NexPoint Residential Trust (NXRT) 10-Q 2 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 02, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	NXRT
Entity Registrant Name	NexPoint Residential Trust, Inc.
Entity Central Index Key	1,620,393
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		21,043,669

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Operating Real Estate Investments
Land (including from VIEs of $100,925 and $99,803, respectively)	$ 166,985	$ 165,863
Buildings and improvements (including from VIEs of $431,235 and $425,945, respectively)	739,099	733,374
Intangible lease assets (including from VIEs of $4,858 and $3,926, respectively)	5,581	5,140
Construction in progress (including from VIEs of $1,138 and $1,891, respectively)	2,895	2,828
Furniture, fixtures, and equipment (including from VIEs of $22,496 and $21,289, respectively)	39,361	36,616
Total Gross Operating Real Estate Investments	953,921	943,821
Accumulated depreciation and amortization (including from VIEs of $38,372 and $32,053, respectively)	(70,551)	(60,214)
Total Net Operating Real Estate Investments	883,370	883,607
Real estate held for sale, net of accumulated depreciation of $7,714 and $6,099, respectively (including from VIEs of $78,190 and $60,578, respectively)	96,904	79,430
Total Net Real Estate Investments	980,274	963,037
Cash and cash equivalents (including from VIEs of $11,266 and $9,394, respectively)	27,741	22,705
Restricted cash (including from VIEs of $19,511 and $22,387, respectively)	26,001	32,556
Accounts receivable (including from VIEs of $1,253 and $2,009, respectively)	2,252	3,008
Prepaid and other assets (including from VIEs of $1,948 and $905, respectively)	3,733	1,678
Fair market value of interest rate swaps	13,424	12,413
TOTAL ASSETS	1,053,425	1,035,397
LIABILITIES AND EQUITY
Mortgages payable, net (including from VIEs of $305,711 and $306,235, respectively)	366,926	367,453
Mortgages payable held for sale, net (including from VIEs of $61,043 and $47,421, respectively)	69,311	55,685
Credit facilities, net	324,768	310,492
Bridge facility, net	29,969	29,874
Accounts payable and other accrued liabilities (including from VIEs of $1,948 and $2,232, respectively)	5,036	5,551
Accrued real estate taxes payable (including from VIEs of $2,770 and $2,724, respectively)	4,640	6,534
Accrued interest payable (including from VIEs of $895 and $855, respectively)	1,117	1,067
Security deposit liability (including from VIEs of $852 and $774, respectively)	1,475	1,364
Prepaid rents (including from VIEs of $1,053 and $728, respectively)	1,875	1,275
Total Liabilities	805,117	779,295
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	242,058	241,450
Accumulated deficit	(22,924)	(14,584)
Accumulated other comprehensive income	9,998	9,052
Common stock held in treasury at cost; 250,156 shares	(4,587)	(4,587)
Noncontrolling interests	23,550	24,558
Total Equity	248,308	256,102
TOTAL LIABILITIES AND EQUITY	$ 1,053,425	$ 1,035,397

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Land	$ 166,985	$ 165,863
Buildings and improvements	739,099	733,374
Intangible lease assets	5,581	5,140
Construction in progress	2,895	2,828
Furniture, fixtures, and equipment	39,361	36,616
Accumulated depreciation and amortization	70,551	60,214
Real estate held for sale	96,904	79,430
Cash and cash equivalents	27,741	22,705
Restricted cash	26,001	32,556
Accounts receivable	2,252	3,008
Prepaid and other assets	3,733	1,678
Mortgages payable, net	366,926	367,453
Mortgages payable held for sale, net	69,311	55,685
Accounts payable and other accrued liabilities	5,036	5,551
Accrued real estate taxes payable	4,640	6,534
Accrued interest payable	1,117	1,067
Security deposit liability	1,475	1,364
Prepaid rents	$ 1,875	$ 1,275
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	250,156
VIE
Land	$ 100,925	$ 99,803
Buildings and improvements	431,235	425,945
Intangible lease assets	4,858	3,926
Construction in progress	1,138	1,891
Furniture, fixtures, and equipment	22,496	21,289
Accumulated depreciation and amortization	38,372	32,053
Real estate held for sale	78,190	60,578
Net of accumulated depreciation	7,714	6,099
Cash and cash equivalents	11,266	9,394
Restricted cash	19,511	22,387
Accounts receivable	1,253	2,009
Prepaid and other assets	1,948	905
Mortgages payable, net	305,711	306,235
Mortgages payable held for sale, net	61,043	47,421
Accounts payable and other accrued liabilities	1,948	2,232
Accrued real estate taxes payable	2,770	2,724
Accrued interest payable	895	855
Security deposit liability	852	774
Prepaid rents	$ 1,053	$ 728

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues
Rental income	$ 31,908	$ 29,370
Other income	5,083	4,141
Total revenues	36,991	33,511
Expenses
Property operating expenses	9,871	9,382
Real estate taxes and insurance	4,965	4,263
Property management fees (related party)	1,113	1,005
Advisory and administrative fees (related party)	1,825	1,616
Corporate general and administrative expenses	1,333	782
Property general and administrative expenses	1,586	1,334
Depreciation and amortization	12,443	9,612
Total expenses	33,136	27,994
Operating income	3,855	5,517
Interest expense	(7,159)	(5,226)
Net income (loss)	(3,304)	291
Net income attributable to noncontrolling interests	312	306
Net loss attributable to common stockholders	(3,616)	(15)
Other comprehensive income (loss)
Unrealized gains (losses) on interest rate derivatives	1,046	(32)
Total comprehensive income (loss)	(2,258)	259
Comprehensive income attributable to noncontrolling interests	412	303
Comprehensive loss attributable to common stockholders	$ (2,670)	$ (44)
Weighted average common shares outstanding - basic	21,044	21,294
Weighted average common shares outstanding - diluted	21,293	21,294
Loss per share - basic and diluted (see Note 2)	$ (0.17)	$ 0
Dividends declared per common share	$ 0.220	$ 0.206

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY (Unaudited) - 3 months ended Mar. 31, 2017 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Common Stock Held in Treasury at Cost	Noncontrolling Interests
Beginning Balance, Values at Dec. 31, 2016	$ 256,102	$ 213	$ 241,450	$ (14,584)	$ 9,052	$ (4,587)	$ 24,558
Beginning Balance, Shares at Dec. 31, 2016	21,293,825	21,294,000
Contributions by noncontrolling interests	$ 13						13
Vesting of stock-based compensation	608		608
Distributions / Dividends	(6,157)			(4,724)			(1,433)
Other comprehensive income	1,046				946		100
Net income (loss)	(3,304)			(3,616)			312
Ending Balance, Values at Mar. 31, 2017	$ 248,308	$ 213	$ 242,058	$ (22,924)	$ 9,998	$ (4,587)	$ 23,550
Ending Balance, Shares at Mar. 31, 2017	21,293,825	21,294,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities
Net income (loss)	$ (3,304)	$ 291
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	12,443	9,612
Amortization of deferred financing costs	532	324
Change in fair value on derivative instruments included in interest expense	449	4
Net cash paid for derivative settlements	(216)
Amortization of fair market value adjustment of assumed debt	(51)	(27)
Vesting of stock-based compensation	608
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	756	213
Prepaid and other assets	(2,059)	(1,560)
Accounts payable and other accrued liabilities	(1,593)	(4,800)
Net cash provided by operating activities	7,565	4,057
Cash flows from investing activities
Additions to real estate investments	(5,443)	(6,200)
Acquisitions of real estate investments	(24,580)
Net cash used in investing activities	(30,023)	(6,200)
Cash flows from financing activities
Mortgage proceeds received	13,475
Mortgage payments	(332)	(533)
Credit facilities proceeds received	14,000
Deferred financing costs paid	(155)
Dividends	(4,629)	(4,387)
Contributions from noncontrolling interests	13
Distributions to noncontrolling interests	(1,433)	(1,059)
Net cash provided by (used in) financing activities	20,939	(5,979)
Net decrease in cash and restricted cash	(1,519)	(8,122)
Cash and restricted cash, beginning of period	55,261	63,095
Cash and restricted cash, end of period	53,742	54,973
Supplemental Disclosure of Cash Flow Information
Interest paid	6,179	4,756
Supplemental Disclosure of Noncash Activities
Capitalized construction costs included in accounts payable and other accrued liabilities	1,047	578
Change in fair value on derivative instruments designated as hedges	1,046	$ 32
Liabilities assumed from acquisitions	104
Increase in dividends payable on restricted stock units	$ 95

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2017
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 three properties (“Parked Assets”) held by an Exchange Accommodation Titleholder (“EAT”) to complete reverse like-kind exchanges (“1031 Exchange”) under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”) (see Notes 2, 4 and 10), 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 and renewed on March 13, 2017 for an additional one-year term set to expire on March 16, 2018 (the “Advisory Agreement”), by and among the Company, the OP and the Adviser. 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 Company’s board of directors (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	3 Months Ended
	Mar. 31, 2017
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 consolidated financial statements 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 consolidated financial statements to the “Company”, “we”, or “our”, include the activity of the predecessor defined above. Basis of Accounting The accompanying unaudited consolidated financial statements of the Company are prepared in accordance with Generally Accepted Accounting Principles (“GAAP”). The consolidated financial statements include the accounts of the Company, its subsidiaries and the consolidated EAT variable interest entities (“VIEs”) (see “Accounting for Joint Ventures” below and Note 4). All intercompany balances and transactions are eliminated in 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 VIEs as required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation Use of Estimates The preparation of the 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 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 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 three months ended March 31, 2017 and 2016, 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 March 31, 2017 and December 31, 2016 (in thousands): March 31, 2017 December 31, 2016 Security deposits $ 822 $ 852 Operating escrows 13,668 18,256 Renovation value-add reserves 11,511 13,448 $ 26,001 $ 32,556 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 March 31, 2017 and December 31, 2016. 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, are recorded as a reduction from the related debt on the Company’s consolidated balance sheet. Amortization of deferred financing costs of $0.5 million and $0.3 million is included in interest expense on the consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2017 and 2016, respectively. The following is a summary of the Company’s outstanding debt and deferred financing costs, net of accumulated amortization, as of March 31, 2017 and December 31, 2016 (in thousands): March 31, 2017 December 31, 2016 Mortgages payable $ 368,484 $ 369,220 Deferred financing costs, net (2,514 ) (2,774 ) Fair market value adjustment (see Note 5) 956 1,007 Mortgages payable, net $ 366,926 $ 367,453 Mortgages payable held for sale $ 70,085 $ 56,206 Deferred financing costs, net (774 ) (521 ) Mortgages payable held for sale, net $ 69,311 $ 55,685 Credit facilities $ 329,000 $ 315,000 Deferred financing costs, net (4,232 ) (4,508 ) Credit facilities, net $ 324,768 $ 310,492 Bridge facility $ 30,000 $ 30,000 Deferred financing costs, net (31 ) (126 ) Bridge facility, net $ 29,969 $ 29,874 Noncontrolling Interests Noncontrolling interests are comprised of the Company’s joint venture partners’ interests in the Company’s consolidated joint ventures. The Company reports its joint venture partners’ interests in its consolidated 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 March 31, 2017 and December 31, 2016: Property Name Location Year Effective Ownership Percentage at March 31, 2017 Effective Ownership Percentage at December 31, 2016 The Grove at Alban (1) Frederick, Maryland 2014 76 % 76 % Abbington Heights Antioch, Tennessee 2014 90 % 90 % The Summit at Sabal Park Tampa, Florida 2014 90 % 90 % Courtney Cove Tampa, Florida 2014 90 % 90 % Radbourne Lake Charlotte, North Carolina 2014 90 % 90 % Timber Creek Charlotte, North Carolina 2014 90 % 90 % Belmont at Duck Creek Garland, Texas 2014 90 % 90 % The Arbors Tucker, Georgia 2014 90 % 90 % The Crossings Marietta, Georgia 2014 90 % 90 % The Crossings at Holcomb Bridge Roswell, Georgia 2014 90 % 90 % The Knolls Marietta, Georgia 2014 90 % 90 % Regatta Bay (1) Seabrook, Texas 2014 90 % 90 % Sabal Palm at Lake Buena Vista Orlando, Florida 2014 90 % 90 % Southpoint Reserve at Stoney Creek (1) Fredericksburg, Virginia 2014 85 % 85 % Cornerstone Orlando, Florida 2015 90 % 90 % Twelve 6 Ten at the Park (1) Dallas, Texas 2015 90 % 90 % The Preserve at Terrell Mill Marietta, Georgia 2015 90 % 90 % The Ashlar 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 (2) Houston, Texas 2016 100 % 100 % Stone Creek at Old Farm (2) Houston, Texas 2016 100 % 100 % Hollister Place (2) Houston, Texas 2017 100 % — (3) (1) Properties are classified as held for sale as of March 31, 2017. (2) Properties are Parked Assets as of March 31, 2017 (see Notes 4 and 10). (3) Property was acquired in 2017; therefore, no ownership as of December 31, 2016. The following table represents the Company’s investments in voting interest entities as of March 31, 2017 and December 31, 2016: Property Name Location Year Effective Ownership Percentage at March 31, 2017 Effective Ownership Percentage at December 31, 2016 The Miramar Apartments (1) Dallas, Texas 2013 100 % 100 % Arbors on Forest Ridge Bedford, Texas 2014 90 % 90 % Cutter’s Point Richardson, Texas 2014 90 % 90 % Eagle Crest Irving, Texas 2014 90 % 90 % Silverbrook Grand Prairie, Texas 2014 90 % 90 % Timberglen Dallas, Texas 2014 90 % 90 % Toscana (1) Dallas, Texas 2014 90 % 90 % Edgewater at Sandy Springs Atlanta, Georgia 2014 90 % 90 % Beechwood Terrace Nashville, Tennessee 2014 90 % 90 % Willow Grove Nashville, Tennessee 2014 90 % 90 % Woodbridge Nashville, Tennessee 2014 90 % 90 % 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 % Parc500 (fka CityView) West Palm Beach, Florida 2016 91 % 91 % The Colonnade Phoenix, Arizona 2016 97 % 97 % (1) Properties are classified as held for sale as of March 31, 2017. 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 investors in the VIEs, with the exception of Old Farm, Stone Creek at Old Farm and Hollister Place, are BH Equities, LLC and/or affiliates of BH Equity, LLC (collectively, “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. With the exception of Hollister Place, for which the OP provided a non-recourse carve out guarantee for its outstanding mortgage indebtedness, BH Equity 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, it 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. 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. 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 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. 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 three months ended March 31, 2017 and 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 March 31, 2017, 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 March 31, 2017. The Company and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The 2016 and 2015 tax years remain 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 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 Basic earnings (loss) per share is computed by dividing net income (loss) attributable to common stockholders 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 computed by adjusting basic earnings (loss) per share for the dilutive effect of the assumed vesting of restricted stock units. 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. The Company’s unvested restricted stock units give rise to potentially dilutive shares of the Company’s common stock, but such units were excluded from the computation of diluted loss per share for the three months ended March 31, 2017 because such units were anti-dilutive during the period. There were no potentially dilutive securities for the three months ended March 31, 2016. For the three months ended March 31, 2017 and 2016, the Company incurred basic and diluted loss per share of $0.17 and $0.00, 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 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 March 31, 2017 March 31, 2016 Cash and cash equivalents $ 27,741 $ 17,366 Restricted cash 26,001 37,607 Total cash and restricted cash $ 53,742 $ 54,973 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	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Real Estate Investments Statistics	3. Real Estate Investments Statistics As of March 31, 2017, the Company is invested in a total of 40 multifamily properties, as listed below: Property Name Rentable Square Footage (in thousands) Number of Units Date Acquired Average Effective Monthly Rent Per Unit (1) % Occupied as of March 31, 2017 (2) % Occupied as of December 31, 2016 (2) The Miramar Apartments (3) 183 314 10/31/2013 $ 613 96.5 % 94.6 % Arbors on Forest Ridge 155 210 1/31/2014 826 96.2 % 92.9 % Cutter’s Point 198 196 1/31/2014 1,015 98.0 % 93.9 % Eagle Crest 396 447 1/31/2014 850 96.2 % 94.4 % Silverbrook 526 642 1/31/2014 762 97.7 % 93.5 % Timberglen 221 304 1/31/2014 810 96.7 % 92.8 % Toscana (3) 115 192 1/31/2014 704 96.4 % 96.4 % The Grove at Alban (3) 267 290 3/10/2014 979 96.2 % 91.4 % Edgewater at Sandy Springs 727 760 7/18/2014 903 93.8 % 94.5 % Beechwood Terrace 272 300 7/21/2014 902 95.3 % 95.3 % Willow Grove 229 244 7/21/2014 871 94.7 % 96.7 % Woodbridge 247 220 7/21/2014 930 94.5 % 87.7 % Abbington Heights 239 274 8/1/2014 861 96.0 % 95.3 % The Summit at Sabal Park 205 252 8/20/2014 903 93.3 % 90.9 % Courtney Cove 225 324 8/20/2014 792 93.5 % 94.4 % Radbourne Lake 247 225 9/30/2014 1,027 94.2 % 96.9 % Timber Creek 248 352 9/30/2014 797 95.2 % 95.5 % Belmont at Duck Creek 198 240 9/30/2014 956 93.8 % 95.0 % The Arbors 128 140 10/16/2014 837 94.3 % 95.7 % The Crossings 378 380 10/16/2014 807 92.1 % 91.8 % The Crossings at Holcomb Bridge 248 268 10/16/2014 867 97.0 % 95.5 % The Knolls 311 312 10/16/2014 923 93.6 % 93.6 % Regatta Bay (3) 200 240 11/4/2014 1,040 92.5 % 94.6 % Sabal Palm at Lake Buena Vista 371 400 11/5/2014 1,128 96.0 % 95.0 % Southpoint Reserve at Stoney Creek (3) 116 156 12/18/2014 1,010 97.4 % 92.9 % Cornerstone 318 430 1/15/2015 882 93.7 % 95.8 % Twelve 6 Ten at the Park (3) 290 402 1/15/2015 697 93.8 % 91.3 % The Preserve at Terrell Mill 692 752 2/6/2015 821 93.1 % 92.0 % The Ashlar 206 264 2/26/2015 786 94.3 % 91.3 % Heatherstone 116 152 2/26/2015 843 94.1 % 92.8 % Versailles 301 388 2/26/2015 824 96.4 % 93.0 % Seasons 704 Apartments 217 222 4/15/2015 1,019 97.7 % 95.0 % Madera Point 193 256 8/5/2015 767 94.9 % 93.8 % The Pointe at the Foothills 473 528 8/5/2015 809 94.9 % 92.2 % Venue at 8651 289 333 10/30/2015 766 94.6 % 90.4 % Parc500 (fka CityView) 266 217 7/27/2016 1,131 95.4 % 93.5 % The Colonnade 256 415 10/11/2016 707 90.8 % 88.0 % Old Farm 697 734 12/29/2016 1,208 92.0 % 93.6 % Stone Creek at Old Farm 186 190 12/29/2016 1,223 94.2 % 93.2 % Hollister Place 246 260 2/1/2017 970 90.4 % — (4) 11,396 13,225 (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of March 31, 2017 minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of March 31, 2017. (2) Percent occupied is calculated as the number of units occupied as of March 31, 2017 and December 31, 2016, divided by the total number of units, expressed as a percentage. (3) Properties are classified as held for sale as of March 31, 2017. (4) Property was acquired in 2017.

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Real Estate Investments	4. Real Estate Investments As of March 31, 2017, 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 $ 11,019 $ — $ 4 $ 746 $ 14,099 Cutter’s Point 3,330 12,874 — 1 824 17,029 Eagle Crest 5,450 22,004 — — 1,088 28,542 Silverbrook 4,860 25,362 — — 2,090 32,312 Timberglen 2,510 14,529 — 2 949 17,990 Edgewater at Sandy Springs 14,290 43,814 — 1 3,583 61,688 Beechwood Terrace 1,390 20,564 — — 996 22,950 Willow Grove 3,940 10,686 — 1 714 15,341 Woodbridge 3,650 12,718 — 198 817 17,383 Abbington Heights 1,770 16,466 — 41 987 19,264 The Summit at Sabal Park 5,770 13,350 — 9 995 20,124 Courtney Cove 5,880 12,904 — 42 936 19,762 Radbourne Lake 2,440 21,673 — 35 1,093 25,241 Timber Creek 11,260 13,290 — — 932 25,482 Belmont at Duck Creek 1,910 17,049 — — 1,010 19,969 The Arbors 1,730 6,587 — 5 430 8,752 The Crossings 3,982 17,683 — 158 1,475 23,298 The Crossings at Holcomb Bridge 5,560 10,972 — 40 1,274 17,846 The Knolls 3,410 17,748 — 8 1,749 22,915 Sabal Palm at Lake Buena Vista 7,580 41,155 — 1 911 49,647 Cornerstone 1,500 30,263 — 129 1,027 32,919 The Preserve at Terrell Mill 10,170 48,053 — 419 3,426 62,068 The Ashlar 4,090 12,486 — 16 1,233 17,825 Heatherstone 2,320 7,734 — 34 797 10,885 Versailles 6,720 20,406 — 195 1,778 29,099 Seasons 704 Apartments 7,480 14,049 — — 752 22,281 Madera Point 4,920 17,119 — 70 999 23,108 The Pointe at the Foothills 4,840 46,067 — 228 1,457 52,592 Venue at 8651 2,350 16,837 — 575 1,308 21,070 Parc500 (fka CityView) 3,860 18,776 — 395 752 23,783 The Colonnade 8,340 35,495 723 282 542 45,382 Old Farm 11,078 69,583 3,354 — 1,093 85,108 Stone Creek at Old Farm 3,493 19,105 572 — 285 23,455 Hollister Place 2,782 20,679 932 6 313 24,712 166,985 739,099 5,581 2,895 39,361 953,921 Accumulated depreciation and amortization — (51,436 ) (2,876 ) — (16,239 ) (70,551 ) Total Operating Properties $ 166,985 $ 687,663 $ 2,705 $ 2,895 $ 23,122 $ 883,370 Held For Sale Properties The Grove at Alban 3,640 19,079 — — 1,355 24,074 The Miramar Apartments 1,580 8,867 — — 746 11,193 Toscana 1,730 7,342 — — 696 9,768 Southpoint Reserve at Stoney Creek 6,120 11,249 — — 617 17,986 Regatta Bay 1,660 16,250 — 1 929 18,840 Twelve 6 Ten at the Park 3,610 18,093 — 68 986 22,757 18,340 80,880 — 69 5,329 104,618 Accumulated depreciation and amortization — (6,176 ) — — (1,538 ) (7,714 ) Total Held For Sale Properties $ 18,340 $ 74,704 $ — $ 69 $ 3,791 $ 96,904 Total $ 185,325 $ 762,367 $ 2,705 $ 2,964 $ 26,913 $ 980,274 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 and Improvements Intangible Lease Assets 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 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 Parc500 (fka 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 Depreciation expense was $9.7 million and $9.0 million for the three months ended March 31, 2017 and 2016, respectively. Amortization expense related to the Company’s intangible lease assets was $2.7 million and $0.6 million for the three months ended March 31, 2017 and 2016, respectively. Amortization expense related to the Company’s intangible lease assets for all acquisitions completed through March 31, 2017 is expected to be $2.7 million for the remainder of the year ended December 31, 2017. Due to the six-month useful life attributable to intangible lease assets, the value of intangible lease assets on any acquisition prior to September 30, 2016 has been fully amortized and the assets and related accumulated amortization have been written off as of March 31, 2017. Acquisitions The following table presents the Company’s acquisition of real estate during the three months ended March 31, 2017 (dollars in thousands); there were no acquisitions of real estate during the three months ended March 31, 2016 (see Notes 2, 3 and 5). Property Name Location Date of Acquisition Purchase Price Debt (1) # Units Noncontrolling Interest Effective Ownership Hollister Place (2) Houston, Texas February 1, 2017 $ 24,500 $ 24,500 260 — % 100 % (1) For additional information regarding the Company’s debt, see Note 5. (2) Property is held by an EAT in anticipation of completing a reverse 1031 Exchange in the second quarter of 2017 with Regatta Bay, which is classified as held for sale as of March 31, 2017. Legal title of the property will transfer to the Company upon completion of the reverse 1031 Exchange.

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt	5. Debt Mortgage Debt The following table contains summary information concerning the mortgage debt of the Company as of March 31, 2017 (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 3.06% 5.75% 9/1/2021 The Summit at Sabal Park (4) Floating 84 360 14,287 3.06% 5.75% 9/1/2021 The Preserve at Terrell Mill (4) Floating 84 360 43,500 2.94% 5.50% 3/1/2022 The Ashlar (4) Floating 84 360 12,176 3.03% 5.50% 3/1/2022 Heatherstone (4) Floating 84 360 7,087 3.06% 5.50% 3/1/2022 Versailles (4) Floating 84 360 19,623 3.01% 5.50% 3/1/2022 Seasons 704 Apartments (4) Floating 84 360 12,660 2.78% 5.95% 5/1/2022 Timber Creek (5) Floating 120 360 19,482 2.80% 5.96% 10/1/2024 Radbourne Lake (5) Floating 120 360 19,213 2.79% 6.25% 10/1/2024 The Arbors (5) Floating 120 360 5,812 2.79% 7.11% 11/1/2024 The Crossings (5) Floating 120 360 15,874 2.79% 7.21% 11/1/2024 The Crossings at Holcomb Bridge (5) Floating 120 360 12,450 2.79% 7.35% 11/1/2024 The Knolls (5) Floating 120 360 16,038 2.79% 7.11% 11/1/2024 Sabal Palm at Lake Buena Vista (5) Floating 120 360 37,680 2.79% 6.26% 12/1/2024 Abbington Heights (6) Fixed 120 360 10,154 3.79% 3.79% 9/1/2022 Belmont at Duck Creek (7) Fixed 84 360 11,095 4.68% 4.68% 9/1/2018 Cornerstone (8) Fixed 120 360 22,976 4.24% 4.24% 3/1/2023 Madera Point (9) Floating 60 360 13,515 2.88% N/A 9/1/2020 The Pointe at the Foothills (9) Floating 60 360 31,365 2.87% N/A 9/1/2020 Parc500 (fka CityView) (10) Fixed 120 360 15,812 4.49% 4.49% 8/1/2025 Hollister Place (11) Floating 84 360 13,475 3.22% N/A 2/1/2024 $ 368,484 Fair market value adjustment 956 (12) Deferred financing costs, net of accumulated amortization of $948 (2,514 ) $ 366,926 Held for Sale Properties The Miramar Apartments (13) Floating 120 360 8,400 3.20% 5.75% 2/1/2025 The Grove at Alban (4) Floating 84 360 18,374 3.52% 6.50% 4/1/2021 Southpoint Reserve at Stoney Creek (4) Floating 84 360 13,600 3.09% 6.00% 1/1/2022 Regatta Bay (14) Floating 60 360 14,000 2.85% N/A 11/1/2020 Twelve 6 Ten at the Park (5) Floating 120 360 15,711 2.90% 5.92% 2/1/2025 $ 70,085 Deferred financing costs, net of accumulated amortization of $328 (774 ) $ 69,311 (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 Parc500 (fka CityView) (based on a fixed rate of 4.49%). One-month and three-month LIBOR as of March 31, 2017 were 0.9828% and 1.1496%, 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) 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 March 31, 2017, the total indebtedness secured by the property is approximately $23.0 million and has a blended interest rate of 4.24%. (9) Loan can be pre-paid starting in the 13 th th (10) 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. (11) 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 the last three months of the term. (12) The Company reflected valuation adjustments on its fixed rate debt for Belmont at Duck Creek and Parc500 (fka 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 (14) 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. The weighted average interest rate of the Company’s mortgage indebtedness was 3.13% as of March 31, 2017 and 2.95% as of December 31, 2016. The increase between the periods is primarily related to increases in LIBOR. As of March 31, 2017, the adjusted weighted average interest rate of the Company’s mortgage indebtedness was 3.14%. 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 are effective as of March 31, 2017, which 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 the Company’s mortgages is a non-recourse obligation subject to customary provisions. The loan agreements contain customary events of default, including defaults in the payment of principal or interest, defaults in compliance with the covenants contained in the documents evidencing the loan, defaults in payments under any other security instrument covering any part of the property, whether junior or senior to the loan, and bankruptcy or other insolvency events. As of March 31, 2017, the Company believes it is in compliance with all provisions. Credit and Bridge Facilities The following table contains summary information concerning the Company’s credit and bridge facilities as of March 31, 2017 (dollars in thousands): Type Term Amortization (months) Outstanding Principal Interest Rate (1) Maturity Date $300 Million Credit Facility (2) Floating 60 360 $ 300,000 3.38% (5) 7/1/2021 Deferred financing costs, net of accumulated amortization of $680 (3,965 ) $ 296,035 $30 Million Credit Facility (3) Floating 24 360 $ 29,000 4.98% 12/29/2018 Deferred financing costs, net of accumulated amortization of $38 (267 ) $ 28,733 2016 Bridge Facility (4) Floating 4 360 $ 30,000 4.98% 4/29/2017 Deferred financing costs, net of accumulated amortization of $94 (31 ) $ 29,969 (1) Interest rate is based on one-month LIBOR plus an applicable margin. One-month LIBOR as of March 31, 2017 was 0.9828%. (2) 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 (the “$300 Million Credit Facility”) during the fourth quarter of 2016 to acquire three properties. On June 6, 2016, the Company used $191.0 million of proceeds drawn to replace the existing mortgage debt on 11 properties. In accordance with FASB ASC 470-50, Debt – Modifications and Extinguishments (3) On December 29, 2016, the Company, through the OP, entered into a $30.0 million credit facility (the “$30 Million Credit Facility”) and immediately drew $15.0 million to fund a portion of the purchase price of Old Farm and Stone Creek at Old Farm. On February 1, 2017, the Company drew $14.0 million and used $12.0 million to fund a portion of the purchase price of Hollister Place and $2.0 million to fund value-add renovations at the Company’s properties. The $30 Million Credit Facility is a full-term, interest-only facility, is guaranteed by the OP, and has one 12-month extension option. (4) On December 29, 2016, the Company, through the OP, entered into a $30.0 million bridge facility (the “2016 Bridge Facility”) and immediately 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, is guaranteed by the OP, and has one two-month extension 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 March 31, 2017 or cash on hand (see Note 10). (5) As of March 31, 2017, the adjusted weighted average interest rate was 3.39%. For purposes of calculating the adjusted weighted average interest rate, 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 are effective as of March 31, 2017, which effectively fixes the interest rate on $200.0 million of the $300.0 million outstanding (see “Interest Rate Swap Agreements” below). The credit and bridge facilities agreements contain customary provisions with respect to events of default, covenants and borrowing conditions. Certain prepayments may be required upon a breach of covenants or borrowing conditions. As of March 31, 2017, the Company believes it is in compliance with all provisions of the agreements. Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to March 31, 2017 are as follows (in thousands): Operating Properties & Other Secured Debt Held For Sale Properties Total 2017 $ 31,065 $ 508 $ 31,573 2018 45,408 1,120 46,528 2019 6,033 1,201 7,234 2020 51,007 15,225 66,232 2021 331,933 17,797 349,730 Thereafter 262,038 34,234 296,272 Total $ 727,484 $ 70,085 $ 797,569 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 March 31, 2017 or cash on hand (see Note 10). 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 five interest rate swap transactions with KeyBank (the “Counterparty”) with a combined notional amount of $500.0 million, $400.0 million of which is effective as of March 31, 2017. The interest rate swaps the Company has entered into effectively replace the floating interest rate (one-month LIBOR) with respect to that amount with a weighted average fixed rate of 1.1879%. During the term of these interest rate swap agreements, the Company is required to make monthly fixed rate payments of 1.1879%, 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 March 27, 2017 April 1, 2017 April 1, 2022 100,000 1.9570 % One-month LIBOR $ 500,000 1.1879 % (2) (1) As of March 31, 2017, one-month LIBOR was 0.9828%. (2) Represents the weighted average fixed rate of the interest rate swaps.

Fair Value Measures and Derivat

Fair Value Measures and Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2017
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 40 properties as of March 31, 2017. During the three months ended March 31, 2017, the Company acquired one property for $24.5 million. 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, the Company has 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 March 31, 2017 and December 31, 2016 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 three months ended March 31, 2017 and 2016, 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 (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 (loss) as interest expense. During the three months ended March 31, 2017, the Company recorded less than $0.1 million of loss related to the ineffective portion of changes in the fair value of its derivatives designated as cash flow hedges, which is recorded as an increase to interest expense on the accompanying consolidated statements of operations and comprehensive income (loss). During the three months ended March 31, 2016, the Company recorded no ineffectiveness in earnings attributable to derivatives designated as cash flow hedges. As of March 31, 2016, the Company had 15 interest rate cap derivatives, with a notional amount of $259.7 million, designated as cash flow hedges. As of March 31, 2017, 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 5 $ 500,000 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 March 31, 2017, 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 March 31, 2017 and December 31, 2016 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ 13,424 $ 12,413 $ 193 (1) $ — Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets 1 5 — — Total $ 13,425 $ 12,418 $ 193 $ — (1) Included in accounts payable and other accrued liabilities on the consolidated balance sheet. The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2017 and 2016 (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)* 2017 2016 (effective portion) 2017 2016 (ineffective portion)* 2017 2016 Derivatives designated as hedging instruments: For the three months ended March 31, Interest rate products 622 (32 ) Interest expense (335 ) (6 ) Interest expense (110 ) (1) — * Includes amounts excluded from effectiveness testing. (1) Includes approximately $90,000 of loss reclassified from OCI for missed forecasted transactions due to hedged forecasted transactions being no longer probable of occurring. Amount of gain (loss) recognized in income on derivative Location of gain (loss) recognized in income 2017 2016 Derivatives not designated as hedging instruments: For the three months ended March 31, Interest rate products Interest expense (4 ) (4 ) 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	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017, 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 three months ended March 31, 2017, the Company did not repurchase any shares of its common stock. Since the authorization of, and in accordance with, the Company’s share repurchase program (as described below), the Company has 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 March 31, 2017. 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 three months ended March 31, 2017, the Company did not purchase any shares of its common stock. As of March 31, 2017, the Company has 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. For the three months ended March 31, 2017, the Company recognized approximately $0.6 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 consolidated statements of operations and comprehensive income (loss). The Company did not recognize any equity-based compensation expense for the three months ended March 31, 2016. 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 for officers and annually for directors. 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. On March 16, 2017, pursuant to the 2016 LTIP, the Company granted 219,802 restricted stock units to its directors and officers. As of March 31, 2017, the Company has recognized a liability of approximately $0.2 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, vested, forfeited and outstanding as of March 31, 2017: 2017 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 209,797 $ 19.20 Granted 219,802 22.57 Vested — — Forfeited — — Outstanding March 31, 429,599 (1) $ 20.92 (1) 110,258 restricted stock units vest in August 2017, 49,770 restricted stock units vest in August 2018 and 49,769 restricted stock units vest in August 2019. 80,745 restricted stock units vest in March 2018 and 69,528 restricted stock units vest in each of March 2019 and March 2020.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2017
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 three months ended March 31, 2017 and 2016 (in thousands): For the Three Months Ended March 31, 2017 2016 Fees incurred Property management fees (1) $ 1,113 $ 1,005 Construction supervision fees (2) 184 205 Acquisition fees (3) 91 — Reimbursements Payroll and benefits (4) 4,047 4,191 Other reimbursements (5) 482 300 (1) Included in property management fees on the 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 are capitalized to operating real estate assets on the consolidated balance sheet. (4) Included in property operating expenses on the 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 consolidated statements of operations and comprehensive income (loss). Asset Management Fee In accordance with the operating agreement of each entity that owns the real estate properties, the Company earns an asset management fee for services provided in connection with monitoring the operations of the properties. The asset management fee is equal to 0.5% per annum of the aggregate effective gross income of the properties, as defined in each of the operating agreements. For the three months ended March 31, 2017 and 2016, the properties incurred asset management fees to the Company of approximately $0.2 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 the Company’s joint venture partners own a portion of each entity, with the exception of The Miramar Apartments, Old Farm, Stone Creek at Old Farm and Hollister Place, they absorb their pro rata share of the asset management fee. This amount is reflected on the consolidated statements of operations and comprehensive income (loss) in the net income (loss) attributable to noncontrolling interests. Advisory and Administrative Fee 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 the Company’s 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. 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 three months ended March 31, 2017 and 2016, 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 three months ended March 31, 2017 and 2016, the Company incurred advisory and administrative fees of $1.8 million and $1.6 million, respectively. These fees are reflected on the consolidated statements of operations and comprehensive income (loss) in advisory and administrative fees. The amount paid for the three months ended March 31, 2017 and 2016 represents the maximum fee allowed on Contributed Assets (as defined in the Advisory Agreement) under the Advisory Agreement plus approximately $0.5 million and $0.3 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 one property in July 2016 and one property in October 2016 that the Adviser elected to receive advisory and administrative fees on). For the three months ended March 31, 2017, the Adviser elected to voluntarily waive the advisory and administrative fees incurred on the two properties the Company acquired in December 2016 and the property the Company acquired in February 2017, which are considered to be permanently waived for the period, 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	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017, management does not anticipate any material deviations from schedule or budget related to rehabilitation projects currently in process. Contingencies In the normal course of business, the Company is subject to claims, lawsuits, and legal proceedings. While it is not possible to ascertain the ultimate outcome of all such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the consolidated balance sheets or consolidated statements of operations and comprehensive income (loss) of the Company. The Company is not involved in any material litigation nor, to management’s knowledge, is any material litigation currently threatened against 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 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 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. The Company and BH Equity 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 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 in its consolidated financial statements.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	10. Subsequent Events Sales of Multifamily Properties The Company sold the following properties subsequent to March 31, 2017 (thousands) (unaudited): Property Name (1) Location Date of Sale Sales Price Debt Outstanding (2) Net Cash Real Estate Carrying Value, net (2) The Miramar Apartments (4) Dallas, Texas April 3, 2017 $ 16,550 $ 8,400 $ 16,326 $ 9,958 Toscana (5) Dallas, Texas April 3, 2017 13,250 — (6) 12,949 8,756 The Grove at Alban Frederick, Maryland April 3, 2017 27,500 18,374 27,020 22,506 Twelve 6 Ten at the Park (4) Dallas, Texas April 27, 2017 26,600 15,711 26,350 21,379 $ 83,900 $ 42,485 $ 82,645 (7) $ 62,599 (1) Properties were classified as held for sale as of March 31, 2017. (2) As of March 31, 2017. (3) Represents sales price, net of closing costs. (4) The Company completed the reverse 1031 Exchange of Old Farm with the sales of The Miramar Apartments and Twelve 6 Ten at the Park. Legal title to Old Farm was transferred to the Company on April 27, 2017. (5) The Company completed the reverse 1031 Exchange of Stone Creek at Old Farm with the sale of Toscana. Legal title to Stone Creek at Old Farm was transferred to the Company on April 3, 2017. (6) Toscana was released from the collateral pool of the $300 Million Credit Facility upon the sale. (7) The Company used cash on hand plus its share of the proceeds, net of distributions to noncontrolling interests, from the sales of these properties to pay the entire $30.0 million outstanding on its 2016 Bridge Facility, which retired the bridge facility, and to pay down $10.0 million of the $29.0 million outstanding on its $30 Million Credit Facility. Interest Rate Swap Agreement On April 3, 2017, the Company, through the OP, entered into an interest rate swap transaction with KeyBank. The following table contains summary information regarding the interest rate swap transaction (dollars in thousands): Trade Date Effective Date Termination Date Notional Amount Fixed Rate Floating Rate Option April 3, 2017 May 1, 2017 April 1, 2022 $ 50,000 1.9610 % One-month LIBOR As of May 1, 2017, the Company has entered into six interest rate swap transactions with a combined notional amount of $550.0 million, which as of May 1, 2017 effectively fix the interest rate on approximately 84% of its $655.0 million of total floating rate debt outstanding as of May 2, 2017. 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 1.2582%. Dividends Declared On May 1, 2017, the Company’s board of directors declared a quarterly dividend of $0.22 per share, payable on June 30, 2017 to stockholders of record on June 15, 2017. Potential Sale of Multifamily Property The Company is under contract to sell Regatta Bay in Seabrook, Texas to an unaffiliated third party. The total carrying value of Regatta Bay as of March 31, 2017 was approximately $17.2 million, representing approximately 1.8% of the Company’s total net real estate assets as of March 31, 2017. Regatta Bay was classified as held for sale as of March 31, 2017.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
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 consolidated financial statements 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 consolidated financial statements to the “Company”, “we”, or “our”, include the activity of the predecessor defined above.
Basis of Accounting	Basis of Accounting The accompanying unaudited consolidated financial statements of the Company are prepared in accordance with Generally Accepted Accounting Principles (“GAAP”). The consolidated financial statements include the accounts of the Company, its subsidiaries and the consolidated EAT variable interest entities (“VIEs”) (see “Accounting for Joint Ventures” below and Note 4). All intercompany balances and transactions are eliminated in 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 VIEs 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 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 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 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 three months ended March 31, 2017 and 2016, 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 March 31, 2017 and December 31, 2016 (in thousands): March 31, 2017 December 31, 2016 Security deposits $ 822 $ 852 Operating escrows 13,668 18,256 Renovation value-add reserves 11,511 13,448 $ 26,001 $ 32,556
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 March 31, 2017 and December 31, 2016.
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, are recorded as a reduction from the related debt on the Company’s consolidated balance sheet. Amortization of deferred financing costs of $0.5 million and $0.3 million is included in interest expense on the consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2017 and 2016, respectively. The following is a summary of the Company’s outstanding debt and deferred financing costs, net of accumulated amortization, as of March 31, 2017 and December 31, 2016 (in thousands): March 31, 2017 December 31, 2016 Mortgages payable $ 368,484 $ 369,220 Deferred financing costs, net (2,514 ) (2,774 ) Fair market value adjustment (see Note 5) 956 1,007 Mortgages payable, net $ 366,926 $ 367,453 Mortgages payable held for sale $ 70,085 $ 56,206 Deferred financing costs, net (774 ) (521 ) Mortgages payable held for sale, net $ 69,311 $ 55,685 Credit facilities $ 329,000 $ 315,000 Deferred financing costs, net (4,232 ) (4,508 ) Credit facilities, net $ 324,768 $ 310,492 Bridge facility $ 30,000 $ 30,000 Deferred financing costs, net (31 ) (126 ) Bridge facility, net $ 29,969 $ 29,874
Noncontrolling Interests	Noncontrolling Interests Noncontrolling interests are comprised of the Company’s joint venture partners’ interests in the Company’s consolidated joint ventures. The Company reports its joint venture partners’ interests in its consolidated 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 March 31, 2017 and December 31, 2016: Property Name Location Year Effective Ownership Percentage at March 31, 2017 Effective Ownership Percentage at December 31, 2016 The Grove at Alban (1) Frederick, Maryland 2014 76 % 76 % Abbington Heights Antioch, Tennessee 2014 90 % 90 % The Summit at Sabal Park Tampa, Florida 2014 90 % 90 % Courtney Cove Tampa, Florida 2014 90 % 90 % Radbourne Lake Charlotte, North Carolina 2014 90 % 90 % Timber Creek Charlotte, North Carolina 2014 90 % 90 % Belmont at Duck Creek Garland, Texas 2014 90 % 90 % The Arbors Tucker, Georgia 2014 90 % 90 % The Crossings Marietta, Georgia 2014 90 % 90 % The Crossings at Holcomb Bridge Roswell, Georgia 2014 90 % 90 % The Knolls Marietta, Georgia 2014 90 % 90 % Regatta Bay (1) Seabrook, Texas 2014 90 % 90 % Sabal Palm at Lake Buena Vista Orlando, Florida 2014 90 % 90 % Southpoint Reserve at Stoney Creek (1) Fredericksburg, Virginia 2014 85 % 85 % Cornerstone Orlando, Florida 2015 90 % 90 % Twelve 6 Ten at the Park (1) Dallas, Texas 2015 90 % 90 % The Preserve at Terrell Mill Marietta, Georgia 2015 90 % 90 % The Ashlar 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 (2) Houston, Texas 2016 100 % 100 % Stone Creek at Old Farm (2) Houston, Texas 2016 100 % 100 % Hollister Place (2) Houston, Texas 2017 100 % — (3) (1) Properties are classified as held for sale as of March 31, 2017. (2) Properties are Parked Assets as of March 31, 2017 (see Notes 4 and 10). (3) Property was acquired in 2017; therefore, no ownership as of December 31, 2016. The following table represents the Company’s investments in voting interest entities as of March 31, 2017 and December 31, 2016: Property Name Location Year Effective Ownership Percentage at March 31, 2017 Effective Ownership Percentage at December 31, 2016 The Miramar Apartments (1) Dallas, Texas 2013 100 % 100 % Arbors on Forest Ridge Bedford, Texas 2014 90 % 90 % Cutter’s Point Richardson, Texas 2014 90 % 90 % Eagle Crest Irving, Texas 2014 90 % 90 % Silverbrook Grand Prairie, Texas 2014 90 % 90 % Timberglen Dallas, Texas 2014 90 % 90 % Toscana (1) Dallas, Texas 2014 90 % 90 % Edgewater at Sandy Springs Atlanta, Georgia 2014 90 % 90 % Beechwood Terrace Nashville, Tennessee 2014 90 % 90 % Willow Grove Nashville, Tennessee 2014 90 % 90 % Woodbridge Nashville, Tennessee 2014 90 % 90 % 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 % Parc500 (fka CityView) West Palm Beach, Florida 2016 91 % 91 % The Colonnade Phoenix, Arizona 2016 97 % 97 % (1) Properties are classified as held for sale as of March 31, 2017. 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 investors in the VIEs, with the exception of Old Farm, Stone Creek at Old Farm and Hollister Place, are BH Equities, LLC and/or affiliates of BH Equity, LLC (collectively, “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. With the exception of Hollister Place, for which the OP provided a non-recourse carve out guarantee for its outstanding mortgage indebtedness, BH Equity 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, it 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. 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. 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 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. 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 three months ended March 31, 2017 and 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 March 31, 2017, 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 March 31, 2017. The Company and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The 2016 and 2015 tax years remain 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 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 Basic earnings (loss) per share is computed by dividing net income (loss) attributable to common stockholders 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 computed by adjusting basic earnings (loss) per share for the dilutive effect of the assumed vesting of restricted stock units. 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. The Company’s unvested restricted stock units give rise to potentially dilutive shares of the Company’s common stock, but such units were excluded from the computation of diluted loss per share for the three months ended March 31, 2017 because such units were anti-dilutive during the period. There were no potentially dilutive securities for the three months ended March 31, 2016. For the three months ended March 31, 2017 and 2016, the Company incurred basic and diluted loss per share of $0.17 and $0.00, 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 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 March 31, 2017 March 31, 2016 Cash and cash equivalents $ 27,741 $ 17,366 Restricted cash 26,001 37,607 Total cash and restricted cash $ 53,742 $ 54,973 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 Accoun18

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Estimated Useful Lives of Assets	Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months
Summary of Restricted Cash Held	The following is a summary of the restricted cash held as of March 31, 2017 and December 31, 2016 (in thousands): March 31, 2017 December 31, 2016 Security deposits $ 822 $ 852 Operating escrows 13,668 18,256 Renovation value-add reserves 11,511 13,448 $ 26,001 $ 32,556
Summary of Outstanding Debt and Deferred Financing Costs, Net of Accumulated Amortization	The following is a summary of the Company’s outstanding debt and deferred financing costs, net of accumulated amortization, as of March 31, 2017 and December 31, 2016 (in thousands): March 31, 2017 December 31, 2016 Mortgages payable $ 368,484 $ 369,220 Deferred financing costs, net (2,514 ) (2,774 ) Fair market value adjustment (see Note 5) 956 1,007 Mortgages payable, net $ 366,926 $ 367,453 Mortgages payable held for sale $ 70,085 $ 56,206 Deferred financing costs, net (774 ) (521 ) Mortgages payable held for sale, net $ 69,311 $ 55,685 Credit facilities $ 329,000 $ 315,000 Deferred financing costs, net (4,232 ) (4,508 ) Credit facilities, net $ 324,768 $ 310,492 Bridge facility $ 30,000 $ 30,000 Deferred financing costs, net (31 ) (126 ) Bridge facility, net $ 29,969 $ 29,874
Schedule of Investments	The following table represents the Company’s investments in variable interest entities as of March 31, 2017 and December 31, 2016: Property Name Location Year Effective Ownership Percentage at March 31, 2017 Effective Ownership Percentage at December 31, 2016 The Grove at Alban (1) Frederick, Maryland 2014 76 % 76 % Abbington Heights Antioch, Tennessee 2014 90 % 90 % The Summit at Sabal Park Tampa, Florida 2014 90 % 90 % Courtney Cove Tampa, Florida 2014 90 % 90 % Radbourne Lake Charlotte, North Carolina 2014 90 % 90 % Timber Creek Charlotte, North Carolina 2014 90 % 90 % Belmont at Duck Creek Garland, Texas 2014 90 % 90 % The Arbors Tucker, Georgia 2014 90 % 90 % The Crossings Marietta, Georgia 2014 90 % 90 % The Crossings at Holcomb Bridge Roswell, Georgia 2014 90 % 90 % The Knolls Marietta, Georgia 2014 90 % 90 % Regatta Bay (1) Seabrook, Texas 2014 90 % 90 % Sabal Palm at Lake Buena Vista Orlando, Florida 2014 90 % 90 % Southpoint Reserve at Stoney Creek (1) Fredericksburg, Virginia 2014 85 % 85 % Cornerstone Orlando, Florida 2015 90 % 90 % Twelve 6 Ten at the Park (1) Dallas, Texas 2015 90 % 90 % The Preserve at Terrell Mill Marietta, Georgia 2015 90 % 90 % The Ashlar 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 (2) Houston, Texas 2016 100 % 100 % Stone Creek at Old Farm (2) Houston, Texas 2016 100 % 100 % Hollister Place (2) Houston, Texas 2017 100 % — (3) (1) Properties are classified as held for sale as of March 31, 2017. (2) Properties are Parked Assets as of March 31, 2017 (see Notes 4 and 10). (3) Property was acquired in 2017; therefore, no ownership as of December 31, 2016. The following table represents the Company’s investments in voting interest entities as of March 31, 2017 and December 31, 2016: Property Name Location Year Effective Ownership Percentage at March 31, 2017 Effective Ownership Percentage at December 31, 2016 The Miramar Apartments (1) Dallas, Texas 2013 100 % 100 % Arbors on Forest Ridge Bedford, Texas 2014 90 % 90 % Cutter’s Point Richardson, Texas 2014 90 % 90 % Eagle Crest Irving, Texas 2014 90 % 90 % Silverbrook Grand Prairie, Texas 2014 90 % 90 % Timberglen Dallas, Texas 2014 90 % 90 % Toscana (1) Dallas, Texas 2014 90 % 90 % Edgewater at Sandy Springs Atlanta, Georgia 2014 90 % 90 % Beechwood Terrace Nashville, Tennessee 2014 90 % 90 % Willow Grove Nashville, Tennessee 2014 90 % 90 % Woodbridge Nashville, Tennessee 2014 90 % 90 % 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 % Parc500 (fka CityView) West Palm Beach, Florida 2016 91 % 91 % The Colonnade Phoenix, Arizona 2016 97 % 97 % (1) Properties are classified as held for sale as of March 31, 2017.
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 consolidated statements of cash flows for the three months ended March 31, 2017 and 2016 (in thousands): March 31, 2017 March 31, 2016 Cash and cash equivalents $ 27,741 $ 17,366 Restricted cash 26,001 37,607 Total cash and restricted cash $ 53,742 $ 54,973

Real Estate Investments Stati19

Real Estate Investments Statistics (Tables)	3 Months Ended
	Mar. 31, 2017
Multifamily Properties
Business Acquisition [Line Items]
Summary of Investment in Multifamily Properties	As of March 31, 2017, the Company is invested in a total of 40 multifamily properties, as listed below: Property Name Rentable Square Footage (in thousands) Number of Units Date Acquired Average Effective Monthly Rent Per Unit (1) % Occupied as of March 31, 2017 (2) % Occupied as of December 31, 2016 (2) The Miramar Apartments (3) 183 314 10/31/2013 $ 613 96.5 % 94.6 % Arbors on Forest Ridge 155 210 1/31/2014 826 96.2 % 92.9 % Cutter’s Point 198 196 1/31/2014 1,015 98.0 % 93.9 % Eagle Crest 396 447 1/31/2014 850 96.2 % 94.4 % Silverbrook 526 642 1/31/2014 762 97.7 % 93.5 % Timberglen 221 304 1/31/2014 810 96.7 % 92.8 % Toscana (3) 115 192 1/31/2014 704 96.4 % 96.4 % The Grove at Alban (3) 267 290 3/10/2014 979 96.2 % 91.4 % Edgewater at Sandy Springs 727 760 7/18/2014 903 93.8 % 94.5 % Beechwood Terrace 272 300 7/21/2014 902 95.3 % 95.3 % Willow Grove 229 244 7/21/2014 871 94.7 % 96.7 % Woodbridge 247 220 7/21/2014 930 94.5 % 87.7 % Abbington Heights 239 274 8/1/2014 861 96.0 % 95.3 % The Summit at Sabal Park 205 252 8/20/2014 903 93.3 % 90.9 % Courtney Cove 225 324 8/20/2014 792 93.5 % 94.4 % Radbourne Lake 247 225 9/30/2014 1,027 94.2 % 96.9 % Timber Creek 248 352 9/30/2014 797 95.2 % 95.5 % Belmont at Duck Creek 198 240 9/30/2014 956 93.8 % 95.0 % The Arbors 128 140 10/16/2014 837 94.3 % 95.7 % The Crossings 378 380 10/16/2014 807 92.1 % 91.8 % The Crossings at Holcomb Bridge 248 268 10/16/2014 867 97.0 % 95.5 % The Knolls 311 312 10/16/2014 923 93.6 % 93.6 % Regatta Bay (3) 200 240 11/4/2014 1,040 92.5 % 94.6 % Sabal Palm at Lake Buena Vista 371 400 11/5/2014 1,128 96.0 % 95.0 % Southpoint Reserve at Stoney Creek (3) 116 156 12/18/2014 1,010 97.4 % 92.9 % Cornerstone 318 430 1/15/2015 882 93.7 % 95.8 % Twelve 6 Ten at the Park (3) 290 402 1/15/2015 697 93.8 % 91.3 % The Preserve at Terrell Mill 692 752 2/6/2015 821 93.1 % 92.0 % The Ashlar 206 264 2/26/2015 786 94.3 % 91.3 % Heatherstone 116 152 2/26/2015 843 94.1 % 92.8 % Versailles 301 388 2/26/2015 824 96.4 % 93.0 % Seasons 704 Apartments 217 222 4/15/2015 1,019 97.7 % 95.0 % Madera Point 193 256 8/5/2015 767 94.9 % 93.8 % The Pointe at the Foothills 473 528 8/5/2015 809 94.9 % 92.2 % Venue at 8651 289 333 10/30/2015 766 94.6 % 90.4 % Parc500 (fka CityView) 266 217 7/27/2016 1,131 95.4 % 93.5 % The Colonnade 256 415 10/11/2016 707 90.8 % 88.0 % Old Farm 697 734 12/29/2016 1,208 92.0 % 93.6 % Stone Creek at Old Farm 186 190 12/29/2016 1,223 94.2 % 93.2 % Hollister Place 246 260 2/1/2017 970 90.4 % — (4) 11,396 13,225 (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of March 31, 2017 minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of March 31, 2017. (2) Percent occupied is calculated as the number of units occupied as of March 31, 2017 and December 31, 2016, divided by the total number of units, expressed as a percentage. (3) Properties are classified as held for sale as of March 31, 2017. (4) Property was acquired in 2017.

Real Estate Investments (Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Summary of Major Components of Investments in Multifamily Properties	As of March 31, 2017, 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 $ 11,019 $ — $ 4 $ 746 $ 14,099 Cutter’s Point 3,330 12,874 — 1 824 17,029 Eagle Crest 5,450 22,004 — — 1,088 28,542 Silverbrook 4,860 25,362 — — 2,090 32,312 Timberglen 2,510 14,529 — 2 949 17,990 Edgewater at Sandy Springs 14,290 43,814 — 1 3,583 61,688 Beechwood Terrace 1,390 20,564 — — 996 22,950 Willow Grove 3,940 10,686 — 1 714 15,341 Woodbridge 3,650 12,718 — 198 817 17,383 Abbington Heights 1,770 16,466 — 41 987 19,264 The Summit at Sabal Park 5,770 13,350 — 9 995 20,124 Courtney Cove 5,880 12,904 — 42 936 19,762 Radbourne Lake 2,440 21,673 — 35 1,093 25,241 Timber Creek 11,260 13,290 — — 932 25,482 Belmont at Duck Creek 1,910 17,049 — — 1,010 19,969 The Arbors 1,730 6,587 — 5 430 8,752 The Crossings 3,982 17,683 — 158 1,475 23,298 The Crossings at Holcomb Bridge 5,560 10,972 — 40 1,274 17,846 The Knolls 3,410 17,748 — 8 1,749 22,915 Sabal Palm at Lake Buena Vista 7,580 41,155 — 1 911 49,647 Cornerstone 1,500 30,263 — 129 1,027 32,919 The Preserve at Terrell Mill 10,170 48,053 — 419 3,426 62,068 The Ashlar 4,090 12,486 — 16 1,233 17,825 Heatherstone 2,320 7,734 — 34 797 10,885 Versailles 6,720 20,406 — 195 1,778 29,099 Seasons 704 Apartments 7,480 14,049 — — 752 22,281 Madera Point 4,920 17,119 — 70 999 23,108 The Pointe at the Foothills 4,840 46,067 — 228 1,457 52,592 Venue at 8651 2,350 16,837 — 575 1,308 21,070 Parc500 (fka CityView) 3,860 18,776 — 395 752 23,783 The Colonnade 8,340 35,495 723 282 542 45,382 Old Farm 11,078 69,583 3,354 — 1,093 85,108 Stone Creek at Old Farm 3,493 19,105 572 — 285 23,455 Hollister Place 2,782 20,679 932 6 313 24,712 166,985 739,099 5,581 2,895 39,361 953,921 Accumulated depreciation and amortization — (51,436 ) (2,876 ) — (16,239 ) (70,551 ) Total Operating Properties $ 166,985 $ 687,663 $ 2,705 $ 2,895 $ 23,122 $ 883,370 Held For Sale Properties The Grove at Alban 3,640 19,079 — — 1,355 24,074 The Miramar Apartments 1,580 8,867 — — 746 11,193 Toscana 1,730 7,342 — — 696 9,768 Southpoint Reserve at Stoney Creek 6,120 11,249 — — 617 17,986 Regatta Bay 1,660 16,250 — 1 929 18,840 Twelve 6 Ten at the Park 3,610 18,093 — 68 986 22,757 18,340 80,880 — 69 5,329 104,618 Accumulated depreciation and amortization — (6,176 ) — — (1,538 ) (7,714 ) Total Held For Sale Properties $ 18,340 $ 74,704 $ — $ 69 $ 3,791 $ 96,904 Total $ 185,325 $ 762,367 $ 2,705 $ 2,964 $ 26,913 $ 980,274 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 and Improvements Intangible Lease Assets 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 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 Parc500 (fka 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
Schedule for Acquisitions of Real Estate	The following table presents the Company’s acquisition of real estate during the three months ended March 31, 2017 (dollars in thousands); Property Name Location Date of Acquisition Purchase Price Debt (1) # Units Noncontrolling Interest Effective Ownership Hollister Place (2) Houston, Texas February 1, 2017 $ 24,500 $ 24,500 260 — % 100 % (1) For additional information regarding the Company’s debt, see Note 5. (2) Property is held by an EAT in anticipation of completing a reverse 1031 Exchange in the second quarter of 2017 with Regatta Bay, which is classified as held for sale as of March 31, 2017. Legal title of the property will transfer to the Company upon completion of the reverse 1031 Exchange.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Summary of Mortgage Debt of Company and Encumbers Multifamily Properties	The following table contains summary information concerning the mortgage debt of the Company as of March 31, 2017 (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 3.06% 5.75% 9/1/2021 The Summit at Sabal Park (4) Floating 84 360 14,287 3.06% 5.75% 9/1/2021 The Preserve at Terrell Mill (4) Floating 84 360 43,500 2.94% 5.50% 3/1/2022 The Ashlar (4) Floating 84 360 12,176 3.03% 5.50% 3/1/2022 Heatherstone (4) Floating 84 360 7,087 3.06% 5.50% 3/1/2022 Versailles (4) Floating 84 360 19,623 3.01% 5.50% 3/1/2022 Seasons 704 Apartments (4) Floating 84 360 12,660 2.78% 5.95% 5/1/2022 Timber Creek (5) Floating 120 360 19,482 2.80% 5.96% 10/1/2024 Radbourne Lake (5) Floating 120 360 19,213 2.79% 6.25% 10/1/2024 The Arbors (5) Floating 120 360 5,812 2.79% 7.11% 11/1/2024 The Crossings (5) Floating 120 360 15,874 2.79% 7.21% 11/1/2024 The Crossings at Holcomb Bridge (5) Floating 120 360 12,450 2.79% 7.35% 11/1/2024 The Knolls (5) Floating 120 360 16,038 2.79% 7.11% 11/1/2024 Sabal Palm at Lake Buena Vista (5) Floating 120 360 37,680 2.79% 6.26% 12/1/2024 Abbington Heights (6) Fixed 120 360 10,154 3.79% 3.79% 9/1/2022 Belmont at Duck Creek (7) Fixed 84 360 11,095 4.68% 4.68% 9/1/2018 Cornerstone (8) Fixed 120 360 22,976 4.24% 4.24% 3/1/2023 Madera Point (9) Floating 60 360 13,515 2.88% N/A 9/1/2020 The Pointe at the Foothills (9) Floating 60 360 31,365 2.87% N/A 9/1/2020 Parc500 (fka CityView) (10) Fixed 120 360 15,812 4.49% 4.49% 8/1/2025 Hollister Place (11) Floating 84 360 13,475 3.22% N/A 2/1/2024 $ 368,484 Fair market value adjustment 956 (12) Deferred financing costs, net of accumulated amortization of $948 (2,514 ) $ 366,926 Held for Sale Properties The Miramar Apartments (13) Floating 120 360 8,400 3.20% 5.75% 2/1/2025 The Grove at Alban (4) Floating 84 360 18,374 3.52% 6.50% 4/1/2021 Southpoint Reserve at Stoney Creek (4) Floating 84 360 13,600 3.09% 6.00% 1/1/2022 Regatta Bay (14) Floating 60 360 14,000 2.85% N/A 11/1/2020 Twelve 6 Ten at the Park (5) Floating 120 360 15,711 2.90% 5.92% 2/1/2025 $ 70,085 Deferred financing costs, net of accumulated amortization of $328 (774 ) $ 69,311 (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 Parc500 (fka CityView) (based on a fixed rate of 4.49%). One-month and three-month LIBOR as of March 31, 2017 were 0.9828% and 1.1496%, 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) 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 March 31, 2017, the total indebtedness secured by the property is approximately $23.0 million and has a blended interest rate of 4.24%. (9) Loan can be pre-paid starting in the 13 th th (10) 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. (11) 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 the last three months of the term. (12) The Company reflected valuation adjustments on its fixed rate debt for Belmont at Duck Creek and Parc500 (fka 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 (14) 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.
Summary of Credit and Bridge Facilities	The following table contains summary information concerning the Company’s credit and bridge facilities as of March 31, 2017 (dollars in thousands): Type Term Amortization (months) Outstanding Principal Interest Rate (1) Maturity Date $300 Million Credit Facility (2) Floating 60 360 $ 300,000 3.38% (5) 7/1/2021 Deferred financing costs, net of accumulated amortization of $680 (3,965 ) $ 296,035 $30 Million Credit Facility (3) Floating 24 360 $ 29,000 4.98% 12/29/2018 Deferred financing costs, net of accumulated amortization of $38 (267 ) $ 28,733 2016 Bridge Facility (4) Floating 4 360 $ 30,000 4.98% 4/29/2017 Deferred financing costs, net of accumulated amortization of $94 (31 ) $ 29,969 (1) Interest rate is based on one-month LIBOR plus an applicable margin. One-month LIBOR as of March 31, 2017 was 0.9828%. (2) 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 (the “$300 Million Credit Facility”) during the fourth quarter of 2016 to acquire three properties. On June 6, 2016, the Company used $191.0 million of proceeds drawn to replace the existing mortgage debt on 11 properties. In accordance with FASB ASC 470-50, Debt – Modifications and Extinguishments (3) On December 29, 2016, the Company, through the OP, entered into a $30.0 million credit facility (the “$30 Million Credit Facility”) and immediately drew $15.0 million to fund a portion of the purchase price of Old Farm and Stone Creek at Old Farm. On February 1, 2017, the Company drew $14.0 million and used $12.0 million to fund a portion of the purchase price of Hollister Place and $2.0 million to fund value-add renovations at the Company’s properties. The $30 Million Credit Facility is a full-term, interest-only facility, is guaranteed by the OP, and has one 12-month extension option. (4) On December 29, 2016, the Company, through the OP, entered into a $30.0 million bridge facility (the “2016 Bridge Facility”) and immediately 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, is guaranteed by the OP, and has one two-month extension 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 March 31, 2017 or cash on hand (see Note 10). (5) As of March 31, 2017, the adjusted weighted average interest rate was 3.39%. For purposes of calculating the adjusted weighted average interest rate, 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 are effective as of March 31, 2017, which effectively fixes the interest rate on $200.0 million of the $300.0 million outstanding (see “Interest Rate Swap Agreements” below).
Schedule of Debt Maturities	The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to March 31, 2017 are as follows (in thousands): Operating Properties & Other Secured Debt Held For Sale Properties Total 2017 $ 31,065 $ 508 $ 31,573 2018 45,408 1,120 46,528 2019 6,033 1,201 7,234 2020 51,007 15,225 66,232 2021 331,933 17,797 349,730 Thereafter 262,038 34,234 296,272 Total $ 727,484 $ 70,085 $ 797,569
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 March 27, 2017 April 1, 2017 April 1, 2022 100,000 1.9570 % One-month LIBOR $ 500,000 1.1879 % (2) (1) As of March 31, 2017, one-month LIBOR was 0.9828%. (2) Represents the weighted average fixed rate of the interest rate swaps.

Fair Value Measures and Deriv22

Fair Value Measures and Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of Outstanding Interest Rate Derivatives	As of March 31, 2017, 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 5 $ 500,000 As of March 31, 2017, 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 March 31, 2017 and December 31, 2016 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ 13,424 $ 12,413 $ 193 (1) $ — Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets 1 5 — — Total $ 13,425 $ 12,418 $ 193 $ — (1) Included in accounts payable and other accrued liabilities on the consolidated balance sheet.
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 consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2017 and 2016 (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)* 2017 2016 (effective portion) 2017 2016 (ineffective portion)* 2017 2016 Derivatives designated as hedging instruments: For the three months ended March 31, Interest rate products 622 (32 ) Interest expense (335 ) (6 ) Interest expense (110 ) (1) — * Includes amounts excluded from effectiveness testing. (1) Includes approximately $90,000 of loss reclassified from OCI for missed forecasted transactions due to hedged forecasted transactions being no longer probable of occurring. Amount of gain (loss) recognized in income on derivative Location of gain (loss) recognized in income 2017 2016 Derivatives not designated as hedging instruments: For the three months ended March 31, Interest rate products Interest expense (4 ) (4 )

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Summary of Restricted Stock Units	The following table includes the number of restricted stock units granted, vested, forfeited and outstanding as of March 31, 2017: 2017 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 209,797 $ 19.20 Granted 219,802 22.57 Vested — — Forfeited — — Outstanding March 31, 429,599 (1) $ 20.92 (1) 110,258 restricted stock units vest in August 2017, 49,770 restricted stock units vest in August 2018 and 49,769 restricted stock units vest in August 2019. 80,745 restricted stock units vest in March 2018 and 69,528 restricted stock units vest in each of March 2019 and March 2020.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Summary of Fees Incurred to BH And Its Affiliates As Well As Reimbursements Paid to BH	The following is a summary of fees that the properties incurred to BH and its affiliates, as well as reimbursements paid to BH from the properties for various operating expenses, for the three months ended March 31, 2017 and 2016 (in thousands): For the Three Months Ended March 31, 2017 2016 Fees incurred Property management fees (1) $ 1,113 $ 1,005 Construction supervision fees (2) 184 205 Acquisition fees (3) 91 — Reimbursements Payroll and benefits (4) 4,047 4,191 Other reimbursements (5) 482 300 (1) Included in property management fees on the 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 are capitalized to operating real estate assets on the consolidated balance sheet. (4) Included in property operating expenses on the 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 consolidated statements of operations and comprehensive income (loss).

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2017
Subsequent Event [Line Items]
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 March 27, 2017 April 1, 2017 April 1, 2022 100,000 1.9570 % One-month LIBOR $ 500,000 1.1879 % (2) (1) As of March 31, 2017, one-month LIBOR was 0.9828%. (2) Represents the weighted average fixed rate of the interest rate swaps.
KeyBank
Subsequent Event [Line Items]
Summary of Company's Outstanding Interest Rate Swaps	On April 3, 2017, the Company, through the OP, entered into an interest rate swap transaction with KeyBank. The following table contains summary information regarding the interest rate swap transaction (dollars in thousands): Trade Date Effective Date Termination Date Notional Amount Fixed Rate Floating Rate Option April 3, 2017 May 1, 2017 April 1, 2022 $ 50,000 1.9610 % One-month LIBOR
Multifamily Properties
Subsequent Event [Line Items]
Summary of Sold Property	The Company sold the following properties subsequent to March 31, 2017 (thousands) (unaudited): Property Name (1) Location Date of Sale Sales Price Debt Outstanding (2) Net Cash Real Estate Carrying Value, net (2) The Miramar Apartments (4) Dallas, Texas April 3, 2017 $ 16,550 $ 8,400 $ 16,326 $ 9,958 Toscana (5) Dallas, Texas April 3, 2017 13,250 — (6) 12,949 8,756 The Grove at Alban Frederick, Maryland April 3, 2017 27,500 18,374 27,020 22,506 Twelve 6 Ten at the Park (4) Dallas, Texas April 27, 2017 26,600 15,711 26,350 21,379 $ 83,900 $ 42,485 $ 82,645 (7) $ 62,599 (1) Properties were classified as held for sale as of March 31, 2017. (2) As of March 31, 2017. (3) Represents sales price, net of closing costs. (4) The Company completed the reverse 1031 Exchange of Old Farm with the sales of The Miramar Apartments and Twelve 6 Ten at the Park. Legal title to Old Farm was transferred to the Company on April 27, 2017. (5) The Company completed the reverse 1031 Exchange of Stone Creek at Old Farm with the sale of Toscana. Legal title to Stone Creek at Old Farm was transferred to the Company on April 3, 2017. (6) Toscana was released from the collateral pool of the $300 Million Credit Facility upon the sale. (7) The Company used cash on hand plus its share of the proceeds, net of distributions to noncontrolling interests, from the sales of these properties to pay the entire $30.0 million outstanding on its 2016 Bridge Facility, which retired the bridge facility, and to pay down $10.0 million of the $29.0 million outstanding on its $30 Million Credit Facility.

Organization and Description 26

Organization and Description of Business - Additional Information (Details)	3 Months Ended
	Mar. 31, 2017
Real Estate Properties [Line Items]
Date of incorporation	Sep. 19, 2014
Maximum
Real Estate Properties [Line Items]
Investments in real estate-related debt and securities	30.00%

Summary of Significant Accoun27

Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	3 Months Ended
	Mar. 31, 2017
Land
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	Not depreciated
Buildings
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	30 years
Improvements
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	15 years
Furniture, Fixtures, and Equipment
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	3 years
Intangible Lease Assets
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	6 months

Summary of Significant Accoun28

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2017USD ($)Segment$ / shares	Mar. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2016USD ($)
Summary Of Significant Accounting Policies [Line Items]
Impairment charges related to real estate assets	$ 0	$ 0
Prepaid acquisition deposits	0		$ 0
Amortization of deferred financing fees	$ 532,000	$ 324,000
Minimum percentage of distributed taxable income to qualify as REIT	90.00%
Percentage of non-deductible excise tax on distribution	4.00%
Percentage of ordinary income considered for payment of distribution	85.00%
Percentage of capital gain net income considered for payment of distribution	95.00%
Percentage of undistributed income of prior considered for payment of distribution	100.00%
Unrecognized tax benefit or expense, accrued interest or penalties	$ 0
Number of reportable segments | Segment	1
Basic loss per share | $ / shares	$ 0.17	$ 0
Diluted loss per share | $ / shares	$ 0.17	$ 0
Potentially dilutive securities | shares		0
Decrease in net cash provided by operating activities	$ 7,565,000	$ 4,057,000
Increase in net cash used in investing activities	(30,023,000)	(6,200,000)
Increase (decrease) in cash and restricted cash	$ (1,519,000)	(8,122,000)
Reclassification of deferred financing costs, net | ASU 2016-18
Summary Of Significant Accounting Policies [Line Items]
Decrease in net cash provided by operating activities		(4,900,000)
Increase in net cash used in investing activities		$ 4,400,000
Increase (decrease) in cash and restricted cash			$ 46,900,000
Maximum
Summary Of Significant Accounting Policies [Line Items]
Internal rate of return in VIE	13.00%
Minimum
Summary Of Significant Accounting Policies [Line Items]
Percentage of uncertain tax positions likelihood of being sustained	50.00%

Summary of Significant Accoun29

Summary of Significant Accounting Policies - Summary of Restricted Cash Held (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Accounting Policies [Abstract]
Security deposits	$ 822	$ 852
Operating escrows	13,668	18,256
Renovation value-add reserves	11,511	13,448
Restricted cash held	$ 26,001	$ 32,556	$ 37,607

Summary of Significant Accoun30

Summary of Significant Accounting Policies - Summary of Outstanding Debt and Deferred Financing Costs, Net of Accumulated Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Mortgages payable, net	$ 366,926	$ 367,453
Mortgages payable held for sale, net	69,311	55,685
Credit facilities	329,000	315,000
Credit facilities, net	324,768	310,492
Bridge facility	30,000	30,000
Bridge facility, net	29,969	29,874
Mortgages Payable
Debt Instrument [Line Items]
Mortgages payable	368,484	369,220
Deferred financing costs, net	(2,514)	(2,774)
Fair market value adjustment	956	1,007
Mortgages Payable | Held For Sale
Debt Instrument [Line Items]
Mortgages payable	70,085	56,206
Deferred financing costs, net	(774)	(521)
Mortgages payable, net	69,311
Credit Facilities
Debt Instrument [Line Items]
Deferred financing costs, net	(4,232)	(4,508)
Bridge Facility
Debt Instrument [Line Items]
Deferred financing costs, net	$ (31)	$ (126)

Summary of Significant Accoun31

Summary of Significant Accounting Policies - Schedule of Investments (Details)	Feb. 01, 2017	Mar. 31, 2017	Dec. 31, 2016
Hollister Place | Houston | Texas
Variable Interest Entity [Line Items]
Effective ownership percentage, variable interest entities	100.00%
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 | 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 | The Ashlar | 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 | 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 | Hollister Place | Houston | Texas
Variable Interest Entity [Line Items]
Year of acquisition		2,017
Effective ownership percentage, variable interest entities		100.00%
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 | 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%	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%	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%
Voting 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%
Voting 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%
Voting 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%
Voting 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%
Voting 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%
Voting 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%
Voting 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%
Voting 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%
Voting 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%
Voting 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%
Voting 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%
Voting 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%
Voting 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%
Voting 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%
Voting Interest Entities | Parc500 (fka CityView) | West Palm Beach | Florida
Variable Interest Entity [Line Items]
Year of acquisition		2,016
Effective ownership percentage, voting interest entities		91.00%	91.00%
Voting Interest Entities | The Colonnade | Phoenix | Arizona
Variable Interest Entity [Line Items]
Year of acquisition		2,016
Effective ownership percentage, voting interest entities		97.00%	97.00%

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Summary of Company's Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Cash And Cash Equivalents [Abstract]
Cash and cash equivalents	$ 27,741	$ 22,705	$ 17,366
Restricted cash	26,001	32,556	37,607
Total cash and restricted cash	$ 53,742	$ 55,261	$ 54,973	$ 63,095

Real Estate Investments Stati33

Real Estate Investments Statistics - Additional Information (Details)	Mar. 31, 2017Property
Business Acquisition [Line Items]
Number of multifamily properties	40
Multifamily Properties
Business Acquisition [Line Items]
Number of multifamily properties	40

Real Estate Investments Stati34

Real Estate Investments Statistics - Summary of Investment in Multifamily Properties (Details) ft² in Thousands		3 Months Ended
		Mar. 31, 2017ft²Property$ / Units	Dec. 31, 2016
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		11,396
Number of Units | Property		13,225
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]	613
% Occupied	[1],[3]	96.50%	94.60%
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]	826
% Occupied	[3]	96.20%	92.90%
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]	1,015
% Occupied	[3]	98.00%	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]	850
% Occupied	[3]	96.20%	94.40%
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]	762
% Occupied	[3]	97.70%	93.50%
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]	810
% Occupied	[3]	96.70%	92.80%
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]	704
% Occupied	[1],[3]	96.40%	96.40%
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]	979
% Occupied	[1],[3]	96.20%	91.40%
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]	903
% Occupied	[3]	93.80%	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]	902
% Occupied	[3]	95.30%	95.30%
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]	871
% Occupied	[3]	94.70%	96.70%
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]	930
% Occupied	[3]	94.50%	87.70%
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]	861
% Occupied	[3]	96.00%	95.30%
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]	903
% Occupied	[3]	93.30%	90.90%
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]	792
% Occupied	[3]	93.50%	94.40%
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]	1,027
% Occupied	[3]	94.20%	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]	797
% Occupied	[3]	95.20%	95.50%
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]	956
% Occupied	[3]	93.80%	95.00%
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]	837
% Occupied	[3]	94.30%	95.70%
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]	807
% Occupied	[3]	92.10%	91.80%
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]	697
% Occupied	[1],[3]	93.80%	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]	867
% Occupied	[3]	97.00%	95.50%
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]	821
% Occupied	[3]	93.10%	92.00%
The Ashlar
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]	786
% Occupied	[3]	94.30%	91.30%
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]	923
% Occupied	[3]	93.60%	93.60%
Regatta Bay
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[1]	200
Number of Units | Property	[1]	240
Date Acquired	[1]	Nov. 4, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[2]	1,040
% Occupied	[1],[3]	92.50%	94.60%
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]	1,128
% Occupied	[3]	96.00%	95.00%
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]	1,010
% Occupied	[1],[3]	97.40%	92.90%
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]	882
% Occupied	[3]	93.70%	95.80%
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]	766
% Occupied	[3]	94.60%	90.40%
Parc500 (fka 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]	1,131
% Occupied	[3]	95.40%	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]	843
% Occupied	[3]	94.10%	92.80%
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]	707
% Occupied	[3]	90.80%	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]	824
% Occupied	[3]	96.40%	93.00%
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]	1,208
% Occupied	[3]	92.00%	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]	1,019
% Occupied	[3]	97.70%	95.00%
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]	1,223
% Occupied	[3]	94.20%	93.20%
Hollister Place
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		246
Number of Units | Property		260
Date Acquired		Feb. 1, 2017
Average Effective Monthly Rent Per Unit | $ / Units	[2]	970
% Occupied	[3]	90.40%
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]	767
% Occupied	[3]	94.90%	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]	809
% Occupied	[3]	94.90%	92.20%
[1]	Properties are classified as held for sale as of March 31, 2017.
[2]	Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of March 31, 2017 minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of March 31, 2017
[3]	Percent occupied is calculated as the number of units occupied as of March 31, 2017 and December 31, 2016, 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	Mar. 31, 2017	Dec. 31, 2016
Real Estate Properties [Line Items]
Real estate investment, gross	$ 953,921	$ 943,821
Accumulated depreciation and amortization	(70,551)	(60,214)
Total Net Real Estate Investments	980,274	963,037
Multifamily Properties
Real Estate Properties [Line Items]
Real estate investment, gross	953,921	943,821
Accumulated depreciation and amortization	(70,551)	(60,214)
Total Net Operating Real Estate Investments	883,370	883,607
Total Net Real Estate Investments	980,274	963,037
Multifamily Properties | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	5,581	5,140
Accumulated depreciation and amortization	(2,876)	(650)
Total Net Operating Real Estate Investments	2,705	4,490
Total Net Real Estate Investments	2,705	4,490
Multifamily Properties | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	104,618	85,528
Accumulated depreciation and amortization	(7,714)	(6,098)
Total Net Operating Real Estate Investments	96,904	79,430
Multifamily Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross	166,985	165,863
Total Net Operating Real Estate Investments	166,985	165,863
Total Net Real Estate Investments	185,325	182,543
Multifamily Properties | Land | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	18,340	16,680
Total Net Operating Real Estate Investments	18,340	16,680
Multifamily Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	739,099	733,374
Accumulated depreciation and amortization	(51,436)	(46,044)
Total Net Operating Real Estate Investments	687,663	687,330
Total Net Real Estate Investments	762,367	746,984
Multifamily Properties | Buildings and Improvements | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	80,880	64,550
Accumulated depreciation and amortization	(6,176)	(4,896)
Total Net Operating Real Estate Investments	74,704	59,654
Multifamily Properties | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	2,895	2,828
Total Net Operating Real Estate Investments	2,895	2,828
Total Net Real Estate Investments	2,964	2,883
Multifamily Properties | Construction in Progress | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	69	55
Total Net Operating Real Estate Investments	69	55
Multifamily Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	39,361	36,616
Accumulated depreciation and amortization	(16,239)	(13,520)
Total Net Operating Real Estate Investments	23,122	23,096
Total Net Real Estate Investments	26,913	26,137
Multifamily Properties | Furniture, Fixtures, and Equipment | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	5,329	4,243
Accumulated depreciation and amortization	(1,538)	(1,202)
Total Net Operating Real Estate Investments	3,791	3,041
Multifamily Properties | Arbors on Forest Ridge
Real Estate Properties [Line Items]
Real estate investment, gross	14,099	14,064
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	11,019	11,014
Multifamily Properties | Arbors on Forest Ridge | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	4	3
Multifamily Properties | Arbors on Forest Ridge | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	746	717
Multifamily Properties | Cutter's Point
Real Estate Properties [Line Items]
Real estate investment, gross	17,029	17,011
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	12,874	12,871
Multifamily Properties | Cutter's Point | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	1
Multifamily Properties | Cutter's Point | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	824	810
Multifamily Properties | Eagle Crest
Real Estate Properties [Line Items]
Real estate investment, gross	28,542	28,492
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	22,004	21,990
Multifamily Properties | Eagle Crest | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,088	1,052
Multifamily Properties | Silverbrook
Real Estate Properties [Line Items]
Real estate investment, gross	32,312	32,191
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	25,362	25,335
Multifamily Properties | Silverbrook | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	2,090	1,996
Multifamily Properties | Timberglen
Real Estate Properties [Line Items]
Real estate investment, gross	17,990	17,931
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	14,529	14,527
Multifamily Properties | Timberglen | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	2
Multifamily Properties | Timberglen | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	949	894
Multifamily Properties | Edgewater at Sandy Springs
Real Estate Properties [Line Items]
Real estate investment, gross	61,688	61,417
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	43,814	43,709
Multifamily Properties | Edgewater at Sandy Springs | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	1	123
Multifamily Properties | Edgewater at Sandy Springs | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	3,583	3,295
Multifamily Properties | Beechwood Terrace
Real Estate Properties [Line Items]
Real estate investment, gross	22,950	22,891
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	20,564	20,561
Multifamily Properties | Beechwood Terrace | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	996	940
Multifamily Properties | Willow Grove
Real Estate Properties [Line Items]
Real estate investment, gross	15,341	15,280
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	10,686	10,672
Multifamily Properties | Willow Grove | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	1
Multifamily Properties | Willow Grove | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	714	668
Multifamily Properties | Woodbridge
Real Estate Properties [Line Items]
Real estate investment, gross	17,383	17,332
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	12,718	12,708
Multifamily Properties | Woodbridge | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	198	215
Multifamily Properties | Woodbridge | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	817	759
Multifamily Properties | Abbington Heights
Real Estate Properties [Line Items]
Real estate investment, gross	19,264	19,187
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	16,466	16,426
Multifamily Properties | Abbington Heights | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	41	75
Multifamily Properties | Abbington Heights | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	987	916
Multifamily Properties | The Summit at Sabal Park
Real Estate Properties [Line Items]
Real estate investment, gross	20,124	20,077
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	13,350	13,342
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	995	956
Multifamily Properties | Courtney Cove
Real Estate Properties [Line Items]
Real estate investment, gross	19,762	19,718
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	12,904	12,886
Multifamily Properties | Courtney Cove | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	42	42
Multifamily Properties | Courtney Cove | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	936	910
Multifamily Properties | Radbourne Lake
Real Estate Properties [Line Items]
Real estate investment, gross	25,241	25,167
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	21,673	21,445
Multifamily Properties | Radbourne Lake | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	35	257
Multifamily Properties | Radbourne Lake | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,093	1,025
Multifamily Properties | Timber Creek
Real Estate Properties [Line Items]
Real estate investment, gross	25,482	25,445
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	13,290	13,252
Multifamily Properties | Timber Creek | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		69
Multifamily Properties | Timber Creek | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	932	864
Multifamily Properties | Belmont at Duck Creek
Real Estate Properties [Line Items]
Real estate investment, gross	19,969	19,885
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	17,049	17,034
Multifamily Properties | Belmont at Duck Creek | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,010	941
Multifamily Properties | The Arbors
Real Estate Properties [Line Items]
Real estate investment, gross	8,752	8,735
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	6,587
Multifamily Properties | The Arbors | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	5	5
Multifamily Properties | The Arbors | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	430	413
Multifamily Properties | The Crossings
Real Estate Properties [Line Items]
Real estate investment, gross	23,298	23,228
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	17,683	17,662
Multifamily Properties | The Crossings | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	158	155
Multifamily Properties | The Crossings | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,475	1,429
Multifamily Properties | The Crossings at Holcomb Bridge
Real Estate Properties [Line Items]
Real estate investment, gross	17,846	17,663
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	10,972	10,925
Multifamily Properties | The Crossings at Holcomb Bridge | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	40
Multifamily Properties | The Crossings at Holcomb Bridge | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,274	1,178
Multifamily Properties | The Knolls
Real Estate Properties [Line Items]
Real estate investment, gross	22,915	22,740
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	17,748	17,707
Multifamily Properties | The Knolls | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	8	8
Multifamily Properties | The Knolls | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,749	1,615
Multifamily Properties | Regatta Bay
Real Estate Properties [Line Items]
Real estate investment, gross		18,795
Multifamily Properties | Regatta Bay | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	18,840
Multifamily Properties | Regatta Bay | Land
Real Estate Properties [Line Items]
Real estate investment, gross		1,660
Multifamily Properties | Regatta Bay | Land | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	1,660
Multifamily Properties | Regatta Bay | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross		16,155
Multifamily Properties | Regatta Bay | Buildings and Improvements | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	16,250
Multifamily Properties | Regatta Bay | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		89
Multifamily Properties | Regatta Bay | Construction in Progress | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	1
Multifamily Properties | Regatta Bay | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross		891
Multifamily Properties | Regatta Bay | Furniture, Fixtures, and Equipment | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	929
Multifamily Properties | Sabal Palm at Lake Buena Vista
Real Estate Properties [Line Items]
Real estate investment, gross	49,647	49,604
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	41,155	41,147
Multifamily Properties | Sabal Palm at Lake Buena Vista | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	1	3
Multifamily Properties | Sabal Palm at Lake Buena Vista | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	911	874
Multifamily Properties | Cornerstone
Real Estate Properties [Line Items]
Real estate investment, gross	32,919	32,789
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	30,263	30,354
Multifamily Properties | Cornerstone | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	129	29
Multifamily Properties | Cornerstone | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,027	906
Multifamily Properties | The Preserve at Terrell Mill
Real Estate Properties [Line Items]
Real estate investment, gross	62,068	61,721
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	48,053	48,163
Multifamily Properties | The Preserve at Terrell Mill | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	419	516
Multifamily Properties | The Preserve at Terrell Mill | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	3,426	2,872
Multifamily Properties | The Ashlar
Real Estate Properties [Line Items]
Real estate investment, gross	17,825	17,691
Multifamily Properties | The Ashlar | Land
Real Estate Properties [Line Items]
Real estate investment, gross	4,090	4,090
Multifamily Properties | The Ashlar | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	12,486	12,348
Multifamily Properties | The Ashlar | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	16	124
Multifamily Properties | The Ashlar | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,233	1,129
Multifamily Properties | Heatherstone
Real Estate Properties [Line Items]
Real estate investment, gross	10,885	10,814
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	7,734	7,521
Multifamily Properties | Heatherstone | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	34	224
Multifamily Properties | Heatherstone | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	797	749
Multifamily Properties | Versailles
Real Estate Properties [Line Items]
Real estate investment, gross	29,099	28,870
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	20,406	20,267
Multifamily Properties | Versailles | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	195	286
Multifamily Properties | Versailles | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,778	1,597
Multifamily Properties | Seasons 704 Apartments
Real Estate Properties [Line Items]
Real estate investment, gross	22,281	22,219
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	14,049	14,043
Multifamily Properties | Seasons 704 Apartments | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	752	696
Multifamily Properties | Madera Point
Real Estate Properties [Line Items]
Real estate investment, gross	23,108	22,879
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	17,119	17,079
Multifamily Properties | Madera Point | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	70	15
Multifamily Properties | Madera Point | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	999	865
Multifamily Properties | The Pointe at the Foothills
Real Estate Properties [Line Items]
Real estate investment, gross	52,592	52,261
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	46,067	45,975
Multifamily Properties | The Pointe at the Foothills | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	228	157
Multifamily Properties | The Pointe at the Foothills | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,457	1,289
Multifamily Properties | Venue at 8651
Real Estate Properties [Line Items]
Real estate investment, gross	21,070	20,638
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	16,837	16,815
Multifamily Properties | Venue at 8651 | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	575	311
Multifamily Properties | Venue at 8651 | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,308	1,162
Multifamily Properties | Parc500 (fka CityView)
Real Estate Properties [Line Items]
Real estate investment, gross	23,783	23,668
Multifamily Properties | Parc500 (fka CityView) | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		491
Multifamily Properties | Parc500 (fka CityView) | Land
Real Estate Properties [Line Items]
Real estate investment, gross	3,860	3,860
Multifamily Properties | Parc500 (fka CityView) | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	18,776	18,700
Multifamily Properties | Parc500 (fka CityView) | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	395	113
Multifamily Properties | Parc500 (fka CityView) | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	752	504
Multifamily Properties | The Colonnade
Real Estate Properties [Line Items]
Real estate investment, gross	45,382	44,912
Multifamily Properties | The Colonnade | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	723	723
Multifamily Properties | The Colonnade | Land
Real Estate Properties [Line Items]
Real estate investment, gross	8,340	8,340
Multifamily Properties | The Colonnade | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	35,495	35,473
Multifamily Properties | The Colonnade | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	282
Multifamily Properties | The Colonnade | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	542	376
Multifamily Properties | Old Farm
Real Estate Properties [Line Items]
Real estate investment, gross	85,108	85,064
Multifamily Properties | Old Farm | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	3,354	3,354
Multifamily Properties | Old Farm | Land
Real Estate Properties [Line Items]
Real estate investment, gross	11,078	11,078
Multifamily Properties | Old Farm | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	69,583	69,580
Multifamily Properties | Old Farm | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,093	1,052
Multifamily Properties | Stone Creek at Old Farm
Real Estate Properties [Line Items]
Real estate investment, gross	23,455	23,442
Multifamily Properties | Stone Creek at Old Farm | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	572	572
Multifamily Properties | Stone Creek at Old Farm | Land
Real Estate Properties [Line Items]
Real estate investment, gross	3,493	3,493
Multifamily Properties | Stone Creek at Old Farm | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	19,105	19,101
Multifamily Properties | Stone Creek at Old Farm | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	285	276
Multifamily Properties | Hollister Place
Real Estate Properties [Line Items]
Real estate investment, gross	24,712
Multifamily Properties | Hollister Place | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	932
Multifamily Properties | Hollister Place | Land
Real Estate Properties [Line Items]
Real estate investment, gross	2,782
Multifamily Properties | Hollister Place | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	20,679
Multifamily Properties | Hollister Place | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	6
Multifamily Properties | Hollister Place | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	313
Multifamily Properties | The Grove at Alban | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	24,074	23,991
Multifamily Properties | The Grove at Alban | Land | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	3,640	3,640
Multifamily Properties | The Grove at Alban | Buildings and Improvements | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	19,079	19,033
Multifamily Properties | The Grove at Alban | Furniture, Fixtures, and Equipment | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	1,355	1,318
Multifamily Properties | The Miramar Apartments | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	11,193	11,161
Multifamily Properties | The Miramar Apartments | Land | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	1,580	1,580
Multifamily Properties | The Miramar Apartments | Buildings and Improvements | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	8,867	8,870
Multifamily Properties | The Miramar Apartments | Furniture, Fixtures, and Equipment | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	746	711
Multifamily Properties | Toscana | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	9,768	9,758
Multifamily Properties | Toscana | Land | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	1,730	1,730
Multifamily Properties | Toscana | Buildings and Improvements | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	7,342	7,341
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 | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	696	684
Multifamily Properties | Southpoint Reserve at Stoney Creek | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	17,986	17,974
Multifamily Properties | Southpoint Reserve at Stoney Creek | Land | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	6,120	6,120
Multifamily Properties | Southpoint Reserve at Stoney Creek | Buildings and Improvements | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	11,249	11,218
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 | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	617	605
Multifamily Properties | Twelve 6 Ten at the Park | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	22,757	22,644
Multifamily Properties | Twelve 6 Ten at the Park | Land | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	3,610	3,610
Multifamily Properties | Twelve 6 Ten at the Park | Buildings and Improvements | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	18,093	18,088
Multifamily Properties | Twelve 6 Ten at the Park | Construction in Progress | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	68	21
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	$ 986	$ 925

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)Property	Dec. 31, 2016USD ($)
Real Estate Properties [Line Items]
Depreciation expense	$ 9.7	$ 9
Amortization expense of intangible lease assets	$ 2.7	$ 0.6
Number of properties acquired | Property	1
Additional Real Estate Properties Acquisition
Real Estate Properties [Line Items]
Number of properties acquired | Property	0
Intangible Lease Assets
Real Estate Properties [Line Items]
Amortization expense of intangible lease assets, remainder of fiscal year	$ 2.7

Real Estate Investments - Sum37

Real Estate Investments - Summary of Acquisitions of Real Estate Property (Details) $ in Thousands	Feb. 01, 2017USD ($)Property	Mar. 31, 2017USD ($)
Real Estate Properties [Line Items]
Purchase Price		$ 24,500
Hollister Place | Houston | Texas
Real Estate Properties [Line Items]
Date of Acquisition	Feb. 1, 2017
Purchase Price	$ 24,500
Debt	$ 24,500
Number of Units | Property	260
Effective ownership percentage, variable interest entities	100.00%

Debt - Summary of Mortgage Debt

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Mortgages payable, net	$ 366,926	$ 367,453
Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Max Note Rate	4.09%
Mortgages Payable
Debt Instrument [Line Items]
Outstanding Principal	$ 368,484	369,220
Fair market value adjustment	956	1,007
Deferred financing costs, net of accumulated amortization	(2,514)	(2,774)
Mortgages Payable | Operating Properties
Debt Instrument [Line Items]
Outstanding Principal	368,484
Fair market value adjustment	956
Deferred financing costs, net of accumulated amortization	(2,514)
Mortgages payable, net	$ 366,926
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	3.06%
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	3.06%
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	2.94%
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 | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	$ 12,176
Interest Rate	3.03%
Maturity Date	Mar. 1, 2022
Mortgages Payable | The Ashlar | 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	3.06%
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	3.01%
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	2.78%
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	2.80%
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	2.79%
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	2.79%
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	2.79%
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	2.79%
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	2.79%
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	2.79%
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	$ 10,154
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	$ 11,095
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 | Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Amortization (months)	360 months
Outstanding Principal	$ 22,976
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	2.88%
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	2.87%
Maturity Date	Sep. 1, 2020
Mortgages Payable | Parc500 (fka 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 | Parc500 (fka CityView) | Debt With Fixed Interest Rate | Maximum
Debt Instrument [Line Items]
Max Note Rate	4.49%
Mortgages Payable | Hollister Place | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Amortization (months)	360 months
Outstanding Principal	$ 13,475
Interest Rate	3.22%
Maturity Date	Feb. 1, 2024
Mortgages Payable | Held For Sale Properties
Debt Instrument [Line Items]
Outstanding Principal	$ 70,085	56,206
Deferred financing costs, net of accumulated amortization	(774)	$ (521)
Mortgages payable, net	$ 69,311
Mortgages Payable | Held For Sale Properties | 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	2.85%
Maturity Date	Nov. 1, 2020
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	3.20%
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	$ 18,374
Interest Rate	3.52%
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	3.09%
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	$ 15,711
Interest Rate	2.90%
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 De39

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Parenthetical) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	$ 948
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%
One-month LIBOR
Debt Instrument [Line Items]
LIBOR, interest rate	0.9828%
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	$ 23,000
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
Parc500 (fka 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
Hollister Place | 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 the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
Hollister Place | First 12 months
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
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	1.1496%
Mortgages Payable | One-month LIBOR
Debt Instrument [Line Items]
LIBOR, interest rate	0.9828%
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 | Parc500 (fka 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	$ 328

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
KeyBank
Debt Instrument [Line Items]
Weighted average fixed rate	1.1879%
Combined notional amount	$ 500,000,000
KeyBank | 2016 Bridge Facility
Debt Instrument [Line Items]
Bridge facility, full payment date	Apr. 29, 2017
Extended maturity date	Jun. 29, 2017
Interest Rate Swap | KeyBank
Debt Instrument [Line Items]
Weighted average fixed rate	1.1879%
Combined notional amount	$ 500,000,000
Effective notional amount	$ 400,000,000
Credit facility interest accrual description	floating interest rate (one-month LIBOR)
Interest Rate Swap | KeyBank | One-month LIBOR
Debt Instrument [Line Items]
Weighted average fixed rate	1.1879%
Mortgages Payable
Debt Instrument [Line Items]
Weighted average interest rate of mortgage indebtedness	3.13%	2.95%
Adjusted weighted average interest rate	3.14%
Weighted average fixed rate	0.9956%
Mortgages Payable | Floating Interest Rate Swap
Debt Instrument [Line Items]
Combined notional amount	$ 200,000,000
Mortgages Payable | Interest Rate Swap
Debt Instrument [Line Items]
Combined notional amount	$ 400,000,000

Debt - Summary of the Company's

Debt - Summary of the Company's Credit and Bridge Facilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Feb. 01, 2017	Dec. 31, 2016	Dec. 29, 2016
Debt Instrument [Line Items]
Credit facilities	$ 329,000		$ 315,000
Credit facilities, net	324,768		310,492
Bridge facility	30,000		30,000
Bridge facility, net	29,969		$ 29,874
2016 Bridge Facility
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	(31)
Bridge facility, net	$ 29,969			$ 30,000
2016 Bridge Facility | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	4 months
Amortization (months)	360 months
Interest Rate	4.98%
Bridge facility	$ 30,000
Maturity Date	Apr. 29, 2017
$300 Million Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	$ (3,965)
Credit facilities, net	$ 296,035
$300 Million Credit Facility | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	60 months
Amortization (months)	360 months
Interest Rate	3.38%
Credit facilities	$ 300,000
Maturity Date	Jul. 1, 2021
$30 Million Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	$ (267)
Credit facilities, net	$ 28,733	$ 14,000
$30 Million Credit Facility | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	24 months
Amortization (months)	360 months
Interest Rate	4.98%
Credit facilities	$ 29,000
Maturity Date	Dec. 29, 2018
$30 Million Credit Facility | 2016 Bridge Facility
Debt Instrument [Line Items]
Credit facilities, net	$ 29,000

Debt - Summary of the Company42

Debt - Summary of the Company's Credit and Bridge Facilities (Parenthetical) (Details)	Feb. 01, 2017USD ($)	Dec. 29, 2016USD ($)	Jun. 06, 2016USD ($)Property	Mar. 31, 2017USD ($)Property	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization				$ 948,000
Number of properties acquired | Property				1
Credit facilities proceeds received				$ 14,000,000
Number Of Cross Collateralized Properties | Property			13
Credit facility, one extension term			12 months
Credit facilities, net				324,768,000		$ 310,492,000
Proceeds from expansion of credit facility to fund a portion of purchase price	$ 2,000,000			5,443,000	$ 6,200,000
Bridge facility, net				$ 29,969,000		$ 29,874,000
One-month LIBOR
Debt Instrument [Line Items]
Interest Rate				0.9828%
2016 Bridge Facility
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization				$ 94,000
Bridge facility, net		$ 30,000,000		29,969,000
Bridge facility proceeds received		$ 30,000,000
Bridge facility extension term		2 months
$300 Million Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization				680,000
Credit facility, maximum borrowing capacity			$ 200,000,000
Credit facility, additional borrowing capacity			$ 300,000,000
Number of properties acquired | Property			3
Credit facilities proceeds received			$ 191,000,000
Number of properties refinanced | Property			11
Credit facilities, net				$ 296,035,000
Adjusted weighted average interest rate				3.39%
Weighted average fixed rate				0.9956%
$300 Million Credit Facility | Floating Interest Rate Swap
Debt Instrument [Line Items]
Combined notional amount				$ 200,000,000
$300 Million Credit Facility | Interest Rate Swap
Debt Instrument [Line Items]
Combined notional amount				400,000,000
$30 Million Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization				38,000
Credit facility, maximum borrowing capacity		$ 30,000,000
Credit facilities proceeds received		$ 15,000,000
Credit facility, one extension term		12 months
Credit facilities, net	14,000,000			28,733,000
$30 Million Credit Facility | Hollister Place
Debt Instrument [Line Items]
Payments for property	$ 12,000,000
$30 Million Credit Facility | 2016 Bridge Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity				30,000,000
Credit facilities, net				$ 29,000,000

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) $ in Thousands	Mar. 31, 2017USD ($)
Debt Instrument [Line Items]
2,017	$ 31,573
2,018	46,528
2,019	7,234
2,020	66,232
2,021	349,730
Thereafter	296,272
Total	797,569
Operating Properties & Other Secured Debt
Debt Instrument [Line Items]
2,017	31,065
2,018	45,408
2,019	6,033
2,020	51,007
2,021	331,933
Thereafter	262,038
Total	727,484
Held For Sale Properties
Debt Instrument [Line Items]
2,017	508
2,018	1,120
2,019	1,201
2,020	15,225
2,021	17,797
Thereafter	34,234
Total	$ 70,085

Debt - Summary of Company's Out

Debt - Summary of Company's Outstanding Interest Rate Swaps (Details) - KeyBank	3 Months Ended
	Mar. 31, 2017USD ($)
Debt Instrument [Line Items]
Notional Amount	$ 500,000,000
Fixed Rate	1.1879%
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
Interest Rate Swap Transaction Five
Debt Instrument [Line Items]
Trade Date	Mar. 27, 2017
Effective Date	Apr. 1, 2017
Termination Date	Apr. 1, 2022
Notional Amount	$ 100,000,000
Fixed Rate	1.957%
Floating Rate Option	One-month LIBOR

Debt - Summary of Company's O45

Debt - Summary of Company's Outstanding Interest Rate Swaps (Parenthetical) (Details)	Mar. 31, 2017
One-month LIBOR | KeyBank
Debt Instrument [Line Items]
LIBOR, interest rate	0.9828%

Fair Value Measures and Deriv46

Fair Value Measures and Derivative Financial Instruments - Additional Information (Details)	3 Months Ended
	Mar. 31, 2017USD ($)PropertyDerivativeInstrument	Mar. 31, 2016USD ($)DerivativeInstrument
Fair Value Inputs Assets Quantitative Information [Line Items]
Number of properties acquired | Property	1
Purchase price of properties acquired	$ 24,500,000
Properties owned | Property	40
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	$ 100,000	$ 0
Interest rate swaps | Designated as hedging instrument
Fair Value Inputs Assets Quantitative Information [Line Items]
Derivative notional amount	$ 500,000,000
Interest rate caps | DerivativeInstrument	5
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
Derivative notional amount		$ 259,700,000
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
Interest rate caps | DerivativeInstrument	18	21
Minimum | Interest rate swaps
Fair Value Inputs Assets Quantitative Information [Line Items]
Interest rate term range	4 years
Minimum | Interest rate caps
Fair Value Inputs Assets Quantitative Information [Line Items]
Interest rate term range	3 years
Maximum | Interest rate swaps
Fair Value Inputs Assets Quantitative Information [Line Items]
Interest rate term range	5 years
Maximum | Interest rate caps
Fair Value Inputs Assets Quantitative Information [Line Items]
Interest rate term range	4 years

Fair Value Measures and Deriv47

Fair Value Measures and Derivative Financial Instruments - Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk (Details) - Designated as hedging instrument - Interest rate swaps	Mar. 31, 2017USD ($)DerivativeInstrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate swaps | DerivativeInstrument	5
Interest rate swaps | $	$ 500,000,000

Fair Value Measures and Deriv48

Fair Value Measures and Derivative Financial Instruments - Outstanding Interest Rate Derivatives Not Designated as Cash Flow Hedges of Interest Rate Risk (Details) - Not designated as hedging instrument - Interest rate caps	Mar. 31, 2017USD ($)DerivativeInstrument	Mar. 31, 2016USD ($)DerivativeInstrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps | DerivativeInstrument	18	21
Derivative notional amount | $	$ 306,876,000	$ 318,700,000

Fair Value Measures and Deriv49

Fair Value Measures and Derivative Financial Instruments - Summary of Derivative Financial Instruments and Classification on the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	$ 13,425	$ 12,418
Liability Derivatives	193
Fair Market Value Of Interest Rate Swaps | Interest rate swaps | Designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	13,424	12,413
Liability Derivatives	193
Prepaid and Other Assets | Interest rate caps | Not designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	$ 1	$ 5

Fair Value Measures and Deriv50

Fair Value Measures and Derivative Financial Instruments - Summary of Derivative Financial Instruments and Combined Consolidated Statements of Operations and Comprehensive Loss (Details) - Interest rate products - Interest Expense - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in OCI on derivative (effective portion)	$ 622	$ (32)
Amount of gain (loss) reclassified from accumulated OCI into income (effective portion)	(335)	(6)
Amount of gain (loss) recognized in income on derivative (ineffective portion)*	(110)	(1)
Amount of gain (loss) recognized in income on derivative (ineffective portion)*	$ (4)	$ (4)

Fair Value Measures and Deriv51

Fair Value Measures and Derivative Financial Instruments - Summary of Derivative Financial Instruments and Combined Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2017USD ($)
Fair Value Disclosures [Abstract]
Loss reclassified from OCI	$ 90,000

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	Mar. 16, 2017	Aug. 11, 2016	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Dec. 31, 2016	Jun. 15, 2016
Class Of Stock [Line Items]
Common stock, shares, issued			21,293,825		21,293,825	21,293,825
Common stock, shares, outstanding			21,043,669		21,043,669
Common stock, par value			$ 0.01		$ 0.01	$ 0.01	$ 0.01
Share repurchase program, treasury stock shares			0		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			$ 600,000	$ 0
Restricted stock units, granted			219,802
Dividends earned on restricted stock units			$ 200,000
Restricted Stock Units | Director
Class Of Stock [Line Items]
Vesting period description			annually
Restricted Stock Units | Minimum | Officers
Class Of Stock [Line Items]
Restricted stock units, vesting period			3 years
Restricted Stock Units | Maximum | Officers
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	219,802	209,797

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Restricted Stock Units (Details) - Restricted Stock Units	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Outstanding at beginning of the period | shares	209,797
Number of Units, Granted | shares	219,802
Number of Units, Outstanding at ending of the period | shares	429,599
Weighted Average Grant Date Fair Value, Outstanding at beginning of the period | $ / shares	$ 19.20
Weighted Average Grant Date Fair Value, Granted | $ / shares	22.57
Weighted Average Grant Date Fair Value, Outstanding at ending of the period | $ / shares	$ 20.92

Stockholders' Equity - Summar54

Stockholders' Equity - Summary of Restricted Stock Units (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2017shares
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	49,770
Vest in August 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, vested	49,769
Vest in March 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, vested	80,745
Vest in March 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, vested	69,528
Vest in March 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, vested	69,528

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)	1 Months Ended			3 Months Ended
	Dec. 31, 2016Property	Oct. 31, 2016Property	Jul. 31, 2016Property	Mar. 31, 2017USD ($)Property$ / Property$ / h	Mar. 31, 2016USD ($)
Related Party Transaction [Line Items]
Number of properties acquired | Property				1
Advisory and Administrative Fees
Related Party Transaction [Line Items]
Number of properties acquired | Property	2	1	1
Operating Agreement
Related Party Transaction [Line Items]
Asset management fee percent				0.50%
Asset management fees				$ 200,000	$ 200,000
NexPoint Real Estate Advisors, L.P
Related Party Transaction [Line Items]
Advisory fee percentage, paid monthly				1.00%
Percentage of annual administrative fee, paid monthly				0.20%
Advisory and administrative fees on contributed assets				$ 5,400,000
Advisory and administrative fees percentage				1.20%
Advisory and administrative fees				$ 1,800,000	1,600,000
Additional advisory and administrative fees				500,000	$ 300,000
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	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Fees incurred
Property management fees	$ 1,113	$ 1,005
Construction supervision fees	184	205
Acquisition fees	91
Reimbursements
Payroll and benefits	4,047	4,191
Other reimbursements	$ 482	$ 300

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 Sold Property (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Subsequent Event [Line Items]
Real Estate Carrying Value, net	$ 883,370	$ 883,607
Multifamily Properties
Subsequent Event [Line Items]
Sales Price	83,900
Outstanding Principal	42,485
Net Cash Proceeds	82,645
Real Estate Carrying Value, net	$ 62,599
Multifamily Properties | The Miramar Apartments | Dallas | Texas
Subsequent Event [Line Items]
Date of Sale	Apr. 3, 2017
Sales Price	$ 16,550
Outstanding Principal	8,400
Net Cash Proceeds	16,326
Real Estate Carrying Value, net	$ 9,958
Multifamily Properties | Toscana | Dallas | Texas
Subsequent Event [Line Items]
Date of Sale	Apr. 3, 2017
Sales Price	$ 13,250
Net Cash Proceeds	12,949
Real Estate Carrying Value, net	$ 8,756
Multifamily Properties | The Grove at Alban | Frederick | Maryland
Subsequent Event [Line Items]
Date of Sale	Apr. 3, 2017
Sales Price	$ 27,500
Outstanding Principal	18,374
Net Cash Proceeds	27,020
Real Estate Carrying Value, net	$ 22,506
Multifamily Properties | Twelve 6 Ten at the Park | Dallas | Texas
Subsequent Event [Line Items]
Date of Sale	Apr. 27, 2017
Sales Price	$ 26,600
Outstanding Principal	15,711
Net Cash Proceeds	26,350
Real Estate Carrying Value, net	$ 21,379

Subsequent Events - Summary o59

Subsequent Events - Summary of Sold Property (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Feb. 01, 2017	Dec. 31, 2016	Dec. 29, 2016
Subsequent Event [Line Items]
Real estate property released from mortgage collateral description	Toscana was released from the collateral pool of the $300 Million Credit Facility upon the sale.
Bridge facility, net	$ 29,969		$ 29,874
Credit facilities, net	324,768		$ 310,492
$30 Million Credit Facility
Subsequent Event [Line Items]
Credit facility, maximum borrowing capacity				$ 30,000
Credit facilities, net	28,733	$ 14,000
2016 Bridge Facility
Subsequent Event [Line Items]
Bridge facility, net	29,969			$ 30,000
2016 Bridge Facility | $30 Million Credit Facility
Subsequent Event [Line Items]
Repayments of Lines of Credit	10,000
Credit facility, maximum borrowing capacity	30,000
Credit facilities, net	$ 29,000

Subsequent Events - Summary o60

Subsequent Events - Summary of Information Regarding Interest Rate Swaps (Details) - KeyBank	3 Months Ended
	Mar. 31, 2017USD ($)
Debt Instrument [Line Items]
Notional Amount	$ 500,000,000
Interest Rate Swap Transaction Six
Debt Instrument [Line Items]
Trade Date	Apr. 3, 2017
Effective Date	May 1, 2017
Termination Date	Apr. 1, 2022
Notional Amount	$ 50,000,000
Fixed Rate	1.961%
Floating Rate Option	One-month LIBOR

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($)	May 01, 2017	Mar. 31, 2017	May 02, 2017	Dec. 31, 2016
Subsequent Event [Line Items]
Total carrying value of properties		$ 883,370,000		$ 883,607,000
Multifamily Properties
Subsequent Event [Line Items]
Total carrying value of properties		62,599,000
Regatta Bay | Seabrook | Texas | Multifamily Properties
Subsequent Event [Line Items]
Total carrying value of properties		$ 17,200,000
Percentage of total real estate, net		1.80%
Subsequent Event
Subsequent Event [Line Items]
Dividends payable, amount per share	$ 0.22
Dividends payable, date declared	May 1, 2017
Dividends payable, date of record	Jun. 15, 2017
Dividends payable, date to be paid	Jun. 30, 2017
KeyBank
Subsequent Event [Line Items]
Combined notional amount		$ 500,000,000
Weighted average fixed rate		1.1879%
KeyBank | Interest Rate Swap
Subsequent Event [Line Items]
Combined notional amount		$ 500,000,000
Weighted average fixed rate		1.1879%
Credit facility interest accrual description		floating interest rate (one-month LIBOR)
KeyBank | Interest Rate Swap | Subsequent Event
Subsequent Event [Line Items]
Combined notional amount	$ 550,000,000
Floating Rate Debt outstanding			$ 655,000,000
Weighted average fixed rate	84.00%
KeyBank | One-month LIBOR | Interest Rate Swap
Subsequent Event [Line Items]
Weighted average fixed rate		1.1879%
KeyBank | One-month LIBOR | Interest Rate Swap | Subsequent Event
Subsequent Event [Line Items]
Weighted average fixed rate	1.2582%