NexPoint Residential Trust (NXRT) 10-K 19 Feb 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Feb. 15, 2019	Jun. 29, 2018
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Trading Symbol	NXRT
Entity Registrant Name	NexPoint Residential Trust, Inc.
Entity Central Index Key	1,620,393
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		23,575,826
Entity Public Float			$ 459,930,000

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Operating Real Estate Investments
Land	$ 202,347	$ 189,615
Buildings and improvements	935,604	806,981
Intangible lease assets	3,049	1,340
Construction in progress	1,881	3,786
Furniture, fixtures, and equipment	61,456	44,725
Total Gross Operating Real Estate Investments	1,204,337	1,046,447
Accumulated depreciation and amortization	(134,124)	(88,252)
Total Net Operating Real Estate Investments	1,070,213	958,195
Real estate held for sale, net of accumulated depreciation of $897 and $3,397, respectively	17,329	32,961
Total Net Real Estate Investments	1,087,542	991,156
Cash and cash equivalents	19,864	16,036
Restricted cash	23,265	27,212
Accounts receivable	3,340	2,932
Prepaid and other assets	9,058	1,559
Fair market value of interest rate swaps	18,141	16,480
TOTAL ASSETS	1,161,210	1,055,375
Liabilities:
Mortgages payable, net	824,702	724,057
Mortgages payable held for sale, net	13,318	30,348
Credit facility, net		29,843
Bridge facility, net		8,576
Accounts payable and other accrued liabilities	5,765	6,226
Accrued real estate taxes payable	12,607	9,684
Accrued interest payable	2,852	2,074
Security deposit liability	1,889	1,518
Prepaid rents	1,482	1,470
Total Liabilities	862,615	813,796
Redeemable noncontrolling interests in the Operating Partnership	2,567	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; 23,499,635 and 21,049,565 shares issued and outstanding, respectively	234	210
Additional paid-in capital	285,511	206,227
Accumulated earnings less dividends	(6,764)	19,288
Accumulated other comprehensive income	17,047	13,719
Total Stockholders' Equity	296,028	239,444
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,161,210	$ 1,055,375

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 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	23,499,635	21,049,565
Common stock, shares, outstanding	23,499,635	21,049,565
Common stock, par value	$ 0.01	$ 0.01

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues
Rental income		$ 127,964	$ 125,023	$ 115,419
Other income		18,633	19,212	17,429
Total revenues		146,597	144,235	132,848
Expenses
Property operating expenses		35,824	38,850	38,236
Acquisition costs				386
Real estate taxes and insurance		20,713	19,161	16,062
Property management fees	[1]	4,382	4,330	3,983
Advisory and administrative fees	[2]	7,474	7,419	6,802
Corporate general and administrative expenses		7,808	6,275	4,014
Property general and administrative expenses		6,134	6,159	5,877
Depreciation and amortization		47,470	48,752	35,643
Total expenses		129,805	130,946	111,003
Operating income		16,792	13,289	21,845
Interest expense		(28,572)	(29,576)	(20,167)
Loss on extinguishment of debt and modification costs		(3,576)	(5,719)	(1,722)
Gain on sales of real estate		13,742	78,365	25,932
Net income (loss)		(1,614)	56,359	25,888
Net income attributable to noncontrolling interests			2,836	4,006
Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		(5)	149
Net income (loss) attributable to common stockholders		(1,609)	53,374	21,882
Other comprehensive income
Unrealized gains on interest rate derivatives		1,931	4,568	10,833
Total comprehensive income		317	60,927	36,721
Comprehensive income attributable to noncontrolling interests			2,720	5,090
Comprehensive income attributable to redeemable noncontrolling interests in the Operating Partnership		1	166
Comprehensive income attributable to common stockholders		$ 316	$ 58,041	$ 31,631
Weighted average common shares outstanding - basic		21,189	21,057	21,232
Weighted average common shares outstanding - diluted		21,667	21,399	21,314
Earnings (loss) per share - basic		$ (0.08)	$ 2.53	$ 1.03
Earnings (loss) per share - diluted		(0.08)	2.49	1.03
Dividends declared per common share		$ 1.025	$ 0.910	$ 0.838
[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 - USD ($)	Total	Common Stock	Additional Paid-in Capital	Accumulated Earnings Less Dividends	Accumulated Other Comprehensive Income (Loss)	Common Stock Held in Treasury at Cost	Noncontrolling Interests
Beginning Balance, Values at Dec. 31, 2015	$ 248,938,000	$ 213,000	$ 240,625,000	$ (18,593,000)	$ (697,000)		$ 27,390,000
Beginning Balance, Shares at Dec. 31, 2015		21,293,825
Net income (loss) attributable to common stockholders	21,882,000			21,882,000
Net income attributable to noncontrolling interests	4,006,000						4,006,000
Contributions by noncontrolling interests	30,000						30,000
Distributions to noncontrolling interests	(6,571,000)						(6,571,000)
Purchase of noncontrolling interests	(1,381,000)						(1,381,000)
Repurchase of common stock	(4,587,000)					$ (4,587,000)
Vesting of stock-based compensation	825,000		825,000
Common stock dividends declared	(17,873,000)			(17,873,000)
Other comprehensive income (loss)	10,833,000				9,749,000		1,084,000
Ending Balance, Values at Dec. 31, 2016	256,102,000	$ 213,000	241,450,000	(14,584,000)	9,052,000	(4,587,000)	24,558,000
Ending Balance, Shares at Dec. 31, 2016		21,293,825
Net income (loss) attributable to common stockholders	53,374,000			53,374,000
Net income attributable to noncontrolling interests	2,836,000						2,836,000
Contributions by noncontrolling interests	38,000						38,000
Distributions to noncontrolling interests	(4,789,000)						(4,789,000)
Purchase of noncontrolling interests	(53,840,000)		(31,313,000)				(22,527,000)
Repurchase of common stock	(2,435,000)					(2,435,000)
Retirement of common stock held in treasury		$ (4,000)	(7,018,000)			7,022,000
Retirement of common stock held in treasury, Shares		(354,517)
Vesting of stock-based compensation	3,109,000	$ 1,000	3,108,000
Vesting of stock-based compensation, Shares		110,257
Common stock dividends declared	(19,502,000)			(19,502,000)
Other comprehensive income (loss)	4,551,000				4,667,000		$ (116,000)
Ending Balance, Values at Dec. 31, 2017	$ 239,444,000	$ 210,000	206,227,000	19,288,000	13,719,000
Ending Balance, Shares at Dec. 31, 2017	21,049,565	21,049,565
Cumulative effect upon adoption of ASU2017-12				(1,403,000)	1,403,000
Net income (loss) attributable to common stockholders	$ (1,609,000)			(1,609,000)
Issuance of common shares through public offering	84,782,000	$ 27,000	84,755,000
Issuance of common shares through public offering, Shares		2,702,500
Repurchase of common stock	$ (9,672,000)					(9,672,000)
Retirement of common stock held in treasury		$ (4,000)	(9,668,000)			$ 9,672,000
Retirement of common stock held in treasury, Shares	(382,941)	(382,941)
Vesting of stock-based compensation	$ 4,198,000	$ 1,000	4,197,000
Vesting of stock-based compensation, Shares		130,511
Common stock dividends declared	(22,601,000)			(22,601,000)
Other comprehensive income (loss)	1,925,000				1,925,000
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	(439,000)			(439,000)
Ending Balance, Values at Dec. 31, 2018	$ 296,028,000	$ 234,000	$ 285,511,000	$ (6,764,000)	$ 17,047,000
Ending Balance, Shares at Dec. 31, 2018	23,499,635	23,499,635

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities
Net income (loss)	$ (1,614,000)	$ 56,359,000	$ 25,888,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Gain on sales of real estate	(13,742,000)	(78,365,000)	(25,932,000)
Depreciation and amortization	47,470,000	48,752,000	35,643,000
Amortization/write-off of deferred financing costs	3,062,000	2,998,000	2,121,000
Change in fair value on derivative instruments included in interest expense	(3,948,000)	1,311,000	(646,000)
Net cash received (paid) on derivative settlements	3,832,000	(921,000)	(872,000)
Amortization/write-off of fair market value adjustment of assumed debt	(169,000)	(206,000)	(150,000)
Vesting of stock-based compensation	4,198,000	3,109,000	825,000
Changes in operating assets and liabilities, net of effects of acquisitions:
Operating assets	209,000	1,150,000	(578,000)
Operating liabilities	2,445,000	3,319,000	(2,523,000)
Net cash provided by operating activities	41,743,000	37,506,000	33,776,000
Cash flows from investing activities
Net proceeds from sales of real estate	29,553,000	224,416,000	131,786,000
Prepaid acquisition deposits	(7,653,000)
Additions to real estate investments	(28,481,000)	(24,443,000)	(24,344,000)
Acquisitions of real estate investments	(130,373,000)	(197,649,000)	(159,346,000)
Net cash provided by (used in) investing activities	(136,954,000)	2,324,000	(51,904,000)
Cash flows from financing activities
Mortgage proceeds received	232,252,000	613,213,000
Mortgage payments	(148,942,000)	(276,235,000)	(271,571,000)
Credit facilities proceeds received	55,000,000	25,000,000	315,000,000
Credit facilities payments	(85,000,000)	(310,000,000)
Bridge facilities proceeds received	30,000,000	65,875,000	30,000,000
Bridge facilities payments	(38,597,000)	(87,278,000)	(29,000,000)
Deferred financing costs paid	(2,410,000)	(4,047,000)	(3,842,000)
Interest rate cap fees paid	(56,000)	(18,000)
Proceeds from the issuance of common shares through public offering, net	84,782,000
Repurchase of common stock	(9,672,000)	(2,435,000)	(4,587,000)
Dividends paid to common stockholders	(22,265,000)	(19,258,000)	(17,784,000)
Distributions to redeemable noncontrolling interests in the Operating Partnership		(69,000)
Contributions from noncontrolling interests		38,000	30,000
Distributions to noncontrolling interests		(4,789,000)	(6,571,000)
Purchase of noncontrolling interests		(51,840,000)	(1,381,000)
Net cash provided by (used in) financing activities	95,092,000	(51,843,000)	10,294,000
Net decrease in cash, cash equivalents and restricted cash	(119,000)	(12,013,000)	(7,834,000)
Cash, cash equivalents and restricted cash, beginning of period	43,248,000	55,261,000	63,095,000
Cash, cash equivalents and restricted cash, end of period	43,129,000	43,248,000	55,261,000
Supplemental Disclosure of Cash Flow Information
Interest paid	30,261,000	25,467,000	19,935,000
Prepayment penalties and defeasance costs paid	1,706,000	2,701,000	827,000
Supplemental Disclosure of Noncash Activities
Issuance of operating partnership units for purchase of noncontrolling interests		2,000,000
Capitalized construction costs included in accounts payable and other accrued liabilities	1,715,000	2,263,000	1,494,000
Change in fair value on derivative instruments designated as hedges	1,931,000	4,568,000	10,833,000
Other assets acquired from acquisitions	76,000	325,000	87,000
Liabilities assumed from acquisitions	1,382,000	849,000	738,000
Assumed debt on acquisitions			15,812,000
Fair market value adjustment of assumed debt			863,000
Increase in dividends payable on restricted stock units	$ 336,000	$ 244,000	$ 89,000

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 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 December 31, 2018, there were 23,819,402 common units in the OP (“OP Units”) outstanding, of which 23,746,169, 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 13, 2019 for a one-year term set to expire on March 16, 2020 (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 30% of the Portfolio to investments in real estate-related debt and securities with the potential for high current income or total returns. These allocations may include first and second mortgages and subordinated, bridge, mezzanine, construction and other loans, as well as debt securities related to or secured by multifamily real estate and common and preferred equity securities, which may include securities of other REITs or real estate companies.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 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 consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“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 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 year ended December 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 years ended December 31, 2018, 2017 and 2016. If the Company fails to meet these requirements, it could be subject to federal income tax on all of the Company’s taxable income at regular corporate rates for that year. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. As of December 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 December 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. 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 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 In July 2018, the FASB issued ASU 2018-11, Leases – Targeted Improvements In August 2018, the SEC adopted SEC Release No. 33-10532, Disclosure Update and Simplification

Investments in Subsidiaries

Investments in Subsidiaries	12 Months Ended
	Dec. 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 consolidated 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 the 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 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 agreement, at which time they will be consolidated as wholly owned subsidiaries. As of December 31, 2018, the Company, through the OP and the wholly owned TRS, owned 35 properties through single-asset LLCs. The following table represents the Company’s ownership in each property by virtue of its 100% ownership of the single-asset LLCs that directly own the title to each property as of December 31, 2018 and 2017: Effective Ownership Percentage at December 31, Property Name Location Year 2018 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 % Cedar Pointe (4) Antioch, Tennessee 2018 100 % — (5) Crestmont Reserve Dallas, Texas 2018 100 % — (5) Brandywine I & II Nashville, Tennessee 2018 100 % — (5) (1) Property was sold in 2018. (2) Property was classified as held for sale as of December 31, 2018. (3) The EAT that directly owned Atera Apartments was consolidated as a VIE at December 31, 2017. The Company completed the reverse portion of the 1031 Exchange of Atera Apartments with the sale of Timberglen on January 31, 2018, at which time legal title to Atera Apartments transferred to the Company. Upon the transfer of title, the entity that directly owns Atera Apartments was no longer considered a VIE (see Note 5). (4) The EAT that directly owned Cedar Pointe was consolidated as a VIE at December 31, 2018. The Company does not expect to complete a reverse 1031 Exchange of Cedar Pointe prior to February 20, 2019, the date which the master lease agreement with the EAT that directly owns Cedar Pointe terminates. As such, legal title to Cedar Pointe will transfer to the Company at a date no later than February 20, 2019. Upon the transfer of title, the entity that directly owns Cedar Pointe will no longer be considered a VIE. (5) Properties were acquired in 2018; therefore, no ownership as of December 31, 2017.

Real Estate Investments Statist

Real Estate Investments Statistics	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Real Estate Investments Statistics	4. Real Estate Investments Statistics As of December 31, 2018, the Company was invested in a total of 35 multifamily properties, as listed below: Average Effective Monthly Rent Per Unit as of December 31, *(1) % Occupied as of December 31, *(2) Property Name Rentable Square Footage (in thousands)* Number of Units* Date Acquired 2018 2017 2018 2017 Arbors on Forest Ridge 155 210 1/31/2014 $ 870 $ 862 95.2 % 96.2 % Cutter's Point 198 196 1/31/2014 1,109 1,063 95.4 % 95.4 % Eagle Crest 396 447 1/31/2014 922 887 94.9 % 93.3 % Silverbrook 526 642 1/31/2014 835 791 94.9 % 95.2 % Edgewater at Sandy Springs 727 760 7/18/2014 950 940 94.1 % 93.8 % Beechwood Terrace 272 300 7/21/2014 933 927 93.7 % 94.3 % Willow Grove 229 244 7/21/2014 960 919 95.1 % 95.5 % Woodbridge 247 220 7/21/2014 1,028 952 94.1 % 93.6 % Abbington Heights 239 274 8/1/2014 889 890 92.0 % 94.2 % The Summit at Sabal Park 205 252 8/20/2014 955 913 94.4 % 92.9 % Courtney Cove 225 324 8/20/2014 895 836 95.7 % 94.4 % Radbourne Lake 247 225 9/30/2014 1,082 1,061 96.0 % 93.3 % Timber Creek 248 352 9/30/2014 847 817 92.6 % 94.0 % Belmont at Duck Creek 198 240 9/30/2014 1,030 999 92.1 % 95.4 % Sabal Palm at Lake Buena Vista 371 400 11/5/2014 1,255 1,167 96.5 % 96.8 % Southpoint Reserve at Stoney Creek (3) 116 156 12/18/2014 1,093 1,067 98.1 % 93.6 % Cornerstone 318 430 1/15/2015 1,007 927 94.2 % 94.4 % The Preserve at Terrell Mill 692 752 2/6/2015 921 855 94.8 % 93.1 % The Ashlar 206 264 2/26/2015 859 835 94.3 % 91.7 % Heatherstone 116 152 2/26/2015 874 839 94.7 % 89.5 % Versailles 301 388 2/26/2015 884 865 96.4 % 94.8 % Seasons 704 Apartments 217 222 4/15/2015 1,130 1,076 96.8 % 96.4 % Madera Point 193 256 8/5/2015 866 807 94.5 % 93.0 % The Pointe at the Foothills 473 528 8/5/2015 859 814 95.1 % 90.9 % Venue at 8651 289 333 10/30/2015 875 809 92.8 % 94.3 % Parc500 266 217 7/27/2016 1,254 1,179 94.9 % 94.9 % The Colonnade 256 415 10/11/2016 719 685 93.3 % 94.0 % Old Farm 697 734 12/29/2016 1,176 1,183 92.9 % 92.6 % Stone Creek at Old Farm 186 190 12/29/2016 1,173 1,165 96.8 % 94.7 % Hollister Place 246 260 2/1/2017 984 959 93.5 % 95.0 % Rockledge Apartments 802 708 6/30/2017 1,186 1,149 94.6 % 92.9 % Atera Apartments 334 380 10/25/2017 1,232 1,265 97.4 % 92.1 % Cedar Pointe 224 210 8/24/2018 1,051 — (4) 95.7 % — (4) Crestmont Reserve 199 242 9/26/2018 914 — (4) 94.6 % — (4) Brandywine I & II 414 632 9/26/2018 957 — (4) 93.8 % — (4) 11,028 12,555 * Information is unaudited. (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of December 31 for the respective year minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of December 31 for the respective year. (2) Percent occupied is calculated as the number of units occupied as of December 31, 2018 and 2017, divided by the total number of units, expressed as a percentage. (3) Property was classified as held for sale as of December 31, 2018. (4) Properties were acquired in 2018.

Real Estate Investments

Real Estate Investments	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Real Estate Investments	5. Real Estate Investments As of December 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 $ 11,319 $ — $ — $ 1,047 $ 14,696 Cutter's Point 3,330 13,347 — — 1,320 17,997 Eagle Crest 5,450 22,969 — — 1,563 29,982 Silverbrook 4,860 26,485 — 60 3,230 34,635 Edgewater at Sandy Springs 14,290 44,186 — 349 5,083 63,908 Beechwood Terrace 1,390 21,123 — 31 1,670 24,214 Willow Grove 3,940 10,829 — — 1,231 16,000 Woodbridge 3,650 13,125 — — 1,536 18,311 Abbington Heights 1,770 17,140 — — 1,539 20,449 The Summit at Sabal Park 5,770 13,447 — 43 1,347 20,607 Courtney Cove 5,880 13,170 — — 1,268 20,318 Radbourne Lake 2,440 22,138 — 72 1,536 26,186 Timber Creek 11,260 13,582 — — 1,556 26,398 Belmont at Duck Creek 1,910 17,397 — — 1,471 20,778 Sabal Palm at Lake Buena Vista 7,580 41,336 — — 1,280 50,196 Cornerstone 1,500 30,513 — — 1,885 33,898 The Preserve at Terrell Mill 10,170 49,091 — 57 4,843 64,161 The Ashlar 4,090 12,845 — — 2,017 18,952 Heatherstone 2,320 8,132 — — 1,199 11,651 Versailles 6,720 21,513 — — 3,033 31,266 Seasons 704 Apartments 7,480 14,223 — — 1,288 22,991 Madera Point 4,920 17,570 — — 1,431 23,921 The Pointe at the Foothills 4,840 46,998 — — 2,078 53,916 Venue at 8651 2,350 18,084 — — 2,499 22,933 Parc500 3,860 20,692 — 37 2,600 27,189 The Colonnade 8,340 37,086 — 567 1,604 47,597 Old Farm 11,078 70,471 — — 1,800 83,349 Stone Creek at Old Farm 3,493 19,394 — — 467 23,354 Hollister Place 2,782 21,389 — 135 1,410 25,716 Rockledge Apartments 17,451 95,484 — 428 3,314 116,677 Atera Apartments 22,371 36,563 — 86 1,151 60,171 Cedar Pointe (1) 2,371 23,458 600 16 441 26,886 Crestmont Reserve 4,124 19,544 687 — 504 24,859 Brandywine I & II 6,237 70,961 1,762 — 1,215 80,175 202,347 935,604 3,049 1,881 61,456 1,204,337 Accumulated depreciation and amortization — (95,364 ) (1,625 ) — (37,135 ) (134,124 ) Total Operating Properties $ 202,347 $ 840,240 $ 1,424 $ 1,881 $ 24,321 $ 1,070,213 Held For Sale Property Southpoint Reserve at Stoney Creek 6,120 11,319 — — 787 18,226 Accumulated depreciation and amortization — (736 ) — — (161 ) (897 ) Total Held For Sale Property $ 6,120 $ 10,583 $ — $ — $ 626 $ 17,329 Total $ 208,467 $ 850,823 $ 1,424 $ 1,881 $ 24,947 $ 1,087,542 (1) The EAT that directly owned Cedar Pointe was consolidated as a VIE at December 31, 2018. The Company does not expect to complete a reverse 1031 Exchange of Cedar Pointe prior to February 20, 2019, the date which the master lease agreement with the EAT that directly owns Cedar Pointe terminates. As such, legal title to Cedar Pointe will transfer to the Company at a date no later than February 20, 2019. Upon the transfer of title, the entity that directly owns Cedar Pointe will no longer be considered a VIE. 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 $45.0 million, $39.9 million and $34.2 million for the years ended December 31, 2018, 2017 and 2016, respectively. Amortization expense related to the Company’s intangible lease assets was $2.5 million, $8.9 million and $1.4 million for the years ended December 31, 2018, 2017 and 2016, respectively. Amortization expense related to the Company’s intangible lease assets for all acquisitions completed through December 31, 2018 is expected to be $1.4 million in 2019. Due to the six-month useful life attributable to intangible lease assets, the value of intangible lease assets on any acquisition prior to June 30, 2018 has been fully amortized and the assets and related accumulated amortization have been written off as of December 31, 2018. Acquisitions The Company acquired three properties during the year ended December 31, 2018, as detailed in the table below (dollars in thousands). The Company acquired three properties for a combined purchase price of approximately $197.2 million during the year ended December 31, 2017. See Notes 3, 4 and 6 for additional information. Property Name Location Date of Acquisition Purchase Price Mortgage Debt (1) # Units Effective Ownership Cedar Pointe Antioch, Tennessee August 24, 2018 $ 26,500 $ 17,300 210 100 % Crestmont Reserve Dallas, Texas September 26, 2018 24,680 12,061 242 100 % Brandywine I & II (2) Nashville, Tennessee September 26, 2018 79,800 43,835 632 100 % $ 130,980 $ 73,196 1,084 (1) For additional information regarding the Company’s debt, see Note 6. (2) Brandywine I & II are two separate properties which the Company combined and operates as a single property. Dispositions The Company sold one property during the year ended December 31, 2018, as detailed in the table below (in thousands). The Company sold nine properties for approximately $228.1 million during the year ended December 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	12 Months Ended
	Dec. 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 December 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 4.18% 7/1/2024 Cutter's Point (3) Floating 84 16,640 4.18% 7/1/2024 Eagle Crest (3) Floating 84 29,510 4.18% 7/1/2024 Silverbrook (3) Floating 84 30,590 4.18% 7/1/2024 Edgewater at Sandy Springs (3) Floating 84 52,000 4.18% 7/1/2024 Beechwood Terrace (4) Floating 84 23,365 3.94% 9/1/2025 Willow Grove (3) Floating 84 14,818 4.28% 7/1/2024 Woodbridge (3) Floating 84 13,677 4.28% 7/1/2024 The Summit at Sabal Park (3) Floating 84 13,560 4.12% 7/1/2024 Courtney Cove (3) Floating 84 13,680 4.12% 7/1/2024 The Preserve at Terrell Mill (3) Floating 84 42,480 4.12% 7/1/2024 The Ashlar (3) Floating 84 14,520 4.12% 7/1/2024 Heatherstone (3) Floating 84 8,880 4.12% 7/1/2024 Versailles (3) Floating 84 23,880 4.12% 7/1/2024 Seasons 704 Apartments (3) Floating 84 17,460 4.12% 7/1/2024 Madera Point (3) Floating 84 15,150 4.12% 7/1/2024 The Pointe at the Foothills (3) Floating 84 34,800 4.12% 7/1/2024 Venue at 8651 (3) Floating 84 13,734 4.28% 7/1/2024 The Colonnade (3) Floating 84 28,093 4.18% 7/1/2024 Old Farm (3) Floating 84 52,886 4.18% 7/1/2024 Stone Creek at Old Farm (3) Floating 84 15,274 4.18% 7/1/2024 Timber Creek (5) Floating 84 24,100 3.76% 10/1/2025 Radbourne Lake (6) Floating 84 20,000 3.79% 10/1/2025 Sabal Palm at Lake Buena Vista (7) Floating 84 42,100 3.80% 9/1/2025 Abbington Heights (8) Floating 84 16,920 3.75% 9/1/2025 Belmont at Duck Creek (9) Floating 84 17,760 3.89% 6/1/2025 Cornerstone (10) Fixed 120 22,227 4.24% 3/1/2023 Parc500 (11) Fixed 120 15,483 4.49% 8/1/2025 Hollister Place (12) Floating 84 14,811 3.84% 10/1/2025 Rockledge Apartments (3) Floating 84 68,100 4.07% 7/1/2024 Atera Apartments (13) Floating 84 29,500 3.98% 11/1/2024 Cedar Pointe (14) Floating 84 17,300 3.85% 9/1/2025 Crestmont Reserve (3) Floating 84 12,061 3.68% 10/1/2025 Brandywine I & II (3) Floating 84 43,835 3.68% 10/1/2025 $ 832,324 Fair market value adjustment 632 (15) Deferred financing costs, net of accumulated amortization of $1,781 (8,254 ) $ 824,702 Held For Sale Property Southpoint Reserve at Stoney Creek (3) Floating 84 13,389 4.61% 1/1/2022 Deferred financing costs, net of accumulated amortization of $94 (71 ) $ 13,318 (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 December 31, 2018 was 2.5027%. (3) Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13 th st (4) On August 31, 2018, the Company refinanced the existing floating rate mortgage of approximately $20.2 million. The Company accounted for the refinancing as an extinguishment of a debt instrument. See “Refinancings” th st (5) On September 28, 2018, the Company refinanced the existing floating rate mortgage of approximately $19.1 million. The Company accounted for the refinancing as an extinguishment of a debt instrument. See “Refinancings” th st (6) On September 28, 2018, the Company refinanced the existing floating rate mortgage of approximately $18.9 million. The Company accounted for the refinancing as an extinguishment of a debt instrument. See “Refinancings” th st (7) On August 20, 2018, the Company refinanced the existing floating rate mortgage of approximately $37.2 million. The Company accounted for the refinancing as an extinguishment of a debt instrument. See “Refinancings” th st (8) On August 21, 2018, the Company refinanced the existing fixed rate mortgage of approximately $9.9 million, which was assumed upon acquisition of this property, into a floating rate mortgage. The Company accounted for the refinancing as an extinguishment of a debt instrument. See “Refinancings” th st (9) On June 1, 2018, the Company refinanced the existing fixed rate mortgage of approximately $10.9 million, which was assumed upon acquisition of this property and recorded at approximated fair value, into a floating rate mortgage. See “Refinancings” th st (10) 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 (11) 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. (12) On September 28, 2018, the Company refinanced the existing floating rate mortgage of approximately $13.5 million. The Company accounted for the refinancing as a modification of a debt instrument. As such, the existing $0.1 million of net deferred financing costs related to the prior mortgage debt is included with the approximately $0.3 million of deferred financing costs incurred in connection with the modification. Such costs are recorded as a reduction from mortgages payable on the accompanying consolidated balance sheet as of December 31, 2018 and are amortized over the term of the new mortgage debt. See “Refinancings” th st (13) Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13 th st (14) Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13 th st (15) The Company reflected a valuation adjustment on its fixed rate debt for 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 term of the mortgage. Refinancings. During the year ended December 31, 2018, the Company refinanced mortgages on seven properties, as detailed in the table below (dollars in thousands): Property Name Date of Refinance Accounting Treatment Write-off of Deferred Financing Costs (1) Capitalized Deferred Financing Costs Prepayment Penalties and Defeasance Costs (1) Debt Modification and Other Extinguishment Costs (1) Reduction in Spread (in basis points) (2) Belmont at Duck Creek 6/1/2018 Extinguishment $ — (3) $ 293 $ — $ — 79 (4) Sabal Palm at Lake Buena Vista 8/20/2018 Extinguishment 228 442 371 — 51 Abbington Heights 8/21/2018 Extinguishment — 105 446 202 4 (4) Beechwood Terrace 8/31/2018 Extinguishment 405 100 202 196 24 Timber Creek 9/28/2018 Extinguishment 151 296 191 — 56 Radbourne Lake 9/28/2018 Extinguishment 144 266 189 — 52 Hollister Place 9/28/2018 Modification — 141 135 87 90 $ 928 $ 1,643 $ 1,534 $ 485 50 (5) (1) Included in loss on extinguishment of debt and modification costs on the accompanying consolidated statements of operations and comprehensive income. (2) For previous floating rate mortgages, represents the reduction in the borrowing spread from the previous mortgage to the current mortgage. For previous fixed-rate mortgages, represents the reduction in the borrowing rate from the previous mortgage to the current mortgage (using one-month LIBOR as of December 31, 2018). (3) There were no existing deferred financing costs related to the prior fixed rate mortgage. The Company wrote-off the unamortized fair market value adjustment as of June 1, 2018, a premium of less than $0.1 million, related to the prior fixed rate mortgage, which is recorded in loss on extinguishment of debt and modification costs on the accompanying consolidated statements of operations and comprehensive income. (4) Previous mortgage was an assumed fixed-rate loan. (5) Represents the weighted average reduction in the borrowing spreads. During the year ended December 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 4.07% as of December 31, 2018 and 3.34% as of December 31, 2017. The increase between the periods is primarily related to an increase in one-month LIBOR of approximately 94 basis points to 2.5027% as of December 31, 2018 from 1.5643% as of December 31, 2017, partially offset by a weighted average reduction of 50 basis points in the borrowing spreads related to the seven mortgages the Company refinanced in 2018, as described above. As of December 31, 2018, the adjusted weighted average interest rate of the Company’s mortgage indebtedness was 3.17%. 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% for one-month LIBOR 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). 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 December 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 (the “Green 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. In connection with the three acquisitions and seven refinancings the Company completed in 2018, the Company escrowed approximately $1.2 million related to the Green Program. $60 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”). On April 27, 2018, the Company, through the OP, amended the $30 Million Credit Facility to temporarily increase the loan commitment by $5.0 million (the “Temporary Increase”) and immediately drew $5.0 million. The $5.0 million drawn under the Temporary Increase was repaid in full on July 25, 2018. The Company accounted for the Temporary Increase as an extinguishment of a debt instrument. As such, the Company wrote-off the unamortized deferred financing costs of approximately $0.1 million as of April 27, 2018, which is recorded in loss on extinguishment of debt and modification costs on the accompanying consolidated statements of operations and comprehensive income. On September 26, 2018, the Company, through the OP, repaid the $30.0 million outstanding under the $30 Million Credit Facility and amended the loan agreement, extending the maturity date to September 26, 2020 and increasing the loan commitment to $60.0 million (the “$60 Million Credit Facility”). The Company accounted for the refinancing as an extinguishment of a debt instrument. The Company, through the OP, immediately drew $50.0 million to fund a portion of the purchase price of Brandywine I & II and Crestmont Reserve. The $60 Million Credit Facility was a full-term, interest-only facility with a 24-month term and was guaranteed by the Company. Interest accrued on the $60 Million Credit Facility at an interest rate of one-month LIBOR plus 2.00%. In November 2018, the Company, through the OP, used net proceeds from the 2018 Offering (as defined below) (see Note 8) to repay the $50.0 million outstanding under the $60 Million Credit Facility, which retired the credit facility. In connection with the repayment, the Company, through the OP, received a commitment fee rebate of approximately $0.8 million from KeyBank, which was previously capitalized as a deferred financing cost on the Company’s consolidated balance sheet as of September 30, 2018. $30 Million Bridge Facility . On September 26, 2018, the Company, through the OP, entered into a $30.0 million bridge facility (the “$30 Million Bridge Facility”) with KeyBank and immediately drew $30.0 million to fund a portion of the purchase price of Brandywine I & II and Crestmont Reserve. The $30 Million Bridge Facility was a full-term, interest-only facility with a six-month term and was guaranteed by the Company. Interest accrued on the $30 Million Bridge Facility at an interest rate of one-month LIBOR plus 2.00%. In November 2018, the Company, through the OP, used net proceeds from the 2018 Offering to repay the $30.0 million outstanding under the $30 Million Bridge Facility, which retired the bridge facility. In connection with the repayment, the Company, through the OP, received a commitment fee rebate of approximately $0.3 million from KeyBank, which was previously capitalized as a deferred financing cost on the Company’s consolidated balance sheet as of September 30, 2018. 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 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 years ended December 31, 2018, 2017 and 2016, the Company wrote-off deferred financing costs of approximately $1.4 million, $1.0 million and $0.7 million, respectively, which is included in loss on extinguishment of debt and modification costs on the consolidated statements of operations and comprehensive income. For the years ended December 31, 2018, 2017 and 2016, amortization of deferred financing costs of approximately $1.7 million, $2.0 million and $1.4 million, respectively, is included in interest expense on the consolidated statements of operations and comprehensive income. 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 and fair market value adjustments related to the original debt. Loss on extinguishment of debt and modification costs also includes prepayment penalties and defeasance costs incurred on the early repayment of debt, costs incurred in a debt modification that are not capitalized as deferred financing costs and other costs incurred in a debt extinguishment. Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to December 31, 2018 are as follows (in thousands): Operating Properties Held For Sale Property Total 2019 $ 716 $ 207 $ 923 2020 744 205 949 2021 782 219 1,001 2022 817 12,758 13,575 2023 20,598 — 20,598 Thereafter 808,667 — 808,667 Total $ 832,324 $ 13,389 $ 845,713

Fair Value of Derivative and Fi

Fair Value of Derivative and Financial Instruments	12 Months Ended
	Dec. 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, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy): • 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 December 31, 2018 and 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 years ended December 31, 2018, 2017 and 2016, interest rate cap derivatives were used to hedge the variable cash flows associated with a portion of the Company’s floating rate debt. The interest rate cap agreements the Company has entered into effectively cap one-month LIBOR on $255.2 million of the Company’s floating rate mortgage indebtedness at a weighted average rate of 5.82%. The changes in the 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 year ended December 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 years ended December 31, 2017 and 2016, the Company recorded approximately $0.3 million and $1.7 million, respectively, of gain related to the ineffective portion of changes in the fair value of its derivatives designated as cash flow hedges, which is recorded as a decrease to interest expense on the accompanying consolidated statements of operations and comprehensive income. 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 December 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 December 31, 2018, one-month LIBOR was 2.5027%. (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 December 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 12 $ 255,179 As of December 31, 2017, the Company had 16 interest rate cap derivatives, with a notional amount of $273.5 million, which were not designated as hedges in qualifying hedging relationships. As of December 31, 2016, the Company had 36 interest rate cap derivatives, with a notional amount of $578.3 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 December 31, 2018 and 2017 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ 18,141 $ 16,480 $ — $ — Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets 10 4 — — Total $ 18,151 $ 16,484 $ — $ — The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income for the years ended December 31, 2018, 2017 and 2016 (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 (1) 2016 (1) OCI into income 2018 2017 (1) 2016 (1) in income 2018 2017 *(2) (3) 2016 *(2) Derivatives designated as hedging instruments: For the year ended December 31, Interest rate products $ 5,928 $ 2,967 $ 9,800 Interest expense $ 3,997 $ (1,416 ) $ (1,033 ) Interest expense $ — $ 124 $ 1,683 * 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 $185,000 of loss reclassified from OCI for missed forecasted transactions due to hedged forecasted transactions being no longer probable. Location of gain (loss) Amount of gain (loss) recognized in income recognized in income 2018 2017 2016 Derivatives not designated as hedging instruments: For the year ended December 31, Interest rate products Interest expense $ (49 ) $ (19 ) $ (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 December 31, 2018 and 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 years ended December 31, 2018, 2017 and 2016, the Company did not record any impairment charges related to real estate assets.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Stockholders' Equity	8. Stockholders’ Equity Common Stock On March 15, 2017, the Company filed a registration statement on Form S-3 (the “Registration Statement”), registering an indeterminate aggregate principal amount and number of securities of each identified class of securities therein up to a proposed aggregate offering price of $200,000,000, which may be offered from time to time in unspecified numbers and at indeterminate prices, as may be issued upon conversion, redemption, repurchase, exchange or exercise of any securities registered thereunder, including under any applicable anti-dilution provisions. The Registration Statement also covers an indeterminate number of securities that may become issuable as a result of stock splits, stock dividends or similar transactions relating to the securities registered thereunder. On November 14, 2018, the Company issued 2,702,500 shares of common stock, par value $0.01 per share, at a public offering price of $33.00 per share (before underwriters’ discounts and offering costs) for gross proceeds of approximately $89.2 million (the “2018 Offering”). The common stock was offered and sold pursuant to a prospectus supplement, dated November 14, 2018, and a base prospectus, dated April 24, 2017, relating to the Registration Statement. The Company contributed the net proceeds from the 2018 Offering to the OP in exchange for 2,702,500 OP Units, and the OP in turn used a majority of the net proceeds to repay the $50.0 million outstanding under the $60 Million Credit Facility and the $30.0 million outstanding under the $30 Million Bridge Facility. The following table contains summary information of the 2018 Offering: Gross proceeds $ 89,182,500 Common shares sold (1) 2,702,500 Public offering price per share $ 33.00 Offering costs 876,800 Underwriters' discounts 3,523,500 Net proceeds 84,782,200 Average price per share $ 31.37 (1) Affiliates of the Adviser purchased 207,971 shares in the 2018 Offering. No underwriters’ discount applied to the purchase of such shares. During the year ended December 31, 2018, the Company issued 130,511 shares of common stock pursuant to its long-term incentive plan and retired 382,941 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 December 31, 2018, the Company had 23,499,635 shares of common stock, par value $0.01 per share, issued and outstanding. Share Repurchase Program On June 15, 2016, the Board authorized the Company to repurchase up to $30.0 million of its common stock, par value $0.01 per share, during a two-year period that was set to expire on June 15, 2018 (the “Share Repurchase Program”). On April 30, 2018, the Board increased the Share Repurchase Program to up to $40.0 million and extended it by an additional two years to June 15, 2020. The Company may utilize various methods to effect the repurchases, and the timing and extent of the repurchases will depend upon several factors, including market and business conditions, regulatory requirements and other corporate considerations, including whether the Company’s common stock is trading at a significant discount to net asset value per share. Repurchases under this program may be discontinued at any time. During the year ended December 31, 2018, the Company repurchased 382,941 shares of its common stock, par value $0.01 per share, at a total cost of approximately $9,672,000, or $25.26 per share. As of December 31, 2018, the Company had repurchased 737,458 shares of its common stock, par value $0.01 per share, at a total cost of approximately $16,694,000, or $22.64 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 year ended December 31, 2018, the Company retired 382,941 shares of its common stock held in treasury. As of December 31, 2018 and 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, par value $0.01 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, employees and certain key employees of the Adviser 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 December 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 (130,511 ) 21.28 Forfeited — — Outstanding December 31, 464,626 (1) $ 22.80 (1) 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 December 31, 2018, the Company had issued 240,768 shares of common stock under the 2016 LTIP. For the years ended December 31, 2018, 2017 and 2016, the Company recognized approximately $4.2 million, $3.1 million and $0.8 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. As of December 31, 2018, the Company had recognized a liability of approximately $0.7 million related to dividends earned on restricted stock units that are payable in cash upon vesting.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 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 (loss) attributable to redeemable noncontrolling interests in the Operating Partnership in the accompanying consolidated statements of operations and comprehensive income. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings (loss) per share. See Note 10 for additional information. The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods presented (in thousands, except per share amounts): For the Year Ended December 31, 2018 2017 2016 Numerator for earnings (loss) per share: Net income (loss) $ (1,614 ) $ 56,359 $ 25,888 Net income attributable to noncontrolling interests — 2,836 4,006 Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership (5 ) 149 — Net income (loss) attributable to common stockholders $ (1,609 ) $ 53,374 $ 21,882 Denominator for earnings (loss) per share: Weighted average common shares outstanding 21,189 21,057 21,232 Denominator for basic earnings (loss) per share 21,189 21,057 21,232 Weighted average unvested restricted stock units 478 342 82 Denominator for diluted earnings per share 21,667 21,399 21,314 Earnings (loss) per weighted average common share: Basic $ (0.08 ) $ 2.53 $ 1.03 Diluted $ (0.08 ) $ 2.49 $ 1.03

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 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 year ended December 31, 2018 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2017 $ 2,135 Net loss attributable to redeemable noncontrolling interests in the OP (5 ) Other comprehensive income attributable to redeemable noncontrolling interests in the OP 6 Contributions from redeemable noncontrolling interests in the OP 180 Distributions to redeemable noncontrolling interests in the OP (188 ) Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 439 Redeemable noncontrolling interests in the OP, December 31, 2018 $ 2,567 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. 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 years ended December 31, 2018, 2017 and 2016 (in thousands): For the Year Ended December 31, 2018 2017 2016 Fees incurred Property management fees (1) $ 4,382 $ 4,330 $ 3,983 Construction supervision fees (2) 1,076 869 885 Acquisition fees (3) 348 675 589 Reimbursements Payroll and benefits (4) 14,100 15,344 15,586 Other reimbursements (5) 2,200 1,982 2,078 (1) Included in property management fees on the consolidated statements of operations and comprehensive income. (2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Includes due diligence costs. Acquisition fees incurred prior to October 1, 2016 are included in acquisition costs on the consolidated statements of operations and comprehensive income. Acquisition fees incurred for the period beginning on October 1, 2016 are capitalized to real estate assets on the consolidated balance sheets. (4) Included in property operating expenses on the consolidated statements of operations and comprehensive income. (5) Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the consolidated statements of operations and comprehensive income.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	11. Related Party Transactions 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 years ended December 31, 2017 and 2016, the properties incurred asset management fees to the Company of approximately $0.4 million and $0.7 million, respectively. Since the fees were paid to the Company (and not the Adviser) by consolidated properties, they have been eliminated in consolidation. However, because the Company’s previous joint venture partners owned a portion of each of a majority of the properties in the Portfolio, prior to the Company’s purchase of 100% of their joint venture interests, they absorbed their pro rata share of the asset management fee. This amount is reflected on the consolidated statements of operations and comprehensive income in the net income attributable to noncontrolling interests. Advisory and Administrative Fee In accordance with the Advisory Agreement, the Company pays the Adviser an advisory fee equal to 1.00% of the Average Real Estate Assets (as defined below). The duties performed by the Company’s Adviser under the terms of the Advisory Agreement include, but are not limited to: providing daily management for the Company, selecting and working with third party service providers, managing the Company’s properties or overseeing the third party property manager, formulating an investment strategy for the Company and selecting suitable properties and investments, managing the Company’s outstanding debt and its interest rate exposure through derivative instruments, determining when to sell assets, and managing the value-add program or overseeing a third party vendor that implements the value-add program. “Average Real Estate Assets” means the average of the aggregate book value of Real Estate Assets before reserves for depreciation or other non-cash reserves, computed by taking the average of the book value of real estate assets at the end of each month (1) for which any fee under the Advisory Agreement is calculated or (2) during the year for which any expense reimbursement under the Advisory Agreement is calculated. “Real Estate Assets” is defined broadly in the Advisory Agreement to include, among other things, investments in real estate-related securities and mortgages and reserves for capital expenditures (the value-add program). The advisory fee is payable monthly in arrears in cash, unless the Adviser elects, in its sole discretion, to receive all or a portion of the advisory fee in shares of common stock, subject to certain limitations. In accordance with the Advisory Agreement, the Company also pays the Adviser an administrative fee equal to 0.20% of the Average Real Estate Assets. The administrative fee is payable monthly in arrears in cash, unless the Adviser elects, in its sole discretion, to receive all or a portion of the administrative fee in shares of common stock, subject to certain limitations. The advisory and administrative fees paid to the Adviser on the Contributed Assets (as defined below) are subject to an annual cap of approximately $5.4 million (the “Contributed Assets Cap”) (see “Expense Cap” below). Pursuant to the terms of the Advisory Agreement, the Company will reimburse the Adviser for all documented Operating Expenses and Offering Expenses it incurs on behalf of the Company. “Operating Expenses” include legal, accounting, financial and due diligence services performed by the Adviser that outside professionals or outside consultants would otherwise perform, the Company’s pro rata share of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the Adviser required for the Company’s operations, and compensation expenses under the 2016 LTIP. Operating Expenses do not include expenses for the advisory and administrative services described in the Advisory Agreement. Certain Operating Expenses, such as the Company’s ratable share of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses incurred by the Adviser or its affiliates that relate to the operations of the Company, may be billed monthly to the Company under a shared services agreement. “Offering Expenses” include all expenses (other than underwriters’ discounts) in connection with an offering, including, without limitation, legal, accounting, printing, mailing and filing fees and other documented offering expenses. For the years ended December 31, 2018, 2017 and 2016, the Adviser did not bill any Operating Expenses or Offering Expenses to the Company and any such expenses the Adviser incurred during the periods are considered to be permanently waived. Expense Cap Pursuant to the terms of the Advisory Agreement, expenses paid or incurred by the Company for advisory and administrative fees payable to the Adviser and Operating Expenses will not exceed 1.5% of Average Real Estate Assets per calendar year (or part thereof that the Advisory Agreement is in effect (the “Expense Cap”)). The Expense Cap does not limit the reimbursement of expenses related to Offering Expenses. The Expense Cap also does not apply to legal, accounting, financial, due diligence and other service fees incurred in connection with mergers and acquisitions, extraordinary litigation or other events outside the Company’s ordinary course of business or any out-of-pocket acquisitions or due diligence expenses incurred in connection with the acquisition or disposition of real estate assets. Also, advisory and administrative fees are further limited on Contributed Assets to approximately $5.4 million in any calendar year. Contributed Assets refers to all Real Estate Assets contributed to the Company as part of the Spin-Off. The Contributed Assets Cap is not reduced for dispositions of such assets subsequent to the Spin-Off. Advisory and administrative fees on New Assets are not subject to the above limitation and are based on an annual rate of 1.2% on Average Real Estate Assets, but are subject to the Expense Cap. New Assets are all Real Estate Assets that are not Contributed Assets. For the years ended December 31, 2018, 2017 and 2016, the Company incurred advisory and administrative fees of $7.5 million, $7.4 million and $6.8 million, respectively. The amount paid for the years ended December 31, 2018, 2017 and 2016 represents the maximum fee allowed on Contributed Assets under the Advisory Agreement plus approximately $2.1 million, $2.0 million and $1.4 million, respectively, of advisory and administrative fees incurred on New Assets. For the year ended December 31, 2018, the Adviser elected to voluntarily waive the advisory and administrative fees incurred on the eight properties acquired subsequent to October 2016, which totaled approximately $4.1 million. For the year ended December 31, 2017, the Adviser elected to voluntarily waive the advisory and administrative fees incurred on the five properties acquired subsequent to October 2016, which totaled approximately $2.4 million. For the year ended December 31, 2016, the Adviser elected to voluntarily waive the advisory and administrative fees incurred on the two properties acquired subsequent to October 2016, which totaled less than $0.1 million. The advisory and administrative fees waived by the Adviser for the years ended December 31, 2018, 2017 and 2016 are considered to be permanently waived for the periods. The Adviser is not contractually obligated to waive fees on New Assets in the future and may cease waiving fees on New Assets at its discretion. Other Related Party Transactions The Company has in the past, and may in the future, utilize the services of affiliated parties. For the years ended December 31, 2018, 2017 and 2016, the Company paid approximately $0.3 million, $1.2 million and $0.6 million, respectively, to NexBank Title, Inc. (“NexBank Title”). NexBank Title is an affiliate of the Adviser through common beneficial ownership. NexBank Title provides title insurance and work related to providing title insurance on properties related to acquisitions, dispositions and refinancing transactions. These amounts are either capitalized as real estate assets or deferred financing costs, expensed as loss on extinguishment of debt and modification costs, or expensed as selling costs when determining gain (loss) on sales of real estate, depending on the appropriate accounting as determined for each specific transaction. On November 14, 2018, as part of the 2018 Offering, affiliates of the Adviser purchased 207,971 shares from the underwriters. The shares were purchased on the same terms as other investors at a public offering price of $33.00 per share. However, no underwriters’ discount applied to the purchase of such shares.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 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 December 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 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	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events Acquisition of Multifamily Properties The Company acquired the following properties, structured as a reverse 1031 Exchange, as a portfolio (the “Phoenix Portfolio”) subsequent to December 31, 2018 (dollars in thousands) (unaudited): Property Name Location Date of Acquisition Purchase Price Mortgage Debt # Units Effective Ownership Bella Vista Apartment Homes Phoenix, Arizona January 28, 2019 $ 48,400 $ 29,040 248 100 % The Enclave Apartment Homes Tempe, Arizona January 28, 2019 41,800 25,322 204 100 % The Heritage Apartment Homes Phoenix, Arizona January 28, 2019 41,900 24,625 204 100 % $ 132,100 (1) $ 78,987 (2) 656 (1) The Company used approximately $52.5 million of proceeds drawn under a credit facility (see “$75 Million Credit Facility” below) to fund a portion of the purchase price of the Phoenix Portfolio and planned value-add improvements to the Phoenix Portfolio. (2) Each of the first mortgages on the properties has an 84-month term and bears interest at a rate of one-month LIBOR plus 1.32%. $75 Million Credit Facility On January 28, 2019, the Company, through the OP, entered into a $75.0 million credit facility (the “$75 Million Credit Facility”) with SunTrust Bank, as administrative agent and the lenders party thereto, and immediately drew $52.5 million to fund a portion of the purchase price of the Phoenix Portfolio. The $75 Million Credit Facility is a full-term, interest-only facility with an initial 24-month term, has one 12-month extension option, bears interest at a rate of one-month LIBOR plus a range from 2.00% to 2.50%, depending on the Company’s leverage level as determined under the credit facility agreement, and is guaranteed by the Company. Renewal of Advisory Agreement On February 13, 2019, the Board, including the independent directors, unanimously approved the renewal of the Advisory Agreement with the Adviser for a one-year term that expires on March 16, 2020. Dividends Declared On February 13, 2019, the Company’s board of directors declared a quarterly dividend of $0.275 per share, payable on March 29, 2019 to stockholders of record on March 15, 2019.

Quarterly Results (unaudited)

Quarterly Results (unaudited)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results (unaudited)	14. Quarterly Results (unaudited) Presented below is a summary of the unaudited quarterly consolidated financial information for the years ended December 31, 2018, 2017 and 2016 (in thousands, except per share amounts): 2018 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 35,057 $ 35,655 $ 36,495 $ 39,390 Net income (loss) 10,094 (1,666 ) (5,260 ) (4,782 ) Net income (loss) attributable to common stockholders 10,064 (1,661 ) (5,245 ) (4,767 ) Earnings (loss) per share - basic (1) 0.48 (0.08 ) (0.25 ) (0.21 ) Earnings (loss) per share - diluted (1) 0.47 (0.08 ) (0.25 ) (0.21 ) (1) Quarterly earnings (loss) per share amounts are based on the weighted average common shares outstanding during the respective quarter and, therefore, may not agree in total with the loss per share amount calculated for the year ended December 31, 2018. 2017 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 36,991 $ 35,234 $ 37,097 $ 34,913 Net income (loss) (3,304 ) 9,930 54,076 (4,343 ) Net income (loss) attributable to common stockholders (3,616 ) 7,406 53,914 (4,330 ) Earnings (loss) per share - basic (1) (0.17 ) 0.35 2.56 (0.21 ) Earnings (loss) per share - diluted (1) (0.17 ) 0.34 2.53 (0.21 ) (1) Quarterly earnings (loss) per share amounts are based on the weighted average common shares outstanding during the respective quarter and, therefore, may not agree in total with the earnings per share amount calculated for the year ended December 31, 2017. 2016 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 33,511 $ 33,657 $ 33,079 $ 32,601 Net income 291 16,596 8,825 176 Net income (loss) attributable to common stockholders (15 ) 14,590 7,090 217 Earnings (loss) per share - basic (1) (0.00 ) 0.69 0.33 0.01 Earnings (loss) per share - diluted (1) (0.00 ) 0.69 0.33 0.01 (1) Quarterly earnings (loss) per share amounts are based on the weighted average common shares outstanding during the respective quarter and, therefore, may not agree in total with the earnings per share amount calculated for the year ended December 31, 2016.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation and Amortization	12 Months Ended
	Dec. 31, 2018
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Schedule III- Real Estate and Accumulated Depreciation	SCHEDULE III DECEMBER 31, 2018 (in thousands) Initial Cost to Company Costs Capitalized Gross Amount Carried at December 31, 2018 Accumulated Property Name Location Encumbrances (1) Land Buildings and Improvements (2) Total Subsequent to Acquisition Land Buildings and Improvements (3) Total (4) Depreciation and Amortization (5) (6) Date Acquired Arbors on Forest Ridge Bedford, Texas $ 13,130 $ 2,330 $ 10,475 $ 12,805 $ 2,203 $ 2,330 $ 12,366 $ 14,696 $ (2,774 ) 1/31/2014 Cutter's Point Richardson, Texas 16,640 3,330 12,515 15,845 2,504 3,330 14,667 17,997 (3,252 ) 1/31/2014 Eagle Crest Irving, Texas 29,510 5,450 21,875 27,325 3,311 5,450 24,532 29,982 (4,808 ) 1/31/2014 Silverbrook Grand Prairie, Texas 30,590 4,860 25,540 30,400 5,028 4,860 29,775 34,635 (6,787 ) 1/31/2014 Edgewater at Sandy Springs Atlanta, Georgia 52,000 14,290 43,710 58,000 7,838 14,290 49,618 63,908 (11,132 ) 7/18/2014 Beechwood Terrace Antioch, Tennessee 23,365 1,390 20,010 21,400 3,223 1,390 22,824 24,214 (4,361 ) 7/21/2014 Willow Grove Nashville, Tennessee 14,818 3,940 9,810 13,750 2,548 3,940 12,060 16,000 (2,651 ) 7/21/2014 Woodbridge Nashville, Tennessee 13,677 3,650 12,350 16,000 2,645 3,650 14,661 18,311 (3,057 ) 7/21/2014 Abbington Heights Antioch, Tennessee 16,920 1,770 16,130 17,900 2,949 1,770 18,679 20,449 (3,689 ) 8/1/2014 The Summit at Sabal Park Tampa, Florida 13,560 5,770 13,280 19,050 1,961 5,770 14,837 20,607 (3,182 ) 8/20/2014 Courtney Cove Tampa, Florida 13,680 5,880 13,070 18,950 1,799 5,880 14,438 20,318 (3,007 ) 8/20/2014 Radbourne Lake Charlotte, North Carolina 20,000 2,440 21,810 24,250 2,588 2,440 23,746 26,186 (4,455 ) 9/30/2014 Timber Creek Charlotte, North Carolina 24,100 11,260 11,490 22,750 4,447 11,260 15,138 26,398 (3,299 ) 9/30/2014 Belmont at Duck Creek Garland, Texas 17,760 1,910 16,615 18,525 2,689 1,910 18,868 20,778 (3,577 ) 9/30/2014 Sabal Palm at Lake Buena Vista Orlando, Florida 42,100 7,580 41,920 49,500 2,083 7,580 42,616 50,196 (6,818 ) 11/5/2014 Southpoint Reserve at Stoney Creek Fredericksburg, Virginia 13,389 6,120 10,880 17,000 1,718 6,120 12,106 18,226 (897 ) 12/18/2014 Cornerstone Orlando, Florida 22,227 1,500 30,050 31,550 3,242 1,500 32,398 33,898 (5,440 ) 1/15/2015 The Preserve at Terrell Mill Marietta, Georgia 42,480 10,170 47,830 58,000 7,975 10,170 53,991 64,161 (9,998 ) 2/6/2015 The Ashlar Dallas, Texas 14,520 4,090 12,145 16,235 3,079 4,090 14,862 18,952 (3,049 ) 2/26/2015 Heatherstone Dallas, Texas 8,880 2,320 7,130 9,450 2,409 2,320 9,331 11,651 (1,931 ) 2/26/2015 Versailles Dallas, Texas 23,880 6,720 19,445 26,165 5,682 6,720 24,546 31,266 (4,600 ) 2/26/2015 Seasons 704 Apartments West Palm Beach, Florida 17,460 7,480 13,520 21,000 2,392 7,480 15,511 22,991 (2,773 ) 4/15/2015 Madera Point Mesa, Arizona 15,150 4,920 17,605 22,525 2,025 4,920 19,001 23,921 (3,088 ) 8/5/2015 The Pointe at the Foothills Mesa, Arizona 34,800 4,840 47,435 52,275 3,074 4,840 49,076 53,916 (6,959 ) 8/5/2015 Venue at 8651 Fort Worth, Texas 13,734 2,350 16,900 19,250 4,194 2,350 20,583 22,933 (3,429 ) 10/30/2015 Parc500 West Palm Beach, Florida 15,483 3,860 19,424 23,284 4,396 3,860 23,329 27,189 (2,705 ) 7/27/2016 The Colonnade Phoenix, Arizona 28,093 8,340 36,520 44,860 3,460 8,340 39,257 47,597 (3,548 ) 10/11/2016 Old Farm Houston, Texas 52,886 11,078 73,986 85,064 1,639 11,078 72,271 83,349 (5,772 ) 12/29/2016 Stone Creek at Old Farm Houston, Texas 15,274 3,493 19,937 23,430 496 3,493 19,861 23,354 (1,574 ) 12/29/2016 Hollister Place Houston, Texas 14,811 2,782 21,902 24,684 1,964 2,782 22,934 25,716 (1,863 ) 2/1/2017 Rockledge Apartments Marietta, Georgia 68,100 17,451 96,577 114,028 5,670 17,451 99,226 116,677 (5,886 ) 6/30/2017 Atera Apartments Dallas, Texas 29,500 22,371 37,090 59,461 2,050 22,371 37,800 60,171 (1,802 ) 10/25/2017 Cedar Pointe Antioch, Tennessee 17,300 2,371 24,410 26,781 105 2,371 24,515 26,886 (716 ) 8/24/2018 Crestmont Reserve Dallas, Texas 12,061 4,124 20,667 24,791 68 4,124 20,735 24,859 (553 ) 9/26/2018 Brandywine I & II Nashville, Tennessee 43,835 6,237 73,870 80,107 68 6,237 73,938 80,175 (1,589 ) 9/26/2018 $ 845,713 $ 208,467 $ 937,923 $ 1,146,390 $ 103,522 $ 208,467 $ 1,014,096 $ 1,222,563 $ (135,021 ) (1) Encumbrances includes mortgage debt. (2) Includes gross intangible lease assets of approximately $30.4 million and buildings, improvements and furniture, fixtures and equipment of approximately $907.5 million, which includes total acquisition costs of approximately $2.4 million incurred on the acquisitions of The Colonnade, Old Farm, Stone Creek at Old Farm, Hollister Place, Rockledge Apartments, Atera Apartments, Cedar Pointe, Crestmont Reserve and Brandywine I & II and a fair market value adjustment, a premium of approximately $0.9 million, related to the assumption of debt in connection with the acquisition of Parc500. (3) Includes gross intangible lease assets of approximately $3.0 million, construction in progress of approximately $1.9 million, and furniture, fixtures and equipment of approximately $62.2 million. (4) The aggregate cost, net of accumulated depreciation, for Federal income tax purposes as of December 31, 2018 was approximately $0.9 billion (unaudited). (5) Includes accumulated amortization of intangible lease assets of approximately $1.6 million. (6) Depreciation and amortization are computed on a straight-line basis over the estimated useful lives. The estimated useful life to compute depreciation for buildings is 30 years, for improvements is 15 years, and for furniture, fixtures and equipment is three years. The estimated useful life to compute amortization for intangible lease assets is six months. NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2018 A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2018, 2017 and 2016 is as follows (in thousands): For the Year Ended December 31, 2018 2017 2016 Real Estate: Balance, beginning of year $ 1,082,805 $ 1,029,349 $ 942,755 Additions: Real estate acquired 131,679 198,173 176,638 Improvements 28,809 25,748 24,956 Deductions: Real estate sold (18,311 ) (160,250 ) (112,427 ) Write-off of fully amortized assets and other (2,419 ) (10,215 ) (2,573 ) Balance, end of year $ 1,222,563 $ 1,082,805 $ 1,029,349 Accumulated Depreciation and Amortization: Balance, beginning of year $ 91,649 $ 66,312 $ 39,873 Depreciation expense 45,002 39,812 34,265 Amortization expense 2,468 8,940 1,379 Accumulated depreciation on sales (2,500 ) (14,199 ) (6,632 ) Write-off of fully amortized assets and other (1,598 ) (9,216 ) (2,573 ) Balance, end of year $ 135,021 $ 91,649 $ 66,312

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 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 consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“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 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 year ended December 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 years ended December 31, 2018, 2017 and 2016. If the Company fails to meet these requirements, it could be subject to federal income tax on all of the Company’s taxable income at regular corporate rates for that year. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. As of December 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 December 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.
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 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 In July 2018, the FASB issued ASU 2018-11, Leases – Targeted Improvements In August 2018, the SEC adopted SEC Release No. 33-10532, Disclosure Update and Simplification

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 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)	12 Months Ended
	Dec. 31, 2018
Schedule Of Investments [Abstract]
Schedule of Ownership in Each Property	As of December 31, 2018, the Company, through the OP and the wholly owned TRS, owned 35 properties through single-asset LLCs. The following table represents the Company’s ownership in each property by virtue of its 100% ownership of the single-asset LLCs that directly own the title to each property as of December 31, 2018 and 2017: Effective Ownership Percentage at December 31, Property Name Location Year 2018 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 % Cedar Pointe (4) Antioch, Tennessee 2018 100 % — (5) Crestmont Reserve Dallas, Texas 2018 100 % — (5) Brandywine I & II Nashville, Tennessee 2018 100 % — (5) (1) Property was sold in 2018. (2) Property was classified as held for sale as of December 31, 2018. (3) The EAT that directly owned Atera Apartments was consolidated as a VIE at December 31, 2017. The Company completed the reverse portion of the 1031 Exchange of Atera Apartments with the sale of Timberglen on January 31, 2018, at which time legal title to Atera Apartments transferred to the Company. Upon the transfer of title, the entity that directly owns Atera Apartments was no longer considered a VIE (see Note 5). (4) The EAT that directly owned Cedar Pointe was consolidated as a VIE at December 31, 2018. The Company does not expect to complete a reverse 1031 Exchange of Cedar Pointe prior to February 20, 2019, the date which the master lease agreement with the EAT that directly owns Cedar Pointe terminates. As such, legal title to Cedar Pointe will transfer to the Company at a date no later than February 20, 2019. Upon the transfer of title, the entity that directly owns Cedar Pointe will no longer be considered a VIE. (5) Properties were acquired in 2018; therefore, no ownership as of December 31, 2017.

Real Estate Investments Stati_2

Real Estate Investments Statistics (Tables)	12 Months Ended
	Dec. 31, 2018
Multifamily Properties
Business Acquisition [Line Items]
Summary of Investment in Multifamily Properties	As of December 31, 2018, the Company was invested in a total of 35 multifamily properties, as listed below: Average Effective Monthly Rent Per Unit as of December 31, *(1) % Occupied as of December 31, *(2) Property Name Rentable Square Footage (in thousands)* Number of Units* Date Acquired 2018 2017 2018 2017 Arbors on Forest Ridge 155 210 1/31/2014 $ 870 $ 862 95.2 % 96.2 % Cutter's Point 198 196 1/31/2014 1,109 1,063 95.4 % 95.4 % Eagle Crest 396 447 1/31/2014 922 887 94.9 % 93.3 % Silverbrook 526 642 1/31/2014 835 791 94.9 % 95.2 % Edgewater at Sandy Springs 727 760 7/18/2014 950 940 94.1 % 93.8 % Beechwood Terrace 272 300 7/21/2014 933 927 93.7 % 94.3 % Willow Grove 229 244 7/21/2014 960 919 95.1 % 95.5 % Woodbridge 247 220 7/21/2014 1,028 952 94.1 % 93.6 % Abbington Heights 239 274 8/1/2014 889 890 92.0 % 94.2 % The Summit at Sabal Park 205 252 8/20/2014 955 913 94.4 % 92.9 % Courtney Cove 225 324 8/20/2014 895 836 95.7 % 94.4 % Radbourne Lake 247 225 9/30/2014 1,082 1,061 96.0 % 93.3 % Timber Creek 248 352 9/30/2014 847 817 92.6 % 94.0 % Belmont at Duck Creek 198 240 9/30/2014 1,030 999 92.1 % 95.4 % Sabal Palm at Lake Buena Vista 371 400 11/5/2014 1,255 1,167 96.5 % 96.8 % Southpoint Reserve at Stoney Creek (3) 116 156 12/18/2014 1,093 1,067 98.1 % 93.6 % Cornerstone 318 430 1/15/2015 1,007 927 94.2 % 94.4 % The Preserve at Terrell Mill 692 752 2/6/2015 921 855 94.8 % 93.1 % The Ashlar 206 264 2/26/2015 859 835 94.3 % 91.7 % Heatherstone 116 152 2/26/2015 874 839 94.7 % 89.5 % Versailles 301 388 2/26/2015 884 865 96.4 % 94.8 % Seasons 704 Apartments 217 222 4/15/2015 1,130 1,076 96.8 % 96.4 % Madera Point 193 256 8/5/2015 866 807 94.5 % 93.0 % The Pointe at the Foothills 473 528 8/5/2015 859 814 95.1 % 90.9 % Venue at 8651 289 333 10/30/2015 875 809 92.8 % 94.3 % Parc500 266 217 7/27/2016 1,254 1,179 94.9 % 94.9 % The Colonnade 256 415 10/11/2016 719 685 93.3 % 94.0 % Old Farm 697 734 12/29/2016 1,176 1,183 92.9 % 92.6 % Stone Creek at Old Farm 186 190 12/29/2016 1,173 1,165 96.8 % 94.7 % Hollister Place 246 260 2/1/2017 984 959 93.5 % 95.0 % Rockledge Apartments 802 708 6/30/2017 1,186 1,149 94.6 % 92.9 % Atera Apartments 334 380 10/25/2017 1,232 1,265 97.4 % 92.1 % Cedar Pointe 224 210 8/24/2018 1,051 — (4) 95.7 % — (4) Crestmont Reserve 199 242 9/26/2018 914 — (4) 94.6 % — (4) Brandywine I & II 414 632 9/26/2018 957 — (4) 93.8 % — (4) 11,028 12,555 * Information is unaudited. (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of December 31 for the respective year minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of December 31 for the respective year. (2) Percent occupied is calculated as the number of units occupied as of December 31, 2018 and 2017, divided by the total number of units, expressed as a percentage. (3) Property was classified as held for sale as of December 31, 2018. (4) Properties were acquired in 2018.

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Summary of Major Components of Investments in Multifamily Properties	As of December 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 $ 11,319 $ — $ — $ 1,047 $ 14,696 Cutter's Point 3,330 13,347 — — 1,320 17,997 Eagle Crest 5,450 22,969 — — 1,563 29,982 Silverbrook 4,860 26,485 — 60 3,230 34,635 Edgewater at Sandy Springs 14,290 44,186 — 349 5,083 63,908 Beechwood Terrace 1,390 21,123 — 31 1,670 24,214 Willow Grove 3,940 10,829 — — 1,231 16,000 Woodbridge 3,650 13,125 — — 1,536 18,311 Abbington Heights 1,770 17,140 — — 1,539 20,449 The Summit at Sabal Park 5,770 13,447 — 43 1,347 20,607 Courtney Cove 5,880 13,170 — — 1,268 20,318 Radbourne Lake 2,440 22,138 — 72 1,536 26,186 Timber Creek 11,260 13,582 — — 1,556 26,398 Belmont at Duck Creek 1,910 17,397 — — 1,471 20,778 Sabal Palm at Lake Buena Vista 7,580 41,336 — — 1,280 50,196 Cornerstone 1,500 30,513 — — 1,885 33,898 The Preserve at Terrell Mill 10,170 49,091 — 57 4,843 64,161 The Ashlar 4,090 12,845 — — 2,017 18,952 Heatherstone 2,320 8,132 — — 1,199 11,651 Versailles 6,720 21,513 — — 3,033 31,266 Seasons 704 Apartments 7,480 14,223 — — 1,288 22,991 Madera Point 4,920 17,570 — — 1,431 23,921 The Pointe at the Foothills 4,840 46,998 — — 2,078 53,916 Venue at 8651 2,350 18,084 — — 2,499 22,933 Parc500 3,860 20,692 — 37 2,600 27,189 The Colonnade 8,340 37,086 — 567 1,604 47,597 Old Farm 11,078 70,471 — — 1,800 83,349 Stone Creek at Old Farm 3,493 19,394 — — 467 23,354 Hollister Place 2,782 21,389 — 135 1,410 25,716 Rockledge Apartments 17,451 95,484 — 428 3,314 116,677 Atera Apartments 22,371 36,563 — 86 1,151 60,171 Cedar Pointe (1) 2,371 23,458 600 16 441 26,886 Crestmont Reserve 4,124 19,544 687 — 504 24,859 Brandywine I & II 6,237 70,961 1,762 — 1,215 80,175 202,347 935,604 3,049 1,881 61,456 1,204,337 Accumulated depreciation and amortization — (95,364 ) (1,625 ) — (37,135 ) (134,124 ) Total Operating Properties $ 202,347 $ 840,240 $ 1,424 $ 1,881 $ 24,321 $ 1,070,213 Held For Sale Property Southpoint Reserve at Stoney Creek 6,120 11,319 — — 787 18,226 Accumulated depreciation and amortization — (736 ) — — (161 ) (897 ) Total Held For Sale Property $ 6,120 $ 10,583 $ — $ — $ 626 $ 17,329 Total $ 208,467 $ 850,823 $ 1,424 $ 1,881 $ 24,947 $ 1,087,542 (1) The EAT that directly owned Cedar Pointe was consolidated as a VIE at December 31, 2018. The Company does not expect to complete a reverse 1031 Exchange of Cedar Pointe prior to February 20, 2019, the date which the master lease agreement with the EAT that directly owns Cedar Pointe terminates. As such, legal title to Cedar Pointe will transfer to the Company at a date no later than February 20, 2019. Upon the transfer of title, the entity that directly owns Cedar Pointe will no longer be considered a VIE. 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 Acquired Properties	The Company acquired three properties during the year ended December 31, 2018, as detailed in the table below (dollars in thousands). Property Name Location Date of Acquisition Purchase Price Mortgage Debt (1) # Units Effective Ownership Cedar Pointe Antioch, Tennessee August 24, 2018 $ 26,500 $ 17,300 210 100 % Crestmont Reserve Dallas, Texas September 26, 2018 24,680 12,061 242 100 % Brandywine I & II (2) Nashville, Tennessee September 26, 2018 79,800 43,835 632 100 % $ 130,980 $ 73,196 1,084 (1) For additional information regarding the Company’s debt, see Note 6. (2) Brandywine I & II are two separate properties which the Company combined and operates as a single property.
Summary of Sold Properties	The Company sold one property during the year ended December 31, 2018, as detailed in the table below (in thousands). The Company sold nine properties for approximately $228.1 million during the year ended December 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)	12 Months Ended
	Dec. 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 December 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 4.18% 7/1/2024 Cutter's Point (3) Floating 84 16,640 4.18% 7/1/2024 Eagle Crest (3) Floating 84 29,510 4.18% 7/1/2024 Silverbrook (3) Floating 84 30,590 4.18% 7/1/2024 Edgewater at Sandy Springs (3) Floating 84 52,000 4.18% 7/1/2024 Beechwood Terrace (4) Floating 84 23,365 3.94% 9/1/2025 Willow Grove (3) Floating 84 14,818 4.28% 7/1/2024 Woodbridge (3) Floating 84 13,677 4.28% 7/1/2024 The Summit at Sabal Park (3) Floating 84 13,560 4.12% 7/1/2024 Courtney Cove (3) Floating 84 13,680 4.12% 7/1/2024 The Preserve at Terrell Mill (3) Floating 84 42,480 4.12% 7/1/2024 The Ashlar (3) Floating 84 14,520 4.12% 7/1/2024 Heatherstone (3) Floating 84 8,880 4.12% 7/1/2024 Versailles (3) Floating 84 23,880 4.12% 7/1/2024 Seasons 704 Apartments (3) Floating 84 17,460 4.12% 7/1/2024 Madera Point (3) Floating 84 15,150 4.12% 7/1/2024 The Pointe at the Foothills (3) Floating 84 34,800 4.12% 7/1/2024 Venue at 8651 (3) Floating 84 13,734 4.28% 7/1/2024 The Colonnade (3) Floating 84 28,093 4.18% 7/1/2024 Old Farm (3) Floating 84 52,886 4.18% 7/1/2024 Stone Creek at Old Farm (3) Floating 84 15,274 4.18% 7/1/2024 Timber Creek (5) Floating 84 24,100 3.76% 10/1/2025 Radbourne Lake (6) Floating 84 20,000 3.79% 10/1/2025 Sabal Palm at Lake Buena Vista (7) Floating 84 42,100 3.80% 9/1/2025 Abbington Heights (8) Floating 84 16,920 3.75% 9/1/2025 Belmont at Duck Creek (9) Floating 84 17,760 3.89% 6/1/2025 Cornerstone (10) Fixed 120 22,227 4.24% 3/1/2023 Parc500 (11) Fixed 120 15,483 4.49% 8/1/2025 Hollister Place (12) Floating 84 14,811 3.84% 10/1/2025 Rockledge Apartments (3) Floating 84 68,100 4.07% 7/1/2024 Atera Apartments (13) Floating 84 29,500 3.98% 11/1/2024 Cedar Pointe (14) Floating 84 17,300 3.85% 9/1/2025 Crestmont Reserve (3) Floating 84 12,061 3.68% 10/1/2025 Brandywine I & II (3) Floating 84 43,835 3.68% 10/1/2025 $ 832,324 Fair market value adjustment 632 (15) Deferred financing costs, net of accumulated amortization of $1,781 (8,254 ) $ 824,702 Held For Sale Property Southpoint Reserve at Stoney Creek (3) Floating 84 13,389 4.61% 1/1/2022 Deferred financing costs, net of accumulated amortization of $94 (71 ) $ 13,318 (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 December 31, 2018 was 2.5027%. (3) Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13 th st (4) On August 31, 2018, the Company refinanced the existing floating rate mortgage of approximately $20.2 million. The Company accounted for the refinancing as an extinguishment of a debt instrument. See “Refinancings” th st (5) On September 28, 2018, the Company refinanced the existing floating rate mortgage of approximately $19.1 million. The Company accounted for the refinancing as an extinguishment of a debt instrument. See “Refinancings” th st (6) On September 28, 2018, the Company refinanced the existing floating rate mortgage of approximately $18.9 million. The Company accounted for the refinancing as an extinguishment of a debt instrument. See “Refinancings” th st (7) On August 20, 2018, the Company refinanced the existing floating rate mortgage of approximately $37.2 million. The Company accounted for the refinancing as an extinguishment of a debt instrument. See “Refinancings” th st (8) On August 21, 2018, the Company refinanced the existing fixed rate mortgage of approximately $9.9 million, which was assumed upon acquisition of this property, into a floating rate mortgage. The Company accounted for the refinancing as an extinguishment of a debt instrument. See “Refinancings” th st (9) On June 1, 2018, the Company refinanced the existing fixed rate mortgage of approximately $10.9 million, which was assumed upon acquisition of this property and recorded at approximated fair value, into a floating rate mortgage. See “Refinancings” th st (10) 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 (11) 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. (12) On September 28, 2018, the Company refinanced the existing floating rate mortgage of approximately $13.5 million. The Company accounted for the refinancing as a modification of a debt instrument. As such, the existing $0.1 million of net deferred financing costs related to the prior mortgage debt is included with the approximately $0.3 million of deferred financing costs incurred in connection with the modification. Such costs are recorded as a reduction from mortgages payable on the accompanying consolidated balance sheet as of December 31, 2018 and are amortized over the term of the new mortgage debt. See “Refinancings” th st (13) Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13 th st (14) Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13 th st (15) The Company reflected a valuation adjustment on its fixed rate debt for 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 term of the mortgage.
Summary of Refinanced Mortgage Properties	Refinancings. During the year ended December 31, 2018, the Company refinanced mortgages on seven properties, as detailed in the table below (dollars in thousands): Property Name Date of Refinance Accounting Treatment Write-off of Deferred Financing Costs (1) Capitalized Deferred Financing Costs Prepayment Penalties and Defeasance Costs (1) Debt Modification and Other Extinguishment Costs (1) Reduction in Spread (in basis points) (2) Belmont at Duck Creek 6/1/2018 Extinguishment $ — (3) $ 293 $ — $ — 79 (4) Sabal Palm at Lake Buena Vista 8/20/2018 Extinguishment 228 442 371 — 51 Abbington Heights 8/21/2018 Extinguishment — 105 446 202 4 (4) Beechwood Terrace 8/31/2018 Extinguishment 405 100 202 196 24 Timber Creek 9/28/2018 Extinguishment 151 296 191 — 56 Radbourne Lake 9/28/2018 Extinguishment 144 266 189 — 52 Hollister Place 9/28/2018 Modification — 141 135 87 90 $ 928 $ 1,643 $ 1,534 $ 485 50 (5) (1) Included in loss on extinguishment of debt and modification costs on the accompanying consolidated statements of operations and comprehensive income. (2) For previous floating rate mortgages, represents the reduction in the borrowing spread from the previous mortgage to the current mortgage. For previous fixed-rate mortgages, represents the reduction in the borrowing rate from the previous mortgage to the current mortgage (using one-month LIBOR as of December 31, 2018). (3) There were no existing deferred financing costs related to the prior fixed rate mortgage. The Company wrote-off the unamortized fair market value adjustment as of June 1, 2018, a premium of less than $0.1 million, related to the prior fixed rate mortgage, which is recorded in loss on extinguishment of debt and modification costs on the accompanying consolidated statements of operations and comprehensive income. (4) Previous mortgage was an assumed fixed-rate loan. (5) Represents the weighted average reduction in the borrowing spreads.
Sale of Property and Repayment of Related Mortgage Loan	During the year ended December 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 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 December 31, 2018 are as follows (in thousands): Operating Properties Held For Sale Property Total 2019 $ 716 $ 207 $ 923 2020 744 205 949 2021 782 219 1,001 2022 817 12,758 13,575 2023 20,598 — 20,598 Thereafter 808,667 — 808,667 Total $ 832,324 $ 13,389 $ 845,713

Fair Value of Derivative and _2

Fair Value of Derivative and Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Summary of Company's Outstanding Interest Rate Swaps	As of December 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 December 31, 2018, one-month LIBOR was 2.5027%. (2) Represents the weighted average fixed rate of the interest rate swaps.
Schedule of Outstanding Interest Rate Derivatives	As of December 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 12 $ 255,179
Summary of Derivative Financial Instruments and Classification on the Consolidated Balance Sheet	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2018 and 2017 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ 18,141 $ 16,480 $ — $ — Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets 10 4 — — Total $ 18,151 $ 16,484 $ — $ —
Summary of Derivative Financial Instruments on Consolidated Statements of Operations and Comprehensive Income	The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income for the years ended December 31, 2018, 2017 and 2016 (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 (1) 2016 (1) OCI into income 2018 2017 (1) 2016 (1) in income 2018 2017 *(2) (3) 2016 *(2) Derivatives designated as hedging instruments: For the year ended December 31, Interest rate products $ 5,928 $ 2,967 $ 9,800 Interest expense $ 3,997 $ (1,416 ) $ (1,033 ) Interest expense $ — $ 124 $ 1,683 * 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 $185,000 of loss reclassified from OCI for missed forecasted transactions due to hedged forecasted transactions being no longer probable. Location of gain (loss) Amount of gain (loss) recognized in income recognized in income 2018 2017 2016 Derivatives not designated as hedging instruments: For the year ended December 31, Interest rate products Interest expense $ (49 ) $ (19 ) $ (4 )

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Summary Information of 2018 Offering	The following table contains summary information of the 2018 Offering: Gross proceeds $ 89,182,500 Common shares sold (1) 2,702,500 Public offering price per share $ 33.00 Offering costs 876,800 Underwriters' discounts 3,523,500 Net proceeds 84,782,200 Average price per share $ 31.37 (1) Affiliates of the Adviser purchased 207,971 shares in the 2018 Offering. No underwriters’ discount applied to the purchase of such shares.
Summary of Restricted Stock Units	The following table includes the number of restricted stock units granted, vested, forfeited and outstanding as of December 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 (130,511 ) 21.28 Forfeited — — Outstanding December 31, 464,626 (1) $ 22.80 (1) 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)	12 Months Ended
	Dec. 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 Year Ended December 31, 2018 2017 2016 Numerator for earnings (loss) per share: Net income (loss) $ (1,614 ) $ 56,359 $ 25,888 Net income attributable to noncontrolling interests — 2,836 4,006 Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership (5 ) 149 — Net income (loss) attributable to common stockholders $ (1,609 ) $ 53,374 $ 21,882 Denominator for earnings (loss) per share: Weighted average common shares outstanding 21,189 21,057 21,232 Denominator for basic earnings (loss) per share 21,189 21,057 21,232 Weighted average unvested restricted stock units 478 342 82 Denominator for diluted earnings per share 21,667 21,399 21,314 Earnings (loss) per weighted average common share: Basic $ (0.08 ) $ 2.53 $ 1.03 Diluted $ (0.08 ) $ 2.49 $ 1.03

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 2018
Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interests	The following table sets forth the redeemable noncontrolling interests in the OP for the year ended December 31, 2018 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2017 $ 2,135 Net loss attributable to redeemable noncontrolling interests in the OP (5 ) Other comprehensive income attributable to redeemable noncontrolling interests in the OP 6 Contributions from redeemable noncontrolling interests in the OP 180 Distributions to redeemable noncontrolling interests in the OP (188 ) Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 439 Redeemable noncontrolling interests in the OP, December 31, 2018 $ 2,567
Summary of Fees Incurred to BH And Its Affiliates As Well As Reimbursements Paid to BH	. The following is a summary of fees that the properties incurred to BH and its affiliates, as well as reimbursements paid to BH from the properties for various operating expenses, for the years ended December 31, 2018, 2017 and 2016 (in thousands): For the Year Ended December 31, 2018 2017 2016 Fees incurred Property management fees (1) $ 4,382 $ 4,330 $ 3,983 Construction supervision fees (2) 1,076 869 885 Acquisition fees (3) 348 675 589 Reimbursements Payroll and benefits (4) 14,100 15,344 15,586 Other reimbursements (5) 2,200 1,982 2,078 (1) Included in property management fees on the consolidated statements of operations and comprehensive income. (2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Includes due diligence costs. Acquisition fees incurred prior to October 1, 2016 are included in acquisition costs on the consolidated statements of operations and comprehensive income. Acquisition fees incurred for the period beginning on October 1, 2016 are capitalized to real estate assets on the consolidated balance sheets. (4) Included in property operating expenses on the consolidated statements of operations and comprehensive income. (5) Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the consolidated statements of operations and comprehensive income.

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
	Dec. 31, 2018
Summary of Acquired Properties	The Company acquired three properties during the year ended December 31, 2018, as detailed in the table below (dollars in thousands). Property Name Location Date of Acquisition Purchase Price Mortgage Debt (1) # Units Effective Ownership Cedar Pointe Antioch, Tennessee August 24, 2018 $ 26,500 $ 17,300 210 100 % Crestmont Reserve Dallas, Texas September 26, 2018 24,680 12,061 242 100 % Brandywine I & II (2) Nashville, Tennessee September 26, 2018 79,800 43,835 632 100 % $ 130,980 $ 73,196 1,084 (1) For additional information regarding the Company’s debt, see Note 6. (2) Brandywine I & II are two separate properties which the Company combined and operates as a single property.
Multifamily Properties
Summary of Acquired Properties	The Company acquired the following properties, structured as a reverse 1031 Exchange, as a portfolio (the “Phoenix Portfolio”) subsequent to December 31, 2018 (dollars in thousands) (unaudited): Property Name Location Date of Acquisition Purchase Price Mortgage Debt # Units Effective Ownership Bella Vista Apartment Homes Phoenix, Arizona January 28, 2019 $ 48,400 $ 29,040 248 100 % The Enclave Apartment Homes Tempe, Arizona January 28, 2019 41,800 25,322 204 100 % The Heritage Apartment Homes Phoenix, Arizona January 28, 2019 41,900 24,625 204 100 % $ 132,100 (1) $ 78,987 (2) 656 (1) The Company used approximately $52.5 million of proceeds drawn under a credit facility (see “$75 Million Credit Facility” below) to fund a portion of the purchase price of the Phoenix Portfolio and planned value-add improvements to the Phoenix Portfolio. (2) Each of the first mortgages on the properties has an 84-month term and bears interest at a rate of one-month LIBOR plus 1.32%.

Quarterly Results (unaudited) (

Quarterly Results (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Summary of the Unaudited Quarterly Consolidated Financial Information	Presented below is a summary of the unaudited quarterly consolidated financial information for the years ended December 31, 2018, 2017 and 2016 (in thousands, except per share amounts): 2018 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 35,057 $ 35,655 $ 36,495 $ 39,390 Net income (loss) 10,094 (1,666 ) (5,260 ) (4,782 ) Net income (loss) attributable to common stockholders 10,064 (1,661 ) (5,245 ) (4,767 ) Earnings (loss) per share - basic (1) 0.48 (0.08 ) (0.25 ) (0.21 ) Earnings (loss) per share - diluted (1) 0.47 (0.08 ) (0.25 ) (0.21 ) (1) Quarterly earnings (loss) per share amounts are based on the weighted average common shares outstanding during the respective quarter and, therefore, may not agree in total with the loss per share amount calculated for the year ended December 31, 2018. 2017 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 36,991 $ 35,234 $ 37,097 $ 34,913 Net income (loss) (3,304 ) 9,930 54,076 (4,343 ) Net income (loss) attributable to common stockholders (3,616 ) 7,406 53,914 (4,330 ) Earnings (loss) per share - basic (1) (0.17 ) 0.35 2.56 (0.21 ) Earnings (loss) per share - diluted (1) (0.17 ) 0.34 2.53 (0.21 ) (1) Quarterly earnings (loss) per share amounts are based on the weighted average common shares outstanding during the respective quarter and, therefore, may not agree in total with the earnings per share amount calculated for the year ended December 31, 2017. 2016 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 33,511 $ 33,657 $ 33,079 $ 32,601 Net income 291 16,596 8,825 176 Net income (loss) attributable to common stockholders (15 ) 14,590 7,090 217 Earnings (loss) per share - basic (1) (0.00 ) 0.69 0.33 0.01 Earnings (loss) per share - diluted (1) (0.00 ) 0.69 0.33 0.01 (1) Quarterly earnings (loss) per share amounts are based on the weighted average common shares outstanding during the respective quarter and, therefore, may not agree in total with the earnings per share amount calculated for the year ended December 31, 2016.

Organization and Description _2

Organization and Description of Business - Additional Information (Details)	12 Months Ended
	Dec. 31, 2018shares
Real Estate Properties [Line Items]
Date of incorporation	Sep. 19, 2014
OP Units, outstanding	23,819,402
OP Units owned	23,746,169
Percentage of OP Units, outstanding owned by company	99.70%
Maximum
Real Estate Properties [Line Items]
Investments in real estate-related debt and securities	30.00%
B H Equity
Real Estate Properties [Line Items]
Percentage of OP Units, outstanding owned by noncontrolling limited partner	0.30%
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 | B H Equity
Real Estate Properties [Line Items]
OP Units owned	73,233

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	12 Months Ended
	Dec. 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 Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 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)	12 Months Ended
	Dec. 31, 2018subsidiary
Schedule Of Investments [Abstract]
Consolidated investment in single-asset LLCs	100.00%
Number of wholly owned subsidiaries	35

Investments in Subsidiaries - S

Investments in Subsidiaries - Schedule of Ownership in Each Property (Details)	12 Months Ended
	Dec. 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%
Cedar Pointe | Antioch | Tennessee
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,018
Effective ownership percentage, wholly owned subsidiary	100.00%
Crestmont Reserve | Dallas | Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,018
Effective ownership percentage, wholly owned subsidiary	100.00%
Brandywine I & II | Nashville | Tennessee
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2,018
Effective ownership percentage, wholly owned subsidiary	100.00%

Real Estate Investments Stati_3

Real Estate Investments Statistics - Additional Information (Details)	Dec. 31, 2018Property
Multifamily Properties
Business Acquisition [Line Items]
Number of multifamily properties	35

Real Estate Investments Stati_4

Real Estate Investments Statistics - Summary of Investment in Multifamily Properties (Details) ft² in Thousands		12 Months Ended
		Dec. 31, 2018ft²Property$ / Property	Dec. 31, 2017$ / Property
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		11,028
Number of Units | Property		12,555
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]	870	862
% Occupied	[2]	95.20%	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]	1,109	1,063
% Occupied	[2]	95.40%	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]	922	887
% Occupied	[2]	94.90%	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]	835	791
% Occupied	[2]	94.90%	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]	950	940
% Occupied	[2]	94.10%	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]	933	927
% Occupied	[2]	93.70%	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]	960	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]	1,028	952
% Occupied	[2]	94.10%	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]	889	890
% Occupied	[2]	92.00%	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]	955	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]	895	836
% Occupied	[2]	95.70%	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]	1,082	1,061
% Occupied	[2]	96.00%	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]	847	817
% Occupied	[2]	92.60%	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]	1,030	999
% Occupied	[2]	92.10%	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]	1,255	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]	1,093	1,067
% Occupied	[2],[3]	98.10%	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]	1,007	927
% Occupied	[2]	94.20%	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]	921	855
% Occupied	[2]	94.80%	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]	859	835
% Occupied	[2]	94.30%	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]	874	839
% Occupied	[2]	94.70%	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]	884	865
% Occupied	[2]	96.40%	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]	1,130	1,076
% Occupied	[2]	96.80%	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]	866	807
% Occupied	[2]	94.50%	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]	859	814
% Occupied	[2]	95.10%	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]	875	809
% Occupied	[2]	92.80%	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]	1,254	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]	719	685
% Occupied	[2]	93.30%	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]	1,176	1,183
% Occupied	[2]	92.90%	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]	1,173	1,165
% Occupied	[2]	96.80%	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]	984	959
% Occupied	[2]	93.50%	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]	1,186	1,149
% Occupied	[2]	94.60%	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]	1,232	1,265
% Occupied	[2]	97.40%	92.10%
Cedar Pointe
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		224
Number of Units | Property		210
Date Acquired		Aug. 24, 2018
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,051
% Occupied	[2]	95.70%
Crestmont Reserve
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		199
Number of Units | Property		242
Date Acquired		Sep. 26, 2018
Average Effective Monthly Rent Per Unit | $ / Property	[1]	914
% Occupied	[2]	94.60%
Brandywine I & II
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		414
Number of Units | Property		632
Date Acquired		Sep. 26, 2018
Average Effective Monthly Rent Per Unit | $ / Property	[1]	957
% Occupied	[2]	93.80%
[1]	Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of December 31 for the respective year minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of December 31 for the respective year
[2]	Percent occupied is calculated as the number of units occupied as of December 31, 2018 and 2017, divided by the total number of units, expressed as a percentage.
[3]	Property was classified as held for sale as of December 31, 2018.

Real Estate Investments - Summa

Real Estate Investments - Summary of Major Components of Investments in Multifamily Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Real Estate Properties [Line Items]
Land	$ 202,347	$ 189,615
Buildings and improvements	935,604	806,981
Intangible lease assets	3,049	1,340
Construction in progress	1,881	3,786
Furniture, fixtures, and equipment	61,456	44,725
Real estate investment, gross	1,204,337	1,046,447
Accumulated depreciation and amortization	(134,124)	(88,252)
Total Net Operating Real Estate Investments	1,070,213	958,195
Accumulated depreciation and amortization	(897)	(3,397)
Total Net Real Estate Investments	1,087,542	991,156
Multifamily Properties
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	(897)	(3,397)
Total Net Real Estate Investments	1,087,542	991,156
Multifamily Properties | Intangible Lease Assets
Real Estate Properties [Line Items]
Total Net Real Estate Investments	1,424	843
Multifamily Properties | Land
Real Estate Properties [Line Items]
Total Net Real Estate Investments	208,467	198,245
Multifamily Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	(736)	(2,630)
Total Net Real Estate Investments	850,823	765,307
Multifamily Properties | Construction in Progress
Real Estate Properties [Line Items]
Total Net Real Estate Investments	1,881	3,786
Multifamily Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	(161)	(767)
Total Net Real Estate Investments	24,947	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	17,329	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	10,583	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	626	989
Multifamily Properties | Arbors on Forest Ridge
Real Estate Properties [Line Items]
Land	2,330	2,330
Buildings and improvements	11,319	11,089
Furniture, fixtures, and equipment	1,047	829
Real estate investment, gross	14,696	14,248
Multifamily Properties | Cutter's Point
Real Estate Properties [Line Items]
Land	3,330	3,330
Buildings and improvements	13,347	13,030
Furniture, fixtures, and equipment	1,320	1,080
Real estate investment, gross	17,997	17,440
Multifamily Properties | Eagle Crest
Real Estate Properties [Line Items]
Land	5,450	5,450
Buildings and improvements	22,969	22,346
Furniture, fixtures, and equipment	1,563	1,299
Real estate investment, gross	29,982	29,095
Multifamily Properties | Silverbrook
Real Estate Properties [Line Items]
Land	4,860	4,860
Buildings and improvements	26,485	25,665
Construction in progress	60
Furniture, fixtures, and equipment	3,230	2,509
Real estate investment, gross	34,635	33,034
Multifamily Properties | Edgewater at Sandy Springs
Real Estate Properties [Line Items]
Land	14,290	14,290
Buildings and improvements	44,186	44,004
Construction in progress	349
Furniture, fixtures, and equipment	5,083	4,291
Real estate investment, gross	63,908	62,585
Multifamily Properties | Beechwood Terrace
Real Estate Properties [Line Items]
Land	1,390	1,390
Buildings and improvements	21,123	20,729
Construction in progress	31
Furniture, fixtures, and equipment	1,670	1,271
Real estate investment, gross	24,214	23,390
Multifamily Properties | Willow Grove
Real Estate Properties [Line Items]
Land	3,940	3,940
Buildings and improvements	10,829	10,766
Furniture, fixtures, and equipment	1,231	942
Real estate investment, gross	16,000	15,648
Multifamily Properties | Woodbridge
Real Estate Properties [Line Items]
Land	3,650	3,650
Buildings and improvements	13,125	13,031
Furniture, fixtures, and equipment	1,536	1,093
Real estate investment, gross	18,311	17,774
Multifamily Properties | Abbington Heights
Real Estate Properties [Line Items]
Land	1,770	1,770
Buildings and improvements	17,140	16,796
Furniture, fixtures, and equipment	1,539	1,171
Real estate investment, gross	20,449	19,737
Multifamily Properties | The Summit at Sabal Park
Real Estate Properties [Line Items]
Land	5,770	5,770
Buildings and improvements	13,447	13,377
Construction in progress	43
Furniture, fixtures, and equipment	1,347	1,136
Real estate investment, gross	20,607	20,283
Multifamily Properties | Courtney Cove
Real Estate Properties [Line Items]
Land	5,880	5,880
Buildings and improvements	13,170	12,961
Construction in progress		2
Furniture, fixtures, and equipment	1,268	1,096
Real estate investment, gross	20,318	19,939
Multifamily Properties | Radbourne Lake
Real Estate Properties [Line Items]
Land	2,440	2,440
Buildings and improvements	22,138	21,924
Construction in progress	72
Furniture, fixtures, and equipment	1,536	1,300
Real estate investment, gross	26,186	25,664
Multifamily Properties | Timber Creek
Real Estate Properties [Line Items]
Land	11,260	11,260
Buildings and improvements	13,582	13,479
Furniture, fixtures, and equipment	1,556	1,158
Real estate investment, gross	26,398	25,897
Multifamily Properties | Belmont at Duck Creek
Real Estate Properties [Line Items]
Land	1,910	1,910
Buildings and improvements	17,397	17,190
Furniture, fixtures, and equipment	1,471	1,216
Real estate investment, gross	20,778	20,316
Multifamily Properties | Sabal Palm at Lake Buena Vista
Real Estate Properties [Line Items]
Land	7,580	7,580
Buildings and improvements	41,336	41,229
Construction in progress		1
Furniture, fixtures, and equipment	1,280	1,064
Real estate investment, gross	50,196	49,874
Multifamily Properties | Cornerstone
Real Estate Properties [Line Items]
Land	1,500	1,500
Buildings and improvements	30,513	30,452
Construction in progress		17
Furniture, fixtures, and equipment	1,885	1,487
Real estate investment, gross	33,898	33,456
Multifamily Properties | The Preserve at Terrell Mill
Real Estate Properties [Line Items]
Land	10,170	10,170
Buildings and improvements	49,091	48,630
Construction in progress	57	32
Furniture, fixtures, and equipment	4,843	4,074
Real estate investment, gross	64,161	62,906
Multifamily Properties | The Ashlar
Real Estate Properties [Line Items]
Land	4,090	4,090
Buildings and improvements	12,845	12,640
Furniture, fixtures, and equipment	2,017	1,575
Real estate investment, gross	18,952	18,305
Multifamily Properties | Heatherstone
Real Estate Properties [Line Items]
Land	2,320	2,320
Buildings and improvements	8,132	7,868
Construction in progress		36
Furniture, fixtures, and equipment	1,199	1,000
Real estate investment, gross	11,651	11,224
Multifamily Properties | Versailles
Real Estate Properties [Line Items]
Land	6,720	6,720
Buildings and improvements	21,513	19,798
Construction in progress		914
Furniture, fixtures, and equipment	3,033	2,365
Real estate investment, gross	31,266	29,797
Multifamily Properties | Seasons 704 Apartments
Real Estate Properties [Line Items]
Land	7,480	7,480
Buildings and improvements	14,223	14,079
Furniture, fixtures, and equipment	1,288	1,009
Real estate investment, gross	22,991	22,568
Multifamily Properties | Madera Point
Real Estate Properties [Line Items]
Land	4,920	4,920
Buildings and improvements	17,570	17,481
Construction in progress		9
Furniture, fixtures, and equipment	1,431	1,188
Real estate investment, gross	23,921	23,598
Multifamily Properties | The Pointe at the Foothills
Real Estate Properties [Line Items]
Land	4,840	4,840
Buildings and improvements	46,998	46,723
Construction in progress		142
Furniture, fixtures, and equipment	2,078	1,739
Real estate investment, gross	53,916	53,444
Multifamily Properties | Venue at 8651
Real Estate Properties [Line Items]
Land	2,350	2,350
Buildings and improvements	18,084	17,625
Construction in progress		300
Furniture, fixtures, and equipment	2,499	1,835
Real estate investment, gross	22,933	22,110
Multifamily Properties | Parc500
Real Estate Properties [Line Items]
Land	3,860	3,860
Buildings and improvements	20,692	19,885
Construction in progress	37	676
Furniture, fixtures, and equipment	2,600	1,470
Real estate investment, gross	27,189	25,891
Multifamily Properties | The Colonnade
Real Estate Properties [Line Items]
Land	8,340	8,340
Buildings and improvements	37,086	36,828
Construction in progress	567	62
Furniture, fixtures, and equipment	1,604	934
Real estate investment, gross	47,597	46,164
Multifamily Properties | Old Farm
Real Estate Properties [Line Items]
Land	11,078	11,078
Buildings and improvements	70,471	69,881
Construction in progress		323
Furniture, fixtures, and equipment	1,800	1,392
Real estate investment, gross	83,349	82,674
Multifamily Properties | Stone Creek at Old Farm
Real Estate Properties [Line Items]
Land	3,493	3,493
Buildings and improvements	19,394	19,227
Construction in progress		15
Furniture, fixtures, and equipment	467	374
Real estate investment, gross	23,354	23,109
Multifamily Properties | Hollister Place
Real Estate Properties [Line Items]
Land	2,782	2,782
Buildings and improvements	21,389	20,754
Construction in progress	135	89
Furniture, fixtures, and equipment	1,410	698
Real estate investment, gross	25,716	24,323
Multifamily Properties | Rockledge Apartments
Real Estate Properties [Line Items]
Land	17,451	17,451
Buildings and improvements	95,484	92,397
Construction in progress	428	1,168
Furniture, fixtures, and equipment	3,314	1,457
Real estate investment, gross	116,677	112,473
Multifamily Properties | Atera Apartments
Real Estate Properties [Line Items]
Land	22,371	22,371
Buildings and improvements	36,563	35,097
Intangible lease assets		1,340
Construction in progress	86
Furniture, fixtures, and equipment	1,151	673
Real estate investment, gross	60,171	59,481
Multifamily Properties | Cedar Pointe
Real Estate Properties [Line Items]
Land	2,371
Buildings and improvements	23,458
Intangible lease assets	600
Construction in progress	16
Furniture, fixtures, and equipment	441
Real estate investment, gross	26,886
Multifamily Properties | Crestmont Reserve
Real Estate Properties [Line Items]
Land	4,124
Buildings and improvements	19,544
Intangible lease assets	687
Furniture, fixtures, and equipment	504
Real estate investment, gross	24,859
Multifamily Properties | Brandywine I & II
Real Estate Properties [Line Items]
Land	6,237
Buildings and improvements	70,961
Intangible lease assets	1,762
Furniture, fixtures, and equipment	1,215
Real estate investment, gross	80,175
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	11,319	11,255
Furniture, fixtures, and equipment	787	679
Real estate investment, gross	18,226	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	11,319
Multifamily Properties | Southpoint Reserve at Stoney Creek | Held For Sale Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	787
Multifamily Properties | Operating Properties
Real Estate Properties [Line Items]
Real estate investment, gross	1,204,337	1,046,447
Accumulated depreciation and amortization	(134,124)	(88,252)
Total Net Operating Real Estate Investments	1,070,213	958,195
Multifamily Properties | Operating Properties | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	3,049	1,340
Accumulated depreciation and amortization	(1,625)	(497)
Total Net Operating Real Estate Investments	1,424	843
Multifamily Properties | Operating Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross	202,347	189,615
Total Net Operating Real Estate Investments	202,347	189,615
Multifamily Properties | Operating Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	935,604	806,981
Accumulated depreciation and amortization	(95,364)	(65,016)
Total Net Operating Real Estate Investments	840,240	741,965
Multifamily Properties | Operating Properties | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	1,881	3,786
Total Net Operating Real Estate Investments	1,881	3,786
Multifamily Properties | Operating Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	61,456	44,725
Accumulated depreciation and amortization	(37,135)	(22,739)
Total Net Operating Real Estate Investments	$ 24,321	$ 21,986

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2017Property	Dec. 31, 2018USD ($)Property	Dec. 31, 2017USD ($)Property	Dec. 31, 2016USD ($)
Real Estate Properties [Line Items]
Depreciation expense		$ 45,000	$ 39,900	$ 34,200
Amortization expense of intangible lease assets		2,468	8,940	$ 1,379
Purchase Price		$ 130,980	$ 197,200
Number of properties acquired | Property		3	3
Number of real estate properties sold | Property	4	1	9
Sales of real estate			$ 228,100
Intangible Lease Assets
Real Estate Properties [Line Items]
Amortization expense, 2019		$ 1,400

Real Estate Investments - Sum_2

Real Estate Investments - Summary of Acquired Properties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)Property	Dec. 31, 2017USD ($)
Real Estate Properties [Line Items]
Purchase Price	$ 130,980	$ 197,200
Mortgage Debt	$ 73,196
Number of Units | Property	1,084
Effective ownership percentage, wholly owned subsidiary	100.00%
Cedar Pointe | Antioch | Tennessee
Real Estate Properties [Line Items]
Date of Acquisition	Aug. 24, 2018
Purchase Price	$ 26,500
Mortgage Debt	$ 17,300
Number of Units | Property	210
Effective ownership percentage, wholly owned subsidiary	100.00%
Crestmont Reserve | Dallas | Texas
Real Estate Properties [Line Items]
Date of Acquisition	Sep. 26, 2018
Purchase Price	$ 24,680
Mortgage Debt	$ 12,061
Number of Units | Property	242
Effective ownership percentage, wholly owned subsidiary	100.00%
Brandywine I & II | Nashville | Tennessee
Real Estate Properties [Line Items]
Date of Acquisition	Sep. 26, 2018
Purchase Price	$ 79,800
Mortgage Debt	$ 43,835
Number of Units | Property	632
Effective ownership percentage, wholly owned subsidiary	100.00%

Real Estate Investments - Sum_3

Real Estate Investments - Summary of Sold Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate Properties [Line Items]
Sales Price		$ 228,100
Net proceeds from sale of real estate	$ 29,553	224,416	$ 131,786
Gain on sale of real estate	$ 13,742	$ 78,365	$ 25,932
Timberglen | Dallas | Texas
Real Estate Properties [Line Items]
Date of Sale	Jan. 31, 2018
Sales Price	$ 30,000
Net proceeds from sale of real estate	29,553
Gain on sale of real estate	$ 13,742

Debt - Summary of Mortgage Debt

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Sep. 28, 2018	Sep. 27, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Mortgages payable, net	$ 824,702			$ 724,057
Hollister Place | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization		$ (300)	$ (100)
Mortgages Payable | Operating Properties
Debt Instrument [Line Items]
Outstanding Principal	832,324
Fair market value adjustment	632
Deferred financing costs, net of accumulated amortization	(8,254)
Mortgages payable, net	$ 824,702
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	4.18%
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	4.18%
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	4.18%
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	4.18%
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	4.18%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Beechwood Terrace | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 23,365
Interest Rate	3.94%
Maturity Date	Sep. 1, 2025
Mortgages Payable | Willow Grove | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 14,818
Interest Rate	4.28%
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	4.28%
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	4.12%
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	4.12%
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	4.12%
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	4.12%
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	4.12%
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	4.12%
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	4.12%
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	4.12%
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	4.12%
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	4.28%
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	4.18%
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	4.18%
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	4.18%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Timber Creek | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 24,100
Interest Rate	3.76%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Radbourne Lake | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 20,000
Interest Rate	3.79%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Sabal Palm at Lake Buena Vista | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 42,100
Interest Rate	3.80%
Maturity Date	Sep. 1, 2025
Mortgages Payable | Abbington Heights | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 16,920
Interest Rate	3.75%
Maturity Date	Sep. 1, 2025
Mortgages Payable | Belmont at Duck Creek | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 17,760
Interest Rate	3.89%
Maturity Date	Jun. 1, 2025
Mortgages Payable | Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 22,227
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	$ 15,483
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	$ 14,811
Interest Rate	3.84%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Rockledge Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 68,100
Interest Rate	4.07%
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	3.98%
Maturity Date	Nov. 1, 2024
Mortgages Payable | Cedar Pointe | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 17,300
Interest Rate	3.85%
Maturity Date	Sep. 1, 2025
Mortgages Payable | Crestmont Reserve | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 12,061
Interest Rate	3.68%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Brandywine I & II | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 43,835
Interest Rate	3.68%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Held For Sale Properties
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	$ (71)
Mortgages payable, net	$ 13,318
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	$ 13,389
Interest Rate	4.61%
Maturity Date	Jan. 1, 2022

Debt - Summary of Mortgage De_2

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Parenthetical) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Sep. 28, 2018	Sep. 27, 2018	Aug. 31, 2018	Aug. 21, 2018	Aug. 20, 2018	Jun. 01, 2018
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	$ 1,781
Beechwood Terrace | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Refinance of mortgage debt				$ 20,200
Timber Creek | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Refinance of mortgage debt		$ 19,100
Radbourne Lake | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Refinance of mortgage debt		18,900
Sabal Palm at Lake Buena Vista | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Refinance of mortgage debt						$ 37,200
Abbington Heights | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Refinance of mortgage debt					$ 9,900
Belmont at Duck Creek | 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 in certain circumstances 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.
Refinance of mortgage debt							$ 10,900
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%
Hollister Place | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Refinance of mortgage debt		13,500
Deferred financing costs, net		$ 300	$ 100
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 | Beechwood Terrace | 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 in certain circumstances 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 | Timber Creek | 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 in certain circumstances 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 | Radbourne Lake | 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 in certain circumstances 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 | Sabal Palm at Lake Buena Vista | 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 in certain circumstances 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 | Abbington Heights | 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 in certain circumstances 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 | Belmont at Duck Creek | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
13th month through 81st month | Hollister Place | 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 in certain circumstances 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 in certain circumstances 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 | Cedar Pointe | 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 in certain circumstances 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 | Beechwood Terrace | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
First 12 months | Timber Creek | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
First 12 months | Radbourne Lake | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
First 12 months | Sabal Palm at Lake Buena Vista | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
First 12 months | Abbington Heights | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
First 12 months | Belmont at Duck Creek | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
First 12 months | Hollister Place | Debt With Floating Interest Rate
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%
First 12 months | Cedar Pointe | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
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 and recorded 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	2.5027%
Held For Sale Properties
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	$ 94

Debt - Summary of Refinanced Mo

Debt - Summary of Refinanced Mortgage Properties (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jun. 01, 2018
Debt Instrument [Line Items]
Write-off of Deferred Financing Costs	$ 1,400,000	$ 1,000,000	$ 700,000
Prepayment Penalties and Defeasance Costs	1,706,000	$ 2,701,000	$ 827,000
Debt Refinancings
Debt Instrument [Line Items]
Write-off of Deferred Financing Costs	928,000
Capitalized Deferred Financing Costs	1,643,000
Prepayment Penalties and Defeasance Costs	1,534,000
Debt Modification and Other Extinguishment Costs	$ 485,000
Reduction in Spread (in basis points)	0.50%
Debt Refinancings | Belmont at Duck Creek
Debt Instrument [Line Items]
Date of Refinance	Jun. 1, 2018
Accounting Treatment	Extinguishment
Capitalized Deferred Financing Costs	$ 293,000			$ 0
Reduction in Spread (in basis points)	0.79%
Debt Refinancings | Sabal Palm at Lake Buena Vista
Debt Instrument [Line Items]
Date of Refinance	Aug. 20, 2018
Accounting Treatment	Extinguishment
Write-off of Deferred Financing Costs	$ 228,000
Capitalized Deferred Financing Costs	442,000
Prepayment Penalties and Defeasance Costs	$ 371,000
Reduction in Spread (in basis points)	0.51%
Debt Refinancings | Abbington Heights
Debt Instrument [Line Items]
Date of Refinance	Aug. 21, 2018
Accounting Treatment	Extinguishment
Capitalized Deferred Financing Costs	$ 105,000
Prepayment Penalties and Defeasance Costs	446,000
Debt Modification and Other Extinguishment Costs	$ 202,000
Reduction in Spread (in basis points)	0.04%
Debt Refinancings | Beechwood Terrace
Debt Instrument [Line Items]
Date of Refinance	Aug. 31, 2018
Accounting Treatment	Extinguishment
Write-off of Deferred Financing Costs	$ 405,000
Capitalized Deferred Financing Costs	100,000
Prepayment Penalties and Defeasance Costs	202,000
Debt Modification and Other Extinguishment Costs	$ 196,000
Reduction in Spread (in basis points)	0.24%
Debt Refinancings | Timber Creek
Debt Instrument [Line Items]
Date of Refinance	Sep. 28, 2018
Accounting Treatment	Extinguishment
Write-off of Deferred Financing Costs	$ 151,000
Capitalized Deferred Financing Costs	296,000
Prepayment Penalties and Defeasance Costs	$ 191,000
Reduction in Spread (in basis points)	0.56%
Debt Refinancings | Radbourne Lake
Debt Instrument [Line Items]
Date of Refinance	Sep. 28, 2018
Accounting Treatment	Extinguishment
Write-off of Deferred Financing Costs	$ 144,000
Capitalized Deferred Financing Costs	266,000
Prepayment Penalties and Defeasance Costs	$ 189,000
Reduction in Spread (in basis points)	0.52%
Debt Refinancings | Hollister Place
Debt Instrument [Line Items]
Date of Refinance	Sep. 28, 2018
Accounting Treatment	Modification
Capitalized Deferred Financing Costs	$ 141,000
Prepayment Penalties and Defeasance Costs	135,000
Debt Modification and Other Extinguishment Costs	$ 87,000
Reduction in Spread (in basis points)	0.90%

Debt - Summary of Refinanced _2

Debt - Summary of Refinanced Mortgage Properties (Parenthetical) (Details) - Debt Refinancings - USD ($)	Dec. 31, 2018	Jun. 01, 2018
Debt Instrument [Line Items]
Deferred financing costs	$ 1,643,000
Belmont at Duck Creek
Debt Instrument [Line Items]
Deferred financing costs	$ 293,000	$ 0
Belmont at Duck Creek | Maximum
Debt Instrument [Line Items]
Debt instrument, unamortized premium		$ 100,000

Debt - Additional Information (

Debt - Additional Information (Details)

Nov. 14, 2018USD ($)

Sep. 26, 2018USD ($)

Jul. 25, 2018USD ($)

Apr. 27, 2018USD ($)

Jun. 30, 2017USD ($)

Nov. 30, 2018USD ($)

Oct. 31, 2017USD ($)Property

Jul. 31, 2017USD ($)

Dec. 31, 2018USD ($)Property

Dec. 31, 2017USD ($)Property

Dec. 31, 2016USD ($)

Feb. 28, 2018USD ($)

Dec. 29, 2016USD ($)

Debt Instrument [Line Items]

Number of properties sold | Property

4

1

9

Number of properties acquired | Property

3

3

Credit facility proceeds received

$ 55,000,000

$ 25,000,000

$ 315,000,000

Repayment of credit facility

85,000,000

310,000,000

Write-off deferred financing costs

1,400,000

1,000,000

700,000

Drawn from bridge facility

30,000,000

65,875,000

30,000,000

Repayments of bridge loan

38,597,000

87,278,000

29,000,000

Bridge facility, net

8,576,000

Interest expense

Debt Instrument [Line Items]

Amortization of deferred financing fees

$ 1,700,000

$ 2,000,000

$ 1,400,000

2017 Bridge Facility

Debt Instrument [Line Items]

Interest rate description

one-month LIBOR plus 3.75%

Bridge facility

$ 30,000,000

$ 65,900,000

Repayments of bridge loan

30,000,000

$ 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%

Combined notional amount

$ 650,000,000

KeyBank | $30 Million Bridge Facility

Debt Instrument [Line Items]

Interest rate description

one-month LIBOR plus 2.00%

Commitment fee rebate received

$ 300,000

Bridge facility

$ 30,000,000

Drawn from bridge facility

$ 30,000,000

Term (months)

6 months

Repayments of bridge loan

30,000,000

$60 Million Credit Facility

Debt Instrument [Line Items]

Line of credit facility, current borrowing capacity

$ 60,000,000

Line of credit facility, maximum borrowing capacity

60,000,000

Credit facility proceeds received

$ 50,000,000

Repayment of credit facility

$ 50,000,000

50,000,000

Line of credit facility term

24 months

Interest rate description

one-month LIBOR plus 2.00%

$60 Million Credit Facility | KeyBank

Debt Instrument [Line Items]

Line of credit facility, current borrowing capacity

$ 30,000,000

Line of credit facility, maximum borrowing capacity

$ 30,000,000

Line of credit facility,temporary increase

5,000,000

Credit facility proceeds received

$ 5,000,000

Repayment of credit facility

$ 5,000,000

Line of credit facility, expiration date

Jul. 25, 2018

Write-off deferred financing costs

$ 100,000

Commitment fee rebate received

$ 800,000

$30 Million Credit Facility

Debt Instrument [Line Items]

Repayment of credit facility

$ 30,000,000

Line of credit facility extended maturity date

Sep. 26, 2020

Freddie Mac Multifamily Green Advantage Program

Debt Instrument [Line Items]

Mortgage debt financing, amount escrowed

$ 4,200,000

$ 1,200,000

Number of properties covered under mortgage loan program | Property

18

Number of properties acquired | Property

3

Number of properties refinanced | Property

7

One-month LIBOR | KeyBank | $30 Million Bridge Facility

Debt Instrument [Line Items]

Interest rate

2.00%

One-month LIBOR | $60 Million Credit Facility

Debt Instrument [Line Items]

Interest rate

2.00%

Mortgages Payable

Debt Instrument [Line Items]

Weighted average interest rate of mortgage indebtedness

4.07%

3.34%

Weighted average reduction of spread in basis points

0.50%

Adjusted weighted average interest rate

3.17%

Mortgages Payable | One-month LIBOR

Debt Instrument [Line Items]

Weighted average fixed rate

1.3388%

Mortgages Payable | One-month LIBOR

Debt Instrument [Line Items]

Weighted average interest rate of mortgage indebtedness

2.5027%

1.5643%

Weighted average increase of spread in basis points

0.94%

Mortgages Payable | Floating Interest Rate Swap

Debt Instrument [Line Items]

Combined notional amount

$ 650,000,000

Mortgages Payable | Interest Rate Swap

Debt Instrument [Line Items]

Mortgage indebtedness

$ 650,000,000

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	12 Months Ended
	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Date of Sale	Jan. 31, 2018
Outstanding Principal	$ 17,226

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) $ in Thousands	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
2,019	$ 923
2,020	949
2,021	1,001
2,022	13,575
2,023	20,598
Thereafter	808,667
Total	845,713
Operating Properties
Debt Instrument [Line Items]
2,019	716
2,020	744
2,021	782
2,022	817
2,023	20,598
Thereafter	808,667
Total	832,324
Held For Sale Properties
Debt Instrument [Line Items]
2,019	207
2,020	205
2,021	219
2,022	12,758
Total	$ 13,389

Fair Value of Derivative and _3

Fair Value of Derivative and Financial Instruments - Additional Information (Details)	12 Months Ended
	Dec. 31, 2018USD ($)DerivativeInstrument	Dec. 31, 2017USD ($)DerivativeInstrument	Dec. 31, 2016USD ($)DerivativeInstrument
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial instruments cap weighted average rate	5.82%
Impairment charges related to real estate assets	$ 0	$ 0	$ 0
Designated as hedging instrument
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain (loss) ineffectiveness to derivatives designated as cash flow hedges	0	$ 300,000	$ 1,700,000
Interest Rate Swap | One-month LIBOR
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [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 Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Combined notional amount	$ 255,200,000
Interest rate description	The interest rate cap agreements the Company has entered into effectively cap one-month LIBOR on $255.2 million of the Company’s floating rate mortgage indebtedness at a weighted average rate of 5.82%.
Interest rate caps | Not designated as hedging instrument
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate caps | DerivativeInstrument	12	16	36
Derivative notional amount	$ 255,179,000	$ 273,500,000	$ 578,300,000
Minimum | Interest Rate Swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate term range	4 years
Minimum | Interest rate caps | One-month LIBOR
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate term range	3 years
Maximum | Interest Rate Swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate term range	5 years
Maximum | Interest rate caps | One-month LIBOR
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate term range	4 years

Fair Value of Derivative and _4

Fair Value of Derivative and Financial Instruments - Summary of Company's Outstanding Interest Rate Swaps (Details) - KeyBank	12 Months Ended
	Dec. 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 _5

Fair Value of Derivative and Financial Instruments - Summary of Company's Outstanding Interest Rate Swaps (Parenthetical) (Details)	Dec. 31, 2018
One-month LIBOR | KeyBank
Debt Instrument [Line Items]
LIBOR, interest rate	2.5027%

Fair Value of Derivative and _6

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	Dec. 31, 2018USD ($)DerivativeInstrument	Dec. 31, 2017USD ($)DerivativeInstrument	Dec. 31, 2016USD ($)DerivativeInstrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Number of Instruments | DerivativeInstrument	12	16	36
Derivative notional amount | $	$ 255,179,000	$ 273,500,000	$ 578,300,000

Fair Value of Derivative and _7

Fair Value of Derivative and Financial Instruments - Summary of Derivative Financial Instruments and Classification on the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	$ 18,151	$ 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	18,141	16,480
Prepaid and Other Assets | Interest rate caps | Not designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	$ 10	$ 4

Fair Value of Derivative and _8

Fair Value of Derivative and Financial Instruments - Summary of Derivative Financial Instruments on Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in OCI	$ 1,931	$ 4,568	$ 10,833
Interest rate products | Interest expense
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in OCI	5,928	2,967	9,800
Amount of gain (loss) reclassified from OCI into income	3,997	(1,416)	(1,033)
Amount of gain (loss) recognized in income		124	1,683
Amount of gain (loss) recognized in income	$ (49)	$ (19)	$ (4)

Fair Value of Derivative and _9

Fair Value of Derivative and Financial Instruments -Summary of Derivative Financial Instruments on Consolidated Statements of Operations and Comprehensive Income (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2017USD ($)
Fair Value Disclosures [Abstract]
Loss reclassified from OCI	$ 185,000

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	Dec. 31, 2018	Nov. 14, 2018	Apr. 30, 2018	Feb. 15, 2018	Mar. 16, 2017	Aug. 11, 2016	Jun. 15, 2016	Nov. 30, 2018	Oct. 31, 2017	Jul. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2018	Jun. 30, 2017	Mar. 15, 2017
Class Of Stock [Line Items]
Common stock, proposed aggregate offering price																$ 200,000,000
Common stock shares issued		2,702,500
Common stock, par value	$ 0.01	$ 0.01					$ 0.01				$ 0.01	$ 0.01
Public offering price per share		$ 33
Gross proceeds from sale of common stock		$ 89,182,500									$ 84,782,000
OP units exchanged		2,702,500
Repayment of credit facility											85,000,000	$ 310,000,000
Repayments of bridge loan											$ 38,597,000	$ 87,278,000	$ 29,000,000
Common stock, shares, retired											382,941
Common stock, shares, issued	23,499,635										23,499,635	21,049,565
Common stock, shares, outstanding	23,499,635										23,499,635	21,049,565
Share repurchase program, authorized amount			$ 40,000,000				$ 30,000,000
Stock repurchase program, expiration date			Jun. 15, 2020				Jun. 15, 2018
Stock repurchase program period in force			2 years				2 years
Share repurchase program, treasury stock shares	737,458										382,941
Share repurchase program, treasury stock, value	$ 16,694,000										$ 9,672,000	$ 2,435,000	4,587,000
Share repurchase program, treasury stock, per share	$ 22.64										$ 25.26
Treasury stock, shares	0										0	0
Equity-based compensation expense													$ 800,000
Restricted Stock Units
Class Of Stock [Line Items]
Restricted stock units, granted											275,795
2016 LTIP
Class Of Stock [Line Items]
Common stock, par value							$ 0.01
Common stock, shares, issued											130,511
Common stock, shares, issued	240,768										240,768
Number of shares authorized to issue							2,100,000
2016 LTIP | Restricted Stock Units
Class Of Stock [Line Items]
Equity-based compensation expense											$ 4,200,000	$ 3,100,000
Dividends earned on restricted stock units														$ 700,000
2016 LTIP | Restricted Stock Units | Director
Class Of Stock [Line Items]
Vesting period description											annually
2016 LTIP | Restricted Stock Units | Directors and Officers
Class Of Stock [Line Items]
Restricted stock units, granted					219,802	209,797
2016 LTIP | Restricted Stock Units | Directors, Officers, Employees and Certain Key Employees of Adviser
Class Of Stock [Line Items]
Restricted stock units, granted				275,795
2016 LTIP | Restricted Stock Units | Minimum | Officers, Employees and Certain Key Employees of Adviser
Class Of Stock [Line Items]
Restricted stock units, vesting period											3 years
2016 LTIP | Restricted Stock Units | Maximum | Officers, Employees and Certain Key Employees of Adviser
Class Of Stock [Line Items]
Restricted stock units, vesting period											4 years
2017 Bridge Facility
Class Of Stock [Line Items]
Bridge facility		$ 30,000,000													$ 65,900,000
Repayments of bridge loan		30,000,000							$ 46,000,000	$ 11,300,000
$60 Million Credit Facility
Class Of Stock [Line Items]
Line of credit facility, maximum borrowing capacity		60,000,000
Repayment of credit facility		$ 50,000,000						$ 50,000,000

Stockholders' Equity - Summary

Stockholders' Equity - Summary Information of 2018 Offering (Details) - USD ($)	Nov. 14, 2018	Dec. 31, 2018
Stockholders Equity Note [Abstract]
Gross proceeds	$ 89,182,500	$ 84,782,000
Common shares sold	2,702,500
Public offering price per share	$ 33
Offering costs	$ 876,800
Underwriters' discounts	3,523,500
Net proceeds	$ 84,782,200
Average price per share	$ 31.37

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary Information of 2018 Offering (Parenthetical) (Details)	Nov. 14, 2018USD ($)shares
Class Of Stock [Line Items]
Shares purchased by advisor of affiliates | shares	2,702,500
Underwriters' discounts | $	$ 3,523,500
Affiliates of the Adviser
Class Of Stock [Line Items]
Shares purchased by advisor of affiliates | shares	207,971
Underwriters' discounts | $	$ 0

Stockholders' Equity - Summar_3

Stockholders' Equity - Summary of Restricted Stock Units (Details) - Restricted Stock Units	12 Months Ended
	Dec. 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	(130,511)
Number of Units, Outstanding at ending of the period | shares	464,626
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	21.28
Weighted Average Grant Date Fair Value, Outstanding at ending of the period | $ / shares	$ 22.80

Stockholders' Equity - Summar_4

Stockholders' Equity - Summary of Restricted Stock Units (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2018shares
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)	12 Months Ended
	Dec. 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												12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Numerator for earnings (loss) per share:
Net income (loss)	$ (4,782)	$ (5,260)	$ (1,666)	$ 10,094	$ (4,343)	$ 54,076	$ 9,930	$ (3,304)	$ 176	$ 8,825	$ 16,596	$ 291	$ (1,614)	$ 56,359	$ 25,888
Net income attributable to noncontrolling interests														2,836	4,006
Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership													(5)	149
Net income (loss) attributable to common stockholders													$ (1,609)	$ 53,374	$ 21,882
Denominator for earnings (loss) per share:
Weighted average common shares outstanding - basic													21,189	21,057	21,232
Weighted average unvested restricted stock units													478	342	82
Denominator for diluted earnings per share													21,667	21,399	21,314
Earnings (loss) per weighted average common share:
Basic	$ (0.21)	$ (0.25)	$ (0.08)	$ 0.48	$ (0.21)	$ 2.56	$ 0.35	$ (0.17)	$ 0.01	$ 0.33	$ 0.69	$ 0	$ (0.08)	$ 2.53	$ 1.03
Diluted	$ (0.21)	$ (0.25)	$ (0.08)	$ 0.47	$ (0.21)	$ 2.53	$ 0.34	$ (0.17)	$ 0.01	$ 0.33	$ 0.69	$ 0	$ (0.08)	$ 2.49	$ 1.03

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Details)	Jun. 30, 2017USD ($)	Dec. 31, 2018$ / Property$ / h	Aug. 01, 2017USD ($)$ / sharesshares
Minority Interest [Line Items]
Common units transferred to acquire ownership interest in properties of noncontrolling interest holders, per share | $ / shares			$ 27.31
Amount used for calculation of OP units of net asset value	$ 2,000,000
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 | shares			73,233
Value of common units transferred to acquire ownership interest in properties of noncontrolling interest holders			$ 2,000,000
Carrying value of noncontrolling interests	20,500,000
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%
BH Management Services, LLC
Minority Interest [Line Items]
Property management fee percent		3.00%
Other owner approved fees, per hour | $ / h		55
BH Management Services, LLC | Minimum
Minority Interest [Line Items]
Inspection of properties fee, per unit | $ / Property		15
Construction supervision fee, percent fee		5.00%
BH Management Services, LLC | Maximum
Minority Interest [Line Items]
Inspection of properties fee, per unit | $ / Property		25
Construction supervision fee, percent fee		6.00%

Noncontrolling Interests - Sche

Noncontrolling Interests - Schedule of Redeemable Noncontrolling Interests (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Noncontrolling Interest [Abstract]
Redeemable noncontrolling interests in the OP, December 31, 2017	$ 2,135
Net loss attributable to redeemable noncontrolling interests in the OP	(5)
Other comprehensive income attributable to redeemable noncontrolling interests in the OP	6
Contributions from redeemable noncontrolling interests in the OP	180
Distributions to redeemable noncontrolling interests in the OP	(188)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP	439
Redeemable noncontrolling interests in the OP, December 31, 2018	$ 2,567

Noncontrolling Interests - Summ

Noncontrolling Interests - Summary of Fees Incurred to BH And Its Affiliates As Well As Reimbursements Paid to BH (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fees incurred
Property management fees	[1]	$ 4,382	$ 4,330	$ 3,983
BH Management Services, LLC
Fees incurred
Property management fees		4,382	4,330	3,983
Construction supervision fees		1,076	869	885
Acquisition fees		348	675	589
Reimbursements
Payroll and benefits		14,100	15,344	15,586
Other reimbursements		$ 2,200	$ 1,982	$ 2,078
[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).

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)	Nov. 14, 2018$ / sharesshares	Dec. 31, 2016Property	Dec. 31, 2018USD ($)Property	Dec. 31, 2017USD ($)Property	Dec. 31, 2016USD ($)	Dec. 31, 2017Property	Dec. 31, 2018Property
Related Party Transaction [Line Items]
Number of properties acquired | Property			3	3
Common stock shares issued | shares	2,702,500
Public offering price per share | $ / shares	$ 33
Advisory and Administrative Fees
Related Party Transaction [Line Items]
Number of properties acquired | Property		2				5	8
Operating Agreement
Related Party Transaction [Line Items]
Asset management fee percent			0.50%
Asset management fees				$ 400,000	$ 700,000
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			1.20%
Advisory and administrative fees			$ 7,500,000	7,400,000	6,800,000
Additional advisory and administrative fees			2,100,000	2,000,000	1,400,000
Advisory and administrative fees waived			4,100,000	2,400,000	100,000
NexPoint Real Estate Advisors, L.P | Maximum
Related Party Transaction [Line Items]
Advisory and administrative fees on contributed assets			$ 5,400,000
Advisory and administrative fees percentage			1.50%
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			$ 300,000	$ 1,200,000	$ 600,000
Affiliates of the Adviser
Related Party Transaction [Line Items]
Common stock shares issued | shares	207,971
Public offering price per share | $ / shares	$ 33

Subsequent Events - Summary of

Subsequent Events - Summary of Acquired Properties (Details) $ in Thousands		Feb. 28, 2019USD ($)Property	Dec. 31, 2018USD ($)Property	Dec. 31, 2017USD ($)
Subsequent Event [Line Items]
Purchase Price			$ 130,980	$ 197,200
Mortgage Debt			$ 73,196
Number of Units | Property			1,084
Effective ownership percentage, wholly owned subsidiary			100.00%
Phoenix Portfolio | Subsequent Event | Multifamily Properties
Subsequent Event [Line Items]
Purchase Price	[1]	$ 132,100
Mortgage Debt	[2]	$ 78,987
Number of Units | Property		656
Phoenix Portfolio | Bella Vista Apartment Homes | Subsequent Event | Phoenix | Multifamily Properties | Arizona
Subsequent Event [Line Items]
Date of Acquisition		Jan. 28, 2019
Purchase Price		$ 48,400
Mortgage Debt		$ 29,040
Number of Units | Property		248
Effective ownership percentage, wholly owned subsidiary		100.00%
Phoenix Portfolio | The Enclave Apartment Homes | Subsequent Event | Tempe | Multifamily Properties | Arizona
Subsequent Event [Line Items]
Date of Acquisition		Jan. 28, 2019
Purchase Price		$ 41,800
Mortgage Debt		$ 25,322
Number of Units | Property		204
Effective ownership percentage, wholly owned subsidiary		100.00%
Phoenix Portfolio | The Heritage Apartment Homes | Subsequent Event | Phoenix | Multifamily Properties | Arizona
Subsequent Event [Line Items]
Date of Acquisition		Jan. 28, 2019
Purchase Price		$ 41,900
Mortgage Debt		$ 24,625
Number of Units | Property		204
Effective ownership percentage, wholly owned subsidiary		100.00%
[1]	The Company used approximately $52.5 million of proceeds drawn under a credit facility (see “$75 Million Credit Facility” below) to fund a portion of the purchase price of the Phoenix Portfolio and planned value-add improvements to the Phoenix Portfolio.
[2]	Each of the first mortgages on the properties has an 84-month term and bears interest at a rate of one-month LIBOR plus 1.32%.

Subsequent Events - Summary o_2

Subsequent Events - Summary of Acquired Properties (Parenthetical) (Details) - Phoenix Portfolio - Subsequent Event - Multifamily Properties $ in Millions	Feb. 28, 2019USD ($)
First Mortgage
Subsequent Event [Line Items]
Mortgage Debt term	84 months
Interest rate description	one-month LIBOR plus 1.32%
One-month LIBOR | First Mortgage
Subsequent Event [Line Items]
Period of LIBOR	1 month
Interest rate	1.32%
$75 Million Credit Facility
Subsequent Event [Line Items]
Proceeds from credit facility used to fund Phoenix Portfolio	$ 52.5

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 13, 2019	Jan. 28, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Subsequent Event [Line Items]
Credit facility proceeds received			$ 55,000	$ 25,000	$ 315,000
Subsequent Event
Subsequent Event [Line Items]
Dividends payable, amount per share	$ 0.275
Dividends payable, date declared	Feb. 13, 2019
Dividends payable, date to be paid	Mar. 29, 2019
Dividends payable, date of record	Mar. 15, 2019
Subsequent Event | $75 Million Credit Facility | SunTrust Bank
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity		$ 75,000
Credit facility proceeds received		$ 52,500
Facility, term		24 months
Line of credit facility, extension term		12 months
Interest rate description		one-month LIBOR plus a range from 2.00% to 2.50%
Subsequent Event | $75 Million Credit Facility | SunTrust Bank | One-month LIBOR
Subsequent Event [Line Items]
Period of LIBOR		1 month
Subsequent Event | $75 Million Credit Facility | SunTrust Bank | One-month LIBOR | Minimum
Subsequent Event [Line Items]
Interest rate		2.00%
Subsequent Event | $75 Million Credit Facility | SunTrust Bank | One-month LIBOR | Maximum
Subsequent Event [Line Items]
Interest rate		2.50%

Quarterly Results (unaudited) -

Quarterly Results (unaudited) - Summary of the Unaudited Quarterly Consolidated Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 39,390	$ 36,495	$ 35,655	$ 35,057	$ 34,913	$ 37,097	$ 35,234	$ 36,991	$ 32,601	$ 33,079	$ 33,657	$ 33,511	$ 146,597	$ 144,235	$ 132,848
Net income (loss)	(4,782)	(5,260)	(1,666)	10,094	(4,343)	54,076	9,930	(3,304)	176	8,825	16,596	291	(1,614)	56,359	25,888
Net income (loss) attributable to common stockholders	$ (4,767)	$ (5,245)	$ (1,661)	$ 10,064	$ (4,330)	$ 53,914	$ 7,406	$ (3,616)	$ 217	$ 7,090	$ 14,590	$ (15)	$ (1,609)	$ 53,374	$ 21,882
Earnings (loss) per share - basic	$ (0.21)	$ (0.25)	$ (0.08)	$ 0.48	$ (0.21)	$ 2.56	$ 0.35	$ (0.17)	$ 0.01	$ 0.33	$ 0.69	$ 0	$ (0.08)	$ 2.53	$ 1.03
Earnings (loss) per share - diluted	$ (0.21)	$ (0.25)	$ (0.08)	$ 0.47	$ (0.21)	$ 2.53	$ 0.34	$ (0.17)	$ 0.01	$ 0.33	$ 0.69	$ 0	$ (0.08)	$ 2.49	$ 1.03

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 845,713
Initial Cost to Company, Land		208,467
Initial Cost to Company, Buildings and Improvements		937,923
Initial Cost to Company, Total		1,146,390
Costs Capitalized Subsequent to Acquisition		103,522
Gross Amount Carried , Land		208,467
Gross Amount Carried , Buildings and Improvements		1,014,096
Gross Amount Carried , Total		1,222,563	$ 1,082,805	$ 1,029,349	$ 942,755
Accumulated Depreciation and Amortization		$ (135,021)
Arbors on Forest Ridge
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jan. 31, 2014
Arbors on Forest Ridge | Bedford | Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 13,130
Initial Cost to Company, Land		2,330
Initial Cost to Company, Buildings and Improvements		10,475
Initial Cost to Company, Total		12,805
Costs Capitalized Subsequent to Acquisition		2,203
Gross Amount Carried , Land		2,330
Gross Amount Carried , Buildings and Improvements		12,366
Gross Amount Carried , Total		$ 14,696
Date Acquired		Jan. 31, 2014
Accumulated Depreciation and Amortization		$ (2,774)
Cutter's Point
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jan. 31, 2014
Cutter's Point | Richardson | Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 16,640
Initial Cost to Company, Land		3,330
Initial Cost to Company, Buildings and Improvements		12,515
Initial Cost to Company, Total		15,845
Costs Capitalized Subsequent to Acquisition		2,504
Gross Amount Carried , Land		3,330
Gross Amount Carried , Buildings and Improvements		14,667
Gross Amount Carried , Total		$ 17,997
Date Acquired		Jan. 31, 2014
Accumulated Depreciation and Amortization		$ (3,252)
Eagle Crest
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jan. 31, 2014
Eagle Crest | Irving | Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 29,510
Initial Cost to Company, Land		5,450
Initial Cost to Company, Buildings and Improvements		21,875
Initial Cost to Company, Total		27,325
Costs Capitalized Subsequent to Acquisition		3,311
Gross Amount Carried , Land		5,450
Gross Amount Carried , Buildings and Improvements		24,532
Gross Amount Carried , Total		$ 29,982
Date Acquired		Jan. 31, 2014
Accumulated Depreciation and Amortization		$ (4,808)
Silverbrook
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jan. 31, 2014
Silverbrook | Grand Prairie | Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 30,590
Initial Cost to Company, Land		4,860
Initial Cost to Company, Buildings and Improvements		25,540
Initial Cost to Company, Total		30,400
Costs Capitalized Subsequent to Acquisition		5,028
Gross Amount Carried , Land		4,860
Gross Amount Carried , Buildings and Improvements		29,775
Gross Amount Carried , Total		$ 34,635
Date Acquired		Jan. 31, 2014
Accumulated Depreciation and Amortization		$ (6,787)
Edgewater at Sandy Springs
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jul. 18, 2014
Edgewater at Sandy Springs | Atlanta | Georgia
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 52,000
Initial Cost to Company, Land		14,290
Initial Cost to Company, Buildings and Improvements		43,710
Initial Cost to Company, Total		58,000
Costs Capitalized Subsequent to Acquisition		7,838
Gross Amount Carried , Land		14,290
Gross Amount Carried , Buildings and Improvements		49,618
Gross Amount Carried , Total		$ 63,908
Date Acquired		Jul. 18, 2014
Accumulated Depreciation and Amortization		$ (11,132)
Beechwood Terrace
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jul. 21, 2014
Beechwood Terrace | Antioch | Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 23,365
Initial Cost to Company, Land		1,390
Initial Cost to Company, Buildings and Improvements		20,010
Initial Cost to Company, Total		21,400
Costs Capitalized Subsequent to Acquisition		3,223
Gross Amount Carried , Land		1,390
Gross Amount Carried , Buildings and Improvements		22,824
Gross Amount Carried , Total		$ 24,214
Date Acquired		Jul. 21, 2014
Accumulated Depreciation and Amortization		$ (4,361)
Willow Grove
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jul. 21, 2014
Willow Grove | Nashville | Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 14,818
Initial Cost to Company, Land		3,940
Initial Cost to Company, Buildings and Improvements		9,810
Initial Cost to Company, Total		13,750
Costs Capitalized Subsequent to Acquisition		2,548
Gross Amount Carried , Land		3,940
Gross Amount Carried , Buildings and Improvements		12,060
Gross Amount Carried , Total		$ 16,000
Date Acquired		Jul. 21, 2014
Accumulated Depreciation and Amortization		$ (2,651)
Woodbridge
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jul. 21, 2014
Woodbridge | Nashville | Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 13,677
Initial Cost to Company, Land		3,650
Initial Cost to Company, Buildings and Improvements		12,350
Initial Cost to Company, Total		16,000
Costs Capitalized Subsequent to Acquisition		2,645
Gross Amount Carried , Land		3,650
Gross Amount Carried , Buildings and Improvements		14,661
Gross Amount Carried , Total		$ 18,311
Date Acquired		Jul. 21, 2014
Accumulated Depreciation and Amortization		$ (3,057)
Abbington Heights
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Aug. 1, 2014
Abbington Heights | Antioch | Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 16,920
Initial Cost to Company, Land		1,770
Initial Cost to Company, Buildings and Improvements		16,130
Initial Cost to Company, Total		17,900
Costs Capitalized Subsequent to Acquisition		2,949
Gross Amount Carried , Land		1,770
Gross Amount Carried , Buildings and Improvements		18,679
Gross Amount Carried , Total		$ 20,449
Date Acquired		Aug. 1, 2014
Accumulated Depreciation and Amortization		$ (3,689)
The Summit at Sabal Park
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Aug. 20, 2014
The Summit at Sabal Park | Tampa | Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 13,560
Initial Cost to Company, Land		5,770
Initial Cost to Company, Buildings and Improvements		13,280
Initial Cost to Company, Total		19,050
Costs Capitalized Subsequent to Acquisition		1,961
Gross Amount Carried , Land		5,770
Gross Amount Carried , Buildings and Improvements		14,837
Gross Amount Carried , Total		$ 20,607
Date Acquired		Aug. 20, 2014
Accumulated Depreciation and Amortization		$ (3,182)
Courtney Cove
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Aug. 20, 2014
Courtney Cove | Tampa | Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 13,680
Initial Cost to Company, Land		5,880
Initial Cost to Company, Buildings and Improvements		13,070
Initial Cost to Company, Total		18,950
Costs Capitalized Subsequent to Acquisition		1,799
Gross Amount Carried , Land		5,880
Gross Amount Carried , Buildings and Improvements		14,438
Gross Amount Carried , Total		$ 20,318
Date Acquired		Aug. 20, 2014
Accumulated Depreciation and Amortization		$ (3,007)
Radbourne Lake
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Sep. 30, 2014
Radbourne Lake | Charlotte | North Carolina
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 20,000
Initial Cost to Company, Land		2,440
Initial Cost to Company, Buildings and Improvements		21,810
Initial Cost to Company, Total		24,250
Costs Capitalized Subsequent to Acquisition		2,588
Gross Amount Carried , Land		2,440
Gross Amount Carried , Buildings and Improvements		23,746
Gross Amount Carried , Total		$ 26,186
Date Acquired		Sep. 30, 2014
Accumulated Depreciation and Amortization		$ (4,455)
Timber Creek
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Sep. 30, 2014
Timber Creek | Charlotte | North Carolina
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 24,100
Initial Cost to Company, Land		11,260
Initial Cost to Company, Buildings and Improvements		11,490
Initial Cost to Company, Total		22,750
Costs Capitalized Subsequent to Acquisition		4,447
Gross Amount Carried , Land		11,260
Gross Amount Carried , Buildings and Improvements		15,138
Gross Amount Carried , Total		$ 26,398
Date Acquired		Sep. 30, 2014
Accumulated Depreciation and Amortization		$ (3,299)
Belmont at Duck Creek
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Sep. 30, 2014
Belmont at Duck Creek | Garland | Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 17,760
Initial Cost to Company, Land		1,910
Initial Cost to Company, Buildings and Improvements		16,615
Initial Cost to Company, Total		18,525
Costs Capitalized Subsequent to Acquisition		2,689
Gross Amount Carried , Land		1,910
Gross Amount Carried , Buildings and Improvements		18,868
Gross Amount Carried , Total		$ 20,778
Date Acquired		Sep. 30, 2014
Accumulated Depreciation and Amortization		$ (3,577)
Sabal Palm at Lake Buena Vista
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Nov. 5, 2014
Sabal Palm at Lake Buena Vista | Orlando | Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 42,100
Initial Cost to Company, Land		7,580
Initial Cost to Company, Buildings and Improvements		41,920
Initial Cost to Company, Total		49,500
Costs Capitalized Subsequent to Acquisition		2,083
Gross Amount Carried , Land		7,580
Gross Amount Carried , Buildings and Improvements		42,616
Gross Amount Carried , Total		$ 50,196
Date Acquired		Nov. 5, 2014
Accumulated Depreciation and Amortization		$ (6,818)
Southpoint Reserve at Stoney Creek
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	[1]	Dec. 18, 2014
Southpoint Reserve at Stoney Creek | Fredericksburg | Virginia
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 13,389
Initial Cost to Company, Land		6,120
Initial Cost to Company, Buildings and Improvements		10,880
Initial Cost to Company, Total		17,000
Costs Capitalized Subsequent to Acquisition		1,718
Gross Amount Carried , Land		6,120
Gross Amount Carried , Buildings and Improvements		12,106
Gross Amount Carried , Total		$ 18,226
Date Acquired		Dec. 18, 2014
Accumulated Depreciation and Amortization		$ (897)
Cornerstone
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jan. 15, 2015
Cornerstone | Orlando | Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 22,227
Initial Cost to Company, Land		1,500
Initial Cost to Company, Buildings and Improvements		30,050
Initial Cost to Company, Total		31,550
Costs Capitalized Subsequent to Acquisition		3,242
Gross Amount Carried , Land		1,500
Gross Amount Carried , Buildings and Improvements		32,398
Gross Amount Carried , Total		$ 33,898
Date Acquired		Jan. 15, 2015
Accumulated Depreciation and Amortization		$ (5,440)
The Preserve at Terrell Mill
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Feb. 6, 2015
The Preserve at Terrell Mill | Marietta | Georgia
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 42,480
Initial Cost to Company, Land		10,170
Initial Cost to Company, Buildings and Improvements		47,830
Initial Cost to Company, Total		58,000
Costs Capitalized Subsequent to Acquisition		7,975
Gross Amount Carried , Land		10,170
Gross Amount Carried , Buildings and Improvements		53,991
Gross Amount Carried , Total		$ 64,161
Date Acquired		Feb. 6, 2015
Accumulated Depreciation and Amortization		$ (9,998)
The Ashlar
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Feb. 26, 2015
The Ashlar | Dallas | Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 14,520
Initial Cost to Company, Land		4,090
Initial Cost to Company, Buildings and Improvements		12,145
Initial Cost to Company, Total		16,235
Costs Capitalized Subsequent to Acquisition		3,079
Gross Amount Carried , Land		4,090
Gross Amount Carried , Buildings and Improvements		14,862
Gross Amount Carried , Total		$ 18,952
Date Acquired		Feb. 26, 2015
Accumulated Depreciation and Amortization		$ (3,049)
Heatherstone
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Feb. 26, 2015
Heatherstone | Dallas | Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 8,880
Initial Cost to Company, Land		2,320
Initial Cost to Company, Buildings and Improvements		7,130
Initial Cost to Company, Total		9,450
Costs Capitalized Subsequent to Acquisition		2,409
Gross Amount Carried , Land		2,320
Gross Amount Carried , Buildings and Improvements		9,331
Gross Amount Carried , Total		$ 11,651
Date Acquired		Feb. 26, 2015
Accumulated Depreciation and Amortization		$ (1,931)
Versailles
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Feb. 26, 2015
Versailles | Dallas | Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 23,880
Initial Cost to Company, Land		6,720
Initial Cost to Company, Buildings and Improvements		19,445
Initial Cost to Company, Total		26,165
Costs Capitalized Subsequent to Acquisition		5,682
Gross Amount Carried , Land		6,720
Gross Amount Carried , Buildings and Improvements		24,546
Gross Amount Carried , Total		$ 31,266
Date Acquired		Feb. 26, 2015
Accumulated Depreciation and Amortization		$ (4,600)
Seasons 704 Apartments
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Apr. 15, 2015
Seasons 704 Apartments | West Palm Beach | Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 17,460
Initial Cost to Company, Land		7,480
Initial Cost to Company, Buildings and Improvements		13,520
Initial Cost to Company, Total		21,000
Costs Capitalized Subsequent to Acquisition		2,392
Gross Amount Carried , Land		7,480
Gross Amount Carried , Buildings and Improvements		15,511
Gross Amount Carried , Total		$ 22,991
Date Acquired		Apr. 15, 2015
Accumulated Depreciation and Amortization		$ (2,773)
Madera Point
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Aug. 5, 2015
Madera Point | Mesa | Arizona
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 15,150
Initial Cost to Company, Land		4,920
Initial Cost to Company, Buildings and Improvements		17,605
Initial Cost to Company, Total		22,525
Costs Capitalized Subsequent to Acquisition		2,025
Gross Amount Carried , Land		4,920
Gross Amount Carried , Buildings and Improvements		19,001
Gross Amount Carried , Total		$ 23,921
Date Acquired		Aug. 5, 2015
Accumulated Depreciation and Amortization		$ (3,088)
The Pointe at the Foothills
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Aug. 5, 2015
The Pointe at the Foothills | Mesa | Arizona
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 34,800
Initial Cost to Company, Land		4,840
Initial Cost to Company, Buildings and Improvements		47,435
Initial Cost to Company, Total		52,275
Costs Capitalized Subsequent to Acquisition		3,074
Gross Amount Carried , Land		4,840
Gross Amount Carried , Buildings and Improvements		49,076
Gross Amount Carried , Total		$ 53,916
Date Acquired		Aug. 5, 2015
Accumulated Depreciation and Amortization		$ (6,959)
Venue at 8651 | Fort Worth | Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		13,734
Initial Cost to Company, Land		2,350
Initial Cost to Company, Buildings and Improvements		16,900
Initial Cost to Company, Total		19,250
Costs Capitalized Subsequent to Acquisition		4,194
Gross Amount Carried , Land		2,350
Gross Amount Carried , Buildings and Improvements		20,583
Gross Amount Carried , Total		$ 22,933
Date Acquired		Oct. 30, 2015
Accumulated Depreciation and Amortization		$ (3,429)
Parc500 | West Palm Beach | Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		15,483
Initial Cost to Company, Land		3,860
Initial Cost to Company, Buildings and Improvements		19,424
Initial Cost to Company, Total		23,284
Costs Capitalized Subsequent to Acquisition		4,396
Gross Amount Carried , Land		3,860
Gross Amount Carried , Buildings and Improvements		23,329
Gross Amount Carried , Total		$ 27,189
Date Acquired		Jul. 27, 2016
Accumulated Depreciation and Amortization		$ (2,705)
The Colonnade | Phoenix | Arizona
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		28,093
Initial Cost to Company, Land		8,340
Initial Cost to Company, Buildings and Improvements		36,520
Initial Cost to Company, Total		44,860
Costs Capitalized Subsequent to Acquisition		3,460
Gross Amount Carried , Land		8,340
Gross Amount Carried , Buildings and Improvements		39,257
Gross Amount Carried , Total		$ 47,597
Date Acquired		Oct. 11, 2016
Accumulated Depreciation and Amortization		$ (3,548)
Old Farm
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Dec. 29, 2016
Old Farm | Houston | Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 52,886
Initial Cost to Company, Land		11,078
Initial Cost to Company, Buildings and Improvements		73,986
Initial Cost to Company, Total		85,064
Costs Capitalized Subsequent to Acquisition		1,639
Gross Amount Carried , Land		11,078
Gross Amount Carried , Buildings and Improvements		72,271
Gross Amount Carried , Total		$ 83,349
Date Acquired		Dec. 29, 2016
Accumulated Depreciation and Amortization		$ (5,772)
Stone Creek at Old Farm
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Dec. 29, 2016
Stone Creek at Old Farm | Houston | Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 15,274
Initial Cost to Company, Land		3,493
Initial Cost to Company, Buildings and Improvements		19,937
Initial Cost to Company, Total		23,430
Costs Capitalized Subsequent to Acquisition		496
Gross Amount Carried , Land		3,493
Gross Amount Carried , Buildings and Improvements		19,861
Gross Amount Carried , Total		$ 23,354
Date Acquired		Dec. 29, 2016
Accumulated Depreciation and Amortization		$ (1,574)
Hollister Place
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Feb. 1, 2017
Hollister Place | Houston | Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 14,811
Initial Cost to Company, Land		2,782
Initial Cost to Company, Buildings and Improvements		21,902
Initial Cost to Company, Total		24,684
Costs Capitalized Subsequent to Acquisition		1,964
Gross Amount Carried , Land		2,782
Gross Amount Carried , Buildings and Improvements		22,934
Gross Amount Carried , Total		$ 25,716
Date Acquired		Feb. 1, 2017
Accumulated Depreciation and Amortization		$ (1,863)
Rockledge Apartments
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jun. 30, 2017
Rockledge Apartments | Marietta | Georgia
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 68,100
Initial Cost to Company, Land		17,451
Initial Cost to Company, Buildings and Improvements		96,577
Initial Cost to Company, Total		114,028
Costs Capitalized Subsequent to Acquisition		5,670
Gross Amount Carried , Land		17,451
Gross Amount Carried , Buildings and Improvements		99,226
Gross Amount Carried , Total		$ 116,677
Date Acquired		Jun. 30, 2017
Accumulated Depreciation and Amortization		$ (5,886)
Atera Apartments
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Oct. 25, 2017
Atera Apartments | Dallas | Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 29,500
Initial Cost to Company, Land		22,371
Initial Cost to Company, Buildings and Improvements		37,090
Initial Cost to Company, Total		59,461
Costs Capitalized Subsequent to Acquisition		2,050
Gross Amount Carried , Land		22,371
Gross Amount Carried , Buildings and Improvements		37,800
Gross Amount Carried , Total		$ 60,171
Date Acquired		Oct. 25, 2017
Accumulated Depreciation and Amortization		$ (1,802)
Cedar Pointe
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Aug. 24, 2018
Cedar Pointe | Antioch | Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 17,300
Initial Cost to Company, Land		2,371
Initial Cost to Company, Buildings and Improvements		24,410
Initial Cost to Company, Total		26,781
Costs Capitalized Subsequent to Acquisition		105
Gross Amount Carried , Land		2,371
Gross Amount Carried , Buildings and Improvements		24,515
Gross Amount Carried , Total		$ 26,886
Date Acquired		Aug. 24, 2018
Accumulated Depreciation and Amortization		$ (716)
Crestmont Reserve
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Sep. 26, 2018
Crestmont Reserve | Dallas | Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 12,061
Initial Cost to Company, Land		4,124
Initial Cost to Company, Buildings and Improvements		20,667
Initial Cost to Company, Total		24,791
Costs Capitalized Subsequent to Acquisition		68
Gross Amount Carried , Land		4,124
Gross Amount Carried , Buildings and Improvements		20,735
Gross Amount Carried , Total		$ 24,859
Date Acquired		Sep. 26, 2018
Accumulated Depreciation and Amortization		$ (553)
Brandywine I & II
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Sep. 26, 2018
Brandywine I & II | Nashville | Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 43,835
Initial Cost to Company, Land		6,237
Initial Cost to Company, Buildings and Improvements		73,870
Initial Cost to Company, Total		80,107
Costs Capitalized Subsequent to Acquisition		68
Gross Amount Carried , Land		6,237
Gross Amount Carried , Buildings and Improvements		73,938
Gross Amount Carried , Total		$ 80,175
Date Acquired		Sep. 26, 2018
Accumulated Depreciation and Amortization		$ (1,589)
[1]	Property was classified as held for sale as of December 31, 2018.

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Real Estate And Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	$ 937,923
Gross Amount Carried , Buildings and Improvements	1,014,096
Aggregate cost of real estate investment for Federal Income Tax purposes net of accumulated depreciation	900,000
The Colonnade, Old Farm, Stone Creek at Old Farm, Hollister Place, Rockledge Apartments, Atera Apartments, Cedar Pointe, Crestmont Reserve and Brandywine I & II
Real Estate And Accumulated Depreciation [Line Items]
Total acquisition costs	2,400
Parc500
Real Estate And Accumulated Depreciation [Line Items]
Debt instrument, unamortized premium	900
Buildings and Improvements and Furniture, Fixtures, and Equipment
Real Estate And Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	907,500
Construction in Progress
Real Estate And Accumulated Depreciation [Line Items]
Gross Amount Carried , Buildings and Improvements	1,900
Furniture, Fixtures, and Equipment
Real Estate And Accumulated Depreciation [Line Items]
Gross Amount Carried , Buildings and Improvements	$ 62,200
Estimated useful lives of assets	3 years
Buildings
Real Estate And Accumulated Depreciation [Line Items]
Estimated useful lives of assets	30 years
Improvements
Real Estate And Accumulated Depreciation [Line Items]
Estimated useful lives of assets	15 years
Gross Intangible Lease Assets
Real Estate And Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	$ 30,400
Gross Amount Carried , Buildings and Improvements	3,000
Intangible Lease Assets
Real Estate And Accumulated Depreciation [Line Items]
Accumulated amortization of intangible assets	$ 1,600
Estimated useful lives of assets	6 months

Schedule III - Summary Of Activ

Schedule III - Summary Of Activity For Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate:
Balance, beginning of year	$ 1,082,805	$ 1,029,349	$ 942,755
Additions:
Real estate acquired	131,679	198,173	176,638
Improvements	28,809	25,748	24,956
Deductions:
Real estate sold	(18,311)	(160,250)	(112,427)
Write-off of fully amortized assets and other	(2,419)	(10,215)	(2,573)
Balance, end of year	1,222,563	1,082,805	1,029,349
Accumulated Depreciation and Amortization:
Balance, beginning of year	91,649	66,312	39,873
Depreciation expense	45,002	39,812	34,265
Amortization expense	2,468	8,940	1,379
Accumulated depreciation on sales	(2,500)	(14,199)	(6,632)
Write-off of fully amortized assets and other	(1,598)	(9,216)	(2,573)
Balance, end of year	$ 135,021	$ 91,649	$ 66,312