NexPoint Residential Trust (NXRT) 10-Q 16 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 16, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
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 ($)	Sep. 30, 2015	Dec. 31, 2014
Operating Real Estate Investments
Land (including from VIEs of $172,621,771 and $127,740,000, respectively)	$ 174,201,771	$ 129,320,000
Buildings and improvements (including from VIEs of $702,737,605 and $479,904,527, respectively)	711,276,465	488,260,399
Intangible lease assets (including from VIEs of $2,463,000 and $17,594,000, respectively)	2,463,000	17,884,000
Construction in progress (including from VIEs of $5,422,306 and $6,529,884, respectively)	5,473,414	6,529,884
Furniture, fixtures, and equipment (including from VIEs of $20,952,485 and $7,886,210, respectively)	21,507,521	8,319,564
Total Gross Operating Real Estate Investments	914,922,171	650,313,847
Accumulated depreciation and amortization (including from VIEs of $29,663,316 and $21,109,832, respectively)	(30,268,602)	(21,787,940)
Total Net Operating Real Estate Investments	884,653,569	628,525,907
Cash and cash equivalents (including from VIEs of $15,030,783 and $11,868,779, respectively)	18,957,993	12,661,535
Restricted cash (including from VIEs of $54,676,804 and $47,192,578, respectively)	54,915,959	47,817,342
Accounts receivable (including from VIEs of $1,556,287 and $1,134,869, respectively)	1,926,320	1,151,225
Prepaid and other assets (including from VIEs of $2,763,366 and $2,545,660, respectively)	3,627,395	2,568,933
Deferred financing costs, net (including from VIEs of $5,672,905 and $4,535,381, respectively)	6,103,250	4,632,429
TOTAL ASSETS	970,184,486	697,357,371
LIABILITIES AND EQUITY
Bridge facility	29,000,000
Mortgages payable (including from VIEs of $659,424,170 and $480,976,130, respectively)	667,824,170	486,976,130
Accounts payable and other accrued liabilities (including from VIEs of $3,579,018 and $5,322,045, respectively)	4,166,043	5,642,297
Accrued real estate taxes payable (including from VIEs of $7,606,737 and $3,858,836, respectively)	7,731,513	3,858,836
Accrued interest payable (including from VIEs of $1,377,263 and $1,030,962, respectively)	1,394,193	1,030,962
Security deposit liability (including from VIEs of $1,584,779 and $1,484,004, respectively)	1,611,953	1,513,431
Prepaid rents (including from VIEs of $1,251,345 and $760,046, respectively)	1,266,899	791,810
Due to affiliates (including from VIEs of $0 and $20,000, respectively)	759,286	20,000
Total Liabilities	$ 713,754,057	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	240,596,354
Accumulated deficit	(12,090,619)
Accumulated other comprehensive loss	(813,409)	$ (305,860)
Noncontrolling interests	28,525,165	21,280,699
Total Equity	256,430,429	197,523,905
TOTAL LIABILITIES AND EQUITY	$ 970,184,486	$ 697,357,371

COMBINED CONSOLIDATED BALANCE 3

COMBINED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Land	$ 174,201,771	$ 129,320,000
Buildings and improvements	711,276,465	488,260,399
Intangible lease assets	2,463,000	17,884,000
Construction in progress	5,473,414	6,529,884
Furniture, fixtures, and equipment	21,507,521	8,319,564
Accumulated depreciation and amortization	30,268,602	21,787,940
Cash and cash equivalents	18,957,993	12,661,535
Restricted cash	54,915,959	47,817,342
Accounts receivable	1,926,320	1,151,225
Prepaid and other assets	3,627,395	2,568,933
Deferred financing costs, net	6,103,250	4,632,429
Mortgages payable	667,824,170	486,976,130
Accounts payable and other accrued liabilities	4,166,043	5,642,297
Accrued real estate taxes payable	7,731,513	3,858,836
Accrued interest payable	1,394,193	1,030,962
Security deposit liability	1,611,953	1,513,431
Prepaid rents	1,266,899	791,810
Due to affiliates	$ 759,286	$ 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	$ 172,621,771	$ 127,740,000
Buildings and improvements	702,737,605	479,904,527
Intangible lease assets	2,463,000	17,594,000
Construction in progress	5,422,306	6,529,884
Furniture, fixtures, and equipment	20,952,485	7,886,210
Accumulated depreciation and amortization	29,663,316	21,109,832
Cash and cash equivalents	15,030,783	11,868,779
Restricted cash	54,676,804	47,192,578
Accounts receivable	1,556,287	1,134,869
Prepaid and other assets	2,763,366	2,545,660
Deferred financing costs, net	5,672,905	4,535,381
Mortgages payable	659,424,170	480,976,130
Accounts payable and other accrued liabilities	3,579,018	5,322,045
Accrued real estate taxes payable	7,606,737	3,858,836
Accrued interest payable	1,377,263	1,030,962
Security deposit liability	1,584,779	1,484,004
Prepaid rents	1,251,345	760,046
Due to affiliates	$ 0	$ 20,000

COMBINED CONSOLIDATED STATEMENT

COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Rental income	$ 26,965,236	$ 10,680,828	$ 75,183,751	$ 20,344,820
Other	3,805,657	1,239,307	9,871,907	2,387,162
Total revenues	30,770,893	11,920,135	85,055,658	22,731,982
Expenses
Property operating expenses	9,187,089	3,532,626	24,799,053	6,471,191
Acquisition costs	617,670	3,606,312	2,786,932	6,352,836
Real estate taxes and insurance	3,774,978	1,587,284	10,730,118	3,073,585
Property management fees (related party)	910,015	357,821	2,526,514	687,132
Advisory and administrative fees (related party)	1,454,476	517,594	4,169,830	758,314
Corporate general and administrative expenses	816,821		1,647,805
Property general and administrative expenses	1,142,679	867,174	3,777,834	1,246,872
Depreciation and amortization	9,135,353	5,846,387	30,795,663	11,425,607
Total expenses	27,039,081	16,315,198	81,233,749	30,015,537
Operating income (loss)	3,731,812	(4,395,063)	3,821,909	(7,283,555)
Interest expense	(4,621,715)	(2,046,306)	(12,869,376)	(4,116,164)
Net loss	(889,903)	(6,441,369)	(9,047,467)	(11,399,719)
Net income (loss) attributable to noncontrolling interests	174,417	(697,881)	(331,649)	(1,370,052)
Net loss attributable to common shareholders	(1,064,320)	(5,743,488)	(8,715,818)	(10,029,667)
Other comprehensive loss
Net losses related to interest rate cap valuations	(111,918)	(62,188)	(507,549)	(62,188)
Total comprehensive loss	(1,001,821)	(6,503,557)	(9,555,016)	(11,461,907)
Comprehensive income (loss) attributable to noncontrolling interest	164,355	(704,100)	(378,313)	(1,376,271)
Comprehensive loss attributable to common shareholders	$ (1,166,176)	$ (5,799,457)	$ (9,176,703)	$ (10,085,636)
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		$ 0.412
Loss per share: Basic and diluted (See Note 2)	$ (0.04)	$ (0.30)	$ (0.42)	$ (0.54)

COMBINED CONSOLIDATED STATEMEN5

COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities
Net loss	$ (9,047,467)	$ (11,399,719)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	30,795,663	11,425,607
Amortization of deferred financing fees	808,906	188,242
Change in fair value on derivative instruments included in interest expense	182,302	629,428
Noncash contributions		745,500
Gain on disposal from eminent domain	(157,882)
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	(775,095)	(2,409,167)
Prepaid and other assets	(770,817)	(493,335)
Restricted cash	(7,160,690)	(5,733,012)
Accounts payable and other accrued liabilities	1,928,046	3,968,993
Due to affiliates		12,814
Net cash provided by (used in) operating activities	15,802,966	(3,064,649)
Cash flows from investing activities
Change in restricted cash	62,073	(29,014,002)
Cash from eminent domain disposal	326,111
Additions to operating real estate investments	(29,608,659)	(5,745,873)
Acquisitions of operating real estate investments	(238,462,941)	(449,441,587)
Net cash used in investing activities	(267,683,416)	(484,201,462)
Cash flows from financing activities
Mortgage proceeds received	169,865,553	349,507,000
Bridge facility proceeds received	29,000,000
Mortgage payments	(7,017,513)	(15,660)
Deferred financing fees paid	(2,279,727)	(4,275,815)
Interest rate cap fees paid	(307,231)	(1,159,272)
Due to affiliates	454,286
Distributions to noncontrolling interest	(1,743,937)	(206,693)
Distributions	(8,773,678)	(7,484,764)
Contributions from noncontrolling interest	9,320,052	18,029,104
Contributions	69,659,103	140,290,633
Net cash provided by financing activities	258,176,908	494,684,533
Net increase in cash	6,296,458	7,418,422
Cash, beginning of period	12,661,535	189,868
Cash, end of period	18,957,993	7,608,290
Supplemental Disclosure of Cash Flow Information
Interest paid	11,514,937	2,662,835
Supplemental Disclosure of Noncash Investing and Financing Activities
Capitalized construction costs included in accounts payable and other accrued liabilities	532,877	1,163,495
Capitalized construction costs included in due to affiliates		84,755
Prepaid acquisition deposits included in due to affiliates	285,000
Change in fair value on hedging derivative instruments	507,549	62,188
Liabilities assumed from acquisitions	1,938,096	2,350,080
Other assets acquired from acquisitions	385,265	1,903,760
Assumed debt on acquisitions of operating real estate investments	$ 18,000,000	$ 22,643,116

COMBINED CONSOLIDATED STATEMEN6

COMBINED CONSOLIDATED STATEMENT OF EQUITY (UNAUDITED) - 9 months ended Sep. 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	$ 78,979,155					69,659,103	9,320,052
Distributions / Dividends	(10,517,615)			$ (8,773,678)			(1,743,937)
Other comprehensive loss	(507,549)				(507,549)
Net loss	(9,047,467)			(3,316,941)		(5,398,877)	(331,649)
Exchange of predecessor invested equity for common stock, Values		$ 212,938	$ 240,596,354			$ (240,809,292)
Exchange of predecessor invested equity for common stock, Shares		21,293,825
Ending Balances, Values at Sep. 30, 2015	$ 256,430,429	$ 212,938	$ 240,596,354	$ (12,090,619)	$ (813,409)		$ 28,525,165
Ending Balances, Shares at Sep. 30, 2015	21,293,825	21,293,825

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 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 commenced operations 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 Adviser. 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 the 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 program. 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	9 Months Ended
	Sep. 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 directly or 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 of Regulation S-X for interim financial statements. The 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 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 type of 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 periodically for impairment and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In such cases, the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. For the periods ended September 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 security deposits, operating escrows, and renovation value-add reserves. Security Deposits are held until they are due to tenants and are credited against the balance. Operating escrows are required and held by our first mortgage lender(s) for items such as real estate taxes, insurance, and required repairs. Lender held escrows are released back to the entity upon the Borrower’s proof of payment of such expenses. Renovation value-add reserves are funds identified to finance our value-add renovations at each of our properties and are not actually held in escrow by a third party. The Company may reallocate these funds, at its discretion, to capitalize other investment opportunities. The following is a summary of the restricted cash held as of September 30, 2015 and December 31, 2014: September 30, 2015 December Security Deposits $ 1,141,732 $ 1,574,302 Operating Escrows 14,892,686 7,299,426 Renovation value-add reserves 38,881,541 38,943,614 $ 54,915,959 $ 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 September 30, 2015, prepaid costs were $285,000. These prepaid costs were held in escrow and will be rolled into the cost of the property at closing in connection with a subsequent acquisition (see Note 10). These costs are included in prepaid and other assets on the consolidated balance sheet and are also accrued and owed to an affiliate and included in due to affiliate 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 $6,103,250 and $4,632,429 are recorded on the accompanying combined consolidated balance sheets as of September 30, 2015 and at December 31, 2014, respectively. Amortization of deferred financing costs of $268,379 and $106,293 is included in interest expense in the combined consolidated statements of operations and comprehensive loss for the three month periods ended September 30, 2015 and 2014, respectively. Amortization of deferred financing costs of $808,906 and $188,242 is included in interest expense in the combined consolidated statements of operations and comprehensive loss for the nine month periods ended September 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 September 30, 2015 and December 31, 2014: Properties Location Year Acquired Effective Percentage at September 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 Fredericksburg, 2014 85 % 85 % Cornerstone Orlando, Florida 2015 90 % — (2) McMillan Place Dallas, Texas 2015 90 % — (2) Barrington Mill Marietta, Georgia 2015 90 % — (2) Dana Point Dallas, Texas 2015 90 % — (2) Heatherstone Dallas, Texas 2015 90 % — (2) Versailles Dallas, Texas 2015 90 % — (2) Seasons 704 Apartments (FKA Bayberry Apartments) West Palm Beach, Florida 2015 90 % — (2) Madera Point Mesa, Arizona 2015 95 % — (2) The Pointe at the Foothills Mesa, Arizona 2015 95 % — (2) (1) The Miramar Apartments is not owned through a joint venture. (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 through its subsidiary, NexPoint Residential Trust Operating Partnership, L.P., directly or indirectly holds membership interests in single-asset limited liability companies that directly own the properties. These entities are deemed to be VIEs as we have disproportionate 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 each VIE can only be used to settle obligations of that particular VIE, 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) and received a proportional share of each VIE that it invested in. 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 each VIE. In consideration of the guarantees provided by BH Equity and its affiliates, they will earn an additional 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, the proportion of distributions changes to a predetermined allocation according to the agreements between each VIE and BH Equity or its affiliate. Revenue Recognition The Company’s primary operations consist of rental income earned from its residents under lease agreements with terms of one year or less. Rental income is recognized when earned. This policy effectively results in income recognition on the straight-line method over the related terms of the leases. Resident reimbursements and other income consist of charges billed to residents for utilities, carport and garage rental, pets, administrative, application and other fees and are recognized when earned. Asset Management & Property Management Services Management fee expenses are recognized when incurred in accordance with each management agreement (see 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 (the “Code”), 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 all of the Company’s taxable income at regular corporate rates for that year. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. 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 Adviser, 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 allocation of value 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. For the three and nine months ended September 30, 2015, the Company incurred a loss per share of $0.04 and $0.42, respectively. 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	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Acquisitions	3. Acquisitions As of September 30, 2015, through its combined consolidated joint ventures, the Company has invested in a total of forty one 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 September 2015 (2) % Occupied as of December The Miramar Apartments 183,100 314 10/31/2013 $ 577 91.4 % 92.7 % Arbors on Forest Ridge 154,556 210 1/31/2014 $ 793 92.4 % 92.9 % Cutter's Point 197,972 196 1/31/2014 $ 969 95.4 % 96.4 % Eagle Crest 395,951 447 1/31/2014 $ 783 93.1 % 94.9 % Meridian 148,200 200 1/31/2014 $ 803 94.5 % 95.0 % Silverbrook 526,138 642 1/31/2014 $ 706 95.3 % 91.7 % Timberglen 221,376 304 1/31/2014 $ 732 93.1 % 93.4 % Toscana 115,400 192 1/31/2014 $ 641 94.3 % 93.2 % The Grove at Alban 267,300 290 3/10/2014 $ 957 94.1 % 89.3 % Willowdale Crossings 411,800 432 5/15/2014 $ 990 90.3 % 82.9 % Edgewater at Sandy Springs 726,774 760 7/18/2014 $ 808 91.6 % 92.5 % Beechwood Terrace 271,728 300 7/21/2014 $ 781 96.3 % 98.7 % Willow Grove 229,140 244 7/21/2014 $ 755 94.3 % 94.7 % Woodbridge 246,840 220 7/21/2014 $ 863 92.7 % 90.5 % Abbington Heights 238,974 274 8/1/2014 $ 770 92.0 % 96.0 % The Summit at Sabal Park 204,545 252 8/20/2014 $ 828 90.1 % 88.5 % Courtney Cove 224,958 324 8/20/2014 $ 722 92.9 % 95.1 % Colonial Forest 160,093 174 8/20/2014 $ 632 94.8 % 94.8 % Park at Blanding 116,410 117 8/20/2014 $ 771 90.6 % 88.9 % Park at Regency 134,253 159 8/20/2014 $ 753 93.7 % 91.2 % Jade Park 118,392 144 8/20/2014 $ 732 93.1 % 96.5 % Mandarin Reserve 449,276 520 9/15/2014 $ 704 92.5 % 95.4 % Radbourne Lake 246,599 225 9/30/2014 $ 952 94.7 % 92.4 % Timber Creek 248,391 352 9/30/2014 $ 719 93.5 % 93.2 % Belmont at Duck Creek 198,279 240 9/30/2014 $ 863 95.0 % 93.8 % The Arbors 127,536 140 10/16/2014 $ 772 91.4 % 92.1 % The Crossings 377,840 380 10/16/2014 $ 742 94.7 % 94.7 % The Crossings at Holcomb Bridge 247,982 268 10/16/2014 $ 760 95.9 % 93.7 % The Knolls 311,160 312 10/16/2014 $ 818 92.3 % 95.2 % Regatta Bay 200,440 240 11/4/2014 $ 994 93.8 % 96.3 % Sabal Palm at Lake Buena Vista 370,768 400 11/5/2014 $ 1,087 91.8 % 95.0 % Southpoint Reserve at Stoney Creek 115,712 156 12/18/2014 $ 993 96.2 % 92.9 % Cornerstone 317,565 430 1/15/2015 $ 822 93.7 % — (3) McMillan Place 290,051 402 1/15/2015 $ 666 91.8 % — (3) Barrington Mill 692,180 752 2/6/2015 $ 740 94.1 % — (3) Dana Point 206,276 264 2/26/2015 $ 738 93.6 % — (3) Heatherstone 115,615 152 2/26/2015 $ 769 95.4 % — (3) Versailles 300,908 388 2/26/2015 $ 775 92.5 % — (3) Seasons 704 Apartments (FKA Bayberry Apartments) 216,891 222 4/15/2015 $ 972 92.3 % — (3) Madera Point 192,880 256 8/5/2015 $ 758 94.9 % — (3) The Pointe at the Foothills 472,952 528 8/5/2015 $ 825 87.5 % — (3) 10,993,201 12,822 (1) Average effective monthly rent per unit is equal to the average of (i) the contractual rent for commenced leases as of September 30, 2015 minus any tenant concession over the term of the lease, divided by (ii) the number of units under commenced leases as of September 30, 2015. (2) Percent occupied is calculated as (i) the number of units occupied as of September 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	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Real Estate Investments	4. Real Estate Investments As of September 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 $ 8,538,859 $ — $ 51,108 $ 555,037 $ 10,725,004 Arbors on Forest Ridge 2,330,000 10,942,000 — 1,554 427,510 13,701,064 Cutter's Point 3,330,000 12,737,529 — 3,423 558,122 16,629,074 Eagle Crest 5,450,000 21,746,561 — 8,673 696,973 27,902,207 Meridian 2,310,000 10,320,352 — 12,145 359,172 13,001,669 Silverbrook 4,860,000 24,844,102 — 103,545 1,336,629 31,144,276 Timberglen 2,510,000 14,345,179 — 14,127 532,344 17,401,650 Toscana 1,730,000 7,232,068 — 14,329 454,921 9,431,318 The Grove at Alban 3,640,000 18,975,977 — 388,785 405,190 23,409,952 Willowdale Crossings 4,650,000 35,597,436 — 108,391 638,080 40,993,907 Edgewater at Sandy Springs 14,290,000 43,346,522 — 188,749 2,099,556 59,924,827 Beechwood Terrace 1,390,000 20,363,115 — 8,770 456,808 22,218,693 Willow Grove 3,940,000 10,418,449 — 154,069 435,758 14,948,276 Woodbridge 3,650,000 12,592,845 — 9,786 438,209 16,690,840 Abbington Heights 1,770,000 16,146,690 — 41,155 476,195 18,434,040 The Summit at Sabal Park 5,770,000 13,291,623 — 9,372 522,681 19,593,676 Courtney Cove 5,880,000 12,821,685 — 30,380 576,467 19,308,532 Colonial Forest 2,090,000 3,479,861 — 11,087 281,259 5,862,207 Park at Blanding 2,610,000 4,014,703 — 3,566 240,902 6,869,171 Park at Regency 2,620,000 5,681,263 — 6,530 397,784 8,705,577 Jade Park 1,490,000 6,394,583 — 18,862 256,902 8,160,347 Mandarin Reserve 5,610,000 20,814,266 — 4,275 798,247 27,226,788 Radbourne Lake 2,440,000 21,125,653 — 198,048 648,098 24,411,799 Timber Creek 11,260,000 12,983,924 — 59,835 418,960 24,722,719 Belmont at Duck Creek 1,910,000 16,901,595 — 8,508 452,687 19,272,790 The Arbors 1,730,000 6,391,907 — 25,948 212,651 8,360,506 The Crossings 3,981,771 16,631,342 — 737,032 652,869 22,003,014 The Crossings at Holcomb Bridge 5,560,000 10,582,067 — 111,124 555,227 16,808,418 The Knolls 3,410,000 17,414,398 — 107,729 633,463 21,565,590 Regatta Bay 1,660,000 15,996,515 — 140,220 361,132 18,157,867 Sabal Palm at Lake Buena Vista 7,580,000 40,338,489 — 550,770 529,823 48,999,082 Southpoint Reserve at Stoney Creek 6,120,000 10,807,403 — 185,494 207,830 17,320,727 Cornerstone 3,610,000 16,996,702 — 221,553 320,425 21,148,680 McMillan Place 1,500,000 29,763,510 — 219,954 246,185 31,729,649 Barrington Mill 10,170,000 46,967,002 — 63,998 1,035,956 58,236,956 Dana Point 4,090,000 11,622,544 — 328,339 444,260 16,485,143 Heatherstone 2,320,000 6,894,432 — 191,922 335,490 9,741,844 Versailles 6,720,000 19,204,114 — 488,725 600,263 27,013,102 Seasons 704 Apartments (FKA Bayberry Apartments) 7,480,000 13,041,228 401,000 540,632 261,680 21,724,540 Madera Point 4,920,000 16,566,000 629,000 — 423,590 22,538,590 The Pointe at the Foothills 4,240,000 46,401,972 1,433,000 100,902 222,186 52,398,060 174,201,771 711,276,465 2,463,000 5,473,414 21,507,521 914,922,171 Accumulated depreciation and amortization — (25,641,158 ) (898,002 ) — (3,729,442 ) (30,268,602 ) $ 174,201,771 $ 685,635,307 $ 1,564,998 $ 5,473,414 $ 17,778,079 $ 884,653,569 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 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 $7,525,723 and $2,586,553 for the three months ended September 30, 2015 and 2014, respectively. Depreciation expense was $20,025,611 and $4,675,107 for the nine months ended September 30, 2015 and 2014, respectively. Amortization expense related to the Company’s intangible lease assets was $1,609,630 and $3,259,834 for the three months ended September 30, 2015 and 2014, respectively. Amortization expense related to the Company’s intangible lease assets was $10,770,052 and $6,750,500 for the nine months ended September 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 September 30, 2015 is expected to be

Pro Forma Financial Information

Pro Forma Financial Information (Unaudited)	9 Months Ended
	Sep. 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 September 30, 2015 and 2014. The Company acquired forty properties during the period January 1, 2014 through September 30, 2015 and one additional property subsequent to the end of the third quarter on October 30, 2015 (see Note 10). The following unaudited pro forma information for the periods ended September 30, 2015 and 2014 has been provided to give effect to the acquisitions of the properties as if they had occurred on January 1, 2014. This pro forma 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. Nine Months Ended September 30, 2015 2014 Actual Total revenue $ 85,055,658 $ 22,731,982 Net loss (9,047,467 ) (11,399,719 ) Pro forma: Total revenues 95,837,958 86,939,347 Net income (loss) 3,660,601 (28,884,774 ) The pro forma information includes adjustments to actual revenues and expenses recorded to reflect operations of all properties acquired as of and subsequent to September 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 fully amortized through the nine month period ended September 30, 2014 due to the six month life of intangible assets; (3) acquisition costs have been excluded for pro forma purposes for the acquisition costs of the properties; (4) advisory and administrative fees have been adjusted to include the acquisitions on a pro forma basis (although the Company has decided to voluntarily waive additional advisory and administrative fees on New Assets (see Note 8), the additional fees have been included for pro forma purposes); 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 $850,000 per quarter.

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	6. Debt Mortgages Payable The following table contains summary information concerning the mortgage debt to the Company as of September 30, 2015: Property Type Term (months) Amortization (months) Outstanding Principal (1) Interest Rate (2) Max Note Rate (3) Maturity Date The Miramar Apartments (4) Floating 120 360 $ 8,400,000 2.41% 5.75% 2/1/2025 Beechwood Terrace (5) Floating 84 360 17,120,000 2.27% 6.00% 8/1/2021 Colonial Forest (5) Floating 84 360 4,125,000 2.35% 6.25% 9/1/2021 Courtney Cove (5) Floating 84 360 14,210,000 2.27% 5.75% 9/1/2021 Edgewater at Sandy Springs (5) Floating 84 360 43,550,000 2.28% 5.75% 8/1/2021 The Grove at Alban (5) Floating 84 360 18,720,000 2.73% 6.50% 4/1/2021 Park at Blanding (5) Floating 84 360 4,875,000 2.35% 7.25% 9/1/2021 Park at Regency (5) Floating 84 360 6,225,000 2.35% 7.01% 9/1/2021 The Summit at Sabal Park (5) Floating 84 360 14,287,000 2.27% 5.75% 9/1/2021 Mandarin Reserve (5) Floating 84 360 19,650,000 2.29% 5.50% 10/1/2021 Willow Grove (5) Floating 84 360 11,000,000 2.30% 6.00% 8/1/2021 Willowdale Crossings (5) Floating 84 360 32,800,000 2.46% 5.75% 6/1/2021 Jade Park (5) Floating 84 360 5,850,000 2.34% 6.49% 9/1/2021 Woodbridge (5) Floating 84 360 12,800,000 2.28% 6.25% 8/1/2021 Southpoint Reserve at Stoney Creek (5) Floating 84 360 13,600,000 2.30% 6.00% 1/1/2022 Barrington Mill (5) Floating 84 360 43,500,000 2.15% 5.50% 3/1/2022 Dana Point (5) Floating 84 360 12,176,000 2.24% 5.50% 3/1/2022 Heatherstone (5) Floating 84 360 7,087,000 2.27% 5.50% 3/1/2022 Versailles (5) Floating 84 360 19,623,000 2.22% 5.50% 3/1/2022 Seasons 704 Apartments (FKA Bayberry Apartments) (5) Floating 84 360 12,660,000 1.99% 5.95% 5/1/2022 Arbors on Forest Ridge (6) Floating 84 360 10,244,000 2.92% 5.75% 2/1/2021 Cutter's Point (6) Floating 84 360 12,676,000 2.92% 5.75% 2/1/2021 Eagle Crest (6) Floating 84 360 21,860,000 2.92% 5.75% 2/1/2021 Meridian (6) Floating 84 360 9,840,000 2.92% 5.75% 2/1/2021 Silverbrook (6) Floating 84 360 24,320,000 2.92% 5.75% 2/1/2021 Timberglen (6) Floating 84 360 13,560,000 2.92% 5.75% 2/1/2021 Toscana (6) Floating 84 360 7,100,000 2.92% 5.75% 2/1/2021 Timber Creek (7) Floating 120 360 19,482,000 2.01% 5.96% 10/1/2024 Radbourne Lake (7) Floating 120 360 19,213,000 2.00% 6.25% 10/1/2024 The Arbors (7) Floating 120 360 5,812,000 2.00% 7.11% 11/1/2024 The Crossings (7) Floating 120 360 15,873,889 2.00% 7.21% 11/1/2024 The Crossings at Holcomb Bridge (7) Floating 120 360 12,450,000 2.00% 7.35% 11/1/2024 The Knolls (7) Floating 120 360 16,038,000 2.00% 7.11% 11/1/2024 McMillan Place (7) Floating 120 360 15,738,000 2.11% 5.92% 2/1/2025 Sabal Palm at Lake Buena Vista (7) Floating 120 360 37,680,000 2.00% 6.26% 12/1/2024 Abbington Heights (8) Fixed 120 360 10,451,320 3.79% 3.79% 9/1/2022 Belmont at Duck Creek (9) Fixed 84 360 11,389,702 4.68% 4.68% 9/1/2018 Regatta Bay (10) Fixed 480 480 13,060,468 4.85% 4.85% 8/1/2050 Cornerstone (11) Fixed 120 360 23,578,323 4.24% 4.24% 3/1/2023 Madera Point (12) Floating 60 360 13,515,000 2.09% N/A 9/1/2020 The Pointe at the Foothills (12) Floating 60 360 31,365,000 2.08% N/A 9/1/2020 $ 667,504,702 Valuation adjustments 319,468 (13) $ 667,824,170 (1) Mortgage debt that is non-recourse to the Company and encumbers the multifamily properties. (2 ) 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 September 30, 2015 was 0.193%. (3 ) Represents the maximum rate payable on each note (see Note 7). (4) Loan cannot be pre-paid in the first 12 months of the term. Starting in the 13 th th (5 ) 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, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term. ( 6 ) 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, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term. (7 ) Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13 th th (8 ) 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. (9 ) Debt was assumed upon acquisition of this property at approximated fair value. The loan is open to pre-payment in the last six months of the term. (10 ) Debt was assumed upon acquisition of this property at approximated fair value and is a Housing and Urban Development (“HUD”) loan that is fully amortizing. Debt is insured by HUD under the Section 221(d)(4) program. The debt was refinanced subsequent to September 30, 2015 (see Note 10). (11 ) Debt in the amount of $18,000,000 was assumed upon acquisition at approximated fair value. The assumed debt carries a 4.09% fixed rate, was originally issued in March 2013 and had a term of 120 months with an initial 24 months of interest only. At the time of acquisition, the principal balance of the first mortgage remained unchanged and had a remaining term of 98 months with 2 months interest only. The first mortgage is pre-payable and subject to yield maintenance from month 13 through August 31, 2022 and is pre-payable 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 with a maturity date that is the same time as the first mortgage. The supplemental second mortgage is pre-payable and subject to yield maintenance from the date of issuance through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity. As of September 30, 2015, the total indebtedness secured by the property is $23,672,754 and has a blended interest rate of 4.24%. (12 ) Loan can be pre-paid starting in the 13 th th (13 ) The Company reflected a valuation adjustment on its fixed rate debt for Belmont at Duck Creek to adjust it to fair market value on the date of acquisition for the difference between the fair value and the assumed principal amount of debt. The difference is amortized into interest expense over the remaining term of the mortgage. The weighted average interest rate of our mortgage indebtedness was 2.50% as of September 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. Bridge Facility 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. The Bridge Facility is recourse to the Company and is secured by the equity interests in Madera Point and The Pointe at the Foothills. We are in discussions with Key Bank, N.A. to convert the Bridge Facility to a revolving credit facility and extend the maturity date, alleviating the necessity to repay the Bridge Facility in full in August 2016. If we are unable to convert the Bridge Facility, we plan to use cash on hand, proceeds from a future equity offering or issuance of debt, or proceeds from the refinancing of current debt in amounts in excess of the current balances to repay the Bridge Facility. 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 $ 350,324 2016 33,604,714 2017 8,050,365 2018 13,611,365 2019 14,977,075 Thereafter 625,910,859 Total $ 696,504,702 The scheduled maturity for 2016 is inclusive of the Bridge Facility of $29,000,000 with Key Bank, N.A. that matures on August 4, 2016.

Fair Value Measures and Derivat

Fair Value Measures and Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measures and Derivative Financial Instruments	7. Fair Value Measures and Derivative 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. 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 nine months ended September 30, 2015 and as further discussed in Notes 2 and 3, the Company acquired nine additional properties for approximately $258,184,000. The purchase prices of these properties were allocated as follows: land $45,050,000, building, building improvements, furniture, fixtures, and equipment $206,240,000, and intangible lease assets $6,894,000 based on their estimated fair values using Level 3 inputs. Of the nine 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 September 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 to cap the total amount of interest expense the Company may pay in a rising interest rate environment. 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 nine months ended September 30, 2015 and 2014, such derivatives were used to hedge the variable cash flows associated with most of our existing variable-rate debt. The derivative financial instruments that we employ cap our variable interest rate at a weighted average interest rate of 6.00%. The effective portion of changes in the fair value of derivative financial instruments that are designated as cash flow hedges is recorded in accumulated other comprehensive loss (“OCI”) and is subsequently reclassified into net income or loss in the period that the hedged forecasted transaction affects earnings. Amounts reported in accumulated OCI 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 net income as interest expense. During the three and nine months ended September 30, 2015, the Company recorded no ineffectiveness in earnings attributable to derivatives designated as cash flow hedges. As of September 30, 2014, the Company had two derivatives designated as cash flow hedges. As of September 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 September 30, 2015 and December 31, 2014: Asset Derivative Liability Derivative Balance Sheet Location September 30, 2015 December 31, 2014 Balance Sheet Location September 30, 2015 December 31, 2014 Derivatives designated as hedging instruments: Interest rate caps Other assets 62,983 263,301 Other — — Derivatives not designated as hedging instruments: Interest rate caps Other assets 12,430 194,732 Other liabilities — — Total 75,413 458,033 — — 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 September 30, 2015 and 2014 and for the nine months ended September 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 (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 September 30, Interest rate caps (111,918 ) (62,188 ) Interest expense — — Interest expense — — For the nine months ended September 30, Interest rate caps (507,549 ) (62,188 ) 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 September 30, Interest rate caps Interest expense (16,703 ) (179,890 ) For the nine months ended September 30, Interest rate caps Interest expense (182,302 ) (629,428 ) 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. 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 September 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	9 Months Ended
	Sep. 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 September 30, 2015 and 2014, the properties incurred asset management fees to the Company of $153,224 and $55,194, respectively. For the nine months ended September 30, 2015 and 2014, the properties incurred asset management fees to the Company of $421,190 and $103,359, respectively. Since the fees are paid to the Company (and not the Adviser) 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 BH’s 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 September 30, 2015 and 2014, the properties incurred management fees to BH of $910,015 and $357,821, respectively. For the nine months ended September 30, 2015 and 2014, the properties incurred management fees to BH of $2,526,514 and $687,132, respectively. These are reflected on the combined consolidated statements of operations and comprehensive loss in property management fees. For the three months ended September 30, 2015 and 2014, the properties incurred construction supervision fees to BH of $518,660 and $254,138, respectively. For the nine months ended September 30, 2015 and 2014, the properties incurred construction supervision fees to BH of $1,193,738 and $254,138, respectively. These are capitalized on the consolidated balance sheets and reflected in buildings and improvements. Advisory and Administrative Fee Prior to the Spin-Off, the predecessor paid NexPoint Advisors, an affiliate of the Adviser, an annual advisory 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 administrative 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 an advisory 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 advisory fee is payable monthly in arrears in cash, unless the Adviser elects, in its sole discretion, to receive all or a portion of the advisory fee in shares of common stock, subject to certain limitations. In accordance with the Advisory Agreement, the Company 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 administrative fee in shares of common stock, subject to certain limitations. The advisory 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 Adviser 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 Adviser required for the Company’s operations. Operating Expenses do not include expenses for the advisory and administrative services described in the Advisory Agreement. 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. Offering Expenses include all expenses (other than underwriters’ discounts) in connection with an offering, including, without limitation, legal, accounting, printing, mailing and filing fees and other documented offering expenses. For the three and nine months ended September 30, 2015, the Adviser did not bill any operating or offering expenses to the Company. Expense Cap Pursuant to the terms of the Advisory Agreement, expenses paid or incurred by us for advisory and administrative fees payable to the Adviser 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 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, advisory 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. Advisory and administrative fees on New Assets are not subject to the above limitation but are subject to the 1.5% Limitation. New Assets are all Real Estate Assets that are not Contributed Assets. The amount of advisory and administrative fees incurred were $4,169,830 and $758,314 for the nine months ended September 30, 2015 and 2014, respectively. The amount of advisory and administrative fees incurred were $1,454,476 and $517,594 for the three months ended September 30, 2015 and 2014, respectively. These fees are reflected on the statements of operations and comprehensive loss in advisory and administrative fees. The allocation of advisory and administrative fees prior to the Spin-Off is based on the terms of the Advisory Agreement between our predecessor and NexPoint Advisors. 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. The Company would have incurred an additional $133,165 in advisory and administrative fees for the three and nine months ended September 30, 2015 due to the acquisition of Madera Point and The Pointe at the Foothills on August 5, 2105, but elected to voluntarily waive these fees. These properties are considered New Assets pursuant to the terms of the Advisory Agreement. The Adviser has elected to voluntarily waive the fees on New Assets for the three months ended September 30, 2015. However, it is not contractually obligated to waive fees on New Assets in the future and may cease waiving fees on New Assets at its discretion.

Commitment and Contingencies

Commitment and Contingencies	9 Months Ended
	Sep. 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 September 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 real estate assets and should any of these acquisitions not close the costs incurred in connection with these acquisitions may not be recoverable (see Note 2). At September 30, 2015 the Company has no prepaid costs outstanding that were deemed to be not recoverable as a result of not completing an 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	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	10. Subsequent Events The Company acquired the following property subsequent to September 30, 2015 (unaudited): Property Location Closing Date Purchase Price Debt # Units Noncontrolling Interest Effective Ownership The Place at Vanderbilt Fort Worth, Texas October 30, 2015 $ 19,250,000 $ 13,875,000 (1) 333 5 % 95 % (1) We assumed a floating rate loan with an interest rate equal to one-month LIBOR plus 2.23%. The loan was originally issued on December 22, 2014 and matures on January 1, 2022. The loan only required interest only payments for the first 12 months (interest only period ends January 31, 2016) after which time the loan becomes amortizing. Upon assumption of the loan, we assumed an interest rate cap that caps the maximum rate at 5.75%. The loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13 th st On October 21, 2015, the Company refinanced the $13.1 million existing fixed rate HUD loan on Regatta Bay with a $14,000,000, full-term interest only, floating rate loan that has an interest rate equal to three-month LIBOR (subject to a floor of 0.25%) plus 1.70%. The Company incurred a 5.0% pre-payment penalty of $652,426 on the refinancing and received $277,841 in net proceeds from the new loan. The new loan matures on November 1, 2020 and can be pre-paid in the first 12 months of the term at par plus 1.00% of the unpaid principal balance and at par thereafter. On November 10, 2015 the Company’s board of directors approved a $0.206 per share dividend for record date December 15, 2015 and payable December 31, 2015.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 directly or 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 of Regulation S-X for interim financial statements. The 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 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 type of 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 periodically for impairment and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In such cases, the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. For the periods ended September 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 security deposits, operating escrows, and renovation value-add reserves. Security Deposits are held until they are due to tenants and are credited against the balance. Operating escrows are required and held by our first mortgage lender(s) for items such as real estate taxes, insurance, and required repairs. Lender held escrows are released back to the entity upon the Borrower’s proof of payment of such expenses. Renovation value-add reserves are funds identified to finance our value-add renovations at each of our properties and are not actually held in escrow by a third party. The Company may reallocate these funds, at its discretion, to capitalize other investment opportunities. The following is a summary of the restricted cash held as of September 30, 2015 and December 31, 2014: September 30, 2015 December Security Deposits $ 1,141,732 $ 1,574,302 Operating Escrows 14,892,686 7,299,426 Renovation value-add reserves 38,881,541 38,943,614 $ 54,915,959 $ 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 September 30, 2015, prepaid costs were $285,000. These prepaid costs were held in escrow and will be rolled into the cost of the property at closing in connection with a subsequent acquisition (see Note 10). These costs are included in prepaid and other assets on the consolidated balance sheet and are also accrued and owed to an affiliate and included in due to affiliate 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 $6,103,250 and $4,632,429 are recorded on the accompanying combined consolidated balance sheets as of September 30, 2015 and at December 31, 2014, respectively. Amortization of deferred financing costs of $268,379 and $106,293 is included in interest expense in the combined consolidated statements of operations and comprehensive loss for the three month periods ended September 30, 2015 and 2014, respectively. Amortization of deferred financing costs of $808,906 and $188,242 is included in interest expense in the combined consolidated statements of operations and comprehensive loss for the nine month periods ended September 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 September 30, 2015 and December 31, 2014: Properties Location Year Acquired Effective Percentage at September 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 Fredericksburg, 2014 85 % 85 % Cornerstone Orlando, Florida 2015 90 % — (2) McMillan Place Dallas, Texas 2015 90 % — (2) Barrington Mill Marietta, Georgia 2015 90 % — (2) Dana Point Dallas, Texas 2015 90 % — (2) Heatherstone Dallas, Texas 2015 90 % — (2) Versailles Dallas, Texas 2015 90 % — (2) Seasons 704 Apartments (FKA Bayberry Apartments) West Palm Beach, Florida 2015 90 % — (2) Madera Point Mesa, Arizona 2015 95 % — (2) The Pointe at the Foothills Mesa, Arizona 2015 95 % — (2) (1) The Miramar Apartments is not owned through a joint venture. (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 through its subsidiary, NexPoint Residential Trust Operating Partnership, L.P., directly or indirectly holds membership interests in single-asset limited liability companies that directly own the properties. These entities are deemed to be VIEs as we have disproportionate 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 each VIE can only be used to settle obligations of that particular VIE, 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) and received a proportional share of each VIE that it invested in. 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 each VIE. In consideration of the guarantees provided by BH Equity and its affiliates, they will earn an additional 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, the proportion of distributions changes to a predetermined allocation according to the agreements between each VIE and BH Equity or its affiliate.
Revenue Recognition	Revenue Recognition The Company’s primary operations consist of rental income earned from its residents under lease agreements with terms of one year or less. Rental income is recognized when earned. This policy effectively results in income recognition on the straight-line method over the related terms of the leases. Resident reimbursements and other income consist of charges billed to residents for utilities, carport and garage rental, pets, administrative, application and other fees and are recognized when earned.
Asset Management & Property Management Services	Asset Management & Property Management Services Management fee expenses are recognized when incurred in accordance with each management agreement (see 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 (the “Code”), 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 all of the Company’s taxable income at regular corporate rates for that year. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions.
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 Adviser, 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 allocation of value 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. For the three and nine months ended September 30, 2015, the Company incurred a loss per share of $0.04 and $0.42, respectively.
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)	9 Months Ended
	Sep. 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 September 30, 2015 and December 31, 2014: September 30, 2015 December Security Deposits $ 1,141,732 $ 1,574,302 Operating Escrows 14,892,686 7,299,426 Renovation value-add reserves 38,881,541 38,943,614 $ 54,915,959 $ 47,817,342
Schedule of Investments	The following table represents the Company’s investments at September 30, 2015 and December 31, 2014: Properties Location Year Acquired Effective Percentage at September 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 Fredericksburg, 2014 85 % 85 % Cornerstone Orlando, Florida 2015 90 % — (2) McMillan Place Dallas, Texas 2015 90 % — (2) Barrington Mill Marietta, Georgia 2015 90 % — (2) Dana Point Dallas, Texas 2015 90 % — (2) Heatherstone Dallas, Texas 2015 90 % — (2) Versailles Dallas, Texas 2015 90 % — (2) Seasons 704 Apartments (FKA Bayberry Apartments) West Palm Beach, Florida 2015 90 % — (2) Madera Point Mesa, Arizona 2015 95 % — (2) The Pointe at the Foothills Mesa, Arizona 2015 95 % — (2) (1) The Miramar Apartments is not owned through a joint venture. (2 ) Properties were acquired in 2015, therefore no ownership as of December 31, 2014.

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2015
Multifamily Properties
Business Acquisition [Line Items]
Summary of Investment in Multifamily Properties	As of September 30, 2015, through its combined consolidated joint ventures, the Company has invested in a total of forty one 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 September 2015 (2) % Occupied as of December The Miramar Apartments 183,100 314 10/31/2013 $ 577 91.4 % 92.7 % Arbors on Forest Ridge 154,556 210 1/31/2014 $ 793 92.4 % 92.9 % Cutter's Point 197,972 196 1/31/2014 $ 969 95.4 % 96.4 % Eagle Crest 395,951 447 1/31/2014 $ 783 93.1 % 94.9 % Meridian 148,200 200 1/31/2014 $ 803 94.5 % 95.0 % Silverbrook 526,138 642 1/31/2014 $ 706 95.3 % 91.7 % Timberglen 221,376 304 1/31/2014 $ 732 93.1 % 93.4 % Toscana 115,400 192 1/31/2014 $ 641 94.3 % 93.2 % The Grove at Alban 267,300 290 3/10/2014 $ 957 94.1 % 89.3 % Willowdale Crossings 411,800 432 5/15/2014 $ 990 90.3 % 82.9 % Edgewater at Sandy Springs 726,774 760 7/18/2014 $ 808 91.6 % 92.5 % Beechwood Terrace 271,728 300 7/21/2014 $ 781 96.3 % 98.7 % Willow Grove 229,140 244 7/21/2014 $ 755 94.3 % 94.7 % Woodbridge 246,840 220 7/21/2014 $ 863 92.7 % 90.5 % Abbington Heights 238,974 274 8/1/2014 $ 770 92.0 % 96.0 % The Summit at Sabal Park 204,545 252 8/20/2014 $ 828 90.1 % 88.5 % Courtney Cove 224,958 324 8/20/2014 $ 722 92.9 % 95.1 % Colonial Forest 160,093 174 8/20/2014 $ 632 94.8 % 94.8 % Park at Blanding 116,410 117 8/20/2014 $ 771 90.6 % 88.9 % Park at Regency 134,253 159 8/20/2014 $ 753 93.7 % 91.2 % Jade Park 118,392 144 8/20/2014 $ 732 93.1 % 96.5 % Mandarin Reserve 449,276 520 9/15/2014 $ 704 92.5 % 95.4 % Radbourne Lake 246,599 225 9/30/2014 $ 952 94.7 % 92.4 % Timber Creek 248,391 352 9/30/2014 $ 719 93.5 % 93.2 % Belmont at Duck Creek 198,279 240 9/30/2014 $ 863 95.0 % 93.8 % The Arbors 127,536 140 10/16/2014 $ 772 91.4 % 92.1 % The Crossings 377,840 380 10/16/2014 $ 742 94.7 % 94.7 % The Crossings at Holcomb Bridge 247,982 268 10/16/2014 $ 760 95.9 % 93.7 % The Knolls 311,160 312 10/16/2014 $ 818 92.3 % 95.2 % Regatta Bay 200,440 240 11/4/2014 $ 994 93.8 % 96.3 % Sabal Palm at Lake Buena Vista 370,768 400 11/5/2014 $ 1,087 91.8 % 95.0 % Southpoint Reserve at Stoney Creek 115,712 156 12/18/2014 $ 993 96.2 % 92.9 % Cornerstone 317,565 430 1/15/2015 $ 822 93.7 % — (3) McMillan Place 290,051 402 1/15/2015 $ 666 91.8 % — (3) Barrington Mill 692,180 752 2/6/2015 $ 740 94.1 % — (3) Dana Point 206,276 264 2/26/2015 $ 738 93.6 % — (3) Heatherstone 115,615 152 2/26/2015 $ 769 95.4 % — (3) Versailles 300,908 388 2/26/2015 $ 775 92.5 % — (3) Seasons 704 Apartments (FKA Bayberry Apartments) 216,891 222 4/15/2015 $ 972 92.3 % — (3) Madera Point 192,880 256 8/5/2015 $ 758 94.9 % — (3) The Pointe at the Foothills 472,952 528 8/5/2015 $ 825 87.5 % — (3) 10,993,201 12,822 (1) Average effective monthly rent per unit is equal to the average of (i) the contractual rent for commenced leases as of September 30, 2015 minus any tenant concession over the term of the lease, divided by (ii) the number of units under commenced leases as of September 30, 2015. (2) Percent occupied is calculated as (i) the number of units occupied as of September 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)	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Summary of Major Components of Investments in Multifamily Properties	As of September 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 $ 8,538,859 $ — $ 51,108 $ 555,037 $ 10,725,004 Arbors on Forest Ridge 2,330,000 10,942,000 — 1,554 427,510 13,701,064 Cutter's Point 3,330,000 12,737,529 — 3,423 558,122 16,629,074 Eagle Crest 5,450,000 21,746,561 — 8,673 696,973 27,902,207 Meridian 2,310,000 10,320,352 — 12,145 359,172 13,001,669 Silverbrook 4,860,000 24,844,102 — 103,545 1,336,629 31,144,276 Timberglen 2,510,000 14,345,179 — 14,127 532,344 17,401,650 Toscana 1,730,000 7,232,068 — 14,329 454,921 9,431,318 The Grove at Alban 3,640,000 18,975,977 — 388,785 405,190 23,409,952 Willowdale Crossings 4,650,000 35,597,436 — 108,391 638,080 40,993,907 Edgewater at Sandy Springs 14,290,000 43,346,522 — 188,749 2,099,556 59,924,827 Beechwood Terrace 1,390,000 20,363,115 — 8,770 456,808 22,218,693 Willow Grove 3,940,000 10,418,449 — 154,069 435,758 14,948,276 Woodbridge 3,650,000 12,592,845 — 9,786 438,209 16,690,840 Abbington Heights 1,770,000 16,146,690 — 41,155 476,195 18,434,040 The Summit at Sabal Park 5,770,000 13,291,623 — 9,372 522,681 19,593,676 Courtney Cove 5,880,000 12,821,685 — 30,380 576,467 19,308,532 Colonial Forest 2,090,000 3,479,861 — 11,087 281,259 5,862,207 Park at Blanding 2,610,000 4,014,703 — 3,566 240,902 6,869,171 Park at Regency 2,620,000 5,681,263 — 6,530 397,784 8,705,577 Jade Park 1,490,000 6,394,583 — 18,862 256,902 8,160,347 Mandarin Reserve 5,610,000 20,814,266 — 4,275 798,247 27,226,788 Radbourne Lake 2,440,000 21,125,653 — 198,048 648,098 24,411,799 Timber Creek 11,260,000 12,983,924 — 59,835 418,960 24,722,719 Belmont at Duck Creek 1,910,000 16,901,595 — 8,508 452,687 19,272,790 The Arbors 1,730,000 6,391,907 — 25,948 212,651 8,360,506 The Crossings 3,981,771 16,631,342 — 737,032 652,869 22,003,014 The Crossings at Holcomb Bridge 5,560,000 10,582,067 — 111,124 555,227 16,808,418 The Knolls 3,410,000 17,414,398 — 107,729 633,463 21,565,590 Regatta Bay 1,660,000 15,996,515 — 140,220 361,132 18,157,867 Sabal Palm at Lake Buena Vista 7,580,000 40,338,489 — 550,770 529,823 48,999,082 Southpoint Reserve at Stoney Creek 6,120,000 10,807,403 — 185,494 207,830 17,320,727 Cornerstone 3,610,000 16,996,702 — 221,553 320,425 21,148,680 McMillan Place 1,500,000 29,763,510 — 219,954 246,185 31,729,649 Barrington Mill 10,170,000 46,967,002 — 63,998 1,035,956 58,236,956 Dana Point 4,090,000 11,622,544 — 328,339 444,260 16,485,143 Heatherstone 2,320,000 6,894,432 — 191,922 335,490 9,741,844 Versailles 6,720,000 19,204,114 — 488,725 600,263 27,013,102 Seasons 704 Apartments (FKA Bayberry Apartments) 7,480,000 13,041,228 401,000 540,632 261,680 21,724,540 Madera Point 4,920,000 16,566,000 629,000 — 423,590 22,538,590 The Pointe at the Foothills 4,240,000 46,401,972 1,433,000 100,902 222,186 52,398,060 174,201,771 711,276,465 2,463,000 5,473,414 21,507,521 914,922,171 Accumulated depreciation and amortization — (25,641,158 ) (898,002 ) — (3,729,442 ) (30,268,602 ) $ 174,201,771 $ 685,635,307 $ 1,564,998 $ 5,473,414 $ 17,778,079 $ 884,653,569 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 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)	9 Months Ended
	Sep. 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. Nine Months Ended September 30, 2015 2014 Actual Total revenue $ 85,055,658 $ 22,731,982 Net loss (9,047,467 ) (11,399,719 ) Pro forma: Total revenues 95,837,958 86,939,347 Net income (loss) 3,660,601 (28,884,774 )

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 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 to the Company as of September 30, 2015: Property Type Term (months) Amortization (months) Outstanding Principal (1) Interest Rate (2) Max Note Rate (3) Maturity Date The Miramar Apartments (4) Floating 120 360 $ 8,400,000 2.41% 5.75% 2/1/2025 Beechwood Terrace (5) Floating 84 360 17,120,000 2.27% 6.00% 8/1/2021 Colonial Forest (5) Floating 84 360 4,125,000 2.35% 6.25% 9/1/2021 Courtney Cove (5) Floating 84 360 14,210,000 2.27% 5.75% 9/1/2021 Edgewater at Sandy Springs (5) Floating 84 360 43,550,000 2.28% 5.75% 8/1/2021 The Grove at Alban (5) Floating 84 360 18,720,000 2.73% 6.50% 4/1/2021 Park at Blanding (5) Floating 84 360 4,875,000 2.35% 7.25% 9/1/2021 Park at Regency (5) Floating 84 360 6,225,000 2.35% 7.01% 9/1/2021 The Summit at Sabal Park (5) Floating 84 360 14,287,000 2.27% 5.75% 9/1/2021 Mandarin Reserve (5) Floating 84 360 19,650,000 2.29% 5.50% 10/1/2021 Willow Grove (5) Floating 84 360 11,000,000 2.30% 6.00% 8/1/2021 Willowdale Crossings (5) Floating 84 360 32,800,000 2.46% 5.75% 6/1/2021 Jade Park (5) Floating 84 360 5,850,000 2.34% 6.49% 9/1/2021 Woodbridge (5) Floating 84 360 12,800,000 2.28% 6.25% 8/1/2021 Southpoint Reserve at Stoney Creek (5) Floating 84 360 13,600,000 2.30% 6.00% 1/1/2022 Barrington Mill (5) Floating 84 360 43,500,000 2.15% 5.50% 3/1/2022 Dana Point (5) Floating 84 360 12,176,000 2.24% 5.50% 3/1/2022 Heatherstone (5) Floating 84 360 7,087,000 2.27% 5.50% 3/1/2022 Versailles (5) Floating 84 360 19,623,000 2.22% 5.50% 3/1/2022 Seasons 704 Apartments (FKA Bayberry Apartments) (5) Floating 84 360 12,660,000 1.99% 5.95% 5/1/2022 Arbors on Forest Ridge (6) Floating 84 360 10,244,000 2.92% 5.75% 2/1/2021 Cutter's Point (6) Floating 84 360 12,676,000 2.92% 5.75% 2/1/2021 Eagle Crest (6) Floating 84 360 21,860,000 2.92% 5.75% 2/1/2021 Meridian (6) Floating 84 360 9,840,000 2.92% 5.75% 2/1/2021 Silverbrook (6) Floating 84 360 24,320,000 2.92% 5.75% 2/1/2021 Timberglen (6) Floating 84 360 13,560,000 2.92% 5.75% 2/1/2021 Toscana (6) Floating 84 360 7,100,000 2.92% 5.75% 2/1/2021 Timber Creek (7) Floating 120 360 19,482,000 2.01% 5.96% 10/1/2024 Radbourne Lake (7) Floating 120 360 19,213,000 2.00% 6.25% 10/1/2024 The Arbors (7) Floating 120 360 5,812,000 2.00% 7.11% 11/1/2024 The Crossings (7) Floating 120 360 15,873,889 2.00% 7.21% 11/1/2024 The Crossings at Holcomb Bridge (7) Floating 120 360 12,450,000 2.00% 7.35% 11/1/2024 The Knolls (7) Floating 120 360 16,038,000 2.00% 7.11% 11/1/2024 McMillan Place (7) Floating 120 360 15,738,000 2.11% 5.92% 2/1/2025 Sabal Palm at Lake Buena Vista (7) Floating 120 360 37,680,000 2.00% 6.26% 12/1/2024 Abbington Heights (8) Fixed 120 360 10,451,320 3.79% 3.79% 9/1/2022 Belmont at Duck Creek (9) Fixed 84 360 11,389,702 4.68% 4.68% 9/1/2018 Regatta Bay (10) Fixed 480 480 13,060,468 4.85% 4.85% 8/1/2050 Cornerstone (11) Fixed 120 360 23,578,323 4.24% 4.24% 3/1/2023 Madera Point (12) Floating 60 360 13,515,000 2.09% N/A 9/1/2020 The Pointe at the Foothills (12) Floating 60 360 31,365,000 2.08% N/A 9/1/2020 $ 667,504,702 Valuation adjustments 319,468 (13) $ 667,824,170 (1) Mortgage debt that is non-recourse to the Company and encumbers the multifamily properties. (2 ) 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 September 30, 2015 was 0.193%. (3 ) Represents the maximum rate payable on each note (see Note 7). (4) Loan cannot be pre-paid in the first 12 months of the term. Starting in the 13 th th (5 ) 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, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term. ( 6 ) 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, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term. (7 ) Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13 th th (8 ) 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. (9 ) Debt was assumed upon acquisition of this property at approximated fair value. The loan is open to pre-payment in the last six months of the term. (10 ) Debt was assumed upon acquisition of this property at approximated fair value and is a Housing and Urban Development (“HUD”) loan that is fully amortizing. Debt is insured by HUD under the Section 221(d)(4) program. The debt was refinanced subsequent to September 30, 2015 (see Note 10). (11 ) Debt in the amount of $18,000,000 was assumed upon acquisition at approximated fair value. The assumed debt carries a 4.09% fixed rate, was originally issued in March 2013 and had a term of 120 months with an initial 24 months of interest only. At the time of acquisition, the principal balance of the first mortgage remained unchanged and had a remaining term of 98 months with 2 months interest only. The first mortgage is pre-payable and subject to yield maintenance from month 13 through August 31, 2022 and is pre-payable 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 with a maturity date that is the same time as the first mortgage. The supplemental second mortgage is pre-payable and subject to yield maintenance from the date of issuance through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity. As of September 30, 2015, the total indebtedness secured by the property is $23,672,754 and has a blended interest rate of 4.24%. (12 ) Loan can be pre-paid starting in the 13 th th (13 ) The Company reflected a valuation adjustment on its fixed rate debt for Belmont at Duck Creek to adjust it to fair market value on the date of acquisition for the difference between the fair value and the assumed principal amount of debt. The difference is amortized into interest expense over the remaining term of the mortgage.
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 $ 350,324 2016 33,604,714 2017 8,050,365 2018 13,611,365 2019 14,977,075 Thereafter 625,910,859 Total $ 696,504,702

Fair Value Measures and Deriv23

Fair Value Measures and Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 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 September 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 September 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 September 30, 2015 and December 31, 2014: Asset Derivative Liability Derivative Balance Sheet Location September 30, 2015 December 31, 2014 Balance Sheet Location September 30, 2015 December 31, 2014 Derivatives designated as hedging instruments: Interest rate caps Other assets 62,983 263,301 Other — — Derivatives not designated as hedging instruments: Interest rate caps Other assets 12,430 194,732 Other liabilities — — Total 75,413 458,033 — —
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 September 30, 2015 and 2014 and for the nine months ended September 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 (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 September 30, Interest rate caps (111,918 ) (62,188 ) Interest expense — — Interest expense — — For the nine months ended September 30, Interest rate caps (507,549 ) (62,188 ) 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 September 30, Interest rate caps Interest expense (16,703 ) (179,890 ) For the nine months ended September 30, Interest rate caps Interest expense (182,302 ) (629,428 )

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Summary of Acquired Property	The Company acquired the following property subsequent to September 30, 2015 (unaudited): Property Location Closing Date Purchase Price Debt # Units Noncontrolling Interest Effective Ownership The Place at Vanderbilt Fort Worth, Texas October 30, 2015 $ 19,250,000 $ 13,875,000 (1) 333 5 % 95 % (1) We assumed a floating rate loan with an interest rate equal to one-month LIBOR plus 2.23%. The loan was originally issued on December 22, 2014 and matures on January 1, 2022. The loan only required interest only payments for the first 12 months (interest only period ends January 31, 2016) after which time the loan becomes amortizing. Upon assumption of the loan, we assumed an interest rate cap that caps the maximum rate at 5.75%. The loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13 th st

Organization and Description 25

Organization and Description of Business - Additional Information (Details)	9 Months Ended
	Sep. 30, 2015
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)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares	Sep. 30, 2014USD ($)$ / sharesshares	Sep. 30, 2015USD ($)Segment$ / sharesshares	Sep. 30, 2014USD ($)$ / sharesshares	Dec. 31, 2014USD ($)
Summary Of Significant Accounting Policies [Line Items]
Impairment charges related to real estate assets			$ 0	$ 0
Prepaid acquisition cost held in escrow	$ 285,000		285,000
Deferred financing costs, net	6,103,250		6,103,250		$ 4,632,429
Amortization of deferred financing fees	$ 268,379	$ 106,293	$ 808,906	$ 188,242
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	$ (0.04)	$ (0.30)	$ (0.42)	$ (0.54)
Potentially dilutive securities | shares	0	0	0	0
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 ($)	Sep. 30, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Security Deposits	$ 1,141,732	$ 1,574,302
Operating Escrows	14,892,686	7,299,426
Renovation value-add reserves	38,881,541	38,943,614
Restricted cash held	$ 54,915,959	$ 47,817,342

Summary of Significant Accoun29

Summary of Significant Accounting Policies - Schedule of Investments (Details)	9 Months Ended	12 Months Ended
	Sep. 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 | 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%
Mc Millan Place | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,015
Effective ownership percentage	90.00%
Barrington Mill | Marietta | Georgia
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,015
Effective ownership percentage	90.00%
Dana Point | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,015
Effective ownership percentage	90.00%
Heatherstone | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,015
Effective ownership percentage	90.00%
Versailles | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,015
Effective ownership percentage	90.00%
Seasons 704 Apartments (FKA Bayberry Apartments)
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,015
Effective ownership percentage	90.00%
Madera Point | Mesa | Arizona
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,015
Effective ownership percentage	95.00%
The Pointe at the Foothills | Mesa | Arizona
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,015
Effective ownership percentage	95.00%

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) - Property	Sep. 30, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Number of multifamily properties		32
Multifamily Properties
Business Acquisition [Line Items]
Number of multifamily properties	41

Acquisitions - Summary of Inves

Acquisitions - Summary of Investment in Multifamily Properties (Details)		9 Months Ended
		Sep. 30, 2015ft²Property$ / Units	Dec. 31, 2014
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		10,993,201
Number of Units		12,822
The Miramar Apartments
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		183,100
Number of Units		314
Date Acquired		Oct. 31, 2013
Average Effective Monthly Rent Per Unit | $ / Units	[1]	577
% Occupied	[2]	91.40%	92.70%
Arbors on Forest Ridge
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		154,556
Number of Units		210
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	793
% Occupied	[2]	92.40%	92.90%
Cutter's Point
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		197,972
Number of Units		196
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	969
% Occupied	[2]	95.40%	96.40%
Eagle Crest
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		395,951
Number of Units		447
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	783
% Occupied	[2]	93.10%	94.90%
Meridian
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		148,200
Number of Units		200
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	803
% Occupied	[2]	94.50%	95.00%
Silverbrook
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		526,138
Number of Units		642
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	706
% Occupied	[2]	95.30%	91.70%
Timberglen
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		221,376
Number of Units		304
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	732
% Occupied	[2]	93.10%	93.40%
Toscana
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		115,400
Number of Units		192
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	641
% Occupied	[2]	94.30%	93.20%
The Grove at Alban
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		267,300
Number of Units		290
Date Acquired		Mar. 10, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	957
% Occupied	[2]	94.10%	89.30%
Willowdale Crossings
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		411,800
Number of Units		432
Date Acquired		May 15, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	990
% Occupied	[2]	90.30%	82.90%
Edgewater at Sandy Springs
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		726,774
Number of Units		760
Date Acquired		Jul. 18, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	808
% Occupied	[2]	91.60%	92.50%
Beechwood Terrace
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		271,728
Number of Units		300
Date Acquired		Jul. 21, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	781
% Occupied	[2]	96.30%	98.70%
Willow Grove
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		229,140
Number of Units		244
Date Acquired		Jul. 21, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	755
% Occupied	[2]	94.30%	94.70%
Woodbridge
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		246,840
Number of Units		220
Date Acquired		Jul. 21, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	863
% Occupied	[2]	92.70%	90.50%
Abbington Heights
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		238,974
Number of Units		274
Date Acquired		Aug. 1, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	770
% Occupied	[2]	92.00%	96.00%
The Summit at Sabal Park
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		204,545
Number of Units		252
Date Acquired		Aug. 20, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	828
% Occupied	[2]	90.10%	88.50%
Courtney Cove
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		224,958
Number of Units		324
Date Acquired		Aug. 20, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	722
% Occupied	[2]	92.90%	95.10%
Colonial Forest
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		160,093
Number of Units		174
Date Acquired		Aug. 20, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	632
% Occupied	[2]	94.80%	94.80%
Park at Blanding
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		116,410
Number of Units		117
Date Acquired		Aug. 20, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	771
% Occupied	[2]	90.60%	88.90%
Park at Regency
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		134,253
Number of Units		159
Date Acquired		Aug. 20, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	753
% Occupied	[2]	93.70%	91.20%
Jade Park
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		118,392
Number of Units		144
Date Acquired		Aug. 20, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	732
% Occupied	[2]	93.10%	96.50%
Mandarin Reserve
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		449,276
Number of Units		520
Date Acquired		Sep. 15, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	704
% Occupied	[2]	92.50%	95.40%
Radbourne Lake
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		246,599
Number of Units		225
Date Acquired		Sep. 30, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	952
% Occupied	[2]	94.70%	92.40%
Timber Creek
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		248,391
Number of Units		352
Date Acquired		Sep. 30, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	719
% Occupied	[2]	93.50%	93.20%
Belmont at Duck Creek
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		198,279
Number of Units		240
Date Acquired		Sep. 30, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	863
% Occupied	[2]	95.00%	93.80%
The Arbors
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		127,536
Number of Units		140
Date Acquired		Oct. 16, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	772
% Occupied	[2]	91.40%	92.10%
The Crossings
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		377,840
Number of Units		380
Date Acquired		Oct. 16, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	742
% Occupied	[2]	94.70%	94.70%
The Crossings at Holcomb Bridge
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		247,982
Number of Units		268
Date Acquired		Oct. 16, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	760
% Occupied	[2]	95.90%	93.70%
The Knolls
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		311,160
Number of Units		312
Date Acquired		Oct. 16, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	818
% Occupied	[2]	92.30%	95.20%
Regatta Bay
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		200,440
Number of Units		240
Date Acquired		Nov. 4, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	994
% Occupied	[2]	93.80%	96.30%
Sabal Palm at Lake Buena Vista
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		370,768
Number of Units		400
Date Acquired		Nov. 5, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	1,087
% Occupied	[2]	91.80%	95.00%
Southpoint Reserve at Stoney Creek
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		115,712
Number of Units		156
Date Acquired		Dec. 18, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	993
% Occupied	[2]	96.20%	92.90%
Cornerstone
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		317,565
Number of Units		430
Date Acquired		Jan. 15, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1]	822
% Occupied	[3]	93.70%
Mc Millan Place
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		290,051
Number of Units		402
Date Acquired		Jan. 15, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1]	666
% Occupied	[3]	91.80%
Barrington Mill
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		692,180
Number of Units		752
Date Acquired		Feb. 6, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1]	740
% Occupied	[3]	94.10%
Dana Point
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		206,276
Number of Units		264
Date Acquired		Feb. 26, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1]	738
% Occupied	[3]	93.60%
Heatherstone
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		115,615
Number of Units		152
Date Acquired		Feb. 26, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1]	769
% Occupied	[3]	95.40%
Versailles
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		300,908
Number of Units		388
Date Acquired		Feb. 26, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1]	775
% Occupied	[3]	92.50%
Seasons 704 Apartments (FKA Bayberry Apartments)
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		216,891
Number of Units		222
Date Acquired		Apr. 15, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1]	972
% Occupied	[3]	92.30%
Madera Point
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		192,880
Number of Units		256
Date Acquired		Aug. 5, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1]	758
% Occupied	[3]	94.90%
The Pointe at the Foothills
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		472,952
Number of Units		528
Date Acquired		Aug. 5, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1]	825
% Occupied	[3]	87.50%
[1]	Average effective monthly rent per unit is equal to the average of (i) the contractual rent for commenced leases as of September 30, 2015 minus any tenant concession over the term of the lease, divided by (ii) the number of units under commenced leases as of September 30, 2015.
[2]	Percent occupied is calculated as (i) the number of units occupied as of September 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 ($)	Sep. 30, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Real estate investment, gross	$ 914,922,171	$ 650,313,847
Accumulated depreciation and amortization	(30,268,602)	(21,787,940)
Total Net Operating Real Estate Investments	884,653,569	628,525,907
Multifamily Properties
Real Estate Properties [Line Items]
Real estate investment, gross	914,922,171	650,313,847
Accumulated depreciation and amortization	(30,268,602)	(21,787,940)
Total Net Operating Real Estate Investments	884,653,569	628,525,907
Multifamily Properties | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	2,463,000	17,884,000
Accumulated depreciation and amortization	(898,002)	(12,442,170)
Total Net Operating Real Estate Investments	1,564,998	5,441,830
Multifamily Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross	174,201,771	129,320,000
Total Net Operating Real Estate Investments	174,201,771	129,320,000
Multifamily Properties | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	711,276,465	488,260,399
Accumulated depreciation and amortization	(25,641,158)	(8,533,478)
Total Net Operating Real Estate Investments	685,635,307	479,726,921
Multifamily Properties | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	5,473,414	6,529,884
Total Net Operating Real Estate Investments	5,473,414	6,529,884
Multifamily Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	21,507,521	8,319,564
Accumulated depreciation and amortization	(3,729,442)	(812,292)
Total Net Operating Real Estate Investments	17,778,079	7,507,272
Multifamily Properties | The Miramar Apartments
Real Estate Properties [Line Items]
Real estate investment, gross	10,725,004	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	8,538,859	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	555,037	433,354
Multifamily Properties | Arbors on Forest Ridge
Real Estate Properties [Line Items]
Real estate investment, gross	13,701,064	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	10,942,000	10,831,742
Multifamily Properties | Arbors on Forest Ridge | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	1,554	1,556
Multifamily Properties | Arbors on Forest Ridge | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	427,510	263,482
Multifamily Properties | Cutter's Point
Real Estate Properties [Line Items]
Real estate investment, gross	16,629,074	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	12,737,529	12,612,164
Multifamily Properties | Cutter's Point | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	3,423	27,633
Multifamily Properties | Cutter's Point | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	558,122	333,204
Multifamily Properties | Eagle Crest
Real Estate Properties [Line Items]
Real estate investment, gross	27,902,207	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	21,746,561	21,454,515
Multifamily Properties | Eagle Crest | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	8,673	125,369
Multifamily Properties | Eagle Crest | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	696,973	474,391
Multifamily Properties | Meridian
Real Estate Properties [Line Items]
Real estate investment, gross	13,001,669	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	10,320,352	10,258,263
Multifamily Properties | Meridian | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	12,145
Multifamily Properties | Meridian | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	359,172	198,449
Multifamily Properties | Silverbrook
Real Estate Properties [Line Items]
Real estate investment, gross	31,144,276	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	24,844,102	24,534,598
Multifamily Properties | Silverbrook | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	103,545	92,461
Multifamily Properties | Silverbrook | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,336,629	912,685
Multifamily Properties | Timberglen
Real Estate Properties [Line Items]
Real estate investment, gross	17,401,650	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	14,345,179	14,071,434
Multifamily Properties | Timberglen | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	14,127	375
Multifamily Properties | Timberglen | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	532,344	314,374
Multifamily Properties | Toscana
Real Estate Properties [Line Items]
Real estate investment, gross	9,431,318	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	7,232,068	6,961,530
Multifamily Properties | Toscana | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	14,329	23,145
Multifamily Properties | Toscana | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	454,921	229,169
Multifamily Properties | The Grove at Alban
Real Estate Properties [Line Items]
Real estate investment, gross	23,409,952	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	18,975,977	18,913,344
Multifamily Properties | The Grove at Alban | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	388,785	104,844
Multifamily Properties | The Grove at Alban | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	405,190	228,722
Multifamily Properties | Willowdale Crossings
Real Estate Properties [Line Items]
Real estate investment, gross	40,993,907	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	35,597,436	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	638,080	401,169
Multifamily Properties | Edgewater at Sandy Springs
Real Estate Properties [Line Items]
Real estate investment, gross	59,924,827	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	43,346,522	41,094,413
Multifamily Properties | Edgewater at Sandy Springs | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	188,749	1,261,227
Multifamily Properties | Edgewater at Sandy Springs | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	2,099,556	1,005,747
Multifamily Properties | Beechwood Terrace
Real Estate Properties [Line Items]
Real estate investment, gross	22,218,693	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	20,363,115	19,680,820
Multifamily Properties | Beechwood Terrace | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	8,770	164,621
Multifamily Properties | Beechwood Terrace | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	456,808	157,222
Multifamily Properties | Willow Grove
Real Estate Properties [Line Items]
Real estate investment, gross	14,948,276	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	10,418,449	9,512,555
Multifamily Properties | Willow Grove | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	154,069	647,246
Multifamily Properties | Willow Grove | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	435,758	92,152
Multifamily Properties | Woodbridge
Real Estate Properties [Line Items]
Real estate investment, gross	16,690,840	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	12,592,845	12,020,293
Multifamily Properties | Woodbridge | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	9,786	305,915
Multifamily Properties | Woodbridge | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	438,209	178,974
Multifamily Properties | Abbington Heights
Real Estate Properties [Line Items]
Real estate investment, gross	18,434,040	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	16,146,690	15,863,951
Multifamily Properties | Abbington Heights | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	41,155	110,310
Multifamily Properties | Abbington Heights | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	476,195	170,595
Multifamily Properties | The Summit at Sabal Park
Real Estate Properties [Line Items]
Real estate investment, gross	19,593,676	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	13,291,623	12,972,098
Multifamily Properties | The Summit at Sabal Park | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	9,372	81,884
Multifamily Properties | The Summit at Sabal Park | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	522,681	221,200
Multifamily Properties | Courtney Cove
Real Estate Properties [Line Items]
Real estate investment, gross	19,308,532	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	12,821,685	12,486,882
Multifamily Properties | Courtney Cove | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	30,380	80,447
Multifamily Properties | Courtney Cove | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	576,467	311,573
Multifamily Properties | Colonial Forest
Real Estate Properties [Line Items]
Real estate investment, gross	5,862,207	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	3,479,861	3,116,687
Multifamily Properties | Colonial Forest | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	11,087	242,841
Multifamily Properties | Colonial Forest | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	281,259	166,378
Multifamily Properties | Park at Blanding
Real Estate Properties [Line Items]
Real estate investment, gross	6,869,171	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	4,014,703	3,691,461
Multifamily Properties | Park at Blanding | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	3,566	183,739
Multifamily Properties | Park at Blanding | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	240,902	111,158
Multifamily Properties | Park at Regency
Real Estate Properties [Line Items]
Real estate investment, gross	8,705,577	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	5,681,263	5,343,919
Multifamily Properties | Park at Regency | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	6,530	60,558
Multifamily Properties | Park at Regency | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	397,784	196,138
Multifamily Properties | Jade Park
Real Estate Properties [Line Items]
Real estate investment, gross	8,160,347	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	6,394,583	6,061,395
Multifamily Properties | Jade Park | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	18,862	218,688
Multifamily Properties | Jade Park | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	256,902	89,406
Multifamily Properties | Mandarin Reserve
Real Estate Properties [Line Items]
Real estate investment, gross	27,226,788	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	20,814,266	19,679,711
Multifamily Properties | Mandarin Reserve | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	4,275	701,020
Multifamily Properties | Mandarin Reserve | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	798,247	300,213
Multifamily Properties | Radbourne Lake
Real Estate Properties [Line Items]
Real estate investment, gross	24,411,799	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	21,125,653	20,830,406
Multifamily Properties | Radbourne Lake | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	198,048	148,114
Multifamily Properties | Radbourne Lake | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	648,098	355,391
Multifamily Properties | Timber Creek
Real Estate Properties [Line Items]
Real estate investment, gross	24,722,719	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	12,983,924	10,704,510
Multifamily Properties | Timber Creek | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	59,835	948,430
Multifamily Properties | Timber Creek | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	418,960	113,475
Multifamily Properties | Belmont at Duck Creek
Real Estate Properties [Line Items]
Real estate investment, gross	19,272,790	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	16,901,595	16,654,792
Multifamily Properties | Belmont at Duck Creek | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	8,508	107,063
Multifamily Properties | Belmont at Duck Creek | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	452,687	134,860
Multifamily Properties | The Arbors
Real Estate Properties [Line Items]
Real estate investment, gross	8,360,506	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	6,391,907	5,844,105
Multifamily Properties | The Arbors | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	25,948	162,100
Multifamily Properties | The Arbors | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	212,651	44,827
Multifamily Properties | The Crossings
Real Estate Properties [Line Items]
Real estate investment, gross	22,003,014	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	3,981,771	4,150,000
Multifamily Properties | The Crossings | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	16,631,342	16,138,747
Multifamily Properties | The Crossings | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	737,032	491,672
Multifamily Properties | The Crossings | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	652,869	126,678
Multifamily Properties | The Crossings at Holcomb Bridge
Real Estate Properties [Line Items]
Real estate investment, gross	16,808,418	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	10,582,067	9,788,284
Multifamily Properties | The Crossings at Holcomb Bridge | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	111,124	48,173
Multifamily Properties | The Crossings at Holcomb Bridge | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	555,227	66,311
Multifamily Properties | The Knolls
Real Estate Properties [Line Items]
Real estate investment, gross	21,565,590	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	17,414,398	16,931,399
Multifamily Properties | The Knolls | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	107,729	107,984
Multifamily Properties | The Knolls | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	633,463	124,357
Multifamily Properties | Regatta Bay
Real Estate Properties [Line Items]
Real estate investment, gross	18,157,867	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	15,996,515	15,803,412
Multifamily Properties | Regatta Bay | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	140,220	1,014
Multifamily Properties | Regatta Bay | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	361,132	110,384
Multifamily Properties | Sabal Palm at Lake Buena Vista
Real Estate Properties [Line Items]
Real estate investment, gross	48,999,082	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	40,338,489	40,130,430
Multifamily Properties | Sabal Palm at Lake Buena Vista | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	550,770	80,255
Multifamily Properties | Sabal Palm at Lake Buena Vista | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	529,823	438,526
Multifamily Properties | Southpoint Reserve at Stoney Creek
Real Estate Properties [Line Items]
Real estate investment, gross	17,320,727	17,000,000
Multifamily Properties | Southpoint Reserve at Stoney Creek | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		492,000
Multifamily Properties | Southpoint Reserve at Stoney Creek | Land
Real Estate Properties [Line Items]
Real estate investment, gross	6,120,000	6,120,000
Multifamily Properties | Southpoint Reserve at Stoney Creek | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	10,807,403	10,373,000
Multifamily Properties | Southpoint Reserve at Stoney Creek | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	185,494
Multifamily Properties | Southpoint Reserve at Stoney Creek | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	207,830	$ 15,000
Multifamily Properties | Cornerstone
Real Estate Properties [Line Items]
Real estate investment, gross	21,148,680
Multifamily Properties | Cornerstone | Land
Real Estate Properties [Line Items]
Real estate investment, gross	3,610,000
Multifamily Properties | Cornerstone | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	16,996,702
Multifamily Properties | Cornerstone | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	221,553
Multifamily Properties | Cornerstone | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	320,425
Multifamily Properties | Mc Millan Place
Real Estate Properties [Line Items]
Real estate investment, gross	31,729,649
Multifamily Properties | Mc Millan Place | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,500,000
Multifamily Properties | Mc Millan Place | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	29,763,510
Multifamily Properties | Mc Millan Place | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	219,954
Multifamily Properties | Mc Millan Place | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	246,185
Multifamily Properties | Barrington Mill
Real Estate Properties [Line Items]
Real estate investment, gross	58,236,956
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	46,967,002
Multifamily Properties | Barrington Mill | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	63,998
Multifamily Properties | Barrington Mill | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,035,956
Multifamily Properties | Dana Point
Real Estate Properties [Line Items]
Real estate investment, gross	16,485,143
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	11,622,544
Multifamily Properties | Dana Point | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	328,339
Multifamily Properties | Dana Point | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	444,260
Multifamily Properties | Heatherstone
Real Estate Properties [Line Items]
Real estate investment, gross	9,741,844
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	6,894,432
Multifamily Properties | Heatherstone | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	191,922
Multifamily Properties | Heatherstone | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	335,490
Multifamily Properties | Versailles
Real Estate Properties [Line Items]
Real estate investment, gross	27,013,102
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	19,204,114
Multifamily Properties | Versailles | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	488,725
Multifamily Properties | Versailles | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	600,263
Multifamily Properties | Seasons 704 Apartments (FKA Bayberry Apartments)
Real Estate Properties [Line Items]
Real estate investment, gross	21,724,540
Multifamily Properties | Seasons 704 Apartments (FKA Bayberry Apartments) | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	401,000
Multifamily Properties | Seasons 704 Apartments (FKA Bayberry Apartments) | Land
Real Estate Properties [Line Items]
Real estate investment, gross	7,480,000
Multifamily Properties | Seasons 704 Apartments (FKA Bayberry Apartments) | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	13,041,228
Multifamily Properties | Seasons 704 Apartments (FKA Bayberry Apartments) | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	540,632
Multifamily Properties | Seasons 704 Apartments (FKA Bayberry Apartments) | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	261,680
Multifamily Properties | Madera Point
Real Estate Properties [Line Items]
Real estate investment, gross	22,538,590
Multifamily Properties | Madera Point | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	629,000
Multifamily Properties | Madera Point | Land
Real Estate Properties [Line Items]
Real estate investment, gross	4,920,000
Multifamily Properties | Madera Point | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	16,566,000
Multifamily Properties | Madera Point | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	423,590
Multifamily Properties | The Pointe at the Foothills
Real Estate Properties [Line Items]
Real estate investment, gross	52,398,060
Multifamily Properties | The Pointe at the Foothills | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	1,433,000
Multifamily Properties | The Pointe at the Foothills | Land
Real Estate Properties [Line Items]
Real estate investment, gross	4,240,000
Multifamily Properties | The Pointe at the Foothills | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	46,401,972
Multifamily Properties | The Pointe at the Foothills | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	100,902
Multifamily Properties | The Pointe at the Foothills | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	$ 222,186

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Real Estate Properties [Line Items]
Depreciation expense	$ 7,525,723	$ 2,586,553	$ 20,025,611	$ 4,675,107
Intangible Lease Assets
Real Estate Properties [Line Items]
Amortization expense of intangible lease assets	1,609,630	$ 3,259,834	10,770,052	$ 6,750,500
Amortization expense, remainder of fiscal year	1,176,987		1,176,987
Amortization expense, year two	$ 388,011		$ 388,011

Pro Forma Financial Informati34

Pro Forma Financial Information (Unaudited) - Additional Information (Details)	3 Months Ended	21 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2015Property	Oct. 30, 2015Property
Pro Forma Financial Information [Line Items]
Number of properties acquired		40
General and administrative fees expected | $	$ 850,000
Subsequent Event
Pro Forma Financial Information [Line Items]
Additional property acquired			1

Pro Forma Financial Informati35

Pro Forma Financial Information (Unaudited) - Summary of Pro Forma Financial Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Business Acquisition Pro Forma Information [Abstract]
Total revenue, actual	$ 30,770,893	$ 11,920,135	$ 85,055,658	$ 22,731,982
Net loss, actual	$ (889,903)	$ (6,441,369)	(9,047,467)	(11,399,719)
Total revenues, pro forma			95,837,958	86,939,347
Net income (loss), pro forma			$ 3,660,601	$ (28,884,774)

Debt - Summary of Mortgage Debt

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Mortgages Payable	$ 667,824,170	$ 486,976,130
Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Max Note Rate	3.90%
Regatta Bay | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Maturity Date	Nov. 1, 2020
Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Interest Rate	4.09%
Mortgages Payable	$ 23,672,754
Mortgages Payable
Debt Instrument [Line Items]
Outstanding Principal	667,504,702
Valuation adjustments	319,468
Mortgages Payable	$ 667,824,170
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 | 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 | Seasons 704 Apartments (FKA 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	$ 15,873,889
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	$ 10,451,320
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	$ 11,389,702
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	$ 13,060,468
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	$ 23,578,323
Interest Rate	4.24%
Max Note Rate	4.24%
Maturity Date	Mar. 1, 2023
Mortgages Payable | Madera Point | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	60 months
Amortization (months)	360 months
Outstanding Principal	$ 13,515,000
Interest Rate	2.09%
Maturity Date	Sep. 1, 2020
Mortgages Payable | The Pointe at the Foothills | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	60 months
Amortization (months)	360 months
Outstanding Principal	$ 31,365,000
Interest Rate	2.08%
Maturity Date	Sep. 1, 2020

Debt - Summary of Mortgage De37

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Parenthetical) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Indebtedness secured by property	$ 667,824,170	$ 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, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
First 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%. Starting in the 13th month of the term through 116th month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last 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 57th month
Debt Instrument [Line Items]
Mortgage loans payable description	Loan can be pre-paid starting in the 13th month through the 57th month of the term at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
13th month through 81st month
Debt Instrument [Line Items]
Mortgage loans 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, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
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 at approximated 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 at approximated fair value and is a Housing and Urban Development (“HUD”) loan that is fully amortizing. Debt is insured by HUD under the Section 221(d)(4) program. The debt was refinanced subsequent to September 30, 2015 (see Note 10).
The Miramar Apartments | 13th month through 117th month
Debt Instrument [Line Items]
Mortgage loans payable description	Loan cannot be pre-paid in the first 12 months of the term. Starting in the 13th month of the term through the 117th month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
Mortgages Payable | LIBOR
Debt Instrument [Line Items]
LIBOR, one month interest rate	0.193%
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 pre-payable and subject to yield maintenance from month 13 through August 31, 2022 and is pre-payable 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 pre-payable and subject to yield maintenance from the date of issuance through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity.
Acquired property mortgage loan principle amount	$ 5,775,000

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	Aug. 05, 2015	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Weighted average interest rate of mortgage indebtedness		2.50%	2.65%
Bridge facility		$ 29,000,000
Key Bank
Debt Instrument [Line Items]
Bridge facility	$ 29,000,000
Bridge Loan
Debt Instrument [Line Items]
Bridge facility accrued interest rate description		4.00% plus one-month LIBOR.
Bridge facility accrued interest rate	4.00%
Bridge Loan | Key Bank
Debt Instrument [Line Items]
Maturity Date		Aug. 4, 2016

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details)	Sep. 30, 2015USD ($)
Debt Disclosure [Abstract]
Remainder of 2015	$ 350,324
2,016	33,604,714
2,017	8,050,365
2,018	13,611,365
2,019	14,977,075
Thereafter	625,910,859
Total	$ 696,504,702

Fair Value Measures and Deriv40

Fair Value Measures and Derivative Financial Instruments - Additional Information (Details)	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2015USD ($)Property	Sep. 30, 2015USD ($)Property	Sep. 30, 2014USD ($)DerivativeInstrument	Dec. 31, 2014USD ($)Property
Fair Value Inputs Assets Quantitative Information [Line Items]
Properties acquired | Property				32
Properties acquired for cash		$ 238,462,941	$ 449,441,587	$ 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
Derivative financial instruments cap weighted average interest rate	6.00%	6.00%
Earnings ineffectiveness to derivatives designated as cash flow hedges	$ 0	$ 0
Number of derivatives designated as cash flow hedges | DerivativeInstrument			2
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	9	9
Properties acquired for cash		$ 258,184,000
Purchased price of land	$ 45,050,000	45,050,000
Building, building improvements, furniture, fixtures and equipment	206,240,000	206,240,000
Intangible lease assets gross	$ 6,894,000	$ 6,894,000
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	1

Fair Value Measures and Deriv41

Fair Value Measures and Derivative Financial Instruments - Summary of Critical Assumptions (Details)	9 Months Ended
	Sep. 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 Deriv42

Fair Value Measures and Derivative Financial Instruments - Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk (Details) - Designated as hedging instrument - Interest rate caps	Sep. 30, 2015USD ($)DerivativeInstrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps | DerivativeInstrument	15
Interest rate caps	$ 259,659,000

Fair Value Measures and Deriv43

Fair Value Measures and Derivative Financial Instruments - Outstanding Interest Rate Derivatives Not Designated as Cash Flow Hedges of Interest Rate Risk (Details) - Not designated as hedging instrument - Interest rate caps	Sep. 30, 2015USD ($)DerivativeInstrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps | DerivativeInstrument	20
Interest rate caps	$ 304,812,000

Fair Value Measures and Deriv44

Fair Value Measures and Derivative Financial Instruments - Summary of Derivative Financial Instruments and Classification on the Combined Consolidated Balance Sheet (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps	$ 75,413	$ 458,033
Other assets | Interest rate caps | Designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps	62,983	263,301
Other assets | Interest rate caps | Not designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps	$ 12,430	$ 194,732

Fair Value Measures and Deriv45

Fair Value Measures and Derivative 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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in OCI on derivative (effective portion)	$ (111,918)	$ (62,188)	$ (507,549)	$ (62,188)
Amount of gain (loss) recognized in income	$ (16,703)	$ (179,890)	$ (182,302)	$ (629,428)

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)$ / Property$ / h	Sep. 30, 2014USD ($)
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	$ 910,015	$ 357,821	$ 2,526,514	$ 687,132
Construction supervision fee	518,660	254,138	$ 1,193,738	254,138
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	153,224	55,194	$ 421,190	103,359
NexPoint Real Estate Advisors, L.P
Related Party Transaction [Line Items]
Asset management fee percent			1.00%
Percentage of monthly payable administrative fee			0.20%
Advisory and administrative fees	1,454,476	$ 517,594	$ 4,169,830	$ 758,314
Additional advisory and administrative fees	$ 133,165		$ 133,165
NexPoint Real Estate Advisors, L.P | Predecessor
Related Party Transaction [Line Items]
Percentage of monthly paid annual advisory fee			1.00%
Percentage of monthly payable administrative fee			0.20%
NexPoint Real Estate Advisors, L.P | Maximum
Related Party Transaction [Line Items]
Advisory and administrative fees percentage			1.50%
Advisory and administrative fees on contributed assets			$ 5,691,428

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Details_	Sep. 30, 2015USD ($)
Commitments And Contingencies Disclosure [Abstract]
Prepaid acquisition costs	$ 0

Subsequent Events - Summary of

Subsequent Events - Summary of Acquired Property (Details)	Oct. 10, 2015USD ($)Units	Sep. 30, 2015Property
Subsequent Event [Line Items]
# Units | Property		12,822
Subsequent Event | The Place at Vanderbilt | Fort Worth | Texas
Subsequent Event [Line Items]
Closing Date	Oct. 30, 2015
Purchase Price	$ 19,250,000
Debt	$ 13,875,000
# Units | Units	333
Noncontrolling Interest	5.00%
Effective Ownership Percentage	95.00%

Subsequent Events - Summary o49

Subsequent Events - Summary of Acquired Property (Parenthetical) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
First 12 months
Subsequent Event [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
13th month through 81st month
Subsequent Event [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
Debt With Floating Interest Rate
Subsequent Event [Line Items]
Assumed floating interest rate	2.01%	2.02%
Debt With Floating Interest Rate | The Place at Vanderbilt
Subsequent Event [Line Items]
Assumed floating interest rate	2.23%
Debt instrument description	We assumed a floating rate loan with an interest rate equal to one-month LIBOR plus 2.23%. The loan was originally issued on December 22, 2014 and matures on January 1, 2022.
Debt instrument, payment terms	The loan only required interest only payments for the first 12 months (interest only period ends January 31, 2016)
Issued date	Dec. 22, 2014
Maturity Date	Jan. 1, 2022
Expiring date	Jan. 31, 2016
Debt With Floating Interest Rate | The Place at Vanderbilt | Maximum
Subsequent Event [Line Items]
Maximum interest rate	5.75%
Debt With Floating Interest Rate | The Place at Vanderbilt | First 12 months
Subsequent Event [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
Debt With Floating Interest Rate | The Place at Vanderbilt | 13th month through 81st month
Subsequent Event [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	1.00%

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($)	Oct. 21, 2015	Sep. 30, 2015	Dec. 31, 2014	Nov. 10, 2015
Subsequent Event [Line Items]
Dividends payable, date declared		Nov. 10, 2015
Dividends payable, date of record		Dec. 15, 2015
Dividends payable, date to be paid		Dec. 31, 2015
Subsequent Event
Subsequent Event [Line Items]
Dividends payable, amount per share				$ 0.206
Debt With Floating Interest Rate
Subsequent Event [Line Items]
Assumed floating interest rate		2.01%	2.02%
Debt With Floating Interest Rate | Regatta Bay
Subsequent Event [Line Items]
Maturity Date		Nov. 1, 2020
Debt With Floating Interest Rate | Regatta Bay | Subsequent Event
Subsequent Event [Line Items]
Long-term debt floating interest, amount	$ 14,000,000
Floor rate	0.25%
Assumed floating interest rate	1.70%
Loan prepayment fee as a percentage	1.00%
Housing and Urban Development (“HUD”) | Debt With Floating Interest Rate | Regatta Bay | Subsequent Event
Subsequent Event [Line Items]
Debt instrument, existing fixed rate loan	$ 13,100,000
Debt prepayment penalty, percentage	5.00%
Debt prepayment penalty, amount	$ 652,426
Net proceeds from new loan	$ 277,841