NexPoint Residential Trust (NXRT) 10-Q 11 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 11, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	NXRT
Entity Registrant Name	NexPoint Residential Trust, Inc.
Entity Central Index Key	1,620,393
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		21,293,825

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Operating Real Estate Investments
Land (including from VIEs of $144,632 and $163,462, respectively)	$ 158,322	$ 177,152
Buildings and improvements (including from VIEs of $555,555 and $642,936, respectively)	642,453	729,675
Intangible lease assets	511	2,573
Construction in progress (including from VIEs of $2,466 and $5,070, respectively)	3,124	5,346
Furniture, fixtures, and equipment (including from VIEs of $24,780 and $25,715, respectively)	27,333	28,009
Total Gross Operating Real Estate Investments	831,743	942,755
Accumulated depreciation and amortization (including from VIEs of $37,105 and $36,112, respectively)	(40,401)	(39,873)
Total Net Operating Real Estate Investments	791,342	902,882
Real estate held for sale (net of accumulated depreciation of $7,016 and $0, respectively) (including from VIEs of $107,556 and $0, respectively)	107,556
Total Net Real Estate Investments	898,898	902,882
Cash and cash equivalents (including from VIEs of $11,557 and $13,271, respectively)	17,366	16,226
Restricted cash (including from VIEs of $34,749 and $43,500, respectively)	37,607	46,869
Accounts receivable (including from VIEs of $1,252 and $1,517, respectively)	1,909	2,122
Prepaid and other assets (including from VIEs of $2,950 and $1,724, respectively)	3,485	1,961
TOTAL ASSETS	959,265	970,060
LIABILITIES AND EQUITY
Bridge facility, net	28,889	28,805
Mortgages payable, net (including from VIEs of $523,106 and $609,703, respectively)	589,700	676,324
Mortgages payable held for sale, net (including from VIEs of $86,310 and $0, respectively)	86,310
Accounts payable and other accrued liabilities (including from VIEs of $2,438 and $4,049, respectively)	3,320	5,106
Accrued real estate taxes payable (including from VIEs of $2,530 and $5,723, respectively)	2,933	6,057
Accrued interest payable (including from VIEs of $1,430 and $1,332, respectively)	1,571	1,462
Security deposit liability (including from VIEs of $1,224 and $1,277, respectively)	1,486	1,544
Prepaid rents (including from VIEs of $1,161 and $1,633, respectively)	1,305	1,824
Total Liabilities	$ 715,514	$ 721,122
NexPoint Residential Trust, Inc. stockholders' equity:
Preferred stock, $0.01 par value: 100,000,000 shares authorized; 0 shares issued and outstanding as of March 31, 2016 and December 31, 2015
Common stock, $0.01 par value: 500,000,000 shares authorized; 21,293,825 shares issued and outstanding as of March 31, 2016 and December 31, 2015	$ 213	$ 213
Additional paid-in capital	240,625	240,625
Accumulated deficit	(22,995)	(18,593)
Accumulated other comprehensive loss	(726)	(697)
Noncontrolling interests	26,634	27,390
Total Equity	243,751	248,938
TOTAL LIABILITIES AND EQUITY	$ 959,265	$ 970,060

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Land	$ 158,322	$ 177,152
Buildings and improvements	642,453	729,675
Construction in progress	3,124	5,346
Furniture, fixtures, and equipment	27,333	28,009
Accumulated depreciation and amortization	40,401	39,873
Real estate held for sale	107,556
Net of accumulated depreciation	7,016	0
Cash and cash equivalents	17,366	16,226
Restricted cash	37,607	46,869
Accounts receivable	1,909	2,122
Prepaid and other assets	3,485	1,961
Mortgages payable, net	589,700	676,324
Mortgages payable held for sale, net	86,310
Accounts payable and other accrued liabilities	3,320	5,106
Accrued real estate taxes payable	2,933	6,057
Accrued interest payable	1,571	1,462
Security deposit liability	1,486	1,544
Prepaid rents	$ 1,305	$ 1,824
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	21,293,825
Common stock, shares, outstanding	21,293,825	21,293,825
Common stock, par value	$ 0.01	$ 0.01
VIE
Land	$ 144,632	$ 163,462
Buildings and improvements	555,555	642,936
Construction in progress	2,466	5,070
Furniture, fixtures, and equipment	24,780	25,715
Accumulated depreciation and amortization	37,105	36,112
Real estate held for sale	107,556	0
Cash and cash equivalents	11,557	13,271
Restricted cash	34,749	43,500
Accounts receivable	1,252	1,517
Prepaid and other assets	2,950	1,724
Mortgages payable, net	523,106	609,703
Mortgages payable held for sale, net	86,310	0
Accounts payable and other accrued liabilities	2,438	4,049
Accrued real estate taxes payable	2,530	5,723
Accrued interest payable	1,430	1,332
Security deposit liability	1,224	1,277
Prepaid rents	$ 1,161	$ 1,633

COMBINED CONSOLIDATED STATEMENT

COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues
Rental income	$ 29,370	$ 22,690
Other income	4,141	2,847
Total revenues	33,511	25,537
Expenses
Property operating expenses	9,382	7,319
Acquisition costs		1,931
Real estate taxes and insurance	4,263	3,378
Property management fees (related party)	1,005	759
Advisory and administrative fees (related party)	1,616	1,277
Corporate general and administrative expenses	782
Property general and administrative expenses	1,334	1,147
Depreciation and amortization	9,612	11,610
Total expenses	27,994	27,421
Operating income (loss)	5,517	(1,884)
Interest expense	(5,226)	(4,009)
Net income (loss)	291	(5,893)
Net income (loss) attributable to noncontrolling interests	306	(494)
Net income (loss) attributable to common stockholders	(15)	(5,399)
Other comprehensive income (loss)
Net losses related to interest rate cap valuations	(32)	(270)
Total comprehensive income (loss)	259	(6,163)
Comprehensive income (loss) attributable to noncontrolling interests	303	(518)
Comprehensive income (loss) attributable to common stockholders	$ (44)	$ (5,645)
Weighted average common shares outstanding - basic and diluted	21,294	21,294
Dividends declared per common share	$ 0.206
Earnings (loss) per share - basic and diluted (see Note 2)	$ 0	$ (0.25)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning Balance, Values at Dec. 31, 2015	$ 248,938	$ 213	$ 240,625	$ (18,593)	$ (697)	$ 27,390
Beginning Balance, Shares at Dec. 31, 2015	21,293,825	21,294
Distributions						(1,059)
Dividends				(4,387)
Distributions to stockholders	$ (5,446)
Other comprehensive income (loss)	(32)				(29)	(3)
Net income (loss)	291			(15)		306
Ending Balances, Values at Mar. 31, 2016	$ 243,751	$ 213	$ 240,625	$ (22,995)	$ (726)	$ 26,634
Ending Balances, Shares at Mar. 31, 2016	21,293,825	21,294

COMBINED CONSOLIDATED STATEMEN6

COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities
Net income (loss)	$ 291	$ (5,893)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	9,612	11,610
Amortization of deferred financing costs	324	307
Change in fair value on derivative instruments included in interest expense	4	116
Amortization of fair market value adjustment of assumed debt	(27)	(27)
Noncash contributions		1,277
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	213	(451)
Prepaid and other assets	(1,560)	(537)
Restricted cash	4,879	(273)
Accounts payable and other accrued liabilities	(4,800)	(3,739)
Net cash provided by operating activities	8,936	2,390
Cash flows from investing activities
Change in restricted cash	4,383	(12,455)
Additions to operating real estate investments	(6,200)	(6,821)
Acquisitions of operating real estate investments	(910,600)	(143,695)
Net cash used in investing activities	(1,817)	(162,971)
Cash flows from financing activities
Mortgage proceeds received		106,414
Mortgage payments	(533)	(246)
Deferred financing fees paid		(1,322)
Interest rate cap fees paid		(242)
Due to affiliates		(20)
Distributions to noncontrolling interests	(1,059)
Dividends	(4,387)
Contributions from noncontrolling interests		6,526
Contributions		68,732
Net cash provided by (used in) financing activities	(5,979)	179,842
Net increase in cash	1,140	19,261
Cash, beginning of period	16,226	12,662
Cash, end of period	17,366	31,923
Supplemental Disclosure of Cash Flow Information
Interest paid	4,756	3,371
Supplemental Disclosure of Noncash Investing and Financing Activities
Capitalized construction costs included in accounts payable and other accrued liabilities	578	734
Change in fair value on hedging instruments designated as hedges	$ 32	270
Liabilities assumed from acquisitions		903
Other assets acquired from acquisitions		214
Assumed debt on acquisitions of operating real estate investments		$ 18,000

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2016
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 be taxed as a real estate investment trust (“REIT”). The Company is focused on “value-add” multifamily investments primarily located in the Southeastern and Southwestern United States. Substantially all of the Company’s business is conducted through NexPoint Residential Trust Operating Partnership, L.P. (the “OP”), the Company’s operating partnership. The Company holds all or a majority interest in its properties (the “Portfolio”) through the OP. The Company’s wholly owned 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”). 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 (“LLCs”), 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	3 Months Ended
	Mar. 31, 2016
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 income (loss) and combined consolidated statements of cash flows reflect operations of our predecessor through March 31, 2015 as if they were incurred by us. Our predecessor was determined in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). References throughout these combined consolidated financial statements to the “Company”, “we”, or “our”, include the activity of the predecessor defined above. Basis of Accounting The accompanying unaudited combined consolidated financial statements of the Company are prepared in accordance with Generally Accepted Accounting Principles (“GAAP”). The consolidated balance sheets include the accounts of the Company and its subsidiaries. Our predecessor combined consolidated financial statements were derived from the historical accounting records of our predecessor and reflect the historical results of operations and cash flows for the period 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 the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation The unaudited information included in this quarterly report on Form 10-Q should be read in conjunction with our audited financial statements for the year ended December 31, 2015 and notes thereto included in our annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 21, 2016. 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 income (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. Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months Construction in progress includes the cost of renovation projects being performed at the various properties. Once a project is complete, the historical cost of the renovation is placed into service in one of the categories above depending on the type of renovation project and is depreciated over the estimated useful lives as described in the table above. The Company periodically classifies real estate assets as held for sale. An asset is classified as held for sale after an active program to sell the asset has commenced or the asset is under contract for sale and after the evaluation of other factors. Upon the classification of a real estate asset as held for sale, the carrying value of the asset is reduced to the lower of its net book value or its estimated fair value, less costs to sell the asset, and no further depreciation expense is recorded. Upon a decision to no longer market an asset for sale, the asset is classified as an operating asset and depreciation expense is reinstated. Real estate assets and the related debt held for sale are stated separately on the accompanying consolidated balance sheets. Impairment Real estate assets that are determined to be held and used will be reviewed periodically for impairment and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In such cases, the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. For the periods ended March 31, 2016 and 2015, 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 March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 Security deposits $ 963 $ 1,034 Operating escrows 16,504 21,312 Renovation value-add reserves 20,140 24,523 $ 37,607 $ 46,869 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 consolidated balance sheets. No such costs existed as of March 31, 2016 and December 31, 2015. 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 interest expense. Deferred financing costs, net of amortization, of $5.8 million and $6.0 million are recorded as a deduction from mortgages payable on the accompanying consolidated balance sheets as of March 31, 2016 and December 31, 2015, respectively. Deferred financing costs, net of amortization, of $0.1 million and $0.2 million are recorded as a deduction from the debt related to the Company’s bridge facility on the accompanying consolidated balance sheets as of March 31, 2016 and December 31, 2015, respectively. Amortization of deferred financing costs of $0.3 million and $0.3 million is included in interest expense on the combined consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2016 and 2015, respectively. Noncontrolling Interests Noncontrolling interests are comprised of the Company’s joint venture partners’ interests in the joint ventures in multifamily properties that the Company consolidates. The Company reports its joint venture partners’ interests in its consolidated real estate joint ventures and other subsidiary interests held by third parties as noncontrolling interests. The Company records these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investment’s net income or loss and equity contributions and distributions. These noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder based on its economic ownership percentage. Accounting for Joint Ventures The Company first analyzes its investments in joint ventures to determine if the joint venture is a VIE in accordance with FASB ASC 810, and if so, whether the Company is the primary beneficiary requiring consolidation. A VIE is an entity that has (i) insufficient equity to permit it to finance its activities without additional subordinated financial support or (ii) equity holders that lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary, which is the entity that has both the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that potentially could be significant to the primary beneficiary. 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 March 31, 2016 and December 31, 2015: Property Name Location Year Effective Ownership Percentage at March 31, 2016 Effective Ownership Percentage at December 31, 2015 The Miramar Apartments (1) Dallas, Texas 2013 100 % 100 % Arbors on Forest Ridge Bedford, Texas 2014 90 % 90 % Cutter’s Point Richardson, Texas 2014 90 % 90 % Eagle Crest Irving, Texas 2014 90 % 90 % Meridian (2) 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 (2) Frederick, Maryland 2014 76 % 76 % Willowdale Crossing (2) 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 (2) Jacksonville, Florida 2014 90 % 90 % Jade Park Daytona Beach, Florida 2014 90 % 90 % Mandarin Reserve (2) 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 % 90 % McMillan Place Dallas, Texas 2015 90 % 90 % Barrington Mill Marietta, Georgia 2015 90 % 90 % Dana Point Dallas, Texas 2015 90 % 90 % Heatherstone Dallas, Texas 2015 90 % 90 % Versailles Dallas, Texas 2015 90 % 90 % Seasons 704 Apartments West Palm Beach, Florida 2015 90 % 90 % Madera Point (1) Mesa, Arizona 2015 95 % 95 % The Pointe at the Foothills (1) Mesa, Arizona 2015 95 % 95 % The Place at Vanderbilt (1) Fort Worth, Texas 2015 95 % 95 % (1) The entities that own these properties are not VIEs. (2) Properties are classified as held for sale as of March 31, 2016. In connection with its indirect equity investments in the properties acquired, the Company, through the OP, directly or indirectly holds membership interests in single-asset LLCs 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 Equities, LLC (“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 Asset management fee and property management fee expenses are recognized when incurred in accordance with each management agreement (see Note 8). Income Taxes The Company intends to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and expects to qualify as a REIT. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute annually at least 90% of its “REIT taxable income,” as defined by the Code, to its stockholders. As a REIT, the Company will be subject to federal income tax on its undistributed REIT taxable income and net capital gain and to a 4% nondeductible excise tax on any amount by which distributions it pays with respect to any calendar year are less than the sum of (a) 85% of its ordinary income, (b) 95% of its capital gain net income and (c) 100% of its undistributed income from prior years. The Company intends to operate in such a manner so as to qualify 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, but no assurance can be given that the Company will operate in a manner so as to qualify as a 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. As of March 31, 2016, the Company believes it is in compliance with all applicable REIT requirements. Reportable Segment Substantially all of the Company’s net income (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 income (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 (loss) per share will be shown for all periods presented and computed by dividing net income (loss) by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings (loss) per share is computed based on the weighted average number of shares of the Company’s common stock and all potentially dilutive securities, if any. There were no potentially dilutive securities for any of the periods presented. For the three months ended March 31, 2016 and 2015, the Company incurred earnings (loss) per share of $(0.00) and $(0.25), 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 Assets Liabilities Deferred financing costs, net Bridge facility, net Mortgages payable, net December 31, 2015 As previously presented $ 6,213 $ 29,000 $ 682,342 Reclassification of deferred financing costs, net (6,213 ) (195 ) (6,018 ) As presented herein $ — $ 28,805 $ 676,324 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	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Acquisitions	3. Acquisitions As of March 31, 2016, through its consolidated joint ventures, the Company has invested in a total of 42 multifamily properties as listed below: Property Name Rentable Square Number of Units Date Acquired Average Effective Monthly Rent Per Unit (1) % Occupied as of March 31, 2016 (2) % Occupied as of December 31, 2015 (2) The Miramar Apartments 183,100 314 10/31/2013 $ 587 93.3 % 92.4 % Arbors on Forest Ridge 154,556 210 1/31/2014 817 95.7 % 93.8 % Cutter’s Point 197,972 196 1/31/2014 982 96.4 % 93.9 % Eagle Crest 395,951 447 1/31/2014 809 95.7 % 95.5 % Meridian (3) 148,200 200 1/31/2014 831 96.0 % 94.0 % Silverbrook 526,138 642 1/31/2014 717 95.5 % 93.6 % Timberglen 221,376 304 1/31/2014 753 93.1 % 96.1 % Toscana 115,400 192 1/31/2014 656 95.8 % 94.8 % The Grove at Alban (3) 267,300 290 3/10/2014 989 93.1 % 94.5 % Willowdale Crossing (3) 411,800 432 5/15/2014 942 91.7 % 88.9 % Edgewater at Sandy Springs 726,774 760 7/18/2014 837 93.7 % 94.5 % Beechwood Terrace 271,728 300 7/21/2014 812 94.7 % 97.3 % Willow Grove 229,140 244 7/21/2014 795 95.9 % 95.9 % Woodbridge 246,840 220 7/21/2014 899 95.5 % 96.4 % Abbington Heights 238,974 274 8/1/2014 796 94.5 % 94.5 % The Summit at Sabal Park 204,545 252 8/20/2014 859 90.5 % 92.5 % Courtney Cove 224,958 324 8/20/2014 748 96.0 % 95.4 % Colonial Forest 160,093 174 8/20/2014 645 96.6 % 94.8 % Park at Blanding 116,410 117 8/20/2014 783 97.4 % 97.4 % Park at Regency (3) 134,253 159 8/20/2014 769 95.0 % 96.2 % Jade Park 118,392 144 8/20/2014 758 95.8 % 90.3 % Mandarin Reserve (3) 449,276 520 9/15/2014 726 95.8 % 93.1 % Radbourne Lake 246,599 225 9/30/2014 967 97.3 % 96.9 % Timber Creek 248,391 352 9/30/2014 741 95.5 % 94.3 % Belmont at Duck Creek 198,279 240 9/30/2014 901 96.3 % 93.8 % The Arbors 127,536 140 10/16/2014 799 91.4 % 94.3 % The Crossings 377,840 380 10/16/2014 766 93.4 % 92.9 % The Crossings at Holcomb Bridge 247,982 268 10/16/2014 791 96.3 % 95.9 % The Knolls 311,160 312 10/16/2014 842 94.9 % 93.9 % Regatta Bay 200,440 240 11/4/2014 1,029 92.5 % 93.3 % Sabal Palm at Lake Buena Vista 370,768 400 11/5/2014 1,098 96.0 % 96.0 % Southpoint Reserve at Stoney Creek 115,712 156 12/18/2014 1,004 85.9 % 94.9 % Cornerstone 317,565 430 1/15/2015 829 94.7 % 93.3 % McMillan Place 290,051 402 1/15/2015 666 93.3 % 91.3 % Barrington Mill 692,180 752 2/6/2015 757 94.1 % 95.6 % Dana Point 206,276 264 2/26/2015 734 95.5 % 92.8 % Heatherstone 115,615 152 2/26/2015 787 94.1 % 94.1 % Versailles 300,908 388 2/26/2015 771 95.6 % 90.2 % Seasons 704 Apartments 216,891 222 4/15/2015 980 96.8 % 97.3 % Madera Point 192,880 256 8/5/2015 769 94.5 % 93.8 % The Pointe at the Foothills 472,952 528 8/5/2015 824 93.2 % 90.7 % The Place at Vanderbilt 288,532 333 10/30/2015 750 92.5 % 92.8 % 11,281,733 13,155 (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of March 31, 2016 minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of March 31, 2016. (2) Percent occupied is calculated as the number of units occupied as of March 31, 2016 and December 31, 2015, divided by the total number of units, expressed as a percentage. (3) Properties are classified as held for sale as of March 31, 2016.

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Real Estate Investments	4. Real Estate Investments As of March 31, 2016, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties Land Buildings Intangible Construction in Progress Furniture, Fixtures and Equipment Totals The Miramar Apartments $ 1,580 $ 8,710 $ — $ 49 $ 619 $ 10,958 Arbors on Forest Ridge 2,330 10,944 — 2 546 13,822 Cutter’s Point 3,330 12,752 — 1 715 16,798 Eagle Crest 5,450 21,867 — 12 794 28,123 Silverbrook 4,860 25,004 — 44 1,557 31,465 Timberglen 2,510 14,394 — 20 736 17,660 Toscana 1,730 7,253 — 5 553 9,541 Edgewater at Sandy Springs 14,290 43,650 — 29 2,641 60,610 Beechwood Terrace 1,390 20,412 — 30 649 22,481 Willow Grove 3,940 10,625 — 1 509 15,075 Woodbridge 3,650 12,609 — 100 598 16,957 Abbington Heights 1,770 16,200 — 77 708 18,755 The Summit at Sabal Park 5,770 13,313 — 7 734 19,824 Courtney Cove 5,880 12,854 — 46 711 19,491 Colonial Forest 2,090 3,487 — — 357 5,934 Park at Blanding 2,610 4,031 — 6 314 6,961 Jade Park 1,490 6,411 — 30 419 8,350 Radbourne Lake 2,440 21,315 — 105 784 24,644 Timber Creek 11,260 13,128 — 47 598 25,033 Belmont at Duck Creek 1,910 16,953 — 77 586 19,526 The Arbors 1,730 6,515 — 4 292 8,541 The Crossings 3,982 17,366 — 197 1,044 22,589 The Crossings at Holcomb Bridge 5,560 10,704 — 42 820 17,126 The Knolls 3,410 17,605 — 3 1,122 22,140 Regatta Bay 1,660 16,125 — 54 604 18,443 Sabal Palm at Lake Buena Vista 7,580 41,027 — 45 699 49,351 Southpoint Reserve at Stoney Creek 6,120 10,927 — 139 376 17,562 Cornerstone 1,500 29,918 — 201 551 32,170 McMillan Place 3,610 17,719 — 117 624 22,070 Barrington Mill 10,170 47,369 — 336 1,480 59,355 Dana Point 4,090 12,030 — 167 728 17,015 Heatherstone 2,320 7,364 — 68 504 10,256 Versailles 6,720 19,912 — 281 1,022 27,935 Seasons 704 Apartments 7,480 13,773 — 172 405 21,830 Madera Point 4,920 16,650 — 120 536 22,226 The Pointe at the Foothills 4,840 45,411 — 379 855 51,485 The Place at Vanderbilt 2,350 16,126 511 111 543 19,641 158,322 642,453 511 3,124 27,333 831,743 Accumulated depreciation and amortization — (32,802 ) (426 ) — (7,174 ) (40,401 ) Total Operating Properties $ 158,322 $ 609,651 $ 85 $ 3,124 $ 20,159 $ 791,342 Held For Sale Properties Meridian 2,310 10,327 — 12 462 13,111 The Grove at Alban 3,640 19,012 — 18 1,108 23,778 Willowdale Crossing 4,650 35,644 — 36 873 41,203 Park at Regency 2,620 5,708 — 15 488 8,831 Mandarin Reserve 5,610 20,866 — 59 1,114 27,649 18,830 91,557 — 140 4,045 114,572 Accumulated depreciation and amortization — (5,997 ) — — (1,019 ) (7,016 ) Total Held For Sale Properties $ 18,830 $ 85,560 $ — $ 140 $ 3,026 $ 107,556 Total $ 177,152 $ 695,211 $ 85 $ 3,264 $ 23,185 $ 898,898 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 and Improvements Intangible Lease Assets 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 Depreciation expense was $9.0 million and $5.8 million for the three months ended March 31, 2016 and 2015, respectively. Amortization expense related to the Company’s intangible lease assets was $0.6 million and $5.8 million for the three months ended March 31, 2016 and 2015, respectively. Amortization expense related to the Company’s intangible lease assets for the remainder of the year ended December 31, 2016 for all acquisitions completed through March 31, 2016 is expected to be

Pro Forma Financial Information

Pro Forma Financial Information (Unaudited)	3 Months Ended
	Mar. 31, 2016
Pro Forma Financial Information [Abstract]
Pro Forma Financial Information (Unaudited)	5. Pro Forma Financial Information (unaudited) The Company acquired 10 properties during the period January 1, 2015 through March 31, 2016. The following unaudited pro forma information for the three months ended March 31, 2016 and 2015 has been provided to give effect to the acquisitions of the properties as if they had occurred on January 1, 2015. 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 three months ended March 31, 2016 and 2015 (in thousands, except per share amounts): Three Months Ended March 31, 2016 2015 Actual: Total revenues $ 33,511 $ 25,537 Net income (loss) 291 (5,893 ) Earnings (loss) per share - basic and diluted (see Note 2) (0.00 ) (0.25 ) Pro forma: Total revenues 33,511 30,871 Net income (loss) 934 (13,399 ) Earnings (loss) per share - basic and diluted (see Note 2) 0.04 (0.63 ) The pro forma information includes adjustments to actual revenues and expenses recorded to reflect operations of all properties acquired as of March 31, 2016, assuming each was owned by the Company and operating as of January 1, 2015. Net income (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, 2015 under the same financing arrangements as existed as of the acquisition date; (2) depreciation and amortization has been adjusted based on the Company’s basis in the properties, and half of the intangible lease assets have been amortized during the three months ended March 31, 2015 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 a quarterly basis at a parent level have been adjusted to include the acquisitions on a pro forma basis and are estimated to be approximately $800,000 per quarter.

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	6. Debt Mortgages Payable The following table contains summary information concerning the mortgage debt of the Company as of March 31, 2016: Operating Properties 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 2.66% 5.75% 2/1/2025 Beechwood Terrace (5) Floating 84 360 17,120 2.52% 6.00% 8/1/2021 Colonial Forest (5) Floating 84 360 4,125 2.60% 6.25% 9/1/2021 Courtney Cove (5) Floating 84 360 14,210 2.52% 5.75% 9/1/2021 Edgewater at Sandy Springs (5) Floating 84 360 43,550 2.53% 5.75% 8/1/2021 Park at Blanding (5) Floating 84 360 4,875 2.60% 7.25% 9/1/2021 The Summit at Sabal Park (5) Floating 84 360 14,287 2.52% 5.75% 9/1/2021 Willow Grove (5) Floating 84 360 11,000 2.55% 6.00% 8/1/2021 Jade Park (5) Floating 84 360 5,850 2.59% 6.49% 9/1/2021 Woodbridge (5) Floating 84 360 12,800 2.53% 6.25% 8/1/2021 Southpoint Reserve at Stoney Creek (5) Floating 84 360 13,600 2.55% 6.00% 1/1/2022 Barrington Mill (5) Floating 84 360 43,500 2.40% 5.50% 3/1/2022 Dana Point (5) Floating 84 360 12,176 2.49% 5.50% 3/1/2022 Heatherstone (5) Floating 84 360 7,087 2.52% 5.50% 3/1/2022 Versailles (5) Floating 84 360 19,623 2.47% 5.50% 3/1/2022 Seasons 704 Apartments (5) Floating 84 360 12,660 2.24% 5.95% 5/1/2022 Arbors on Forest Ridge (6) Floating 84 360 10,226 3.17% 5.75% 2/1/2021 Cutter's Point (6) Floating 84 360 12,654 3.17% 5.75% 2/1/2021 Eagle Crest (6) Floating 84 360 21,822 3.17% 5.75% 2/1/2021 Silverbrook (6) Floating 84 360 24,277 3.17% 5.75% 2/1/2021 Timberglen (6) Floating 84 360 13,536 3.17% 5.75% 2/1/2021 Toscana (6) Floating 84 360 7,088 3.17% 5.75% 2/1/2021 Timber Creek (7) Floating 120 360 19,482 2.26% 5.96% 10/1/2024 Radbourne Lake (7) Floating 120 360 19,213 2.25% 6.25% 10/1/2024 The Arbors (7) Floating 120 360 5,812 2.25% 7.11% 11/1/2024 The Crossings (7) Floating 120 360 15,874 2.25% 7.21% 11/1/2024 The Crossings at Holcomb Bridge (7) Floating 120 360 12,450 2.25% 7.35% 11/1/2024 The Knolls (7) Floating 120 360 16,038 2.25% 7.11% 11/1/2024 McMillan Place (7) Floating 120 360 15,738 2.36% 5.92% 2/1/2025 Sabal Palm at Lake Buena Vista (7) Floating 120 360 37,680 2.25% 6.26% 12/1/2024 Abbington Heights (8) Fixed 120 360 10,354 3.79% 3.79% 9/1/2022 Belmont at Duck Creek (9) Fixed 84 360 11,293 4.68% 4.68% 9/1/2018 Regatta Bay (10) Floating 60 360 14,000 2.33% N/A 11/1/2020 Cornerstone (11) Fixed 120 360 23,380 4.24% 4.24% 3/1/2023 Madera Point (12) Floating 60 360 13,515 2.34% N/A 9/1/2020 The Pointe at the Foothills (12) Floating 60 360 31,365 2.33% N/A 9/1/2020 The Place at Vanderbilt (13) Floating 84 360 13,824 2.67% 5.75% 1/1/2022 $ 594,484 Fair market value adjustment 265 (14) Deferred financing costs, net (5,049 ) $ 589,700 Held For Sale Properties The Grove at Alban (5) Floating 84 360 18,720 2.98% 6.50% 4/1/2021 Park at Regency (5) Floating 84 360 6,225 2.60% 7.01% 9/1/2021 Mandarin Reserve (5) Floating 84 360 19,465 2.54% 5.50% 10/1/2021 Willowdale Crossing (5) Floating 84 360 32,800 2.71% 5.75% 6/1/2021 Meridian (6) Floating 84 360 9,823 3.17% 5.75% 2/1/2021 $ 87,033 Deferred financing costs, net (723 ) $ 86,310 (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 March 31, 2016 were 0.4373% and 0.6286%, 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 13 th th (5) Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term. (6) Loan can be pre-paid in the first 24 months of the term at par plus 5.00%. Starting in the 25th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term. (7) Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13 th th (8) Debt was assumed upon acquisition of this property 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 March 31, 2016, the total indebtedness secured by the property is approximately $23.4 million and has a blended interest rate of 4.24%. (12) Loan can be pre-paid starting in the 13 th th (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 required interest only payments for the first 12 months (interest only period ended January 31, 2016) after which time the loan began 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 2.66% as of March 31, 2016 and 2.67% as of December 31, 2015. 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 March 31, 2016, 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 KeyBank, 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 KeyBank, N.A. to convert the Bridge Facility to a revolving credit facility and extend the maturity date, alleviating the need to repay the Bridge Facility in full in August 2016. If we are unable to convert the Bridge Facility, we plan to use proceeds from sales of properties, cash on hand, proceeds from the refinancing of current debt in amounts in excess of the current balances, or proceeds from a future equity offering or issuance of debt 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 March 31, 2016, the Company believes it is in compliance with all provisions. Schedule of Debt Maturities Debt maturities scheduled for the remainder of 2016, each of the next four years and thereafter, are as follows (in thousands): Operating Properties & Bridge Facility Held For Sale Properties Total Remainder of 2016 31,842 (1) 1,122 32,964 2017 5,828 1,907 7,735 2018 21,403 1,948 23,351 2019 11,217 1,987 13,204 2020 70,317 2,024 72,341 Thereafter 482,877 78,045 560,922 Total $ 623,484 $ 87,033 $ 710,517 (1) The scheduled maturity for 2016 is inclusive of the Bridge Facility of $29.0 million with KeyBank, N.A. that matures on August 4, 2016.

Fair Value Measures and Derivat

Fair Value Measures and Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and as further discussed in Notes 2 and 3, the Company had acquired 42 properties for approximately $910.6 million. The purchase prices of these properties were allocated as follows: land of approximately $177.3 million, buildings, building improvements, furniture, fixtures and equipment of approximately $708.0 million, and intangible lease assets of approximately $25.3 million based on their estimated fair values using Level 3 inputs. Of the 42 properties acquired, there were five properties with assumed debt which was recorded based on their estimated fair value using Level 2 inputs. As discussed in Note 2, fair value measurements at the time of acquisition were determined by management using available market information and appropriate valuation methodologies available to management for the period ended March 31, 2016 and at December 31, 2015. 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 three months ended March 31, 2016 and 2015, 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 three months ended March 31, 2016 and 2015, the Company recorded no ineffectiveness in earnings attributable to derivatives designated as cash flow hedges. As of March 31, 2015, the Company had 14 derivatives designated as cash flow hedges. As of March 31, 2016, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars 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 consolidated balance sheets as of March 31, 2016 and December 31, 2015 (in thousands): Asset Derivative Liability Derivative Balance Sheet Location March 31, 2016 December 31, 2015 Balance Sheet Location March 31, 2016 December 31, 2015 Derivatives designated as hedging instruments: Interest rate caps Other assets $ 23 $ 61 Other $ — $ — Derivatives not designated as hedging instruments: Interest rate caps Other assets 2 6 Other liabilities — — Total $ 25 $ 67 $ — $ — The tables below present the effect of the Company’s derivative financial instruments on the combined consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2016 and 2015 (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) 2016 2015 (effective portion) 2016 2015 (ineffective portion) 2016 2015 Derivatives designated as hedging instruments: For the three months ended March 31, Interest rate caps $ (32 ) $ (270 ) Interest expense $ (6 ) $ — Interest expense $ — $ — Amount of gain (loss) recognized in income Location of gain (loss) recognized in income 2016 2015 Derivatives not designated as hedging instruments: For the three months ended March 31, Interest rate caps Interest expense $ (4 ) $ (116 ) 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	3 Months Ended
	Mar. 31, 2016
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, (3) acquisition fees and due diligence costs reimbursements, and (4) other owner approved fees at $55 per hour. BH also acts as a paymaster for the properties and is reimbursed 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 three months ended March 31, 2016 and 2015 (in thousands): Three Months Ended March 31, 2016 2015 Fees incurred Property management fees (1) $ 1,005 $ 759 Construction supervision fees (2) 205 141 Acquisition fees (3) — 1,191 Reimbursements Payroll and benefits (4) 4,191 3,034 Other reimbursements (5) 300 249 (1) Included in property management fees on the combined consolidated statements of operations and comprehensive income (loss). (2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Includes due diligence costs and are included in acquisition costs on the combined consolidated statements of operations and comprehensive income (loss). (4) Included in property operating expenses on the combined consolidated statements of operations and comprehensive income (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 three months ended March 31, 2016 and 2015, the properties incurred asset management fees to the Company of approximately $0.2 million and $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 income (loss) in the net income (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 (1) for which any fee under the Advisory Agreement is calculated or (2) during the year for which any expense reimbursement under the Advisory Agreement is calculated. “Real Estate Assets” is defined broadly in the Advisory Agreement to include, among other things, investments in real estate-related securities and mortgages and reserves for capital expenditures (the value-add program). The advisory fee is payable monthly in arrears in cash, unless the Adviser elects, in its sole discretion, to receive all or a portion of the advisory fee in shares of common stock, subject to certain limitations. In accordance with the Advisory Agreement, the Company also pays the Adviser an administrative fee equal to 0.20% of the Average Real Estate Assets. The administrative fee will be payable monthly in arrears in cash, unless the Adviser elects, in its sole discretion, to receive all or a portion of the administrative fee in shares of common stock, subject to certain limitations. The advisory and administrative fees to be paid to the Adviser on the Contributed Assets (as defined below) are subject to a stipulated cap. Pursuant to the terms of the Advisory Agreement, the Company will reimburse the Adviser for all documented Operating Expenses and Offering Expenses it incurs on behalf of the Company. Operating Expenses include legal, accounting, financial and due diligence services performed by the Adviser that outside professionals or outside consultants would otherwise perform, and the Company’s pro rata share of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the Adviser required for the Company’s operations. Operating Expenses do not include expenses for the advisory and administrative services described in the Advisory Agreement. Certain Operating Expenses, such as our ratable share of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses incurred by the Adviser or its affiliates that relate to the operations of the Company, will be billed monthly to us under a shared services agreement. Offering Expenses include all expenses (other than underwriters’ discounts) in connection with an offering, including, without limitation, legal, accounting, printing, mailing and filing fees and other documented offering expenses. For the three months ended March 31, 2016, the Adviser did not bill any operating or offering expenses to the Company and any such expenses the Adviser incurred during the period 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 $1.6 million and $1.3 million for the three months ended March 31, 2016 and 2015, respectively. These fees are reflected on the combined consolidated statements of operations and comprehensive income (loss) in advisory and administrative fees. The allocation of advisory and administrative fees prior to the Spin-Off is based on the terms of the Advisory Agreement between our predecessor and NexPoint Advisors. In management’s estimation, the allocation methodologies used are reasonable and result in a reasonable allocation of operating costs borne by our predecessor; however, these allocations may not be indicative of the cost of future operations or the amount of future allocations. The amount paid for the three months ended March 31, 2016 represents the maximum fee allowed on Contributed Assets under the Advisory Agreement plus approximately $0.3 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.

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Commitments In the normal course of business, the Company enters into various rehabilitation construction related purchase commitments with parties that provide these goods and services. In the event the Company were to terminate rehabilitation construction services prior to the completion of projects, the Company could potentially be committed to satisfy outstanding or uncompleted purchase orders with such parties. At March 31, 2016, 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 income (loss) of the Company. The Company is not involved in any material litigation nor, to management’s knowledge, is any material litigation currently threatened against 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	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	10. Subsequent Events Sale of Multifamily Property The Company sold the following property subsequent to March 31, 2016 (in thousands) (unaudited): Property Name Location Date of Sale Real Estate Carrying Value, net Debt Outstanding Meridian Austin, Texas May 10, 2016 12,177 9,823 This property was classified as held for sale as of March 31, 2016. The sales price of the property was approximately $17.3 million. Dividends Declared On May 9, 2016, the Company’s board of directors declared a quarterly dividend of $0.206 per share, payable on June 30, 2016 to stockholders of record on June 15, 2016.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
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 income (loss) and combined consolidated statements of cash flows reflect operations of our predecessor through March 31, 2015 as if they were incurred by us. Our predecessor was determined in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). References throughout these combined consolidated financial statements to the “Company”, “we”, or “our”, include the activity of the predecessor defined above.
Basis of Accounting	Basis of Accounting The accompanying unaudited combined consolidated financial statements of the Company are prepared in accordance with Generally Accepted Accounting Principles (“GAAP”). The consolidated balance sheets include the accounts of the Company and its subsidiaries. Our predecessor combined consolidated financial statements were derived from the historical accounting records of our predecessor and reflect the historical results of operations and cash flows for the period 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 the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation The unaudited information included in this quarterly report on Form 10-Q should be read in conjunction with our audited financial statements for the year ended December 31, 2015 and notes thereto included in our annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 21, 2016.
Use of Estimates	Use of Estimates The preparation of the combined consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the combined consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. It is at least reasonably possible that these estimates could change in the near term.
Real Estate Investments	Real Estate Investments Upon acquisition, in accordance with FASB ASC 805, Business Combinations, If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. Costs associated with the acquisition of a property, including acquisition fees paid, are expensed upon closing the acquisition. The results of operations for acquired properties are included in the combined consolidated statements of operations and comprehensive income (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. Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months Construction in progress includes the cost of renovation projects being performed at the various properties. Once a project is complete, the historical cost of the renovation is placed into service in one of the categories above depending on the type of renovation project and is depreciated over the estimated useful lives as described in the table above. The Company periodically classifies real estate assets as held for sale. An asset is classified as held for sale after an active program to sell the asset has commenced or the asset is under contract for sale and after the evaluation of other factors. Upon the classification of a real estate asset as held for sale, the carrying value of the asset is reduced to the lower of its net book value or its estimated fair value, less costs to sell the asset, and no further depreciation expense is recorded. Upon a decision to no longer market an asset for sale, the asset is classified as an operating asset and depreciation expense is reinstated. Real estate assets and the related debt held for sale are stated separately on the accompanying consolidated balance sheets.
Impairment	Impairment Real estate assets that are determined to be held and used will be reviewed periodically for impairment and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In such cases, the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. For the periods ended March 31, 2016 and 2015, the Company did not record any impairment charges related to real estate assets.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value.
Restricted Cash	Restricted Cash Restricted cash is comprised of security deposits, operating escrows, and renovation value-add reserves. Security deposits are held until they are due to tenants and are credited against the balance. Operating escrows are required and held by our first mortgage lender(s) for items such as real estate taxes, insurance, and required repairs. Lender held escrows are released back to the 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 March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 Security deposits $ 963 $ 1,034 Operating escrows 16,504 21,312 Renovation value-add reserves 20,140 24,523 $ 37,607 $ 46,869
Prepaid Acquisition Deposits	Prepaid acquisition deposits The Company incurs costs in connection with future acquisitions that may include good faith deposits prior to possible acquisitions that are expected to be rolled into the costs of the closing. Until an acquisition closes, the Company reflects these costs as prepaid costs on the consolidated balance sheets. No such costs existed as of March 31, 2016 and December 31, 2015.
Deferred Financing Costs	Deferred Financing Costs The Company defers costs incurred in obtaining financing and amortizes the costs over the terms of the related loans using the straight-line method, which approximates the effective interest method. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to interest expense. Deferred financing costs, net of amortization, of $5.8 million and $6.0 million are recorded as a deduction from mortgages payable on the accompanying consolidated balance sheets as of March 31, 2016 and December 31, 2015, respectively. Deferred financing costs, net of amortization, of $0.1 million and $0.2 million are recorded as a deduction from the debt related to the Company’s bridge facility on the accompanying consolidated balance sheets as of March 31, 2016 and December 31, 2015, respectively. Amortization of deferred financing costs of $0.3 million and $0.3 million is included in interest expense on the combined consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2016 and 2015, respectively.
Noncontrolling Interests	Noncontrolling Interests Noncontrolling interests are comprised of the Company’s joint venture partners’ interests in the joint ventures in multifamily properties that the Company consolidates. The Company reports its joint venture partners’ interests in its consolidated real estate joint ventures and other subsidiary interests held by third parties as noncontrolling interests. The Company records these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investment’s net income or loss and equity contributions and distributions. These noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder based on its economic ownership percentage.
Accounting for Joint Ventures	Accounting for Joint Ventures The Company first analyzes its investments in joint ventures to determine if the joint venture is a VIE in accordance with FASB ASC 810, and if so, whether the Company is the primary beneficiary requiring consolidation. A VIE is an entity that has (i) insufficient equity to permit it to finance its activities without additional subordinated financial support or (ii) equity holders that lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary, which is the entity that has both the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that potentially could be significant to the primary beneficiary. 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 March 31, 2016 and December 31, 2015: Property Name Location Year Effective Ownership Percentage at March 31, 2016 Effective Ownership Percentage at December 31, 2015 The Miramar Apartments (1) Dallas, Texas 2013 100 % 100 % Arbors on Forest Ridge Bedford, Texas 2014 90 % 90 % Cutter’s Point Richardson, Texas 2014 90 % 90 % Eagle Crest Irving, Texas 2014 90 % 90 % Meridian (2) 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 (2) Frederick, Maryland 2014 76 % 76 % Willowdale Crossing (2) 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 (2) Jacksonville, Florida 2014 90 % 90 % Jade Park Daytona Beach, Florida 2014 90 % 90 % Mandarin Reserve (2) 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 % 90 % McMillan Place Dallas, Texas 2015 90 % 90 % Barrington Mill Marietta, Georgia 2015 90 % 90 % Dana Point Dallas, Texas 2015 90 % 90 % Heatherstone Dallas, Texas 2015 90 % 90 % Versailles Dallas, Texas 2015 90 % 90 % Seasons 704 Apartments West Palm Beach, Florida 2015 90 % 90 % Madera Point (1) Mesa, Arizona 2015 95 % 95 % The Pointe at the Foothills (1) Mesa, Arizona 2015 95 % 95 % The Place at Vanderbilt (1) Fort Worth, Texas 2015 95 % 95 % (1) The entities that own these properties are not VIEs. (2) Properties are classified as held for sale as of March 31, 2016. In connection with its indirect equity investments in the properties acquired, the Company, through the OP, directly or indirectly holds membership interests in single-asset LLCs 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 Equities, LLC (“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	Revenue Recognition The Company’s primary operations consist of rental income earned from its residents under lease agreements with terms of one year or less. Rental income is recognized when earned. This policy effectively results in income recognition on the straight-line method over the related terms of the leases. Resident reimbursements and other income consist of charges billed to residents for utilities, carport and garage rental, pets, administrative, application and other fees and are recognized when earned.
Asset Management & Property Management Services	Asset Management & Property Management Services Asset management fee and property management fee expenses are recognized when incurred in accordance with each management agreement (see Note 8).
Income Taxes	Income Taxes The Company intends to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and expects to qualify as a REIT. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute annually at least 90% of its “REIT taxable income,” as defined by the Code, to its stockholders. As a REIT, the Company will be subject to federal income tax on its undistributed REIT taxable income and net capital gain and to a 4% nondeductible excise tax on any amount by which distributions it pays with respect to any calendar year are less than the sum of (a) 85% of its ordinary income, (b) 95% of its capital gain net income and (c) 100% of its undistributed income from prior years. The Company intends to operate in such a manner so as to qualify 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, but no assurance can be given that the Company will operate in a manner so as to qualify as a 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. As of March 31, 2016, the Company believes it is in compliance with all applicable REIT requirements.
Reportable Segment	Reportable Segment Substantially all of the Company’s net income (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	Concentration of Credit Risk The Company maintains cash balances with high quality financial institutions, including NexBank, an affiliate of our Adviser, and periodically evaluates the creditworthiness of such institutions and believes that the Company is not exposed to significant credit risk. Cash balances may be in excess of the amounts insured by the Federal Deposit Insurance Corporation.
Fair Value Measurements	Fair Value Measurements Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. As a basis for considering market participant assumptions in fair value measurements, FASB ASC 820, Fair Value Measurement and Disclosures · Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. · Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. · Level 3 inputs are the unobservable inputs for the asset or liability, which are typically based on an entity’s own assumption, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on input from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company utilizes an independent third party to perform the allocation of value analysis for each property acquisition and also to perform the market valuations on the interest rate caps and has established policies, as described above, processes and procedures intended to ensure that the valuation methodologies for investments and interest rate caps are fair and consistent as of the measurement date.
Per Share Data	Per Share Data The Company began operations on March 31, 2015, as described above, and therefore the Company had no operating activities or earnings (loss) per share before March 31, 2015. However, for purposes of the combined consolidated statements of operations and comprehensive income (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 (loss) per share will be shown for all periods presented and computed by dividing net income (loss) by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings (loss) per share is computed based on the weighted average number of shares of the Company’s common stock and all potentially dilutive securities, if any. There were no potentially dilutive securities for any of the periods presented. For the three months ended March 31, 2016 and 2015, the Company incurred earnings (loss) per share of $(0.00) and $(0.25), respectively.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 13(a) of the Exchange Act, for complying with new or revised accounting standards applicable to public companies. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of this extended transition period. As a result of this election, our financial statements may not be comparable to companies that comply with public company effective dates for such new or revised standards. We may elect to comply with public company effective dates at any time, and such election would be irrevocable pursuant to Section 107(b) of the JOBS Act. The following recent accounting pronouncements reflect effective dates that delay the adoption until those standards would otherwise apply to private companies. In 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 Assets Liabilities Deferred financing costs, net Bridge facility, net Mortgages payable, net December 31, 2015 As previously presented $ 6,213 $ 29,000 $ 682,342 Reclassification of deferred financing costs, net (6,213 ) (195 ) (6,018 ) As presented herein $ — $ 28,805 $ 676,324 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 Accoun18

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Estimated Useful Lives of Assets	Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months
Summary of Restricted Cash Held	The following is a summary of the restricted cash held as of March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 Security deposits $ 963 $ 1,034 Operating escrows 16,504 21,312 Renovation value-add reserves 20,140 24,523 $ 37,607 $ 46,869
Schedule of Investments	The following table represents the Company’s investments at March 31, 2016 and December 31, 2015: Property Name Location Year Effective Ownership Percentage at March 31, 2016 Effective Ownership Percentage at December 31, 2015 The Miramar Apartments (1) Dallas, Texas 2013 100 % 100 % Arbors on Forest Ridge Bedford, Texas 2014 90 % 90 % Cutter’s Point Richardson, Texas 2014 90 % 90 % Eagle Crest Irving, Texas 2014 90 % 90 % Meridian (2) 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 (2) Frederick, Maryland 2014 76 % 76 % Willowdale Crossing (2) 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 (2) Jacksonville, Florida 2014 90 % 90 % Jade Park Daytona Beach, Florida 2014 90 % 90 % Mandarin Reserve (2) 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 % 90 % McMillan Place Dallas, Texas 2015 90 % 90 % Barrington Mill Marietta, Georgia 2015 90 % 90 % Dana Point Dallas, Texas 2015 90 % 90 % Heatherstone Dallas, Texas 2015 90 % 90 % Versailles Dallas, Texas 2015 90 % 90 % Seasons 704 Apartments West Palm Beach, Florida 2015 90 % 90 % Madera Point (1) Mesa, Arizona 2015 95 % 95 % The Pointe at the Foothills (1) Mesa, Arizona 2015 95 % 95 % The Place at Vanderbilt (1) Fort Worth, Texas 2015 95 % 95 % (1) The entities that own these properties are not VIEs. (2) Properties are classified as held for sale as of March 31, 2016.
Schedule of Reclassification of Deferred Financing Costs	At December 31, 2015, the following amounts of deferred financing costs were reclassified (in thousands): Assets Liabilities Deferred financing costs, net Bridge facility, net Mortgages payable, net December 31, 2015 As previously presented $ 6,213 $ 29,000 $ 682,342 Reclassification of deferred financing costs, net (6,213 ) (195 ) (6,018 ) As presented herein $ — $ 28,805 $ 676,324

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2016
Multifamily Properties
Business Acquisition [Line Items]
Summary of Investment in Multifamily Properties	As of March 31, 2016, through its consolidated joint ventures, the Company has invested in a total of 42 multifamily properties as listed below: Property Name Rentable Square Number of Units Date Acquired Average Effective Monthly Rent Per Unit (1) % Occupied as of March 31, 2016 (2) % Occupied as of December 31, 2015 (2) The Miramar Apartments 183,100 314 10/31/2013 $ 587 93.3 % 92.4 % Arbors on Forest Ridge 154,556 210 1/31/2014 817 95.7 % 93.8 % Cutter’s Point 197,972 196 1/31/2014 982 96.4 % 93.9 % Eagle Crest 395,951 447 1/31/2014 809 95.7 % 95.5 % Meridian (3) 148,200 200 1/31/2014 831 96.0 % 94.0 % Silverbrook 526,138 642 1/31/2014 717 95.5 % 93.6 % Timberglen 221,376 304 1/31/2014 753 93.1 % 96.1 % Toscana 115,400 192 1/31/2014 656 95.8 % 94.8 % The Grove at Alban (3) 267,300 290 3/10/2014 989 93.1 % 94.5 % Willowdale Crossing (3) 411,800 432 5/15/2014 942 91.7 % 88.9 % Edgewater at Sandy Springs 726,774 760 7/18/2014 837 93.7 % 94.5 % Beechwood Terrace 271,728 300 7/21/2014 812 94.7 % 97.3 % Willow Grove 229,140 244 7/21/2014 795 95.9 % 95.9 % Woodbridge 246,840 220 7/21/2014 899 95.5 % 96.4 % Abbington Heights 238,974 274 8/1/2014 796 94.5 % 94.5 % The Summit at Sabal Park 204,545 252 8/20/2014 859 90.5 % 92.5 % Courtney Cove 224,958 324 8/20/2014 748 96.0 % 95.4 % Colonial Forest 160,093 174 8/20/2014 645 96.6 % 94.8 % Park at Blanding 116,410 117 8/20/2014 783 97.4 % 97.4 % Park at Regency (3) 134,253 159 8/20/2014 769 95.0 % 96.2 % Jade Park 118,392 144 8/20/2014 758 95.8 % 90.3 % Mandarin Reserve (3) 449,276 520 9/15/2014 726 95.8 % 93.1 % Radbourne Lake 246,599 225 9/30/2014 967 97.3 % 96.9 % Timber Creek 248,391 352 9/30/2014 741 95.5 % 94.3 % Belmont at Duck Creek 198,279 240 9/30/2014 901 96.3 % 93.8 % The Arbors 127,536 140 10/16/2014 799 91.4 % 94.3 % The Crossings 377,840 380 10/16/2014 766 93.4 % 92.9 % The Crossings at Holcomb Bridge 247,982 268 10/16/2014 791 96.3 % 95.9 % The Knolls 311,160 312 10/16/2014 842 94.9 % 93.9 % Regatta Bay 200,440 240 11/4/2014 1,029 92.5 % 93.3 % Sabal Palm at Lake Buena Vista 370,768 400 11/5/2014 1,098 96.0 % 96.0 % Southpoint Reserve at Stoney Creek 115,712 156 12/18/2014 1,004 85.9 % 94.9 % Cornerstone 317,565 430 1/15/2015 829 94.7 % 93.3 % McMillan Place 290,051 402 1/15/2015 666 93.3 % 91.3 % Barrington Mill 692,180 752 2/6/2015 757 94.1 % 95.6 % Dana Point 206,276 264 2/26/2015 734 95.5 % 92.8 % Heatherstone 115,615 152 2/26/2015 787 94.1 % 94.1 % Versailles 300,908 388 2/26/2015 771 95.6 % 90.2 % Seasons 704 Apartments 216,891 222 4/15/2015 980 96.8 % 97.3 % Madera Point 192,880 256 8/5/2015 769 94.5 % 93.8 % The Pointe at the Foothills 472,952 528 8/5/2015 824 93.2 % 90.7 % The Place at Vanderbilt 288,532 333 10/30/2015 750 92.5 % 92.8 % 11,281,733 13,155 (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of March 31, 2016 minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of March 31, 2016. (2) Percent occupied is calculated as the number of units occupied as of March 31, 2016 and December 31, 2015, divided by the total number of units, expressed as a percentage. (3) Properties are classified as held for sale as of March 31, 2016.

Real Estate Investments (Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Summary of Major Components of Investments in Multifamily Properties	As of March 31, 2016, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties Land Buildings Intangible Construction in Progress Furniture, Fixtures and Equipment Totals The Miramar Apartments $ 1,580 $ 8,710 $ — $ 49 $ 619 $ 10,958 Arbors on Forest Ridge 2,330 10,944 — 2 546 13,822 Cutter’s Point 3,330 12,752 — 1 715 16,798 Eagle Crest 5,450 21,867 — 12 794 28,123 Silverbrook 4,860 25,004 — 44 1,557 31,465 Timberglen 2,510 14,394 — 20 736 17,660 Toscana 1,730 7,253 — 5 553 9,541 Edgewater at Sandy Springs 14,290 43,650 — 29 2,641 60,610 Beechwood Terrace 1,390 20,412 — 30 649 22,481 Willow Grove 3,940 10,625 — 1 509 15,075 Woodbridge 3,650 12,609 — 100 598 16,957 Abbington Heights 1,770 16,200 — 77 708 18,755 The Summit at Sabal Park 5,770 13,313 — 7 734 19,824 Courtney Cove 5,880 12,854 — 46 711 19,491 Colonial Forest 2,090 3,487 — — 357 5,934 Park at Blanding 2,610 4,031 — 6 314 6,961 Jade Park 1,490 6,411 — 30 419 8,350 Radbourne Lake 2,440 21,315 — 105 784 24,644 Timber Creek 11,260 13,128 — 47 598 25,033 Belmont at Duck Creek 1,910 16,953 — 77 586 19,526 The Arbors 1,730 6,515 — 4 292 8,541 The Crossings 3,982 17,366 — 197 1,044 22,589 The Crossings at Holcomb Bridge 5,560 10,704 — 42 820 17,126 The Knolls 3,410 17,605 — 3 1,122 22,140 Regatta Bay 1,660 16,125 — 54 604 18,443 Sabal Palm at Lake Buena Vista 7,580 41,027 — 45 699 49,351 Southpoint Reserve at Stoney Creek 6,120 10,927 — 139 376 17,562 Cornerstone 1,500 29,918 — 201 551 32,170 McMillan Place 3,610 17,719 — 117 624 22,070 Barrington Mill 10,170 47,369 — 336 1,480 59,355 Dana Point 4,090 12,030 — 167 728 17,015 Heatherstone 2,320 7,364 — 68 504 10,256 Versailles 6,720 19,912 — 281 1,022 27,935 Seasons 704 Apartments 7,480 13,773 — 172 405 21,830 Madera Point 4,920 16,650 — 120 536 22,226 The Pointe at the Foothills 4,840 45,411 — 379 855 51,485 The Place at Vanderbilt 2,350 16,126 511 111 543 19,641 158,322 642,453 511 3,124 27,333 831,743 Accumulated depreciation and amortization — (32,802 ) (426 ) — (7,174 ) (40,401 ) Total Operating Properties $ 158,322 $ 609,651 $ 85 $ 3,124 $ 20,159 $ 791,342 Held For Sale Properties Meridian 2,310 10,327 — 12 462 13,111 The Grove at Alban 3,640 19,012 — 18 1,108 23,778 Willowdale Crossing 4,650 35,644 — 36 873 41,203 Park at Regency 2,620 5,708 — 15 488 8,831 Mandarin Reserve 5,610 20,866 — 59 1,114 27,649 18,830 91,557 — 140 4,045 114,572 Accumulated depreciation and amortization — (5,997 ) — — (1,019 ) (7,016 ) Total Held For Sale Properties $ 18,830 $ 85,560 $ — $ 140 $ 3,026 $ 107,556 Total $ 177,152 $ 695,211 $ 85 $ 3,264 $ 23,185 $ 898,898 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 and Improvements Intangible Lease Assets 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

Pro Forma Financial Informati21

Pro Forma Financial Information (Unaudited) (Tables)	3 Months Ended
	Mar. 31, 2016
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 three months ended March 31, 2016 and 2015 (in thousands, except per share amounts): Three Months Ended March 31, 2016 2015 Actual: Total revenues $ 33,511 $ 25,537 Net income (loss) 291 (5,893 ) Earnings (loss) per share - basic and diluted (see Note 2) (0.00 ) (0.25 ) Pro forma: Total revenues 33,511 30,871 Net income (loss) 934 (13,399 ) Earnings (loss) per share - basic and diluted (see Note 2) 0.04 (0.63 )

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Summary of Mortgage Debt of Company and Encumbers Multifamily Properties	The following table contains summary information concerning the mortgage debt of the Company as of March 31, 2016: Operating Properties 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 2.66% 5.75% 2/1/2025 Beechwood Terrace (5) Floating 84 360 17,120 2.52% 6.00% 8/1/2021 Colonial Forest (5) Floating 84 360 4,125 2.60% 6.25% 9/1/2021 Courtney Cove (5) Floating 84 360 14,210 2.52% 5.75% 9/1/2021 Edgewater at Sandy Springs (5) Floating 84 360 43,550 2.53% 5.75% 8/1/2021 Park at Blanding (5) Floating 84 360 4,875 2.60% 7.25% 9/1/2021 The Summit at Sabal Park (5) Floating 84 360 14,287 2.52% 5.75% 9/1/2021 Willow Grove (5) Floating 84 360 11,000 2.55% 6.00% 8/1/2021 Jade Park (5) Floating 84 360 5,850 2.59% 6.49% 9/1/2021 Woodbridge (5) Floating 84 360 12,800 2.53% 6.25% 8/1/2021 Southpoint Reserve at Stoney Creek (5) Floating 84 360 13,600 2.55% 6.00% 1/1/2022 Barrington Mill (5) Floating 84 360 43,500 2.40% 5.50% 3/1/2022 Dana Point (5) Floating 84 360 12,176 2.49% 5.50% 3/1/2022 Heatherstone (5) Floating 84 360 7,087 2.52% 5.50% 3/1/2022 Versailles (5) Floating 84 360 19,623 2.47% 5.50% 3/1/2022 Seasons 704 Apartments (5) Floating 84 360 12,660 2.24% 5.95% 5/1/2022 Arbors on Forest Ridge (6) Floating 84 360 10,226 3.17% 5.75% 2/1/2021 Cutter's Point (6) Floating 84 360 12,654 3.17% 5.75% 2/1/2021 Eagle Crest (6) Floating 84 360 21,822 3.17% 5.75% 2/1/2021 Silverbrook (6) Floating 84 360 24,277 3.17% 5.75% 2/1/2021 Timberglen (6) Floating 84 360 13,536 3.17% 5.75% 2/1/2021 Toscana (6) Floating 84 360 7,088 3.17% 5.75% 2/1/2021 Timber Creek (7) Floating 120 360 19,482 2.26% 5.96% 10/1/2024 Radbourne Lake (7) Floating 120 360 19,213 2.25% 6.25% 10/1/2024 The Arbors (7) Floating 120 360 5,812 2.25% 7.11% 11/1/2024 The Crossings (7) Floating 120 360 15,874 2.25% 7.21% 11/1/2024 The Crossings at Holcomb Bridge (7) Floating 120 360 12,450 2.25% 7.35% 11/1/2024 The Knolls (7) Floating 120 360 16,038 2.25% 7.11% 11/1/2024 McMillan Place (7) Floating 120 360 15,738 2.36% 5.92% 2/1/2025 Sabal Palm at Lake Buena Vista (7) Floating 120 360 37,680 2.25% 6.26% 12/1/2024 Abbington Heights (8) Fixed 120 360 10,354 3.79% 3.79% 9/1/2022 Belmont at Duck Creek (9) Fixed 84 360 11,293 4.68% 4.68% 9/1/2018 Regatta Bay (10) Floating 60 360 14,000 2.33% N/A 11/1/2020 Cornerstone (11) Fixed 120 360 23,380 4.24% 4.24% 3/1/2023 Madera Point (12) Floating 60 360 13,515 2.34% N/A 9/1/2020 The Pointe at the Foothills (12) Floating 60 360 31,365 2.33% N/A 9/1/2020 The Place at Vanderbilt (13) Floating 84 360 13,824 2.67% 5.75% 1/1/2022 $ 594,484 Fair market value adjustment 265 (14) Deferred financing costs, net (5,049 ) $ 589,700 Held For Sale Properties The Grove at Alban (5) Floating 84 360 18,720 2.98% 6.50% 4/1/2021 Park at Regency (5) Floating 84 360 6,225 2.60% 7.01% 9/1/2021 Mandarin Reserve (5) Floating 84 360 19,465 2.54% 5.50% 10/1/2021 Willowdale Crossing (5) Floating 84 360 32,800 2.71% 5.75% 6/1/2021 Meridian (6) Floating 84 360 9,823 3.17% 5.75% 2/1/2021 $ 87,033 Deferred financing costs, net (723 ) $ 86,310 (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 March 31, 2016 were 0.4373% and 0.6286%, 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 13 th th (5) Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term. (6) Loan can be pre-paid in the first 24 months of the term at par plus 5.00%. Starting in the 25th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term. (7) Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13 th th (8) Debt was assumed upon acquisition of this property 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 March 31, 2016, the total indebtedness secured by the property is approximately $23.4 million and has a blended interest rate of 4.24%. (12) Loan can be pre-paid starting in the 13 th th (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 required interest only payments for the first 12 months (interest only period ended January 31, 2016) after which time the loan began 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 the remainder of 2016, each of the next four years and thereafter, are as follows (in thousands): Operating Properties & Bridge Facility Held For Sale Properties Total Remainder of 2016 31,842 (1) 1,122 32,964 2017 5,828 1,907 7,735 2018 21,403 1,948 23,351 2019 11,217 1,987 13,204 2020 70,317 2,024 72,341 Thereafter 482,877 78,045 560,922 Total $ 623,484 $ 87,033 $ 710,517 (1) The scheduled maturity for 2016 is inclusive of the Bridge Facility of $29.0 million with KeyBank, N.A. that matures on August 4, 2016.

Fair Value Measures and Deriv23

Fair Value Measures and Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Summary of Critical Assumptions	The following table represents critical assumptions used and the ranges for those assumptions: Going-in cap rate 4.8% - 6.2% Terminal cap rate 5.2% - 6.8% Discount rate 5.5% - 10.7% Growth rate revenues 1.6% - 3.3% Growth rate operating costs 1.6% - 3.3%
Schedule of Outstanding Interest Rate Derivatives	As of March 31, 2016, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands): Product Number of Instruments Notional Interest rate caps 15 $ 259,659 As of March 31, 2016, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars 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 consolidated balance sheets as of March 31, 2016 and December 31, 2015 (in thousands): Asset Derivative Liability Derivative Balance Sheet Location March 31, 2016 December 31, 2015 Balance Sheet Location March 31, 2016 December 31, 2015 Derivatives designated as hedging instruments: Interest rate caps Other assets $ 23 $ 61 Other $ — $ — Derivatives not designated as hedging instruments: Interest rate caps Other assets 2 6 Other liabilities — — Total $ 25 $ 67 $ — $ —
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 income (loss) for the three months ended March 31, 2016 and 2015 (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) 2016 2015 (effective portion) 2016 2015 (ineffective portion) 2016 2015 Derivatives designated as hedging instruments: For the three months ended March 31, Interest rate caps $ (32 ) $ (270 ) Interest expense $ (6 ) $ — Interest expense $ — $ — Amount of gain (loss) recognized in income Location of gain (loss) recognized in income 2016 2015 Derivatives not designated as hedging instruments: For the three months ended March 31, Interest rate caps Interest expense $ (4 ) $ (116 )

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2016
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 three months ended March 31, 2016 and 2015 (in thousands): Three Months Ended March 31, 2016 2015 Fees incurred Property management fees (1) $ 1,005 $ 759 Construction supervision fees (2) 205 141 Acquisition fees (3) — 1,191 Reimbursements Payroll and benefits (4) 4,191 3,034 Other reimbursements (5) 300 249 (1) Included in property management fees on the combined consolidated statements of operations and comprehensive income (loss). (2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Includes due diligence costs and are included in acquisition costs on the combined consolidated statements of operations and comprehensive income (loss). (4) Included in property operating expenses on the combined consolidated statements of operations and comprehensive income (loss). (5) Includes various operating expenses such as repairs and maintenance costs and property general and administrative expenses.

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2016
Multifamily Properties
Subsequent Event [Line Items]
Summary of Sold Property	The Company sold the following property subsequent to March 31, 2016 (in thousands) (unaudited): Property Name Location Date of Sale Real Estate Carrying Value, net Debt Outstanding Meridian Austin, Texas May 10, 2016 12,177 9,823

Organization and Description 26

Organization and Description of Business - Additional Information (Details)	3 Months Ended
	Mar. 31, 2016
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 Accoun27

Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	3 Months Ended
	Mar. 31, 2016
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 Accoun28

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2016USD ($)Segment$ / sharesshares	Mar. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2015USD ($)
Summary Of Significant Accounting Policies [Line Items]
Impairment charges related to real estate assets	$ 0	$ 0
Deferred financing costs, net	5,800,000		$ 6,000,000
Amortization of deferred financing fees	$ 324,000	$ 307,000
Minimum percentage of distributed taxable income to qualify as REIT	90.00%
Percentage of non-deductible excise tax on distribution	4.00%
Percentage of ordinary income considered for payment of distribution	85.00%
Percentage of capital gain net income considered for payment of distribution	95.00%
Percentage of undistributed income of prior considered for payment of distribution	100.00%
Number of reportable segments | Segment	1
Earnings (loss) per share: Basic and diluted | $ / shares	$ 0	$ (0.25)
Potentially dilutive securities | shares	0	0
Reclassification of deferred financing costs, net
Summary Of Significant Accounting Policies [Line Items]
Deferred financing costs, net			(6,213,000)
Maximum
Summary Of Significant Accounting Policies [Line Items]
Internal rate of return in VIE	13.00%
Bridge Facility
Summary Of Significant Accounting Policies [Line Items]
Deferred financing costs, net	$ 100,000		$ 200,000

Summary of Significant Accoun29

Summary of Significant Accounting Policies - Summary of Restricted Cash Held (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Security deposits	$ 963	$ 1,034
Operating escrows	16,504	21,312
Renovation value-add reserves	20,140	24,523
Restricted cash held	$ 37,607	$ 46,869

Summary of Significant Accoun30

Summary of Significant Accounting Policies - Schedule of Investments (Details) - VIE	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
The Miramar Apartments | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,013
Effective ownership percentage	100.00%	100.00%
Arbors on Forest Ridge | Bedford | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
Cutter's Point | Richardson | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
Eagle Crest | Irving | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
Meridian | Austin | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
Silverbrook | Grand Prairie | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
Timberglen | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
Toscana | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
The Grove at Alban | Frederick | Maryland
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	76.00%	76.00%
Willowdale Crossing | Frederick | Maryland
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	80.00%	80.00%
Edgewater at Sandy Springs | Atlanta | Georgia
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
Beechwood Terrace | Nashville | Tennessee
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
Willow Grove | Nashville | Tennessee
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
Woodbridge | Nashville | Tennessee
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
Abbington Heights | Antioch | Tennessee
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
The Summit at Sabal Park | Tampa | Florida
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
Courtney Cove | Tampa | Florida
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
Colonial Forest | Jacksonville | Florida
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
Park at Blanding | Orange Park | Florida
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
Park at Regency | Jacksonville | Florida
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
Jade Park | Daytona Beach | Florida
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
Mandarin Reserve | Jacksonville | Florida
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
Radbourne Lake | Charlotte | North Carolina
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
Timber Creek | Charlotte | North Carolina
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
Belmont at Duck Creek | Garland | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
The Arbors | Tucker | Georgia
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
The Crossings | Marietta | Georgia
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
The Crossings at Holcomb Bridge | Roswell | Georgia
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
The Knolls | Marietta | Georgia
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
Regatta Bay | Seabrook | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
Sabal Palm at Lake Buena Vista | Orlando | Florida
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	90.00%	90.00%
Southpoint Reserve at Stoney Creek | Fredericksburg | Virginia
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage	85.00%	85.00%
Cornerstone | Orlando | Florida
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,015
Effective ownership percentage	90.00%	90.00%
McMillan Place | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,015
Effective ownership percentage	90.00%	90.00%
Barrington Mill | Marietta | Georgia
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,015
Effective ownership percentage	90.00%	90.00%
Dana Point | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,015
Effective ownership percentage	90.00%	90.00%
Heatherstone | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,015
Effective ownership percentage	90.00%	90.00%
Versailles | Dallas | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,015
Effective ownership percentage	90.00%	90.00%
Seasons 704 Apartments | West Palm Beach | Florida
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,015
Effective ownership percentage	90.00%	90.00%
Madera Point | Mesa | Arizona
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,015
Effective ownership percentage	95.00%	95.00%
The Pointe at the Foothills | Mesa | Arizona
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,015
Effective ownership percentage	95.00%	95.00%
The Place at Vanderbilt | Fort Worth | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,015
Effective ownership percentage	95.00%	95.00%

Summary of Significant Accoun31

Summary of Significant Accounting Policies - Schedule of Reclassification of Deferred Financing Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Deferred financing costs, net	$ 5,800	$ 6,000
Bridge facility, net	28,889	28,805
Mortgages payable, net	$ 589,700	676,324
As previously presented
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Deferred financing costs, net		6,213
Bridge facility, net		29,000
Mortgages payable, net		682,342
Reclassification of deferred financing costs, net
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Deferred financing costs, net		(6,213)
Bridge facility, net		(195)
Mortgages payable, net		$ (6,018)

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details)	Mar. 31, 2016Property
Business Acquisition [Line Items]
Number of multifamily properties	42
Multifamily Properties
Business Acquisition [Line Items]
Number of multifamily properties	42

Acquisitions - Summary of Inves

Acquisitions - Summary of Investment in Multifamily Properties (Details)		3 Months Ended
		Mar. 31, 2016ft²Property$ / Units	Dec. 31, 2015
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		11,281,733
Number of Units | Property		13,155
The Miramar Apartments
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		183,100
Number of Units | Property		314
Date Acquired		Oct. 31, 2013
Average Effective Monthly Rent Per Unit | $ / Units	[1]	587
% Occupied	[2]	93.30%	92.40%
Arbors on Forest Ridge
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		154,556
Number of Units | Property		210
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	817
% Occupied	[2]	95.70%	93.80%
Cutter's Point
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		197,972
Number of Units | Property		196
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	982
% Occupied	[2]	96.40%	93.90%
Eagle Crest
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		395,951
Number of Units | Property		447
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	809
% Occupied	[2]	95.70%	95.50%
Meridian
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[3]	148,200
Number of Units | Property	[3]	200
Date Acquired	[3]	Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[3]	831
% Occupied	[2],[3]	96.00%	94.00%
Silverbrook
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		526,138
Number of Units | Property		642
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	717
% Occupied	[2]	95.50%	93.60%
Timberglen
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		221,376
Number of Units | Property		304
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	753
% Occupied	[2]	93.10%	96.10%
Toscana
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		115,400
Number of Units | Property		192
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	656
% Occupied	[2]	95.80%	94.80%
The Grove at Alban
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[3]	267,300
Number of Units | Property	[3]	290
Date Acquired	[3]	Mar. 10, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[3]	989
% Occupied	[2],[3]	93.10%	94.50%
Willowdale Crossing
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[3]	411,800
Number of Units | Property	[3]	432
Date Acquired	[3]	May 15, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[3]	942
% Occupied	[2],[3]	91.70%	88.90%
Edgewater at Sandy Springs
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		726,774
Number of Units | Property		760
Date Acquired		Jul. 18, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	837
% Occupied	[2]	93.70%	94.50%
Beechwood Terrace
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		271,728
Number of Units | Property		300
Date Acquired		Jul. 21, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	812
% Occupied	[2]	94.70%	97.30%
Willow Grove
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		229,140
Number of Units | Property		244
Date Acquired		Jul. 21, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	795
% Occupied	[2]	95.90%	95.90%
Woodbridge
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		246,840
Number of Units | Property		220
Date Acquired		Jul. 21, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	899
% Occupied	[2]	95.50%	96.40%
Abbington Heights
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		238,974
Number of Units | Property		274
Date Acquired		Aug. 1, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	796
% Occupied	[2]	94.50%	94.50%
The Summit at Sabal Park
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		204,545
Number of Units | Property		252
Date Acquired		Aug. 20, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	859
% Occupied	[2]	90.50%	92.50%
Courtney Cove
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		224,958
Number of Units | Property		324
Date Acquired		Aug. 20, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	748
% Occupied	[2]	96.00%	95.40%
Colonial Forest
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		160,093
Number of Units | Property		174
Date Acquired		Aug. 20, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	645
% Occupied	[2]	96.60%	94.80%
Park at Blanding
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		116,410
Number of Units | Property		117
Date Acquired		Aug. 20, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	783
% Occupied	[2]	97.40%	97.40%
Park at Regency
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[3]	134,253
Number of Units | Property	[3]	159
Date Acquired	[3]	Aug. 20, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[3]	769
% Occupied	[2],[3]	95.00%	96.20%
Jade Park
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		118,392
Number of Units | Property		144
Date Acquired		Aug. 20, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	758
% Occupied	[2]	95.80%	90.30%
Mandarin Reserve
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[3]	449,276
Number of Units | Property	[3]	520
Date Acquired	[3]	Sep. 15, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[3]	726
% Occupied	[2],[3]	95.80%	93.10%
Radbourne Lake
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		246,599
Number of Units | Property		225
Date Acquired		Sep. 30, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	967
% Occupied	[2]	97.30%	96.90%
Timber Creek
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		248,391
Number of Units | Property		352
Date Acquired		Sep. 30, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	741
% Occupied	[2]	95.50%	94.30%
Belmont at Duck Creek
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		198,279
Number of Units | Property		240
Date Acquired		Sep. 30, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	901
% Occupied	[2]	96.30%	93.80%
The Arbors
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		127,536
Number of Units | Property		140
Date Acquired		Oct. 16, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	799
% Occupied	[2]	91.40%	94.30%
The Crossings
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		377,840
Number of Units | Property		380
Date Acquired		Oct. 16, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	766
% Occupied	[2]	93.40%	92.90%
The Crossings at Holcomb Bridge
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		247,982
Number of Units | Property		268
Date Acquired		Oct. 16, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	791
% Occupied	[2]	96.30%	95.90%
The Knolls
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		311,160
Number of Units | Property		312
Date Acquired		Oct. 16, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	842
% Occupied	[2]	94.90%	93.90%
Regatta Bay
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		200,440
Number of Units | Property		240
Date Acquired		Nov. 4, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	1,029
% Occupied	[2]	92.50%	93.30%
Sabal Palm at Lake Buena Vista
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		370,768
Number of Units | Property		400
Date Acquired		Nov. 5, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	1,098
% Occupied	[2]	96.00%	96.00%
Southpoint Reserve at Stoney Creek
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		115,712
Number of Units | Property		156
Date Acquired		Dec. 18, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	1,004
% Occupied	[2]	85.90%	94.90%
Cornerstone
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		317,565
Number of Units | Property		430
Date Acquired		Jan. 15, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1]	829
% Occupied	[2]	94.70%	93.30%
McMillan Place
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		290,051
Number of Units | Property		402
Date Acquired		Jan. 15, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1]	666
% Occupied	[2]	93.30%	91.30%
Barrington Mill
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		692,180
Number of Units | Property		752
Date Acquired		Feb. 6, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1]	757
% Occupied	[2]	94.10%	95.60%
Dana Point
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		206,276
Number of Units | Property		264
Date Acquired		Feb. 26, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1]	734
% Occupied	[2]	95.50%	92.80%
Heatherstone
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		115,615
Number of Units | Property		152
Date Acquired		Feb. 26, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1]	787
% Occupied	[2]	94.10%	94.10%
Versailles
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		300,908
Number of Units | Property		388
Date Acquired		Feb. 26, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1]	771
% Occupied	[2]	95.60%	90.20%
Seasons 704 Apartments
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		216,891
Number of Units | Property		222
Date Acquired		Apr. 15, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1]	980
% Occupied	[2]	96.80%	97.30%
Madera Point
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		192,880
Number of Units | Property		256
Date Acquired		Aug. 5, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1]	769
% Occupied	[2]	94.50%	93.80%
The Pointe at the Foothills
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		472,952
Number of Units | Property		528
Date Acquired		Aug. 5, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1]	824
% Occupied	[2]	93.20%	90.70%
The Place at Vanderbilt
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		288,532
Number of Units | Property		333
Date Acquired		Oct. 30, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1]	750
% Occupied	[2]	92.50%	92.80%
[1]	Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of March 31, 2016 minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of March 31, 2016
[2]	Percent occupied is calculated as the number of units occupied as of March 31, 2016 and December 31, 2015, divided by the total number of units, expressed as a percentage.
[3]	Properties are classified as held for sale as of March 31, 2016.

Real Estate Investments - Summa

Real Estate Investments - Summary of Major Components of Investments in Multifamily Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Real estate investment, gross	$ 831,743	$ 942,755
Accumulated depreciation and amortization	(40,401)	(39,873)
Total Net Operating Real Estate Investments	791,342	902,882
Total Net Real Estate Investments	898,898	902,882
Multifamily Properties
Real Estate Properties [Line Items]
Real estate investment, gross	831,743	942,755
Accumulated depreciation and amortization	(40,401)	(39,873)
Total Net Operating Real Estate Investments	791,342	902,882
Total Net Real Estate Investments	898,898
Multifamily Properties | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	511	2,573
Accumulated depreciation and amortization	(426)	(1,844)
Total Net Operating Real Estate Investments	85	729
Total Net Real Estate Investments	85
Multifamily Properties | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	114,572
Accumulated depreciation and amortization	(7,016)
Total Net Operating Real Estate Investments	107,556
Multifamily Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross	158,322	177,152
Total Net Operating Real Estate Investments	158,322	177,152
Total Net Real Estate Investments	177,152
Multifamily Properties | Land | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	18,830
Total Net Operating Real Estate Investments	18,830
Multifamily Properties | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	642,453	729,675
Accumulated depreciation and amortization	(32,802)	(32,350)
Total Net Operating Real Estate Investments	609,651	697,325
Total Net Real Estate Investments	695,211
Multifamily Properties | Building and Improvements | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	91,557
Accumulated depreciation and amortization	(5,997)
Total Net Operating Real Estate Investments	85,560
Multifamily Properties | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	3,124	5,346
Total Net Operating Real Estate Investments	3,124	5,346
Total Net Real Estate Investments	3,264
Multifamily Properties | Construction in Progress | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	140
Total Net Operating Real Estate Investments	140
Multifamily Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	27,333	28,009
Accumulated depreciation and amortization	(7,174)	(5,679)
Total Net Operating Real Estate Investments	20,159	22,330
Total Net Real Estate Investments	23,185
Multifamily Properties | Furniture, Fixtures, and Equipment | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	4,045
Accumulated depreciation and amortization	(1,019)
Total Net Operating Real Estate Investments	3,026
Multifamily Properties | The Miramar Apartments
Real Estate Properties [Line Items]
Real estate investment, gross	10,958	10,832
Multifamily Properties | The Miramar Apartments | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,580	1,580
Multifamily Properties | The Miramar Apartments | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	8,710	8,601
Multifamily Properties | The Miramar Apartments | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	49	48
Multifamily Properties | The Miramar Apartments | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	619	603
Multifamily Properties | Arbors on Forest Ridge
Real Estate Properties [Line Items]
Real estate investment, gross	13,822	13,802
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 | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	10,944	10,948
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	546	524
Multifamily Properties | Cutter's Point
Real Estate Properties [Line Items]
Real estate investment, gross	16,798	16,735
Multifamily Properties | Cutter's Point | Land
Real Estate Properties [Line Items]
Real estate investment, gross	3,330	3,330
Multifamily Properties | Cutter's Point | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	12,752	12,747
Multifamily Properties | Cutter's Point | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	1	37
Multifamily Properties | Cutter's Point | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	715	621
Multifamily Properties | Eagle Crest
Real Estate Properties [Line Items]
Real estate investment, gross	28,123	28,054
Multifamily Properties | Eagle Crest | Land
Real Estate Properties [Line Items]
Real estate investment, gross	5,450	5,450
Multifamily Properties | Eagle Crest | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	21,867	21,846
Multifamily Properties | Eagle Crest | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	12	15
Multifamily Properties | Eagle Crest | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	794	743
Multifamily Properties | Silverbrook
Real Estate Properties [Line Items]
Real estate investment, gross	31,465	31,362
Multifamily Properties | Silverbrook | Land
Real Estate Properties [Line Items]
Real estate investment, gross	4,860	4,860
Multifamily Properties | Silverbrook | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	25,004	24,909
Multifamily Properties | Silverbrook | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	44	118
Multifamily Properties | Silverbrook | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,557	1,475
Multifamily Properties | Timberglen
Real Estate Properties [Line Items]
Real estate investment, gross	17,660	17,612
Multifamily Properties | Timberglen | Land
Real Estate Properties [Line Items]
Real estate investment, gross	2,510	2,510
Multifamily Properties | Timberglen | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	14,394	14,379
Multifamily Properties | Timberglen | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	20	20
Multifamily Properties | Timberglen | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	736	703
Multifamily Properties | Toscana
Real Estate Properties [Line Items]
Real estate investment, gross	9,541	9,512
Multifamily Properties | Toscana | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,730	1,730
Multifamily Properties | Toscana | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	7,253	7,256
Multifamily Properties | Toscana | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	5	4
Multifamily Properties | Toscana | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	553	522
Multifamily Properties | Edgewater at Sandy Springs
Real Estate Properties [Line Items]
Real estate investment, gross	60,610	60,312
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 | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	43,650	43,429
Multifamily Properties | Edgewater at Sandy Springs | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	29	199
Multifamily Properties | Edgewater at Sandy Springs | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	2,641	2,394
Multifamily Properties | Beechwood Terrace
Real Estate Properties [Line Items]
Real estate investment, gross	22,481	22,364
Multifamily Properties | Beechwood Terrace | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,390	1,390
Multifamily Properties | Beechwood Terrace | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	20,412	20,374
Multifamily Properties | Beechwood Terrace | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	30	28
Multifamily Properties | Beechwood Terrace | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	649	572
Multifamily Properties | Willow Grove
Real Estate Properties [Line Items]
Real estate investment, gross	15,075	15,046
Multifamily Properties | Willow Grove | Land
Real Estate Properties [Line Items]
Real estate investment, gross	3,940	3,940
Multifamily Properties | Willow Grove | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	10,625	10,621
Multifamily Properties | Willow Grove | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	1	2
Multifamily Properties | Willow Grove | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	509	483
Multifamily Properties | Woodbridge
Real Estate Properties [Line Items]
Real estate investment, gross	16,957	16,884
Multifamily Properties | Woodbridge | Land
Real Estate Properties [Line Items]
Real estate investment, gross	3,650	3,650
Multifamily Properties | Woodbridge | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	12,609	12,581
Multifamily Properties | Woodbridge | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	100	110
Multifamily Properties | Woodbridge | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	598	543
Multifamily Properties | Abbington Heights
Real Estate Properties [Line Items]
Real estate investment, gross	18,755	18,678
Multifamily Properties | Abbington Heights | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,770	1,770
Multifamily Properties | Abbington Heights | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	16,200	16,184
Multifamily Properties | Abbington Heights | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	77	67
Multifamily Properties | Abbington Heights | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	708	657
Multifamily Properties | The Summit at Sabal Park
Real Estate Properties [Line Items]
Real estate investment, gross	19,824	19,764
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 | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	13,313	13,311
Multifamily Properties | The Summit at Sabal Park | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	7	9
Multifamily Properties | The Summit at Sabal Park | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	734	674
Multifamily Properties | Courtney Cove
Real Estate Properties [Line Items]
Real estate investment, gross	19,491	19,428
Multifamily Properties | Courtney Cove | Land
Real Estate Properties [Line Items]
Real estate investment, gross	5,880	5,880
Multifamily Properties | Courtney Cove | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	12,854	12,850
Multifamily Properties | Courtney Cove | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	46	30
Multifamily Properties | Courtney Cove | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	711	668
Multifamily Properties | Colonial Forest
Real Estate Properties [Line Items]
Real estate investment, gross	5,934	5,904
Multifamily Properties | Colonial Forest | Land
Real Estate Properties [Line Items]
Real estate investment, gross	2,090	2,090
Multifamily Properties | Colonial Forest | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	3,487	3,486
Multifamily Properties | Colonial Forest | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	357	328
Multifamily Properties | Park at Blanding
Real Estate Properties [Line Items]
Real estate investment, gross	6,961	6,943
Multifamily Properties | Park at Blanding | Land
Real Estate Properties [Line Items]
Real estate investment, gross	2,610	2,610
Multifamily Properties | Park at Blanding | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	4,031	4,025
Multifamily Properties | Park at Blanding | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	6	4
Multifamily Properties | Park at Blanding | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	314	304
Multifamily Properties | Jade Park
Real Estate Properties [Line Items]
Real estate investment, gross	8,350	8,264
Multifamily Properties | Jade Park | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,490	1,490
Multifamily Properties | Jade Park | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	6,411	6,404
Multifamily Properties | Jade Park | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	30	19
Multifamily Properties | Jade Park | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	419	351
Multifamily Properties | Radbourne Lake
Real Estate Properties [Line Items]
Real estate investment, gross	24,644	24,597
Multifamily Properties | Radbourne Lake | Land
Real Estate Properties [Line Items]
Real estate investment, gross	2,440	2,440
Multifamily Properties | Radbourne Lake | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	21,315	21,194
Multifamily Properties | Radbourne Lake | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	105	224
Multifamily Properties | Radbourne Lake | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	784	739
Multifamily Properties | Timber Creek
Real Estate Properties [Line Items]
Real estate investment, gross	25,033	24,939
Multifamily Properties | Timber Creek | Land
Real Estate Properties [Line Items]
Real estate investment, gross	11,260	11,260
Multifamily Properties | Timber Creek | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	13,128	13,101
Multifamily Properties | Timber Creek | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	47	37
Multifamily Properties | Timber Creek | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	598	541
Multifamily Properties | Belmont at Duck Creek
Real Estate Properties [Line Items]
Real estate investment, gross	19,526	19,438
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 | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	16,953	16,948
Multifamily Properties | Belmont at Duck Creek | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	77	47
Multifamily Properties | Belmont at Duck Creek | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	586	533
Multifamily Properties | The Arbors
Real Estate Properties [Line Items]
Real estate investment, gross	8,541	8,525
Multifamily Properties | The Arbors | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,730	1,730
Multifamily Properties | The Arbors | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	6,515	6,512
Multifamily Properties | The Arbors | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	4	4
Multifamily Properties | The Arbors | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	292	279
Multifamily Properties | The Crossings
Real Estate Properties [Line Items]
Real estate investment, gross	22,589	22,327
Multifamily Properties | The Crossings | Land
Real Estate Properties [Line Items]
Real estate investment, gross	3,982	3,982
Multifamily Properties | The Crossings | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	17,366	16,696
Multifamily Properties | The Crossings | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	197	759
Multifamily Properties | The Crossings | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,044	890
Multifamily Properties | The Crossings at Holcomb Bridge
Real Estate Properties [Line Items]
Real estate investment, gross	17,126	17,054
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 | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	10,704	10,644
Multifamily Properties | The Crossings at Holcomb Bridge | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	42	101
Multifamily Properties | The Crossings at Holcomb Bridge | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	820	749
Multifamily Properties | The Knolls
Real Estate Properties [Line Items]
Real estate investment, gross	22,140	22,000
Multifamily Properties | The Knolls | Land
Real Estate Properties [Line Items]
Real estate investment, gross	3,410	3,410
Multifamily Properties | The Knolls | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	17,605	17,574
Multifamily Properties | The Knolls | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	3
Multifamily Properties | The Knolls | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,122	1,016
Multifamily Properties | Regatta Bay
Real Estate Properties [Line Items]
Real estate investment, gross	18,443	18,357
Multifamily Properties | Regatta Bay | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,660	1,660
Multifamily Properties | Regatta Bay | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	16,125	16,120
Multifamily Properties | Regatta Bay | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	54	34
Multifamily Properties | Regatta Bay | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	604	543
Multifamily Properties | Sabal Palm at Lake Buena Vista
Real Estate Properties [Line Items]
Real estate investment, gross	49,351	49,266
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 | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	41,027	40,833
Multifamily Properties | Sabal Palm at Lake Buena Vista | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	45	214
Multifamily Properties | Sabal Palm at Lake Buena Vista | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	699	639
Multifamily Properties | Southpoint Reserve at Stoney Creek
Real Estate Properties [Line Items]
Real estate investment, gross	17,562	17,468
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 | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	10,927	10,896
Multifamily Properties | Southpoint Reserve at Stoney Creek | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	139	166
Multifamily Properties | Southpoint Reserve at Stoney Creek | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	376	286
Multifamily Properties | Cornerstone
Real Estate Properties [Line Items]
Real estate investment, gross	32,170	31,898
Multifamily Properties | Cornerstone | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,500	1,500
Multifamily Properties | Cornerstone | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	29,918	29,786
Multifamily Properties | Cornerstone | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	201	201
Multifamily Properties | Cornerstone | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	551	411
Multifamily Properties | McMillan Place
Real Estate Properties [Line Items]
Real estate investment, gross	22,070	21,652
Multifamily Properties | McMillan Place | Land
Real Estate Properties [Line Items]
Real estate investment, gross	3,610	3,610
Multifamily Properties | McMillan Place | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	17,719	17,127
Multifamily Properties | McMillan Place | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	117	398
Multifamily Properties | McMillan Place | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	624	517
Multifamily Properties | Barrington Mill
Real Estate Properties [Line Items]
Real estate investment, gross	59,355	58,772
Multifamily Properties | Barrington Mill | Land
Real Estate Properties [Line Items]
Real estate investment, gross	10,170	10,170
Multifamily Properties | Barrington Mill | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	47,369	47,055
Multifamily Properties | Barrington Mill | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	336	430
Multifamily Properties | Barrington Mill | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,480	1,117
Multifamily Properties | Dana Point
Real Estate Properties [Line Items]
Real estate investment, gross	17,015	16,829
Multifamily Properties | Dana Point | Land
Real Estate Properties [Line Items]
Real estate investment, gross	4,090	4,090
Multifamily Properties | Dana Point | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	12,030	11,760
Multifamily Properties | Dana Point | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	167	330
Multifamily Properties | Dana Point | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	728	649
Multifamily Properties | Heatherstone
Real Estate Properties [Line Items]
Real estate investment, gross	10,256	10,084
Multifamily Properties | Heatherstone | Land
Real Estate Properties [Line Items]
Real estate investment, gross	2,320	2,320
Multifamily Properties | Heatherstone | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	7,364	6,962
Multifamily Properties | Heatherstone | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	68	403
Multifamily Properties | Heatherstone | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	504	399
Multifamily Properties | Versailles
Real Estate Properties [Line Items]
Real estate investment, gross	27,935	27,661
Multifamily Properties | Versailles | Land
Real Estate Properties [Line Items]
Real estate investment, gross	6,720	6,720
Multifamily Properties | Versailles | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	19,912	19,339
Multifamily Properties | Versailles | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	281	699
Multifamily Properties | Versailles | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,022	903
Multifamily Properties | Seasons 704 Apartments
Real Estate Properties [Line Items]
Real estate investment, gross	21,830	21,627
Multifamily Properties | Seasons 704 Apartments | Land
Real Estate Properties [Line Items]
Real estate investment, gross	7,480	7,480
Multifamily Properties | Seasons 704 Apartments | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	13,773	13,532
Multifamily Properties | Seasons 704 Apartments | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	172	254
Multifamily Properties | Seasons 704 Apartments | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	405	361
Multifamily Properties | Madera Point
Real Estate Properties [Line Items]
Real estate investment, gross	22,226	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	4,920
Multifamily Properties | Madera Point | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	16,650	16,632
Multifamily Properties | Madera Point | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	120	39
Multifamily Properties | Madera Point | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	536	444
Multifamily Properties | The Pointe at the Foothills
Real Estate Properties [Line Items]
Real estate investment, gross	51,485	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	4,840
Multifamily Properties | The Pointe at the Foothills | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	45,411	45,395
Multifamily Properties | The Pointe at the Foothills | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	379	186
Multifamily Properties | The Pointe at the Foothills | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	855	768
Multifamily Properties | The Place at Vanderbilt
Real Estate Properties [Line Items]
Real estate investment, gross	19,641	19,456
Multifamily Properties | The Place at Vanderbilt | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	511	511
Multifamily Properties | The Place at Vanderbilt | Land
Real Estate Properties [Line Items]
Real estate investment, gross	2,350	2,350
Multifamily Properties | The Place at Vanderbilt | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	16,126	16,112
Multifamily Properties | The Place at Vanderbilt | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	111	4
Multifamily Properties | The Place at Vanderbilt | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	543	479
Multifamily Properties | Meridian
Real Estate Properties [Line Items]
Real estate investment, gross		13,066
Multifamily Properties | Meridian | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	13,111
Multifamily Properties | Meridian | Land
Real Estate Properties [Line Items]
Real estate investment, gross		2,310
Multifamily Properties | Meridian | Land | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	2,310
Multifamily Properties | Meridian | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross		10,325
Multifamily Properties | Meridian | Building and Improvements | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	10,327
Multifamily Properties | Meridian | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		12
Multifamily Properties | Meridian | Construction in Progress | Held For Sale Properties
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
Multifamily Properties | Meridian | Furniture, Fixtures, and Equipment | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	462
Multifamily Properties | The Grove at Alban
Real Estate Properties [Line Items]
Real estate investment, gross		23,611
Multifamily Properties | The Grove at Alban | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	23,778
Multifamily Properties | The Grove at Alban | Land
Real Estate Properties [Line Items]
Real estate investment, gross		3,640
Multifamily Properties | The Grove at Alban | Land | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	3,640
Multifamily Properties | The Grove at Alban | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross		18,994
Multifamily Properties | The Grove at Alban | Building and Improvements | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	19,012
Multifamily Properties | The Grove at Alban | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		66
Multifamily Properties | The Grove at Alban | Construction in Progress | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	18
Multifamily Properties | The Grove at Alban | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross		911
Multifamily Properties | The Grove at Alban | Furniture, Fixtures, and Equipment | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	1,108
Multifamily Properties | Willowdale Crossing
Real Estate Properties [Line Items]
Real estate investment, gross		41,088
Multifamily Properties | Willowdale Crossing | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	41,203
Multifamily Properties | Willowdale Crossing | Land
Real Estate Properties [Line Items]
Real estate investment, gross		4,650
Multifamily Properties | Willowdale Crossing | Land | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	4,650
Multifamily Properties | Willowdale Crossing | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross		35,631
Multifamily Properties | Willowdale Crossing | Building and Improvements | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	35,644
Multifamily Properties | Willowdale Crossing | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		23
Multifamily Properties | Willowdale Crossing | Construction in Progress | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	36
Multifamily Properties | Willowdale Crossing | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross		784
Multifamily Properties | Willowdale Crossing | Furniture, Fixtures, and Equipment | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	873
Multifamily Properties | Park at Regency
Real Estate Properties [Line Items]
Real estate investment, gross		8,777
Multifamily Properties | Park at Regency | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	8,831
Multifamily Properties | Park at Regency | Land
Real Estate Properties [Line Items]
Real estate investment, gross		2,620
Multifamily Properties | Park at Regency | Land | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	2,620
Multifamily Properties | Park at Regency | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross		5,706
Multifamily Properties | Park at Regency | Building and Improvements | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	5,708
Multifamily Properties | Park at Regency | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		5
Multifamily Properties | Park at Regency | Construction in Progress | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	15
Multifamily Properties | Park at Regency | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross		446
Multifamily Properties | Park at Regency | Furniture, Fixtures, and Equipment | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	488
Multifamily Properties | Mandarin Reserve
Real Estate Properties [Line Items]
Real estate investment, gross		27,481
Multifamily Properties | Mandarin Reserve | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	27,649
Multifamily Properties | Mandarin Reserve | Land
Real Estate Properties [Line Items]
Real estate investment, gross		5,610
Multifamily Properties | Mandarin Reserve | Land | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	5,610
Multifamily Properties | Mandarin Reserve | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross		20,850
Multifamily Properties | Mandarin Reserve | Building and Improvements | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	20,866
Multifamily Properties | Mandarin Reserve | Construction in Progress | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	59
Multifamily Properties | Mandarin Reserve | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross		$ 1,021
Multifamily Properties | Mandarin Reserve | Furniture, Fixtures, and Equipment | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	$ 1,114

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Real Estate Properties [Line Items]
Depreciation expense	$ 9	$ 5.8
Amortization expense of intangible lease assets	0.6	$ 5.8
Intangible Lease Assets
Real Estate Properties [Line Items]
Amortization expense, remainder of fiscal year	$ 0.1

Pro Forma Financial Informati36

Pro Forma Financial Information (Unaudited) - Additional Information (Details)	3 Months Ended	15 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2016Property
Business Acquisition Pro Forma Information [Abstract]
Number of properties acquired | Property		10
General and administrative fees expected | $	$ 800,000

Pro Forma Financial Informati37

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
	Mar. 31, 2016	Mar. 31, 2015
Business Acquisition Pro Forma Information [Abstract]
Total revenues, actual	$ 33,511	$ 25,537
Net income (loss), actual	$ 291	$ (5,893)
Earnings (loss) per share: Basic and diluted	$ 0	$ (0.25)
Total revenues, pro forma	$ 33,511	$ 30,871
Net income (loss), pro forma	$ 934	$ (13,399)
Earnings (loss) per share - basic and diluted, pro forma	$ 0.04	$ (0.63)

Debt - Summary of Mortgage Debt

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Deferred financing costs, net	$ (5,800)	$ (6,000)
Mortgages Payable	$ 589,700	$ 676,324
The Place at Vanderbilt
Debt Instrument [Line Items]
Maturity Date	Jan. 1, 2022
Mortgages Payable
Debt Instrument [Line Items]
Outstanding Principal	$ 594,484
Fair market value adjustment	265
Deferred financing costs, net	(5,049)
Mortgages Payable	$ 589,700
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	2.66%
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	2.52%
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	2.60%
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	2.52%
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	2.53%
Max Note Rate	5.75%
Maturity Date	Aug. 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	2.60%
Max Note Rate	7.25%
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	2.52%
Max Note Rate	5.75%
Maturity Date	Sep. 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	2.55%
Max Note Rate	6.00%
Maturity Date	Aug. 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	2.59%
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	2.53%
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	2.55%
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	2.40%
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	2.49%
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	2.52%
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	2.47%
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	2.24%
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	$ 10,226
Interest Rate	3.17%
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	$ 12,654
Interest Rate	3.17%
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	$ 21,822
Interest Rate	3.17%
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	$ 24,277
Interest Rate	3.17%
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	$ 13,536
Interest Rate	3.17%
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	$ 7,088
Interest Rate	3.17%
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	2.26%
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	2.25%
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	2.25%
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	2.25%
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	2.25%
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	2.25%
Max Note Rate	7.11%
Maturity Date	Nov. 1, 2024
Mortgages Payable | McMillan Place | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Amortization (months)	360 months
Outstanding Principal	$ 15,738
Interest Rate	2.36%
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	2.25%
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	$ 10,354
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	$ 11,293
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	2.33%
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	$ 23,380
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	2.34%
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	2.33%
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	$ 13,824
Interest Rate	2.67%
Max Note Rate	5.75%
Maturity Date	Jan. 1, 2022
Mortgages Payable | Held For Sale Properties
Debt Instrument [Line Items]
Outstanding Principal	$ 87,033
Deferred financing costs, net	(723)
Mortgages Payable	$ 86,310
Mortgages Payable | Held For Sale Properties | 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	2.98%
Max Note Rate	6.50%
Maturity Date	Apr. 1, 2021
Mortgages Payable | Held For Sale Properties | 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	2.60%
Max Note Rate	7.01%
Maturity Date	Sep. 1, 2021
Mortgages Payable | Held For Sale Properties | Mandarin Reserve | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	$ 19,465
Interest Rate	2.54%
Max Note Rate	5.50%
Maturity Date	Oct. 1, 2021
Mortgages Payable | Held For Sale Properties | 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	2.71%
Max Note Rate	5.75%
Maturity Date	Jun. 1, 2021
Mortgages Payable | Held For Sale Properties | Meridian | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	$ 9,823
Interest Rate	3.17%
Max Note Rate	5.75%
Maturity Date	Feb. 1, 2021

Debt - Summary of Mortgage De39

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Parenthetical) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
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 the 116th month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last four months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
First 12 months
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
13th month through 57th month
Debt Instrument [Line Items]
Mortgage loans payable description	Loan can be pre-paid starting in the 13th month through the 57th month of the term at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
13th month through 81st month
Debt Instrument [Line Items]
Mortgage loans payable description	Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
Abbington Heights | Last Three Months
Debt Instrument [Line Items]
Mortgage loans payable description	Debt was assumed upon acquisition of this property 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
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	$ 23.4
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	$ 5.8
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 | First 12 months
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
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 required interest only payments for the first 12 months (interest only period ended January 31, 2016) after which time the loan began 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%
Mortgages Payable | Three-month LIBOR
Debt Instrument [Line Items]
LIBOR, interest rate	0.6286%
Mortgages Payable | One-month LIBOR
Debt Instrument [Line Items]
LIBOR, interest rate	0.4373%
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	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Weighted average interest rate of mortgage indebtedness		2.66%	2.67%
Bridge facility		$ 28,889	$ 28,805
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%

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) $ in Thousands	Mar. 31, 2016USD ($)
Debt Instrument [Line Items]
Remainder of 2016	$ 32,964
2,017	7,735
2,018	23,351
2,019	13,204
2,020	72,341
Thereafter	560,922
Total	710,517
Operating Properties & Bridge Facility
Debt Instrument [Line Items]
Remainder of 2016	31,842
2,017	5,828
2,018	21,403
2,019	11,217
2,020	70,317
Thereafter	482,877
Total	623,484
Held For Sale Properties
Debt Instrument [Line Items]
Remainder of 2016	1,122
2,017	1,907
2,018	1,948
2,019	1,987
2,020	2,024
Thereafter	78,045
Total	$ 87,033

Debt - Schedule of Debt Matur42

Debt - Schedule of Debt Maturities (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2016
Key Bank, N.A. | Bridge Loan
Debt Instrument [Line Items]
Maturity Date	Aug. 4, 2016

Fair Value Measures and Deriv43

Fair Value Measures and Derivative Financial Instruments - Additional Information (Details)	3 Months Ended
	Mar. 31, 2016USD ($)Property	Mar. 31, 2015USD ($)DerivativeInstrument
Fair Value Inputs Assets Quantitative Information [Line Items]
Properties acquired | Property	42
Properties acquired for cash	$ 910,600,000	$ 143,695,000
Purchased price of land	177,300,000
Building, building improvements, furniture, fixtures and equipment	708,000,000
Intangible lease assets gross	$ 25,300,000
Derivative financial instruments cap weighted average interest rate	5.99%
Earnings ineffectiveness to derivatives designated as cash flow hedges	$ 0	$ 0
Number of derivatives designated as cash flow hedges | DerivativeInstrument		14
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
Level 2 Inputs
Fair Value Inputs Assets Quantitative Information [Line Items]
Number of properties acquired with assumed debt | Property	5

Fair Value Measures and Deriv44

Fair Value Measures and Derivative Financial Instruments - Summary of Critical Assumptions (Details)	3 Months Ended
	Mar. 31, 2016
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	Mar. 31, 2016USD ($)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	Mar. 31, 2016USD ($)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	Mar. 31, 2016	Dec. 31, 2015
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps	$ 25	$ 67
Other assets | Interest rate caps | Designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps	23	61
Other assets | Interest rate caps | Not designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps	$ 2	$ 6

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	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in OCI on derivative (effective portion)	$ (32)	$ (270)
Amount of gain (loss) reclassified from accumulated OCI into income (effective portion)	(6)
Amount of gain (loss) recognized in income	$ (4)	$ (116)

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)$ / Property$ / h	Mar. 31, 2015USD ($)
Operating Agreement
Related Party Transaction [Line Items]
Asset management fee percent	0.50%
Asset management fees	$ 0.2	$ 0.1
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	$ 1.6	$ 1.3
Additional advisory and administrative fees	$ 0.3
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 | 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	$ 5.4
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	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fees incurred
Property management fees	$ 1,005	$ 759
Construction supervision fees	205	141
Acquisition fees		1,191
Reimbursements
Payroll and benefits	4,191	3,034
Other reimbursements	$ 300	$ 249

Subsequent Events - Summary of

Subsequent Events - Summary of Sold Property (Details) - USD ($) $ in Thousands	May. 10, 2016	Mar. 31, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Real Estate Carrying Value, net		$ 791,342	$ 902,882
Multifamily Properties
Subsequent Event [Line Items]
Real Estate Carrying Value, net		$ 791,342	$ 902,882
Subsequent Event | Multifamily Properties | Meridian | Austin | Texas
Subsequent Event [Line Items]
Date of Sale	May 10, 2016
Real Estate Carrying Value, net	$ 12,177
Outstanding Principal	$ 9,823

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016	Jun. 30, 2016
Subsequent Event [Line Items]
Dividends payable, date declared	May 9, 2016
Dividends payable, date of record	Jun. 15, 2016
Dividends payable, date to be paid	Jun. 30, 2016
Scenario, Forecast
Subsequent Event [Line Items]
Dividends payable, amount per share		$ 0.206
Multifamily Properties
Subsequent Event [Line Items]
Sale price of property held for sale	$ 17.3