NexPoint Residential Trust (NXRT) 10-Q 11 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 08, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	NXRT
Entity Registrant Name	NexPoint Residential Trust, Inc.
Entity Central Index Key	1,620,393
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		21,266,770

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Operating Real Estate Investments
Land (including from VIEs of $94,962 and $163,462, respectively)	$ 152,132	$ 177,152
Buildings and improvements (including from VIEs of $363,453 and $642,936, respectively)	630,943	729,675
Intangible lease assets		2,573
Construction in progress (including from VIEs of $1,678 and $5,070, respectively)	2,562	5,346
Furniture, fixtures, and equipment (including from VIEs of $16,649 and $25,715, respectively)	29,867	28,009
Total Gross Operating Real Estate Investments	815,504	942,755
Accumulated depreciation and amortization (including from VIEs of $24,788 and $36,112, respectively)	(46,788)	(39,873)
Total Net Operating Real Estate Investments	768,716	902,882
Real estate held for sale (net of accumulated depreciation of $7,016 and $0, respectively) (including from VIEs of $81,090 and $0, respectively)	81,090
Total Net Real Estate Investments	849,806	902,882
Cash and cash equivalents (including from VIEs of $14,270 and $13,271, respectively)	28,550	16,226
Restricted cash (including from VIEs of $27,279 and $43,500, respectively)	34,200	46,869
Accounts receivable (including from VIEs of $878 and $1,517, respectively)	1,783	2,122
Prepaid and other assets (including from VIEs of $1,510 and $1,724, respectively)	3,093	1,961
TOTAL ASSETS	917,432	970,060
LIABILITIES AND EQUITY
Mortgages payable, net (including from VIEs of $161,239 and $609,703, respectively)	388,337	676,324
Mortgages payable held for sale, net (including from VIEs of $65,726 and $0, respectively)	65,726
Credit facility, net	196,290
Bridge facility, net	1,972	28,805
Accounts payable and other accrued liabilities (including from VIEs of $1,525 and $4,049, respectively)	3,789	5,106
Accrued real estate taxes payable (including from VIEs of $3,572 and $5,723, respectively)	5,988	6,057
Accrued interest payable (including from VIEs of $895 and $1,332, respectively)	1,031	1,462
Security deposit liability (including from VIEs of $780 and $1,277, respectively)	1,324	1,544
Prepaid rents (including from VIEs of $832 and $1,633, respectively)	1,231	1,824
Total Liabilities	665,688	721,122
NexPoint Residential Trust, Inc. stockholders' equity:
Preferred stock, $0.01 par value: 100,000,000 shares authorized; 0 shares issued
Common stock, $0.01 par value: 500,000,000 shares authorized; 21,293,825 shares issued	213	213
Additional paid-in capital	240,625	240,625
Accumulated deficit	(12,791)	(18,593)
Accumulated other comprehensive loss	(737)	(697)
Common stock held in treasury at cost; 5,000 and 0 shares, respectively	(88)
Noncontrolling interests	24,522	27,390
Total Equity	251,744	248,938
TOTAL LIABILITIES AND EQUITY	$ 917,432	$ 970,060

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Land	$ 152,132	$ 177,152
Buildings and improvements	630,943	729,675
Construction in progress	2,562	5,346
Furniture, fixtures, and equipment	29,867	28,009
Accumulated depreciation and amortization	46,788	39,873
Real estate held for sale	81,090
Net of accumulated depreciation	81,090	0
Cash and cash equivalents	28,550	16,226
Restricted cash	34,200	46,869
Accounts receivable	1,783	2,122
Prepaid and other assets	3,093	1,961
Mortgages payable, net	388,337	676,324
Mortgages payable held for sale, net	65,726
Accounts payable and other accrued liabilities	3,789	5,106
Accrued real estate taxes payable	5,988	6,057
Accrued interest payable	1,031	1,462
Security deposit liability	1,324	1,544
Prepaid rents	$ 1,231	$ 1,824
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares, issued	21,293,825	21,293,825
Common stock, par value	$ 0.01	$ 0.01
Treasury stock, shares	5,000	0
VIE
Land	$ 94,962	$ 163,462
Buildings and improvements	363,453	642,936
Construction in progress	1,678	5,070
Furniture, fixtures, and equipment	16,649	25,715
Accumulated depreciation and amortization	24,788	36,112
Real estate held for sale	7,016	0
Cash and cash equivalents	14,270	13,271
Restricted cash	27,279	43,500
Accounts receivable	878	1,517
Prepaid and other assets	1,510	1,724
Mortgages payable, net	161,239	609,703
Mortgages payable held for sale, net	65,726	0
Accounts payable and other accrued liabilities	1,525	4,049
Accrued real estate taxes payable	3,572	5,723
Accrued interest payable	895	1,332
Security deposit liability	780	1,277
Prepaid rents	$ 832	$ 1,633

COMBINED CONSOLIDATED STATEMENT

COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues
Rental income	$ 29,404	$ 25,528	$ 58,774	$ 48,219
Other income	4,253	3,219	8,394	6,066
Total revenues	33,657	28,747	67,168	54,285
Expenses
Property operating expenses	9,691	8,293	19,073	15,612
Acquisition costs		238		2,169
Real estate taxes and insurance	4,090	3,577	8,353	6,955
Property management fees (related party)	1,013	858	2,018	1,617
Advisory and administrative fees (related party)	1,630	1,439	3,246	2,715
Corporate general and administrative expenses	844	831	1,626	831
Property general and administrative expenses	1,612	1,488	2,946	2,635
Depreciation and amortization	8,084	10,050	17,696	21,660
Total expenses	26,964	26,774	54,958	54,194
Operating income	6,693	1,973	12,210	91
Interest expense	(6,467)	(4,239)	(11,693)	(8,248)
Gain on sales of real estate	16,370		16,370
Net income (loss)	16,596	(2,266)	16,887	(8,157)
Net income (loss) attributable to noncontrolling interests	2,006	(12)	2,312	(506)
Net income (loss) attributable to common stockholders	14,590	(2,254)	14,575	(7,651)
Other comprehensive income (loss)
Net losses related to interest rate cap valuations	(12)	(126)	(44)	(396)
Total comprehensive income (loss)	16,584	(2,392)	16,843	(8,553)
Comprehensive income (loss) attributable to noncontrolling interests	2,005	(25)	2,308	(543)
Comprehensive income (loss) attributable to common stockholders	$ 14,579	$ (2,367)	$ 14,535	$ (8,010)
Weighted average common shares outstanding - basic and diluted	21,294	21,294	21,294	21,294
Dividends declared per common share	$ 0.206	$ 0.206	$ 0.412	$ 0.206
Earnings (loss) per share - basic and diluted (see Note 2)	$ 0.69	$ (0.11)	$ 0.68	$ (0.36)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - 6 months ended Jun. 30, 2016 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Common Stock Held in Treasury at Cost	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	21,294,000
Purchase of common stock	$ (88)					$ (88)
Distributions	(13,949)						(5,176)
Dividends				(8,773)
Other comprehensive income (loss)	(44)				(40)		(4)
Net income	16,887			14,575			2,312
Ending Balances, Values at Jun. 30, 2016	$ 251,744	$ 213	$ 240,625	$ (12,791)	$ (737)	$ (88)	$ 24,522
Ending Balances, Shares at Jun. 30, 2016	21,293,825	21,294,000

COMBINED CONSOLIDATED STATEMEN6

COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities
Net income (loss)	$ 16,887	$ (8,157)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Gain on sales of real estate	(16,370)
Depreciation and amortization	17,696	21,660
Amortization of deferred financing costs	983	540
Change in fair value on derivative instruments included in interest expense	6	166
Amortization of fair market value adjustment of assumed debt	(55)	(55)
Noncash contributions		1,277
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	339	(668)
Prepaid and other assets	(1,182)	(418)
Restricted cash	3,950	(4,253)
Accounts payable and other accrued liabilities	(1,830)	(1,478)
Net cash provided by operating activities	20,424	8,614
Cash flows from investing activities
Net proceeds from sales of real estate	63,220
Change in restricted cash	8,719	(5,558)
Prepaid acquisition deposits		(2,088)
Additions to operating real estate investments	(12,265)	(17,230)
Acquisitions of operating real estate investments		(164,578)
Net cash provided by (used in) investing activities	59,674	(189,454)
Cash flows from financing activities
Mortgage proceeds received		124,990
Mortgage payments	(224,199)	(6,391)
Credit facility proceeds received	200,000
Bridge facility payments	(27,000)
Deferred financing fees paid	(2,538)	(1,519)
Interest rate cap fees paid		(253)
Due to affiliates		454
Purchase of common stock held in treasury	(88)
Distributions to noncontrolling interests	(5,176)	(1,136)
Dividends	(8,773)
Contributions from noncontrolling interests		7,628
Contributions		68,561
Net cash provided by (used in) financing activities	(67,774)	192,334
Net increase in cash	12,324	11,494
Cash, beginning of period	16,226	12,662
Cash, end of period	28,550	24,156
Supplemental Disclosure of Cash Flow Information
Interest paid	11,178	7,309
Supplemental Disclosure of Noncash Investing and Financing Activities
Capitalized construction costs included in accounts payable and other accrued liabilities	800	1,322
Change in fair value on hedging instruments designated as hedges	$ 44	396
Dividend declared and payable		4,387
Liabilities assumed from acquisitions		1,104
Other assets acquired from acquisitions		298
Assumed debt on acquisitions of operating real estate investments		$ 18,000

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 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, as amended, 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 its investment objectives. Economic and market conditions may influence the Company to hold properties for different periods of time. From time to time, the Company may sell a property if, among other deciding factors, the sale would be in the best interest of its stockholders. 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	6 Months Ended
	Jun. 30, 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 three and six month periods ended June 30, 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 June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 December 31, 2015 Security deposits $ 963 $ 1,034 Operating escrows 17,433 21,312 Renovation value-add reserves 15,804 24,523 $ 34,200 $ 46,869 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 $4.0 million and $6.0 million are recorded as a deduction from mortgages payable on the accompanying consolidated balance sheets as of June 30, 2016 and December 31, 2015, respectively. Deferred financing costs, net of amortization, of $3.7 million and $0.2 million are recorded as a deduction from the debt related to the Company’s credit facility and bridge facility on the accompanying consolidated balance sheets as of June 30, 2016 and December 31, 2015, respectively. Amortization of deferred financing costs of $0.7 million and $0.2 million is included in interest expense on the consolidated statements of operations and comprehensive income (loss) for the three months ended June 30, 2016 and 2015, respectively. For the three months ended June 30, 2016, the Company incurred amortization of deferred financing costs of approximately $0.3 million related to its sales of three properties (see Note 4). Amortization of deferred financing costs of $1.0 million and $0.6 million is included in interest expense on the combined consolidated statements of operations and comprehensive income (loss) for the six months ended June 30, 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 in VIEs as of June 30, 2016 and December 31, 2015: Property Name Location Year Effective Ownership Percentage at June 30, 2016 Effective Ownership Percentage at December 31, 2015 Meridian Austin, Texas 2014 — (2) 90 % The Grove at Alban (1) Frederick, Maryland 2014 76 % 76 % Willowdale Crossing (1) Frederick, Maryland 2014 80 % 80 % 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 (1) Jacksonville, Florida 2014 90 % 90 % Park at Blanding (1) Orange Park, Florida 2014 90 % 90 % Park at Regency Jacksonville, Florida 2014 — (2) 90 % Jade Park (1) Daytona Beach, Florida 2014 90 % 90 % Mandarin Reserve Jacksonville, Florida 2014 — (2) 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 % (1) Properties are classified as held for sale as of June 30, 2016. (2) Properties were sold during the six months ended June 30, 2016. The following table represents the Company’s investments in voting interest entities as of June 30, 2016 and December 31, 2015: Property Name Location Year Effective Ownership Percentage at June 30, 2016 Effective Ownership Percentage at December 31, 2015 The Miramar Apartments Dallas, Texas 2013 100 % 100 % Arbors on Forest Ridge Bedford, Texas 2014 90 % 90 % (1) Cutter’s Point Richardson, Texas 2014 90 % 90 % (1) Eagle Crest Irving, Texas 2014 90 % 90 % (1) Silverbrook Grand Prairie, Texas 2014 90 % 90 % (1) Timberglen Dallas, Texas 2014 90 % 90 % (1) Toscana Dallas, Texas 2014 90 % 90 % (1) Edgewater at Sandy Springs Atlanta, Georgia 2014 90 % 90 % (1) Beechwood Terrace Nashville, Tennessee 2014 90 % 90 % (1) Willow Grove Nashville, Tennessee 2014 90 % 90 % (1) Woodbridge Nashville, Tennessee 2014 90 % 90 % (1) Madera Point Mesa, Arizona 2015 95 % 95 % The Pointe at the Foothills Mesa, Arizona 2015 95 % 95 % The Place at Vanderbilt Fort Worth, Texas 2015 95 % 95 % (1) Properties were considered VIEs at December 31, 2015. 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. In instances where the Company acquires multiple properties under a single purchase and sale agreement (a “Portfolio Acquisition”), the Company directly or indirectly holds membership interests in the single-asset LLCs that directly own the properties through a multiple-asset LLC. Under these arrangements, the multiple-asset LLC is the sole member of all single-asset LLCs which 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. In instances where membership interests in individual properties are held through a multiple-asset LLC, consideration of additional profit interest is calculated at the multiple-asset LLC level. Therefore, distributions will be made to the members pro rata in proportion to their relative percentage interests in the multiple-asset LLC 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 multiple-asset LLC 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 9). 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 June 30, 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, which is adjusted for shares classified as treasury shares during the period (see Note 8). 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 June 30, 2016 and 2015, the Company incurred earnings (loss) per share of $0.69 and $(0.11), respectively. For the six months ended June 30, 2016 and 2015, the Company incurred earnings (loss) per share of $0.68 and $(0.36), 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	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
Acquisitions	3. Acquisitions As of June 30, 2016, the Company is invested in a total of 39 multifamily properties as listed below: Property Name Rentable Square Number of Units Date Acquired Average Effective Monthly Rent Per Unit (1) % Occupied as of June 30, 2016 (2) % Occupied as of December 31, 2015 (2) The Miramar Apartments 183,100 314 10/31/2013 $ 592 91.7 % 92.4 % Arbors on Forest Ridge 154,556 210 1/31/2014 831 93.3 % 93.8 % Cutter’s Point 197,972 196 1/31/2014 999 97.4 % 93.9 % Eagle Crest 395,951 447 1/31/2014 821 92.2 % 95.5 % Silverbrook 526,138 642 1/31/2014 733 94.5 % 93.6 % Timberglen 221,376 304 1/31/2014 772 94.7 % 96.1 % Toscana 115,400 192 1/31/2014 674 94.3 % 94.8 % The Grove at Alban (3) 267,300 290 3/10/2014 990 95.5 % 94.5 % Willowdale Crossing (3) 411,800 432 5/15/2014 955 93.8 % 88.9 % Edgewater at Sandy Springs 726,774 760 7/18/2014 858 92.8 % 94.5 % Beechwood Terrace 271,728 300 7/21/2014 827 95.3 % 97.3 % Willow Grove 229,140 244 7/21/2014 815 95.9 % 95.9 % Woodbridge 246,840 220 7/21/2014 921 92.3 % 96.4 % Abbington Heights 238,974 274 8/1/2014 813 94.5 % 94.5 % The Summit at Sabal Park 204,545 252 8/20/2014 880 92.9 % 92.5 % Courtney Cove 224,958 324 8/20/2014 765 96.0 % 95.4 % Colonial Forest (3) 160,093 174 8/20/2014 654 96.6 % 94.8 % Park at Blanding (3) 116,410 117 8/20/2014 797 95.7 % 97.4 % Jade Park (3) 118,392 144 8/20/2014 773 95.8 % 90.3 % Radbourne Lake 246,599 225 9/30/2014 997 94.7 % 96.9 % Timber Creek 248,391 352 9/30/2014 772 94.9 % 94.3 % Belmont at Duck Creek 198,279 240 9/30/2014 908 91.3 % 93.8 % The Arbors 127,536 140 10/16/2014 806 97.1 % 94.3 % The Crossings 377,840 380 10/16/2014 785 93.9 % 92.9 % The Crossings at Holcomb Bridge 247,982 268 10/16/2014 820 97.0 % 95.9 % The Knolls 311,160 312 10/16/2014 862 94.9 % 93.9 % Regatta Bay 200,440 240 11/4/2014 1,037 93.3 % 93.3 % Sabal Palm at Lake Buena Vista 370,768 400 11/5/2014 1,113 92.8 % 96.0 % Southpoint Reserve at Stoney Creek 115,712 156 12/18/2014 1,005 93.6 % 94.9 % Cornerstone 317,565 430 1/15/2015 846 93.7 % 93.3 % McMillan Place 290,051 402 1/15/2015 679 91.8 % 91.3 % Barrington Mill 692,180 752 2/6/2015 777 92.0 % 95.6 % Dana Point 206,276 264 2/26/2015 752 92.0 % 92.8 % Heatherstone 115,615 152 2/26/2015 813 96.1 % 94.1 % Versailles 300,908 388 2/26/2015 789 94.6 % 90.2 % Seasons 704 Apartments 216,891 222 4/15/2015 986 94.6 % 97.3 % Madera Point 192,880 256 8/5/2015 768 89.8 % 93.8 % The Pointe at the Foothills 472,952 528 8/5/2015 828 92.2 % 90.7 % The Place at Vanderbilt 288,532 333 10/30/2015 746 91.0 % 92.8 % 10,550,004 12,276 (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of June 30, 2016 minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of June 30, 2016. (2) Percent occupied is calculated as the number of units occupied as of June 30, 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 June 30, 2016.

Real Estate Investments

Real Estate Investments	6 Months Ended
	Jun. 30, 2016
Real Estate [Abstract]
Real Estate Investments	4. Real Estate Investments As of June 30, 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 $ 8,721 $ — $ 48 $ 639 $ 10,988 Arbors on Forest Ridge 2,330 10,956 — 4 572 13,862 Cutter’s Point 3,330 12,789 — — 737 16,856 Eagle Crest 5,450 21,900 — 12 955 28,317 Silverbrook 4,860 25,039 — 209 1,700 31,808 Timberglen 2,510 14,412 — 5 804 17,731 Toscana 1,730 7,276 — 5 606 9,617 Edgewater at Sandy Springs 14,290 43,666 — 24 2,822 60,802 Beechwood Terrace 1,390 20,466 — 10 713 22,579 Willow Grove 3,940 10,624 — — 596 15,160 Woodbridge 3,650 12,652 — 43 669 17,014 Abbington Heights 1,770 16,285 — 54 804 18,913 The Summit at Sabal Park 5,770 13,317 — 9 806 19,902 Courtney Cove 5,880 12,864 — 49 766 19,559 Radbourne Lake 2,440 21,386 — 111 858 24,795 Timber Creek 11,260 13,140 — 42 681 25,123 Belmont at Duck Creek 1,910 16,997 — — 712 19,619 The Arbors 1,730 6,508 — 13 298 8,549 The Crossings 3,982 17,487 — 145 1,129 22,743 The Crossings at Holcomb Bridge 5,560 10,758 — — 954 17,272 The Knolls 3,410 17,615 — 8 1,319 22,352 Regatta Bay 1,660 16,130 — 73 688 18,551 Sabal Palm at Lake Buena Vista 7,580 41,103 — 1 761 49,445 Southpoint Reserve at Stoney Creek 6,120 10,950 — 195 497 17,762 Cornerstone 1,500 29,963 — 218 625 32,306 McMillan Place 3,610 17,855 — 101 761 22,327 Barrington Mill 10,170 47,559 — 338 1,764 59,831 Dana Point 4,090 12,126 — 123 814 17,153 Heatherstone 2,320 7,462 — 47 605 10,434 Versailles 6,720 20,160 — 76 1,263 28,219 Seasons 704 Apartments 7,480 13,788 — 202 544 22,014 Madera Point 4,920 16,799 — 41 613 22,373 The Pointe at the Foothills 4,840 45,821 — 5 990 51,656 The Place at Vanderbilt 2,350 16,369 — 351 802 19,872 152,132 630,943 — 2,562 29,867 815,504 Accumulated depreciation and amortization — (37,671 ) — — (9,117 ) (46,788 ) Total Operating Properties $ 152,132 $ 593,272 $ — $ 2,562 $ 20,750 $ 768,716 Held For Sale Properties The Grove at Alban 3,640 19,033 — — 1,215 23,888 Willowdale Crossing 4,650 35,657 — 27 974 41,308 Colonial Forest 2,090 3,490 — — 372 5,952 Park at Blanding 2,610 4,033 — 6 322 6,971 Jade Park 1,490 6,414 — 30 432 8,366 14,480 68,627 — 63 3,315 86,485 Accumulated depreciation and amortization — (4,605 ) — — (790 ) (5,395 ) Total Held For Sale Properties $ 14,480 $ 64,022 $ — $ 63 $ 2,525 $ 81,090 Total $ 166,612 $ 657,294 $ — $ 2,625 $ 23,275 $ 849,806 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 $8.0 million and $6.7 million for the three months ended June 30, 2016 and 2015, respectively. Depreciation expense was $17.0 million and $12.5 million for the six months ended June 30, 2016 and 2015, respectively. Amortization expense related to the Company’s intangible lease assets was $0.1 million and $3.4 million for the three months ended June 30, 2016 and 2015, respectively. Amortization expense related to the Company’s intangible lease assets was $0.7 million and $9.2 million for the six months ended June 30, 2016 and 2015, respectively. Sales of Real Estate The following table presents our sales of real estate for the six months ended June 30, 2016 (in thousands); there were no sales of real estate for the six months ended June 30, 2015: Property Location Date of Sale Sales Price Net Cash Proceeds (1) Gain on Sale of Real Estate Meridian (2) Austin, Texas May 10, 2016 $ 17,250 $ 16,981 $ 4,786 Park at Regency and Mandarin Reserve (3) Jacksonville, Florida June 6, 2016 47,000 46,239 11,584 $ 64,250 $ 63,220 $ 16,370 (1) Represents sales price, net of closing costs. (2) Approximately $6.4 million of the proceeds from the sale of Meridian were placed with a qualified intermediary for use in a like-kind exchange. On July 27, 2016, the Company completed such like-kind exchange, using the approximately $6.4 million of proceeds from the Meridian sale to acquire CityView, a 217-unit property in West Palm Beach, Florida (see Note 11). (3) Properties were sold as a portfolio.

Pro Forma Financial Information

Pro Forma Financial Information (Unaudited)	6 Months Ended
	Jun. 30, 2016
Pro Forma Financial Information [Abstract]
Pro Forma Financial Information (Unaudited)	5. Pro Forma Financial Information (unaudited) The Company acquired 10 properties and sold 3 properties during the period January 1, 2015 through June 30, 2016 and acquired one property subsequent to June 30, 2016 on July 27, 2016 (see Note 11). The following unaudited pro forma information for the six months ended June 30, 2016 and 2015 has been provided to give effect to the acquisitions and dispositions 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 and dispositions 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 six months ended June 30, 2016 and 2015 (in thousands, except per share amounts): Six Months Ended June 30, 2016 2015 Actual: Total revenues $ 67,168 $ 54,285 Net income (loss) 16,887 (8,157 ) Earnings (loss) per share - basic and diluted (see Note 2) 0.68 (0.36 ) Pro forma: Total revenues 64,788 59,682 Net income (loss) 997 (24,970 ) Earnings (loss) per share - basic and diluted (see Note 2) 0.05 (1.17 ) The pro forma information includes adjustments to actual revenues and expenses recorded to reflect operations of all properties owned as of and subsequent to June 30, 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 all of the intangible lease assets have been amortized during the six months ended June 30, 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; (5) gain on sales of real estate has been excluded for pro forma purposes for the gain recognized on the properties sold; and (6) general and administrative fees expected to be incurred on a quarterly basis at a parent level have been adjusted to include the acquisitions and dispositions on a pro forma basis and are estimated to be approximately $800,000 per quarter.

Debt

Debt	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt	6. Debt Mortgages Payable The following table contains summary information concerning the mortgage debt of the Company as of June 30, 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 2.69% 5.75% 2/1/2025 Courtney Cove (5) Floating 84 360 14,210 2.55% 5.75% 9/1/2021 The Summit at Sabal Park (5) Floating 84 360 14,287 2.55% 5.75% 9/1/2021 Southpoint Reserve at Stoney Creek (5) Floating 84 360 13,600 2.58% 6.00% 1/1/2022 Barrington Mill (5) Floating 84 360 43,500 2.43% 5.50% 3/1/2022 Dana Point (5) Floating 84 360 12,176 2.52% 5.50% 3/1/2022 Heatherstone (5) Floating 84 360 7,087 2.55% 5.50% 3/1/2022 Versailles (5) Floating 84 360 19,623 2.50% 5.50% 3/1/2022 Seasons 704 Apartments (5) Floating 84 360 12,660 2.27% 5.95% 5/1/2022 Timber Creek (6) Floating 120 360 19,482 2.29% 5.96% 10/1/2024 Radbourne Lake (6) Floating 120 360 19,213 2.28% 6.25% 10/1/2024 The Arbors (6) Floating 120 360 5,812 2.28% 7.11% 11/1/2024 The Crossings (6) Floating 120 360 15,874 2.28% 7.21% 11/1/2024 The Crossings at Holcomb Bridge (6) Floating 120 360 12,450 2.28% 7.35% 11/1/2024 The Knolls (6) Floating 120 360 16,038 2.28% 7.11% 11/1/2024 McMillan Place (6) Floating 120 360 15,738 2.39% 5.92% 2/1/2025 Sabal Palm at Lake Buena Vista (6) Floating 120 360 37,680 2.28% 6.26% 12/1/2024 Abbington Heights (7) Fixed 120 360 10,305 3.79% 3.79% 9/1/2022 Belmont at Duck Creek (8) Fixed 84 360 11,246 4.68% 4.68% 9/1/2018 Regatta Bay (9) Floating 60 360 14,000 2.35% N/A 11/1/2020 Cornerstone (10) Fixed 120 360 23,283 4.24% 4.24% 3/1/2023 Madera Point (11) Floating 60 360 13,515 2.37% N/A 9/1/2020 The Pointe at the Foothills (11) Floating 60 360 31,365 2.36% N/A 9/1/2020 $ 391,544 Fair market value adjustment 237 (12) Deferred financing costs, net (3,444 ) $ 388,337 Held for Sale Properties The Grove at Alban (5) Floating 84 360 18,657 3.01% 6.50% 4/1/2021 Willowdale Crossing (5) Floating 84 360 32,800 2.74% 5.75% 6/1/2021 Colonial Forest (5) Floating 84 360 4,125 2.63% 6.25% 9/1/2021 Park at Blanding (5) Floating 84 360 4,875 2.63% 7.25% 9/1/2021 Jade Park (5) Floating 84 360 5,850 2.62% 6.49% 9/1/2021 $ 66,307 Deferred financing costs, net (581 ) $ 65,726 (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 June 30, 2016 were 0.4651% and 0.6541%, 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 12 months of the term at par plus 5.00%. Starting in the 13 th th (7) 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. (8) 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. (9) 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. (10) 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 June 30, 2016, the total indebtedness secured by the property is approximately $23.4 million and has a blended interest rate of 4.24%. (11) Loan can be pre-paid starting in the 13 th th (12) 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 2.62% as of June 30, 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 June 30, 2016, the Company believes it is in compliance with all provisions. During the period ended June 30, 2016, the Company sold three properties and repaid the related mortgage loans, as detailed in the table below: Property Name Date of Sale Type Outstanding Principal (1) (in thousands) Meridian May 10, 2016 Floating $ 9,791 Park at Regency and Mandarin Reserve (2) June 6, 2016 Floating 25,582 $ 35,373 (1) Represents the outstanding principal balance when the loan was repaid. (2) Properties were sold as a portfolio. The Company incurred prepayment penalties of approximately $350,000 in connection with the payoff of these mortgage loans, which is included in interest expense on the consolidated statements of operations and comprehensive income (loss). Credit Facility On June 6, 2016, the Company, through certain of its subsidiaries, entered into a $200.0 million credit facility (the “Credit Facility”) with KeyBank National Association (“KeyBank”), as lender, which was in turn assigned to the Federal Home Loan Mortgage Corporation (“Freddie Mac”). The Credit Facility is a full-term, interest-only facility and is expandable to $300.0 million upon the satisfaction of certain conditions. The Credit Facility is guaranteed by the OP. The initial term of the Credit Facility is 60 months, and the Company has one 12-month extension option. Interest accrues on the Credit Facility at an interest rate of one-month LIBOR plus 2.20%. The Credit Facility contains flexible prepayment options that are consistent with the Company’s other floating rate indebtedness held by Freddie Mac. On June 6, 2016, the Company drew $191.0 million under the Credit Facility to replace the existing mortgage debt on 11 properties (see below). The refinancing of this existing mortgage debt did not incur prepayment penalties. In accordance with FASB ASC 470-50, Debt – Modifications and Extinguishments, The following 11 properties in the Company’s portfolio have been cross-collateralized as security for the Credit Facility: · Arbors on Forest Ridge · Cutter’s Point · Eagle Crest · Silverbrook · Timberglen · Toscana · Edgewater at Sandy Springs · Beechwood Terrace · Willow Grove · Woodbridge · The Place at Vanderbilt The Credit 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 June 30, 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 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. During the three months ended June 30, 2016, the Company paid down $27.0 million of principal on the Bridge Facility, reducing the outstanding principal balance to $2.0 million, which was funded with $18.0 million of the Company’s share of proceeds, net of distributions to noncontrolling interests, from the sales of Park at Regency and Mandarin Reserve and $9.0 million of proceeds drawn under the Company’s Credit Facility. The Bridge Facility is payable in full on August 4, 2016, but is pre-payable at any time without penalty (see Note 11). 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. 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 June 30, 2016, the Company believes it is in compliance with all provisions. Schedule of Debt Maturities As of June 30, 2016, debt maturities scheduled for the remainder of 2016, each of the next four years and thereafter, are as follows (in thousands): Operating Properties & Other Secured Debt Held For Sale Properties Total Remainder of 2016 2,399 619 3,018 2017 1,463 1,433 2,896 2018 16,908 1,475 18,383 2019 6,588 1,519 8,107 2020 65,564 1,558 67,122 Thereafter 500,622 59,703 560,325 Total $ 593,544 $ 66,307 $ 659,851 Interest Rate Swap Agreements In order to fix a portion of, and mitigate the risk associated with, the Company’s floating rate indebtedness (without incurring substantial prepayment penalties or defeasance costs typically associated with fixed rate indebtedness when repaid early or refinanced), the Company, through the OP, has entered into three interest rate swap transactions with KeyBank with a combined notional amount of $300.0 million. The interest rate swaps effectively replace the floating interest rate with respect to that amount with a weighted average fixed rate of 1.0088%. The interest rate swaps have an effective date of July 1, 2016 and a termination date of June 1, 2021. Beginning on August 1, 2016, the Company will be required to make monthly fixed rate payments of a weighted average fixed rate of 1.0088% calculated on a combined notional amount of $300.0 million, while the counterparties will be obligated to make monthly floating rate payments based on one-month LIBOR to the Company referencing the same notional amount. The Company has designated these interest rate swaps as cash flow hedges of interest rate risk.

Fair Value Measures and Derivat

Fair Value Measures and Derivative Financial Instruments	6 Months Ended
	Jun. 30, 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 June 30, 2016 and as further discussed in Notes 2 and 3, the Company had acquired and owned 39 properties. The Company did not acquire any properties during the six months ended June 30, 2016 (see Note 11). Upon acquisition of a property, the purchase price is allocated to land, buildings, improvements, furniture, fixtures and equipment, and intangible lease assets based on their estimated fair values using Level 3 inputs. If debt is assumed upon an acquisition, the debt is recorded based on its estimated fair value using Level 2 inputs. As discussed in Note 2, fair value measurements at the time of acquisition are determined by management using available market information and appropriate valuation methodologies available to management. 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. 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 payments principally related to the Company’s 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 main objective in using interest rate derivatives is to add stability to interest expense related to floating rate debt. To accomplish this objective, the Company 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 six months ended June 30, 2016 and 2015, such derivatives were used to hedge the variable cash flows associated with a majority of the Company’s floating rate debt. The derivative financial instruments the Company employs cap the related floating interest rates at a weighted average interest rate of 6.09%. 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 floating rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in net income as interest expense. During the three and six months ended June 30, 2016 and 2015, the Company recorded no ineffectiveness in earnings attributable to derivatives designated as cash flow hedges. As of June 30, 2015, the Company had 14 derivatives designated as cash flow hedges. As of June 30, 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 As of June 30, 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 7 $ 94,867 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 June 30, 2016 and December 31, 2015 (in thousands): Asset Derivative Liability Derivative Balance Sheet Location June 30, 2016 December 31, 2015 Balance Sheet Location June 30, 2016 December 31, 2015 Derivatives designated as hedging instruments: Interest rate caps Other assets $ 5 $ 61 Other $ — $ — Derivatives not designated as hedging instruments: Interest rate caps Other assets — 6 Other liabilities — — Total $ 5 $ 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 and six months ended June 30, 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 June 30, Interest rate caps $ (12 ) $ (126 ) Interest expense $ (6 ) $ — Interest expense $ — $ — For the six months ended June 30, Interest rate caps (44 ) (396 ) Interest expense (12 ) — 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 June 30, Interest rate caps Interest expense $ (2 ) $ (50 ) For the six months ended June 30, Interest rate caps Interest expense (6 ) (166 ) 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.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Stockholders' Equity	8. Stockholders’ Equity Common stock 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”). 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. As of June 30, 2016, the Company had 21,293,825 shares of common stock, $0.01 par value per share, issued and 21,288,825 shares of common stock outstanding (see “Treasury Stock” below) (see Note 11). Treasury Stock During the period ended June 30, 2016, in accordance with the Company’s share repurchase program (as described below), the Company purchased 5,000 shares of its common stock, $0.01 par value per share, at a total cost of approximately $88,000 (see Note 11). The cost of these shares is included in common stock held in treasury at cost on the consolidated balance sheet as of June 30, 2016. The number of shares of common stock classified as treasury shares reduce the number of shares of the Company’s common stock outstanding and, accordingly, are considered in the weighted average number of shares outstanding during the period. Share Repurchase Program On June 15, 2016, the Company’s Board of Directors authorized the repurchase by the Company of up to $30.0 million of its common stock, $0.01 par value per share. This authorization expires on June 15, 2018. The Company may utilize various methods to effect the repurchases, and the timing and extent of the repurchases will depend upon several factors, including market and business conditions, regulatory requirements and other corporate considerations, including whether the Company’s common stock is trading at a significant discount to net asset value per share. Repurchases under this program may be discontinued at any time. During the period ended June 30, 2016, the Company purchased 5,000 shares of its common stock, $0.01 par value per share, at a total cost of approximately $88,000, or $17.62 per share (see Note 11). Long Term Incentive Plan On June 15, 2016, the Company’s stockholders approved a long term incentive plan (the “2016 LTIP”) and the Company filed a registration statement on Form S-8 registering up to 2,100,000 shares of common stock, $0.01 par value per share, that the Company may issue pursuant to the 2016 LTIP. The 2016 LTIP authorizes the compensation committee of the Company’s Board of Directors to provide equity-based compensation in the form of stock options, appreciation rights, restricted shares, restricted stock units, performance shares, performance units and certain other awards denominated or payable in, or otherwise based on, the Company’s common stock or factors that may influence the value of the Company’s common stock, plus cash incentive awards, for the purpose of providing the Company’s officers and other key employees (and those of the Adviser and the Company’s subsidiaries), the Company’s non-employee directors, and potentially certain non-employees who perform employee-type functions, incentives and rewards for performance. The Company did not award any equity-based compensation pursuant to the 2016 LTIP during the period ended June 30, 2016.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	9. 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 and six months ended June 30, 2016 and 2015 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Fees incurred Property management fees (1) $ 1,013 $ 858 $ 2,018 $ 1,617 Construction supervision fees (2) 172 394 377 535 Acquisition fees (3) — 162 — 1,353 Reimbursements Payroll and benefits (4) 3,881 3,103 8,072 6,137 Other reimbursements (5) 705 1,307 1,005 1,556 (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, which are included on the combined consolidated statements of operations and comprehensive income (loss). Asset Management Fee In accordance with the operating agreement of each entity that owns the real estate properties, the Company earns an asset management fee for services provided in connection with monitoring the operations of the properties. The asset management fee is equal to 0.5% per annum of the aggregate effective gross income of the properties, as defined in each of the operating agreements. For the three months ended June 30, 2016 and 2015, the properties incurred asset management fees to the Company of approximately $0.2 million and $0.1 million, respectively. For the six months ended June 30, 2016 and 2015, the properties incurred asset management fees to the Company of approximately $0.3 million and $0.3 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 is 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 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, 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, and compensation expenses under the 2016 LTIP, the Company’s long term incentive plan. Operating Expenses do not include expenses for the advisory and administrative services described in the Advisory Agreement. Certain Operating Expenses, such as our ratable share of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses incurred by the Adviser or its affiliates that relate to the operations of the Company, will be billed monthly to us under a shared services agreement. Offering Expenses include all expenses (other than underwriters’ discounts) in connection with an offering, including, without limitation, legal, accounting, printing, mailing and filing fees and other documented offering expenses. For the three and six months ended June 30, 2016 and the three months ended June 30, 2015, the Adviser did not bill any operating or offering expenses to the Company and any such expenses the Adviser incurred during the periods are considered to be permanently waived. Expense Cap Pursuant to the terms of the Advisory Agreement, as amended, expenses paid or incurred by the Company 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. For the three months ended June 30, 2016 and 2015, the Company incurred advisory and administrative fees of $1.6 million and $1.4 million, respectively. For the six months ended June 30, 2016 and 2015, the Company incurred advisory and administrative fees of $3.2 million and $2.7 million, 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 the Company’s 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 the Company’s 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 and six months ended June 30, 2016 represents the maximum fee allowed on Contributed Assets under the Advisory Agreement plus approximately $0.3 million and $0.6 million, respectively, 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	6 Months Ended
	Jun. 30, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. 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. As of June 30, 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 combined 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 the Company or its 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 the Company’s 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 the Company’s results of operations and cash flows. During the three months ended June 30, 2016, the Company sold three properties, for which BH Equity and its affiliates may be entitled to certain profits interests pursuant to a portfolio joint venture agreement covering the Company's Jacksonville portfolio. Upon achieving certain performance hurdles, not to exceed an additional 10% of the net proceeds from sales or refinancings and based upon estimated distributions upon a hypothetical liquidation of each of the Jacksonville properties (assuming they are liquidated and proceeds distributed and not reinvested through 1031 exchanges or similar deferment strategies), BH Equity and its affiliates may earn an additional profit interest in the Jacksonville portfolio in a range from $0 to $2.0 million. Inputs reflect the Company’s best estimate of what market participants would use in pricing the properties giving consideration to the terms of the joint venture agreements and the estimated discounted future cash flows to be generated from the underlying properties through disposition. The inputs and assumptions utilized to estimate the future cash flows of the underlying properties are based upon the Company’s evaluation of the economy, market trends, operating results, and other factors, including judgments regarding occupancy rates, rental rates, inflation rates, capitalization rates utilized to estimate the projected cash flows at the disposition, and discount rates. As the additional profit interest BH Equity and its affiliates may earn on these investments is reasonably possible, but not reasonably estimable, the Company has concluded that it is not appropriate to accrue a liability for these additional profit interests on its combined consolidated financial statements.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events Acquisition of Multifamily Property The Company acquired the following property subsequent to June 30, 2016 (dollars in thousands) (unaudited): Property Name Location Date of Acquisition Purchase Price Debt # Units Noncontrolling Interest Effective Ownership CityView West Palm Beach, Florida July 27, 2016 $ 22,421 $ 15,812 (1) 217 5 % 95 % (1) The Company assumed a 4.49% fixed-rate loan that was originally issued on July 24, 2015 and matures on August 1, 2025. Interest Rate Swap Agreements On July 1, 2016, the Company had three interest rate swap transactions that became effective. The Company, through the OP, previously entered into these interest rate swap transactions with KeyBank. The following table contains summary information regarding the Company’s outstanding interest rate swaps (dollars in thousands): Trade Date Effective Date Termination Date Notional Amount Fixed Rate Floating Rate Option May 13, 2016 July 1, 2016 June 1, 2021 $ 100,000 1.1055 % One-month LIBOR June 13, 2016 July 1, 2016 June 1, 2021 100,000 1.0210 % One-month LIBOR June 30, 2016 July 1, 2016 June 1, 2021 100,000 0.9000 % One-month LIBOR $ 300,000 1.0088 % (1) (1) Represents the weighted average fixed rate of the interest rate swaps. Bridge Facility Payoff On August 2, 2016, the Company paid the remaining $2.0 million of principal outstanding on its Bridge Facility with cash on hand, and the Bridge Facility was retired. Share Repurchase Program Subsequent to June 30, 2016, the Company purchased 22,055 shares of its common stock, $0.01 par value per share, at a total cost of approximately $398,000, or $18.07 per share. As of August 8, 2016, the Company had purchased 27,055 shares of its common stock, $0.01 par value per share, at a total cost of approximately $486,000, or $17.99 per share, which will be included in common stock held in treasury at cost on the Company’s consolidated balance sheet. Dividends Declared On August 8, 2016, the Company’s board of directors declared a quarterly dividend of $0.206 per share, payable on September 30, 2016 to stockholders of record on September 15, 2016.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 three and six month periods ended June 30, 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 June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 December 31, 2015 Security deposits $ 963 $ 1,034 Operating escrows 17,433 21,312 Renovation value-add reserves 15,804 24,523 $ 34,200 $ 46,869
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 $4.0 million and $6.0 million are recorded as a deduction from mortgages payable on the accompanying consolidated balance sheets as of June 30, 2016 and December 31, 2015, respectively. Deferred financing costs, net of amortization, of $3.7 million and $0.2 million are recorded as a deduction from the debt related to the Company’s credit facility and bridge facility on the accompanying consolidated balance sheets as of June 30, 2016 and December 31, 2015, respectively. Amortization of deferred financing costs of $0.7 million and $0.2 million is included in interest expense on the consolidated statements of operations and comprehensive income (loss) for the three months ended June 30, 2016 and 2015, respectively. For the three months ended June 30, 2016, the Company incurred amortization of deferred financing costs of approximately $0.3 million related to its sales of three properties (see Note 4). Amortization of deferred financing costs of $1.0 million and $0.6 million is included in interest expense on the combined consolidated statements of operations and comprehensive income (loss) for the six months ended June 30, 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 in VIEs as of June 30, 2016 and December 31, 2015: Property Name Location Year Effective Ownership Percentage at June 30, 2016 Effective Ownership Percentage at December 31, 2015 Meridian Austin, Texas 2014 — (2) 90 % The Grove at Alban (1) Frederick, Maryland 2014 76 % 76 % Willowdale Crossing (1) Frederick, Maryland 2014 80 % 80 % 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 (1) Jacksonville, Florida 2014 90 % 90 % Park at Blanding (1) Orange Park, Florida 2014 90 % 90 % Park at Regency Jacksonville, Florida 2014 — (2) 90 % Jade Park (1) Daytona Beach, Florida 2014 90 % 90 % Mandarin Reserve Jacksonville, Florida 2014 — (2) 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 % (1) Properties are classified as held for sale as of June 30, 2016. (2) Properties were sold during the six months ended June 30, 2016. The following table represents the Company’s investments in voting interest entities as of June 30, 2016 and December 31, 2015: Property Name Location Year Effective Ownership Percentage at June 30, 2016 Effective Ownership Percentage at December 31, 2015 The Miramar Apartments Dallas, Texas 2013 100 % 100 % Arbors on Forest Ridge Bedford, Texas 2014 90 % 90 % (1) Cutter’s Point Richardson, Texas 2014 90 % 90 % (1) Eagle Crest Irving, Texas 2014 90 % 90 % (1) Silverbrook Grand Prairie, Texas 2014 90 % 90 % (1) Timberglen Dallas, Texas 2014 90 % 90 % (1) Toscana Dallas, Texas 2014 90 % 90 % (1) Edgewater at Sandy Springs Atlanta, Georgia 2014 90 % 90 % (1) Beechwood Terrace Nashville, Tennessee 2014 90 % 90 % (1) Willow Grove Nashville, Tennessee 2014 90 % 90 % (1) Woodbridge Nashville, Tennessee 2014 90 % 90 % (1) Madera Point Mesa, Arizona 2015 95 % 95 % The Pointe at the Foothills Mesa, Arizona 2015 95 % 95 % The Place at Vanderbilt Fort Worth, Texas 2015 95 % 95 % (1) Properties were considered VIEs at December 31, 2015. 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. In instances where the Company acquires multiple properties under a single purchase and sale agreement (a “Portfolio Acquisition”), the Company directly or indirectly holds membership interests in the single-asset LLCs that directly own the properties through a multiple-asset LLC. Under these arrangements, the multiple-asset LLC is the sole member of all single-asset LLCs which 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. In instances where membership interests in individual properties are held through a multiple-asset LLC, consideration of additional profit interest is calculated at the multiple-asset LLC level. Therefore, distributions will be made to the members pro rata in proportion to their relative percentage interests in the multiple-asset LLC 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 multiple-asset LLC 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 9).
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 June 30, 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, which is adjusted for shares classified as treasury shares during the period (see Note 8). 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 June 30, 2016 and 2015, the Company incurred earnings (loss) per share of $0.69 and $(0.11), respectively. For the six months ended June 30, 2016 and 2015, the Company incurred earnings (loss) per share of $0.68 and $(0.36), 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 Accoun19

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 December 31, 2015 Security deposits $ 963 $ 1,034 Operating escrows 17,433 21,312 Renovation value-add reserves 15,804 24,523 $ 34,200 $ 46,869
Schedule of Investments	The following table represents the Company’s investments in VIEs as of June 30, 2016 and December 31, 2015: Property Name Location Year Effective Ownership Percentage at June 30, 2016 Effective Ownership Percentage at December 31, 2015 Meridian Austin, Texas 2014 — (2) 90 % The Grove at Alban (1) Frederick, Maryland 2014 76 % 76 % Willowdale Crossing (1) Frederick, Maryland 2014 80 % 80 % 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 (1) Jacksonville, Florida 2014 90 % 90 % Park at Blanding (1) Orange Park, Florida 2014 90 % 90 % Park at Regency Jacksonville, Florida 2014 — (2) 90 % Jade Park (1) Daytona Beach, Florida 2014 90 % 90 % Mandarin Reserve Jacksonville, Florida 2014 — (2) 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 % (1) Properties are classified as held for sale as of June 30, 2016. (2) Properties were sold during the six months ended June 30, 2016. The following table represents the Company’s investments in voting interest entities as of June 30, 2016 and December 31, 2015: Property Name Location Year Effective Ownership Percentage at June 30, 2016 Effective Ownership Percentage at December 31, 2015 The Miramar Apartments Dallas, Texas 2013 100 % 100 % Arbors on Forest Ridge Bedford, Texas 2014 90 % 90 % (1) Cutter’s Point Richardson, Texas 2014 90 % 90 % (1) Eagle Crest Irving, Texas 2014 90 % 90 % (1) Silverbrook Grand Prairie, Texas 2014 90 % 90 % (1) Timberglen Dallas, Texas 2014 90 % 90 % (1) Toscana Dallas, Texas 2014 90 % 90 % (1) Edgewater at Sandy Springs Atlanta, Georgia 2014 90 % 90 % (1) Beechwood Terrace Nashville, Tennessee 2014 90 % 90 % (1) Willow Grove Nashville, Tennessee 2014 90 % 90 % (1) Woodbridge Nashville, Tennessee 2014 90 % 90 % (1) Madera Point Mesa, Arizona 2015 95 % 95 % The Pointe at the Foothills Mesa, Arizona 2015 95 % 95 % The Place at Vanderbilt Fort Worth, Texas 2015 95 % 95 % (1) Properties were considered VIEs at December 31, 2015.
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)	6 Months Ended
	Jun. 30, 2016
Multifamily Properties
Business Acquisition [Line Items]
Summary of Investment in Multifamily Properties	As of June 30, 2016, the Company is invested in a total of 39 multifamily properties as listed below: Property Name Rentable Square Number of Units Date Acquired Average Effective Monthly Rent Per Unit (1) % Occupied as of June 30, 2016 (2) % Occupied as of December 31, 2015 (2) The Miramar Apartments 183,100 314 10/31/2013 $ 592 91.7 % 92.4 % Arbors on Forest Ridge 154,556 210 1/31/2014 831 93.3 % 93.8 % Cutter’s Point 197,972 196 1/31/2014 999 97.4 % 93.9 % Eagle Crest 395,951 447 1/31/2014 821 92.2 % 95.5 % Silverbrook 526,138 642 1/31/2014 733 94.5 % 93.6 % Timberglen 221,376 304 1/31/2014 772 94.7 % 96.1 % Toscana 115,400 192 1/31/2014 674 94.3 % 94.8 % The Grove at Alban (3) 267,300 290 3/10/2014 990 95.5 % 94.5 % Willowdale Crossing (3) 411,800 432 5/15/2014 955 93.8 % 88.9 % Edgewater at Sandy Springs 726,774 760 7/18/2014 858 92.8 % 94.5 % Beechwood Terrace 271,728 300 7/21/2014 827 95.3 % 97.3 % Willow Grove 229,140 244 7/21/2014 815 95.9 % 95.9 % Woodbridge 246,840 220 7/21/2014 921 92.3 % 96.4 % Abbington Heights 238,974 274 8/1/2014 813 94.5 % 94.5 % The Summit at Sabal Park 204,545 252 8/20/2014 880 92.9 % 92.5 % Courtney Cove 224,958 324 8/20/2014 765 96.0 % 95.4 % Colonial Forest (3) 160,093 174 8/20/2014 654 96.6 % 94.8 % Park at Blanding (3) 116,410 117 8/20/2014 797 95.7 % 97.4 % Jade Park (3) 118,392 144 8/20/2014 773 95.8 % 90.3 % Radbourne Lake 246,599 225 9/30/2014 997 94.7 % 96.9 % Timber Creek 248,391 352 9/30/2014 772 94.9 % 94.3 % Belmont at Duck Creek 198,279 240 9/30/2014 908 91.3 % 93.8 % The Arbors 127,536 140 10/16/2014 806 97.1 % 94.3 % The Crossings 377,840 380 10/16/2014 785 93.9 % 92.9 % The Crossings at Holcomb Bridge 247,982 268 10/16/2014 820 97.0 % 95.9 % The Knolls 311,160 312 10/16/2014 862 94.9 % 93.9 % Regatta Bay 200,440 240 11/4/2014 1,037 93.3 % 93.3 % Sabal Palm at Lake Buena Vista 370,768 400 11/5/2014 1,113 92.8 % 96.0 % Southpoint Reserve at Stoney Creek 115,712 156 12/18/2014 1,005 93.6 % 94.9 % Cornerstone 317,565 430 1/15/2015 846 93.7 % 93.3 % McMillan Place 290,051 402 1/15/2015 679 91.8 % 91.3 % Barrington Mill 692,180 752 2/6/2015 777 92.0 % 95.6 % Dana Point 206,276 264 2/26/2015 752 92.0 % 92.8 % Heatherstone 115,615 152 2/26/2015 813 96.1 % 94.1 % Versailles 300,908 388 2/26/2015 789 94.6 % 90.2 % Seasons 704 Apartments 216,891 222 4/15/2015 986 94.6 % 97.3 % Madera Point 192,880 256 8/5/2015 768 89.8 % 93.8 % The Pointe at the Foothills 472,952 528 8/5/2015 828 92.2 % 90.7 % The Place at Vanderbilt 288,532 333 10/30/2015 746 91.0 % 92.8 % 10,550,004 12,276 (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of June 30, 2016 minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of June 30, 2016. (2) Percent occupied is calculated as the number of units occupied as of June 30, 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 June 30, 2016.

Real Estate Investments (Tables

Real Estate Investments (Tables)	6 Months Ended
	Jun. 30, 2016
Real Estate [Abstract]
Summary of Major Components of Investments in Multifamily Properties	As of June 30, 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 $ 8,721 $ — $ 48 $ 639 $ 10,988 Arbors on Forest Ridge 2,330 10,956 — 4 572 13,862 Cutter’s Point 3,330 12,789 — — 737 16,856 Eagle Crest 5,450 21,900 — 12 955 28,317 Silverbrook 4,860 25,039 — 209 1,700 31,808 Timberglen 2,510 14,412 — 5 804 17,731 Toscana 1,730 7,276 — 5 606 9,617 Edgewater at Sandy Springs 14,290 43,666 — 24 2,822 60,802 Beechwood Terrace 1,390 20,466 — 10 713 22,579 Willow Grove 3,940 10,624 — — 596 15,160 Woodbridge 3,650 12,652 — 43 669 17,014 Abbington Heights 1,770 16,285 — 54 804 18,913 The Summit at Sabal Park 5,770 13,317 — 9 806 19,902 Courtney Cove 5,880 12,864 — 49 766 19,559 Radbourne Lake 2,440 21,386 — 111 858 24,795 Timber Creek 11,260 13,140 — 42 681 25,123 Belmont at Duck Creek 1,910 16,997 — — 712 19,619 The Arbors 1,730 6,508 — 13 298 8,549 The Crossings 3,982 17,487 — 145 1,129 22,743 The Crossings at Holcomb Bridge 5,560 10,758 — — 954 17,272 The Knolls 3,410 17,615 — 8 1,319 22,352 Regatta Bay 1,660 16,130 — 73 688 18,551 Sabal Palm at Lake Buena Vista 7,580 41,103 — 1 761 49,445 Southpoint Reserve at Stoney Creek 6,120 10,950 — 195 497 17,762 Cornerstone 1,500 29,963 — 218 625 32,306 McMillan Place 3,610 17,855 — 101 761 22,327 Barrington Mill 10,170 47,559 — 338 1,764 59,831 Dana Point 4,090 12,126 — 123 814 17,153 Heatherstone 2,320 7,462 — 47 605 10,434 Versailles 6,720 20,160 — 76 1,263 28,219 Seasons 704 Apartments 7,480 13,788 — 202 544 22,014 Madera Point 4,920 16,799 — 41 613 22,373 The Pointe at the Foothills 4,840 45,821 — 5 990 51,656 The Place at Vanderbilt 2,350 16,369 — 351 802 19,872 152,132 630,943 — 2,562 29,867 815,504 Accumulated depreciation and amortization — (37,671 ) — — (9,117 ) (46,788 ) Total Operating Properties $ 152,132 $ 593,272 $ — $ 2,562 $ 20,750 $ 768,716 Held For Sale Properties The Grove at Alban 3,640 19,033 — — 1,215 23,888 Willowdale Crossing 4,650 35,657 — 27 974 41,308 Colonial Forest 2,090 3,490 — — 372 5,952 Park at Blanding 2,610 4,033 — 6 322 6,971 Jade Park 1,490 6,414 — 30 432 8,366 14,480 68,627 — 63 3,315 86,485 Accumulated depreciation and amortization — (4,605 ) — — (790 ) (5,395 ) Total Held For Sale Properties $ 14,480 $ 64,022 $ — $ 63 $ 2,525 $ 81,090 Total $ 166,612 $ 657,294 $ — $ 2,625 $ 23,275 $ 849,806 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
Summary of Sales of Real Estate Property	The following table presents our sales of real estate for the six months ended June 30, 2016 (in thousands); there were no sales of real estate for the six months ended June 30, 2015: Property Location Date of Sale Sales Price Net Cash Proceeds (1) Gain on Sale of Real Estate Meridian (2) Austin, Texas May 10, 2016 $ 17,250 $ 16,981 $ 4,786 Park at Regency and Mandarin Reserve (3) Jacksonville, Florida June 6, 2016 47,000 46,239 11,584 $ 64,250 $ 63,220 $ 16,370 (1) Represents sales price, net of closing costs. (2) Approximately $6.4 million of the proceeds from the sale of Meridian were placed with a qualified intermediary for use in a like-kind exchange. On July 27, 2016, the Company completed such like-kind exchange, using the approximately $6.4 million of proceeds from the Meridian sale to acquire CityView, a 217-unit property in West Palm Beach, Florida (see Note 11). (3) Properties were sold as a portfolio.

Pro Forma Financial Informati22

Pro Forma Financial Information (Unaudited) (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2016 and 2015 (in thousands, except per share amounts): Six Months Ended June 30, 2016 2015 Actual: Total revenues $ 67,168 $ 54,285 Net income (loss) 16,887 (8,157 ) Earnings (loss) per share - basic and diluted (see Note 2) 0.68 (0.36 ) Pro forma: Total revenues 64,788 59,682 Net income (loss) 997 (24,970 ) Earnings (loss) per share - basic and diluted (see Note 2) 0.05 (1.17 )

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 2.69% 5.75% 2/1/2025 Courtney Cove (5) Floating 84 360 14,210 2.55% 5.75% 9/1/2021 The Summit at Sabal Park (5) Floating 84 360 14,287 2.55% 5.75% 9/1/2021 Southpoint Reserve at Stoney Creek (5) Floating 84 360 13,600 2.58% 6.00% 1/1/2022 Barrington Mill (5) Floating 84 360 43,500 2.43% 5.50% 3/1/2022 Dana Point (5) Floating 84 360 12,176 2.52% 5.50% 3/1/2022 Heatherstone (5) Floating 84 360 7,087 2.55% 5.50% 3/1/2022 Versailles (5) Floating 84 360 19,623 2.50% 5.50% 3/1/2022 Seasons 704 Apartments (5) Floating 84 360 12,660 2.27% 5.95% 5/1/2022 Timber Creek (6) Floating 120 360 19,482 2.29% 5.96% 10/1/2024 Radbourne Lake (6) Floating 120 360 19,213 2.28% 6.25% 10/1/2024 The Arbors (6) Floating 120 360 5,812 2.28% 7.11% 11/1/2024 The Crossings (6) Floating 120 360 15,874 2.28% 7.21% 11/1/2024 The Crossings at Holcomb Bridge (6) Floating 120 360 12,450 2.28% 7.35% 11/1/2024 The Knolls (6) Floating 120 360 16,038 2.28% 7.11% 11/1/2024 McMillan Place (6) Floating 120 360 15,738 2.39% 5.92% 2/1/2025 Sabal Palm at Lake Buena Vista (6) Floating 120 360 37,680 2.28% 6.26% 12/1/2024 Abbington Heights (7) Fixed 120 360 10,305 3.79% 3.79% 9/1/2022 Belmont at Duck Creek (8) Fixed 84 360 11,246 4.68% 4.68% 9/1/2018 Regatta Bay (9) Floating 60 360 14,000 2.35% N/A 11/1/2020 Cornerstone (10) Fixed 120 360 23,283 4.24% 4.24% 3/1/2023 Madera Point (11) Floating 60 360 13,515 2.37% N/A 9/1/2020 The Pointe at the Foothills (11) Floating 60 360 31,365 2.36% N/A 9/1/2020 $ 391,544 Fair market value adjustment 237 (12) Deferred financing costs, net (3,444 ) $ 388,337 Held for Sale Properties The Grove at Alban (5) Floating 84 360 18,657 3.01% 6.50% 4/1/2021 Willowdale Crossing (5) Floating 84 360 32,800 2.74% 5.75% 6/1/2021 Colonial Forest (5) Floating 84 360 4,125 2.63% 6.25% 9/1/2021 Park at Blanding (5) Floating 84 360 4,875 2.63% 7.25% 9/1/2021 Jade Park (5) Floating 84 360 5,850 2.62% 6.49% 9/1/2021 $ 66,307 Deferred financing costs, net (581 ) $ 65,726 (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 June 30, 2016 were 0.4651% and 0.6541%, 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 12 months of the term at par plus 5.00%. Starting in the 13 th th (7) 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. (8) 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. (9) 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. (10) 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 June 30, 2016, the total indebtedness secured by the property is approximately $23.4 million and has a blended interest rate of 4.24%. (11) Loan can be pre-paid starting in the 13 th th (12) 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.
Sale of Properties and Repayment of Related Mortgage Loans	During the period ended June 30, 2016, the Company sold three properties and repaid the related mortgage loans, as detailed in the table below: Property Name Date of Sale Type Outstanding Principal (1) (in thousands) Meridian May 10, 2016 Floating $ 9,791 Park at Regency and Mandarin Reserve (2) June 6, 2016 Floating 25,582 $ 35,373 (1) Represents the outstanding principal balance when the loan was repaid. (2) Properties were sold as a portfolio.
Schedule of Debt Maturities	As of June 30, 2016, debt maturities scheduled for the remainder of 2016, each of the next four years and thereafter, are as follows (in thousands): Operating Properties & Other Secured Debt Held For Sale Properties Total Remainder of 2016 2,399 619 3,018 2017 1,463 1,433 2,896 2018 16,908 1,475 18,383 2019 6,588 1,519 8,107 2020 65,564 1,558 67,122 Thereafter 500,622 59,703 560,325 Total $ 593,544 $ 66,307 $ 659,851

Fair Value Measures and Deriv24

Fair Value Measures and Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Schedule of Outstanding Interest Rate Derivatives	As of June 30, 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 June 30, 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 7 $ 94,867
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 June 30, 2016 and December 31, 2015 (in thousands): Asset Derivative Liability Derivative Balance Sheet Location June 30, 2016 December 31, 2015 Balance Sheet Location June 30, 2016 December 31, 2015 Derivatives designated as hedging instruments: Interest rate caps Other assets $ 5 $ 61 Other $ — $ — Derivatives not designated as hedging instruments: Interest rate caps Other assets — 6 Other liabilities — — Total $ 5 $ 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 and six months ended June 30, 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 June 30, Interest rate caps $ (12 ) $ (126 ) Interest expense $ (6 ) $ — Interest expense $ — $ — For the six months ended June 30, Interest rate caps (44 ) (396 ) Interest expense (12 ) — 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 June 30, Interest rate caps Interest expense $ (2 ) $ (50 ) For the six months ended June 30, Interest rate caps Interest expense (6 ) (166 )

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2016 and 2015 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Fees incurred Property management fees (1) $ 1,013 $ 858 $ 2,018 $ 1,617 Construction supervision fees (2) 172 394 377 535 Acquisition fees (3) — 162 — 1,353 Reimbursements Payroll and benefits (4) 3,881 3,103 8,072 6,137 Other reimbursements (5) 705 1,307 1,005 1,556 (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, which are included on the combined consolidated statements of operations and comprehensive income (loss).

Subsequent Events (Tables)

Subsequent Events (Tables)	6 Months Ended
	Jun. 30, 2016
Subsequent Event [Line Items]
Summary of Company's Outstanding Interest Rate Swaps	On July 1, 2016, the Company had three interest rate swap transactions that became effective. The Company, through the OP, previously entered into these interest rate swap transactions with KeyBank. The following table contains summary information regarding the Company’s outstanding interest rate swaps (dollars in thousands): Trade Date Effective Date Termination Date Notional Amount Fixed Rate Floating Rate Option May 13, 2016 July 1, 2016 June 1, 2021 $ 100,000 1.1055 % One-month LIBOR June 13, 2016 July 1, 2016 June 1, 2021 100,000 1.0210 % One-month LIBOR June 30, 2016 July 1, 2016 June 1, 2021 100,000 0.9000 % One-month LIBOR $ 300,000 1.0088 % (1) (1) Represents the weighted average fixed rate of the interest rate swaps.
Multifamily Properties
Subsequent Event [Line Items]
Summary of Acquired Property	The Company acquired the following property subsequent to June 30, 2016 (dollars in thousands) (unaudited): Property Name Location Date of Acquisition Purchase Price Debt # Units Noncontrolling Interest Effective Ownership CityView West Palm Beach, Florida July 27, 2016 $ 22,421 $ 15,812 (1) 217 5 % 95 %

Organization and Description 27

Organization and Description of Business - Additional Information (Details)	6 Months Ended
	Jun. 30, 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 Accoun28

Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	6 Months Ended
	Jun. 30, 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 Accoun29

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		6 Months Ended		18 Months Ended
	Jun. 30, 2016USD ($)Property$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2016USD ($)PropertySegment$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2016USD ($)Property	Dec. 31, 2015USD ($)
Summary Of Significant Accounting Policies [Line Items]
Impairment charges related to real estate assets	$ 0	$ 0	$ 0	$ 0
Deferred financing costs, net	4,000,000		4,000,000		$ 4,000,000	$ 6,000,000
Amortization of deferred financing fees	$ 700,000	$ 200,000	$ 983,000	$ 540,000
Number of properties sold | Property	3		3		3
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	$ 0.69	$ (0.11)	$ 0.68	$ (0.36)
Potentially dilutive securities | shares	0	0	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%
Sale and Refinancing of Properties
Summary Of Significant Accounting Policies [Line Items]
Amortization of deferred financing fees	$ 300,000
Credit Facility and Bridge Facility
Summary Of Significant Accounting Policies [Line Items]
Deferred financing costs, net	$ 3,700,000		$ 3,700,000		$ 3,700,000	$ 200,000

Summary of Significant Accoun30

Summary of Significant Accounting Policies - Summary of Restricted Cash Held (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Security deposits	$ 963	$ 1,034
Operating escrows	17,433	21,312
Renovation value-add reserves	15,804	24,523
Restricted cash held	$ 34,200	$ 46,869

Summary of Significant Accoun31

Summary of Significant Accounting Policies - Schedule of Investments (Details) - VIE	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Meridian | Austin | Texas
Schedule Of Equity Method Investments [Line Items]
Year of acquisition	2,014
Effective ownership percentage		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%
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%
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%
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%
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%
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%
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%
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 Accoun32

Summary of Significant Accounting Policies - Schedule of Reclassification of Deferred Financing Costs (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Deferred financing costs, net	$ 4,000	$ 6,000
Bridge facility, net	1,972	28,805
Mortgages payable, net	$ 388,337	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)	Jun. 30, 2016Property
Business Acquisition [Line Items]
Number of multifamily properties	39
Multifamily Properties
Business Acquisition [Line Items]
Number of multifamily properties	39

Acquisitions - Summary of Inves

Acquisitions - Summary of Investment in Multifamily Properties (Details)		6 Months Ended
		Jun. 30, 2016ft²Property$ / Units	Dec. 31, 2015
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		10,550,004
Number of Units | Property		12,276
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]	592
% Occupied	[2]	91.70%	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]	831
% Occupied	[2]	93.30%	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]	999
% Occupied	[2]	97.40%	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]	821
% Occupied	[2]	92.20%	95.50%
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]	733
% Occupied	[2]	94.50%	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]	772
% Occupied	[2]	94.70%	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]	674
% Occupied	[2]	94.30%	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]	990
% Occupied	[2],[3]	95.50%	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]	955
% Occupied	[2],[3]	93.80%	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]	858
% Occupied	[2]	92.80%	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]	827
% Occupied	[2]	95.30%	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]	815
% 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]	921
% Occupied	[2]	92.30%	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]	813
% 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]	880
% Occupied	[2]	92.90%	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]	765
% Occupied	[2]	96.00%	95.40%
Colonial Forest
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[3]	160,093
Number of Units | Property	[3]	174
Date Acquired	[3]	Aug. 20, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[3]	654
% Occupied	[2],[3]	96.60%	94.80%
Park at Blanding
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[3]	116,410
Number of Units | Property	[3]	117
Date Acquired	[3]	Aug. 20, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[3]	797
% Occupied	[2],[3]	95.70%	97.40%
Jade Park
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[3]	118,392
Number of Units | Property	[3]	144
Date Acquired	[3]	Aug. 20, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[3]	773
% Occupied	[2],[3]	95.80%	90.30%
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]	997
% Occupied	[2]	94.70%	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]	772
% Occupied	[2]	94.90%	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]	908
% Occupied	[2]	91.30%	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]	806
% Occupied	[2]	97.10%	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]	785
% Occupied	[2]	93.90%	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]	820
% Occupied	[2]	97.00%	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]	862
% 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]	1,037
% Occupied	[2]	93.30%	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]	1,113
% Occupied	[2]	92.80%	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]	1,005
% Occupied	[2]	93.60%	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]	846
% Occupied	[2]	93.70%	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]	679
% Occupied	[2]	91.80%	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]	777
% Occupied	[2]	92.00%	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]	752
% Occupied	[2]	92.00%	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]	813
% Occupied	[2]	96.10%	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]	789
% Occupied	[2]	94.60%	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]	986
% Occupied	[2]	94.60%	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]	768
% Occupied	[2]	89.80%	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]	828
% Occupied	[2]	92.20%	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]	746
% Occupied	[2]	91.00%	92.80%
[1]	Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of June 30, 2016 minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of June 30, 2016
[2]	Percent occupied is calculated as the number of units occupied as of June 30, 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 June 30, 2016.

Real Estate Investments - Summa

Real Estate Investments - Summary of Major Components of Investments in Multifamily Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Real estate investment, gross	$ 815,504	$ 942,755
Accumulated depreciation and amortization	(46,788)	(39,873)
Total Net Operating Real Estate Investments	768,716	902,882
Total Net Real Estate Investments	849,806	902,882
Multifamily Properties
Real Estate Properties [Line Items]
Real estate investment, gross	815,504	942,755
Accumulated depreciation and amortization	(46,788)	(39,873)
Total Net Operating Real Estate Investments	768,716	902,882
Total Net Real Estate Investments	849,806
Multifamily Properties | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		2,573
Accumulated depreciation and amortization		(1,844)
Total Net Operating Real Estate Investments		729
Multifamily Properties | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	86,485
Accumulated depreciation and amortization	(5,395)
Total Net Operating Real Estate Investments	81,090
Multifamily Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross	152,132	177,152
Total Net Operating Real Estate Investments	152,132	177,152
Total Net Real Estate Investments	166,612
Multifamily Properties | Land | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	14,480
Total Net Operating Real Estate Investments	14,480
Multifamily Properties | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	630,943	729,675
Accumulated depreciation and amortization	(37,671)	(32,350)
Total Net Operating Real Estate Investments	593,272	697,325
Total Net Real Estate Investments	657,294
Multifamily Properties | Building and Improvements | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	68,627
Accumulated depreciation and amortization	(4,605)
Total Net Operating Real Estate Investments	64,022
Multifamily Properties | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	2,562	5,346
Total Net Operating Real Estate Investments	2,562	5,346
Total Net Real Estate Investments	2,625
Multifamily Properties | Construction in Progress | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	63
Total Net Operating Real Estate Investments	63
Multifamily Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	29,867	28,009
Accumulated depreciation and amortization	(9,117)	(5,679)
Total Net Operating Real Estate Investments	20,750	22,330
Total Net Real Estate Investments	23,275
Multifamily Properties | Furniture, Fixtures, and Equipment | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	3,315
Accumulated depreciation and amortization	(790)
Total Net Operating Real Estate Investments	2,525
Multifamily Properties | The Miramar Apartments
Real Estate Properties [Line Items]
Real estate investment, gross	10,988	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	8,721	8,601
Multifamily Properties | The Miramar Apartments | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	48	48
Multifamily Properties | The Miramar Apartments | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	639	603
Multifamily Properties | Arbors on Forest Ridge
Real Estate Properties [Line Items]
Real estate investment, gross	13,862	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	10,956	10,948
Multifamily Properties | Arbors on Forest Ridge | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	4
Multifamily Properties | Arbors on Forest Ridge | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	572	524
Multifamily Properties | Cutter's Point
Real Estate Properties [Line Items]
Real estate investment, gross	16,856	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	12,789	12,747
Multifamily Properties | Cutter's Point | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		37
Multifamily Properties | Cutter's Point | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	737	621
Multifamily Properties | Eagle Crest
Real Estate Properties [Line Items]
Real estate investment, gross	28,317	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	21,900	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	955	743
Multifamily Properties | Silverbrook
Real Estate Properties [Line Items]
Real estate investment, gross	31,808	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	25,039	24,909
Multifamily Properties | Silverbrook | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	209	118
Multifamily Properties | Silverbrook | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,700	1,475
Multifamily Properties | Timberglen
Real Estate Properties [Line Items]
Real estate investment, gross	17,731	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	14,412	14,379
Multifamily Properties | Timberglen | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	5	20
Multifamily Properties | Timberglen | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	804	703
Multifamily Properties | Toscana
Real Estate Properties [Line Items]
Real estate investment, gross	9,617	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	7,276	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	606	522
Multifamily Properties | Edgewater at Sandy Springs
Real Estate Properties [Line Items]
Real estate investment, gross	60,802	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	43,666	43,429
Multifamily Properties | Edgewater at Sandy Springs | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	24	199
Multifamily Properties | Edgewater at Sandy Springs | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	2,822	2,394
Multifamily Properties | Beechwood Terrace
Real Estate Properties [Line Items]
Real estate investment, gross	22,579	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	20,466	20,374
Multifamily Properties | Beechwood Terrace | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	10	28
Multifamily Properties | Beechwood Terrace | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	713	572
Multifamily Properties | Willow Grove
Real Estate Properties [Line Items]
Real estate investment, gross	15,160	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	10,624	10,621
Multifamily Properties | Willow Grove | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		2
Multifamily Properties | Willow Grove | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	596	483
Multifamily Properties | Woodbridge
Real Estate Properties [Line Items]
Real estate investment, gross	17,014	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	12,652	12,581
Multifamily Properties | Woodbridge | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	43	110
Multifamily Properties | Woodbridge | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	669	543
Multifamily Properties | Abbington Heights
Real Estate Properties [Line Items]
Real estate investment, gross	18,913	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	16,285	16,184
Multifamily Properties | Abbington Heights | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	54	67
Multifamily Properties | Abbington Heights | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	804	657
Multifamily Properties | The Summit at Sabal Park
Real Estate Properties [Line Items]
Real estate investment, gross	19,902	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	13,317	13,311
Multifamily Properties | The Summit at Sabal Park | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	9	9
Multifamily Properties | The Summit at Sabal Park | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	806	674
Multifamily Properties | Courtney Cove
Real Estate Properties [Line Items]
Real estate investment, gross	19,559	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	12,864	12,850
Multifamily Properties | Courtney Cove | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	49	30
Multifamily Properties | Courtney Cove | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	766	668
Multifamily Properties | Radbourne Lake
Real Estate Properties [Line Items]
Real estate investment, gross	24,795	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	21,386	21,194
Multifamily Properties | Radbourne Lake | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	111	224
Multifamily Properties | Radbourne Lake | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	858	739
Multifamily Properties | Timber Creek
Real Estate Properties [Line Items]
Real estate investment, gross	25,123	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	13,140	13,101
Multifamily Properties | Timber Creek | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	42	37
Multifamily Properties | Timber Creek | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	681	541
Multifamily Properties | Belmont at Duck Creek
Real Estate Properties [Line Items]
Real estate investment, gross	19,619	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	16,997	16,948
Multifamily Properties | Belmont at Duck Creek | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		47
Multifamily Properties | Belmont at Duck Creek | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	712	533
Multifamily Properties | The Arbors
Real Estate Properties [Line Items]
Real estate investment, gross	8,549	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	6,508	6,512
Multifamily Properties | The Arbors | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	13	4
Multifamily Properties | The Arbors | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	298	279
Multifamily Properties | The Crossings
Real Estate Properties [Line Items]
Real estate investment, gross	22,743	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	17,487	16,696
Multifamily Properties | The Crossings | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	145	759
Multifamily Properties | The Crossings | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,129	890
Multifamily Properties | The Crossings at Holcomb Bridge
Real Estate Properties [Line Items]
Real estate investment, gross	17,272	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	10,758	10,644
Multifamily Properties | The Crossings at Holcomb Bridge | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		101
Multifamily Properties | The Crossings at Holcomb Bridge | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	954	749
Multifamily Properties | The Knolls
Real Estate Properties [Line Items]
Real estate investment, gross	22,352	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	17,615	17,574
Multifamily Properties | The Knolls | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	8
Multifamily Properties | The Knolls | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,319	1,016
Multifamily Properties | Regatta Bay
Real Estate Properties [Line Items]
Real estate investment, gross	18,551	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	16,130	16,120
Multifamily Properties | Regatta Bay | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	73	34
Multifamily Properties | Regatta Bay | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	688	543
Multifamily Properties | Sabal Palm at Lake Buena Vista
Real Estate Properties [Line Items]
Real estate investment, gross	49,445	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	41,103	40,833
Multifamily Properties | Sabal Palm at Lake Buena Vista | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	1	214
Multifamily Properties | Sabal Palm at Lake Buena Vista | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	761	639
Multifamily Properties | Southpoint Reserve at Stoney Creek
Real Estate Properties [Line Items]
Real estate investment, gross	17,762	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	10,950	10,896
Multifamily Properties | Southpoint Reserve at Stoney Creek | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	195	166
Multifamily Properties | Southpoint Reserve at Stoney Creek | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	497	286
Multifamily Properties | Cornerstone
Real Estate Properties [Line Items]
Real estate investment, gross	32,306	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	29,963	29,786
Multifamily Properties | Cornerstone | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	218	201
Multifamily Properties | Cornerstone | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	625	411
Multifamily Properties | McMillan Place
Real Estate Properties [Line Items]
Real estate investment, gross	22,327	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	17,855	17,127
Multifamily Properties | McMillan Place | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	101	398
Multifamily Properties | McMillan Place | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	761	517
Multifamily Properties | Barrington Mill
Real Estate Properties [Line Items]
Real estate investment, gross	59,831	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	47,559	47,055
Multifamily Properties | Barrington Mill | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	338	430
Multifamily Properties | Barrington Mill | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,764	1,117
Multifamily Properties | Dana Point
Real Estate Properties [Line Items]
Real estate investment, gross	17,153	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	12,126	11,760
Multifamily Properties | Dana Point | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	123	330
Multifamily Properties | Dana Point | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	814	649
Multifamily Properties | Heatherstone
Real Estate Properties [Line Items]
Real estate investment, gross	10,434	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	7,462	6,962
Multifamily Properties | Heatherstone | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	47	403
Multifamily Properties | Heatherstone | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	605	399
Multifamily Properties | Versailles
Real Estate Properties [Line Items]
Real estate investment, gross	28,219	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	20,160	19,339
Multifamily Properties | Versailles | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	76	699
Multifamily Properties | Versailles | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,263	903
Multifamily Properties | Seasons 704 Apartments
Real Estate Properties [Line Items]
Real estate investment, gross	22,014	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	13,788	13,532
Multifamily Properties | Seasons 704 Apartments | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	202	254
Multifamily Properties | Seasons 704 Apartments | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	544	361
Multifamily Properties | Madera Point
Real Estate Properties [Line Items]
Real estate investment, gross	22,373	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	16,799	16,632
Multifamily Properties | Madera Point | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	41	39
Multifamily Properties | Madera Point | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	613	444
Multifamily Properties | The Pointe at the Foothills
Real Estate Properties [Line Items]
Real estate investment, gross	51,656	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	45,821	45,395
Multifamily Properties | The Pointe at the Foothills | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	5	186
Multifamily Properties | The Pointe at the Foothills | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	990	768
Multifamily Properties | The Place at Vanderbilt
Real Estate Properties [Line Items]
Real estate investment, gross	19,872	19,456
Multifamily Properties | The Place at Vanderbilt | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		511
Multifamily Properties | The Place at Vanderbilt | Land
Real Estate Properties [Line Items]
Real estate investment, gross	2,350	2,350
Multifamily Properties | The Place at Vanderbilt | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	16,369	16,112
Multifamily Properties | The Place at Vanderbilt | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	351	4
Multifamily Properties | The Place at Vanderbilt | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	802	479
Multifamily Properties | Colonial Forest
Real Estate Properties [Line Items]
Real estate investment, gross		5,904
Multifamily Properties | Colonial Forest | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	5,952
Multifamily Properties | Colonial Forest | Land
Real Estate Properties [Line Items]
Real estate investment, gross		2,090
Multifamily Properties | Colonial Forest | Land | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	2,090
Multifamily Properties | Colonial Forest | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross		3,486
Multifamily Properties | Colonial Forest | Building and Improvements | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	3,490
Multifamily Properties | Colonial Forest | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross		328
Multifamily Properties | Colonial Forest | Furniture, Fixtures, and Equipment | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	372
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	23,888
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	19,033
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 | 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	1,215
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	41,308
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	35,657
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	27
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	974
Multifamily Properties | Park at Blanding
Real Estate Properties [Line Items]
Real estate investment, gross		6,943
Multifamily Properties | Park at Blanding | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	6,971
Multifamily Properties | Park at Blanding | Land
Real Estate Properties [Line Items]
Real estate investment, gross		2,610
Multifamily Properties | Park at Blanding | Land | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	2,610
Multifamily Properties | Park at Blanding | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross		4,025
Multifamily Properties | Park at Blanding | Building and Improvements | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	4,033
Multifamily Properties | Park at Blanding | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		4
Multifamily Properties | Park at Blanding | Construction in Progress | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	6
Multifamily Properties | Park at Blanding | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross		304
Multifamily Properties | Park at Blanding | Furniture, Fixtures, and Equipment | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	322
Multifamily Properties | Jade Park
Real Estate Properties [Line Items]
Real estate investment, gross		8,264
Multifamily Properties | Jade Park | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	8,366
Multifamily Properties | Jade Park | Land
Real Estate Properties [Line Items]
Real estate investment, gross		1,490
Multifamily Properties | Jade Park | Land | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	1,490
Multifamily Properties | Jade Park | Building and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross		6,404
Multifamily Properties | Jade Park | Building and Improvements | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	6,414
Multifamily Properties | Jade Park | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		19
Multifamily Properties | Jade Park | Construction in Progress | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	30
Multifamily Properties | Jade Park | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross		351
Multifamily Properties | Jade Park | Furniture, Fixtures, and Equipment | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	$ 432
Multifamily Properties | Meridian
Real Estate Properties [Line Items]
Real estate investment, gross		13,066
Multifamily Properties | Meridian | Land
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 | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		12
Multifamily Properties | Meridian | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross		419
Multifamily Properties | Park at Regency
Real Estate Properties [Line Items]
Real estate investment, gross		8,777
Multifamily Properties | Park at Regency | Land
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 | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		5
Multifamily Properties | Park at Regency | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross		446
Multifamily Properties | Mandarin Reserve
Real Estate Properties [Line Items]
Real estate investment, gross		27,481
Multifamily Properties | Mandarin Reserve | Land
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 | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross		$ 1,021

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Real Estate [Abstract]
Depreciation expense	$ 8,000,000	$ 6,700,000	$ 17,000,000	$ 12,500,000
Amortization expense of intangible lease assets	100,000	700,000	3,400,000	9,200,000
Sales of real estate	$ 64,250,000	$ 0	$ 64,250,000	$ 0

Real Estate Investments - Sum37

Real Estate Investments - Summary of Sales of Real Estate Property (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015
Real Estate Properties [Line Items]
Sales Price	$ 64,250,000	$ 64,250,000	$ 0
Net proceeds from sales of real estate		63,220,000
Gain on sales of real estate	16,370,000	$ 16,370,000
Meridian | Austin | Texas
Real Estate Properties [Line Items]
Date of Sale		May 10, 2016
Sales Price	17,250,000	$ 17,250,000
Net proceeds from sales of real estate		16,981,000
Gain on sales of real estate		$ 4,786,000
Park At Regency And Mandarin Reserve | Jacksonville | Florida
Real Estate Properties [Line Items]
Date of Sale		Jun. 6, 2016
Sales Price	$ 47,000,000	$ 47,000,000
Net proceeds from sales of real estate		46,239,000
Gain on sales of real estate		$ 11,584,000

Real Estate Investments - Sum38

Real Estate Investments - Summary of Sales of Real Estate Property (Parenthetical) (Details) Units in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)Property	Jul. 27, 2016USD ($)Units
Real Estate Properties [Line Items]
Number of Units | Property	12,276
Meridian | Austin | Texas
Real Estate Properties [Line Items]
Proceeds from sales of real estate	$ 6.4
CityView | West Palm Beach | Florida
Real Estate Properties [Line Items]
Date of Acquisition	Jul. 27, 2016
CityView | West Palm Beach | Subsequent Event | Florida
Real Estate Properties [Line Items]
Purchase Price		$ 6.4
Number of Units | Units		217

Pro Forma Financial Informati39

Pro Forma Financial Information (Unaudited) - Additional Information (Details)	Jul. 27, 2016Property	Jun. 30, 2016USD ($)Property	Jun. 30, 2016Property	Jun. 30, 2016Property
Pro Forma Financial Information [Line Items]
Number of properties acquired				10
Number of properties sold		3	3	3
General and administrative fees expected | $		$ 800,000
Subsequent Event
Pro Forma Financial Information [Line Items]
Number of properties acquired	1

Pro Forma Financial Informati40

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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Business Acquisition Pro Forma Information [Abstract]
Total revenues, actual	$ 33,657	$ 28,747	$ 67,168	$ 54,285
Net income (loss)	$ 16,596	$ (2,266)	$ 16,887	$ (8,157)
Earnings (loss) per share: Basic and diluted	$ 0.69	$ (0.11)	$ 0.68	$ (0.36)
Total revenues, pro forma			$ 64,788	$ 59,682
Net income (loss), pro forma			$ 997	$ (24,970)
Earnings (loss) per share - basic and diluted, pro forma			$ 0.05	$ (1.17)

Debt - Summary of Mortgage Debt

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Maturity Date	Aug. 4, 2016
Deferred financing costs, net	$ (4,000)	$ (4,000)	$ (6,000)
Mortgages Payable	$ 388,337	$ 388,337	$ 676,324
Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Max Note Rate	4.09%	4.09%
Mortgages Payable
Debt Instrument [Line Items]
Outstanding Principal	$ 391,544	$ 391,544
Fair market value adjustment	237	237
Deferred financing costs, net	(3,444)	(3,444)
Mortgages Payable	388,337	388,337
Mortgages Payable | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Outstanding Principal	35,373	$ 35,373
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	$ 8,400
Interest Rate	2.69%	2.69%
Maturity Date		Feb. 1, 2025
Mortgages Payable | The Miramar Apartments | Maximum | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Max Note Rate	5.75%	5.75%
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	$ 14,210
Interest Rate	2.55%	2.55%
Maturity Date		Sep. 1, 2021
Mortgages Payable | Courtney Cove | Maximum | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Max Note Rate	5.75%	5.75%
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	$ 14,287
Interest Rate	2.55%	2.55%
Maturity Date		Sep. 1, 2021
Mortgages Payable | The Summit at Sabal Park | Maximum | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Max Note Rate	5.75%	5.75%
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	$ 13,600
Interest Rate	2.58%	2.58%
Maturity Date		Jan. 1, 2022
Mortgages Payable | Southpoint Reserve at Stoney Creek | Maximum | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Max Note Rate	6.00%	6.00%
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	$ 43,500
Interest Rate	2.43%	2.43%
Maturity Date		Mar. 1, 2022
Mortgages Payable | Barrington Mill | Maximum | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Max Note Rate	5.50%	5.50%
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	$ 12,176
Interest Rate	2.52%	2.52%
Maturity Date		Mar. 1, 2022
Mortgages Payable | Dana Point | Maximum | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Max Note Rate	5.50%	5.50%
Mortgages Payable | Heatherstone | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)		84 months
Amortization (months)		360 months
Outstanding Principal	$ 7,087	$ 7,087
Interest Rate	2.55%	2.55%
Maturity Date		Mar. 1, 2022
Mortgages Payable | Heatherstone | Maximum | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Max Note Rate	5.50%	5.50%
Mortgages Payable | Versailles | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)		84 months
Amortization (months)		360 months
Outstanding Principal	$ 19,623	$ 19,623
Interest Rate	2.50%	2.50%
Maturity Date		Mar. 1, 2022
Mortgages Payable | Versailles | Maximum | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Max Note Rate	5.50%	5.50%
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	$ 12,660
Interest Rate	2.27%	2.27%
Maturity Date		May 1, 2022
Mortgages Payable | Seasons 704 Apartments | Maximum | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Max Note Rate	5.95%	5.95%
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	$ 19,482
Interest Rate	2.29%	2.29%
Maturity Date		Oct. 1, 2024
Mortgages Payable | Timber Creek | Maximum | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Max Note Rate	5.96%	5.96%
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	$ 19,213
Interest Rate	2.28%	2.28%
Maturity Date		Oct. 1, 2024
Mortgages Payable | Radbourne Lake | Maximum | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Max Note Rate	6.25%	6.25%
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	$ 5,812
Interest Rate	2.28%	2.28%
Maturity Date		Nov. 1, 2024
Mortgages Payable | The Arbors | Maximum | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Max Note Rate	7.11%	7.11%
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	$ 15,874
Interest Rate	2.28%	2.28%
Maturity Date		Nov. 1, 2024
Mortgages Payable | The Crossings | Maximum | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Max Note Rate	7.21%	7.21%
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	$ 12,450
Interest Rate	2.28%	2.28%
Maturity Date		Nov. 1, 2024
Mortgages Payable | The Crossings at Holcomb Bridge | Maximum | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Max Note Rate	7.35%	7.35%
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	$ 16,038
Interest Rate	2.28%	2.28%
Maturity Date		Nov. 1, 2024
Mortgages Payable | The Knolls | Maximum | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Max Note Rate	7.11%	7.11%
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	$ 15,738
Interest Rate	2.39%	2.39%
Maturity Date		Feb. 1, 2025
Mortgages Payable | McMillan Place | Maximum | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Max Note Rate	5.92%	5.92%
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	$ 37,680
Interest Rate	2.28%	2.28%
Maturity Date		Dec. 1, 2024
Mortgages Payable | Sabal Palm at Lake Buena Vista | Maximum | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Max Note Rate	6.26%	6.26%
Mortgages Payable | Abbington Heights
Debt Instrument [Line Items]
Max Note Rate	3.79%	3.79%
Mortgages Payable | Abbington Heights | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)		120 months
Amortization (months)		360 months
Outstanding Principal	$ 10,305	$ 10,305
Interest Rate	3.79%	3.79%
Maturity Date		Sep. 1, 2022
Mortgages Payable | Abbington Heights | Maximum | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Max Note Rate	3.79%	3.79%
Mortgages Payable | Belmont at Duck Creek
Debt Instrument [Line Items]
Max Note Rate	4.68%	4.68%
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	$ 11,246	$ 11,246
Interest Rate	4.68%	4.68%
Maturity Date		Sep. 1, 2018
Mortgages Payable | Belmont at Duck Creek | Maximum | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Max Note Rate	4.68%	4.68%
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	$ 14,000
Interest Rate	2.35%	2.35%
Maturity Date		Nov. 1, 2020
Mortgages Payable | Cornerstone
Debt Instrument [Line Items]
Max Note Rate	4.24%	4.24%
Mortgages Payable | Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)		120 months
Amortization (months)		360 months
Outstanding Principal	$ 23,283	$ 23,283
Interest Rate	4.24%	4.24%
Maturity Date		Mar. 1, 2023
Mortgages Payable | Cornerstone | Maximum | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Max Note Rate	4.24%	4.24%
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	$ 13,515
Interest Rate	2.37%	2.37%
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	$ 31,365
Interest Rate	2.36%	2.36%
Maturity Date		Sep. 1, 2020
Mortgages Payable | Held For Sale Properties
Debt Instrument [Line Items]
Outstanding Principal	$ 66,307	$ 66,307
Deferred financing costs, net	(581)	(581)
Mortgages Payable	65,726	$ 65,726
Mortgages Payable | Held For Sale Properties | Colonial Forest | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)		84 months
Amortization (months)		360 months
Outstanding Principal	$ 4,125	$ 4,125
Interest Rate	2.63%	2.63%
Maturity Date		Sep. 1, 2021
Mortgages Payable | Held For Sale Properties | Colonial Forest | Maximum | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Max Note Rate	6.25%	6.25%
Mortgages Payable | Held For Sale Properties | Park at Blanding | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)		84 months
Amortization (months)		360 months
Outstanding Principal	$ 4,875	$ 4,875
Interest Rate	2.63%	2.63%
Maturity Date		Sep. 1, 2021
Mortgages Payable | Held For Sale Properties | Park at Blanding | Maximum | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Max Note Rate	7.25%	7.25%
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	$ 18,657	$ 18,657
Interest Rate	3.01%	3.01%
Maturity Date		Apr. 1, 2021
Mortgages Payable | Held For Sale Properties | The Grove at Alban | Maximum | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Max Note Rate	6.50%	6.50%
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	$ 32,800
Interest Rate	2.74%	2.74%
Maturity Date		Jun. 1, 2021
Mortgages Payable | Held For Sale Properties | Willowdale Crossing | Maximum | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Max Note Rate	5.75%	5.75%
Mortgages Payable | Held For Sale Properties | Jade Park | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)		84 months
Amortization (months)		360 months
Outstanding Principal	$ 5,850	$ 5,850
Interest Rate	2.62%	2.62%
Maturity Date		Sep. 1, 2021
Mortgages Payable | Held For Sale Properties | Jade Park | Maximum | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Max Note Rate	6.49%	6.49%

Debt - Summary of Mortgage De42

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Parenthetical) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
13th month through 81st month
Debt Instrument [Line Items]
Mortgage loans payable description	Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
First 12 months
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
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%
13th month through 57th month
Debt Instrument [Line Items]
Mortgage loans payable description	Loan can be pre-paid starting in the 13th month through the 57th month of the term at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
Abbington Heights | Last Three Months
Debt Instrument [Line Items]
Mortgage loans payable description	Debt was assumed upon acquisition of this property at approximated fair value. The loan is open to pre-payment in the last three months of the term.
Belmont at Duck Creek | Last Six Months
Debt Instrument [Line Items]
Mortgage loans payable description	Debt was assumed upon acquisition of this property at approximated fair value. The loan is open to pre-payment in the last six months of the term.
Regatta Bay | First 12 months
Debt Instrument [Line Items]
Mortgage loans payable description	Loan can be pre-paid in the first 12 months of the term at par plus 1.00% of the unpaid principal balance and at par thereafter. Loan’s unpaid principal balance can be declared due and payable in full, at the lender’s discretion, on November 1, 2018 and November 1, 2019.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Interest Rate	4.09%
Fair value of debt assumed upon acquisition	$ 18
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%
Mortgages Payable | Three-month LIBOR
Debt Instrument [Line Items]
LIBOR, interest rate	0.6541%
Mortgages Payable | One-month LIBOR
Debt Instrument [Line Items]
LIBOR, interest rate	0.4651%
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%
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%
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%

Debt - Additional Information (

Debt - Additional Information (Details)	Aug. 02, 2016USD ($)	Jul. 01, 2016USD ($)	Jun. 30, 2016USD ($)Property	Jun. 07, 2016USD ($)	Jun. 06, 2016USD ($)	Aug. 05, 2015USD ($)	Jun. 30, 2016USD ($)Property	Jun. 30, 2016USD ($)Property	Jun. 30, 2016USD ($)Property	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Weighted average interest rate of mortgage indebtedness			2.62%				2.62%	2.62%	2.62%	2.67%
Number of properties sold | Property							3	3	3
Credit facility proceeds received								$ 200,000,000
Amount outstanding under the credit facility			$ 196,290,000				$ 196,290,000	196,290,000	$ 196,290,000
Deferred financing costs, net			$ 4,000,000				$ 4,000,000	$ 4,000,000	$ 4,000,000	$ 6,000,000
Number Of Cross Collateralized Properties | Property			11				11	11	11
Bridge facility			$ 1,972,000				$ 1,972,000	$ 1,972,000	$ 1,972,000	$ 28,805,000
Bridge facility principal payment								$ 27,000,000
Bridge facility, full payment date							Aug. 4, 2016
Key Bank, N.A.
Debt Instrument [Line Items]
Bridge facility						$ 29,000,000
Key Bank, N.A. | Subsequent Event
Debt Instrument [Line Items]
Combined notional amount		$ 300,000,000
Weighted average fixed rate		1.0088%
Key Bank, N.A. | Subsequent Event | Interest Rate Swap
Debt Instrument [Line Items]
Combined notional amount		$ 300,000,000
Weighted average fixed rate		1.0088%
Interest rate swap effective date		Jul. 1, 2016
Interest rate swap termination date		Jul. 1, 2021
Bridge Loan
Debt Instrument [Line Items]
Credit facility interest accrual description								4.00% plus one-month LIBOR.
Accrual of interest on debt instrument						4.00%
Credit facility proceeds received							$ 9,000,000
Bridge facility principal payment							27,000,000
Remaining principal amount outstanding			2,000,000				2,000,000	$ 2,000,000	2,000,000
Bridge Loan | Subsequent Event
Debt Instrument [Line Items]
Bridge facility principal payment	$ 2,000,000
Bridge Loan | Park At Regency And Mandarin Reserve
Debt Instrument [Line Items]
Bridge facility principal payment funded with share proceeds							$ 18,000,000
Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity					$ 200,000,000
Credit facility, additional borrowing capacity					$ 300,000,000
Credit facility, initial term					60 months
Credit facility, one extension term					12 months
Credit facility interest accrual description								Interest accrues on the Credit Facility at an interest rate of one-month LIBOR plus 2.20%.
Accrual of interest on debt instrument					2.20%
Credit facility proceeds received				$ 9,000,000	$ 191,000,000
Number of properties refinanced | Property							11
Amount outstanding under the credit facility			$ 200,000,000				$ 200,000,000	$ 200,000,000	200,000,000
Credit facility, interest rate			2.67%
Deferred financing costs, net			$ 2,500,000		$ 1,200,000		$ 2,500,000	2,500,000	$ 2,500,000
Interest expense
Debt Instrument [Line Items]
Mortgage prepayment penalties								$ 350,000

Debt - Sale of Properties and R

Debt - Sale of Properties and Repayment of Related Mortgage Loans (Details) - Mortgage Loans $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Debt Instrument [Line Items]
Outstanding Principal	$ 391,544
Debt With Floating Interest Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 35,373
Debt With Floating Interest Rate | Meridian
Debt Instrument [Line Items]
Date of Sale	May 10, 2016
Outstanding Principal	$ 9,791
Debt With Floating Interest Rate | Park At Regency And Mandarin Reserve
Debt Instrument [Line Items]
Date of Sale	Jun. 6, 2016
Outstanding Principal	$ 25,582

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) $ in Thousands	Jun. 30, 2016USD ($)
Debt Instrument [Line Items]
Remainder of 2016	$ 3,018
2,017	2,896
2,018	18,383
2,019	8,107
2,020	67,122
Thereafter	560,325
Total	659,851
Operating Properties & Other Secured Debt
Debt Instrument [Line Items]
Remainder of 2016	2,399
2,017	1,463
2,018	16,908
2,019	6,588
2,020	65,564
Thereafter	500,622
Total	593,544
Held For Sale Properties
Debt Instrument [Line Items]
Remainder of 2016	619
2,017	1,433
2,018	1,475
2,019	1,519
2,020	1,558
Thereafter	59,703
Total	$ 66,307

Fair Value Measures and Deriv46

Fair Value Measures and Derivative Financial Instruments - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)Property	Jun. 30, 2015USD ($)DerivativeInstrument	Jun. 30, 2016USD ($)Property	Jun. 30, 2015USD ($)DerivativeInstrument
Fair Value Inputs Assets Quantitative Information [Line Items]
Properties acquired | Property	39		39
Derivative financial instruments cap weighted average interest rate	6.09%		6.09%
Designated as hedging instrument
Fair Value Inputs Assets Quantitative Information [Line Items]
Earnings ineffectiveness to derivatives designated as cash flow hedges | $	$ 0	$ 0	$ 0	$ 0
Number of derivatives designated as cash flow hedges		14		14
Not designated as hedging instrument
Fair Value Inputs Assets Quantitative Information [Line Items]
Number of derivatives not designated as hedges		20		20
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

Fair Value Measures and Deriv47

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	Jun. 30, 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 Deriv48

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	Jun. 30, 2016USD ($)DerivativeInstrument	Jun. 30, 2015DerivativeInstrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps		20
Interest rate caps
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps	7
Interest rate caps | $	$ 94,867,000

Fair Value Measures and Deriv49

Fair Value Measures and Derivative Financial Instruments - Summary of Derivative Financial Instruments and Classification on the Combined Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps	$ 5	$ 67
Other assets | Interest rate caps | Designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps	$ 5	61
Other assets | Interest rate caps | Not designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps		$ 6

Fair Value Measures and Deriv50

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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in OCI on derivative (effective portion)	$ (12)	$ (126)	$ (44)	$ (396)
Amount of gain (loss) reclassified from accumulated OCI into income (effective portion)	(6)		(12)
Amount of gain (loss) recognized in income	$ (2)	$ (50)	$ (6)	$ (166)

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 15, 2016	Dec. 31, 2015
Class Of Stock [Line Items]
Common stock, shares, issued	21,293,825		21,293,825
Common stock, shares, outstanding	21,288,825
Common stock, par value	$ 0.01	$ 0.01	$ 0.01
Share repurchase program, treasury stock shares	5,000
Share repurchase program, treasury stock, value	$ 88,000
Share repurchase program, authorized amount		$ 30,000,000
Stock repurchase program, expiration date	Jun. 15, 2018
Share repurchase program, treasury stock, per share	$ 17.62
2016 LTIP
Class Of Stock [Line Items]
Common stock, par value		$ 0.01
Number of shares authorized to issue		2,100,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)$ / Property$ / h	Jun. 30, 2015USD ($)
Operating Agreement
Related Party Transaction [Line Items]
Asset management fee percent			0.50%
Asset management fees	$ 0.2	$ 0.1	$ 0.3	$ 0.3
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	$ 1.4	$ 3.2	$ 2.7
Additional advisory and administrative fees	$ 0.3		$ 0.6
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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Fees incurred
Property management fees	$ 1,013	$ 858	$ 2,018	$ 1,617
Construction supervision fees	172	394	377	535
Acquisition fees		162		1,353
Reimbursements
Payroll and benefits	3,881	3,103	8,072	6,137
Other reimbursements	$ 705	$ 1,307	$ 1,005	$ 1,556

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	3 Months Ended	6 Months Ended	18 Months Ended
	Jun. 30, 2016USD ($)Property	Jun. 30, 2016Property	Jun. 30, 2016Property
Commitments And Contingencies [Line Items]
Number of properties sold | Property	3	3	3
Maximum
Commitments And Contingencies [Line Items]
Percentage of net proceeds from sales or refinancing	10.00%
Maximum | Jacksonville Portfolio
Commitments And Contingencies [Line Items]
Additional profit interest earning	$ 2,000,000
Minimum | Jacksonville Portfolio
Commitments And Contingencies [Line Items]
Additional profit interest earning	$ 0

Subsequent Events - Summary of

Subsequent Events - Summary of Acquired Property (Details) $ in Thousands	Jul. 27, 2016USD ($)Units	Jun. 30, 2016Property
Subsequent Event [Line Items]
Number of Units | Property		12,276
CityView | West Palm Beach | Florida
Subsequent Event [Line Items]
Date of Acquisition		Jul. 27, 2016
Subsequent Event | CityView | West Palm Beach | Florida
Subsequent Event [Line Items]
Purchase Price	$ 6,400
Number of Units | Units	217,000,000
Subsequent Event | CityView | Multifamily Properties | West Palm Beach | Florida
Subsequent Event [Line Items]
Date of Acquisition	Jul. 27, 2016
Purchase Price	$ 22,421
Debt	$ 15,812
Number of Units | Units	217
Noncontrolling Interest	5.00%
Effective ownership percentage	95.00%

Subsequent Events - Summary o56

Subsequent Events - Summary of Acquired Property (Parenthetical) (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Subsequent Event [Line Items]
Maturity Date	Aug. 4, 2016
CityView
Subsequent Event [Line Items]
Debt issued date		Jul. 24, 2015
Maturity Date		Aug. 1, 2025
Debt instrument description		The Company assumed a 4.49% fixed-rate loan that was originally issued on July 24, 2015 and matures on August 1, 2025. The loan is open to pre-payment in the last XX months of the term.
CityView | Debt With Fixed Interest Rate
Subsequent Event [Line Items]
Interest Rate	4.49%	4.49%

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ / shares in Units, $ in Thousands	Aug. 08, 2016USD ($)$ / sharesshares	Aug. 02, 2016USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2016USD ($)$ / sharesshares	Aug. 08, 2016USD ($)$ / sharesshares	Sep. 30, 2016$ / shares	Jul. 01, 2016DerivativeInstrument
Subsequent Event [Line Items]
Remaining principal amount outstanding paid				$ 27,000
Share repurchase program, treasury stock shares | shares				5,000
Share repurchase program, treasury stock, per share | $ / shares				$ 17.62
Share repurchase program, treasury stock, value				$ 88
Dividends payable, date declared				Aug. 8, 2016
Dividends payable, date of record				Sep. 15, 2016
Dividends payable, date to be paid				Sep. 30, 2016
Scenario Forecast
Subsequent Event [Line Items]
Dividends payable, amount per share | $ / shares						$ 0.206
Bridge Loan
Subsequent Event [Line Items]
Remaining principal amount outstanding paid			$ 27,000
Subsequent Event
Subsequent Event [Line Items]
Number of derivatives not designated as hedges | DerivativeInstrument							3
Share repurchase program, treasury stock shares | shares	22,055				27,055
Share repurchase program, treasury stock, par value | $ / shares	$ 0.01				$ 0.01
Share repurchase program, treasury stock, per share | $ / shares	$ 18.07				$ 17.99
Share repurchase program, treasury stock, value	$ 398				$ 486
Subsequent Event | Bridge Loan
Subsequent Event [Line Items]
Remaining principal amount outstanding paid		$ 2,000

Subsequent Events - Summary o58

Subsequent Events - Summary of Company's Outstanding Interest Rate Swaps (Details) - Subsequent Event - KeyBank	Jul. 01, 2016USD ($)
Subsequent Event [Line Items]
Notional Amount	$ 300,000,000
Fixed Rate	1.0088%
Interest Rate Swap Transaction One
Subsequent Event [Line Items]
Trade Date	May 13, 2016
Effective Date	Jul. 1, 2016
Termination Date	Jun. 1, 2021
Notional Amount	$ 100,000,000
Fixed Rate	1.1055%
Floating Rate Option	One-month LIBOR
Interest Rate Swap Transaction Two
Subsequent Event [Line Items]
Trade Date	Jun. 13, 2016
Effective Date	Jul. 1, 2016
Termination Date	Jun. 1, 2021
Notional Amount	$ 100,000,000
Fixed Rate	1.021%
Floating Rate Option	One-month LIBOR
Interest Rate Swap Transaction Three
Subsequent Event [Line Items]
Trade Date	Jun. 30, 2016
Effective Date	Jul. 1, 2016
Termination Date	Jun. 1, 2021
Notional Amount	$ 100,000,000
Fixed Rate	0.90%
Floating Rate Option	One-month LIBOR