NexPoint Residential Trust (NXRT) 10-Q 31 Oct 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 31, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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		21,059,269

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Operating Real Estate Investments
Land	$ 167,245	$ 165,863
Buildings and improvements	768,499	733,374
Intangible lease assets	3,021	5,140
Construction in progress	1,850	2,828
Furniture, fixtures, and equipment	41,190	36,616
Total Gross Operating Real Estate Investments	981,805	943,821
Accumulated depreciation and amortization	(78,387)	(60,214)
Total Net Operating Real Estate Investments	903,418	883,607
Real estate held for sale, net of accumulated depreciation of $3,397 and $6,099, respectively	32,915	79,430
Total Net Real Estate Investments	936,333	963,037
Cash and cash equivalents	92,695	22,705
Restricted cash	29,417	32,556
Accounts receivable	3,298	3,008
Prepaid and other assets	3,923	1,678
Fair market value of interest rate swaps	11,759	12,413
TOTAL ASSETS	1,077,425	1,035,397
Liabilities:
Mortgages payable, net	694,968	367,453
Mortgages payable held for sale, net	30,327	55,685
Credit facilities, net	29,803	310,492
Bridge facility, net	54,531	29,874
Accounts payable and other accrued liabilities	5,229	5,551
Accrued real estate taxes payable	11,443	6,534
Accrued interest payable	1,820	1,067
Security deposit liability	1,451	1,364
Prepaid rents	1,627	1,275
Total Liabilities	831,199	779,295
Redeemable noncontrolling interests in the Operating Partnership (see Note 10)	2,110
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; 21,095,769 and 21,043,669 shares issued and outstanding, respectively	211	213
Additional paid-in capital	206,613	241,450
Accumulated earnings less dividends	28,960	(14,584)
Accumulated other comprehensive income	8,332	9,052
Common stock held in treasury at cost; 0 and 250,156 shares, respectively		(4,587)
Total Stockholders' Equity	244,116	231,544
Noncontrolling interests		24,558
Total Equity	244,116	256,102
TOTAL LIABILITIES AND EQUITY	$ 1,077,425	$ 1,035,397

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Statement Of Financial Position [Abstract]
Net of accumulated depreciation	$ 3,397	$ 6,099
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	21,095,769	21,043,669
Common stock, shares, outstanding	21,095,769	21,043,669
Common stock, par value	$ 0.01	$ 0.01
Treasury stock, shares	0	250,156

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues
Rental income		$ 32,148	$ 28,632	$ 94,564	$ 87,406
Other income		4,949	4,447	14,758	12,841
Total revenues		37,097	33,079	109,322	100,247
Expenses
Property operating expenses		10,075	9,874	29,611	28,947
Acquisition costs			386		386
Real estate taxes and insurance		4,853	3,973	14,911	12,326
Property management fees	[1]	1,110	989	3,280	3,007
Advisory and administrative fees	[2]	1,870	1,698	5,544	4,944
Corporate general and administrative expenses		1,623	1,023	4,842	2,649
Property general and administrative expenses		1,594	1,527	4,756	4,473
Depreciation and amortization		11,215	8,667	35,866	26,363
Total expenses		32,340	28,137	98,810	83,095
Operating income		4,757	4,942	10,512	17,152
Interest expense		(8,257)	(4,791)	(22,479)	(15,650)
Loss on extinguishment of debt and modification costs		(914)	(888)	(5,717)	(1,722)
Gain on sales of real estate		58,490	9,562	78,386	25,932
Net income		54,076	8,825	60,702	25,712
Net income attributable to noncontrolling interests			1,735	2,836	4,047
Net income attributable to redeemable noncontrolling interests in the Operating Partnership		162		162
Net income attributable to common stockholders		53,914	7,090	57,704	21,665
Other comprehensive income (loss)
Unrealized gains (losses) on interest rate derivatives		214	(1,084)	(835)	(1,128)
Total comprehensive income		54,290	7,741	59,867	24,584
Comprehensive income attributable to noncontrolling interests			1,627	2,720	3,935
Comprehensive income attributable to redeemable noncontrolling interests in the Operating Partnership		163		163
Comprehensive income attributable to common stockholders		$ 54,127	$ 6,114	$ 56,984	$ 20,649
Weighted average common shares outstanding - basic		21,085	21,260	21,057	21,282
Weighted average common shares outstanding - diluted		21,453	21,376	21,407	21,322
Earnings per share - basic		$ 2.56	$ 0.33	$ 2.74	$ 1.02
Earnings per share - diluted		2.51	0.33	2.70	1.02
Dividends declared per common share		$ 0.220	$ 0.206	$ 0.660	$ 0.618
[1]	Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of the Company’s operating partnership (see Notes 10 and 11).
[2]	Fees incurred to the Company’s adviser (see Note 11).

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY (Unaudited) - 9 months ended Sep. 30, 2017 - USD ($)	Total	Common Stock	Additional Paid-in Capital	Accumulated Earnings Less Dividends	Accumulated Other Comprehensive Income (Loss)	Common Stock Held in Treasury at Cost	Noncontrolling Interests
Beginning Balance, Values at Dec. 31, 2016	$ 256,102,000	$ 213,000	$ 241,450,000	$ (14,584,000)	$ 9,052,000	$ (4,587,000)	$ 24,558,000
Beginning Balance, Shares at Dec. 31, 2016	21,043,669	21,293,825
Net income attributable to common stockholders	$ 57,704,000			57,704,000
Net income attributable to noncontrolling interests	2,836,000						2,836,000
Contributions by noncontrolling interests	38,000						38,000
Distributions to noncontrolling interests	(4,789,000)						(4,789,000)
Purchase of noncontrolling interests	(53,840,000)		(31,313,000)				(22,527,000)
Repurchase of common stock	$ (1,354,000)					(1,354,000)
Retirement of common stock held in treasury		$ (3,000)	(5,938,000)			$ 5,941,000
Retirement of common stock held in treasury, shares	(308,313)	(308,313)
Vesting of stock-based compensation	$ 2,415,000	$ 1,000	2,414,000
Vesting of stock-based compensation, shares		110,257
Common stock dividends declared	(14,160,000)			(14,160,000)
Other comprehensive loss	(836,000)				(720,000)		$ (116,000)
Ending Balance, Values at Sep. 30, 2017	$ 244,116,000	$ 211,000	$ 206,613,000	$ 28,960,000	$ 8,332,000
Ending Balance, Shares at Sep. 30, 2017	21,095,769	21,095,769

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities
Net income	$ 60,702	$ 25,712
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sales of real estate	(78,386)	(25,932)
Depreciation and amortization	35,866	26,363
Amortization/write-off of deferred financing costs	2,551	1,782
Change in fair value on derivative instruments included in interest expense	1,235	331
Net cash paid for derivative settlements	(777)	(430)
Amortization of fair market value adjustment of assumed debt	(155)	(98)
Vesting of stock-based compensation	2,415	296
Changes in operating assets and liabilities, net of effects of acquisitions:
Operating assets	(413)	(2,273)
Operating liabilities	4,461	530
Net cash provided by operating activities	27,499	26,281
Cash flows from investing activities
Net proceeds from sales of real estate	224,416	131,786
Prepaid acquisition deposits	(1,500)	(1,425)
Additions to real estate investments	(17,192)	(18,022)
Acquisitions of real estate investments	(138,106)	(6,474)
Net cash provided by investing activities	67,618	105,865
Cash flows from financing activities
Mortgage proceeds received	583,713
Mortgage payments	(275,840)	(271,274)
Credit facilities proceeds received	25,000	200,000
Credit facilities payments	(310,000)
Bridge facility proceeds received	65,875
Bridge facility payments	(41,278)	(29,000)
Deferred financing costs paid	(3,742)	(2,538)
Repurchase of common stock	(1,354)	(1,524)
Dividends paid to common stockholders	(13,996)	(13,154)
Distributions to redeemable noncontrolling interests in the Operating Partnership	(53)
Contributions from noncontrolling interests	38	710
Distributions to noncontrolling interests	(4,789)	(8,884)
Purchase of noncontrolling interests	(51,840)	(1,381)
Net cash used in financing activities	(28,266)	(127,045)
Net increase in cash and restricted cash	66,851	5,101
Cash and restricted cash, beginning of period	55,261	63,095
Cash and restricted cash, end of period	122,112	68,196
Supplemental Disclosure of Cash Flow Information
Interest paid	19,098	15,255
Prepayment penalties paid	2,701	827
Supplemental Disclosure of Noncash Activities
Issuance of operating partnership units for purchase of noncontrolling interests	2,000
Capitalized construction costs included in accounts payable and other accrued liabilities	1,245	935
Change in fair value on derivative instruments designated as hedges	835	1,128
Liabilities assumed from acquisitions	690	232
Other assets acquired from acquisitions	84	63
Assumed debt on acquisition of real estate investment		15,812
Increase in dividends payable on restricted stock units	$ 164	$ 43

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 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. The Company owns its properties (the “Portfolio”) through the OP and its wholly owned taxable REIT subsidiary (“TRS”). The OP owns approximately 99.9% of the Portfolio; the TRS owns approximately 0.1% of the Portfolio. The Company’s wholly owned subsidiary, NexPoint Residential Trust Operating Partnership GP, LLC (the “OP GP”), is the sole general partner of the OP. As of September 30, 2017, there were 21,116,902 common units in the OP (“OP Units”) outstanding, of which 21,043,669, or 99.7%, were owned by the Company and 73,233, or 0.3%, were owned by an unaffiliated limited partner (see Note 10). 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 dated March 16, 2015, as amended, and renewed on March 13, 2017 for a 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., which 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 at least majority interests in its 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, OP 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	9 Months Ended
	Sep. 30, 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 have been prepared according to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of September 30, 2017, and results of operations for the three and nine months ended September 30, 2017 and 2016 have been included. Such adjustments are normal and recurring in nature. The interim results presented are not necessarily indicative of future financial results. The unaudited information included in this quarterly report on Form 10-Q should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2016 and notes thereto included in its annual report on Form 10-K filed with the SEC on March 15, 2017. The accompanying unaudited consolidated financial statements are presented in accordance with GAAP. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes to the Company’s significant accounting policies during the nine months ended September 30, 2017. Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation 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. 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 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. 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. 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. Reclassifications Certain reclassifications have been made to amounts in the prior year consolidated statements of operations and comprehensive income to conform to current year presentations as a result of an accounting policy election to classify certain expenses incurred in connection with the extinguishment or modification of debt separately from interest expense. These expenses are recorded in loss on extinguishment of debt and modification costs on the consolidated statements of operations and comprehensive income. As a result, for the three and nine months ended September 30, 2016, interest expense decreased by approximately $0.9 million and $1.7 million, respectively. See Note 6 for additional information. 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. 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 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 nine months ended September 30, 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 September 30, 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. Second, 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 September 30, 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. 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 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 September 30, 2017 September 30, 2016 Cash and cash equivalents $ 92,695 $ 34,086 Restricted cash 29,417 34,110 Total cash and restricted cash $ 122,112 $ 68,196 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

Investments in Subsidiaries

Investments in Subsidiaries	9 Months Ended
	Sep. 30, 2017
Schedule Of Investments [Abstract]
Investments in Subsidiaries	3. Investments in Subsidiaries The Company has in the past and may in the future invest in joint ventures. The Company consolidates the entities that it controls as well as any VIEs where it is the primary beneficiary. In connection with its indirect equity investments in the properties acquired, the Company, through the OP and the TRS, directly or indirectly holds 100% of the membership interests in single-asset LLCs that directly own the properties. All of the properties the Company has acquired are consolidated in the Company’s financial statements. The assets of each entity can only be used to settle obligations of that particular entity, and the creditors of each entity have no recourse to the assets of other entities or the Company. Additionally, the Company has in the past and may in the future enter into purchase and sale transactions structured as reverse like-kind exchanges (“1031 Exchanges”) under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”). 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 Exchange Accommodation Titleholder (“EAT”) engaged to execute the 1031 Exchange until the sale transaction and the 1031 Exchange are completed. The Company, through a wholly owned 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 wholly owned subsidiaries. As of September 30, 2017, the Company was invested in 32 properties. The following table represents the Company’s investments as of September 30, 2017 and December 31, 2016: Property Name Location Year Effective Ownership Percentage at September 30, 2017 Effective Ownership Percentage at December 31, 2016 The Miramar Apartments Dallas, Texas 2013 — (1) 100 % Arbors on Forest Ridge Bedford, Texas 2014 100 % (2) 90 % Cutter’s Point Richardson, Texas 2014 100 % (2) 90 % Eagle Crest Irving, Texas 2014 100 % (2) 90 % Silverbrook Grand Prairie, Texas 2014 100 % (2) 90 % Timberglen (3) Dallas, Texas 2014 100 % (2) 90 % Toscana Dallas, Texas 2014 — (1) 90 % The Grove at Alban Frederick, Maryland 2014 — (1) 76 % (4) Edgewater at Sandy Springs Atlanta, Georgia 2014 100 % (2) 90 % Beechwood Terrace Nashville, Tennessee 2014 100 % (2) 90 % Willow Grove Nashville, Tennessee 2014 100 % (2) 90 % Woodbridge Nashville, Tennessee 2014 100 % (2) 90 % Abbington Heights Antioch, Tennessee 2014 100 % (2) 90 % (4) The Summit at Sabal Park Tampa, Florida 2014 100 % (2) 90 % (4) Courtney Cove Tampa, Florida 2014 100 % (2) 90 % (4) Radbourne Lake Charlotte, North Carolina 2014 100 % (2) 90 % (4) Timber Creek Charlotte, North Carolina 2014 100 % (2) 90 % (4) Belmont at Duck Creek Garland, Texas 2014 100 % (2) 90 % (4) The Arbors Tucker, Georgia 2014 — (1) 90 % (4) The Crossings Marietta, Georgia 2014 — (1) 90 % (4) The Crossings at Holcomb Bridge Roswell, Georgia 2014 — (1) 90 % (4) The Knolls Marietta, Georgia 2014 — (1) 90 % (4) Regatta Bay Seabrook, Texas 2014 — (1) 90 % (4) Sabal Palm at Lake Buena Vista Orlando, Florida 2014 100 % (2) 90 % (4) Southpoint Reserve at Stoney Creek (3) Fredericksburg, Virginia 2014 100 % (2) 85 % (4) Cornerstone Orlando, Florida 2015 100 % (2) 90 % (4) Twelve 6 Ten at the Park Dallas, Texas 2015 — (1) 90 % (4) The Preserve at Terrell Mill Marietta, Georgia 2015 100 % (2) 90 % (4) The Ashlar Dallas, Texas 2015 100 % (2) 90 % (4) Heatherstone Dallas, Texas 2015 100 % (2) 90 % (4) Versailles Dallas, Texas 2015 100 % (2) 90 % (4) Seasons 704 Apartments West Palm Beach, Florida 2015 100 % (2) 90 % (4) Madera Point Mesa, Arizona 2015 100 % (2) 95 % The Pointe at the Foothills Mesa, Arizona 2015 100 % (2) 95 % Venue at 8651 Fort Worth, Texas 2015 100 % (2) 95 % Parc500 West Palm Beach, Florida 2016 100 % (2) 91 % The Colonnade Phoenix, Arizona 2016 100 % (2) 97 % Old Farm Houston, Texas 2016 100 % (2) 100 % (5) Stone Creek at Old Farm Houston, Texas 2016 100 % (2) 100 % (5) Hollister Place Houston, Texas 2017 100 % — (6) Rockledge Apartments Marietta, Georgia 2017 100 % — (6) (1) Properties were sold during the nine months ended September 30, 2017. (2) The Company purchased 100% of the ownership interest in the property held by the noncontrolling interest holders on June 30, 2017 (see Note 10). (3) Properties were classified as held for sale as of September 30, 2017. (4) Properties were considered VIEs at December 31, 2016. (5) Properties were Parked Assets and considered VIEs at December 31, 2016. The Company completed the reverse 1031 Exchanges of these properties during the nine months ended September 30, 2017 with the sales of the replacement properties, at which time legal title to the properties transferred to the Company. Upon the transfer of title, the properties were no longer considered Parked Assets or VIEs (see Note 5). (6) Properties were acquired in 2017; therefore, no ownership as of December 31, 2016.

Real Estate Investments Statist

Real Estate Investments Statistics	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
Real Estate Investments Statistics	4. Real Estate Investments Statistics As of September 30, 2017, the Company is invested in a total of 32 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 September 30, 2017 (2) % Occupied as of December 31, 2016 (2) Arbors on Forest Ridge 155 210 1/31/2014 859 95.2 % 92.9 % Cutter’s Point 198 196 1/31/2014 1,052 94.4 % 93.9 % Eagle Crest 396 447 1/31/2014 876 95.3 % 94.4 % Silverbrook 526 642 1/31/2014 781 95.6 % 93.5 % Timberglen (3) 221 304 1/31/2014 846 95.1 % 92.8 % Edgewater at Sandy Springs 727 760 7/18/2014 929 94.5 % 94.5 % Beechwood Terrace 272 300 7/21/2014 921 96.0 % 95.3 % Willow Grove 229 244 7/21/2014 912 93.4 % 96.7 % Woodbridge 247 220 7/21/2014 945 95.5 % 87.7 % Abbington Heights 239 274 8/1/2014 879 93.8 % 95.3 % The Summit at Sabal Park 205 252 8/20/2014 907 95.2 % 90.9 % Courtney Cove 225 324 8/20/2014 817 93.8 % 94.4 % Radbourne Lake 247 225 9/30/2014 1,059 93.3 % 96.9 % Timber Creek 248 352 9/30/2014 819 95.2 % 95.5 % Belmont at Duck Creek 198 240 9/30/2014 990 95.4 % 95.0 % Sabal Palm at Lake Buena Vista 371 400 11/5/2014 1,158 93.5 % 95.0 % Southpoint Reserve at Stoney Creek (3) 116 156 12/18/2014 1,069 96.8 % 92.9 % Cornerstone 318 430 1/15/2015 910 94.9 % 95.8 % The Preserve at Terrell Mill 692 752 2/6/2015 850 93.1 % 92.0 % The Ashlar 206 264 2/26/2015 819 92.4 % 91.3 % Heatherstone 116 152 2/26/2015 838 94.1 % 92.8 % Versailles 301 388 2/26/2015 860 95.1 % 93.0 % Seasons 704 Apartments 217 222 4/15/2015 1,056 95.9 % 95.0 % Madera Point 193 256 8/5/2015 797 93.8 % 93.8 % The Pointe at the Foothills 473 528 8/5/2015 817 92.2 % 92.2 % Venue at 8651 289 333 10/30/2015 800 94.3 % 90.4 % Parc500 266 217 7/27/2016 1,167 93.5 % 93.5 % The Colonnade 256 415 10/11/2016 695 92.0 % 88.0 % Old Farm 697 734 12/29/2016 1,177 92.8 % 93.6 % Stone Creek at Old Farm 186 190 12/29/2016 1,186 93.7 % 93.2 % Hollister Place 246 260 2/1/2017 969 93.5 % — (4) Rockledge Apartments 802 708 6/30/2017 1,153 91.9 % — (4) 10,078 11,395 (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of September 30, 2017 minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of September 30, 2017. (2) Percent occupied is calculated as the number of units occupied as of September 30, 2017 and December 31, 2016, divided by the total number of units, expressed as a percentage. (3) Properties were classified as held for sale as of September 30, 2017. (4) Properties were acquired in 2017.

Real Estate Investments

Real Estate Investments	9 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
Real Estate Investments	5. Real Estate Investments As of September 30, 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 $ 11,073 $ — $ — $ 794 $ 14,197 Cutter’s Point 3,330 12,995 — — 946 17,271 Eagle Crest 5,450 22,227 — — 1,231 28,908 Silverbrook 4,860 25,643 — — 2,363 32,866 Edgewater at Sandy Springs 14,290 43,959 — 9 4,057 62,315 Beechwood Terrace 1,390 20,662 — 78 1,229 23,359 Willow Grove 3,940 10,739 — — 882 15,561 Woodbridge 3,651 12,995 — 1 1,029 17,676 Abbington Heights 1,770 16,602 — 112 1,101 19,585 The Summit at Sabal Park 5,770 13,355 — — 1,107 20,232 Courtney Cove 5,880 12,913 — — 1,055 19,848 Radbourne Lake 2,440 21,801 — 5 1,255 25,501 Timber Creek 11,260 13,429 — — 1,086 25,775 Belmont at Duck Creek 1,910 17,157 — — 1,170 20,237 Sabal Palm at Lake Buena Vista 7,580 41,173 — — 1,024 49,777 Cornerstone 1,500 30,357 — — 1,395 33,252 The Preserve at Terrell Mill 10,170 48,609 — — 3,895 62,674 The Ashlar 4,090 12,631 — — 1,459 18,180 Heatherstone 2,320 7,862 — — 909 11,091 Versailles 6,720 19,735 — 6 2,155 28,616 Seasons 704 Apartments 7,480 14,071 — 2 867 22,420 Madera Point 4,920 17,369 — 43 1,130 23,462 The Pointe at the Foothills 4,840 46,402 — 108 1,669 53,019 Venue at 8651 2,350 16,910 — 813 1,744 21,817 Parc500 3,860 19,297 — 589 1,217 24,963 The Colonnade 8,340 36,677 — 55 805 45,877 Old Farm 11,078 69,718 — 29 1,304 82,129 Stone Creek at Old Farm 3,493 19,123 — — 350 22,966 Hollister Place 2,782 20,719 — — 593 24,094 Rockledge Apartments 17,451 92,296 3,021 — 1,369 114,137 167,245 768,499 3,021 1,850 41,190 981,805 Accumulated depreciation and amortization — (57,876 ) (1,007 ) — (19,504 ) (78,387 ) Total Operating Properties $ 167,245 $ 710,623 $ 2,014 $ 1,850 $ 21,686 $ 903,418 Held For Sale Properties Timberglen 2,510 14,718 — — 1,049 18,277 Southpoint Reserve at Stoney Creek 6,120 11,252 — — 663 18,035 8,630 25,970 — — 1,712 36,312 Accumulated depreciation and amortization — (2,630 ) — — (767 ) (3,397 ) Total Held For Sale Properties $ 8,630 $ 23,340 $ — $ — $ 945 $ 32,915 Total $ 175,875 $ 733,963 $ 2,014 $ 1,850 $ 22,631 $ 936,333 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 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 $10.0 million and $8.5 million for the three months ended September 30, 2017 and 2016, respectively. Depreciation expense was $29.5 million and $25.5 million for the nine months ended September 30, 2017 and 2016, respectively. Amortization expense related to the Company’s intangible lease assets was $1.2 million and $0.2 million for the three months ended September 30, 2017 and 2016, respectively. Amortization expense related to the Company’s intangible lease assets was $6.4 million and $0.9 million for the nine months ended September 30, 2017 and 2016, respectively. Amortization expense related to the Company’s intangible lease assets for all acquisitions completed through September 30, 2017 is expected to be $2.0 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 March 31, 2017 has been fully amortized and the assets and related accumulated amortization have been written off as of September 30, 2017. Acquisitions The following table presents the Company’s acquisitions of real estate during the nine months ended September 30, 2017 (dollars in thousands); the Company acquired one property for approximately $22.4 million during the nine months ended September 30, 2016 (see Notes 3, 4 and 6). Property Name Location Date of Acquisition Purchase Price Debt (1) # Units Effective Ownership Hollister Place Houston, Texas February 1, 2017 $ 24,500 $ 24,500 260 100 % Rockledge Apartments Marietta, Georgia June 30, 2017 113,500 113,500 708 100 % $ 138,000 $ 138,000 968 (1) For additional information regarding the Company’s debt, see Note 6. Dispositions The following table presents the Company’s sales of real estate during the nine months ended September 30, 2017 (in thousands). The Company sold seven properties for approximately $134.0 million during the nine months ended September 30, 2016. Property Name Location Date of Sale Sales Price Net Cash Proceeds Gain on Sale of Real Estate The Miramar Apartments (2) Dallas, Texas April 3, 2017 $ 16,550 $ 16,326 $ 6,368 Toscana (3) Dallas, Texas April 3, 2017 13,250 13,040 4,283 The Grove at Alban Frederick, Maryland April 3, 2017 27,500 27,021 4,514 Twelve 6 Ten at the Park (2) Dallas, Texas April 27, 2017 26,600 26,349 4,731 Regatta Bay (4) Seabrook, Texas July 14, 2017 28,200 27,670 10,423 The Arbors, The Crossings, The Crossings at Holcomb Bridge and The Knolls (5) Atlanta, Georgia September 29, 2017 116,000 114,010 48,067 $ 228,100 $ 224,416 (6) $ 78,386 (1) Represents sales price, net of closing costs. (2) The Company completed the reverse 1031 Exchange of Old Farm with the sales of The Miramar Apartments and Twelve 6 Ten at the Park. (3) The Company completed the reverse 1031 Exchange of Stone Creek at Old Farm with the sale of Toscana. (4) The Company completed the reverse 1031 Exchange of Hollister Place with the sale of Regatta Bay. (5) Properties were sold as a portfolio. The Company completed the reverse 1031 Exchange of Rockledge Apartments with the sales of The Arbors, The Crossings, The Crossings at Holcomb Bridge and The Knolls (the “NAVA Portfolio”). Approximately $14.1 million of the proceeds from the sale of the NAVA Portfolio was placed with a qualified intermediary for use in a forward 1031 Exchange that was completed on October 25, 2017 (see Note 13). (6) During the nine months ended September 30, 2017, the Company used cash on hand plus its share of the proceeds, net of mortgage repayments and distributions to noncontrolling interests, from the sales of these properties to repay the entire $30.0 million outstanding on its 2016 bridge facility, which retired the bridge facility, to pay down $10.0 million on its $30.0 million credit facility and to pay down approximately $11.3 million on its 2017 bridge facility (see Note 6). Other Activity In August and September 2017, parts of Texas and Florida were hit by two hurricanes, causing severe property damage in the affected areas. As of September 30, 2017, the Company owned three properties in the Houston area, two properties in the Miami area, two properties in the Tampa Bay area, and two properties in the Orlando area. The Company’s properties in these areas suffered minimal damage, which the Company estimates to be approximately $40,000.

Debt

Debt	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Debt	6. Debt Mortgage Debt The following table contains summary information concerning the mortgage debt of the Company as of September 30, 2017 (dollars in thousands): Operating Properties Type Term Outstanding Principal (1) Interest Rate (2) Maturity Date Arbors on Forest Ridge (3) Floating 84 $ 13,130 2.91% 7/1/2024 Cutter's Point (3) Floating 84 16,640 2.91% 7/1/2024 Eagle Crest (3) Floating 84 29,510 2.91% 7/1/2024 Silverbrook (3) Floating 84 30,590 2.91% 7/1/2024 Edgewater at Sandy Springs (3) Floating 84 52,000 2.91% 7/1/2024 Beechwood Terrace (3) Floating 84 20,150 2.91% 7/1/2024 Willow Grove (3) Floating 84 14,818 3.01% 7/1/2024 Woodbridge (3) Floating 84 13,677 3.01% 7/1/2024 The Summit at Sabal Park (3) Floating 84 13,560 2.85% 7/1/2024 Courtney Cove (3) Floating 84 13,680 2.85% 7/1/2024 The Preserve at Terrell Mill (3) Floating 84 42,480 2.85% 7/1/2024 The Ashlar (3) Floating 84 14,520 2.85% 7/1/2024 Heatherstone (3) Floating 84 8,880 2.85% 7/1/2024 Versailles (3) Floating 84 23,880 2.85% 7/1/2024 Seasons 704 Apartments (3) Floating 84 17,460 2.85% 7/1/2024 Madera Point (3) Floating 84 15,150 2.85% 7/1/2024 The Pointe at the Foothills (3) Floating 84 34,800 2.85% 7/1/2024 Venue at 8651 (3) Floating 84 13,734 3.01% 7/1/2024 The Colonnade (3) Floating 84 28,093 2.91% 7/1/2024 Old Farm (3) Floating 84 52,886 2.91% 7/1/2024 Stone Creek at Old Farm (3) Floating 84 15,274 2.91% 7/1/2024 Timber Creek (4) Floating 120 19,482 3.05% 10/1/2024 Radbourne Lake (4) Floating 120 19,213 3.04% 10/1/2024 Sabal Palm at Lake Buena Vista (4) Floating 120 37,680 3.04% 12/1/2024 Abbington Heights (5) Fixed 120 10,053 3.79% 9/1/2022 Belmont at Duck Creek (6) Fixed 84 10,995 4.68% 9/1/2018 Cornerstone (7) Fixed 120 22,771 4.24% 3/1/2023 Parc500 (8) Fixed 120 15,793 4.49% 8/1/2025 Hollister Place (3) Floating 84 13,475 3.47% 2/1/2024 Rockledge Apartments (3) Floating 84 68,100 2.80% 7/1/2024 $ 702,474 Fair market value adjustment 852 (9) Deferred financing costs, net of accumulated amortization of $592 (8,358 ) $ 694,968 Held for Sale Properties Timberglen (3) Floating 84 17,226 3.11% 7/1/2024 Southpoint Reserve at Stoney Creek (3) Floating 84 13,600 3.34% 1/1/2022 $ 30,826 Deferred financing costs, net of accumulated amortization of $80 (499 ) $ 30,327 (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 fixed rate mortgage debt. One-month LIBOR as of September 30, 2017 was 1.2322%. (3) Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13 th st (4) Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13 th th (5) 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. (6) 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. (7) 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 September 30, 2017, the total indebtedness secured by the property had a blended interest rate of 4.24%. (8) 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. (9) The Company reflected valuation adjustments on its fixed rate debt for Belmont at Duck Creek and Parc500 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. On June 30, 2017, the Company entered into 22 first mortgages, with a combined principal amount of $502.1 million, on certain of its properties, replacing the $168.4 million of existing mortgage debt outstanding on nine properties and the $300.0 million outstanding under a credit facility (the “$300 Million Credit Facility”). The refinancing of the existing mortgage debt incurred approximately $1.7 million of prepayment penalties, which is included in loss on extinguishment of debt and modification costs on the consolidated statements of operations and comprehensive income. The Federal Home Loan Mortgage Corporation (“Freddie Mac”), who was the lender on the existing mortgage debt and the $300 Million Credit Facility, also originated the 22 new first mortgages (the “Freddie Refinance”). In accordance with FASB ASC 470-50, Debt – Modifications and Extinguishments The following nine properties had existing mortgage debt that was refinanced: The Summit at Sabal Park, Courtney Cove, The Preserve at Terrell Mill, The Ashlar, Heatherstone, Versailles, Seasons 704 Apartments, Madera Point and The Pointe at the Foothills. The following twelve properties, which were refinanced as described above, were previously cross-collateralized as security for the $300 Million Credit Facility: Arbors on Forest Ridge, Cutter’s Point, Eagle Crest, Silverbrook, Timberglen, Edgewater at Sandy Springs, Beechwood Terrace, Willow Grove, Woodbridge, Venue at 8651, Old Farm and Stone Creek at Old Farm. The Colonnade, which obtained a first mortgage as described above, was not previously encumbered by mortgage debt or credit facility debt. During the nine months ended September 30, 2017, the Company sold nine properties and repaid the related mortgage loans that encumbered eight of the properties, as detailed in the table below (in thousands): Property Name Date of Sale Type Outstanding Principal (1) The Miramar Apartments April 3, 2017 Floating $ 8,400 The Grove at Alban April 3, 2017 Floating 18,374 Twelve 6 Ten at the Park April 27, 2017 Floating 15,711 Regatta Bay July 14, 2017 Floating 14,000 The Arbors, The Crossings, The Crossings at Holcomb Bridge and The Knolls (2) September 29, 2017 Floating 50,177 $ 106,662 (1) Represents the outstanding principal balance when the loan was repaid. (2) Properties were sold as a portfolio. The ninth property the Company sold, Toscana, was released from the collateral pool of the $300 Million Credit Facility upon its sale on April 3, 2017. The Company incurred prepayment penalties of approximately $0.9 million in connection with the payoff of these mortgage loans and $0.1 million of fees in connection with the release of Toscana, both of which are included in loss on extinguishment of debt and modification costs on the consolidated statements of operations and comprehensive income. The weighted average interest rate of the Company’s mortgage indebtedness was 3.04% as of September 30, 2017 and 2.95% as of December 31, 2016. The increase between the periods is primarily related to increases in LIBOR, partially offset by a weighted average reduction of 57 basis points in the borrowing spread related to the Freddie Refinance. As of September 30, 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 1.3388% on its combined $650.0 million notional amount of interest rate swap agreements, which effectively fix the interest rate on $650.0 million of the Company’s floating rate mortgage indebtedness (see Note 7). The interest rate cap agreements the Company has entered into effectively cap one-month LIBOR on $293.2 million of the Company’s floating rate mortgage indebtedness at a weighted average rate of 4.20% (see Note 7). 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 September 30, 2017, the Company believes it is in compliance with all provisions. Freddie Mac Multifamily Green Advantage . In order to obtain more favorable pricing on the Company’s mortgage debt financing with Freddie Mac, the Company has decided to participate in Freddie Mac’s new Multifamily Green Advantage program. The Company has escrowed approximately $4.2 million to finance smarter, greener property improvements at 20 of its properties, which will be completed by the summer of 2019. The Company plans to reduce water/sewer costs at each property by at least 15% through the replacement of showerheads, plumbing fixtures and toilets with modern energy efficient upgrades. By participating in this program, the Company was able to lower the interest rate on the properties it refinanced in the Freddie Refinance by 10 basis points. Credit and Bridge Facilities The following table contains summary information concerning the Company’s credit and bridge facilities as of September Type Term Amortization (months) Outstanding Principal Interest Rate (1) Maturity Date $30 Million Credit Facility Floating 24 360 $ 30,000 5.23% 12/29/2018 Deferred financing costs, net of accumulated amortization of $115 (197 ) $ 29,803 2017 Bridge Facility Floating 4 360 $ 54,597 4.98% 10/31/2017 Deferred financing costs, net of accumulated amortization of $198 (66 ) $ 54,531 (1) Interest rate is based on one-month LIBOR plus an applicable margin. One-month LIBOR as of September 30, 2017 was 1.2322%. $30 Million Credit Facility . On December 29, 2016, the Company, through the OP, entered into a $30.0 million credit facility (the “$30 Million Credit Facility”) 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. In April 2017, the Company used cash on hand plus its share of the proceeds, net of distributions to noncontrolling interests, from four properties it sold to pay down $10.0 million on the $30 Million Credit Facility. On June 30, 2017, the Company drew $11.0 million to fund a portion of the BH Buyout. The $30 Million Credit Facility is a full-term, interest-only facility, has one 12-month extension option and is guaranteed by the OP. 2017 Bridge Facility . On June 30, 2017 , the Company, through the OP, entered into a $65.9 million bridge facility (the “2017 Bridge Facility”) with KeyBank. The Company drew $44.5 million to fund a portion of the purchase price of Rockledge Apartments and $21.4 million to fund a portion of the BH Buyout. In July 2017, the Company used proceeds from the sale of Regatta Bay to pay down $11.3 million on the 2017 Bridge Facility. The 2017 Bridge Facility is a full-term, interest-only facility with an initial four-month term (see below) and is guaranteed by the Company. Interest accrues on the 2017 Bridge Facility at an interest rate of one-month LIBOR plus 3.75%. In October 2017, the Company used proceeds from the sale of the NAVA Portfolio to pay down approximately $46.0 million on the 2017 Bridge Facility, bringing the outstanding balance to approximately $8.6 million, and also extended the maturity date to March 31, 2018 (see Note 13). The Company intends on paying the outstanding principal balance of the 2017 Bridge Facility with proceeds from the sales of properties classified as held for sale as of September 30, 2017 or cash on hand. 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 September 30, 2017, the Company believes it is in compliance with all provisions of the agreements. $300 Million Credit Facility . On June 6, 2016, the Company, through certain of its subsidiaries, entered into a $200.0 million credit facility, which was expanded to $300.0 million (the “$300 Million Credit Facility”) during the fourth quarter of 2016 to acquire three properties. The $300 Million Credit Facility was cross-collateralized by the following 12 properties: Arbors on Forest Ridge, Cutter’s Point, Eagle Crest, Silverbrook, Timberglen, Edgewater at Sandy Springs, Beechwood Terrace, Willow Grove, Woodbridge, Venue at 8651, Old Farm and Stone Creek at Old Farm. On June 30, 2017, in connection with the Freddie Refinance, the Company repaid and retired the $300 Million Credit Facility. The refinancing of this existing credit facility debt did not incur prepayment penalties. 2016 Bridge Facility . On December 29, 2016, the Company, through the OP, entered into a $30.0 million bridge facility (the “2016 Bridge Facility”) with KeyBank and drew $30.0 million to fund a portion of the purchase price of Old Farm and Stone Creek at Old Farm. In April 2017, the Company paid down the entire $30.0 million of principal on the 2016 Bridge Facility, which was funded with its share of the proceeds, net of distributions to noncontrolling interests, from properties the Company sold in April 2017. The 2016 Bridge Facility was retired on April 28, 2017. 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. Deferred financing costs, net of amortization, are recorded as a reduction from the related debt on the Company’s consolidated balance sheets. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to loss on extinguishment of debt and modification costs (see “Loss on Extinguishment of Debt and Modification Costs” below). For the three months ended September 30, 2017 and 2016, the Company wrote-off deferred financing costs of $0.6 million and $0.4 million, respectively, which is included in loss on extinguishment of debt and modification costs on the consolidated statements of operations and comprehensive income. For the nine months ended September 30, 2017 and 2016, the Company wrote-off deferred financing costs of $1.0 million and $0.7 million, respectively, which is included in loss on extinguishment of debt and modification costs on the consolidated statements of operations and comprehensive income. Amortization of deferred financing costs of $0.6 million and $0.4 million is included in interest expense on the consolidated statements of operations and comprehensive income for the three months ended September 30, 2017 and 2016, respectively. Amortization of deferred financing costs of $1.5 million and $1.1 million is included in interest expense on the consolidated statements of operations and comprehensive income for the nine months ended September 30, 2017 and 2016, respectively. Loss on Extinguishment of Debt and Modification Costs Upon repayment of or in conjunction with a material change (i.e. a 10% or greater difference in the cash flows between instruments) in the terms of an underlying debt agreement, the Company writes off any unamortized deferred financing costs related to the original debt. Loss on extinguishment of debt and modification costs also includes prepayment penalties incurred on the early repayment of debt and costs incurred in a debt modification that are not capitalized as deferred financing costs. Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to September 30, 2017 are as follows (in thousands): Operating Properties & Other Secured Debt Held For Sale Properties Total 2017 $ 54,993 $ — $ 54,993 2018 43,352 276 43,628 2019 2,448 309 2,757 2020 2,483 316 2,799 2021 2,531 326 2,857 Thereafter 681,264 29,599 710,863 Total $ 787,071 $ 30,826 $ 817,897

Fair Value of Derivative and Fi

Fair Value of Derivative and Financial Instruments	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measures and Derivative Financial Instruments	7. Fair Value of Derivatives and Financial Instruments 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. 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. In order to minimize counterparty credit risk, the Company enters into and expects to enter into hedging arrangements only with major financial institutions that have high credit ratings. 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 caps 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 September 30, 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 nine months ended September 30, 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 interest rate cap agreements the Company has entered into effectively cap one-month LIBOR on $293.2 million of the Company’s floating rate mortgage indebtedness at a weighted average rate of 4.20%. 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 September 30, 2017 and 2016, the Company recorded less than $0.1 million and $0.6 million, respectively, of gain related to the ineffective portion of changes in the fair value of its derivatives designated as cash flow hedges, which is recorded as a reduction to interest expense on the accompanying consolidated statements of operations and comprehensive income. During the nine months ended September 30, 2017 and 2016, the Company recorded approximately $0.1 million and $0.6 million, respectively, of gain related to the ineffective portion of changes in the fair value of its derivatives designated as cash flow hedges. As of September 30, 2016, the Company had four interest rate swap derivatives, with a notional amount of $400.0 million, designated as cash flow hedges. 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 seven interest rate swap transactions with KeyBank (the “Counterparty”) with a combined notional amount of $650.0 million. 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 1.3388%. The Company has designated these interest rate swaps as cash flow hedges of interest rate risk. As of September 30, 2017, the Company had the following outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk (dollars in thousands): Effective Date Termination Date Notional Fixed Rate Floating Rate Option (1) July 1, 2016 June 1, 2021 $ 100,000 1.1055 % One-month LIBOR July 1, 2016 June 1, 2021 100,000 1.0210 % One-month LIBOR July 1, 2016 June 1, 2021 100,000 0.9000 % One-month LIBOR September 1, 2016 June 1, 2021 100,000 0.9560 % One-month LIBOR April 1, 2017 April 1, 2022 100,000 1.9570 % One-month LIBOR May 1, 2017 April 1, 2022 50,000 1.9610 % One-month LIBOR July 1, 2017 July 1, 2022 100,000 1.7820 % One-month LIBOR $ 650,000 1.3388 % (2) (1) As of September 30, 2017, one-month LIBOR was 1.2322%. (2) Represents the weighted average fixed rate of the interest rate swaps. 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 September 30, 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 17 $ 293,184 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 September 30, 2017 and December 31, 2016 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location September 30, 2017 December 31, 2016 September 30, 2017 December 31, 2016 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ 11,759 $ 12,413 $ 713 (1) $ — Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets — 5 — — Total $ 11,759 $ 12,418 $ 713 $ — (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 for the three and nine months ended September 30, 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 September 30, Interest rate products (241 ) (1,576 ) Interest expense (360 ) (479 ) Interest expense (63 ) (1) 599 For the nine months ended September 30, Interest rate products (2,162 ) (1,619 ) Interest expense (1,142 ) (491 ) Interest expense (88 ) (2) 599 * 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. (2) Includes approximately $185,000 of loss reclassified from OCI for missed forecasted transactions due to hedged forecasted transactions being no longer probable. Location of gain (loss) Amount of gain (loss) recognized in income on derivative recognized in income 2017 2016 Derivatives not designated as hedging instruments: For the three months ended September 30, Interest rate products Interest expense — (2 ) For the nine months ended September 30, Interest rate products Interest expense (5 ) (8 ) Other Financial Instruments Carried at Fair Value Redeemable noncontrolling interests in the OP have a redemption feature and are marked to their redemption value if such value exceeds the carrying value of the redeemable noncontrolling interests in the OP (see Note 10). The redemption value is based on the fair value of the Company’s common stock at the redemption date, and therefore, is calculated based on the fair value of the Company’s common stock at the balance sheet date. Since the valuation is based on observable inputs such as quoted prices for similar instruments in active markets, redeemable noncontrolling interests in the OP are classified as Level 2 if they are adjusted to their redemption value. Financial Instruments Not Carried at Fair Value At September 30, 2017 and December 31, 2016, the fair values of cash and cash equivalents, restricted cash, accounts receivable, prepaid assets, accounts payable and other accrued liabilities, accrued real estate taxes payable, accrued interest payable, security deposits and prepaid rent approximated their carrying values because of the short term nature of these instruments. The estimated fair values of other financial instruments were determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company would realize on the disposition of the financial instruments. The use of different market assumptions or estimation methodologies may have a material effect on the estimated fair value amounts. 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. 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. 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 asset. For the nine months ended September 30, 2017 and 2016, the Company did not record any impairment charges related to real estate assets.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Stockholders' Equity	8. Stockholders’ Equity Common Stock The Company began operations on March 31, 2015 as a result of the Spin-Off. During the three and nine months ended September 30, 2017, the Company issued 110,257 shares of common stock pursuant to its long-term incentive plan and retired 308,313 shares of common stock it had repurchased pursuant to its share repurchase program (see “Share Repurchase Program” and “Long Term Incentive Plan” below). As of September 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 nine months ended September 30, 2017, the Company repurchased 58,157 shares of its common stock, $0.01 par value per share, at a total cost of approximately $1,354,000, or $23.27 per share. As of September 30, 2017, the Company has repurchased 308,313 shares of its common stock, $0.01 par value per share, at a total cost of approximately $5,941,000, or $19.27 per share. Treasury Stock From time to time, in accordance with the Company’s share repurchase program, the Company may repurchase shares of its common stock in the open market. Until any such shares are retired, the cost of the shares is included in common stock held in treasury at cost on the consolidated balance sheet. 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. During the nine months ended September 30, 2017, the Company retired 308,313 shares of its common stock held in treasury. As of September 30, 2017 and December 31, 2016, the Company had 0 shares and 250,156 shares, respectively, of common stock held in treasury. 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. Restricted Stock Units . Under the 2016 LTIP, 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. The following table includes the number of restricted stock units granted, vested, forfeited and outstanding as of September 30, 2017: 2017 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 209,797 $ 19.20 Granted 219,802 22.57 Vested (110,257 ) 19.20 Forfeited — — Outstanding September 30, 319,342 (1) $ 21.52 (1) 49,768 restricted stock units vest in August 2018 and 49,772 restricted stock units vest in August 2019. 80,742 restricted stock units vest in March 2018 and 69,530 restricted stock units vest in each of March 2019 and March 2020. As of September 30, 2017, the Company has issued 110,257 shares of common stock under the 2016 LTIP. For the three months ended September 30, 2017 and 2016, the Company recognized approximately $0.8 million and $0.3 million, respectively, of equity-based compensation expense related to grants of restricted stock units, which is included in corporate general and administrative expenses on the consolidated statements of operations and comprehensive income. For the nine months ended September 30, 2017 and 2016, the Company recognized approximately $2.4 million and $0.3 million, respectively, of equity-based compensation expense related to grants of restricted stock units. As of September 30, 2017, the Company has recognized a liability of approximately $0.3 million related to dividends earned on restricted stock units that are payable in cash upon vesting.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	9. Earnings (Loss) Per Share 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 2016 LTIP. 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 effect of the conversion of OP Units held by noncontrolling limited partners is not reflected in the computation of basic and diluted earnings (loss) per share, as they are exchangeable for common stock on a one-for-one basis. The income (loss) allocable to such units is allocated on this same basis and reflected as net income attributable to redeemable noncontrolling interests in the Operating Partnership in the accompanying consolidated statements of operations and comprehensive income. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings (loss) per share. See Note 10 for additional information. The following table sets forth the computation of basic and diluted earnings per share for the periods presented (in thousands, except per share amounts): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Numerator for earnings per share: Net income $ 54,076 $ 8,825 $ 60,702 $ 25,712 Net income attributable to noncontrolling interests — 1,735 2,836 4,047 Net income attributable to redeemable noncontrolling interests in the Operating Partnership 162 — 162 — Net income attributable to common stockholders $ 53,914 $ 7,090 $ 57,704 $ 21,665 Denominator for earnings per share: Weighted average common shares outstanding 21,085 21,260 21,057 21,282 Denominator for basic earnings per share 21,085 21,260 21,057 21,282 Unvested restricted stock units 368 116 350 40 Denominator for diluted earnings per share 21,453 21,376 21,407 21,322 Earnings per weighted average common share: Basic $ 2.56 $ 0.33 $ 2.74 $ 1.02 Diluted $ 2.51 $ 0.33 $ 2.70 $ 1.02

Noncontrolling Interests

Noncontrolling Interests	9 Months Ended
	Sep. 30, 2017
Noncontrolling Interest [Abstract]
Noncontrolling Interests	10. Noncontrolling Interests Redeemable Noncontrolling Interests in the OP Interests in the OP held by limited partners are represented by OP Units. Net income (loss) is allocated to holders of OP Units based upon net income (loss) attributable to common stockholders and the weighted average number of OP Units outstanding to total common shares plus OP Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to OP Units in accordance with the terms of the partnership agreement of the OP. Each time the OP distributes cash to the Company, outside limited partners of the OP receive their pro-rata share of the distribution. On June 30, 2017, the Company and the OP entered into a contribution agreement (the “Contribution Agreement”) with BH Equities, LLC and its affiliates (collectively, “BH Equity”), whereby the Company purchased 100% of the joint venture interests in the Portfolio owned by BH Equity, representing approximately 8.4% ownership in the Portfolio (the “BH Buyout”), for total consideration of approximately $51.7 million (the “Purchase Amount”). The Purchase Amount consisted of approximately $49.7 million in cash that was paid on June 30, 2017 and 73,233 OP Units (initially valued at $2.0 million) that were issued on August 1, 2017. The number of OP Units issued was calculated by dividing $2.0 million by the midpoint of the range of the Company’s net asset value as publicly disclosed in connection with the Company’s release of its second quarter of 2017 earnings results, which was $27.31 per share. The Company financed the cash portion of the Purchase Amount with $21.4 million of proceeds from the 2017 Bridge Facility, $16.3 million of proceeds from the Freddie Refinance, $11.0 million of proceeds from the $30 Million Credit Facility and $1.0 million of cash on hand. In connection with the issuance of OP Units to BH Equity on August 1, 2017, the Company and the OP amended the partnership agreement of the OP (the “Amendment”). Pursuant to the Amendment, limited partners holding OP Units have the right to cause the OP to redeem their units at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the OP), provided that such OP Units have been outstanding for at least one year. The Company, through the OP GP, as the general partner of the OP may, in its sole discretion, purchase the OP Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (one share of common stock of the Company for each OP Unit), as defined in the partnership agreement of the OP. Notwithstanding the foregoing, a limited partner will not be entitled to exercise its redemption right to the extent the issuance of the Company’s common stock to the redeeming limited partner would (1) be prohibited, as determined in the Company’s sole discretion, under the Company’s charter or (2) cause the acquisition of common stock by such redeeming limited partner to be "integrated" with any other distribution of the Company’s common stock for purposes of complying with the Securities Act of 1933, as amended. Accordingly, the Company records the OP Units held by noncontrolling limited partners outside of permanent equity and reports the OP Units at the greater of their carrying value or their redemption value using the Company’s stock price at each balance sheet date. The following table sets forth the redeemable noncontrolling interests in the OP for the nine months ended September 30, 2017 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2016 $ — Issuance of redeemable noncontrolling interests in the OP 2,000 Net income attributable to redeemable noncontrolling interests in the OP 162 Other comprehensive income attributable to redeemable noncontrolling interests in the OP 1 Distributions to redeemable noncontrolling interests in the OP (53 ) Redeemable noncontrolling interests in the OP, September 30, 2017 $ 2,110 Noncontrolling Interests Noncontrolling interests have in the past and may in the future be comprised of joint venture partners’ interests in joint ventures the Company consolidates. When applicable, 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. Generally, 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. During the period ended June 30, 2017, prior to the BH Buyout, the Company purchased 100% of the noncontrolling interests in three of its joint ventures for approximately $2.0 million. On June 30, 2017, in connection with the BH Buyout, the Company purchased 100% of the outstanding noncontrolling interests in its remaining joint ventures for approximately $51.7 million. On June 30, 2017, prior to the BH Buyout, the carrying value of such noncontrolling interests was approximately $20.5 million. On June 30, 2017, the Company eliminated the carrying value of such noncontrolling interests on its consolidated balance sheet. The remaining $31.2 million of the Purchase Amount resulted in a reduction to additional paid-in capital on the Company’s consolidated balance sheet. In connection with the Contribution Agreement, the Company fully indemnified BH Equity on all non-recourse carve out guarantees it had previously provided for mortgage indebtedness secured by certain properties in the Portfolio. In consideration of the guarantees previously provided by BH Equity, it was entitled to an additional profit interest in each entity (the “Total Promote”) such that distributions were to be made to the members of the entity pro rata in proportion to their relative percentage interests until the members received an internal rate of return equal to 13%. Then, the proportion of distributions changed to a predetermined allocation according to the agreements between each entity and BH Equity. The Total Promote due by the Company to BH Equity was relinquished in connection with the BH Buyout.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	11. 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 BH Equity, who was a noncontrolling interest member of the Company’s joint ventures prior to the BH Buyout on June 30, 2017. Through BH Equity’s noncontrolling interests in such joint ventures, BH Equity was deemed to be a related party. With the completion of the BH Buyout, BH Equity is no longer deemed to be a related party. BH Equity became a noncontrolling limited partner of the OP upon execution of the Amendment. 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 and nine months ended September 30, 2017 and 2016 (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Fees incurred Property management fees (1) $ 1,110 $ 989 $ 3,280 $ 3,007 Construction supervision fees (2) 213 247 651 624 Acquisition fees (3) — 139 505 139 Reimbursements Payroll and benefits (4) 4,131 4,140 11,855 12,212 Other reimbursements (5) 432 460 1,457 1,465 (1) Included in property management fees on the consolidated statements of operations and comprehensive income. (2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Includes due diligence costs. Acquisition fees incurred prior to October 1, 2016 are included in acquisition costs on the consolidated statements of operations and comprehensive income. Acquisition fees incurred for the period beginning on October 1, 2016 are capitalized to operating real estate assets on the consolidated balance sheets. (4) Included in property operating expenses on the consolidated statements of operations and comprehensive income. (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. Asset Management Fee Until the BH Buyout on June 30, 2017, in accordance with the operating agreement of each entity that owns the properties, the Company earned an asset management fee for services provided in connection with monitoring the operations of the properties. The asset management fee was 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 and six months ended June 30, 2017, the properties incurred asset management fees to the Company of approximately $0.2 million and $0.4 million, respectively. For the three and nine months ended September 30, 2016, the properties incurred asset management fees to the Company of approximately $0.2 million and $0.5 million, respectively. Since the fees were paid to the Company (and not the Adviser) by consolidated properties, they have been eliminated in consolidation. However, because the Company’s previous joint venture partners owned a portion of each of a majority of the properties in the Portfolio, prior to the Company’s purchase of 100% of their joint venture interests, they absorbed their pro rata share of the asset management fee. This amount is reflected on the consolidated statements of operations and comprehensive income in the net income 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 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). 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 (the “Contributed Assets Cap”) (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, may 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 and nine months ended September 30, 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. The Contributed Assets Cap 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 September 30, 2017 and 2016, the Company incurred advisory and administrative fees of $1.9 million and $1.7 million, respectively. The amount paid for the three months ended September 30, 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). For the nine months ended September 30, 2017 and 2016, the Company incurred advisory and administrative fees of $5.5 million and $4.9 million, respectively. The amount paid for the nine months ended September 30, 2017 and 2016 represents the maximum fee allowed on Contributed Assets (as defined in the Advisory Agreement) under the Advisory Agreement plus approximately $1.5 million and $0.9 million, respectively, of advisory and administrative fees incurred on New Assets (as defined in the Advisory Agreement). These fees are reflected on the consolidated statements of operations and comprehensive income in advisory and administrative fees. The increase in advisory and administrative fees on New Assets between both 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 and nine months ended September 30, 2017, the Adviser elected to voluntarily waive the advisory and administrative fees incurred on the two properties acquired in December 2016, the property acquired in February 2017 and the property acquired in June 2017, which are considered to be permanently waived for the periods. The Adviser is not contractually obligated to waive fees on New Assets in the future and may cease waiving fees on New Assets at its discretion. Other Related Party Transactions The Company has in the past, and may in the future, utilize the services of affiliated parties. For the nine months ended September 30, 2017 and 2016, the Company paid approximately $1.2 million and $0.6 million, respectively, to NexBank Title, Inc. (“NexBank Title”). NexBank Title is an affiliate of the Adviser through common beneficial ownership. NexBank Title provides title insurance and work related to providing title insurance on properties related to acquisitions, dispositions and refinancing transactions. These amounts are either capitalized as real estate assets or deferred financing costs, expensed as loss on extinguishment of debt and modification costs, or expensed as selling costs when determining gain (loss) on sales of real estate, depending on the appropriate accounting as determined for each specific transaction.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. 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 September 30, 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 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.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events Acquisition of Multifamily Property Subsequent to September 30, 2017, the Company acquired the following property through a 1031 Exchange with the NAVA Portfolio and a reverse 1031 Exchange with Timberglen (anticipated to close in the first quarter of 2018) (dollars in thousands) (unaudited): Property Name Location Date of Acquisition Purchase Price Debt # Units Ownership Atera Dallas, Texas October 25, 2017 $ 59,200 (1) $ 29,500 (2) 380 100 % (1) The Company used approximately $14.1 million of proceeds from the sale of the NAVA Portfolio to fund part of the equity portion of the purchase price. (2) The Company placed a first mortgage on the property with a floating interest rate at 1.48% over one-month LIBOR and an 84-month term that is full-term, interest-only. 2017 Bridge Facility On October 19, 2017, the Company used proceeds from the sale of the NAVA Portfolio to pay down approximately $46.0 million on the 2017 Bridge Facility. On October 26, 2017, the Company, through the OP, amended the 2017 Bridge Facility (the “Extension”) to extend the maturity date on the remaining balance of approximately $8.6 million to March 31, 2018. The Company paid an amendment fee of approximately $34,000 in connection with the Extension. Dividends Declared On October 30, 2017, the Company’s board of directors increased the Company’s quarterly dividend 13.6%, or by $0.03 per share, declaring a quarterly dividend of $0.25 per share, payable on December 29, 2017 to stockholders of record on December 15, 2017.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 have been prepared according to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of September 30, 2017, and results of operations for the three and nine months ended September 30, 2017 and 2016 have been included. Such adjustments are normal and recurring in nature. The interim results presented are not necessarily indicative of future financial results. The unaudited information included in this quarterly report on Form 10-Q should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2016 and notes thereto included in its annual report on Form 10-K filed with the SEC on March 15, 2017. The accompanying unaudited consolidated financial statements are presented in accordance with GAAP. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes to the Company’s significant accounting policies during the nine months ended September 30, 2017.
Principles of Consolidation	Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation
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.
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 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. 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. 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.
Reclassifications	Reclassifications Certain reclassifications have been made to amounts in the prior year consolidated statements of operations and comprehensive income to conform to current year presentations as a result of an accounting policy election to classify certain expenses incurred in connection with the extinguishment or modification of debt separately from interest expense. These expenses are recorded in loss on extinguishment of debt and modification costs on the consolidated statements of operations and comprehensive income. As a result, for the three and nine months ended September 30, 2016, interest expense decreased by approximately $0.9 million and $1.7 million, respectively. See Note 6 for additional information.
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.
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 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 nine months ended September 30, 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 September 30, 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. Second, 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 September 30, 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.
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 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 September 30, 2017 September 30, 2016 Cash and cash equivalents $ 92,695 $ 34,086 Restricted cash 29,417 34,110 Total cash and restricted cash $ 122,112 $ 68,196 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 Accoun21

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 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 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 nine months ended September 30, 2017 and 2016 (in thousands): September 30, 2017 September 30, 2016 Cash and cash equivalents $ 92,695 $ 34,086 Restricted cash 29,417 34,110 Total cash and restricted cash $ 122,112 $ 68,196

Investments in Subsidiaries (Ta

Investments in Subsidiaries (Tables)	9 Months Ended
	Sep. 30, 2017
Schedule Of Investments [Abstract]
Schedule of Investments	The following table represents the Company’s investments as of September 30, 2017 and December 31, 2016: Property Name Location Year Effective Ownership Percentage at September 30, 2017 Effective Ownership Percentage at December 31, 2016 The Miramar Apartments Dallas, Texas 2013 — (1) 100 % Arbors on Forest Ridge Bedford, Texas 2014 100 % (2) 90 % Cutter’s Point Richardson, Texas 2014 100 % (2) 90 % Eagle Crest Irving, Texas 2014 100 % (2) 90 % Silverbrook Grand Prairie, Texas 2014 100 % (2) 90 % Timberglen (3) Dallas, Texas 2014 100 % (2) 90 % Toscana Dallas, Texas 2014 — (1) 90 % The Grove at Alban Frederick, Maryland 2014 — (1) 76 % (4) Edgewater at Sandy Springs Atlanta, Georgia 2014 100 % (2) 90 % Beechwood Terrace Nashville, Tennessee 2014 100 % (2) 90 % Willow Grove Nashville, Tennessee 2014 100 % (2) 90 % Woodbridge Nashville, Tennessee 2014 100 % (2) 90 % Abbington Heights Antioch, Tennessee 2014 100 % (2) 90 % (4) The Summit at Sabal Park Tampa, Florida 2014 100 % (2) 90 % (4) Courtney Cove Tampa, Florida 2014 100 % (2) 90 % (4) Radbourne Lake Charlotte, North Carolina 2014 100 % (2) 90 % (4) Timber Creek Charlotte, North Carolina 2014 100 % (2) 90 % (4) Belmont at Duck Creek Garland, Texas 2014 100 % (2) 90 % (4) The Arbors Tucker, Georgia 2014 — (1) 90 % (4) The Crossings Marietta, Georgia 2014 — (1) 90 % (4) The Crossings at Holcomb Bridge Roswell, Georgia 2014 — (1) 90 % (4) The Knolls Marietta, Georgia 2014 — (1) 90 % (4) Regatta Bay Seabrook, Texas 2014 — (1) 90 % (4) Sabal Palm at Lake Buena Vista Orlando, Florida 2014 100 % (2) 90 % (4) Southpoint Reserve at Stoney Creek (3) Fredericksburg, Virginia 2014 100 % (2) 85 % (4) Cornerstone Orlando, Florida 2015 100 % (2) 90 % (4) Twelve 6 Ten at the Park Dallas, Texas 2015 — (1) 90 % (4) The Preserve at Terrell Mill Marietta, Georgia 2015 100 % (2) 90 % (4) The Ashlar Dallas, Texas 2015 100 % (2) 90 % (4) Heatherstone Dallas, Texas 2015 100 % (2) 90 % (4) Versailles Dallas, Texas 2015 100 % (2) 90 % (4) Seasons 704 Apartments West Palm Beach, Florida 2015 100 % (2) 90 % (4) Madera Point Mesa, Arizona 2015 100 % (2) 95 % The Pointe at the Foothills Mesa, Arizona 2015 100 % (2) 95 % Venue at 8651 Fort Worth, Texas 2015 100 % (2) 95 % Parc500 West Palm Beach, Florida 2016 100 % (2) 91 % The Colonnade Phoenix, Arizona 2016 100 % (2) 97 % Old Farm Houston, Texas 2016 100 % (2) 100 % (5) Stone Creek at Old Farm Houston, Texas 2016 100 % (2) 100 % (5) Hollister Place Houston, Texas 2017 100 % — (6) Rockledge Apartments Marietta, Georgia 2017 100 % — (6) (1) Properties were sold during the nine months ended September 30, 2017. (2) The Company purchased 100% of the ownership interest in the property held by the noncontrolling interest holders on June 30, 2017 (see Note 10). (3) Properties were classified as held for sale as of September 30, 2017. (4) Properties were considered VIEs at December 31, 2016. (5) Properties were Parked Assets and considered VIEs at December 31, 2016. The Company completed the reverse 1031 Exchanges of these properties during the nine months ended September 30, 2017 with the sales of the replacement properties, at which time legal title to the properties transferred to the Company. Upon the transfer of title, the properties were no longer considered Parked Assets or VIEs (see Note 5). (6) Properties were acquired in 2017; therefore, no ownership as of December 31, 2016.

Real Estate Investments Stati23

Real Estate Investments Statistics (Tables)	9 Months Ended
	Sep. 30, 2017
Multifamily Properties
Business Acquisition [Line Items]
Summary of Investment in Multifamily Properties	As of September 30, 2017, the Company is invested in a total of 32 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 September 30, 2017 (2) % Occupied as of December 31, 2016 (2) Arbors on Forest Ridge 155 210 1/31/2014 859 95.2 % 92.9 % Cutter’s Point 198 196 1/31/2014 1,052 94.4 % 93.9 % Eagle Crest 396 447 1/31/2014 876 95.3 % 94.4 % Silverbrook 526 642 1/31/2014 781 95.6 % 93.5 % Timberglen (3) 221 304 1/31/2014 846 95.1 % 92.8 % Edgewater at Sandy Springs 727 760 7/18/2014 929 94.5 % 94.5 % Beechwood Terrace 272 300 7/21/2014 921 96.0 % 95.3 % Willow Grove 229 244 7/21/2014 912 93.4 % 96.7 % Woodbridge 247 220 7/21/2014 945 95.5 % 87.7 % Abbington Heights 239 274 8/1/2014 879 93.8 % 95.3 % The Summit at Sabal Park 205 252 8/20/2014 907 95.2 % 90.9 % Courtney Cove 225 324 8/20/2014 817 93.8 % 94.4 % Radbourne Lake 247 225 9/30/2014 1,059 93.3 % 96.9 % Timber Creek 248 352 9/30/2014 819 95.2 % 95.5 % Belmont at Duck Creek 198 240 9/30/2014 990 95.4 % 95.0 % Sabal Palm at Lake Buena Vista 371 400 11/5/2014 1,158 93.5 % 95.0 % Southpoint Reserve at Stoney Creek (3) 116 156 12/18/2014 1,069 96.8 % 92.9 % Cornerstone 318 430 1/15/2015 910 94.9 % 95.8 % The Preserve at Terrell Mill 692 752 2/6/2015 850 93.1 % 92.0 % The Ashlar 206 264 2/26/2015 819 92.4 % 91.3 % Heatherstone 116 152 2/26/2015 838 94.1 % 92.8 % Versailles 301 388 2/26/2015 860 95.1 % 93.0 % Seasons 704 Apartments 217 222 4/15/2015 1,056 95.9 % 95.0 % Madera Point 193 256 8/5/2015 797 93.8 % 93.8 % The Pointe at the Foothills 473 528 8/5/2015 817 92.2 % 92.2 % Venue at 8651 289 333 10/30/2015 800 94.3 % 90.4 % Parc500 266 217 7/27/2016 1,167 93.5 % 93.5 % The Colonnade 256 415 10/11/2016 695 92.0 % 88.0 % Old Farm 697 734 12/29/2016 1,177 92.8 % 93.6 % Stone Creek at Old Farm 186 190 12/29/2016 1,186 93.7 % 93.2 % Hollister Place 246 260 2/1/2017 969 93.5 % — (4) Rockledge Apartments 802 708 6/30/2017 1,153 91.9 % — (4) 10,078 11,395 (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of September 30, 2017 minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of September 30, 2017. (2) Percent occupied is calculated as the number of units occupied as of September 30, 2017 and December 31, 2016, divided by the total number of units, expressed as a percentage. (3) Properties were classified as held for sale as of September 30, 2017. (4) Properties were acquired in 2017.

Real Estate Investments (Tables

Real Estate Investments (Tables)	9 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
Summary of Major Components of Investments in Multifamily Properties	As of September 30, 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 $ 11,073 $ — $ — $ 794 $ 14,197 Cutter’s Point 3,330 12,995 — — 946 17,271 Eagle Crest 5,450 22,227 — — 1,231 28,908 Silverbrook 4,860 25,643 — — 2,363 32,866 Edgewater at Sandy Springs 14,290 43,959 — 9 4,057 62,315 Beechwood Terrace 1,390 20,662 — 78 1,229 23,359 Willow Grove 3,940 10,739 — — 882 15,561 Woodbridge 3,651 12,995 — 1 1,029 17,676 Abbington Heights 1,770 16,602 — 112 1,101 19,585 The Summit at Sabal Park 5,770 13,355 — — 1,107 20,232 Courtney Cove 5,880 12,913 — — 1,055 19,848 Radbourne Lake 2,440 21,801 — 5 1,255 25,501 Timber Creek 11,260 13,429 — — 1,086 25,775 Belmont at Duck Creek 1,910 17,157 — — 1,170 20,237 Sabal Palm at Lake Buena Vista 7,580 41,173 — — 1,024 49,777 Cornerstone 1,500 30,357 — — 1,395 33,252 The Preserve at Terrell Mill 10,170 48,609 — — 3,895 62,674 The Ashlar 4,090 12,631 — — 1,459 18,180 Heatherstone 2,320 7,862 — — 909 11,091 Versailles 6,720 19,735 — 6 2,155 28,616 Seasons 704 Apartments 7,480 14,071 — 2 867 22,420 Madera Point 4,920 17,369 — 43 1,130 23,462 The Pointe at the Foothills 4,840 46,402 — 108 1,669 53,019 Venue at 8651 2,350 16,910 — 813 1,744 21,817 Parc500 3,860 19,297 — 589 1,217 24,963 The Colonnade 8,340 36,677 — 55 805 45,877 Old Farm 11,078 69,718 — 29 1,304 82,129 Stone Creek at Old Farm 3,493 19,123 — — 350 22,966 Hollister Place 2,782 20,719 — — 593 24,094 Rockledge Apartments 17,451 92,296 3,021 — 1,369 114,137 167,245 768,499 3,021 1,850 41,190 981,805 Accumulated depreciation and amortization — (57,876 ) (1,007 ) — (19,504 ) (78,387 ) Total Operating Properties $ 167,245 $ 710,623 $ 2,014 $ 1,850 $ 21,686 $ 903,418 Held For Sale Properties Timberglen 2,510 14,718 — — 1,049 18,277 Southpoint Reserve at Stoney Creek 6,120 11,252 — — 663 18,035 8,630 25,970 — — 1,712 36,312 Accumulated depreciation and amortization — (2,630 ) — — (767 ) (3,397 ) Total Held For Sale Properties $ 8,630 $ 23,340 $ — $ — $ 945 $ 32,915 Total $ 175,875 $ 733,963 $ 2,014 $ 1,850 $ 22,631 $ 936,333 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 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 acquisitions of real estate during the nine months ended September 30, 2017 (dollars in thousands); Property Name Location Date of Acquisition Purchase Price Debt (1) # Units Effective Ownership Hollister Place Houston, Texas February 1, 2017 $ 24,500 $ 24,500 260 100 % Rockledge Apartments Marietta, Georgia June 30, 2017 113,500 113,500 708 100 % $ 138,000 $ 138,000 968 (1) For additional information regarding the Company’s debt, see Note 6.
Summary of Sold Properties	The following table presents the Company’s sales of real estate during the nine months ended September 30, 2017 (in thousands). The Company sold seven properties for approximately $134.0 million during the nine months ended September 30, 2016. Property Name Location Date of Sale Sales Price Net Cash Proceeds Gain on Sale of Real Estate The Miramar Apartments (2) Dallas, Texas April 3, 2017 $ 16,550 $ 16,326 $ 6,368 Toscana (3) Dallas, Texas April 3, 2017 13,250 13,040 4,283 The Grove at Alban Frederick, Maryland April 3, 2017 27,500 27,021 4,514 Twelve 6 Ten at the Park (2) Dallas, Texas April 27, 2017 26,600 26,349 4,731 Regatta Bay (4) Seabrook, Texas July 14, 2017 28,200 27,670 10,423 The Arbors, The Crossings, The Crossings at Holcomb Bridge and The Knolls (5) Atlanta, Georgia September 29, 2017 116,000 114,010 48,067 $ 228,100 $ 224,416 (6) $ 78,386 (1) Represents sales price, net of closing costs. (2) The Company completed the reverse 1031 Exchange of Old Farm with the sales of The Miramar Apartments and Twelve 6 Ten at the Park. (3) The Company completed the reverse 1031 Exchange of Stone Creek at Old Farm with the sale of Toscana. (4) The Company completed the reverse 1031 Exchange of Hollister Place with the sale of Regatta Bay. (5) Properties were sold as a portfolio. The Company completed the reverse 1031 Exchange of Rockledge Apartments with the sales of The Arbors, The Crossings, The Crossings at Holcomb Bridge and The Knolls (the “NAVA Portfolio”). Approximately $14.1 million of the proceeds from the sale of the NAVA Portfolio was placed with a qualified intermediary for use in a forward 1031 Exchange that was completed on October 25, 2017 (see Note 13). (6) During the nine months ended September 30, 2017, the Company used cash on hand plus its share of the proceeds, net of mortgage repayments and distributions to noncontrolling interests, from the sales of these properties to repay the entire $30.0 million outstanding on its 2016 bridge facility, which retired the bridge facility, to pay down $10.0 million on its $30.0 million credit facility and to pay down approximately $11.3 million on its 2017 bridge facility (see Note 6).

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2017 (dollars in thousands): Operating Properties Type Term Outstanding Principal (1) Interest Rate (2) Maturity Date Arbors on Forest Ridge (3) Floating 84 $ 13,130 2.91% 7/1/2024 Cutter's Point (3) Floating 84 16,640 2.91% 7/1/2024 Eagle Crest (3) Floating 84 29,510 2.91% 7/1/2024 Silverbrook (3) Floating 84 30,590 2.91% 7/1/2024 Edgewater at Sandy Springs (3) Floating 84 52,000 2.91% 7/1/2024 Beechwood Terrace (3) Floating 84 20,150 2.91% 7/1/2024 Willow Grove (3) Floating 84 14,818 3.01% 7/1/2024 Woodbridge (3) Floating 84 13,677 3.01% 7/1/2024 The Summit at Sabal Park (3) Floating 84 13,560 2.85% 7/1/2024 Courtney Cove (3) Floating 84 13,680 2.85% 7/1/2024 The Preserve at Terrell Mill (3) Floating 84 42,480 2.85% 7/1/2024 The Ashlar (3) Floating 84 14,520 2.85% 7/1/2024 Heatherstone (3) Floating 84 8,880 2.85% 7/1/2024 Versailles (3) Floating 84 23,880 2.85% 7/1/2024 Seasons 704 Apartments (3) Floating 84 17,460 2.85% 7/1/2024 Madera Point (3) Floating 84 15,150 2.85% 7/1/2024 The Pointe at the Foothills (3) Floating 84 34,800 2.85% 7/1/2024 Venue at 8651 (3) Floating 84 13,734 3.01% 7/1/2024 The Colonnade (3) Floating 84 28,093 2.91% 7/1/2024 Old Farm (3) Floating 84 52,886 2.91% 7/1/2024 Stone Creek at Old Farm (3) Floating 84 15,274 2.91% 7/1/2024 Timber Creek (4) Floating 120 19,482 3.05% 10/1/2024 Radbourne Lake (4) Floating 120 19,213 3.04% 10/1/2024 Sabal Palm at Lake Buena Vista (4) Floating 120 37,680 3.04% 12/1/2024 Abbington Heights (5) Fixed 120 10,053 3.79% 9/1/2022 Belmont at Duck Creek (6) Fixed 84 10,995 4.68% 9/1/2018 Cornerstone (7) Fixed 120 22,771 4.24% 3/1/2023 Parc500 (8) Fixed 120 15,793 4.49% 8/1/2025 Hollister Place (3) Floating 84 13,475 3.47% 2/1/2024 Rockledge Apartments (3) Floating 84 68,100 2.80% 7/1/2024 $ 702,474 Fair market value adjustment 852 (9) Deferred financing costs, net of accumulated amortization of $592 (8,358 ) $ 694,968 Held for Sale Properties Timberglen (3) Floating 84 17,226 3.11% 7/1/2024 Southpoint Reserve at Stoney Creek (3) Floating 84 13,600 3.34% 1/1/2022 $ 30,826 Deferred financing costs, net of accumulated amortization of $80 (499 ) $ 30,327 (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 fixed rate mortgage debt. One-month LIBOR as of September 30, 2017 was 1.2322%. (3) Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13 th st (4) Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13 th th (5) 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. (6) 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. (7) 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 September 30, 2017, the total indebtedness secured by the property had a blended interest rate of 4.24%. (8) 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. (9) The Company reflected valuation adjustments on its fixed rate debt for Belmont at Duck Creek and Parc500 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.
Sale of Properties and Repayment of Related Mortgage Loans	During the nine months ended September 30, 2017, the Company sold nine properties and repaid the related mortgage loans that encumbered eight of the properties, as detailed in the table below (in thousands): Property Name Date of Sale Type Outstanding Principal (1) The Miramar Apartments April 3, 2017 Floating $ 8,400 The Grove at Alban April 3, 2017 Floating 18,374 Twelve 6 Ten at the Park April 27, 2017 Floating 15,711 Regatta Bay July 14, 2017 Floating 14,000 The Arbors, The Crossings, The Crossings at Holcomb Bridge and The Knolls (2) September 29, 2017 Floating 50,177 $ 106,662 (1) Represents the outstanding principal balance when the loan was repaid. (2) Properties were sold as a portfolio.
Summary of Credit and Bridge Facilities	The following table contains summary information concerning the Company’s credit and bridge facilities as of September Type Term Amortization (months) Outstanding Principal Interest Rate (1) Maturity Date $30 Million Credit Facility Floating 24 360 $ 30,000 5.23% 12/29/2018 Deferred financing costs, net of accumulated amortization of $115 (197 ) $ 29,803 2017 Bridge Facility Floating 4 360 $ 54,597 4.98% 10/31/2017 Deferred financing costs, net of accumulated amortization of $198 (66 ) $ 54,531 (1) Interest rate is based on one-month LIBOR plus an applicable margin. One-month LIBOR as of September 30, 2017 was 1.2322%.
Schedule of Debt Maturities	The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to September 30, 2017 are as follows (in thousands): Operating Properties & Other Secured Debt Held For Sale Properties Total 2017 $ 54,993 $ — $ 54,993 2018 43,352 276 43,628 2019 2,448 309 2,757 2020 2,483 316 2,799 2021 2,531 326 2,857 Thereafter 681,264 29,599 710,863 Total $ 787,071 $ 30,826 $ 817,897

Fair Value of Derivative and 26

Fair Value of Derivative and Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Summary of Company's Outstanding Interest Rate Swaps	As of September 30, 2017, the Company had the following outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk (dollars in thousands): Effective Date Termination Date Notional Fixed Rate Floating Rate Option (1) July 1, 2016 June 1, 2021 $ 100,000 1.1055 % One-month LIBOR July 1, 2016 June 1, 2021 100,000 1.0210 % One-month LIBOR July 1, 2016 June 1, 2021 100,000 0.9000 % One-month LIBOR September 1, 2016 June 1, 2021 100,000 0.9560 % One-month LIBOR April 1, 2017 April 1, 2022 100,000 1.9570 % One-month LIBOR May 1, 2017 April 1, 2022 50,000 1.9610 % One-month LIBOR July 1, 2017 July 1, 2022 100,000 1.7820 % One-month LIBOR $ 650,000 1.3388 % (2) (1) As of September 30, 2017, one-month LIBOR was 1.2322%. (2) Represents the weighted average fixed rate of the interest rate swaps.
Schedule of Outstanding Interest Rate Derivatives	As of September 30, 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 17 $ 293,184
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 September 30, 2017 and December 31, 2016 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location September 30, 2017 December 31, 2016 September 30, 2017 December 31, 2016 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ 11,759 $ 12,413 $ 713 (1) $ — Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets — 5 — — Total $ 11,759 $ 12,418 $ 713 $ — (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 for the three and nine months ended September 30, 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 September 30, Interest rate products (241 ) (1,576 ) Interest expense (360 ) (479 ) Interest expense (63 ) (1) 599 For the nine months ended September 30, Interest rate products (2,162 ) (1,619 ) Interest expense (1,142 ) (491 ) Interest expense (88 ) (2) 599 * 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. (2) Includes approximately $185,000 of loss reclassified from OCI for missed forecasted transactions due to hedged forecasted transactions being no longer probable. Location of gain (loss) Amount of gain (loss) recognized in income on derivative recognized in income 2017 2016 Derivatives not designated as hedging instruments: For the three months ended September 30, Interest rate products Interest expense — (2 ) For the nine months ended September 30, Interest rate products Interest expense (5 ) (8 )

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2017: 2017 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 209,797 $ 19.20 Granted 219,802 22.57 Vested (110,257 ) 19.20 Forfeited — — Outstanding September 30, 319,342 (1) $ 21.52 (1) 49,768 restricted stock units vest in August 2018 and 49,772 restricted stock units vest in August 2019. 80,742 restricted stock units vest in March 2018 and 69,530 restricted stock units vest in each of March 2019 and March 2020.

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share for the periods presented (in thousands, except per share amounts): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Numerator for earnings per share: Net income $ 54,076 $ 8,825 $ 60,702 $ 25,712 Net income attributable to noncontrolling interests — 1,735 2,836 4,047 Net income attributable to redeemable noncontrolling interests in the Operating Partnership 162 — 162 — Net income attributable to common stockholders $ 53,914 $ 7,090 $ 57,704 $ 21,665 Denominator for earnings per share: Weighted average common shares outstanding 21,085 21,260 21,057 21,282 Denominator for basic earnings per share 21,085 21,260 21,057 21,282 Unvested restricted stock units 368 116 350 40 Denominator for diluted earnings per share 21,453 21,376 21,407 21,322 Earnings per weighted average common share: Basic $ 2.56 $ 0.33 $ 2.74 $ 1.02 Diluted $ 2.51 $ 0.33 $ 2.70 $ 1.02

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	9 Months Ended
	Sep. 30, 2017
Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interests	The following table sets forth the redeemable noncontrolling interests in the OP for the nine months ended September 30, 2017 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2016 $ — Issuance of redeemable noncontrolling interests in the OP 2,000 Net income attributable to redeemable noncontrolling interests in the OP 162 Other comprehensive income attributable to redeemable noncontrolling interests in the OP 1 Distributions to redeemable noncontrolling interests in the OP (53 ) Redeemable noncontrolling interests in the OP, September 30, 2017 $ 2,110

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2017 and 2016 (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Fees incurred Property management fees (1) $ 1,110 $ 989 $ 3,280 $ 3,007 Construction supervision fees (2) 213 247 651 624 Acquisition fees (3) — 139 505 139 Reimbursements Payroll and benefits (4) 4,131 4,140 11,855 12,212 Other reimbursements (5) 432 460 1,457 1,465 (1) Included in property management fees on the consolidated statements of operations and comprehensive income. (2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Includes due diligence costs. Acquisition fees incurred prior to October 1, 2016 are included in acquisition costs on the consolidated statements of operations and comprehensive income. Acquisition fees incurred for the period beginning on October 1, 2016 are capitalized to operating real estate assets on the consolidated balance sheets. (4) Included in property operating expenses on the consolidated statements of operations and comprehensive income. (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.

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2017
Schedule for Acquisitions of Real Estate	The following table presents the Company’s acquisitions of real estate during the nine months ended September 30, 2017 (dollars in thousands); Property Name Location Date of Acquisition Purchase Price Debt (1) # Units Effective Ownership Hollister Place Houston, Texas February 1, 2017 $ 24,500 $ 24,500 260 100 % Rockledge Apartments Marietta, Georgia June 30, 2017 113,500 113,500 708 100 % $ 138,000 $ 138,000 968 (1) For additional information regarding the Company’s debt, see Note 6.
Multifamily Properties
Schedule for Acquisitions of Real Estate	Subsequent to September 30, 2017, the Company acquired the following property through a 1031 Exchange with the NAVA Portfolio and a reverse 1031 Exchange with Timberglen (anticipated to close in the first quarter of 2018) (dollars in thousands) (unaudited): Property Name Location Date of Acquisition Purchase Price Debt # Units Ownership Atera Dallas, Texas October 25, 2017 $ 59,200 (1) $ 29,500 (2) 380 100 % (1) The Company used approximately $14.1 million of proceeds from the sale of the NAVA Portfolio to fund part of the equity portion of the purchase price. (2) The Company placed a first mortgage on the property with a floating interest rate at 1.48% over one-month LIBOR and an 84-month term that is full-term, interest-only.

Organization and Description 32

Organization and Description of Business - Additional Information (Details)	9 Months Ended
	Sep. 30, 2017shares
Real Estate Properties [Line Items]
Date of incorporation	Sep. 19, 2014
OP Units, outstanding	21,116,902
OP Units, outstanding owned by company	21,043,669
Percentage of OP Units, outstanding owned by company	99.70%
OP Units, outstanding owned by unaffiliated limited partner	73,233
Percentage of OP Units, outstanding owned by unaffiliated limited partner	0.30%
Maximum
Real Estate Properties [Line Items]
Investments in real estate-related debt and securities	30.00%
OP
Real Estate Properties [Line Items]
Percentage of ownership in portfolio	99.90%
TRS
Real Estate Properties [Line Items]
Percentage of ownership in portfolio	0.10%

Summary of Significant Accoun33

Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	9 Months Ended
	Sep. 30, 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 Accoun34

Summary of Significant Accounting Policies - Additional Information (Details)	Jan. 01, 2016USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)Segment	Sep. 30, 2016USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of reportable segments | Segment			1
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
Net cash provided by operating activities			27,499,000	$ 26,281,000
Net cash used in investing activities			67,618,000	105,865,000
Increase (decrease) in cash and restricted cash			$ 66,851,000	5,101,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Percentage of uncertain tax positions likelihood of being sustained			50.00%
Reclassifications
Summary Of Significant Accounting Policies [Line Items]
Interest expense decreased		$ 900,000		1,700,000
Reclassification of deferred financing costs, net | ASU 2016-18
Summary Of Significant Accounting Policies [Line Items]
Net cash provided by operating activities				(2,200,000)
Net cash used in investing activities				$ 10,600,000
Increase (decrease) in cash and restricted cash	$ 46,900,000

Summary of Significant Accoun35

Summary of Significant Accounting Policies - Summary of Company's Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Cash And Cash Equivalents [Abstract]
Cash and cash equivalents	$ 92,695	$ 22,705	$ 34,086
Restricted cash	29,417	32,556	34,110
Total cash and restricted cash	$ 122,112	$ 55,261	$ 68,196	$ 63,095

Investments in Subsidiaries - A

Investments in Subsidiaries - Additional Information (Details)	9 Months Ended
	Sep. 30, 2017subsidiary
Schedule Of Investments [Abstract]
Consolidated investment in single-asset LLCs	100.00%
Number of wholly owned subsidiaries	32

Investments in Subsidiaries - S

Investments in Subsidiaries - Schedule of Investments (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, wholly owned subsidiary	100.00%
The Miramar Apartments | Dallas | Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,013
Effective ownership percentage, wholly owned subsidiary		100.00%
Arbors on Forest Ridge | Bedford | Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,014
Effective ownership percentage, wholly owned subsidiary	100.00%	90.00%
Cutter’s Point | Richardson | Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,014
Effective ownership percentage, wholly owned subsidiary	100.00%	90.00%
Eagle Crest | Irving | Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,014
Effective ownership percentage, wholly owned subsidiary	100.00%	90.00%
Silverbrook | Grand Prairie | Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,014
Effective ownership percentage, wholly owned subsidiary	100.00%	90.00%
Timberglen | Dallas | Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,014
Effective ownership percentage, wholly owned subsidiary	100.00%	90.00%
Toscana | Dallas | Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,014
Effective ownership percentage, wholly owned subsidiary		90.00%
The Grove at Alban | Frederick | Maryland
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,014
The Grove at Alban | Frederick | Maryland | Variable Interest Entities
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, variable interest entities		76.00%
Edgewater at Sandy Springs | Atlanta | Georgia
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,014
Effective ownership percentage, wholly owned subsidiary	100.00%	90.00%
Beechwood Terrace | Nashville | Tennessee
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,014
Effective ownership percentage, wholly owned subsidiary	100.00%	90.00%
Willow Grove | Nashville | Tennessee
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,014
Effective ownership percentage, wholly owned subsidiary	100.00%	90.00%
Woodbridge | Nashville | Tennessee
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,014
Effective ownership percentage, wholly owned subsidiary	100.00%	90.00%
Abbington Heights | Antioch | Tennessee
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,014
Effective ownership percentage, wholly owned subsidiary	100.00%
Abbington Heights | Antioch | Tennessee | Variable Interest Entities
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, variable interest entities		90.00%
The Summit at Sabal Park | Tampa | Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,014
Effective ownership percentage, wholly owned subsidiary	100.00%
The Summit at Sabal Park | Tampa | Florida | Variable Interest Entities
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, variable interest entities		90.00%
Courtney Cove | Tampa | Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,014
Effective ownership percentage, wholly owned subsidiary	100.00%
Courtney Cove | Tampa | Florida | Variable Interest Entities
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, variable interest entities		90.00%
Radbourne Lake | Charlotte | North Carolina
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,014
Effective ownership percentage, wholly owned subsidiary	100.00%
Radbourne Lake | Charlotte | North Carolina | Variable Interest Entities
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, variable interest entities		90.00%
Timber Creek | Charlotte | North Carolina
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,014
Effective ownership percentage, wholly owned subsidiary	100.00%
Timber Creek | Charlotte | North Carolina | Variable Interest Entities
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, variable interest entities		90.00%
Belmont at Duck Creek | Garland | Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,014
Effective ownership percentage, wholly owned subsidiary	100.00%
Belmont at Duck Creek | Garland | Texas | Variable Interest Entities
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, variable interest entities		90.00%
The Arbors | Tucker | Georgia
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,014
The Arbors | Tucker | Georgia | Variable Interest Entities
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, variable interest entities		90.00%
The Crossings | Marietta | Georgia
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,014
The Crossings | Marietta | Georgia | Variable Interest Entities
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, variable interest entities		90.00%
The Crossings at Holcomb Bridge | Roswell | Georgia
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,014
The Crossings at Holcomb Bridge | Roswell | Georgia | Variable Interest Entities
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, variable interest entities		90.00%
The Knolls | Marietta | Georgia
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,014
The Knolls | Marietta | Georgia | Variable Interest Entities
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, variable interest entities		90.00%
Regatta Bay | Seabrook | Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,014
Regatta Bay | Seabrook | Texas | Variable Interest Entities
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, variable interest entities		90.00%
Sabal Palm at Lake Buena Vista | Orlando | Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,014
Effective ownership percentage, wholly owned subsidiary	100.00%
Sabal Palm at Lake Buena Vista | Orlando | Florida | Variable Interest Entities
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, variable interest entities		90.00%
Southpoint Reserve at Stoney Creek | Fredericksburg | Virginia
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,014
Effective ownership percentage, wholly owned subsidiary	100.00%
Southpoint Reserve at Stoney Creek | Fredericksburg | Virginia | Variable Interest Entities
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, variable interest entities		85.00%
Cornerstone | Orlando | Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,015
Effective ownership percentage, wholly owned subsidiary	100.00%
Cornerstone | Orlando | Florida | Variable Interest Entities
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, variable interest entities		90.00%
Twelve 6 Ten at the Park | Dallas | Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,015
Twelve 6 Ten at the Park | Dallas | Texas | Variable Interest Entities
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, variable interest entities		90.00%
The Preserve at Terrell Mill | Marietta | Georgia
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,015
Effective ownership percentage, wholly owned subsidiary	100.00%
The Preserve at Terrell Mill | Marietta | Georgia | Variable Interest Entities
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, variable interest entities		90.00%
The Ashlar | Dallas | Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,015
Effective ownership percentage, wholly owned subsidiary	100.00%
The Ashlar | Dallas | Texas | Variable Interest Entities
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, variable interest entities		90.00%
Heatherstone | Dallas | Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,015
Effective ownership percentage, wholly owned subsidiary	100.00%
Heatherstone | Dallas | Texas | Variable Interest Entities
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, variable interest entities		90.00%
Versailles | Dallas | Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,015
Effective ownership percentage, wholly owned subsidiary	100.00%
Versailles | Dallas | Texas | Variable Interest Entities
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, variable interest entities		90.00%
Seasons 704 Apartments | West Palm Beach | Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,015
Effective ownership percentage, wholly owned subsidiary	100.00%
Seasons 704 Apartments | West Palm Beach | Florida | Variable Interest Entities
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, variable interest entities		90.00%
Madera Point | Mesa | Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,015
Effective ownership percentage, wholly owned subsidiary	100.00%	95.00%
The Pointe at the Foothills | Mesa | Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,015
Effective ownership percentage, wholly owned subsidiary	100.00%	95.00%
Venue at 8651 | Fort Worth | Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,015
Effective ownership percentage, wholly owned subsidiary	100.00%	95.00%
Parc500 | West Palm Beach | Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,016
Effective ownership percentage, wholly owned subsidiary	100.00%	91.00%
The Colonnade | Phoenix | Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,016
Effective ownership percentage, wholly owned subsidiary	100.00%	97.00%
Old Farm | Houston | Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,016
Effective ownership percentage, wholly owned subsidiary	100.00%
Old Farm | Houston | Texas | Variable Interest Entities
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, variable interest entities		100.00%
Stone Creek at Old Farm | Houston | Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,016
Effective ownership percentage, wholly owned subsidiary	100.00%
Stone Creek at Old Farm | Houston | Texas | Variable Interest Entities
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, variable interest entities		100.00%
Hollister Place | Houston | Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,017
Effective ownership percentage, wholly owned subsidiary	100.00%
Rockledge Apartments | Marietta | Georgia
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,017
Effective ownership percentage, wholly owned subsidiary	100.00%

Investments in Subsidiaries -38

Investments in Subsidiaries - Schedule of Investments (Parenthetical) (Details)	Sep. 30, 2017
Voting Interest Entities | Noncontrolling Interests
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Acquisition of ownership interest in property held by noncontrolling interest, percentage	100.00%

Real Estate Investments Stati39

Real Estate Investments Statistics - Additional Information (Details)	Sep. 30, 2017Property
Multifamily Properties
Business Acquisition [Line Items]
Number of multifamily properties	32

Real Estate Investments Stati40

Real Estate Investments Statistics - Summary of Investment in Multifamily Properties (Details) ft² in Thousands		9 Months Ended
		Sep. 30, 2017ft²Property$ / Units	Dec. 31, 2016
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		10,078
Number of Units | Property		11,395
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	[1]	859
% Occupied	[2]	95.20%	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	[1]	1,052
% Occupied	[2]	94.40%	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	[1]	876
% Occupied	[2]	95.30%	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	[1]	781
% Occupied	[2]	95.60%	93.50%
Timberglen
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[3]	221
Number of Units | Property	[3]	304
Date Acquired	[3]	Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[3]	846
% Occupied	[2],[3]	95.10%	92.80%
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	[1]	929
% Occupied	[2]	94.50%	94.50%
Beechwood Terrace
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		272
Number of Units | Property		300
Date Acquired		Jul. 21, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1]	921
% Occupied	[2]	96.00%	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	[1]	912
% Occupied	[2]	93.40%	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	[1]	945
% Occupied	[2]	95.50%	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	[1]	879
% Occupied	[2]	93.80%	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	[1]	907
% Occupied	[2]	95.20%	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	[1]	817
% Occupied	[2]	93.80%	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	[1]	1,059
% Occupied	[2]	93.30%	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	[1]	819
% Occupied	[2]	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	[1]	990
% Occupied	[2]	95.40%	95.00%
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	[1]	1,158
% Occupied	[2]	93.50%	95.00%
Southpoint Reserve at Stoney Creek
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[3]	116
Number of Units | Property	[3]	156
Date Acquired	[3]	Dec. 18, 2014
Average Effective Monthly Rent Per Unit | $ / Units	[1],[3]	1,069
% Occupied	[2],[3]	96.80%	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	[1]	910
% Occupied	[2]	94.90%	95.80%
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	[1]	850
% Occupied	[2]	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	[1]	819
% Occupied	[2]	92.40%	91.30%
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	[1]	838
% Occupied	[2]	94.10%	92.80%
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	[1]	860
% Occupied	[2]	95.10%	93.00%
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	[1]	1,056
% Occupied	[2]	95.90%	95.00%
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	[1]	797
% Occupied	[2]	93.80%	93.80%
The Pointe at the Foothills
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		473
Number of Units | Property		528
Date Acquired		Aug. 5, 2015
Average Effective Monthly Rent Per Unit | $ / Units	[1]	817
% Occupied	[2]	92.20%	92.20%
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	[1]	800
% Occupied	[2]	94.30%	90.40%
Parc500
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	[1]	1,167
% Occupied	[2]	93.50%	93.50%
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	[1]	695
% Occupied	[2]	92.00%	88.00%
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	[1]	1,177
% Occupied	[2]	92.80%	93.60%
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	[1]	1,186
% Occupied	[2]	93.70%	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	[1]	969
% Occupied	[2]	93.50%
Rockledge Apartments
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		802
Number of Units | Property		708
Date Acquired		Jun. 30, 2017
Average Effective Monthly Rent Per Unit | $ / Units	[1]	1,153
% Occupied	[2]	91.90%
[1]	Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of September 30, 2017 minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of September 30, 2017
[2]	Percent occupied is calculated as the number of units occupied as of September 30, 2017 and December 31, 2016, divided by the total number of units, expressed as a percentage.
[3]	Properties were classified as held for sale as of September 30, 2017.

Real Estate Investments - Summa

Real Estate Investments - Summary of Major Components of Investments in Multifamily Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Real Estate Properties [Line Items]
Land	$ 167,245	$ 165,863
Buildings and improvements	768,499	733,374
Intangible lease assets	3,021	5,140
Construction in progress	1,850	2,828
Furniture, fixtures, and equipment	41,190	36,616
Real estate investment, gross	981,805	943,821
Accumulated depreciation and amortization	(78,387)	(60,214)
Total Net Operating Real Estate Investments	903,418	883,607
Accumulated depreciation and amortization	(3,397)	(6,099)
Total Held For Sale Properties	32,915	79,430
Total Net Real Estate Investments	936,333	963,037
Multifamily Properties
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	(3,397)	(6,098)
Total Held For Sale Properties	32,915	79,430
Total Net Real Estate Investments	936,333	963,037
Multifamily Properties | Intangible Lease Assets
Real Estate Properties [Line Items]
Total Net Real Estate Investments	2,014	4,490
Multifamily Properties | Land
Real Estate Properties [Line Items]
Total Held For Sale Properties	8,630	16,680
Total Net Real Estate Investments	175,875	182,543
Multifamily Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	(2,630)	(4,896)
Total Held For Sale Properties	23,340	59,654
Total Net Real Estate Investments	733,963	746,984
Multifamily Properties | Construction in Progress
Real Estate Properties [Line Items]
Total Held For Sale Properties		55
Total Net Real Estate Investments	1,850	2,883
Multifamily Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	(767)	(1,202)
Total Held For Sale Properties	945	3,041
Total Net Real Estate Investments	22,631	26,137
Multifamily Properties | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross	36,312	85,528
Multifamily Properties | Held For Sale Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross	8,630	16,680
Multifamily Properties | Held For Sale Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	25,970	64,550
Multifamily Properties | Held For Sale Properties | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		55
Multifamily Properties | Held For Sale Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,712	4,243
Multifamily Properties | Arbors on Forest Ridge
Real Estate Properties [Line Items]
Land	2,330	2,330
Buildings and improvements	11,073	11,014
Construction in progress		3
Furniture, fixtures, and equipment	794	717
Real estate investment, gross	14,197	14,064
Multifamily Properties | Cutter’s Point
Real Estate Properties [Line Items]
Land	3,330	3,330
Buildings and improvements	12,995	12,871
Furniture, fixtures, and equipment	946	810
Real estate investment, gross	17,271	17,011
Multifamily Properties | Eagle Crest
Real Estate Properties [Line Items]
Land	5,450	5,450
Buildings and improvements	22,227	21,990
Furniture, fixtures, and equipment	1,231	1,052
Real estate investment, gross	28,908	28,492
Multifamily Properties | Silverbrook
Real Estate Properties [Line Items]
Land	4,860	4,860
Buildings and improvements	25,643	25,335
Furniture, fixtures, and equipment	2,363	1,996
Real estate investment, gross	32,866	32,191
Multifamily Properties | Timberglen
Real Estate Properties [Line Items]
Land		2,510
Buildings and improvements		14,527
Furniture, fixtures, and equipment		894
Real estate investment, gross		17,931
Multifamily Properties | Timberglen | Held For Sale Properties
Real Estate Properties [Line Items]
Land	2,510
Buildings and improvements	14,718
Furniture, fixtures, and equipment	1,049
Real estate investment, gross	18,277
Multifamily Properties | Edgewater at Sandy Springs
Real Estate Properties [Line Items]
Land	14,290	14,290
Buildings and improvements	43,959	43,709
Construction in progress	9	123
Furniture, fixtures, and equipment	4,057	3,295
Real estate investment, gross	62,315	61,417
Multifamily Properties | Beechwood Terrace
Real Estate Properties [Line Items]
Land	1,390	1,390
Buildings and improvements	20,662	20,561
Construction in progress	78
Furniture, fixtures, and equipment	1,229	940
Real estate investment, gross	23,359	22,891
Multifamily Properties | Willow Grove
Real Estate Properties [Line Items]
Land	3,940	3,940
Buildings and improvements	10,739	10,672
Furniture, fixtures, and equipment	882	668
Real estate investment, gross	15,561	15,280
Multifamily Properties | Woodbridge
Real Estate Properties [Line Items]
Land	3,651	3,650
Buildings and improvements	12,995	12,708
Construction in progress	1	215
Furniture, fixtures, and equipment	1,029	759
Real estate investment, gross	17,676	17,332
Multifamily Properties | Abbington Heights
Real Estate Properties [Line Items]
Land	1,770	1,770
Buildings and improvements	16,602	16,426
Construction in progress	112	75
Furniture, fixtures, and equipment	1,101	916
Real estate investment, gross	19,585	19,187
Multifamily Properties | The Summit at Sabal Park
Real Estate Properties [Line Items]
Land	5,770	5,770
Buildings and improvements	13,355	13,342
Construction in progress		9
Furniture, fixtures, and equipment	1,107	956
Real estate investment, gross	20,232	20,077
Multifamily Properties | Courtney Cove
Real Estate Properties [Line Items]
Land	5,880	5,880
Buildings and improvements	12,913	12,886
Construction in progress		42
Furniture, fixtures, and equipment	1,055	910
Real estate investment, gross	19,848	19,718
Multifamily Properties | Radbourne Lake
Real Estate Properties [Line Items]
Land	2,440	2,440
Buildings and improvements	21,801	21,445
Construction in progress	5	257
Furniture, fixtures, and equipment	1,255	1,025
Real estate investment, gross	25,501	25,167
Multifamily Properties | Timber Creek
Real Estate Properties [Line Items]
Land	11,260	11,260
Buildings and improvements	13,429	13,252
Construction in progress		69
Furniture, fixtures, and equipment	1,086	864
Real estate investment, gross	25,775	25,445
Multifamily Properties | Belmont at Duck Creek
Real Estate Properties [Line Items]
Land	1,910	1,910
Buildings and improvements	17,157	17,034
Furniture, fixtures, and equipment	1,170	941
Real estate investment, gross	20,237	19,885
Multifamily Properties | The Arbors
Real Estate Properties [Line Items]
Land		1,730
Buildings and improvements		6,587
Construction in progress		5
Furniture, fixtures, and equipment		413
Real estate investment, gross		8,735
Multifamily Properties | The Crossings
Real Estate Properties [Line Items]
Land		3,982
Buildings and improvements		17,662
Construction in progress		155
Furniture, fixtures, and equipment		1,429
Real estate investment, gross		23,228
Multifamily Properties | The Crossings at Holcomb Bridge
Real Estate Properties [Line Items]
Land		5,560
Buildings and improvements		10,925
Furniture, fixtures, and equipment		1,178
Real estate investment, gross		17,663
Multifamily Properties | The Knolls
Real Estate Properties [Line Items]
Land		3,410
Buildings and improvements		17,707
Construction in progress		8
Furniture, fixtures, and equipment		1,615
Real estate investment, gross		22,740
Multifamily Properties | Regatta Bay
Real Estate Properties [Line Items]
Land		1,660
Buildings and improvements		16,155
Construction in progress		89
Furniture, fixtures, and equipment		891
Real estate investment, gross		18,795
Multifamily Properties | Sabal Palm at Lake Buena Vista
Real Estate Properties [Line Items]
Land	7,580	7,580
Buildings and improvements	41,173	41,147
Construction in progress		3
Furniture, fixtures, and equipment	1,024	874
Real estate investment, gross	49,777	49,604
Multifamily Properties | Cornerstone
Real Estate Properties [Line Items]
Land	1,500	1,500
Buildings and improvements	30,357	30,354
Construction in progress		29
Furniture, fixtures, and equipment	1,395	906
Real estate investment, gross	33,252	32,789
Multifamily Properties | The Preserve at Terrell Mill
Real Estate Properties [Line Items]
Land	10,170	10,170
Buildings and improvements	48,609	48,163
Construction in progress		516
Furniture, fixtures, and equipment	3,895	2,872
Real estate investment, gross	62,674	61,721
Multifamily Properties | The Ashlar
Real Estate Properties [Line Items]
Land	4,090	4,090
Buildings and improvements	12,631	12,348
Construction in progress		124
Furniture, fixtures, and equipment	1,459	1,129
Real estate investment, gross	18,180	17,691
Multifamily Properties | Heatherstone
Real Estate Properties [Line Items]
Land	2,320	2,320
Buildings and improvements	7,862	7,521
Construction in progress		224
Furniture, fixtures, and equipment	909	749
Real estate investment, gross	11,091	10,814
Multifamily Properties | Versailles
Real Estate Properties [Line Items]
Land	6,720	6,720
Buildings and improvements	19,735	20,267
Construction in progress	6	286
Furniture, fixtures, and equipment	2,155	1,597
Real estate investment, gross	28,616	28,870
Multifamily Properties | Seasons 704 Apartments
Real Estate Properties [Line Items]
Land	7,480	7,480
Buildings and improvements	14,071	14,043
Construction in progress	2
Furniture, fixtures, and equipment	867	696
Real estate investment, gross	22,420	22,219
Multifamily Properties | Madera Point
Real Estate Properties [Line Items]
Land	4,920	4,920
Buildings and improvements	17,369	17,079
Construction in progress	43	15
Furniture, fixtures, and equipment	1,130	865
Real estate investment, gross	23,462	22,879
Multifamily Properties | Parc500
Real Estate Properties [Line Items]
Land	3,860	3,860
Buildings and improvements	19,297	18,700
Intangible lease assets		491
Construction in progress	589	113
Furniture, fixtures, and equipment	1,217	504
Real estate investment, gross	24,963	23,668
Multifamily Properties | The Pointe at the Foothills
Real Estate Properties [Line Items]
Land	4,840	4,840
Buildings and improvements	46,402	45,975
Construction in progress	108	157
Furniture, fixtures, and equipment	1,669	1,289
Real estate investment, gross	53,019	52,261
Multifamily Properties | Venue at 8651
Real Estate Properties [Line Items]
Land	2,350	2,350
Buildings and improvements	16,910	16,815
Construction in progress	813	311
Furniture, fixtures, and equipment	1,744	1,162
Real estate investment, gross	21,817	20,638
Multifamily Properties | The Colonnade
Real Estate Properties [Line Items]
Land	8,340	8,340
Buildings and improvements	36,677	35,473
Intangible lease assets		723
Construction in progress	55
Furniture, fixtures, and equipment	805	376
Real estate investment, gross	45,877	44,912
Multifamily Properties | Old Farm
Real Estate Properties [Line Items]
Land	11,078	11,078
Buildings and improvements	69,718	69,580
Intangible lease assets		3,354
Construction in progress	29
Furniture, fixtures, and equipment	1,304	1,052
Real estate investment, gross	82,129	85,064
Multifamily Properties | Rockledge Apartments
Real Estate Properties [Line Items]
Land	17,451
Buildings and improvements	92,296
Intangible lease assets	3,021
Furniture, fixtures, and equipment	1,369
Real estate investment, gross	114,137
Multifamily Properties | Stone Creek at Old Farm
Real Estate Properties [Line Items]
Land	3,493	3,493
Buildings and improvements	19,123	19,101
Intangible lease assets		572
Furniture, fixtures, and equipment	350	276
Real estate investment, gross	22,966	23,442
Multifamily Properties | Hollister Place
Real Estate Properties [Line Items]
Land	2,782
Buildings and improvements	20,719
Furniture, fixtures, and equipment	593
Real estate investment, gross	24,094
Multifamily Properties | Southpoint Reserve at Stoney Creek | Held For Sale Properties
Real Estate Properties [Line Items]
Land	6,120	6,120
Buildings and improvements	11,252	11,218
Construction in progress		31
Furniture, fixtures, and equipment	663	605
Real estate investment, gross	18,035	17,974
Multifamily Properties | Operating Properties
Real Estate Properties [Line Items]
Real estate investment, gross	981,805	943,821
Accumulated depreciation and amortization	(78,387)	(60,214)
Total Net Operating Real Estate Investments	903,418	883,607
Multifamily Properties | Operating Properties | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	3,021	5,140
Accumulated depreciation and amortization	(1,007)	(650)
Total Net Operating Real Estate Investments	2,014	4,490
Multifamily Properties | Operating Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross	167,245	165,863
Total Net Operating Real Estate Investments	167,245	165,863
Multifamily Properties | Operating Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	768,499	733,374
Accumulated depreciation and amortization	(57,876)	(46,044)
Total Net Operating Real Estate Investments	710,623	687,330
Multifamily Properties | Operating Properties | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	1,850	2,828
Total Net Operating Real Estate Investments	1,850	2,828
Multifamily Properties | Operating Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	41,190	36,616
Accumulated depreciation and amortization	(19,504)	(13,520)
Total Net Operating Real Estate Investments	$ 21,686	23,096
Multifamily Properties | The Grove at Alban | Held For Sale Properties
Real Estate Properties [Line Items]
Land		3,640
Buildings and improvements		19,033
Furniture, fixtures, and equipment		1,318
Real estate investment, gross		23,991
Multifamily Properties | The Miramar Apartments | Held For Sale Properties
Real Estate Properties [Line Items]
Land		1,580
Buildings and improvements		8,870
Furniture, fixtures, and equipment		711
Real estate investment, gross		11,161
Multifamily Properties | Toscana | Held For Sale Properties
Real Estate Properties [Line Items]
Land		1,730
Buildings and improvements		7,341
Construction in progress		3
Furniture, fixtures, and equipment		684
Real estate investment, gross		9,758
Multifamily Properties | Twelve 6 Ten at the Park | Held For Sale Properties
Real Estate Properties [Line Items]
Land		3,610
Buildings and improvements		18,088
Construction in progress		21
Furniture, fixtures, and equipment		925
Real estate investment, gross		$ 22,644

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Details)	Sep. 30, 2017USD ($)Property	Apr. 30, 2017Property	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)Property	Sep. 30, 2016USD ($)Property
Real Estate Properties [Line Items]
Depreciation expense | $			$ 10,000,000	$ 8,500,000	$ 29,500,000	$ 25,500,000
Amortization expense of intangible lease assets | $			1,200,000	$ 200,000	6,400,000	$ 900,000
Number of properties acquired | Property						1
Purchase Price | $					$ 138,000,000	$ 22,400,000
Number of real estate properties sold | Property		4			9	7
Sales of real estate | $					$ 228,100,000	$ 134,000,000
Estimated damage costs | $	$ 40,000
Houston
Real Estate Properties [Line Items]
Number of real estate properties damaged by hurricanes | Property	3
Miami
Real Estate Properties [Line Items]
Number of real estate properties damaged by hurricanes | Property	2
Tampa
Real Estate Properties [Line Items]
Number of real estate properties damaged by hurricanes | Property	2
Orlando
Real Estate Properties [Line Items]
Number of real estate properties damaged by hurricanes | Property	2
Intangible Lease Assets
Real Estate Properties [Line Items]
Amortization expense of intangible lease assets, remainder of fiscal year | $	$ 2,000,000		$ 2,000,000		$ 2,000,000

Real Estate Investments - Sum43

Real Estate Investments - Summary of Acquisitions of Real Estate Property (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)Property	Sep. 30, 2016USD ($)
Real Estate Properties [Line Items]
Purchase Price	$ 138,000	$ 22,400
Debt	$ 138,000
Number of Units | Property	968
Effective ownership percentage, wholly owned subsidiary	100.00%
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, wholly owned subsidiary	100.00%
Rockledge Apartments | Marietta | Georgia
Real Estate Properties [Line Items]
Date of Acquisition	Jun. 30, 2017
Purchase Price	$ 113,500
Debt	$ 113,500
Number of Units | Property	708
Effective ownership percentage, wholly owned subsidiary	100.00%

Real Estate Investments - Sum44

Real Estate Investments - Summary of Sold Properties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Real Estate Properties [Line Items]
Sales Price			$ 228,100	$ 134,000
Net proceeds from sales of real estate			224,416	131,786
Gain on sales of real estate	$ 58,490	$ 9,562	$ 78,386	$ 25,932
The Miramar Apartments | Dallas | Texas
Real Estate Properties [Line Items]
Date of Sale			Apr. 3, 2017
Sales Price			$ 16,550
Net proceeds from sales of real estate			16,326
Gain on sales of real estate			$ 6,368
Toscana | Dallas | Texas
Real Estate Properties [Line Items]
Date of Sale			Apr. 3, 2017
Sales Price			$ 13,250
Net proceeds from sales of real estate			13,040
Gain on sales of real estate			$ 4,283
The Grove at Alban | Frederick | Maryland
Real Estate Properties [Line Items]
Date of Sale			Apr. 3, 2017
Sales Price			$ 27,500
Net proceeds from sales of real estate			27,021
Gain on sales of real estate			$ 4,514
Twelve 6 Ten at the Park | Dallas | Texas
Real Estate Properties [Line Items]
Date of Sale			Apr. 27, 2017
Sales Price			$ 26,600
Net proceeds from sales of real estate			26,349
Gain on sales of real estate			$ 4,731
Regatta Bay | Seabrook | Texas
Real Estate Properties [Line Items]
Date of Sale			Jul. 14, 2017
Sales Price			$ 28,200
Net proceeds from sales of real estate			27,670
Gain on sales of real estate			$ 10,423
The Arbors, The Crossings, The Crossings at Holcomb Bridge and The Knolls | Atlanta | Georgia
Real Estate Properties [Line Items]
Date of Sale			Sep. 29, 2017
Sales Price			$ 116,000
Net proceeds from sales of real estate			114,010
Gain on sales of real estate			$ 48,067

Real Estate Investments - Sum45

Real Estate Investments - Summary of Sold Properties (Parenthetical) (Details) - USD ($) $ in Thousands	Oct. 25, 2017	Oct. 31, 2017	Jul. 31, 2017	Apr. 30, 2017	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Dec. 29, 2016
Real Estate Properties [Line Items]
Net proceeds from sales of real estate					$ 224,416	$ 131,786
Bridge facility, net					54,531		$ 29,874
Repayments of bridge loan					41,278	$ 29,000
Repayments of Lines of Credit					310,000
$30 Million Credit Facility
Real Estate Properties [Line Items]
Repayments of Lines of Credit				$ 10,000	10,000
Credit facility, maximum borrowing capacity					30,000			$ 30,000
2016 Bridge Facility
Real Estate Properties [Line Items]
Bridge facility, net					30,000			$ 30,000
Repayments of bridge loan				$ 30,000	30,000
2017 Bridge Facility
Real Estate Properties [Line Items]
Bridge facility, net					54,531
Repayments of bridge loan			$ 11,300		$ 11,300
Subsequent Event | 2017 Bridge Facility
Real Estate Properties [Line Items]
Bridge facility, net		$ 8,600
Repayments of bridge loan		$ 46,000
Subsequent Event | The Arbors, The Crossings, The Crossings at Holcomb Bridge and The Knolls
Real Estate Properties [Line Items]
Net proceeds from sales of real estate	$ 14,100

Debt - Summary of Mortgage Debt

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization		$ (4,900)
Mortgages payable, net	$ 694,968		$ 367,453
Mortgages Payable | Operating Properties
Debt Instrument [Line Items]
Outstanding Principal	702,474
Fair market value adjustment	852
Deferred financing costs, net of accumulated amortization	(8,358)
Mortgages payable, net	$ 694,968
Mortgages Payable | Arbors on Forest Ridge | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 13,130
Interest Rate	2.91%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Courtney Cove | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 13,680
Interest Rate	2.85%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Cutter’s Point | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 16,640
Interest Rate	2.91%
Maturity Date	Jul. 1, 2024
Mortgages Payable | The Summit at Sabal Park | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 13,560
Interest Rate	2.85%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Eagle Crest | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 29,510
Interest Rate	2.91%
Maturity Date	Jul. 1, 2024
Mortgages Payable | The Preserve at Terrell Mill | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 42,480
Interest Rate	2.85%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Silverbrook | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 30,590
Interest Rate	2.91%
Maturity Date	Jul. 1, 2024
Mortgages Payable | The Ashlar | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 14,520
Interest Rate	2.85%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Heatherstone | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 8,880
Interest Rate	2.85%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Edgewater at Sandy Springs | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 52,000
Interest Rate	2.91%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Versailles | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 23,880
Interest Rate	2.85%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Beechwood Terrace | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 20,150
Interest Rate	2.91%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Seasons 704 Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 17,460
Interest Rate	2.85%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Willow Grove | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 14,818
Interest Rate	3.01%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Timber Creek | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 19,482
Interest Rate	3.05%
Maturity Date	Oct. 1, 2024
Mortgages Payable | Woodbridge | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 13,677
Interest Rate	3.01%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Radbourne Lake | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 19,213
Interest Rate	3.04%
Maturity Date	Oct. 1, 2024
Mortgages Payable | Sabal Palm at Lake Buena Vista | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 37,680
Interest Rate	3.04%
Maturity Date	Dec. 1, 2024
Mortgages Payable | Abbington Heights | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 10,053
Interest Rate	3.79%
Maturity Date	Sep. 1, 2022
Mortgages Payable | Belmont at Duck Creek | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 10,995
Interest Rate	4.68%
Maturity Date	Sep. 1, 2018
Mortgages Payable | Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 22,771
Interest Rate	4.24%
Maturity Date	Mar. 1, 2023
Mortgages Payable | Madera Point | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 15,150
Interest Rate	2.85%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Venue at 8651 | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 13,734
Interest Rate	3.01%
Maturity Date	Jul. 1, 2024
Mortgages Payable | The Pointe at the Foothills | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 34,800
Interest Rate	2.85%
Maturity Date	Jul. 1, 2024
Mortgages Payable | The Colonnade | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 28,093
Interest Rate	2.91%
Mortgages Payable | Old Farm | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 52,886
Interest Rate	2.91%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Hollister Place | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 13,475
Interest Rate	3.47%
Maturity Date	Feb. 1, 2024
Mortgages Payable | Stone Creek at Old Farm | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 15,274
Interest Rate	2.91%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Parc500 | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 15,793
Interest Rate	4.49%
Maturity Date	Aug. 1, 2025
Mortgages Payable | Rockledge Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 68,100
Interest Rate	2.80%
Maturity Date	Jul. 1, 2024
Mortgages Payable | The Colonnade | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Maturity Date	Jul. 1, 2024
Mortgages Payable | Held For Sale Properties
Debt Instrument [Line Items]
Outstanding Principal	$ 30,826
Deferred financing costs, net of accumulated amortization	(499)
Mortgages payable, net	$ 30,327
Mortgages Payable | Held For Sale Properties | Timberglen | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 17,226
Interest Rate	3.11%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Held For Sale Properties | Southpoint Reserve at Stoney Creek | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 13,600
Interest Rate	3.34%
Maturity Date	Jan. 1, 2022

Debt - Summary of Mortgage De47

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Parenthetical) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	$ 592
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%
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.
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.
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 | 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
Mortgages Payable | Abbington Heights | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Interest Rate	1.2322%
Held For Sale Properties
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	$ 80

Debt - Additional Information (

Debt - Additional Information (Details)	Jun. 30, 2017USD ($)	Jun. 30, 2017USD ($)PropertyLoan	Feb. 01, 2017USD ($)	Dec. 29, 2016USD ($)	Jun. 06, 2016USD ($)Property	Oct. 31, 2017USD ($)	Jul. 31, 2017USD ($)	Apr. 30, 2017USD ($)Property	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Sep. 30, 2017USD ($)Property	Sep. 30, 2016USD ($)Property	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Mortgage indebtedness	$ 168,400,000	$ 168,400,000									$ 168,400,000
Number of properties refinanced under existing mortgage debt | Property		9
Credit facilities, net									$ 29,803,000			$ 29,803,000		$ 310,492,000
Deferred financing costs, net	4,900,000	$ 4,900,000									4,900,000
Loss on extinguishment of debt and modification costs									$ 914,000	$ 888,000		$ 5,717,000	$ 1,722,000
Number of properties sold | Property								4				9	7
Number of properties encumbered | Property												8
Derivative financial instruments cap weighted average rate									4.20%			4.20%
Credit facilities proceeds received	11,000,000											$ 25,000,000	$ 200,000,000
Proceeds from expansion of credit facility to fund a portion of purchase price												17,192,000	18,022,000
Repayments of Lines of Credit												310,000,000
Repayments of bridge loan												41,278,000	$ 29,000,000
Bridge facility, net									$ 54,531,000			54,531,000		$ 29,874,000
Credit facility, additional borrowing capacity	30,000,000	$ 30,000,000									30,000,000
Number of properties acquired | Property													1
Number Of Cross Collateralized Properties | Property					12
Drawing from bridge facility												65,875,000
Write-off deferred financing costs									600,000	400,000		1,000,000	$ 700,000
2017 Bridge Facility
Debt Instrument [Line Items]
Deferred financing costs, net									66,000			66,000
Interest rate description		one-month LIBOR plus 3.75%.
Bridge facility	65,900,000	$ 65,900,000									$ 65,900,000
Repayments of bridge loan							$ 11,300,000					11,300,000
Bridge facility, net									54,531,000			54,531,000
Bridge facility extension term		4 months
2017 Bridge Facility | Subsequent Event
Debt Instrument [Line Items]
Repayments of bridge loan						$ 46,000,000
Bridge facility, net						$ 8,600,000
Maturity Date						Mar. 31, 2018
2016 Bridge Facility
Debt Instrument [Line Items]
Repayments of bridge loan								$ 30,000,000				30,000,000
Bridge facility, net				$ 30,000,000					$ 30,000,000			$ 30,000,000
Maturity Date											Apr. 28, 2017
Drawing from bridge facility				30,000,000
Bridge facility principal payment funded with share proceeds								30,000,000
BH Equities, LLC | 2017 Bridge Facility
Debt Instrument [Line Items]
Payments for property		$ 21,400,000
Freddie Mac Multifamily Green Advantage Program
Debt Instrument [Line Items]
Percentage of weighted average reduction									0.10%			0.10%
Mortgage debt financing, amount escrowed									$ 4,200,000			$ 4,200,000
Number of properties covered under mortgage loan program | Property												20
Freddie Mac Multifamily Green Advantage Program | Minimum
Debt Instrument [Line Items]
Percentage of expected cost reduction at each property												15.00%
Mortgages Payable
Debt Instrument [Line Items]
Adjusted weighted average interest rate									3.14%			3.14%
Weighted average fixed rate									1.3388%			1.3388%
Interest rate description												The interest rate cap agreements the Company has entered into effectively cap one-month LIBOR on $293.2 million of the Company’s floating rate mortgage indebtedness at a weighted average rate of 4.20%
Derivative financial instruments cap weighted average rate									4.20%			4.20%
Mortgages Payable | One-month LIBOR
Debt Instrument [Line Items]
Mortgage indebtedness									$ 293,200,000			$ 293,200,000
Mortgages Payable | Floating Interest Rate Swap
Debt Instrument [Line Items]
Combined notional amount									650,000,000			650,000,000
Mortgages Payable | Interest Rate Swap
Debt Instrument [Line Items]
Mortgage indebtedness									650,000,000			650,000,000
Interest expense
Debt Instrument [Line Items]
Amortization of deferred financing fees									$ 600,000	$ 400,000		1,500,000	$ 1,100,000
Toscana | Loss on early extinguishment of debt and other
Debt Instrument [Line Items]
Mortgage prepayment penalties												900,000
Mortgage fee												$ 100,000
Rockledge Apartments | 2017 Bridge Facility
Debt Instrument [Line Items]
Payments for property		$ 44,500,000
Freddie Refinance
Debt Instrument [Line Items]
Number of mortgages | Loan		22
Mortgage loan principal amount		$ 502,100,000
Refinancing of existing mortgage debt incurred, prepayment penalties		1,700,000
Deferred financing costs, net	2,900,000	2,900,000									$ 2,900,000
Loss on extinguishment of debt and modification costs		2,000,000
Proceeds from mortgage debt to fund BH buyout		16,300,000
Freddie Refinance | Mortgages Payable
Debt Instrument [Line Items]
Weighted average interest rate of mortgage indebtedness									3.04%			3.04%		2.95%
Percentage of weighted average reduction									0.57%			0.57%
$300 Million Credit Facility
Debt Instrument [Line Items]
Credit facilities, net	300,000,000	300,000,000									$ 300,000,000
Credit facility, maximum borrowing capacity					$ 200,000,000
Credit facility, additional borrowing capacity					$ 300,000,000
Number of properties acquired | Property					3
$300 Million Credit Facility | Freddie Refinance
Debt Instrument [Line Items]
Credit facility repaid and retired	300,000,000
Prepayment penalties	$ 0
$30 Million Credit Facility
Debt Instrument [Line Items]
Credit facilities, net			$ 14,000,000						$ 29,803,000			$ 29,803,000
Deferred financing costs, net									197,000			197,000
Credit facility, maximum borrowing capacity				30,000,000					$ 30,000,000			30,000,000
Credit facilities proceeds received				$ 15,000,000
Credit facility, one extension term				12 months
Proceeds from expansion of credit facility to fund a portion of purchase price			2,000,000
Repayments of Lines of Credit								$ 10,000,000				$ 10,000,000
$30 Million Credit Facility | BH Equities, LLC
Debt Instrument [Line Items]
Payments for property		$ 11,000,000
$30 Million Credit Facility | Hollister Place
Debt Instrument [Line Items]
Payments for property			$ 12,000,000

Debt - Sale of Properties and R

Debt - Sale of Properties and Repayment of Related Mortgage Loans That Encumbered (Details) - Mortgages Loans - Debt With Floating Interest Rate $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Debt Instrument [Line Items]
Outstanding Principal	$ 106,662
The Miramar Apartments
Debt Instrument [Line Items]
Date of Sale	Apr. 3, 2017
Outstanding Principal	$ 8,400
The Grove at Alban
Debt Instrument [Line Items]
Date of Sale	Apr. 3, 2017
Outstanding Principal	$ 18,374
Twelve 6 Ten at the Park
Debt Instrument [Line Items]
Date of Sale	Apr. 27, 2017
Outstanding Principal	$ 15,711
Regatta Bay
Debt Instrument [Line Items]
Date of Sale	Jul. 14, 2017
Outstanding Principal	$ 14,000
The Arbors, The Crossings, The Crossings at Holcomb Bridge and The Knolls
Debt Instrument [Line Items]
Date of Sale	Sep. 29, 2017
Outstanding Principal	$ 50,177

Debt - Summary of the Company's

Debt - Summary of the Company's Credit and Bridge Facilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Feb. 01, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization		$ (4,900)
Credit facilities, net	$ 29,803			$ 310,492
Bridge facility, net	54,531			$ 29,874
2017 Bridge Facility
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	(66)
Bridge facility		$ 65,900
Bridge facility, net	$ 54,531
2017 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	$ 54,597
Maturity Date	Oct. 31, 2017
$30 Million Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	$ (197)
Credit facilities, net	$ 29,803		$ 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	5.23%
Credit facilities	$ 30,000
Maturity Date	Dec. 29, 2018

Debt - Summary of the Company51

Debt - Summary of the Company's Credit and Bridge Facilities (Parenthetical) (Details)	Sep. 30, 2017
One-month LIBOR
Debt Instrument [Line Items]
Interest Rate	1.2322%

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) $ in Thousands	Sep. 30, 2017USD ($)
Debt Instrument [Line Items]
2,017	$ 54,993
2,018	43,628
2,019	2,757
2,020	2,799
2,021	2,857
Thereafter	710,863
Total	817,897
Operating Properties & Other Secured Debt
Debt Instrument [Line Items]
2,017	54,993
2,018	43,352
2,019	2,448
2,020	2,483
2,021	2,531
Thereafter	681,264
Total	787,071
Held For Sale Properties
Debt Instrument [Line Items]
2,018	276
2,019	309
2,020	316
2,021	326
Thereafter	29,599
Total	$ 30,826

Fair Value of Derivative and 53

Fair Value of Derivative and Financial Instruments - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)DerivativeInstrument	Sep. 30, 2016USD ($)DerivativeInstrument	Sep. 30, 2017USD ($)DerivativeInstrument	Sep. 30, 2016USD ($)DerivativeInstrument
Fair Value Inputs Assets Quantitative Information [Line Items]
Derivative financial instruments cap weighted average rate	4.20%		4.20%
Impairment charges related to real estate assets			$ 0	$ 0
KeyBank
Fair Value Inputs Assets Quantitative Information [Line Items]
Combined notional amount	$ 650,000,000		$ 650,000,000
Weighted average fixed rate	1.3388%		1.3388%
Designated as hedging instrument
Fair Value Inputs Assets Quantitative Information [Line Items]
Gain (loss) ineffectiveness to derivatives designated as cash flow hedges	$ 0.1			0.1
One-month LIBOR | KeyBank | Interest Rate Swap
Fair Value Inputs Assets Quantitative Information [Line Items]
Combined notional amount	$ 650,000,000		$ 650,000,000
Interest rate description			floating interest rate (one-month LIBOR)
Weighted average fixed rate	1.3388%		1.3388%
Interest rate caps
Fair Value Inputs Assets Quantitative Information [Line Items]
Interest rate description			The interest rate cap agreements the Company has entered into effectively cap one-month LIBOR on $293.2 million of the Company’s floating rate mortgage indebtedness at a weighted average rate of 4.20%.
Interest rate caps | Not designated as hedging instrument
Fair Value Inputs Assets Quantitative Information [Line Items]
Derivative notional amount	$ 293,184,000	$ 578,300,000	$ 293,184,000	$ 578,300,000
Interest rate caps | DerivativeInstrument	17	36	17	36
Interest rate caps | One-month LIBOR
Fair Value Inputs Assets Quantitative Information [Line Items]
Combined notional amount	$ 293,200,000		$ 293,200,000
Interest Rate Swap | Designated as hedging instrument
Fair Value Inputs Assets Quantitative Information [Line Items]
Number of derivatives designated as cash flow hedges | DerivativeInstrument	4		4
Derivative notional amount		$ 400,000,000		$ 400,000,000
Minimum | Interest rate caps
Fair Value Inputs Assets Quantitative Information [Line Items]
Interest rate term range			3 years
Minimum | Interest Rate Swap
Fair Value Inputs Assets Quantitative Information [Line Items]
Interest rate term range			4 years
Maximum | Designated as hedging instrument
Fair Value Inputs Assets Quantitative Information [Line Items]
Gain (loss) ineffectiveness to derivatives designated as cash flow hedges	$ 100,000	$ 600,000
Maximum | Interest rate caps
Fair Value Inputs Assets Quantitative Information [Line Items]
Interest rate term range			4 years
Maximum | Interest Rate Swap
Fair Value Inputs Assets Quantitative Information [Line Items]
Interest rate term range			5 years

Fair Value of Derivative and 54

Fair Value of Derivative and Financial Instruments - Summary of Company's Outstanding Interest Rate Swaps (Details) - KeyBank	9 Months Ended
	Sep. 30, 2017USD ($)
Debt Instrument [Line Items]
Notional Amount	$ 650,000,000
Fixed Rate	1.3388%
Interest Rate Swap Transaction One
Debt Instrument [Line Items]
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]
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]
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]
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]
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
Interest Rate Swap Transaction Six
Debt Instrument [Line Items]
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
Interest Rate Swap Transaction Seven
Debt Instrument [Line Items]
Effective Date	Jul. 1, 2017
Termination Date	Jul. 1, 2022
Notional Amount	$ 100,000,000
Fixed Rate	1.782%
Floating Rate Option	One-month LIBOR

Fair Value of Derivative and 55

Fair Value of Derivative and Financial Instruments - Summary of Company's Outstanding Interest Rate Swaps (Parenthetical) (Details)	Sep. 30, 2017
One-month LIBOR | KeyBank
Debt Instrument [Line Items]
LIBOR, interest rate	1.2322%

Fair Value of Derivative and 56

Fair Value of Derivative and 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	Sep. 30, 2017USD ($)DerivativeInstrument	Sep. 30, 2016USD ($)DerivativeInstrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps | DerivativeInstrument	17	36
Derivative notional amount | $	$ 293,184,000	$ 578,300,000

Fair Value of Derivative and 57

Fair Value of Derivative and Financial Instruments - Summary of Derivative Financial Instruments and Classification on the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	$ 11,759	$ 12,418
Liability Derivatives	713
Fair Market Value Of Interest Rate Swaps | Interest rate swaps | Designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	11,759	12,413
Liability Derivatives	$ 713
Prepaid and Other Assets | Interest rate caps | Not designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives		$ 5

Fair Value of Derivative and 58

Fair Value of Derivative and 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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in OCI on derivative (effective portion)	$ (241)	$ (1,576)	$ (2,162)	$ (1,619)
Amount of gain (loss) reclassified from accumulated OCI into income (effective portion)	(360)	(479)	(1,142)	(491)
Amount of gain (loss) recognized in income on derivative (ineffective portion)*	$ (63)	599	(88)	599
Amount of gain (loss) recognized in income on derivative		$ (2)	$ (5)	$ (8)

Fair Value of Derivative and 59

Fair Value of Derivative and Financial Instruments - Summary of Derivative Financial Instruments and Combined Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Loss reclassified from OCI	$ 90,000	$ 185,000

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	Sep. 30, 2017	Mar. 16, 2017	Aug. 11, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Jun. 15, 2016
Class Of Stock [Line Items]
Common stock, shares, issued	21,095,769			21,095,769		21,095,769		21,043,669
Common stock, shares, retired						308,313
Common stock, shares, outstanding	21,095,769			21,095,769		21,095,769		21,043,669
Common stock, par value	$ 0.01			$ 0.01		$ 0.01		$ 0.01	$ 0.01
Share repurchase program, authorized amount									$ 30,000,000
Stock repurchase program, expiration date						Jun. 15, 2018
Share repurchase program, treasury stock shares	308,313					58,157
Share repurchase program, treasury stock, value	$ 5,941,000					$ 1,354,000
Share repurchase program, treasury stock, per share	$ 19.27					$ 23.27
Treasury stock, shares	0			0		0		250,156
Restricted Stock Units
Class Of Stock [Line Items]
Restricted stock units, granted						219,802
2016 LTIP
Class Of Stock [Line Items]
Common stock, shares, issued	110,257			110,257		110,257
Common stock, par value									$ 0.01
Number of shares authorized to issue									2,100,000
2016 LTIP | Restricted Stock Units
Class Of Stock [Line Items]
Equity-based compensation expense				$ 300,000	$ 800,000	$ 300,000	$ 2,400,000
Dividends earned on restricted stock units	$ 300,000			$ 300,000		$ 300,000
2016 LTIP | Restricted Stock Units | Director
Class Of Stock [Line Items]
Vesting period description						annually
2016 LTIP | Restricted Stock Units | Directors and Officers
Class Of Stock [Line Items]
Restricted stock units, granted		219,802	209,797
2016 LTIP | Restricted Stock Units | Minimum | Officers
Class Of Stock [Line Items]
Restricted stock units, vesting period						3 years
2016 LTIP | Restricted Stock Units | Maximum | Officers
Class Of Stock [Line Items]
Restricted stock units, vesting period						4 years

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Restricted Stock Units (Details) - Restricted Stock Units	9 Months Ended
	Sep. 30, 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, Vested | shares	(110,257)
Number of Units, Outstanding at ending of the period | shares	319,342
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, Vested | $ / shares	19.20
Weighted Average Grant Date Fair Value, Outstanding at ending of the period | $ / shares	$ 21.52

Stockholders' Equity - Summar62

Stockholders' Equity - Summary of Restricted Stock Units (Parenthetical) (Details)	9 Months Ended
	Sep. 30, 2017shares
Vest in August 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, vested	49,768
Vest in August 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, vested	49,772
Vest in March 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, vested	80,742
Vest in March 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, vested	69,530
Vest in March 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, vested	69,530

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Details)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Stock conversion ratio	100.00%

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Numerator for earnings per share:
Net income	$ 54,076	$ 8,825	$ 60,702	$ 25,712
Net income attributable to noncontrolling interests		1,735	2,836	4,047
Net income attributable to redeemable noncontrolling interests in the Operating Partnership	162		162
Net income attributable to common stockholders	$ 53,914	$ 7,090	$ 57,704	$ 21,665
Denominator for earnings per share:
Weighted average common shares outstanding - basic	21,085	21,260	21,057	21,282
Unvested restricted stock units	368	116	350	40
Denominator for diluted earnings per share	21,453	21,376	21,407	21,322
Earnings per weighted average common share:
Basic	$ 2.56	$ 0.33	$ 2.74	$ 1.02
Diluted	$ 2.51	$ 0.33	$ 2.70	$ 1.02

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Details)	Aug. 01, 2017USD ($)$ / sharesshares	Jun. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)
Minority Interest [Line Items]
Common units transferred to acquire ownership interest in properties of noncontrolling interest holders, per share | $ / shares	$ 27.31
Amount used for calculation of OP units of net asset value		$ 2,000,000
Proceeds from a bridge facility		21,400,000
Proceeds from refinancing of properties		16,300,000
Proceeds from a credit facility		11,000,000		$ 25,000,000	$ 200,000,000
Credit facility, maximum borrowing capacity		30,000,000	$ 30,000,000
Cash on hand		$ 1,000,000	$ 1,000,000
Maximum
Minority Interest [Line Items]
Internal rate of return in VIE				13.00%
BH Equity Portfolio
Minority Interest [Line Items]
Percentage of noncontrolling interests in joint ventures acquired		100.00%	100.00%
Consideration transferred to acquire ownership interest in properties of noncontrolling interest holders		$ 51,700,000
Payment to acquire ownership interest in properties of noncontrolling interest holders		49,700,000
Common units transferred to acquire ownership interest in properties of noncontrolling interest holders | shares	73,233
Value of common units transferred to acquire ownership interest in properties of noncontrolling interest holders	$ 2,000,000
Carrying value of noncontrolling interests		20,500,000	$ 20,500,000
Reduction in additional paid in capital		$ 31,200,000
BH Equity Portfolio | B H Equity
Minority Interest [Line Items]
Percentage of ownership interests in portfolio		8.40%	8.40%
BH Equity
Minority Interest [Line Items]
Common stock redemption ratio	1
BH Equity Portfolio Prior
Minority Interest [Line Items]
Percentage of noncontrolling interests in joint ventures acquired		100.00%	100.00%
Consideration transferred to acquire ownership interest in properties of noncontrolling interest holders			$ 2,000,000

Noncontrolling Interests - Sche

Noncontrolling Interests - Schedule of Redeemable Noncontrolling Interests (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Noncontrolling Interest [Abstract]
Issuance of redeemable noncontrolling interests in the OP	$ 2,000
Net income attributable to redeemable noncontrolling interests in the OP	162
Other comprehensive income attributable to redeemable noncontrolling interests in the OP	1
Distributions to redeemable noncontrolling interests in the OP	(53)
Redeemable noncontrolling interests in the OP, September 30, 2017	$ 2,110

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)	1 Months Ended			3 Months Ended			6 Months Ended	9 Months Ended
	Dec. 31, 2016Property	Oct. 31, 2016Property	Jul. 31, 2016Property	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Sep. 30, 2017USD ($)$ / Property$ / h	Sep. 30, 2016USD ($)Property
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	$ 400,000		$ 500,000
Effective ownership percentage, variable interest entities								100.00%
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				$ 1,900,000		1,700,000		$ 5,500,000	4,900,000
Additional advisory and administrative fees				$ 500,000		$ 300,000		1,500,000	900,000
NexBank Title, Inc.
Related Party Transaction [Line Items]
Payment to affiliate for services rendered								1,200,000	$ 600,000
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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Fees incurred
Property management fees	$ 1,110	$ 989	$ 3,280	$ 3,007
Construction supervision fees	213	247	651	624
Acquisition fees		139	505	139
Reimbursements
Payroll and benefits	4,131	4,140	11,855	12,212
Other reimbursements	$ 432	$ 460	$ 1,457	$ 1,465

Subsequent Events - Schedule fo

Subsequent Events - Schedule for Acquisitions of Real Estate (Details) $ in Thousands	Oct. 25, 2017USD ($)Property	Sep. 30, 2017USD ($)Property	Sep. 30, 2016USD ($)
Subsequent Event [Line Items]
Purchase Price		$ 138,000	$ 22,400
Debt		$ 138,000
Number of Units | Property		968
Subsequent Event | Multifamily Properties | Atera | Dallas | Texas
Subsequent Event [Line Items]
Date of Acquisition	Oct. 25, 2017
Purchase Price	$ 59,200
Debt	$ 29,500
Number of Units | Property	380
Ownership	100.00%

Subsequent Events - Schedule 70

Subsequent Events - Schedule for Acquisitions of Real Estate (Parenthetical) (Details) - USD ($) $ in Thousands	Oct. 25, 2017	Sep. 30, 2017	Sep. 30, 2016
Subsequent Event [Line Items]
Net proceeds from sales of real estate		$ 224,416	$ 131,786
Subsequent Event | First Mortgage
Subsequent Event [Line Items]
Mortgage loan term	84 months
Subsequent Event | One-month LIBOR | First Mortgage
Subsequent Event [Line Items]
LIBOR, interest rate	1.48%
Subsequent Event | The Arbors, The Crossings, The Crossings at Holcomb Bridge and The Knolls
Subsequent Event [Line Items]
Net proceeds from sales of real estate	$ 14,100

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 30, 2017	Oct. 26, 2017	Oct. 19, 2017	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Subsequent Event [Line Items]
Repayments of bridge loan				$ 41,278	$ 29,000
Bridge facility, net				$ 54,531		$ 29,874
Subsequent Event
Subsequent Event [Line Items]
Percentage of increase in quarterly dividend	13.60%
Increase in dividends payable, amount per share	$ 0.03
Dividends payable, amount per share	$ 0.25
Dividends payable, date declared	Oct. 30, 2017
Dividends payable, date of record	Dec. 15, 2017
Dividends payable, date to be paid	Dec. 29, 2017
2017 Bridge Facility | Subsequent Event
Subsequent Event [Line Items]
Repayments of bridge loan			$ 46,000
Amended 2017 Bridge Facility | Subsequent Event
Subsequent Event [Line Items]
Bridge facility, extended maturity date		Mar. 31, 2018
Bridge facility, net		$ 8,600
Amendment fee		$ 34,000