NexPoint Residential Trust (NXRT) 10-Q 30 Jul 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 30, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Trading Symbol	NXRT
Entity Registrant Name	NexPoint Residential Trust, Inc.
Entity Central Index Key	0001620393
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		23,895,442
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-36663
Entity Tax Identification Number	471881359
Entity Address, Address Line One	300 Crescent Court
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Dallas
Entity Address, State or Province	Texas
Entity Address, Postal Zip Code	75201
City Area Code	(972)
Local Phone Number	628-4100

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Operating Real Estate Investments
Land	$ 203,748	$ 202,347
Buildings and improvements	914,771	935,604
Intangible lease assets	2,971	3,049
Construction in progress	612	1,881
Furniture, fixtures, and equipment	57,545	61,456
Total Gross Operating Real Estate Investments	1,179,647	1,204,337
Accumulated depreciation and amortization	(127,118)	(134,124)
Total Net Operating Real Estate Investments	1,052,529	1,070,213
Real estate held for sale, net of accumulated depreciation of $33,305 and $897, respectively	175,968	17,329
Total Net Real Estate Investments	1,228,497	1,087,542
Cash and cash equivalents	16,892	19,864
Restricted cash	22,676	23,265
Accounts receivable	2,667	3,340
Prepaid and other assets	3,826	9,058
Fair market value of interest rate swaps	2,363	18,141
TOTAL ASSETS	1,276,921	1,161,210
Liabilities:
Mortgages payable, net	769,973	824,702
Mortgages payable held for sale, net	156,636	13,318
Credit facility, net	51,536
Accounts payable and other accrued liabilities	6,679	5,765
Accrued real estate taxes payable	10,192	12,607
Accrued interest payable	3,086	2,852
Security deposit liability	2,032	1,889
Prepaid rents	1,554	1,482
Fair market value of interest rate swaps	853
Total Liabilities	1,002,541	862,615
Redeemable noncontrolling interests in the Operating Partnership	3,032	2,567
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; 23,895,442 and 23,499,635 shares issued and outstanding, respectively	238	234
Additional paid-in capital	297,448	285,511
Accumulated earnings less dividends	(26,824)	(6,764)
Accumulated other comprehensive income	486	17,047
Total Stockholders' Equity	271,348	296,028
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,276,921	$ 1,161,210

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Net of accumulated depreciation	$ 33,305	$ 897
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	23,895,442	23,499,635
Common stock, shares, outstanding	23,895,442	23,499,635
Common stock, par value	$ 0.01	$ 0.01

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues
Rental income		$ 37,711	$ 31,069	$ 74,033	$ 61,642
Other income		5,355	4,586	10,524	9,070
Total revenues		43,066	35,655	84,557	70,712
Expenses
Property operating expenses		10,161	8,231	19,800	17,108
Real estate taxes and insurance		5,564	4,588	11,322	9,444
Property management fees	[1]	1,291	1,066	2,531	2,120
Advisory and administrative fees	[2]	1,872	1,863	3,722	3,701
Corporate general and administrative expenses		2,741	1,986	4,974	3,799
Property general and administrative expenses		1,768	1,648	3,426	3,195
Depreciation and amortization		13,066	11,038	28,464	22,410
Total expenses		36,463	30,420	74,239	61,777
Operating income before gain on sales of real estate		6,603	5,235	10,318	8,935
Gain on sales of real estate					13,742
Operating income		6,603	5,235	10,318	22,677
Interest expense		(8,590)	(6,823)	(16,678)	(13,620)
Loss on extinguishment of debt and modification costs			(78)		(629)
Net income (loss)		(1,987)	(1,666)	(6,360)	8,428
Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		(6)	(5)	(19)	25
Net income (loss) attributable to common stockholders		(1,981)	(1,661)	(6,341)	8,403
Other comprehensive income (loss)
Unrealized gains (losses) on interest rate derivatives		(10,946)	2,749	(16,611)	10,510
Total comprehensive income (loss)		(12,933)	1,083	(22,971)	18,938
Comprehensive income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		(39)	4	(69)	57
Comprehensive income (loss) attributable to common stockholders		$ (12,894)	$ 1,079	$ (22,902)	$ 18,881
Weighted average common shares outstanding - basic		23,736	20,780	23,643	20,883
Weighted average common shares outstanding - diluted		24,233	21,295	24,139	21,362
Earnings (loss) per share - basic		$ (0.08)	$ (0.08)	$ (0.27)	$ 0.40
Earnings (loss) per share - diluted		$ (0.08)	$ (0.08)	$ (0.27)	$ 0.39
[1]	Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of the Company’s operating partnership, NexPoint Residential Trust Operating Partnership, L.P. (see Note 10).
[2]	Fees incurred to the Adviser (see Note 11).

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Earnings Less Dividends	Accumulated Other Comprehensive Income (Loss)	Common Stock Held in Treasury at Cost
Beginning Balance, Values at Dec. 31, 2017	$ 239,444	$ 210	$ 206,227	$ 19,288	$ 13,719
Beginning Balance, Shares at Dec. 31, 2017		21,049,565
Cumulative effect upon adoption of ASU 2017-12				(1,403)	1,403
Net income (loss) attributable to common stockholders	8,403			8,403
Repurchase of common stock	(9,672)					$ (9,672)
Retirement of common stock held in treasury		$ (4)	(9,668)			9,672
Retirement of common stock held in treasury, Shares		(382,941)
Vesting of stock-based compensation	2,009	$ 1	2,008
Vesting of stock-based compensation, Shares		80,743
Common stock dividends declared	(10,696)			(10,696)
Other comprehensive income (loss)	10,478				10,478
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	(22)			(22)
Ending Balance, Values at Jun. 30, 2018	239,944	$ 207	198,567	15,570	25,600
Ending Balance, Shares at Jun. 30, 2018		20,747,367
Beginning Balance, Values at Mar. 31, 2018	247,723	$ 209	202,085	22,569	22,860
Beginning Balance, Shares at Mar. 31, 2018		20,926,355
Net income (loss) attributable to common stockholders	(1,661)			(1,661)
Repurchase of common stock	(4,614)					(4,614)
Retirement of common stock held in treasury		$ (2)	(4,612)			$ 4,614
Retirement of common stock held in treasury, Shares		(178,988)
Vesting of stock-based compensation	1,094		1,094
Common stock dividends declared	(5,316)			(5,316)
Other comprehensive income (loss)	2,740				2,740
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	(22)			(22)
Ending Balance, Values at Jun. 30, 2018	239,944	$ 207	198,567	15,570	25,600
Ending Balance, Shares at Jun. 30, 2018		20,747,367
Beginning Balance, Values at Dec. 31, 2018	$ 296,028	$ 234	285,511	(6,764)	17,047
Beginning Balance, Shares at Dec. 31, 2018	23,499,635	23,499,635
Net income (loss) attributable to common stockholders	$ (6,341)			(6,341)
Vesting of stock-based compensation	2,489	$ 1	2,488
Vesting of stock-based compensation, Shares		143,642
Issuance of common shares through at-the-market offering	9,452	$ 3	9,449
Issuance of common shares through at-the-market offering, Shares		252,165
Common stock dividends declared	(13,343)			(13,343)
Other comprehensive income (loss)	(16,561)				(16,561)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	(376)			(376)
Ending Balance, Values at Jun. 30, 2019	$ 271,348	$ 238	297,448	(26,824)	486
Ending Balance, Shares at Jun. 30, 2019	23,895,442	23,895,442
Beginning Balance, Values at Mar. 31, 2019	$ 280,323	$ 235	286,580	(17,891)	11,399
Beginning Balance, Shares at Mar. 31, 2019		23,643,277
Net income (loss) attributable to common stockholders	(1,981)			(1,981)
Vesting of stock-based compensation	1,419		1,419
Issuance of common shares through at-the-market offering	9,452	$ 3	9,449
Issuance of common shares through at-the-market offering, Shares		252,165
Common stock dividends declared	(6,702)			(6,702)
Other comprehensive income (loss)	(10,913)				(10,913)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	(250)			(250)
Ending Balance, Values at Jun. 30, 2019	$ 271,348	$ 238	$ 297,448	$ (26,824)	$ 486
Ending Balance, Shares at Jun. 30, 2019	23,895,442	23,895,442

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement Of Stockholders Equity [Abstract]
Common stock, dividend per share declared	$ 0.275	$ 0.25	$ 0.550	$ 0.50

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities
Net income (loss)	$ (6,360)	$ 8,428
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Gain on sales of real estate		(13,742)
Depreciation and amortization	28,464	22,410
Amortization/write-off of deferred financing costs	902	1,225
Change in fair value on derivative instruments included in interest expense	(3,734)	(1,241)
Net cash received on derivative settlements	3,720	1,177
Amortization/write-off of fair market value adjustment of assumed debt	(47)	(121)
Vesting of stock-based compensation	2,654	2,009
Changes in operating assets and liabilities, net of effects of acquisitions:
Operating assets	(585)	(1,399)
Operating liabilities	(1,394)	(1,413)
Net cash provided by operating activities	23,620	17,333
Cash flows from investing activities
Net proceeds from sales of real estate		29,553
Prepaid acquisition costs	(1,000)
Additions to real estate investments	(17,529)	(15,104)
Acquisitions of real estate investments	(133,792)
Net cash provided by (used in) investing activities	(152,321)	14,449
Cash flows from financing activities
Mortgage proceeds received	78,987	17,760
Mortgage payments	(465)	(29,471)
Credit facilities proceeds received	52,500	5,000
Bridge facility payments		(8,597)
Deferred financing costs paid	(1,861)	(310)
Interest rate cap fees paid	(20)	(9)
Proceeds from the issuance of common shares through at-the-market offering, net of offering costs	9,452
Payments for taxes related to net share settlement of stock-based compensation	(165)
Repurchase of common stock		(9,672)
Dividends paid to common stockholders	(13,288)	(10,512)
Net cash provided by (used in) financing activities	125,140	(35,811)
Net decrease in cash, cash equivalents and restricted cash	(3,561)	(4,029)
Cash, cash equivalents and restricted cash, beginning of period	43,129	43,248
Cash, cash equivalents and restricted cash, end of period	39,568	39,219
Supplemental Disclosure of Cash Flow Information
Interest paid	19,323	14,042
Prepayment penalties		172
Supplemental Disclosure of Noncash Activities
Capitalized construction costs included in accounts payable and other accrued liabilities	1,513	1,607
Change in fair value on derivative instruments designated as hedges	(16,611)	10,510
Other assets acquired from acquisitions	109
Liabilities assumed from acquisitions	647
Assumed debt on acquisitions	10,109
Increase in dividends payable upon vesting of restricted stock units	$ 55	$ 184

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019, 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 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Accounting The accompanying unaudited 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 unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes to the Company’s significant accounting policies during the six months ended June 30, 2019. The accompanying unaudited consolidated financial statements have been prepared according to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of June 30, 2019 and results of operations for the six months ended June 30, 2019 and 2018 have been included. Such adjustments are normal and recurring in nature. The unaudited information included in this quarterly report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2018 and notes thereto included in its annual report on Form 10-K filed with the SEC on February 19, 2019. 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. The Company implemented the provisions of Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers Purchase Price Allocation 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. 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. Impairment Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In such cases, the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. 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. As of June 30, 2019, there are seven properties that are held for sale. Approximately $0.6 million of other assets and approximately $2.6 million of other liabilities related to the held for sale assets are included on the consolidated balance sheet. 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 six months ended June 30, 2019 and 2018. 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 June 30, 2019, 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 June 30, 2019. The Company and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The 2018, 2017 and 2016 tax years remain open to examination by tax jurisdictions to which the Company and its subsidiaries are subject. When applicable, the Company recognizes interest and/or penalties related to uncertain tax positions on its consolidated statements of operations and comprehensive income (loss). Accounting Pronouncements Adopted in the Current Year In May 2014, the FASB issued ASU 2014-09, which requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity should also disclose sufficient quantitative and qualitative information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB issued ASU 2015-14, 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 Recent Accounting Pronouncements Section 107 of the Jumpstart Our Business Startups Act (“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. At June 30, 2019, the Company’s public float exceeded $700 million, and as such, the transition period will end at December 31, 2019. At the point the transition period ends, the Company will follow the adoption criteria for public companies and reflect such adoption criteria in the Company’s Annual Report on Form 10-K for the 2019 fiscal year. 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 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	6 Months Ended
	Jun. 30, 2019
Schedule Of Investments [Abstract]
Investments in Subsidiaries	3. Investments in Subsidiaries The Company conducts its operations through the OP, which owns the properties through single asset limited liability companies that are special purpose entities (“SPEs”). The Company consolidates the SPEs 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 SPEs that directly own the properties. All of the properties the SPEs own 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 June 30, 2019, the Company, through the OP and the wholly owned TRS, owned 39 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 June 30, 2019 and December 31, 2018: Effective Ownership Percentage at Property Name Location Year June 30, 2019 December 31, 2018 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 % Edgewater at Sandy Springs (1) 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 (1) 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 (1) Garland, Texas 2014 100 % 100 % Sabal Palm at Lake Buena Vista Orlando, Florida 2014 100 % 100 % Southpoint Reserve at Stoney Creek (1) Fredericksburg, Virginia 2014 100 % 100 % Cornerstone Orlando, Florida 2015 100 % 100 % The Preserve at Terrell Mill Marietta, Georgia 2015 100 % 100 % The Ashlar (1) Dallas, Texas 2015 100 % 100 % Heatherstone (1) 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 (1) Mesa, Arizona 2015 100 % 100 % Venue at 8651 Fort Worth, Texas 2015 100 % 100 % Parc500 West Palm Beach, Florida 2016 100 % 100 % The Venue on Camelback (6) 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 (2) Dallas, Texas 2017 100 % 100 % Cedar Pointe (3) Antioch, Tennessee 2018 100 % 100 % Crestmont Reserve Dallas, Texas 2018 100 % 100 % Brandywine I & II Nashville, Tennessee 2018 100 % 100 % Bella Vista (4) Phoenix, Arizona 2019 100 % — (5) The Enclave (4) Tempe, Arizona 2019 100 % — (5) The Heritage (4) Phoenix, Arizona 2019 100 % — (5) Summers Landing Fort Worth, Texas 2019 100 % — (5) (1) Property was classified as held for sale as of June 30, 2019. (2) 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. (3) The EAT that directly owned Cedar Pointe was consolidated as a VIE at December 31, 2018. The master lease agreement with the EAT that directly owned Cedar Pointe terminated on February 20, 2019, at which time legal title to Cedar Pointe transferred to the Company. Upon the transfer of title, the entity that directly owns Cedar Pointe was no longer considered a VIE. (4) The EAT that directly owned Bella Vista, The Enclave and The Heritage was consolidated as a VIE at March 31, 2019. The master lease agreement with the EAT that directly owned these properties terminated on July 27, 2019, as which time legal title transferred to the Company. Upon the transfer of title, the EAT that directly owned these properties was no longer considered a VIE. (5) Properties were acquired in 2019; therefore, no ownership as of December 31, 2018. (6) Formerly knowns as The Colonnade.

Real Estate Investments Statist

Real Estate Investments Statistics	6 Months Ended
	Jun. 30, 2019
Business Combinations [Abstract]
Real Estate Investments Statistics	4. Real Estate Investments Statistics As of June 30, 2019, the Company was invested in a total of 39 multifamily properties, as listed below: Average Effective Monthly Rent Per Unit (1) as of % Occupied (2) as of Property Name Rentable Square Footage (in thousands) Number of Units Date Acquired June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 Arbors on Forest Ridge 155 210 1/31/2014 $ 874 $ 870 95.2 % 95.2 % Cutter's Point 198 196 1/31/2014 1,138 1,109 94.9 % 95.4 % Eagle Crest 396 447 1/31/2014 946 922 95.7 % 94.9 % Silverbrook 526 642 1/31/2014 868 835 96.0 % 94.9 % Edgewater at Sandy Springs (3) 727 760 7/18/2014 976 950 94.6 % 94.1 % Beechwood Terrace 272 300 7/21/2014 938 933 94.0 % 93.7 % Willow Grove 229 244 7/21/2014 991 960 94.3 % 95.1 % Woodbridge 247 220 7/21/2014 1,052 1,028 94.1 % 94.1 % Abbington Heights (3) 239 274 8/1/2014 891 889 94.9 % 92.0 % The Summit at Sabal Park 205 252 8/20/2014 986 955 93.7 % 94.4 % Courtney Cove 225 324 8/20/2014 912 895 94.4 % 95.7 % Radbourne Lake 247 225 9/30/2014 1,100 1,082 95.6 % 96.0 % Timber Creek 248 352 9/30/2014 879 847 96.0 % 92.6 % Belmont at Duck Creek (3) 198 240 9/30/2014 1,050 1,030 94.2 % 92.1 % Sabal Palm at Lake Buena Vista 371 400 11/5/2014 1,256 1,255 95.5 % 96.5 % Southpoint Reserve at Stoney Creek (3) 116 156 12/18/2014 1,133 1,093 97.4 % 98.1 % Cornerstone 318 430 1/15/2015 1,042 1,007 93.3 % 94.2 % The Preserve at Terrell Mill 692 752 2/6/2015 954 921 93.4 % 94.8 % The Ashlar (3) 206 264 2/26/2015 884 859 93.2 % 94.3 % Heatherstone (3) 116 152 2/26/2015 888 874 96.1 % 94.7 % Versailles 301 388 2/26/2015 908 884 91.5 % 96.4 % Seasons 704 Apartments 217 222 4/15/2015 1,127 1,130 94.6 % 96.8 % Madera Point 193 256 8/5/2015 919 866 96.1 % 94.5 % The Pointe at the Foothills (3) 473 528 8/5/2015 909 859 95.5 % 95.1 % Venue at 8651 289 333 10/30/2015 896 875 96.1 % 92.8 % Parc500 266 217 7/27/2016 1,275 1,254 94.9 % 94.9 % The Venue on Camelback 256 415 10/11/2016 751 719 93.0 % 93.3 % Old Farm 697 734 12/29/2016 1,168 1,176 93.5 % 92.9 % Stone Creek at Old Farm 186 190 12/29/2016 1,184 1,173 93.2 % 96.8 % Hollister Place 246 260 2/1/2017 990 984 95.4 % 93.5 % Rockledge Apartments 802 708 6/30/2017 1,224 1,186 94.5 % 94.6 % Atera Apartments 334 380 10/25/2017 1,245 1,232 96.8 % 97.4 % Cedar Pointe 224 210 8/24/2018 1,053 1,051 91.4 % 95.7 % Crestmont Reserve 199 242 9/26/2018 906 914 94.6 % 94.6 % Brandywine I & II 414 632 9/26/2018 970 957 92.9 % 93.8 % Bella Vista 243 248 1/28/2019 1,221 — (4) 93.5 % — (4) The Enclave 194 204 1/28/2019 1,266 — (4) 93.6 % — (4) The Heritage 199 204 1/28/2019 1,248 — (4) 92.6 % — (4) Summers Landing 139 196 6/7/2019 922 — (4) 94.9 % — (4) 11,803 13,407 (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of June 30, 2019 and December 31, 2018, respectively, minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of June 30, 2019 and December 31, 2018, respectively. (2) Percent occupied is calculated as the number of units occupied as of June 30, 2019 and December 31, 2018, divided by the total number of units, expressed as a percentage. (3) Property was classified as held for sale as of June 30, 2019. (4) Properties were acquired in 2019.

Real Estate Investments

Real Estate Investments	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Real Estate Investments	5. Real Estate Investments As of June 30, 2019, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties Land Buildings and Improvements Intangible Lease Assets Construction in Progress Furniture, Fixtures and Equipment Totals Arbors on Forest Ridge $ 2,330 $ 11,498 $ — $ — $ 1,160 $ 14,988 Cutter's Point 3,330 13,406 — 13 1,470 18,219 Eagle Crest 5,450 23,557 — — 1,652 30,659 Silverbrook 4,860 27,375 — — 3,514 35,749 Beechwood Terrace 1,390 21,545 — — 1,877 24,812 Willow Grove 3,940 11,065 — — 1,356 16,361 Woodbridge 3,650 13,224 — — 1,721 18,595 The Summit at Sabal Park 5,770 13,562 — — 1,481 20,813 Courtney Cove 5,880 13,371 — — 1,397 20,648 Radbourne Lake 2,440 22,336 — 51 1,717 26,544 Timber Creek 11,260 13,894 — 28 2,016 27,198 Sabal Palm at Lake Buena Vista 7,580 41,561 — — 1,423 50,564 Cornerstone 1,500 30,538 — — 2,164 34,202 The Preserve at Terrell Mill 10,170 49,160 — — 5,535 64,865 Versailles 6,720 21,832 — — 3,200 31,752 Seasons 704 Apartments 7,480 14,274 — — 1,372 23,126 Madera Point 4,920 17,588 — — 1,573 24,081 Venue at 8651 2,350 18,130 — — 2,717 23,197 Parc500 3,860 20,762 — 73 2,867 27,562 The Venue on Camelback 8,340 37,818 — 154 1,829 48,141 Old Farm 11,078 70,557 — — 2,028 83,663 Stone Creek at Old Farm 3,493 19,407 — — 519 23,419 Hollister Place 2,782 21,658 — 25 1,750 26,215 Rockledge Apartments 17,451 95,928 — — 4,035 117,414 Atera Apartments 22,370 37,251 — — 1,352 60,973 Cedar Pointe (1) 2,372 24,053 — — 711 27,136 Crestmont Reserve 4,124 20,138 — 64 735 25,061 Brandywine I & II 6,237 72,169 — 61 1,888 80,355 Bella Vista (2) 10,942 36,417 919 47 806 49,131 The Enclave (2) 11,046 29,813 769 49 639 42,316 The Heritage (2) 6,835 34,147 750 47 672 42,451 Summers Landing 1,798 16,737 533 — 369 19,437 203,748 914,771 2,971 612 57,545 1,179,647 Accumulated depreciation and amortization — (90,401 ) (2,120 ) — (34,597 ) (127,118 ) Total Operating Properties $ 203,748 $ 824,370 $ 851 $ 612 $ 22,948 $ 1,052,529 Held For Sale Property Southpoint Reserve at Stoney Creek 6,120 11,399 — — 847 18,366 Edgewater at Sandy Springs 14,290 44,608 — 146 5,438 64,482 Abbington Heights 1,770 17,202 — — 1,614 20,586 Belmont at Duck Creek 1,910 17,455 — 4 1,527 20,896 The Ashlar 4,090 12,863 — — 2,145 19,098 Heatherstone 2,320 8,154 — — 1,263 11,737 The Pointe at the Foothills 4,840 47,012 — — 2,256 54,108 Accumulated depreciation and amortization — (22,932 ) — — (10,373 ) (33,305 ) Total Held For Sale Property $ 35,340 $ 135,761 $ — $ 150 $ 4,717 $ 175,968 Total $ 239,088 $ 960,131 $ 851 $ 762 $ 27,665 $ 1,228,497 (1) The EAT that directly owned Cedar Pointe was consolidated as a VIE at December 31, 2018. The master lease agreement with the EAT that directly owned Cedar Pointe terminated on February 20, 2019, at which time legal title to Cedar Pointe transferred to the Company. Upon the transfer of title, the entity that directly owns Cedar Pointe was no longer considered a VIE. (2) The EAT that directly owned Bella Vista, The Enclave and The Heritage was consolidated as a VIE at March 31, 2019. The master lease agreement with the EAT that directly owned these properties terminated on July 27, 2019, as which time legal title transferred to the Company. Upon the transfer of title, the EAT that directly owned these properties was no longer considered a VIE. 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 and Improvements Intangible Lease Assets 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 Properties Southpoint Reserve at Stoney Creek 6,120 11,319 — — 787 18,226 Accumulated depreciation and amortization — (736 ) — — (161 ) (897 ) Total Held For Sale Properties $ 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 master lease agreement with the EAT that directly owned Cedar Pointe terminated on February 20, 2019, at which time legal title to Cedar Pointe transferred to the Company. Upon the transfer of title, the entity that directly owns Cedar Pointe was no longer considered a VIE. Depreciation expense was $11.8 million and $10.8 million for the three months ended June 30, 2019 and 2018, respectively. Depreciation expense was $24.9 million and $21.6 million for the six months ended June 30, 2019 and 2018, respectively. Amortization expense related to the Company’s intangible lease assets was $1.3 million and $0.2 million for the three months ended June 30, 2019 and 2018. Amortization expense related to the Company’s intangible lease assets was $3.5 million and $0.8 million for the six months ended June 30, 2019 and 2018, respectively. Amortization expense related to the Company’s intangible lease assets for all acquisitions completed through June 30, 2019 is expected to be $0.9 million for the remainder of the year ended December 31, 2019. Due to the six-month useful life attributable to intangible lease assets, the value of intangible lease assets on any acquisition prior to December 31, 2018 has been fully amortized and the assets and related accumulated amortization have been written off as of June 30, 2019. Acquisitions The Company acquired four properties during the six months ended June 30, 2019, as detailed in the table below (dollars in thousands); there were no acquisitions of real estate during the six months ended June 30, 2018. Property Name Location Date of Acquisition Purchase Price Mortgage Debt (1) # Units Effective Ownership Bella Vista Phoenix, Arizona January 28, 2019 $ 48,400 $ 29,040 248 100 % The Enclave Tempe, Arizona January 28, 2019 41,800 25,322 204 100 % The Heritage Phoenix, Arizona January 28, 2019 41,900 24,625 204 100 % Summers Landing Fort Worth, Texas June 7, 2019 19,396 10,109 196 100 % $ 151,496 $ 89,096 852 (1) For additional information regarding the Company’s debt, see Note 6. Dispositions There were no sales of real estate during the six months ended June 30, 2019. The Company sold one property for approximately $30.0 million during the six months ended June 30, 2018.

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt	6. Debt Mortgage Debt The following table contains summary information concerning the mortgage debt of the Company as of June 30, 2019 (dollars in thousands): Operating Properties Type Term Outstanding Principal (1) Interest Rate (2) Maturity Date Arbors on Forest Ridge (3) Floating 84 $ 13,130 4.08% 7/1/2024 Cutter's Point (3) Floating 84 16,640 4.08% 7/1/2024 Eagle Crest (3) Floating 84 29,510 4.08% 7/1/2024 Silverbrook (3) Floating 84 30,590 4.08% 7/1/2024 Beechwood Terrace (3) Floating 84 23,365 3.84% 9/1/2025 Willow Grove (3) Floating 84 14,818 4.18% 7/1/2024 Woodbridge (3) Floating 84 13,677 4.18% 7/1/2024 The Summit at Sabal Park (3) Floating 84 13,560 4.02% 7/1/2024 Courtney Cove (3) Floating 84 13,680 4.02% 7/1/2024 The Preserve at Terrell Mill (3) Floating 84 42,480 4.02% 7/1/2024 Versailles (3) Floating 84 23,880 4.02% 7/1/2024 Seasons 704 Apartments (3) Floating 84 17,460 4.02% 7/1/2024 Madera Point (3) Floating 84 15,150 4.02% 7/1/2024 Venue at 8651 (3) Floating 84 13,734 4.18% 7/1/2024 The Venue on Camelback (3) Floating 84 28,093 4.08% 7/1/2024 Old Farm (3) Floating 84 52,886 4.08% 7/1/2024 Stone Creek at Old Farm (3) Floating 84 15,274 4.08% 7/1/2024 Timber Creek (3) Floating 84 24,100 3.66% 10/1/2025 Radbourne Lake (3) Floating 84 20,000 3.69% 10/1/2025 Sabal Palm at Lake Buena Vista (3) Floating 84 42,100 3.70% 9/1/2025 Cornerstone (4) Fixed 120 22,001 4.24% 3/1/2023 Parc500 (5) Fixed 120 15,353 4.49% 8/1/2025 Hollister Place (3) Floating 84 14,811 3.74% 10/1/2025 Rockledge Apartments (3) Floating 84 68,100 3.97% 7/1/2024 Atera Apartments (3) Floating 84 29,500 3.88% 11/1/2024 Cedar Pointe (6) Floating 84 17,300 3.75% 9/1/2025 Crestmont Reserve (3) Floating 84 12,061 3.58% 10/1/2025 Brandywine I & II (3) Floating 84 43,835 3.58% 10/1/2025 Bella Vista (7) Floating 84 29,040 3.72% 2/1/2026 The Enclave (7) Floating 84 25,322 3.72% 2/1/2026 The Heritage (7) Floating 84 24,625 3.72% 2/1/2026 Summers Landing (9) Floating 84 10,109 3.58% 10/1/2025 $ 776,184 Fair market value adjustment 584 (8) Deferred financing costs, net of accumulated amortization of $2,026 (6,795 ) $ 769,973 Held For Sale Property Southpoint Reserve at Stoney Creek (3) Floating 84 13,281 4.51% 1/1/2022 Edgewater at Sandy Springs (3) Floating 84 52,000 4.08% 7/1/2024 Abbington Heights (3) Floating 84 16,920 3.65% 9/1/2025 Belmont at Duck Creek (3) Floating 84 17,760 3.79% 6/1/2025 The Ashlar (3) Floating 84 14,520 4.02% 7/1/2024 Heatherstone (3) Floating 84 8,880 4.02% 7/1/2024 The Pointe at the Foothills (3) Floating 84 34,800 4.02% 7/1/2024 $ 158,161 Deferred financing costs, net of accumulated amortization of $616 (1,525 ) $ 156,636 (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 June 30, 2019 was 2.3980%. (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) 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 (5) Debt was assumed upon acquisition of this property and recorded at approximated fair value. The loan is open to pre-payment in the last four months of the term. (6) 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 (7) 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 (8) 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. (9) Debt was assumed upon acquisition of this property and recorded at approximated fair value. It 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 The weighted average interest rate of the Company’s mortgage indebtedness was 3.94% as of June 30, 2019 and 4.07% as of December 31, 2018. The decrease between the periods is primarily related to a decrease in one-month LIBOR of approximately 10 basis points to 2.3980% as of June 30, 2019 from 2.5027% as of December 31, 2018. As of June 30, 2019, the adjusted weighted average interest rate of the Company’s mortgage indebtedness was 3.16%. 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 1.4272% for one-month LIBOR on its combined $750.0 million notional amount of interest rate swap agreements, which effectively fix the interest rate on $750.0 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 June 30, 2019, 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. In connection with the four purchases in 2019, the Company escrowed approximately $0.6 million related to the Green Program. Credit Facility The following table contains summary information concerning the Company’s credit facility as of June 30, 2019 (dollars in thousands): Type Term Outstanding Principal Interest Rate (1) Maturity Date Corporate Credit Facility Floating 24 $ 52,500 4.65% 1/28/2021 Deferred financing costs, net of accumulated amortization of $134 (964 ) $ 51,536 (1) Interest rate is based on one-month LIBOR plus an applicable margin. One-month LIBOR as of June 30, 2019 was 2.3980%. Corporate Credit Facility . On January 28, 2019, the Company, through the OP, entered into a $75.0 million credit facility (the “Corporate 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 Bella Vista, The Enclave, and The Heritage. The Corporate Credit Facility is a full-term, interest-only facility with an initial 24-month term, has one 12-month extension option, and the Company has the right to request an increase in the facility amount up to $140 million (the “Accordion Feature”). The facility 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. On June 29, 2019, the Company, through the OP, exercised its option under the Accordion Feature of the Corporate Credit Facility and increased the amount of the facility from $75 million to $125 million. In conjunction with the increase in the facility, the Company incurred costs of $0.5 million in obtaining the additional financing through the Accordion Feature (see “Deferred Financing Costs” below). The Company did not immediately draw additional funds on the facility and the outstanding balance as of June 30, 2019 was $52.5 million. The Corporate Credit Facility is a non-recourse obligation and contains customary events of default, including defaults in the payment of principal or interest, defaults in compliance with the covenants contained in the document evidencing the loan, defaults in payments under any other security instrument, and bankruptcy or other insolvency events. As of June 30, 2019, the Company believes it is in compliance with all provisions. 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 (i.e. a 10% or greater difference in the cash flows between instruments), any unamortized costs and fair market value adjustments related to the original debt are charged to loss on extinguishment of debt and modification costs. For the three months ended June 30, 2019 and 2018, the Company wrote-off deferred financing costs of approximately $0.0 million and $0.1 million, respectively, which is included in loss on extinguishment of debt and modification costs on the consolidated statements of operations and comprehensive income (loss). For the six months ended June 30, 2019 and 2018, the Company wrote-off deferred financing costs of approximately $0.0 million and $0.5 million, respectively, which is included in loss on extinguishment of debt and modification costs on the consolidated statements of operations and comprehensive income (loss). For the three months ended June 30, 2019 and 2018, amortization of deferred financing costs of approximately $0.5 million and $0.4 million, respectively, is included in interest expense on the consolidated statements of operations and comprehensive income (loss). For the six months ended June 30, 2019 and 2018, amortization of deferred financing costs of approximately $0.9 million and $0.7 million, respectively, is included in interest expense on the consolidated statements of operations and comprehensive income (loss). Loss on Extinguishment of Debt and Modification Costs Loss on extinguishment of debt and modification costs 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 June 30, 2019 are as follows (in thousands): Operating Properties Held For Sale Property Credit Facility Total 2019 $ 360 $ 116 — $ 476 2020 744 263 — 1,007 2021 782 282 52,500 53,564 2022 817 12,620 — 13,437 2023 20,598 — — 20,598 Thereafter 752,883 144,880 — 897,763 Total $ 776,184 $ 158,161 $ 52,500 $ 986,845

Fair Value of Derivative and Fi

Fair Value of Derivative and Financial Instruments	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 and December 31, 2018 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 six months ended June 30, 2019 and 2018, 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 $320.1 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 six months ended June 30, 2019, 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 six months ended June 30, 2019 and 2018, the Company recorded no gain/(loss) 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/(increase) to interest expense on the accompanying consolidated statements of operations and comprehensive income (loss). In order to fix a portion of, and mitigate the risk associated with, the Company’s floating rate indebtedness (without incurring substantial prepayment penalties or defeasance costs typically associated with fixed rate indebtedness when repaid early or refinanced), the Company, through the OP, has entered into nine interest rate swap transactions with KeyBank National Association (“KeyBank”) and SunTrust Bank with a combined notional amount of $750.0 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 1.4272%. The Company has designated these interest rate swaps as cash flow hedges of interest rate risk. As of June 30, 2019, 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 Counterparty Notional Fixed Rate (1) July 1, 2016 June 1, 2021 KeyBank $ 100,000 1.1055 % July 1, 2016 June 1, 2021 KeyBank 100,000 1.0210 % July 1, 2016 June 1, 2021 KeyBank 100,000 0.9000 % September 1, 2016 June 1, 2021 KeyBank 100,000 0.9560 % April 1, 2017 April 1, 2022 KeyBank 100,000 1.9570 % May 1, 2017 April 1, 2022 KeyBank 50,000 1.9610 % July 1, 2017 July 1, 2022 KeyBank 100,000 1.7820 % June 1, 2019 June 1, 2024 KeyBank 50,000 2.0020 % June 1, 2019 June 1, 2024 SunTrust 50,000 2.0020 % $ 750,000 1.4272 % (2) (1) The floating rate option for the interest rate swaps is one-month LIBOR. As of June 30, 2019, one-month LIBOR was 2.3980%. (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 June 30, 2019, 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 14 $ 320,137 As of June 30, 2018, the Company had 11 interest rate cap derivatives, with a notional amount of $182.4 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 June 30, 2019 and December 31, 2018 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ 5,125 $ 18,141 $ 3,615 $ — Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets 3 10 — — Total $ 5,128 $ 18,151 $ 3,615 $ — The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2019 and 2018 (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 2019 2018 OCI into income 2019 2018 in income 2019 2018 Derivatives designated as hedging instruments: For the three months ended June 30, Interest rate products $ (9,064 ) $ 3,653 (1) Interest expense $ 1,882 $ 904 (1) Interest expense $ — $ — For the six months ended June 30, Interest rate products $ (12,849 ) $ 11,753 (1) Interest expense $ 3,762 $ 1,243 (1) Interest expense $ — $ — (2) (1) Represents the effective portion of changes in fair value. (2) Represents the ineffective portion of changes in fair value. Location of gain (loss) Amount of gain (loss) recognized in income recognized in income 2019 2018 Derivatives not designated as hedging instruments: For the three months ended June 30, Interest rate products Interest expense (1 ) (12 ) For the six months ended June 30, Interest rate products Interest expense $ (27 ) $ (2 ) 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 June 30, 2019 and December 31, 2018, the fair values of cash and cash equivalents, restricted cash, accounts receivable, prepaid and other 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 six months ended June 30, 2019 and 2018, the Company did not record any impairment charges related to real estate assets.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Stockholders' Equity	8. Stockholders’ Equity Common Stock During the six months ended June 30, 2019, the Company issued 143,642 shares of common stock pursuant to its long-term incentive plan (see “Long Term Incentive Plan” below) and 252,165 pursuant to its at-the-market offering (see “-At-the-Market Offering” below). As of June 30, 2019, the Company had 23,895,442 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 six months ended June 30, 2019, the Company did not repurchase any shares of its common stock. As of June 30, 2019, 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. 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 five-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. On February 21, 2019, pursuant to the 2016 LTIP, the Company granted 186,662 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 June 30, 2019: 2019 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 464,626 Granted 186,662 37.50 Vested (148,091 ) (1) 23.10 Forfeited (6,386 ) — Outstanding June 30, 496,811 (2) $ 28.14 (1) Certain key employees of the Adviser elected to net the taxes owed upon vesting against the shares issued resulting in 143,642 shares being issued as shown on the Consolidated Statement of Stockholders’ Equity. (2) 49,772 restricted stock units vest in August 2019, 108,613 vest in February 2020, 69,530 vest in March 2020, 99,564 vest in February 2021, 99,563 vest in February 2022, 34,883 vest in February 2023 and 34,886 vest in February 2024. As of June 30, 2019, the Company had issued 384,410 shares of common stock under the 2016 LTIP. For the three months ended June 30, 2019 and 2018, the Company recognized approximately $1.4 million and $1.1 million, respectively, of equity-based compensation expense related to grants of restricted stock units, which is included in corporate general and administrative expenses on the consolidated statements of operations and comprehensive income (loss). For the six months ended June 30, 2019 and 2018, the Company recognized approximately $2.7 million and $2.0 million, respectively, of equity-based compensation expense related to grants of restricted stock units. As of June 30, 2019, 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. At-the-Market Offering On February 20, 2019, the Company, the OP and the Adviser entered into separate equity distribution agreements with each of Jefferies LLC (“Jefferies”), Raymond James & Associates, Inc. (“Raymond James”) and SunTrust Robinson Humphrey, Inc. (together with Raymond James and Jefferies, the “Sales Agents”), pursuant to which the Company may issue and sell from time to time shares of the Company’s common stock, par value $0.01 per share, having an aggregate sales price of up to $100,000,000. Sales of shares of common stock, if any, may be made in transactions that are deemed to be “at the market” offerings, as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”), including, without limitation, sales made by means of ordinary brokers’ transactions on the New York Stock Exchange, to or through a market maker at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices based on prevailing market prices (the “ATM Program”). In addition to the issuance and sale of shares of common stock, the Company may enter into forward sale agreements with each of Jefferies and Raymond James, or their respective affiliates, through the ATM Program. During the three months ended June 30, 2019 .

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2019
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 OP 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 Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Numerator for earnings (loss) per share: Net income (loss) $ (1,987 ) $ (1,666 ) $ (6,360 ) $ 8,428 Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership (6 ) (5 ) (19 ) 25 Net income (loss) attributable to common stockholders $ (1,981 ) $ (1,661 ) $ (6,341 ) $ 8,403 Denominator for earnings (loss) per share: Weighted average common shares outstanding 23,736 20,780 23,643 20,883 Denominator for basic earnings (loss) per share 23,736 20,780 23,643 20,883 Weighted average unvested restricted stock units 497 515 496 479 Denominator for diluted earnings per share 24,233 21,295 24,139 21,362 Earnings (loss) per weighted average common share: Basic $ (0.08 ) $ (0.08 ) $ (0.27 ) $ 0.40 Diluted $ (0.08 ) $ (0.08 ) $ (0.27 ) $ 0.39

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	Jun. 30, 2019
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. 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 six months ended June 30, 2019 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2018 $ 2,567 Net loss attributable to redeemable noncontrolling interests in the OP (19 ) Other comprehensive loss attributable to redeemable noncontrolling interests in the OP (50 ) Contributions from redeemable noncontrolling interests in the OP 197 Distributions to redeemable noncontrolling interests in the OP (39 ) Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 376 Redeemable noncontrolling interests in the OP, June 30, 2019 $ 3,032 Fees and Reimbursements to BH and its Affiliates The Company has entered into management agreements with BH Management Services, LLC (“BH”), the Company’s property manager and an independently owned third party, who manages the Company’s properties and supervises the implementation of the Company’s value-add program. BH is an affiliate of BH Equity, who was a noncontrolling interest member of the Company’s joint ventures prior to the BH Buyout on June 30, 2017. Through BH Equity’s noncontrolling interests in such joint ventures, BH Equity was deemed to be a related party. With the completion of the BH Buyout, BH Equity is no longer deemed to be a related party. BH Equity became a noncontrolling limited partner of the OP upon execution of the Amendment. BH and its affiliates do not have common ownership in any joint venture with the Adviser; there is also no common ownership between BH and its affiliates and the Adviser. The property management fee paid to BH is approximately 3% of the monthly gross income from each property managed. Currently, BH manages all of the Company’s properties. Additionally, the Company may pay BH certain other fees, including: (1) a fee of $15-25 per unit for the one-time setup and inspection of properties, (2) a construction supervision fee of 5-6% of total project costs, which is capitalized, (3) acquisition fees and due diligence costs reimbursements, and (4) other owner approved fees at $55 per hour. BH also acts as a paymaster for the properties and is reimbursed at cost for various operating expenses it pays on behalf of the properties. The following is a summary of fees that the properties incurred to BH and its affiliates, as well as reimbursements paid to BH from the properties for various operating expenses, for the three and six months ended June 30, 2019 and 2018 (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Fees incurred Property management fees (1) $ 1,285 $ 1,066 $ 2,525 $ 2,120 Construction supervision fees (2) 340 283 564 570 Design Fees 60 — 60 — Acquisition fees (3) — — 308 — Reimbursements Payroll and benefits (4) 4,000 3,347 8,311 7,135 Other reimbursements (5) 928 563 1,561 1,024 (1) Included in property management fees on the consolidated statements of operations and comprehensive income (loss). (2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Includes due diligence costs. Acquisition fees are capitalized to real estate assets on the consolidated balance sheets. (4) Included in property operating expenses on the consolidated statements of operations and comprehensive income (loss). (5) Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the consolidated statements of operations and comprehensive income (loss).

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions	11. Related Party Transactions 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 in the Advisory Agreement) 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 six months ended June 30, 2019 and 2018, the Adviser did not bill any Operating Expenses or Offering Expenses to the Company and any such expenses the Adviser incurred during the periods are considered to be permanently waived. Expense Cap Pursuant to the terms of the Advisory Agreement, expenses paid or incurred by the Company for advisory and administrative fees payable to the Adviser and Operating Expenses will not exceed 1.5% of Average Real Estate Assets per calendar year (or part thereof that the Advisory Agreement is in effect (the “Expense Cap”)). The Expense Cap does not limit the reimbursement of expenses related to Offering Expenses. The Expense Cap also does not apply to legal, accounting, financial, due diligence and other service fees incurred in connection with mergers and acquisitions, extraordinary litigation or other events outside the Company’s ordinary course of business or any out-of-pocket acquisitions or due diligence expenses incurred in connection with the acquisition or disposition of real estate assets. Also, advisory and administrative fees are further limited on Contributed Assets to approximately $5.4 million in any calendar year. Contributed Assets refers to all Real Estate Assets contributed to the Company as part of the Spin-Off. The Contributed Assets Cap is not reduced for dispositions of such assets subsequent to the Spin-Off. Advisory and administrative fees on New Assets are not subject to the above limitation and are based on an annual rate of 1.2% on Average Real Estate Assets, but are subject to the Expense Cap. New Assets are all Real Estate Assets that are not Contributed Assets. For the three months ended June 30, 2019 and 2018, the Company incurred advisory and administrative fees of $1.9 million and $1.9 million, respectively. The amount paid for the three months ended June 30, 2019 and 2018 represents the maximum fee allowed on Contributed Assets under the Advisory Agreement plus approximately $0.5 million and $0.5 million, respectively, of advisory and administrative fees incurred on New Assets. For the six months ended June 30, 2019 and 2018, the Company incurred advisory and administrative fees of $3.7 million and $3.7 million, respectively. The amount paid for the six months ended June 30, 2019 and 2018 represents the maximum fee allowed on Contributed Assets under the Advisory Agreement plus approximately $1.0 million and $1.0 million, respectively, of advisory and administrative fees incurred on New Assets. For the three months and six months ended June 30, 2019, the Adviser elected to voluntarily waive the advisory and administrative fees incurred on the twelve properties acquired subsequent to October 2016, which totaled approximately $1.8 million and $3.3 million, respectively, and are considered to be permanently waived. For the three and six months ended June 30, 2018, the Adviser elected to voluntarily waive the advisory and administrative fees incurred on properties acquired subsequent to October 2016, which totaled approximately $0.9 million and $1.8 million, respectively, and are considered to be permanently waived. 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 six months ended June 30, 2019 and 2018, the Company paid approximately $0.0 million and $0.2 million, respectively, to NexBank Title, Inc. (“NexBank Title”). NexBank Title is an affiliate of the Adviser through common beneficial ownership. NexBank Title provides title insurance and work related to providing title insurance on properties related to acquisitions, dispositions and refinancing transactions. These amounts are either capitalized as real estate assets or deferred financing costs, expensed as loss on extinguishment of debt and modification costs, or expensed as selling costs when determining gain (loss) on sales of real estate, depending on the appropriate accounting as determined for each specific transaction.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019, 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. Self-Insurance Program Effective March 1, 2019, the Company maintains a partial self-insurance program for property casualty claims whereby it incurs the “first-loss” portion of a claim up to an aggregate loss amount. Claims resulting in losses in excess of a $100,000 per occurrence property deductible will be paid by the Company up to an aggregate amount of $1.2 million (the “Aggregate Amount”). For the period from March 1, 2019 to June 30, 2019, the Company has not incurred a claim it has funded as part of the Aggregate Amount. Under ASC 450-20 “Loss Contingencies”, the Company does not reserve for the Aggregate Amount or any portion thereof until a claim is made and the amount of the claim and the timing of payment on the claim can be reasonably estimated. For the period from March 1, 2019 to June 30, 2019, there were no potential claims that met the criteria as set forth under ASC 450-20. The Company believes it has sufficient resources through cash reserves and unused capacity on the Corporate Credit Facility to fund any potential future claims toward the Aggregate Amount.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events Dividends Declared On July 29, 2019, the Company’s board of directors declared a quarterly dividend of $0.275 per share, payable on September 30, 2019 to stockholders of record on September 13, 2019. Acquisitions On July 17, 2019, the Company, through the OP, acquired the following properties (dollars in thousands): Property Name Location Date of Acquisition Purchase Price Mortgage Debt # Units Effective Ownership Residences at Glenview Reserve Nashville, Tennessee July 17, 2019 $ 45,000 $ 26,560 360 100 % Residences at West Place Orlando, Florida July 17, 2019 55,000 33,817 342 100 % $ 100,000 $ 60,377 702 Dispositions On June 25, 2019, the Company, through the OP, entered into a purchase and sale agreement with a large real estate investment firm (the “Buyer”) for the sale of the following proprieties. Closing of the disposition is subject to Buyer due diligence and customary closing conditions. The sales of the properties are expected to close on or before August 30, 2019. Property Name (1) Location Sales Price Debt Outstanding (2) Real Estate Carrying Value, net (2) Edgewater at Sandy Springs Atlanta, Georgia 101,250 $ 52,000 $ 52,685 Abbington Heights Antioch, Tennessee 28,050 16,920 16,662 Belmont at Duck Creek Garland, Texas 29,500 17,760 17,082 The Ashlar Dallas, Texas 29,400 14,520 15,806 Heatherstone Dallas, Texas 16,275 8,880 9,656 The Pointe at the Foothills Mesa, Arizona 85,400 34,800 46,608 $ 289,875 $ 144,880 $ 158,499 (1) Property was classified as held for sale as of June 30, 2019. (2) As of June 30, 2019. Corporate Credit Facility In conjunction with the acquisition of the Residences at Glenview Reserve and the Residences at West Place, the OP drew $41.7 million on the Corporate Credit Facility on July 1, 2019. The OP drew an additional $10 million on July 24, 2019 to fund an earnest money deposit on additional acquisitions. As of July 30, 2019, the drawn balance on the Corporate Credit Facility was $104.2 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying unaudited 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 unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes to the Company’s significant accounting policies during the six months ended June 30, 2019. The accompanying unaudited consolidated financial statements have been prepared according to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of June 30, 2019 and results of operations for the six months ended June 30, 2019 and 2018 have been included. Such adjustments are normal and recurring in nature. The unaudited information included in this quarterly report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2018 and notes thereto included in its annual report on Form 10-K filed with the SEC on February 19, 2019.
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. The Company implemented the provisions of Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers
Purchase Price Allocation	Purchase Price Allocation 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. 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.
Impairment	Impairment Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In such cases, the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. 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. As of June 30, 2019, there are seven properties that are held for sale. Approximately $0.6 million of other assets and approximately $2.6 million of other liabilities related to the held for sale assets are included on the consolidated balance sheet.
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 six months ended June 30, 2019 and 2018. 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 June 30, 2019, 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 June 30, 2019. The Company and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The 2018, 2017 and 2016 tax years remain open to examination by tax jurisdictions to which the Company and its subsidiaries are subject. When applicable, the Company recognizes interest and/or penalties related to uncertain tax positions on its consolidated statements of operations and comprehensive income (loss).
Recent Accounting Pronouncements	Accounting Pronouncements Adopted in the Current Year In May 2014, the FASB issued ASU 2014-09, which requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity should also disclose sufficient quantitative and qualitative information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB issued ASU 2015-14, 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 Recent Accounting Pronouncements Section 107 of the Jumpstart Our Business Startups Act (“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. At June 30, 2019, the Company’s public float exceeded $700 million, and as such, the transition period will end at December 31, 2019. At the point the transition period ends, the Company will follow the adoption criteria for public companies and reflect such adoption criteria in the Company’s Annual Report on Form 10-K for the 2019 fiscal year. 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 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)	6 Months Ended
	Jun. 30, 2019
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)	6 Months Ended
	Jun. 30, 2019
Schedule Of Investments [Abstract]
Schedule of Ownership in Each Property	As of June 30, 2019, the Company, through the OP and the wholly owned TRS, owned 39 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 June 30, 2019 and December 31, 2018: Effective Ownership Percentage at Property Name Location Year June 30, 2019 December 31, 2018 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 % Edgewater at Sandy Springs (1) 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 (1) 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 (1) Garland, Texas 2014 100 % 100 % Sabal Palm at Lake Buena Vista Orlando, Florida 2014 100 % 100 % Southpoint Reserve at Stoney Creek (1) Fredericksburg, Virginia 2014 100 % 100 % Cornerstone Orlando, Florida 2015 100 % 100 % The Preserve at Terrell Mill Marietta, Georgia 2015 100 % 100 % The Ashlar (1) Dallas, Texas 2015 100 % 100 % Heatherstone (1) 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 (1) Mesa, Arizona 2015 100 % 100 % Venue at 8651 Fort Worth, Texas 2015 100 % 100 % Parc500 West Palm Beach, Florida 2016 100 % 100 % The Venue on Camelback (6) 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 (2) Dallas, Texas 2017 100 % 100 % Cedar Pointe (3) Antioch, Tennessee 2018 100 % 100 % Crestmont Reserve Dallas, Texas 2018 100 % 100 % Brandywine I & II Nashville, Tennessee 2018 100 % 100 % Bella Vista (4) Phoenix, Arizona 2019 100 % — (5) The Enclave (4) Tempe, Arizona 2019 100 % — (5) The Heritage (4) Phoenix, Arizona 2019 100 % — (5) Summers Landing Fort Worth, Texas 2019 100 % — (5) (1) Property was classified as held for sale as of June 30, 2019. (2) 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. (3) The EAT that directly owned Cedar Pointe was consolidated as a VIE at December 31, 2018. The master lease agreement with the EAT that directly owned Cedar Pointe terminated on February 20, 2019, at which time legal title to Cedar Pointe transferred to the Company. Upon the transfer of title, the entity that directly owns Cedar Pointe was no longer considered a VIE. (4) The EAT that directly owned Bella Vista, The Enclave and The Heritage was consolidated as a VIE at March 31, 2019. The master lease agreement with the EAT that directly owned these properties terminated on July 27, 2019, as which time legal title transferred to the Company. Upon the transfer of title, the EAT that directly owned these properties was no longer considered a VIE. (5) Properties were acquired in 2019; therefore, no ownership as of December 31, 2018. (6) Formerly knowns as The Colonnade.

Real Estate Investments Stati_2

Real Estate Investments Statistics (Tables)	6 Months Ended
	Jun. 30, 2019
Multifamily Properties
Business Acquisition [Line Items]
Summary of Investment in Multifamily Properties	As of June 30, 2019, the Company was invested in a total of 39 multifamily properties, as listed below: Average Effective Monthly Rent Per Unit (1) as of % Occupied (2) as of Property Name Rentable Square Footage (in thousands) Number of Units Date Acquired June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 Arbors on Forest Ridge 155 210 1/31/2014 $ 874 $ 870 95.2 % 95.2 % Cutter's Point 198 196 1/31/2014 1,138 1,109 94.9 % 95.4 % Eagle Crest 396 447 1/31/2014 946 922 95.7 % 94.9 % Silverbrook 526 642 1/31/2014 868 835 96.0 % 94.9 % Edgewater at Sandy Springs (3) 727 760 7/18/2014 976 950 94.6 % 94.1 % Beechwood Terrace 272 300 7/21/2014 938 933 94.0 % 93.7 % Willow Grove 229 244 7/21/2014 991 960 94.3 % 95.1 % Woodbridge 247 220 7/21/2014 1,052 1,028 94.1 % 94.1 % Abbington Heights (3) 239 274 8/1/2014 891 889 94.9 % 92.0 % The Summit at Sabal Park 205 252 8/20/2014 986 955 93.7 % 94.4 % Courtney Cove 225 324 8/20/2014 912 895 94.4 % 95.7 % Radbourne Lake 247 225 9/30/2014 1,100 1,082 95.6 % 96.0 % Timber Creek 248 352 9/30/2014 879 847 96.0 % 92.6 % Belmont at Duck Creek (3) 198 240 9/30/2014 1,050 1,030 94.2 % 92.1 % Sabal Palm at Lake Buena Vista 371 400 11/5/2014 1,256 1,255 95.5 % 96.5 % Southpoint Reserve at Stoney Creek (3) 116 156 12/18/2014 1,133 1,093 97.4 % 98.1 % Cornerstone 318 430 1/15/2015 1,042 1,007 93.3 % 94.2 % The Preserve at Terrell Mill 692 752 2/6/2015 954 921 93.4 % 94.8 % The Ashlar (3) 206 264 2/26/2015 884 859 93.2 % 94.3 % Heatherstone (3) 116 152 2/26/2015 888 874 96.1 % 94.7 % Versailles 301 388 2/26/2015 908 884 91.5 % 96.4 % Seasons 704 Apartments 217 222 4/15/2015 1,127 1,130 94.6 % 96.8 % Madera Point 193 256 8/5/2015 919 866 96.1 % 94.5 % The Pointe at the Foothills (3) 473 528 8/5/2015 909 859 95.5 % 95.1 % Venue at 8651 289 333 10/30/2015 896 875 96.1 % 92.8 % Parc500 266 217 7/27/2016 1,275 1,254 94.9 % 94.9 % The Venue on Camelback 256 415 10/11/2016 751 719 93.0 % 93.3 % Old Farm 697 734 12/29/2016 1,168 1,176 93.5 % 92.9 % Stone Creek at Old Farm 186 190 12/29/2016 1,184 1,173 93.2 % 96.8 % Hollister Place 246 260 2/1/2017 990 984 95.4 % 93.5 % Rockledge Apartments 802 708 6/30/2017 1,224 1,186 94.5 % 94.6 % Atera Apartments 334 380 10/25/2017 1,245 1,232 96.8 % 97.4 % Cedar Pointe 224 210 8/24/2018 1,053 1,051 91.4 % 95.7 % Crestmont Reserve 199 242 9/26/2018 906 914 94.6 % 94.6 % Brandywine I & II 414 632 9/26/2018 970 957 92.9 % 93.8 % Bella Vista 243 248 1/28/2019 1,221 — (4) 93.5 % — (4) The Enclave 194 204 1/28/2019 1,266 — (4) 93.6 % — (4) The Heritage 199 204 1/28/2019 1,248 — (4) 92.6 % — (4) Summers Landing 139 196 6/7/2019 922 — (4) 94.9 % — (4) 11,803 13,407 (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of June 30, 2019 and December 31, 2018, respectively, minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of June 30, 2019 and December 31, 2018, respectively. (2) Percent occupied is calculated as the number of units occupied as of June 30, 2019 and December 31, 2018, divided by the total number of units, expressed as a percentage. (3) Property was classified as held for sale as of June 30, 2019. (4) Properties were acquired in 2019.

Real Estate Investments (Tables

Real Estate Investments (Tables)	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Summary of Major Components of Investments in Multifamily Properties	As of June 30, 2019, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties Land Buildings and Improvements Intangible Lease Assets Construction in Progress Furniture, Fixtures and Equipment Totals Arbors on Forest Ridge $ 2,330 $ 11,498 $ — $ — $ 1,160 $ 14,988 Cutter's Point 3,330 13,406 — 13 1,470 18,219 Eagle Crest 5,450 23,557 — — 1,652 30,659 Silverbrook 4,860 27,375 — — 3,514 35,749 Beechwood Terrace 1,390 21,545 — — 1,877 24,812 Willow Grove 3,940 11,065 — — 1,356 16,361 Woodbridge 3,650 13,224 — — 1,721 18,595 The Summit at Sabal Park 5,770 13,562 — — 1,481 20,813 Courtney Cove 5,880 13,371 — — 1,397 20,648 Radbourne Lake 2,440 22,336 — 51 1,717 26,544 Timber Creek 11,260 13,894 — 28 2,016 27,198 Sabal Palm at Lake Buena Vista 7,580 41,561 — — 1,423 50,564 Cornerstone 1,500 30,538 — — 2,164 34,202 The Preserve at Terrell Mill 10,170 49,160 — — 5,535 64,865 Versailles 6,720 21,832 — — 3,200 31,752 Seasons 704 Apartments 7,480 14,274 — — 1,372 23,126 Madera Point 4,920 17,588 — — 1,573 24,081 Venue at 8651 2,350 18,130 — — 2,717 23,197 Parc500 3,860 20,762 — 73 2,867 27,562 The Venue on Camelback 8,340 37,818 — 154 1,829 48,141 Old Farm 11,078 70,557 — — 2,028 83,663 Stone Creek at Old Farm 3,493 19,407 — — 519 23,419 Hollister Place 2,782 21,658 — 25 1,750 26,215 Rockledge Apartments 17,451 95,928 — — 4,035 117,414 Atera Apartments 22,370 37,251 — — 1,352 60,973 Cedar Pointe (1) 2,372 24,053 — — 711 27,136 Crestmont Reserve 4,124 20,138 — 64 735 25,061 Brandywine I & II 6,237 72,169 — 61 1,888 80,355 Bella Vista (2) 10,942 36,417 919 47 806 49,131 The Enclave (2) 11,046 29,813 769 49 639 42,316 The Heritage (2) 6,835 34,147 750 47 672 42,451 Summers Landing 1,798 16,737 533 — 369 19,437 203,748 914,771 2,971 612 57,545 1,179,647 Accumulated depreciation and amortization — (90,401 ) (2,120 ) — (34,597 ) (127,118 ) Total Operating Properties $ 203,748 $ 824,370 $ 851 $ 612 $ 22,948 $ 1,052,529 Held For Sale Property Southpoint Reserve at Stoney Creek 6,120 11,399 — — 847 18,366 Edgewater at Sandy Springs 14,290 44,608 — 146 5,438 64,482 Abbington Heights 1,770 17,202 — — 1,614 20,586 Belmont at Duck Creek 1,910 17,455 — 4 1,527 20,896 The Ashlar 4,090 12,863 — — 2,145 19,098 Heatherstone 2,320 8,154 — — 1,263 11,737 The Pointe at the Foothills 4,840 47,012 — — 2,256 54,108 Accumulated depreciation and amortization — (22,932 ) — — (10,373 ) (33,305 ) Total Held For Sale Property $ 35,340 $ 135,761 $ — $ 150 $ 4,717 $ 175,968 Total $ 239,088 $ 960,131 $ 851 $ 762 $ 27,665 $ 1,228,497 (1) The EAT that directly owned Cedar Pointe was consolidated as a VIE at December 31, 2018. The master lease agreement with the EAT that directly owned Cedar Pointe terminated on February 20, 2019, at which time legal title to Cedar Pointe transferred to the Company. Upon the transfer of title, the entity that directly owns Cedar Pointe was no longer considered a VIE. (2) The EAT that directly owned Bella Vista, The Enclave and The Heritage was consolidated as a VIE at March 31, 2019. The master lease agreement with the EAT that directly owned these properties terminated on July 27, 2019, as which time legal title transferred to the Company. Upon the transfer of title, the EAT that directly owned these properties was no longer considered a VIE. 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 and Improvements Intangible Lease Assets 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 Properties Southpoint Reserve at Stoney Creek 6,120 11,319 — — 787 18,226 Accumulated depreciation and amortization — (736 ) — — (161 ) (897 ) Total Held For Sale Properties $ 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 master lease agreement with the EAT that directly owned Cedar Pointe terminated on February 20, 2019, at which time legal title to Cedar Pointe transferred to the Company. Upon the transfer of title, the entity that directly owns Cedar Pointe was no longer considered a VIE.
Summary of Acquired Properties	The Company acquired four properties during the six months ended June 30, 2019, as detailed in the table below (dollars in thousands); Property Name Location Date of Acquisition Purchase Price Mortgage Debt (1) # Units Effective Ownership Bella Vista Phoenix, Arizona January 28, 2019 $ 48,400 $ 29,040 248 100 % The Enclave Tempe, Arizona January 28, 2019 41,800 25,322 204 100 % The Heritage Phoenix, Arizona January 28, 2019 41,900 24,625 204 100 % Summers Landing Fort Worth, Texas June 7, 2019 19,396 10,109 196 100 % $ 151,496 $ 89,096 852 (1) For additional information regarding the Company’s debt, see Note 6.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 (dollars in thousands): Operating Properties Type Term Outstanding Principal (1) Interest Rate (2) Maturity Date Arbors on Forest Ridge (3) Floating 84 $ 13,130 4.08% 7/1/2024 Cutter's Point (3) Floating 84 16,640 4.08% 7/1/2024 Eagle Crest (3) Floating 84 29,510 4.08% 7/1/2024 Silverbrook (3) Floating 84 30,590 4.08% 7/1/2024 Beechwood Terrace (3) Floating 84 23,365 3.84% 9/1/2025 Willow Grove (3) Floating 84 14,818 4.18% 7/1/2024 Woodbridge (3) Floating 84 13,677 4.18% 7/1/2024 The Summit at Sabal Park (3) Floating 84 13,560 4.02% 7/1/2024 Courtney Cove (3) Floating 84 13,680 4.02% 7/1/2024 The Preserve at Terrell Mill (3) Floating 84 42,480 4.02% 7/1/2024 Versailles (3) Floating 84 23,880 4.02% 7/1/2024 Seasons 704 Apartments (3) Floating 84 17,460 4.02% 7/1/2024 Madera Point (3) Floating 84 15,150 4.02% 7/1/2024 Venue at 8651 (3) Floating 84 13,734 4.18% 7/1/2024 The Venue on Camelback (3) Floating 84 28,093 4.08% 7/1/2024 Old Farm (3) Floating 84 52,886 4.08% 7/1/2024 Stone Creek at Old Farm (3) Floating 84 15,274 4.08% 7/1/2024 Timber Creek (3) Floating 84 24,100 3.66% 10/1/2025 Radbourne Lake (3) Floating 84 20,000 3.69% 10/1/2025 Sabal Palm at Lake Buena Vista (3) Floating 84 42,100 3.70% 9/1/2025 Cornerstone (4) Fixed 120 22,001 4.24% 3/1/2023 Parc500 (5) Fixed 120 15,353 4.49% 8/1/2025 Hollister Place (3) Floating 84 14,811 3.74% 10/1/2025 Rockledge Apartments (3) Floating 84 68,100 3.97% 7/1/2024 Atera Apartments (3) Floating 84 29,500 3.88% 11/1/2024 Cedar Pointe (6) Floating 84 17,300 3.75% 9/1/2025 Crestmont Reserve (3) Floating 84 12,061 3.58% 10/1/2025 Brandywine I & II (3) Floating 84 43,835 3.58% 10/1/2025 Bella Vista (7) Floating 84 29,040 3.72% 2/1/2026 The Enclave (7) Floating 84 25,322 3.72% 2/1/2026 The Heritage (7) Floating 84 24,625 3.72% 2/1/2026 Summers Landing (9) Floating 84 10,109 3.58% 10/1/2025 $ 776,184 Fair market value adjustment 584 (8) Deferred financing costs, net of accumulated amortization of $2,026 (6,795 ) $ 769,973 Held For Sale Property Southpoint Reserve at Stoney Creek (3) Floating 84 13,281 4.51% 1/1/2022 Edgewater at Sandy Springs (3) Floating 84 52,000 4.08% 7/1/2024 Abbington Heights (3) Floating 84 16,920 3.65% 9/1/2025 Belmont at Duck Creek (3) Floating 84 17,760 3.79% 6/1/2025 The Ashlar (3) Floating 84 14,520 4.02% 7/1/2024 Heatherstone (3) Floating 84 8,880 4.02% 7/1/2024 The Pointe at the Foothills (3) Floating 84 34,800 4.02% 7/1/2024 $ 158,161 Deferred financing costs, net of accumulated amortization of $616 (1,525 ) $ 156,636 (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 June 30, 2019 was 2.3980%. (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) 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 (5) Debt was assumed upon acquisition of this property and recorded at approximated fair value. The loan is open to pre-payment in the last four months of the term. (6) 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 (7) 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 (8) 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. (9) Debt was assumed upon acquisition of this property and recorded at approximated fair value. It 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
Schedule of Credit Facility	The following table contains summary information concerning the Company’s credit facility as of June 30, 2019 (dollars in thousands): Type Term Outstanding Principal Interest Rate (1) Maturity Date Corporate Credit Facility Floating 24 $ 52,500 4.65% 1/28/2021 Deferred financing costs, net of accumulated amortization of $134 (964 ) $ 51,536 (1) Interest rate is based on one-month LIBOR plus an applicable margin. One-month LIBOR as of June 30, 2019 was 2.3980%.
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 June 30, 2019 are as follows (in thousands): Operating Properties Held For Sale Property Credit Facility Total 2019 $ 360 $ 116 — $ 476 2020 744 263 — 1,007 2021 782 282 52,500 53,564 2022 817 12,620 — 13,437 2023 20,598 — — 20,598 Thereafter 752,883 144,880 — 897,763 Total $ 776,184 $ 158,161 $ 52,500 $ 986,845

Fair Value of Derivative and _2

Fair Value of Derivative and Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Summary of Company's Outstanding Interest Rate Swaps	As of June 30, 2019, 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 Counterparty Notional Fixed Rate (1) July 1, 2016 June 1, 2021 KeyBank $ 100,000 1.1055 % July 1, 2016 June 1, 2021 KeyBank 100,000 1.0210 % July 1, 2016 June 1, 2021 KeyBank 100,000 0.9000 % September 1, 2016 June 1, 2021 KeyBank 100,000 0.9560 % April 1, 2017 April 1, 2022 KeyBank 100,000 1.9570 % May 1, 2017 April 1, 2022 KeyBank 50,000 1.9610 % July 1, 2017 July 1, 2022 KeyBank 100,000 1.7820 % June 1, 2019 June 1, 2024 KeyBank 50,000 2.0020 % June 1, 2019 June 1, 2024 SunTrust 50,000 2.0020 % $ 750,000 1.4272 % (2) (1) The floating rate option for the interest rate swaps is one-month LIBOR. As of June 30, 2019, one-month LIBOR was 2.3980%. (2) Represents the weighted average fixed rate of the interest rate swaps.
Schedule of Outstanding Interest Rate Derivatives	As of June 30, 2019, 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 14 $ 320,137
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 June 30, 2019 and December 31, 2018 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ 5,125 $ 18,141 $ 3,615 $ — Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets 3 10 — — Total $ 5,128 $ 18,151 $ 3,615 $ —
Summary of Derivative Financial Instruments on Consolidated Statements of Operations and Comprehensive Income (Loss)	The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2019 and 2018 (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 2019 2018 OCI into income 2019 2018 in income 2019 2018 Derivatives designated as hedging instruments: For the three months ended June 30, Interest rate products $ (9,064 ) $ 3,653 (1) Interest expense $ 1,882 $ 904 (1) Interest expense $ — $ — For the six months ended June 30, Interest rate products $ (12,849 ) $ 11,753 (1) Interest expense $ 3,762 $ 1,243 (1) Interest expense $ — $ — (2) (1) Represents the effective portion of changes in fair value. (2) Represents the ineffective portion of changes in fair value. Location of gain (loss) Amount of gain (loss) recognized in income recognized in income 2019 2018 Derivatives not designated as hedging instruments: For the three months ended June 30, Interest rate products Interest expense (1 ) (12 ) For the six months ended June 30, Interest rate products Interest expense $ (27 ) $ (2 )

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Summary of Restricted Stock Units	The following table includes the number of restricted stock units granted, vested, forfeited and outstanding as of June 30, 2019: 2019 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 464,626 Granted 186,662 37.50 Vested (148,091 ) (1) 23.10 Forfeited (6,386 ) — Outstanding June 30, 496,811 (2) $ 28.14 (1) Certain key employees of the Adviser elected to net the taxes owed upon vesting against the shares issued resulting in 143,642 shares being issued as shown on the Consolidated Statement of Stockholders’ Equity. (2) 49,772 restricted stock units vest in August 2019, 108,613 vest in February 2020, 69,530 vest in March 2020, 99,564 vest in February 2021, 99,563 vest in February 2022, 34,883 vest in February 2023 and 34,886 vest in February 2024.

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share	The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods presented (in thousands, except per share amounts): For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Numerator for earnings (loss) per share: Net income (loss) $ (1,987 ) $ (1,666 ) $ (6,360 ) $ 8,428 Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership (6 ) (5 ) (19 ) 25 Net income (loss) attributable to common stockholders $ (1,981 ) $ (1,661 ) $ (6,341 ) $ 8,403 Denominator for earnings (loss) per share: Weighted average common shares outstanding 23,736 20,780 23,643 20,883 Denominator for basic earnings (loss) per share 23,736 20,780 23,643 20,883 Weighted average unvested restricted stock units 497 515 496 479 Denominator for diluted earnings per share 24,233 21,295 24,139 21,362 Earnings (loss) per weighted average common share: Basic $ (0.08 ) $ (0.08 ) $ (0.27 ) $ 0.40 Diluted $ (0.08 ) $ (0.08 ) $ (0.27 ) $ 0.39

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	6 Months Ended
	Jun. 30, 2019
Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interests	The following table sets forth the redeemable noncontrolling interests in the OP for the six months ended June 30, 2019 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2018 $ 2,567 Net loss attributable to redeemable noncontrolling interests in the OP (19 ) Other comprehensive loss attributable to redeemable noncontrolling interests in the OP (50 ) Contributions from redeemable noncontrolling interests in the OP 197 Distributions to redeemable noncontrolling interests in the OP (39 ) Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 376 Redeemable noncontrolling interests in the OP, June 30, 2019 $ 3,032
Summary of Fees Incurred to BH And Its Affiliates As Well As Reimbursements Paid to BH	The following is a summary of fees that the properties incurred to BH and its affiliates, as well as reimbursements paid to BH from the properties for various operating expenses, for the three and six months ended June 30, 2019 and 2018 (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Fees incurred Property management fees (1) $ 1,285 $ 1,066 $ 2,525 $ 2,120 Construction supervision fees (2) 340 283 564 570 Design Fees 60 — 60 — Acquisition fees (3) — — 308 — Reimbursements Payroll and benefits (4) 4,000 3,347 8,311 7,135 Other reimbursements (5) 928 563 1,561 1,024 (1) Included in property management fees on the consolidated statements of operations and comprehensive income (loss). (2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Includes due diligence costs. Acquisition fees are capitalized to real estate assets on the consolidated balance sheets. (4) Included in property operating expenses on the consolidated statements of operations and comprehensive income (loss). (5) Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the consolidated statements of operations and comprehensive income (loss).

Subsequent Events (Tables)

Subsequent Events (Tables)	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Summary of Acquired Properties	On July 17, 2019, the Company, through the OP, acquired the following properties (dollars in thousands): Property Name Location Date of Acquisition Purchase Price Mortgage Debt # Units Effective Ownership Residences at Glenview Reserve Nashville, Tennessee July 17, 2019 $ 45,000 $ 26,560 360 100 % Residences at West Place Orlando, Florida July 17, 2019 55,000 33,817 342 100 % $ 100,000 $ 60,377 702
Summary of Sale Properties	On June 25, 2019, the Company, through the OP, entered into a purchase and sale agreement with a large real estate investment firm (the “Buyer”) for the sale of the following proprieties. Closing of the disposition is subject to Buyer due diligence and customary closing conditions. The sales of the properties are expected to close on or before August 30, 2019. Property Name (1) Location Sales Price Debt Outstanding (2) Real Estate Carrying Value, net (2) Edgewater at Sandy Springs Atlanta, Georgia 101,250 $ 52,000 $ 52,685 Abbington Heights Antioch, Tennessee 28,050 16,920 16,662 Belmont at Duck Creek Garland, Texas 29,500 17,760 17,082 The Ashlar Dallas, Texas 29,400 14,520 15,806 Heatherstone Dallas, Texas 16,275 8,880 9,656 The Pointe at the Foothills Mesa, Arizona 85,400 34,800 46,608 $ 289,875 $ 144,880 $ 158,499 (1) Property was classified as held for sale as of June 30, 2019. (2) As of June 30, 2019.

Organization and Description _2

Organization and Description of Business - Additional Information (Details)	6 Months Ended
	Jun. 30, 2019shares
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%
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)	6 Months Ended
	Jun. 30, 2019
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)	6 Months Ended
	Jun. 30, 2019USD ($)Property
Summary Of Significant Accounting Policies [Line Items]
Number of properties held for sale | Property	7
Minimum percentage of distributed taxable income to qualify as REIT	90.00%
Percentage of non-deductible excise tax on distribution	4.00%
Percentage of ordinary income considered for payment of distribution	85.00%
Percentage of capital gain net income considered for payment of distribution	95.00%
Percentage of undistributed income of prior considered for payment of distribution	100.00%
Unrecognized tax benefit or expense, accrued interest or penalties	$ 0
Threshold public float limit for transition period	700,000,000
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%
Held for Sale
Summary Of Significant Accounting Policies [Line Items]
Other assets	$ 600,000
Other liabilities	$ 2,600,000

Investments in Subsidiaries - A

Investments in Subsidiaries - Additional Information (Details)	6 Months Ended
	Jun. 30, 2019subsidiary
Schedule Of Investments [Abstract]
Consolidated investment in SPEs	100.00%
Number of wholly owned subsidiaries	39

Investments in Subsidiaries - S

Investments in Subsidiaries - Schedule of Ownership in Each Property (Details)	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
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	2014
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	2014
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	2014
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	2014
Effective ownership percentage, wholly owned subsidiary	100.00%	100.00%
Edgewater at Sandy Springs | Atlanta | Georgia
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2014
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	2014
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	2014
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	2014
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	2014
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	2014
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	2014
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	2014
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	2014
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	2014
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	2014
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	2014
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	2015
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	2015
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	2015
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	2015
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	2015
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	2015
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	2015
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	2015
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	2015
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	2016
Effective ownership percentage, wholly owned subsidiary	100.00%	100.00%
The Venue on Camelback | Phoenix | Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2016
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	2016
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	2016
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	2017
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	2017
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	2017
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	2018
Effective ownership percentage, wholly owned subsidiary	100.00%	100.00%
Crestmont Reserve | Dallas | Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2018
Effective ownership percentage, wholly owned subsidiary	100.00%	100.00%
Brandywine I & II | Nashville | Tennessee
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2018
Effective ownership percentage, wholly owned subsidiary	100.00%	100.00%
Bella Vista | Phoenix | Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100.00%
The Enclave | Tempe | Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100.00%
The Heritage | Phoenix | Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100.00%
Summers Landing | Fort Worth | Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100.00%

Real Estate Investments Stati_3

Real Estate Investments Statistics - Additional Information (Details)	Jun. 30, 2019Property
Multifamily Properties
Business Acquisition [Line Items]
Number of multifamily properties	39

Real Estate Investments Stati_4

Real Estate Investments Statistics - Summary of Investment in Multifamily Properties (Details) ft² in Thousands		6 Months Ended
		Jun. 30, 2019ft²Property$ / Property	Dec. 31, 2018$ / Property
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		11,803
Number of Units | Property		13,407
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]	874	870
% Occupied	[2]	95.20%	95.20%
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]	1,138	1,109
% Occupied	[2]	94.90%	95.40%
Eagle Crest
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		396
Number of Units | Property		447
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[1]	946	922
% Occupied	[2]	95.70%	94.90%
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]	868	835
% Occupied	[2]	96.00%	94.90%
Edgewater at Sandy Springs
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[3]	727
Number of Units | Property	[3]	760
Date Acquired	[3]	Jul. 18, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[1],[3]	976	950
% Occupied	[2],[3]	94.60%	94.10%
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]	938	933
% Occupied	[2]	94.00%	93.70%
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]	991	960
% Occupied	[2]	94.30%	95.10%
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]	1,052	1,028
% Occupied	[2]	94.10%	94.10%
Abbington Heights
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[3]	239
Number of Units | Property	[3]	274
Date Acquired	[3]	Aug. 1, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[1],[3]	891	889
% Occupied	[2],[3]	94.90%	92.00%
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]	986	955
% Occupied	[2]	93.70%	94.40%
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]	912	895
% Occupied	[2]	94.40%	95.70%
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]	1,100	1,082
% Occupied	[2]	95.60%	96.00%
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]	879	847
% Occupied	[2]	96.00%	92.60%
Belmont at Duck Creek
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[3]	198
Number of Units | Property	[3]	240
Date Acquired	[3]	Sep. 30, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[1],[3]	1,050	1,030
% Occupied	[2],[3]	94.20%	92.10%
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]	1,256	1,255
% Occupied	[2]	95.50%	96.50%
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]	1,133	1,093
% Occupied	[2],[3]	97.40%	98.10%
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]	1,042	1,007
% Occupied	[2]	93.30%	94.20%
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]	954	921
% Occupied	[2]	93.40%	94.80%
The Ashlar
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[3]	206
Number of Units | Property	[3]	264
Date Acquired	[3]	Feb. 26, 2015
Average Effective Monthly Rent Per Unit | $ / Property	[1],[3]	884	859
% Occupied	[2],[3]	93.20%	94.30%
Heatherstone
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[3]	116
Number of Units | Property	[3]	152
Date Acquired	[3]	Feb. 26, 2015
Average Effective Monthly Rent Per Unit | $ / Property	[1],[3]	888	874
% Occupied	[2],[3]	96.10%	94.70%
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]	908	884
% Occupied	[2]	91.50%	96.40%
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]	1,127	1,130
% Occupied	[2]	94.60%	96.80%
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]	919	866
% Occupied	[2]	96.10%	94.50%
The Pointe at the Foothills
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[3]	473
Number of Units | Property	[3]	528
Date Acquired	[3]	Aug. 5, 2015
Average Effective Monthly Rent Per Unit | $ / Property	[1],[3]	909	859
% Occupied	[2],[3]	95.50%	95.10%
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]	896	875
% Occupied	[2]	96.10%	92.80%
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]	1,275	1,254
% Occupied	[2]	94.90%	94.90%
The Venue on Camelback
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]	751	719
% Occupied	[2]	93.00%	93.30%
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]	1,168	1,176
% Occupied	[2]	93.50%	92.90%
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]	1,184	1,173
% Occupied	[2]	93.20%	96.80%
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]	990	984
% Occupied	[2]	95.40%	93.50%
Rockledge Apartments
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		802
Number of Units | Property		708
Date Acquired		Jun. 30, 2017
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,224	1,186
% Occupied	[2]	94.50%	94.60%
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]	1,245	1,232
% Occupied	[2]	96.80%	97.40%
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]	1,053	1,051
% Occupied	[2]	91.40%	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]	906	914
% Occupied	[2]	94.60%	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]	970	957
% Occupied	[2]	92.90%	93.80%
Bella Vista
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		243
Number of Units | Property		248
Date Acquired		Jan. 28, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,221
% Occupied	[2]	93.50%
The Enclave
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		194
Number of Units | Property		204
Date Acquired		Jan. 28, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,266
% Occupied	[2]	93.60%
The Heritage
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		199
Number of Units | Property		204
Date Acquired		Jan. 28, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,248
% Occupied	[2]	92.60%
Summers Landing
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		139
Number of Units | Property		196
Date Acquired		Jun. 7, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[1]	922
% Occupied	[2]	94.90%
[1]	Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of June 30, 2019 and December 31, 2018, respectively, minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of June 30, 2019 and December 31, 2018, respectively.
[2]	Percent occupied is calculated as the number of units occupied as of June 30, 2019 and December 31, 2018, divided by the total number of units, expressed as a percentage.
[3]	Property was classified as held for sale as of June 30, 2019.

Real Estate Investments - Summa

Real Estate Investments - Summary of Major Components of Investments in Multifamily Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Real Estate Properties [Line Items]
Land	$ 203,748	$ 202,347
Buildings and improvements	914,771	935,604
Intangible lease assets	2,971	3,049
Construction in progress	612	1,881
Furniture, fixtures, and equipment	57,545	61,456
Real estate investment, gross	1,179,647	1,204,337
Accumulated depreciation and amortization	(127,118)	(134,124)
Total Net Operating Real Estate Investments	1,052,529	1,070,213
Accumulated depreciation and amortization	(33,305)	(897)
Total Net Real Estate Investments	1,228,497	1,087,542
Multifamily Properties
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	(33,305)	(897)
Total Net Real Estate Investments	1,228,497	1,087,542
Multifamily Properties | Intangible Lease Assets
Real Estate Properties [Line Items]
Total Net Real Estate Investments	851	1,424
Multifamily Properties | Land
Real Estate Properties [Line Items]
Total Net Real Estate Investments	239,088	208,467
Multifamily Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	(22,932)	(736)
Total Net Real Estate Investments	960,131	850,823
Multifamily Properties | Construction in Progress
Real Estate Properties [Line Items]
Total Net Real Estate Investments	762	1,881
Multifamily Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	(10,373)	(161)
Total Net Real Estate Investments	27,665	24,947
Multifamily Properties | Held For Sale Properties
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments	175,968	17,329
Multifamily Properties | Held For Sale Properties | Land
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments	35,340	6,120
Multifamily Properties | Held For Sale Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments	135,761	10,583
Multifamily Properties | Held For Sale Properties | Construction in Progress
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments	150
Multifamily Properties | Held For Sale Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments	4,717	626
Multifamily Properties | Arbors on Forest Ridge
Real Estate Properties [Line Items]
Land	2,330	2,330
Buildings and improvements	11,498	11,319
Furniture, fixtures, and equipment	1,160	1,047
Real estate investment, gross	14,988	14,696
Multifamily Properties | Cutter's Point
Real Estate Properties [Line Items]
Land	3,330	3,330
Buildings and improvements	13,406	13,347
Construction in progress	13
Furniture, fixtures, and equipment	1,470	1,320
Real estate investment, gross	18,219	17,997
Multifamily Properties | Eagle Crest
Real Estate Properties [Line Items]
Land	5,450	5,450
Buildings and improvements	23,557	22,969
Furniture, fixtures, and equipment	1,652	1,563
Real estate investment, gross	30,659	29,982
Multifamily Properties | Silverbrook
Real Estate Properties [Line Items]
Land	4,860	4,860
Buildings and improvements	27,375	26,485
Construction in progress		60
Furniture, fixtures, and equipment	3,514	3,230
Real estate investment, gross	35,749	34,635
Multifamily Properties | Beechwood Terrace
Real Estate Properties [Line Items]
Land	1,390	1,390
Buildings and improvements	21,545	21,123
Construction in progress		31
Furniture, fixtures, and equipment	1,877	1,670
Real estate investment, gross	24,812	24,214
Multifamily Properties | Willow Grove
Real Estate Properties [Line Items]
Land	3,940	3,940
Buildings and improvements	11,065	10,829
Furniture, fixtures, and equipment	1,356	1,231
Real estate investment, gross	16,361	16,000
Multifamily Properties | Woodbridge
Real Estate Properties [Line Items]
Land	3,650	3,650
Buildings and improvements	13,224	13,125
Furniture, fixtures, and equipment	1,721	1,536
Real estate investment, gross	18,595	18,311
Multifamily Properties | The Summit at Sabal Park
Real Estate Properties [Line Items]
Land	5,770	5,770
Buildings and improvements	13,562	13,447
Construction in progress		43
Furniture, fixtures, and equipment	1,481	1,347
Real estate investment, gross	20,813	20,607
Multifamily Properties | Courtney Cove
Real Estate Properties [Line Items]
Land	5,880	5,880
Buildings and improvements	13,371	13,170
Furniture, fixtures, and equipment	1,397	1,268
Real estate investment, gross	20,648	20,318
Multifamily Properties | Radbourne Lake
Real Estate Properties [Line Items]
Land	2,440	2,440
Buildings and improvements	22,336	22,138
Construction in progress	51	72
Furniture, fixtures, and equipment	1,717	1,536
Real estate investment, gross	26,544	26,186
Multifamily Properties | Timber Creek
Real Estate Properties [Line Items]
Land	11,260	11,260
Buildings and improvements	13,894	13,582
Construction in progress	28
Furniture, fixtures, and equipment	2,016	1,556
Real estate investment, gross	27,198	26,398
Multifamily Properties | Sabal Palm at Lake Buena Vista
Real Estate Properties [Line Items]
Land	7,580	7,580
Buildings and improvements	41,561	41,336
Furniture, fixtures, and equipment	1,423	1,280
Real estate investment, gross	50,564	50,196
Multifamily Properties | Cornerstone
Real Estate Properties [Line Items]
Land	1,500	1,500
Buildings and improvements	30,538	30,513
Furniture, fixtures, and equipment	2,164	1,885
Real estate investment, gross	34,202	33,898
Multifamily Properties | The Preserve at Terrell Mill
Real Estate Properties [Line Items]
Land	10,170	10,170
Buildings and improvements	49,160	49,091
Construction in progress		57
Furniture, fixtures, and equipment	5,535	4,843
Real estate investment, gross	64,865	64,161
Multifamily Properties | Versailles
Real Estate Properties [Line Items]
Land	6,720	6,720
Buildings and improvements	21,832	21,513
Furniture, fixtures, and equipment	3,200	3,033
Real estate investment, gross	31,752	31,266
Multifamily Properties | Seasons 704 Apartments
Real Estate Properties [Line Items]
Land	7,480	7,480
Buildings and improvements	14,274	14,223
Furniture, fixtures, and equipment	1,372	1,288
Real estate investment, gross	23,126	22,991
Multifamily Properties | Madera Point
Real Estate Properties [Line Items]
Land	4,920	4,920
Buildings and improvements	17,588	17,570
Furniture, fixtures, and equipment	1,573	1,431
Real estate investment, gross	24,081	23,921
Multifamily Properties | Venue at 8651
Real Estate Properties [Line Items]
Land	2,350	2,350
Buildings and improvements	18,130	18,084
Furniture, fixtures, and equipment	2,717	2,499
Real estate investment, gross	23,197	22,933
Multifamily Properties | Parc500
Real Estate Properties [Line Items]
Land	3,860	3,860
Buildings and improvements	20,762	20,692
Construction in progress	73	37
Furniture, fixtures, and equipment	2,867	2,600
Real estate investment, gross	27,562	27,189
Multifamily Properties | The Venue on Camelback
Real Estate Properties [Line Items]
Land	8,340
Buildings and improvements	37,818
Construction in progress	154
Furniture, fixtures, and equipment	1,829
Real estate investment, gross	48,141
Multifamily Properties | The Colonnade
Real Estate Properties [Line Items]
Land		8,340
Buildings and improvements		37,086
Construction in progress		567
Furniture, fixtures, and equipment		1,604
Real estate investment, gross		47,597
Multifamily Properties | Old Farm
Real Estate Properties [Line Items]
Land	11,078	11,078
Buildings and improvements	70,557	70,471
Furniture, fixtures, and equipment	2,028	1,800
Real estate investment, gross	83,663	83,349
Multifamily Properties | Stone Creek at Old Farm
Real Estate Properties [Line Items]
Land	3,493	3,493
Buildings and improvements	19,407	19,394
Furniture, fixtures, and equipment	519	467
Real estate investment, gross	23,419	23,354
Multifamily Properties | Hollister Place
Real Estate Properties [Line Items]
Land	2,782	2,782
Buildings and improvements	21,658	21,389
Construction in progress	25	135
Furniture, fixtures, and equipment	1,750	1,410
Real estate investment, gross	26,215	25,716
Multifamily Properties | Rockledge Apartments
Real Estate Properties [Line Items]
Land	17,451	17,451
Buildings and improvements	95,928	95,484
Construction in progress		428
Furniture, fixtures, and equipment	4,035	3,314
Real estate investment, gross	117,414	116,677
Multifamily Properties | Atera Apartments
Real Estate Properties [Line Items]
Land	22,370	22,371
Buildings and improvements	37,251	36,563
Construction in progress		86
Furniture, fixtures, and equipment	1,352	1,151
Real estate investment, gross	60,973	60,171
Multifamily Properties | Cedar Pointe
Real Estate Properties [Line Items]
Land	2,372	2,371
Buildings and improvements	24,053	23,458
Intangible lease assets		600
Construction in progress		16
Furniture, fixtures, and equipment	711	441
Real estate investment, gross	27,136	26,886
Multifamily Properties | Crestmont Reserve
Real Estate Properties [Line Items]
Land	4,124	4,124
Buildings and improvements	20,138	19,544
Intangible lease assets		687
Construction in progress	64
Furniture, fixtures, and equipment	735	504
Real estate investment, gross	25,061	24,859
Multifamily Properties | Brandywine I & II
Real Estate Properties [Line Items]
Land	6,237	6,237
Buildings and improvements	72,169	70,961
Intangible lease assets		1,762
Construction in progress	61
Furniture, fixtures, and equipment	1,888	1,215
Real estate investment, gross	80,355	80,175
Multifamily Properties | Bella Vista
Real Estate Properties [Line Items]
Land	10,942
Buildings and improvements	36,417
Intangible lease assets	919
Construction in progress	47
Furniture, fixtures, and equipment	806
Real estate investment, gross	49,131
Multifamily Properties | The Enclave
Real Estate Properties [Line Items]
Land	11,046
Buildings and improvements	29,813
Intangible lease assets	769
Construction in progress	49
Furniture, fixtures, and equipment	639
Real estate investment, gross	42,316
Multifamily Properties | The Heritage
Real Estate Properties [Line Items]
Land	6,835
Buildings and improvements	34,147
Intangible lease assets	750
Construction in progress	47
Furniture, fixtures, and equipment	672
Real estate investment, gross	42,451
Multifamily Properties | Summers Landing
Real Estate Properties [Line Items]
Land	1,798
Buildings and improvements	16,737
Intangible lease assets	533
Furniture, fixtures, and equipment	369
Real estate investment, gross	19,437
Multifamily Properties | Southpoint Reserve at Stoney Creek | Held For Sale Properties
Real Estate Properties [Line Items]
Land	6,120	6,120
Buildings and improvements	11,399	11,319
Furniture, fixtures, and equipment	847	787
Real estate investment, gross	18,366	18,226
Multifamily Properties | Southpoint Reserve at Stoney Creek | Held For Sale Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross	6,120	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	11,399	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	847	787
Multifamily Properties | Edgewater at Sandy Springs
Real Estate Properties [Line Items]
Land		14,290
Buildings and improvements		44,186
Construction in progress		349
Furniture, fixtures, and equipment		5,083
Real estate investment, gross		63,908
Multifamily Properties | Edgewater at Sandy Springs | Held For Sale Properties
Real Estate Properties [Line Items]
Land	14,290
Buildings and improvements	44,608
Construction in progress	146
Furniture, fixtures, and equipment	5,438
Real estate investment, gross	64,482
Multifamily Properties | Edgewater at Sandy Springs | Held For Sale Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross	14,290
Multifamily Properties | Edgewater at Sandy Springs | Held For Sale Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	44,608
Multifamily Properties | Edgewater at Sandy Springs | Held For Sale Properties | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	146
Multifamily Properties | Edgewater at Sandy Springs | Held For Sale Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	5,438
Multifamily Properties | Abbington Heights
Real Estate Properties [Line Items]
Land		1,770
Buildings and improvements		17,140
Furniture, fixtures, and equipment		1,539
Real estate investment, gross		20,449
Multifamily Properties | Abbington Heights | Held For Sale Properties
Real Estate Properties [Line Items]
Land	1,770
Buildings and improvements	17,202
Furniture, fixtures, and equipment	1,614
Real estate investment, gross	20,586
Multifamily Properties | Abbington Heights | Held For Sale Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,770
Multifamily Properties | Abbington Heights | Held For Sale Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	17,202
Multifamily Properties | Abbington Heights | Held For Sale Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,614
Multifamily Properties | Belmont at Duck Creek
Real Estate Properties [Line Items]
Land		1,910
Buildings and improvements		17,397
Furniture, fixtures, and equipment		1,471
Real estate investment, gross		20,778
Multifamily Properties | Belmont at Duck Creek | Held For Sale Properties
Real Estate Properties [Line Items]
Land	1,910
Buildings and improvements	17,455
Construction in progress	4
Furniture, fixtures, and equipment	1,527
Real estate investment, gross	20,896
Multifamily Properties | Belmont at Duck Creek | Held For Sale Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross	1,910
Multifamily Properties | Belmont at Duck Creek | Held For Sale Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	17,455
Multifamily Properties | Belmont at Duck Creek | Held For Sale Properties | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	4
Multifamily Properties | Belmont at Duck Creek | Held For Sale Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,527
Multifamily Properties | The Ashlar
Real Estate Properties [Line Items]
Land		4,090
Buildings and improvements		12,845
Furniture, fixtures, and equipment		2,017
Real estate investment, gross		18,952
Multifamily Properties | The Ashlar | Held For Sale Properties
Real Estate Properties [Line Items]
Land	4,090
Buildings and improvements	12,863
Furniture, fixtures, and equipment	2,145
Real estate investment, gross	19,098
Multifamily Properties | The Ashlar | Held For Sale Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross	4,090
Multifamily Properties | The Ashlar | Held For Sale Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	12,863
Multifamily Properties | The Ashlar | Held For Sale Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	2,145
Multifamily Properties | Heatherstone
Real Estate Properties [Line Items]
Land		2,320
Buildings and improvements		8,132
Furniture, fixtures, and equipment		1,199
Real estate investment, gross		11,651
Multifamily Properties | Heatherstone | Held For Sale Properties
Real Estate Properties [Line Items]
Land	2,320
Buildings and improvements	8,154
Furniture, fixtures, and equipment	1,263
Real estate investment, gross	11,737
Multifamily Properties | Heatherstone | Held For Sale Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross	2,320
Multifamily Properties | Heatherstone | Held For Sale Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	8,154
Multifamily Properties | Heatherstone | Held For Sale Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	1,263
Multifamily Properties | The Pointe at the Foothills
Real Estate Properties [Line Items]
Land		4,840
Buildings and improvements		46,998
Furniture, fixtures, and equipment		2,078
Real estate investment, gross		53,916
Multifamily Properties | The Pointe at the Foothills | Held For Sale Properties
Real Estate Properties [Line Items]
Land	4,840
Buildings and improvements	47,012
Furniture, fixtures, and equipment	2,256
Real estate investment, gross	54,108
Multifamily Properties | The Pointe at the Foothills | Held For Sale Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross	4,840
Multifamily Properties | The Pointe at the Foothills | Held For Sale Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	47,012
Multifamily Properties | The Pointe at the Foothills | Held For Sale Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	2,256
Multifamily Properties | Operating Properties
Real Estate Properties [Line Items]
Real estate investment, gross	1,179,647	1,204,337
Accumulated depreciation and amortization	(127,118)	(134,124)
Total Net Operating Real Estate Investments	1,052,529	1,070,213
Multifamily Properties | Operating Properties | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	2,971	3,049
Accumulated depreciation and amortization	(2,120)	(1,625)
Total Net Operating Real Estate Investments	851	1,424
Multifamily Properties | Operating Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross	203,748	202,347
Total Net Operating Real Estate Investments	203,748	202,347
Multifamily Properties | Operating Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	914,771	935,604
Accumulated depreciation and amortization	(90,401)	(95,364)
Total Net Operating Real Estate Investments	824,370	840,240
Multifamily Properties | Operating Properties | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	612	1,881
Total Net Operating Real Estate Investments	612	1,881
Multifamily Properties | Operating Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	57,545	61,456
Accumulated depreciation and amortization	(34,597)	(37,135)
Total Net Operating Real Estate Investments	$ 22,948	$ 24,321

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)Property	Jun. 30, 2018USD ($)Property
Real Estate Properties [Line Items]
Depreciation expense	$ 11.8	$ 10.8	$ 24.9	$ 21.6
Amortization expense of intangible lease assets	1.3	0.2	$ 3.5	$ 0.8
Number of properties acquired | Property			4	0
Number of real estate properties sold | Property			0	1
Sales of real estate		$ 30		$ 30
Intangible Lease Assets
Real Estate Properties [Line Items]
Amortization expense, remainder of year ended December 31, 2019	$ 0.9		$ 0.9

Real Estate Investments - Sum_2

Real Estate Investments - Summary of Acquired Properties (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)Property
Real Estate Properties [Line Items]
Purchase Price	$ 151,496
Mortgage Debt	$ 89,096
Number of Units | Property	852
Effective ownership percentage, wholly owned subsidiary	100.00%
Bella Vista | Phoenix | Arizona
Real Estate Properties [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%
The Enclave | Tempe | Arizona
Real Estate Properties [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%
The Heritage | Phoenix | Arizona
Real Estate Properties [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%
Summers Landing | Fort Worth | Texas
Real Estate Properties [Line Items]
Date of Acquisition	Jun. 7, 2019
Purchase Price	$ 19,396
Mortgage Debt	$ 10,109
Number of Units | Property	196
Effective ownership percentage, wholly owned subsidiary	100.00%

Debt - Summary of Mortgage Debt

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Mortgages payable, net	$ 769,973	$ 824,702
Mortgages Payable | Operating Properties
Debt Instrument [Line Items]
Outstanding Principal	776,184
Fair market value adjustment	584
Deferred financing costs, net of accumulated amortization	(6,795)
Mortgages payable, net	$ 769,973
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	4.08%
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	4.08%
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	4.08%
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	4.08%
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	3.84%
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	4.18%
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	4.18%
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	4.02%
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	4.02%
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	4.02%
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	4.02%
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	4.02%
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	4.02%
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	4.18%
Maturity Date	Jul. 1, 2024
Mortgages Payable | The Venue on Camelback | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 28,093
Interest Rate	4.08%
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	4.08%
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	4.08%
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	3.66%
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	3.69%
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	3.70%
Maturity Date	Sep. 1, 2025
Mortgages Payable | Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 22,001
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	$ 15,353
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	3.74%
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	3.97%
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	3.88%
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	3.75%
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	3.58%
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	3.58%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Bella Vista | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 29,040
Interest Rate	3.72%
Maturity Date	Feb. 1, 2026
Mortgages Payable | The Enclave | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 25,322
Interest Rate	3.72%
Maturity Date	Feb. 1, 2026
Mortgages Payable | The Heritage | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 24,625
Interest Rate	3.72%
Maturity Date	Feb. 1, 2026
Mortgages Payable | Summers Landing | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 10,109
Interest Rate	3.58%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Held For Sale Properties
Debt Instrument [Line Items]
Outstanding Principal	$ 158,161
Deferred financing costs, net of accumulated amortization	(1,525)
Mortgages payable, net	$ 156,636
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	$ 13,281
Interest Rate	4.51%
Maturity Date	Jan. 1, 2022
Mortgages Payable | Held For Sale Properties | Edgewater at Sandy Springs | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 52,000
Interest Rate	4.08%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Held For Sale Properties | Abbington Heights | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 16,920
Interest Rate	3.65%
Maturity Date	Sep. 1, 2025
Mortgages Payable | Held For Sale Properties | Belmont at Duck Creek | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 17,760
Interest Rate	3.79%
Maturity Date	Jun. 1, 2025
Mortgages Payable | Held For Sale Properties | The Ashlar | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 14,520
Interest Rate	4.02%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Held For Sale Properties | Heatherstone | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 8,880
Interest Rate	4.02%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Held For Sale Properties | The Pointe at the Foothills | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 34,800
Interest Rate	4.02%
Maturity Date	Jul. 1, 2024

Debt - Summary of Mortgage De_2

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Parenthetical) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	$ 2,026
Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Interest Rate	4.09%
Fair value of debt assumed upon acquisition	$ 18,000
Debt instrument, payment terms	The assumed debt carries a 4.09% fixed rate, was originally issued in March 2013, and had a term of 120 months with an initial 24 months of interest only.
Blended pay rate	4.24%
13th month through 81st month
Debt Instrument [Line Items]
Mortgage loans payable description	Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
13th month through 81st month | 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%
13th month through 81st month | Bella 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 | Summers Landing | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Mortgage loans payable description	Debt was assumed upon acquisition of this property and recorded at approximated fair value. It 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 | Cedar Pointe | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
First 12 months | Bella 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 | Summers Landing | 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	2.398%
Held For Sale Properties
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	$ 616

Debt - Additional Information (

Debt - Additional Information (Details)	Jan. 28, 2019USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)Property	Jun. 30, 2018USD ($)Property	Dec. 31, 2019USD ($)Property	Dec. 31, 2018USD ($)Property	Jun. 29, 2019USD ($)	Jun. 30, 2017USD ($)
Debt Instrument [Line Items]
Number of properties acquired | Property				4	0
Credit facility proceeds received				$ 52,500,000	$ 5,000,000
Credit facility, net		$ 51,536,000		51,536,000
Write-off deferred financing costs		0	$ 100,000	0	500,000
Interest expense
Debt Instrument [Line Items]
Amortization of deferred financing fees		500,000	$ 400,000	900,000	$ 700,000
Corporate Credit Facility
Debt Instrument [Line Items]
Costs incurred on additional financing		964,000		964,000
Credit facility, net		51,536,000		51,536,000
Corporate Credit Facility | SunTrust Bank
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 75,000,000
Credit facility proceeds received	$ 52,500,000
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%
Corporate Credit Facility | SunTrust Bank | Accordion Feature
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 75,000,000							$ 125,000,000
Costs incurred on additional financing								$ 500,000
Credit facility, net		$ 52,500,000		$ 52,500,000
Corporate Credit Facility | SunTrust Bank | Accordion Feature | Maximum
Debt Instrument [Line Items]
Line of credit facility, increase in facility amount	$ 140,000,000
Freddie Mac Multifamily Green Advantage Program
Debt Instrument [Line Items]
Mortgage debt financing, amount escrowed							$ 1,200,000		$ 4,200,000
Number of properties covered under mortgage loan program | Property				18
Number of properties acquired | Property							3
Number of properties refinanced | Property							7
Freddie Mac Multifamily Green Advantage Program | Scenario Forecast
Debt Instrument [Line Items]
Mortgage debt financing, amount escrowed						$ 600,000
Number of properties acquired | Property						4
One-month LIBOR | Corporate Credit Facility | SunTrust Bank
Debt Instrument [Line Items]
Period of LIBOR	1 month
One-month LIBOR | Corporate Credit Facility | SunTrust Bank | Maximum
Debt Instrument [Line Items]
Interest rate	2.50%
One-month LIBOR | Corporate Credit Facility | SunTrust Bank | Minimum
Debt Instrument [Line Items]
Interest rate	2.00%
Mortgages Payable
Debt Instrument [Line Items]
Weighted average interest rate of mortgage indebtedness		3.94%		3.94%			4.07%
Adjusted weighted average interest rate		3.16%		3.16%
Weighted average fixed rate		1.4272%		1.4272%
Mortgages Payable | One-month LIBOR
Debt Instrument [Line Items]
Weighted average interest rate of mortgage indebtedness		2.398%		2.398%			2.5027%
Weighted average decrease of spread in basis points				0.10%
Mortgages Payable | Floating Interest Rate Swap
Debt Instrument [Line Items]
Combined notional amount		$ 750,000,000		$ 750,000,000
Mortgages Payable | Interest Rate Swap
Debt Instrument [Line Items]
Mortgage indebtedness		$ 750,000,000		$ 750,000,000

Debt - Summary of the Company's

Debt - Summary of the Company's Credit Facility (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Debt Instrument [Line Items]
Credit facilities, net	$ 51,536
Corporate Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	(964)
Credit facilities, net	$ 51,536
Corporate Credit Facility | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	24 months
Interest Rate	4.65%
Maturity Date	Jan. 28, 2021
Credit facilities	$ 52,500

Debt - Summary of the Company_2

Debt - Summary of the Company's Credit Facility (Parenthetical) (Details) $ in Thousands	Jun. 30, 2019USD ($)
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	$ 2,026
One-month LIBOR
Debt Instrument [Line Items]
Interest Rate	2.398%
Corporate Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	$ 134

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) $ in Thousands	Jun. 30, 2019USD ($)
Debt Instrument [Line Items]
2019	$ 476
2020	1,007
2021	53,564
2022	13,437
2023	20,598
Thereafter	897,763
Total	986,845
Operating Properties
Debt Instrument [Line Items]
2019	360
2020	744
2021	782
2022	817
2023	20,598
Thereafter	752,883
Total	776,184
Credit Facility
Debt Instrument [Line Items]
2021	52,500
Total	52,500
Held For Sale Properties
Debt Instrument [Line Items]
2019	116
2020	263
2021	282
2022	12,620
Thereafter	144,880
Total	$ 158,161

Fair Value of Derivative and _3

Fair Value of Derivative and Financial Instruments - Additional Information (Details)	6 Months Ended
	Jun. 30, 2019USD ($)DerivativeInstrument	Jun. 30, 2018USD ($)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
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	$ 0
Interest Rate Swap | One-month LIBOR
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Combined notional amount	$ 750,000,000
Interest rate description	floating interest rate (one-month LIBOR)
Weighted average fixed rate	1.4272%
Interest rate caps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Combined notional amount	$ 320,100,000
Interest rate description	The interest rate cap agreements the Company has entered into effectively cap one-month LIBOR on $320.1 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	14	11
Derivative notional amount	$ 320,137,000	$ 182,400,000
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)	6 Months Ended
	Jun. 30, 2019USD ($)
Key Bank And Sun Trust Bank
Debt Instrument [Line Items]
Notional Amount	$ 750,000,000
Fixed Rate	1.4272%
Interest Rate Swap Transaction One | KeyBank
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 | KeyBank
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 | KeyBank
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 | KeyBank
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 | KeyBank
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 | KeyBank
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 | KeyBank
Debt Instrument [Line Items]
Effective Date	Jul. 1, 2017
Termination Date	Jul. 1, 2022
Notional Amount	$ 100,000,000
Fixed Rate	1.782%
Interest Rate Swap Transaction Eight | KeyBank
Debt Instrument [Line Items]
Effective Date	Jun. 1, 2019
Termination Date	Jun. 1, 2024
Notional Amount	$ 50,000,000
Fixed Rate	2.002%
Interest Rate Swap Transaction Nine | SunTrust Bank
Debt Instrument [Line Items]
Effective Date	Jun. 1, 2019
Termination Date	Jun. 1, 2024
Notional Amount	$ 50,000,000
Fixed Rate	2.002%

Fair Value of Derivative and _5

Fair Value of Derivative and Financial Instruments - Summary of Company's Outstanding Interest Rate Swaps (Parenthetical) (Details)	Jun. 30, 2019
One-month LIBOR | Key Bank And Sun Trust Bank
Debt Instrument [Line Items]
LIBOR, interest rate	2.398%

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	Jun. 30, 2019USD ($)DerivativeInstrument	Jun. 30, 2018USD ($)DerivativeInstrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Number of Instruments | DerivativeInstrument	14	11
Derivative notional amount | $	$ 320,137,000	$ 182,400,000

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	Jun. 30, 2019	Dec. 31, 2018
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	$ 5,128	$ 18,151
Liability Derivatives	3,615
Fair Market Value Of Interest Rate Swaps | Interest Rate Swap | Designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	5,125	18,141
Liability Derivatives	3,615
Prepaid and Other Assets | Interest rate caps | Not designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	$ 3	$ 10

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 (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in OCI	$ (10,946)	$ 2,749	$ (16,611)	$ 10,510
Interest rate products | Interest expense
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in OCI	(9,064)	3,653	(12,849)	11,753
Amount of gain (loss) reclassified from OCI into income	1,882	904	3,762	1,243
Amount of gain (loss) recognized in income	$ (1)	$ (12)	$ (27)	$ (2)

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	Jun. 30, 2019	Feb. 21, 2019	Feb. 20, 2019	Apr. 30, 2018	Feb. 15, 2018	Mar. 16, 2017	Aug. 11, 2016	Jun. 15, 2016	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Class Of Stock [Line Items]
Common stock, shares, issued	23,895,442								23,895,442		23,895,442			23,499,635
Common stock, shares, outstanding	23,895,442								23,895,442		23,895,442			23,499,635
Common stock, par value	$ 0.01							$ 0.01	$ 0.01		$ 0.01			$ 0.01
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										0
Share repurchase program, treasury stock, value	$ 16,694,000									$ 4,614,000		$ 9,672,000
Share repurchase program, treasury stock, per share	$ 22.64
Aggregate sale price of common stock									$ 9,452,000		$ 9,452,000
Proceeds from issuance of common stock											$ 9,452,000
Common Stock
Class Of Stock [Line Items]
Common stock, shares, issued	23,895,442								23,895,442	20,747,367	23,895,442	20,747,367	23,643,277	23,499,635	20,926,355	21,049,565
Aggregate sale price of common stock									$ 3,000		$ 3,000
Restricted Stock Units
Class Of Stock [Line Items]
Restricted stock units, granted											186,662
At-the-Market Offering
Class Of Stock [Line Items]
Shares, issued									252,165		252,165
Shares issued average price per share	$ 40.26								$ 40.26		$ 40.26
Proceeds from issuance of common stock									$ 9,400,000
Stock issuance costs									200,000
Other stock issuance costs									$ 500,000
At-the-Market Offering | Common Stock
Class Of Stock [Line Items]
Common stock, par value			$ 0.01
At-the-Market Offering | Maximum | Common Stock
Class Of Stock [Line Items]
Aggregate sale price of common stock			$ 100,000,000
2016 LTIP
Class Of Stock [Line Items]
Common stock, shares, issued											143,642
Common stock, shares, issued	384,410								384,410		384,410
Common stock, par value								$ 0.01
Number of shares authorized to issue								2,100,000
2016 LTIP | Restricted Stock Units
Class Of Stock [Line Items]
Equity-based compensation expense									$ 1,400,000	$ 1,100,000	$ 2,700,000	$ 2,000,000
Dividends earned on restricted stock units	$ 700,000								$ 700,000		$ 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		186,662			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											5 years

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Restricted Stock Units (Details) - Restricted Stock Units	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Outstanding at beginning of the period	464,626
Number of Units, Granted	186,662
Number of Units, Vested	(148,091)
Number of Units, Forfeited	(6,386)
Number of Units, Outstanding at ending of the period	496,811
Weighted Average Grant Date Fair Value, Granted | $ / shares	$ 37.50
Weighted Average Grant Date Fair Value, Vested | $ / shares	23.10
Weighted Average Grant Date Fair Value, Outstanding at ending of the period | $ / shares	$ 28.14

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Restricted Stock Units (Parenthetical) (Details) - shares	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
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	108,613
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	99,564
Vest in February 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, vested	99,563
Vest in February 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, vested	34,883
Vest in February 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, vested	34,886
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock issued upon vesting awards	143,642	80,743

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Details)	6 Months Ended
	Jun. 30, 2019
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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator for earnings (loss) per share:
Net income (loss)	$ (1,987)	$ (1,666)	$ (6,360)	$ 8,428
Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership	(6)	(5)	(19)	25
Net income (loss) attributable to common stockholders	$ (1,981)	$ (1,661)	$ (6,341)	$ 8,403
Denominator for earnings (loss) per share:
Weighted average common shares outstanding - basic	23,736	20,780	23,643	20,883
Weighted average unvested restricted stock units	497	515	496	479
Denominator for diluted earnings per share	24,233	21,295	24,139	21,362
Earnings (loss) per weighted average common share:
Basic	$ (0.08)	$ (0.08)	$ (0.27)	$ 0.40
Diluted	$ (0.08)	$ (0.08)	$ (0.27)	$ 0.39

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Details)	Jun. 30, 2017USD ($)	Jun. 30, 2019$ / 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
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) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Noncontrolling Interest [Abstract]
Redeemable noncontrolling interests in the OP, December 31, 2018			$ 2,567
Net loss attributable to redeemable noncontrolling interests in the OP			(19)
Other comprehensive loss attributable to redeemable noncontrolling interests in the OP			(50)
Contributions from redeemable noncontrolling interests in the OP			197
Distributions to redeemable noncontrolling interests in the OP			(39)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP	$ 250	$ 22	376	$ 22
Redeemable noncontrolling interests in the OP, June 30, 2019	$ 3,032		$ 3,032

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		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Fees incurred
Property management fees	[1]	$ 1,291	$ 1,066	$ 2,531	$ 2,120
BH Management Services, LLC
Fees incurred
Property management fees		1,285	1,066	2,525	2,120
Construction supervision fees		340	283	564	570
Design fees		60		60
Acquisition fees				308
Reimbursements
Payroll and benefits		4,000	3,347	8,311	7,135
Other reimbursements		$ 928	$ 563	$ 1,561	$ 1,024
[1]	Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of the Company’s operating partnership, NexPoint Residential Trust Operating Partnership, L.P. (see Note 10).

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)	3 Months Ended		6 Months Ended		29 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2019Property
Advisory and Administrative Fees
Related Party Transaction [Line Items]
Advisory fees waived for number of properties acquired | Property					12
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	$ 1,900,000	$ 1,900,000	$ 3,700,000	$ 3,700,000
Additional advisory and administrative fees	500,000	500,000	1,000,000	1,000,000
Advisory and administrative fees waived	$ 1,800,000	$ 900,000	3,300,000	1,800,000
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			$ 0	$ 200,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - Self-Insurance Program	Mar. 01, 2019USD ($)	Jun. 30, 2019USD ($)Claim
Loss Contingencies [Line Items]
Limit of losses for insurance claims	$ 100,000
Maximum insurance claim amount	$ 1,200,000
Insurance claims funded		$ 0
Amount of reserve for aggregate insurance claim		$ 0
Potential claims that met the criteria under ASC 450-20 | Claim		0

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 30, 2019	Jul. 29, 2019	Jul. 24, 2019	Jul. 01, 2019	Jun. 30, 2019	Jun. 30, 2018
Subsequent Event [Line Items]
Credit facilities proceeds received					$ 52,500	$ 5,000
Subsequent Event
Subsequent Event [Line Items]
Dividends payable, amount per share		$ 0.275
Dividends payable, date declared		Jul. 29, 2019
Dividends payable, date to be paid		Sep. 30, 2019
Dividends payable, date of record		Sep. 13, 2019
Subsequent Event | Residences at Glenview Reserve and Residences at West Place | Corporate Credit Facility
Subsequent Event [Line Items]
Credit facilities proceeds received	$ 104,200		$ 10,000	$ 41,700

Subsequent Events - Summary of

Subsequent Events - Summary of Acquired Properties (Details) $ in Thousands	Jul. 17, 2019USD ($)Property	Jun. 30, 2019USD ($)Property
Subsequent Event [Line Items]
Purchase Price		$ 151,496
Mortgage Debt		$ 89,096
Number of Units | Property		852
Effective ownership percentage, wholly owned subsidiary		100.00%
Subsequent Event
Subsequent Event [Line Items]
Purchase Price	$ 100,000
Mortgage Debt	$ 60,377
Number of Units | Property	702
Subsequent Event | Residences at Glenview Reserve | Nashville | Tennessee
Subsequent Event [Line Items]
Date of Acquisition	Jul. 17, 2019
Purchase Price	$ 45,000
Mortgage Debt	$ 26,560
Number of Units | Property	360
Effective ownership percentage, wholly owned subsidiary	100.00%
Subsequent Event | Residences at West Place | Orlando | Florida
Subsequent Event [Line Items]
Date of Acquisition	Jul. 17, 2019
Purchase Price	$ 55,000
Mortgage Debt	$ 33,817
Number of Units | Property	342
Effective ownership percentage, wholly owned subsidiary	100.00%

Subsequent Events - Summary o_2

Subsequent Events - Summary of Sale Properties (Details) $ in Thousands	Jun. 30, 2019USD ($)
Subsequent Event [Line Items]
Sales Price	$ 289,875
Debt Outstanding	144,880
Real Estate Carrying Value, net	158,499
Edgewater at Sandy Springs | Atlanta | Georgia
Subsequent Event [Line Items]
Sales Price	101,250
Debt Outstanding	52,000
Real Estate Carrying Value, net	52,685
Abbington Heights | Antioch | Tennessee
Subsequent Event [Line Items]
Sales Price	28,050
Debt Outstanding	16,920
Real Estate Carrying Value, net	16,662
Belmont at Duck Creek | Garland | Texas
Subsequent Event [Line Items]
Sales Price	29,500
Debt Outstanding	17,760
Real Estate Carrying Value, net	17,082
The Ashlar | Dallas | Texas
Subsequent Event [Line Items]
Sales Price	29,400
Debt Outstanding	14,520
Real Estate Carrying Value, net	15,806
Heatherstone | Dallas | Texas
Subsequent Event [Line Items]
Sales Price	16,275
Debt Outstanding	8,880
Real Estate Carrying Value, net	9,656
The Pointe at the Foothills | Mesa | Arizona
Subsequent Event [Line Items]
Sales Price	85,400
Debt Outstanding	34,800
Real Estate Carrying Value, net	$ 46,608