NexPoint Residential Trust (NXRT) 10-K 15 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Mar. 06, 2017	Jun. 30, 2016
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Trading Symbol	NXRT
Entity Registrant Name	NexPoint Residential Trust, Inc.
Entity Central Index Key	1,620,393
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		21,043,669
Entity Public Float			$ 321,000,000

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Operating Real Estate Investments
Land (including from VIEs of $99,803 and $163,462, respectively)	$ 165,863	$ 177,152
Buildings and improvements (including from VIEs of $425,945 and $642,936, respectively)	733,374	729,675
Intangible lease assets (including from VIEs of $3,926 and $0, respectively)	5,140	2,573
Construction in progress (including from VIEs of $1,891 and $5,070, respectively)	2,828	5,346
Furniture, fixtures, and equipment (including from VIEs of $21,289 and $25,715, respectively)	36,616	28,009
Total Gross Operating Real Estate Investments	943,821	942,755
Accumulated depreciation and amortization (including from VIEs of $32,053 and $36,112, respectively)	(60,214)	(39,873)
Total Net Operating Real Estate Investments	883,607	902,882
Real estate held for sale, net of accumulated depreciation of $6,099 and $0, respectively (including from VIEs of $60,758 and $0, respectively)	79,430
Total Net Real Estate Investments	963,037	902,882
Cash and cash equivalents (including from VIEs of $9,394 and $13,271, respectively)	22,705	16,226
Restricted cash (including from VIEs of $22,387 and $43,500, respectively)	32,556	46,869
Accounts receivable (including from VIEs of $2,009 and $1,517, respectively)	3,008	2,122
Prepaid and other assets (including from VIEs of $905 and $1,724, respectively)	1,678	1,961
Fair market value of interest rate swaps	12,413
TOTAL ASSETS	1,035,397	970,060
LIABILITIES AND EQUITY
Mortgages payable, net (including from VIEs of $306,235 and $609,703, respectively)	367,453	676,324
Mortgages payable held for sale, net (including from VIEs of $47,421 and $0, respectively)	55,685
Credit facilities, net	310,492
Bridge facility, net	29,874	28,805
Accounts payable and other accrued liabilities (including from VIEs of $2,232 and $4,049, respectively)	5,551	5,106
Accrued real estate taxes payable (including from VIEs of $2,724 and $5,723, respectively)	6,534	6,057
Accrued interest payable (including from VIEs of $855 and $1,332, respectively)	1,067	1,462
Security deposit liability (including from VIEs of $774 and $1,277, respectively)	1,364	1,544
Prepaid rents (including from VIEs of $728 and $1,633, respectively)	1,275	1,824
Total Liabilities	779,295	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	241,450	240,625
Accumulated deficit	(14,584)	(18,593)
Accumulated other comprehensive income (loss)	9,052	(697)
Common stock held in treasury at cost; 250,156 and 0 shares, respectively	(4,587)
Noncontrolling interests	24,558	27,390
Total Equity	256,102	248,938
TOTAL LIABILITIES AND EQUITY	$ 1,035,397	$ 970,060

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Land	$ 165,863	$ 177,152
Buildings and improvements	733,374	729,675
Intangible lease assets	5,140	2,573
Construction in progress	2,828	5,346
Furniture, fixtures, and equipment	36,616	28,009
Accumulated depreciation and amortization	60,214	39,873
Real estate held for sale	79,430
Cash and cash equivalents	22,705	16,226
Restricted cash	32,556	46,869
Accounts receivable	3,008	2,122
Prepaid and other assets	1,678	1,961
Mortgages payable, net	367,453	676,324
Mortgages payable held for sale, net	55,685
Accounts payable and other accrued liabilities	5,551	5,106
Accrued real estate taxes payable	6,534	6,057
Accrued interest payable	1,067	1,462
Security deposit liability	1,364	1,544
Prepaid rents	$ 1,275	$ 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	250,156	0
VIE
Land	$ 99,803	$ 163,462
Buildings and improvements	425,945	642,936
Intangible lease assets	3,926	0
Construction in progress	1,891	5,070
Furniture, fixtures, and equipment	21,289	25,715
Accumulated depreciation and amortization	32,053	36,112
Real estate held for sale	60,758	0
Net of accumulated depreciation	6,099	0
Cash and cash equivalents	9,394	13,271
Restricted cash	22,387	43,500
Accounts receivable	2,009	1,517
Prepaid and other assets	905	1,724
Mortgages payable, net	306,235	609,703
Mortgages payable held for sale, net	47,421	0
Accounts payable and other accrued liabilities	2,232	4,049
Accrued real estate taxes payable	2,724	5,723
Accrued interest payable	855	1,332
Security deposit liability	774	1,277
Prepaid rents	$ 728	$ 1,633

COMBINED CONSOLIDATED STATEMENT

COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues
Rental income	$ 115,419	$ 103,804	$ 38,578
Other income	17,429	13,854	4,572
Total revenues	132,848	117,658	43,150
Expenses
Property operating expenses	38,236	34,252	12,348
Acquisition costs (see Note 2)	386	2,975	8,640
Real estate taxes and insurance	16,062	15,231	5,743
Property management fees (related party)	3,983	3,501	1,289
Advisory and administrative fees (related party)	6,802	5,565	1,653
Corporate general and administrative expenses	4,014	2,455
Property general and administrative expenses	5,877	5,401	2,091
Depreciation and amortization	35,643	40,801	21,645
Total expenses	111,003	110,181	53,409
Operating income	21,845	7,477	(10,259)
Interest expense	(21,889)	(18,469)	(7,274)
Gain on sales of real estate	25,932
Net income (loss)	25,888	(10,992)	(17,533)
Net income (loss) attributable to noncontrolling interests	4,006	(160)	(1,932)
Net income (loss) attributable to common stockholders	21,882	(10,832)	(15,601)
Other comprehensive income (loss)
Unrealized gains (losses) on interest rate derivatives	10,833	(391)	(306)
Total comprehensive income (loss)	36,721	(11,383)	(17,839)
Comprehensive income (loss) attributable to noncontrolling interests	5,090	(93)	(1,962)
Comprehensive income (loss) attributable to common stockholders	$ 31,631	$ (11,290)	$ (15,877)
Weighted average common shares outstanding - basic	21,232	21,294	21,294
Weighted average common shares outstanding - diluted	21,314	21,294	21,294
Basic earnings (loss) per share (see Note 2)	$ 1.03	$ (0.51)	$ (0.73)
Diluted earnings (loss) per share (see Note 2)	1.03	(0.51)	$ (0.73)
Dividends declared per common share	$ 0.838	$ 0.618

COMBINED CONSOLIDATED STATEMEN5

COMBINED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Common Stock Held in Treasury at Cost	Invested Equity	Noncontrolling Interests
Beginning Balance, Values at Dec. 31, 2013	$ 11,163						$ 11,163
Contributions	215,023						191,234	$ 23,789
Buyout of residual interest	(309)						(309)
Distributions	(10,514)						(9,952)	(562)
Other comprehensive income (loss)	(306)				$ (306)
Net income (loss)	(17,533)						(15,587)	(1,946)
Ending Balance, Values at Dec. 31, 2014	197,524				(306)		176,549	21,281
Contributions	79,317						69,688	9,629
Distributions	(16,520)							(3,360)
Dividends				$ (13,160)
Other comprehensive income (loss)	(391)				(391)
Net income (loss)	(10,992)			(5,433)			(5,399)	(160)
Exchange of predecessor invested equity for common stock, Values		$ 213	$ 240,625				$ (240,838)
Exchange of predecessor invested equity for common stock, Shares		21,294
Ending Balance, Values at Dec. 31, 2015	$ 248,938	$ 213	240,625	(18,593)	(697)			27,390
Ending Balance, Shares at Dec. 31, 2015	21,293,825	21,294
Contributions by noncontrolling interests	$ 30							30
Buyout of noncontrolling interests	(1,381)							(1,381)
Purchase of common stock	(4,587)					$ (4,587)
Vesting of stock-based compensation	825		825
Distributions	(24,444)							(6,571)
Dividends				(17,873)
Other comprehensive income (loss)	10,833				9,749			1,084
Net income (loss)	25,888			21,882				4,006
Ending Balance, Values at Dec. 31, 2016	$ 256,102	$ 213	$ 241,450	$ (14,584)	$ 9,052	$ (4,587)		$ 24,558
Ending Balance, Shares at Dec. 31, 2016	21,293,825	21,294

COMBINED CONSOLIDATED STATEMEN6

COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities
Net income (loss)	$ 25,888	$ (10,992)	$ (17,533)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Gain on sales of real estate	(25,932)
Depreciation and amortization	35,643	40,801	21,645
Amortization of deferred financing costs	2,121	1,081	320
Change in fair value on derivative instruments included in interest expense	(646)	286	759
Net cash paid for derivative settlements	(872)
Amortization of fair market value adjustment of assumed debt	(150)	(110)	(27)
Vesting of stock-based compensation	825
Noncash contributions		1,277	1,655
Gain on disposal from eminent domain		(158)
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	(886)	(971)	(1,143)
Prepaid and other assets	308	746	205
Accounts payable and other accrued liabilities	(2,523)	2,554	4,192
Due to affiliates			(3)
Net cash provided by operating activities	33,776	34,514	10,070
Cash flows from investing activities
Net proceeds from sales of real estate	131,786
Cash from eminent domain disposal		326
Additions to real estate investments	(24,344)	(39,432)	(14,039)
Acquisitions of real estate investments	(159,346)	(243,894)	(585,039)
Net cash used in investing activities	(51,904)	(283,000)	(599,078)
Cash flows from financing activities
Mortgage proceeds received		183,833	451,287
Mortgage payments	(271,571)	(20,232)	(115)
Credit facilities proceeds received	315,000
Bridge facility proceeds received	30,000	29,000
Bridge facility payments	(29,000)
Deferred financing fees paid	(3,842)	(2,662)	(4,953)
Interest rate cap fees paid		(337)	(1,523)
Due to affiliates		(20)	20
Purchase of common stock held in treasury	(4,587)
Dividends	(17,784)	(13,160)	(9,952)
Contributions from noncontrolling interests	30	9,629	23,789
Distributions to noncontrolling interests	(6,571)	(3,360)	(562)
Buyout of noncontrolling interests	(1,381)
Contributions		68,411	189,271
Net cash provided by financing activities	10,294	251,102	647,262
Net increase (decrease) in cash and restricted cash	(7,834)	2,616	58,254
Cash and restricted cash, beginning of period	63,095	60,479	2,225
Cash and restricted cash, end of period	55,261	63,095	60,479
Supplemental Disclosure of Cash Flow Information
Interest paid	20,959	16,562	5,120
Supplemental Disclosure of Noncash Activities
Capitalized construction costs included in accounts payable and other accrued liabilities	1,494	1,373	2,836
Buyout of residual interest			309
Fair market value adjustment of assumed debt	863		429
Change in fair value on derivative instruments designated as hedges	10,833	391	306
Liabilities assumed from acquisitions	738	1,975	5,744
Other assets acquired from acquisitions	87	478	2,290
Assumed debt on acquisitions of operating real estate investments	$ 15,812	$ 31,875	$ 35,403

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Description of Business	1. Organization and Description of Business NexPoint Residential Trust, Inc. (the “Company”, “we”, “our”) was incorporated in Maryland on September 19, 2014, and has elected 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. With the exception of two properties held by an Exchange Accommodation Titleholder (“EAT”) (“Parked Assets”) to complete a reverse like-kind exchange under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”) (“1031 Exchange”) (see Notes 2 and 4), 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 wholly owned subsidiary NexPoint Real Estate Opportunities, LLC (fka Freedom REIT, LLC) (“NREO”). We use the term “predecessor” to mean the carve-out business of NREO. On March 31, 2015, NHF distributed all of the outstanding shares of the Company's common stock held by NHF to holders of NHF common shares. We refer to the distribution of our common stock by NHF as the “Spin-Off.” The Company is 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 the Adviser. The Advisory Agreement has a term of two years and was renewed by the Company’s Board of Directors (the “Board”) on March 13, 2017 for a one-year term that expires on March 16, 2018 (see Note 10). The Adviser conducts substantially all of the Company’s operations and provides asset management services for its real estate investments. The Company expects it will only have accounting employees while the Advisory Agreement is in effect. All of the Company’s investment decisions are made by the Adviser, subject to general oversight by the Adviser’s investment committee and the Board. The Adviser is wholly owned by NexPoint Advisors, L.P. and is an affiliate of Highland Capital Management, L.P. (the “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 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 and 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 REITs or real estate companies.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Predecessor With the exception of a nominal amount of initial cash funded at inception, the Company did not own any assets prior to March 31, 2015. The business and operations of the Company prior to March 31, 2015 occurred under the predecessor. The predecessor included all of the properties in the Portfolio that were held directly or indirectly by NREO prior to the Spin-Off that occurred on March 31, 2015. However, the Company’s combined consolidated statements of operations and comprehensive income (loss) and combined consolidated statements of cash flows reflect operations of the predecessor through March 31, 2015 as if they were incurred by the Company. The predecessor was determined in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). References throughout these combined consolidated financial statements to the “Company”, “we”, or “our”, include the activity of the predecessor defined above. Basis of Accounting The accompanying combined consolidated financial statements of the Company are prepared in accordance with Generally Accepted Accounting Principles (“GAAP”). The combined consolidated financial statements include the accounts of the Company, its subsidiaries and the consolidated EAT variable interest entities (see “Accounting for Joint Ventures” below and Note 4). The predecessor’s combined consolidated financial statements were derived from the historical accounting records of the 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 the other entities are variable interest entities (“VIE’s”) as required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation Use of Estimates The preparation of the combined consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the combined consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. It is at least reasonably possible that these estimates could change in the near term. Real Estate Investments Upon acquisition of a property, the purchase price and related acquisition costs (“total consideration”) are allocated to land, buildings, improvements, furniture, fixtures, and equipment, and intangible lease assets in accordance with FASB ASC 805, Business Combinations Clarifying the Definition of a Business (Topic 805), The allocation of total consideration, which is determined using inputs that are classified within Level 3 of the fair value hierarchy established by FASB ASC 820, Fair Value Measurement and Disclosures 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. Held For Sale Properties The Company periodically classifies real estate assets as held for sale when certain criteria are met, in accordance with GAAP. At that time, the Company presents the net real estate assets and the net debt associated with the real estate held for sale separately in its consolidated balance sheet, and the Company ceases recording depreciation and amortization expense related to that property. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell. Impairment Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In such cases, the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. For the years ended December 31, 2016, 2015 and 2014, the Company did not record any impairment charges related to real estate assets. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash, short-term investments, and cash placed with a qualified intermediary for reinvestment under a 1031 Exchange. Short-term investments are stated at cost, which approximates fair value. Cash placed with a qualified intermediary may not be immediately accessible; however, due to the short-term nature of the restrictions imposed by a qualified intermediary, the Company considers such cash to be cash equivalents. 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 to be segregated and held by the Company’s 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 the Company’s value-add renovations at each of its properties and are not required to be held in escrow by a third party. The Company may reallocate these funds, at its discretion, to pursue other investment opportunities. The following is a summary of the restricted cash held as of December 31, 2016 and 2015 (in thousands): December 31, 2016 December 31, 2015 Security deposits $ 852 $ 1,034 Operating escrows 18,256 21,312 Renovation value-add reserves 13,448 24,523 $ 32,556 $ 46,869 Prepaid Acquisition Deposits In the normal course of business, the Company incurs costs in connection with future acquisitions that may include good faith deposits made prior to probable acquisitions. Prepaid acquisition deposits are held in escrow and are applied upon closing of the acquisition. Until an acquisition closes, the Company records these deposits in prepaid and other assets on the consolidated balance sheet. No such costs existed as of December 31, 2016 and 2015. Deferred Financing Costs The Company defers costs incurred in obtaining financing and amortizes the costs over the terms of the related loans using the straight-line method, which approximates the effective interest method. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to interest expense. Deferred financing costs, net of amortization, of $3.3 million and $6.0 million are recorded as a reduction from mortgages payable on the accompanying consolidated balance sheets as of December 31, 2016 and 2015, respectively. Deferred financing costs, net of amortization, of $4.5 million and $0.1 million are recorded as a reduction from the Company’s credit facilities and bridge facility, respectively, on the accompanying consolidated balance sheet as of December 31, 2016. Deferred financing costs, net of amortization, of $0.2 million are recorded as a reduction from the Company’s bridge facility on the accompanying consolidated balance sheet as of December 31, 2015. Amortization of deferred financing costs of $2.1 million, $1.1 million and $0.3 million is included in interest expense on the combined consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2016, 2015, and 2014, respectively. For the year ended December 31, 2016, the Company incurred amortization of deferred financing costs of approximately $0.7 million related to its sales of seven properties and retirement of the related debt during the period (see Note 4). 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, equity contributions, return of capital, 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 (1) insufficient equity to permit it to finance its activities without additional subordinated financial support or (2) 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 (1) a VIE, and (2) 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. In accordance with FASB ASC 810, the Company consolidates joint ventures that are not VIEs where the Company owns a majority of the voting interests in the entity, which is referred to as a voting interest entity. The following table represents the Company’s investments in variable interest entities as of December 31, 2016 and 2015: Property Name Location Year Effective Ownership Percentage at December 31, 2016 Effective Ownership Percentage at December 31, 2015 Meridian Austin, Texas 2014 — (1) 90 % The Grove at Alban (2) Frederick, Maryland 2014 76 % 76 % Willowdale Crossings Frederick, Maryland 2014 — (1) 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 Jacksonville, Florida 2014 — (1) 90 % Park at Blanding Orange Park, Florida 2014 — (1) 90 % Park at Regency Jacksonville, Florida 2014 — (1) 90 % Jade Park Daytona Beach, Florida 2014 — (1) 90 % Mandarin Reserve Jacksonville, Florida 2014 — (1) 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 (2) Fredericksburg, Virginia 2014 85 % 85 % Cornerstone Orlando, Florida 2015 90 % 90 % Twelve 6 Ten at the Park (2) Dallas, Texas 2015 90 % 90 % The Preserve at Terrell Mill Marietta, Georgia 2015 90 % 90 % The Ashlar (fka 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 % Old Farm (3) Houston, Texas 2016 100 % — (4) Stone Creek at Old Farm (3) Houston, Texas 2016 100 % — (4) (1) Properties were sold during the year ended December 31, 2016. (2) Properties are classified as held for sale as of December 31, 2016. (3) Properties are Parked Assets as of December 31, 2016 (see Note 4). (4) Properties were acquired in 2016; therefore, no ownership as of December 31, 2015. The following table represents the Company’s investments in voting interest entities as of December 31, 2016 and 2015: Property Name Location Year Effective Ownership Percentage at December 31, 2016 Effective Ownership Percentage at December 31, 2015 The Miramar Apartments (1) Dallas, Texas 2013 100 % 100 % Arbors on Forest Ridge Bedford, Texas 2014 90 % 90 % (2) Cutter’s Point Richardson, Texas 2014 90 % 90 % (2) Eagle Crest Irving, Texas 2014 90 % 90 % (2) Silverbrook Grand Prairie, Texas 2014 90 % 90 % (2) Timberglen Dallas, Texas 2014 90 % 90 % (2) Toscana (1) Dallas, Texas 2014 90 % 90 % (2) Edgewater at Sandy Springs Atlanta, Georgia 2014 90 % 90 % (2) Beechwood Terrace Nashville, Tennessee 2014 90 % 90 % (2) Willow Grove Nashville, Tennessee 2014 90 % 90 % (2) Woodbridge Nashville, Tennessee 2014 90 % 90 % (2) Madera Point Mesa, Arizona 2015 95 % 95 % The Pointe at the Foothills Mesa, Arizona 2015 95 % 95 % Venue at 8651 Fort Worth, Texas 2015 95 % 95 % CityView West Palm Beach, Florida 2016 91 % — (3) The Colonnade Phoenix, Arizona 2016 97 % — (3) (1) Properties are classified as held for sale as of December 31, 2016. (2) Properties were considered VIEs at December 31, 2015. (3) Properties were acquired in 2016; therefore, no ownership as of 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, through a multiple-asset LLC, directly or indirectly holds membership interests in the single-asset LLCs that directly own the properties. Under these arrangements, the multiple-asset LLC is the sole member of all single-asset LLCs that directly own the properties. The majority of these entities are deemed to be VIEs as the Company has 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 its economic interests in the entities and substantially all of the activities of the entities are performed on the Company’s behalf. The Company is considered the primary beneficiary of these VIEs as no single party meets both criteria to be the primary beneficiary, and the Company is 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 the Company’s ownership interests relative to the other investors, and the rights it holds with respect to the other investors’ equity interests, including the Company’s ability to preclude any transfers of their interests and ability to drag them along on the sale of its 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 VIE have no recourse to the assets of other entities or the Company. The other investor in the VIEs, with the exception of Old Farm and Stone Creek at Old Farm, 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, with the exception of Old Farm and Stone Creek at Old Farm, has a non-recourse mortgage that has standard scope non-recourse carve outs required by agency lenders and generally calls 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 as well as for the mortgage indebtedness incurred upon acquisition, which was subsequently refinanced, related to certain entities now considered voting interest entities. In consideration of the guarantees provided by BH Equity and its affiliates, they will earn an additional profit interest in each entity such that distributions will be made to the members of the entity 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 entity 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 entity and BH Equity or its affiliates. Additionally, the Company has in the past and may in the future enter into purchase and sale transactions structured under 1031 Exchanges. For a reverse 1031 Exchange in which the Company purchases a new property prior to selling the property to be matched in the like-kind exchange (the Company refers to a new property being acquired in the 1031 Exchange prior to the sale of the related property as a “Parked Asset”), legal title to the Parked Asset is held by an EAT engaged to execute the 1031 Exchange until the sale transaction and the 1031 Exchange is completed. The Company, through a subsidiary, enters into a master lease agreement with the EAT whereby the EAT leases the acquired property and all other rights acquired in connection with the acquisition to the Company. The term of the master lease agreement is until the earlier of the completion of the reverse 1031 Exchange or 180 days from the date that the property was acquired. The EAT is classified as a VIE as it does not have sufficient equity investment at risk to finance its activities without additional subordinated financial support. The Company consolidates the EAT as its primary beneficiary because it has the ability to control the activities that most significantly impact the EAT's economic performance and the Company retains all of the legal and economic benefits and obligations related to the Parked Assets prior to completion of the 1031 Exchange. As such, the Parked Assets are included in the Company’s combined consolidated financial statements as VIEs until legal title is transferred to the Company upon either completion of the 1031 Exchange or termination of the master lease agreements, at which time they will be consolidated as voting interest entities. Revenue Recognition The Company’s primary operations consist of rental income earned from its residents under lease agreements typically 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, and pets, administrative, application and other fees and are recognized when earned. Asset Management & Property Management Services Asset management fee and property management fee expenses are recognized when incurred in accordance with each management agreement (see Note 8). Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Code and expects to continue 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 (1) 85% of its ordinary income, (2) 95% of its capital gain net income and (3) 100% of its undistributed income from prior years. The Company intends to operate in such a manner so as to qualify as a REIT, but no assurance can be given that the Company will operate in a manner so as to qualify as a REIT. Beginning in 2016, taxable income from certain non-REIT activities is managed through a taxable REIT subsidiary (“TRS”) and is subject to applicable federal, state, and local income and margin taxes. The Company has no significant taxes associated with its TRS for the year ended December 31, 2016. If the Company fails 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 December 31, 2016, the Company believes it is in compliance with all applicable REIT requirements. The Company evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” (greater than 50 percent probability) of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. The Company’s management is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Company has no examinations in progress and none are expected at this time. The Company recognizes its tax positions and evaluates them using a two-step process. First, the Company determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. The Company had no material unrecognized tax benefit or expense, accrued interest or penalties as of December 31, 2016. The Company and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The 2015 tax year remains open to examination by tax jurisdictions to which the Company and its subsidiaries are subject. When applicable, the Company recognizes interest and/or penalties related to uncertain tax positions on its combined consolidated statements of operations and comprehensive income (loss). 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, SSB, an affiliate of the 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 independent third parties to perform the allocation of value analysis for each property acquisition and to perform the market valuations on its derivative financial instruments and has established policies, as described above, processes and procedures intended to ensure that the valuation methodologies for investments and derivative financial instruments 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 and excludes any unvested restricted stock units issued pursuant to the Company’s long-term incentive plan (see Note 7). Diluted earnings (loss) per share is calculated by adjusting basic earnings (loss) per share for the dilutive effect of the assumed vesting of restricted stock units. The Company’s unvested restricted stock units are reflected in the calculation of diluted earnings per share. During periods of net loss, the assumed vesting of restricted stock units is anti-dilutive and is not included in the calculation of earnings (loss) per share. During the year ended December 31, 2016, the dilutive impact of the assumed vesting of restricted stock units was less than $0.01. There were no potentially dilutive securities for the years ended December 31, 2015 and 2014. For the years ended December 31, 2016, 2015 and 2014, the Company incurred basic and diluted earnings (loss) per share of $1.03, $(0.51), and $(0.73), 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. The Company has elected to take advantage of this extended transition period. As a result of this election, the Company’s financial statements may not be comparable to companies that comply with public company effective dates for such new or revised standards. The Company 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 January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business (Topic 805) In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash December 31, 2016 December 31, 2015 December 31, 2014 Cash and cash equivalents $ 22,705 $ 16,226 $ 12,662 Restricted cash 32,556 46,869 47,817 Total cash and restricted cash $ 55,261 $ 63,095 $ 60,479 In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting 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 In February 2016, the FASB issued ASU 2016-02, Leases

Real Estate Investments Statist

Real Estate Investments Statistics	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Real Estate Investments Statistics	3. Real Estate Investments Statistics As of December 31, 2016, the Company is invested in a total of 39 multifamily properties, as listed below: Average Effective Monthly Rent Per Unit as of December 31, *(1) % Occupied as of December 31, *(2) Property Name Rentable Square (in thousands)* Number of Units* Date Acquired 2016 2015 2016 2015 The Miramar Apartments (3) 183 314 10/31/2013 $ 607 $ 586 94.6 % 92.4 % Arbors on Forest Ridge 155 210 1/31/2014 829 811 92.9 % 93.8 % Cutter’s Point 198 196 1/31/2014 1,013 981 93.9 % 93.9 % Eagle Crest 396 447 1/31/2014 842 798 94.4 % 95.5 % Silverbrook 526 642 1/31/2014 748 711 93.5 % 93.6 % Timberglen 221 304 1/31/2014 802 748 92.8 % 96.1 % Toscana (3) 115 192 1/31/2014 702 649 96.4 % 94.8 % The Grove at Alban (3) 267 290 3/10/2014 994 971 91.4 % 94.5 % Edgewater at Sandy Springs 727 760 7/18/2014 898 825 94.5 % 94.5 % Beechwood Terrace 272 300 7/21/2014 882 794 95.3 % 97.3 % Willow Grove 229 244 7/21/2014 850 773 96.7 % 95.9 % Woodbridge 247 220 7/21/2014 938 875 87.7 % 96.4 % Abbington Heights 239 274 8/1/2014 858 785 95.3 % 94.5 % The Summit at Sabal Park 205 252 8/20/2014 918 841 90.9 % 92.5 % Courtney Cove 225 324 8/20/2014 802 738 94.4 % 95.4 % Radbourne Lake 247 225 9/30/2014 1,034 954 96.9 % 96.9 % Timber Creek 248 352 9/30/2014 800 727 95.5 % 94.3 % Belmont at Duck Creek 198 240 9/30/2014 946 880 95.0 % 93.8 % The Arbors 128 140 10/16/2014 835 786 95.7 % 94.3 % The Crossings 378 380 10/16/2014 810 757 91.8 % 92.9 % The Crossings at Holcomb Bridge 248 268 10/16/2014 857 780 95.5 % 95.9 % The Knolls 311 312 10/16/2014 908 826 93.6 % 93.9 % Regatta Bay 200 240 11/4/2014 1,039 1,010 94.6 % 93.3 % Sabal Palm at Lake Buena Vista 371 400 11/5/2014 1,119 1,083 95.0 % 96.0 % Southpoint Reserve at Stoney Creek (3) 116 156 12/18/2014 1,011 986 92.9 % 94.9 % Cornerstone 318 430 1/15/2015 875 822 95.8 % 93.3 % Twelve 6 Ten at the Park (3) 290 402 1/15/2015 704 666 91.3 % 91.3 % The Preserve at Terrell Mill 692 752 2/6/2015 813 747 92.0 % 95.6 % The Ashlar (fka Dana Point) 206 264 2/26/2015 778 734 91.3 % 92.8 % Heatherstone 116 152 2/26/2015 848 782 92.8 % 94.1 % Versailles 301 388 2/26/2015 817 765 93.0 % 90.2 % Seasons 704 Apartments 217 222 4/15/2015 1,016 980 95.0 % 97.3 % Madera Point 193 256 8/5/2015 768 758 93.8 % 93.8 % The Pointe at the Foothills 473 528 8/5/2015 822 825 92.2 % 90.7 % Venue at 8651 289 333 10/30/2015 753 750 90.4 % 92.8 % CityView 266 217 7/27/2016 1,103 — (4) 93.5 % — (4) The Colonnade 256 415 10/11/2016 705 — (4) 88.0 % — (4) Old Farm 697 734 12/29/2016 1,214 — (4) 93.6 % — (4) Stone Creek at Old Farm 186 190 12/29/2016 1,244 — (4) 93.2 % — (4) 11,150 12,965 * Information is unaudited. (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of December 31 for the respective year minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of December 31 for the respective year. (2) Percent occupied is calculated as the number of units occupied as of December 31, 2016 and 2015, divided by the total number of units, expressed as a percentage. (3) Properties are classified as held for sale as of December 31, 2016. (4) Properties were acquired in 2016.

Real Estate Investments

Real Estate Investments	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
Real Estate Investments	4. Real Estate Investments As of December 31, 2016, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties Land Buildings Intangible Construction in Progress Furniture, Fixtures and Equipment Totals Arbors on Forest Ridge $ 2,330 $ 11,014 $ — $ 3 $ 717 $ 14,064 Cutter’s Point 3,330 12,871 — — 810 17,011 Eagle Crest 5,450 21,990 — — 1,052 28,492 Silverbrook 4,860 25,335 — — 1,996 32,191 Timberglen 2,510 14,527 — — 894 17,931 Edgewater at Sandy Springs 14,290 43,709 — 123 3,295 61,417 Beechwood Terrace 1,390 20,561 — — 940 22,891 Willow Grove 3,940 10,672 — — 668 15,280 Woodbridge 3,650 12,708 — 215 759 17,332 Abbington Heights 1,770 16,426 — 75 916 19,187 The Summit at Sabal Park 5,770 13,342 — 9 956 20,077 Courtney Cove 5,880 12,886 — 42 910 19,718 Radbourne Lake 2,440 21,445 — 257 1,025 25,167 Timber Creek 11,260 13,252 — 69 864 25,445 Belmont at Duck Creek 1,910 17,034 — — 941 19,885 The Arbors 1,730 6,587 — 5 413 8,735 The Crossings 3,982 17,662 — 155 1,429 23,228 The Crossings at Holcomb Bridge 5,560 10,925 — — 1,178 17,663 The Knolls 3,410 17,707 — 8 1,615 22,740 Regatta Bay 1,660 16,155 — 89 891 18,795 Sabal Palm at Lake Buena Vista 7,580 41,147 — 3 874 49,604 Cornerstone 1,500 30,354 — 29 906 32,789 The Preserve at Terrell Mill 10,170 48,163 — 516 2,872 61,721 The Ashlar (fka Dana Point) 4,090 12,348 — 124 1,129 17,691 Heatherstone 2,320 7,521 — 224 749 10,814 Versailles 6,720 20,267 — 286 1,597 28,870 Seasons 704 Apartments 7,480 14,043 — — 696 22,219 Madera Point 4,920 17,079 — 15 865 22,879 The Pointe at the Foothills 4,840 45,975 — 157 1,289 52,261 Venue at 8651 2,350 16,815 — 311 1,162 20,638 CityView 3,860 18,700 491 113 504 23,668 The Colonnade 8,340 35,473 723 — 376 44,912 Old Farm 11,078 69,580 3,354 — 1,052 85,064 Stone Creek at Old Farm 3,493 19,101 572 — 276 23,442 165,863 733,374 5,140 2,828 36,616 943,821 Accumulated depreciation and amortization — (46,044 ) (650 ) — (13,520 ) (60,214 ) Total Operating Properties $ 165,863 $ 687,330 $ 4,490 $ 2,828 $ 23,096 $ 883,607 Held For Sale Properties The Grove at Alban 3,640 19,033 — — 1,318 23,991 The Miramar Apartments 1,580 8,870 — — 711 11,161 Toscana 1,730 7,341 — 3 684 9,758 Southpoint Reserve at Stoney Creek 6,120 11,218 — 31 605 17,974 Twelve 6 Ten at the Park 3,610 18,088 — 21 925 22,644 16,680 64,550 — 55 4,243 85,528 Accumulated depreciation and amortization — (4,896 ) — — (1,202 ) (6,098 ) Total Held For Sale Properties $ 16,680 $ 59,654 $ — $ 55 $ 3,041 $ 79,430 Total $ 182,543 $ 746,984 $ 4,490 $ 2,883 $ 26,137 $ 963,037 As of December 31, 2015, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties 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 Crossings 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 Twelve 6 Ten at the Park 3,610 17,127 — 398 517 21,652 The Preserve at Terrell Mill 10,170 47,055 — 430 1,117 58,772 The Ashlar (fka 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 Venue at 8651 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 $34.2 million, $28.7 million and $9.3 million for the years ended December 31, 2016, 2015 and 2014, respectively. Amortization expense related to the Company’s intangible lease assets was $1.4 million, $12.1 million and $12.3 million for the years ended December 31, 2016, 2015 and 2014, respectively. Amortization expense related to the Company’s intangible lease assets for all acquisitions completed through December 31, 2016 is expected to be $4.5 million in 2017. Due to the six-month useful life attributable to intangible lease assets, the value of intangible lease assets on any acquisition prior to June 30, 2016 has been fully amortized and the assets and related accumulated amortization have been written off as of December 31, 2016. Acquisitions The following table presents the Company’s acquisitions of real estate during the year ended December 31, 2016 (dollars in thousands); the Company acquired 10 properties for a combined purchase price of approximately $277.4 million during the year ended December 31, 2015 (see Notes 2, 3 and 5). Property Name Location Date of Acquisition Purchase Price Debt (1) # Units Noncontrolling Interest Effective Ownership CityView West Palm Beach, Florida July 27, 2016 $ 22,421 $ 15,812 217 9 % 91 % The Colonnade Phoenix, Arizona October 11, 2016 44,600 29,500 415 3 % 97 % Old Farm (2) Houston, Texas December 29, 2016 84,721 84,721 734 — % 100 % Stone Creek at Old Farm (2) Houston, Texas December 29, 2016 23,332 23,332 190 — % 100 % $ 175,074 $ 153,365 1,556 (1) For additional information regarding the Company’s debt, see Note 5. (2) Properties were purchased as a portfolio and held at the EAT in anticipation of completing a reverse 1031 Exchange in 2017 with certain properties classified as held for sale as of December 31, 2016. Legal title of the properties will transfer to the Company upon completion of the reverse 1031 Exchange. Dispositions The following table presents the Company’s sales of real estate during the year ended December 31, 2016 (in thousands); there were no sales of real estate during the year ended December 31, 2015. Property Name Location Date of Sale Sales Price Net Cash Proceeds 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 Park at Blanding and Colonial Forest (4) Jacksonville, Florida (5) August 31, 2016 14,500 14,259 2,007 Willowdale Crossings (6) Frederick, Maryland September 15, 2016 45,200 44,439 5,576 Jade Park (7) Daytona Beach, Florida September 30, 2016 10,000 9,868 1,979 $ 133,950 $ 131,786 $ 25,932 (1) Represents sales price, net of closing costs. (2) Approximately $6.4 million of the proceeds from the sale of Meridian were used to acquire CityView in a 1031 Exchange. (3) Properties were sold as a portfolio. Approximately $18.0 million of the proceeds from the sale of Park at Regency and Mandarin Reserve were used to pay down a portion of the Company’s 2015 bridge facility during the second quarter of 2016 (see Note 5). (4) Properties were sold as a portfolio. (5) Park at Blanding is located in Orange Park, a suburb of Jacksonville, Florida. (6) On September 14, 2016, the Company, using cash on hand, purchased an additional 10% ownership interest in Willowdale Crossings from a noncontrolling interest holder for approximately $1.4 million, which approximated amounts due to such noncontrolling interest as a result of the underlying property sale. Approximately $10.9 million, which represented the Company’s share of the proceeds from the sale of Willowdale Crossings, was used to acquire The Colonnade in a 1031 Exchange. (7) Approximately $3.5 million of the proceeds from the sale of Jade Park were used to acquire The Colonnade.

Debt

Debt	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Debt	5. Debt Mortgages Payable The following table contains summary information concerning the mortgage debt of the Company as of December 31, 2016 (dollars in thousands): Operating Properties Type Term Amortization (months) Outstanding Principal (1) Interest Rate (2) Max Note Rate (3) Maturity Date Courtney Cove (4) Floating 84 360 $ 14,210 2.85% 5.75% 9/1/2021 The Summit at Sabal Park (4) Floating 84 360 14,287 2.85% 5.75% 9/1/2021 The Preserve at Terrell Mill (4) Floating 84 360 43,500 2.73% 5.50% 3/1/2022 The Ashlar (fka Dana Point) (4) Floating 84 360 12,176 2.82% 5.50% 3/1/2022 Heatherstone (4) Floating 84 360 7,087 2.85% 5.50% 3/1/2022 Versailles (4) Floating 84 360 19,623 2.80% 5.50% 3/1/2022 Seasons 704 Apartments (4) Floating 84 360 12,660 2.57% 5.95% 5/1/2022 Timber Creek (5) Floating 120 360 19,482 2.59% 5.96% 10/1/2024 Radbourne Lake (5) Floating 120 360 19,213 2.58% 6.25% 10/1/2024 The Arbors (5) Floating 120 360 5,812 2.58% 7.11% 11/1/2024 The Crossings (5) Floating 120 360 15,874 2.58% 7.21% 11/1/2024 The Crossings at Holcomb Bridge (5) Floating 120 360 12,450 2.58% 7.35% 11/1/2024 The Knolls (5) Floating 120 360 16,038 2.58% 7.11% 11/1/2024 Sabal Palm at Lake Buena Vista (5) Floating 120 360 37,680 2.58% 6.26% 12/1/2024 Abbington Heights (6) Fixed 120 360 10,206 3.79% 3.79% 9/1/2022 Belmont at Duck Creek (7) Fixed 84 360 11,148 4.68% 4.68% 9/1/2018 Regatta Bay (8) Floating 60 360 14,000 2.70% N/A 11/1/2020 Cornerstone (9) Fixed 120 360 23,082 4.24% 4.24% 3/1/2023 Madera Point (10) Floating 60 360 13,515 2.67% N/A 9/1/2020 The Pointe at the Foothills (10) Floating 60 360 31,365 2.66% N/A 9/1/2020 CityView (11) Fixed 120 360 15,812 4.49% 4.49% 8/1/2025 $ 369,220 Fair market value adjustment 1,007 (12) Deferred financing costs, net of accumulated amortization of $916 (2,774 ) $ 367,453 Held for Sale Properties The Miramar Apartments (13) Floating 120 360 8,400 2.99% 5.75% 2/1/2025 The Grove at Alban (4) Floating 84 360 18,468 3.31% 6.50% 4/1/2021 Southpoint Reserve at Stoney Creek (4) Floating 84 360 13,600 2.88% 6.00% 1/1/2022 Twelve 6 Ten at the Park (5) Floating 120 360 15,738 2.69% 5.92% 2/1/2025 $ 56,206 Deferred financing costs, net of accumulated amortization of $200 (521 ) $ 55,685 (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%), Cornerstone (based on a blended fixed rate of 4.24%) and CityView (based on a fixed rate of 4.49%). One-month and three-month LIBOR as of December 31, 2016 were 0.7717% and 0.9979%, respectively. (3) Represents the maximum rate payable on each note (see Note 6). (4) Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13 th st (5) Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13 th th (6) 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. (7) 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. (8) 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. (9) 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, the Company placed a supplemental second mortgage on the property with a principal amount of approximately $5.8 million, a fixed rate of 4.70%, and with a maturity date that is the same time as the first mortgage. The supplemental second mortgage is pre-payable and subject to yield maintenance from the date of issuance through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity. As of December 31, 2016, the total indebtedness secured by the property is approximately $23.1 million and has a blended interest rate of 4.24%. (10) Loan can be pre-paid starting in the 13 th th (11) Debt was assumed upon acquisition of this property at approximated fair value. The loan is open to pre-payment in the last four months of the term. (12) The Company reflected valuation adjustments on its fixed rate debt for Belmont at Duck Creek and CityView 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 terms of the mortgages. (13) Loan cannot be pre-paid in the first 12 months of the term. Starting in the 13 th th The weighted average interest rate of the Company’s mortgage indebtedness was 2.95% as of December 31, 2016 and 2.67% as of December 31, 2015. The increase between the periods is primarily related to increases in LIBOR. As of December 31, 2016, the adjusted weighted average interest rate of the Company’s mortgage indebtedness was 3.05%. For purposes of calculating the adjusted weighted average interest rate of the outstanding mortgage indebtedness, the Company has included the weighted average fixed rate of 0.9956% on $200.0 million of its combined $400.0 million notional amount related to its interest rate swap agreements that effectively fixes the interest rate on $200.0 million of the Company’s floating rate mortgage indebtedness (see “Interest Rate Swap Agreements” below). Each of our mortgages is a non-recourse obligation subject to customary provisions. The loan agreements contain customary events of default, including defaults in the payment of principal or interest, defaults in compliance with the covenants contained in the documents evidencing the loan, defaults in payments under any other security instrument covering any part of the property, whether junior or senior to the loan, and bankruptcy or other insolvency events. As of December 31, 2016, the Company believes it is in compliance with all provisions. During the year ended December 31, 2016, the Company sold seven properties and repaid the related mortgage loans, as detailed in the table below (in thousands): Property Name Date of Sale Type Outstanding Principal (1) Meridian May 10, 2016 Floating $ 9,791 Park at Regency and Mandarin Reserve (2) June 6, 2016 Floating 25,582 Park at Blanding and Colonial Forest (2) August 31, 2016 Floating 9,000 Willowdale Crossings September 15, 2016 Floating 32,628 Jade Park September 30, 2016 Floating 5,850 $ 82,851 (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 $827,000 in connection with the payoff of these mortgage loans, which is included in interest expense on the combined consolidated statements of operations and comprehensive income (loss). $300 Million Credit Facility On June 6, 2016, the Company, through certain of its subsidiaries, entered into a $200.0 million credit facility, which was expanded to $300.0 million during the fourth quarter of 2016 (the “$300 Million Credit Facility”), with KeyBank National Association (“KeyBank”), as lender, which was in turn assigned to the Federal Home Loan Mortgage Corporation (“Freddie Mac”). The $300 Million Credit Facility is a full-term, interest-only facility, and is guaranteed by the OP. The initial term of the $300 Million Credit Facility is 60 months and the Company has one 12-month extension option. Borrowing tranches under the $300 Million Credit Facility bear interest at a “base rate” based on one-month LIBOR plus an applicable margin which adjusts based on the credit facility’s debt service requirements. The current annual interest rate under the $300 Million Credit Facility is one-month LIBOR plus 2.40%. The $300 Million 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 $300 Million 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, During the fourth quarter of 2016, the Company drew an additional $100.0 million under the $300 Million Credit Facility. The Company used $29.5 million of the proceeds to acquire The Colonnade, $67.75 million to acquire Old Farm and Stone Creek at Old Farm and $2.75 million to pay for acquisition costs, loan costs incurred with the expansions and fund value-add renovations at the Company’s properties. Old Farm and Stone Creek at Old Farm are cross-collateralized as security for the $300 Million Credit Facility; The Colonnade is not. As of December 31, 2016, the Company has $300.0 million outstanding under its $300 Million Credit Facility at an interest rate of 3.17% and an adjusted weighted average interest rate of 3.32%. For purposes of calculating the adjusted weighted average interest rate of the $300 Million Credit Facility, the Company has included the weighted average fixed rate of 0.9956% on $200.0 million of its combined $400.0 million notional amount related to its interest rate swap agreements that effectively fixes the interest rate on $200.0 million of the $300.0 million outstanding under the Company’s $300 Million Credit Facility (see “Interest Rate Swap Agreements” below). The following 13 properties in the Portfolio have been cross-collateralized as security for the $300 Million Credit Facility: • Arbors on Forest Ridge • Cutter’s Point • Eagle Crest • Silverbrook • Timberglen • Toscana* • Edgewater at Sandy Springs • Beechwood Terrace • Willow Grove • Woodbridge • Venue at 8651 • Old Farm** • Stone Creek at Old Farm** * Property is classified as held for sale as of December 31, 2016. ** Properties were acquired in December 2016 and added to the collateral pool upon acquisition. The $300 Million 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 December 31, 2016, the Company believes it is in compliance with all provisions. $30 Million Credit Facility On December 29, 2016, the Company, through the OP, entered into a $30.0 million credit facility (the “$30 Million Credit Facility”) with KeyBank and drew $15.0 million to fund a portion of the purchase price of Old Farm and Stone Creek at Old Farm (see Note 10). The $30 Million Credit Facility is a full-term, interest-only facility with an initial term of 24 months and one 12-month extension option. The $30 Million Credit Facility is guaranteed by the OP. Borrowing tranches under the $30 Million Credit Facility bear interest at a “base rate” based on one-month LIBOR plus an applicable margin which adjusts based on the credit facility’s debt service requirements. The current annual interest rate under the $30 Million Credit Facility is one-month LIBOR plus 4.00%. The $30 Million Credit Facility contains flexible prepayment options that are consistent with the Company’s other floating rate indebtedness. The $30 Million 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 December 31, 2016, the Company believes it is in compliance with all provisions. 2016 Bridge Facility On December 29, 2016, the Company, through the OP, entered into a $30.0 million bridge facility (the “2016 Bridge Facility”) with KeyBank and drew $30.0 million to fund a portion of the purchase price of Old Farm and Stone Creek at Old Farm. The 2016 Bridge Facility is a full-term, interest-only facility with an initial term of four months and one two-month extension option. The 2016 Bridge Facility is guaranteed by the OP. Interest accrues on the 2016 Bridge Facility at an interest rate of one-month LIBOR plus 4.0%. The Company intends on paying the entire principal balance of the 2016 Bridge Facility with proceeds from the sales of properties classified as held for sale as of December 31, 2016 or cash on hand. The 2016 Bridge Facility agreement contains customary provisions with respect to events of default, covenants and borrowing conditions. Certain prepayments may be required upon a breach of covenants or borrowing conditions. As of December 31, 2016, the Company believes it is in compliance with all provisions. 2015 Bridge Facility On August 5, 2015, the Company executed a bridge facility (the “2015 Bridge Facility”) with KeyBank in the amount of $29.0 million. The proceeds from the 2015 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 year ended December 31, 2016, the Company paid down the entire $29.0 million of principal on the 2015 Bridge Facility, 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, $9.0 million of proceeds drawn under the Company’s $300 Million Credit Facility and $2.0 million of cash on hand. The 2015 Bridge Facility was retired on August 2, 2016. Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to December 31, 2016 are as follows (in thousands): Operating Properties & Other Secured Debt Held For Sale Properties Total 2017 $ 31,276 $ 639 $ 31,915 2018 31,408 1,133 32,541 2019 6,033 1,213 7,246 2020 65,007 1,238 66,245 2021 331,933 17,749 349,682 Thereafter 248,563 34,234 282,797 Total $ 714,220 $ 56,206 $ 770,426 The scheduled maturity for 2017 is inclusive of the 2016 Bridge Facility of $30.0 million with KeyBank that matures on April 29, 2017, but may be extended to June 29, 2017 at the Company’s option. The Company intends on paying the entire principal balance of the 2016 Bridge Facility with proceeds from the sales of properties classified as held for sale as of December 31, 2016 or cash on hand. 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 four interest rate swap transactions with KeyBank (the “Counterparty”) with a combined notional amount of $400.0 million. The interest rate swaps effectively replace the floating interest rate (one-month LIBOR) with respect to that amount with a weighted average fixed rate of 0.9956%. During the term of these interest rate swap agreements, the Company is required to make monthly fixed rate payments of 0.9956%, on a weighted average basis, on the notional amounts, while the Counterparty is obligated to make monthly floating rate payments based on one-month LIBOR to the Company referencing the same notional amounts. The Company has designated these interest rate swaps as cash flow hedges of interest rate risk (see Note 6). 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 (1) 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 August 12, 2016 September 1, 2016 June 1, 2021 100,000 0.9560 % One-month LIBOR $ 400,000 0.9956 % (2) (1) As of December 31, 2016, one-month LIBOR was 0.7717%. (2) Represents the weighted average fixed rate of the interest rate swaps.

Fair Value Measures and Derivat

Fair Value Measures and Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measures and Derivative Financial Instruments	6. 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. Additionally, the Company records derivative financial instruments at fair value. Real Estate Acquisitions As further discussed in Notes 2, 3 and 4, the Company owns 39 properties as of December 31, 2016. During the year ended December 31, 2016, the Company acquired four properties for approximately $175.1 million and assumed the existing fixed-rate mortgage debt on one property. On October 1, 2016, the Company early adopted ASU 2017-01, which requires an entity to capitalize acquisition costs associated with an acquisition that is determined to be an acquisition of an asset as opposed to an acquisition of a business. Upon acquisition of a property, the purchase price and related acquisition costs are 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. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate options are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both the Company’s own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of the Company’s derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with the Company’s derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has determined that the significance of the impact of the credit valuation adjustments made to its derivative contracts, which determination was based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all of the Company’s derivatives held as of December 31, 2016 and December 31, 2015 were classified as Level 2 of the fair value hierarchy. 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 primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The interest rate swaps have terms ranging from four to five years. 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 interest rate caps have terms ranging from three to four years. During the years ended December 31, 2016, 2015 and 2014, 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 6.10%. The effective portion of changes in the fair value of derivative financial instruments that are designated as cash flow hedges is recorded in other comprehensive income (loss) (“OCI”) and is subsequently reclassified into net income or loss in the period that the hedged forecasted transaction affects earnings. Amounts reported in 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 year ended December 31, 2016, the Company recorded approximately $1.7 million of gain related to the ineffective portion of changes in the fair value of its derivatives designated as cash flow hedges, which is recorded as a reduction of interest expense on the accompanying combined consolidated statements of operations and comprehensive income (loss). During the years ended December 31, 2015 and 2014, the Company recorded no ineffectiveness in earnings attributable to derivatives designated as cash flow hedges. As of December 31, 2015, the Company had 15 interest rate cap derivatives, with a notional amount of $259.7 million, designated as cash flow hedges. As of December 31, 2014, the Company had eight interest rate cap derivatives, with a notional amount of $140.5 million, designated as cash flow hedges. As of December 31, 2016, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands): Product Number of Instruments Notional Interest rate swaps 4 $ 400,000 Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements but either do not meet the strict requirements to apply hedge accounting in accordance with FASB ASC 815, Derivatives and Hedging As of December 31, 2016, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands): Product Number of Instruments Notional Interest rate caps 18 $ 306,876 The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2016 and 2015 (in thousands): Asset Derivatives Balance Sheet Location December 31, 2016 December 31, 2015 Derivatives designated as hedging instruments: Interest rate products Fair market value of interest rate derivatives $ 12,413 $ 61 Derivatives not designated as hedging instruments: Interest rate products Fair market value of interest rate derivatives 5 6 Total $ 12,418 $ 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 years ended December 31, 2016, 2015 and 2014 (in thousands): Amount of gain (loss) recognized in OCI on derivative (effective portion) Location of gain (loss) reclassified from accumulated OCI into income Amount of gain (loss) reclassified from accumulated OCI into income (effective portion) Location of gain (loss) recognized in income on derivative Amount of gain (loss) recognized in income on derivative (ineffective portion) 2016 2015 2014 (effective portion) 2016 2015 2014 (ineffective portion) 2016 2015 2014 Derivatives designated as hedging instruments: For the year ended December 31, Interest rate products 9,800 (391 ) (306 ) Interest expense (1,033 ) (97 ) — Interest expense 1,683 — — Amount of gain (loss) recognized in income on derivative Location of gain (loss) recognized in income 2016 2015 2014 Derivatives not designated as hedging instruments: For the year ended December 31, Interest rate products Interest expense (4 ) (285 ) (759 ) Other Financial Instruments Cash equivalents, rents and accounts receivables, accounts payable, accrued expenses, and other liabilities are carried at amounts that reasonably approximate their fair values because of the short-term nature of these instruments. Long-term indebtedness is carried at amounts that reasonably approximate their fair value. In calculating the fair value of its long-term indebtedness, the Company used interest rate and spread assumptions that reflect current credit worthiness and market conditions available for the issuance of long-term debt with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Stockholders' Equity	7. Stockholders’ Equity Common Stock The Company began operations on March 31, 2015 as a result of the transfer and contribution by NHF of all but one of the multifamily properties owned by NHF through its subsidiary NREO. 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 December 31, 2016, the Company had 21,293,825 shares of common stock, $0.01 par value per share, issued and 21,043,669 shares of common stock outstanding (see “Treasury Stock” below). Treasury Stock During the year ended December 31, 2016, in accordance with the Company’s share repurchase program (as described below), the Company purchased 250,156 shares of its common stock, $0.01 par value per share, at a total cost of approximately $4,587,000. The cost of these shares is included in common stock held in treasury at cost on the consolidated balance sheet as of December 31, 2016. The number of shares of common stock classified as treasury shares reduces 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 Board 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 year ended December 31, 2016, the Company purchased 250,156 shares of its common stock, $0.01 par value per share, at a total cost of approximately $4,587,000, or $18.34 per share. 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 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 Board 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 directors, 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. On August 11, 2016, pursuant to the 2016 LTIP, the compensation committee of the Board granted 209,797 restricted stock units to its directors and officers. For the year ended December 31, 2016, the Company recognized approximately $0.8 million of equity-based compensation expense related to grants of restricted stock units (see “Restricted Stock Units” below), which is included in corporate general and administrative expenses on the combined consolidated statements of operations and comprehensive income (loss). The Company did not award any equity-based compensation during the year ended December 31, 2015. Restricted Stock Units . Restricted stock units may be granted to the Company’s directors, officers and other key employees (and those of the Adviser and the Company’s subsidiaries) and typically vest over a three to four year period. Beginning on the date of grant, restricted stock units earn dividends that are payable in cash on the vesting date. On August 11, 2016, pursuant to the 2016 LTIP, the Company granted 209,797 restricted stock units to its directors and officers. As of December 31, 2016, the Company has recognized a liability of approximately $0.1 million related to dividends earned on restricted stock units that are payable in cash upon vesting. The following table includes the number of restricted stock units granted, exercised, forfeited and outstanding as of December 31, 2016: 2016 Units Weighted Average Grant Date Fair Value Outstanding January 1, — $ — Granted 209,797 (1) 19.20 Exercised — — Forfeited — — Outstanding December 31, 209,797 $ 19.20 (1) 110,258 restricted stock units vest in August 2017; 49,769.5 restricted stock units vest in each August 2018 and August 2019.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	8. Related Party Transactions Fees and Reimbursements to BH and its Affiliates The Company has entered into management agreements with BH Management Services, LLC (“BH”), the Company’s property manager and an independently owned third party, 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’s joint ventures by virtue of ownership in certain variable interest entities and voting interest entities through BH’s affiliates. BH and its affiliates do not have common ownership in any joint venture with the Company’s Adviser; there is also no common ownership between BH and its affiliates and the Company’s Adviser. The property management fee paid to BH is approximately 3% of the monthly gross income from each property managed. Currently, BH manages all of the Company’s 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 at cost for various operating expenses it pays on behalf of the properties. The following is a summary of fees that the properties incurred to BH and its affiliates, as well as reimbursements paid to BH from the properties for various operating expenses, for the years ended December 31, 2016, 2015 and 2014 (in thousands): For the Year Ended December 31, 2016 2015 2014 Fees incurred Property management fees (1) $ 3,983 $ 3,501 $ 1,215 Construction supervision fees (2) 885 1,549 675 Acquisition fees (3) 589 2,048 4,938 Reimbursements Payroll and benefits (4) 15,586 14,903 4,866 Other reimbursements (5) 2,078 1,179 393 (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. Acquisition fees incurred prior to October 1, 2016 are included in acquisition costs on the combined consolidated statements of operations and comprehensive income (loss). Acquisition fees incurred for the period beginning on October 1, 2016 are capitalized to operating real estate assets on the consolidated balance sheet. (4) Included in property operating expenses on the combined consolidated statements of operations and comprehensive income (loss). (5) Includes property operating expenses such as repairs and maintenance costs and certain 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 years ended December 31, 2016, 2015 and 2014, the properties incurred asset management fees to the Company of approximately $0.7 million, $0.6 million, and $0.2 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, Old Farm and Stone Creek at Old Farm, 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 the Company, selecting and working with third party service providers, managing the Company’s properties or overseeing the third party property manager, formulating an investment strategy for the Company and selecting suitable properties and investments, managing the Company’s outstanding debt on its properties and its 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). In addition, Real Estate Assets is not reduced for dispositions of assets classified as Contributed Assets (see “Expense Cap” below). 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 an annual cap of approximately $5.4 million (see “Expense Cap” below). 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 the Company’s 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 the Company under a shared services agreement. “Offering Expenses” include all expenses (other than underwriters’ discounts) in connection with an offering, including, without limitation, legal, accounting, printing, mailing and filing fees and other documented offering expenses. For the year ended December 31, 2016 and the nine months ended December 31, 2015, the Adviser did not bill any Operating Expenses 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, 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 and is not reduced for dispositions of such assets subsequent to the Spin-Off. Advisory and administrative fees on New Assets are not subject to the above limitation and are based on an annual rate of 1.2% on Average Real Estate Assets, but are subject to the Expense Cap. New Assets are all Real Estate Assets that are not Contributed Assets. For the years ended December 31, 2016, 2015 and 2014, the Company incurred advisory and administrative fees of $6.8 million, $5.6 million, and $1.7 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 its advisor, 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 years ended December 31, 2016 and 2015 represents the maximum fee allowed on Contributed Assets (as defined in the Advisory Agreement) under the Advisory Agreement plus approximately $1.4 million and $0.2 million, respectively, of advisory and administrative fees incurred on New Assets (as defined in the Advisory Agreement). The increase in advisory and administrative fees on New Assets between the periods was due to the acquisition of additional properties classified as New Assets after the Spin-Off, for which the Adviser has elected to receive fees on, and the timing of the acquisitions (the Company acquired two properties in August 2015, one property in October 2015, one property in July 2016, and one property in October 2016 that incurred advisory and administrative fees). The Adviser has elected to voluntarily waive the advisory and administrative fees incurred on the two properties the Company acquired in December 2016 as the properties were financed solely with debt; however, it is not contractually obligated to waive fees on New Assets in the future and may cease waiving fees on New Assets at its discretion.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Commitments In the normal course of business, the Company enters into various rehabilitation construction related purchase commitments with parties that provide these goods and services. In the event the Company were to terminate rehabilitation construction services prior to the completion of projects, the Company could potentially be committed to satisfy outstanding or uncompleted purchase orders with such parties. As of December 31, 2016, management does not anticipate any material deviations from schedule or budget related to rehabilitation projects currently in process. Contingencies In the normal course of business, the Company is subject to claims, lawsuits, and legal proceedings. While it is not possible to ascertain the ultimate outcome of all such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the consolidated balance sheets or 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 year ended December 31, 2016, the Company sold seven properties, with respect to which BH Equity and its affiliates may be entitled to certain profits interests pursuant to portfolio joint venture agreements governing the entities that owned the properties. 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 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 each of the portfolio joint venture agreements in a combined range from $0.0 to $2.5 million. As discussed in Note 4, the Company and BH Equity and its affiliates reinvested the proceeds from two of the seven sales in 1031 Exchanges. 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	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	10. Subsequent Events Acquisition of Multifamily Property The Company acquired the following property, through a reverse 1031 Exchange, subsequent to December 31, 2016 (dollars in thousands) (unaudited): Property Name Location Date of Acquisition Purchase Price Debt # Units Noncontrolling Interest Effective Ownership Hollister Place Houston, Texas February 1, 2017 $ 24,500 $ 24,500 (1) 260 — % 100 % (1) The Company expanded its $30 Million Credit Facility by $14.0 million and used approximately $12.0 million of the proceeds drawn to fund a portion of the purchase price and planned value-add improvements to the property. The Company also placed a first mortgage on the property with a principal amount of approximately $13.5 million, a floating interest rate at 2.29% over one-month LIBOR and an 84-month term. The Company intends on paying the $12.0 million drawn under the $30 Million Credit Facility in connection with the acquisition with proceeds from the sales of properties classified as held for sale as of December 31, 2016 or cash on hand. Renewal of Advisory Agreement On March 13, 2017, the Board, including the independent directors, unanimously approved the renewal of the Advisory Agreement with the Adviser for a one-year term that expires on March 16, 2018. Dividends Declared On March 13, 2017, the Company’s board of directors declared a quarterly dividend of $0.22 per share, payable on March 31, 2017 to stockholders of record on March 20, 2016. Potential Sales of Multifamily Properties The Company is under contract to sell The Miramar Apartments, Toscana and Twelve 6 Ten at the Park in Dallas, Texas and The Grove at Alban in Frederick, Maryland to unaffiliated third parties. The total carrying value of these multifamily properties as of December 31, 2016 was approximately $62.4 million, representing approximately 6.5% of the Company’s total net real estate assets as of December 31, 2016. These properties were classified as held for sale as of December 31, 2016.

Quarterly Results (unaudited)

Quarterly Results (unaudited)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results (unaudited)	11. Quarterly Results (unaudited) Presented below is a summary of the unaudited quarterly combined consolidated financial information for the years ended December 31, 2016, 2015 and 2014 (in thousands, except per share amounts): 2016 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 33,511 $ 33,657 $ 33,079 $ 32,601 Net income 291 16,596 8,825 176 Net income (loss) attributable to common stockholders (15 ) 14,590 7,090 217 Earnings (loss) per share - basic and diluted (see Note 2) (0.00 ) 0.69 0.33 0.01 2015 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 25,537 $ 28,747 $ 30,771 $ 32,603 Net loss (5,893 ) (2,265 ) (890 ) (1,944 ) Net loss attributable to common stockholders (5,399 ) (2,253 ) (1,064 ) (2,116 ) Loss per share - basic and diluted (see Note 2) (0.25 ) (0.11 ) (0.05 ) (0.10 ) 2014 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 3,977 $ 6,818 $ 11,920 $ 20,435 Net loss (2,623 ) (2,336 ) (6,441 ) (6,133 ) Net loss attributable to common stockholders (2,305 ) (1,981 ) (5,743 ) (5,572 ) Loss per share - basic and diluted (see Note 2) (0.11 ) (0.09 ) (0.27 ) (0.26 )

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation and Amortization	12 Months Ended
	Dec. 31, 2016
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Schedule III- Real Estate and Accumulated Depreciation	SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (in thousands) Initial Cost to Company Costs Capitalized Gross Amount Carried at December 31, 2016 Accumulated Depreciation Property Name Location Ownership Percentage Encumbrances (1) Land Buildings and Improvements (2) Total Subsequent to Acquisition Land Buildings and Improvements (3) Total (4) and Amortization (5) (6) Date Acquired The Miramar Apartments Dallas, Texas 100% $ 8,400 $ 1,580 $ 7,295 $ 8,875 $ 2,576 $ 1,580 $ 9,581 $ 11,161 $ (1,235 ) 10/31/2013 Arbors on Forest Ridge Bedford, Texas 90% 12,000 2,330 10,475 12,805 1,571 2,330 11,734 14,064 (1,516 ) 1/31/2014 Cutter’s Point Richardson, Texas 90% 14,000 3,330 12,515 15,845 1,518 3,330 13,681 17,011 (1,790 ) 1/31/2014 Eagle Crest Irving, Texas 90% 23,000 5,450 21,875 27,325 1,821 5,450 23,042 28,492 (2,824 ) 1/31/2014 Silverbrook Grand Prairie, Texas 90% 26,000 4,860 25,540 30,400 2,584 4,860 27,331 32,191 (3,752 ) 1/31/2014 Timberglen Dallas, Texas 90% 15,000 2,510 14,440 16,950 1,389 2,510 15,421 17,931 (1,955 ) 1/31/2014 Toscana Dallas, Texas 90% 8,000 1,730 7,145 8,875 1,113 1,730 8,028 9,758 (1,012 ) 1/31/2014 The Grove at Alban Frederick, Maryland 76% 18,468 3,640 19,410 23,050 1,737 3,640 20,351 23,991 (1,577 ) 3/10/2014 Edgewater at Sandy Springs Atlanta, Georgia 90% 50,000 14,290 43,710 58,000 5,347 14,290 47,127 61,417 (5,554 ) 7/18/2014 Beechwood Terrace Nashville, Tennessee 90% 19,000 1,390 20,010 21,400 1,900 1,390 21,501 22,891 (2,114 ) 7/21/2014 Willow Grove Nashville, Tennessee 90% 13,000 3,940 9,810 13,750 1,828 3,940 11,340 15,280 (1,264 ) 7/21/2014 Woodbridge Nashville, Tennessee 90% 14,000 3,650 12,350 16,000 1,666 3,650 13,682 17,332 (1,447 ) 7/21/2014 Abbington Heights Antioch, Tennessee 90% 10,206 1,770 16,130 17,900 1,687 1,770 17,417 19,187 (1,778 ) 8/1/2014 The Summit at Sabal Park Tampa, Florida 90% 14,287 5,770 13,280 19,050 1,431 5,770 14,307 20,077 (1,569 ) 8/20/2014 Courtney Cove Tampa, Florida 90% 14,210 5,880 13,070 18,950 1,199 5,880 13,838 19,718 (1,542 ) 8/20/2014 Radbourne Lake Charlotte, North Carolina 90% 19,213 2,440 21,810 24,250 1,569 2,440 22,727 25,167 (2,191 ) 9/30/2014 Timber Creek Charlotte, North Carolina 90% 19,482 11,260 11,490 22,750 3,494 11,260 14,185 25,445 (1,466 ) 9/30/2014 Belmont at Duck Creek Garland, Texas 90% 11,148 1,910 16,615 18,525 1,796 1,910 17,975 19,885 (1,667 ) 9/30/2014 The Arbors Tucker, Georgia 90% 5,812 1,730 6,070 7,800 1,134 1,730 7,005 8,735 (699 ) 10/16/2014 The Crossings Marietta, Georgia 90% 15,874 3,982 17,050 21,032 3,030 3,982 19,246 23,228 (1,902 ) 10/16/2014 The Crossings at Holcomb Bridge Roswell, Georgia 90% 12,450 5,560 10,440 16,000 2,279 5,560 12,103 17,663 (1,314 ) 10/16/2014 The Knolls Marietta, Georgia 90% 16,038 3,410 17,790 21,200 2,299 3,410 19,330 22,740 (1,952 ) 10/16/2014 Regatta Bay Seabrook, Texas 90% 14,000 1,660 16,540 18,200 1,309 1,660 17,135 18,795 (1,552 ) 11/4/2014 Sabal Palm at Lake Buena Vista Orlando, Florida 90% 37,680 7,580 41,920 49,500 1,491 7,580 42,024 49,604 (3,379 ) 11/5/2014 Southpoint Reserve at Stoney Creek Fredericksburg, Virginia 85% 13,600 6,120 10,880 17,000 1,466 6,120 11,854 17,974 (897 ) 12/18/2014 Cornerstone Orlando, Florida 90% 23,082 1,500 30,050 31,550 2,133 1,500 31,289 32,789 (2,359 ) 1/15/2015 Twelve 6 Ten at the Park Dallas, Texas 90% 15,738 3,610 17,374 20,984 2,232 3,610 19,034 22,644 (1,377 ) 1/15/2015 The Preserve at Terrell Mill Marietta, Georgia 90% 43,500 10,170 47,830 58,000 5,535 10,170 51,551 61,721 (3,919 ) 2/6/2015 The Ashlar (fka Dana Point) Dallas, Texas 90% 12,176 4,090 12,145 16,235 1,818 4,090 13,601 17,691 (1,151 ) 2/26/2015 Heatherstone Dallas, Texas 90% 7,087 2,320 7,130 9,450 1,572 2,320 8,494 10,814 (716 ) 2/26/2015 Versailles Dallas, Texas 90% 19,623 6,720 19,445 26,165 3,286 6,720 22,150 28,870 (1,811 ) 2/26/2015 Seasons 704 Apartments West Palm Beach, Florida 90% 12,660 7,480 13,520 21,000 1,620 7,480 14,739 22,219 (1,084 ) 4/15/2015 Madera Point Mesa, Arizona 95% 13,515 4,920 17,605 22,525 983 4,920 17,959 22,879 (1,076 ) 8/5/2015 The Pointe at the Foothills Mesa, Arizona 95% 31,365 4,840 47,435 52,275 1,419 4,840 47,421 52,261 (2,591 ) 8/5/2015 Venue at 8651 Fort Worth, Texas 95% 17,000 2,350 16,900 19,250 1,899 2,350 18,288 20,638 (982 ) 10/30/2015 CityView West Palm Beach, Florida 91% 15,812 3,860 19,424 23,284 384 3,860 19,808 23,668 (726 ) 7/27/2016 The Colonnade Phoenix, Arizona 97% — 8,340 36,520 44,860 52 8,340 36,572 44,912 (572 ) 10/11/2016 Old Farm Houston, Texas 100% 70,000 11,078 73,986 85,064 — 11,078 73,986 85,064 — 12/29/2016 Stone Creek at Old Farm Houston, Texas 100% 19,000 3,493 19,937 23,430 12 3,493 19,949 23,442 — 12/29/2016 $ 725,426 $ 182,543 $ 796,961 $ 979,504 $ 72,179 $ 182,543 $ 846,806 $ 1,029,349 $ (66,312 ) (1) Encumbrances include mortgages payable and the $300 Million Credit Facility, which had an outstanding balance of $300.0 million as of December 31, 2016. The $300 Million Credit Facility is collateralized by 13 properties (see Note 5). For purposes of this schedule, the $300.0 Million Credit Facility balance was allocated to each property based upon its relative gross real estate amount carried at December 31, 2016. Encumbrances does not include the $45.0 million of debt outstanding under the $30 Million Credit Facility and the 2016 Bridge Facility as the loans are not collateralized by any properties. (2) Includes gross intangible lease assets of approximately $27.2 million and buildings and improvements and furniture, fixtures, and equipment of approximately $769.8 million, which includes total acquisition costs of approximately $0.7 million incurred on the acquisitions of The Colonnade, Old Farm and Stone Creek at Old Farm. (3) Includes gross intangible lease assets of approximately $5.1 million, construction in progress of approximately $2.9 million, and furniture, fixtures, and equipment of approximately $40.9 million. (4) The cost, net of accumulated depreciation, for Federal Income Tax purposes as of December 31, 2016 was approximately $1.0 billion (unaudited). (5) Includes gross intangible lease asset amortization of approximately $0.7 million. (6) Depreciation and amortization are computed on a straight-line basis over the estimated useful lives. The estimated useful life to compute depreciation for buildings is 30 years, for building improvements is 15 years, and for furniture, fixtures and equipment is 3 years. The estimated useful life to compute amortization for intangible lease assets is six months. NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2016, 2015 and 2014 is as follows (in thousands): For the Year Ended December 31, 2016 2015 2014 Real Estate: Balance, beginning of year $ 942,755 $ 650,314 $ 9,115 Additions: Real estate acquired 176,638 277,434 624,325 Improvements 24,956 37,891 16,874 Deductions: Real estate sold (112,427 ) — — Write-off of fully amortized assets and other (2,573 ) (22,884 ) — Balance, end of year $ 1,029,349 $ 942,755 $ 650,314 Accumulated Depreciation and Amortization: Balance, beginning of year $ 39,873 $ 21,788 $ 142 Depreciation expense 34,265 28,684 9,300 Amortization expense 1,379 12,117 12,346 Accumulated depreciation on sales (6,632 ) — — Write-off of fully amortized assets (2,573 ) (22,716 ) — Balance, end of year $ 66,312 $ 39,873 $ 21,788 S-1

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Predecessor	Predecessor With the exception of a nominal amount of initial cash funded at inception, the Company did not own any assets prior to March 31, 2015. The business and operations of the Company prior to March 31, 2015 occurred under the predecessor. The predecessor included all of the properties in the Portfolio that were held directly or indirectly by NREO prior to the Spin-Off that occurred on March 31, 2015. However, the Company’s combined consolidated statements of operations and comprehensive income (loss) and combined consolidated statements of cash flows reflect operations of the predecessor through March 31, 2015 as if they were incurred by the Company. The 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 combined consolidated financial statements of the Company are prepared in accordance with Generally Accepted Accounting Principles (“GAAP”). The combined consolidated financial statements include the accounts of the Company, its subsidiaries and the consolidated EAT variable interest entities (see “Accounting for Joint Ventures” below and Note 4). The predecessor’s combined consolidated financial statements were derived from the historical accounting records of the 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 the other entities are variable interest entities (“VIE’s”) as required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation
Use of Estimates	Use of Estimates The preparation of the combined consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the combined consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. It is at least reasonably possible that these estimates could change in the near term.
Real Estate Investments	Real Estate Investments Upon acquisition of a property, the purchase price and related acquisition costs (“total consideration”) are allocated to land, buildings, improvements, furniture, fixtures, and equipment, and intangible lease assets in accordance with FASB ASC 805, Business Combinations Clarifying the Definition of a Business (Topic 805), The allocation of total consideration, which is determined using inputs that are classified within Level 3 of the fair value hierarchy established by FASB ASC 820, Fair Value Measurement and Disclosures 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.
Held For Sale Properties	Held For Sale Properties The Company periodically classifies real estate assets as held for sale when certain criteria are met, in accordance with GAAP. At that time, the Company presents the net real estate assets and the net debt associated with the real estate held for sale separately in its consolidated balance sheet, and the Company ceases recording depreciation and amortization expense related to that property. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell.
Impairment	Impairment Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In such cases, the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. For the years ended December 31, 2016, 2015 and 2014, the Company did not record any impairment charges related to real estate assets.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash, short-term investments, and cash placed with a qualified intermediary for reinvestment under a 1031 Exchange. Short-term investments are stated at cost, which approximates fair value. Cash placed with a qualified intermediary may not be immediately accessible; however, due to the short-term nature of the restrictions imposed by a qualified intermediary, the Company considers such cash to be cash equivalents.
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 to be segregated and held by the Company’s 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 the Company’s value-add renovations at each of its properties and are not required to be held in escrow by a third party. The Company may reallocate these funds, at its discretion, to pursue other investment opportunities. The following is a summary of the restricted cash held as of December 31, 2016 and 2015 (in thousands): December 31, 2016 December 31, 2015 Security deposits $ 852 $ 1,034 Operating escrows 18,256 21,312 Renovation value-add reserves 13,448 24,523 $ 32,556 $ 46,869
Prepaid Acquisition Deposits	Prepaid Acquisition Deposits In the normal course of business, the Company incurs costs in connection with future acquisitions that may include good faith deposits made prior to probable acquisitions. Prepaid acquisition deposits are held in escrow and are applied upon closing of the acquisition. Until an acquisition closes, the Company records these deposits in prepaid and other assets on the consolidated balance sheet. No such costs existed as of December 31, 2016 and 2015.
Deferred Financing Costs	Deferred Financing Costs The Company defers costs incurred in obtaining financing and amortizes the costs over the terms of the related loans using the straight-line method, which approximates the effective interest method. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to interest expense. Deferred financing costs, net of amortization, of $3.3 million and $6.0 million are recorded as a reduction from mortgages payable on the accompanying consolidated balance sheets as of December 31, 2016 and 2015, respectively. Deferred financing costs, net of amortization, of $4.5 million and $0.1 million are recorded as a reduction from the Company’s credit facilities and bridge facility, respectively, on the accompanying consolidated balance sheet as of December 31, 2016. Deferred financing costs, net of amortization, of $0.2 million are recorded as a reduction from the Company’s bridge facility on the accompanying consolidated balance sheet as of December 31, 2015. Amortization of deferred financing costs of $2.1 million, $1.1 million and $0.3 million is included in interest expense on the combined consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2016, 2015, and 2014, respectively. For the year ended December 31, 2016, the Company incurred amortization of deferred financing costs of approximately $0.7 million related to its sales of seven properties and retirement of the related debt during the period (see Note 4).
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, equity contributions, return of capital, 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 (1) insufficient equity to permit it to finance its activities without additional subordinated financial support or (2) 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 (1) a VIE, and (2) 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. In accordance with FASB ASC 810, the Company consolidates joint ventures that are not VIEs where the Company owns a majority of the voting interests in the entity, which is referred to as a voting interest entity. The following table represents the Company’s investments in variable interest entities as of December 31, 2016 and 2015: Property Name Location Year Effective Ownership Percentage at December 31, 2016 Effective Ownership Percentage at December 31, 2015 Meridian Austin, Texas 2014 — (1) 90 % The Grove at Alban (2) Frederick, Maryland 2014 76 % 76 % Willowdale Crossings Frederick, Maryland 2014 — (1) 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 Jacksonville, Florida 2014 — (1) 90 % Park at Blanding Orange Park, Florida 2014 — (1) 90 % Park at Regency Jacksonville, Florida 2014 — (1) 90 % Jade Park Daytona Beach, Florida 2014 — (1) 90 % Mandarin Reserve Jacksonville, Florida 2014 — (1) 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 (2) Fredericksburg, Virginia 2014 85 % 85 % Cornerstone Orlando, Florida 2015 90 % 90 % Twelve 6 Ten at the Park (2) Dallas, Texas 2015 90 % 90 % The Preserve at Terrell Mill Marietta, Georgia 2015 90 % 90 % The Ashlar (fka 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 % Old Farm (3) Houston, Texas 2016 100 % — (4) Stone Creek at Old Farm (3) Houston, Texas 2016 100 % — (4) (1) Properties were sold during the year ended December 31, 2016. (2) Properties are classified as held for sale as of December 31, 2016. (3) Properties are Parked Assets as of December 31, 2016 (see Note 4). (4) Properties were acquired in 2016; therefore, no ownership as of December 31, 2015. The following table represents the Company’s investments in voting interest entities as of December 31, 2016 and 2015: Property Name Location Year Effective Ownership Percentage at December 31, 2016 Effective Ownership Percentage at December 31, 2015 The Miramar Apartments (1) Dallas, Texas 2013 100 % 100 % Arbors on Forest Ridge Bedford, Texas 2014 90 % 90 % (2) Cutter’s Point Richardson, Texas 2014 90 % 90 % (2) Eagle Crest Irving, Texas 2014 90 % 90 % (2) Silverbrook Grand Prairie, Texas 2014 90 % 90 % (2) Timberglen Dallas, Texas 2014 90 % 90 % (2) Toscana (1) Dallas, Texas 2014 90 % 90 % (2) Edgewater at Sandy Springs Atlanta, Georgia 2014 90 % 90 % (2) Beechwood Terrace Nashville, Tennessee 2014 90 % 90 % (2) Willow Grove Nashville, Tennessee 2014 90 % 90 % (2) Woodbridge Nashville, Tennessee 2014 90 % 90 % (2) Madera Point Mesa, Arizona 2015 95 % 95 % The Pointe at the Foothills Mesa, Arizona 2015 95 % 95 % Venue at 8651 Fort Worth, Texas 2015 95 % 95 % CityView West Palm Beach, Florida 2016 91 % — (3) The Colonnade Phoenix, Arizona 2016 97 % — (3) (1) Properties are classified as held for sale as of December 31, 2016. (2) Properties were considered VIEs at December 31, 2015. (3) Properties were acquired in 2016; therefore, no ownership as of 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, through a multiple-asset LLC, directly or indirectly holds membership interests in the single-asset LLCs that directly own the properties. Under these arrangements, the multiple-asset LLC is the sole member of all single-asset LLCs that directly own the properties. The majority of these entities are deemed to be VIEs as the Company has 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 its economic interests in the entities and substantially all of the activities of the entities are performed on the Company’s behalf. The Company is considered the primary beneficiary of these VIEs as no single party meets both criteria to be the primary beneficiary, and the Company is 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 the Company’s ownership interests relative to the other investors, and the rights it holds with respect to the other investors’ equity interests, including the Company’s ability to preclude any transfers of their interests and ability to drag them along on the sale of its 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 VIE have no recourse to the assets of other entities or the Company. The other investor in the VIEs, with the exception of Old Farm and Stone Creek at Old Farm, 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, with the exception of Old Farm and Stone Creek at Old Farm, has a non-recourse mortgage that has standard scope non-recourse carve outs required by agency lenders and generally calls 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 as well as for the mortgage indebtedness incurred upon acquisition, which was subsequently refinanced, related to certain entities now considered voting interest entities. In consideration of the guarantees provided by BH Equity and its affiliates, they will earn an additional profit interest in each entity such that distributions will be made to the members of the entity 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 entity 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 entity and BH Equity or its affiliates. Additionally, the Company has in the past and may in the future enter into purchase and sale transactions structured under 1031 Exchanges. For a reverse 1031 Exchange in which the Company purchases a new property prior to selling the property to be matched in the like-kind exchange (the Company refers to a new property being acquired in the 1031 Exchange prior to the sale of the related property as a “Parked Asset”), legal title to the Parked Asset is held by an EAT engaged to execute the 1031 Exchange until the sale transaction and the 1031 Exchange is completed. The Company, through a subsidiary, enters into a master lease agreement with the EAT whereby the EAT leases the acquired property and all other rights acquired in connection with the acquisition to the Company. The term of the master lease agreement is until the earlier of the completion of the reverse 1031 Exchange or 180 days from the date that the property was acquired. The EAT is classified as a VIE as it does not have sufficient equity investment at risk to finance its activities without additional subordinated financial support. The Company consolidates the EAT as its primary beneficiary because it has the ability to control the activities that most significantly impact the EAT's economic performance and the Company retains all of the legal and economic benefits and obligations related to the Parked Assets prior to completion of the 1031 Exchange. As such, the Parked Assets are included in the Company’s combined consolidated financial statements as VIEs until legal title is transferred to the Company upon either completion of the 1031 Exchange or termination of the master lease agreements, at which time they will be consolidated as voting interest entities.
Revenue Recognition	Revenue Recognition The Company’s primary operations consist of rental income earned from its residents under lease agreements typically 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, and pets, administrative, application and other fees and are recognized when earned.
Asset Management & Property Management Services	Asset Management & Property Management Services Asset management fee and property management fee expenses are recognized when incurred in accordance with each management agreement (see Note 8).
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Code and expects to continue 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 (1) 85% of its ordinary income, (2) 95% of its capital gain net income and (3) 100% of its undistributed income from prior years. The Company intends to operate in such a manner so as to qualify as a REIT, but no assurance can be given that the Company will operate in a manner so as to qualify as a REIT. Beginning in 2016, taxable income from certain non-REIT activities is managed through a taxable REIT subsidiary (“TRS”) and is subject to applicable federal, state, and local income and margin taxes. The Company has no significant taxes associated with its TRS for the year ended December 31, 2016. If the Company fails 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 December 31, 2016, the Company believes it is in compliance with all applicable REIT requirements. The Company evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” (greater than 50 percent probability) of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. The Company’s management is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Company has no examinations in progress and none are expected at this time. The Company recognizes its tax positions and evaluates them using a two-step process. First, the Company determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. The Company had no material unrecognized tax benefit or expense, accrued interest or penalties as of December 31, 2016. The Company and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The 2015 tax year remains open to examination by tax jurisdictions to which the Company and its subsidiaries are subject. When applicable, the Company recognizes interest and/or penalties related to uncertain tax positions on its combined consolidated statements of operations and comprehensive income (loss).
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, SSB, an affiliate of the 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 independent third parties to perform the allocation of value analysis for each property acquisition and to perform the market valuations on its derivative financial instruments and has established policies, as described above, processes and procedures intended to ensure that the valuation methodologies for investments and derivative financial instruments 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 and excludes any unvested restricted stock units issued pursuant to the Company’s long-term incentive plan (see Note 7). Diluted earnings (loss) per share is calculated by adjusting basic earnings (loss) per share for the dilutive effect of the assumed vesting of restricted stock units. The Company’s unvested restricted stock units are reflected in the calculation of diluted earnings per share. During periods of net loss, the assumed vesting of restricted stock units is anti-dilutive and is not included in the calculation of earnings (loss) per share. During the year ended December 31, 2016, the dilutive impact of the assumed vesting of restricted stock units was less than $0.01. There were no potentially dilutive securities for the years ended December 31, 2015 and 2014. For the years ended December 31, 2016, 2015 and 2014, the Company incurred basic and diluted earnings (loss) per share of $1.03, $(0.51), and $(0.73), 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. The Company has elected to take advantage of this extended transition period. As a result of this election, the Company’s financial statements may not be comparable to companies that comply with public company effective dates for such new or revised standards. The Company 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 January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business (Topic 805) In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash December 31, 2016 December 31, 2015 December 31, 2014 Cash and cash equivalents $ 22,705 $ 16,226 $ 12,662 Restricted cash 32,556 46,869 47,817 Total cash and restricted cash $ 55,261 $ 63,095 $ 60,479 In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting 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 In February 2016, the FASB issued ASU 2016-02, Leases

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Estimated Useful Lives of Assets	Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months
Summary of Restricted Cash Held	The following is a summary of the restricted cash held as of December 31, 2016 and 2015 (in thousands): December 31, 2016 December 31, 2015 Security deposits $ 852 $ 1,034 Operating escrows 18,256 21,312 Renovation value-add reserves 13,448 24,523 $ 32,556 $ 46,869
Schedule of Investments	The following table represents the Company’s investments in variable interest entities as of December 31, 2016 and 2015: Property Name Location Year Effective Ownership Percentage at December 31, 2016 Effective Ownership Percentage at December 31, 2015 Meridian Austin, Texas 2014 — (1) 90 % The Grove at Alban (2) Frederick, Maryland 2014 76 % 76 % Willowdale Crossings Frederick, Maryland 2014 — (1) 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 Jacksonville, Florida 2014 — (1) 90 % Park at Blanding Orange Park, Florida 2014 — (1) 90 % Park at Regency Jacksonville, Florida 2014 — (1) 90 % Jade Park Daytona Beach, Florida 2014 — (1) 90 % Mandarin Reserve Jacksonville, Florida 2014 — (1) 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 (2) Fredericksburg, Virginia 2014 85 % 85 % Cornerstone Orlando, Florida 2015 90 % 90 % Twelve 6 Ten at the Park (2) Dallas, Texas 2015 90 % 90 % The Preserve at Terrell Mill Marietta, Georgia 2015 90 % 90 % The Ashlar (fka 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 % Old Farm (3) Houston, Texas 2016 100 % — (4) Stone Creek at Old Farm (3) Houston, Texas 2016 100 % — (4) (1) Properties were sold during the year ended December 31, 2016. (2) Properties are classified as held for sale as of December 31, 2016. (3) Properties are Parked Assets as of December 31, 2016 (see Note 4). (4) Properties were acquired in 2016; therefore, no ownership as of December 31, 2015. The following table represents the Company’s investments in voting interest entities as of December 31, 2016 and 2015: Property Name Location Year Effective Ownership Percentage at December 31, 2016 Effective Ownership Percentage at December 31, 2015 The Miramar Apartments (1) Dallas, Texas 2013 100 % 100 % Arbors on Forest Ridge Bedford, Texas 2014 90 % 90 % (2) Cutter’s Point Richardson, Texas 2014 90 % 90 % (2) Eagle Crest Irving, Texas 2014 90 % 90 % (2) Silverbrook Grand Prairie, Texas 2014 90 % 90 % (2) Timberglen Dallas, Texas 2014 90 % 90 % (2) Toscana (1) Dallas, Texas 2014 90 % 90 % (2) Edgewater at Sandy Springs Atlanta, Georgia 2014 90 % 90 % (2) Beechwood Terrace Nashville, Tennessee 2014 90 % 90 % (2) Willow Grove Nashville, Tennessee 2014 90 % 90 % (2) Woodbridge Nashville, Tennessee 2014 90 % 90 % (2) Madera Point Mesa, Arizona 2015 95 % 95 % The Pointe at the Foothills Mesa, Arizona 2015 95 % 95 % Venue at 8651 Fort Worth, Texas 2015 95 % 95 % CityView West Palm Beach, Florida 2016 91 % — (3) The Colonnade Phoenix, Arizona 2016 97 % — (3) (1) Properties are classified as held for sale as of December 31, 2016. (2) Properties were considered VIEs at December 31, 2015. (3) Properties were acquired in 2016; therefore, no ownership as of 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
Summary of Company's Cash and Restricted Cash	The following is a summary of the Company’s cash and restricted cash total as presented in the combined consolidated statements of cash flows for the years ended December 31, 2016, 2015 and 2014 (in thousands): December 31, 2016 December 31, 2015 December 31, 2014 Cash and cash equivalents $ 22,705 $ 16,226 $ 12,662 Restricted cash 32,556 46,869 47,817 Total cash and restricted cash $ 55,261 $ 63,095 $ 60,479

Real Estate Investments Stati21

Real Estate Investments Statistics (Tables)	12 Months Ended
	Dec. 31, 2016
Multifamily Properties
Business Acquisition [Line Items]
Summary of Investment in Multifamily Properties	As of December 31, 2016, the Company is invested in a total of 39 multifamily properties, as listed below: Average Effective Monthly Rent Per Unit as of December 31, *(1) % Occupied as of December 31, *(2) Property Name Rentable Square (in thousands)* Number of Units* Date Acquired 2016 2015 2016 2015 The Miramar Apartments (3) 183 314 10/31/2013 $ 607 $ 586 94.6 % 92.4 % Arbors on Forest Ridge 155 210 1/31/2014 829 811 92.9 % 93.8 % Cutter’s Point 198 196 1/31/2014 1,013 981 93.9 % 93.9 % Eagle Crest 396 447 1/31/2014 842 798 94.4 % 95.5 % Silverbrook 526 642 1/31/2014 748 711 93.5 % 93.6 % Timberglen 221 304 1/31/2014 802 748 92.8 % 96.1 % Toscana (3) 115 192 1/31/2014 702 649 96.4 % 94.8 % The Grove at Alban (3) 267 290 3/10/2014 994 971 91.4 % 94.5 % Edgewater at Sandy Springs 727 760 7/18/2014 898 825 94.5 % 94.5 % Beechwood Terrace 272 300 7/21/2014 882 794 95.3 % 97.3 % Willow Grove 229 244 7/21/2014 850 773 96.7 % 95.9 % Woodbridge 247 220 7/21/2014 938 875 87.7 % 96.4 % Abbington Heights 239 274 8/1/2014 858 785 95.3 % 94.5 % The Summit at Sabal Park 205 252 8/20/2014 918 841 90.9 % 92.5 % Courtney Cove 225 324 8/20/2014 802 738 94.4 % 95.4 % Radbourne Lake 247 225 9/30/2014 1,034 954 96.9 % 96.9 % Timber Creek 248 352 9/30/2014 800 727 95.5 % 94.3 % Belmont at Duck Creek 198 240 9/30/2014 946 880 95.0 % 93.8 % The Arbors 128 140 10/16/2014 835 786 95.7 % 94.3 % The Crossings 378 380 10/16/2014 810 757 91.8 % 92.9 % The Crossings at Holcomb Bridge 248 268 10/16/2014 857 780 95.5 % 95.9 % The Knolls 311 312 10/16/2014 908 826 93.6 % 93.9 % Regatta Bay 200 240 11/4/2014 1,039 1,010 94.6 % 93.3 % Sabal Palm at Lake Buena Vista 371 400 11/5/2014 1,119 1,083 95.0 % 96.0 % Southpoint Reserve at Stoney Creek (3) 116 156 12/18/2014 1,011 986 92.9 % 94.9 % Cornerstone 318 430 1/15/2015 875 822 95.8 % 93.3 % Twelve 6 Ten at the Park (3) 290 402 1/15/2015 704 666 91.3 % 91.3 % The Preserve at Terrell Mill 692 752 2/6/2015 813 747 92.0 % 95.6 % The Ashlar (fka Dana Point) 206 264 2/26/2015 778 734 91.3 % 92.8 % Heatherstone 116 152 2/26/2015 848 782 92.8 % 94.1 % Versailles 301 388 2/26/2015 817 765 93.0 % 90.2 % Seasons 704 Apartments 217 222 4/15/2015 1,016 980 95.0 % 97.3 % Madera Point 193 256 8/5/2015 768 758 93.8 % 93.8 % The Pointe at the Foothills 473 528 8/5/2015 822 825 92.2 % 90.7 % Venue at 8651 289 333 10/30/2015 753 750 90.4 % 92.8 % CityView 266 217 7/27/2016 1,103 — (4) 93.5 % — (4) The Colonnade 256 415 10/11/2016 705 — (4) 88.0 % — (4) Old Farm 697 734 12/29/2016 1,214 — (4) 93.6 % — (4) Stone Creek at Old Farm 186 190 12/29/2016 1,244 — (4) 93.2 % — (4) 11,150 12,965 * Information is unaudited. (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of December 31 for the respective year minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of December 31 for the respective year. (2) Percent occupied is calculated as the number of units occupied as of December 31, 2016 and 2015, divided by the total number of units, expressed as a percentage. (3) Properties are classified as held for sale as of December 31, 2016. (4) Properties were acquired in 2016.

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
Summary of Major Components of Investments in Multifamily Properties	As of December 31, 2016, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties Land Buildings Intangible Construction in Progress Furniture, Fixtures and Equipment Totals Arbors on Forest Ridge $ 2,330 $ 11,014 $ — $ 3 $ 717 $ 14,064 Cutter’s Point 3,330 12,871 — — 810 17,011 Eagle Crest 5,450 21,990 — — 1,052 28,492 Silverbrook 4,860 25,335 — — 1,996 32,191 Timberglen 2,510 14,527 — — 894 17,931 Edgewater at Sandy Springs 14,290 43,709 — 123 3,295 61,417 Beechwood Terrace 1,390 20,561 — — 940 22,891 Willow Grove 3,940 10,672 — — 668 15,280 Woodbridge 3,650 12,708 — 215 759 17,332 Abbington Heights 1,770 16,426 — 75 916 19,187 The Summit at Sabal Park 5,770 13,342 — 9 956 20,077 Courtney Cove 5,880 12,886 — 42 910 19,718 Radbourne Lake 2,440 21,445 — 257 1,025 25,167 Timber Creek 11,260 13,252 — 69 864 25,445 Belmont at Duck Creek 1,910 17,034 — — 941 19,885 The Arbors 1,730 6,587 — 5 413 8,735 The Crossings 3,982 17,662 — 155 1,429 23,228 The Crossings at Holcomb Bridge 5,560 10,925 — — 1,178 17,663 The Knolls 3,410 17,707 — 8 1,615 22,740 Regatta Bay 1,660 16,155 — 89 891 18,795 Sabal Palm at Lake Buena Vista 7,580 41,147 — 3 874 49,604 Cornerstone 1,500 30,354 — 29 906 32,789 The Preserve at Terrell Mill 10,170 48,163 — 516 2,872 61,721 The Ashlar (fka Dana Point) 4,090 12,348 — 124 1,129 17,691 Heatherstone 2,320 7,521 — 224 749 10,814 Versailles 6,720 20,267 — 286 1,597 28,870 Seasons 704 Apartments 7,480 14,043 — — 696 22,219 Madera Point 4,920 17,079 — 15 865 22,879 The Pointe at the Foothills 4,840 45,975 — 157 1,289 52,261 Venue at 8651 2,350 16,815 — 311 1,162 20,638 CityView 3,860 18,700 491 113 504 23,668 The Colonnade 8,340 35,473 723 — 376 44,912 Old Farm 11,078 69,580 3,354 — 1,052 85,064 Stone Creek at Old Farm 3,493 19,101 572 — 276 23,442 165,863 733,374 5,140 2,828 36,616 943,821 Accumulated depreciation and amortization — (46,044 ) (650 ) — (13,520 ) (60,214 ) Total Operating Properties $ 165,863 $ 687,330 $ 4,490 $ 2,828 $ 23,096 $ 883,607 Held For Sale Properties The Grove at Alban 3,640 19,033 — — 1,318 23,991 The Miramar Apartments 1,580 8,870 — — 711 11,161 Toscana 1,730 7,341 — 3 684 9,758 Southpoint Reserve at Stoney Creek 6,120 11,218 — 31 605 17,974 Twelve 6 Ten at the Park 3,610 18,088 — 21 925 22,644 16,680 64,550 — 55 4,243 85,528 Accumulated depreciation and amortization — (4,896 ) — — (1,202 ) (6,098 ) Total Held For Sale Properties $ 16,680 $ 59,654 $ — $ 55 $ 3,041 $ 79,430 Total $ 182,543 $ 746,984 $ 4,490 $ 2,883 $ 26,137 $ 963,037 As of December 31, 2015, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties 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 Crossings 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 Twelve 6 Ten at the Park 3,610 17,127 — 398 517 21,652 The Preserve at Terrell Mill 10,170 47,055 — 430 1,117 58,772 The Ashlar (fka 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 Venue at 8651 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
Schedule for Acquisitions of Real Estate	The following table presents the Company’s acquisitions of real estate during the year ended December 31, 2016 (dollars in thousands); Property Name Location Date of Acquisition Purchase Price Debt (1) # Units Noncontrolling Interest Effective Ownership CityView West Palm Beach, Florida July 27, 2016 $ 22,421 $ 15,812 217 9 % 91 % The Colonnade Phoenix, Arizona October 11, 2016 44,600 29,500 415 3 % 97 % Old Farm (2) Houston, Texas December 29, 2016 84,721 84,721 734 — % 100 % Stone Creek at Old Farm (2) Houston, Texas December 29, 2016 23,332 23,332 190 — % 100 % $ 175,074 $ 153,365 1,556 (1) For additional information regarding the Company’s debt, see Note 5. (2) Properties were purchased as a portfolio and held at the EAT in anticipation of completing a reverse 1031 Exchange in 2017 with certain properties classified as held for sale as of December 31, 2016. Legal title of the properties will transfer to the Company upon completion of the reverse 1031 Exchange.
Summary of Sales of Real Estate Property	The following table presents the Company’s sales of real estate during the year ended December 31, 2016 (in thousands); there were no sales of real estate during the year ended December 31, 2015. Property Name Location Date of Sale Sales Price Net Cash Proceeds 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 Park at Blanding and Colonial Forest (4) Jacksonville, Florida (5) August 31, 2016 14,500 14,259 2,007 Willowdale Crossings (6) Frederick, Maryland September 15, 2016 45,200 44,439 5,576 Jade Park (7) Daytona Beach, Florida September 30, 2016 10,000 9,868 1,979 $ 133,950 $ 131,786 $ 25,932 (1) Represents sales price, net of closing costs. (2) Approximately $6.4 million of the proceeds from the sale of Meridian were used to acquire CityView in a 1031 Exchange. (3) Properties were sold as a portfolio. Approximately $18.0 million of the proceeds from the sale of Park at Regency and Mandarin Reserve were used to pay down a portion of the Company’s 2015 bridge facility during the second quarter of 2016 (see Note 5). (4) Properties were sold as a portfolio. (5) Park at Blanding is located in Orange Park, a suburb of Jacksonville, Florida. (6) On September 14, 2016, the Company, using cash on hand, purchased an additional 10% ownership interest in Willowdale Crossings from a noncontrolling interest holder for approximately $1.4 million, which approximated amounts due to such noncontrolling interest as a result of the underlying property sale. Approximately $10.9 million, which represented the Company’s share of the proceeds from the sale of Willowdale Crossings, was used to acquire The Colonnade in a 1031 Exchange. (7) Approximately $3.5 million of the proceeds from the sale of Jade Park were used to acquire The Colonnade.

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Summary of Mortgage Debt of Company and Encumbers Multifamily Properties	The following table contains summary information concerning the mortgage debt of the Company as of December 31, 2016 (dollars in thousands): Operating Properties Type Term Amortization (months) Outstanding Principal (1) Interest Rate (2) Max Note Rate (3) Maturity Date Courtney Cove (4) Floating 84 360 $ 14,210 2.85% 5.75% 9/1/2021 The Summit at Sabal Park (4) Floating 84 360 14,287 2.85% 5.75% 9/1/2021 The Preserve at Terrell Mill (4) Floating 84 360 43,500 2.73% 5.50% 3/1/2022 The Ashlar (fka Dana Point) (4) Floating 84 360 12,176 2.82% 5.50% 3/1/2022 Heatherstone (4) Floating 84 360 7,087 2.85% 5.50% 3/1/2022 Versailles (4) Floating 84 360 19,623 2.80% 5.50% 3/1/2022 Seasons 704 Apartments (4) Floating 84 360 12,660 2.57% 5.95% 5/1/2022 Timber Creek (5) Floating 120 360 19,482 2.59% 5.96% 10/1/2024 Radbourne Lake (5) Floating 120 360 19,213 2.58% 6.25% 10/1/2024 The Arbors (5) Floating 120 360 5,812 2.58% 7.11% 11/1/2024 The Crossings (5) Floating 120 360 15,874 2.58% 7.21% 11/1/2024 The Crossings at Holcomb Bridge (5) Floating 120 360 12,450 2.58% 7.35% 11/1/2024 The Knolls (5) Floating 120 360 16,038 2.58% 7.11% 11/1/2024 Sabal Palm at Lake Buena Vista (5) Floating 120 360 37,680 2.58% 6.26% 12/1/2024 Abbington Heights (6) Fixed 120 360 10,206 3.79% 3.79% 9/1/2022 Belmont at Duck Creek (7) Fixed 84 360 11,148 4.68% 4.68% 9/1/2018 Regatta Bay (8) Floating 60 360 14,000 2.70% N/A 11/1/2020 Cornerstone (9) Fixed 120 360 23,082 4.24% 4.24% 3/1/2023 Madera Point (10) Floating 60 360 13,515 2.67% N/A 9/1/2020 The Pointe at the Foothills (10) Floating 60 360 31,365 2.66% N/A 9/1/2020 CityView (11) Fixed 120 360 15,812 4.49% 4.49% 8/1/2025 $ 369,220 Fair market value adjustment 1,007 (12) Deferred financing costs, net of accumulated amortization of $916 (2,774 ) $ 367,453 Held for Sale Properties The Miramar Apartments (13) Floating 120 360 8,400 2.99% 5.75% 2/1/2025 The Grove at Alban (4) Floating 84 360 18,468 3.31% 6.50% 4/1/2021 Southpoint Reserve at Stoney Creek (4) Floating 84 360 13,600 2.88% 6.00% 1/1/2022 Twelve 6 Ten at the Park (5) Floating 120 360 15,738 2.69% 5.92% 2/1/2025 $ 56,206 Deferred financing costs, net of accumulated amortization of $200 (521 ) $ 55,685 (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%), Cornerstone (based on a blended fixed rate of 4.24%) and CityView (based on a fixed rate of 4.49%). One-month and three-month LIBOR as of December 31, 2016 were 0.7717% and 0.9979%, respectively. (3) Represents the maximum rate payable on each note (see Note 6). (4) Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13 th st (5) Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13 th th (6) 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. (7) 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. (8) 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. (9) 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, the Company placed a supplemental second mortgage on the property with a principal amount of approximately $5.8 million, a fixed rate of 4.70%, and with a maturity date that is the same time as the first mortgage. The supplemental second mortgage is pre-payable and subject to yield maintenance from the date of issuance through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity. As of December 31, 2016, the total indebtedness secured by the property is approximately $23.1 million and has a blended interest rate of 4.24%. (10) Loan can be pre-paid starting in the 13 th th (11) Debt was assumed upon acquisition of this property at approximated fair value. The loan is open to pre-payment in the last four months of the term. (12) The Company reflected valuation adjustments on its fixed rate debt for Belmont at Duck Creek and CityView 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 terms of the mortgages. (13) Loan cannot be pre-paid in the first 12 months of the term. Starting in the 13 th th
Sale of Properties and Repayment of Related Mortgage Loans	During the year ended December 31, 2016, the Company sold seven properties and repaid the related mortgage loans, as detailed in the table below (in thousands): Property Name Date of Sale Type Outstanding Principal (1) Meridian May 10, 2016 Floating $ 9,791 Park at Regency and Mandarin Reserve (2) June 6, 2016 Floating 25,582 Park at Blanding and Colonial Forest (2) August 31, 2016 Floating 9,000 Willowdale Crossings September 15, 2016 Floating 32,628 Jade Park September 30, 2016 Floating 5,850 $ 82,851 (1) Represents the outstanding principal balance when the loan was repaid. (2) Properties were sold as a portfolio.
Schedule of Debt Maturities	The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to December 31, 2016 are as follows (in thousands): Operating Properties & Other Secured Debt Held For Sale Properties Total 2017 $ 31,276 $ 639 $ 31,915 2018 31,408 1,133 32,541 2019 6,033 1,213 7,246 2020 65,007 1,238 66,245 2021 331,933 17,749 349,682 Thereafter 248,563 34,234 282,797 Total $ 714,220 $ 56,206 $ 770,426
Summary of Company's Outstanding Interest Rate Swaps	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 (1) 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 August 12, 2016 September 1, 2016 June 1, 2021 100,000 0.9560 % One-month LIBOR $ 400,000 0.9956 % (2) (1) As of December 31, 2016, one-month LIBOR was 0.7717%. (2) Represents the weighted average fixed rate of the interest rate swaps.

Fair Value Measures and Deriv24

Fair Value Measures and Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of Outstanding Interest Rate Derivatives	As of December 31, 2016, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands): Product Number of Instruments Notional Interest rate swaps 4 $ 400,000 As of December 31, 2016, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands): Product Number of Instruments Notional Interest rate caps 18 $ 306,876
Summary of Derivative Financial Instruments and Classification on the Consolidated Balance Sheet	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2016 and 2015 (in thousands): Asset Derivatives Balance Sheet Location December 31, 2016 December 31, 2015 Derivatives designated as hedging instruments: Interest rate products Fair market value of interest rate derivatives $ 12,413 $ 61 Derivatives not designated as hedging instruments: Interest rate products Fair market value of interest rate derivatives 5 6 Total $ 12,418 $ 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 years ended December 31, 2016, 2015 and 2014 (in thousands): Amount of gain (loss) recognized in OCI on derivative (effective portion) Location of gain (loss) reclassified from accumulated OCI into income Amount of gain (loss) reclassified from accumulated OCI into income (effective portion) Location of gain (loss) recognized in income on derivative Amount of gain (loss) recognized in income on derivative (ineffective portion) 2016 2015 2014 (effective portion) 2016 2015 2014 (ineffective portion) 2016 2015 2014 Derivatives designated as hedging instruments: For the year ended December 31, Interest rate products 9,800 (391 ) (306 ) Interest expense (1,033 ) (97 ) — Interest expense 1,683 — — Amount of gain (loss) recognized in income on derivative Location of gain (loss) recognized in income 2016 2015 2014 Derivatives not designated as hedging instruments: For the year ended December 31, Interest rate products Interest expense (4 ) (285 ) (759 )

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Summary of Restricted Stock Units	The following table includes the number of restricted stock units granted, exercised, forfeited and outstanding as of December 31, 2016: 2016 Units Weighted Average Grant Date Fair Value Outstanding January 1, — $ — Granted 209,797 (1) 19.20 Exercised — — Forfeited — — Outstanding December 31, 209,797 $ 19.20 (1) 110,258 restricted stock units vest in August 2017; 49,769.5 restricted stock units vest in each August 2018 and August 2019.

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Summary of Fees Incurred to BH And Its Affiliates As Well As Reimbursements Paid to BH	The following is a summary of fees that the properties incurred to BH and its affiliates, as well as reimbursements paid to BH from the properties for various operating expenses, for the years ended December 31, 2016, 2015 and 2014 (in thousands): For the Year Ended December 31, 2016 2015 2014 Fees incurred Property management fees (1) $ 3,983 $ 3,501 $ 1,215 Construction supervision fees (2) 885 1,549 675 Acquisition fees (3) 589 2,048 4,938 Reimbursements Payroll and benefits (4) 15,586 14,903 4,866 Other reimbursements (5) 2,078 1,179 393 (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. Acquisition fees incurred prior to October 1, 2016 are included in acquisition costs on the combined consolidated statements of operations and comprehensive income (loss). Acquisition fees incurred for the period beginning on October 1, 2016 are capitalized to operating real estate assets on the consolidated balance sheet. (4) Included in property operating expenses on the combined consolidated statements of operations and comprehensive income (loss). (5) Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the combined consolidated statements of operations and comprehensive income (loss).

Subsequent Events (Table)

Subsequent Events (Table)	12 Months Ended
	Dec. 31, 2016
Multifamily Properties
Subsequent Event [Line Items]
Summary of Acquired Property	The Company acquired the following property, through a reverse 1031 Exchange, subsequent to December 31, 2016 (dollars in thousands) (unaudited): Property Name Location Date of Acquisition Purchase Price Debt # Units Noncontrolling Interest Effective Ownership Hollister Place Houston, Texas February 1, 2017 $ 24,500 $ 24,500 (1) 260 — % 100 % (1) The Company expanded its $30 Million Credit Facility by $14.0 million and used approximately $12.0 million of the proceeds drawn to fund a portion of the purchase price and planned value-add improvements to the property. The Company also placed a first mortgage on the property with a principal amount of approximately $13.5 million, a floating interest rate at 2.29% over one-month LIBOR and an 84-month term. The Company intends on paying the $12.0 million drawn under the $30 Million Credit Facility in connection with the acquisition with proceeds from the sales of properties classified as held for sale as of December 31, 2016 or cash on hand.

Quarterly Results (unaudited) (

Quarterly Results (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Summary of the Unaudited Quarterly Consolidated Financial Information	Presented below is a summary of the unaudited quarterly combined consolidated financial information for the years ended December 31, 2016, 2015 and 2014 (in thousands, except per share amounts): 2016 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 33,511 $ 33,657 $ 33,079 $ 32,601 Net income 291 16,596 8,825 176 Net income (loss) attributable to common stockholders (15 ) 14,590 7,090 217 Earnings (loss) per share - basic and diluted (see Note 2) (0.00 ) 0.69 0.33 0.01 2015 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 25,537 $ 28,747 $ 30,771 $ 32,603 Net loss (5,893 ) (2,265 ) (890 ) (1,944 ) Net loss attributable to common stockholders (5,399 ) (2,253 ) (1,064 ) (2,116 ) Loss per share - basic and diluted (see Note 2) (0.25 ) (0.11 ) (0.05 ) (0.10 ) 2014 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 3,977 $ 6,818 $ 11,920 $ 20,435 Net loss (2,623 ) (2,336 ) (6,441 ) (6,133 ) Net loss attributable to common stockholders (2,305 ) (1,981 ) (5,743 ) (5,572 ) Loss per share - basic and diluted (see Note 2) (0.11 ) (0.09 ) (0.27 ) (0.26 )

Organization and Description 29

Organization and Description of Business - Additional Information (Details)	12 Months Ended
	Dec. 31, 2016
Real Estate Properties [Line Items]
Date of incorporation	Sep. 19, 2014
Term of advisory agreement	2 years
Maximum
Real Estate Properties [Line Items]
Investments in real estate-related debt and securities	30.00%

Summary of Significant Accoun30

Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	12 Months Ended
	Dec. 31, 2016
Land
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	Not depreciated
Buildings
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	30 years
Improvements
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	15 years
Furniture, Fixtures, and Equipment
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	3 years
Intangible Lease Assets
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	6 months

Summary of Significant Accoun31

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2016USD ($)PropertySegment$ / shares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares
Summary Of Significant Accounting Policies [Line Items]
Impairment charges related to real estate assets	$ 0	$ 0	$ 0
Prepaid acquisition deposits	0	0
Amortization of deferred financing fees	$ 2,121,000	$ 1,081,000	$ 320,000
Number of properties sold | Property	7
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%
Unrecognized tax benefit or expense, accrued interest or penalties	$ 0
Number of reportable segments | Segment	1
Basic earnings (loss) per share | $ / shares	$ 1.03	$ (0.51)	$ (0.73)
Diluted earnings (loss) per share | $ / shares	$ 1.03	$ (0.51)	$ (0.73)
Potentially dilutive securities | shares		0	0
Increase in net cash provided by operating activities	$ 33,776,000	$ 34,514,000	$ 10,070,000
Increase (decrease) in net cash used in investing activities	(51,904,000)	(283,000,000)	(599,078,000)
Increase (decrease) in cash and restricted cash	(7,834,000)	2,616,000	58,254,000
Reclassification of deferred financing costs, net
Summary Of Significant Accounting Policies [Line Items]
Deferred financing costs, net		(6,213,000)
Reclassification of deferred financing costs, net | ASU 2016-18
Summary Of Significant Accounting Policies [Line Items]
Increase in net cash provided by operating activities		13,500,000	7,100,000
Increase (decrease) in net cash used in investing activities		14,400,000	(38,600,000)
Increase (decrease) in cash and restricted cash	$ 46,900,000	47,800,000	$ 2,000,000
Maximum
Summary Of Significant Accounting Policies [Line Items]
Internal rate of return in VIE	13.00%
Maximum | Restricted Stock Units
Summary Of Significant Accounting Policies [Line Items]
Diluted earnings (loss) per share | $ / shares	$ 0.01
Minimum
Summary Of Significant Accounting Policies [Line Items]
Percentage of uncertain tax positions likelihood of being sustained	50.00%
Sale and Refinancing of Properties and Retirement of Related Debt
Summary Of Significant Accounting Policies [Line Items]
Amortization of deferred financing fees	$ 700,000
Mortgages Payable
Summary Of Significant Accounting Policies [Line Items]
Deferred financing costs, net	3,300,000	6,000,000
Credit Facility
Summary Of Significant Accounting Policies [Line Items]
Deferred financing costs, net	4,500,000
Bridge Facility
Summary Of Significant Accounting Policies [Line Items]
Deferred financing costs, net	$ 100,000	$ 200,000

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Summary of Restricted Cash Held (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Security deposits	$ 852	$ 1,034
Operating escrows	18,256	21,312
Renovation value-add reserves	13,448	24,523
Restricted cash held	$ 32,556	$ 46,869	$ 47,817

Summary of Significant Accoun33

Summary of Significant Accounting Policies - Schedule of Investments (Details)	Dec. 29, 2016	Oct. 11, 2016	Jul. 27, 2016	Dec. 31, 2016	Dec. 31, 2015
The Grove at Alban | Frederick | Maryland
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				76.00%
Abbington Heights | Antioch | Tennessee
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				90.00%
The Summit at Sabal Park | Tampa | Florida
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				90.00%
Courtney Cove | Tampa | Florida
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				90.00%
Twelve 6 Ten at the Park | Dallas | Texas
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				90.00%
Radbourne Lake | Charlotte | North Carolina
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				90.00%
The Preserve at Terrell Mill | Marietta | Georgia
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				90.00%
Timber Creek | Charlotte | North Carolina
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				90.00%
The Ashlar (fka Dana Point) | Dallas | Texas
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				90.00%
Belmont at Duck Creek | Garland | Texas
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				90.00%
The Arbors | Tucker | Georgia
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				90.00%
The Crossings | Marietta | Georgia
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				90.00%
The Crossings at Holcomb Bridge | Roswell | Georgia
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				90.00%
Old Farm | Houston | Texas
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities	100.00%			100.00%
The Knolls | Marietta | Georgia
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				90.00%
Stone Creek at Old Farm | Houston | Texas
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities	100.00%			100.00%
Regatta Bay | Seabrook | Texas
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				90.00%
Sabal Palm at Lake Buena Vista | Orlando | Florida
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				90.00%
Southpoint Reserve at Stoney Creek | Fredericksburg | Virginia
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				85.00%
Cornerstone | Orlando | Florida
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				90.00%
Heatherstone | Dallas | Texas
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				90.00%
Versailles | Dallas | Texas
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				90.00%
Seasons 704 Apartments | West Palm Beach | Florida
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				90.00%
The Miramar Apartments | Dallas | Texas
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				100.00%
Arbors on Forest Ridge | Bedford | Texas
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				90.00%
Cutter's Point | Richardson | Texas
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				90.00%
Eagle Crest | Irving | Texas
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				90.00%
Silverbrook | Grand Prairie | Texas
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				90.00%
Timberglen | Dallas | Texas
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				90.00%
Toscana | Dallas | Texas
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				90.00%
Edgewater at Sandy Springs | Atlanta | Georgia
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				90.00%
Beechwood Terrace | Nashville | Tennessee
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				90.00%
Willow Grove | Nashville | Tennessee
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				90.00%
Woodbridge | Nashville | Tennessee
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				90.00%
Madera Point | Mesa | Arizona
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				95.00%
The Pointe at the Foothills | Mesa | Arizona
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities				95.00%
CityView | West Palm Beach | Florida
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities			91.00%	91.00%
The Colonnade | Phoenix | Arizona
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities		97.00%		97.00%
Variable Interest Entities | Meridian | Austin | Texas
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, variable interest entities					90.00%
Variable Interest Entities | The Grove at Alban | Frederick | Maryland
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, variable interest entities				76.00%	76.00%
Variable Interest Entities | Willowdale Crossings | Frederick | Maryland
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, variable interest entities					80.00%
Variable Interest Entities | Abbington Heights | Antioch | Tennessee
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, variable interest entities				90.00%	90.00%
Variable Interest Entities | The Summit at Sabal Park | Tampa | Florida
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, variable interest entities				90.00%	90.00%
Variable Interest Entities | Courtney Cove | Tampa | Florida
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, variable interest entities				90.00%	90.00%
Variable Interest Entities | Colonial Forest | Jacksonville | Florida
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, variable interest entities					90.00%
Variable Interest Entities | Park at Blanding | Orange Park | Florida
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, variable interest entities					90.00%
Variable Interest Entities | Park at Regency | Jacksonville | Florida
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, variable interest entities					90.00%
Variable Interest Entities | Jade Park | Daytona Beach | Florida
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, variable interest entities					90.00%
Variable Interest Entities | Mandarin Reserve | Jacksonville | Florida
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, variable interest entities					90.00%
Variable Interest Entities | Twelve 6 Ten at the Park | Dallas | Texas
Variable Interest Entity [Line Items]
Year of acquisition				2,015
Effective ownership percentage, variable interest entities				90.00%	90.00%
Variable Interest Entities | Radbourne Lake | Charlotte | North Carolina
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, variable interest entities				90.00%	90.00%
Variable Interest Entities | The Preserve at Terrell Mill | Marietta | Georgia
Variable Interest Entity [Line Items]
Year of acquisition				2,015
Effective ownership percentage, variable interest entities				90.00%	90.00%
Variable Interest Entities | Timber Creek | Charlotte | North Carolina
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, variable interest entities				90.00%	90.00%
Variable Interest Entities | The Ashlar (fka Dana Point) | Dallas | Texas
Variable Interest Entity [Line Items]
Year of acquisition				2,015
Effective ownership percentage, variable interest entities				90.00%	90.00%
Variable Interest Entities | Belmont at Duck Creek | Garland | Texas
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, variable interest entities				90.00%	90.00%
Variable Interest Entities | The Arbors | Tucker | Georgia
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, variable interest entities				90.00%	90.00%
Variable Interest Entities | The Crossings | Marietta | Georgia
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, variable interest entities				90.00%	90.00%
Variable Interest Entities | The Crossings at Holcomb Bridge | Roswell | Georgia
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, variable interest entities				90.00%	90.00%
Variable Interest Entities | Old Farm | Houston | Texas
Variable Interest Entity [Line Items]
Year of acquisition				2,016
Effective ownership percentage, variable interest entities				100.00%
Variable Interest Entities | The Knolls | Marietta | Georgia
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, variable interest entities				90.00%	90.00%
Variable Interest Entities | Stone Creek at Old Farm | Houston | Texas
Variable Interest Entity [Line Items]
Year of acquisition				2,016
Effective ownership percentage, variable interest entities				100.00%
Variable Interest Entities | Regatta Bay | Seabrook | Texas
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, variable interest entities				90.00%	90.00%
Variable Interest Entities | Sabal Palm at Lake Buena Vista | Orlando | Florida
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, variable interest entities				90.00%	90.00%
Variable Interest Entities | Southpoint Reserve at Stoney Creek | Fredericksburg | Virginia
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, variable interest entities				85.00%	85.00%
Variable Interest Entities | Cornerstone | Orlando | Florida
Variable Interest Entity [Line Items]
Year of acquisition				2,015
Effective ownership percentage, variable interest entities				90.00%	90.00%
Variable Interest Entities | Heatherstone | Dallas | Texas
Variable Interest Entity [Line Items]
Year of acquisition				2,015
Effective ownership percentage, variable interest entities				90.00%	90.00%
Variable Interest Entities | Versailles | Dallas | Texas
Variable Interest Entity [Line Items]
Year of acquisition				2,015
Effective ownership percentage, variable interest entities				90.00%	90.00%
Variable Interest Entities | Seasons 704 Apartments | West Palm Beach | Florida
Variable Interest Entity [Line Items]
Year of acquisition				2,015
Effective ownership percentage, variable interest entities				90.00%	90.00%
Variable Interest Entities | The Miramar Apartments | Dallas | Texas
Variable Interest Entity [Line Items]
Year of acquisition				2,013
Effective ownership percentage, voting interest entities				100.00%	100.00%
Variable Interest Entities | Arbors on Forest Ridge | Bedford | Texas
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, voting interest entities				90.00%	90.00%
Variable Interest Entities | Cutter's Point | Richardson | Texas
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, voting interest entities				90.00%	90.00%
Variable Interest Entities | Eagle Crest | Irving | Texas
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, voting interest entities				90.00%	90.00%
Variable Interest Entities | Silverbrook | Grand Prairie | Texas
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, voting interest entities				90.00%	90.00%
Variable Interest Entities | Timberglen | Dallas | Texas
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, voting interest entities				90.00%	90.00%
Variable Interest Entities | Toscana | Dallas | Texas
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, voting interest entities				90.00%	90.00%
Variable Interest Entities | Edgewater at Sandy Springs | Atlanta | Georgia
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, voting interest entities				90.00%	90.00%
Variable Interest Entities | Beechwood Terrace | Nashville | Tennessee
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, voting interest entities				90.00%	90.00%
Variable Interest Entities | Willow Grove | Nashville | Tennessee
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, voting interest entities				90.00%	90.00%
Variable Interest Entities | Woodbridge | Nashville | Tennessee
Variable Interest Entity [Line Items]
Year of acquisition				2,014
Effective ownership percentage, voting interest entities				90.00%	90.00%
Variable Interest Entities | Madera Point | Mesa | Arizona
Variable Interest Entity [Line Items]
Year of acquisition				2,015
Effective ownership percentage, voting interest entities				95.00%	95.00%
Variable Interest Entities | The Pointe at the Foothills | Mesa | Arizona
Variable Interest Entity [Line Items]
Year of acquisition				2,015
Effective ownership percentage, voting interest entities				95.00%	95.00%
Variable Interest Entities | Venue at 8651 | Fort Worth | Texas
Variable Interest Entity [Line Items]
Year of acquisition				2,015
Effective ownership percentage, voting interest entities				95.00%	95.00%
Variable Interest Entities | CityView | West Palm Beach | Florida
Variable Interest Entity [Line Items]
Year of acquisition				2,016
Effective ownership percentage, voting interest entities				91.00%
Variable Interest Entities | The Colonnade | Phoenix | Arizona
Variable Interest Entity [Line Items]
Year of acquisition				2,016
Effective ownership percentage, voting interest entities				97.00%

Summary of Significant Accoun34

Summary of Significant Accounting Policies - Schedule of Reclassification of Deferred Financing Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Bridge facility, net	$ 29,874	$ 28,805
Mortgages payable, net	$ 367,453	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)

Summary of Significant Accoun35

Summary of Significant Accounting Policies - Summary of Company's Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash And Cash Equivalents [Abstract]
Cash and cash equivalents	$ 22,705	$ 16,226	$ 12,662
Restricted cash	32,556	46,869	47,817
Total cash and restricted cash	$ 55,261	$ 63,095	$ 60,479	$ 2,225

Real Estate Investments Stati36

Real Estate Investments Statistics - Additional Information (Details)	Dec. 31, 2016Property
Business Acquisition [Line Items]
Number of multifamily properties	39
Multifamily Properties
Business Acquisition [Line Items]
Number of multifamily properties	39

Real Estate Investments Stati37

Real Estate Investments Statistics - Summary of Investment in Multifamily Properties (Details) ft² in Thousands		12 Months Ended
		Dec. 31, 2016ft²Property$ / Units	Dec. 31, 2015$ / Units
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		11,150
Number of Units | Property		12,965
The Miramar Apartments
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	183
Number of Units | Property	[1]	314
Date Acquired	[1]	Oct. 31, 2013
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	607	586
% Occupied	[1],[3]	94.60%	92.40%
Arbors on Forest Ridge
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		155
Number of Units | Property		210
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[2]	829	811
% Occupied	[3]	92.90%	93.80%
Cutter's Point
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		198
Number of Units | Property		196
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[2]	1,013	981
% Occupied	[3]	93.90%	93.90%
Eagle Crest
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		396
Number of Units | Property		447
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[2]	842	798
% Occupied	[3]	94.40%	95.50%
Silverbrook
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		526
Number of Units | Property		642
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[2]	748	711
% Occupied	[3]	93.50%	93.60%
Timberglen
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		221
Number of Units | Property		304
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[2]	802	748
% Occupied	[3]	92.80%	96.10%
Toscana
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	115
Number of Units | Property	[1]	192
Date Acquired	[1]	Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	702	649
% Occupied	[1],[3]	96.40%	94.80%
The Grove at Alban
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	267
Number of Units | Property	[1]	290
Date Acquired	[1]	Mar. 10, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	994	971
% Occupied	[1],[3]	91.40%	94.50%
Edgewater at Sandy Springs
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		727
Number of Units | Property		760
Date Acquired		Jul. 18, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[2]	898	825
% Occupied	[3]	94.50%	94.50%
Beechwood Terrace
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		272
Number of Units | Property		300
Date Acquired		Jul. 21, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[2]	882	794
% Occupied	[3]	95.30%	97.30%
Willow Grove
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		229
Number of Units | Property		244
Date Acquired		Jul. 21, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[2]	850	773
% Occupied	[3]	96.70%	95.90%
Woodbridge
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		247
Number of Units | Property		220
Date Acquired		Jul. 21, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[2]	938	875
% Occupied	[3]	87.70%	96.40%
Abbington Heights
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		239
Number of Units | Property		274
Date Acquired		Aug. 1, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[2]	858	785
% Occupied	[3]	95.30%	94.50%
The Summit at Sabal Park
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		205
Number of Units | Property		252
Date Acquired		Aug. 20, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[2]	918	841
% Occupied	[3]	90.90%	92.50%
Courtney Cove
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		225
Number of Units | Property		324
Date Acquired		Aug. 20, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[2]	802	738
% Occupied	[3]	94.40%	95.40%
Radbourne Lake
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		247
Number of Units | Property		225
Date Acquired		Sep. 30, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[2]	1,034	954
% Occupied	[3]	96.90%	96.90%
Timber Creek
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		248
Number of Units | Property		352
Date Acquired		Sep. 30, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[2]	800	727
% Occupied	[3]	95.50%	94.30%
Belmont at Duck Creek
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		198
Number of Units | Property		240
Date Acquired		Sep. 30, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[2]	946	880
% Occupied	[3]	95.00%	93.80%
The Arbors
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		128
Number of Units | Property		140
Date Acquired		Oct. 16, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[2]	835	786
% Occupied	[3]	95.70%	94.30%
The Crossings
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		378
Number of Units | Property		380
Date Acquired		Oct. 16, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[2]	810	757
% Occupied	[3]	91.80%	92.90%
Twelve 6 Ten at the Park
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	290
Number of Units | Property	[1]	402
Date Acquired	[1]	Jan. 15, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	704	666
% Occupied	[1],[3]	91.30%	91.30%
The Crossings at Holcomb Bridge
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		248
Number of Units | Property		268
Date Acquired		Oct. 16, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[2]	857	780
% Occupied	[3]	95.50%	95.90%
The Preserve at Terrell Mill
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		692
Number of Units | Property		752
Date Acquired		Feb. 6, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[2]	813	747
% Occupied	[3]	92.00%	95.60%
The Knolls
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		311
Number of Units | Property		312
Date Acquired		Oct. 16, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[2]	908	826
% Occupied	[3]	93.60%	93.90%
The Ashlar (fka Dana Point)
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		206
Number of Units | Property		264
Date Acquired		Feb. 26, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[2]	778	734
% Occupied	[3]	91.30%	92.80%
Regatta Bay
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		200
Number of Units | Property		240
Date Acquired		Nov. 4, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[2]	1,039	1,010
% Occupied	[3]	94.60%	93.30%
Sabal Palm at Lake Buena Vista
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		371
Number of Units | Property		400
Date Acquired		Nov. 5, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[2]	1,119	1,083
% Occupied	[3]	95.00%	96.00%
Southpoint Reserve at Stoney Creek
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	116
Number of Units | Property	[1]	156
Date Acquired	[1]	Dec. 18, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	1,011	986
% Occupied	[1],[3]	92.90%	94.90%
Cornerstone
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		318
Number of Units | Property		430
Date Acquired		Jan. 15, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[2]	875	822
% Occupied	[3]	95.80%	93.30%
Venue at 8651
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		289
Number of Units | Property		333
Date Acquired		Oct. 30, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[2]	753	750
% Occupied	[3]	90.40%	92.80%
CityView
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		266
Number of Units | Property		217
Date Acquired		Jul. 27, 2016
Average Effective Monthly Rent Per Unit | $ / Units	[2]	1,103
% Occupied	[3]	93.50%
Heatherstone
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		116
Number of Units | Property		152
Date Acquired		Feb. 26, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[2]	848	782
% Occupied	[3]	92.80%	94.10%
The Colonnade
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		256
Number of Units | Property		415
Date Acquired		Oct. 11, 2016
Average Effective Monthly Rent Per Unit | $ / Units	[2]	705
% Occupied	[3]	88.00%
Versailles
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		301
Number of Units | Property		388
Date Acquired		Feb. 26, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[2]	817	765
% Occupied	[3]	93.00%	90.20%
Old Farm
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		697
Number of Units | Property		734
Date Acquired		Dec. 29, 2016
Average Effective Monthly Rent Per Unit | $ / Units	[2]	1,214
% Occupied	[3]	93.60%
Seasons 704 Apartments
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		217
Number of Units | Property		222
Date Acquired		Apr. 15, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[2]	1,016	980
% Occupied	[3]	95.00%	97.30%
Stone Creek at Old Farm
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		186
Number of Units | Property		190
Date Acquired		Dec. 29, 2016
Average Effective Monthly Rent Per Unit | $ / Units	[2]	1,244
% Occupied	[3]	93.20%
Madera Point
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		193
Number of Units | Property		256
Date Acquired		Aug. 5, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[2]	768	758
% Occupied	[3]	93.80%	93.80%
The Pointe at the Foothills
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		473
Number of Units | Property		528
Date Acquired		Aug. 5, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[2]	822	825
% Occupied	[3]	92.20%	90.70%
[1]	Properties are classified as held for sale as of December 31, 2016.
[2]	Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of December 31 for the respective year minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of December 31 for the respective year
[3]	Percent occupied is calculated as the number of units occupied as of December 31, 2016 and 2015, divided by the total number of units, expressed as a percentage.

Real Estate Investments - Summa

Real Estate Investments - Summary of Major Components of Investments in Multifamily Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Real estate investment, gross	$ 943,821	$ 942,755
Accumulated depreciation and amortization	(60,214)	(39,873)
Total Net Real Estate Investments	963,037	902,882
Multifamily Properties
Real Estate Properties [Line Items]
Real estate investment, gross	943,821	942,755
Accumulated depreciation and amortization	(60,214)	(39,873)
Total Net Operating Real Estate Investments	883,607	902,882
Total Net Real Estate Investments	963,037
Multifamily Properties | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	5,140	2,573
Accumulated depreciation and amortization	(650)	(1,844)
Total Net Operating Real Estate Investments	4,490	729
Total Net Real Estate Investments	4,490
Multifamily Properties | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	85,528
Accumulated depreciation and amortization	(6,098)
Total Net Operating Real Estate Investments	79,430
Multifamily Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross	165,863	177,152
Total Net Operating Real Estate Investments	165,863	177,152
Total Net Real Estate Investments	182,543
Multifamily Properties | Land | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	16,680
Total Net Operating Real Estate Investments	16,680
Multifamily Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	733,374	729,675
Accumulated depreciation and amortization	(46,044)	(32,350)
Total Net Operating Real Estate Investments	687,330	697,325
Total Net Real Estate Investments	746,984
Multifamily Properties | Buildings and Improvements | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	64,550
Accumulated depreciation and amortization	(4,896)
Total Net Operating Real Estate Investments	59,654
Multifamily Properties | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	2,828	5,346
Total Net Operating Real Estate Investments	2,828	5,346
Total Net Real Estate Investments	2,883
Multifamily Properties | Construction in Progress | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	55
Total Net Operating Real Estate Investments	55
Multifamily Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	36,616	28,009
Accumulated depreciation and amortization	(13,520)	(5,679)
Total Net Operating Real Estate Investments	23,096	22,330
Total Net Real Estate Investments	26,137
Multifamily Properties | Furniture, Fixtures, and Equipment | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	4,243
Accumulated depreciation and amortization	(1,202)
Total Net Operating Real Estate Investments	3,041
Multifamily Properties | The Miramar Apartments
Real Estate Properties [Line Items]
Real estate investment, gross		10,832
Multifamily Properties | The Miramar Apartments | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	11,161
Multifamily Properties | The Miramar Apartments | Land
Real Estate Properties [Line Items]
Real estate investment, gross		1,580
Multifamily Properties | The Miramar Apartments | Land | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	1,580
Multifamily Properties | The Miramar Apartments | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross		8,601
Multifamily Properties | The Miramar Apartments | Buildings and Improvements | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	8,870
Multifamily Properties | The Miramar Apartments | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		48
Multifamily Properties | The Miramar Apartments | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross		603
Multifamily Properties | The Miramar Apartments | Furniture, Fixtures, and Equipment | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	711
Multifamily Properties | Arbors on Forest Ridge
Real Estate Properties [Line Items]
Real estate investment, gross	14,064	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 | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	11,014	10,948
Multifamily Properties | Arbors on Forest Ridge | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	3
Multifamily Properties | Arbors on Forest Ridge | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	717	524
Multifamily Properties | Cutter's Point
Real Estate Properties [Line Items]
Real estate investment, gross	17,011	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 | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	12,871	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	810	621
Multifamily Properties | Eagle Crest
Real Estate Properties [Line Items]
Real estate investment, gross	28,492	28,054
Multifamily Properties | Eagle Crest | Land
Real Estate Properties [Line Items]
Real estate investment, gross	5,450	5,450
Multifamily Properties | Eagle Crest | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	21,990	21,846
Multifamily Properties | Eagle Crest | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		15
Multifamily Properties | Eagle Crest | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,052	743
Multifamily Properties | Silverbrook
Real Estate Properties [Line Items]
Real estate investment, gross	32,191	31,362
Multifamily Properties | Silverbrook | Land
Real Estate Properties [Line Items]
Real estate investment, gross	4,860	4,860
Multifamily Properties | Silverbrook | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	25,335	24,909
Multifamily Properties | Silverbrook | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		118
Multifamily Properties | Silverbrook | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,996	1,475
Multifamily Properties | Timberglen
Real Estate Properties [Line Items]
Real estate investment, gross	17,931	17,612
Multifamily Properties | Timberglen | Land
Real Estate Properties [Line Items]
Real estate investment, gross	2,510	2,510
Multifamily Properties | Timberglen | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	14,527	14,379
Multifamily Properties | Timberglen | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		20
Multifamily Properties | Timberglen | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	894	703
Multifamily Properties | Toscana
Real Estate Properties [Line Items]
Real estate investment, gross		9,512
Multifamily Properties | Toscana | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	9,758
Multifamily Properties | Toscana | Land
Real Estate Properties [Line Items]
Real estate investment, gross		1,730
Multifamily Properties | Toscana | Land | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	1,730
Multifamily Properties | Toscana | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross		7,256
Multifamily Properties | Toscana | Buildings and Improvements | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	7,341
Multifamily Properties | Toscana | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		4
Multifamily Properties | Toscana | Construction in Progress | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	3
Multifamily Properties | Toscana | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross		522
Multifamily Properties | Toscana | Furniture, Fixtures, and Equipment | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	684
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	23,991
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 | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross		18,994
Multifamily Properties | The Grove at Alban | Buildings 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	1,318
Multifamily Properties | Willowdale Crossings
Real Estate Properties [Line Items]
Real estate investment, gross		41,088
Multifamily Properties | Willowdale Crossings | Land
Real Estate Properties [Line Items]
Real estate investment, gross		4,650
Multifamily Properties | Willowdale Crossings | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross		35,631
Multifamily Properties | Willowdale Crossings | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		23
Multifamily Properties | Willowdale Crossings | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross		784
Multifamily Properties | Edgewater at Sandy Springs
Real Estate Properties [Line Items]
Real estate investment, gross	61,417	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 | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	43,709	43,429
Multifamily Properties | Edgewater at Sandy Springs | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	123	199
Multifamily Properties | Edgewater at Sandy Springs | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	3,295	2,394
Multifamily Properties | Beechwood Terrace
Real Estate Properties [Line Items]
Real estate investment, gross	22,891	22,364
Multifamily Properties | Beechwood Terrace | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,390	1,390
Multifamily Properties | Beechwood Terrace | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	20,561	20,374
Multifamily Properties | Beechwood Terrace | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		28
Multifamily Properties | Beechwood Terrace | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	940	572
Multifamily Properties | Willow Grove
Real Estate Properties [Line Items]
Real estate investment, gross	15,280	15,046
Multifamily Properties | Willow Grove | Land
Real Estate Properties [Line Items]
Real estate investment, gross	3,940	3,940
Multifamily Properties | Willow Grove | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	10,672	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	668	483
Multifamily Properties | Woodbridge
Real Estate Properties [Line Items]
Real estate investment, gross	17,332	16,884
Multifamily Properties | Woodbridge | Land
Real Estate Properties [Line Items]
Real estate investment, gross	3,650	3,650
Multifamily Properties | Woodbridge | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	12,708	12,581
Multifamily Properties | Woodbridge | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	215	110
Multifamily Properties | Woodbridge | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	759	543
Multifamily Properties | Abbington Heights
Real Estate Properties [Line Items]
Real estate investment, gross	19,187	18,678
Multifamily Properties | Abbington Heights | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,770	1,770
Multifamily Properties | Abbington Heights | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	16,426	16,184
Multifamily Properties | Abbington Heights | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	75	67
Multifamily Properties | Abbington Heights | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	916	657
Multifamily Properties | The Summit at Sabal Park
Real Estate Properties [Line Items]
Real estate investment, gross	20,077	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 | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	13,342	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	956	674
Multifamily Properties | Courtney Cove
Real Estate Properties [Line Items]
Real estate investment, gross	19,718	19,428
Multifamily Properties | Courtney Cove | Land
Real Estate Properties [Line Items]
Real estate investment, gross	5,880	5,880
Multifamily Properties | Courtney Cove | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	12,886	12,850
Multifamily Properties | Courtney Cove | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	42	30
Multifamily Properties | Courtney Cove | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	910	668
Multifamily Properties | Colonial Forest
Real Estate Properties [Line Items]
Real estate investment, gross		5,904
Multifamily Properties | Colonial Forest | Land
Real Estate Properties [Line Items]
Real estate investment, gross		2,090
Multifamily Properties | Colonial Forest | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross		3,486
Multifamily Properties | Colonial Forest | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross		328
Multifamily Properties | Park at Blanding
Real Estate Properties [Line Items]
Real estate investment, gross		6,943
Multifamily Properties | Park at Blanding | Land
Real Estate Properties [Line Items]
Real estate investment, gross		2,610
Multifamily Properties | Park at Blanding | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross		4,025
Multifamily Properties | Park at Blanding | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		4
Multifamily Properties | Park at Blanding | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross		304
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 | Buildings 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 | Jade Park
Real Estate Properties [Line Items]
Real estate investment, gross		8,264
Multifamily Properties | Jade Park | Land
Real Estate Properties [Line Items]
Real estate investment, gross		1,490
Multifamily Properties | Jade Park | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross		6,404
Multifamily Properties | Jade Park | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		19
Multifamily Properties | Jade Park | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross		351
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 | Buildings 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
Multifamily Properties | Radbourne Lake
Real Estate Properties [Line Items]
Real estate investment, gross	25,167	24,597
Multifamily Properties | Radbourne Lake | Land
Real Estate Properties [Line Items]
Real estate investment, gross	2,440	2,440
Multifamily Properties | Radbourne Lake | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	21,445	21,194
Multifamily Properties | Radbourne Lake | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	257	224
Multifamily Properties | Radbourne Lake | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,025	739
Multifamily Properties | Timber Creek
Real Estate Properties [Line Items]
Real estate investment, gross	25,445	24,939
Multifamily Properties | Timber Creek | Land
Real Estate Properties [Line Items]
Real estate investment, gross	11,260	11,260
Multifamily Properties | Timber Creek | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	13,252	13,101
Multifamily Properties | Timber Creek | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	69	37
Multifamily Properties | Timber Creek | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	864	541
Multifamily Properties | Belmont at Duck Creek
Real Estate Properties [Line Items]
Real estate investment, gross	19,885	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 | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	17,034	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	941	533
Multifamily Properties | The Arbors
Real Estate Properties [Line Items]
Real estate investment, gross	8,735	8,525
Multifamily Properties | The Arbors | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,730	1,730
Multifamily Properties | The Arbors | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	6,587	6,512
Multifamily Properties | The Arbors | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	5	4
Multifamily Properties | The Arbors | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	413	279
Multifamily Properties | The Crossings
Real Estate Properties [Line Items]
Real estate investment, gross	23,228	22,327
Multifamily Properties | The Crossings | Land
Real Estate Properties [Line Items]
Real estate investment, gross	3,982	3,982
Multifamily Properties | The Crossings | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	17,662	16,696
Multifamily Properties | The Crossings | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	155	759
Multifamily Properties | The Crossings | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,429	890
Multifamily Properties | The Crossings at Holcomb Bridge
Real Estate Properties [Line Items]
Real estate investment, gross	17,663	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 | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	10,925	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	1,178	749
Multifamily Properties | The Knolls
Real Estate Properties [Line Items]
Real estate investment, gross	22,740	22,000
Multifamily Properties | The Knolls | Land
Real Estate Properties [Line Items]
Real estate investment, gross	3,410	3,410
Multifamily Properties | The Knolls | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	17,707	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	1,615	1,016
Multifamily Properties | Regatta Bay
Real Estate Properties [Line Items]
Real estate investment, gross	18,795	18,357
Multifamily Properties | Regatta Bay | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,660	1,660
Multifamily Properties | Regatta Bay | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	16,155	16,120
Multifamily Properties | Regatta Bay | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	89	34
Multifamily Properties | Regatta Bay | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	891	543
Multifamily Properties | Sabal Palm at Lake Buena Vista
Real Estate Properties [Line Items]
Real estate investment, gross	49,604	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 | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	41,147	40,833
Multifamily Properties | Sabal Palm at Lake Buena Vista | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	3	214
Multifamily Properties | Sabal Palm at Lake Buena Vista | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	874	639
Multifamily Properties | Southpoint Reserve at Stoney Creek
Real Estate Properties [Line Items]
Real estate investment, gross		17,468
Multifamily Properties | Southpoint Reserve at Stoney Creek | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	17,974
Multifamily Properties | Southpoint Reserve at Stoney Creek | Land
Real Estate Properties [Line Items]
Real estate investment, gross		6,120
Multifamily Properties | Southpoint Reserve at Stoney Creek | Land | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	6,120
Multifamily Properties | Southpoint Reserve at Stoney Creek | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross		10,896
Multifamily Properties | Southpoint Reserve at Stoney Creek | Buildings and Improvements | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	11,218
Multifamily Properties | Southpoint Reserve at Stoney Creek | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		166
Multifamily Properties | Southpoint Reserve at Stoney Creek | Construction in Progress | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	31
Multifamily Properties | Southpoint Reserve at Stoney Creek | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross		286
Multifamily Properties | Southpoint Reserve at Stoney Creek | Furniture, Fixtures, and Equipment | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	605
Multifamily Properties | Cornerstone
Real Estate Properties [Line Items]
Real estate investment, gross	32,789	31,898
Multifamily Properties | Cornerstone | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,500	1,500
Multifamily Properties | Cornerstone | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	30,354	29,786
Multifamily Properties | Cornerstone | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	29	201
Multifamily Properties | Cornerstone | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	906	411
Multifamily Properties | Twelve 6 Ten at the Park
Real Estate Properties [Line Items]
Real estate investment, gross		21,652
Multifamily Properties | Twelve 6 Ten at the Park | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	22,644
Multifamily Properties | Twelve 6 Ten at the Park | Land
Real Estate Properties [Line Items]
Real estate investment, gross		3,610
Multifamily Properties | Twelve 6 Ten at the Park | Land | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	3,610
Multifamily Properties | Twelve 6 Ten at the Park | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross		17,127
Multifamily Properties | Twelve 6 Ten at the Park | Buildings and Improvements | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	18,088
Multifamily Properties | Twelve 6 Ten at the Park | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		398
Multifamily Properties | Twelve 6 Ten at the Park | Construction in Progress | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	21
Multifamily Properties | Twelve 6 Ten at the Park | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross		517
Multifamily Properties | Twelve 6 Ten at the Park | Furniture, Fixtures, and Equipment | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	925
Multifamily Properties | The Preserve at Terrell Mill
Real Estate Properties [Line Items]
Real estate investment, gross	61,721	58,772
Multifamily Properties | The Preserve at Terrell Mill | Land
Real Estate Properties [Line Items]
Real estate investment, gross	10,170	10,170
Multifamily Properties | The Preserve at Terrell Mill | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	48,163	47,055
Multifamily Properties | The Preserve at Terrell Mill | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	516	430
Multifamily Properties | The Preserve at Terrell Mill | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	2,872	1,117
Multifamily Properties | The Ashlar (fka Dana Point)
Real Estate Properties [Line Items]
Real estate investment, gross	17,691	16,829
Multifamily Properties | The Ashlar (fka Dana Point) | Land
Real Estate Properties [Line Items]
Real estate investment, gross	4,090	4,090
Multifamily Properties | The Ashlar (fka Dana Point) | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	12,348	11,760
Multifamily Properties | The Ashlar (fka Dana Point) | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	124	330
Multifamily Properties | The Ashlar (fka Dana Point) | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,129	649
Multifamily Properties | Heatherstone
Real Estate Properties [Line Items]
Real estate investment, gross	10,814	10,084
Multifamily Properties | Heatherstone | Land
Real Estate Properties [Line Items]
Real estate investment, gross	2,320	2,320
Multifamily Properties | Heatherstone | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	7,521	6,962
Multifamily Properties | Heatherstone | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	224	403
Multifamily Properties | Heatherstone | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	749	399
Multifamily Properties | Versailles
Real Estate Properties [Line Items]
Real estate investment, gross	28,870	27,661
Multifamily Properties | Versailles | Land
Real Estate Properties [Line Items]
Real estate investment, gross	6,720	6,720
Multifamily Properties | Versailles | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	20,267	19,339
Multifamily Properties | Versailles | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	286	699
Multifamily Properties | Versailles | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,597	903
Multifamily Properties | Seasons 704 Apartments
Real Estate Properties [Line Items]
Real estate investment, gross	22,219	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 | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	14,043	13,532
Multifamily Properties | Seasons 704 Apartments | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		254
Multifamily Properties | Seasons 704 Apartments | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	696	361
Multifamily Properties | Madera Point
Real Estate Properties [Line Items]
Real estate investment, gross	22,879	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 | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	17,079	16,632
Multifamily Properties | Madera Point | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	15	39
Multifamily Properties | Madera Point | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	865	444
Multifamily Properties | The Pointe at the Foothills
Real Estate Properties [Line Items]
Real estate investment, gross	52,261	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 | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	45,975	45,395
Multifamily Properties | The Pointe at the Foothills | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	157	186
Multifamily Properties | The Pointe at the Foothills | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,289	768
Multifamily Properties | Venue at 8651
Real Estate Properties [Line Items]
Real estate investment, gross	20,638	19,456
Multifamily Properties | Venue at 8651 | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		511
Multifamily Properties | Venue at 8651 | Land
Real Estate Properties [Line Items]
Real estate investment, gross	2,350	2,350
Multifamily Properties | Venue at 8651 | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	16,815	16,112
Multifamily Properties | Venue at 8651 | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	311	4
Multifamily Properties | Venue at 8651 | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,162	479
Multifamily Properties | CityView
Real Estate Properties [Line Items]
Real estate investment, gross	23,668
Multifamily Properties | CityView | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	491
Multifamily Properties | CityView | Land
Real Estate Properties [Line Items]
Real estate investment, gross	3,860
Multifamily Properties | CityView | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	18,700
Multifamily Properties | CityView | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	113
Multifamily Properties | CityView | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	504
Multifamily Properties | The Colonnade
Real Estate Properties [Line Items]
Real estate investment, gross	44,912
Multifamily Properties | The Colonnade | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	723
Multifamily Properties | The Colonnade | Land
Real Estate Properties [Line Items]
Real estate investment, gross	8,340
Multifamily Properties | The Colonnade | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	35,473
Multifamily Properties | The Colonnade | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	376
Multifamily Properties | Old Farm
Real Estate Properties [Line Items]
Real estate investment, gross	85,064
Multifamily Properties | Old Farm | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	3,354
Multifamily Properties | Old Farm | Land
Real Estate Properties [Line Items]
Real estate investment, gross	11,078
Multifamily Properties | Old Farm | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	69,580
Multifamily Properties | Old Farm | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,052
Multifamily Properties | Stone Creek at Old Farm
Real Estate Properties [Line Items]
Real estate investment, gross	23,442
Multifamily Properties | Stone Creek at Old Farm | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	572
Multifamily Properties | Stone Creek at Old Farm | Land
Real Estate Properties [Line Items]
Real estate investment, gross	3,493
Multifamily Properties | Stone Creek at Old Farm | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	19,101
Multifamily Properties | Stone Creek at Old Farm | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	$ 276
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 | Buildings 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

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Details)	12 Months Ended
	Dec. 31, 2016USD ($)Property	Dec. 31, 2015USD ($)Property	Dec. 31, 2014USD ($)
Real Estate Properties [Line Items]
Depreciation expense	$ 34,200,000	$ 28,700,000	$ 9,300,000
Amortization expense of intangible lease assets	$ 1,379,000	12,117,000	12,346,000
Number of properties acquired | Property	4
Properties acquired for cash	$ 159,346,000	243,894,000	$ 585,039,000
Sales of real estate	133,950,000	$ 0
Additional Real Estate Properties Acquisition
Real Estate Properties [Line Items]
Number of properties acquired | Property		10
Properties acquired for cash		$ 277,400,000
Intangible Lease Assets
Real Estate Properties [Line Items]
Amortization expense, next twelve months	$ 4,500,000

Real Estate Investments - Sum40

Real Estate Investments - Summary of Acquisitions of Real Estate Property (Details) $ in Thousands	Dec. 29, 2016USD ($)Property	Oct. 11, 2016USD ($)Property	Jul. 27, 2016USD ($)Property	Dec. 31, 2016USD ($)Property
Real Estate Properties [Line Items]
Purchase Price				$ 175,074
Debt				$ 153,365
Number of Units | Property				1,556
CityView | West Palm Beach | Florida
Real Estate Properties [Line Items]
Date of Acquisition			Jul. 27, 2016
Purchase Price			$ 22,421
Debt			$ 15,812
Number of Units | Property			217
Noncontrolling Interest			9.00%
Effective ownership percentage, variable interest entities			91.00%	91.00%
The Colonnade | Phoenix | Arizona
Real Estate Properties [Line Items]
Date of Acquisition		Oct. 11, 2016
Purchase Price		$ 44,600
Debt		$ 29,500
Number of Units | Property		415
Noncontrolling Interest		3.00%
Effective ownership percentage, variable interest entities		97.00%		97.00%
Old Farm | Houston | Texas
Real Estate Properties [Line Items]
Date of Acquisition	Dec. 29, 2016
Purchase Price	$ 84,721
Debt	$ 84,721
Number of Units | Property	734
Effective ownership percentage, variable interest entities	100.00%			100.00%
Stone Creek at Old Farm | Houston | Texas
Real Estate Properties [Line Items]
Date of Acquisition	Dec. 29, 2016
Purchase Price	$ 23,332
Debt	$ 23,332
Number of Units | Property	190
Effective ownership percentage, variable interest entities	100.00%			100.00%

Real Estate Investments - Sum41

Real Estate Investments - Summary of Sales of Real Estate Property (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Sales Price	$ 133,950,000	$ 0
Net proceeds from sales of real estate	131,786,000
Gain on sales of real estate	$ 25,932,000
Meridian | Austin | Texas
Real Estate Properties [Line Items]
Date of Sale	May 10, 2016
Sales Price	$ 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
Net proceeds from sales of real estate	46,239,000
Gain on sales of real estate	$ 11,584,000
Park at Blanding and Colonial Forest | Jacksonville | Florida
Real Estate Properties [Line Items]
Date of Sale	Aug. 31, 2016
Sales Price	$ 14,500,000
Net proceeds from sales of real estate	14,259,000
Gain on sales of real estate	$ 2,007,000
Willowdale Crossings | Frederick | Maryland
Real Estate Properties [Line Items]
Date of Sale	Sep. 15, 2016
Sales Price	$ 45,200,000
Net proceeds from sales of real estate	44,439,000
Gain on sales of real estate	$ 5,576,000
Jade Park | Daytona Beach | Florida
Real Estate Properties [Line Items]
Date of Sale	Sep. 30, 2016
Sales Price	$ 10,000,000
Net proceeds from sales of real estate	9,868,000
Gain on sales of real estate	$ 1,979,000

Real Estate Investments - Sum42

Real Estate Investments - Summary of Sales of Real Estate Property (Parenthetical) (Details) - USD ($) $ in Millions	Sep. 14, 2016	Dec. 31, 2016
Meridian | Austin | Texas
Real Estate Properties [Line Items]
Proceeds from sales of real estate		$ 6.4
Park at Regency and Mandarin Reserve | Jacksonville | Florida
Real Estate Properties [Line Items]
Proceeds from sales of real estate		18
Willowdale Crossings
Real Estate Properties [Line Items]
Percentage of additional noncontrolling interest acquired	10.00%
Payment for purchase of noncontrolling interest acquired	$ 1.4
Willowdale Crossings | Frederick | Maryland
Real Estate Properties [Line Items]
Proceeds from sales of real estate		10.9
Jade Park | Daytona Beach | Florida
Real Estate Properties [Line Items]
Proceeds from sales of real estate		$ 3.5

Debt - Summary of Mortgage Debt

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Mortgages Payable	$ 367,453	$ 676,324
Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Max Note Rate	4.09%
Mortgages Payable
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	$ (3,300)	$ (6,000)
Mortgages Payable | Property Subject to Operating Lease
Debt Instrument [Line Items]
Outstanding Principal	369,220
Fair market value adjustment	1,007
Deferred financing costs, net of accumulated amortization	(2,774)
Mortgages Payable	367,453
Mortgages Payable | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Outstanding Principal	$ 82,851
Mortgages Payable | Courtney Cove | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	$ 14,210
Interest Rate	2.85%
Maturity Date	Sep. 1, 2021
Mortgages Payable | Courtney Cove | Debt With Floating Interest Rate | Maximum
Debt Instrument [Line Items]
Max Note Rate	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
Interest Rate	2.85%
Maturity Date	Sep. 1, 2021
Mortgages Payable | The Summit at Sabal Park | Debt With Floating Interest Rate | Maximum
Debt Instrument [Line Items]
Max Note Rate	5.75%
Mortgages Payable | The Preserve at Terrell Mill | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	$ 43,500
Interest Rate	2.73%
Maturity Date	Mar. 1, 2022
Mortgages Payable | The Preserve at Terrell Mill | Debt With Floating Interest Rate | Maximum
Debt Instrument [Line Items]
Max Note Rate	5.50%
Mortgages Payable | The Ashlar (fka Dana Point) | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	$ 12,176
Interest Rate	2.82%
Maturity Date	Mar. 1, 2022
Mortgages Payable | The Ashlar (fka Dana Point) | Debt With Floating Interest Rate | Maximum
Debt Instrument [Line Items]
Max Note Rate	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
Interest Rate	2.85%
Maturity Date	Mar. 1, 2022
Mortgages Payable | Heatherstone | Debt With Floating Interest Rate | Maximum
Debt Instrument [Line Items]
Max Note Rate	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
Interest Rate	2.80%
Maturity Date	Mar. 1, 2022
Mortgages Payable | Versailles | Debt With Floating Interest Rate | Maximum
Debt Instrument [Line Items]
Max Note Rate	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
Interest Rate	2.57%
Maturity Date	May 1, 2022
Mortgages Payable | Seasons 704 Apartments | Debt With Floating Interest Rate | Maximum
Debt Instrument [Line Items]
Max Note Rate	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
Interest Rate	2.59%
Maturity Date	Oct. 1, 2024
Mortgages Payable | Timber Creek | Debt With Floating Interest Rate | Maximum
Debt Instrument [Line Items]
Max Note Rate	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
Interest Rate	2.58%
Maturity Date	Oct. 1, 2024
Mortgages Payable | Radbourne Lake | Debt With Floating Interest Rate | Maximum
Debt Instrument [Line Items]
Max Note Rate	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
Interest Rate	2.58%
Maturity Date	Nov. 1, 2024
Mortgages Payable | The Arbors | Debt With Floating Interest Rate | Maximum
Debt Instrument [Line Items]
Max Note Rate	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
Interest Rate	2.58%
Maturity Date	Nov. 1, 2024
Mortgages Payable | The Crossings | Debt With Floating Interest Rate | Maximum
Debt Instrument [Line Items]
Max Note Rate	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
Interest Rate	2.58%
Maturity Date	Nov. 1, 2024
Mortgages Payable | The Crossings at Holcomb Bridge | Debt With Floating Interest Rate | Maximum
Debt Instrument [Line Items]
Max Note Rate	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
Interest Rate	2.58%
Maturity Date	Nov. 1, 2024
Mortgages Payable | The Knolls | Debt With Floating Interest Rate | Maximum
Debt Instrument [Line Items]
Max Note Rate	7.11%
Mortgages Payable | Sabal Palm at Lake Buena Vista | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Amortization (months)	360 months
Outstanding Principal	$ 37,680
Interest Rate	2.58%
Maturity Date	Dec. 1, 2024
Mortgages Payable | Sabal Palm at Lake Buena Vista | Debt With Floating Interest Rate | Maximum
Debt Instrument [Line Items]
Max Note Rate	6.26%
Mortgages Payable | Abbington Heights | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Amortization (months)	360 months
Outstanding Principal	$ 10,206
Interest Rate	3.79%
Max Note Rate	3.79%
Maturity Date	Sep. 1, 2022
Mortgages Payable | Abbington Heights | Debt With Fixed Interest Rate | Maximum
Debt Instrument [Line Items]
Max Note Rate	3.79%
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	$ 11,148
Interest Rate	4.68%
Max Note Rate	4.68%
Maturity Date	Sep. 1, 2018
Mortgages Payable | Belmont at Duck Creek | Debt With Fixed Interest Rate | Maximum
Debt Instrument [Line Items]
Max Note Rate	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
Interest Rate	2.70%
Maturity Date	Nov. 1, 2020
Mortgages Payable | Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Amortization (months)	360 months
Outstanding Principal	$ 23,082
Interest Rate	4.24%
Max Note Rate	4.24%
Maturity Date	Mar. 1, 2023
Mortgages Payable | Cornerstone | Debt With Fixed Interest Rate | Maximum
Debt Instrument [Line Items]
Max Note Rate	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
Interest Rate	2.67%
Maturity Date	Sep. 1, 2020
Mortgages Payable | The Pointe at the Foothills | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	60 months
Amortization (months)	360 months
Outstanding Principal	$ 31,365
Interest Rate	2.66%
Maturity Date	Sep. 1, 2020
Mortgages Payable | CityView | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Amortization (months)	360 months
Outstanding Principal	$ 15,812
Interest Rate	4.49%
Max Note Rate	4.49%
Maturity Date	Aug. 1, 2025
Mortgages Payable | CityView | Debt With Fixed Interest Rate | Maximum
Debt Instrument [Line Items]
Max Note Rate	4.49%
Mortgages Payable | Held For Sale Properties
Debt Instrument [Line Items]
Outstanding Principal	$ 56,206
Deferred financing costs, net of accumulated amortization	(521)
Mortgages Payable	$ 55,685
Mortgages Payable | Held For Sale Properties | The Miramar Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Amortization (months)	360 months
Outstanding Principal	$ 8,400
Interest Rate	2.99%
Maturity Date	Feb. 1, 2025
Mortgages Payable | Held For Sale Properties | The Miramar Apartments | Debt With Floating Interest Rate | Maximum
Debt Instrument [Line Items]
Max Note Rate	5.75%
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	$ 18,468
Interest Rate	3.31%
Maturity Date	Apr. 1, 2021
Mortgages Payable | Held For Sale Properties | The Grove at Alban | Debt With Floating Interest Rate | Maximum
Debt Instrument [Line Items]
Max Note Rate	6.50%
Mortgages Payable | Held For Sale Properties | Southpoint Reserve at Stoney Creek | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	$ 13,600
Interest Rate	2.88%
Maturity Date	Jan. 1, 2022
Mortgages Payable | Held For Sale Properties | Southpoint Reserve at Stoney Creek | Debt With Floating Interest Rate | Maximum
Debt Instrument [Line Items]
Max Note Rate	6.00%
Mortgages Payable | Held For Sale Properties | Twelve 6 Ten at the Park | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Amortization (months)	360 months
Outstanding Principal	$ 15,738
Interest Rate	2.69%
Maturity Date	Feb. 1, 2025
Mortgages Payable | Held For Sale Properties | Twelve 6 Ten at the Park | Debt With Floating Interest Rate | Maximum
Debt Instrument [Line Items]
Max Note Rate	5.92%

Debt - Summary of Mortgage De44

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Parenthetical) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	$ 916
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	$ 18,000
Debt instrument, payment terms	The assumed debt carries a 4.09% fixed rate, was originally issued in March 2013, and had a term of 120 months with an initial 24 months of interest only.
Indebtedness secured by property	$ 23,100
Blended pay rate	4.24%
Cornerstone | Debt With Fixed Interest Rate | First Mortgage
Debt Instrument [Line Items]
Debt instrument, payment terms	At the time of acquisition, the principal balance of the first mortgage remained unchanged and had a remaining term of 98 months with 2 months 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 | Debt With Fixed Interest Rate | Second Mortgage
Debt Instrument [Line Items]
Interest Rate	4.70%
Debt instrument, payment terms	The supplemental second mortgage is pre-payable and subject to yield maintenance from the date of issuance through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity.
Acquired property mortgage loan principle amount	$ 5,800
CityView | Last Four 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 four months of the term
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	0.9979%
Mortgages Payable | One-month LIBOR
Debt Instrument [Line Items]
LIBOR, interest rate	0.7717%
Mortgages Payable | Abbington Heights | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Interest Rate	3.79%
LIBOR, interest rate	3.79%
Mortgages Payable | Belmont at Duck Creek | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Interest Rate	4.68%
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 With Fixed Interest Rate
Debt Instrument [Line Items]
Interest Rate	4.24%
LIBOR, interest rate	4.24%
Mortgages Payable | CityView | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Interest Rate	4.49%
LIBOR, interest rate	4.49%
Held For Sale Properties
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	$ 200

Debt - Additional Information (

Debt - Additional Information (Details)	Dec. 31, 2016USD ($)Property	Dec. 29, 2016USD ($)	Jun. 06, 2016USD ($)	Dec. 31, 2016USD ($)Property	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)Property	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Aug. 05, 2015USD ($)
Debt Instrument [Line Items]
Number of properties sold | Property						7
Credit facilities proceeds received						$ 315,000,000
Acquisition costs incurred						386,000	$ 2,975,000	$ 8,640,000
Amount outstanding under the credit facilities	$ 310,492,000			$ 310,492,000		310,492,000
Bridge facility	$ 29,874,000			$ 29,874,000		29,874,000	28,805,000
Bridge facility proceeds received						30,000,000	$ 29,000,000
Bridge facility principal payment						$ 29,000,000
Key Bank, N.A.
Debt Instrument [Line Items]
Weighted average fixed rate	0.9956%			0.9956%		0.9956%
Combined notional amount	$ 400,000,000			$ 400,000,000		$ 400,000,000
2016 Bridge Facility
Debt Instrument [Line Items]
Credit facility interest accrual description		one-month LIBOR plus 4.0%
Current annual Interest rate on debt instrument		4.00%
Bridge facility		$ 30,000,000
Bridge facility proceeds received		$ 30,000,000
Bridge facility initial term		4 months
Bridge facility extension term		2 months
2016 Bridge Facility | Key Bank, N.A.
Debt Instrument [Line Items]
Bridge facility, full payment date						Apr. 29, 2017
Extended maturity date						Jun. 29, 2017
2015 Bridge Facility
Debt Instrument [Line Items]
Bridge facility principal payment						$ 29,000,000
Bridge facility, full payment date						Aug. 2, 2016
Cash on hand used to pay down, bridge facility	$ 2,000,000			$ 2,000,000		$ 2,000,000
2015 Bridge Facility | Park at Regency and Mandarin Reserve
Debt Instrument [Line Items]
Bridge facility principal payment funded with share proceeds						$ 18,000,000
2015 Bridge Facility | Key Bank, N.A.
Debt Instrument [Line Items]
Bridge facility									$ 29,000,000
$300 Million Credit Facility
Debt Instrument [Line Items]
Adjusted weighted average interest rate	3.32%			3.32%		3.32%
Weighted average fixed rate	0.9956%			0.9956%		0.9956%
Combined notional amount	$ 200,000,000			$ 200,000,000		$ 200,000,000
Credit facility, maximum borrowing capacity			$ 200,000,000
Credit facility, additional borrowing capacity	300,000,000		$ 300,000,000	300,000,000		$ 300,000,000
Credit facility, initial term			60 months
Credit facility, one extension term			12 months
Credit facility interest accrual description						The current annual interest rate under the $300 Million Credit Facility is one-month LIBOR plus 2.40%.
Current annual Interest rate on debt instrument			2.40%
Credit facilities proceeds received			$ 191,000,000	100,000,000	$ 9,000,000
Number of properties refinanced | Property						11
Deferred financing costs, net	2,400,000		$ 1,100,000	2,400,000		$ 2,400,000
Acquisition costs incurred				2,750,000
Amount outstanding under the credit facilities	$ 300,000,000			$ 300,000,000		$ 300,000,000
Credit facility, interest rate	3.17%
Number Of Cross Collateralized Properties | Property	13			13		13
$300 Million Credit Facility | 2015 Bridge Facility
Debt Instrument [Line Items]
Credit facilities proceeds received						$ 9,000,000
$300 Million Credit Facility | The Colonnade
Debt Instrument [Line Items]
Payments to acquire business				$ 29,500,000
$300 Million Credit Facility | Old Farm and Stone Creek
Debt Instrument [Line Items]
Payments to acquire business				$ 67,750,000
$30 Million Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 30,000,000
Credit facility, initial term		24 months
Credit facility, one extension term		12 months
Current annual Interest rate on debt instrument						4.00%
Credit facilities proceeds received		$ 15,000,000
Interest rate description						One-month LIBOR plus 4.00%
Interest expense
Debt Instrument [Line Items]
Mortgage prepayment penalties						$ 827,000
Interest Rate Swap | Key Bank, N.A.
Debt Instrument [Line Items]
Weighted average fixed rate	0.9956%			0.9956%		0.9956%
Combined notional amount	$ 400,000,000			$ 400,000,000		$ 400,000,000
Credit facility interest accrual description						floating interest rate (one-month LIBOR)
Interest Rate Swap | Key Bank, N.A. | One-month LIBOR
Debt Instrument [Line Items]
Weighted average fixed rate	0.9956%			0.9956%		0.9956%
Interest Rate Swap | $300 Million Credit Facility
Debt Instrument [Line Items]
Combined notional amount	$ 400,000,000			$ 400,000,000		$ 400,000,000
Mortgages Payable
Debt Instrument [Line Items]
Weighted average interest rate of mortgage indebtedness	2.95%			2.95%		2.95%	2.67%
Adjusted weighted average interest rate	3.05%			3.05%		3.05%
Weighted average fixed rate	0.9956%			0.9956%		0.9956%
Deferred financing costs, net	$ 3,300,000			$ 3,300,000		$ 3,300,000	$ 6,000,000
Mortgages Payable | Floating Interest Rate Swap
Debt Instrument [Line Items]
Combined notional amount	200,000,000			200,000,000		200,000,000
Mortgages Payable | Interest Rate Swap
Debt Instrument [Line Items]
Combined notional amount	$ 400,000,000			$ 400,000,000		$ 400,000,000

Debt - Sale of Properties and R

Debt - Sale of Properties and Repayment of Related Mortgage Loans (Details) - Mortgage Loans - Debt With Floating Interest Rate $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Outstanding Principal	$ 82,851
Meridian
Debt Instrument [Line Items]
Date of Sale	May 10, 2016
Outstanding Principal	$ 9,791
Park at Regency and Mandarin Reserve
Debt Instrument [Line Items]
Date of Sale	Jun. 6, 2016
Outstanding Principal	$ 25,582
Park at Blanding and Colonial Forest
Debt Instrument [Line Items]
Date of Sale	Aug. 31, 2016
Outstanding Principal	$ 9,000
Willowdale Crossings
Debt Instrument [Line Items]
Date of Sale	Sep. 15, 2016
Outstanding Principal	$ 32,628
Jade Park
Debt Instrument [Line Items]
Date of Sale	Sep. 30, 2016
Outstanding Principal	$ 5,850

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) $ in Thousands	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
2,017	$ 31,915
2,018	32,541
2,019	7,246
2,020	66,245
2,021	349,682
Thereafter	282,797
Total	770,426
Operating Properties & Other Secured Debt
Debt Instrument [Line Items]
2,017	31,276
2,018	31,408
2,019	6,033
2,020	65,007
2,021	331,933
Thereafter	248,563
Total	714,220
Held For Sale Properties
Debt Instrument [Line Items]
2,017	639
2,018	1,133
2,019	1,213
2,020	1,238
2,021	17,749
Thereafter	34,234
Total	$ 56,206

Debt - Summary of Company's Out

Debt - Summary of Company's Outstanding Interest Rate Swaps (Details) - KeyBank	12 Months Ended
	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Notional Amount	$ 400,000,000
Fixed Rate	0.9956%
Interest Rate Swap Transaction One
Debt Instrument [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
Debt Instrument [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
Debt Instrument [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
Interest Rate Swap Transaction Four
Debt Instrument [Line Items]
Trade Date	Aug. 12, 2016
Effective Date	Sep. 1, 2016
Termination Date	Jun. 1, 2021
Notional Amount	$ 100,000,000
Fixed Rate	0.956%
Floating Rate Option	One-month LIBOR

Debt - Summary of Company's O49

Debt - Summary of Company's Outstanding Interest Rate Swaps (Parenthetical) (Details)	Dec. 31, 2016
One-month LIBOR | KeyBank
Debt Instrument [Line Items]
LIBOR, interest rate	0.7717%

Fair Value Measures and Deriv50

Fair Value Measures and Derivative Financial Instruments - Additional Information (Details)	12 Months Ended
	Dec. 31, 2016USD ($)PropertyDerivativeInstrument	Dec. 31, 2015USD ($)DerivativeInstrument	Dec. 31, 2014USD ($)DerivativeInstrument
Fair Value Inputs Assets Quantitative Information [Line Items]
Properties owned | Property	39
Number of properties acquired | Property	4
Purchase price of properties acquired	$ 175,074,000
Derivative financial instruments cap weighted average interest rate	6.10%
Designated as hedging instrument
Fair Value Inputs Assets Quantitative Information [Line Items]
Gain (loss) ineffectiveness to derivatives designated as cash flow hedges	$ 1,700,000	$ 0	$ 0
Fixed Rate Residential Mortgage [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Properties owned | Property	1
Interest rate swaps | Designated as hedging instrument
Fair Value Inputs Assets Quantitative Information [Line Items]
Derivative notional amount	$ 400,000,000
Interest rate caps | DerivativeInstrument	4
Interest rate swaps | Minimum
Fair Value Inputs Assets Quantitative Information [Line Items]
Interest rate term range	4 years
Interest rate swaps | Maximum
Fair Value Inputs Assets Quantitative Information [Line Items]
Interest rate term range	5 years
Interest rate caps | Designated as hedging instrument
Fair Value Inputs Assets Quantitative Information [Line Items]
Number of derivatives designated as cash flow hedges | DerivativeInstrument		15	8
Derivative notional amount		$ 259,700,000	$ 140,500,000
Interest rate caps | Not designated as hedging instrument
Fair Value Inputs Assets Quantitative Information [Line Items]
Derivative notional amount	$ 306,876,000	$ 318,700,000	$ 304,800,000
Interest rate caps | DerivativeInstrument	18	21	20
Interest rate caps | Minimum
Fair Value Inputs Assets Quantitative Information [Line Items]
Interest rate term range	3 years
Interest rate caps | Maximum
Fair Value Inputs Assets Quantitative Information [Line Items]
Interest rate term range	4 years

Fair Value Measures and Deriv51

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 swaps	Dec. 31, 2016USD ($)DerivativeInstrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate swaps | DerivativeInstrument	4
Interest rate swaps | $	$ 400,000,000

Fair Value Measures and Deriv52

Fair Value Measures and Derivative Financial Instruments - Outstanding Interest Rate Derivatives Not Designated as Cash Flow Hedges of Interest Rate Risk (Details) - Not designated as hedging instrument - Interest rate caps	Dec. 31, 2016USD ($)DerivativeInstrument	Dec. 31, 2015USD ($)DerivativeInstrument	Dec. 31, 2014USD ($)DerivativeInstrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps | DerivativeInstrument	18	21	20
Derivative notional amount | $	$ 306,876,000	$ 318,700,000	$ 304,800,000

Fair Value Measures and Deriv53

Fair Value Measures and Derivative Financial Instruments - Summary of Derivative Financial Instruments and Classification on the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate products	$ 12,418	$ 67
Fair Market Value Of Interest Rate Derivatives | Interest rate products | Designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate products	12,413	61
Fair Market Value Of Interest Rate Derivatives | Interest rate products | Not designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate products	$ 5	$ 6

Fair Value Measures and Deriv54

Fair Value Measures and Derivative Financial Instruments - Summary of Derivative Financial Instruments and Combined Consolidated Statements of Operations and Comprehensive Loss (Details) - Interest rate products - Interest expense - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in OCI on derivative (effective portion)	$ 9,800	$ (391)	$ (306)
Amount of gain (loss) reclassified from accumulated OCI into income (effective portion)	(1,033)	(97)
Amount of gain (loss) recognized in income on derivative (ineffective portion)	1,683
Amount of gain (loss) recognized in income on derivative	$ (4)	$ (285)	$ (759)

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	Aug. 11, 2016	Dec. 31, 2016	Dec. 31, 2015	Jun. 15, 2016
Class Of Stock [Line Items]
Common stock, shares, issued		21,293,825	21,293,825
Common stock, shares, outstanding		21,043,669
Common stock, par value		$ 0.01	$ 0.01	$ 0.01
Share repurchase program, treasury stock shares		250,156
Share repurchase program, treasury stock, value		$ 4,587,000
Share repurchase program, authorized amount				$ 30,000,000
Stock repurchase program, expiration date		Jun. 15, 2018
Share repurchase program, treasury stock, per share		$ 18.34
Restricted Stock Units
Class Of Stock [Line Items]
Equity-based compensation expense		$ 800,000	$ 0
Restricted stock units, granted		209,797
Dividends earned on restricted stock units		$ 100,000
Restricted Stock Units | Directors, Officers and Other Key Employees | Minimum
Class Of Stock [Line Items]
Restricted stock units, vesting period		3 years
Restricted Stock Units | Directors, Officers and Other Key Employees | Maximum
Class Of Stock [Line Items]
Restricted stock units, vesting period		4 years
2016 LTIP
Class Of Stock [Line Items]
Common stock, par value				$ 0.01
Number of shares authorized to issue				2,100,000
2016 LTIP | Restricted Stock Units | Directors and Officers
Class Of Stock [Line Items]
Restricted stock units, granted	209,797

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Restricted Stock Units (Details) - Restricted Stock Units	12 Months Ended
	Dec. 31, 2016$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units, Granted | shares	209,797
Units, Outstanding at ending of the period | shares	209,797
Weighted Average Grant Date Fair Value, Granted | $ / shares	$ 19.20
Weighted Average Grant Date Fair Value, Outstanding at ending of the period | $ / shares	$ 19.20

Stockholders' Equity - Summar57

Stockholders' Equity - Summary of Restricted Stock Units (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2016shares
Vest in August 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, vested	110,258
Vest in August 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, vested	49,769.5
Vest in August 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, vested	49,769.5

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)	1 Months Ended				12 Months Ended
	Oct. 31, 2016Property	Jul. 31, 2016Property	Oct. 31, 2015Property	Aug. 31, 2015Property	Dec. 31, 2016USD ($)Property$ / Property$ / h	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Related Party Transaction [Line Items]
Number of properties acquired | Property					4
Advisory and Administrative Fees
Related Party Transaction [Line Items]
Number of properties acquired | Property	1	1	1	2	2
Operating Agreement
Related Party Transaction [Line Items]
Asset management fee percent					0.50%
Asset management fees					$ 700,000	$ 600,000	$ 200,000
NexPoint Real Estate Advisors, L.P
Related Party Transaction [Line Items]
Percentage of annual administrative fee, paid monthly					0.20%
Advisory fee percentage, paid monthly					1.00%
Advisory and administrative fees on contributed assets					$ 5,400,000
Advisory and administrative fees percentage					1.20%
Advisory and administrative fees					$ 6,800,000	5,600,000	$ 1,700,000
Additional advisory and administrative fees					$ 1,400,000	$ 200,000
NexPoint Real Estate Advisors, L.P | Predecessor
Related Party Transaction [Line Items]
Percentage of annual advisory, paid monthly					1.00%
Percentage of annual administrative fee, paid monthly					0.20%
Maximum | NexPoint Real Estate Advisors, L.P
Related Party Transaction [Line Items]
Advisory and administrative fees on contributed assets					$ 5,400,000
Advisory and administrative fees percentage					1.50%
BH Management Services, LLC
Related Party Transaction [Line Items]
Property management fee percent					3.00%
Inspection of properties fee, per unit | $ / Property					15
Other owner approved fees, per hour | $ / h					55
BH Management Services, LLC | Maximum
Related Party Transaction [Line Items]
Construction supervision fee, percent fee					6.00%
BH Management Services, LLC | Minimum
Related Party Transaction [Line Items]
Construction supervision fee, percent fee					5.00%

Related Party Transactions - Su

Related Party Transactions - Summary of Fees Incurred to BH And Its Affiliates As Well As Reimbursements Paid to BH (Details) - BH Management Services, LLC - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fees incurred
Property management fees	$ 3,983	$ 3,501	$ 1,215
Construction supervision fees	885	1,549	675
Acquisition fees	589	2,048	4,938
Reimbursements
Payroll and benefits	15,586	14,903	4,866
Other reimbursements	$ 2,078	$ 1,179	$ 393

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2016USD ($)Property
Commitments And Contingencies [Line Items]
Number of properties sold | Property	7
Minimum
Commitments And Contingencies [Line Items]
Additional profit interest earning	$ 0
Maximum
Commitments And Contingencies [Line Items]
Percentage of net proceeds from sales or refinancing	10.00%
Additional profit interest earning	$ 2,500,000

Subsequent Events - Summary of

Subsequent Events - Summary of Acquired Property (Details) $ in Thousands	Feb. 01, 2017USD ($)Units	Dec. 31, 2016USD ($)Property
Subsequent Event [Line Items]
Purchase Price		$ 175,074
Debt		$ 153,365
Number of Units | Property		12,965
Subsequent Event | Multifamily Properties | Hollister Place | Houston | Texas
Subsequent Event [Line Items]
Date of Acquisition	Feb. 1, 2017
Purchase Price	$ 24,500
Debt	$ 24,500
Number of Units | Units	260
Effective ownership percentage, variable interest entities	100.00%

Subsequent Events - Summary o62

Subsequent Events - Summary of Acquired Property (Parenthetical) (Details) - USD ($)	Feb. 01, 2017	Dec. 31, 2016
Subsequent Event [Line Items]
Amount outstanding under the credit facilities		$ 310,492,000
Proceeds from expansion of credit facility to fund a portion of purchase price		$ 315,000,000
Subsequent Event
Subsequent Event [Line Items]
Credit facility, maximum borrowing capacity	$ 30,000,000
Amount outstanding under the credit facilities	14,000,000
Payments for property	12,000,000
Proceeds from expansion of credit facility to fund a portion of purchase price	12,000,000
First Mortgage | Subsequent Event
Subsequent Event [Line Items]
Acquired property mortgage loan principle amount	$ 13,500,000
Mortgage loan term	84 months
One-month LIBOR | First Mortgage | Subsequent Event
Subsequent Event [Line Items]
LIBOR, three month interest rate	2.29%

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 13, 2017	Dec. 31, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Total carrying value of properties		$ 883,607	$ 902,882
The Miramar Apartments, Toscana and Twelve 6 Ten at the Park in Dallas, Texas and The Grove at Alban in Frederick, Maryland | Multifamily Properties
Subsequent Event [Line Items]
Total carrying value of properties		$ 62,400
Percentage of total real estate, net		6.50%
Subsequent Event
Subsequent Event [Line Items]
Renewal term of advisory agreement	1 year
Advisory agreement expiration date	Mar. 16, 2018
Dividends payable, amount per share	$ 0.22
Dividends payable, date declared	Mar. 13, 2017
Dividends payable, date of record	Mar. 20, 2016
Dividends payable, date to be paid	Mar. 31, 2017

Quarterly Results (unaudited) -

Quarterly Results (unaudited) - Summary of the Unaudited Quarterly Consolidated Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 32,601	$ 33,079	$ 33,657	$ 33,511	$ 32,603	$ 30,771	$ 28,747	$ 25,537	$ 20,435	$ 11,920	$ 6,818	$ 3,977	$ 132,848	$ 117,658	$ 43,150
Net income (loss)	176	8,825	16,596	291	(1,944)	(890)	(2,265)	(5,893)	(6,133)	(6,441)	(2,336)	(2,623)	25,888	(10,992)	(17,533)
Net income (loss) attributable to common stockholders	$ 217	$ 7,090	$ 14,590	$ (15)	$ (2,116)	$ (1,064)	$ (2,253)	$ (5,399)	$ (5,572)	$ (5,743)	$ (1,981)	$ (2,305)	$ 21,882	$ (10,832)	$ (15,601)
Earnings (loss) per share - basic and diluted (see Note 2)	$ 0.01	$ 0.33	$ 0.69	$ 0	$ (0.10)	$ (0.05)	$ (0.11)	$ (0.25)	$ (0.26)	$ (0.27)	$ (0.09)	$ (0.11)

Schedule III - Real Estate an65

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands		Dec. 29, 2016	Oct. 11, 2016	Jul. 27, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances					$ 725,426
Initial Cost to Company, Land					182,543
Initial Cost to Company, Buildings and Improvements					796,961
Initial Cost to Company, Total					979,504
Costs Capitalized Subsequent to Acquisition					72,179
Gross Amount Carried , Land					182,543
Gross Amount Carried , Buildings and Improvements					846,806
Gross Amount Carried , Total					1,029,349	$ 942,755	$ 650,314	$ 9,115
Accumulated Depreciation and Amortization					$ (66,312)
The Miramar Apartments
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	[1]				Oct. 31, 2013
The Miramar Apartments | Dallas | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					100.00%
Encumbrances					$ 8,400
Initial Cost to Company, Land					1,580
Initial Cost to Company, Buildings and Improvements					7,295
Initial Cost to Company, Total					8,875
Costs Capitalized Subsequent to Acquisition					2,576
Gross Amount Carried , Land					1,580
Gross Amount Carried , Buildings and Improvements					9,581
Gross Amount Carried , Total					$ 11,161
Date Acquired					Oct. 31, 2013
Accumulated Depreciation and Amortization					$ (1,235)
Arbors on Forest Ridge
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Jan. 31, 2014
Arbors on Forest Ridge | Bedford | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					90.00%
Encumbrances					$ 12,000
Initial Cost to Company, Land					2,330
Initial Cost to Company, Buildings and Improvements					10,475
Initial Cost to Company, Total					12,805
Costs Capitalized Subsequent to Acquisition					1,571
Gross Amount Carried , Land					2,330
Gross Amount Carried , Buildings and Improvements					11,734
Gross Amount Carried , Total					$ 14,064
Date Acquired					Jan. 31, 2014
Accumulated Depreciation and Amortization					$ (1,516)
Cutter's Point
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Jan. 31, 2014
Cutter's Point | Richardson | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					90.00%
Encumbrances					$ 14,000
Initial Cost to Company, Land					3,330
Initial Cost to Company, Buildings and Improvements					12,515
Initial Cost to Company, Total					15,845
Costs Capitalized Subsequent to Acquisition					1,518
Gross Amount Carried , Land					3,330
Gross Amount Carried , Buildings and Improvements					13,681
Gross Amount Carried , Total					$ 17,011
Date Acquired					Jan. 31, 2014
Accumulated Depreciation and Amortization					$ (1,790)
Eagle Crest
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Jan. 31, 2014
Eagle Crest | Irving | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					90.00%
Encumbrances					$ 23,000
Initial Cost to Company, Land					5,450
Initial Cost to Company, Buildings and Improvements					21,875
Initial Cost to Company, Total					27,325
Costs Capitalized Subsequent to Acquisition					1,821
Gross Amount Carried , Land					5,450
Gross Amount Carried , Buildings and Improvements					23,042
Gross Amount Carried , Total					$ 28,492
Date Acquired					Jan. 31, 2014
Accumulated Depreciation and Amortization					$ (2,824)
Silverbrook
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Jan. 31, 2014
Silverbrook | Grand Prairie | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					90.00%
Encumbrances					$ 26,000
Initial Cost to Company, Land					4,860
Initial Cost to Company, Buildings and Improvements					25,540
Initial Cost to Company, Total					30,400
Costs Capitalized Subsequent to Acquisition					2,584
Gross Amount Carried , Land					4,860
Gross Amount Carried , Buildings and Improvements					27,331
Gross Amount Carried , Total					$ 32,191
Date Acquired					Jan. 31, 2014
Accumulated Depreciation and Amortization					$ (3,752)
Timberglen
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Jan. 31, 2014
Timberglen | Dallas | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					90.00%
Encumbrances					$ 15,000
Initial Cost to Company, Land					2,510
Initial Cost to Company, Buildings and Improvements					14,440
Initial Cost to Company, Total					16,950
Costs Capitalized Subsequent to Acquisition					1,389
Gross Amount Carried , Land					2,510
Gross Amount Carried , Buildings and Improvements					15,421
Gross Amount Carried , Total					$ 17,931
Date Acquired					Jan. 31, 2014
Accumulated Depreciation and Amortization					$ (1,955)
Toscana
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	[1]				Jan. 31, 2014
Toscana | Dallas | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					90.00%
Encumbrances					$ 8,000
Initial Cost to Company, Land					1,730
Initial Cost to Company, Buildings and Improvements					7,145
Initial Cost to Company, Total					8,875
Costs Capitalized Subsequent to Acquisition					1,113
Gross Amount Carried , Land					1,730
Gross Amount Carried , Buildings and Improvements					8,028
Gross Amount Carried , Total					$ 9,758
Date Acquired					Jan. 31, 2014
Accumulated Depreciation and Amortization					$ (1,012)
The Grove at Alban
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	[1]				Mar. 10, 2014
The Grove at Alban | Frederick | Maryland
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					76.00%
Encumbrances					$ 18,468
Initial Cost to Company, Land					3,640
Initial Cost to Company, Buildings and Improvements					19,410
Initial Cost to Company, Total					23,050
Costs Capitalized Subsequent to Acquisition					1,737
Gross Amount Carried , Land					3,640
Gross Amount Carried , Buildings and Improvements					20,351
Gross Amount Carried , Total					$ 23,991
Date Acquired					Mar. 10, 2014
Accumulated Depreciation and Amortization					$ (1,577)
Edgewater at Sandy Springs
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Jul. 18, 2014
Edgewater at Sandy Springs | Atlanta | Georgia
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					90.00%
Encumbrances					$ 50,000
Initial Cost to Company, Land					14,290
Initial Cost to Company, Buildings and Improvements					43,710
Initial Cost to Company, Total					58,000
Costs Capitalized Subsequent to Acquisition					5,347
Gross Amount Carried , Land					14,290
Gross Amount Carried , Buildings and Improvements					47,127
Gross Amount Carried , Total					$ 61,417
Date Acquired					Jul. 18, 2014
Accumulated Depreciation and Amortization					$ (5,554)
Beechwood Terrace
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Jul. 21, 2014
Beechwood Terrace | Nashville | Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					90.00%
Encumbrances					$ 19,000
Initial Cost to Company, Land					1,390
Initial Cost to Company, Buildings and Improvements					20,010
Initial Cost to Company, Total					21,400
Costs Capitalized Subsequent to Acquisition					1,900
Gross Amount Carried , Land					1,390
Gross Amount Carried , Buildings and Improvements					21,501
Gross Amount Carried , Total					$ 22,891
Date Acquired					Jul. 21, 2014
Accumulated Depreciation and Amortization					$ (2,114)
Willow Grove
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Jul. 21, 2014
Willow Grove | Nashville | Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					90.00%
Encumbrances					$ 13,000
Initial Cost to Company, Land					3,940
Initial Cost to Company, Buildings and Improvements					9,810
Initial Cost to Company, Total					13,750
Costs Capitalized Subsequent to Acquisition					1,828
Gross Amount Carried , Land					3,940
Gross Amount Carried , Buildings and Improvements					11,340
Gross Amount Carried , Total					$ 15,280
Date Acquired					Jul. 21, 2014
Accumulated Depreciation and Amortization					$ (1,264)
Woodbridge
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Jul. 21, 2014
Woodbridge | Nashville | Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					90.00%
Encumbrances					$ 14,000
Initial Cost to Company, Land					3,650
Initial Cost to Company, Buildings and Improvements					12,350
Initial Cost to Company, Total					16,000
Costs Capitalized Subsequent to Acquisition					1,666
Gross Amount Carried , Land					3,650
Gross Amount Carried , Buildings and Improvements					13,682
Gross Amount Carried , Total					$ 17,332
Date Acquired					Jul. 21, 2014
Accumulated Depreciation and Amortization					$ (1,447)
Abbington Heights
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Aug. 1, 2014
Abbington Heights | Antioch | Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					90.00%
Encumbrances					$ 10,206
Initial Cost to Company, Land					1,770
Initial Cost to Company, Buildings and Improvements					16,130
Initial Cost to Company, Total					17,900
Costs Capitalized Subsequent to Acquisition					1,687
Gross Amount Carried , Land					1,770
Gross Amount Carried , Buildings and Improvements					17,417
Gross Amount Carried , Total					$ 19,187
Date Acquired					Aug. 1, 2014
Accumulated Depreciation and Amortization					$ (1,778)
The Summit at Sabal Park
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Aug. 20, 2014
The Summit at Sabal Park | Tampa | Florida
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					90.00%
Encumbrances					$ 14,287
Initial Cost to Company, Land					5,770
Initial Cost to Company, Buildings and Improvements					13,280
Initial Cost to Company, Total					19,050
Costs Capitalized Subsequent to Acquisition					1,431
Gross Amount Carried , Land					5,770
Gross Amount Carried , Buildings and Improvements					14,307
Gross Amount Carried , Total					$ 20,077
Date Acquired					Aug. 20, 2014
Accumulated Depreciation and Amortization					$ (1,569)
Courtney Cove
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Aug. 20, 2014
Courtney Cove | Tampa | Florida
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					90.00%
Encumbrances					$ 14,210
Initial Cost to Company, Land					5,880
Initial Cost to Company, Buildings and Improvements					13,070
Initial Cost to Company, Total					18,950
Costs Capitalized Subsequent to Acquisition					1,199
Gross Amount Carried , Land					5,880
Gross Amount Carried , Buildings and Improvements					13,838
Gross Amount Carried , Total					$ 19,718
Date Acquired					Aug. 20, 2014
Accumulated Depreciation and Amortization					$ (1,542)
Radbourne Lake
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Sep. 30, 2014
Radbourne Lake | Charlotte | North Carolina
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					90.00%
Encumbrances					$ 19,213
Initial Cost to Company, Land					2,440
Initial Cost to Company, Buildings and Improvements					21,810
Initial Cost to Company, Total					24,250
Costs Capitalized Subsequent to Acquisition					1,569
Gross Amount Carried , Land					2,440
Gross Amount Carried , Buildings and Improvements					22,727
Gross Amount Carried , Total					$ 25,167
Date Acquired					Sep. 30, 2014
Accumulated Depreciation and Amortization					$ (2,191)
Timber Creek
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Sep. 30, 2014
Timber Creek | Charlotte | North Carolina
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					90.00%
Encumbrances					$ 19,482
Initial Cost to Company, Land					11,260
Initial Cost to Company, Buildings and Improvements					11,490
Initial Cost to Company, Total					22,750
Costs Capitalized Subsequent to Acquisition					3,494
Gross Amount Carried , Land					11,260
Gross Amount Carried , Buildings and Improvements					14,185
Gross Amount Carried , Total					$ 25,445
Date Acquired					Sep. 30, 2014
Accumulated Depreciation and Amortization					$ (1,466)
Belmont at Duck Creek
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Sep. 30, 2014
Belmont at Duck Creek | Garland | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					90.00%
Encumbrances					$ 11,148
Initial Cost to Company, Land					1,910
Initial Cost to Company, Buildings and Improvements					16,615
Initial Cost to Company, Total					18,525
Costs Capitalized Subsequent to Acquisition					1,796
Gross Amount Carried , Land					1,910
Gross Amount Carried , Buildings and Improvements					17,975
Gross Amount Carried , Total					$ 19,885
Date Acquired					Sep. 30, 2014
Accumulated Depreciation and Amortization					$ (1,667)
The Arbors
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Oct. 16, 2014
The Arbors | Tucker | Georgia
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					90.00%
Encumbrances					$ 5,812
Initial Cost to Company, Land					1,730
Initial Cost to Company, Buildings and Improvements					6,070
Initial Cost to Company, Total					7,800
Costs Capitalized Subsequent to Acquisition					1,134
Gross Amount Carried , Land					1,730
Gross Amount Carried , Buildings and Improvements					7,005
Gross Amount Carried , Total					$ 8,735
Date Acquired					Oct. 16, 2014
Accumulated Depreciation and Amortization					$ (699)
The Crossings
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Oct. 16, 2014
The Crossings | Marietta | Georgia
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					90.00%
Encumbrances					$ 15,874
Initial Cost to Company, Land					3,982
Initial Cost to Company, Buildings and Improvements					17,050
Initial Cost to Company, Total					21,032
Costs Capitalized Subsequent to Acquisition					3,030
Gross Amount Carried , Land					3,982
Gross Amount Carried , Buildings and Improvements					19,246
Gross Amount Carried , Total					$ 23,228
Date Acquired					Oct. 16, 2014
Accumulated Depreciation and Amortization					$ (1,902)
The Crossings at Holcomb Bridge
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Oct. 16, 2014
The Crossings at Holcomb Bridge | Roswell | Georgia
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					90.00%
Encumbrances					$ 12,450
Initial Cost to Company, Land					5,560
Initial Cost to Company, Buildings and Improvements					10,440
Initial Cost to Company, Total					16,000
Costs Capitalized Subsequent to Acquisition					2,279
Gross Amount Carried , Land					5,560
Gross Amount Carried , Buildings and Improvements					12,103
Gross Amount Carried , Total					$ 17,663
Date Acquired					Oct. 16, 2014
Accumulated Depreciation and Amortization					$ (1,314)
The Knolls
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Oct. 16, 2014
The Knolls | Marietta | Georgia
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					90.00%
Encumbrances					$ 16,038
Initial Cost to Company, Land					3,410
Initial Cost to Company, Buildings and Improvements					17,790
Initial Cost to Company, Total					21,200
Costs Capitalized Subsequent to Acquisition					2,299
Gross Amount Carried , Land					3,410
Gross Amount Carried , Buildings and Improvements					19,330
Gross Amount Carried , Total					$ 22,740
Date Acquired					Oct. 16, 2014
Accumulated Depreciation and Amortization					$ (1,952)
Regatta Bay
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Nov. 4, 2014
Regatta Bay | Seabrook | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					90.00%
Encumbrances					$ 14,000
Initial Cost to Company, Land					1,660
Initial Cost to Company, Buildings and Improvements					16,540
Initial Cost to Company, Total					18,200
Costs Capitalized Subsequent to Acquisition					1,309
Gross Amount Carried , Land					1,660
Gross Amount Carried , Buildings and Improvements					17,135
Gross Amount Carried , Total					$ 18,795
Date Acquired					Nov. 4, 2014
Accumulated Depreciation and Amortization					$ (1,552)
Sabal Palm at Lake Buena Vista
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Nov. 5, 2014
Sabal Palm at Lake Buena Vista | Orlando | Florida
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					90.00%
Encumbrances					$ 37,680
Initial Cost to Company, Land					7,580
Initial Cost to Company, Buildings and Improvements					41,920
Initial Cost to Company, Total					49,500
Costs Capitalized Subsequent to Acquisition					1,491
Gross Amount Carried , Land					7,580
Gross Amount Carried , Buildings and Improvements					42,024
Gross Amount Carried , Total					$ 49,604
Date Acquired					Nov. 5, 2014
Accumulated Depreciation and Amortization					$ (3,379)
Southpoint Reserve at Stoney Creek
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	[1]				Dec. 18, 2014
Southpoint Reserve at Stoney Creek | Fredericksburg | Virginia
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					85.00%
Encumbrances					$ 13,600
Initial Cost to Company, Land					6,120
Initial Cost to Company, Buildings and Improvements					10,880
Initial Cost to Company, Total					17,000
Costs Capitalized Subsequent to Acquisition					1,466
Gross Amount Carried , Land					6,120
Gross Amount Carried , Buildings and Improvements					11,854
Gross Amount Carried , Total					$ 17,974
Date Acquired					Dec. 18, 2014
Accumulated Depreciation and Amortization					$ (897)
Cornerstone
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Jan. 15, 2015
Cornerstone | Orlando | Florida
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					90.00%
Encumbrances					$ 23,082
Initial Cost to Company, Land					1,500
Initial Cost to Company, Buildings and Improvements					30,050
Initial Cost to Company, Total					31,550
Costs Capitalized Subsequent to Acquisition					2,133
Gross Amount Carried , Land					1,500
Gross Amount Carried , Buildings and Improvements					31,289
Gross Amount Carried , Total					$ 32,789
Date Acquired					Jan. 15, 2015
Accumulated Depreciation and Amortization					$ (2,359)
Twelve 6 Ten at the Park
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	[1]				Jan. 15, 2015
Twelve 6 Ten at the Park | Dallas | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					90.00%
Encumbrances					$ 15,738
Initial Cost to Company, Land					3,610
Initial Cost to Company, Buildings and Improvements					17,374
Initial Cost to Company, Total					20,984
Costs Capitalized Subsequent to Acquisition					2,232
Gross Amount Carried , Land					3,610
Gross Amount Carried , Buildings and Improvements					19,034
Gross Amount Carried , Total					$ 22,644
Date Acquired					Jan. 15, 2015
Accumulated Depreciation and Amortization					$ (1,377)
The Preserve at Terrell Mill
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Feb. 6, 2015
The Preserve at Terrell Mill | Marietta | Georgia
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					90.00%
Encumbrances					$ 43,500
Initial Cost to Company, Land					10,170
Initial Cost to Company, Buildings and Improvements					47,830
Initial Cost to Company, Total					58,000
Costs Capitalized Subsequent to Acquisition					5,535
Gross Amount Carried , Land					10,170
Gross Amount Carried , Buildings and Improvements					51,551
Gross Amount Carried , Total					$ 61,721
Date Acquired					Feb. 6, 2015
Accumulated Depreciation and Amortization					$ (3,919)
The Ashlar (fka Dana Point)
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Feb. 26, 2015
The Ashlar (fka Dana Point) | Dallas | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					90.00%
Encumbrances					$ 12,176
Initial Cost to Company, Land					4,090
Initial Cost to Company, Buildings and Improvements					12,145
Initial Cost to Company, Total					16,235
Costs Capitalized Subsequent to Acquisition					1,818
Gross Amount Carried , Land					4,090
Gross Amount Carried , Buildings and Improvements					13,601
Gross Amount Carried , Total					$ 17,691
Date Acquired					Feb. 26, 2015
Accumulated Depreciation and Amortization					$ (1,151)
Heatherstone
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Feb. 26, 2015
Heatherstone | Dallas | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					90.00%
Encumbrances					$ 7,087
Initial Cost to Company, Land					2,320
Initial Cost to Company, Buildings and Improvements					7,130
Initial Cost to Company, Total					9,450
Costs Capitalized Subsequent to Acquisition					1,572
Gross Amount Carried , Land					2,320
Gross Amount Carried , Buildings and Improvements					8,494
Gross Amount Carried , Total					$ 10,814
Date Acquired					Feb. 26, 2015
Accumulated Depreciation and Amortization					$ (716)
Versailles
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Feb. 26, 2015
Versailles | Dallas | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					90.00%
Encumbrances					$ 19,623
Initial Cost to Company, Land					6,720
Initial Cost to Company, Buildings and Improvements					19,445
Initial Cost to Company, Total					26,165
Costs Capitalized Subsequent to Acquisition					3,286
Gross Amount Carried , Land					6,720
Gross Amount Carried , Buildings and Improvements					22,150
Gross Amount Carried , Total					$ 28,870
Date Acquired					Feb. 26, 2015
Accumulated Depreciation and Amortization					$ (1,811)
Seasons 704 Apartments
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Apr. 15, 2015
Seasons 704 Apartments | West Palm Beach | Florida
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					90.00%
Encumbrances					$ 12,660
Initial Cost to Company, Land					7,480
Initial Cost to Company, Buildings and Improvements					13,520
Initial Cost to Company, Total					21,000
Costs Capitalized Subsequent to Acquisition					1,620
Gross Amount Carried , Land					7,480
Gross Amount Carried , Buildings and Improvements					14,739
Gross Amount Carried , Total					$ 22,219
Date Acquired					Apr. 15, 2015
Accumulated Depreciation and Amortization					$ (1,084)
Madera Point
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Aug. 5, 2015
Madera Point | Mesa | Arizona
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					95.00%
Encumbrances					$ 13,515
Initial Cost to Company, Land					4,920
Initial Cost to Company, Buildings and Improvements					17,605
Initial Cost to Company, Total					22,525
Costs Capitalized Subsequent to Acquisition					983
Gross Amount Carried , Land					4,920
Gross Amount Carried , Buildings and Improvements					17,959
Gross Amount Carried , Total					$ 22,879
Date Acquired					Aug. 5, 2015
Accumulated Depreciation and Amortization					$ (1,076)
The Pointe at the Foothills
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Aug. 5, 2015
The Pointe at the Foothills | Mesa | Arizona
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					95.00%
Encumbrances					$ 31,365
Initial Cost to Company, Land					4,840
Initial Cost to Company, Buildings and Improvements					47,435
Initial Cost to Company, Total					52,275
Costs Capitalized Subsequent to Acquisition					1,419
Gross Amount Carried , Land					4,840
Gross Amount Carried , Buildings and Improvements					47,421
Gross Amount Carried , Total					$ 52,261
Date Acquired					Aug. 5, 2015
Accumulated Depreciation and Amortization					$ (2,591)
Venue at 8651 | Fort Worth | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage					95.00%
Encumbrances					$ 17,000
Initial Cost to Company, Land					2,350
Initial Cost to Company, Buildings and Improvements					16,900
Initial Cost to Company, Total					19,250
Costs Capitalized Subsequent to Acquisition					1,899
Gross Amount Carried , Land					2,350
Gross Amount Carried , Buildings and Improvements					18,288
Gross Amount Carried , Total					$ 20,638
Date Acquired					Oct. 30, 2015
Accumulated Depreciation and Amortization					$ (982)
CityView
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Jul. 27, 2016
CityView | West Palm Beach | Florida
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage				91.00%	91.00%
Encumbrances					$ 15,812
Initial Cost to Company, Land					3,860
Initial Cost to Company, Buildings and Improvements					19,424
Initial Cost to Company, Total					23,284
Costs Capitalized Subsequent to Acquisition					384
Gross Amount Carried , Land					3,860
Gross Amount Carried , Buildings and Improvements					19,808
Gross Amount Carried , Total					$ 23,668
Date Acquired					Jul. 27, 2016
Accumulated Depreciation and Amortization					$ (726)
The Colonnade | Phoenix | Arizona
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage			97.00%		97.00%
Initial Cost to Company, Land					$ 8,340
Initial Cost to Company, Buildings and Improvements					36,520
Initial Cost to Company, Total					44,860
Costs Capitalized Subsequent to Acquisition					52
Gross Amount Carried , Land					8,340
Gross Amount Carried , Buildings and Improvements					36,572
Gross Amount Carried , Total					$ 44,912
Date Acquired					Oct. 11, 2016
Accumulated Depreciation and Amortization					$ (572)
Old Farm
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Dec. 29, 2016
Old Farm | Houston | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage		100.00%			100.00%
Encumbrances					$ 70,000
Initial Cost to Company, Land					11,078
Initial Cost to Company, Buildings and Improvements					73,986
Initial Cost to Company, Total					85,064
Gross Amount Carried , Land					11,078
Gross Amount Carried , Buildings and Improvements					73,986
Gross Amount Carried , Total					$ 85,064
Date Acquired					Dec. 29, 2016
Stone Creek at Old Farm
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired					Dec. 29, 2016
Stone Creek at Old Farm | Houston | Texas
Real Estate And Accumulated Depreciation [Line Items]
Ownership Percentage		100.00%			100.00%
Encumbrances					$ 19,000
Initial Cost to Company, Land					3,493
Initial Cost to Company, Buildings and Improvements					19,937
Initial Cost to Company, Total					23,430
Costs Capitalized Subsequent to Acquisition					12
Gross Amount Carried , Land					3,493
Gross Amount Carried , Buildings and Improvements					19,949
Gross Amount Carried , Total					$ 23,442
Date Acquired					Dec. 29, 2016
[1]	Properties are classified as held for sale as of December 31, 2016.

Schedule III - Real Estate an66

Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2016USD ($)Property	Jun. 06, 2016USD ($)
Real Estate And Accumulated Depreciation [Line Items]
Amount outstanding under the credit facilities	$ 310,492,000
Initial Cost to Company, Buildings and Improvements	796,961,000
Gross Amount Carried , Buildings and Improvements	846,806,000
Cost of real estate investment for Federal Income Tax purposes net of accumulated depreciation	1,000,000,000
The Colonnade, Old Farm and Stone Creek at Old Farm
Real Estate And Accumulated Depreciation [Line Items]
Total acquisition costs	700,000
Buildings and Improvements and Furniture, Fixtures, and Equipment
Real Estate And Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	769,800,000
Construction in Progress
Real Estate And Accumulated Depreciation [Line Items]
Gross Amount Carried , Buildings and Improvements	2,900,000
Furniture, Fixtures, and Equipment
Real Estate And Accumulated Depreciation [Line Items]
Gross Amount Carried , Buildings and Improvements	$ 40,900,000
Estimated useful lives of assets	3 years
Buildings
Real Estate And Accumulated Depreciation [Line Items]
Estimated useful lives of assets	30 years
Buildings and Improvements
Real Estate And Accumulated Depreciation [Line Items]
Estimated useful lives of assets	15 years
Gross Intangible Lease Assets
Real Estate And Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	$ 27,200,000
Gross Amount Carried , Buildings and Improvements	5,100,000
Amortization of intangible assets	$ 700,000
Intangible Lease Assets
Real Estate And Accumulated Depreciation [Line Items]
Estimated useful lives of assets	6 months
$300 Million Credit Facility
Real Estate And Accumulated Depreciation [Line Items]
Credit facility, additional borrowing capacity	$ 300,000,000	$ 300,000,000
Amount outstanding under the credit facilities	$ 300,000,000
Number of collateralized properties | Property	13
$30 Million Credit Facility | 2016 Bridge Facility
Real Estate And Accumulated Depreciation [Line Items]
Secured debt outstanding	$ 45,000,000

Schedule III - Summary Of Activ

Schedule III - Summary Of Activity For Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate:
Balance, beginning of year	$ 942,755	$ 650,314	$ 9,115
Additions:
Real estate acquired	176,638	277,434	624,325
Improvements	24,956	37,891	16,874
Deductions:
Real estate sold	(112,427)
Write-off of fully amortized assets and other	(2,573)	(22,884)
Balance, end of year	1,029,349	942,755	650,314
Accumulated Depreciation and Amortization:
Balance, beginning of year	39,873	21,788	142
Depreciation expense	34,265	28,684	9,300
Amortization expense	1,379	12,117	12,346
Accumulated depreciation on sales	(6,632)
Write-off of fully amortized assets	(2,573)	(22,716)
Balance, end of year	$ 66,312	$ 39,873	$ 21,788