,000 16,896,199 — 3,068 331,496 19,140,763 The Arbors 1,730,000 6,402,658 — 6,275 170,108 8,309,041 The Crossings 4,150,000 16,587,591 — 663,995 405,201 21,806,787 The Crossings at Holcomb Bridge 5,560,000 9,875,229 — 651,171 371,562 16,457,962 The Knolls 3,410,000 17,265,489 — 109,229 361,760 21,146,478 Regatta Bay 1,660,000 15,838,146 — 186,212 238,560 17,922,918 Sabal Palm at Lake Buena Vista 7,580,000 40,245,240 — 353,329 484,425 48,662,994 Southpoint Reserve at Stoney Creek (FKA Steeplechase Apartments) 6,120,000 10,401,326 — 344,429 144,441 17,010,196 Cornerstone 1,500,000 29,393,528 894,000 407,323 158,882 32,353,733 McMillan Place 3,610,000 16,787,699 572,000 145,662 105,691 21,221,052 Barrington Mill 10,170,000 46,480,099 1,814,000 449,253 275,266 59,188,618 Dana Point 4,090,000 11,555,782 362,000 99,459 305,887 16,413,128 Heatherstone 2,320,000 6,793,214 208,000 45,565 142,799 9,509,578 Versailles 6,720,000 19,052,192 581,000 190,217 390,675 26,934,084 Bayberry Apartments 7,480,000 12,994,731 401,000 423,323 161,586 21,460,640 165,210,000 639,751,506 4,832,000 9,754,658 14,818,049 834,366,213 Accumulated depreciation and amortization — (20,101,421 ) (3,719,371 ) — (1,743,454 ) (25,564,246 ) $ 165,210,000 $ 619,650,085 $ 1,112,629 $ 9,754,658 $ 13,074,595 $ 808,801,967 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 12,612,164 352,000 27,633 333,204 16,655,001 Eagle Crest 5,450,000 21,454,515 654,000 125,369 474,391 28,158,275 Meridian 2,310,000 10,258,263 299,000 — 198,449 13,065,712 Silverbrook 4,860,000 24,534,598 793,000 92,461 912,685 31,192,744 Timberglen 2,510,000 14,071,434 408,000 375 314,374 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 Springs 14,290,000 41,094,413 1,930,000 1,261,227 1,005,747 59,581,387 Beechwood Terrace 1,390,000 19,680,820 409,000 164,621 157,222 21,801,663 Willow Grove 3,940,000 9,512,555 298,000 647,246 92,152 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 Park 1,490,000 6,061,395 200,000 218,688 89,406 8,059,489 Mandarin Reserve 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 Bridge 5,560,000 9,788,284 616,000 48,173 66,311 16,078,768 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 Vista 7,580,000 40,130,430 1,387,000 80,255 438,526 49,616,211 Southpoint Reserve at Stoney Creek (FKA Steeplechase Apartments) 6,120,000 10,373,000 492,000 — 15,000 17,000,000 129,320,000 488,260,399 17,884,000 6,529,884 8,319,564 650,313,847 Accumulated and amortization — (8,533,478 ) (12,442,170 ) — (812,292 ) (21,787,940 ) $ 129,320,000 $ 479,726,921 $ 5,441,830 $ 6,529,884 $ 7,507,272 $ 628,525,907 |
Pro Forma Financial Informati21
Pro Forma Financial Information (Unaudited) (Tables) | 6 Months Ended |
Jun. 30, 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. Six Months Ended June 30, 2015 2014 Actual Total revenue $ 54,284,765 $ 10,811,847 Net loss (8,157,564 ) (4,958,350 ) Pro forma: Total revenues 60,907,729 58,068,087 Net income (loss) 1,661,232 (22,315,061 ) |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2015: Property Type Term (months) Amortization (months) Outstanding Principal Interest Rate (1) Max Note Rate (2) Maturity Date The Miramar Apartments (3) Floating 120 360 $ 8,400,000 2.41% 5.75% 2/1/2025 Beechwood Terrace (3) Floating 84 360 17,120,000 2.27% 6.00% 8/1/2021 Colonial Forest (3) Floating 84 360 4,125,000 2.35% 6.25% 9/1/2021 Courtney Cove (3) Floating 84 360 14,210,000 2.27% 5.75% 9/1/2021 Edgewater at Sandy Springs (3) Floating 84 360 43,550,000 2.28% 5.75% 8/1/2021 The Grove at Alban (3) Floating 84 360 18,720,000 2.73% 6.50% 4/1/2021 Park at Blanding (3) Floating 84 360 4,875,000 2.35% 7.25% 9/1/2021 Park at Regency (3) Floating 84 360 6,225,000 2.35% 7.01% 9/1/2021 The Summit at Sabal Park (3) Floating 84 360 14,287,000 2.27% 5.75% 9/1/2021 Mandarin Reserve (3) Floating 84 360 19,650,000 2.29% 5.50% 10/1/2021 Willow Grove (3) Floating 84 360 11,000,000 2.30% 6.00% 8/1/2021 Willowdale Crossings (3) Floating 84 360 32,800,000 2.46% 5.75% 6/1/2021 Jade Park (3) Floating 84 360 5,850,000 2.34% 6.49% 9/1/2021 Woodbridge (3) Floating 84 360 12,800,000 2.28% 6.25% 8/1/2021 Southpoint Reserve at Stoney Creek (FKA Steeplechase Apartments) (3) Floating 84 360 13,600,000 2.30% 6.00% 1/1/2022 Barrington Mill (3) Floating 84 360 43,500,000 2.15% 5.50% 3/1/2022 Dana Point (3) Floating 84 360 12,176,000 2.24% 5.50% 3/1/2022 Heatherstone (3) Floating 84 360 7,087,000 2.27% 5.50% 3/1/2022 Versailles (3) Floating 84 360 19,623,000 2.22% 5.50% 3/1/2022 Bayberry (3) Floating 84 360 12,660,000 1.99% 5.95% 5/1/2022 Arbors on Forest Ridge (4) Floating 84 360 10,244,000 2.92% 5.75% 2/1/2021 Cutter's Point (4) Floating 84 360 12,676,000 2.92% 5.75% 2/1/2021 Eagle Crest (4) Floating 84 360 21,860,000 2.92% 5.75% 2/1/2021 Meridian (4) Floating 84 360 9,840,000 2.92% 5.75% 2/1/2021 Silverbrook (4) Floating 84 360 24,320,000 2.92% 5.75% 2/1/2021 Timberglen (4) Floating 84 360 13,560,000 2.92% 5.75% 2/1/2021 Toscana (4) Floating 84 360 7,100,000 2.92% 5.75% 2/1/2021 Timber Creek (5) Floating 120 360 19,482,000 2.01% 5.96% 10/1/2024 Radbourne Lake (5) Floating 120 360 19,213,000 2.00% 6.25% 10/1/2024 The Arbors (5) Floating 120 360 5,812,000 2.00% 7.11% 11/1/2024 The Crossings (5) Floating 120 360 16,200,000 2.00% 7.21% 11/1/2024 The Crossings at Holcomb Bridge (5) Floating 120 360 12,450,000 2.00% 7.35% 11/1/2024 The Knolls (5) Floating 120 360 16,038,000 2.00% 7.11% 11/1/2024 McMillan Place (5) Floating 120 360 15,738,000 2.11% 5.92% 2/1/2025 Sabal Palm at Lake Buena Vista (5) Floating 120 360 37,680,000 2.00% 6.26% 12/1/2024 Abbington Heights (6) Fixed 120 360 10,498,346 3.79% 3.79% 9/1/2022 Belmont at Duck Creek (7) Fixed 84 360 11,435,520 4.68% 4.68% 9/1/2018 Regatta Bay (8) Fixed 480 480 13,096,011 4.85% 4.85% 8/1/2050 Cornerstone (9) Fixed 120 360 23,672,754 4.24% 4.24% 3/1/2023 $ 623,173,631 Valuation adjustments 346,851 $ 623,520,482 (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 June 30, 2015 was 0.1865%. (2) Represents the maximum rate payable on each note (see Note 7, derivative financial instruments and hedging activities). (3 ) Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. 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. ( 4 ) Loan can be pre-paid in the first 24 months of the term at par plus 5.00%. 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. (5 ) 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 13 th th (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 ) 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 June 30, 2015, the total indebtedness secured by the property is $23,672,754 and has a blended pay rate of 4.24%. |
Schedule of Debt Maturities | Debt maturities scheduled for the remainder of 2015, each of the next four years and thereafter, are as follows: Remainder of 2015 $ 584,273 2016 4,609,592 2017 8,059,713 2018 13,634,121 2019 14,730,436 Thereafter 581,555,496 Total $ 623,173,631 |
Fair Value Measures and Finan23
Fair Value Measures and Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 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 15 $ 259,659,000 As of June 30, 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 June 30, 2015 and December 31, 2014: Asset Derivative Liability Derivative Balance Sheet Location June 30, 2015 December 31, 2014 Balance Sheet Location June 30, 2015 December 31, 2014 Derivatives designated as hedging instruments: Interest rate caps Other assets 154,198 263,301 Other — — Derivatives not designated as hedging instruments: Interest rate caps Other assets 49,837 194,732 Other liabilities — — Total 204,035 458,033 — — |
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 June 30, 2015 and 2014 and for the six months ended June 30, 2015 and 2014: Amount of gain (loss) recognized in OCI on derivative (effective portion) Location of gain (loss) reclassified from accumulated OCI into income (effective portion) Amount of gain (loss) reclassified from accumulated OCI into income (effective portion) Location of gain (loss) recognized in income on derivative (ineffective portion) Amount of gain (loss) recognized in income on derivative (ineffective portion) 2015 2014 2015 2014 2015 2014 Derivatives designated as hedging instruments For the three months ended June 30, Interest rate caps (125,873 ) — Interest expense — — Interest expense — — For the six months ended June 30, Interest rate caps (395,631 ) — Interest expense — — Interest expense — — 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 June 30, Interest rate caps Interest expense (50,070 ) (424,098 ) For the six months ended June 30, Interest rate caps Interest expense (165,599 ) (449,538 ) |
Subsequent Events (Tables)
Subsequent Events (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Schedule of Subsequent Events [Table Text Block] | The Company acquired the following properties subsequent to June 30, 2015 (unaudited): Property Location Closing Date Purchase Price Debt # Units Noncontrolling Interest Effective Ownership Madera Point Mesa, Arizona August 5, 2015 $ 22,525,000 $ 13,515,000 (1) 256 5 % 95 % The Pointe at the Foothills Phoenix, Arizona August 5, 2015 $ 52,275,000 $ 31,365,000 (1) 528 5 % 95 % |
Organization and Description 25
Organization and Description of Business - Additional Information (Details) - Jun. 30, 2015 | Total |
Real Estate Properties [Line Items] | |
Date of incorporation | Sep. 19, 2014 |
Maximum | |
Real Estate Properties [Line Items] | |
Investments in real estate-related debt and securities | 30.00% |
Summary of Significant Accoun26
Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details) | 6 Months Ended |
Jun. 30, 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 Accoun27
Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($)$ / sharesshares | Jun. 30, 2014USD ($)$ / sharesshares | Jun. 30, 2015USD ($)Segment$ / sharesshares | Jun. 30, 2014USD ($)$ / sharesshares | Dec. 31, 2014USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Impairment charges related to real estate assets | $ 0 | $ 0 | |||
Escrow deposit | $ 2,000,000 | 2,000,000 | |||
Deferred financing costs, net | 5,611,170 | 5,611,170 | $ 4,632,429 | ||
Amortization of deferred financing fees | $ 233,931 | $ 56,509 | $ 540,527 | $ 81,949 | |
Percentage of distributions paid | 80.00% | 80.00% | |||
Minimum percentage of distributed taxable income to qualify as REIT | 90.00% | ||||
Number of reportable segments | Segment | 1 | ||||
Loss per share: Basic and diluted | $ / shares | $ (0.11) | $ (0.11) | $ (0.38) | $ (0.23) | |
Potentially dilutive securities | shares | 0 | 0 | 0 | 0 | |
B H Equity | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Additional profit interest in VIE | 10.00% | ||||
Percentage of distributions paid | 20.00% | 20.00% | |||
Ownership percentage in VIE | 10.00% | ||||
Maximum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Internal rate of return in VIE | 13.00% |
Summary of Significant Accoun28
Summary of Significant Accounting Policies - Summary of Restricted Cash Held (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||
Security Deposits | $ 1,457,731 | $ 1,574,302 |
Operating Escrows | 11,668,807 | 7,299,426 |
Renovation value-add reserves | 44,501,360 | 38,943,614 |
Restricted cash held | $ 57,627,898 | $ 47,817,342 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies - Schedule of Investments (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
The Miramar Apartments | Dallas | Texas | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,013 | |
Effective ownership percentage | 100.00% | 100.00% |
Arbors on Forest Ridge | Bedford | Texas | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Cutter's Point | Richardson | Texas | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Eagle Crest | Irving | Texas | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Meridian | Austin | Texas | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Silverbrook | Grand Prairie | Texas | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Timberglen | Dallas | Texas | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Toscana | Dallas | Texas | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
The Grove at Alban | Frederick | Maryland | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 76.00% | 76.00% |
Willowdale Crossings | Frederick | Maryland | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 80.00% | 80.00% |
Edgewater at Sandy Springs | Atlanta | Georgia | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Beechwood Terrace | Nashville | Tennessee | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Willow Grove | Nashville | Tennessee | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Woodbridge | Nashville | Tennessee | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Abbington Heights | Antioch | Tennessee | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
The Summit at Sabal Park | Tampa | Florida | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Courtney Cove | Tampa | Florida | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Colonial Forest | Jacksonville | Florida | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Park at Blanding | Orange Park | Florida | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Park at Regency | Jacksonville | Florida | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Jade Park | Daytona Beach | Florida | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Mandarin Reserve | Jacksonville | Florida | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Radbourne Lake | Charlotte | North Carolina | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Timber Creek | Charlotte | North Carolina | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Belmont at Duck Creek | Garland | Texas | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
The Arbors | Tucker | Georgia | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
The Crossings | Marietta | Georgia | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
The Crossings at Holcomb Bridge | Roswell | Georgia | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
The Knolls | Marietta | Georgia | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Regatta Bay | Seabrook | Texas | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
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 | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Southpoint Reserve at Stoney Creek (FKA Steeplechase Apartments) | Fredericksburg | Virginia | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 85.00% | 85.00% |
Cornerstone | Orlando | Florida | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,015 | |
Effective ownership percentage | 90.00% | 0.00% |
Mc Millan Place | Dallas | Texas | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,015 | |
Effective ownership percentage | 90.00% | 0.00% |
Barrington Mill | Marietta | Georgia | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,015 | |
Effective ownership percentage | 90.00% | 0.00% |
Dana Point | Dallas | Texas | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,015 | |
Effective ownership percentage | 90.00% | 0.00% |
Heatherstone | Dallas | Texas | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,015 | |
Effective ownership percentage | 90.00% | 0.00% |
Versailles | Dallas | Texas | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,015 | |
Effective ownership percentage | 90.00% | 0.00% |
Bayberry Apartments | West Palm Beach | Florida | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,015 | |
Effective ownership percentage | 90.00% | 0.00% |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - Property | Jun. 30, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||
Number of multifamily properties | 32 | |
Multifamily Properties | ||
Business Acquisition [Line Items] | ||
Number of multifamily properties | 39 |
Acquisitions - Summary of Inves
Acquisitions - Summary of Investment in Multifamily Properties (Details) | 6 Months Ended | ||
Jun. 30, 2015ft²Property$ / Units | Dec. 31, 2014 | ||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 10,327,369 | ||
Number of Units | Property | 12,038 | ||
The Miramar Apartments | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 183,100 | ||
Number of Units | Property | 314 | ||
Date Acquired | Oct. 31, 2013 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 561 | |
% Occupied | [2] | 91.40% | 92.70% |
Arbors on Forest Ridge | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 154,556 | ||
Number of Units | Property | 210 | ||
Date Acquired | Jan. 31, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 787 | |
% Occupied | [2] | 93.80% | 92.90% |
Cutter's Point | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 197,972 | ||
Number of Units | Property | 196 | ||
Date Acquired | Jan. 31, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 954 | |
% Occupied | [2] | 95.90% | 96.40% |
Eagle Crest | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 395,951 | ||
Number of Units | Property | 447 | ||
Date Acquired | Jan. 31, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 767 | |
% Occupied | [2] | 95.70% | 94.90% |
Meridian | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 148,200 | ||
Number of Units | Property | 200 | ||
Date Acquired | Jan. 31, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 791 | |
% Occupied | [2] | 94.00% | 95.00% |
Silverbrook | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 526,138 | ||
Number of Units | Property | 642 | ||
Date Acquired | Jan. 31, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 696 | |
% Occupied | [2] | 94.10% | 91.70% |
Timberglen | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 221,376 | ||
Number of Units | Property | 304 | ||
Date Acquired | Jan. 31, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 727 | |
% Occupied | [2] | 92.80% | 93.40% |
Toscana | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 115,400 | ||
Number of Units | Property | 192 | ||
Date Acquired | Jan. 31, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 634 | |
% Occupied | [2] | 92.70% | 93.20% |
The Grove at Alban | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 267,300 | ||
Number of Units | Property | 290 | ||
Date Acquired | Mar. 10, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 947 | |
% Occupied | [2] | 91.40% | 89.30% |
Willowdale Crossings | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 411,800 | ||
Number of Units | Property | 432 | ||
Date Acquired | May 15, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 995 | |
% Occupied | [2] | 91.90% | 82.90% |
Edgewater at Sandy Springs | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 726,774 | ||
Number of Units | Property | 760 | ||
Date Acquired | Jul. 18, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 791 | |
% Occupied | [2] | 89.50% | 92.50% |
Beechwood Terrace | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 271,728 | ||
Number of Units | Property | 300 | ||
Date Acquired | Jul. 21, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 760 | |
% Occupied | [2] | 96.30% | 98.70% |
Willow Grove | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 229,140 | ||
Number of Units | Property | 244 | ||
Date Acquired | Jul. 21, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 723 | |
% Occupied | [2] | 95.10% | 94.70% |
Woodbridge | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 246,840 | ||
Number of Units | Property | 220 | ||
Date Acquired | Jul. 21, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 848 | |
% Occupied | [2] | 91.40% | 90.50% |
Abbington Heights | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 238,974 | ||
Number of Units | Property | 274 | ||
Date Acquired | Aug. 1, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 763 | |
% Occupied | [2] | 95.30% | 96.00% |
The Summit at Sabal Park | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 204,545 | ||
Number of Units | Property | 252 | ||
Date Acquired | Aug. 20, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 811 | |
% Occupied | [2] | 93.30% | 88.50% |
Courtney Cove | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 224,958 | ||
Number of Units | Property | 324 | ||
Date Acquired | Aug. 20, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 704 | |
% Occupied | [2] | 93.20% | 95.10% |
Colonial Forest | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 160,093 | ||
Number of Units | Property | 174 | ||
Date Acquired | Aug. 20, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 625 | |
% Occupied | [2] | 90.80% | 94.80% |
Park at Blanding | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 116,410 | ||
Number of Units | Property | 117 | ||
Date Acquired | Aug. 20, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 762 | |
% Occupied | [2] | 96.60% | 88.90% |
Park at Regency | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 134,253 | ||
Number of Units | Property | 159 | ||
Date Acquired | Aug. 20, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 739 | |
% Occupied | [2] | 93.70% | 91.20% |
Jade Park | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 118,392 | ||
Number of Units | Property | 144 | ||
Date Acquired | Aug. 20, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 708 | |
% Occupied | [2] | 92.40% | 96.50% |
Mandarin Reserve | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 449,276 | ||
Number of Units | Property | 520 | ||
Date Acquired | Sep. 15, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 693 | |
% Occupied | [2] | 95.20% | 95.40% |
Radbourne Lake | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 246,599 | ||
Number of Units | Property | 225 | ||
Date Acquired | Sep. 30, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 1,057 | |
% Occupied | [2] | 92.00% | 92.40% |
Timber Creek | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 248,391 | ||
Number of Units | Property | 352 | ||
Date Acquired | Sep. 30, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 725 | |
% Occupied | [2] | 95.70% | 93.20% |
Belmont at Duck Creek | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 198,279 | ||
Number of Units | Property | 240 | ||
Date Acquired | Sep. 30, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 834 | |
% Occupied | [2] | 92.90% | 93.80% |
The Arbors | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 127,536 | ||
Number of Units | Property | 140 | ||
Date Acquired | Oct. 16, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 747 | |
% Occupied | [2] | 96.40% | 92.10% |
The Crossings | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 377,840 | ||
Number of Units | Property | 380 | ||
Date Acquired | Oct. 16, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 715 | |
% Occupied | [2] | 94.20% | 94.70% |
The Crossings at Holcomb Bridge | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 247,982 | ||
Number of Units | Property | 268 | ||
Date Acquired | Oct. 16, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 747 | |
% Occupied | [2] | 96.30% | 93.70% |
The Knolls | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 311,160 | ||
Number of Units | Property | 312 | ||
Date Acquired | Oct. 16, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 793 | |
% Occupied | [2] | 92.90% | 95.20% |
Regatta Bay | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 200,440 | ||
Number of Units | Property | 240 | ||
Date Acquired | Nov. 4, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 972 | |
% Occupied | [2] | 97.90% | 96.30% |
Sabal Palm at Lake Buena Vista | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 370,768 | ||
Number of Units | Property | 400 | ||
Date Acquired | Nov. 5, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 1,070 | |
% Occupied | [2] | 93.30% | 95.00% |
Southpoint Reserve at Stoney Creek (FKA Steeplechase Apartments) | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 115,712 | ||
Number of Units | Property | 156 | ||
Date Acquired | Dec. 18, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 1,001 | |
% Occupied | [2] | 89.10% | 92.90% |
Cornerstone | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 317,565 | ||
Number of Units | Property | 430 | ||
Date Acquired | Jan. 15, 2015 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 821 | |
% Occupied | 94.70% | ||
Mc Millan Place | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 290,051 | ||
Number of Units | Property | 402 | ||
Date Acquired | Jan. 15, 2015 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 668 | |
% Occupied | [3] | 89.10% | |
Barrington Mill | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 692,180 | ||
Number of Units | Property | 752 | ||
Date Acquired | Feb. 6, 2015 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 723 | |
% Occupied | [3] | 94.50% | |
Dana Point | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 206,276 | ||
Number of Units | Property | 264 | ||
Date Acquired | Feb. 26, 2015 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 753 | |
% Occupied | [3] | 91.70% | |
Heatherstone | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 115,615 | ||
Number of Units | Property | 152 | ||
Date Acquired | Feb. 26, 2015 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 752 | |
% Occupied | [3] | 91.40% | |
Versailles | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 300,908 | ||
Number of Units | Property | 388 | ||
Date Acquired | Feb. 26, 2015 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 781 | |
% Occupied | [3] | 92.30% | |
Bayberry Apartments | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | 216,891 | ||
Number of Units | Property | 222 | ||
Date Acquired | Apr. 15, 2015 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 961 | |
% Occupied | [3] | 96.40% | |
[1] | Average effective monthly rent per unit is equal to the average of (i) the contractual rent for commenced leases as of June 30, 2015 minus any tenant concession over the term of the lease, divided by (ii) the number of units under commenced leases as of June 30, 2015. | ||
[2] | Percent occupied is calculated as (i) the number of units occupied as of June 30, 2015, and at December 31, 2014, divided by total number of units, expressed as a percentage. | ||
[3] | Properties acquired in 2015. |
Real Estate Investments - Summa
Real Estate Investments - Summary of Major Components of Investments in Multifamily Properties (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Real Estate Properties [Line Items] | ||
Real estate investment, gross | $ 834,366,213 | $ 650,313,847 |
Accumulated depreciation and amortization | (25,564,246) | (21,787,940) |
Total Net Operating Real Estate Investments | 808,801,967 | 628,525,907 |
Multifamily Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 834,366,213 | 650,313,847 |
Accumulated depreciation and amortization | (25,564,246) | (21,787,940) |
Total Net Operating Real Estate Investments | 808,801,967 | 628,525,907 |
Multifamily Properties | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 4,832,000 | 17,884,000 |
Accumulated depreciation and amortization | (3,719,371) | (12,442,170) |
Total Net Operating Real Estate Investments | 1,112,629 | 5,441,830 |
Multifamily Properties | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 165,210,000 | 129,320,000 |
Total Net Operating Real Estate Investments | 165,210,000 | 129,320,000 |
Multifamily Properties | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 639,751,506 | 488,260,399 |
Accumulated depreciation and amortization | (20,101,421) | (8,533,478) |
Total Net Operating Real Estate Investments | 619,650,085 | 479,726,921 |
Multifamily Properties | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 9,754,658 | 6,529,884 |
Total Net Operating Real Estate Investments | 9,754,658 | 6,529,884 |
Multifamily Properties | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 14,818,049 | 8,319,564 |
Accumulated depreciation and amortization | (1,743,454) | (812,292) |
Total Net Operating Real Estate Investments | 13,074,595 | 7,507,272 |
Multifamily Properties | The Miramar Apartments | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 10,494,896 | 10,659,226 |
Multifamily Properties | The Miramar Apartments | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 290,000 | |
Multifamily Properties | The Miramar Apartments | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,580,000 | 1,580,000 |
Multifamily Properties | The Miramar Apartments | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 8,382,397 | 8,355,872 |
Multifamily Properties | The Miramar Apartments | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 51,108 | |
Multifamily Properties | The Miramar Apartments | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 481,391 | 433,354 |
Multifamily Properties | Arbors on Forest Ridge | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 13,610,184 | 13,738,780 |
Multifamily Properties | Arbors on Forest Ridge | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 312,000 | |
Multifamily Properties | Arbors on Forest Ridge | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 2,330,000 | 2,330,000 |
Multifamily Properties | Arbors on Forest Ridge | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 10,933,104 | 10,831,742 |
Multifamily Properties | Arbors on Forest Ridge | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 3,066 | 1,556 |
Multifamily Properties | Arbors on Forest Ridge | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 344,014 | 263,482 |
Multifamily Properties | Cutter's Point | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 16,495,033 | 16,655,001 |
Multifamily Properties | Cutter's Point | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 352,000 | |
Multifamily Properties | Cutter's Point | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 3,330,000 | 3,330,000 |
Multifamily Properties | Cutter's Point | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 12,705,851 | 12,612,164 |
Multifamily Properties | Cutter's Point | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 4,872 | 27,633 |
Multifamily Properties | Cutter's Point | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 454,310 | 333,204 |
Multifamily Properties | Eagle Crest | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 27,790,536 | 28,158,275 |
Multifamily Properties | Eagle Crest | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 654,000 | |
Multifamily Properties | Eagle Crest | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 5,450,000 | 5,450,000 |
Multifamily Properties | Eagle Crest | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 21,729,555 | 21,454,515 |
Multifamily Properties | Eagle Crest | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 9,435 | 125,369 |
Multifamily Properties | Eagle Crest | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 601,546 | 474,391 |
Multifamily Properties | Meridian | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 12,916,690 | 13,065,712 |
Multifamily Properties | Meridian | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 299,000 | |
Multifamily Properties | Meridian | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 2,310,000 | 2,310,000 |
Multifamily Properties | Meridian | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 10,292,699 | 10,258,263 |
Multifamily Properties | Meridian | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 14,261 | |
Multifamily Properties | Meridian | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 299,730 | 198,449 |
Multifamily Properties | Silverbrook | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 30,865,657 | 31,192,744 |
Multifamily Properties | Silverbrook | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 793,000 | |
Multifamily Properties | Silverbrook | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 4,860,000 | 4,860,000 |
Multifamily Properties | Silverbrook | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 24,760,216 | 24,534,598 |
Multifamily Properties | Silverbrook | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 102,240 | 92,461 |
Multifamily Properties | Silverbrook | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,143,201 | 912,685 |
Multifamily Properties | Timberglen | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 17,198,582 | 17,304,183 |
Multifamily Properties | Timberglen | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 408,000 | |
Multifamily Properties | Timberglen | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 2,510,000 | 2,510,000 |
Multifamily Properties | Timberglen | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 14,108,874 | 14,071,434 |
Multifamily Properties | Timberglen | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 194,345 | 375 |
Multifamily Properties | Timberglen | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 385,363 | 314,374 |
Multifamily Properties | Toscana | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 9,302,284 | 9,173,844 |
Multifamily Properties | Toscana | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 230,000 | |
Multifamily Properties | Toscana | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,730,000 | 1,730,000 |
Multifamily Properties | Toscana | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 7,045,546 | 6,961,530 |
Multifamily Properties | Toscana | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 244,628 | 23,145 |
Multifamily Properties | Toscana | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 282,110 | 229,169 |
Multifamily Properties | The Grove at Alban | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 23,246,613 | 23,682,910 |
Multifamily Properties | The Grove at Alban | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 796,000 | |
Multifamily Properties | The Grove at Alban | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 3,640,000 | 3,640,000 |
Multifamily Properties | The Grove at Alban | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 18,949,455 | 18,913,344 |
Multifamily Properties | The Grove at Alban | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 316,379 | 104,844 |
Multifamily Properties | The Grove at Alban | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 340,779 | 228,722 |
Multifamily Properties | Willowdale Crossings | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 40,894,901 | 41,768,036 |
Multifamily Properties | Willowdale Crossings | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,172,000 | |
Multifamily Properties | Willowdale Crossings | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 4,650,000 | 4,650,000 |
Multifamily Properties | Willowdale Crossings | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 35,584,957 | 35,543,667 |
Multifamily Properties | Willowdale Crossings | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 108,391 | 1,200 |
Multifamily Properties | Willowdale Crossings | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 551,553 | 401,169 |
Multifamily Properties | Edgewater at Sandy Springs | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 59,077,630 | 59,581,387 |
Multifamily Properties | Edgewater at Sandy Springs | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,930,000 | |
Multifamily Properties | Edgewater at Sandy Springs | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 14,290,000 | 14,290,000 |
Multifamily Properties | Edgewater at Sandy Springs | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 41,567,414 | 41,094,413 |
Multifamily Properties | Edgewater at Sandy Springs | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,662,215 | 1,261,227 |
Multifamily Properties | Edgewater at Sandy Springs | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,558,001 | 1,005,747 |
Multifamily Properties | Beechwood Terrace | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 22,020,426 | 21,801,663 |
Multifamily Properties | Beechwood Terrace | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 409,000 | |
Multifamily Properties | Beechwood Terrace | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,390,000 | 1,390,000 |
Multifamily Properties | Beechwood Terrace | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 20,306,191 | 19,680,820 |
Multifamily Properties | Beechwood Terrace | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 13,531 | 164,621 |
Multifamily Properties | Beechwood Terrace | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 310,704 | 157,222 |
Multifamily Properties | Willow Grove | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 14,782,738 | 14,489,953 |
Multifamily Properties | Willow Grove | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 298,000 | |
Multifamily Properties | Willow Grove | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 3,940,000 | 3,940,000 |
Multifamily Properties | Willow Grove | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 10,212,885 | 9,512,555 |
Multifamily Properties | Willow Grove | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 335,360 | 647,246 |
Multifamily Properties | Willow Grove | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 294,493 | 92,152 |
Multifamily Properties | Woodbridge | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 16,466,493 | 16,489,182 |
Multifamily Properties | Woodbridge | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 334,000 | |
Multifamily Properties | Woodbridge | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 3,650,000 | 3,650,000 |
Multifamily Properties | Woodbridge | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 12,130,551 | 12,020,293 |
Multifamily Properties | Woodbridge | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 384,850 | 305,915 |
Multifamily Properties | Woodbridge | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 301,092 | 178,974 |
Multifamily Properties | Abbington Heights | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 18,262,083 | 18,314,856 |
Multifamily Properties | Abbington Heights | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 400,000 | |
Multifamily Properties | Abbington Heights | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,770,000 | 1,770,000 |
Multifamily Properties | Abbington Heights | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 16,133,545 | 15,863,951 |
Multifamily Properties | Abbington Heights | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 34,556 | 110,310 |
Multifamily Properties | Abbington Heights | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 323,982 | 170,595 |
Multifamily Properties | The Summit at Sabal Park | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 19,396,399 | 19,449,182 |
Multifamily Properties | The Summit at Sabal Park | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 404,000 | |
Multifamily Properties | The Summit at Sabal Park | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 5,770,000 | 5,770,000 |
Multifamily Properties | The Summit at Sabal Park | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 13,170,279 | 12,972,098 |
Multifamily Properties | The Summit at Sabal Park | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 97,574 | 81,884 |
Multifamily Properties | The Summit at Sabal Park | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 358,546 | 221,200 |
Multifamily Properties | Courtney Cove | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 19,213,668 | 19,189,902 |
Multifamily Properties | Courtney Cove | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 431,000 | |
Multifamily Properties | Courtney Cove | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 5,880,000 | 5,880,000 |
Multifamily Properties | Courtney Cove | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 12,700,535 | 12,486,882 |
Multifamily Properties | Courtney Cove | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 119,112 | 80,447 |
Multifamily Properties | Courtney Cove | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 514,021 | 311,573 |
Multifamily Properties | Colonial Forest | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 5,778,538 | 5,801,906 |
Multifamily Properties | Colonial Forest | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 186,000 | |
Multifamily Properties | Colonial Forest | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 2,090,000 | 2,090,000 |
Multifamily Properties | Colonial Forest | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 3,436,453 | 3,116,687 |
Multifamily Properties | Colonial Forest | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 11,088 | 242,841 |
Multifamily Properties | Colonial Forest | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 240,997 | 166,378 |
Multifamily Properties | Park at Blanding | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 6,818,255 | 6,773,358 |
Multifamily Properties | Park at Blanding | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 177,000 | |
Multifamily Properties | Park at Blanding | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 2,610,000 | 2,610,000 |
Multifamily Properties | Park at Blanding | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 3,952,226 | 3,691,461 |
Multifamily Properties | Park at Blanding | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 65,043 | 183,739 |
Multifamily Properties | Park at Blanding | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 190,986 | 111,158 |
Multifamily Properties | Park at Regency | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 8,573,147 | 8,440,615 |
Multifamily Properties | Park at Regency | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 220,000 | |
Multifamily Properties | Park at Regency | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 2,620,000 | 2,620,000 |
Multifamily Properties | Park at Regency | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 5,617,077 | 5,343,919 |
Multifamily Properties | Park at Regency | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 11,083 | 60,558 |
Multifamily Properties | Park at Regency | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 324,987 | 196,138 |
Multifamily Properties | Jade Park | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 8,105,019 | 8,059,489 |
Multifamily Properties | Jade Park | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 200,000 | |
Multifamily Properties | Jade Park | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,490,000 | 1,490,000 |
Multifamily Properties | Jade Park | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 6,383,222 | 6,061,395 |
Multifamily Properties | Jade Park | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 34,467 | 218,688 |
Multifamily Properties | Jade Park | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 197,330 | 89,406 |
Multifamily Properties | Mandarin Reserve | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 26,911,425 | 26,991,944 |
Multifamily Properties | Mandarin Reserve | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 701,000 | |
Multifamily Properties | Mandarin Reserve | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 5,610,000 | 5,610,000 |
Multifamily Properties | Mandarin Reserve | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 19,980,761 | 19,679,711 |
Multifamily Properties | Mandarin Reserve | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 788,816 | 701,020 |
Multifamily Properties | Mandarin Reserve | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 531,848 | 300,213 |
Multifamily Properties | Radbourne Lake | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 24,304,361 | 24,425,911 |
Multifamily Properties | Radbourne Lake | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 652,000 | |
Multifamily Properties | Radbourne Lake | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 2,440,000 | 2,440,000 |
Multifamily Properties | Radbourne Lake | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 21,115,026 | 20,830,406 |
Multifamily Properties | Radbourne Lake | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 202,433 | 148,114 |
Multifamily Properties | Radbourne Lake | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 546,902 | 355,391 |
Multifamily Properties | Timber Creek | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 24,302,683 | 23,825,415 |
Multifamily Properties | Timber Creek | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 799,000 | |
Multifamily Properties | Timber Creek | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 11,260,000 | 11,260,000 |
Multifamily Properties | Timber Creek | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 11,983,564 | 10,704,510 |
Multifamily Properties | Timber Creek | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 867,295 | 948,430 |
Multifamily Properties | Timber Creek | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 191,824 | 113,475 |
Multifamily Properties | Belmont at Duck Creek | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 19,140,763 | 19,242,715 |
Multifamily Properties | Belmont at Duck Creek | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 436,000 | |
Multifamily Properties | Belmont at Duck Creek | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,910,000 | 1,910,000 |
Multifamily Properties | Belmont at Duck Creek | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 16,896,199 | 16,654,792 |
Multifamily Properties | Belmont at Duck Creek | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 3,068 | 107,063 |
Multifamily Properties | Belmont at Duck Creek | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 331,496 | 134,860 |
Multifamily Properties | The Arbors | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 8,309,041 | 7,980,032 |
Multifamily Properties | The Arbors | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 199,000 | |
Multifamily Properties | The Arbors | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,730,000 | 1,730,000 |
Multifamily Properties | The Arbors | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 6,402,658 | 5,844,105 |
Multifamily Properties | The Arbors | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 6,275 | 162,100 |
Multifamily Properties | The Arbors | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 170,108 | 44,827 |
Multifamily Properties | The Crossings | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 21,806,787 | 21,741,097 |
Multifamily Properties | The Crossings | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 834,000 | |
Multifamily Properties | The Crossings | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 4,150,000 | 4,150,000 |
Multifamily Properties | The Crossings | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 16,587,591 | 16,138,747 |
Multifamily Properties | The Crossings | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 663,995 | 491,672 |
Multifamily Properties | The Crossings | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 405,201 | 126,678 |
Multifamily Properties | The Crossings at Holcomb Bridge | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 16,457,962 | 16,078,768 |
Multifamily Properties | The Crossings at Holcomb Bridge | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 616,000 | |
Multifamily Properties | The Crossings at Holcomb Bridge | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 5,560,000 | 5,560,000 |
Multifamily Properties | The Crossings at Holcomb Bridge | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 9,875,229 | 9,788,284 |
Multifamily Properties | The Crossings at Holcomb Bridge | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 651,171 | 48,173 |
Multifamily Properties | The Crossings at Holcomb Bridge | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 371,562 | 66,311 |
Multifamily Properties | The Knolls | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 21,146,478 | 21,332,740 |
Multifamily Properties | The Knolls | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 759,000 | |
Multifamily Properties | The Knolls | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 3,410,000 | 3,410,000 |
Multifamily Properties | The Knolls | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 17,265,489 | 16,931,399 |
Multifamily Properties | The Knolls | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 109,229 | 107,984 |
Multifamily Properties | The Knolls | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 361,760 | 124,357 |
Multifamily Properties | Regatta Bay | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 17,922,918 | 18,288,810 |
Multifamily Properties | Regatta Bay | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 714,000 | |
Multifamily Properties | Regatta Bay | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,660,000 | 1,660,000 |
Multifamily Properties | Regatta Bay | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 15,838,146 | 15,803,412 |
Multifamily Properties | Regatta Bay | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 186,212 | 1,014 |
Multifamily Properties | Regatta Bay | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 238,560 | 110,384 |
Multifamily Properties | Sabal Palm at Lake Buena Vista | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 48,662,994 | 49,616,211 |
Multifamily Properties | Sabal Palm at Lake Buena Vista | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,387,000 | |
Multifamily Properties | Sabal Palm at Lake Buena Vista | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 7,580,000 | 7,580,000 |
Multifamily Properties | Sabal Palm at Lake Buena Vista | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 40,245,240 | 40,130,430 |
Multifamily Properties | Sabal Palm at Lake Buena Vista | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 353,329 | 80,255 |
Multifamily Properties | Sabal Palm at Lake Buena Vista | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 484,425 | 438,526 |
Multifamily Properties | Southpoint Reserve at Stoney Creek (FKA Steeplechase Apartments) | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 17,010,196 | 17,000,000 |
Multifamily Properties | Southpoint Reserve at Stoney Creek (FKA Steeplechase Apartments) | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 492,000 | |
Multifamily Properties | Southpoint Reserve at Stoney Creek (FKA Steeplechase Apartments) | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 6,120,000 | 6,120,000 |
Multifamily Properties | Southpoint Reserve at Stoney Creek (FKA Steeplechase Apartments) | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 10,401,326 | 10,373,000 |
Multifamily Properties | Southpoint Reserve at Stoney Creek (FKA Steeplechase Apartments) | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 344,429 | |
Multifamily Properties | Southpoint Reserve at Stoney Creek (FKA Steeplechase Apartments) | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 144,441 | $ 15,000 |
Multifamily Properties | Cornerstone | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 32,353,733 | |
Multifamily Properties | Cornerstone | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 894,000 | |
Multifamily Properties | Cornerstone | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,500,000 | |
Multifamily Properties | Cornerstone | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 29,393,528 | |
Multifamily Properties | Cornerstone | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 407,323 | |
Multifamily Properties | Cornerstone | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 158,882 | |
Multifamily Properties | Mc Millan Place | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 21,221,052 | |
Multifamily Properties | Mc Millan Place | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 572,000 | |
Multifamily Properties | Mc Millan Place | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 3,610,000 | |
Multifamily Properties | Mc Millan Place | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 16,787,699 | |
Multifamily Properties | Mc Millan Place | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 145,662 | |
Multifamily Properties | Mc Millan Place | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 105,691 | |
Multifamily Properties | Barrington Mill | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 59,188,618 | |
Multifamily Properties | Barrington Mill | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,814,000 | |
Multifamily Properties | Barrington Mill | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 10,170,000 | |
Multifamily Properties | Barrington Mill | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 46,480,099 | |
Multifamily Properties | Barrington Mill | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 449,253 | |
Multifamily Properties | Barrington Mill | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 275,266 | |
Multifamily Properties | Dana Point | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 16,413,128 | |
Multifamily Properties | Dana Point | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 362,000 | |
Multifamily Properties | Dana Point | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 4,090,000 | |
Multifamily Properties | Dana Point | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 11,555,782 | |
Multifamily Properties | Dana Point | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 99,459 | |
Multifamily Properties | Dana Point | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 305,887 | |
Multifamily Properties | Heatherstone | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 9,509,578 | |
Multifamily Properties | Heatherstone | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 208,000 | |
Multifamily Properties | Heatherstone | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 2,320,000 | |
Multifamily Properties | Heatherstone | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 6,793,214 | |
Multifamily Properties | Heatherstone | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 45,565 | |
Multifamily Properties | Heatherstone | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 142,799 | |
Multifamily Properties | Versailles | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 26,934,084 | |
Multifamily Properties | Versailles | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 581,000 | |
Multifamily Properties | Versailles | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 6,720,000 | |
Multifamily Properties | Versailles | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 19,052,192 | |
Multifamily Properties | Versailles | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 190,217 | |
Multifamily Properties | Versailles | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 390,675 | |
Multifamily Properties | Bayberry Apartments | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 21,460,640 | |
Multifamily Properties | Bayberry Apartments | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 401,000 | |
Multifamily Properties | Bayberry Apartments | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 7,480,000 | |
Multifamily Properties | Bayberry Apartments | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 12,994,731 | |
Multifamily Properties | Bayberry Apartments | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 423,323 | |
Multifamily Properties | Bayberry Apartments | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | $ 161,586 |
Real Estate Investments - Addit
Real Estate Investments - Additional Information (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Real Estate Properties [Line Items] | ||
Depreciation expense | $ 12,499,888 | $ 2,088,554 |
Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Amortization expense of intangible lease assets | 9,160,422 | $ 3,490,666 |
Amortization expense, remainder of fiscal year | $ 1,112,629 |
Pro Forma Financial Informati34
Pro Forma Financial Information (Unaudited) - Additional Information (Details) | 3 Months Ended | 18 Months Ended | |
Jun. 30, 2015USD ($) | Jun. 30, 2015Property | Aug. 05, 2015Property | |
Pro Forma Financial Information [Line Items] | |||
Number of properties acquired | 38 | ||
General and administrative fees expected | $ | $ 950,000 | ||
Subsequent Event | |||
Pro Forma Financial Information [Line Items] | |||
Additional property acquired | 2 |
Pro Forma Financial Informati35
Pro Forma Financial Information (Unaudited) - Summary of Pro Forma Financial Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Business Acquisition Pro Forma Information [Abstract] | ||||
Total revenue, actual | $ 28,747,296 | $ 6,817,901 | $ 54,284,765 | $ 10,811,847 |
Net loss, actual | $ (2,264,989) | $ (2,335,519) | (8,157,564) | (4,958,350) |
Total revenues, pro forma | 60,907,729 | 58,068,087 | ||
Net income (loss), pro forma | $ 1,661,232 | $ (22,315,061) |
Debt - Summary of Mortgage Debt
Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 623,173,631 | |
Mortgages Payable | $ 623,520,482 | $ 486,976,130 |
Debt With Fixed Interest Rate | ||
Debt Instrument [Line Items] | ||
Max Note Rate | 3.90% | |
Cornerstone | Debt With Fixed Interest Rate | ||
Debt Instrument [Line Items] | ||
Mortgages Payable | $ 23,672,754 | |
Interest Rate | 4.09% | |
Mortgages Payable | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 623,173,631 | |
Valuation adjustments | 346,851 | |
Mortgages Payable | $ 623,520,482 | |
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 | 2.41% | |
Max Note Rate | 5.75% | |
Maturity Date | Feb. 1, 2025 | |
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 | 2.27% | |
Max Note Rate | 6.00% | |
Maturity Date | Aug. 1, 2021 | |
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 | 2.35% | |
Max Note Rate | 6.25% | |
Maturity Date | Sep. 1, 2021 | |
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 | 2.27% | |
Max Note Rate | 5.75% | |
Maturity Date | Sep. 1, 2021 | |
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 | 2.28% | |
Max Note Rate | 5.75% | |
Maturity Date | Aug. 1, 2021 | |
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 | 2.73% | |
Max Note Rate | 6.50% | |
Maturity Date | Apr. 1, 2021 | |
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 | 2.35% | |
Max Note Rate | 7.25% | |
Maturity Date | Sep. 1, 2021 | |
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 | 2.35% | |
Max Note Rate | 7.01% | |
Maturity Date | Sep. 1, 2021 | |
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 | 2.27% | |
Max Note Rate | 5.75% | |
Maturity Date | Sep. 1, 2021 | |
Mortgages Payable | Mandarin Reserve | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 19,650,000 | |
Interest Rate | 2.29% | |
Max Note Rate | 5.50% | |
Maturity Date | Oct. 1, 2021 | |
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 | 2.30% | |
Max Note Rate | 6.00% | |
Maturity Date | Aug. 1, 2021 | |
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 | 2.46% | |
Max Note Rate | 5.75% | |
Maturity Date | Jun. 1, 2021 | |
Mortgages Payable | Jade Park | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 5,850,000 | |
Interest Rate | 2.34% | |
Max Note Rate | 6.49% | |
Maturity Date | Sep. 1, 2021 | |
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 | 2.28% | |
Max Note Rate | 6.25% | |
Maturity Date | Aug. 1, 2021 | |
Mortgages Payable | Southpoint Reserve at Stoney Creek (FKA Steeplechase Apartments) | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 13,600,000 | |
Interest Rate | 2.30% | |
Max Note Rate | 6.00% | |
Maturity Date | Jan. 1, 2022 | |
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 | 2.15% | |
Max Note Rate | 5.50% | |
Maturity Date | Mar. 1, 2022 | |
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 | 2.24% | |
Max Note Rate | 5.50% | |
Maturity Date | Mar. 1, 2022 | |
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 | 2.27% | |
Max Note Rate | 5.50% | |
Maturity Date | Mar. 1, 2022 | |
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 | 2.22% | |
Max Note Rate | 5.50% | |
Maturity Date | Mar. 1, 2022 | |
Mortgages Payable | Bayberry Apartments | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 12,660,000 | |
Interest Rate | 1.99% | |
Max Note Rate | 5.95% | |
Maturity Date | May 1, 2022 | |
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 | 2.92% | |
Max Note Rate | 5.75% | |
Maturity Date | Feb. 1, 2021 | |
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 | 2.92% | |
Max Note Rate | 5.75% | |
Maturity Date | Feb. 1, 2021 | |
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 | 2.92% | |
Max Note Rate | 5.75% | |
Maturity Date | Feb. 1, 2021 | |
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 | 2.92% | |
Max Note Rate | 5.75% | |
Maturity Date | Feb. 1, 2021 | |
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 | 2.92% | |
Max Note Rate | 5.75% | |
Maturity Date | Feb. 1, 2021 | |
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 | 2.92% | |
Max Note Rate | 5.75% | |
Maturity Date | Feb. 1, 2021 | |
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 | 2.92% | |
Max Note Rate | 5.75% | |
Maturity Date | Feb. 1, 2021 | |
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 | 2.01% | |
Max Note Rate | 5.96% | |
Maturity Date | Oct. 1, 2024 | |
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 | 2.00% | |
Max Note Rate | 6.25% | |
Maturity Date | Oct. 1, 2024 | |
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 | 2.00% | |
Max Note Rate | 7.11% | |
Maturity Date | Nov. 1, 2024 | |
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 | 2.00% | |
Max Note Rate | 7.21% | |
Maturity Date | Nov. 1, 2024 | |
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 | 2.00% | |
Max Note Rate | 7.35% | |
Maturity Date | Nov. 1, 2024 | |
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 | 2.00% | |
Max Note Rate | 7.11% | |
Maturity Date | Nov. 1, 2024 | |
Mortgages Payable | Mc Millan 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 | 2.11% | |
Max Note Rate | 5.92% | |
Maturity Date | Feb. 1, 2025 | |
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 | 2.00% | |
Max Note Rate | 6.26% | |
Maturity Date | Dec. 1, 2024 | |
Mortgages Payable | Abbington Heights | Debt With Fixed Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 120 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 10,498,346 | |
Interest Rate | 3.79% | |
Max Note Rate | 3.79% | |
Maturity Date | Sep. 1, 2022 | |
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 | $ 11,435,520 | |
Interest Rate | 4.68% | |
Max Note Rate | 4.68% | |
Maturity Date | Sep. 1, 2018 | |
Mortgages Payable | Regatta Bay | Debt With Fixed Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 480 months | |
Amortization (months) | 480 months | |
Outstanding Principal | $ 13,096,011 | |
Interest Rate | 4.85% | |
Max Note Rate | 4.85% | |
Maturity Date | Aug. 1, 2050 | |
Mortgages Payable | Cornerstone | Debt With Fixed Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 120 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 23,672,754 | |
Interest Rate | 4.24% | |
Max Note Rate | 4.24% | |
Maturity Date | Mar. 1, 2023 |
Debt - Summary of Mortgage De37
Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Parenthetical) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Indebtedness secured by property | $ 623,520,482 | $ 486,976,130 |
25th month through 81st month | ||
Debt Instrument [Line Items] | ||
Mortgage loans payable description | Loan can be pre-paid in the first 24 months of the term at par plus 5.00%. 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% | |
First 24 months | ||
Debt Instrument [Line Items] | ||
Loan prepayment fee as a percentage of unpaid principal balance | 5.00% | |
13th month through 116th month | ||
Debt Instrument [Line Items] | ||
Mortgage loans payable 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 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% | |
First 12 months | ||
Debt Instrument [Line Items] | ||
Loan prepayment fee as a percentage of unpaid principal balance | 5.00% | |
13th month through 81st month | ||
Debt Instrument [Line Items] | ||
Mortgage loans payable description | Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. 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% | |
Abbington Heights | Last Three Months | ||
Debt Instrument [Line Items] | ||
Mortgage loans payable 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 payable 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 (“HUD”) | ||
Debt Instrument [Line Items] | ||
Mortgage loans payable description | 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. | |
Mortgages Payable | LIBOR | ||
Debt Instrument [Line Items] | ||
LIBOR, one month interest rate | 0.1865% | |
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. | |
Indebtedness secured by property | $ 23,672,754 | |
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. | |
Acquired property mortgage loan principle amount | $ 5,775,000 |
Debt - Additional Information (
Debt - Additional Information (Details) | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
Weighted average interest rate of mortgage indebtedness | 2.53% | 2.65% |
Debt - Schedule of Debt Maturit
Debt - Schedule of Debt Maturities (Details) | Jun. 30, 2015USD ($) |
Debt Disclosure [Abstract] | |
Remainder of 2015 | $ 584,273 |
2,016 | 4,609,592 |
2,017 | 8,059,713 |
2,018 | 13,634,121 |
2,019 | 14,730,436 |
Thereafter | 581,555,496 |
Total | $ 623,173,631 |
Fair Value Measures and Finan40
Fair Value Measures and Financial Instruments - Additional Information (Details) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015USD ($)Property | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($)Property | |
Fair Value Inputs Assets Quantitative Information [Line Items] | |||
Properties acquired | Property | 32 | ||
Properties acquired for cash | $ 164,577,909 | $ 187,864,183 | $ 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 | $ 395,631 | $ 0 | |
Debt With Floating Interest Rate | |||
Fair Value Inputs Assets Quantitative Information [Line Items] | |||
Interest rate on variable rate loans | 2.01% | 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 | Property | 7 | ||
Properties acquired for cash | $ 183,588,400 | ||
Purchased price of land | 35,890,000 | ||
Building, building improvements, furniture, fixtures and equipment | 142,866,400 | ||
Intangible lease assets gross | $ 4,832,000 | ||
Level 2 Inputs | |||
Fair Value Inputs Assets Quantitative Information [Line Items] | |||
Properties acquired | Property | 3 | ||
Level 2 Inputs | Additional Real Estate Properties Acquisition | |||
Fair Value Inputs Assets Quantitative Information [Line Items] | |||
Properties acquired | Property | 1 |
Fair Value Measures and Finan41
Fair Value Measures and Financial Instruments - Summary of Critical Assumptions (Details) | 6 Months Ended |
Jun. 30, 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 Finan42
Fair Value Measures and Financial Instruments - Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk (Details) - Jun. 30, 2015 - Designated as hedging instrument - Interest rate caps | USD ($)DerivativeInstrument |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |
Interest rate caps | DerivativeInstrument | 15 |
Interest rate caps | $ 259,659,000 |
Fair Value Measures and Finan43
Fair Value Measures and Financial Instruments - Outstanding Interest Rate Derivatives Not Designated as Cash Flow Hedges of Interest Rate Risk (Details) - Jun. 30, 2015 - Not designated as hedging instrument - Interest rate caps | USD ($)DerivativeInstrument |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |
Interest rate caps | DerivativeInstrument | 20 |
Interest rate caps | $ 304,812,000 |
Fair Value Measures and Finan44
Fair Value Measures and Financial Instruments - Summary of Derivative Financial Instruments and Classification on the Combined Consolidated Balance Sheet (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Interest rate caps | $ 204,035 | $ 458,033 |
Other assets | Interest rate caps | Designated as hedging instrument | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Interest rate caps | 154,198 | 263,301 |
Other assets | Interest rate caps | Not designated as hedging instrument | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Interest rate caps | $ 49,837 | $ 194,732 |
Fair Value Measures and Finan45
Fair Value Measures and Financial Instruments - Summary of Derivative Financial Instruments and Combined Consolidated Statements of Operations and Comprehensive Loss (Details) - Interest rate caps - Interest Expense - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of gain (loss) recognized in OCI on derivative (effective portion) | $ (125,873) | $ (395,631) | ||
Amount of gain (loss) recognized in income | $ (50,070) | $ (424,098) | $ (165,599) | $ (449,538) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)$ / Property$ / h | Jun. 30, 2014USD ($) | |
Related Party Transaction [Line Items] | ||||
Management and administration fees | $ 1,438,667 | $ 115,562 | $ 2,715,354 | $ 240,720 |
BH Management Services, LLC | ||||
Related Party Transaction [Line Items] | ||||
Asset management fee percent | 3.00% | |||
Inspection of properties fee, per unit | $ / Property | 15 | |||
Other owner approved fees, per hour | $ / h | 55 | |||
Property management fees | 857,687 | 206,688 | $ 1,616,499 | 329,311 |
Construction supervision fee | 504,989 | 0 | $ 675,078 | 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% | |||
Operating Agreement | ||||
Related Party Transaction [Line Items] | ||||
Asset management fee percent | 0.50% | |||
Asset management fees | $ 141,249 | $ 31,206 | $ 267,966 | $ 48,165 |
Nex Point Advisors | ||||
Related Party Transaction [Line Items] | ||||
Asset management fee percent | 1.00% | |||
Percentage of monthly payable administrative fee | 0.20% | |||
Nex Point Advisors | Predecessor | ||||
Related Party Transaction [Line Items] | ||||
Percentage of monthly paid annual fee | 1.00% | |||
Percentage of monthly payable administrative fee | 0.20% | |||
Nex Point Advisors | Maximum | ||||
Related Party Transaction [Line Items] | ||||
Management and administrative fee percentage | 1.50% | |||
Management and administrative fees on contributed assets | $ 5,691,428 |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Details_ | Jun. 30, 2015USD ($) |
Failed Acquisition | |
Long Term Purchase Commitment [Line Items] | |
Prepaid acquisition costs | $ 0 |
Subsequent Events - Summary of
Subsequent Events - Summary of Acquired Property (Details) | Aug. 05, 2015USD ($)Units | Jun. 30, 2015Property |
Subsequent Event [Line Items] | ||
# Units | Property | 12,038 | |
Subsequent Event | Madera Point | Mesa | Arizona | ||
Subsequent Event [Line Items] | ||
Closing Date | Aug. 5, 2015 | |
Purchase Price | $ 22,525,000 | |
Debt | $ 13,515,000 | |
# Units | Units | 256 | |
Noncontrolling Interest | 5.00% | |
Effective ownership percentage | 95.00% | |
Subsequent Event | The Pointe at the Foothills | Phoenix | Arizona | ||
Subsequent Event [Line Items] | ||
Closing Date | Aug. 5, 2015 | |
Purchase Price | $ 52,275,000 | |
Debt | $ 31,365,000 | |
# Units | Units | 528 | |
Noncontrolling Interest | 5.00% | |
Effective ownership percentage | 95.00% |
Subsequent Events - Summary o49
Subsequent Events - Summary of Acquired Property (Parenthetical) (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Madera Point | ||
Subsequent Event [Line Items] | ||
Renovation reserve amount | $ 1,807,666 | |
Renovation reserve amount per unit | $ 7,061 | |
Madera Point | Maximum | ||
Subsequent Event [Line Items] | ||
Purchase interest rate | 4.10% | |
The Pointe at the Foothills | ||
Subsequent Event [Line Items] | ||
Renovation reserve amount | $ 1,371,252 | |
Renovation reserve amount per unit | $ 2,597 | |
Debt With Floating Interest Rate | ||
Subsequent Event [Line Items] | ||
New loan floating interest rate | 2.01% | 2.02% |
Debt With Floating Interest Rate | Madera Point | ||
Subsequent Event [Line Items] | ||
New loan floating interest rate | 1.90% | |
Debt instrument description | floating interest rate at 1.90% plus one-month LIBOR with a term of 60 months, that matures on September 1, 2020. | |
Maturity Date | Sep. 1, 2020 | |
Loan prepayment fee as a percentage of unpaid principal balance | 1.00% | |
Debt With Floating Interest Rate | The Pointe at the Foothills | ||
Subsequent Event [Line Items] | ||
New loan floating interest rate | 1.90% | |
Debt instrument description | floating interest rate at 1.90% plus one-month LIBOR with a term of 60 months, that matures on September 1, 2020. | |
Maturity Date | Sep. 1, 2020 | |
Loan prepayment fee as a percentage of unpaid principal balance | 1.00% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | Aug. 05, 2015 | Jun. 30, 2015 | Aug. 10, 2015 |
Subsequent Event [Line Items] | |||
Dividends payable, date declared | Aug. 10, 2015 | ||
Dividends payable, date of record | Sep. 15, 2015 | ||
Dividends payable, date to be paid | Sep. 30, 2015 | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Dividends payable, amount per share | $ 0.206 | ||
Subsequent Event | Bridge Loan | |||
Subsequent Event [Line Items] | |||
Bridge facility accrued interest rate description | 4.00% plus one-month LIBOR. | ||
Bridge facility accrued interest rate | 4.00% | ||
Key Bank | |||
Subsequent Event [Line Items] | |||
Bridge facility payable due date | Aug. 4, 2016 | ||
Key Bank | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Bridge facility | $ 29,000,000 |