NexPoint Residential Trust (NXRT) 10-Q 1 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 01, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Trading Symbol	NXRT
Entity Registrant Name	NexPoint Residential Trust, Inc.
Entity Central Index Key	1,620,393
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		20,759,088

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Operating Real Estate Investments
Land	$ 189,615	$ 189,615
Buildings and improvements	808,686	806,981
Intangible lease assets	1,340	1,340
Construction in progress	4,239	3,786
Furniture, fixtures, and equipment	47,647	44,725
Total Gross Operating Real Estate Investments	1,051,527	1,046,447
Accumulated depreciation and amortization	(99,501)	(88,252)
Total Net Operating Real Estate Investments	952,026	958,195
Real estate held for sale, net of accumulated depreciation of $897 and $3,397, respectively	17,199	32,961
Total Net Real Estate Investments	969,225	991,156
Cash and cash equivalents	13,935	16,036
Restricted cash	18,258	27,212
Accounts receivable	2,714	2,932
Prepaid and other assets	3,352	1,559
Fair market value of interest rate swaps	24,146	16,480
TOTAL ASSETS	1,031,630	1,055,375
Liabilities:
Mortgages payable, net	723,663	724,057
Mortgages payable held for sale, net	13,469	30,348
Credit facility, net	29,882	29,843
Bridge facility, net		8,576
Accounts payable and other accrued liabilities	4,455	6,226
Accrued real estate taxes payable	4,532	9,684
Accrued interest payable	2,199	2,074
Security deposit liability	1,541	1,518
Prepaid rents	2,069	1,470
Total Liabilities	781,810	813,796
Redeemable noncontrolling interests in the Operating Partnership	2,097	2,135
Stockholders' Equity:
Preferred stock, $0.01 par value: 100,000,000 shares authorized; 0 shares issued
Common stock, $0.01 par value: 500,000,000 shares authorized; 20,926,355 and 21,049,565 shares issued and outstanding, respectively	209	210
Additional paid-in capital	202,085	206,227
Accumulated earnings less dividends	22,569	17,885
Accumulated other comprehensive income	22,860	15,122
Total Stockholders' Equity	247,723	239,444
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,031,630	$ 1,055,375

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Statement Of Financial Position [Abstract]
Net of accumulated depreciation	$ 897	$ 3,397
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	20,926,355	21,049,565
Common stock, shares, outstanding	20,926,355	21,049,565
Common stock, par value	$ 0.01	$ 0.01

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Revenues
Rental income		$ 30,573	$ 31,908
Other income		4,484	5,083
Total revenues		35,057	36,991
Expenses
Property operating expenses		8,877	9,871
Real estate taxes and insurance		4,856	4,965
Property management fees	[1]	1,054	1,113
Advisory and administrative fees	[2]	1,838	1,825
Corporate general and administrative expenses		1,813	1,333
Property general and administrative expenses		1,547	1,586
Depreciation and amortization		11,372	12,443
Total expenses		31,357	33,136
Operating income		3,700	3,855
Interest expense		(6,797)	(7,159)
Loss on extinguishment of debt and modification costs		(551)
Gain on sale of real estate		13,742
Net income (loss)		10,094	(3,304)
Net income attributable to noncontrolling interests			312
Net income attributable to redeemable noncontrolling interests in the Operating Partnership		30
Net income (loss) attributable to common stockholders		10,064	(3,616)
Other comprehensive income
Unrealized gains on interest rate derivatives		7,761	1,046
Total comprehensive income (loss)		17,855	(2,258)
Comprehensive income attributable to noncontrolling interests			412
Comprehensive income attributable to redeemable noncontrolling interests in the Operating Partnership		53
Comprehensive income (loss) attributable to common stockholders		$ 17,802	$ (2,670)
Weighted average common shares outstanding - basic		20,987	21,044
Weighted average common shares outstanding - diluted		21,430	21,293
Earnings (loss) per share - basic		$ 0.48	$ (0.17)
Earnings (loss) per share - diluted		0.47	(0.17)
Dividends declared per common share		$ 0.25	$ 0.22
[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 Adviser (see Note 11).

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - 3 months ended Mar. 31, 2018 - USD ($)	Total	Common Stock	Additional Paid-in Capital	Accumulated Earnings Less Dividends	Accumulated Other Comprehensive Income	Common Stock Held in Treasury at Cost
Beginning Balance, Values at Dec. 31, 2017	$ 239,444,000	$ 210,000	$ 206,227,000	$ 17,885,000	$ 15,122,000
Beginning Balance, Shares at Dec. 31, 2017	21,049,565	21,049,565
Net income attributable to common stockholders	$ 10,064,000			10,064,000
Repurchase of common stock	$ (5,058,000)					$ (5,058,000)
Retirement of common stock held in treasury		$ (2,000)	(5,056,000)			$ 5,058,000
Retirement of common stock held in treasury	(203,953)	(203,953)
Vesting of stock-based compensation	$ 915,000	$ 1,000	914,000
Vesting of stock-based compensation		80,743
Common stock dividends declared	(5,380,000)			(5,380,000)
Other comprehensive income	7,738,000				7,738,000
Ending Balance, Values at Mar. 31, 2018	$ 247,723,000	$ 209,000	$ 202,085,000	$ 22,569,000	$ 22,860,000
Ending Balance, Shares at Mar. 31, 2018	20,926,355	20,926,355

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities
Net income (loss)	$ 10,094	$ (3,304)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Gain on sale of real estate	(13,742)
Depreciation and amortization	11,372	12,443
Amortization/write-off of deferred financing costs	768	532
Change in fair value on derivative instruments included in interest expense	(349)	449
Net cash received (paid) on derivative settlements	331	(216)
Amortization of fair market value adjustment of assumed debt	(51)	(51)
Vesting of stock-based compensation	915	608
Changes in operating assets and liabilities, net of effects of acquisitions:
Operating assets	(1,036)	(1,303)
Operating liabilities	(5,171)	(1,593)
Net cash provided by operating activities	3,131	7,565
Cash flows from investing activities
Net proceeds from sale of real estate	29,553
Additions to real estate investments	(6,830)	(5,443)
Acquisition of real estate investment		(24,580)
Net cash provided by (used in) investing activities	22,723	(30,023)
Cash flows from financing activities
Mortgage proceeds received		13,475
Mortgage payments	(17,929)	(332)
Credit facility proceeds received		14,000
Bridge facility payments	(8,597)
Deferred financing costs paid		(155)
Repurchase of common stock	(5,058)
Dividends paid to common stockholders	(5,325)	(4,629)
Contributions from noncontrolling interests		13
Distributions to noncontrolling interests		(1,433)
Net cash provided by (used in) financing activities	(36,909)	20,939
Net decrease in cash and restricted cash	(11,055)	(1,519)
Cash and restricted cash, beginning of period	43,248	55,261
Cash and restricted cash, end of period	32,193	53,742
Supplemental Disclosure of Cash Flow Information
Interest paid	6,683	6,179
Prepayment penalties paid	172
Supplemental Disclosure of Noncash Activities
Capitalized construction costs included in accounts payable and other accrued liabilities	1,150	1,047
Change in fair value on derivative instruments designated as hedges	7,761	1,046
Liabilities assumed from acquisitions		104
Increase in dividends payable on restricted stock units	$ 55	$ 95

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018, 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 a noncontrolling limited partner (see Note 10). The Company began operations on March 31, 2015 as a result of the transfer and contribution by NexPoint Strategic Opportunities Fund (fka 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 February 12, 2018 for a one-year term set to expire on March 16, 2019 (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	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018, and results of operations for the three months ended March 31, 2018 and 2017 have been included. Such adjustments are normal and recurring in nature. 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, 2017 and notes thereto included in its annual report on Form 10-K filed with the SEC on February 15, 2018. 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 three months ended March 31, 2018. 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. 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 Internal Revenue Code of 1986, as amended (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 had no significant taxes associated with its TRS for the three months ended March 31, 2018 and 2017. If the Company fails to meet these requirements, it could be subject to federal income tax on all of the Company’s taxable income at regular corporate rates for that year. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. As of March 31, 2018, 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 March 31, 2018. The Company and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The 2017, 2016 and 2015 tax years remain open to examination by tax jurisdictions to which the Company and its subsidiaries are subject. When applicable, the Company recognizes interest and/or penalties related to uncertain tax positions on its consolidated statements of operations and comprehensive income (loss). 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 Securities Exchange Act of 1934, as amended (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 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 August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815) 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	3 Months Ended
	Mar. 31, 2018
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 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 March 31, 2018, the Company, through the OP and the wholly owned TRS, owned 32 properties. The following table represents the Company’s ownership in each property as of March 31, 2018 and December 31, 2017: Effective Ownership Percentage at Property Name Location Year March 31, 2018 December 31, 2017 Arbors on Forest Ridge Bedford, Texas 2014 100 % 100 % Cutter's Point Richardson, Texas 2014 100 % 100 % Eagle Crest Irving, Texas 2014 100 % 100 % Silverbrook Grand Prairie, Texas 2014 100 % 100 % Timberglen Dallas, Texas 2014 — (1) 100 % Edgewater at Sandy Springs Atlanta, Georgia 2014 100 % 100 % Beechwood Terrace Antioch, Tennessee 2014 100 % 100 % Willow Grove Nashville, Tennessee 2014 100 % 100 % Woodbridge Nashville, Tennessee 2014 100 % 100 % Abbington Heights Antioch, Tennessee 2014 100 % 100 % The Summit at Sabal Park Tampa, Florida 2014 100 % 100 % Courtney Cove Tampa, Florida 2014 100 % 100 % Radbourne Lake Charlotte, North Carolina 2014 100 % 100 % Timber Creek Charlotte, North Carolina 2014 100 % 100 % Belmont at Duck Creek Garland, Texas 2014 100 % 100 % Sabal Palm at Lake Buena Vista Orlando, Florida 2014 100 % 100 % Southpoint Reserve at Stoney Creek (2) Fredericksburg, Virginia 2014 100 % 100 % Cornerstone Orlando, Florida 2015 100 % 100 % The Preserve at Terrell Mill Marietta, Georgia 2015 100 % 100 % The Ashlar Dallas, Texas 2015 100 % 100 % Heatherstone Dallas, Texas 2015 100 % 100 % Versailles Dallas, Texas 2015 100 % 100 % Seasons 704 Apartments West Palm Beach, Florida 2015 100 % 100 % Madera Point Mesa, Arizona 2015 100 % 100 % The Pointe at the Foothills Mesa, Arizona 2015 100 % 100 % Venue at 8651 Fort Worth, Texas 2015 100 % 100 % Parc500 West Palm Beach, Florida 2016 100 % 100 % The Colonnade Phoenix, Arizona 2016 100 % 100 % Old Farm Houston, Texas 2016 100 % 100 % Stone Creek at Old Farm Houston, Texas 2016 100 % 100 % Hollister Place Houston, Texas 2017 100 % 100 % Rockledge Apartments Marietta, Georgia 2017 100 % 100 % Atera Apartments (3) Dallas, Texas 2017 100 % 100 % (1) Property was sold during the three months ended March 31, 2018. (2) Property was classified as held for sale as of March 31, 2018. (3) Entity that directly owned the property was consolidated as a VIE at December 31, 2017. The Company completed the reverse portion of the 1031 Exchange of the property with the sale of Timberglen on January 31, 2018, at which time legal title to the property transferred to the Company. Upon the transfer of title, the property owner is no longer considered a VIE (see Note 5).

Real Estate Investments Statist

Real Estate Investments Statistics	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Real Estate Investments Statistics	4. Real Estate Investments Statistics As of March 31, 2018, the Company was invested in a total of 32 multifamily properties, as listed below: Average Effective Monthly Rent Per Unit (1) as of % Occupied (2) as of Property Name Rentable Square Footage (in thousands) Number of Units Date Acquired March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 Arbors on Forest Ridge 155 210 1/31/2014 $ 863 $ 862 93.8 % 96.2 % Cutter's Point 198 196 1/31/2014 1,078 1,063 94.9 % 95.4 % Eagle Crest 396 447 1/31/2014 907 887 90.2 % 93.3 % Silverbrook 526 642 1/31/2014 800 791 94.7 % 95.2 % Edgewater at Sandy Springs 727 760 7/18/2014 940 940 94.5 % 93.8 % Beechwood Terrace 272 300 7/21/2014 934 927 95.7 % 94.3 % Willow Grove 229 244 7/21/2014 927 919 95.1 % 95.5 % Woodbridge 247 220 7/21/2014 988 952 94.5 % 93.6 % Abbington Heights 239 274 8/1/2014 892 890 93.1 % 94.2 % The Summit at Sabal Park 205 252 8/20/2014 929 913 94.4 % 92.9 % Courtney Cove 225 324 8/20/2014 842 836 92.3 % 94.4 % Radbourne Lake 247 225 9/30/2014 1,056 1,061 96.9 % 93.3 % Timber Creek 248 352 9/30/2014 816 817 95.7 % 94.0 % Belmont at Duck Creek 198 240 9/30/2014 1,014 999 94.6 % 95.4 % Sabal Palm at Lake Buena Vista 371 400 11/5/2014 1,193 1,167 96.5 % 96.8 % Southpoint Reserve at Stoney Creek (3) 116 156 12/18/2014 1,066 1,067 94.9 % 93.6 % Cornerstone 318 430 1/15/2015 939 927 96.3 % 94.4 % The Preserve at Terrell Mill 692 752 2/6/2015 870 855 94.0 % 93.1 % The Ashlar 206 264 2/26/2015 828 835 93.9 % 91.7 % Heatherstone 116 152 2/26/2015 842 839 95.4 % 89.5 % Versailles 301 388 2/26/2015 871 865 94.1 % 94.8 % Seasons 704 Apartments 217 222 4/15/2015 1,083 1,076 93.7 % 96.4 % Madera Point 193 256 8/5/2015 822 807 94.9 % 93.0 % The Pointe at the Foothills 473 528 8/5/2015 813 814 93.8 % 90.9 % Venue at 8651 289 333 10/30/2015 831 809 95.8 % 94.3 % Parc500 266 217 7/27/2016 1,188 1,179 94.9 % 94.9 % The Colonnade 256 415 10/11/2016 690 685 91.3 % 94.0 % Old Farm 697 734 12/29/2016 1,183 1,183 92.2 % 92.6 % Stone Creek at Old Farm 186 190 12/29/2016 1,169 1,165 92.6 % 94.7 % Hollister Place 246 260 2/1/2017 950 959 95.0 % 95.0 % Rockledge Apartments 802 708 6/30/2017 1,158 1,149 94.1 % 92.9 % Atera Apartments 334 380 10/25/2017 1,256 1,265 90.3 % 92.1 % 10,191 11,471 (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of March 31, 2018 and December 31, 2017, respectively, minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of March 31, 2018 and December 31, 2017, respectively. (2) Percent occupied is calculated as the number of units occupied as of March 31, 2018 and December 31, 2017, divided by the total number of units, expressed as a percentage. (3) Property was classified as held for sale as of March 31, 2018.

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Real Estate Investments	5. Real Estate Investments As of March 31, 2018, 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 $ 11,092 $ — $ 62 $ 865 $ 14,349 Cutter's Point 3,330 13,035 — — 1,139 17,504 Eagle Crest 5,450 22,018 — 4 1,351 28,823 Silverbrook 4,860 25,683 — 259 2,611 33,413 Edgewater at Sandy Springs 14,290 44,042 — — 4,440 62,772 Beechwood Terrace 1,390 20,743 — — 1,345 23,478 Willow Grove 3,940 10,796 — — 989 15,725 Woodbridge 3,650 13,054 — — 1,176 17,880 Abbington Heights 1,770 16,889 — — 1,212 19,871 The Summit at Sabal Park 5,770 13,414 — — 1,186 20,370 Courtney Cove 5,880 12,967 — — 1,106 19,953 Radbourne Lake 2,440 21,968 — — 1,356 25,764 Timber Creek 11,260 13,506 — — 1,194 25,960 Belmont at Duck Creek 1,910 17,202 — — 1,246 20,358 Sabal Palm at Lake Buena Vista 7,580 41,237 — — 1,108 49,925 Cornerstone 1,500 30,478 — — 1,602 33,580 The Preserve at Terrell Mill 10,170 48,682 — — 4,220 63,072 The Ashlar 4,090 12,647 — — 1,666 18,403 Heatherstone 2,320 7,983 — — 1,031 11,334 Versailles 6,720 19,849 — 1,231 2,546 30,346 Seasons 704 Apartments 7,480 14,198 — 53 1,101 22,832 Madera Point 4,920 17,542 — — 1,238 23,700 The Pointe at the Foothills 4,840 46,920 — — 1,795 53,555 Venue at 8651 2,350 17,945 — 41 2,034 22,370 Parc500 3,860 19,927 — 692 1,768 26,247 The Colonnade 8,340 36,861 — 73 1,080 46,354 Old Farm 11,078 70,222 — 8 1,445 82,753 Stone Creek at Old Farm 3,493 19,351 — — 399 23,243 Hollister Place 2,782 20,779 — 228 847 24,636 Rockledge Apartments 17,451 92,522 — 1,067 1,823 112,863 Atera Apartments 22,371 35,134 1,340 521 728 60,094 189,615 808,686 1,340 4,239 47,647 1,051,527 Accumulated depreciation and amortization — (72,184 ) (1,167 ) — (26,150 ) (99,501 ) Total Operating Properties $ 189,615 $ 736,502 $ 173 $ 4,239 $ 21,497 $ 952,026 Held For Sale Property Southpoint Reserve at Stoney Creek 6,120 11,265 — — 711 18,096 Accumulated depreciation and amortization — (736 ) — — (161 ) (897 ) Total Held For Sale Property $ 6,120 $ 10,529 $ — $ — $ 550 $ 17,199 Total $ 195,735 $ 747,031 $ 173 $ 4,239 $ 22,047 $ 969,225 As of December 31, 2017, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties Land Buildings Intangible Construction in Progress Furniture, Fixtures and Equipment Totals Arbors on Forest Ridge $ 2,330 $ 11,089 $ — $ — $ 829 $ 14,248 Cutter's Point 3,330 13,030 — — 1,080 17,440 Eagle Crest 5,450 22,346 — — 1,299 29,095 Silverbrook 4,860 25,665 — — 2,509 33,034 Edgewater at Sandy Springs 14,290 44,004 — — 4,291 62,585 Beechwood Terrace 1,390 20,729 — — 1,271 23,390 Willow Grove 3,940 10,766 — — 942 15,648 Woodbridge 3,650 13,031 — — 1,093 17,774 Abbington Heights 1,770 16,796 — — 1,171 19,737 The Summit at Sabal Park 5,770 13,377 — — 1,136 20,283 Courtney Cove 5,880 12,961 — 2 1,096 19,939 Radbourne Lake 2,440 21,924 — — 1,300 25,664 Timber Creek 11,260 13,479 — — 1,158 25,897 Belmont at Duck Creek 1,910 17,190 — — 1,216 20,316 Sabal Palm at Lake Buena Vista 7,580 41,229 — 1 1,064 49,874 Cornerstone 1,500 30,452 — 17 1,487 33,456 The Preserve at Terrell Mill 10,170 48,630 — 32 4,074 62,906 The Ashlar 4,090 12,640 — — 1,575 18,305 Heatherstone 2,320 7,868 — 36 1,000 11,224 Versailles 6,720 19,798 — 914 2,365 29,797 Seasons 704 Apartments 7,480 14,079 — — 1,009 22,568 Madera Point 4,920 17,481 — 9 1,188 23,598 The Pointe at the Foothills 4,840 46,723 — 142 1,739 53,444 Venue at 8651 2,350 17,625 — 300 1,835 22,110 Parc500 3,860 19,885 — 676 1,470 25,891 The Colonnade 8,340 36,828 — 62 934 46,164 Old Farm 11,078 69,881 — 323 1,392 82,674 Stone Creek at Old Farm 3,493 19,227 — 15 374 23,109 Hollister Place 2,782 20,754 — 89 698 24,323 Rockledge Apartments 17,451 92,397 — 1,168 1,457 112,473 Atera Apartments 22,371 35,097 1,340 — 673 59,481 189,615 806,981 1,340 3,786 44,725 1,046,447 Accumulated depreciation and amortization — (65,016 ) (497 ) — (22,739 ) (88,252 ) Total Operating Properties $ 189,615 $ 741,965 $ 843 $ 3,786 $ 21,986 $ 958,195 Held For Sale Properties Timberglen 2,510 14,717 — — 1,077 18,304 Southpoint Reserve at Stoney Creek 6,120 11,255 — — 679 18,054 8,630 25,972 — — 1,756 36,358 Accumulated depreciation and amortization — (2,630 ) — — (767 ) (3,397 ) Total Held For Sale Properties $ 8,630 $ 23,342 $ — $ — $ 989 $ 32,961 Total $ 198,245 $ 765,307 $ 843 $ 3,786 $ 22,975 $ 991,156 Depreciation expense was $10.7 million and $9.7 million for the three months ended March 31, 2018 and 2017, respectively. Amortization expense related to the Company’s intangible lease assets was $0.7 million and $2.7 million for the three months ended March 31, 2018 and 2017, respectively. Amortization expense related to the Company’s intangible lease assets for all acquisitions completed through March 31, 2018 is expected to be $0.2 million for the remainder of the year ended December 31, 2018. Due to the six-month useful life attributable to intangible lease assets, the value of intangible lease assets on any acquisition prior to September 30, 2017 has been fully amortized and the assets and related accumulated amortization have been written off as of March 31, 2018. Disposition The following table presents the Company’s sale of real estate during the three months ended March 31, 2018 (in thousands); there were no sales of real estate during the three months ended March 31, 2017. Property Name Location Date of Sale Sales Price Net Cash Proceeds Gain on Sale of Real Estate Timberglen (2) Dallas, Texas January 31, 2018 $ 30,000 $ 29,553 $ 13,742 (1) Represents sales price, net of closing costs. (2) The Company completed the reverse portion of the 1031 Exchange of Atera Apartments with the sale of Timberglen, at which time legal title to Atera Apartments transferred to the Company.

Debt

Debt	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt	6. Debt Mortgage Debt The following table contains summary information concerning the mortgage debt of the Company as of March 31, 2018 (dollars in thousands): Operating Properties Type Term Outstanding Principal (1) Interest Rate (2) Maturity Date Arbors on Forest Ridge (3) Floating 84 $ 13,130 3.56% 7/1/2024 Cutter's Point (3) Floating 84 16,640 3.56% 7/1/2024 Eagle Crest (3) Floating 84 29,510 3.56% 7/1/2024 Silverbrook (3) Floating 84 30,590 3.56% 7/1/2024 Edgewater at Sandy Springs (3) Floating 84 52,000 3.56% 7/1/2024 Beechwood Terrace (3) Floating 84 20,150 3.56% 7/1/2024 Willow Grove (3) Floating 84 14,818 3.66% 7/1/2024 Woodbridge (3) Floating 84 13,677 3.66% 7/1/2024 The Summit at Sabal Park (3) Floating 84 13,560 3.50% 7/1/2024 Courtney Cove (3) Floating 84 13,680 3.50% 7/1/2024 The Preserve at Terrell Mill (3) Floating 84 42,480 3.50% 7/1/2024 The Ashlar (3) Floating 84 14,520 3.50% 7/1/2024 Heatherstone (3) Floating 84 8,880 3.50% 7/1/2024 Versailles (3) Floating 84 23,880 3.50% 7/1/2024 Seasons 704 Apartments (3) Floating 84 17,460 3.50% 7/1/2024 Madera Point (3) Floating 84 15,150 3.50% 7/1/2024 The Pointe at the Foothills (3) Floating 84 34,800 3.50% 7/1/2024 Venue at 8651 (3) Floating 84 13,734 3.66% 7/1/2024 The Colonnade (3) Floating 84 28,093 3.56% 7/1/2024 Old Farm (3) Floating 84 52,886 3.56% 7/1/2024 Stone Creek at Old Farm (3) Floating 84 15,274 3.56% 7/1/2024 Timber Creek (4) Floating 120 19,325 3.70% 10/1/2024 Radbourne Lake (4) Floating 120 19,062 3.69% 10/1/2024 Sabal Palm at Lake Buena Vista (4) Floating 120 37,487 3.69% 12/1/2024 Abbington Heights (5) Fixed 120 9,946 3.79% 9/1/2022 Belmont at Duck Creek (6) Fixed 84 10,888 4.68% 9/1/2018 Cornerstone (7) Fixed 120 22,553 4.24% 3/1/2023 Parc500 (8) Fixed 120 15,668 4.49% 8/1/2025 Hollister Place (3) Floating 84 13,475 4.12% 2/1/2024 Rockledge Apartments (3) Floating 84 68,100 3.45% 7/1/2024 Atera Apartments (9) Floating 84 29,500 3.36% 11/1/2024 $ 730,916 Fair market value adjustment 751 (10) Deferred financing costs, net of accumulated amortization of $1,218 (8,004 ) $ 723,663 Held For Sale Property Southpoint Reserve at Stoney Creek (3) Floating 84 13,557 3.99% 1/1/2022 Deferred financing costs, net of accumulated amortization of $77 (88 ) $ 13,469 (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 March 31, 2018 was 1.8831%. (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 and recorded 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 and recorded at approximated fair value. The loan is open to pre-payment in the last six months of the term. The Company is currently in discussions with the lender to refinance the mortgage debt prior to maturity into a floating rate mortgage and extend the maturity date. (7) Debt in the amount of $18.0 million was assumed upon acquisition of this property and recorded 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 the 13 th (8) Debt was assumed upon acquisition of this property and recorded at approximated fair value. The loan is open to pre-payment in the last four months of the term. (9) 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. The property was held in a consolidated VIE at December 31, 2017. The Company completed the reverse portion of the 1031 Exchange of the property with the sale of Timberglen on January 31, 2018, at which time legal title to the property transferred to the Company. Upon the transfer of title, the property owner is no longer considered a VIE. (10) 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. During the three months ended March 31, 2018, the Company sold one property and repaid the related mortgage loan that encumbered the property, as detailed in the table below (in thousands): Property Name Date of Sale Type Outstanding Principal (1) Timberglen January 31, 2018 Floating $ 17,226 (1) Represents the outstanding principal balance when the loan was repaid. The weighted average interest rate of the Company’s mortgage indebtedness was 3.63% as of March 31, 2018 and 3.34% as of December 31, 2017. The increase between the periods is primarily related to increases in LIBOR. As of March 31, 2018, the adjusted weighted average interest rate of the Company’s mortgage indebtedness was 3.15%. 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 $177.3 million of the Company’s floating rate mortgage indebtedness at a weighted average rate of 4.66% (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 March 31, 2018, 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. In the second quarter of 2017, the Company escrowed approximately $4.2 million to finance smarter, greener property improvements at 18 of its properties, which is expected to be completed by the end of 2018. As of March 31, 2018, the Company had spent approximately $1.3 million on green improvements. The Company expects 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. Credit and Bridge Facilities The following table contains summary information concerning the Company’s credit facility as of March 31, 2018 (dollars in thousands): Type Term Outstanding Principal Interest Rate (1) Maturity Date $30 Million Credit Facility Floating 24 $ 30,000 5.88% 12/29/2018 Deferred financing costs, net of accumulated amortization of $194 (118 ) $ 29,882 (1) Interest rate is based on one-month LIBOR plus an applicable margin. One-month LIBOR as of March 31, 2018 was 1.8831%. $30 Million Credit Facility . On December 29, 2016, the Company, through the OP, entered into a $30.0 million credit facility (the “$30 Million Credit Facility”) with KeyBank National Association (“KeyBank”). The $30 Million Credit Facility is a full-term, interest-only facility, has one 12-month extension option and is guaranteed by the OP. The $30 Million Credit Facility loan agreement contains customary provisions with respect to events of default, covenants and borrowing conditions. Certain prepayments may be required upon a breach of covenants or borrowing conditions. As of March 31, 2018, the Company believes it is in compliance with all provisions of the loan agreement. 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 2017 Bridge Facility was a full-term, interest-only facility with an initial four-month term (see below) and was guaranteed by the Company. Interest accrued on the 2017 Bridge Facility at an interest rate of one-month LIBOR plus 3.75%. In July 2017, the Company used proceeds from the sale of Regatta Bay to pay down $11.3 million on the 2017 Bridge Facility. In October 2017, the Company used proceeds from the sale of four properties 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. In February 2018, the Company used proceeds from the sale of Timberglen to pay the remaining $8.6 million outstanding on the 2017 Bridge Facility, which retired the bridge facility. 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 March 31, 2018, the Company wrote-off deferred financing costs of approximately $0.4 million, which is included in loss on extinguishment of debt and modification costs on the consolidated statements of operations and comprehensive income (loss). The Company did not write-off any deferred financings costs for the three months ended March 31, 2017. For the three months ended March 31, 2018 and 2017, amortization of deferred financing costs of approximately $0.4 million and $0.5 million, respectively, is included in interest expense on the consolidated statements of operations and comprehensive income (loss). 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 March 31, 2018 are as follows (in thousands): Operating Properties Held For Sale Property Credit Facility Total 2018 $ 12,692 $ 169 $ 30,000 $ 42,861 2019 2,448 217 — 2,665 2020 2,483 220 — 2,703 2021 2,531 231 — 2,762 2022 11,422 12,720 — 24,142 Thereafter 699,340 — — 699,340 Total $ 730,916 $ 13,557 $ 30,000 $ 774,473

Fair Value of Derivative and Fi

Fair Value of Derivative and Financial Instruments	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 and December 31, 2017 were classified as Level 2 of the fair value hierarchy. The Company’s main objective in using interest rate derivatives is to add stability to interest expense related to floating rate debt. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The interest rate swaps have terms ranging from four to five years. Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The interest rate caps have terms ranging from three to four years. During the three months ended March 31, 2018 and 2017, 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 $177.3 million of the Company’s floating rate mortgage indebtedness at a weighted average rate of 4.66%. The changes in fair value of derivative financial instruments that are designated as cash flow hedges are recorded in OCI and are 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. Prior to the Company’s adoption of ASU 2017-12 on January 1, 2018, the ineffective portion of changes in the fair value of the Company’s derivatives designated as cash flow hedges was recognized directly in net income (loss) as interest expense. The adoption of ASU 2017-12 eliminates the separate measurement of effectiveness and ineffectiveness, and all changes in the fair value of derivatives that are designated as cash flow hedges are recorded directly in OCI. Therefore, during the three months ended March 31, 2018, the Company recorded no gain or loss related to the ineffective portion of changes in the fair value of its derivatives designated as cash flow hedges. During the three months ended March 31, 2017, the Company recorded less than $0.1 million of loss related to the ineffective portion of changes in the fair value of its derivatives designated as cash flow hedges, which is recorded as an increase to interest expense on the accompanying consolidated statements of operations and comprehensive income (loss). 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 March 31, 2018, 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 (1) July 1, 2016 June 1, 2021 $ 100,000 1.1055 % July 1, 2016 June 1, 2021 100,000 1.0210 % July 1, 2016 June 1, 2021 100,000 0.9000 % September 1, 2016 June 1, 2021 100,000 0.9560 % April 1, 2017 April 1, 2022 100,000 1.9570 % May 1, 2017 April 1, 2022 50,000 1.9610 % July 1, 2017 July 1, 2022 100,000 1.7820 % $ 650,000 1.3388 % (2) (1) The floating rate option for the interest rate swaps is one-month LIBOR. As of March 31, 2018, one-month LIBOR was 1.8831%. (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 March 31, 2018, 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 11 $ 177,273 As of March 31, 2017, the Company had 18 interest rate cap derivatives, with a notional amount of $306.9 million, which were not designated as hedges in qualifying hedging relationships. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of March 31, 2018 and December 31, 2017 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ 24,146 $ 16,480 $ — $ — Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets 13 4 — — Total $ 24,159 $ 16,484 $ — $ — The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2018 and 2017 (in thousands): Amount of gain (loss) recognized in OCI Location of gain (loss) reclassified from accumulated Amount of gain (loss) reclassified from OCI into income Location of gain (loss) recognized Amount of gain (loss) recognized in income 2018 2017 OCI into income 2018 2017 in income 2018 2017* Derivatives designated as hedging instruments: For the three months ended March 31, Interest rate products $ 8,100 $ 622 (1) Interest expense $ 339 $ (335 ) (1) Interest expense $ — $ (110 ) (2) (3) * Includes amounts excluded from effectiveness testing. (1) Represents the effective portion of changes in fair value. (2) Represents the ineffective portion of changes in fair value. (3) Includes approximately $90,000 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 recognized in income 2018 2017 Derivatives not designated as hedging instruments: For the three months ended March 31, Interest rate products Interest expense $ 10 $ (4 ) 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 March 31, 2018 and December 31, 2017, 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 three months ended March 31, 2018 and 2017, the Company did not record any impairment charges related to real estate assets.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2018
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 months ended March 31, 2018, the Company issued 80,743 shares of common stock pursuant to its long-term incentive plan and retired 203,953 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 March 31, 2018, the Company had 20,926,355 shares of common stock, $0.01 par value per share, issued and outstanding. 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 (the “Share Repurchase Program”). This authorization expires on June 15, 2018. The Company may utilize various methods to effect the repurchases, and the timing and extent of the repurchases will depend upon several factors, including market and business conditions, regulatory requirements and other corporate considerations, including whether the Company’s common stock is trading at a significant discount to net asset value per share. Repurchases under this program may be discontinued at any time. During the three months ended March 31, 2018, the Company repurchased 203,953 shares of its common stock, $0.01 par value per share, at a total cost of approximately $5,058,000, or $24.80 per share. As of March 31, 2018, the Company had repurchased 558,470 shares of its common stock, $0.01 par value per share, at a total cost of approximately $12,079,000, or $21.63 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 three months ended March 31, 2018, the Company retired 203,953 shares of its common stock held in treasury. As of March 31, 2018 and December 31, 2017, the Company had no shares 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, which 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. On February 15, 2018, pursuant to the 2016 LTIP, the Company granted 275,795 restricted stock units to its directors, officers, employees and certain key employees of the Adviser. The following table includes the number of restricted stock units granted, vested, forfeited and outstanding as of March 31, 2018: 2018 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 319,342 $ 21.52 Granted 275,795 23.57 Vested (80,743 ) 22.57 Forfeited — — Outstanding March 31, 514,394 (1) $ 22.45 (1) 49,768 restricted stock units vest in August 2018 and 49,772 restricted stock units vest in August 2019. 69,529 restricted stock units vest in March 2019 and 69,530 restricted stock units vest in March 2020. 78,563 restricted stock units vest in February 2019 and 65,744 restricted stock units vest in each of February 2020, 2021 and 2022. As of March 31, 2018, the Company had issued 191,000 shares of common stock under the 2016 LTIP. For the three months ended March 31, 2018 and 2017, the Company recognized approximately $0.9 million and $0.6 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 (loss). As of March 31, 2018, the Company had recognized a liability of approximately $0.4 million related to dividends earned on restricted stock units that are payable in cash upon vesting.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2018
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 (loss). 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 (loss) per share for the periods presented (in thousands, except per share amounts): For the Three Months Ended March 31, 2018 2017 Numerator for earnings (loss) per share: Net income (loss) $ 10,094 $ (3,304 ) Net income attributable to noncontrolling interests — 312 Net income attributable to redeemable noncontrolling interests in the Operating Partnership 30 — Net income (loss) attributable to common stockholders $ 10,064 $ (3,616 ) Denominator for earnings (loss) per share: Weighted average common shares outstanding 20,987 21,044 Denominator for basic earnings (loss) per share 20,987 21,044 Weighted average unvested restricted stock units 443 249 Denominator for diluted earnings (loss) per share 21,430 21,293 Earnings (loss) per weighted average common share: Basic $ 0.48 $ (0.17 ) Diluted $ 0.47 $ (0.17 )

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended
	Mar. 31, 2018
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. 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 three months ended March 31, 2018 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2017 $ 2,135 Net income attributable to redeemable noncontrolling interests in the OP 30 Other comprehensive income attributable to redeemable noncontrolling interests in the OP 23 Distributions to redeemable noncontrolling interests in the OP (91 ) Redeemable noncontrolling interests in the OP, March 31, 2018 $ 2,097 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. On June 30, 2017, in connection with the BH Buyout, the Company purchased 100% of the outstanding noncontrolling interests in its 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.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2018
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 Adviser; there is also no common ownership between BH and its affiliates and the 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 $15-25 per unit for the one-time setup and inspection of properties, (2) a construction supervision fee of 5-6% of total project costs, which is capitalized, (3) acquisition fees and due diligence costs reimbursements, and (4) other owner approved fees at $55 per hour. BH also acts as a paymaster for the properties and is reimbursed at cost for various operating expenses it pays on behalf of the properties. The following is a summary of fees that the properties incurred to BH and its affiliates, as well as reimbursements paid to BH from the properties for various operating expenses, for the three months ended March 31, 2018 and 2017 (in thousands): For the Three Months Ended March 31, 2018 2017 Fees incurred Property management fees (1) $ 1,054 $ 1,113 Construction supervision fees (2) 287 184 Acquisition fees (3) — 91 Reimbursements Payroll and benefits (4) 3,788 4,047 Other reimbursements (5) 461 482 (1) Included in property management fees on the consolidated statements of operations and comprehensive income (loss). (2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Includes due diligence costs. Acquisition fees incurred are capitalized to real estate assets on the consolidated balance sheets. (4) Included in property operating expenses on the consolidated statements of operations and comprehensive income (loss). (5) Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the consolidated statements of operations and comprehensive income (loss). Asset Management Fee 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 months ended March 31, 2017, the properties incurred asset management fees to the Company of approximately $0.2 million. 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 (loss) 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 months ended March 31, 2018 and 2017, 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 March 31, 2018 and 2017, the Company incurred advisory and administrative fees of $1.8 million and $1.8 million, respectively. The amount paid for the three months ended March 31, 2018 and 2017 represents the maximum fee allowed on Contributed Assets (as defined in the Advisory Agreement) under the Advisory Agreement plus approximately $0.5 million and $0.5 million, respectively, of advisory and administrative fees incurred on New Assets (as defined in the Advisory Agreement). For the three months ended March 31, 2018, 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, the property acquired in June 2017 and the property acquired in October 2017, which are considered to be permanently waived for the period. For the three months ended March 31, 2017, the Adviser elected to voluntarily waive the advisory and administrative fees incurred on the two properties acquired in December 2016 and the property acquired in February 2017, which are considered to be permanently waived for the period. 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 three months ended March 31, 2018, the Company paid approximately $0.1 million to NexBank Title, Inc. (“NexBank Title”); the Company did not pay any amounts to NexBank Title for the three months ended March 31, 2017. 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	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018, management does not anticipate any material deviations from schedule or budget related to rehabilitation projects currently in process. Contingencies In the normal course of business, the Company is subject to claims, lawsuits, and legal proceedings. While it is not possible to ascertain the ultimate outcome of all such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the consolidated balance sheets or consolidated statements of operations and comprehensive income (loss) of the Company. The Company is not involved in any material litigation nor, to management’s knowledge, is any material litigation currently threatened against the Company or its properties or subsidiaries. The Company is not aware of any environmental liability with respect to the properties that could have a material adverse effect on the Company’s business, assets, or results of operations. However, there can be no assurance that such a material environmental liability does not exist. The existence of any such material environmental liability could have an adverse effect on the Company’s results of operations and cash flows.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events Share Repurchase Program Subsequent to March 31, 2018 and through April 30, 2018, the Company repurchased 167,267 shares of its common stock at a total cost of approximately $4,307,000, or $25.75 per share. As of April 30, 2018, the Company had repurchased a total of 725,737 shares of its common stock at a total cost of approximately $16,386,000, or $22.58 per share. On April 30, 2018, the Board authorized increasing the Share Repurchase Program to up to $40.0 million, and extending it by an additional two years to June 15, 2020. Dividends Declared On April 30, 2018, the Company’s board of directors declared a quarterly dividend of $0.25 per share, payable on June 29, 2018 to stockholders of record on June 15, 2018.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018, and results of operations for the three months ended March 31, 2018 and 2017 have been included. Such adjustments are normal and recurring in nature. 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, 2017 and notes thereto included in its annual report on Form 10-K filed with the SEC on February 15, 2018. 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 three months ended March 31, 2018.
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.
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 Internal Revenue Code of 1986, as amended (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 had no significant taxes associated with its TRS for the three months ended March 31, 2018 and 2017. If the Company fails to meet these requirements, it could be subject to federal income tax on all of the Company’s taxable income at regular corporate rates for that year. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. As of March 31, 2018, 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 March 31, 2018. The Company and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The 2017, 2016 and 2015 tax years remain open to examination by tax jurisdictions to which the Company and its subsidiaries are subject. When applicable, the Company recognizes interest and/or penalties related to uncertain tax positions on its consolidated statements of operations and comprehensive income (loss).
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 Securities Exchange Act of 1934, as amended (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 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 August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815) 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)	3 Months Ended
	Mar. 31, 2018
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

Investments in Subsidiaries (Ta

Investments in Subsidiaries (Tables)	3 Months Ended
	Mar. 31, 2018
Schedule Of Investments [Abstract]
Schedule of Ownership in Each Property	As of March 31, 2018, the Company, through the OP and the wholly owned TRS, owned 32 properties. The following table represents the Company’s ownership in each property as of March 31, 2018 and December 31, 2017: Effective Ownership Percentage at Property Name Location Year March 31, 2018 December 31, 2017 Arbors on Forest Ridge Bedford, Texas 2014 100 % 100 % Cutter's Point Richardson, Texas 2014 100 % 100 % Eagle Crest Irving, Texas 2014 100 % 100 % Silverbrook Grand Prairie, Texas 2014 100 % 100 % Timberglen Dallas, Texas 2014 — (1) 100 % Edgewater at Sandy Springs Atlanta, Georgia 2014 100 % 100 % Beechwood Terrace Antioch, Tennessee 2014 100 % 100 % Willow Grove Nashville, Tennessee 2014 100 % 100 % Woodbridge Nashville, Tennessee 2014 100 % 100 % Abbington Heights Antioch, Tennessee 2014 100 % 100 % The Summit at Sabal Park Tampa, Florida 2014 100 % 100 % Courtney Cove Tampa, Florida 2014 100 % 100 % Radbourne Lake Charlotte, North Carolina 2014 100 % 100 % Timber Creek Charlotte, North Carolina 2014 100 % 100 % Belmont at Duck Creek Garland, Texas 2014 100 % 100 % Sabal Palm at Lake Buena Vista Orlando, Florida 2014 100 % 100 % Southpoint Reserve at Stoney Creek (2) Fredericksburg, Virginia 2014 100 % 100 % Cornerstone Orlando, Florida 2015 100 % 100 % The Preserve at Terrell Mill Marietta, Georgia 2015 100 % 100 % The Ashlar Dallas, Texas 2015 100 % 100 % Heatherstone Dallas, Texas 2015 100 % 100 % Versailles Dallas, Texas 2015 100 % 100 % Seasons 704 Apartments West Palm Beach, Florida 2015 100 % 100 % Madera Point Mesa, Arizona 2015 100 % 100 % The Pointe at the Foothills Mesa, Arizona 2015 100 % 100 % Venue at 8651 Fort Worth, Texas 2015 100 % 100 % Parc500 West Palm Beach, Florida 2016 100 % 100 % The Colonnade Phoenix, Arizona 2016 100 % 100 % Old Farm Houston, Texas 2016 100 % 100 % Stone Creek at Old Farm Houston, Texas 2016 100 % 100 % Hollister Place Houston, Texas 2017 100 % 100 % Rockledge Apartments Marietta, Georgia 2017 100 % 100 % Atera Apartments (3) Dallas, Texas 2017 100 % 100 % (1) Property was sold during the three months ended March 31, 2018. (2) Property was classified as held for sale as of March 31, 2018. (3) Entity that directly owned the property was consolidated as a VIE at December 31, 2017. The Company completed the reverse portion of the 1031 Exchange of the property with the sale of Timberglen on January 31, 2018, at which time legal title to the property transferred to the Company. Upon the transfer of title, the property owner is no longer considered a VIE (see Note 5).

Real Estate Investments Stati23

Real Estate Investments Statistics (Tables)	3 Months Ended
	Mar. 31, 2018
Multifamily Properties
Business Acquisition [Line Items]
Summary of Investment in Multifamily Properties	As of March 31, 2018, the Company was invested in a total of 32 multifamily properties, as listed below: Average Effective Monthly Rent Per Unit (1) as of % Occupied (2) as of Property Name Rentable Square Footage (in thousands) Number of Units Date Acquired March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 Arbors on Forest Ridge 155 210 1/31/2014 $ 863 $ 862 93.8 % 96.2 % Cutter's Point 198 196 1/31/2014 1,078 1,063 94.9 % 95.4 % Eagle Crest 396 447 1/31/2014 907 887 90.2 % 93.3 % Silverbrook 526 642 1/31/2014 800 791 94.7 % 95.2 % Edgewater at Sandy Springs 727 760 7/18/2014 940 940 94.5 % 93.8 % Beechwood Terrace 272 300 7/21/2014 934 927 95.7 % 94.3 % Willow Grove 229 244 7/21/2014 927 919 95.1 % 95.5 % Woodbridge 247 220 7/21/2014 988 952 94.5 % 93.6 % Abbington Heights 239 274 8/1/2014 892 890 93.1 % 94.2 % The Summit at Sabal Park 205 252 8/20/2014 929 913 94.4 % 92.9 % Courtney Cove 225 324 8/20/2014 842 836 92.3 % 94.4 % Radbourne Lake 247 225 9/30/2014 1,056 1,061 96.9 % 93.3 % Timber Creek 248 352 9/30/2014 816 817 95.7 % 94.0 % Belmont at Duck Creek 198 240 9/30/2014 1,014 999 94.6 % 95.4 % Sabal Palm at Lake Buena Vista 371 400 11/5/2014 1,193 1,167 96.5 % 96.8 % Southpoint Reserve at Stoney Creek (3) 116 156 12/18/2014 1,066 1,067 94.9 % 93.6 % Cornerstone 318 430 1/15/2015 939 927 96.3 % 94.4 % The Preserve at Terrell Mill 692 752 2/6/2015 870 855 94.0 % 93.1 % The Ashlar 206 264 2/26/2015 828 835 93.9 % 91.7 % Heatherstone 116 152 2/26/2015 842 839 95.4 % 89.5 % Versailles 301 388 2/26/2015 871 865 94.1 % 94.8 % Seasons 704 Apartments 217 222 4/15/2015 1,083 1,076 93.7 % 96.4 % Madera Point 193 256 8/5/2015 822 807 94.9 % 93.0 % The Pointe at the Foothills 473 528 8/5/2015 813 814 93.8 % 90.9 % Venue at 8651 289 333 10/30/2015 831 809 95.8 % 94.3 % Parc500 266 217 7/27/2016 1,188 1,179 94.9 % 94.9 % The Colonnade 256 415 10/11/2016 690 685 91.3 % 94.0 % Old Farm 697 734 12/29/2016 1,183 1,183 92.2 % 92.6 % Stone Creek at Old Farm 186 190 12/29/2016 1,169 1,165 92.6 % 94.7 % Hollister Place 246 260 2/1/2017 950 959 95.0 % 95.0 % Rockledge Apartments 802 708 6/30/2017 1,158 1,149 94.1 % 92.9 % Atera Apartments 334 380 10/25/2017 1,256 1,265 90.3 % 92.1 % 10,191 11,471 (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of March 31, 2018 and December 31, 2017, respectively, minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of March 31, 2018 and December 31, 2017, respectively. (2) Percent occupied is calculated as the number of units occupied as of March 31, 2018 and December 31, 2017, divided by the total number of units, expressed as a percentage. (3) Property was classified as held for sale as of March 31, 2018.

Real Estate Investments (Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Summary of Major Components of Investments in Multifamily Properties	As of March 31, 2018, 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 $ 11,092 $ — $ 62 $ 865 $ 14,349 Cutter's Point 3,330 13,035 — — 1,139 17,504 Eagle Crest 5,450 22,018 — 4 1,351 28,823 Silverbrook 4,860 25,683 — 259 2,611 33,413 Edgewater at Sandy Springs 14,290 44,042 — — 4,440 62,772 Beechwood Terrace 1,390 20,743 — — 1,345 23,478 Willow Grove 3,940 10,796 — — 989 15,725 Woodbridge 3,650 13,054 — — 1,176 17,880 Abbington Heights 1,770 16,889 — — 1,212 19,871 The Summit at Sabal Park 5,770 13,414 — — 1,186 20,370 Courtney Cove 5,880 12,967 — — 1,106 19,953 Radbourne Lake 2,440 21,968 — — 1,356 25,764 Timber Creek 11,260 13,506 — — 1,194 25,960 Belmont at Duck Creek 1,910 17,202 — — 1,246 20,358 Sabal Palm at Lake Buena Vista 7,580 41,237 — — 1,108 49,925 Cornerstone 1,500 30,478 — — 1,602 33,580 The Preserve at Terrell Mill 10,170 48,682 — — 4,220 63,072 The Ashlar 4,090 12,647 — — 1,666 18,403 Heatherstone 2,320 7,983 — — 1,031 11,334 Versailles 6,720 19,849 — 1,231 2,546 30,346 Seasons 704 Apartments 7,480 14,198 — 53 1,101 22,832 Madera Point 4,920 17,542 — — 1,238 23,700 The Pointe at the Foothills 4,840 46,920 — — 1,795 53,555 Venue at 8651 2,350 17,945 — 41 2,034 22,370 Parc500 3,860 19,927 — 692 1,768 26,247 The Colonnade 8,340 36,861 — 73 1,080 46,354 Old Farm 11,078 70,222 — 8 1,445 82,753 Stone Creek at Old Farm 3,493 19,351 — — 399 23,243 Hollister Place 2,782 20,779 — 228 847 24,636 Rockledge Apartments 17,451 92,522 — 1,067 1,823 112,863 Atera Apartments 22,371 35,134 1,340 521 728 60,094 189,615 808,686 1,340 4,239 47,647 1,051,527 Accumulated depreciation and amortization — (72,184 ) (1,167 ) — (26,150 ) (99,501 ) Total Operating Properties $ 189,615 $ 736,502 $ 173 $ 4,239 $ 21,497 $ 952,026 Held For Sale Property Southpoint Reserve at Stoney Creek 6,120 11,265 — — 711 18,096 Accumulated depreciation and amortization — (736 ) — — (161 ) (897 ) Total Held For Sale Property $ 6,120 $ 10,529 $ — $ — $ 550 $ 17,199 Total $ 195,735 $ 747,031 $ 173 $ 4,239 $ 22,047 $ 969,225 As of December 31, 2017, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties Land Buildings Intangible Construction in Progress Furniture, Fixtures and Equipment Totals Arbors on Forest Ridge $ 2,330 $ 11,089 $ — $ — $ 829 $ 14,248 Cutter's Point 3,330 13,030 — — 1,080 17,440 Eagle Crest 5,450 22,346 — — 1,299 29,095 Silverbrook 4,860 25,665 — — 2,509 33,034 Edgewater at Sandy Springs 14,290 44,004 — — 4,291 62,585 Beechwood Terrace 1,390 20,729 — — 1,271 23,390 Willow Grove 3,940 10,766 — — 942 15,648 Woodbridge 3,650 13,031 — — 1,093 17,774 Abbington Heights 1,770 16,796 — — 1,171 19,737 The Summit at Sabal Park 5,770 13,377 — — 1,136 20,283 Courtney Cove 5,880 12,961 — 2 1,096 19,939 Radbourne Lake 2,440 21,924 — — 1,300 25,664 Timber Creek 11,260 13,479 — — 1,158 25,897 Belmont at Duck Creek 1,910 17,190 — — 1,216 20,316 Sabal Palm at Lake Buena Vista 7,580 41,229 — 1 1,064 49,874 Cornerstone 1,500 30,452 — 17 1,487 33,456 The Preserve at Terrell Mill 10,170 48,630 — 32 4,074 62,906 The Ashlar 4,090 12,640 — — 1,575 18,305 Heatherstone 2,320 7,868 — 36 1,000 11,224 Versailles 6,720 19,798 — 914 2,365 29,797 Seasons 704 Apartments 7,480 14,079 — — 1,009 22,568 Madera Point 4,920 17,481 — 9 1,188 23,598 The Pointe at the Foothills 4,840 46,723 — 142 1,739 53,444 Venue at 8651 2,350 17,625 — 300 1,835 22,110 Parc500 3,860 19,885 — 676 1,470 25,891 The Colonnade 8,340 36,828 — 62 934 46,164 Old Farm 11,078 69,881 — 323 1,392 82,674 Stone Creek at Old Farm 3,493 19,227 — 15 374 23,109 Hollister Place 2,782 20,754 — 89 698 24,323 Rockledge Apartments 17,451 92,397 — 1,168 1,457 112,473 Atera Apartments 22,371 35,097 1,340 — 673 59,481 189,615 806,981 1,340 3,786 44,725 1,046,447 Accumulated depreciation and amortization — (65,016 ) (497 ) — (22,739 ) (88,252 ) Total Operating Properties $ 189,615 $ 741,965 $ 843 $ 3,786 $ 21,986 $ 958,195 Held For Sale Properties Timberglen 2,510 14,717 — — 1,077 18,304 Southpoint Reserve at Stoney Creek 6,120 11,255 — — 679 18,054 8,630 25,972 — — 1,756 36,358 Accumulated depreciation and amortization — (2,630 ) — — (767 ) (3,397 ) Total Held For Sale Properties $ 8,630 $ 23,342 $ — $ — $ 989 $ 32,961 Total $ 198,245 $ 765,307 $ 843 $ 3,786 $ 22,975 $ 991,156
Summary of Sold Properties	The following table presents the Company’s sale of real estate during the three months ended March 31, 2018 (in thousands); there were no sales of real estate during the three months ended March 31, 2017. Property Name Location Date of Sale Sales Price Net Cash Proceeds Gain on Sale of Real Estate Timberglen (2) Dallas, Texas January 31, 2018 $ 30,000 $ 29,553 $ 13,742 (1) Represents sales price, net of closing costs. (2) The Company completed the reverse portion of the 1031 Exchange of Atera Apartments with the sale of Timberglen, at which time legal title to Atera Apartments transferred to the Company.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Summary of Mortgage Debt of Company and Encumbers Multifamily Properties	The following table contains summary information concerning the mortgage debt of the Company as of March 31, 2018 (dollars in thousands): Operating Properties Type Term Outstanding Principal (1) Interest Rate (2) Maturity Date Arbors on Forest Ridge (3) Floating 84 $ 13,130 3.56% 7/1/2024 Cutter's Point (3) Floating 84 16,640 3.56% 7/1/2024 Eagle Crest (3) Floating 84 29,510 3.56% 7/1/2024 Silverbrook (3) Floating 84 30,590 3.56% 7/1/2024 Edgewater at Sandy Springs (3) Floating 84 52,000 3.56% 7/1/2024 Beechwood Terrace (3) Floating 84 20,150 3.56% 7/1/2024 Willow Grove (3) Floating 84 14,818 3.66% 7/1/2024 Woodbridge (3) Floating 84 13,677 3.66% 7/1/2024 The Summit at Sabal Park (3) Floating 84 13,560 3.50% 7/1/2024 Courtney Cove (3) Floating 84 13,680 3.50% 7/1/2024 The Preserve at Terrell Mill (3) Floating 84 42,480 3.50% 7/1/2024 The Ashlar (3) Floating 84 14,520 3.50% 7/1/2024 Heatherstone (3) Floating 84 8,880 3.50% 7/1/2024 Versailles (3) Floating 84 23,880 3.50% 7/1/2024 Seasons 704 Apartments (3) Floating 84 17,460 3.50% 7/1/2024 Madera Point (3) Floating 84 15,150 3.50% 7/1/2024 The Pointe at the Foothills (3) Floating 84 34,800 3.50% 7/1/2024 Venue at 8651 (3) Floating 84 13,734 3.66% 7/1/2024 The Colonnade (3) Floating 84 28,093 3.56% 7/1/2024 Old Farm (3) Floating 84 52,886 3.56% 7/1/2024 Stone Creek at Old Farm (3) Floating 84 15,274 3.56% 7/1/2024 Timber Creek (4) Floating 120 19,325 3.70% 10/1/2024 Radbourne Lake (4) Floating 120 19,062 3.69% 10/1/2024 Sabal Palm at Lake Buena Vista (4) Floating 120 37,487 3.69% 12/1/2024 Abbington Heights (5) Fixed 120 9,946 3.79% 9/1/2022 Belmont at Duck Creek (6) Fixed 84 10,888 4.68% 9/1/2018 Cornerstone (7) Fixed 120 22,553 4.24% 3/1/2023 Parc500 (8) Fixed 120 15,668 4.49% 8/1/2025 Hollister Place (3) Floating 84 13,475 4.12% 2/1/2024 Rockledge Apartments (3) Floating 84 68,100 3.45% 7/1/2024 Atera Apartments (9) Floating 84 29,500 3.36% 11/1/2024 $ 730,916 Fair market value adjustment 751 (10) Deferred financing costs, net of accumulated amortization of $1,218 (8,004 ) $ 723,663 Held For Sale Property Southpoint Reserve at Stoney Creek (3) Floating 84 13,557 3.99% 1/1/2022 Deferred financing costs, net of accumulated amortization of $77 (88 ) $ 13,469 (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 March 31, 2018 was 1.8831%. (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 and recorded 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 and recorded at approximated fair value. The loan is open to pre-payment in the last six months of the term. The Company is currently in discussions with the lender to refinance the mortgage debt prior to maturity into a floating rate mortgage and extend the maturity date. (7) Debt in the amount of $18.0 million was assumed upon acquisition of this property and recorded 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 the 13 th (8) Debt was assumed upon acquisition of this property and recorded at approximated fair value. The loan is open to pre-payment in the last four months of the term. (9) 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. The property was held in a consolidated VIE at December 31, 2017. The Company completed the reverse portion of the 1031 Exchange of the property with the sale of Timberglen on January 31, 2018, at which time legal title to the property transferred to the Company. Upon the transfer of title, the property owner is no longer considered a VIE. (10) 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 Property and Repayment of Related Mortgage Loan	During the three months ended March 31, 2018, the Company sold one property and repaid the related mortgage loan that encumbered the property, as detailed in the table below (in thousands): Property Name Date of Sale Type Outstanding Principal (1) Timberglen January 31, 2018 Floating $ 17,226 (1) Represents the outstanding principal balance when the loan was repaid.
Schedule of Credit Facility	The following table contains summary information concerning the Company’s credit facility as of March 31, 2018 (dollars in thousands): Type Term Outstanding Principal Interest Rate (1) Maturity Date $30 Million Credit Facility Floating 24 $ 30,000 5.88% 12/29/2018 Deferred financing costs, net of accumulated amortization of $194 (118 ) $ 29,882 (1) Interest rate is based on one-month LIBOR plus an applicable margin. One-month LIBOR as of March 31, 2018 was 1.8831%.
Schedule of Debt Maturities	Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to March 31, 2018 are as follows (in thousands): Operating Properties Held For Sale Property Credit Facility Total 2018 $ 12,692 $ 169 $ 30,000 $ 42,861 2019 2,448 217 — 2,665 2020 2,483 220 — 2,703 2021 2,531 231 — 2,762 2022 11,422 12,720 — 24,142 Thereafter 699,340 — — 699,340 Total $ 730,916 $ 13,557 $ 30,000 $ 774,473

Fair Value of Derivative and 26

Fair Value of Derivative and Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Summary of Company's Outstanding Interest Rate Swaps	As of March 31, 2018, 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 (1) July 1, 2016 June 1, 2021 $ 100,000 1.1055 % July 1, 2016 June 1, 2021 100,000 1.0210 % July 1, 2016 June 1, 2021 100,000 0.9000 % September 1, 2016 June 1, 2021 100,000 0.9560 % April 1, 2017 April 1, 2022 100,000 1.9570 % May 1, 2017 April 1, 2022 50,000 1.9610 % July 1, 2017 July 1, 2022 100,000 1.7820 % $ 650,000 1.3388 % (2) (1) The floating rate option for the interest rate swaps is one-month LIBOR. As of March 31, 2018, one-month LIBOR was 1.8831%. (2) Represents the weighted average fixed rate of the interest rate swaps.
Schedule of Outstanding Interest Rate Derivatives	As of March 31, 2018, 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 11 $ 177,273
Summary of Derivative Financial Instruments and Classification on the Consolidated Balance Sheet	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of March 31, 2018 and December 31, 2017 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ 24,146 $ 16,480 $ — $ — Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets 13 4 — — Total $ 24,159 $ 16,484 $ — $ —
Summary of Derivative Financial Instruments on Consolidated Statements of Operations and Comprehensive Loss	The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2018 and 2017 (in thousands): Amount of gain (loss) recognized in OCI Location of gain (loss) reclassified from accumulated Amount of gain (loss) reclassified from OCI into income Location of gain (loss) recognized Amount of gain (loss) recognized in income 2018 2017 OCI into income 2018 2017 in income 2018 2017* Derivatives designated as hedging instruments: For the three months ended March 31, Interest rate products $ 8,100 $ 622 (1) Interest expense $ 339 $ (335 ) (1) Interest expense $ — $ (110 ) (2) (3) * Includes amounts excluded from effectiveness testing. (1) Represents the effective portion of changes in fair value. (2) Represents the ineffective portion of changes in fair value. (3) Includes approximately $90,000 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 recognized in income 2018 2017 Derivatives not designated as hedging instruments: For the three months ended March 31, Interest rate products Interest expense $ 10 $ (4 )

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Summary of Restricted Stock Units	The following table includes the number of restricted stock units granted, vested, forfeited and outstanding as of March 31, 2018: 2018 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 319,342 $ 21.52 Granted 275,795 23.57 Vested (80,743 ) 22.57 Forfeited — — Outstanding March 31, 514,394 (1) $ 22.45 (1) 49,768 restricted stock units vest in August 2018 and 49,772 restricted stock units vest in August 2019. 69,529 restricted stock units vest in March 2019 and 69,530 restricted stock units vest in March 2020. 78,563 restricted stock units vest in February 2019 and 65,744 restricted stock units vest in each of February 2020, 2021 and 2022.

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share	The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods presented (in thousands, except per share amounts): For the Three Months Ended March 31, 2018 2017 Numerator for earnings (loss) per share: Net income (loss) $ 10,094 $ (3,304 ) Net income attributable to noncontrolling interests — 312 Net income attributable to redeemable noncontrolling interests in the Operating Partnership 30 — Net income (loss) attributable to common stockholders $ 10,064 $ (3,616 ) Denominator for earnings (loss) per share: Weighted average common shares outstanding 20,987 21,044 Denominator for basic earnings (loss) per share 20,987 21,044 Weighted average unvested restricted stock units 443 249 Denominator for diluted earnings (loss) per share 21,430 21,293 Earnings (loss) per weighted average common share: Basic $ 0.48 $ (0.17 ) Diluted $ 0.47 $ (0.17 )

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	3 Months Ended
	Mar. 31, 2018
Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interests	The following table sets forth the redeemable noncontrolling interests in the OP for the three months ended March 31, 2018 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2017 $ 2,135 Net income attributable to redeemable noncontrolling interests in the OP 30 Other comprehensive income attributable to redeemable noncontrolling interests in the OP 23 Distributions to redeemable noncontrolling interests in the OP (91 ) Redeemable noncontrolling interests in the OP, March 31, 2018 $ 2,097

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Summary of Fees Incurred to BH And Its Affiliates As Well As Reimbursements Paid to BH	The following is a summary of fees that the properties incurred to BH and its affiliates, as well as reimbursements paid to BH from the properties for various operating expenses, for the three months ended March 31, 2018 and 2017 (in thousands): For the Three Months Ended March 31, 2018 2017 Fees incurred Property management fees (1) $ 1,054 $ 1,113 Construction supervision fees (2) 287 184 Acquisition fees (3) — 91 Reimbursements Payroll and benefits (4) 3,788 4,047 Other reimbursements (5) 461 482 (1) Included in property management fees on the consolidated statements of operations and comprehensive income (loss). (2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Includes due diligence costs. Acquisition fees incurred are capitalized to real estate assets on the consolidated balance sheets. (4) Included in property operating expenses on the consolidated statements of operations and comprehensive income (loss). (5) Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the consolidated statements of operations and comprehensive income (loss).

Organization and Description 31

Organization and Description of Business - Additional Information (Details)	3 Months Ended
	Mar. 31, 2018shares
Real Estate Properties [Line Items]
Date of incorporation	Sep. 19, 2014
OP Units, outstanding	21,116,902
Percentage of OP Units, outstanding owned by company	99.70%
Percentage of OP Units, outstanding owned by noncontrolling limited partner	0.30%
Maximum
Real Estate Properties [Line Items]
Investments in real estate-related debt and securities	30.00%
Residential Trust Operating Partnership L P
Real Estate Properties [Line Items]
OP Units owned	21,043,669
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%
Noncontrolling Limited Partner | Residential Trust Operating Partnership L P
Real Estate Properties [Line Items]
OP Units owned	73,233

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	3 Months Ended
	Mar. 31, 2018
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 Accoun33

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2018USD ($)Segment
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
Accounting Standards Update 2017-12
Summary Of Significant Accounting Policies [Line Items]
Increase to OCI due to reclassification adjustment from AOCI on derivatives	$ 1,400,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Percentage of uncertain tax positions likelihood of being sustained	50.00%

Investments in Subsidiaries - A

Investments in Subsidiaries - Additional Information (Details)	3 Months Ended
	Mar. 31, 2018subsidiary
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 Ownership in Each Property (Details)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
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%	100.00%
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%	100.00%
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%	100.00%
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%	100.00%
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%
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%	100.00%
Beechwood Terrace | Antioch | Tennessee
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,014
Effective ownership percentage, wholly owned subsidiary	100.00%	100.00%
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%	100.00%
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%	100.00%
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%	100.00%
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%	100.00%
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%	100.00%
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%	100.00%
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%	100.00%
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%	100.00%
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%	100.00%
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%	100.00%
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%	100.00%
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%	100.00%
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%	100.00%
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%	100.00%
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%	100.00%
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%	100.00%
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%	100.00%
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%	100.00%
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%	100.00%
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%	100.00%
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%	100.00%
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%	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%	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%	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%	100.00%
Atera Apartments | Dallas | Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,017
Effective ownership percentage, wholly owned subsidiary	100.00%	100.00%

Real Estate Investments Stati36

Real Estate Investments Statistics - Additional Information (Details)	Mar. 31, 2018Property
Multifamily Properties
Business Acquisition [Line Items]
Number of multifamily properties	32

Real Estate Investments Stati37

Real Estate Investments Statistics - Summary of Investment in Multifamily Properties (Details) ft² in Thousands		3 Months Ended
		Mar. 31, 2018ft²Property$ / Property	Dec. 31, 2017$ / Property
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		10,191
Number of Units | Property		11,471
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 | $ / Property	[1]	863	862
% Occupied	[2]	93.80%	96.20%
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 | $ / Property	[1]	1,078	1,063
% Occupied	[2]	94.90%	95.40%
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 | $ / Property	[1]	907	887
% Occupied	[2]	90.20%	93.30%
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 | $ / Property	[1]	800	791
% Occupied	[2]	94.70%	95.20%
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 | $ / Property	[1]	940	940
% Occupied	[2]	94.50%	93.80%
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 | $ / Property	[1]	934	927
% Occupied	[2]	95.70%	94.30%
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 | $ / Property	[1]	927	919
% Occupied	[2]	95.10%	95.50%
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 | $ / Property	[1]	988	952
% Occupied	[2]	94.50%	93.60%
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 | $ / Property	[1]	892	890
% Occupied	[2]	93.10%	94.20%
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 | $ / Property	[1]	929	913
% Occupied	[2]	94.40%	92.90%
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 | $ / Property	[1]	842	836
% Occupied	[2]	92.30%	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 | $ / Property	[1]	1,056	1,061
% Occupied	[2]	96.90%	93.30%
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 | $ / Property	[1]	816	817
% Occupied	[2]	95.70%	94.00%
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 | $ / Property	[1]	1,014	999
% Occupied	[2]	94.60%	95.40%
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 | $ / Property	[1]	1,193	1,167
% Occupied	[2]	96.50%	96.80%
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 | $ / Property	[1],[3]	1,066	1,067
% Occupied	[2],[3]	94.90%	93.60%
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 | $ / Property	[1]	939	927
% Occupied	[2]	96.30%	94.40%
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 | $ / Property	[1]	870	855
% Occupied	[2]	94.00%	93.10%
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 | $ / Property	[1]	828	835
% Occupied	[2]	93.90%	91.70%
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 | $ / Property	[1]	842	839
% Occupied	[2]	95.40%	89.50%
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 | $ / Property	[1]	871	865
% Occupied	[2]	94.10%	94.80%
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 | $ / Property	[1]	1,083	1,076
% Occupied	[2]	93.70%	96.40%
Madera Point
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		193
Number of Units | Property		256
Date Acquired		Aug. 5, 2015
Average Effective Monthly Rent Per Unit | $ / Property	[1]	822	807
% Occupied	[2]	94.90%	93.00%
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 | $ / Property	[1]	813	814
% Occupied	[2]	93.80%	90.90%
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 | $ / Property	[1]	831	809
% Occupied	[2]	95.80%	94.30%
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 | $ / Property	[1]	1,188	1,179
% Occupied	[2]	94.90%	94.90%
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 | $ / Property	[1]	690	685
% Occupied	[2]	91.30%	94.00%
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 | $ / Property	[1]	1,183	1,183
% Occupied	[2]	92.20%	92.60%
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 | $ / Property	[1]	1,169	1,165
% Occupied	[2]	92.60%	94.70%
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 | $ / Property	[1]	950	959
% Occupied	[2]	95.00%	95.00%
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 | $ / Property	[1]	1,158	1,149
% Occupied	[2]	94.10%	92.90%
Atera Apartments
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		334
Number of Units | Property		380
Date Acquired		Oct. 25, 2017
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,256	1,265
% Occupied	[2]	90.30%	92.10%
[1]	Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of March 31, 2018 and December 31, 2017, respectively, minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of March 31, 2018 and December 31, 2017, respectively
[2]	Percent occupied is calculated as the number of units occupied as of March 31, 2018 and December 31, 2017, divided by the total number of units, expressed as a percentage.
[3]	Property was classified as held for sale as of March 31, 2018.

Real Estate Investments - Summa

Real Estate Investments - Summary of Major Components of Investments in Multifamily Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Real Estate Properties [Line Items]
Land	$ 189,615	$ 189,615
Buildings and improvements	808,686	806,981
Intangible lease assets	1,340	1,340
Construction in progress	4,239	3,786
Furniture, fixtures, and equipment	47,647	44,725
Real estate investment, gross	1,051,527	1,046,447
Accumulated depreciation and amortization	(99,501)	(88,252)
Total Net Operating Real Estate Investments	952,026	958,195
Accumulated depreciation and amortization	(897)	(3,397)
Total Net Real Estate Investments	969,225	991,156
Multifamily Properties
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	(897)	(3,397)
Total Net Real Estate Investments	969,225	991,156
Multifamily Properties | Intangible Lease Assets
Real Estate Properties [Line Items]
Total Net Real Estate Investments	173	843
Multifamily Properties | Land
Real Estate Properties [Line Items]
Total Net Real Estate Investments	195,735	198,245
Multifamily Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	(736)	(2,630)
Total Net Real Estate Investments	747,031	765,307
Multifamily Properties | Construction in Progress
Real Estate Properties [Line Items]
Total Net Real Estate Investments	4,239	3,786
Multifamily Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	(161)	(767)
Total Net Real Estate Investments	22,047	22,975
Multifamily Properties | Held For Sale Properties
Real Estate Properties [Line Items]
Real estate investment, gross		36,358
Total Net Operating Real Estate Investments	17,199	32,961
Multifamily Properties | Held For Sale Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross		8,630
Total Net Operating Real Estate Investments	6,120	8,630
Multifamily Properties | Held For Sale Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross		25,972
Total Net Operating Real Estate Investments	10,529	23,342
Multifamily Properties | Held For Sale Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross		1,756
Total Net Operating Real Estate Investments	550	989
Multifamily Properties | Arbors on Forest Ridge
Real Estate Properties [Line Items]
Land	2,330	2,330
Buildings and improvements	11,092	11,089
Construction in progress	62
Furniture, fixtures, and equipment	865	829
Real estate investment, gross	14,349	14,248
Multifamily Properties | Cutter’s Point
Real Estate Properties [Line Items]
Land	3,330	3,330
Buildings and improvements	13,035	13,030
Furniture, fixtures, and equipment	1,139	1,080
Real estate investment, gross	17,504	17,440
Multifamily Properties | Eagle Crest
Real Estate Properties [Line Items]
Land	5,450	5,450
Buildings and improvements	22,018	22,346
Construction in progress	4
Furniture, fixtures, and equipment	1,351	1,299
Real estate investment, gross	28,823	29,095
Multifamily Properties | Silverbrook
Real Estate Properties [Line Items]
Land	4,860	4,860
Buildings and improvements	25,683	25,665
Construction in progress	259
Furniture, fixtures, and equipment	2,611	2,509
Real estate investment, gross	33,413	33,034
Multifamily Properties | Edgewater at Sandy Springs
Real Estate Properties [Line Items]
Land	14,290	14,290
Buildings and improvements	44,042	44,004
Furniture, fixtures, and equipment	4,440	4,291
Real estate investment, gross	62,772	62,585
Multifamily Properties | Beechwood Terrace
Real Estate Properties [Line Items]
Land	1,390	1,390
Buildings and improvements	20,743	20,729
Furniture, fixtures, and equipment	1,345	1,271
Real estate investment, gross	23,478	23,390
Multifamily Properties | Willow Grove
Real Estate Properties [Line Items]
Land	3,940	3,940
Buildings and improvements	10,796	10,766
Furniture, fixtures, and equipment	989	942
Real estate investment, gross	15,725	15,648
Multifamily Properties | Woodbridge
Real Estate Properties [Line Items]
Land	3,650	3,650
Buildings and improvements	13,054	13,031
Furniture, fixtures, and equipment	1,176	1,093
Real estate investment, gross	17,880	17,774
Multifamily Properties | Abbington Heights
Real Estate Properties [Line Items]
Land	1,770	1,770
Buildings and improvements	16,889	16,796
Furniture, fixtures, and equipment	1,212	1,171
Real estate investment, gross	19,871	19,737
Multifamily Properties | The Summit at Sabal Park
Real Estate Properties [Line Items]
Land	5,770	5,770
Buildings and improvements	13,414	13,377
Furniture, fixtures, and equipment	1,186	1,136
Real estate investment, gross	20,370	20,283
Multifamily Properties | Courtney Cove
Real Estate Properties [Line Items]
Land	5,880	5,880
Buildings and improvements	12,967	12,961
Construction in progress		2
Furniture, fixtures, and equipment	1,106	1,096
Real estate investment, gross	19,953	19,939
Multifamily Properties | Radbourne Lake
Real Estate Properties [Line Items]
Land	2,440	2,440
Buildings and improvements	21,968	21,924
Furniture, fixtures, and equipment	1,356	1,300
Real estate investment, gross	25,764	25,664
Multifamily Properties | Timber Creek
Real Estate Properties [Line Items]
Land	11,260	11,260
Buildings and improvements	13,506	13,479
Furniture, fixtures, and equipment	1,194	1,158
Real estate investment, gross	25,960	25,897
Multifamily Properties | Belmont at Duck Creek
Real Estate Properties [Line Items]
Land	1,910	1,910
Buildings and improvements	17,202	17,190
Furniture, fixtures, and equipment	1,246	1,216
Real estate investment, gross	20,358	20,316
Multifamily Properties | Sabal Palm at Lake Buena Vista
Real Estate Properties [Line Items]
Land	7,580	7,580
Buildings and improvements	41,237	41,229
Construction in progress		1
Furniture, fixtures, and equipment	1,108	1,064
Real estate investment, gross	49,925	49,874
Multifamily Properties | Cornerstone
Real Estate Properties [Line Items]
Land	1,500	1,500
Buildings and improvements	30,478	30,452
Construction in progress		17
Furniture, fixtures, and equipment	1,602	1,487
Real estate investment, gross	33,580	33,456
Multifamily Properties | The Preserve at Terrell Mill
Real Estate Properties [Line Items]
Land	10,170	10,170
Buildings and improvements	48,682	48,630
Construction in progress		32
Furniture, fixtures, and equipment	4,220	4,074
Real estate investment, gross	63,072	62,906
Multifamily Properties | The Ashlar
Real Estate Properties [Line Items]
Land	4,090	4,090
Buildings and improvements	12,647	12,640
Furniture, fixtures, and equipment	1,666	1,575
Real estate investment, gross	18,403	18,305
Multifamily Properties | Heatherstone
Real Estate Properties [Line Items]
Land	2,320	2,320
Buildings and improvements	7,983	7,868
Construction in progress		36
Furniture, fixtures, and equipment	1,031	1,000
Real estate investment, gross	11,334	11,224
Multifamily Properties | Versailles
Real Estate Properties [Line Items]
Land	6,720	6,720
Buildings and improvements	19,849	19,798
Construction in progress	1,231	914
Furniture, fixtures, and equipment	2,546	2,365
Real estate investment, gross	30,346	29,797
Multifamily Properties | Seasons 704 Apartments
Real Estate Properties [Line Items]
Land	7,480	7,480
Buildings and improvements	14,198	14,079
Construction in progress	53
Furniture, fixtures, and equipment	1,101	1,009
Real estate investment, gross	22,832	22,568
Multifamily Properties | Madera Point
Real Estate Properties [Line Items]
Land	4,920	4,920
Buildings and improvements	17,542	17,481
Construction in progress		9
Furniture, fixtures, and equipment	1,238	1,188
Real estate investment, gross	23,700	23,598
Multifamily Properties | The Pointe at the Foothills
Real Estate Properties [Line Items]
Land	4,840	4,840
Buildings and improvements	46,920	46,723
Construction in progress		142
Furniture, fixtures, and equipment	1,795	1,739
Real estate investment, gross	53,555	53,444
Multifamily Properties | Venue at 8651
Real Estate Properties [Line Items]
Land	2,350	2,350
Buildings and improvements	17,945	17,625
Construction in progress	41	300
Furniture, fixtures, and equipment	2,034	1,835
Real estate investment, gross	22,370	22,110
Multifamily Properties | Parc500
Real Estate Properties [Line Items]
Land	3,860	3,860
Buildings and improvements	19,927	19,885
Construction in progress	692	676
Furniture, fixtures, and equipment	1,768	1,470
Real estate investment, gross	26,247	25,891
Multifamily Properties | The Colonnade
Real Estate Properties [Line Items]
Land	8,340	8,340
Buildings and improvements	36,861	36,828
Construction in progress	73	62
Furniture, fixtures, and equipment	1,080	934
Real estate investment, gross	46,354	46,164
Multifamily Properties | Old Farm
Real Estate Properties [Line Items]
Land	11,078	11,078
Buildings and improvements	70,222	69,881
Construction in progress	8	323
Furniture, fixtures, and equipment	1,445	1,392
Real estate investment, gross	82,753	82,674
Multifamily Properties | Stone Creek at Old Farm
Real Estate Properties [Line Items]
Land	3,493	3,493
Buildings and improvements	19,351	19,227
Construction in progress		15
Furniture, fixtures, and equipment	399	374
Real estate investment, gross	23,243	23,109
Multifamily Properties | Hollister Place
Real Estate Properties [Line Items]
Land	2,782	2,782
Buildings and improvements	20,779	20,754
Construction in progress	228	89
Furniture, fixtures, and equipment	847	698
Real estate investment, gross	24,636	24,323
Multifamily Properties | Rockledge Apartments
Real Estate Properties [Line Items]
Land	17,451	17,451
Buildings and improvements	92,522	92,397
Construction in progress	1,067	1,168
Furniture, fixtures, and equipment	1,823	1,457
Real estate investment, gross	112,863	112,473
Multifamily Properties | Atera Apartments
Real Estate Properties [Line Items]
Land	22,371	22,371
Buildings and improvements	35,134	35,097
Intangible lease assets	1,340	1,340
Construction in progress	521
Furniture, fixtures, and equipment	728	673
Real estate investment, gross	60,094	59,481
Multifamily Properties | Timberglen | Held For Sale Properties
Real Estate Properties [Line Items]
Land		2,510
Buildings and improvements		14,717
Furniture, fixtures, and equipment		1,077
Real estate investment, gross		18,304
Multifamily Properties | Southpoint Reserve at Stoney Creek | Held For Sale Properties
Real Estate Properties [Line Items]
Land	6,120	6,120
Buildings and improvements	11,265	11,255
Furniture, fixtures, and equipment	711	679
Real estate investment, gross	18,096	18,054
Multifamily Properties | Southpoint Reserve at Stoney Creek | Held For Sale Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross	6,120
Multifamily Properties | Southpoint Reserve at Stoney Creek | Held For Sale Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	11,265
Multifamily Properties | Southpoint Reserve at Stoney Creek | Held For Sale Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	711
Multifamily Properties | Operating Properties
Real Estate Properties [Line Items]
Real estate investment, gross	1,051,527	1,046,447
Accumulated depreciation and amortization	(99,501)	(88,252)
Total Net Operating Real Estate Investments	952,026	958,195
Multifamily Properties | Operating Properties | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	1,340	1,340
Accumulated depreciation and amortization	(1,167)	(497)
Total Net Operating Real Estate Investments	173	843
Multifamily Properties | Operating Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross	189,615	189,615
Total Net Operating Real Estate Investments	189,615	189,615
Multifamily Properties | Operating Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	808,686	806,981
Accumulated depreciation and amortization	(72,184)	(65,016)
Total Net Operating Real Estate Investments	736,502	741,965
Multifamily Properties | Operating Properties | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	4,239	3,786
Total Net Operating Real Estate Investments	4,239	3,786
Multifamily Properties | Operating Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	47,647	44,725
Accumulated depreciation and amortization	(26,150)	(22,739)
Total Net Operating Real Estate Investments	$ 21,497	$ 21,986

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Real Estate Properties [Line Items]
Depreciation expense	$ 10,700,000	$ 9,700,000
Amortization expense of intangible lease assets	700,000	2,700,000
Sales of real estate		$ 0
Intangible Lease Assets
Real Estate Properties [Line Items]
Amortization expense of intangible lease assets, remainder of fiscal year	$ 200,000

Real Estate Investments - Sum40

Real Estate Investments - Summary of Sold Properties (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Real Estate Properties [Line Items]
Sales Price		$ 0
Net proceeds from sale of real estate	$ 29,553,000
Gain on sale of real estate	$ 13,742,000
Timberglen | Dallas | Texas
Real Estate Properties [Line Items]
Date of Sale	Jan. 31, 2018
Sales Price	$ 30,000,000
Net proceeds from sale of real estate	29,553,000
Gain on sale of real estate	$ 13,742,000

Debt - Summary of Mortgage Debt

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Mortgages payable, net	$ 723,663	$ 724,057
Mortgages Payable | Operating Properties
Debt Instrument [Line Items]
Outstanding Principal	730,916
Fair market value adjustment	751
Deferred financing costs, net of accumulated amortization	(8,004)
Mortgages payable, net	$ 723,663
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	3.56%
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	3.56%
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	3.56%
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	3.56%
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	3.56%
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	3.56%
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	3.66%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Woodbridge | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 13,677
Interest Rate	3.66%
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	3.50%
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	3.50%
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	3.50%
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	3.50%
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	3.50%
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	3.50%
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	3.50%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Madera Point | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 15,150
Interest Rate	3.50%
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	3.50%
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	3.66%
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	3.56%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Old Farm | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 52,886
Interest Rate	3.56%
Maturity Date	Jul. 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	3.56%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Timber Creek | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 19,325
Interest Rate	3.70%
Maturity Date	Oct. 1, 2024
Mortgages Payable | Radbourne Lake | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 19,062
Interest Rate	3.69%
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	$ 37,487
Interest Rate	3.69%
Maturity Date	Dec. 1, 2024
Mortgages Payable | Abbington Heights | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 9,946
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	$ 10,888
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	$ 22,553
Interest Rate	4.24%
Maturity Date	Mar. 1, 2023
Mortgages Payable | Parc500 | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 15,668
Interest Rate	4.49%
Maturity Date	Aug. 1, 2025
Mortgages Payable | Hollister Place | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 13,475
Interest Rate	4.12%
Maturity Date	Feb. 1, 2024
Mortgages Payable | Rockledge Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 68,100
Interest Rate	3.45%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Atera Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 29,500
Interest Rate	3.36%
Maturity Date	Nov. 1, 2024
Mortgages Payable | Held For Sale Properties
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	$ (88)
Mortgages payable, net	$ 13,469
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	$ 13,557
Interest Rate	3.99%
Maturity Date	Jan. 1, 2022

Debt - Summary of Mortgage De42

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Parenthetical) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	$ 1,218
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%
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%
13th month through 81st month | Atera Apartments | Debt With Floating Interest Rate
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%
First 12 months | Atera Apartments | Debt With Floating Interest Rate
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%
Last Three Months | Abbington Heights
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.
Last Six Months | Belmont at Duck Creek
Debt Instrument [Line Items]
Mortgage loans payable description	Debt was assumed upon acquisition of this property and recorded at approximated fair value. The loan is open to pre-payment in the last six months of the term.
First Mortgage | Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Debt instrument, payment terms	At the time of acquisition, the principal balance of the first mortgage remained unchanged and had a remaining term of 98 months with 2 months of interest only. The first mortgage is pre-payable and subject to yield maintenance from the 13th month through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity.
Second Mortgage | Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Interest Rate	4.70%
Debt instrument, payment terms	The supplemental second mortgage is pre-payable and subject to yield maintenance from the date of issuance through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity.
Acquired property mortgage loan principle amount	$ 5,800
Last Four Months | Parc500
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.
One-month LIBOR
Debt Instrument [Line Items]
Interest Rate	1.8831%
Held For Sale Properties
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	$ 77

Debt - Sale of Property and Rep

Debt - Sale of Property and Repayment of Related Mortgage Loan That Encumbered (Details) - Mortgages Loan - Debt With Floating Interest Rate - Timberglen $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Debt Instrument [Line Items]
Date of Sale	Jan. 31, 2018
Outstanding Principal	$ 17,226

Debt - Additional Information (

Debt - Additional Information (Details)	Mar. 31, 2018USD ($)	Jun. 30, 2017USD ($)	Dec. 29, 2016USD ($)	Oct. 31, 2017USD ($)Property	Jul. 31, 2017USD ($)	Mar. 31, 2018USD ($)Property	Mar. 31, 2017USD ($)	Feb. 28, 2018USD ($)	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Derivative financial instruments cap weighted average rate	4.66%					4.66%
Repayments of bridge loan						$ 8,597,000
Number of properties sold | Property				4
Bridge facility, net									$ 8,576,000
Write-off deferred financing costs						400,000	$ 0
Interest expense
Debt Instrument [Line Items]
Amortization of deferred financing fees						$ 400,000	$ 500,000
2017 Bridge Facility
Debt Instrument [Line Items]
Interest rate description		one-month LIBOR plus 3.75%
Bridge facility		$ 65,900,000
Repayments of bridge loan				$ 46,000,000	$ 11,300,000
Bridge facility, net				$ 8,600,000				$ 8,600,000
Maturity Date				Mar. 31, 2018
Bridge facility extension term		4 months
KeyBank
Debt Instrument [Line Items]
Weighted average fixed rate	1.3388%					1.3388%
Combined notional amount	$ 650,000,000					$ 650,000,000
$30 Million Credit Facility
Debt Instrument [Line Items]
Credit facility, one extension term			12 months
$30 Million Credit Facility | KeyBank
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity			$ 30,000,000
Freddie Mac Multifamily Green Advantage Program
Debt Instrument [Line Items]
Mortgage debt financing, amount escrowed		$ 4,200,000
Number of properties covered under mortgage loan program | Property						18
Payments for green improvements	$ 1,300,000
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]
Weighted average interest rate of mortgage indebtedness	3.63%					3.63%			3.34%
Adjusted weighted average interest rate	3.15%					3.15%
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 $177.3 million of the Company’s floating rate mortgage indebtedness at a weighted average rate of 4.66%
Derivative financial instruments cap weighted average rate	4.66%					4.66%
Mortgages Payable | One-month LIBOR
Debt Instrument [Line Items]
Mortgage indebtedness	$ 177,300,000					$ 177,300,000
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

Debt - Summary of the Company's

Debt - Summary of the Company's Credit Facility (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Credit facility, net	$ 29,882	$ 29,843
$30 Million Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	(118)
Credit facility, net	$ 29,882
$30 Million Credit Facility | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	24 months
Interest Rate	5.88%
Credit facilities	$ 30,000
Maturity Date	Dec. 29, 2018

Debt - Summary of the Company46

Debt - Summary of the Company's Credit Facility (Parenthetical) (Details) $ in Thousands	Mar. 31, 2018USD ($)
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	$ 1,218
One-month LIBOR
Debt Instrument [Line Items]
Interest Rate	1.8831%
$30 Million Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	$ 194

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) $ in Thousands	Mar. 31, 2018USD ($)
Debt Instrument [Line Items]
2,018	$ 42,861
2,019	2,665
2,020	2,703
2,021	2,762
2,022	24,142
Thereafter	699,340
Total	774,473
Operating Properties
Debt Instrument [Line Items]
2,018	12,692
2,019	2,448
2,020	2,483
2,021	2,531
2,022	11,422
Thereafter	699,340
Total	730,916
Credit Facility
Debt Instrument [Line Items]
2,018	30,000
Total	30,000
Held For Sale Properties
Debt Instrument [Line Items]
2,018	169
2,019	217
2,020	220
2,021	231
2,022	12,720
Total	$ 13,557

Fair Value of Derivative and 48

Fair Value of Derivative and Financial Instruments - Additional Information (Details)	3 Months Ended
	Mar. 31, 2018USD ($)DerivativeInstrument	Mar. 31, 2017USD ($)	Mar. 13, 2017USD ($)DerivativeInstrument
Fair Value Inputs Assets Quantitative Information [Line Items]
Derivative financial instruments cap weighted average rate	4.66%
Impairment charges related to real estate assets	$ 0	$ 0
Designated as hedging instrument
Fair Value Inputs Assets Quantitative Information [Line Items]
Gain (loss) ineffectiveness to derivatives designated as cash flow hedges	0
Interest Rate Swap | One-month LIBOR
Fair Value Inputs Assets Quantitative Information [Line Items]
Combined notional amount	$ 650,000,000
Interest rate description	floating interest rate (one-month LIBOR)
Weighted average fixed rate	1.3388%
Interest rate caps
Fair Value Inputs Assets Quantitative Information [Line Items]
Combined notional amount	$ 177,300,000
Interest rate description	The interest rate cap agreements the Company has entered into effectively cap one-month LIBOR on $177.3 million of the Company’s floating rate mortgage indebtedness at a weighted average rate of 4.66%.
Interest rate caps | Not designated as hedging instrument
Fair Value Inputs Assets Quantitative Information [Line Items]
Interest rate caps | DerivativeInstrument	11		18
Derivative notional amount	$ 177,273,000		$ 306,900,000
Minimum | Interest Rate Swap
Fair Value Inputs Assets Quantitative Information [Line Items]
Interest rate term range	4 years
Minimum | Interest rate caps | One-month LIBOR
Fair Value Inputs Assets Quantitative Information [Line Items]
Interest rate term range	3 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)
Maximum | Interest Rate Swap
Fair Value Inputs Assets Quantitative Information [Line Items]
Interest rate term range	5 years
Maximum | Interest rate caps | One-month LIBOR
Fair Value Inputs Assets Quantitative Information [Line Items]
Interest rate term range	4 years

Fair Value of Derivative and 49

Fair Value of Derivative and Financial Instruments - Summary of Company's Outstanding Interest Rate Swaps (Details) - KeyBank	3 Months Ended
	Mar. 31, 2018USD ($)
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%
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%
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%
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%
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%
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%
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%

Fair Value of Derivative and 50

Fair Value of Derivative and Financial Instruments - Summary of Company's Outstanding Interest Rate Swaps (Parenthetical) (Details)	Mar. 31, 2018
One-month LIBOR | KeyBank
Debt Instrument [Line Items]
LIBOR, interest rate	1.8831%

Fair Value of Derivative and 51

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	Mar. 31, 2018USD ($)DerivativeInstrument	Mar. 13, 2017USD ($)DerivativeInstrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Number of Instruments | DerivativeInstrument	11	18
Derivative notional amount | $	$ 177,273,000	$ 306,900,000

Fair Value of Derivative and 52

Fair Value of Derivative and Financial Instruments - Summary of Derivative Financial Instruments and Classification on the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	$ 24,159	$ 16,484
Fair Market Value Of Interest Rate Swaps | Interest Rate Swap | Designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	24,146	16,480
Prepaid and Other Assets | Interest rate caps | Not designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	$ 13	$ 4

Fair Value of Derivative and 53

Fair Value of Derivative and Financial Instruments - Summary of Derivative Financial Instruments on Consolidated Statements of Operations and Comprehensive Loss (Details) - Interest rate products - Interest expense - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in OCI	$ 8,100	$ 622
Amount of gain (loss) reclassified from OCI into income	339	(335)
Amount of gain (loss) recognized in income		(110)
Amount of gain (loss) recognized in income	$ 10	$ (4)

Fair Value of Derivative and 54

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

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	Mar. 31, 2018	Feb. 15, 2018	Mar. 16, 2017	Aug. 11, 2016	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Jun. 15, 2016
Class Of Stock [Line Items]
Common stock, shares, issued	20,926,355				20,926,355		21,049,565
Common stock, shares, retired					203,953
Common stock, shares, outstanding	20,926,355				20,926,355		21,049,565
Common stock, par value	$ 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	558,470				203,953
Share repurchase program, treasury stock, value	$ 12,079,000				$ 5,058,000
Share repurchase program, treasury stock, per share	$ 21.63				$ 24.80
Treasury stock, shares	0				0		0
Restricted Stock Units
Class Of Stock [Line Items]
Restricted stock units, granted					275,795
2016 LTIP
Class Of Stock [Line Items]
Common stock, shares, issued					80,743
Common stock, shares, issued	191,000				191,000
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					$ 900,000	$ 600,000
Dividends earned on restricted stock units	$ 400,000				$ 400,000
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		275,795	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	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Outstanding at beginning of the period | shares	319,342
Number of Units, Granted | shares	275,795
Number of Units, Vested | shares	(80,743)
Number of Units, Outstanding at ending of the period | shares	514,394
Weighted Average Grant Date Fair Value, Outstanding at beginning of the period | $ / shares	$ 21.52
Weighted Average Grant Date Fair Value, Granted | $ / shares	23.57
Weighted Average Grant Date Fair Value, Vested | $ / shares	22.57
Weighted Average Grant Date Fair Value, Outstanding at ending of the period | $ / shares	$ 22.45

Stockholders' Equity - Summar57

Stockholders' Equity - Summary of Restricted Stock Units (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2018shares
Vest in August 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, vested	49,768
Vest in February 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, vested	78,563
Vest in March 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, vested	69,529
Vest in August 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, vested	49,772
Vest in February 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, vested	65,744
Vest in March 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, vested	69,530
Vest in February 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, vested	65,744
Vest in February 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, vested	65,744

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Details)	3 Months Ended
	Mar. 31, 2018
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 (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Numerator for earnings (loss) per share:
Net income (loss)	$ 10,094	$ (3,304)
Net income attributable to noncontrolling interests		312
Net income attributable to redeemable noncontrolling interests in the Operating Partnership	30
Net income (loss) attributable to common stockholders	$ 10,064	$ (3,616)
Denominator for earnings (loss) per share:
Weighted average common shares outstanding - basic	20,987	21,044
Weighted average unvested restricted stock units	443	249
Denominator for diluted earnings (loss) per share	21,430	21,293
Earnings (loss) per weighted average common share:
Basic	$ 0.48	$ (0.17)
Diluted	$ 0.47	$ (0.17)

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Details) - USD ($)	Jun. 30, 2017	Aug. 01, 2017
Minority Interest [Line Items]
Common units transferred to acquire ownership interest in properties of noncontrolling interest holders, per share		$ 27.31
Amount used for calculation of OP units of net asset value	$ 2,000,000
BH Equity Portfolio
Minority Interest [Line Items]
Percentage of noncontrolling interests in joint ventures acquired	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		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
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%

Noncontrolling Interests - Sche

Noncontrolling Interests - Schedule of Redeemable Noncontrolling Interests (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Noncontrolling Interest [Abstract]
Redeemable noncontrolling interests in the OP, December 31, 2017	$ 2,135
Net income attributable to redeemable noncontrolling interests in the OP	30
Other comprehensive income attributable to redeemable noncontrolling interests in the OP	23
Distributions to redeemable noncontrolling interests in the OP	(91)
Redeemable noncontrolling interests in the OP, March 31, 2018	$ 2,097

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)	1 Months Ended	3 Months Ended
	Dec. 31, 2016Property	Mar. 31, 2018USD ($)$ / Property$ / h	Mar. 31, 2017USD ($)
Advisory and Administrative Fees
Related Party Transaction [Line Items]
Number of properties acquired | Property	2
Operating Agreement
Related Party Transaction [Line Items]
Asset management fee percent		0.50%
Asset management fees			$ 200,000
Effective ownership percentage, variable interest entities		100.00%
NexPoint Real Estate Advisors, L.P
Related Party Transaction [Line Items]
Percentage of annual administrative fee, paid monthly		0.20%
Advisory and administrative fees on contributed assets		$ 5,400,000
Advisory and administrative fees percentage		120.00%
Advisory and administrative fees		$ 1,800,000	1,800,000
Additional advisory and administrative fees		$ 500,000	$ 500,000
NexPoint Real Estate Advisors, L.P | Predecessor
Related Party Transaction [Line Items]
Percentage of annual advisory, paid monthly		1.00%
NexBank Title, Inc.
Related Party Transaction [Line Items]
Payment to affiliate for services rendered		$ 100,000
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		150.00%
BH Management Services, LLC
Related Party Transaction [Line Items]
Property management fee percent		3.00%
Other owner approved fees, per hour | $ / h		55
BH Management Services, LLC | Maximum
Related Party Transaction [Line Items]
Inspection of properties fee, per unit | $ / Property		25
Construction supervision fee, percent fee		6.00%
BH Management Services, LLC | Minimum
Related Party Transaction [Line Items]
Inspection of properties fee, per unit | $ / Property		15
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) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Fees incurred
Property management fees	[1]	$ 1,054	$ 1,113
BH Management Services, LLC
Fees incurred
Property management fees		1,054	1,113
Construction supervision fees		287	184
Acquisition fees			91
Reimbursements
Payroll and benefits		3,788	4,047
Other reimbursements		$ 461	$ 482
[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).

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($)	Apr. 30, 2018	Mar. 31, 2018	Apr. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Jun. 15, 2016
Subsequent Event [Line Items]
Total repurchased shares		0		0	0
Average cost per share		$ 21.63		$ 24.80
Share repurchase program, authorized amount						$ 30,000,000
Stock repurchase program, expiration date				Jun. 15, 2018
Subsequent Event
Subsequent Event [Line Items]
Stock repurchased during period, shares			167,267
Stock repurchased during period, value			$ 4,307,000
Total repurchased shares	725,737		725,737
Total repurchased shares, cost	$ 16,386,000		$ 16,386,000
Average cost per share	$ 22.58		$ 25.75
Share repurchase program, authorized amount	$ 40,000,000		$ 40,000,000
Stock repurchase program, expiration date			Jun. 15, 2020
Dividends payable, amount per share	$ 0.25		$ 0.25
Dividends payable, date declared			Apr. 30, 2018
Dividends payable, date of record			Jun. 15, 2018
Dividends payable, date to be paid			Jun. 29, 2018