NexPoint Residential Trust (NXRT) 10-K 21 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 18, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		21,293,825
Entity Public Float			$ 241,000,000

COMBINED CONSOLIDATED BALANCE S

COMBINED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Operating Real Estate Investments
Land (including from VIEs of $163,462 and $127,740, respectively)	$ 177,152	$ 129,320
Buildings and improvements (including from VIEs of $642,936 and $479,904, respectively)	729,675	488,260
Intangible lease assets (including from VIEs of $0 and $17,594, respectively)	2,573	17,884
Construction in progress (including from VIEs of $5,070 and $6,530, respectively)	5,346	6,530
Furniture, fixtures, and equipment (including from VIEs of $25,715 and $7,887, respectively)	28,009	8,320
Total Gross Operating Real Estate Investments	942,755	650,314
Accumulated depreciation and amortization (including from VIEs of $36,112 and $21,110, respectively)	(39,873)	(21,788)
Total Net Operating Real Estate Investments	902,882	628,526
Cash and cash equivalents (including from VIEs of $13,271 and $11,869, respectively)	16,226	12,662
Restricted cash (including from VIEs of $43,500 and $47,192, respectively)	46,869	47,817
Accounts receivable (including from VIEs of $1,517 and $1,135, respectively)	2,122	1,151
Prepaid and other assets (including from VIEs of $1,724 and $2,546, respectively)	1,961	2,569
Deferred financing costs, net (including from VIEs of $5,484 and $4,535, respectively)	6,213	4,632
TOTAL ASSETS	976,273	697,357
LIABILITIES AND EQUITY
Bridge facility	29,000
Mortgages payable (including from VIEs of $615,187 and $480,976, respectively)	682,342	486,976
Accounts payable and other accrued liabilities (including from VIEs of $4,049 and $5,513, respectively)	5,106	5,642
Accrued real estate taxes payable (including from VIEs of $5,723 and $3,692, respectively)	6,057	3,859
Accrued interest payable (including from VIEs of $1,332 and $1,006, respectively)	1,462	1,031
Security deposit liability (including from VIEs of $1,277 and $1,484, respectively)	1,544	1,513
Prepaid rents (including from VIEs of $1,633 and $760, respectively)	1,824	792
Due to affiliates		20
Total Liabilities	$ 727,335	499,833
Invested Equity		$ 176,549
NexPoint Residential Trust, Inc. stockholders' equity:
Preferred stock, $0.01 par value: 100,000,000 shares authorized; 0 shares issued and outstanding as of December 31, 2015 and 2014
Common stock, $0.01 par value: 500,000,000 shares authorized; 21,293,825 and 0 shares issued and outstanding as of December 31, 2015 and 2014, respectively	$ 213
Additional paid-in capital	240,625
Accumulated deficit	(18,593)
Accumulated other comprehensive loss	(697)	$ (306)
Noncontrolling interests	27,390	21,281
Total Equity	248,938	197,524
TOTAL LIABILITIES AND EQUITY	$ 976,273	$ 697,357

COMBINED CONSOLIDATED BALANCE 3

COMBINED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Land	$ 177,152	$ 129,320
Buildings and improvements	729,675	488,260
Intangible lease assets	2,573	17,884
Construction in progress	5,346	6,530
Furniture, fixtures, and equipment	28,009	8,320
Accumulated depreciation and amortization	39,873	21,788
Cash and cash equivalents	16,226	12,662
Restricted cash	46,869	47,817
Accounts receivable	2,122	1,151
Prepaid and other assets	1,961	2,569
Deferred financing costs, net	6,213	4,632
Mortgages payable	682,342	486,976
Accounts payable and other accrued liabilities	5,106	5,642
Accrued real estate taxes payable	6,057	3,859
Accrued interest payable	1,462	1,031
Security deposit liability	1,544	1,513
Prepaid rents	$ 1,824	$ 792
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	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	0
Common stock, shares, outstanding	21,293,825	0
Common stock, par value	$ 0.01	$ 0.01
VIE
Land	$ 163,462	$ 127,740
Buildings and improvements	642,936	479,904
Intangible lease assets	0	17,594
Construction in progress	5,070	6,530
Furniture, fixtures, and equipment	25,715	7,887
Accumulated depreciation and amortization	36,112	21,110
Cash and cash equivalents	13,271	11,869
Restricted cash	43,500	47,192
Accounts receivable	1,517	1,135
Prepaid and other assets	1,724	2,546
Deferred financing costs, net	5,484	4,535
Mortgages payable	615,187	480,976
Accounts payable and other accrued liabilities	4,049	5,513
Accrued real estate taxes payable	5,723	3,692
Accrued interest payable	1,332	1,006
Security deposit liability	1,277	1,484
Prepaid rents	$ 1,633	$ 760

COMBINED CONSOLIDATED STATEMENT

COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
Rental income	$ 103,804	$ 38,578	$ 284
Other income	13,854	4,572	32
Total revenues	117,658	43,150	316
Expenses
Property operating expenses	34,252	12,348	121
Acquisition costs	2,975	8,640	137
Real estate taxes and insurance	15,231	5,743	36
Property management fees (related party)	3,501	1,289	13
Advisory and administrative fees (related party)	5,565	1,653	22
Corporate general and administrative expenses	2,455
Property general and administrative expenses	5,401	2,091	15
Depreciation and amortization	40,801	21,645	142
Total expenses	110,181	53,409	486
Operating income (loss)	7,477	(10,259)	(170)
Interest expense	(18,469)	(7,274)
Net loss	(10,992)	(17,533)	(170)
Net loss attributable to noncontrolling interests	(160)	(1,932)
Net loss attributable to common stockholders	(10,832)	(15,601)	(170)
Other comprehensive loss
Net losses related to interest rate cap valuations	(391)	(306)
Total comprehensive loss	(11,383)	(17,839)	(170)
Comprehensive loss attributable to noncontrolling interests	(93)	(1,962)
Comprehensive loss attributable to common stockholders	$ (11,290)	$ (15,877)	$ (170)
Weighted average common shares outstanding - basic and diluted	21,294	21,294	21,294
Dividends declared per common share	$ 0.618
Loss per share - basic and diluted (see Note 2)	$ (0.51)	$ (0.73)	$ (0.01)

COMBINED CONSOLIDATED STATEMEN5

COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities
Net loss	$ (10,992)	$ (17,533)	$ (170)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	40,801	21,645	142
Amortization of deferred financing fees	1,081	320	0
Change in fair value on derivative instruments included in interest expense	286	759
Amortization of fair market value adjustment of assumed debt	(110)	(27)
Noncash contributions	1,277	1,655	19
Gain on disposal from eminent domain	(158)
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	(971)	(1,143)	(7)
Prepaid and other assets	746	205	9
Restricted cash	(13,473)	(7,137)
Accounts payable and other accrued liabilities	2,554	4,192	32
Due to affiliates		(3)	3
Net cash provided by operating activities	21,041	2,933	28
Cash flows from investing activities
Change in restricted cash	14,421	(38,645)	(2,035)
Proceeds from eminent domain disposal	326
Additions to operating real estate investments	(39,432)	(14,039)	(240)
Acquisitions of operating real estate investments	(243,894)	(585,039)	(8,877)
Net cash used in investing activities	(268,579)	(637,723)	(11,152)
Cash flows from financing activities
Mortgage proceeds received	183,833	451,287
Bridge facility proceeds received	29,000
Mortgage payments	(20,232)	(115)
Deferred financing fees paid	(2,662)	(4,953)
Interest rate cap fees paid	(337)	(1,523)
Due to affiliates	(20)	20
Distributions to noncontrolling interests	(3,360)	(562)
Distributions	(13,160)	(9,952)
Contributions from noncontrolling interests	9,629	23,789
Contributions	68,411	189,271	11,314
Net cash provided by financing activities	251,102	647,262	11,314
Net increase in cash	3,564	12,472	190
Cash, beginning of period	12,662	190
Cash, end of period	16,226	12,662	$ 190
Supplemental Disclosure of Cash Flow Information
Interest paid	16,562	5,120
Supplemental Disclosure of Noncash Investing and Financing Activities
Capitalized construction costs included in accounts payable and other accrued liabilities	1,373	2,836
Buyout of residual interest		309
Fair market value adjustment of assumed debt		429
Change in fair value on hedging instruments designated as hedges	391	306
Liabilities assumed from acquisitions	1,975	5,744
Other assets acquired from acquisitions	478	2,290
Assumed debt on acquisitions of operating real estate investments	$ 31,875	$ 35,403

COMBINED CONSOLIDATED STATEMEN6

COMBINED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Invested Equity	Noncontrolling Interests
Beginning Balance, Values at Dec. 31, 2013	$ 11,163					$ 11,163
Contributions	215,023					191,234	$ 23,789
Buyout of residual interest	(309)					(309)
Distributions	(10,514)					(9,952)	(562)
Other comprehensive loss	(306)				$ (306)
Net loss	(17,533)					(15,587)	(1,946)
Ending Balance, Values at Dec. 31, 2014	$ 197,524				(306)	176,549	21,281
Ending Balance, Shares at Dec. 31, 2014	0
Contributions	$ 79,317					69,688	9,629
Distributions	(16,520)						(3,360)
Dividends				$ (13,160)
Other comprehensive loss	(391)				(391)
Net loss	(10,992)			(5,433)		(5,399)	(160)
Exchange of predecessor invested equity for common stock, Values		$ 213	$ 240,625			$ (240,838)
Exchange of predecessor invested equity for common stock, Shares		21,294
Ending Balance, Values at Dec. 31, 2015	$ 248,938	$ 213	$ 240,625	$ (18,593)	$ (697)		$ 27,390
Ending Balance, Shares at Dec. 31, 2015	21,293,825	21,294

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Description of Business	1. Organization and Description of Business NexPoint Residential Trust, Inc. (the “Company”, “we”, “our”) was incorporated on September 19, 2014, and intends to elect to be taxed as a real estate investment trust (“REIT”) beginning with our 2015 tax year. The Company is focused on “value-add” multifamily investments primarily located in the Southeastern and Southwestern United States. Substantially all of the Company’s business is conducted through NexPoint Residential Trust Operating Partnership, L.P. (the “OP”), the Company’s operating partnership. The Company holds all or a majority interest in its properties (the “Portfolio”) through the OP. The Company’s subsidiary, NexPoint Residential Trust Operating Partnership GP, LLC (the “OP GP”) 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”). We use the term “predecessor” to mean the carve-out business of 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.” We are externally managed by NexPoint Real Estate Advisors, L.P., (the “Adviser”), through an agreement dated March 16, 2015 (the “Advisory Agreement”), by and among the Company, the OP and our Adviser. The Advisory Agreement has a term of two years. Our Adviser conducts substantially all of our operations and provides asset management for our real estate investments. We will only have accounting employees while the Advisory Agreement is in effect. All of our investment decisions are made by our Adviser, subject to general oversight by our Adviser’s investment committee and our Board of Directors (the “Board”). Our Adviser is wholly owned by NexPoint Advisors, L.P. and is an affiliate of Highland Capital Management, L.P. (our “Sponsor” or “Highland”). Both are SEC-registered investment advisers under the Investment Advisers Act of 1940. 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	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Predecessor With the exception of a nominal amount of initial cash funded at inception, the Company did not own any assets prior to March 31, 2015. The business and operations of the Company prior to March 31, 2015 occurred under the predecessor. Our predecessor included all of the properties in our portfolio that were held 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 combined consolidated financial statements of the Company are prepared in accordance with GAAP. 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, buildings, improvements, furniture, fixtures and equipment, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months Construction in progress includes the cost of renovation projects being performed at the various properties. Once a project is complete the historical cost of the renovation is placed into service in one of the categories above depending on the type of renovation project and is depreciated over the estimated useful lives as described in the table above. Impairment Real estate assets 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 years ended December 31, 2015 and 2014, the Company did not record any impairment charges related to real estate assets. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value. Restricted Cash Restricted cash is comprised of 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 joint venture 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 required to be held in escrow by a third party. The Company may reallocate these funds, at its discretion, to pursue other investment opportunities. The following is a summary of the restricted cash held as of December 31, 2015 and 2014 (in thousands): As of December 31, 2015 2014 Security deposits $ 1,034 $ 1,574 Operating escrows 21,312 7,299 Renovation value-add reserves 24,523 38,944 $ 46,869 $ 47,817 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 combined consolidated balance sheets. No such costs existed as of December 31, 2015 and 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 $6.2 million and $4.6 million are recorded on the combined consolidated balance sheets as of December 31, 2015 and 2014, respectively. Amortization of deferred financing costs of $1.1 million, $0.3 million, and $0 is included in interest expense on the combined consolidated statements of operations and comprehensive loss for the years ended December 31, 2015, 2014, and 2013, 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 December 31, 2015 and December 31, 2014: Effective Ownership Percentage at December 31, Property Name Location Year 2015 2014 The Miramar Apartments (1) Dallas, Texas 2013 100 % 100 % (2) 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 Crossing 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, North Carolina 2014 90 % 90 % Timber Creek Charlotte, North Carolina 2014 90 % 90 % Belmont at Duck Creek Garland, Texas 2014 90 % 90 % The Arbors Tucker, Georgia 2014 90 % 90 % The Crossings Marietta, Georgia 2014 90 % 90 % The Crossings at Holcomb Bridge Roswell, Georgia 2014 90 % 90 % The Knolls Marietta, Georgia 2014 90 % 90 % Regatta Bay Seabrook, Texas 2014 90 % 90 % Sabal Palm at Lake Buena Vista Orlando, Florida 2014 90 % 90 % Southpoint Reserve at Stoney Creek Fredericksburg, Virginia 2014 85 % 85 % Cornerstone Orlando, Florida 2015 90 % — (3) McMillan Place Dallas, Texas 2015 90 % — (3) Barrington Mill Marietta, Georgia 2015 90 % — (3) Dana Point Dallas, Texas 2015 90 % — (3) Heatherstone Dallas, Texas 2015 90 % — (3) Versailles Dallas, Texas 2015 90 % — (3) Seasons 704 Apartments West Palm Beach, Florida 2015 90 % — (3) Madera Point (1) Mesa, Arizona 2015 95 % — (3) The Pointe at the Foothills (1) Mesa, Arizona 2015 95 % — (3) The Place at Vanderbilt (1) Fort Worth, Texas 2015 95 % — (3) (1) The joint ventures that own these properties are not VIEs. (2) The Miramar Apartments was the only property owned as of December 31, 2013. (3) 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. The majority of 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, BH Equity invested cash in each VIE 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 each 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 affiliates. 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). 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 net loss is from investments in real estate properties within the multifamily 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 years ended December 31, 2015, 2014, and 2013, the Company incurred a loss per share of $0.51, $0.73, and $0.01, 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 August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers – Deferral of the Effective Date, In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities,

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Acquisitions	3. Acquisitions As of December 31, 2015, through its consolidated joint ventures, the Company has invested in a total of 42 multifamily properties as listed below: Average Effective Monthly Rent Per Unit as of December 31 (1)*, % Occupied as of December 31 (2)*, Property Name Rentable Square Number of Units* Date Acquired 2015 2014 2015 2014 The Miramar Apartments 183,100 314 10/31/2013 $ 586 $ 567 92.4 % 92.7 % Arbors on Forest Ridge 154,556 210 1/31/2014 811 759 93.8 % 92.9 % Cutter’s Point 197,972 196 1/31/2014 981 919 93.9 % 96.4 % Eagle Crest 395,951 447 1/31/2014 798 739 95.5 % 94.9 % Meridian 148,200 200 1/31/2014 816 791 94.0 % 95.0 % Silverbrook 526,138 642 1/31/2014 711 657 93.6 % 91.7 % Timberglen 221,376 304 1/31/2014 748 696 96.1 % 93.4 % Toscana 115,400 192 1/31/2014 649 616 94.8 % 93.2 % The Grove at Alban 267,300 290 3/10/2014 971 959 94.5 % 89.3 % Willowdale Crossing 411,800 432 5/15/2014 977 1,010 88.9 % 82.9 % Edgewater at Sandy Springs 726,774 760 7/18/2014 825 870 94.5 % 92.5 % Beechwood Terrace 271,728 300 7/21/2014 794 764 97.3 % 98.7 % Willow Grove 229,140 244 7/21/2014 773 683 95.9 % 94.7 % Woodbridge 246,840 220 7/21/2014 875 841 96.4 % 90.5 % Abbington Heights 238,974 274 8/1/2014 785 759 94.5 % 96.0 % The Summit at Sabal Park 204,545 252 8/20/2014 841 805 92.5 % 88.5 % Courtney Cove 224,958 324 8/20/2014 738 705 95.4 % 95.1 % Colonial Forest 160,093 174 8/20/2014 637 616 94.8 % 94.8 % Park at Blanding 116,410 117 8/20/2014 779 743 97.4 % 88.9 % Park at Regency 134,253 159 8/20/2014 760 744 96.2 % 91.2 % Jade Park 118,392 144 8/20/2014 747 704 90.3 % 96.5 % Mandarin Reserve 449,276 520 9/15/2014 716 691 93.1 % 95.4 % Radbourne Lake 246,599 225 9/30/2014 954 953 96.9 % 92.4 % Timber Creek 248,391 352 9/30/2014 727 682 94.3 % 93.2 % Belmont at Duck Creek 198,279 240 9/30/2014 880 804 93.8 % 93.8 % The Arbors 127,536 140 10/16/2014 786 675 94.3 % 92.1 % The Crossings 377,840 380 10/16/2014 757 705 92.9 % 94.7 % The Crossings at Holcomb Bridge 247,982 268 10/16/2014 780 720 95.9 % 93.7 % The Knolls 311,160 312 10/16/2014 826 756 93.9 % 95.2 % Regatta Bay 200,440 240 11/4/2014 1,010 945 93.3 % 96.3 % Sabal Palm at Lake Buena Vista 370,768 400 11/5/2014 1,083 1,043 96.0 % 95.0 % Southpoint Reserve at Stoney Creek 115,712 156 12/18/2014 986 934 94.9 % 92.9 % Cornerstone 317,565 430 1/15/2015 822 — (3) 93.3 % — (3) McMillan Place 290,051 402 1/15/2015 666 — (3) 91.3 % — (3) Barrington Mill 692,180 752 2/6/2015 747 — (3) 95.6 % — (3) Dana Point 206,276 264 2/26/2015 734 — (3) 92.8 % — (3) Heatherstone 115,615 152 2/26/2015 782 — (3) 94.1 % — (3) Versailles 300,908 388 2/26/2015 765 — (3) 90.2 % — (3) Seasons 704 Apartments 216,891 222 4/15/2015 980 — (3) 97.3 % — (3) Madera Point 192,880 256 8/5/2015 758 — (3) 93.8 % — (3) The Pointe at the Foothills 472,952 528 8/5/2015 825 — (3) 90.7 % — (3) The Place at Vanderbilt 288,532 333 10/30/2015 750 — (3) 92.8 % — (3) 11,281,733 13,155 * Information is unaudited. (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of December 31 for the respective year minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of December 31 for the respective year. (2) Percent occupied is calculated as the number of units occupied as of December 31, 2015 and 2014, divided by total number of units, expressed as a percentage. (3) Properties acquired in 2015.

Real Estate Investments

Real Estate Investments	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Real Estate Investments	4. Real Estate Investments As of December 31, 2015, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Property Name Land Buildings Intangible Construction in Progress Furniture, Fixtures and Equipment Totals The Miramar Apartments $ 1,580 $ 8,601 $ — $ 48 $ 603 $ 10,832 Arbors on Forest Ridge 2,330 10,948 — — 524 13,802 Cutter’s Point 3,330 12,747 — 37 621 16,735 Eagle Crest 5,450 21,846 — 15 743 28,054 Meridian 2,310 10,325 — 12 419 13,066 Silverbrook 4,860 24,909 — 118 1,475 31,362 Timberglen 2,510 14,379 — 20 703 17,612 Toscana 1,730 7,256 — 4 522 9,512 The Grove at Alban 3,640 18,994 — 66 911 23,611 Willowdale Crossing 4,650 35,631 — 23 784 41,088 Edgewater at Sandy Springs 14,290 43,429 — 199 2,394 60,312 Beechwood Terrace 1,390 20,374 — 28 572 22,364 Willow Grove 3,940 10,621 — 2 483 15,046 Woodbridge 3,650 12,581 — 110 543 16,884 Abbington Heights 1,770 16,184 — 67 657 18,678 The Summit at Sabal Park 5,770 13,311 — 9 674 19,764 Courtney Cove 5,880 12,850 — 30 668 19,428 Colonial Forest 2,090 3,486 — — 328 5,904 Park at Blanding 2,610 4,025 — 4 304 6,943 Park at Regency 2,620 5,706 — 5 446 8,777 Jade Park 1,490 6,404 — 19 351 8,264 Mandarin Reserve 5,610 20,850 — — 1,021 27,481 Radbourne Lake 2,440 21,194 — 224 739 24,597 Timber Creek 11,260 13,101 — 37 541 24,939 Belmont at Duck Creek 1,910 16,948 — 47 533 19,438 The Arbors 1,730 6,512 — 4 279 8,525 The Crossings 3,982 16,696 — 759 890 22,327 The Crossings at Holcomb Bridge 5,560 10,644 — 101 749 17,054 The Knolls 3,410 17,574 — — 1,016 22,000 Regatta Bay 1,660 16,120 — 34 543 18,357 Sabal Palm at Lake Buena Vista 7,580 40,833 — 214 639 49,266 Southpoint Reserve at Stoney Creek 6,120 10,896 — 166 286 17,468 Cornerstone 1,500 29,786 — 201 411 31,898 McMillan Place 3,610 17,127 — 398 517 21,652 Barrington Mill 10,170 47,055 — 430 1,117 58,772 Dana Point 4,090 11,760 — 330 649 16,829 Heatherstone 2,320 6,962 — 403 399 10,084 Versailles 6,720 19,339 — 699 903 27,661 Seasons 704 Apartments 7,480 13,532 — 254 361 21,627 Madera Point 4,920 16,632 629 39 444 22,664 The Pointe at the Foothills 4,840 45,395 1,433 186 768 52,622 The Place at Vanderbilt 2,350 16,112 511 4 479 19,456 177,152 729,675 2,573 5,346 28,009 942,755 Accumulated depreciation and amortization — (32,350 ) (1,844 ) — (5,679 ) (39,873 ) $ 177,152 $ 697,325 $ 729 $ 5,346 $ 22,330 $ 902,882 As of December 31, 2014, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Property Name Land Buildings and Improvements Intangible Lease Assets Construction in Progress Furniture, Fixtures and Equipment Totals The Miramar Apartments $ 1,580 $ 8,356 $ 290 $ — $ 433 $ 10,659 Arbors on Forest Ridge 2,330 10,832 312 2 264 13,740 Cutter's Point 3,330 12,612 352 28 333 16,655 Eagle Crest 5,450 21,455 654 125 474 28,158 Meridian 2,310 10,258 299 — 198 13,065 Silverbrook 4,860 24,535 793 92 914 31,194 Timberglen 2,510 14,071 408 — 314 17,303 Toscana 1,730 6,962 230 23 229 9,174 The Grove at Alban 3,640 18,913 796 105 229 23,683 Willowdale Crossing 4,650 35,544 1,172 1 401 41,768 Edgewater at Sandy Springs 14,290 41,094 1,930 1,262 1,006 59,582 Beechwood Terrace 1,390 19,681 409 165 157 21,802 Willow Grove 3,940 9,513 298 647 92 14,490 Woodbridge 3,650 12,020 334 306 179 16,489 Abbington Heights 1,770 15,864 400 110 171 18,315 The Summit at Sabal Park 5,770 12,972 404 82 221 19,449 Courtney Cove 5,880 12,487 431 80 312 19,190 Colonial Forest 2,090 3,117 186 243 166 5,802 Park at Blanding 2,610 3,691 177 184 111 6,773 Park at Regency 2,620 5,344 220 61 197 8,442 Jade Park 1,490 6,061 200 219 89 8,059 Mandarin Reserve 5,610 19,680 701 701 300 26,992 Radbourne Lake 2,440 20,830 652 148 355 24,425 Timber Creek 11,260 10,705 799 948 113 23,825 Belmont at Duck Creek 1,910 16,655 436 107 135 19,243 The Arbors 1,730 5,844 199 162 45 7,980 The Crossings 4,150 16,139 834 492 127 21,742 The Crossings at Holcomb Bridge 5,560 9,788 616 48 66 16,078 The Knolls 3,410 16,931 759 108 125 21,333 Regatta Bay 1,660 15,803 714 1 110 18,288 Sabal Palm at Lake Buena Vista 7,580 40,130 1,387 80 439 49,616 Southpoint Reserve at Stoney Creek 6,120 10,373 492 — 15 17,000 129,320 488,260 17,884 6,530 8,320 650,314 Accumulated depreciation and amortization — (8,534 ) (12,442 ) — (812 ) (21,788 ) $ 129,320 $ 479,726 $ 5,442 $ 6,530 $ 7,508 $ 628,526 Depreciation expense was $28.7 million and $9.3 million for the years ended December 31, 2015 and 2014, respectively. Amortization expense related to the Company’s intangible lease assets was $12.1 million and $12.3 million for the years ended December 31, 2015 and 2014, respectively. Amortization expense related to the Company’s intangible lease assets for all acquisitions completed through December 31, 2015 is expected to be $0.7 million in 2016. Due to the six-month useful life attributable to intangible lease assets, the value of intangible lease assets on any acquisition prior to June 30, 2015 has been fully amortized and the assets and related accumulated amortization have been written-off as of December 31, 2015.

Pro Forma Financial Information

Pro Forma Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2015
Pro Forma Financial Information [Abstract]
Pro Forma Financial Information (Unaudited)	5. Pro Forma Financial Information (unaudited) The Company acquired 41 properties during the period January 1, 2014 through December 31, 2015. The following unaudited pro forma information for the years ended December 31, 2015 and 2014 has been provided to give effect to the acquisitions of the properties as if they had occurred on January 1, 2014. This pro forma financial information is not intended to represent what the actual results of operations of the Company would have been had these acquisitions occurred on this date, nor does it purport to predict the results of operations for future periods. The following table summarizes, on an unaudited basis, the combined consolidated pro forma results of operations of the Company for the years ended December 31, 2015 and 2014 (in thousands, except per share amounts): Year Ended December 31, 2015 2014 Actual: Total revenues $ 117,658 $ 43,150 Net loss (10,992 ) (17,533 ) Loss per share - basic and diluted (see Note 2) (0.51 ) (0.73 ) Pro forma: Total revenues 127,546 119,474 Net income (loss) 1,988 (26,955 ) Earnings (loss) per share - basic and diluted (see Note 2) 0.09 (1.27 ) The pro forma information includes adjustments to actual revenues and expenses recorded to reflect operations of all properties acquired as of December 31, 2015, assuming each was owned by the Company and operating as of January 1, 2014. Net loss has been adjusted as follows: (1) interest expense has been adjusted to reflect the additional interest expense that would have been charged had the Company acquired the properties on January 1, 2014 under the same financing arrangements as existed as of the acquisition date; (2) depreciation and amortization has been adjusted based on the Company’s basis in the properties, and all of the intangible lease assets have been fully amortized through the year ended December 31, 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; and (5) general and administrative fees expected to be incurred on an annual basis at a parent level have been adjusted to include the acquisitions on a pro forma basis and are estimated to be approximately $3.4 million per year.

Debt

Debt	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Debt	6. Debt Mortgages Payable The following table contains summary information concerning the mortgage debt to the Company as of December 31, 2015: Property Name Type Term Amortization (months) Outstanding Principal (1) (in thousands) Interest Rate (2) Max Note Rate (3) Maturity Date The Miramar Apartments (4) Floating 120 360 $ 8,400 2.65% 5.75% 2/1/2025 Beechwood Terrace (5) Floating 84 360 17,120 2.51% 6.00% 8/1/2021 Colonial Forest (5) Floating 84 360 4,125 2.59% 6.25% 9/1/2021 Courtney Cove (5) Floating 84 360 14,210 2.51% 5.75% 9/1/2021 Edgewater at Sandy Springs (5) Floating 84 360 43,550 2.52% 5.75% 8/1/2021 The Grove at Alban (5) Floating 84 360 18,720 2.97% 6.50% 4/1/2021 Park at Blanding (5) Floating 84 360 4,875 2.59% 7.25% 9/1/2021 Park at Regency (5) Floating 84 360 6,225 2.59% 7.01% 9/1/2021 The Summit at Sabal Park (5) Floating 84 360 14,287 2.51% 5.75% 9/1/2021 Mandarin Reserve (5) Floating 84 360 19,575 2.53% 5.50% 10/1/2021 Willow Grove (5) Floating 84 360 11,000 2.54% 6.00% 8/1/2021 Willowdale Crossing (5) Floating 84 360 32,800 2.70% 5.75% 6/1/2021 Jade Park (5) Floating 84 360 5,850 2.58% 6.49% 9/1/2021 Woodbridge (5) Floating 84 360 12,800 2.52% 6.25% 8/1/2021 Southpoint Reserve at Stoney Creek (5) Floating 84 360 13,600 2.54% 6.00% 1/1/2022 Barrington Mill (5) Floating 84 360 43,500 2.39% 5.50% 3/1/2022 Dana Point (5) Floating 84 360 12,176 2.48% 5.50% 3/1/2022 Heatherstone (5) Floating 84 360 7,087 2.51% 5.50% 3/1/2022 Versailles (5) Floating 84 360 19,623 2.46% 5.50% 3/1/2022 Seasons 704 Apartments (5) Floating 84 360 12,660 2.23% 5.95% 5/1/2022 Arbors on Forest Ridge (6) Floating 84 360 10,244 3.16% 5.75% 2/1/2021 Cutter's Point (6) Floating 84 360 12,676 3.16% 5.75% 2/1/2021 Eagle Crest (6) Floating 84 360 21,860 3.16% 5.75% 2/1/2021 Meridian (6) Floating 84 360 9,840 3.16% 5.75% 2/1/2021 Silverbrook (6) Floating 84 360 24,320 3.16% 5.75% 2/1/2021 Timberglen (6) Floating 84 360 13,560 3.16% 5.75% 2/1/2021 Toscana (6) Floating 84 360 7,100 3.16% 5.75% 2/1/2021 Timber Creek (7) Floating 120 360 19,482 2.25% 5.96% 10/1/2024 Radbourne Lake (7) Floating 120 360 19,213 2.24% 6.25% 10/1/2024 The Arbors (7) Floating 120 360 5,812 2.24% 7.11% 11/1/2024 The Crossings (7) Floating 120 360 15,874 2.24% 7.21% 11/1/2024 The Crossings at Holcomb Bridge (7) Floating 120 360 12,450 2.24% 7.35% 11/1/2024 The Knolls (7) Floating 120 360 16,038 2.24% 7.11% 11/1/2024 McMillan Place (7) Floating 120 360 15,738 2.35% 5.92% 2/1/2025 Sabal Palm at Lake Buena Vista (7) Floating 120 360 37,680 2.24% 6.26% 12/1/2024 Abbington Heights (8) Fixed 120 360 10,403 3.79% 3.79% 9/1/2022 Belmont at Duck Creek (9) Fixed 84 360 11,342 4.68% 4.68% 9/1/2018 Regatta Bay (10) Floating 60 360 14,000 2.31% N/A 11/1/2020 Cornerstone (11) Fixed 120 360 23,480 4.24% 4.24% 3/1/2023 Madera Point (12) Floating 60 360 13,515 2.33% N/A 9/1/2020 The Pointe at the Foothills (12) Floating 60 360 31,365 2.32% N/A 9/1/2020 The Place at Vanderbilt (13) Floating 84 360 13,875 2.66% 5.75% 1/1/2022 $ 682,050 Fair market value adjustment 292 (14) $ 682,342 (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 three-month LIBOR, subject to a floor of 0.25%, plus 1.70%) and Cornerstone (based on a blended fixed rate of 4.24%). One-month and three-month LIBOR as of December 31, 2015 were 0.4295% and 0.6127%, respectively. (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 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. (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 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. (8) Debt was assumed upon acquisition of this property at 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) Loan 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. Loan’s unpaid principal balance can be declared due and payable in full, at the lender’s discretion, on November 1, 2018 and November 1, 2019. (11) Debt in the amount of $18.0 million was assumed upon acquisition of this property at approximated fair value. The assumed debt carries a 4.09% fixed rate, was originally issued in March 2013 and had a term of 120 months with an initial 24 months of interest only. At the time of acquisition, the principal balance of the first mortgage remained unchanged and had a remaining term of 98 months with 2 months of interest only. The first mortgage is pre-payable and subject to yield maintenance from 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 approximately $5.8 million, a fixed rate of 4.70%, and with a maturity date that is the same time as the first mortgage. The supplemental second mortgage is pre-payable and subject to yield maintenance from the date of issuance through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity. As of December 31, 2015, the total indebtedness secured by the property is approximately $23.5 million and has a blended interest rate of 4.24%. (12) 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. (13) Debt was assumed upon acquisition of this property at approximated fair value. The assumed debt was originally issued on December 22, 2014 and matures on January 1, 2022. The loan only requires interest only payments for the first 12 months (interest only period ends January 31, 2016) after which time the loan becomes amortizing. 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 (14 ) 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 2.67% as of December 31, 2015 and 2.65% as of December 31, 2014. Each of our mortgages is a non-recourse obligation subject to customary provisions. The loan agreements contain customary events of default, including defaults in the payment of principal or interest, defaults in compliance with the covenants contained in the documents evidencing the loan, defaults in payments under any other security instrument covering any part of the property, whether junior or senior to the loan, and bankruptcy or other insolvency events. As of December 31, 2015, the Company believes it is in compliance with all provisions. Bridge Facility On August 5, 2015, the Company executed a bridge facility (the “Bridge Facility”) with Key Bank, N.A. in the amount of $29.0 million. 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. The bridge facility agreement contains customary provisions with respect to events of default, covenants and borrowing conditions. Certain prepayments may be required upon a breach of covenants or borrowing conditions. As of December 31, 2015, the Company believes it is in compliance with all provisions. Schedule of Debt Maturities Debt maturities scheduled for each of the next five years and thereafter are as follows (in thousands): 2016 33,619 2017 7,965 2018 23,690 2019 13,571 2020 72,710 Thereafter 559,495 Total $ 711,050 The scheduled maturity for 2016 is inclusive of the Bridge Facility of $29.0 million with Key Bank, N.A. that matures on August 4, 2016.

Fair Value Measures and Derivat

Fair Value Measures and Derivative Financial Instruments	12 Months Ended
	Dec. 31, 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 32 properties for approximately $633.2 million. The purchase prices of these properties were allocated as follows: land of approximately $129.3 million, buildings, building improvements, furniture, fixtures and equipment of approximately $486.0 million, and intangible lease assets of approximately $17.9 million based on their estimated fair values using Level 3 inputs. Of the 32 properties acquired, there were three properties with assumed debt which was recorded based on their estimated fair value using Level 2 inputs. During the year ended December 31, 2015 and as further discussed in Notes 2 and 3, the Company acquired 10 additional properties for approximately $277.4 million. The purchase prices of these properties were allocated as follows: land of approximately $48.0 million, buildings, building improvements, furniture, fixtures, and equipment of approximately $222.0 million, and intangible lease assets of approximately $7.4 million based on their estimated fair values using Level 3 inputs. Of the 10 properties acquired, there were two properties with assumed debt which were recorded based on their estimated fair values 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 year ended December 31, 2015 and at December 31, 2014. Critical estimates in valuing certain assets and liabilities and the assumptions of what marketplace participants would use in making estimates of fair value include, but are not limited to: future expected cash flows, estimated carrying costs, estimated origination costs, lease up periods and tenant risk attributes, as well as assumptions about the period of time the acquired lease will continue to be used in the Company’s portfolio and discount rates used in these calculations. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable. Assumptions may not always reflect unanticipated events and changes in circumstances may occur. In making such estimates, management uses a number of sources, including appraisals, third party cost segregation studies or other market data, as well as, information obtained in its pre-acquisition due diligence, marketing and leasing activities. Considerable judgment is necessary to interpret market data and estimate fair value. Accordingly, there can be no assurance that the estimates discussed herein, using Level 3 inputs, are indicative of the amounts the Company could realize on disposition of the real estate assets or other financial instruments. The use of different market assumptions and/or estimation methodologies could have a material effect on the estimated fair value amounts. The following table represents critical assumptions used and the ranges for those assumptions: Going-in cap rate 4.8% - 6.2% Terminal cap rate 5.2% - 6.8% Discount rate 5.5% - 10.7% Growth rate revenues 1.6% - 3.3% Growth rate operating costs 1.6% - 3.3% Derivative financial instruments and hedging activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company may enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. The Company utilizes an independent third party to perform the market valuations on its derivative financial instruments. These market valuations are based on estimated fair values using Level 3 inputs. 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 years ended December 31, 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 5.99%. 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 years ended December 31, 2015, 2014, and 2013, the Company recorded no ineffectiveness in earnings attributable to derivatives designated as cash flow hedges. As of December 31, 2014, the Company had eight derivatives designated as cash flow hedges. As of and during the year ended December 31, 2013, the Company did not have any derivative financial instruments. As of December 31, 2015, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (in thousands): Product Number of Instruments Notional Interest rate caps 15 $ 259,659 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 21 $ 318,687 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 December 31, 2015 and 2014 (in thousands): Asset Derivative Liability Derivative Balance Sheet Location December 2015 December 31, 2014 Balance Sheet Location December 31, 2015 December 31, 2014 Derivatives designated as hedging instruments: Interest rate caps Other assets 61 263 Other — — Derivatives not designated as hedging instruments: Interest rate caps Other assets 6 195 Other liabilities — — Total 67 458 — — 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 years ended December 31, 2015 and 2014 (in thousands): Amount of gain (loss) recognized in OCI on derivative (effective portion) Location of gain (loss) reclassified from accumulated OCI into income Amount of gain (loss) reclassified from accumulated OCI into income (effective portion) Location of gain (loss) recognized in income on derivative Amount of gain (loss) recognized in income on derivative (ineffective portion) 2015 2014 (effective portion) 2015 2014 (ineffective portion) 2015 2014 Derivatives designated as hedging instruments: For the year ended December 31, Interest rate caps (391 ) (306 ) Interest expense (97 ) — 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 year ended December 31, Interest rate caps Interest expense (286 ) (759 ) 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. The Company used market spreads from quoted prices on similar long-term debt, which are classified as Level 2 in the fair value hierarchy, to determine the estimated fair values for the Company’s long-term indebtedness.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	8. Related Party Transactions Fees and reimbursements to BH and its affiliates The Company has entered into management agreements with BH Management Services, LLC (“BH”), the Company’s property manager, 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 members 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 (3) other owner approved fees at $55 per hour. BH also acts as a paymaster for the properties and is reimbursed for various operating expenses it pays on their behalf. The following is a summary of fees that the properties incurred to BH and its affiliates, as well as reimbursements paid to BH from the properties for various operating expenses, for the years ended December 31, 2015 and 2014 (in thousands): Year Ended December 31, 2015 2014 Fees incurred Property management fees (1) $ 3,501 $ 1,215 Construction supervision fees (2) 1,549 675 Acquisition fees (3) 2,048 4,938 Reimbursements Payroll and benefits (4) 14,903 4,866 Other reimbursements (5) 1,179 393 (1) Included in property management fees on the combined consolidated statements of operations and comprehensive loss. (2) Capitalized on the combined consolidated balance sheets and reflected in buildings and improvements. (3) Includes due diligence costs and are included in acquisition costs on the combined consolidated statements of operations and comprehensive loss. (4) Included in property operating expenses on the combined consolidated statements of operations and comprehensive loss. (5) Includes various operating expenses such as repairs and maintenance costs and property general and administrative expenses. 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 years ended December 31, 2015, 2014, and 2013, the properties incurred asset management fees to the Company of approximately $0.6 million, $0.2 million, and less than $0.1 million, 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 partners own 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 noncontrolling interests. 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 pays the Adviser an advisory fee equal to 1.00% of the Average Real Estate Assets (as defined below). 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 year ended December 31, 2015, the Adviser did not bill any operating or offering expenses to the Company and any such expenses are considered to be permanently waived. 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 per calendar year (or part thereof that the Advisory Agreement is in effect (the “Expense Cap”)). The Expense Cap does not limit the reimbursement of expenses related to Offering Expenses. The Expense Cap also does not apply to legal, accounting, financial, due diligence and other service fees incurred in connection with mergers and acquisitions, extraordinary litigation or other events outside the Company’s ordinary course of business or any out-of-pocket acquisitions or due diligence expenses incurred in connection with the acquisition or disposition of real estate assets. Also, advisory and administrative fees are further limited on Contributed Assets to approximately $5.4 million in any calendar year. Contributed Assets refers to all Real Estate Assets contributed to the Company as part of the Spin-Off. Advisory and administrative fees on New Assets are not subject to the above limitation but are subject to the Expense Cap. New Assets are all Real Estate Assets that are not Contributed Assets. The amount of advisory and administrative fees incurred were $5.6 million, $1.7 million, and less than $0.1 million for the years ended December 31, 2015, 2014, and 2013, respectively. These fees are reflected on the combined consolidated 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. Following the Spin-Off, the amount paid in 2015 represents the maximum fee allowed on Contributed Assets under the Advisory Agreement plus approximately $0.2 million of advisory and administrative fees incurred on Madera Point, The Pointe at the Foothills, and The Place at Vanderbilt, defined as New Assets pursuant to the terms of the Advisory Agreement, for the three months ended December 31, 2015.

Commitment and Contingencies

Commitment and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Commitments In the normal course of business, the Company enters into various rehabilitation construction related purchase commitments with parties that provide these goods and services. In the event the Company were to terminate rehabilitation construction services prior to the completion of projects, the Company could potentially be committed to satisfy outstanding or uncompleted purchase orders with such parties. At December 31, 2015, management does not anticipate any material deviations from schedule or budget related to rehabilitation projects currently in process. Contingencies In the normal course of business, the Company is subject to claims, lawsuits and legal proceedings. While it is not possible to ascertain the ultimate outcome of all such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the consolidated balance sheets or consolidated statements of operations and comprehensive loss of the Company. The Company is not involved in any material litigation nor, to management’s knowledge, is any material litigation currently threatened against us or our properties or subsidiaries. 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	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	10. Subsequent Events Dividends Declared On March 7, 2016, the Company’s board of directors declared a quarterly dividend of $0.206 per share, payable on March 31, 2016 to stockholders of record on March 18, 2016. Potential Sale of Mandarin Reserve, Park at Regency and Meridian We are under contract to sell Mandarin Reserve and Park at Regency in Jacksonville, Florida and Meridian in Austin, Texas to unaffiliated third-parties. The total carrying value of these multifamily properties as of December 31, 2015 was $46.9 million, representing 5.2% of our total real estate, net as of December 31, 2015. The potential sales were not contemplated as of December 31, 2015, and accordingly, were not classified as real estate held for sale as of December 31, 2015.

Quarterly Results (unaudited)

Quarterly Results (unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results (unaudited)	11. Quarterly Results (unaudited) Presented below is a summary of the unaudited quarterly combined consolidated financial information for the years ended December 31, 2015, 2014, and 2013 (in thousands, except per share amounts): 2015 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 25,537 $ 28,747 $ 30,771 $ 32,603 Net loss (5,893 ) (2,265 ) (890 ) (1,944 ) Net loss attributable to common stockholders (5,399 ) (2,253 ) (1,064 ) (2,116 ) Loss per share - basic and diluted (see Note 2) (0.25 ) (0.11 ) (0.05 ) (0.10 ) 2014 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 3,977 $ 6,818 $ 11,920 $ 20,435 Net loss (2,623 ) (2,336 ) (6,441 ) (6,133 ) Net loss attributable to common stockholders (2,305 ) (1,981 ) (5,743 ) (5,572 ) Loss per share - basic and diluted (see Note 2) (0.11 ) (0.09 ) (0.27 ) (0.26 ) 2013 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ — $ — $ — $ 316 Net loss — — — (170 ) Net loss attributable to common stockholders — — — (170 ) Loss per share - basic and diluted (see Note 2) — — — (0.01 )

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation and Amortization	12 Months Ended
	Dec. 31, 2015
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Schedule III- Real Estate and Accumulated Depreciation	SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (in thousands) Initial Cost to Company Gross Amount Carried at December 31, 2015 Property Name Location Ownership Percent Encumbrances (1) Land Buildings Improvements (2) Total Costs Capitalized Subsequent to Acquisition Land Buildings and Improvements (3) Total Accumulated Depreciation and Amortization (4) Date Acquired The Miramar Apartments Dallas, Texas 100 % $ 8,400 $ 1,580 $ 7,295 $ 8,875 $ 2,247 $ 1,580 $ 9,252 $ 10,832 $ (744 ) 10/31/2013 Arbors on Forest Ridge Bedford, Texas 90 % 10,244 2,330 10,475 12,805 1,309 2,330 11,472 13,802 (913 ) 1/31/2014 Cutter's Point Richardson, Texas 90 % 12,676 3,330 12,515 15,845 1,242 3,330 13,405 16,735 (1,083 ) 1/31/2014 Eagle Crest Irving, Texas 90 % 21,860 5,450 21,875 27,325 1,383 5,450 22,604 28,054 (1,738 ) 1/31/2014 Meridian Austin, Texas 90 % 9,840 2,310 9,990 12,300 1,065 2,310 10,756 13,066 (835 ) 1/31/2014 Silverbrook Grand Prairie, Texas 90 % 24,320 4,860 25,540 30,400 1,755 4,860 26,502 31,362 (2,273 ) 1/31/2014 Timberglen Dallas, Texas 90 % 13,560 2,510 14,440 16,950 1,070 2,510 15,102 17,612 (1,163 ) 1/31/2014 Toscana Dallas, Texas 90 % 7,100 1,730 7,145 8,875 867 1,730 7,782 9,512 (627 ) 1/31/2014 The Grove at Alban Frederick, Maryland 76 % 18,720 3,640 19,410 23,050 1,357 3,640 19,971 23,611 (1,339 ) 3/10/2014 Willowdale Crossing Frederick, Maryland 80 % 32,800 4,650 36,350 41,000 1,260 4,650 36,438 41,088 (2,235 ) 5/15/2014 Edgewater at Sandy Springs Atlanta, Georgia 90 % 43,550 14,290 43,710 58,000 4,242 14,290 46,022 60,312 (2,930 ) 7/18/2014 Beechwood Terrace Antioch, Tennessee 90 % 17,120 1,390 20,010 21,400 1,373 1,390 20,974 22,364 (1,143 ) 7/21/2014 Willow Grove Nashville, Tennessee 90 % 11,000 3,940 9,810 13,750 1,594 3,940 11,106 15,046 (651 ) 7/21/2014 Woodbridge Nashville, Tennessee 90 % 12,800 3,650 12,350 16,000 1,218 3,650 13,234 16,884 (758 ) 7/21/2014 Abbington Heights Antioch, Tennessee 90 % 10,403 1,770 16,130 17,900 1,178 1,770 16,908 18,678 (930 ) 8/1/2014 The Summit at Sabal Park Tampa, Florida 90 % 14,287 5,770 13,280 19,050 1,118 5,770 13,994 19,764 (805 ) 8/20/2014 Courtney Cove Tampa, Florida 90 % 14,210 5,880 13,070 18,950 909 5,880 13,548 19,428 (819 ) 8/20/2014 Colonial Forest Jacksonville, Florida 90 % 4,125 2,090 3,410 5,500 590 2,090 3,814 5,904 (283 ) 8/20/2014 Park at Blanding Orange Park, Florida 90 % 4,875 2,610 3,890 6,500 620 2,610 4,333 6,943 (289 ) 8/20/2014 Park at Regency Jacksonville, Florida 90 % 6,225 2,620 5,680 8,300 697 2,620 6,157 8,777 (412 ) 8/20/2014 Jade Park Daytona Beach, Florida 90 % 5,850 1,490 6,310 7,800 664 1,490 6,774 8,264 (402 ) 8/20/2014 Mandarin Reserve Jacksonville, Florida 90 % 19,575 5,610 20,590 26,200 1,982 5,610 21,871 27,481 (1,175 ) 9/15/2014 Radbourne Lake Charlotte, North Carolina 90 % 19,213 2,440 21,810 24,250 999 2,440 22,157 24,597 (1,137 ) 9/30/2014 Timber Creek Charlotte, North Carolina 90 % 19,482 11,260 11,490 22,750 2,988 11,260 13,679 24,939 (672 ) 9/30/2014 Belmont at Duck Creek Garland, Texas 90 % 11,342 1,910 16,615 18,525 1,349 1,910 17,528 19,438 (837 ) 9/30/2014 The Arbors Tucker, Georgia 90 % 5,812 1,730 6,070 7,800 924 1,730 6,795 8,525 (333 ) 10/16/2014 The Crossings Marietta, Georgia 90 % 15,874 4,150 17,050 21,200 2,129 3,982 18,345 22,327 (867 ) 10/16/2014 The Crossings at Holcomb Bridge Roswell, Georgia 90 % 12,450 5,560 10,440 16,000 1,670 5,560 11,494 17,054 (578 ) 10/16/2014 The Knolls Marietta, Georgia 90 % 16,038 3,410 17,790 21,200 1,559 3,410 18,590 22,000 (880 ) 10/16/2014 Regatta Bay Seabrook, Texas 90 % 14,000 1,660 16,540 18,200 871 1,660 16,697 18,357 (758 ) 11/4/2014 Sabal Palm at Lake Buena Vista Orlando, Florida 90 % 37,680 7,580 41,920 49,500 1,153 7,580 41,686 49,266 (1,684 ) 11/5/2014 Southpoint Reserve at Stoney Creek Fredericksburg, Virginia 85 % 13,600 6,120 10,880 17,000 960 6,120 11,348 17,468 (440 ) 12/18/2014 Cornerstone Orlando, Florida 90 % 23,480 1,500 30,050 31,550 1,242 1,500 30,398 31,898 (1,080 ) 1/15/2015 McMillan Place Dallas, Texas 90 % 15,738 3,610 17,374 20,984 1,240 3,610 18,042 21,652 (630 ) 1/15/2015 Barrington Mill Marietta, Georgia 90 % 43,500 10,170 47,830 58,000 2,586 10,170 48,602 58,772 (1,624 ) 2/6/2015 Dana Point Dallas, Texas 90 % 12,176 4,090 12,145 16,235 956 4,090 12,739 16,829 (437 ) 2/26/2015 Heatherstone Dallas, Texas 90 % 7,087 2,320 7,130 9,450 842 2,320 7,764 10,084 (257 ) 2/26/2015 Versailles Dallas, Texas 90 % 19,623 6,720 19,445 26,165 2,077 6,720 20,941 27,661 (686 ) 2/26/2015 Seasons 704 Apartments West 90 % 12,660 7,480 13,520 21,000 1,028 7,480 14,147 21,627 (410 ) 4/15/2015 Madera Point Mesa, Arizona 95 % 22,515 4,920 17,605 22,525 139 4,920 17,744 22,664 (795 ) 8/5/2015 The Pointe at the Foothills Mesa, Arizona 95 % 51,365 4,840 47,435 52,275 347 4,840 47,782 52,622 (1,879 ) 8/5/2015 The Place at Vanderbilt Fort Worth, Texas 95 % 13,875 2,350 16,900 19,250 206 2,350 17,106 19,456 (342 ) 10/30/2015 $ 711,050 $ 177,320 $ 733,314 $ 910,634 $ 55,005 $ 177,152 $ 765,603 $ 942,755 $ (39,873 ) (1) Includes mortgages payable and the Bridge Facility. The Bridge Facility is collateralized by Madera Point and The Pointe at the Foothills. The $29.0 million balance was allocated to each property based upon its relative gross real estate amount carried at December 31, 2015. (2) Includes gross intangible lease assets of approximately $25.3 million and buildings and improvements and furniture, fixtures, and equipment of approximately $708.0 million. (3) Includes gross intangible lease assets of approximately $2.6 million, construction in progress of approximately $5.3 million, and furniture, fixtures, and equipment of approximately $28.0 million. (4) Includes gross intangible lease asset amortization of approximately $1.8 million. NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2015, 2014, and 2013 is as follows (in thousands): 2015 2014 2013 Real Estate: Balance, beginning of the year $ 650,314 $ 9,115 $ — Acquisitions 277,434 624,325 8,875 Improvements 37,891 16,874 240 Write-off of fully amortized assets (22,716 ) — — Write-off of land appropriated (1) (168 ) — — Balance, end of the year $ 942,755 $ 650,314 $ 9,115 Accumulated Depreciation and Amortization: Balance, beginning of the year $ 21,788 $ 142 $ — Depreciation expense 28,684 9,300 45 Amortization expense 12,117 12,346 97 Write-off of fully amortized assets (22,716 ) — — Balance, end of the year $ 39,873 $ 21,788 $ 142 (1) On August 4, 2015, The Department of Transportation of the State of Georgia (“DOT”), through exercise of eminent domain, appropriated 0.966 acres of land and certain access rights from The Crossings in Marietta, GA and paid the sum of approximately $326,000 as just and adequate compensation. The Company wrote-off the related carrying value of the land of approximately $168,000. S-1

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Predecessor	Predecessor With the exception of a nominal amount of initial cash funded at inception, the Company did not own any assets prior to March 31, 2015. The business and operations of the Company prior to March 31, 2015 occurred under the predecessor. Our predecessor included all of the properties in our portfolio that were held 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 combined consolidated financial statements of the Company are prepared in accordance with GAAP. 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, buildings, improvements, furniture, fixtures and equipment, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months Construction in progress includes the cost of renovation projects being performed at the various properties. Once a project is complete the historical cost of the renovation is placed into service in one of the categories above depending on the type of renovation project and is depreciated over the estimated useful lives as described in the table above.
Impairment	Real estate assets 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 years ended December 31, 2015 and 2014, the Company did not record any impairment charges related to real estate assets.
Cash and Cash Equivalents	The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value.
Restricted Cash	Restricted cash is comprised of 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 joint venture 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 required to be held in escrow by a third party. The Company may reallocate these funds, at its discretion, to pursue other investment opportunities. The following is a summary of the restricted cash held as of December 31, 2015 and 2014 (in thousands): As of December 31, 2015 2014 Security deposits $ 1,034 $ 1,574 Operating escrows 21,312 7,299 Renovation value-add reserves 24,523 38,944 $ 46,869 $ 47,817
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 combined consolidated balance sheets. No such costs existed as of December 31, 2015 and 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 $6.2 million and $4.6 million are recorded on the combined consolidated balance sheets as of December 31, 2015 and 2014, respectively. Amortization of deferred financing costs of $1.1 million, $0.3 million, and $0 is included in interest expense on the combined consolidated statements of operations and comprehensive loss for the years ended December 31, 2015, 2014, and 2013, 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 December 31, 2015 and December 31, 2014: Effective Ownership Percentage at December 31, Property Name Location Year 2015 2014 The Miramar Apartments (1) Dallas, Texas 2013 100 % 100 % (2) 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 Crossing 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, North Carolina 2014 90 % 90 % Timber Creek Charlotte, North Carolina 2014 90 % 90 % Belmont at Duck Creek Garland, Texas 2014 90 % 90 % The Arbors Tucker, Georgia 2014 90 % 90 % The Crossings Marietta, Georgia 2014 90 % 90 % The Crossings at Holcomb Bridge Roswell, Georgia 2014 90 % 90 % The Knolls Marietta, Georgia 2014 90 % 90 % Regatta Bay Seabrook, Texas 2014 90 % 90 % Sabal Palm at Lake Buena Vista Orlando, Florida 2014 90 % 90 % Southpoint Reserve at Stoney Creek Fredericksburg, Virginia 2014 85 % 85 % Cornerstone Orlando, Florida 2015 90 % — (3) McMillan Place Dallas, Texas 2015 90 % — (3) Barrington Mill Marietta, Georgia 2015 90 % — (3) Dana Point Dallas, Texas 2015 90 % — (3) Heatherstone Dallas, Texas 2015 90 % — (3) Versailles Dallas, Texas 2015 90 % — (3) Seasons 704 Apartments West Palm Beach, Florida 2015 90 % — (3) Madera Point (1) Mesa, Arizona 2015 95 % — (3) The Pointe at the Foothills (1) Mesa, Arizona 2015 95 % — (3) The Place at Vanderbilt (1) Fort Worth, Texas 2015 95 % — (3) (1) The joint ventures that own these properties are not VIEs. (2) The Miramar Apartments was the only property owned as of December 31, 2013. (3) 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. The majority of 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, BH Equity invested cash in each VIE 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 each 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 affiliates.
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).
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 net loss is from investments in real estate properties within the multifamily 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 years ended December 31, 2015, 2014, and 2013, the Company incurred a loss per share of $0.51, $0.73, and $0.01, 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 August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers – Deferral of the Effective Date, In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities,

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Estimated Useful Lives of Assets	Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 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 December 31, 2015 and 2014 (in thousands): As of December 31, 2015 2014 Security deposits $ 1,034 $ 1,574 Operating escrows 21,312 7,299 Renovation value-add reserves 24,523 38,944 $ 46,869 $ 47,817
Schedule of Investments	The following table represents the Company’s investments at December 31, 2015 and December 31, 2014: Effective Ownership Percentage at December 31, Property Name Location Year 2015 2014 The Miramar Apartments (1) Dallas, Texas 2013 100 % 100 % (2) 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 Crossing 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, North Carolina 2014 90 % 90 % Timber Creek Charlotte, North Carolina 2014 90 % 90 % Belmont at Duck Creek Garland, Texas 2014 90 % 90 % The Arbors Tucker, Georgia 2014 90 % 90 % The Crossings Marietta, Georgia 2014 90 % 90 % The Crossings at Holcomb Bridge Roswell, Georgia 2014 90 % 90 % The Knolls Marietta, Georgia 2014 90 % 90 % Regatta Bay Seabrook, Texas 2014 90 % 90 % Sabal Palm at Lake Buena Vista Orlando, Florida 2014 90 % 90 % Southpoint Reserve at Stoney Creek Fredericksburg, Virginia 2014 85 % 85 % Cornerstone Orlando, Florida 2015 90 % — (3) McMillan Place Dallas, Texas 2015 90 % — (3) Barrington Mill Marietta, Georgia 2015 90 % — (3) Dana Point Dallas, Texas 2015 90 % — (3) Heatherstone Dallas, Texas 2015 90 % — (3) Versailles Dallas, Texas 2015 90 % — (3) Seasons 704 Apartments West Palm Beach, Florida 2015 90 % — (3) Madera Point (1) Mesa, Arizona 2015 95 % — (3) The Pointe at the Foothills (1) Mesa, Arizona 2015 95 % — (3) The Place at Vanderbilt (1) Fort Worth, Texas 2015 95 % — (3) (1) The joint ventures that own these properties are not VIEs. (2) The Miramar Apartments was the only property owned as of December 31, 2013. (3) Properties were acquired in 2015, therefore no ownership as of December 31, 2014.

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2015
Multifamily Properties
Business Acquisition [Line Items]
Summary of Investment in Multifamily Properties	As of December 31, 2015, through its consolidated joint ventures, the Company has invested in a total of 42 multifamily properties as listed below: Average Effective Monthly Rent Per Unit as of December 31 (1)*, % Occupied as of December 31 (2)*, Property Name Rentable Square Number of Units* Date Acquired 2015 2014 2015 2014 The Miramar Apartments 183,100 314 10/31/2013 $ 586 $ 567 92.4 % 92.7 % Arbors on Forest Ridge 154,556 210 1/31/2014 811 759 93.8 % 92.9 % Cutter’s Point 197,972 196 1/31/2014 981 919 93.9 % 96.4 % Eagle Crest 395,951 447 1/31/2014 798 739 95.5 % 94.9 % Meridian 148,200 200 1/31/2014 816 791 94.0 % 95.0 % Silverbrook 526,138 642 1/31/2014 711 657 93.6 % 91.7 % Timberglen 221,376 304 1/31/2014 748 696 96.1 % 93.4 % Toscana 115,400 192 1/31/2014 649 616 94.8 % 93.2 % The Grove at Alban 267,300 290 3/10/2014 971 959 94.5 % 89.3 % Willowdale Crossing 411,800 432 5/15/2014 977 1,010 88.9 % 82.9 % Edgewater at Sandy Springs 726,774 760 7/18/2014 825 870 94.5 % 92.5 % Beechwood Terrace 271,728 300 7/21/2014 794 764 97.3 % 98.7 % Willow Grove 229,140 244 7/21/2014 773 683 95.9 % 94.7 % Woodbridge 246,840 220 7/21/2014 875 841 96.4 % 90.5 % Abbington Heights 238,974 274 8/1/2014 785 759 94.5 % 96.0 % The Summit at Sabal Park 204,545 252 8/20/2014 841 805 92.5 % 88.5 % Courtney Cove 224,958 324 8/20/2014 738 705 95.4 % 95.1 % Colonial Forest 160,093 174 8/20/2014 637 616 94.8 % 94.8 % Park at Blanding 116,410 117 8/20/2014 779 743 97.4 % 88.9 % Park at Regency 134,253 159 8/20/2014 760 744 96.2 % 91.2 % Jade Park 118,392 144 8/20/2014 747 704 90.3 % 96.5 % Mandarin Reserve 449,276 520 9/15/2014 716 691 93.1 % 95.4 % Radbourne Lake 246,599 225 9/30/2014 954 953 96.9 % 92.4 % Timber Creek 248,391 352 9/30/2014 727 682 94.3 % 93.2 % Belmont at Duck Creek 198,279 240 9/30/2014 880 804 93.8 % 93.8 % The Arbors 127,536 140 10/16/2014 786 675 94.3 % 92.1 % The Crossings 377,840 380 10/16/2014 757 705 92.9 % 94.7 % The Crossings at Holcomb Bridge 247,982 268 10/16/2014 780 720 95.9 % 93.7 % The Knolls 311,160 312 10/16/2014 826 756 93.9 % 95.2 % Regatta Bay 200,440 240 11/4/2014 1,010 945 93.3 % 96.3 % Sabal Palm at Lake Buena Vista 370,768 400 11/5/2014 1,083 1,043 96.0 % 95.0 % Southpoint Reserve at Stoney Creek 115,712 156 12/18/2014 986 934 94.9 % 92.9 % Cornerstone 317,565 430 1/15/2015 822 — (3) 93.3 % — (3) McMillan Place 290,051 402 1/15/2015 666 — (3) 91.3 % — (3) Barrington Mill 692,180 752 2/6/2015 747 — (3) 95.6 % — (3) Dana Point 206,276 264 2/26/2015 734 — (3) 92.8 % — (3) Heatherstone 115,615 152 2/26/2015 782 — (3) 94.1 % — (3) Versailles 300,908 388 2/26/2015 765 — (3) 90.2 % — (3) Seasons 704 Apartments 216,891 222 4/15/2015 980 — (3) 97.3 % — (3) Madera Point 192,880 256 8/5/2015 758 — (3) 93.8 % — (3) The Pointe at the Foothills 472,952 528 8/5/2015 825 — (3) 90.7 % — (3) The Place at Vanderbilt 288,532 333 10/30/2015 750 — (3) 92.8 % — (3) 11,281,733 13,155 * Information is unaudited. (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of December 31 for the respective year minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of December 31 for the respective year. (2) Percent occupied is calculated as the number of units occupied as of December 31, 2015 and 2014, divided by total number of units, expressed as a percentage. (3) Properties acquired in 2015.

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Summary of Major Components of Investments in Multifamily Properties	As of December 31, 2015, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Property Name Land Buildings Intangible Construction in Progress Furniture, Fixtures and Equipment Totals The Miramar Apartments $ 1,580 $ 8,601 $ — $ 48 $ 603 $ 10,832 Arbors on Forest Ridge 2,330 10,948 — — 524 13,802 Cutter’s Point 3,330 12,747 — 37 621 16,735 Eagle Crest 5,450 21,846 — 15 743 28,054 Meridian 2,310 10,325 — 12 419 13,066 Silverbrook 4,860 24,909 — 118 1,475 31,362 Timberglen 2,510 14,379 — 20 703 17,612 Toscana 1,730 7,256 — 4 522 9,512 The Grove at Alban 3,640 18,994 — 66 911 23,611 Willowdale Crossing 4,650 35,631 — 23 784 41,088 Edgewater at Sandy Springs 14,290 43,429 — 199 2,394 60,312 Beechwood Terrace 1,390 20,374 — 28 572 22,364 Willow Grove 3,940 10,621 — 2 483 15,046 Woodbridge 3,650 12,581 — 110 543 16,884 Abbington Heights 1,770 16,184 — 67 657 18,678 The Summit at Sabal Park 5,770 13,311 — 9 674 19,764 Courtney Cove 5,880 12,850 — 30 668 19,428 Colonial Forest 2,090 3,486 — — 328 5,904 Park at Blanding 2,610 4,025 — 4 304 6,943 Park at Regency 2,620 5,706 — 5 446 8,777 Jade Park 1,490 6,404 — 19 351 8,264 Mandarin Reserve 5,610 20,850 — — 1,021 27,481 Radbourne Lake 2,440 21,194 — 224 739 24,597 Timber Creek 11,260 13,101 — 37 541 24,939 Belmont at Duck Creek 1,910 16,948 — 47 533 19,438 The Arbors 1,730 6,512 — 4 279 8,525 The Crossings 3,982 16,696 — 759 890 22,327 The Crossings at Holcomb Bridge 5,560 10,644 — 101 749 17,054 The Knolls 3,410 17,574 — — 1,016 22,000 Regatta Bay 1,660 16,120 — 34 543 18,357 Sabal Palm at Lake Buena Vista 7,580 40,833 — 214 639 49,266 Southpoint Reserve at Stoney Creek 6,120 10,896 — 166 286 17,468 Cornerstone 1,500 29,786 — 201 411 31,898 McMillan Place 3,610 17,127 — 398 517 21,652 Barrington Mill 10,170 47,055 — 430 1,117 58,772 Dana Point 4,090 11,760 — 330 649 16,829 Heatherstone 2,320 6,962 — 403 399 10,084 Versailles 6,720 19,339 — 699 903 27,661 Seasons 704 Apartments 7,480 13,532 — 254 361 21,627 Madera Point 4,920 16,632 629 39 444 22,664 The Pointe at the Foothills 4,840 45,395 1,433 186 768 52,622 The Place at Vanderbilt 2,350 16,112 511 4 479 19,456 177,152 729,675 2,573 5,346 28,009 942,755 Accumulated depreciation and amortization — (32,350 ) (1,844 ) — (5,679 ) (39,873 ) $ 177,152 $ 697,325 $ 729 $ 5,346 $ 22,330 $ 902,882 As of December 31, 2014, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Property Name Land Buildings and Improvements Intangible Lease Assets Construction in Progress Furniture, Fixtures and Equipment Totals The Miramar Apartments $ 1,580 $ 8,356 $ 290 $ — $ 433 $ 10,659 Arbors on Forest Ridge 2,330 10,832 312 2 264 13,740 Cutter's Point 3,330 12,612 352 28 333 16,655 Eagle Crest 5,450 21,455 654 125 474 28,158 Meridian 2,310 10,258 299 — 198 13,065 Silverbrook 4,860 24,535 793 92 914 31,194 Timberglen 2,510 14,071 408 — 314 17,303 Toscana 1,730 6,962 230 23 229 9,174 The Grove at Alban 3,640 18,913 796 105 229 23,683 Willowdale Crossing 4,650 35,544 1,172 1 401 41,768 Edgewater at Sandy Springs 14,290 41,094 1,930 1,262 1,006 59,582 Beechwood Terrace 1,390 19,681 409 165 157 21,802 Willow Grove 3,940 9,513 298 647 92 14,490 Woodbridge 3,650 12,020 334 306 179 16,489 Abbington Heights 1,770 15,864 400 110 171 18,315 The Summit at Sabal Park 5,770 12,972 404 82 221 19,449 Courtney Cove 5,880 12,487 431 80 312 19,190 Colonial Forest 2,090 3,117 186 243 166 5,802 Park at Blanding 2,610 3,691 177 184 111 6,773 Park at Regency 2,620 5,344 220 61 197 8,442 Jade Park 1,490 6,061 200 219 89 8,059 Mandarin Reserve 5,610 19,680 701 701 300 26,992 Radbourne Lake 2,440 20,830 652 148 355 24,425 Timber Creek 11,260 10,705 799 948 113 23,825 Belmont at Duck Creek 1,910 16,655 436 107 135 19,243 The Arbors 1,730 5,844 199 162 45 7,980 The Crossings 4,150 16,139 834 492 127 21,742 The Crossings at Holcomb Bridge 5,560 9,788 616 48 66 16,078 The Knolls 3,410 16,931 759 108 125 21,333 Regatta Bay 1,660 15,803 714 1 110 18,288 Sabal Palm at Lake Buena Vista 7,580 40,130 1,387 80 439 49,616 Southpoint Reserve at Stoney Creek 6,120 10,373 492 — 15 17,000 129,320 488,260 17,884 6,530 8,320 650,314 Accumulated depreciation and amortization — (8,534 ) (12,442 ) — (812 ) (21,788 ) $ 129,320 $ 479,726 $ 5,442 $ 6,530 $ 7,508 $ 628,526

Pro Forma Financial Informati23

Pro Forma Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Pro Forma Financial Information [Abstract]
Summary of Unaudited Combined Consolidated Pro Forma Results of Operations	The following table summarizes, on an unaudited basis, the combined consolidated pro forma results of operations of the Company for the years ended December 31, 2015 and 2014 (in thousands, except per share amounts): Year Ended December 31, 2015 2014 Actual: Total revenues $ 117,658 $ 43,150 Net loss (10,992 ) (17,533 ) Loss per share - basic and diluted (see Note 2) (0.51 ) (0.73 ) Pro forma: Total revenues 127,546 119,474 Net income (loss) 1,988 (26,955 ) Earnings (loss) per share - basic and diluted (see Note 2) 0.09 (1.27 )

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Summary of Mortgage Debt to Company and Encumbers Multifamily Properties	The following table contains summary information concerning the mortgage debt to the Company as of December 31, 2015: Property Name Type Term Amortization (months) Outstanding Principal (1) (in thousands) Interest Rate (2) Max Note Rate (3) Maturity Date The Miramar Apartments (4) Floating 120 360 $ 8,400 2.65% 5.75% 2/1/2025 Beechwood Terrace (5) Floating 84 360 17,120 2.51% 6.00% 8/1/2021 Colonial Forest (5) Floating 84 360 4,125 2.59% 6.25% 9/1/2021 Courtney Cove (5) Floating 84 360 14,210 2.51% 5.75% 9/1/2021 Edgewater at Sandy Springs (5) Floating 84 360 43,550 2.52% 5.75% 8/1/2021 The Grove at Alban (5) Floating 84 360 18,720 2.97% 6.50% 4/1/2021 Park at Blanding (5) Floating 84 360 4,875 2.59% 7.25% 9/1/2021 Park at Regency (5) Floating 84 360 6,225 2.59% 7.01% 9/1/2021 The Summit at Sabal Park (5) Floating 84 360 14,287 2.51% 5.75% 9/1/2021 Mandarin Reserve (5) Floating 84 360 19,575 2.53% 5.50% 10/1/2021 Willow Grove (5) Floating 84 360 11,000 2.54% 6.00% 8/1/2021 Willowdale Crossing (5) Floating 84 360 32,800 2.70% 5.75% 6/1/2021 Jade Park (5) Floating 84 360 5,850 2.58% 6.49% 9/1/2021 Woodbridge (5) Floating 84 360 12,800 2.52% 6.25% 8/1/2021 Southpoint Reserve at Stoney Creek (5) Floating 84 360 13,600 2.54% 6.00% 1/1/2022 Barrington Mill (5) Floating 84 360 43,500 2.39% 5.50% 3/1/2022 Dana Point (5) Floating 84 360 12,176 2.48% 5.50% 3/1/2022 Heatherstone (5) Floating 84 360 7,087 2.51% 5.50% 3/1/2022 Versailles (5) Floating 84 360 19,623 2.46% 5.50% 3/1/2022 Seasons 704 Apartments (5) Floating 84 360 12,660 2.23% 5.95% 5/1/2022 Arbors on Forest Ridge (6) Floating 84 360 10,244 3.16% 5.75% 2/1/2021 Cutter's Point (6) Floating 84 360 12,676 3.16% 5.75% 2/1/2021 Eagle Crest (6) Floating 84 360 21,860 3.16% 5.75% 2/1/2021 Meridian (6) Floating 84 360 9,840 3.16% 5.75% 2/1/2021 Silverbrook (6) Floating 84 360 24,320 3.16% 5.75% 2/1/2021 Timberglen (6) Floating 84 360 13,560 3.16% 5.75% 2/1/2021 Toscana (6) Floating 84 360 7,100 3.16% 5.75% 2/1/2021 Timber Creek (7) Floating 120 360 19,482 2.25% 5.96% 10/1/2024 Radbourne Lake (7) Floating 120 360 19,213 2.24% 6.25% 10/1/2024 The Arbors (7) Floating 120 360 5,812 2.24% 7.11% 11/1/2024 The Crossings (7) Floating 120 360 15,874 2.24% 7.21% 11/1/2024 The Crossings at Holcomb Bridge (7) Floating 120 360 12,450 2.24% 7.35% 11/1/2024 The Knolls (7) Floating 120 360 16,038 2.24% 7.11% 11/1/2024 McMillan Place (7) Floating 120 360 15,738 2.35% 5.92% 2/1/2025 Sabal Palm at Lake Buena Vista (7) Floating 120 360 37,680 2.24% 6.26% 12/1/2024 Abbington Heights (8) Fixed 120 360 10,403 3.79% 3.79% 9/1/2022 Belmont at Duck Creek (9) Fixed 84 360 11,342 4.68% 4.68% 9/1/2018 Regatta Bay (10) Floating 60 360 14,000 2.31% N/A 11/1/2020 Cornerstone (11) Fixed 120 360 23,480 4.24% 4.24% 3/1/2023 Madera Point (12) Floating 60 360 13,515 2.33% N/A 9/1/2020 The Pointe at the Foothills (12) Floating 60 360 31,365 2.32% N/A 9/1/2020 The Place at Vanderbilt (13) Floating 84 360 13,875 2.66% 5.75% 1/1/2022 $ 682,050 Fair market value adjustment 292 (14) $ 682,342 (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 three-month LIBOR, subject to a floor of 0.25%, plus 1.70%) and Cornerstone (based on a blended fixed rate of 4.24%). One-month and three-month LIBOR as of December 31, 2015 were 0.4295% and 0.6127%, respectively. (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 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. (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 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. (8) Debt was assumed upon acquisition of this property at 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) Loan 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. Loan’s unpaid principal balance can be declared due and payable in full, at the lender’s discretion, on November 1, 2018 and November 1, 2019. (11) Debt in the amount of $18.0 million was assumed upon acquisition of this property at approximated fair value. The assumed debt carries a 4.09% fixed rate, was originally issued in March 2013 and had a term of 120 months with an initial 24 months of interest only. At the time of acquisition, the principal balance of the first mortgage remained unchanged and had a remaining term of 98 months with 2 months of interest only. The first mortgage is pre-payable and subject to yield maintenance from 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 approximately $5.8 million, a fixed rate of 4.70%, and with a maturity date that is the same time as the first mortgage. The supplemental second mortgage is pre-payable and subject to yield maintenance from the date of issuance through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity. As of December 31, 2015, the total indebtedness secured by the property is approximately $23.5 million and has a blended interest rate of 4.24%. (12) 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. (13) Debt was assumed upon acquisition of this property at approximated fair value. The assumed debt was originally issued on December 22, 2014 and matures on January 1, 2022. The loan only requires interest only payments for the first 12 months (interest only period ends January 31, 2016) after which time the loan becomes amortizing. 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 (14 ) 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 each of the next five years and thereafter are as follows (in thousands): 2016 33,619 2017 7,965 2018 23,690 2019 13,571 2020 72,710 Thereafter 559,495 Total $ 711,050

Fair Value Measures and Deriv25

Fair Value Measures and Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Summary of Critical Assumptions	The following table represents critical assumptions used and the ranges for those assumptions: Going-in cap rate 4.8% - 6.2% Terminal cap rate 5.2% - 6.8% Discount rate 5.5% - 10.7% Growth rate revenues 1.6% - 3.3% Growth rate operating costs 1.6% - 3.3%
Schedule of Outstanding Interest Rate Derivatives	As of December 31, 2015, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (in thousands): Product Number of Instruments Notional Interest rate caps 15 $ 259,659 As of December 31, 2015, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (in thousands): Product Number of Instruments Notional Interest rate caps 21 $ 318,687
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 December 31, 2015 and 2014 (in thousands): Asset Derivative Liability Derivative Balance Sheet Location December 2015 December 31, 2014 Balance Sheet Location December 31, 2015 December 31, 2014 Derivatives designated as hedging instruments: Interest rate caps Other assets 61 263 Other — — Derivatives not designated as hedging instruments: Interest rate caps Other assets 6 195 Other liabilities — — Total 67 458 — —
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 years ended December 31, 2015 and 2014 (in thousands): Amount of gain (loss) recognized in OCI on derivative (effective portion) Location of gain (loss) reclassified from accumulated OCI into income Amount of gain (loss) reclassified from accumulated OCI into income (effective portion) Location of gain (loss) recognized in income on derivative Amount of gain (loss) recognized in income on derivative (ineffective portion) 2015 2014 (effective portion) 2015 2014 (ineffective portion) 2015 2014 Derivatives designated as hedging instruments: For the year ended December 31, Interest rate caps (391 ) (306 ) Interest expense (97 ) — 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 year ended December 31, Interest rate caps Interest expense (286 ) (759 )

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Summary of Fees Incurred to BH And Its Affiliates As Well As Reimbursements Paid to BH	The following is a summary of fees that the properties incurred to BH and its affiliates, as well as reimbursements paid to BH from the properties for various operating expenses, for the years ended December 31, 2015 and 2014 (in thousands): Year Ended December 31, 2015 2014 Fees incurred Property management fees (1) $ 3,501 $ 1,215 Construction supervision fees (2) 1,549 675 Acquisition fees (3) 2,048 4,938 Reimbursements Payroll and benefits (4) 14,903 4,866 Other reimbursements (5) 1,179 393 (1) Included in property management fees on the combined consolidated statements of operations and comprehensive loss. (2) Capitalized on the combined consolidated balance sheets and reflected in buildings and improvements. (3) Includes due diligence costs and are included in acquisition costs on the combined consolidated statements of operations and comprehensive loss. (4) Included in property operating expenses on the combined consolidated statements of operations and comprehensive loss. (5) Includes various operating expenses such as repairs and maintenance costs and property general and administrative expenses.

Quarterly Results (unaudited) (

Quarterly Results (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Summary of the Unaudited Quarterly Consolidated Financial Information	Presented below is a summary of the unaudited quarterly combined consolidated financial information for the years ended December 31, 2015, 2014, and 2013 (in thousands, except per share amounts): 2015 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 25,537 $ 28,747 $ 30,771 $ 32,603 Net loss (5,893 ) (2,265 ) (890 ) (1,944 ) Net loss attributable to common stockholders (5,399 ) (2,253 ) (1,064 ) (2,116 ) Loss per share - basic and diluted (see Note 2) (0.25 ) (0.11 ) (0.05 ) (0.10 ) 2014 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 3,977 $ 6,818 $ 11,920 $ 20,435 Net loss (2,623 ) (2,336 ) (6,441 ) (6,133 ) Net loss attributable to common stockholders (2,305 ) (1,981 ) (5,743 ) (5,572 ) Loss per share - basic and diluted (see Note 2) (0.11 ) (0.09 ) (0.27 ) (0.26 ) 2013 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ — $ — $ — $ 316 Net loss — — — (170 ) Net loss attributable to common stockholders — — — (170 ) Loss per share - basic and diluted (see Note 2) — — — (0.01 )

Organization and Description 28

Organization and Description of Business - Additional Information (Details)	12 Months Ended
	Dec. 31, 2015
Real Estate Properties [Line Items]
Date of incorporation	Sep. 19, 2014
Term of advisory agreement	2 years
Maximum
Real Estate Properties [Line Items]
Investments in real estate-related debt and securities	30.00%

Summary of Significant Accoun29

Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	12 Months Ended
	Dec. 31, 2015
Land
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	Not depreciated
Buildings
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	30 years
Improvements
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	15 years
Furniture, Fixtures, and Equipment
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	3 years
Intangible Lease Assets
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	6 months

Summary of Significant Accoun30

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended									12 Months Ended
	Dec. 31, 2015USD ($)$ / shares	Sep. 30, 2015$ / shares	Jun. 30, 2015$ / shares	Mar. 31, 2015$ / shares	Dec. 31, 2014USD ($)$ / shares	Sep. 30, 2014$ / shares	Jun. 30, 2014$ / shares	Mar. 31, 2014$ / shares	Dec. 31, 2013$ / shares	Dec. 31, 2015USD ($)Segment$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares	Dec. 31, 2013USD ($)$ / sharesshares
Summary Of Significant Accounting Policies [Line Items]
Impairment charges related to real estate assets										$ 0	$ 0
Deferred financing costs, net	$ 6,213,000				$ 4,632,000					6,213,000	4,632,000
Amortization of deferred financing fees										$ 1,081,000	$ 320,000	$ 0
Minimum percentage of distributed taxable income to qualify as REIT										90.00%
Number of reportable segments | Segment										1
Loss per share - basic and diluted (see Note 2) | $ / shares	$ (0.10)	$ (0.05)	$ (0.11)	$ (0.25)	$ (0.26)	$ (0.27)	$ (0.09)	$ (0.11)	$ (0.01)	$ (0.51)	$ (0.73)	$ (0.01)
Potentially dilutive securities | shares										0	0	0
Maximum
Summary Of Significant Accounting Policies [Line Items]
Internal rate of return in VIE										13.00%

Summary of Significant Accoun31

Summary of Significant Accounting Policies - Summary of Restricted Cash Held (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Security deposits	$ 1,034	$ 1,574
Operating escrows	21,312	7,299
Renovation value-add reserves	24,523	38,944
Restricted cash held	$ 46,869	$ 47,817

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Schedule of Investments (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
The Miramar Apartments | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	100.00%
Arbors on Forest Ridge | Bedford | Texas
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
Cutter's Point | Richardson | Texas
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
Eagle Crest | Irving | Texas
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
Meridian | Austin | Texas
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
Silverbrook | Grand Prairie | Texas
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
Timberglen | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
Toscana | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
The Grove at Alban | Frederick | Maryland
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	76.00%
Willowdale Crossing | Frederick | Maryland
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	80.00%
Edgewater at Sandy Springs | Atlanta | Georgia
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
Beechwood Terrace | Antioch | Tennessee
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
Willow Grove | Nashville | Tennessee
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
Woodbridge | Nashville | Tennessee
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
Abbington Heights | Antioch | Tennessee
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
The Summit at Sabal Park | Tampa | Florida
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
Courtney Cove | Tampa | Florida
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
Colonial Forest | Jacksonville | Florida
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
Park at Blanding | Orange Park | Florida
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
Park at Regency | Jacksonville | Florida
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
Jade Park | Daytona Beach | Florida
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
Mandarin Reserve | Jacksonville | Florida
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
Radbourne Lake | Charlotte | North Carolina
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
Timber Creek | Charlotte | North Carolina
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
Belmont at Duck Creek | Garland | Texas
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
The Arbors | Tucker | Georgia
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
The Crossings | Marietta | Georgia
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
The Crossings at Holcomb Bridge | Roswell | Georgia
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
The Knolls | Marietta | Georgia
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
Regatta Bay | Seabrook | Texas
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
Sabal Palm at Lake Buena Vista | Orlando | Florida
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
Southpoint Reserve at Stoney Creek | Fredericksburg | Virginia
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	85.00%
Cornerstone | Orlando | Florida
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
Mc Millan Place | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
Barrington Mill | Marietta | Georgia
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
Dana Point | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
Heatherstone | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
Versailles | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
Seasons 704 Apartments | West Palm Beach | Florida
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	90.00%
Madera Point | Mesa | Arizona
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	95.00%
The Pointe at the Foothills | Mesa | Arizona
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	95.00%
The Place at Vanderbilt | Fort Worth | Texas
Schedule Of Equity Method Investments [Line Items]
Effective ownership percentage	95.00%
VIE | The Miramar Apartments | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,013
Effective ownership percentage	100.00%	100.00%
VIE | 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%
VIE | Cutter's Point | Richardson | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
VIE | Eagle Crest | Irving | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
VIE | Meridian | Austin | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
VIE | Silverbrook | Grand Prairie | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
VIE | Timberglen | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
VIE | Toscana | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
VIE | 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%
VIE | Willowdale Crossing | Frederick | Maryland
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	80.00%	80.00%
VIE | 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%
VIE | Beechwood Terrace | Nashville | Tennessee
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
VIE | Willow Grove | Nashville | Tennessee
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
VIE | Woodbridge | Nashville | Tennessee
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
VIE | Abbington Heights | Antioch | Tennessee
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
VIE | 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%
VIE | Courtney Cove | Tampa | Florida
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
VIE | Colonial Forest | Jacksonville | Florida
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
VIE | 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%
VIE | Park at Regency | Jacksonville | Florida
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
VIE | Jade Park | Daytona Beach | Florida
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
VIE | Mandarin Reserve | Jacksonville | Florida
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
VIE | Radbourne Lake | Charlotte | North Carolina
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
VIE | Timber Creek | Charlotte | North Carolina
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
VIE | 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%
VIE | The Arbors | Tucker | Georgia
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
VIE | The Crossings | Marietta | Georgia
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
VIE | 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%
VIE | The Knolls | Marietta | Georgia
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
VIE | Regatta Bay | Seabrook | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
VIE | 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%
VIE | 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%
VIE | Cornerstone | Orlando | Florida
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,015
Effective ownership percentage	90.00%
VIE | Mc Millan Place | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,015
Effective ownership percentage	90.00%
VIE | Barrington Mill | Marietta | Georgia
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,015
Effective ownership percentage	90.00%
VIE | Dana Point | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,015
Effective ownership percentage	90.00%
VIE | Heatherstone | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,015
Effective ownership percentage	90.00%
VIE | Versailles | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,015
Effective ownership percentage	90.00%
VIE | Seasons 704 Apartments | West Palm Beach | Florida
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,015
Effective ownership percentage	90.00%
VIE | Madera Point | Mesa | Arizona
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,015
Effective ownership percentage	95.00%
VIE | The Pointe at the Foothills | Mesa | Arizona
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,015
Effective ownership percentage	95.00%
VIE | The Place at Vanderbilt | Fort Worth | Texas
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	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Number of multifamily properties		32
Multifamily Properties
Business Acquisition [Line Items]
Number of multifamily properties	42

Acquisitions - Summary of Inves

Acquisitions - Summary of Investment in Multifamily Properties (Details)		12 Months Ended
		Dec. 31, 2015ft²Property$ / Units	Dec. 31, 2014$ / Units
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	11,281,733
Number of Units | Property	[1]	13,155
The Miramar Apartments
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	183,100
Number of Units | Property	[1]	314
Date Acquired		Oct. 31, 2013
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	586	567
% Occupied	[1],[3]	92.40%	92.70%
Arbors on Forest Ridge
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	154,556
Number of Units | Property	[1]	210
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	811	759
% Occupied	[1],[3]	93.80%	92.90%
Cutter's Point
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	197,972
Number of Units | Property	[1]	196
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	981	919
% Occupied	[1],[3]	93.90%	96.40%
Eagle Crest
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	395,951
Number of Units | Property	[1]	447
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	798	739
% Occupied	[1],[3]	95.50%	94.90%
Meridian
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	148,200
Number of Units | Property	[1]	200
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	816	791
% Occupied	[1],[3]	94.00%	95.00%
Silverbrook
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	526,138
Number of Units | Property	[1]	642
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	711	657
% Occupied	[1],[3]	93.60%	91.70%
Timberglen
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	221,376
Number of Units | Property	[1]	304
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	748	696
% Occupied	[1],[3]	96.10%	93.40%
Toscana
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	115,400
Number of Units | Property	[1]	192
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	649	616
% Occupied	[1],[3]	94.80%	93.20%
The Grove at Alban
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	267,300
Number of Units | Property	[1]	290
Date Acquired		Mar. 10, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	971	959
% Occupied	[1],[3]	94.50%	89.30%
Willowdale Crossing
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	411,800
Number of Units | Property	[1]	432
Date Acquired		May 15, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	977	1,010
% Occupied	[1],[3]	88.90%	82.90%
Edgewater at Sandy Springs
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	726,774
Number of Units | Property	[1]	760
Date Acquired		Jul. 18, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	825	870
% Occupied	[1],[3]	94.50%	92.50%
Beechwood Terrace
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	271,728
Number of Units | Property	[1]	300
Date Acquired		Jul. 21, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	794	764
% Occupied	[1],[3]	97.30%	98.70%
Willow Grove
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	229,140
Number of Units | Property	[1]	244
Date Acquired		Jul. 21, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	773	683
% Occupied	[1],[3]	95.90%	94.70%
Woodbridge
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	246,840
Number of Units | Property	[1]	220
Date Acquired		Jul. 21, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	875	841
% Occupied	[1],[3]	96.40%	90.50%
Abbington Heights
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	238,974
Number of Units | Property	[1]	274
Date Acquired		Aug. 1, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	785	759
% Occupied	[1],[3]	94.50%	96.00%
The Summit at Sabal Park
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	204,545
Number of Units | Property	[1]	252
Date Acquired		Aug. 20, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	841	805
% Occupied	[1],[3]	92.50%	88.50%
Courtney Cove
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	224,958
Number of Units | Property	[1]	324
Date Acquired		Aug. 20, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	738	705
% Occupied	[1],[3]	95.40%	95.10%
Colonial Forest
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	160,093
Number of Units | Property	[1]	174
Date Acquired		Aug. 20, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	637	616
% Occupied	[1],[3]	94.80%	94.80%
Park at Blanding
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	116,410
Number of Units | Property	[1]	117
Date Acquired		Aug. 20, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	779	743
% Occupied	[1],[3]	97.40%	88.90%
Park at Regency
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	134,253
Number of Units | Property	[1]	159
Date Acquired		Aug. 20, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	760	744
% Occupied	[1],[3]	96.20%	91.20%
Jade Park
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	118,392
Number of Units | Property	[1]	144
Date Acquired		Aug. 20, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	747	704
% Occupied	[1],[3]	90.30%	96.50%
Mandarin Reserve
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	449,276
Number of Units | Property	[1]	520
Date Acquired		Sep. 15, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	716	691
% Occupied	[1],[3]	93.10%	95.40%
Radbourne Lake
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	246,599
Number of Units | Property	[1]	225
Date Acquired		Sep. 30, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	954	953
% Occupied	[1],[3]	96.90%	92.40%
Timber Creek
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	248,391
Number of Units | Property	[1]	352
Date Acquired		Sep. 30, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	727	682
% Occupied	[1],[3]	94.30%	93.20%
Belmont at Duck Creek
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	198,279
Number of Units | Property	[1]	240
Date Acquired		Sep. 30, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	880	804
% Occupied	[1],[3]	93.80%	93.80%
The Arbors
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	127,536
Number of Units | Property	[1]	140
Date Acquired		Oct. 16, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	786	675
% Occupied	[1],[3]	94.30%	92.10%
The Crossings
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	377,840
Number of Units | Property	[1]	380
Date Acquired		Oct. 16, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	757	705
% Occupied	[1],[3]	92.90%	94.70%
The Crossings at Holcomb Bridge
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	247,982
Number of Units | Property	[1]	268
Date Acquired		Oct. 16, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	780	720
% Occupied	[1],[3]	95.90%	93.70%
The Knolls
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	311,160
Number of Units | Property	[1]	312
Date Acquired		Oct. 16, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	826	756
% Occupied	[1],[3]	93.90%	95.20%
Regatta Bay
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	200,440
Number of Units | Property	[1]	240
Date Acquired		Nov. 4, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	1,010	945
% Occupied	[1],[3]	93.30%	96.30%
Sabal Palm at Lake Buena Vista
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	370,768
Number of Units | Property	[1]	400
Date Acquired		Nov. 5, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	1,083	1,043
% Occupied	[1],[3]	96.00%	95.00%
Southpoint Reserve at Stoney Creek
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	115,712
Number of Units | Property	[1]	156
Date Acquired		Dec. 18, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	986	934
% Occupied	[1],[3]	94.90%	92.90%
Cornerstone
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	317,565
Number of Units | Property	[1]	430
Date Acquired		Jan. 15, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	822
% Occupied	[1],[3]	93.30%
Mc Millan Place
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	290,051
Number of Units | Property	[1]	402
Date Acquired		Jan. 15, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	666
% Occupied	[1],[3]	91.30%
Barrington Mill
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	692,180
Number of Units | Property	[1]	752
Date Acquired		Feb. 6, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	747
% Occupied	[1],[3]	95.60%
Dana Point
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	206,276
Number of Units | Property	[1]	264
Date Acquired		Feb. 26, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	734
% Occupied	[1],[3]	92.80%
Heatherstone
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	115,615
Number of Units | Property	[1]	152
Date Acquired		Feb. 26, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	782
% Occupied	[1],[3]	94.10%
Versailles
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	300,908
Number of Units | Property	[1]	388
Date Acquired		Feb. 26, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	765
% Occupied	[1],[3]	90.20%
Seasons 704 Apartments
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	216,891
Number of Units | Property	[1]	222
Date Acquired		Apr. 15, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	980
% Occupied	[1],[3]	97.30%
Madera Point
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	192,880
Number of Units | Property	[1]	256
Date Acquired		Aug. 5, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	758
% Occupied	[1],[3]	93.80%
The Pointe at the Foothills
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	472,952
Number of Units | Property	[1]	528
Date Acquired		Aug. 5, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	825
% Occupied	[1],[3]	90.70%
The Place at Vanderbilt
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	288,532
Number of Units | Property	[1]	333
Date Acquired		Oct. 30, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	750
% Occupied	[1],[3]	92.80%
[1]	Information is unaudited.
[2]	Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of December 31 for the respective year minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of December 31 for the respective year
[3]	Percent occupied is calculated as the number of units occupied as of December 31, 2015 and 2014, divided by total number of units, expressed as a percentage.

Real Estate Investments - Summa

Real Estate Investments - Summary of Major Components of Investments in Multifamily Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Real estate investment, gross	$ 942,755	$ 650,314
Accumulated depreciation and amortization	(39,873)	(21,788)
Total Net Operating Real Estate Investments	902,882	628,526
Multifamily Properties
Real Estate Properties [Line Items]
Real estate investment, gross	942,755	650,314
Accumulated depreciation and amortization	(39,873)	(21,788)
Total Net Operating Real Estate Investments	902,882	628,526
Multifamily Properties | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	2,573	17,884
Accumulated depreciation and amortization	(1,844)	(12,442)
Total Net Operating Real Estate Investments	729	5,442
Multifamily Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross	177,152	129,320
Total Net Operating Real Estate Investments	177,152	129,320
Multifamily Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	729,675	488,260
Accumulated depreciation and amortization	(32,350)	(8,534)
Total Net Operating Real Estate Investments	697,325	479,726
Multifamily Properties | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	5,346	6,530
Total Net Operating Real Estate Investments	5,346	6,530
Multifamily Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	28,009	8,320
Accumulated depreciation and amortization	(5,679)	(812)
Total Net Operating Real Estate Investments	22,330	7,508
Multifamily Properties | The Miramar Apartments
Real Estate Properties [Line Items]
Real estate investment, gross	10,832	10,659
Multifamily Properties | The Miramar Apartments | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		290
Multifamily Properties | The Miramar Apartments | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,580	1,580
Multifamily Properties | The Miramar Apartments | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	8,601	8,356
Multifamily Properties | The Miramar Apartments | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	48
Multifamily Properties | The Miramar Apartments | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	603	433
Multifamily Properties | Arbors on Forest Ridge
Real Estate Properties [Line Items]
Real estate investment, gross	13,802	13,740
Multifamily Properties | Arbors on Forest Ridge | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		312
Multifamily Properties | Arbors on Forest Ridge | Land
Real Estate Properties [Line Items]
Real estate investment, gross	2,330	2,330
Multifamily Properties | Arbors on Forest Ridge | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	10,948	10,832
Multifamily Properties | Arbors on Forest Ridge | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		2
Multifamily Properties | Arbors on Forest Ridge | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	524	264
Multifamily Properties | Cutter's Point
Real Estate Properties [Line Items]
Real estate investment, gross	16,735	16,655
Multifamily Properties | Cutter's Point | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		352
Multifamily Properties | Cutter's Point | Land
Real Estate Properties [Line Items]
Real estate investment, gross	3,330	3,330
Multifamily Properties | Cutter's Point | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	12,747	12,612
Multifamily Properties | Cutter's Point | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	37	28
Multifamily Properties | Cutter's Point | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	621	333
Multifamily Properties | Eagle Crest
Real Estate Properties [Line Items]
Real estate investment, gross	28,054	28,158
Multifamily Properties | Eagle Crest | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		654
Multifamily Properties | Eagle Crest | Land
Real Estate Properties [Line Items]
Real estate investment, gross	5,450	5,450
Multifamily Properties | Eagle Crest | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	21,846	21,455
Multifamily Properties | Eagle Crest | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	15	125
Multifamily Properties | Eagle Crest | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	743	474
Multifamily Properties | Meridian
Real Estate Properties [Line Items]
Real estate investment, gross	13,066	13,065
Multifamily Properties | Meridian | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		299
Multifamily Properties | Meridian | Land
Real Estate Properties [Line Items]
Real estate investment, gross	2,310	2,310
Multifamily Properties | Meridian | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	10,325	10,258
Multifamily Properties | Meridian | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	12
Multifamily Properties | Meridian | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	419	198
Multifamily Properties | Silverbrook
Real Estate Properties [Line Items]
Real estate investment, gross	31,362	31,194
Multifamily Properties | Silverbrook | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		793
Multifamily Properties | Silverbrook | Land
Real Estate Properties [Line Items]
Real estate investment, gross	4,860	4,860
Multifamily Properties | Silverbrook | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	24,909	24,535
Multifamily Properties | Silverbrook | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	118	92
Multifamily Properties | Silverbrook | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,475	914
Multifamily Properties | Timberglen
Real Estate Properties [Line Items]
Real estate investment, gross	17,612	17,303
Multifamily Properties | Timberglen | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		408
Multifamily Properties | Timberglen | Land
Real Estate Properties [Line Items]
Real estate investment, gross	2,510	2,510
Multifamily Properties | Timberglen | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	14,379	14,071
Multifamily Properties | Timberglen | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	20
Multifamily Properties | Timberglen | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	703	314
Multifamily Properties | Toscana
Real Estate Properties [Line Items]
Real estate investment, gross	9,512	9,174
Multifamily Properties | Toscana | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		230
Multifamily Properties | Toscana | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,730	1,730
Multifamily Properties | Toscana | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	7,256	6,962
Multifamily Properties | Toscana | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	4	23
Multifamily Properties | Toscana | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	522	229
Multifamily Properties | The Grove at Alban
Real Estate Properties [Line Items]
Real estate investment, gross	23,611	23,683
Multifamily Properties | The Grove at Alban | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		796
Multifamily Properties | The Grove at Alban | Land
Real Estate Properties [Line Items]
Real estate investment, gross	3,640	3,640
Multifamily Properties | The Grove at Alban | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	18,994	18,913
Multifamily Properties | The Grove at Alban | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	66	105
Multifamily Properties | The Grove at Alban | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	911	229
Multifamily Properties | Willowdale Crossing
Real Estate Properties [Line Items]
Real estate investment, gross	41,088	41,768
Multifamily Properties | Willowdale Crossing | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		1,172
Multifamily Properties | Willowdale Crossing | Land
Real Estate Properties [Line Items]
Real estate investment, gross	4,650	4,650
Multifamily Properties | Willowdale Crossing | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	35,631	35,544
Multifamily Properties | Willowdale Crossing | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	23	1
Multifamily Properties | Willowdale Crossing | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	784	401
Multifamily Properties | Edgewater at Sandy Springs
Real Estate Properties [Line Items]
Real estate investment, gross	60,312	59,582
Multifamily Properties | Edgewater at Sandy Springs | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		1,930
Multifamily Properties | Edgewater at Sandy Springs | Land
Real Estate Properties [Line Items]
Real estate investment, gross	14,290	14,290
Multifamily Properties | Edgewater at Sandy Springs | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	43,429	41,094
Multifamily Properties | Edgewater at Sandy Springs | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	199	1,262
Multifamily Properties | Edgewater at Sandy Springs | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	2,394	1,006
Multifamily Properties | Beechwood Terrace
Real Estate Properties [Line Items]
Real estate investment, gross	22,364	21,802
Multifamily Properties | Beechwood Terrace | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		409
Multifamily Properties | Beechwood Terrace | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,390	1,390
Multifamily Properties | Beechwood Terrace | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	20,374	19,681
Multifamily Properties | Beechwood Terrace | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	28	165
Multifamily Properties | Beechwood Terrace | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	572	157
Multifamily Properties | Willow Grove
Real Estate Properties [Line Items]
Real estate investment, gross	15,046	14,490
Multifamily Properties | Willow Grove | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		298
Multifamily Properties | Willow Grove | Land
Real Estate Properties [Line Items]
Real estate investment, gross	3,940	3,940
Multifamily Properties | Willow Grove | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	10,621	9,513
Multifamily Properties | Willow Grove | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	2	647
Multifamily Properties | Willow Grove | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	483	92
Multifamily Properties | Woodbridge
Real Estate Properties [Line Items]
Real estate investment, gross	16,884	16,489
Multifamily Properties | Woodbridge | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		334
Multifamily Properties | Woodbridge | Land
Real Estate Properties [Line Items]
Real estate investment, gross	3,650	3,650
Multifamily Properties | Woodbridge | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	12,581	12,020
Multifamily Properties | Woodbridge | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	110	306
Multifamily Properties | Woodbridge | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	543	179
Multifamily Properties | Abbington Heights
Real Estate Properties [Line Items]
Real estate investment, gross	18,678	18,315
Multifamily Properties | Abbington Heights | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		400
Multifamily Properties | Abbington Heights | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,770	1,770
Multifamily Properties | Abbington Heights | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	16,184	15,864
Multifamily Properties | Abbington Heights | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	67	110
Multifamily Properties | Abbington Heights | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	657	171
Multifamily Properties | The Summit at Sabal Park
Real Estate Properties [Line Items]
Real estate investment, gross	19,764	19,449
Multifamily Properties | The Summit at Sabal Park | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		404
Multifamily Properties | The Summit at Sabal Park | Land
Real Estate Properties [Line Items]
Real estate investment, gross	5,770	5,770
Multifamily Properties | The Summit at Sabal Park | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	13,311	12,972
Multifamily Properties | The Summit at Sabal Park | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	9	82
Multifamily Properties | The Summit at Sabal Park | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	674	221
Multifamily Properties | Courtney Cove
Real Estate Properties [Line Items]
Real estate investment, gross	19,428	19,190
Multifamily Properties | Courtney Cove | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		431
Multifamily Properties | Courtney Cove | Land
Real Estate Properties [Line Items]
Real estate investment, gross	5,880	5,880
Multifamily Properties | Courtney Cove | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	12,850	12,487
Multifamily Properties | Courtney Cove | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	30	80
Multifamily Properties | Courtney Cove | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	668	312
Multifamily Properties | Colonial Forest
Real Estate Properties [Line Items]
Real estate investment, gross	5,904	5,802
Multifamily Properties | Colonial Forest | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		186
Multifamily Properties | Colonial Forest | Land
Real Estate Properties [Line Items]
Real estate investment, gross	2,090	2,090
Multifamily Properties | Colonial Forest | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	3,486	3,117
Multifamily Properties | Colonial Forest | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		243
Multifamily Properties | Colonial Forest | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	328	166
Multifamily Properties | Park at Blanding
Real Estate Properties [Line Items]
Real estate investment, gross	6,943	6,773
Multifamily Properties | Park at Blanding | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		177
Multifamily Properties | Park at Blanding | Land
Real Estate Properties [Line Items]
Real estate investment, gross	2,610	2,610
Multifamily Properties | Park at Blanding | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	4,025	3,691
Multifamily Properties | Park at Blanding | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	4	184
Multifamily Properties | Park at Blanding | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	304	111
Multifamily Properties | Park at Regency
Real Estate Properties [Line Items]
Real estate investment, gross	8,777	8,442
Multifamily Properties | Park at Regency | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		220
Multifamily Properties | Park at Regency | Land
Real Estate Properties [Line Items]
Real estate investment, gross	2,620	2,620
Multifamily Properties | Park at Regency | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	5,706	5,344
Multifamily Properties | Park at Regency | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	5	61
Multifamily Properties | Park at Regency | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	446	197
Multifamily Properties | Jade Park
Real Estate Properties [Line Items]
Real estate investment, gross	8,264	8,059
Multifamily Properties | Jade Park | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		200
Multifamily Properties | Jade Park | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,490	1,490
Multifamily Properties | Jade Park | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	6,404	6,061
Multifamily Properties | Jade Park | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	19	219
Multifamily Properties | Jade Park | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	351	89
Multifamily Properties | Mandarin Reserve
Real Estate Properties [Line Items]
Real estate investment, gross	27,481	26,992
Multifamily Properties | Mandarin Reserve | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		701
Multifamily Properties | Mandarin Reserve | Land
Real Estate Properties [Line Items]
Real estate investment, gross	5,610	5,610
Multifamily Properties | Mandarin Reserve | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	20,850	19,680
Multifamily Properties | Mandarin Reserve | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		701
Multifamily Properties | Mandarin Reserve | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,021	300
Multifamily Properties | Radbourne Lake
Real Estate Properties [Line Items]
Real estate investment, gross	24,597	24,425
Multifamily Properties | Radbourne Lake | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		652
Multifamily Properties | Radbourne Lake | Land
Real Estate Properties [Line Items]
Real estate investment, gross	2,440	2,440
Multifamily Properties | Radbourne Lake | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	21,194	20,830
Multifamily Properties | Radbourne Lake | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	224	148
Multifamily Properties | Radbourne Lake | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	739	355
Multifamily Properties | Timber Creek
Real Estate Properties [Line Items]
Real estate investment, gross	24,939	23,825
Multifamily Properties | Timber Creek | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		799
Multifamily Properties | Timber Creek | Land
Real Estate Properties [Line Items]
Real estate investment, gross	11,260	11,260
Multifamily Properties | Timber Creek | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	13,101	10,705
Multifamily Properties | Timber Creek | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	37	948
Multifamily Properties | Timber Creek | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	541	113
Multifamily Properties | Belmont at Duck Creek
Real Estate Properties [Line Items]
Real estate investment, gross	19,438	19,243
Multifamily Properties | Belmont at Duck Creek | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		436
Multifamily Properties | Belmont at Duck Creek | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,910	1,910
Multifamily Properties | Belmont at Duck Creek | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	16,948	16,655
Multifamily Properties | Belmont at Duck Creek | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	47	107
Multifamily Properties | Belmont at Duck Creek | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	533	135
Multifamily Properties | The Arbors
Real Estate Properties [Line Items]
Real estate investment, gross	8,525	7,980
Multifamily Properties | The Arbors | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		199
Multifamily Properties | The Arbors | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,730	1,730
Multifamily Properties | The Arbors | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	6,512	5,844
Multifamily Properties | The Arbors | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	4	162
Multifamily Properties | The Arbors | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	279	45
Multifamily Properties | The Crossings
Real Estate Properties [Line Items]
Real estate investment, gross	22,327	21,742
Multifamily Properties | The Crossings | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		834
Multifamily Properties | The Crossings | Land
Real Estate Properties [Line Items]
Real estate investment, gross	3,982	4,150
Multifamily Properties | The Crossings | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	16,696	16,139
Multifamily Properties | The Crossings | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	759	492
Multifamily Properties | The Crossings | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	890	127
Multifamily Properties | The Crossings at Holcomb Bridge
Real Estate Properties [Line Items]
Real estate investment, gross	17,054	16,078
Multifamily Properties | The Crossings at Holcomb Bridge | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		616
Multifamily Properties | The Crossings at Holcomb Bridge | Land
Real Estate Properties [Line Items]
Real estate investment, gross	5,560	5,560
Multifamily Properties | The Crossings at Holcomb Bridge | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	10,644	9,788
Multifamily Properties | The Crossings at Holcomb Bridge | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	101	48
Multifamily Properties | The Crossings at Holcomb Bridge | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	749	66
Multifamily Properties | The Knolls
Real Estate Properties [Line Items]
Real estate investment, gross	22,000	21,333
Multifamily Properties | The Knolls | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		759
Multifamily Properties | The Knolls | Land
Real Estate Properties [Line Items]
Real estate investment, gross	3,410	3,410
Multifamily Properties | The Knolls | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	17,574	16,931
Multifamily Properties | The Knolls | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		108
Multifamily Properties | The Knolls | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,016	125
Multifamily Properties | Regatta Bay
Real Estate Properties [Line Items]
Real estate investment, gross	18,357	18,288
Multifamily Properties | Regatta Bay | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		714
Multifamily Properties | Regatta Bay | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,660	1,660
Multifamily Properties | Regatta Bay | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	16,120	15,803
Multifamily Properties | Regatta Bay | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	34	1
Multifamily Properties | Regatta Bay | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	543	110
Multifamily Properties | Sabal Palm at Lake Buena Vista
Real Estate Properties [Line Items]
Real estate investment, gross	49,266	49,616
Multifamily Properties | Sabal Palm at Lake Buena Vista | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		1,387
Multifamily Properties | Sabal Palm at Lake Buena Vista | Land
Real Estate Properties [Line Items]
Real estate investment, gross	7,580	7,580
Multifamily Properties | Sabal Palm at Lake Buena Vista | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	40,833	40,130
Multifamily Properties | Sabal Palm at Lake Buena Vista | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	214	80
Multifamily Properties | Sabal Palm at Lake Buena Vista | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	639	439
Multifamily Properties | Southpoint Reserve at Stoney Creek
Real Estate Properties [Line Items]
Real estate investment, gross	17,468	17,000
Multifamily Properties | Southpoint Reserve at Stoney Creek | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		492
Multifamily Properties | Southpoint Reserve at Stoney Creek | Land
Real Estate Properties [Line Items]
Real estate investment, gross	6,120	6,120
Multifamily Properties | Southpoint Reserve at Stoney Creek | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	10,896	10,373
Multifamily Properties | Southpoint Reserve at Stoney Creek | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	166
Multifamily Properties | Southpoint Reserve at Stoney Creek | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	286	$ 15
Multifamily Properties | Cornerstone
Real Estate Properties [Line Items]
Real estate investment, gross	31,898
Multifamily Properties | Cornerstone | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,500
Multifamily Properties | Cornerstone | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	29,786
Multifamily Properties | Cornerstone | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	201
Multifamily Properties | Cornerstone | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	411
Multifamily Properties | Mc Millan Place
Real Estate Properties [Line Items]
Real estate investment, gross	21,652
Multifamily Properties | Mc Millan Place | Land
Real Estate Properties [Line Items]
Real estate investment, gross	3,610
Multifamily Properties | Mc Millan Place | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	17,127
Multifamily Properties | Mc Millan Place | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	398
Multifamily Properties | Mc Millan Place | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	517
Multifamily Properties | Barrington Mill
Real Estate Properties [Line Items]
Real estate investment, gross	58,772
Multifamily Properties | Barrington Mill | Land
Real Estate Properties [Line Items]
Real estate investment, gross	10,170
Multifamily Properties | Barrington Mill | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	47,055
Multifamily Properties | Barrington Mill | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	430
Multifamily Properties | Barrington Mill | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,117
Multifamily Properties | Dana Point
Real Estate Properties [Line Items]
Real estate investment, gross	16,829
Multifamily Properties | Dana Point | Land
Real Estate Properties [Line Items]
Real estate investment, gross	4,090
Multifamily Properties | Dana Point | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	11,760
Multifamily Properties | Dana Point | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	330
Multifamily Properties | Dana Point | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	649
Multifamily Properties | Heatherstone
Real Estate Properties [Line Items]
Real estate investment, gross	10,084
Multifamily Properties | Heatherstone | Land
Real Estate Properties [Line Items]
Real estate investment, gross	2,320
Multifamily Properties | Heatherstone | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	6,962
Multifamily Properties | Heatherstone | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	403
Multifamily Properties | Heatherstone | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	399
Multifamily Properties | Versailles
Real Estate Properties [Line Items]
Real estate investment, gross	27,661
Multifamily Properties | Versailles | Land
Real Estate Properties [Line Items]
Real estate investment, gross	6,720
Multifamily Properties | Versailles | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	19,339
Multifamily Properties | Versailles | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	699
Multifamily Properties | Versailles | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	903
Multifamily Properties | Seasons 704 Apartments
Real Estate Properties [Line Items]
Real estate investment, gross	21,627
Multifamily Properties | Seasons 704 Apartments | Land
Real Estate Properties [Line Items]
Real estate investment, gross	7,480
Multifamily Properties | Seasons 704 Apartments | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	13,532
Multifamily Properties | Seasons 704 Apartments | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	254
Multifamily Properties | Seasons 704 Apartments | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	361
Multifamily Properties | Madera Point
Real Estate Properties [Line Items]
Real estate investment, gross	22,664
Multifamily Properties | Madera Point | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	629
Multifamily Properties | Madera Point | Land
Real Estate Properties [Line Items]
Real estate investment, gross	4,920
Multifamily Properties | Madera Point | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	16,632
Multifamily Properties | Madera Point | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	39
Multifamily Properties | Madera Point | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	444
Multifamily Properties | The Pointe at the Foothills
Real Estate Properties [Line Items]
Real estate investment, gross	52,622
Multifamily Properties | The Pointe at the Foothills | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	1,433
Multifamily Properties | The Pointe at the Foothills | Land
Real Estate Properties [Line Items]
Real estate investment, gross	4,840
Multifamily Properties | The Pointe at the Foothills | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	45,395
Multifamily Properties | The Pointe at the Foothills | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	186
Multifamily Properties | The Pointe at the Foothills | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	768
Multifamily Properties | The Place at Vanderbilt
Real Estate Properties [Line Items]
Real estate investment, gross	19,456
Multifamily Properties | The Place at Vanderbilt | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	511
Multifamily Properties | The Place at Vanderbilt | Land
Real Estate Properties [Line Items]
Real estate investment, gross	2,350
Multifamily Properties | The Place at Vanderbilt | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	16,112
Multifamily Properties | The Place at Vanderbilt | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	4
Multifamily Properties | The Place at Vanderbilt | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	$ 479

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate Properties [Line Items]
Depreciation expense	$ 28,700	$ 9,300
Amortization expense of intangible lease assets	12,117	$ 12,346	$ 97
Intangible Lease Assets
Real Estate Properties [Line Items]
Amortization expense, next twelve months	$ 700

Pro Forma Financial Informati37

Pro Forma Financial Information (Unaudited) - Additional Information (Details) $ in Millions	12 Months Ended	24 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2015Property
Business Acquisition Pro Forma Information [Abstract]
Number of properties acquired | Property		41
General and administrative fees expected | $	$ 3.4

Pro Forma Financial Informati38

Pro Forma Financial Information (Unaudited) - Summary of Unaudited Combined Consolidated Pro Forma Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended									12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition Pro Forma Information [Abstract]
Total revenues, actual	$ 32,603	$ 30,771	$ 28,747	$ 25,537	$ 20,435	$ 11,920	$ 6,818	$ 3,977	$ 316	$ 117,658	$ 43,150	$ 316
Net loss, actual	$ (1,944)	$ (890)	$ (2,265)	$ (5,893)	$ (6,133)	$ (6,441)	$ (2,336)	$ (2,623)	$ (170)	$ (10,992)	$ (17,533)	$ (170)
Loss per share - basic and diluted, actual	$ (0.10)	$ (0.05)	$ (0.11)	$ (0.25)	$ (0.26)	$ (0.27)	$ (0.09)	$ (0.11)	$ (0.01)	$ (0.51)	$ (0.73)	$ (0.01)
Total revenues, pro forma										$ 127,546	$ 119,474
Net income (loss), pro forma										$ 1,988	$ (26,955)
Earnings (loss) per share - basic and diluted, pro forma										$ 0.09	$ (1.27)

Debt - Summary of Mortgage Debt

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Mortgages Payable	$ 682,342	$ 486,976
Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Mortgages Payable	$ 23,500
The Place at Vanderbilt
Debt Instrument [Line Items]
Maturity Date	Jan. 1, 2022
Mortgages Payable
Debt Instrument [Line Items]
Outstanding Principal	$ 682,050
Fair market value adjustment	292
Mortgages Payable	$ 682,342
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
Interest Rate	2.65%
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
Interest Rate	2.51%
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
Interest Rate	2.59%
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
Interest Rate	2.51%
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
Interest Rate	2.52%
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
Interest Rate	2.97%
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
Interest Rate	2.59%
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
Interest Rate	2.59%
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
Interest Rate	2.51%
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	$ 19,575
Interest Rate	2.53%
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
Interest Rate	2.54%
Max Note Rate	6.00%
Maturity Date	Aug. 1, 2021
Mortgages Payable | Willowdale Crossing | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	$ 32,800
Interest Rate	2.70%
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
Interest Rate	2.58%
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
Interest Rate	2.52%
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
Interest Rate	2.54%
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
Interest Rate	2.39%
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
Interest Rate	2.48%
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
Interest Rate	2.51%
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
Interest Rate	2.46%
Max Note Rate	5.50%
Maturity Date	Mar. 1, 2022
Mortgages Payable | Seasons 704 Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	$ 12,660
Interest Rate	2.23%
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
Interest Rate	3.16%
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
Interest Rate	3.16%
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
Interest Rate	3.16%
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
Interest Rate	3.16%
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
Interest Rate	3.16%
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
Interest Rate	3.16%
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
Interest Rate	3.16%
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
Interest Rate	2.25%
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
Interest Rate	2.24%
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
Interest Rate	2.24%
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	$ 15,874
Interest Rate	2.24%
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
Interest Rate	2.24%
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
Interest Rate	2.24%
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
Interest Rate	2.35%
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
Interest Rate	2.24%
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	$ 10,403
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	$ 11,342
Interest Rate	4.68%
Max Note Rate	4.68%
Maturity Date	Sep. 1, 2018
Mortgages Payable | Regatta Bay | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	60 months
Amortization (months)	360 months
Outstanding Principal	$ 14,000
Interest Rate	2.31%
Maturity Date	Nov. 1, 2020
Mortgages Payable | Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Amortization (months)	360 months
Outstanding Principal	$ 23,480
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
Interest Rate	2.33%
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
Interest Rate	2.32%
Maturity Date	Sep. 1, 2020
Mortgages Payable | The Place at Vanderbilt | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	$ 13,875
Interest Rate	2.66%
Max Note Rate	5.75%
Maturity Date	Jan. 1, 2022

Debt - Summary of Mortgage De40

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Parenthetical) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Indebtedness secured by property	$ 682,342	$ 486,976
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%
First 12 months
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
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%
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%
Abbington Heights | Last Three 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 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 | First 12 months
Debt Instrument [Line Items]
Mortgage loans payable description	Loan 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. Loan’s unpaid principal balance can be declared due and payable in full, at the lender’s discretion, on November 1, 2018 and November 1, 2019.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Interest Rate	4.09%
Fair value of debt assumed upon acquisition	$ 18,000
Debt instrument, payment terms	The assumed debt carries a 4.09% fixed rate, was originally issued in March 2013 and had a term of 120 months with an initial 24 months of interest only.
Indebtedness secured by property	$ 23,500
Blended pay rate	4.24%
Cornerstone | First Mortgage | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Debt instrument, payment terms	At the time of acquisition, the principal balance of the first mortgage remained unchanged and had a remaining term of 98 months with 2 months of interest only. The first mortgage is pre-payable and subject to yield maintenance from month 13 through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity.
Cornerstone | Second Mortgage | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Interest Rate	4.70%
Debt instrument, payment terms	The supplemental second mortgage is pre-payable and subject to yield maintenance from the date of issuance through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity.
Acquired property mortgage loan principle amount	$ 5,800
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%
The Place at Vanderbilt
Debt Instrument [Line Items]
Debt issued date	Dec. 22, 2014
Maturity Date	Jan. 1, 2022
The Place at Vanderbilt | 13th month through 81st month
Debt Instrument [Line Items]
Mortgage loans payable description	The assumed debt was originally issued on December 22, 2014 and matures on January 1, 2022. The loan only requires interest only payments for the first 12 months (interest only period ends January 31, 2016) after which time the loan becomes amortizing. The 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%
The Place at Vanderbilt | First 12 months
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
Mortgages Payable
Debt Instrument [Line Items]
Indebtedness secured by property	$ 682,342
Mortgages Payable | Three-month LIBOR
Debt Instrument [Line Items]
LIBOR, interest rate	0.6127%
Mortgages Payable | One-month LIBOR
Debt Instrument [Line Items]
LIBOR, interest rate	0.4295%
Mortgages Payable | Abbington Heights
Debt Instrument [Line Items]
Interest Rate	3.79%
Mortgages Payable | Abbington Heights | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
LIBOR, interest rate	3.79%
Maturity Date	Sep. 1, 2022
Mortgages Payable | Belmont at Duck Creek
Debt Instrument [Line Items]
Interest Rate	4.68%
Mortgages Payable | Belmont at Duck Creek | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
LIBOR, interest rate	4.68%
Maturity Date	Sep. 1, 2018
Mortgages Payable | Regatta Bay | Floor Rate
Debt Instrument [Line Items]
LIBOR, three month interest rate	0.25%
Mortgages Payable | Regatta Bay | Three-month LIBOR
Debt Instrument [Line Items]
LIBOR, three month interest rate	1.70%
Mortgages Payable | Cornerstone
Debt Instrument [Line Items]
Interest Rate	4.24%
Mortgages Payable | Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
LIBOR, interest rate	4.24%
Maturity Date	Mar. 1, 2023

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Thousands	Aug. 05, 2015	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Weighted average interest rate of mortgage indebtedness		2.67%	2.65%
Bridge facility		$ 29,000
Key Bank, N.A.
Debt Instrument [Line Items]
Bridge facility	$ 29,000
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, N.A.
Debt Instrument [Line Items]
Maturity Date		Aug. 4, 2016

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) $ in Thousands	Dec. 31, 2015USD ($)
Debt Disclosure [Abstract]
2,016	$ 33,619
2,017	7,965
2,018	23,690
2,019	13,571
2,020	72,710
Thereafter	559,495
Total	$ 711,050

Fair Value Measures and Deriv43

Fair Value Measures and Derivative Financial Instruments - Additional Information (Details)	12 Months Ended
	Dec. 31, 2015USD ($)Property	Dec. 31, 2014USD ($)PropertyDerivativeInstrument	Dec. 31, 2013USD ($)
Fair Value Inputs Assets Quantitative Information [Line Items]
Properties acquired | Property		32
Purchase price of properties acquired		$ 633,200,000
Purchased price of land		129,300,000
Building, building improvements, furniture, fixtures and equipment		486,000,000
Intangible lease assets gross		17,900,000
Properties acquired for cash	$ 243,894,000	585,039,000	$ 8,877,000
Derivative financial instruments cap weighted average interest rate	5.99%
Earnings ineffectiveness to derivatives designated as cash flow hedges	$ 0	$ 0	$ 0
Number of derivatives designated as cash flow hedges | DerivativeInstrument		8
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	10
Purchased price of land	$ 48,000,000
Building, building improvements, furniture, fixtures and equipment	222,000,000
Intangible lease assets gross	7,400,000
Properties acquired for cash	$ 277,400,000
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	2

Fair Value Measures and Deriv44

Fair Value Measures and Derivative Financial Instruments - Summary of Critical Assumptions (Details)	12 Months Ended
	Dec. 31, 2015
Minimum
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount rate	5.50%
Growth rate revenues	1.60%
Growth rate operating costs	1.60%
Minimum | Going-in cap rate
Fair Value Inputs Assets Quantitative Information [Line Items]
Going-in cap rate	4.80%
Minimum | Terminal cap rate
Fair Value Inputs Assets Quantitative Information [Line Items]
Going-in cap rate	5.20%
Maximum
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount rate	10.70%
Growth rate revenues	3.30%
Growth rate operating costs	3.30%
Maximum | Going-in cap rate
Fair Value Inputs Assets Quantitative Information [Line Items]
Going-in cap rate	6.20%
Maximum | Terminal cap rate
Fair Value Inputs Assets Quantitative Information [Line Items]
Going-in cap rate	6.80%

Fair Value Measures and Deriv45

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	Dec. 31, 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 Deriv46

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	Dec. 31, 2015USD ($)DerivativeInstrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps | DerivativeInstrument	21
Interest rate caps | $	$ 318,687,000

Fair Value Measures and Deriv47

Fair Value Measures and Derivative Financial Instruments - Summary of Derivative Financial Instruments and Classification on the Combined Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps	$ 67	$ 458
Other assets | Interest rate caps | Designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps	61	263
Other assets | Interest rate caps | Not designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps	$ 6	$ 195

Fair Value Measures and Deriv48

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 ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in OCI on derivative (effective portion)	$ (391)	$ (306)
Amount of gain (loss) reclassified from accumulated OCI into income (effective portion)	(97)
Amount of gain (loss) recognized in income	$ (286)	$ (759)

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2015USD ($)$ / Property$ / h	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Operating Agreement
Related Party Transaction [Line Items]
Property management fee percent		0.50%
Asset management fees		$ 600,000	$ 200,000
NexPoint Real Estate Advisors, L.P
Related Party Transaction [Line Items]
Percentage of annual administrative fee, paid monthly		0.20%
Advisory fee percentage, paid monthly		1.00%
Advisory and administrative fees		$ 5,600,000	$ 1,700,000
Additional advisory and administrative fees	$ 200,000
NexPoint Real Estate Advisors, L.P | Predecessor
Related Party Transaction [Line Items]
Percentage of annual advisory, paid monthly		1.00%
Percentage of annual administrative fee, paid monthly		0.20%
Maximum | Operating Agreement
Related Party Transaction [Line Items]
Asset management fees				$ 100,000
Maximum | NexPoint Real Estate Advisors, L.P
Related Party Transaction [Line Items]
Advisory and administrative fees percentage		1.50%
Advisory and administrative fees on contributed assets		$ 5,400,000
Advisory and administrative fees				$ 100,000
BH Management Services, LLC
Related Party Transaction [Line Items]
Property management fee percent		3.00%
Inspection of properties fee, per unit | $ / Property		15
Other owner approved fees, per hour | $ / h		55
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%

Related Party Transactions - Su

Related Party Transactions - Summary of Fees Incurred to BH And Its Affiliates As Well As Reimbursements Paid to BH (Details) - BH Management Services, LLC - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fees incurred
Property management fees	$ 3,501	$ 1,215
Construction supervision fees	1,549	675
Acquisition fees	2,048	4,938
Reimbursements
Payroll and benefits	14,903	4,866
Other reimbursements	$ 1,179	$ 393

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Mar. 31, 2016	Dec. 31, 2014
Subsequent Event [Line Items]
Dividends payable, date declared	Mar. 7, 2016
Dividends payable, date of record	Mar. 18, 2016
Dividends payable, date to be paid	Mar. 31, 2016
Total carrying value of properties	$ 902,882		$ 628,526
Multifamily Properties
Subsequent Event [Line Items]
Total carrying value of properties	902,882		$ 628,526
Mandarin Reserve, Park at Regency and Meridian | Multifamily Properties
Subsequent Event [Line Items]
Total carrying value of properties	$ 46,900
Percentage of total real estate, net	5.20%
Scenario, Forecast
Subsequent Event [Line Items]
Dividends payable, amount per share		$ 0.206

Quarterly Results (unaudited) -

Quarterly Results (unaudited) - Summary of the Unaudited Quarterly Consolidated Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended									12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 32,603	$ 30,771	$ 28,747	$ 25,537	$ 20,435	$ 11,920	$ 6,818	$ 3,977	$ 316	$ 117,658	$ 43,150	$ 316
Net loss	(1,944)	(890)	(2,265)	(5,893)	(6,133)	(6,441)	(2,336)	(2,623)	(170)	(10,992)	(17,533)	(170)
Net loss attributable to common stockholders	$ (2,116)	$ (1,064)	$ (2,253)	$ (5,399)	$ (5,572)	$ (5,743)	$ (1,981)	$ (2,305)	$ (170)	$ (10,832)	$ (15,601)	$ (170)
Loss per share - basic and diluted (see Note 2)	$ (0.10)	$ (0.05)	$ (0.11)	$ (0.25)	$ (0.26)	$ (0.27)	$ (0.09)	$ (0.11)	$ (0.01)	$ (0.51)	$ (0.73)	$ (0.01)

Schedule III - Real Estate an53

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	$ 711,050
Initial Cost to Company, Land	177,320
Initial Cost to Company, Buildings and Improvements	733,314
Initial Cost to Company, Total	910,634
Costs Capitalized Subsequent to Acquisition	55,005
Gross Amount Carried , Land	177,152
Gross Amount Carried , Buildings and Improvements	765,603
Gross Amount Carried , Total	942,755	$ 650,314	$ 9,115
Accumulated Depreciation and Amortization	$ (39,873)
The Miramar Apartments
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Oct. 31, 2013
The Miramar Apartments | Dallas | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	100.00%
Encumbrances	$ 8,400
Initial Cost to Company, Land	1,580
Initial Cost to Company, Buildings and Improvements	7,295
Initial Cost to Company, Total	8,875
Costs Capitalized Subsequent to Acquisition	2,247
Gross Amount Carried , Land	1,580
Gross Amount Carried , Buildings and Improvements	9,252
Gross Amount Carried , Total	$ 10,832
Date Acquired	Oct. 31, 2013
Accumulated Depreciation and Amortization	$ (744)
Arbors on Forest Ridge
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Jan. 31, 2014
Arbors on Forest Ridge | Bedford | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 10,244
Initial Cost to Company, Land	2,330
Initial Cost to Company, Buildings and Improvements	10,475
Initial Cost to Company, Total	12,805
Costs Capitalized Subsequent to Acquisition	1,309
Gross Amount Carried , Land	2,330
Gross Amount Carried , Buildings and Improvements	11,472
Gross Amount Carried , Total	$ 13,802
Date Acquired	Jan. 31, 2014
Accumulated Depreciation and Amortization	$ (913)
Cutter's Point
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Jan. 31, 2014
Cutter's Point | Richardson | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 12,676
Initial Cost to Company, Land	3,330
Initial Cost to Company, Buildings and Improvements	12,515
Initial Cost to Company, Total	15,845
Costs Capitalized Subsequent to Acquisition	1,242
Gross Amount Carried , Land	3,330
Gross Amount Carried , Buildings and Improvements	13,405
Gross Amount Carried , Total	$ 16,735
Date Acquired	Jan. 31, 2014
Accumulated Depreciation and Amortization	$ (1,083)
Eagle Crest
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Jan. 31, 2014
Eagle Crest | Irving | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 21,860
Initial Cost to Company, Land	5,450
Initial Cost to Company, Buildings and Improvements	21,875
Initial Cost to Company, Total	27,325
Costs Capitalized Subsequent to Acquisition	1,383
Gross Amount Carried , Land	5,450
Gross Amount Carried , Buildings and Improvements	22,604
Gross Amount Carried , Total	$ 28,054
Date Acquired	Jan. 31, 2014
Accumulated Depreciation and Amortization	$ (1,738)
Meridian
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Jan. 31, 2014
Meridian | Austin | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 9,840
Initial Cost to Company, Land	2,310
Initial Cost to Company, Buildings and Improvements	9,990
Initial Cost to Company, Total	12,300
Costs Capitalized Subsequent to Acquisition	1,065
Gross Amount Carried , Land	2,310
Gross Amount Carried , Buildings and Improvements	10,756
Gross Amount Carried , Total	$ 13,066
Date Acquired	Jan. 31, 2014
Accumulated Depreciation and Amortization	$ (835)
Silverbrook
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Jan. 31, 2014
Silverbrook | Grand Prairie | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 24,320
Initial Cost to Company, Land	4,860
Initial Cost to Company, Buildings and Improvements	25,540
Initial Cost to Company, Total	30,400
Costs Capitalized Subsequent to Acquisition	1,755
Gross Amount Carried , Land	4,860
Gross Amount Carried , Buildings and Improvements	26,502
Gross Amount Carried , Total	$ 31,362
Date Acquired	Jan. 31, 2014
Accumulated Depreciation and Amortization	$ (2,273)
Timberglen
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Jan. 31, 2014
Timberglen | Dallas | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 13,560
Initial Cost to Company, Land	2,510
Initial Cost to Company, Buildings and Improvements	14,440
Initial Cost to Company, Total	16,950
Costs Capitalized Subsequent to Acquisition	1,070
Gross Amount Carried , Land	2,510
Gross Amount Carried , Buildings and Improvements	15,102
Gross Amount Carried , Total	$ 17,612
Date Acquired	Jan. 31, 2014
Accumulated Depreciation and Amortization	$ (1,163)
Toscana
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Jan. 31, 2014
Toscana | Dallas | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 7,100
Initial Cost to Company, Land	1,730
Initial Cost to Company, Buildings and Improvements	7,145
Initial Cost to Company, Total	8,875
Costs Capitalized Subsequent to Acquisition	867
Gross Amount Carried , Land	1,730
Gross Amount Carried , Buildings and Improvements	7,782
Gross Amount Carried , Total	$ 9,512
Date Acquired	Jan. 31, 2014
Accumulated Depreciation and Amortization	$ (627)
The Grove at Alban
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Mar. 10, 2014
The Grove at Alban | Frederick | Maryland
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	76.00%
Encumbrances	$ 18,720
Initial Cost to Company, Land	3,640
Initial Cost to Company, Buildings and Improvements	19,410
Initial Cost to Company, Total	23,050
Costs Capitalized Subsequent to Acquisition	1,357
Gross Amount Carried , Land	3,640
Gross Amount Carried , Buildings and Improvements	19,971
Gross Amount Carried , Total	$ 23,611
Date Acquired	Mar. 10, 2014
Accumulated Depreciation and Amortization	$ (1,339)
Willowdale Crossing
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	May 15, 2014
Willowdale Crossing | Frederick | Maryland
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	80.00%
Encumbrances	$ 32,800
Initial Cost to Company, Land	4,650
Initial Cost to Company, Buildings and Improvements	36,350
Initial Cost to Company, Total	41,000
Costs Capitalized Subsequent to Acquisition	1,260
Gross Amount Carried , Land	4,650
Gross Amount Carried , Buildings and Improvements	36,438
Gross Amount Carried , Total	$ 41,088
Date Acquired	May 15, 2014
Accumulated Depreciation and Amortization	$ (2,235)
Edgewater at Sandy Springs
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Jul. 18, 2014
Edgewater at Sandy Springs | Atlanta | Georgia
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 43,550
Initial Cost to Company, Land	14,290
Initial Cost to Company, Buildings and Improvements	43,710
Initial Cost to Company, Total	58,000
Costs Capitalized Subsequent to Acquisition	4,242
Gross Amount Carried , Land	14,290
Gross Amount Carried , Buildings and Improvements	46,022
Gross Amount Carried , Total	$ 60,312
Date Acquired	Jul. 18, 2014
Accumulated Depreciation and Amortization	$ (2,930)
Beechwood Terrace
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Jul. 21, 2014
Beechwood Terrace | Antioch | Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 17,120
Initial Cost to Company, Land	1,390
Initial Cost to Company, Buildings and Improvements	20,010
Initial Cost to Company, Total	21,400
Costs Capitalized Subsequent to Acquisition	1,373
Gross Amount Carried , Land	1,390
Gross Amount Carried , Buildings and Improvements	20,974
Gross Amount Carried , Total	$ 22,364
Date Acquired	Jul. 21, 2014
Accumulated Depreciation and Amortization	$ (1,143)
Willow Grove
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Jul. 21, 2014
Willow Grove | Nashville | Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 11,000
Initial Cost to Company, Land	3,940
Initial Cost to Company, Buildings and Improvements	9,810
Initial Cost to Company, Total	13,750
Costs Capitalized Subsequent to Acquisition	1,594
Gross Amount Carried , Land	3,940
Gross Amount Carried , Buildings and Improvements	11,106
Gross Amount Carried , Total	$ 15,046
Date Acquired	Jul. 21, 2014
Accumulated Depreciation and Amortization	$ (651)
Woodbridge
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Jul. 21, 2014
Woodbridge | Nashville | Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 12,800
Initial Cost to Company, Land	3,650
Initial Cost to Company, Buildings and Improvements	12,350
Initial Cost to Company, Total	16,000
Costs Capitalized Subsequent to Acquisition	1,218
Gross Amount Carried , Land	3,650
Gross Amount Carried , Buildings and Improvements	13,234
Gross Amount Carried , Total	$ 16,884
Date Acquired	Jul. 21, 2014
Accumulated Depreciation and Amortization	$ (758)
Abbington Heights
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Aug. 1, 2014
Abbington Heights | Antioch | Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 10,403
Initial Cost to Company, Land	1,770
Initial Cost to Company, Buildings and Improvements	16,130
Initial Cost to Company, Total	17,900
Costs Capitalized Subsequent to Acquisition	1,178
Gross Amount Carried , Land	1,770
Gross Amount Carried , Buildings and Improvements	16,908
Gross Amount Carried , Total	$ 18,678
Date Acquired	Aug. 1, 2014
Accumulated Depreciation and Amortization	$ (930)
The Summit at Sabal Park
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Aug. 20, 2014
The Summit at Sabal Park | Tampa | Florida
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 14,287
Initial Cost to Company, Land	5,770
Initial Cost to Company, Buildings and Improvements	13,280
Initial Cost to Company, Total	19,050
Costs Capitalized Subsequent to Acquisition	1,118
Gross Amount Carried , Land	5,770
Gross Amount Carried , Buildings and Improvements	13,994
Gross Amount Carried , Total	$ 19,764
Date Acquired	Aug. 20, 2014
Accumulated Depreciation and Amortization	$ (805)
Courtney Cove
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Aug. 20, 2014
Courtney Cove | Tampa | Florida
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 14,210
Initial Cost to Company, Land	5,880
Initial Cost to Company, Buildings and Improvements	13,070
Initial Cost to Company, Total	18,950
Costs Capitalized Subsequent to Acquisition	909
Gross Amount Carried , Land	5,880
Gross Amount Carried , Buildings and Improvements	13,548
Gross Amount Carried , Total	$ 19,428
Date Acquired	Aug. 20, 2014
Accumulated Depreciation and Amortization	$ (819)
Colonial Forest
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Aug. 20, 2014
Colonial Forest | Jacksonville | Florida
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 4,125
Initial Cost to Company, Land	2,090
Initial Cost to Company, Buildings and Improvements	3,410
Initial Cost to Company, Total	5,500
Costs Capitalized Subsequent to Acquisition	590
Gross Amount Carried , Land	2,090
Gross Amount Carried , Buildings and Improvements	3,814
Gross Amount Carried , Total	$ 5,904
Date Acquired	Aug. 20, 2014
Accumulated Depreciation and Amortization	$ (283)
Park at Blanding
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Aug. 20, 2014
Park at Blanding | Orange Park | Florida
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 4,875
Initial Cost to Company, Land	2,610
Initial Cost to Company, Buildings and Improvements	3,890
Initial Cost to Company, Total	6,500
Costs Capitalized Subsequent to Acquisition	620
Gross Amount Carried , Land	2,610
Gross Amount Carried , Buildings and Improvements	4,333
Gross Amount Carried , Total	$ 6,943
Date Acquired	Aug. 20, 2014
Accumulated Depreciation and Amortization	$ (289)
Park at Regency
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Aug. 20, 2014
Park at Regency | Jacksonville | Florida
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 6,225
Initial Cost to Company, Land	2,620
Initial Cost to Company, Buildings and Improvements	5,680
Initial Cost to Company, Total	8,300
Costs Capitalized Subsequent to Acquisition	697
Gross Amount Carried , Land	2,620
Gross Amount Carried , Buildings and Improvements	6,157
Gross Amount Carried , Total	$ 8,777
Date Acquired	Aug. 20, 2014
Accumulated Depreciation and Amortization	$ (412)
Jade Park
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Aug. 20, 2014
Jade Park | Daytona Beach | Florida
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 5,850
Initial Cost to Company, Land	1,490
Initial Cost to Company, Buildings and Improvements	6,310
Initial Cost to Company, Total	7,800
Costs Capitalized Subsequent to Acquisition	664
Gross Amount Carried , Land	1,490
Gross Amount Carried , Buildings and Improvements	6,774
Gross Amount Carried , Total	$ 8,264
Date Acquired	Aug. 20, 2014
Accumulated Depreciation and Amortization	$ (402)
Mandarin Reserve
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Sep. 15, 2014
Mandarin Reserve | Jacksonville | Florida
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 19,575
Initial Cost to Company, Land	5,610
Initial Cost to Company, Buildings and Improvements	20,590
Initial Cost to Company, Total	26,200
Costs Capitalized Subsequent to Acquisition	1,982
Gross Amount Carried , Land	5,610
Gross Amount Carried , Buildings and Improvements	21,871
Gross Amount Carried , Total	$ 27,481
Date Acquired	Sep. 15, 2014
Accumulated Depreciation and Amortization	$ (1,175)
Radbourne Lake
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Sep. 30, 2014
Radbourne Lake | Charlotte | North Carolina
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 19,213
Initial Cost to Company, Land	2,440
Initial Cost to Company, Buildings and Improvements	21,810
Initial Cost to Company, Total	24,250
Costs Capitalized Subsequent to Acquisition	999
Gross Amount Carried , Land	2,440
Gross Amount Carried , Buildings and Improvements	22,157
Gross Amount Carried , Total	$ 24,597
Date Acquired	Sep. 30, 2014
Accumulated Depreciation and Amortization	$ (1,137)
Timber Creek
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Sep. 30, 2014
Timber Creek | Charlotte | North Carolina
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 19,482
Initial Cost to Company, Land	11,260
Initial Cost to Company, Buildings and Improvements	11,490
Initial Cost to Company, Total	22,750
Costs Capitalized Subsequent to Acquisition	2,988
Gross Amount Carried , Land	11,260
Gross Amount Carried , Buildings and Improvements	13,679
Gross Amount Carried , Total	$ 24,939
Date Acquired	Sep. 30, 2014
Accumulated Depreciation and Amortization	$ (672)
Belmont at Duck Creek
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Sep. 30, 2014
Belmont at Duck Creek | Garland | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 11,342
Initial Cost to Company, Land	1,910
Initial Cost to Company, Buildings and Improvements	16,615
Initial Cost to Company, Total	18,525
Costs Capitalized Subsequent to Acquisition	1,349
Gross Amount Carried , Land	1,910
Gross Amount Carried , Buildings and Improvements	17,528
Gross Amount Carried , Total	$ 19,438
Date Acquired	Sep. 30, 2014
Accumulated Depreciation and Amortization	$ (837)
The Arbors
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Oct. 16, 2014
The Arbors | Tucker | Georgia
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 5,812
Initial Cost to Company, Land	1,730
Initial Cost to Company, Buildings and Improvements	6,070
Initial Cost to Company, Total	7,800
Costs Capitalized Subsequent to Acquisition	924
Gross Amount Carried , Land	1,730
Gross Amount Carried , Buildings and Improvements	6,795
Gross Amount Carried , Total	$ 8,525
Date Acquired	Oct. 16, 2014
Accumulated Depreciation and Amortization	$ (333)
The Crossings
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Oct. 16, 2014
The Crossings | Marietta | Georgia
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 15,874
Initial Cost to Company, Land	4,150
Initial Cost to Company, Buildings and Improvements	17,050
Initial Cost to Company, Total	21,200
Costs Capitalized Subsequent to Acquisition	2,129
Gross Amount Carried , Land	3,982
Gross Amount Carried , Buildings and Improvements	18,345
Gross Amount Carried , Total	$ 22,327
Date Acquired	Oct. 16, 2014
Accumulated Depreciation and Amortization	$ (867)
The Crossings at Holcomb Bridge
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Oct. 16, 2014
The Crossings at Holcomb Bridge | Roswell | Georgia
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 12,450
Initial Cost to Company, Land	5,560
Initial Cost to Company, Buildings and Improvements	10,440
Initial Cost to Company, Total	16,000
Costs Capitalized Subsequent to Acquisition	1,670
Gross Amount Carried , Land	5,560
Gross Amount Carried , Buildings and Improvements	11,494
Gross Amount Carried , Total	$ 17,054
Date Acquired	Oct. 16, 2014
Accumulated Depreciation and Amortization	$ (578)
The Knolls
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Oct. 16, 2014
The Knolls | Marietta | Georgia
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 16,038
Initial Cost to Company, Land	3,410
Initial Cost to Company, Buildings and Improvements	17,790
Initial Cost to Company, Total	21,200
Costs Capitalized Subsequent to Acquisition	1,559
Gross Amount Carried , Land	3,410
Gross Amount Carried , Buildings and Improvements	18,590
Gross Amount Carried , Total	$ 22,000
Date Acquired	Oct. 16, 2014
Accumulated Depreciation and Amortization	$ (880)
Regatta Bay
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Nov. 4, 2014
Regatta Bay | Seabrook | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 14,000
Initial Cost to Company, Land	1,660
Initial Cost to Company, Buildings and Improvements	16,540
Initial Cost to Company, Total	18,200
Costs Capitalized Subsequent to Acquisition	871
Gross Amount Carried , Land	1,660
Gross Amount Carried , Buildings and Improvements	16,697
Gross Amount Carried , Total	$ 18,357
Date Acquired	Nov. 4, 2014
Accumulated Depreciation and Amortization	$ (758)
Sabal Palm at Lake Buena Vista
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Nov. 5, 2014
Sabal Palm at Lake Buena Vista | Orlando | Florida
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 37,680
Initial Cost to Company, Land	7,580
Initial Cost to Company, Buildings and Improvements	41,920
Initial Cost to Company, Total	49,500
Costs Capitalized Subsequent to Acquisition	1,153
Gross Amount Carried , Land	7,580
Gross Amount Carried , Buildings and Improvements	41,686
Gross Amount Carried , Total	$ 49,266
Date Acquired	Nov. 5, 2014
Accumulated Depreciation and Amortization	$ (1,684)
Southpoint Reserve at Stoney Creek
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Dec. 18, 2014
Southpoint Reserve at Stoney Creek | Fredericksburg | Virginia
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	85.00%
Encumbrances	$ 13,600
Initial Cost to Company, Land	6,120
Initial Cost to Company, Buildings and Improvements	10,880
Initial Cost to Company, Total	17,000
Costs Capitalized Subsequent to Acquisition	960
Gross Amount Carried , Land	6,120
Gross Amount Carried , Buildings and Improvements	11,348
Gross Amount Carried , Total	$ 17,468
Date Acquired	Dec. 18, 2014
Accumulated Depreciation and Amortization	$ (440)
Cornerstone
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Jan. 15, 2015
Cornerstone | Orlando | Florida
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 23,480
Initial Cost to Company, Land	1,500
Initial Cost to Company, Buildings and Improvements	30,050
Initial Cost to Company, Total	31,550
Costs Capitalized Subsequent to Acquisition	1,242
Gross Amount Carried , Land	1,500
Gross Amount Carried , Buildings and Improvements	30,398
Gross Amount Carried , Total	$ 31,898
Date Acquired	Jan. 15, 2015
Accumulated Depreciation and Amortization	$ (1,080)
Mc Millan Place
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Jan. 15, 2015
Mc Millan Place | Dallas | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 15,738
Initial Cost to Company, Land	3,610
Initial Cost to Company, Buildings and Improvements	17,374
Initial Cost to Company, Total	20,984
Costs Capitalized Subsequent to Acquisition	1,240
Gross Amount Carried , Land	3,610
Gross Amount Carried , Buildings and Improvements	18,042
Gross Amount Carried , Total	$ 21,652
Date Acquired	Jan. 15, 2015
Accumulated Depreciation and Amortization	$ (630)
Barrington Mill
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Feb. 6, 2015
Barrington Mill | Marietta | Georgia
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 43,500
Initial Cost to Company, Land	10,170
Initial Cost to Company, Buildings and Improvements	47,830
Initial Cost to Company, Total	58,000
Costs Capitalized Subsequent to Acquisition	2,586
Gross Amount Carried , Land	10,170
Gross Amount Carried , Buildings and Improvements	48,602
Gross Amount Carried , Total	$ 58,772
Date Acquired	Feb. 6, 2015
Accumulated Depreciation and Amortization	$ (1,624)
Dana Point
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Feb. 26, 2015
Dana Point | Dallas | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 12,176
Initial Cost to Company, Land	4,090
Initial Cost to Company, Buildings and Improvements	12,145
Initial Cost to Company, Total	16,235
Costs Capitalized Subsequent to Acquisition	956
Gross Amount Carried , Land	4,090
Gross Amount Carried , Buildings and Improvements	12,739
Gross Amount Carried , Total	$ 16,829
Date Acquired	Feb. 26, 2015
Accumulated Depreciation and Amortization	$ (437)
Heatherstone
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Feb. 26, 2015
Heatherstone | Dallas | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 7,087
Initial Cost to Company, Land	2,320
Initial Cost to Company, Buildings and Improvements	7,130
Initial Cost to Company, Total	9,450
Costs Capitalized Subsequent to Acquisition	842
Gross Amount Carried , Land	2,320
Gross Amount Carried , Buildings and Improvements	7,764
Gross Amount Carried , Total	$ 10,084
Date Acquired	Feb. 26, 2015
Accumulated Depreciation and Amortization	$ (257)
Versailles
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Feb. 26, 2015
Versailles | Dallas | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 19,623
Initial Cost to Company, Land	6,720
Initial Cost to Company, Buildings and Improvements	19,445
Initial Cost to Company, Total	26,165
Costs Capitalized Subsequent to Acquisition	2,077
Gross Amount Carried , Land	6,720
Gross Amount Carried , Buildings and Improvements	20,941
Gross Amount Carried , Total	$ 27,661
Date Acquired	Feb. 26, 2015
Accumulated Depreciation and Amortization	$ (686)
Seasons 704 Apartments
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Apr. 15, 2015
Seasons 704 Apartments | West Palm Beach | Florida
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	90.00%
Encumbrances	$ 12,660
Initial Cost to Company, Land	7,480
Initial Cost to Company, Buildings and Improvements	13,520
Initial Cost to Company, Total	21,000
Costs Capitalized Subsequent to Acquisition	1,028
Gross Amount Carried , Land	7,480
Gross Amount Carried , Buildings and Improvements	14,147
Gross Amount Carried , Total	$ 21,627
Date Acquired	Apr. 15, 2015
Accumulated Depreciation and Amortization	$ (410)
Madera Point
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Aug. 5, 2015
Madera Point | Mesa | Arizona
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	95.00%
Encumbrances	$ 22,515
Initial Cost to Company, Land	4,920
Initial Cost to Company, Buildings and Improvements	17,605
Initial Cost to Company, Total	22,525
Costs Capitalized Subsequent to Acquisition	139
Gross Amount Carried , Land	4,920
Gross Amount Carried , Buildings and Improvements	17,744
Gross Amount Carried , Total	$ 22,664
Date Acquired	Aug. 5, 2015
Accumulated Depreciation and Amortization	$ (795)
The Pointe at the Foothills
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Aug. 5, 2015
The Pointe at the Foothills | Mesa | Arizona
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	95.00%
Encumbrances	$ 51,365
Initial Cost to Company, Land	4,840
Initial Cost to Company, Buildings and Improvements	47,435
Initial Cost to Company, Total	52,275
Costs Capitalized Subsequent to Acquisition	347
Gross Amount Carried , Land	4,840
Gross Amount Carried , Buildings and Improvements	47,782
Gross Amount Carried , Total	$ 52,622
Date Acquired	Aug. 5, 2015
Accumulated Depreciation and Amortization	$ (1,879)
The Place at Vanderbilt
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	Oct. 30, 2015
The Place at Vanderbilt | Fort Worth | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percent	95.00%
Encumbrances	$ 13,875
Initial Cost to Company, Land	2,350
Initial Cost to Company, Buildings and Improvements	16,900
Initial Cost to Company, Total	19,250
Costs Capitalized Subsequent to Acquisition	206
Gross Amount Carried , Land	2,350
Gross Amount Carried , Buildings and Improvements	17,106
Gross Amount Carried , Total	$ 19,456
Date Acquired	Oct. 30, 2015
Accumulated Depreciation and Amortization	$ (342)

Schedule III - Real Estate an54

Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Real Estate And Accumulated Depreciation [Line Items]
Bridge facility	$ 29,000
Initial Cost to Company, Buildings and Improvements	733,314
Gross Amount Carried , Buildings and Improvements	765,603
Buildings and Improvements and Furniture, Fixtures, and Equipment
Real Estate And Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	708,000
Construction in Progress
Real Estate And Accumulated Depreciation [Line Items]
Gross Amount Carried , Buildings and Improvements	5,300
Furniture, Fixtures, and Equipment
Real Estate And Accumulated Depreciation [Line Items]
Gross Amount Carried , Buildings and Improvements	28,000
Gross Intangible Lease Assets
Real Estate And Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	25,300
Gross Amount Carried , Buildings and Improvements	2,600
Amortization of intangible assets	1,800
Madera Point
Real Estate And Accumulated Depreciation [Line Items]
Bridge facility	29,000
The Pointe at the Foothills
Real Estate And Accumulated Depreciation [Line Items]
Bridge facility	$ 29,000

Schedule III - Summary Of Activ

Schedule III - Summary Of Activity For Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate:
Balance, beginning of the year	$ 650,314	$ 9,115
Acquisitions	277,434	624,325	$ 8,875
Improvements	37,891	16,874	240
Write-off of fully amortized assets	(22,716)
Write-off of land appropriated	(168)
Balance, end of the year	942,755	650,314	9,115
Accumulated Depreciation and Amortization:
Balance, beginning of the year	21,788	142
Depreciation expense	28,684	9,300	45
Amortization expense	12,117	12,346	97
Write-off of fully amortized assets	(22,716)
Balance, end of the year	$ 39,873	$ 21,788	$ 142

Schedule III - Summary Of Act56

Schedule III - Summary Of Activity For Real Estate and Accumulated Depreciation (Parenthetical) (Details)	Aug. 04, 2015USD ($)a	Dec. 31, 2015USD ($)
Real Estate And Accumulated Depreciation [Line Items]
Proceeds from eminent domain disposal		$ 326,000
Write-off of land appropriated		$ 168,000
Transportation of the State of Georgia
Real Estate And Accumulated Depreciation [Line Items]
Exercise of land | a	0.966
Proceeds from eminent domain disposal	$ 326,000
Write-off of land appropriated	$ 168,000

Uncategorized Items - nxrt-2015

Label	Element	Value
Stockholders Equity Change In Reporting Entity	us-gaap_StockholdersEquityChangeInReportingEntity	$ 11,333,000
Parent [Member]
Profit Loss	us-gaap_ProfitLoss	(170,000)
Stockholders Equity Change In Reporting Entity	us-gaap_StockholdersEquityChangeInReportingEntity	$ 11,333,000