NexPoint Residential Trust (NXRT) 10-K 21 Feb 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Feb. 21, 2020	Jun. 28, 2019
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Trading Symbol	NXRT
Entity Registrant Name	NexPoint Residential Trust, Inc.
Entity Central Index Key	0001620393
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,296,836
Entity Public Float			$ 774,925,308.64
Entity Interactive Data Current	Yes
Entity File Number	001-36663
Entity Tax Identification Number	47-1881359
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	TX
Entity Address, Postal Zip Code	75201
City Area Code	(972)
Local Phone Number	628-4100
Document Annual Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	MD
Title of 12(b) Security	Common Stock, par value $0.01 per share
Security Exchange Name	NYSE
Documents Incorporated by Reference	Portions of the proxy statement for the registrant’s 2020 Annual Meeting of Stockholders are incorporated by reference in Part III of this Form 10-K.

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Operating Real Estate Investments
Land	$ 317,886	$ 202,347
Buildings and improvements	1,472,319	935,604
Intangible lease assets	12,414	3,049
Construction in progress	4,375	1,881
Furniture, fixtures, and equipment	81,038	61,456
Total Gross Operating Real Estate Investments	1,888,032	1,204,337
Accumulated depreciation and amortization	(152,552)	(134,124)
Total Net Operating Real Estate Investments	1,735,480	1,070,213
Total Net Real Estate Investments	1,781,810	1,087,542
Cash and cash equivalents	25,671	19,864
Restricted cash	45,511	23,265
Accounts receivable	6,285	3,340
Prepaid and other assets	2,336	9,058
Fair market value of interest rate swaps	4,376	18,141
TOTAL ASSETS	1,865,989	1,161,210
Liabilities:
Mortgages payable, net	1,145,371	824,702
Mortgages payable held for sale, net	41,176	13,318
Credit facility, net	216,501
Accounts payable and other accrued liabilities	11,971	5,765
Accrued real estate taxes payable	12,206	12,607
Accrued interest payable	3,691	2,852
Security deposit liability	2,977	1,889
Prepaid rents	1,658	1,482
Fair market value of interest rate swaps	902
Total Liabilities	1,436,453	862,615
Redeemable noncontrolling interests in the Operating Partnership	3,295	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; 25,245,740 and 23,499,635 shares issued and outstanding, respectively	251	234
Additional paid-in capital	359,748	285,511
Accumulated earnings (loss) less dividends	63,776	(6,764)
Accumulated other comprehensive income	2,466	17,047
Total Stockholders' Equity	426,241	296,028
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	1,865,989	1,161,210
Real Estate Properties Held For Sale
Operating Real Estate Investments
Total Net Operating Real Estate Investments	$ 46,330	$ 17,329

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Net of accumulated depreciation	$ 7,859	$ 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	25,245,740	23,499,635
Common stock, shares, outstanding	25,245,740	23,499,635
Common stock, par value	$ 0.01	$ 0.01

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues
Rental income		$ 177,162	$ 143,158	$ 140,882
Other income		3,904	3,439	3,353
Total revenues		181,066	146,597	144,235
Expenses
Property operating expenses		42,692	35,824	38,850
Real estate taxes and insurance		25,113	20,713	19,161
Property management fees	[1]	5,388	4,382	4,330
Advisory and administrative fees	[2]	7,500	7,474	7,419
Corporate general and administrative expenses		9,613	7,808	6,275
Property general and administrative expenses		6,765	6,134	6,159
Depreciation and amortization		69,086	47,470	48,752
Total expenses		166,157	129,805	130,946
Operating income before gain on sales of real estate		14,909	16,792	13,289
Gain on sales of real estate		127,684	13,742	78,365
Operating income		142,593	30,534	91,654
Interest expense		(37,385)	(28,572)	(29,576)
Loss on extinguishment of debt and modification costs		(2,869)	(3,576)	(5,719)
Casualty losses	[3]	(3,488)
Miscellaneous income		587
Net income (loss)		99,438	(1,614)	56,359
Net income attributable to noncontrolling interests				2,836
Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		298	(5)	149
Net income (loss) attributable to common stockholders		99,140	(1,609)	53,374
Other comprehensive income (loss)
Unrealized gains (losses) on interest rate derivatives		(14,625)	1,931	4,568
Total comprehensive income		84,813	317	60,927
Comprehensive income attributable to noncontrolling interests				2,720
Comprehensive income attributable to redeemable noncontrolling interests in the Operating Partnership		254	1	166
Comprehensive income attributable to common stockholders		$ 84,559	$ 316	$ 58,041
Weighted average common shares outstanding - basic		24,116	21,189	21,057
Weighted average common shares outstanding - diluted		24,593	21,667	21,399
Earnings (loss) per share - basic		$ 4.11	$ (0.08)	$ 2.53
Earnings (loss) per share - diluted		$ 4.03	$ (0.08)	$ 2.49
[1]	Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of the Company’s Operating Partnership (see Notes 10 and 11).
[2]	Fees incurred to the Adviser (see Note 11).
[3]	Casualty losses for the year ended December 31, 2019 are related to tornado damage incurred at Cutter’s Point (see Note 5).

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Public Offering	At The Market Offering	Common Stock	Common StockPublic Offering	Common StockAt The Market Offering	Additional Paid-in Capital	Additional Paid-in CapitalPublic Offering	Additional Paid-in CapitalAt The Market Offering	Accumulated Earnings (Loss) Less Dividends	Accumulated Other Comprehensive Income (Loss)	Common Stock Held in Treasury at Cost	Noncontrolling Interests
Beginning Balance, Values at Dec. 31, 2016	$ 256,102			$ 213			$ 241,450			$ (14,584)	$ 9,052	$ (4,587)	$ 24,558
Beginning Balance, Shares at Dec. 31, 2016				21,293,825
Net income (loss) attributable to common stockholders	53,374									53,374
Net income attributable to noncontrolling interests	2,836												2,836
Contributions by noncontrolling interests	38												38
Distributions to noncontrolling interests	(4,789)												(4,789)
Purchase of noncontrolling interests	(53,840)						(31,313)						(22,527)
Repurchase of common stock	(2,435)											(2,435)
Retirement of common stock held in treasury				$ (4)			(7,018)					7,022
Retirement of common stock held in treasury, Shares				(354,517)
Vesting of stock-based compensation	3,109			$ 1			3,108
Vesting of stock-based compensation, Shares				110,257
Common stock dividends declared	(19,502)									(19,502)
Other comprehensive income (loss)	4,551										4,667		$ (116)
Ending Balance, Values at Dec. 31, 2017	239,444			$ 210			206,227			19,288	13,719
Ending Balance, Shares at Dec. 31, 2017				21,049,565
Cumulative effect upon adoption of ASU2017-12										(1,403)	1,403
Net income (loss) attributable to common stockholders	(1,609)									(1,609)
Issuance of common shares		$ 84,782			$ 27			$ 84,755
Issuance of common shares, Shares					2,702,500
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	0			(382,941)
Vesting of stock-based compensation	$ 4,198			$ 1			4,197
Vesting of stock-based compensation, Shares				130,511
Common stock dividends declared	(22,601)									(22,601)
Other comprehensive income (loss)	1,925										1,925
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	(439)									(439)
Ending Balance, Values at Dec. 31, 2018	$ 296,028			$ 234			285,511			(6,764)	17,047
Ending Balance, Shares at Dec. 31, 2018	23,499,635			23,499,635
Net income (loss) attributable to common stockholders	$ 99,140									99,140
Issuance of common shares			$ 69,874			$ 16			$ 69,858
Issuance of common shares, Shares						1,565,322
Retirement of common stock held in treasury, Shares	0
Vesting of stock-based compensation	$ 4,380			$ 1			4,379
Vesting of stock-based compensation, Shares				180,783
Common stock dividends declared	(28,219)									(28,219)
Other comprehensive income (loss)	(14,581)										(14,581)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	(381)									(381)
Ending Balance, Values at Dec. 31, 2019	$ 426,241			$ 251			$ 359,748			$ 63,776	$ 2,466
Ending Balance, Shares at Dec. 31, 2019	25,245,740			25,245,740

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities
Net income (loss)	$ 99,438,000	$ (1,614,000)	$ 56,359,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Gain on sales of real estate	(127,684,000)	(13,742,000)	(78,365,000)
Depreciation and amortization	69,086,000	47,470,000	48,752,000
Amortization/write-off of deferred financing costs	3,502,000	3,062,000	2,998,000
Change in fair value on derivative instruments included in interest expense	(6,442,000)	(3,948,000)	1,311,000
Net cash received (paid) on derivative settlements	6,842,000	3,832,000	(921,000)
Amortization/write-off of fair market value adjustment of assumed debt	(148,000)	(169,000)	(206,000)
Vesting of stock-based compensation	5,130,000	4,198,000	3,109,000
Casualty losses	3,488,000
Changes in operating assets and liabilities, net of effects of acquisitions:
Operating assets	(350,000)	209,000	1,150,000
Operating liabilities	(1,496,000)	2,445,000	3,319,000
Net cash provided by operating activities	51,366,000	41,743,000	37,506,000
Cash flows from investing activities
Net proceeds from sales of real estate	286,479,000	29,553,000	224,416,000
Prepaid acquisition costs		(7,653,000)
Insurance premiums paid for casualty losses	(600,000)
Insurance proceeds from casualty losses	2,500,000
Additions to real estate investments	(44,159,000)	(26,775,000)	(21,742,000)
Acquisitions of real estate investments	(797,349,000)	(130,373,000)	(197,649,000)
Net cash provided by (used in) investing activities	(553,129,000)	(135,248,000)	5,025,000
Cash flows from financing activities
Mortgage proceeds received	423,149,000	232,252,000	613,213,000
Mortgage payments	(145,821,000)	(148,942,000)	(276,235,000)
Credit facilities proceeds received	255,000,000	55,000,000	25,000,000
Credit facilities payments	(37,000,000)	(85,000,000)	(310,000,000)
Bridge facility proceeds received		30,000,000	65,875,000
Bridge facility payments		(38,597,000)	(87,278,000)
Deferred financing costs paid	(5,120,000)	(2,410,000)	(4,047,000)
Interest rate cap fees paid	(20,000)	(56,000)	(18,000)
Prepayment penalties on extinguished debt	(1,449,000)	(1,706,000)	(2,701,000)
Proceeds from the issuance of common shares through public offering, net of offering costs		84,782,000
Proceeds from the issuance of common shares through at-the-market offering, net of offering costs	69,874,000
Payments for taxes related to net share settlement of stock-based compensation	(751,000)
Repurchase of common stock		(9,672,000)	(2,435,000)
Dividends paid to common stockholders	(28,046,000)	(22,265,000)	(19,258,000)
Distributions to redeemable noncontrolling interests in the Operating Partnership			(69,000)
Contributions from noncontrolling interests			38,000
Distributions to noncontrolling interests			(4,789,000)
Purchase of noncontrolling interests			(51,840,000)
Net cash provided by (used in) financing activities	529,816,000	93,386,000	(54,544,000)
Net increase (decrease) in cash, cash equivalents and restricted cash	28,053,000	(119,000)	(12,013,000)
Cash, cash equivalents and restricted cash, beginning of period	43,129,000	43,248,000	55,261,000
Cash, cash equivalents and restricted cash, end of period	71,182,000	43,129,000	43,248,000
Supplemental Disclosure of Cash Flow Information
Interest paid	41,053,000	30,261,000	25,467,000
Supplemental Disclosure of Noncash Activities
Issuance of operating partnership units for purchase of noncontrolling interests			2,000,000
Capitalized construction costs included in accounts payable and other accrued liabilities	3,776,000	1,715,000	2,263,000
Change in fair value on derivative instruments designated as hedges	(14,625,000)	1,931,000	4,568,000
Other assets acquired from acquisitions	758,000	76,000	325,000
Liabilities assumed from acquisitions	6,608,000	1,382,000	849,000
Fair market value adjustment of assumed debt	980,000
Assumed debt on acquisitions	70,486,000
Write-off of assets due to casualty losses	7,838,000
Write-off of fully amortized in-place leases	8,181,000	1,340,000	9,093,000
Write-off of deferred financing costs	1,419,000	1,412,000	1,003,000
Increase in dividends payable upon vesting of restricted stock units	$ 173,000	$ 336,000	$ 244,000

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 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 December 31, 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 began operations on March 31, 2015 as a result of the transfer and contribution by NexPoint Strategic Opportunities Fund (fka NexPoint Credit Strategies Fund) (“NHF”) of all but one of the multifamily properties owned by NHF through its wholly owned subsidiary NexPoint Real Estate Opportunities, LLC (fka Freedom REIT, LLC) (“NREO”). We use the term “predecessor” to mean the carve-out business of NREO. On March 31, 2015, NHF distributed all of the outstanding shares of the Company’s common stock held by NHF to holders of NHF common shares. We refer to the distribution of our common stock by NHF as the “Spin-Off.” The Company is externally managed by NexPoint Real Estate Advisors, L.P. (the “Adviser”), through an agreement dated March 16, 2015, as amended, and renewed on February 17, 2020 for a one-year term (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 NexPoint Advisors, L.P. The Company’s investment objectives are to maximize the cash flow and value of properties owned, acquire properties with cash flow growth potential, provide quarterly cash distributions and achieve long-term capital appreciation for its stockholders through targeted management and a value-add program. Consistent with the Company’s policy to acquire assets for both income and capital gain, the Company intends to hold at least majority interests in its properties for long-term appreciation and to engage in the business of directly or indirectly acquiring, owning, and operating well-located multifamily properties with a value-add component in large cities and suburban submarkets of large cities primarily in the Southeastern and Southwestern United States consistent with its investment objectives. Economic and market conditions may influence the Company to hold properties for different periods of time. From time to time, the Company may sell a property if, among other deciding factors, the sale would be in the best interest of its stockholders. The Company may also participate with third parties in property ownership through limited liability companies (“LLCs”), funds or other types of co-ownership or acquire real estate or interests in real estate in exchange for the issuance of common stock, OP Units, preferred stock or options to purchase stock. These types of investments may permit the Company to own interests in larger assets without unduly restricting diversification, which provides flexibility in structuring the Company’s portfolio. The Company may allocate up to 30% of the Portfolio to investments in real estate-related debt and securities with the potential for high current income or total returns. These allocations may include first and second mortgages and subordinated, bridge, mezzanine, construction and other loans, as well as debt securities related to or secured by multifamily real estate and common and preferred equity securities, which may include securities of other REITs or real estate companies.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes to the Company’s significant accounting policies during the year ended December 31, 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. In May 2014, the FASB issued ASC 606 as ASU 2014-09, Revenue from Contracts with Customers In February 2016, the FASB issued ASU 2016-02, Leases In July 2018, the FASB issued ASU 2018-11 , Leases – Targeted Improvements For the Year Ended December 31, Lease Income Type 2019 2018 2017 Rental income $ 158,167 $ 127,964 $ 125,024 Utility reimbursements (1) 10,906 9,835 10,514 Late fees (1) 1,622 1,443 1,597 Pet fees (1) 816 618 582 Other fees (1) 5,651 3,298 3,165 Total rental income $ 177,162 $ 143,158 $ 140,882 (1) Previously classified as other income prior to December 31, 2019. The table below quantifies the effects on rental and other income for the years ended December 31, 2019, 2018 and 2017 from the adoption ASC 842: For the Year Ended December 31, 2019 2018 2017 Prior to adoption of ASC 842 Rental income $ 158,167 $ 127,964 $ 125,023 Other income 22,899 18,633 19,212 Total revenue $ 181,066 $ 146,597 $ 144,235 Post adoption of ASC 842 Rental income $ 177,162 $ 143,158 $ 140,882 Other income 3,904 3,439 3,353 Total revenue $ 181,066 $ 146,597 $ 144,235 Differences resulting in ASC 842 adoption Rental income difference $ 18,995 $ 15,194 $ 15,859 Other income difference (18,995 ) (15,194 ) (15,859 ) Total revenue difference $ — $ — $ — Certain revenue streams such as service provider income and damage recoveries did not qualify for the practical expedient and therefore remained in other income and were subjected to ASU 2014-09. 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 (“ASC 805”). The allocation of total consideration, which is determined using inputs that are classified within Level 3 of the fair value hierarchy established by FASB ASC 820, Fair Value Measurement and Disclosures Real estate assets, including land, buildings, improvements, furniture, fixtures and equipment, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months Construction in progress includes the cost of renovation projects being performed at the various properties. Once a project is complete, the historical cost of the renovation is placed into service in one of the categories above depending on the type of renovation project and is depreciated over the estimated useful lives as described in the table above. 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. The key inputs into our impairment analysis include, but are not limited to, the holding period, net operating income, and capitalization rates. 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’s impairment analysis identifies and evaluates events or changes in circumstances that indicate the carrying amount of a real estate investment may not be recoverable, including determining the period the Company will hold the rental property, net operating income, and the estimated capitalization rate for each respective real estate investment. Held for Sale 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 December 31, 2019, there are three properties that are classified as held for sale. Approximately $0.2 million of other assets and approximately $1.0 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 years ended December 31, 2019, 2018 and 2017. If the Company fails to meet these requirements, it could be subject to federal income tax on all of the Company’s taxable income at regular corporate rates for that year. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. As of December 31, 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 December 31, 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. Accounting Pronouncements Adopted in the Current Year In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments Recent Accounting Pronouncements In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815) In August 2018, the SEC adopted SEC Release No. 33-10532, Disclosure Update and Simplification Reclassifications Certain reclassifications have been made to conform the prior period consolidated financial statements and notes to the current period presentation due to the adoption of the new accounting standards.

Investments in Subsidiaries

Investments in Subsidiaries	12 Months Ended
	Dec. 31, 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 December 31, 2019, the Company, through the OP and the wholly owned TRS, owned 40 properties through single-asset LLCs. The following table represents the Company’s ownership in each property by virtue of its 100% ownership of the single-asset LLCs that directly own the title to each property as of December 31, 2019 and 2018: Effective Ownership Percentage at December 31, Property Name Location Year 2019 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 Atlanta, Georgia 2014 — (1) 100 % Beechwood Terrace Antioch, Tennessee 2014 100 % 100 % Willow Grove (2) Nashville, Tennessee 2014 100 % 100 % Woodbridge (2) Nashville, Tennessee 2014 100 % 100 % Abbington Heights Antioch, Tennessee 2014 — (1) 100 % The Summit at Sabal Park Tampa, Florida 2014 100 % 100 % Courtney Cove Tampa, Florida 2014 100 % 100 % Radbourne Lake Charlotte, North Carolina 2014 100 % 100 % Timber Creek Charlotte, North Carolina 2014 100 % 100 % Belmont at Duck Creek Garland, Texas 2014 — (1) 100 % Sabal Palm at Lake Buena Vista Orlando, Florida 2014 100 % 100 % Southpoint Reserve at Stoney Creek (2) Fredericksburg, Virginia 2014 100 % 100 % Cornerstone Orlando, Florida 2015 100 % 100 % The Ashlar Dallas, Texas 2015 — (1) 100 % Heatherstone Dallas, Texas 2015 — (1) 100 % The Preserve at Terrell Mill Marietta, Georgia 2015 100 % 100 % Versailles Dallas, Texas 2015 100 % 100 % Seasons 704 Apartments West Palm Beach, Florida 2015 100 % 100 % Madera Point Mesa, Arizona 2015 100 % 100 % The Pointe at the Foothills Mesa, Arizona 2015 — (1) 100 % Venue at 8651 Fort Worth, Texas 2015 100 % 100 % Parc500 West Palm Beach, Florida 2016 100 % 100 % The Venue on Camelback (3) 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 Dallas, Texas 2017 100 % 100 % Cedar Pointe (4) Antioch, Tennessee 2018 100 % 100 % Crestmont Reserve Dallas, Texas 2018 100 % 100 % Brandywine I & II Nashville, Tennessee 2018 100 % 100 % Bella Vista (5) Phoenix, Arizona 2019 100 % — (8) The Enclave (5) Tempe, Arizona 2019 100 % — (8) The Heritage (5) Phoenix, Arizona 2019 100 % — (8) Summers Landing Fort Worth, Texas 2019 100 % — (8) Residences at Glenview Reserve (6) Nashville, Tennessee 2019 100 % — (8) Residences at West Place (6) Orlando, Florida 2019 100 % — (8) Avant at Pembroke Pines Pembroke Pines, Florida 2019 100 % — (8) Arbors of Brentwood Nashville, Tennessee 2019 100 % — (8) Torreyana Apartments (7) Las Vegas, Nevada 2019 100 % — (8) Bloom (7) Las Vegas, Nevada 2019 100 % — (8) Bella Solara (7) Las Vegas, Nevada 2019 100 % — (8) (1) Property was sold in 2019. (2) Property was classified as held for sale as of December 31, 2019. (3) Formerly known as The Colonnade. (4) 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 owned Cedar Pointe was no longer considered a VIE. (5) 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, at 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. (6) NXRT acquired two multifamily properties, Residences at Glenview Reserve and Residences at West Place on July 17, 2019. The master lease agreement with the EAT that directly owned these properties terminated on September 3, 2019, at 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. (7) The EAT that directly owned Torreyana, Bloom and Bella Solara was consolidated as a VIE at December 31, 2019 giving the Company an effective 100% ownership interest. Legal title will transfer to the Company upon completion of the reverse 1031 Exchange or May 21, 2020, whichever comes first. Upon the transfer of title, the EAT that directly owned these properties will no longer be considered a VIE. (8) Properties were acquired in 2019; therefore, no ownership as of December 31, 2018.

Real Estate Investments Statist

Real Estate Investments Statistics	12 Months Ended
	Dec. 31, 2019
Business Combinations [Abstract]
Real Estate Investments Statistics	4. Real Estate Investments Statistics As of December 31, 2019, the Company was invested in a total of 40 multifamily properties, as listed below: Average Effective Monthly Rent Per Unit as of December 31,*(1) % Occupied as of December 31,*(2) Property Name Rentable Square Footage (in thousands)* Number of Units* Date Acquired 2019 2018 2019 2018 Arbors on Forest Ridge 155 210 1/31/2014 $ 894 $ 870 95.7 % 95.2 % Cutter's Point (3) 198 196 1/31/2014 — 1,109 — 95.4 % Eagle Crest 396 447 1/31/2014 969 922 96.6 % 94.9 % Silverbrook 526 642 1/31/2014 870 835 95.5 % 94.9 % Beechwood Terrace 272 300 7/21/2014 937 933 91.3 % 93.7 % Willow Grove (4) 229 244 7/21/2014 1,002 960 97.5 % 95.1 % Woodbridge (4) 247 220 7/21/2014 1,061 1,028 91.8 % 94.1 % The Summit at Sabal Park 205 252 8/20/2014 1,010 955 97.2 % 94.4 % Courtney Cove 225 324 8/20/2014 927 895 94.8 % 95.7 % Radbourne Lake 247 225 9/30/2014 1,118 1,082 90.7 % 96.0 % Timber Creek 248 352 9/30/2014 916 847 94.9 % 92.6 % Sabal Palm at Lake Buena Vista 371 400 11/5/2014 1,270 1,255 93.8 % 96.5 % Southpoint Reserve at Stoney Creek (4) 116 156 12/18/2014 1,152 1,093 92.3 % 98.1 % Cornerstone 318 430 1/15/2015 1,053 1,007 95.6 % 94.2 % The Preserve at Terrell Mill 692 752 2/6/2015 969 921 94.9 % 94.8 % Versailles 301 388 2/26/2015 923 884 93.0 % 96.4 % Seasons 704 Apartments 217 222 4/15/2015 1,155 1,130 94.6 % 96.8 % Madera Point 193 256 8/5/2015 924 866 96.1 % 94.5 % Venue at 8651 289 333 10/30/2015 924 875 96.1 % 92.8 % Parc500 266 217 7/27/2016 1,304 1,254 93.1 % 94.9 % The Venue on Camelback 256 415 10/11/2016 777 719 94.2 % 93.3 % Old Farm 697 734 12/29/2016 1,162 1,176 92.8 % 92.9 % Stone Creek at Old Farm 186 190 12/29/2016 1,194 1,173 95.8 % 96.8 % Hollister Place 246 260 2/1/2017 995 984 93.1 % 93.5 % Rockledge Apartments 802 708 6/30/2017 1,260 1,186 95.3 % 94.6 % Atera Apartments 334 380 10/25/2017 1,256 1,232 93.4 % 97.4 % Cedar Pointe 224 210 8/24/2018 1,066 1,051 91.4 % 95.7 % Crestmont Reserve 199 242 9/26/2018 902 914 94.2 % 94.6 % Brandywine I & II 414 632 9/26/2018 978 957 93.7 % 93.8 % Bella Vista 243 248 1/28/2019 1,265 — (5) 97.2 % — (5) The Enclave 194 204 1/28/2019 1,295 — (5) 93.6 % — (5) The Heritage 199 204 1/28/2019 1,265 — (5) 96.6 % — (5) Summers Landing 139 196 6/7/2019 920 — (5) 91.8 % — (5) Residences at Glenview Reserve 344 360 7/17/2019 977 — (5) 94.4 % — (5) Residences at West Place 345 342 7/17/2019 1,211 — (5) 92.7 % — (5) Avant at Pembroke Pines 1,442 1520 8/30/2019 1,498 — (5) 93.7 % — (5) Arbors of Brentwood 325 346 9/10/2019 1,192 — (5) 96.2 % — (5) Torreyana Apartments 309 315 11/22/2019 1,171 — (5) 95.6 % — (5) Bloom 498 528 11/22/2019 1,105 — (5) 90.9 % — (5) Bella Solara 271 320 11/22/2019 1,136 — (5) 91.9 % — (5) 13,378 14,920 (6) * Information is unaudited. (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of December 31, 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 December 31, 2019 and December 31, 2018, respectively. (2) Percent occupied is calculated as the number of units occupied as of December 31, 2019 and 2018, divided by the total number of units, expressed as a percentage. (3) Cutter’s Point incurred significant tornado damage on October 20, 2019 which resulted in the property ceasing operations in order to start reconstruction (see Note 5). ( 4 ) Property was classified as held for sale as of December 31, 2019. ( 5 ) Properties were acquired in 2019. (6) Represents total units owned by the Company as of December 31, 2019 inclusive of Cutter’s Point. Cutter’s Point is currently undergoing repairs after being struck by a tornado as discussed in Note 5, and as such, has been excluded from all other portfolio metrics such as occupancy percentage and weighted average rent per unit, etc. Total units exclusive of Cutter’s Point are 14,724 as of December 31, 2019.

Real Estate Investments

Real Estate Investments	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Real Estate Investments	5. Real Estate Investments As of December 31, 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 $ 11,585 $ — $ — $ 1,520 $ 15,435 Cutter's Point 3,330 2,563 — 2,648 1,878 10,419 Eagle Crest 5,450 23,830 — — 1,832 31,112 Silverbrook 4,860 27,091 — — 4,630 36,581 Beechwood Terrace 1,390 22,000 — 70 2,535 25,995 The Summit at Sabal Park 5,770 13,600 — — 1,598 20,968 Courtney Cove 5,880 13,413 — 2 1,982 21,277 Radbourne Lake 2,440 22,465 — — 1,997 26,902 Timber Creek 11,260 13,993 — — 2,939 28,192 Sabal Palm at Lake Buena Vista 7,580 41,841 — 492 2,108 52,021 Cornerstone 1,500 30,653 — — 2,977 35,130 The Preserve at Terrell Mill 10,170 49,216 — 8 6,183 65,577 Versailles 6,720 21,688 — 8 3,736 32,152 Seasons 704 Apartments 7,480 14,336 — — 1,482 23,298 Madera Point 4,920 17,615 — — 2,042 24,577 Venue at 8651 2,350 18,192 — 21 3,330 23,893 Parc500 3,860 20,821 — 193 3,202 28,076 The Venue on Camelback 8,340 37,992 — — 2,086 48,418 Old Farm 11,078 70,670 — 40 2,950 84,738 Stone Creek at Old Farm 3,493 19,436 — 1 716 23,646 Hollister Place 2,782 21,788 — — 2,159 26,729 Rockledge Apartments 17,451 96,108 — 134 4,759 118,452 Atera Apartments 22,371 37,442 — 8 2,044 61,865 Cedar Pointe 2,372 24,193 — 24 1,268 27,857 Crestmont Reserve 4,124 20,613 — — 1,272 26,009 Brandywine I & II 6,237 73,004 — 58 3,148 82,447 Bella Vista 10,942 36,690 — — 1,500 49,132 The Enclave 11,046 30,224 — 24 1,176 42,470 The Heritage 6,835 34,580 — — 1,246 42,661 Summers Landing 1,798 16,958 — 35 528 19,319 Residences at Glenview Reserve 3,367 40,202 — 11 837 44,417 Residences at West Place 3,345 50,884 — 244 810 55,283 Avant at Pembroke Pines 48,436 266,103 6,989 217 5,376 327,121 Arbors of Brentwood 6,346 54,995 1,215 137 779 63,472 Torreyana Apartments 23,823 42,721 1,201 — 655 68,400 Bloom 23,805 80,365 1,851 — 1,095 107,116 Bella Solara 12,605 52,449 1,158 — 663 66,875 317,886 1,472,319 12,414 4,375 81,038 1,888,032 Accumulated depreciation and amortization — (105,335 ) (6,171 ) — (41,046 ) (152,552 ) Total Operating Properties $ 317,886 $ 1,366,984 $ 6,243 $ 4,375 $ 39,992 $ 1,735,480 Held For Sale Property Southpoint Reserve at Stoney Creek 6,120 11,502 — 1 968 18,591 Woodbridge 3,650 13,296 — — 1,934 18,880 Willow Grove 3,940 10,946 — — 1,832 16,718 Accumulated depreciation and amortization — (5,390 ) — — (2,469 ) (7,859 ) Total Held For Sale Property $ 13,710 $ 30,354 $ — $ 1 $ 2,265 $ 46,330 Total $ 331,596 $ 1,397,338 $ 6,243 $ 4,376 $ 42,257 $ 1,781,810 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 owned Cedar Pointe was no longer considered a VIE. Depreciation expense was $56.4 million, $45.0 million and $39.9 million for the years ended December 31, 2019, 2018 and 2017, respectively. Amortization expense related to the Company’s intangible lease assets was $12.7 million, $2.5 million and $8.9 for the years ended December 31, 2019, 2018 and 2017, respectively. Amortization expense related to the Company’s intangible lease assets for all acquisitions completed through December 31, 2019 is expected to be $6.2 million in 2020. Due to the six-month useful life attributable to intangible lease assets, the value of intangible lease assets on any acquisition prior to June 30, 2019 has been fully amortized and the assets and related accumulated amortization have been written off as of December 31, 2019. Acquisitions The Company acquired 11 properties during the year ended December 31, 2019, as detailed in the table below (dollars in thousands). The Company acquired three properties for a combined purchase price of approximately $131.0 million during the year ended December 31, 2018. See Notes 3, 4 and 6 for additional information. 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 % 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 % Avant at Pembroke Pines Pembroke Pines, Florida August 30, 2019 322,000 177,100 1,520 100 % Arbors of Brentwood Nashville, Tennessee September 10, 2019 62,250 34,237 346 100 % Torreyana Apartments Las Vegas, Nevada November 22, 2019 68,000 37,400 315 100 % Bloom Las Vegas, Nevada November 22, 2019 106,500 58,850 528 100 % Bella Solara Las Vegas, Nevada November 22, 2019 66,500 36,575 320 100 % $ 876,746 $ 493,635 4,583 (1) For additional information regarding the Company’s debt, see Note 6. Dispositions The Company sold six properties during the year ended December 31, 2019, as detailed in the table below (in thousands). The Company sold one property for approximately $30.0 million during the year ended December 31, 2018. Property Name Location Date of Sale Sales Price Net Cash Proceeds Gain on Sale of Real Estate Edgewater at Sandy Springs Atlanta, Georgia August 28, 2019 $ 101,250 $ 100,120 $ 47,332 Abbington Heights Antioch, Tennessee August 30, 2019 28,050 27,605 10,887 Belmont at Duck Creek Garland, Texas August 28, 2019 29,500 29,102 11,993 The Ashlar Dallas, Texas August 28, 2019 29,400 29,029 13,205 Heatherstone Dallas, Texas August 28, 2019 16,275 16,032 6,366 The Pointe at the Foothills Mesa, Arizona August 28, 2019 85,400 84,591 37,901 $ 289,875 $ 286,479 $ 127,684 (1) Represents sales price, net of closing costs. Cutter’s Point Casualty Losses On October 20, 2019, as a result of a tornado, the Cutter’s Point property suffered significant property damage. The damage incurred rendered the Property inoperable; therefore, the Company has ceased operations at the property as it is under reconstruction. In relation to this event, the Company wrote down the carrying value of Cutter’s Point by approximately $7.8 million in accordance with ASC 610 Other Income , the Company recognized approximately $3.5 million in casualty losses on the consolidated statement of operations and comprehensive income during the year ended December 31, 2019. Also, the Company filed a business interruption insurance claim and recognized approximately $0.6 million for the lost rent, which is included in miscellaneous income on the consolidated statement of operations and comprehensive income for the year ended . As of , Cutter’s Point was excluded from the portfolio’s total unit count and all same store pools due to the property temporarily ceasing operations while it under goes reconstruction which is estimated to be completed in 2021.

Debt

Debt	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Debt	6. Debt Mortgage Debt The following table contains summary information concerning the mortgage debt of the Company as of December 31, 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 3.44% 7/1/2024 Cutter's Point (3) Floating 84 16,640 3.44% 7/1/2024 Eagle Crest (3) Floating 84 29,510 3.44% 7/1/2024 Silverbrook (3) Floating 84 30,590 3.44% 7/1/2024 Beechwood Terrace (3) Floating 84 23,365 3.20% 9/1/2025 The Summit at Sabal Park (3) Floating 84 13,560 3.38% 7/1/2024 Courtney Cove (3) Floating 84 13,680 3.38% 7/1/2024 The Preserve at Terrell Mill (3) Floating 84 42,480 3.38% 7/1/2024 Versailles (3) Floating 84 23,880 3.38% 7/1/2024 Seasons 704 Apartments (3) Floating 84 17,460 3.38% 7/1/2024 Madera Point (3) Floating 84 15,150 3.38% 7/1/2024 Venue at 8651 (3) Floating 84 13,734 3.54% 7/1/2024 The Venue on Camelback (3) Floating 84 28,093 3.44% 7/1/2024 Old Farm (3) Floating 84 52,886 3.44% 7/1/2024 Stone Creek at Old Farm (3) Floating 84 15,274 3.44% 7/1/2024 Timber Creek (3) Floating 84 24,100 3.02% 10/1/2025 Radbourne Lake (3) Floating 84 20,000 3.05% 10/1/2025 Sabal Palm at Lake Buena Vista (3) Floating 84 42,100 3.06% 9/1/2025 Cornerstone (4) Fixed 120 21,772 4.24% 3/1/2023 Parc500 (5) Fixed 120 15,221 4.49% 8/1/2025 Hollister Place (3) Floating 84 14,811 3.10% 10/1/2025 Rockledge Apartments (3) Floating 84 68,100 3.33% 7/1/2024 Atera Apartments (3) Floating 84 29,500 3.24% 11/1/2024 Cedar Pointe (6) Floating 84 17,300 3.11% 9/1/2025 Crestmont Reserve (3) Floating 84 12,061 2.94% 10/1/2025 Brandywine I & II (3) Floating 84 43,835 2.94% 10/1/2025 Bella Vista (7) Floating 84 29,040 3.08% 2/1/2026 The Enclave (7) Floating 84 25,322 3.08% 2/1/2026 The Heritage (7) Floating 84 24,625 3.08% 2/1/2026 Summers Landing (8) Floating 84 10,109 2.94% 10/1/2025 Residences at Glenview Reserve (9) Floating 84 26,560 3.20% 10/1/2025 Residences at West Place (9) Fixed 120 33,817 4.24% 10/1/2028 Avant at Pembroke Pines (3) Floating 84 177,100 3.19% 9/1/2026 Arbors of Brentwood (3) Floating 84 34,237 3.19% 10/1/2026 Torreyana Apartments (10) Floating 84 37,400 3.46% 12/1/2026 Bloom (10) Floating 84 58,850 3.46% 12/1/2026 Bella Solara (10) Floating 84 36,575 3.46% 12/1/2026 $ 1,151,867 Fair market value adjustment 1,463 (11) Deferred financing costs, net of accumulated amortization of $2,494 (7,959 ) $ 1,145,371 Held For Sale Properties Southpoint Reserve at Stoney Creek (3) Floating 84 $ 13,166 3.87% 1/1/2022 Woodbridge (3) Floating 84 13,677 3.54% 7/1/2024 Willow Grove (3) Floating 84 14,818 3.54% 7/1/2024 $ 41,661 Deferred financing costs, net of accumulated amortization of $362 (485 ) $ 41,176 (1) Mortgage debt that is non-recourse to the Company and encumbers the multifamily properties. (2) Interest rate is based on one-month LIBOR plus an applicable margin, except for fixed rate mortgage debt. One-month LIBOR as of December 31, 2019 was 1.7625%. (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) 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 (9) Debt was assumed upon acquisition of this property and recorded at approximated fair value. The loan can be prepaid at the greater of par plus 1.00% of the unpaid principal balance or the product obtained by multiplying the present value of the principal being prepaid by the excess of the monthly fixed interest rate of the loan over a daily discount rate. The loan is open to pre-payment in the last three months of the term. (10) 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 (1 1 ) The Company reflected a valuation adjustment on its fixed rate debt for Parc500 and Residences at West Place to adjust it to fair market value on their respective dates of acquisition for the difference between the fair value and the assumed principal amount of debt. The difference is amortized into interest expense over the remaining terms of the mortgages. During the year ended December 31, 2019, the Company sold six properties and repaid the related mortgage loans that encumbered the properties, as detailed in the table below (in thousands): Property Name Date of Sale Type Outstanding Principal (1) Edgewater at Sandy Springs August 28, 2019 Floating $ 52,000 Abbington Heights August 30, 2019 Floating 16,920 Belmont at Duck Creek August 28, 2019 Floating 17,760 The Ashlar August 28, 2019 Floating 14,520 Heatherstone August 28, 2019 Floating 8,880 The Pointe at the Foothills August 28, 2019 Floating 34,800 $ 144,880 (1) Represents the outstanding principal balance when the loan was repaid. The weighted average interest rate of the Company’s mortgage indebtedness was 3.34% as of December 31, 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 74 basis points to 1.7625% as of December 31, 2019 from 2.5027% as of December 31, 2018. As of December 31, 2019, the adjusted weighted average interest rate of the Company’s mortgage indebtedness was 3.06%. 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 1.4147% for one-month LIBOR on its combined $975.0 million notional amount of interest rate swap agreements, which effectively fix the interest rate on $975.0 million of the Company’s floating rate mortgage indebtedness (see Note 7). Each of the Company’s mortgages is a non-recourse obligation subject to customary provisions. The loan agreements contain customary events of default, including defaults in the payment of principal or interest, defaults in compliance with the covenants contained in the documents evidencing the loan, defaults in payments under any other security instrument covering any part of the property, whether junior or senior to the loan, and bankruptcy or other insolvency events. As of December 31, 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. As of December 31, 2019, the Company has completed its Green Program improvements on all but two properties. Due to changes in Freddie Mac’s requirements to participate in the Green Program, we are not implementing this on acquisitions going forward. Credit Facility The following table contains summary information concerning the Company’s credit facility as of December 31, 2019 (dollars in thousands): Type Term Outstanding Principal Interest Rate (1) Maturity Date Corporate Credit Facility Floating 24 $ 41,700 3.69% 1/28/2021 Corporate Credit Facility Floating 24 19,000 3.74% 1/28/2021 Corporate Credit Facility Floating 24 111,000 3.76% 1/28/2021 Corporate Credit Facility Floating 24 46,300 3.80% 1/28/2021 Deferred financing costs, net of accumulated amortization of $553 (1,499 ) $ 216,501 (1) Interest rate is based on one-month LIBOR plus an applicable margin. One-month LIBOR as of December 31, 2019 was 1.7625%. 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, that can be extended 12-months at the option of the Company for a minimal fee provided that the Company is not in default. The Company meets the conditions and expects to meet them going forward. The Company has the right to request an increase in the facility amount up to $150 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 Corporate 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). On August 28, 2019, the Company, through the OP, increased the amount of the Corporate Credit Facility by $25 million, resulting in incurred costs of $0.2 million of deferred financing costs. On November 20, 2019, the Company, through the OP, increased the amount of the Corporate Credit Facility by $75 million, resulting in aggregate commitments of $225 million as of December 31, 2019. In conjunction with the increase in the facility, the Company incurred costs of $0.8 million of deferred financing costs. $60 Million Credit Facility . On December 29, 2016, the Company, through the OP, entered into a $30.0 million credit facility (the “$30 Million Credit Facility”) with KeyBank National Association (“KeyBank”). On April 27, 2018, the Company, through the OP, amended the $30 Million Credit Facility to temporarily increase the loan commitment by $5.0 million (the “Temporary Increase”) and immediately drew $5.0 million. The $5.0 million drawn under the Temporary Increase was repaid in full on July 25, 2018. The Company accounted for the Temporary Increase as an extinguishment of a debt instrument. As such, the Company wrote-off the unamortized deferred financing costs of approximately $0.1 million as of April 27, 2018, which is recorded in loss on extinguishment of debt and modification costs on the accompanying consolidated statements of operations and comprehensive income. On September 26, 2018, the Company, through the OP, repaid the $30.0 million outstanding under the $30 Million Credit Facility and amended the loan agreement, extending the maturity date to September 26, 2020 and increasing the loan commitment to $60.0 million (the “$60 Million Credit Facility”). The Company accounted for the refinancing as an extinguishment of a debt instrument. The Company, through the OP, immediately drew $50.0 million to fund a portion of the purchase price of Brandywine I & II and Crestmont Reserve. The $60 Million Credit Facility was a full-term, interest-only facility with a 24-month term and was guaranteed by the Company. Interest accrued on the $60 Million Credit Facility at an interest rate of one-month LIBOR plus 2.00%. In November 2018, the Company, through the OP, used net proceeds from the 2018 Offering (as defined below) (see Note 8) to repay the $50.0 million outstanding under the $60 Million Credit Facility, which retired the credit facility. In connection with the repayment, the Company, through the OP, received a commitment fee rebate of approximately $0.8 million from KeyBank, which was previously capitalized as a deferred financing cost on the Company’s consolidated balance sheet as of September 30, 2018. $30 Million Bridge Facility . On September 26, 2018, the Company, through the OP, entered into a $30.0 million bridge facility (the “$30 Million Bridge Facility”) with KeyBank and immediately drew $30.0 million to fund a portion of the purchase price of Brandywine I & II and Crestmont Reserve. The $30 Million Bridge Facility was a full-term, interest-only facility with a six-month term and was guaranteed by the Company. Interest accrued on the $30 Million Bridge Facility at an interest rate of one-month LIBOR plus 2.00%. In November 2018, the Company, through the OP, used net proceeds from the 2018 Offering to repay the $30.0 million outstanding under the $30 Million Bridge Facility, which retired the bridge facility. In connection with the repayment, the Company, through the OP, received a commitment fee rebate of approximately $0.3 million from KeyBank, which was previously capitalized as a deferred financing cost on the Company’s consolidated balance sheet as of September 30, 2018. 2017 Bridge Facility . On June 30, 2017 , the Company, through the OP, entered into a $65.9 million bridge facility (the “2017 Bridge Facility”) with KeyBank. The 2017 Bridge Facility was a full-term, interest-only facility with an initial four-month term and was guaranteed by the Company. Interest accrued on the 2017 Bridge Facility at an interest rate of one-month LIBOR plus 3.75%. In July 2017, the Company used proceeds from the sale of Regatta Bay to pay down $11.3 million on the 2017 Bridge Facility. In October 2017, the Company used proceeds from the sale of four properties to pay down approximately $46.0 million on the 2017 Bridge Facility, bringing the outstanding balance to approximately $8.6 million, and also extended the maturity date to March 31, 2018. In February 2018, the Company used proceeds from the sale of Timberglen to pay the remaining $8.6 million outstanding on the 2017 Bridge Facility, which retired the bridge facility. Deferred Financing Costs The Company defers costs incurred in obtaining financing and amortizes the costs over the terms of the related loans using the straight-line method, which approximates the effective interest method. Deferred financing costs, net of amortization, are recorded as a reduction from the related debt on the Company’s consolidated balance sheets. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to loss on extinguishment of debt and modification costs (see “Loss on Extinguishment of Debt and Modification Costs” below). For the years ended December 31, 2019, 2018 and 2017, the Company wrote-off deferred financing costs of approximately $1.4 million, $1.4 million and $1.0 million, respectively, which is included in loss on extinguishment of debt and modification costs on the consolidated statements of operations and comprehensive income. For the years ended December 31, 2019, 2018 and 2017, amortization of deferred financing costs of approximately $2.1 million, $1.7 million and $2.0 million, respectively, is included in interest expense on the consolidated statements of operations and comprehensive income. 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 December 31, 2019 are as follows (in thousands): Operating Properties Held For Sale Property Credit Facility Total 2020 $ 744 $ 262 $ — $ 1,006 2021 872 281 218,000 219,153 2022 1,367 12,622 — 13,989 2023 21,155 — — 21,155 2024 424,558 28,496 — 453,054 Thereafter 703,171 — — 703,171 Total $ 1,151,867 $ 41,661 $ 218,000 $ 1,411,528

Fair Value of Derivative and Fi

Fair Value of Derivative and Financial Instruments	12 Months Ended
	Dec. 31, 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 December 31, 2019, 2018 and 2017 were classified as Level 2 of the fair value hierarchy. The Company’s main objective in using interest rate derivatives is to add stability to interest expense related to floating rate debt. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The interest rate swaps have terms ranging from four to five years. Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The interest rate caps have terms ranging from three to four years. During the years ended December 31, 2019, 2018 and 2017, 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 $346.5 million of the Company’s floating rate mortgage indebtedness at a weighted average rate of 5.74%. 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 years ended December 31, 2019 and 2018, the Company recorded no gain or loss related to the ineffective portion of changes in the fair value of its derivatives designated as cash flow hedges. During the year ended December 31, 2017, the Company recorded approximately $0.3 million of gain related to the ineffective portion of changes in the fair value of its derivatives designated as cash flow hedges, which is recorded as a decrease to interest expense on the accompanying consolidated statements of operations and comprehensive income. In order to fix a portion of, and mitigate the risk associated with, the Company’s floating rate indebtedness (without incurring substantial prepayment penalties or defeasance costs typically associated with fixed rate indebtedness when repaid early or refinanced), the Company, through the OP, has entered into 10 interest rate swap transactions with KeyBank and one with SunTrust (the “Counterparties”) with a combined notional amount of $975.0 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 1.4147%. The Company has designated these interest rate swaps as cash flow hedges of interest rate risk. As of December 31, 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 % September 1, 2019 September 1, 2026 KeyBank 100,000 1.4620 % September 1, 2019 September 1, 2026 KeyBank 125,000 1.3020 % $ 975,000 1.4147 % (2) (1) The floating rate option for the interest rate swaps is one-month LIBOR. As of December 31, 2019, one-month LIBOR was 1.7625%. (2) Represents the weighted average fixed rate of the interest rate swaps. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements but either do not meet the strict requirements to apply hedge accounting in accordance with FASB ASC 815, Derivatives and Hedging As of December 31, 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 15 $ 346,542 As of December 31, 2018, the Company had 12 interest rate cap derivatives, with a notional amount of $255.2 million, which were not designated as hedges in qualifying hedging relationships. As of December 31, 2017, the Company had 16 interest rate cap derivatives, with a notional amount of $273.5 million, which were not designated as hedges in qualifying hedging relationships. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2019 and 2018 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ 7,298 $ 18,141 $ 3,824 $ — Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets — 10 — — Total $ 7,298 $ 18,151 $ 3,824 $ — The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income for the years ended December 31, 2019, 2018 and 2017 (in thousands): Amount of gain (loss) recognized in OCI Location of gain (loss) reclassified from accumulated Amount of gain (loss) reclassified from OCI into income Location of gain (loss) recognized Amount of gain (loss) recognized in income 2019 2018 (1) 2017 (1) OCI into income 2019 2018 (1) 2017 (1) in income 2019 2018 *(2) 2017 *(2)(3) Derivatives designated as hedging instruments: For the year ended December 31, Interest rate products $ (8,153 ) $ 5,928 $ 2,967 Interest expense $ 6,472 $ 3,997 $ (1,416 ) Interest expense $ — $ — $ 124 * Includes amounts excluded from effectiveness testing. (1) Represents the effective portion of changes in fair value. (2) Represents the ineffective portion of changes in fair value. (3) Includes approximately $185,000 of loss reclassified from OCI for missed forecasted transactions due to hedged forecasted transactions being no longer probable. Location of gain (loss) Amount of gain (loss) recognized in income recognized in income 2019 2018 2017 Derivatives not designated as hedging instruments: For the year ended December 31, Interest rate products Interest expense $ (30 ) $ (49 ) $ (19 ) Other Financial Instruments Carried at Fair Value Redeemable noncontrolling interests in the OP have a redemption feature and are marked to their redemption value if such value exceeds the carrying value of the redeemable noncontrolling interests in the OP (see Note 10). The redemption value is based on the fair value of the Company’s common stock at the redemption date, and therefore, is calculated based on the fair value of the Company’s common stock at the balance sheet date. Since the valuation is based on observable inputs such as quoted prices for similar instruments in active markets, redeemable noncontrolling interests in the OP are classified as Level 2 if they are adjusted to their redemption value. Financial Instruments Not Carried at Fair Value At December 31, 2019 and 2018, the fair values of cash and cash equivalents, restricted cash, accounts receivable, prepaid assets, accounts payable and other accrued liabilities, accrued real estate taxes payable, accrued interest payable, security deposits and prepaid rent approximated their carrying values because of the short term nature of these instruments. The estimated fair values of other financial instruments were determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company would realize on the disposition of the financial instruments. The use of different market assumptions or estimation methodologies may have a material effect on the estimated fair value amounts. Long-term indebtedness is carried at amounts that reasonably approximate their fair value. In calculating the fair value of its long-term indebtedness, the Company used interest rate and spread assumptions that reflect current credit worthiness and market conditions available for the issuance of long-term debt with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs. Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In such cases, the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. There can be no assurance that the estimates discussed herein, using Level 3 inputs, are indicative of the amounts the Company could realize on disposition of the real estate asset. For the year ended December 31, 2019, the Company noted there was no impairment, but incurred a casualty loss that resulted in a net write down of approximately $7.8 million on Cutter’s Point (see Note 5). The Company did not record any write downs related to real estate assets for the years ended December 31, 2018 and 2017.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Stockholders' Equity	8. Stockholders’ Equity Common Stock On March 15, 2017, the Company filed a registration statement on Form S-3 (the “Registration Statement”), registering an indeterminate aggregate principal amount and number of securities of each identified class of securities therein up to a proposed aggregate offering price of $200,000,000, which may be offered from time to time in unspecified numbers and at indeterminate prices, as may be issued upon conversion, redemption, repurchase, exchange or exercise of any securities registered thereunder, including under any applicable anti-dilution provisions. The Registration Statement also covers an indeterminate number of securities that may become issuable as a result of stock splits, stock dividends or similar transactions relating to the securities registered thereunder. On November 14, 2018, the Company issued 2,702,500 shares of common stock, par value $0.01 per share, at a public offering price of $33.00 per share (before underwriters’ discounts and offering costs) for gross proceeds of approximately $89.2 million (the “2018 Offering”). The common stock was offered and sold pursuant to a prospectus supplement, dated November 14, 2018, and a base prospectus, dated April 24, 2017, relating to the Registration Statement. The Company contributed the net proceeds from the 2018 Offering to the OP in exchange for 2,702,500 OP Units, and the OP in turn used a majority of the net proceeds to repay the $50.0 million outstanding under the $60 Million Credit Facility and the $30.0 million outstanding under the $30 Million Bridge Facility. During the year ended December 31, 2019, the Company issued 180,783 shares of common stock pursuant to its long-term incentive plan (see “Long Term Incentive Plan” below) and 1,565,322 pursuant to its at-the-market offering (see “At-the-Market Offering” below). As of December 31, 2019, the Company had 25,245,740 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. Treasury Stock From time to time, in accordance with the Company’s share repurchase program, the Company may repurchase shares of its common stock in the open market. Until any such shares are retired, the cost of the shares is included in common stock held in treasury at cost on the consolidated balance sheet. The number of shares of common stock classified as treasury shares reduces the number of shares of the Company’s common stock outstanding and, accordingly, are considered in the weighted average number of shares outstanding during the period. During the years ended December 31, 2019 and 2018, the Company retired no shares of its common stock held in treasury. As of December 31, 2019 and 2018, the Company had no shares of common stock held in treasury. Long Term Incentive Plan On June 15, 2016, the Company’s stockholders approved a long-term incentive plan (the “2016 LTIP”) and the Company filed a registration statement on Form S-8 registering 2,100,000 shares of common stock, par value $0.01 per share, which the Company may issue pursuant to the 2016 LTIP. The 2016 LTIP authorizes the compensation committee of the Board to provide equity-based compensation in the form of stock options, appreciation rights, restricted shares, restricted stock units, performance shares, performance units and certain other awards denominated or payable in, or otherwise based on, the Company’s common stock or factors that may influence the value of the Company’s common stock, plus cash incentive awards, for the purpose of providing the Company’s directors, officers and other key employees (and those of the Adviser and the Company’s subsidiaries), the Company’s non-employee directors, and potentially certain non-employees who perform employee-type functions, incentives and rewards for performance. Restricted Stock Units . Under the 2016 LTIP, restricted stock units may be granted to the Company’s directors, officers and other key employees (and those of the Adviser and the Company’s subsidiaries) and typically vest over a three to 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 December 31, 2019: 2019 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 464,626 $ 22.80 Granted 186,662 37.50 Vested (197,863 ) (1) 23.10 Forfeited (6,386 ) — Outstanding December 31, 447,039 (2) $ 29.13 (1) Certain key employees of the Adviser elected to net the taxes owed upon vesting against the shares issued resulting in 180,783 shares being issued as shown on the Consolidated Statement of Stockholders’ Equity. (2) 108,613 restricted stock units 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 December 31, 2019, the Company had issued 421,551 shares of common stock under the 2016 LTIP. For the years ended December 31, 2019, 2018 and 2017, the Company recognized approximately $5.1 million, $4.2 million and $3.1 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. As of December 31, 2019, the Company had recognized a liability of approximately $0.8 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 (the “ATM Program”). 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. 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 year ended December 31, 2019, the Company issued 1,565,322 shares of common stock at an average price of $45.98 per share for gross proceeds of approximately $72.0 million. The Company paid approximately $1.1 million in fees to the Sales Agents with respect to such sales and incurred other issuance costs of approximately $1.0 million, both of which were netted against the gross proceeds and recorded in additional paid in capital. The following table contains summary information of the ATM Program: Gross proceeds $ 71,973,433 Common shares sold 1,565,322 Gross average sale price per share $ 45.98 Sales commissions $ 1,079,601 Offering costs 1,019,778 Net proceeds 69,874,054 Average price per share, net $ 44.64

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 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 Operating Partnership in the accompanying consolidated statements of operations and comprehensive income. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings (loss) per share. See Note 10 for additional information. The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods presented (in thousands, except per share amounts): For the Year Ended December 31, 2019 2018 2017 Numerator for earnings (loss) per share: Net income (loss) $ 99,438 $ (1,614 ) $ 56,359 Net income attributable to noncontrolling interests — — 2,836 Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership 298 (5 ) 149 Net income (loss) attributable to common stockholders $ 99,140 $ (1,609 ) $ 53,374 Denominator for earnings (loss) per share: Weighted average common shares outstanding 24,116 21,189 21,057 Denominator for basic earnings (loss) per share 24,116 21,189 21,057 Weighted average unvested restricted stock units 477 478 342 Denominator for diluted earnings (loss) per share 24,593 21,667 21,399 Earnings (loss) per weighted average common share: Basic $ 4.11 $ (0.08 ) $ 2.53 Diluted $ 4.03 $ (0.08 ) $ 2.49

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 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 of 1933, as amended. Accordingly, the Company records the OP Units held by noncontrolling limited partners outside of permanent equity and reports the OP Units at the greater of their carrying value or their redemption value using the Company’s stock price at each balance sheet date. The following table sets forth the redeemable noncontrolling interests in the OP for the year ended December 31, 2019 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2018 $ 2,567 Net income attributable to redeemable noncontrolling interests in the OP 298 Other comprehensive loss attributable to redeemable noncontrolling interests in the OP (44 ) Contributions from redeemable noncontrolling interests in the OP 140 Distributions to redeemable noncontrolling interests in the OP (47 ) Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 381 Redeemable noncontrolling interests in the OP, December 31, 2019 $ 3,295 Noncontrolling Interests Noncontrolling interests have in the past and may in the future be comprised of joint venture partners’ interests in joint ventures the Company consolidates. When applicable, the Company reports its joint venture partners’ interests in its consolidated joint ventures and other subsidiary interests held by third parties as noncontrolling interests. The Company records these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investment’s net income or loss, equity contributions, return of capital, and distributions. Generally, these noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder based on its economic ownership percentage. On June 30, 2017, in connection with the BH Buyout, the Company purchased 100% of the outstanding noncontrolling interests in its joint ventures for approximately $51.7 million. On June 30, 2017, prior to the BH Buyout, the carrying value of such noncontrolling interests was approximately $20.5 million. On June 30, 2017, the Company eliminated the carrying value of such noncontrolling interests on its consolidated balance sheet. The remaining $31.2 million of the Purchase Amount resulted in a reduction to additional paid-in capital on the Company’s consolidated balance sheet. Fees and Reimbursements to BH and its Affiliates The Company has entered into management agreements with BH Management Services, LLC (“BH”), the Company’s property manager and an independently owned third party, who manages the Company’s properties and supervises the implementation of the Company’s value-add program. BH is an affiliate of BH Equity, who was a noncontrolling interest member of the Company’s joint ventures prior to the BH Buyout on June 30, 2017. Through BH Equity’s noncontrolling interests in such joint ventures, BH Equity was deemed to be a related party. With the completion of the BH Buyout, BH Equity is no longer deemed to be a related party. BH Equity became a noncontrolling limited partner of the OP upon execution of the Amendment. BH and its affiliates do not have common ownership in any joint venture with the Adviser; there is also no common ownership between BH and its affiliates and the Adviser. The property management fee paid to BH is approximately 3% of the monthly gross income from each property managed. Currently, BH manages all of the Company’s properties. Additionally, the Company may pay BH certain other fees, including: (1) a fee of $15-25 per unit for the one-time setup and inspection of properties, (2) a construction supervision fee of 5-6% of total project costs, which is capitalized, (3) acquisition fees and due diligence costs reimbursements, and (4) other owner approved fees at $55 per hour. BH also acts as a paymaster for the properties and is reimbursed at cost for various operating expenses it pays on behalf of the properties. The following is a summary of fees that the properties incurred to BH and its affiliates, as well as reimbursements paid to BH from the properties for various operating expenses, for the years ended December 31, 2019, 2018 and 2017 (in thousands): For the Year Ended December 31, 2019 2018 2017 Fees incurred Property management fees (1) $ 5,363 $ 4,382 $ 4,330 Construction supervision fees (2) 1,549 974 869 Design fees (2) 255 102 — Acquisition fees (3) 1,465 348 675 Reimbursements Payroll and benefits (4) 18,148 14,100 15,344 Other reimbursements (5) 3,286 2,200 1,982 (1) Included in property management fees on the consolidated statements of operations and comprehensive income. (2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Includes due diligence costs. Acquisition fees are capitalized to real estate assets on the consolidated balance sheets. (4) Included in property operating expenses on the consolidated statements of operations and comprehensive income. (5) Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the consolidated statements of operations and comprehensive income.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	11. Related Party Transactions Asset Management Fee Until the BH Buyout on June 30, 2017, in accordance with the operating agreement of each entity that owns the properties, the Company earned an asset management fee for services provided in connection with monitoring the operations of the properties. The asset management fee was equal to 0.5% per annum of the aggregate effective gross income of the properties, as defined in each of the operating agreements. For the year ended December 31, 2017, the properties incurred asset management fees to the Company of approximately $0.4 million. Since the fees were paid to the Company (and not the Adviser) by consolidated properties, they have been eliminated in consolidation. However, because the Company’s previous joint venture partners owned a portion of each of a majority of the properties in the Portfolio, prior to the Company’s purchase of 100% of their joint venture interests, they absorbed their pro rata share of the asset management fee. This amount is reflected on the consolidated statements of operations and comprehensive income in the net income attributable to noncontrolling interests. Advisory and Administrative Fee In accordance with the Advisory Agreement, the Company pays the Adviser an advisory fee equal to 1.00% of the Average Real Estate Assets (as defined below). The duties performed by the Company’s Adviser under the terms of the Advisory Agreement include, but are not limited to: providing daily management for the Company, selecting and working with third party service providers, managing the Company’s properties or overseeing the third party property manager, formulating an investment strategy for the Company and selecting suitable properties and investments, managing the Company’s outstanding debt and its interest rate exposure through derivative instruments, determining when to sell assets, and managing the value-add program or overseeing a third party vendor that implements the value-add program. “Average Real Estate Assets” means the average of the aggregate book value of Real Estate Assets before reserves for depreciation or other non-cash reserves, computed by taking the average of the book value of real estate assets at the end of each month (1) for which any fee under the Advisory Agreement is calculated or (2) during the year for which any expense reimbursement under the Advisory Agreement is calculated. “Real Estate Assets” is defined broadly in the Advisory Agreement to include, among other things, investments in real estate-related securities and mortgages and reserves for capital expenditures (the value-add program). The advisory fee is payable monthly in arrears in cash, unless the Adviser elects, in its sole discretion, to receive all or a portion of the advisory fee in shares of common stock, subject to certain limitations. In accordance with the Advisory Agreement, the Company also pays the Adviser an administrative fee equal to 0.20% of the Average Real Estate Assets. The administrative fee is payable monthly in arrears in cash, unless the Adviser elects, in its sole discretion, to receive all or a portion of the administrative fee in shares of common stock, subject to certain limitations. The advisory and administrative fees paid to the Adviser on the Contributed Assets (as defined below) are subject to an annual cap of approximately $5.4 million (the “Contributed Assets Cap”) (see “Expense Cap” below). Pursuant to the terms of the Advisory Agreement, the Company will reimburse the Adviser for all documented Operating Expenses and Offering Expenses it incurs on behalf of the Company. “Operating Expenses” include legal, accounting, financial and due diligence services performed by the Adviser that outside professionals or outside consultants would otherwise perform, the Company’s pro rata share of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the Adviser required for the Company’s operations, and compensation expenses under the 2016 LTIP. Operating Expenses do not include expenses for the advisory and administrative services described in the Advisory Agreement. Certain Operating Expenses, such as the Company’s ratable share of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses incurred by the Adviser or its affiliates that relate to the operations of the Company, may be billed monthly to the Company under a shared services agreement. “Offering Expenses” include all expenses (other than underwriters’ discounts) in connection with an offering, including, without limitation, legal, accounting, printing, mailing and filing fees and other documented offering expenses. For the years ended December 31, 2019, 2018 and 2017, the Adviser did not bill any Operating Expenses or Offering Expenses to the Company and any such expenses the Adviser incurred during the periods are considered to be permanently waived. Expense Cap Pursuant to the terms of the Advisory Agreement, expenses paid or incurred by the Company for advisory and administrative fees payable to the Adviser and Operating Expenses will not exceed 1.5% of Average Real Estate Assets per calendar year (or part thereof that the Advisory Agreement is in effect) (the “Expense Cap”). The Expense Cap does not limit the reimbursement of expenses related to Offering Expenses. The Expense Cap also does not apply to legal, accounting, financial, due diligence and other service fees incurred in connection with mergers and acquisitions, extraordinary litigation or other events outside the Company’s ordinary course of business or any out-of-pocket acquisitions or due diligence expenses incurred in connection with the acquisition or disposition of real estate assets. Also, advisory and administrative fees are further limited on Contributed Assets to approximately $5.4 million in any calendar year. Contributed Assets refers to all Real Estate Assets contributed to the Company as part of the Spin-Off. The Contributed Assets Cap is not reduced for dispositions of such assets subsequent to the Spin-Off. Advisory and administrative fees on New Assets are not subject to the above limitation and are based on an annual rate of 1.2% on Average Real Estate Assets, but are subject to the Expense Cap. New Assets are all Real Estate Assets that are not Contributed Assets. For the years ended December 31, 2019, 2018 and 2017, the Company incurred advisory and administrative fees of $7.5 million, $7.5 million and $7.4 million, respectively. The amount paid for the years ended December 31, 2019, 2018 and 2017 represents the maximum fee allowed on Contributed Assets under the Advisory Agreement plus approximately $2.1 million, $2.1 million and $2.0 million, respectively, of advisory and administrative fees incurred on New Assets. For the year ended December 31, 2019, the Adviser elected to voluntarily waive the advisory and administrative fees incurred on properties acquired subsequent to October 2016 (19 properties waived from January through August and 17 properties waived from September through December), which totaled approximately $9.1 million. For the year ended December 31, 2018, the Adviser elected to voluntarily waive the advisory and administrative fees incurred on the eight properties acquired subsequent to October 2016, which totaled approximately $4.1 million. For the year ended December 31, 2017, the Adviser elected to voluntarily waive the advisory and administrative fees incurred on the five properties acquired subsequent to October 2016, which totaled approximately $2.4 million. The advisory and administrative fees waived by the Adviser for the years ended December 31, 2019, 2018 and 2017 are considered to be permanently waived for the periods. The Adviser is not contractually obligated to waive fees on New Assets in the future and may cease waiving fees on New Assets at its discretion. Other Related Party Transactions The Company has in the past, and may in the future, utilize the services of affiliated parties. For the years ended December 31, 2019, 2018 and 2017, the Company paid approximately $0.3 million, $0.3 million and $1.2 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. In the normal course of business, the Company may purchase properties from affiliates of the Adviser. During the year ended December 31, 2019, the Company purchased Residences at Glenview Reserve and Residences at West Place from an affiliate of the Adviser for approximately $100.0 million (see Note 5 to our consolidated financial statements for additional details related to acquisitions during the period). The Company’s Audit Committee authorized, approved and ratified the acquisition of these properties. On November 14, 2018, as part of the 2018 Offering, affiliates of the Adviser purchased 207,971 shares from the underwriters. The shares were purchased on the same terms as other investors at a public offering price of $33.00 per share. However, no underwriters’ discount applied to the purchase of such shares.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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 December 31, 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 material environmental liability with respect to the properties that could have a material adverse effect on the Company’s business, assets, or results of operations. However, there can be no assurance that such a material environmental liability does not exist. The existence of any such material environmental liability could have an adverse effect on the Company’s results of operations and cash flows.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events Dividends Declared On February 17, 2020, the Company’s board of directors declared a quarterly dividend of $0.3125 per share, payable on March 31, 2020 to stockholders of record on March 16, 2020. Dispositions On January 23, 2020 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 March 31, 2020. Property Name (1) Location Sales Price Debt Outstanding (2) Real Estate Carrying Value, net (2) Woodbridge Nashville, Tennessee $ 31,700 $ 13,677 $ 15,183 Willow Grove Nashville, Tennessee 31,300 14,818 13,453 $ 63,000 $ 28,495 $ 28,636 (1) Properties were classified as held for sale as of December 31, 2019. (2) As of December 31, 2019. $92.5 Million Swap On January 16, 2020, NexPoint Residential Trust, Inc. (the “Company”), through its operating partnership, NexPoint Residential Trust Operating Partnership, L.P., entered into an interest rate swap transaction with KeyBank National Association (the “Swap”). The Company entered into the Swap 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). The Swap has an effective date of January 16, 2020 and a termination date of January 1, 2027. Beginning on February 1, 2020, the Company will be required to make monthly fixed rate payments of 1.798% calculated on a notional amount of $92.5 million, while the counterparty will be obligated to make monthly floating rate payments based on one-month LIBOR to the Company referencing the same notional amount.

Quarterly Results (unaudited)

Quarterly Results (unaudited)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results (unaudited)	14. Quarterly Results (unaudited) Presented below is a summary of the unaudited quarterly consolidated financial information for the years ended December 31, 2019, 2018 and 2017 (in thousands, except per share amounts): 2019 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 41,491 $ 43,066 $ 46,833 $ 49,676 Net income (loss) (4,373 ) (1,987 ) 119,104 (13,306 ) Net income (loss) attributable to common stockholders (4,360 ) (1,981 ) 118,747 (13,266 ) Earnings (loss) per share - basic (1) (0.19 ) (0.08 ) 4.93 (0.53 ) Earnings (loss) per share - diluted (1) (0.19 ) (0.08 ) 4.84 (0.53 ) (1) Quarterly earnings (loss) per share amounts are based on the weighted average common shares outstanding during the respective quarter and, therefore, may not agree in total with the loss per share amount calculated for the year ended December 31, 2019. 2018 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 35,057 $ 35,655 $ 36,495 $ 39,390 Net income (loss) 10,094 (1,666 ) (5,260 ) (4,782 ) Net income (loss) attributable to common stockholders 10,064 (1,661 ) (5,245 ) (4,767 ) Earnings (loss) per share - basic (1) 0.48 (0.08 ) (0.25 ) (0.21 ) Earnings (loss) per share - diluted (1) 0.47 (0.08 ) (0.25 ) (0.21 ) (1) Quarterly earnings (loss) per share amounts are based on the weighted average common shares outstanding during the respective quarter and, therefore, may not agree in total with the earnings per share amount calculated for the year ended December 31, 2018. 2017 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 36,991 $ 35,234 $ 37,097 $ 34,913 Net income (3,304 ) 9,930 54,076 (4,343 ) Net income (loss) attributable to common stockholders (3,616 ) 7,406 53,914 (4,330 ) Earnings (loss) per share - basic (1) (0.17 ) 0.35 2.56 (0.21 ) Earnings (loss) per share - diluted (1) (0.17 ) 0.34 2.53 (0.21 ) (1) Quarterly earnings (loss) per share amounts are based on the weighted average common shares outstanding during the respective quarter and, therefore, may not agree in total with the earnings per share amount calculated for the year ended December 31, 2017.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation and Amortization	12 Months Ended
	Dec. 31, 2019
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Schedule III- Real Estate and Accumulated Depreciation	SCHEDULE III DECEMBER 31, 2019 (in thousands) Initial Cost to Company Costs Capitalized Gross Amount Carried at December 31, 2019 Accumulated Property Name Location Encumbrances (1) Land Buildings and Improvements (2) Total Subsequent to Acquisition Land Buildings and Improvements (3) Total (4) Depreciation and Amortization (5) (6) Date Acquired Arbors on Forest Ridge Bedford, Texas $ 13,130 $ 2,330 $ 10,475 $ 12,805 $ 2,942 $ 2,330 $ 13,105 $ 15,435 $ (3,472 ) 1/31/2014 Cutter's Point Richardson, Texas 16,640 3,330 12,515 15,845 (5,074 ) 3,330 7,089 10,419 (1,086 ) 1/31/2014 Eagle Crest Irving, Texas 29,510 5,450 21,875 27,325 4,441 5,450 25,662 31,112 (6,031 ) 1/31/2014 Silverbrook Grand Prairie, Texas 30,590 4,860 25,540 30,400 6,974 4,860 31,721 36,581 (8,507 ) 1/31/2014 Beechwood Terrace Antioch, Tennessee 23,365 1,390 20,010 21,400 5,004 1,390 24,605 25,995 (5,620 ) 7/21/2014 Willow Grove Nashville, Tennessee 14,818 3,940 9,810 13,750 3,266 3,940 12,778 16,718 (3,265 ) 7/21/2014 Woodbridge Nashville, Tennessee 13,677 3,650 12,350 16,000 3,214 3,650 15,230 18,880 (3,697 ) 7/21/2014 The Summit at Sabal Park Tampa, Florida 13,560 5,770 13,280 19,050 2,322 5,770 15,198 20,968 (3,941 ) 8/20/2014 Courtney Cove Tampa, Florida 13,680 5,880 13,070 18,950 2,758 5,880 15,397 21,277 (3,777 ) 8/20/2014 Radbourne Lake Charlotte, North Carolina 20,000 2,440 21,810 24,250 3,304 2,440 24,462 26,902 (5,578 ) 9/30/2014 Timber Creek Charlotte, North Carolina 24,100 11,260 11,490 22,750 6,241 11,260 16,932 28,192 (4,428 ) 9/30/2014 Sabal Palm at Lake Buena Vista Orlando, Florida 42,100 7,580 41,920 49,500 3,908 7,580 44,441 52,021 (8,606 ) 11/5/2014 Southpoint Reserve at Stoney Creek Fredericksburg, Virginia 13,166 6,120 10,880 17,000 2,083 6,120 12,471 18,591 (897 ) 12/18/2014 Cornerstone Orlando, Florida 21,772 1,500 30,050 31,550 4,474 1,500 33,630 35,130 (7,086 ) 1/15/2015 The Preserve at Terrell Mill Marietta, Georgia 42,480 10,170 47,830 58,000 9,391 10,170 55,407 65,577 (13,129 ) 2/6/2015 Versailles Dallas, Texas 23,880 6,720 19,445 26,165 6,568 6,720 25,432 32,152 (6,152 ) 2/26/2015 Seasons 704 Apartments West Palm Beach, Florida 17,460 7,480 13,520 21,000 2,699 7,480 15,818 23,298 (3,636 ) 4/15/2015 Madera Point Mesa, Arizona 15,150 4,920 17,605 22,525 2,681 4,920 19,657 24,577 (4,077 ) 8/5/2015 Venue at 8651 Fort Worth, Texas 13,734 2,350 16,900 19,250 5,154 2,350 21,543 23,893 (4,811 ) 10/30/2015 Parc500 West Palm Beach, Florida 15,221 3,860 19,424 23,284 5,283 3,860 24,216 28,076 (4,375 ) 7/27/2016 The Venue on Camelback Phoenix, Arizona 28,093 8,340 36,520 44,860 4,281 8,340 40,078 48,418 (5,532 ) 10/11/2016 Old Farm Houston, Texas 52,886 11,078 73,986 85,064 3,028 11,078 73,660 84,738 (9,002 ) 12/29/2016 Stone Creek at Old Farm Houston, Texas 15,274 3,493 19,937 23,430 788 3,493 20,153 23,646 (2,444 ) 12/29/2016 Hollister Place Houston, Texas 14,811 2,782 21,902 24,684 2,977 2,782 23,947 26,729 (3,217 ) 2/1/2017 Rockledge Apartments Marietta, Georgia 68,100 17,451 96,577 114,028 7,445 17,451 101,001 118,452 (10,798 ) 6/30/2017 Atera Apartments Dallas, Texas 29,500 22,371 37,090 59,461 3,744 22,371 39,494 61,865 (3,682 ) 10/25/2017 Cedar Pointe Antioch, Tennessee 17,300 2,371 24,410 26,781 1,075 2,371 25,485 27,856 (1,415 ) 8/24/2018 Crestmont Reserve Dallas, Texas 12,061 4,124 20,667 24,791 1,218 4,124 21,885 26,009 (1,171 ) 9/26/2018 Brandywine I & II Nashville, Tennessee 43,835 6,237 73,870 80,107 2,340 6,237 76,210 82,447 (3,867 ) 9/26/2018 Bella Vista Phoenix, Arizona 29,040 10,942 37,661 48,603 529 10,942 38,190 49,132 (1,477 ) 1/28/2019 The Enclave Tempe, Arizona 25,322 11,046 30,933 41,979 491 11,046 31,424 42,470 (1,209 ) 1/28/2019 The Heritage Phoenix, Arizona 24,625 6,835 35,244 42,079 582 6,835 35,826 42,661 (1,338 ) 1/28/2019 Summers Landing Fort Worth, Texas 10,109 1,798 17,628 19,426 (107 ) 1,798 17,521 19,319 (423 ) 6/7/2019 Residences at Glenview Reserve Nashville, Tennessee 26,560 3,367 41,652 45,019 (602 ) 3,367 41,050 44,417 (824 ) 7/17/2019 Residences at West Place Orlando, Florida 33,817 3,345 52,657 56,002 (719 ) 3,345 51,938 55,283 (967 ) 7/17/2019 Avant at Pembroke Pines Pembroke Pines, Florida 177,100 48,436 275,671 324,107 3,015 48,437 278,685 327,122 (8,076 ) 8/30/2019 Arbors of Brentwood Nashville, Tennessee 34,237 6,346 56,409 62,755 717 6,346 57,126 63,472 (1,523 ) 9/10/2019 Torreyana Apartments Las Vegas, Nevada 37,400 23,823 44,560 68,383 17 23,823 44,577 68,400 (342 ) 11/22/2019 Bloom Las Vegas, Nevada 58,850 23,805 83,288 107,093 23 23,805 83,311 107,116 (571 ) 11/22/2019 Bella Solara Las Vegas, Nevada 36,575 12,605 54,262 66,867 8 12,605 54,270 66,875 (362 ) 11/22/2019 $ 1,193,528 $ 331,595 $ 1,524,723 $ 1,856,318 $ 108,483 $ 331,596 $ 1,610,625 $ 1,942,221 $ (160,411 ) (1) Encumbrances includes mortgage debt. (2) Includes gross intangible lease assets of approximately $29.6 million and buildings, improvements and furniture, fixtures and equipment of approximately $1.5 billion, which includes total acquisition costs of approximately $7.0 million incurred on the acquisitions of The Colonnade, Old Farm, Stone Creek at Old Farm, Hollister Place, Rockledge Apartments, Atera Apartments, Cedar Pointe, Crestmont Reserve, Brandywine I & II, Bella Vista, The Enclave, The Heritage, Summers Landing, Residences at Glenview Reserve, Residences at West Place, Avant at Pembroke Pines, Arbors of Brentwood, Torreyana, Bloom, and Bella Solara and a fair market value adjustment, a premium of approximately $0.9 million, related to the assumption of debt in connection with the acquisition of Parc500. (3) Includes gross intangible lease assets of approximately $12.4 million, construction in progress of approximately $4.4 million, and furniture, fixtures and equipment of approximately $85.8 million. (4) The aggregate cost, net of accumulated depreciation, for Federal income tax purposes as of December 31, 2019 was approximately $1.8 billion (unaudited). (5) Includes accumulated amortization of intangible lease assets of approximately $6.2 million. (6) Depreciation and amortization are computed on a straight-line basis over the estimated useful lives. The estimated useful life to compute depreciation for buildings is 30 years, for improvements is 15 years, and for furniture, fixtures and equipment is three years. The estimated useful life to compute amortization for intangible lease assets is six months. NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2019 A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2019, 2018 and 2017 is as follows (in thousands): For the Year Ended December 31, 2019 2018 2017 Real Estate: Balance, beginning of year $ 1,222,563 $ 1,082,805 $ 1,029,349 Additions: Real estate acquired 882,313 131,679 198,173 Improvements 47,739 28,809 25,748 Deductions: Real estate sold (191,203 ) (18,311 ) (160,250 ) Write-off of fully amortized assets and other (19,191 ) (2,419 ) (10,215 ) Balance, end of year $ 1,942,221 $ 1,222,563 $ 1,082,805 Accumulated Depreciation and Amortization: Balance, beginning of year $ 135,021 $ 91,649 $ 66,312 Depreciation expense 56,360 45,002 39,812 Amortization expense 12,726 2,468 8,940 Accumulated depreciation on sales (32,408 ) (2,500 ) (14,199 ) Write-off of fully amortized assets and other (11,288 ) (1,598 ) (9,216 ) Balance, end of year $ 160,411 $ 135,021 $ 91,649

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes to the Company’s significant accounting policies during the year ended December 31, 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. In May 2014, the FASB issued ASC 606 as ASU 2014-09, Revenue from Contracts with Customers In February 2016, the FASB issued ASU 2016-02, Leases In July 2018, the FASB issued ASU 2018-11 , Leases – Targeted Improvements For the Year Ended December 31, Lease Income Type 2019 2018 2017 Rental income $ 158,167 $ 127,964 $ 125,024 Utility reimbursements (1) 10,906 9,835 10,514 Late fees (1) 1,622 1,443 1,597 Pet fees (1) 816 618 582 Other fees (1) 5,651 3,298 3,165 Total rental income $ 177,162 $ 143,158 $ 140,882 (1) Previously classified as other income prior to December 31, 2019. The table below quantifies the effects on rental and other income for the years ended December 31, 2019, 2018 and 2017 from the adoption ASC 842: For the Year Ended December 31, 2019 2018 2017 Prior to adoption of ASC 842 Rental income $ 158,167 $ 127,964 $ 125,023 Other income 22,899 18,633 19,212 Total revenue $ 181,066 $ 146,597 $ 144,235 Post adoption of ASC 842 Rental income $ 177,162 $ 143,158 $ 140,882 Other income 3,904 3,439 3,353 Total revenue $ 181,066 $ 146,597 $ 144,235 Differences resulting in ASC 842 adoption Rental income difference $ 18,995 $ 15,194 $ 15,859 Other income difference (18,995 ) (15,194 ) (15,859 ) Total revenue difference $ — $ — $ — Certain revenue streams such as service provider income and damage recoveries did not qualify for the practical expedient and therefore remained in other income and were subjected to ASU 2014-09.
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 (“ASC 805”). The allocation of total consideration, which is determined using inputs that are classified within Level 3 of the fair value hierarchy established by FASB ASC 820, Fair Value Measurement and Disclosures Real estate assets, including land, buildings, improvements, furniture, fixtures and equipment, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months Construction in progress includes the cost of renovation projects being performed at the various properties. Once a project is complete, the historical cost of the renovation is placed into service in one of the categories above depending on the type of renovation project and is depreciated over the estimated useful lives as described in the table above.
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. The key inputs into our impairment analysis include, but are not limited to, the holding period, net operating income, and capitalization rates. 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’s impairment analysis identifies and evaluates events or changes in circumstances that indicate the carrying amount of a real estate investment may not be recoverable, including determining the period the Company will hold the rental property, net operating income, and the estimated capitalization rate for each respective real estate investment.
Held-for-Sale	Held for Sale 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 December 31, 2019, there are three properties that are classified as held for sale. Approximately $0.2 million of other assets and approximately $1.0 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 years ended December 31, 2019, 2018 and 2017. If the Company fails to meet these requirements, it could be subject to federal income tax on all of the Company’s taxable income at regular corporate rates for that year. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. As of December 31, 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 December 31, 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.
Recent Accounting Pronouncements	Accounting Pronouncements Adopted in the Current Year In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments Recent Accounting Pronouncements In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815) In August 2018, the SEC adopted SEC Release No. 33-10532, Disclosure Update and Simplification
Reclassifications	Reclassifications Certain reclassifications have been made to conform the prior period consolidated financial statements and notes to the current period presentation due to the adoption of the new accounting standards.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Summary of Components of Rental Income and its Oher Components were Previously Classified as Other Income	The table below outlines the components of rental income and its other components which were previously classified as other income for the years ended December 31, 2019, 2018 and 2017: For the Year Ended December 31, Lease Income Type 2019 2018 2017 Rental income $ 158,167 $ 127,964 $ 125,024 Utility reimbursements (1) 10,906 9,835 10,514 Late fees (1) 1,622 1,443 1,597 Pet fees (1) 816 618 582 Other fees (1) 5,651 3,298 3,165 Total rental income $ 177,162 $ 143,158 $ 140,882 (1) Previously classified as other income prior to December 31, 2019.
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
Accounting Standards Update 2018-11
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Summary of Effects on Rental and Other Income from Adoption of ASC 842	The table below quantifies the effects on rental and other income for the years ended December 31, 2019, 2018 and 2017 from the adoption ASC 842: For the Year Ended December 31, 2019 2018 2017 Prior to adoption of ASC 842 Rental income $ 158,167 $ 127,964 $ 125,023 Other income 22,899 18,633 19,212 Total revenue $ 181,066 $ 146,597 $ 144,235 Post adoption of ASC 842 Rental income $ 177,162 $ 143,158 $ 140,882 Other income 3,904 3,439 3,353 Total revenue $ 181,066 $ 146,597 $ 144,235 Differences resulting in ASC 842 adoption Rental income difference $ 18,995 $ 15,194 $ 15,859 Other income difference (18,995 ) (15,194 ) (15,859 ) Total revenue difference $ — $ — $ —

Investments in Subsidiaries (Ta

Investments in Subsidiaries (Tables)	12 Months Ended
	Dec. 31, 2019
Schedule Of Investments [Abstract]
Schedule of Ownership in Each Property	As of December 31, 2019, the Company, through the OP and the wholly owned TRS, owned 40 properties through single-asset LLCs. The following table represents the Company’s ownership in each property by virtue of its 100% ownership of the single-asset LLCs that directly own the title to each property as of December 31, 2019 and 2018: Effective Ownership Percentage at December 31, Property Name Location Year 2019 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 Atlanta, Georgia 2014 — (1) 100 % Beechwood Terrace Antioch, Tennessee 2014 100 % 100 % Willow Grove (2) Nashville, Tennessee 2014 100 % 100 % Woodbridge (2) Nashville, Tennessee 2014 100 % 100 % Abbington Heights Antioch, Tennessee 2014 — (1) 100 % The Summit at Sabal Park Tampa, Florida 2014 100 % 100 % Courtney Cove Tampa, Florida 2014 100 % 100 % Radbourne Lake Charlotte, North Carolina 2014 100 % 100 % Timber Creek Charlotte, North Carolina 2014 100 % 100 % Belmont at Duck Creek Garland, Texas 2014 — (1) 100 % Sabal Palm at Lake Buena Vista Orlando, Florida 2014 100 % 100 % Southpoint Reserve at Stoney Creek (2) Fredericksburg, Virginia 2014 100 % 100 % Cornerstone Orlando, Florida 2015 100 % 100 % The Ashlar Dallas, Texas 2015 — (1) 100 % Heatherstone Dallas, Texas 2015 — (1) 100 % The Preserve at Terrell Mill Marietta, Georgia 2015 100 % 100 % Versailles Dallas, Texas 2015 100 % 100 % Seasons 704 Apartments West Palm Beach, Florida 2015 100 % 100 % Madera Point Mesa, Arizona 2015 100 % 100 % The Pointe at the Foothills Mesa, Arizona 2015 — (1) 100 % Venue at 8651 Fort Worth, Texas 2015 100 % 100 % Parc500 West Palm Beach, Florida 2016 100 % 100 % The Venue on Camelback (3) 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 Dallas, Texas 2017 100 % 100 % Cedar Pointe (4) Antioch, Tennessee 2018 100 % 100 % Crestmont Reserve Dallas, Texas 2018 100 % 100 % Brandywine I & II Nashville, Tennessee 2018 100 % 100 % Bella Vista (5) Phoenix, Arizona 2019 100 % — (8) The Enclave (5) Tempe, Arizona 2019 100 % — (8) The Heritage (5) Phoenix, Arizona 2019 100 % — (8) Summers Landing Fort Worth, Texas 2019 100 % — (8) Residences at Glenview Reserve (6) Nashville, Tennessee 2019 100 % — (8) Residences at West Place (6) Orlando, Florida 2019 100 % — (8) Avant at Pembroke Pines Pembroke Pines, Florida 2019 100 % — (8) Arbors of Brentwood Nashville, Tennessee 2019 100 % — (8) Torreyana Apartments (7) Las Vegas, Nevada 2019 100 % — (8) Bloom (7) Las Vegas, Nevada 2019 100 % — (8) Bella Solara (7) Las Vegas, Nevada 2019 100 % — (8) (1) Property was sold in 2019. (2) Property was classified as held for sale as of December 31, 2019. (3) Formerly known as The Colonnade. (4) 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 owned Cedar Pointe was no longer considered a VIE. (5) 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, at 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. (6) NXRT acquired two multifamily properties, Residences at Glenview Reserve and Residences at West Place on July 17, 2019. The master lease agreement with the EAT that directly owned these properties terminated on September 3, 2019, at 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. (7) The EAT that directly owned Torreyana, Bloom and Bella Solara was consolidated as a VIE at December 31, 2019 giving the Company an effective 100% ownership interest. Legal title will transfer to the Company upon completion of the reverse 1031 Exchange or May 21, 2020, whichever comes first. Upon the transfer of title, the EAT that directly owned these properties will no longer be considered a VIE. (8) Properties were acquired in 2019; therefore, no ownership as of December 31, 2018.

Real Estate Investments Stati_2

Real Estate Investments Statistics (Tables)	12 Months Ended
	Dec. 31, 2019
Multifamily Properties
Business Acquisition [Line Items]
Summary of Investment in Multifamily Properties	As of December 31, 2019, the Company was invested in a total of 40 multifamily properties, as listed below: Average Effective Monthly Rent Per Unit as of December 31,*(1) % Occupied as of December 31,*(2) Property Name Rentable Square Footage (in thousands)* Number of Units* Date Acquired 2019 2018 2019 2018 Arbors on Forest Ridge 155 210 1/31/2014 $ 894 $ 870 95.7 % 95.2 % Cutter's Point (3) 198 196 1/31/2014 — 1,109 — 95.4 % Eagle Crest 396 447 1/31/2014 969 922 96.6 % 94.9 % Silverbrook 526 642 1/31/2014 870 835 95.5 % 94.9 % Beechwood Terrace 272 300 7/21/2014 937 933 91.3 % 93.7 % Willow Grove (4) 229 244 7/21/2014 1,002 960 97.5 % 95.1 % Woodbridge (4) 247 220 7/21/2014 1,061 1,028 91.8 % 94.1 % The Summit at Sabal Park 205 252 8/20/2014 1,010 955 97.2 % 94.4 % Courtney Cove 225 324 8/20/2014 927 895 94.8 % 95.7 % Radbourne Lake 247 225 9/30/2014 1,118 1,082 90.7 % 96.0 % Timber Creek 248 352 9/30/2014 916 847 94.9 % 92.6 % Sabal Palm at Lake Buena Vista 371 400 11/5/2014 1,270 1,255 93.8 % 96.5 % Southpoint Reserve at Stoney Creek (4) 116 156 12/18/2014 1,152 1,093 92.3 % 98.1 % Cornerstone 318 430 1/15/2015 1,053 1,007 95.6 % 94.2 % The Preserve at Terrell Mill 692 752 2/6/2015 969 921 94.9 % 94.8 % Versailles 301 388 2/26/2015 923 884 93.0 % 96.4 % Seasons 704 Apartments 217 222 4/15/2015 1,155 1,130 94.6 % 96.8 % Madera Point 193 256 8/5/2015 924 866 96.1 % 94.5 % Venue at 8651 289 333 10/30/2015 924 875 96.1 % 92.8 % Parc500 266 217 7/27/2016 1,304 1,254 93.1 % 94.9 % The Venue on Camelback 256 415 10/11/2016 777 719 94.2 % 93.3 % Old Farm 697 734 12/29/2016 1,162 1,176 92.8 % 92.9 % Stone Creek at Old Farm 186 190 12/29/2016 1,194 1,173 95.8 % 96.8 % Hollister Place 246 260 2/1/2017 995 984 93.1 % 93.5 % Rockledge Apartments 802 708 6/30/2017 1,260 1,186 95.3 % 94.6 % Atera Apartments 334 380 10/25/2017 1,256 1,232 93.4 % 97.4 % Cedar Pointe 224 210 8/24/2018 1,066 1,051 91.4 % 95.7 % Crestmont Reserve 199 242 9/26/2018 902 914 94.2 % 94.6 % Brandywine I & II 414 632 9/26/2018 978 957 93.7 % 93.8 % Bella Vista 243 248 1/28/2019 1,265 — (5) 97.2 % — (5) The Enclave 194 204 1/28/2019 1,295 — (5) 93.6 % — (5) The Heritage 199 204 1/28/2019 1,265 — (5) 96.6 % — (5) Summers Landing 139 196 6/7/2019 920 — (5) 91.8 % — (5) Residences at Glenview Reserve 344 360 7/17/2019 977 — (5) 94.4 % — (5) Residences at West Place 345 342 7/17/2019 1,211 — (5) 92.7 % — (5) Avant at Pembroke Pines 1,442 1520 8/30/2019 1,498 — (5) 93.7 % — (5) Arbors of Brentwood 325 346 9/10/2019 1,192 — (5) 96.2 % — (5) Torreyana Apartments 309 315 11/22/2019 1,171 — (5) 95.6 % — (5) Bloom 498 528 11/22/2019 1,105 — (5) 90.9 % — (5) Bella Solara 271 320 11/22/2019 1,136 — (5) 91.9 % — (5) 13,378 14,920 (6) * Information is unaudited. (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of December 31, 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 December 31, 2019 and December 31, 2018, respectively. (2) Percent occupied is calculated as the number of units occupied as of December 31, 2019 and 2018, divided by the total number of units, expressed as a percentage. (3) Cutter’s Point incurred significant tornado damage on October 20, 2019 which resulted in the property ceasing operations in order to start reconstruction (see Note 5). ( 4 ) Property was classified as held for sale as of December 31, 2019. ( 5 ) Properties were acquired in 2019. (6) Represents total units owned by the Company as of December 31, 2019 inclusive of Cutter’s Point. Cutter’s Point is currently undergoing repairs after being struck by a tornado as discussed in Note 5, and as such, has been excluded from all other portfolio metrics such as occupancy percentage and weighted average rent per unit, etc. Total units exclusive of Cutter’s Point are 14,724 as of December 31, 2019.

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Summary of Major Components of Investments in Multifamily Properties	As of December 31, 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 $ 11,585 $ — $ — $ 1,520 $ 15,435 Cutter's Point 3,330 2,563 — 2,648 1,878 10,419 Eagle Crest 5,450 23,830 — — 1,832 31,112 Silverbrook 4,860 27,091 — — 4,630 36,581 Beechwood Terrace 1,390 22,000 — 70 2,535 25,995 The Summit at Sabal Park 5,770 13,600 — — 1,598 20,968 Courtney Cove 5,880 13,413 — 2 1,982 21,277 Radbourne Lake 2,440 22,465 — — 1,997 26,902 Timber Creek 11,260 13,993 — — 2,939 28,192 Sabal Palm at Lake Buena Vista 7,580 41,841 — 492 2,108 52,021 Cornerstone 1,500 30,653 — — 2,977 35,130 The Preserve at Terrell Mill 10,170 49,216 — 8 6,183 65,577 Versailles 6,720 21,688 — 8 3,736 32,152 Seasons 704 Apartments 7,480 14,336 — — 1,482 23,298 Madera Point 4,920 17,615 — — 2,042 24,577 Venue at 8651 2,350 18,192 — 21 3,330 23,893 Parc500 3,860 20,821 — 193 3,202 28,076 The Venue on Camelback 8,340 37,992 — — 2,086 48,418 Old Farm 11,078 70,670 — 40 2,950 84,738 Stone Creek at Old Farm 3,493 19,436 — 1 716 23,646 Hollister Place 2,782 21,788 — — 2,159 26,729 Rockledge Apartments 17,451 96,108 — 134 4,759 118,452 Atera Apartments 22,371 37,442 — 8 2,044 61,865 Cedar Pointe 2,372 24,193 — 24 1,268 27,857 Crestmont Reserve 4,124 20,613 — — 1,272 26,009 Brandywine I & II 6,237 73,004 — 58 3,148 82,447 Bella Vista 10,942 36,690 — — 1,500 49,132 The Enclave 11,046 30,224 — 24 1,176 42,470 The Heritage 6,835 34,580 — — 1,246 42,661 Summers Landing 1,798 16,958 — 35 528 19,319 Residences at Glenview Reserve 3,367 40,202 — 11 837 44,417 Residences at West Place 3,345 50,884 — 244 810 55,283 Avant at Pembroke Pines 48,436 266,103 6,989 217 5,376 327,121 Arbors of Brentwood 6,346 54,995 1,215 137 779 63,472 Torreyana Apartments 23,823 42,721 1,201 — 655 68,400 Bloom 23,805 80,365 1,851 — 1,095 107,116 Bella Solara 12,605 52,449 1,158 — 663 66,875 317,886 1,472,319 12,414 4,375 81,038 1,888,032 Accumulated depreciation and amortization — (105,335 ) (6,171 ) — (41,046 ) (152,552 ) Total Operating Properties $ 317,886 $ 1,366,984 $ 6,243 $ 4,375 $ 39,992 $ 1,735,480 Held For Sale Property Southpoint Reserve at Stoney Creek 6,120 11,502 — 1 968 18,591 Woodbridge 3,650 13,296 — — 1,934 18,880 Willow Grove 3,940 10,946 — — 1,832 16,718 Accumulated depreciation and amortization — (5,390 ) — — (2,469 ) (7,859 ) Total Held For Sale Property $ 13,710 $ 30,354 $ — $ 1 $ 2,265 $ 46,330 Total $ 331,596 $ 1,397,338 $ 6,243 $ 4,376 $ 42,257 $ 1,781,810 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 owned Cedar Pointe was no longer considered a VIE.
Summary of Acquired Properties	The Company acquired 11 properties during the year ended December 31, 2019, as detailed in the table below (dollars in thousands). The Company acquired three properties for a combined purchase price of approximately $131.0 million during the year ended December 31, 2018. See Notes 3, 4 and 6 for additional information. 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 % 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 % Avant at Pembroke Pines Pembroke Pines, Florida August 30, 2019 322,000 177,100 1,520 100 % Arbors of Brentwood Nashville, Tennessee September 10, 2019 62,250 34,237 346 100 % Torreyana Apartments Las Vegas, Nevada November 22, 2019 68,000 37,400 315 100 % Bloom Las Vegas, Nevada November 22, 2019 106,500 58,850 528 100 % Bella Solara Las Vegas, Nevada November 22, 2019 66,500 36,575 320 100 % $ 876,746 $ 493,635 4,583 (1) For additional information regarding the Company’s debt, see Note 6.
Schedule of Sale of Properties	The Company sold six properties during the year ended December 31, 2019, as detailed in the table below (in thousands). The Company sold one property for approximately $30.0 million during the year ended December 31, 2018. Property Name Location Date of Sale Sales Price Net Cash Proceeds Gain on Sale of Real Estate Edgewater at Sandy Springs Atlanta, Georgia August 28, 2019 $ 101,250 $ 100,120 $ 47,332 Abbington Heights Antioch, Tennessee August 30, 2019 28,050 27,605 10,887 Belmont at Duck Creek Garland, Texas August 28, 2019 29,500 29,102 11,993 The Ashlar Dallas, Texas August 28, 2019 29,400 29,029 13,205 Heatherstone Dallas, Texas August 28, 2019 16,275 16,032 6,366 The Pointe at the Foothills Mesa, Arizona August 28, 2019 85,400 84,591 37,901 $ 289,875 $ 286,479 $ 127,684 (1) Represents sales price, net of closing costs.

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 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 3.44% 7/1/2024 Cutter's Point (3) Floating 84 16,640 3.44% 7/1/2024 Eagle Crest (3) Floating 84 29,510 3.44% 7/1/2024 Silverbrook (3) Floating 84 30,590 3.44% 7/1/2024 Beechwood Terrace (3) Floating 84 23,365 3.20% 9/1/2025 The Summit at Sabal Park (3) Floating 84 13,560 3.38% 7/1/2024 Courtney Cove (3) Floating 84 13,680 3.38% 7/1/2024 The Preserve at Terrell Mill (3) Floating 84 42,480 3.38% 7/1/2024 Versailles (3) Floating 84 23,880 3.38% 7/1/2024 Seasons 704 Apartments (3) Floating 84 17,460 3.38% 7/1/2024 Madera Point (3) Floating 84 15,150 3.38% 7/1/2024 Venue at 8651 (3) Floating 84 13,734 3.54% 7/1/2024 The Venue on Camelback (3) Floating 84 28,093 3.44% 7/1/2024 Old Farm (3) Floating 84 52,886 3.44% 7/1/2024 Stone Creek at Old Farm (3) Floating 84 15,274 3.44% 7/1/2024 Timber Creek (3) Floating 84 24,100 3.02% 10/1/2025 Radbourne Lake (3) Floating 84 20,000 3.05% 10/1/2025 Sabal Palm at Lake Buena Vista (3) Floating 84 42,100 3.06% 9/1/2025 Cornerstone (4) Fixed 120 21,772 4.24% 3/1/2023 Parc500 (5) Fixed 120 15,221 4.49% 8/1/2025 Hollister Place (3) Floating 84 14,811 3.10% 10/1/2025 Rockledge Apartments (3) Floating 84 68,100 3.33% 7/1/2024 Atera Apartments (3) Floating 84 29,500 3.24% 11/1/2024 Cedar Pointe (6) Floating 84 17,300 3.11% 9/1/2025 Crestmont Reserve (3) Floating 84 12,061 2.94% 10/1/2025 Brandywine I & II (3) Floating 84 43,835 2.94% 10/1/2025 Bella Vista (7) Floating 84 29,040 3.08% 2/1/2026 The Enclave (7) Floating 84 25,322 3.08% 2/1/2026 The Heritage (7) Floating 84 24,625 3.08% 2/1/2026 Summers Landing (8) Floating 84 10,109 2.94% 10/1/2025 Residences at Glenview Reserve (9) Floating 84 26,560 3.20% 10/1/2025 Residences at West Place (9) Fixed 120 33,817 4.24% 10/1/2028 Avant at Pembroke Pines (3) Floating 84 177,100 3.19% 9/1/2026 Arbors of Brentwood (3) Floating 84 34,237 3.19% 10/1/2026 Torreyana Apartments (10) Floating 84 37,400 3.46% 12/1/2026 Bloom (10) Floating 84 58,850 3.46% 12/1/2026 Bella Solara (10) Floating 84 36,575 3.46% 12/1/2026 $ 1,151,867 Fair market value adjustment 1,463 (11) Deferred financing costs, net of accumulated amortization of $2,494 (7,959 ) $ 1,145,371 Held For Sale Properties Southpoint Reserve at Stoney Creek (3) Floating 84 $ 13,166 3.87% 1/1/2022 Woodbridge (3) Floating 84 13,677 3.54% 7/1/2024 Willow Grove (3) Floating 84 14,818 3.54% 7/1/2024 $ 41,661 Deferred financing costs, net of accumulated amortization of $362 (485 ) $ 41,176 (1) Mortgage debt that is non-recourse to the Company and encumbers the multifamily properties. (2) Interest rate is based on one-month LIBOR plus an applicable margin, except for fixed rate mortgage debt. One-month LIBOR as of December 31, 2019 was 1.7625%. (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) 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 (9) Debt was assumed upon acquisition of this property and recorded at approximated fair value. The loan can be prepaid at the greater of par plus 1.00% of the unpaid principal balance or the product obtained by multiplying the present value of the principal being prepaid by the excess of the monthly fixed interest rate of the loan over a daily discount rate. The loan is open to pre-payment in the last three months of the term. (10) 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 (1 1 ) The Company reflected a valuation adjustment on its fixed rate debt for Parc500 and Residences at West Place to adjust it to fair market value on their respective dates of acquisition for the difference between the fair value and the assumed principal amount of debt. The difference is amortized into interest expense over the remaining terms of the mortgages.
Sale of Properties and Repayment of Related Mortgage Loans	During the year ended December 31, 2019, the Company sold six properties and repaid the related mortgage loans that encumbered the properties, as detailed in the table below (in thousands): Property Name Date of Sale Type Outstanding Principal (1) Edgewater at Sandy Springs August 28, 2019 Floating $ 52,000 Abbington Heights August 30, 2019 Floating 16,920 Belmont at Duck Creek August 28, 2019 Floating 17,760 The Ashlar August 28, 2019 Floating 14,520 Heatherstone August 28, 2019 Floating 8,880 The Pointe at the Foothills August 28, 2019 Floating 34,800 $ 144,880 (1) Represents the outstanding principal balance when the loan was repaid.
Schedule of Credit Facility	The following table contains summary information concerning the Company’s credit facility as of December 31, 2019 (dollars in thousands): Type Term Outstanding Principal Interest Rate (1) Maturity Date Corporate Credit Facility Floating 24 $ 41,700 3.69% 1/28/2021 Corporate Credit Facility Floating 24 19,000 3.74% 1/28/2021 Corporate Credit Facility Floating 24 111,000 3.76% 1/28/2021 Corporate Credit Facility Floating 24 46,300 3.80% 1/28/2021 Deferred financing costs, net of accumulated amortization of $553 (1,499 ) $ 216,501 (1) Interest rate is based on one-month LIBOR plus an applicable margin. One-month LIBOR as of December 31, 2019 was 1.7625%.
Schedule of Debt Maturities	Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to December 31, 2019 are as follows (in thousands): Operating Properties Held For Sale Property Credit Facility Total 2020 $ 744 $ 262 $ — $ 1,006 2021 872 281 218,000 219,153 2022 1,367 12,622 — 13,989 2023 21,155 — — 21,155 2024 424,558 28,496 — 453,054 Thereafter 703,171 — — 703,171 Total $ 1,151,867 $ 41,661 $ 218,000 $ 1,411,528

Fair Value of Derivative and _2

Fair Value of Derivative and Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Summary of Company's Outstanding Interest Rate Swaps	As of December 31, 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 % September 1, 2019 September 1, 2026 KeyBank 100,000 1.4620 % September 1, 2019 September 1, 2026 KeyBank 125,000 1.3020 % $ 975,000 1.4147 % (2) (1) The floating rate option for the interest rate swaps is one-month LIBOR. As of December 31, 2019, one-month LIBOR was 1.7625%. (2) Represents the weighted average fixed rate of the interest rate swaps.
Schedule of Outstanding Interest Rate Derivatives	As of December 31, 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 15 $ 346,542
Summary of Derivative Financial Instruments and Classification on the Consolidated Balance Sheet	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2019 and 2018 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ 7,298 $ 18,141 $ 3,824 $ — Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets — 10 — — Total $ 7,298 $ 18,151 $ 3,824 $ —
Summary of Derivative Financial Instruments on Consolidated Statements of Operations and Comprehensive Income	The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income for the years ended December 31, 2019, 2018 and 2017 (in thousands): Amount of gain (loss) recognized in OCI Location of gain (loss) reclassified from accumulated Amount of gain (loss) reclassified from OCI into income Location of gain (loss) recognized Amount of gain (loss) recognized in income 2019 2018 (1) 2017 (1) OCI into income 2019 2018 (1) 2017 (1) in income 2019 2018 *(2) 2017 *(2)(3) Derivatives designated as hedging instruments: For the year ended December 31, Interest rate products $ (8,153 ) $ 5,928 $ 2,967 Interest expense $ 6,472 $ 3,997 $ (1,416 ) Interest expense $ — $ — $ 124 * Includes amounts excluded from effectiveness testing. (1) Represents the effective portion of changes in fair value. (2) Represents the ineffective portion of changes in fair value. (3) Includes approximately $185,000 of loss reclassified from OCI for missed forecasted transactions due to hedged forecasted transactions being no longer probable. Location of gain (loss) Amount of gain (loss) recognized in income recognized in income 2019 2018 2017 Derivatives not designated as hedging instruments: For the year ended December 31, Interest rate products Interest expense $ (30 ) $ (49 ) $ (19 )

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2019: 2019 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 464,626 $ 22.80 Granted 186,662 37.50 Vested (197,863 ) (1) 23.10 Forfeited (6,386 ) — Outstanding December 31, 447,039 (2) $ 29.13 (1) Certain key employees of the Adviser elected to net the taxes owed upon vesting against the shares issued resulting in 180,783 shares being issued as shown on the Consolidated Statement of Stockholders’ Equity. (2) 108,613 restricted stock units 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.
Summary Information of ATM Program	The following table contains summary information of the ATM Program: Gross proceeds $ 71,973,433 Common shares sold 1,565,322 Gross average sale price per share $ 45.98 Sales commissions $ 1,079,601 Offering costs 1,019,778 Net proceeds 69,874,054 Average price per share, net $ 44.64

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 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 Year Ended December 31, 2019 2018 2017 Numerator for earnings (loss) per share: Net income (loss) $ 99,438 $ (1,614 ) $ 56,359 Net income attributable to noncontrolling interests — — 2,836 Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership 298 (5 ) 149 Net income (loss) attributable to common stockholders $ 99,140 $ (1,609 ) $ 53,374 Denominator for earnings (loss) per share: Weighted average common shares outstanding 24,116 21,189 21,057 Denominator for basic earnings (loss) per share 24,116 21,189 21,057 Weighted average unvested restricted stock units 477 478 342 Denominator for diluted earnings (loss) per share 24,593 21,667 21,399 Earnings (loss) per weighted average common share: Basic $ 4.11 $ (0.08 ) $ 2.53 Diluted $ 4.03 $ (0.08 ) $ 2.49

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 2019
Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interests	The following table sets forth the redeemable noncontrolling interests in the OP for the year ended December 31, 2019 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2018 $ 2,567 Net income attributable to redeemable noncontrolling interests in the OP 298 Other comprehensive loss attributable to redeemable noncontrolling interests in the OP (44 ) Contributions from redeemable noncontrolling interests in the OP 140 Distributions to redeemable noncontrolling interests in the OP (47 ) Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 381 Redeemable noncontrolling interests in the OP, December 31, 2019 $ 3,295
Summary of Fees Incurred to BH And Its Affiliates As Well As Reimbursements Paid to BH	. The following is a summary of fees that the properties incurred to BH and its affiliates, as well as reimbursements paid to BH from the properties for various operating expenses, for the years ended December 31, 2019, 2018 and 2017 (in thousands): For the Year Ended December 31, 2019 2018 2017 Fees incurred Property management fees (1) $ 5,363 $ 4,382 $ 4,330 Construction supervision fees (2) 1,549 974 869 Design fees (2) 255 102 — Acquisition fees (3) 1,465 348 675 Reimbursements Payroll and benefits (4) 18,148 14,100 15,344 Other reimbursements (5) 3,286 2,200 1,982 (1) Included in property management fees on the consolidated statements of operations and comprehensive income. (2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Includes due diligence costs. Acquisition fees are capitalized to real estate assets on the consolidated balance sheets. (4) Included in property operating expenses on the consolidated statements of operations and comprehensive income. (5) Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the consolidated statements of operations and comprehensive income.

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Schedule of Purchase and Sale Agreement of Real Estate Property	On January 23, 2020 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 March 31, 2020. Property Name (1) Location Sales Price Debt Outstanding (2) Real Estate Carrying Value, net (2) Woodbridge Nashville, Tennessee $ 31,700 $ 13,677 $ 15,183 Willow Grove Nashville, Tennessee 31,300 14,818 13,453 $ 63,000 $ 28,495 $ 28,636 (1) Properties were classified as held for sale as of December 31, 2019. (2) As of December 31, 2019.

Quarterly Results (unaudited) (

Quarterly Results (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Summary of the Unaudited Quarterly Consolidated Financial Information	Presented below is a summary of the unaudited quarterly consolidated financial information for the years ended December 31, 2019, 2018 and 2017 (in thousands, except per share amounts): 2019 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 41,491 $ 43,066 $ 46,833 $ 49,676 Net income (loss) (4,373 ) (1,987 ) 119,104 (13,306 ) Net income (loss) attributable to common stockholders (4,360 ) (1,981 ) 118,747 (13,266 ) Earnings (loss) per share - basic (1) (0.19 ) (0.08 ) 4.93 (0.53 ) Earnings (loss) per share - diluted (1) (0.19 ) (0.08 ) 4.84 (0.53 ) (1) Quarterly earnings (loss) per share amounts are based on the weighted average common shares outstanding during the respective quarter and, therefore, may not agree in total with the loss per share amount calculated for the year ended December 31, 2019. 2018 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 35,057 $ 35,655 $ 36,495 $ 39,390 Net income (loss) 10,094 (1,666 ) (5,260 ) (4,782 ) Net income (loss) attributable to common stockholders 10,064 (1,661 ) (5,245 ) (4,767 ) Earnings (loss) per share - basic (1) 0.48 (0.08 ) (0.25 ) (0.21 ) Earnings (loss) per share - diluted (1) 0.47 (0.08 ) (0.25 ) (0.21 ) (1) Quarterly earnings (loss) per share amounts are based on the weighted average common shares outstanding during the respective quarter and, therefore, may not agree in total with the earnings per share amount calculated for the year ended December 31, 2018. 2017 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 36,991 $ 35,234 $ 37,097 $ 34,913 Net income (3,304 ) 9,930 54,076 (4,343 ) Net income (loss) attributable to common stockholders (3,616 ) 7,406 53,914 (4,330 ) Earnings (loss) per share - basic (1) (0.17 ) 0.35 2.56 (0.21 ) Earnings (loss) per share - diluted (1) (0.17 ) 0.34 2.53 (0.21 ) (1) Quarterly earnings (loss) per share amounts are based on the weighted average common shares outstanding during the respective quarter and, therefore, may not agree in total with the earnings per share amount calculated for the year ended December 31, 2017.

Organization and Description _2

Organization and Description of Business - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019shares
Real Estate Properties [Line Items]
Date of incorporation	Sep. 19, 2014
OP Units, outstanding	23,819,402
OP Units owned	23,746,169
Maximum
Real Estate Properties [Line Items]
Investments in real estate-related debt and securities	30.00%
NexPoint Residential Trust Operating Partnership LP
Real Estate Properties [Line Items]
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 - Summary of Components of Rental Income and its Oher Components were Previously Classified as Other Income (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Rental income		$ 158,167	$ 127,964	$ 125,024
Utility reimbursements	[1]	10,906	9,835	10,514
Late fees	[1]	1,622	1,443	1,597
Pet fees	[1]	816	618	582
Other fees	[1]	5,651	3,298	3,165
Total rental income		$ 177,162	$ 143,158	$ 140,882
[1]	Previously classified as other income prior to December 31, 2019.

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Effects on Rental and Other Income from Adoption of ASC 842 (Details) - USD ($) $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Rental income													$ 177,162	$ 143,158	$ 140,882
Other income													3,904	3,439	3,353
Total revenues	$ 49,676	$ 46,833	$ 43,066	$ 41,491	$ 39,390	$ 36,495	$ 35,655	$ 35,057	$ 34,913	$ 37,097	$ 35,234	$ 36,991	181,066	146,597	144,235
Accounting Standards Update 2018-11
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Rental income													177,162	143,158	140,882
Other income													3,904	3,439	3,353
Total revenues													181,066	146,597	144,235
Accounting Standards Update 2018-11 | Prior to Adoption of ASC 842
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Rental income													158,167	127,964	125,023
Other income													22,899	18,633	19,212
Total revenues													181,066	146,597	144,235
Accounting Standards Update 2018-11 | Differences Resulting in ASC 842 Adoption
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Rental income													18,995	15,194	15,859
Other income													$ (18,995)	$ (15,194)	$ (15,859)

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	12 Months Ended
	Dec. 31, 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_7

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019USD ($)Property
Summary Of Significant Accounting Policies [Line Items]
Number of properties held for sale | Property	3
Minimum percentage of distributed taxable income to qualify as REIT	90.00%
Percentage of non-deductible excise tax on distribution	4.00%
Percentage of ordinary income considered for payment of distribution	85.00%
Percentage of capital gain net income considered for payment of distribution	95.00%
Percentage of undistributed income of prior considered for payment of distribution	100.00%
Unrecognized tax benefit or expense, accrued interest or penalties	$ 0
Accounting Standards Update 2017-12
Summary Of Significant Accounting Policies [Line Items]
Cumulative effect upon adoption of ASU2017-12	$ 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	$ 200,000
Other liabilities	$ 1,000,000

Investments in Subsidiaries - A

Investments in Subsidiaries - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019subsidiary
Schedule Of Investments [Abstract]
Consolidated investment in SPEs	100.00%
Number of wholly owned subsidiaries	40

Investments in Subsidiaries - S

Investments in Subsidiaries - Schedule of Ownership in Each Property (Details)	12 Months Ended
	Dec. 31, 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%
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%
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%
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 Ashlar | Dallas, Texas
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2015
Effective ownership percentage, wholly owned subsidiary		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%
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%
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%
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%
Residences at Glenview Reserve | Nashville, Tennessee
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100.00%
Residences at West Place | Orlando, Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100.00%
Avant at Pembroke Pines | Pembroke Pines, Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100.00%
Arbors of Brentwood | Nashville, Tennessee
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100.00%
Torreyana Apartments | Las Vegas, Nevada
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100.00%
Bloom | Las Vegas, Nevada
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100.00%
Bella Solara | Las Vegas, Nevada
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100.00%

Investments in Subsidiaries -_2

Investments in Subsidiaries - Schedule of Ownership in Each Property (Parenthetical) (Details) - Property	Jul. 17, 2019	Dec. 31, 2019	Dec. 31, 2018
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Number of properties acquired		11	3
Consolidated investment in SPEs		100.00%
Torreyana, Bloom and Bella Solara
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Consolidated investment in SPEs		100.00%
Multifamily Properties
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Number of properties acquired	2

Real Estate Investments Stati_3

Real Estate Investments Statistics - Additional Information (Details)	Dec. 31, 2019Property
Multifamily Properties
Business Acquisition [Line Items]
Number of multifamily properties	40

Real Estate Investments Stati_4

Real Estate Investments Statistics - Summary of Investment in Multifamily Properties (Details) ft² in Thousands		12 Months Ended
		Dec. 31, 2019ft²Property$ / Property	Dec. 31, 2018$ / Property
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		13,378
Number of Units | Property	[1]	14,920
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	[2]	894	870
% Occupied	[3]	95.70%	95.20%
Cutter's Point
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[4]	198
Number of Units | Property	[4]	196
Date Acquired	[4]	Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[2],[4]		1,109
% Occupied	[3],[4]		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	[2]	969	922
% Occupied	[3]	96.60%	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	[2]	870	835
% Occupied	[3]	95.50%	94.90%
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	[2]	937	933
% Occupied	[3]	91.30%	93.70%
Willow Grove
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[5]	229
Number of Units | Property	[5]	244
Date Acquired	[5]	Jul. 21, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[2],[5]	1,002	960
% Occupied	[3],[5]	97.50%	95.10%
Woodbridge
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[5]	247
Number of Units | Property	[5]	220
Date Acquired	[5]	Jul. 21, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[2],[5]	1,061	1,028
% Occupied	[3],[5]	91.80%	94.10%
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	[2]	1,010	955
% Occupied	[3]	97.20%	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	[2]	927	895
% Occupied	[3]	94.80%	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	[2]	1,118	1,082
% Occupied	[3]	90.70%	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	[2]	916	847
% Occupied	[3]	94.90%	92.60%
Sabal Palm at Lake Buena Vista
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		371
Number of Units | Property		400
Date Acquired		Nov. 5, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,270	1,255
% Occupied	[3]	93.80%	96.50%
Southpoint Reserve at Stoney Creek
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[5]	116
Number of Units | Property	[5]	156
Date Acquired	[5]	Dec. 18, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[2],[5]	1,152	1,093
% Occupied	[3],[5]	92.30%	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	[2]	1,053	1,007
% Occupied	[3]	95.60%	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	[2]	969	921
% Occupied	[3]	94.90%	94.80%
Versailles
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		301
Number of Units | Property		388
Date Acquired		Feb. 26, 2015
Average Effective Monthly Rent Per Unit | $ / Property	[2]	923	884
% Occupied	[3]	93.00%	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	[2]	1,155	1,130
% Occupied	[3]	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	[2]	924	866
% Occupied	[3]	96.10%	94.50%
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	[2]	924	875
% Occupied	[3]	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	[2]	1,304	1,254
% Occupied	[3]	93.10%	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	[2]	777	719
% Occupied	[3]	94.20%	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	[2]	1,162	1,176
% Occupied	[3]	92.80%	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	[2]	1,194	1,173
% Occupied	[3]	95.80%	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	[2]	995	984
% Occupied	[3]	93.10%	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	[2]	1,260	1,186
% Occupied	[3]	95.30%	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	[2]	1,256	1,232
% Occupied	[3]	93.40%	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	[2]	1,066	1,051
% Occupied	[3]	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	[2]	902	914
% Occupied	[3]	94.20%	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	[2]	978	957
% Occupied	[3]	93.70%	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	[2]	1,265
% Occupied	[3]	97.20%
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	[2]	1,295
% Occupied	[3]	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	[2]	1,265
% Occupied	[3]	96.60%
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	[2]	920
% Occupied	[3]	91.80%
Residences at Glenview Reserve
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		344
Number of Units | Property		360
Date Acquired		Jul. 17, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[2]	977
% Occupied	[3]	94.40%
Residences at West Place
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		345
Number of Units | Property		342
Date Acquired		Jul. 17, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,211
% Occupied	[3]	92.70%
Avant at Pembroke Pines
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		1,442
Number of Units | Property		1,520
Date Acquired		Aug. 30, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,498
% Occupied	[3]	93.70%
Arbors of Brentwood
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		325
Number of Units | Property		346
Date Acquired		Sep. 10, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,192
% Occupied	[3]	96.20%
Torreyana Apartments
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		309
Number of Units | Property		315
Date Acquired		Nov. 22, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,171
% Occupied	[3]	95.60%
Bloom
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		498
Number of Units | Property		528
Date Acquired		Nov. 22, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,105
% Occupied	[3]	90.90%
Bella Solara
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		271
Number of Units | Property		320
Date Acquired		Nov. 22, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,136
% Occupied	[3]	91.90%
[1]	Represents total units owned by the Company as of December 31, 2019 inclusive of Cutter’s Point.  Cutter’s Point is currently undergoing repairs after being struck by a tornado as discussed in Note 5, and as such, has been excluded from all other portfolio metrics such as occupancy percentage and weighted average rent per unit, etc.  Total units exclusive of Cutter’s Point are 14,724 as of December 31, 2019.
[2]	Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of December 31, 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 December 31, 2019 and December 31, 2018, respectively
[3]	Percent occupied is calculated as the number of units occupied as of December 31, 2019 and 2018, divided by the total number of units, expressed as a percentage.
[4]	Cutter’s Point incurred significant tornado damage on October 20, 2019 which resulted in the property ceasing operations in order to start reconstruction (see Note 5).
[5]	Property was classified as held for sale as of December 31, 2019.

Real Estate Investments Stati_5

Real Estate Investments Statistics - Summary of Investment in Multifamily Properties (Parenthetical) (Details)	Dec. 31, 2019Property
Business Acquisition [Line Items]
Number of Units	14,920	[1]
Exclusive Cutter’s Point
Business Acquisition [Line Items]
Number of Units	14,724
[1]	Represents total units owned by the Company as of December 31, 2019 inclusive of Cutter’s Point.  Cutter’s Point is currently undergoing repairs after being struck by a tornado as discussed in Note 5, and as such, has been excluded from all other portfolio metrics such as occupancy percentage and weighted average rent per unit, etc.  Total units exclusive of Cutter’s Point are 14,724 as of December 31, 2019.

Real Estate Investments - Summa

Real Estate Investments - Summary of Major Components of Investments in Multifamily Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Real Estate Properties [Line Items]
Land	$ 317,886	$ 202,347
Buildings and improvements	1,472,319	935,604
Intangible lease assets	12,414	3,049
Construction in progress	4,375	1,881
Furniture, fixtures, and equipment	81,038	61,456
Real estate investment, gross	1,888,032	1,204,337
Accumulated depreciation and amortization	(152,552)	(134,124)
Total Net Operating Real Estate Investments	1,735,480	1,070,213
Accumulated depreciation and amortization	(7,859)	(897)
Total Net Real Estate Investments	1,781,810	1,087,542
Real Estate Properties Held For Sale
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments	46,330	17,329
Multifamily Properties
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	(7,859)	(897)
Total Net Real Estate Investments	1,781,810	1,087,542
Multifamily Properties | Intangible Lease Assets
Real Estate Properties [Line Items]
Total Net Real Estate Investments	6,243	1,424
Multifamily Properties | Land
Real Estate Properties [Line Items]
Total Net Real Estate Investments	331,596	208,467
Multifamily Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	(5,390)	(736)
Total Net Real Estate Investments	1,397,338	850,823
Multifamily Properties | Construction in Progress
Real Estate Properties [Line Items]
Total Net Real Estate Investments	4,376	1,881
Multifamily Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	(2,469)	(161)
Total Net Real Estate Investments	42,257	24,947
Multifamily Properties | Real Estate Properties Held For Sale
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments	46,330	17,329
Multifamily Properties | Real Estate Properties Held For Sale | Land
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments	13,710	6,120
Multifamily Properties | Real Estate Properties Held For Sale | Buildings and Improvements
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments	30,354	10,583
Multifamily Properties | Real Estate Properties Held For Sale | Construction in Progress
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments	1
Multifamily Properties | Real Estate Properties Held For Sale | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments	2,265	626
Multifamily Properties | Arbors on Forest Ridge
Real Estate Properties [Line Items]
Land	2,330	2,330
Buildings and improvements	11,585	11,319
Furniture, fixtures, and equipment	1,520	1,047
Real estate investment, gross	15,435	14,696
Multifamily Properties | Cutter's Point
Real Estate Properties [Line Items]
Land	3,330	3,330
Buildings and improvements	2,563	13,347
Construction in progress	2,648
Furniture, fixtures, and equipment	1,878	1,320
Real estate investment, gross	10,419	17,997
Multifamily Properties | Eagle Crest
Real Estate Properties [Line Items]
Land	5,450	5,450
Buildings and improvements	23,830	22,969
Furniture, fixtures, and equipment	1,832	1,563
Real estate investment, gross	31,112	29,982
Multifamily Properties | Silverbrook
Real Estate Properties [Line Items]
Land	4,860	4,860
Buildings and improvements	27,091	26,485
Construction in progress		60
Furniture, fixtures, and equipment	4,630	3,230
Real estate investment, gross	36,581	34,635
Multifamily Properties | Beechwood Terrace
Real Estate Properties [Line Items]
Land	1,390	1,390
Buildings and improvements	22,000	21,123
Construction in progress	70	31
Furniture, fixtures, and equipment	2,535	1,670
Real estate investment, gross	25,995	24,214
Multifamily Properties | Willow Grove
Real Estate Properties [Line Items]
Land		3,940
Buildings and improvements		10,829
Furniture, fixtures, and equipment		1,231
Real estate investment, gross		16,000
Multifamily Properties | Willow Grove | Real Estate Properties Held For Sale
Real Estate Properties [Line Items]
Land	3,940
Buildings and improvements	10,946
Furniture, fixtures, and equipment	1,832
Real estate investment, gross	16,718
Multifamily Properties | Woodbridge
Real Estate Properties [Line Items]
Land		3,650
Buildings and improvements		13,125
Furniture, fixtures, and equipment		1,536
Real estate investment, gross		18,311
Multifamily Properties | Woodbridge | Real Estate Properties Held For Sale
Real Estate Properties [Line Items]
Land	3,650
Buildings and improvements	13,296
Furniture, fixtures, and equipment	1,934
Real estate investment, gross	18,880
Multifamily Properties | The Summit at Sabal Park
Real Estate Properties [Line Items]
Land	5,770	5,770
Buildings and improvements	13,600	13,447
Construction in progress		43
Furniture, fixtures, and equipment	1,598	1,347
Real estate investment, gross	20,968	20,607
Multifamily Properties | Courtney Cove
Real Estate Properties [Line Items]
Land	5,880	5,880
Buildings and improvements	13,413	13,170
Construction in progress	2
Furniture, fixtures, and equipment	1,982	1,268
Real estate investment, gross	21,277	20,318
Multifamily Properties | Radbourne Lake
Real Estate Properties [Line Items]
Land	2,440	2,440
Buildings and improvements	22,465	22,138
Construction in progress		72
Furniture, fixtures, and equipment	1,997	1,536
Real estate investment, gross	26,902	26,186
Multifamily Properties | Timber Creek
Real Estate Properties [Line Items]
Land	11,260	11,260
Buildings and improvements	13,993	13,582
Furniture, fixtures, and equipment	2,939	1,556
Real estate investment, gross	28,192	26,398
Multifamily Properties | Sabal Palm at Lake Buena Vista
Real Estate Properties [Line Items]
Land	7,580	7,580
Buildings and improvements	41,841	41,336
Construction in progress	492
Furniture, fixtures, and equipment	2,108	1,280
Real estate investment, gross	52,021	50,196
Multifamily Properties | Cornerstone
Real Estate Properties [Line Items]
Land	1,500	1,500
Buildings and improvements	30,653	30,513
Furniture, fixtures, and equipment	2,977	1,885
Real estate investment, gross	35,130	33,898
Multifamily Properties | The Preserve at Terrell Mill
Real Estate Properties [Line Items]
Land	10,170	10,170
Buildings and improvements	49,216	49,091
Construction in progress	8	57
Furniture, fixtures, and equipment	6,183	4,843
Real estate investment, gross	65,577	64,161
Multifamily Properties | The Venue on Camelback
Real Estate Properties [Line Items]
Land	8,340
Buildings and improvements	37,992
Furniture, fixtures, and equipment	2,086
Real estate investment, gross	48,418
Multifamily Properties | Versailles
Real Estate Properties [Line Items]
Land	6,720	6,720
Buildings and improvements	21,688	21,513
Construction in progress	8
Furniture, fixtures, and equipment	3,736	3,033
Real estate investment, gross	32,152	31,266
Multifamily Properties | Seasons 704 Apartments
Real Estate Properties [Line Items]
Land	7,480	7,480
Buildings and improvements	14,336	14,223
Furniture, fixtures, and equipment	1,482	1,288
Real estate investment, gross	23,298	22,991
Multifamily Properties | Madera Point
Real Estate Properties [Line Items]
Land	4,920	4,920
Buildings and improvements	17,615	17,570
Furniture, fixtures, and equipment	2,042	1,431
Real estate investment, gross	24,577	23,921
Multifamily Properties | Venue at 8651
Real Estate Properties [Line Items]
Land	2,350	2,350
Buildings and improvements	18,192	18,084
Construction in progress	21
Furniture, fixtures, and equipment	3,330	2,499
Real estate investment, gross	23,893	22,933
Multifamily Properties | Parc500
Real Estate Properties [Line Items]
Land	3,860	3,860
Buildings and improvements	20,821	20,692
Construction in progress	193	37
Furniture, fixtures, and equipment	3,202	2,600
Real estate investment, gross	28,076	27,189
Multifamily Properties | Old Farm
Real Estate Properties [Line Items]
Land	11,078	11,078
Buildings and improvements	70,670	70,471
Construction in progress	40
Furniture, fixtures, and equipment	2,950	1,800
Real estate investment, gross	84,738	83,349
Multifamily Properties | Bella Vista
Real Estate Properties [Line Items]
Land	10,942
Buildings and improvements	36,690
Furniture, fixtures, and equipment	1,500
Real estate investment, gross	49,132
Multifamily Properties | Stone Creek at Old Farm
Real Estate Properties [Line Items]
Land	3,493	3,493
Buildings and improvements	19,436	19,394
Construction in progress	1
Furniture, fixtures, and equipment	716	467
Real estate investment, gross	23,646	23,354
Multifamily Properties | The Enclave
Real Estate Properties [Line Items]
Land	11,046
Buildings and improvements	30,224
Construction in progress	24
Furniture, fixtures, and equipment	1,176
Real estate investment, gross	42,470
Multifamily Properties | Hollister Place
Real Estate Properties [Line Items]
Land	2,782	2,782
Buildings and improvements	21,788	21,389
Construction in progress		135
Furniture, fixtures, and equipment	2,159	1,410
Real estate investment, gross	26,729	25,716
Multifamily Properties | The Heritage
Real Estate Properties [Line Items]
Land	6,835
Buildings and improvements	34,580
Furniture, fixtures, and equipment	1,246
Real estate investment, gross	42,661
Multifamily Properties | Rockledge Apartments
Real Estate Properties [Line Items]
Land	17,451	17,451
Buildings and improvements	96,108	95,484
Construction in progress	134	428
Furniture, fixtures, and equipment	4,759	3,314
Real estate investment, gross	118,452	116,677
Multifamily Properties | Summers Landing
Real Estate Properties [Line Items]
Land	1,798
Buildings and improvements	16,958
Construction in progress	35
Furniture, fixtures, and equipment	528
Real estate investment, gross	19,319
Multifamily Properties | Atera Apartments
Real Estate Properties [Line Items]
Land	22,371	22,371
Buildings and improvements	37,442	36,563
Construction in progress	8	86
Furniture, fixtures, and equipment	2,044	1,151
Real estate investment, gross	61,865	60,171
Multifamily Properties | Residences at Glenview Reserve
Real Estate Properties [Line Items]
Land	3,367
Buildings and improvements	40,202
Construction in progress	11
Furniture, fixtures, and equipment	837
Real estate investment, gross	44,417
Multifamily Properties | Cedar Pointe
Real Estate Properties [Line Items]
Land	2,372	2,371
Buildings and improvements	24,193	23,458
Intangible lease assets		600
Construction in progress	24	16
Furniture, fixtures, and equipment	1,268	441
Real estate investment, gross	27,857	26,886
Multifamily Properties | Residences at West Place
Real Estate Properties [Line Items]
Land	3,345
Buildings and improvements	50,884
Construction in progress	244
Furniture, fixtures, and equipment	810
Real estate investment, gross	55,283
Multifamily Properties | Crestmont Reserve
Real Estate Properties [Line Items]
Land	4,124	4,124
Buildings and improvements	20,613	19,544
Intangible lease assets		687
Furniture, fixtures, and equipment	1,272	504
Real estate investment, gross	26,009	24,859
Multifamily Properties | Avant at Pembroke Pines
Real Estate Properties [Line Items]
Land	48,436
Buildings and improvements	266,103
Intangible lease assets	6,989
Construction in progress	217
Furniture, fixtures, and equipment	5,376
Real estate investment, gross	327,121
Multifamily Properties | Brandywine I & II
Real Estate Properties [Line Items]
Land	6,237	6,237
Buildings and improvements	73,004	70,961
Intangible lease assets		1,762
Construction in progress	58
Furniture, fixtures, and equipment	3,148	1,215
Real estate investment, gross	82,447	80,175
Multifamily Properties | Arbors of Brentwood
Real Estate Properties [Line Items]
Land	6,346
Buildings and improvements	54,995
Intangible lease assets	1,215
Construction in progress	137
Furniture, fixtures, and equipment	779
Real estate investment, gross	63,472
Multifamily Properties | Torreyana Apartments
Real Estate Properties [Line Items]
Land	23,823
Buildings and improvements	42,721
Intangible lease assets	1,201
Furniture, fixtures, and equipment	655
Real estate investment, gross	68,400
Multifamily Properties | Bloom
Real Estate Properties [Line Items]
Land	23,805
Buildings and improvements	80,365
Intangible lease assets	1,851
Furniture, fixtures, and equipment	1,095
Real estate investment, gross	107,116
Multifamily Properties | Southpoint Reserve at Stoney Creek | Real Estate Properties Held For Sale
Real Estate Properties [Line Items]
Land	6,120	6,120
Buildings and improvements	11,502	11,319
Construction in progress	1
Furniture, fixtures, and equipment	968	787
Real estate investment, gross	18,591	18,226
Multifamily Properties | Bella Solara
Real Estate Properties [Line Items]
Land	12,605
Buildings and improvements	52,449
Intangible lease assets	1,158
Furniture, fixtures, and equipment	663
Real estate investment, gross	66,875
Multifamily Properties | Operating Properties
Real Estate Properties [Line Items]
Real estate investment, gross	1,888,032	1,204,337
Accumulated depreciation and amortization	(152,552)	(134,124)
Total Net Operating Real Estate Investments	1,735,480	1,070,213
Multifamily Properties | Operating Properties | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	12,414	3,049
Accumulated depreciation and amortization	(6,171)	(1,625)
Total Net Operating Real Estate Investments	6,243	1,424
Multifamily Properties | Operating Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross	317,886	202,347
Total Net Operating Real Estate Investments	317,886	202,347
Multifamily Properties | Operating Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	1,472,319	935,604
Accumulated depreciation and amortization	(105,335)	(95,364)
Total Net Operating Real Estate Investments	1,366,984	840,240
Multifamily Properties | Operating Properties | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	4,375	1,881
Total Net Operating Real Estate Investments	4,375	1,881
Multifamily Properties | Operating Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	81,038	61,456
Accumulated depreciation and amortization	(41,046)	(37,135)
Total Net Operating Real Estate Investments	$ 39,992	24,321
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 | 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 | 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 | 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 | 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 | 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 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

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Details)		Oct. 20, 2019USD ($)	Oct. 31, 2017Property	Dec. 31, 2019USD ($)Property	Dec. 31, 2018USD ($)Property	Dec. 31, 2017USD ($)
Real Estate Properties [Line Items]
Depreciation expense				$ 56,400,000	$ 45,000,000	$ 39,900,000
Amortization expense of intangible lease assets				$ 12,726,000	$ 2,468,000	8,940,000
Number of properties acquired | Property				11	3
Purchase Price				$ 876,746,000	$ 131,000,000
Number of real estate properties sold | Property			4	6	1
Sales of real estate					$ 30,000,000
Impairment write down				$ 0	$ 0	$ 0
Casualty losses recognized	[1]			3,488,000
Business interruption insurance claim and recognized				600,000
Capitalized cost				200,000
Cutter's Point
Real Estate Properties [Line Items]
Impairment write down		$ 7,800,000		7,800,000
Intangible Lease Assets
Real Estate Properties [Line Items]
Amortization expense, 2020				$ 6,200,000
[1]	Casualty losses for the year ended December 31, 2019 are related to tornado damage incurred at Cutter’s Point (see Note 5).

Real Estate Investments - Sum_2

Real Estate Investments - Summary of Acquired Properties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)Property	Dec. 31, 2018USD ($)
Real Estate Properties [Line Items]
Purchase Price	$ 876,746	$ 131,000
Mortgage Debt	$ 493,635
Number of Units | Property	4,583
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%
Residences at Glenview Reserve | Nashville, Tennessee
Real Estate Properties [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%
Residences at West Place | Orlando, Florida
Real Estate Properties [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%
Avant at Pembroke Pines | Pembroke Pines, Florida
Real Estate Properties [Line Items]
Date of Acquisition	Aug. 30, 2019
Purchase Price	$ 322,000
Mortgage Debt	$ 177,100
Number of Units | Property	1,520
Effective ownership percentage, wholly owned subsidiary	100.00%
Arbors of Brentwood | Nashville, Tennessee
Real Estate Properties [Line Items]
Date of Acquisition	Sep. 10, 2019
Purchase Price	$ 62,250
Mortgage Debt	$ 34,237
Number of Units | Property	346
Effective ownership percentage, wholly owned subsidiary	100.00%
Torreyana Apartments | Las Vegas, Nevada
Real Estate Properties [Line Items]
Date of Acquisition	Nov. 22, 2019
Purchase Price	$ 68,000
Mortgage Debt	$ 37,400
Number of Units | Property	315
Effective ownership percentage, wholly owned subsidiary	100.00%
Bloom | Las Vegas, Nevada
Real Estate Properties [Line Items]
Date of Acquisition	Nov. 22, 2019
Purchase Price	$ 106,500
Mortgage Debt	$ 58,850
Number of Units | Property	528
Effective ownership percentage, wholly owned subsidiary	100.00%
Bella Solara | Las Vegas, Nevada
Real Estate Properties [Line Items]
Date of Acquisition	Nov. 22, 2019
Purchase Price	$ 66,500
Mortgage Debt	$ 36,575
Number of Units | Property	320
Effective ownership percentage, wholly owned subsidiary	100.00%

Real Estate Investments - Sum_3

Real Estate Investments - Summary of Sale of Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate Properties [Line Items]
Sales Price	$ 289,875
Net Cash Proceeds	286,479	$ 29,553	$ 224,416
Gain on Sale of Real Estate	$ 127,684	$ 13,742	$ 78,365
Edgewater at Sandy Springs | Atlanta, Georgia
Real Estate Properties [Line Items]
Date of Sale	Aug. 28, 2019
Sales Price	$ 101,250
Net Cash Proceeds	100,120
Gain on Sale of Real Estate	$ 47,332
Abbington Heights | Antioch, Tennessee
Real Estate Properties [Line Items]
Date of Sale	Aug. 30, 2019
Sales Price	$ 28,050
Net Cash Proceeds	27,605
Gain on Sale of Real Estate	$ 10,887
Belmont at Duck Creek | Garland, Texas
Real Estate Properties [Line Items]
Date of Sale	Aug. 28, 2019
Sales Price	$ 29,500
Net Cash Proceeds	29,102
Gain on Sale of Real Estate	$ 11,993
The Ashlar | Dallas, Texas
Real Estate Properties [Line Items]
Date of Sale	Aug. 28, 2019
Sales Price	$ 29,400
Net Cash Proceeds	29,029
Gain on Sale of Real Estate	$ 13,205
Heatherstone | Dallas, Texas
Real Estate Properties [Line Items]
Date of Sale	Aug. 28, 2019
Sales Price	$ 16,275
Net Cash Proceeds	16,032
Gain on Sale of Real Estate	$ 6,366
The Pointe at the Foothills | Mesa, Arizona
Real Estate Properties [Line Items]
Date of Sale	Aug. 28, 2019
Sales Price	$ 85,400
Net Cash Proceeds	84,591
Gain on Sale of Real Estate	$ 37,901

Debt - Summary of Mortgage Debt

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Mortgages payable, net	$ 1,145,371	$ 824,702
Mortgages Payable | Operating Properties
Debt Instrument [Line Items]
Outstanding Principal	1,151,867
Fair market value adjustment	1,463
Deferred financing costs, net of accumulated amortization	(7,959)
Mortgages payable, net	$ 1,145,371
Mortgages Payable | Arbors on Forest Ridge | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 13,130
Interest Rate	3.44%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Cutter's Point | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 16,640
Interest Rate	3.44%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Eagle Crest | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 29,510
Interest Rate	3.44%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Silverbrook | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 30,590
Interest Rate	3.44%
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	3.20%
Maturity Date	Sep. 1, 2025
Mortgages Payable | The Summit at Sabal Park | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 13,560
Interest Rate	3.38%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Courtney Cove | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 13,680
Interest Rate	3.38%
Maturity Date	Jul. 1, 2024
Mortgages Payable | The Preserve at Terrell Mill | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 42,480
Interest Rate	3.38%
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	3.44%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Versailles | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 23,880
Interest Rate	3.38%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Seasons 704 Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 17,460
Interest Rate	3.38%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Madera Point | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 15,150
Interest Rate	3.38%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Venue at 8651 | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 13,734
Interest Rate	3.54%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Old Farm | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 52,886
Interest Rate	3.44%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Stone Creek at Old Farm | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 15,274
Interest Rate	3.44%
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	3.02%
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	3.05%
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	3.06%
Maturity Date	Sep. 1, 2025
Mortgages Payable | Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 21,772
Interest Rate	4.24%
Maturity Date	Mar. 1, 2023
Mortgages Payable | Bella Vista | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 29,040
Interest Rate	3.08%
Maturity Date	Feb. 1, 2026
Mortgages Payable | Parc500 | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 15,221
Interest Rate	4.49%
Maturity Date	Aug. 1, 2025
Mortgages Payable | The Enclave | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 25,322
Interest Rate	3.08%
Maturity Date	Feb. 1, 2026
Mortgages Payable | Hollister Place | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 14,811
Interest Rate	3.10%
Maturity Date	Oct. 1, 2025
Mortgages Payable | The Heritage | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 24,625
Interest Rate	3.08%
Maturity Date	Feb. 1, 2026
Mortgages Payable | Rockledge Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 68,100
Interest Rate	3.33%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Summers Landing | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 10,109
Interest Rate	2.94%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Atera Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 29,500
Interest Rate	3.24%
Maturity Date	Nov. 1, 2024
Mortgages Payable | Residences at Glenview Reserve | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 26,560
Interest Rate	3.20%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Cedar Pointe | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 17,300
Interest Rate	3.11%
Maturity Date	Sep. 1, 2025
Mortgages Payable | Residences at West Place | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 33,817
Interest Rate	4.24%
Maturity Date	Oct. 1, 2028
Mortgages Payable | Crestmont Reserve | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 12,061
Interest Rate	2.94%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Avant at Pembroke Pines | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 177,100
Interest Rate	3.19%
Maturity Date	Sep. 1, 2026
Mortgages Payable | Brandywine I & II | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 43,835
Interest Rate	2.94%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Arbors of Brentwood | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 34,237
Interest Rate	3.19%
Maturity Date	Oct. 1, 2026
Mortgages Payable | Torreyana Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 37,400
Interest Rate	3.46%
Maturity Date	Dec. 1, 2026
Mortgages Payable | Bloom | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 58,850
Interest Rate	3.46%
Maturity Date	Dec. 1, 2026
Mortgages Payable | Bella Solara | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 36,575
Interest Rate	3.46%
Maturity Date	Dec. 1, 2026
Mortgages Payable | Real Estate Properties Held For Sale
Debt Instrument [Line Items]
Outstanding Principal	$ 41,661
Deferred financing costs, net of accumulated amortization	(485)
Mortgages payable, net	$ 41,176
Mortgages Payable | Real Estate Properties Held For Sale | Willow Grove | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 14,818
Interest Rate	3.54%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Real Estate Properties Held For Sale | Woodbridge | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 13,677
Interest Rate	3.54%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Real Estate Properties Held For Sale | Southpoint Reserve at Stoney Creek | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 13,166
Interest Rate	3.87%
Maturity Date	Jan. 1, 2022

Debt - Summary of Mortgage De_2

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Parenthetical) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	$ 2,494
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%
Residences at Glenview Reserve and West Place
Debt Instrument [Line Items]
Mortgage loans payable description	Debt was assumed upon acquisition of this property and recorded at approximated fair value. The loan can be prepaid at the greater of par plus 1.00% of the unpaid principal balance or the product obtained by multiplying the present value of the principal being prepaid by the excess of the monthly fixed interest rate of the loan over a daily discount rate. The loan is open to pre-payment in the last three months of the term
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
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%
13th month through 81st month | Torreyana, Bloom and Bella Solara | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Mortgage loans payable description	Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
First 12 months
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
First 12 months | 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 12 months | Torreyana, Bloom and Bella Solara | 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	1.7625%
Real Estate Properties Held For Sale
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	$ 362

Debt - Sale of Property and Rep

Debt - Sale of Property and Repayment of Related Mortgage Loan That Encumbered (Details) - Mortgages Loan - Debt With Floating Interest Rate $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Outstanding Principal	$ 144,880
Edgewater at Sandy Springs
Debt Instrument [Line Items]
Date of Sale	Aug. 28, 2019
Outstanding Principal	$ 52,000
Abbington Heights
Debt Instrument [Line Items]
Date of Sale	Aug. 30, 2019
Outstanding Principal	$ 16,920
Belmont at Duck Creek
Debt Instrument [Line Items]
Date of Sale	Aug. 28, 2019
Outstanding Principal	$ 17,760
The Ashlar
Debt Instrument [Line Items]
Date of Sale	Aug. 28, 2019
Outstanding Principal	$ 14,520
Heatherstone
Debt Instrument [Line Items]
Date of Sale	Aug. 28, 2019
Outstanding Principal	$ 8,880
The Pointe at the Foothills
Debt Instrument [Line Items]
Date of Sale	Aug. 28, 2019
Outstanding Principal	$ 34,800

Debt - Additional Information (

Debt - Additional Information (Details)

Nov. 20, 2019USD ($)

Aug. 28, 2019USD ($)

Jan. 28, 2019USD ($)

Nov. 14, 2018USD ($)

Sep. 26, 2018USD ($)

Jul. 25, 2018USD ($)

Apr. 27, 2018USD ($)

Jun. 30, 2017USD ($)

Nov. 30, 2018USD ($)

Oct. 31, 2017USD ($)Property

Jul. 31, 2017USD ($)

Jun. 30, 2017USD ($)Property

Dec. 31, 2019USD ($)Property

Dec. 31, 2018USD ($)Property

Dec. 31, 2017USD ($)

Jun. 29, 2019USD ($)

Feb. 28, 2018USD ($)

Dec. 29, 2016USD ($)

Debt Instrument [Line Items]

Number of properties acquired | Property

11

3

Credit facility proceeds received

$ 255,000,000

$ 55,000,000

$ 25,000,000

Repayment of credit facility

37,000,000

85,000,000

310,000,000

Write-off deferred financing costs

$ 1,400,000

$ 1,400,000

1,000,000

Number of properties sold | Property

4

6

1

Interest expense

Debt Instrument [Line Items]

Amortization of deferred financing fees

$ 2,100,000

$ 1,700,000

$ 2,000,000

2017 Bridge Facility

Debt Instrument [Line Items]

Interest rate description

one-month LIBOR plus 3.75%.

Bridge facility

$ 30,000,000

$ 65,900,000

$ 65,900,000

Repayments of bridge loan

30,000,000

$ 46,000,000

$ 11,300,000

Bridge facility, net

$ 8,600,000

$ 8,600,000

Maturity Date

Mar. 31, 2018

Bridge facility extension term

4 months

KeyBank | $30 Million Bridge Facility

Debt Instrument [Line Items]

Interest rate description

one-month LIBOR plus 2.00%

Commitment fee rebate received

$ 300,000

Bridge facility

$ 30,000,000

Drawn from bridge facility

$ 30,000,000

Term (months)

6 months

Repayments of bridge loan

30,000,000

Corporate Credit Facility

Debt Instrument [Line Items]

Costs incurred on additional financing

1,499,000

Corporate Credit Facility | SunTrust Bank

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

$ 75,000,000

225,000,000

Credit facility proceeds received

$ 52,500,000

Facility, term

24 months

Line of credit facility, extended term

12 months

Interest rate description

one-month LIBOR plus a range from 2.00% to 2.50%

Line of credit facility, increase in facility amount

$ 75,000,000

$ 25,000,000

Increase in deferred financing cost

$ 200,000

$ 800,000

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

Corporate Credit Facility | SunTrust Bank | Accordion Feature | Maximum

Debt Instrument [Line Items]

Line of credit facility, increase in facility amount

$ 150,000,000

$60 Million Credit Facility

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

60,000,000

Credit facility proceeds received

$ 50,000,000

Facility, term

24 months

Interest rate description

one-month LIBOR plus 2.00%.

Line of credit facility, current borrowing capacity

$ 60,000,000

Repayment of credit facility

$ 50,000,000

50,000,000

$60 Million Credit Facility | KeyBank

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

$ 30,000,000

Credit facility proceeds received

5,000,000

Line of credit facility, increase in facility amount

$ 5,000,000

Line of credit facility, current borrowing capacity

$ 30,000,000

Repayment of credit facility

$ 5,000,000

Line of credit facility, expiration date

Jul. 25, 2018

Write-off deferred financing costs

$ 100,000

Commitment fee rebate received

$ 800,000

$30 Million Credit Facility

Debt Instrument [Line Items]

Repayment of credit facility

$ 30,000,000

Line of credit facility extended maturity date

Sep. 26, 2020

Freddie Mac Multifamily Green Advantage Program

Debt Instrument [Line Items]

Mortgage debt financing, amount escrowed

$ 4,200,000

$ 4,200,000

$ 1,200,000

Number of properties covered under mortgage loan program | Property

18

2

Number of properties acquired | Property

3

Number of properties refinanced | Property

7

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

Debt Instrument [Line Items]

Interest rate

2.00%

One-month LIBOR | 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%

One-month LIBOR | $60 Million Credit Facility

Debt Instrument [Line Items]

Interest rate

2.00%

Mortgages Payable

Debt Instrument [Line Items]

Weighted average interest rate of mortgage indebtedness

3.34%

4.07%

Adjusted weighted average interest rate

3.06%

Weighted average fixed rate

1.4147%

Mortgages Payable | One-month LIBOR

Debt Instrument [Line Items]

Weighted average interest rate of mortgage indebtedness

1.7625%

2.5027%

Weighted average decrease of spread in basis points

0.74%

Mortgages Payable | Floating Interest Rate Swap

Debt Instrument [Line Items]

Combined notional amount

$ 975,000,000

Mortgages Payable | Interest Rate Swap

Debt Instrument [Line Items]

Mortgage indebtedness

$ 975,000,000

Debt - Summary of the Company's

Debt - Summary of the Company's Credit Facility (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Credit facilities, net	$ 216,501
Corporate Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	(1,499)
Credit facilities, net	$ 216,501
Corporate Credit Facility | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	24 months
Interest Rate	3.69%
Maturity Date	Jan. 28, 2021
Credit facilities	$ 41,700
Corporate Credit Facility | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	24 months
Interest Rate	3.74%
Maturity Date	Jan. 28, 2021
Credit facilities	$ 19,000
Corporate Credit Facility | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	24 months
Interest Rate	3.76%
Maturity Date	Jan. 28, 2021
Credit facilities	$ 111,000
Corporate Credit Facility | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	24 months
Interest Rate	3.80%
Maturity Date	Jan. 28, 2021
Credit facilities	$ 46,300

Debt - Summary of the Company_2

Debt - Summary of the Company's Credit Facility (Parenthetical) (Details) $ in Thousands	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	$ 2,494
One-month LIBOR
Debt Instrument [Line Items]
Interest Rate	1.7625%
Corporate Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	$ 553

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) $ in Thousands	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
2020	$ 1,006
2021	219,153
2022	13,989
2023	21,155
2024	453,054
Thereafter	703,171
Total	1,411,528
Operating Properties
Debt Instrument [Line Items]
2020	744
2021	872
2022	1,367
2023	21,155
2024	424,558
Thereafter	703,171
Total	1,151,867
Credit Facility
Debt Instrument [Line Items]
2021	218,000
Total	218,000
Held For Sale Properties
Debt Instrument [Line Items]
2020	262
2021	281
2022	12,622
2024	28,496
Total	$ 41,661

Fair Value of Derivative and _3

Fair Value of Derivative and Financial Instruments - Additional Information (Details)	Oct. 20, 2019USD ($)	Dec. 31, 2019USD ($)DerivativeInstrument	Dec. 31, 2018USD ($)DerivativeInstrument	Dec. 31, 2017USD ($)DerivativeInstrument
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial instruments cap weighted average rate		5.74%
Impairment write down		$ 0	$ 0	$ 0
Cutter's Point
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment write down	$ 7,800,000	7,800,000
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	$ 300,000
Interest Rate Swap | One-month LIBOR
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Combined notional amount		$ 975,000,000
Interest rate description		floating interest rate (one-month LIBOR)
Weighted average fixed rate		1.4147%
Interest rate caps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Combined notional amount		$ 346,500,000
Interest rate description		The interest rate cap agreements the Company has entered into effectively cap one-month LIBOR on $346.5 million of the Company’s floating rate mortgage indebtedness at a weighted average rate of 5.74%.
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		15	12	16
Derivative notional amount		$ 346,542,000	$ 255,200,000	$ 273,500,000
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)	12 Months Ended
	Dec. 31, 2019USD ($)
Key Bank And Sun Trust Bank
Debt Instrument [Line Items]
Notional Amount	$ 975,000,000
Fixed Rate	1.4147%
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%
Interest Rate Swap Transaction Ten | KeyBank
Debt Instrument [Line Items]
Effective Date	Sep. 1, 2019
Termination Date	Sep. 1, 2026
Notional Amount	$ 100,000,000
Fixed Rate	1.462%
Interest Rate Swap Transaction Eleven | KeyBank
Debt Instrument [Line Items]
Effective Date	Sep. 1, 2019
Termination Date	Sep. 1, 2026
Notional Amount	$ 125,000,000
Fixed Rate	1.302%

Fair Value of Derivative and _5

Fair Value of Derivative and Financial Instruments - Summary of Company's Outstanding Interest Rate Swaps (Parenthetical) (Details)	Dec. 31, 2019
One-month LIBOR | Key Bank And Sun Trust Bank
Debt Instrument [Line Items]
LIBOR, interest rate	1.7625%

Fair Value of Derivative and _6

Fair Value of Derivative and Financial Instruments - Outstanding Interest Rate Derivatives Not Designated as Cash Flow Hedges of Interest Rate Risk (Details) - Not designated as hedging instrument - Interest rate caps	Dec. 31, 2019USD ($)DerivativeInstrument	Dec. 31, 2018USD ($)DerivativeInstrument	Dec. 31, 2017USD ($)DerivativeInstrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Number of Instruments | DerivativeInstrument	15	12	16
Derivative notional amount | $	$ 346,542,000	$ 255,200,000	$ 273,500,000

Fair Value of Derivative and _7

Fair Value of Derivative and Financial Instruments - Summary of Derivative Financial Instruments and Classification on the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	$ 7,298	$ 18,151
Liability Derivatives	3,824
Fair Market Value Of Interest Rate Swaps | Interest Rate Swap | Designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	7,298	18,141
Liability Derivatives	$ 3,824
Prepaid and Other Assets | Interest rate caps | Not designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives		$ 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 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in OCI	$ (14,625)	$ 1,931	$ 4,568
Interest rate products | Interest expense
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in OCI	(8,153)	5,928	2,967
Amount of gain (loss) reclassified from OCI into income	6,472	3,997	(1,416)
Amount of gain (loss) recognized in income			124
Amount of gain (loss) recognized in income	$ (30)	$ (49)	$ (19)

Fair Value of Derivative and _9

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

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)

Feb. 21, 2019

Feb. 20, 2019

Nov. 14, 2018

Apr. 30, 2018

Feb. 15, 2018

Mar. 16, 2017

Aug. 11, 2016

Jun. 15, 2016

Nov. 30, 2018

Oct. 31, 2017

Jul. 31, 2017

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Jun. 30, 2017

Mar. 15, 2017

Dec. 31, 2016

Class Of Stock [Line Items]

Common stock, proposed aggregate offering price

$ 200,000,000

Common stock shares issued

1,565,322

2,702,500

Common stock, par value

$ 0.01

$ 0.01

$ 0.01

$ 0.01

Public offering price per share

$ 33

Proceeds from issuance of common stock

$ 71,973,433

$ 89,200,000

$ 69,874,000

OP units exchanged

2,702,500

Repayment of credit facility

$ 37,000,000

$ 85,000,000

$ 310,000,000

Common stock, shares, issued

25,245,740

23,499,635

Common stock, shares, outstanding

25,245,740

23,499,635

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

Common stock, shares, retired

0

0

Treasury stock, shares

0

0

Equity-based compensation expense

$ 3,100,000

Shares issued average price per share

$ 44.64

Common Stock

Class Of Stock [Line Items]

Common stock, shares, issued

25,245,740

23,499,635

21,049,565

21,293,825

Common stock, shares, retired

382,941

354,517

Restricted Stock Units

Class Of Stock [Line Items]

Restricted stock units, granted

186,662

At-the-Market Offering

Class Of Stock [Line Items]

Proceeds from issuance of common stock

$ 72,000,000

Shares, issued

1,565,322

Aggregate sale price of common stock

$ 69,874,000

Shares issued average price per share

$ 45.98

Stock issuance costs

$ 1,100,000

Other stock issuance costs

$ 1,000,000

At-the-Market Offering | Common Stock

Class Of Stock [Line Items]

Common stock shares issued

1,565,322

Common stock, par value

$ 0.01

Aggregate sale price of common stock

$ 16,000

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, par value

$ 0.01

Common stock, shares, issued

180,783

Common stock, shares, issued

421,551

Number of shares authorized to issue

2,100,000

2016 LTIP | Restricted Stock Units

Class Of Stock [Line Items]

Equity-based compensation expense

$ 5,100,000

$ 4,200,000

Dividends earned on restricted stock units

$ 800,000

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

2017 Bridge Facility

Class Of Stock [Line Items]

Bridge facility

$ 30,000,000

$ 65,900,000

Repayments of bridge loan

30,000,000

$ 46,000,000

$ 11,300,000

$60 Million Credit Facility

Class Of Stock [Line Items]

Line of credit facility, maximum borrowing capacity

60,000,000

Repayment of credit facility

$ 50,000,000

$ 50,000,000

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Restricted Stock Units (Details) - Restricted Stock Units	12 Months Ended
	Dec. 31, 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	(197,863)
Number of Units, Forfeited	(6,386)
Number of Units, Outstanding at ending of the period	447,039
Weighted Average Grant Date Fair Value, Outstanding at beginning of the period | $ / shares	$ 22.80
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	$ 29.13

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Restricted Stock Units (Parenthetical) (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
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	180,783	130,511	110,257

Stockholders' Equity - Summar_3

Stockholders' Equity - Summary Information of ATM Program (Details) - USD ($)	Feb. 20, 2019	Nov. 14, 2018	Dec. 31, 2019
Stockholders Equity Note [Abstract]
Proceeds from the issuance of common shares through at-the-market offering, net of offering costs	$ 71,973,433	$ 89,200,000	$ 69,874,000
Issuance of common shares, Shares	1,565,322	2,702,500
Gross average sale price per share	$ 45.98
Sales commissions	$ 1,079,601
Offering costs	1,019,778
Net proceeds	$ 69,874,054
Average price per share, net	$ 44.64

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Details)	12 Months Ended
	Dec. 31, 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												12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Numerator for earnings (loss) per share:
Net income (loss)	$ (13,306)	$ 119,104	$ (1,987)	$ (4,373)	$ (4,782)	$ (5,260)	$ (1,666)	$ 10,094	$ (4,343)	$ 54,076	$ 9,930	$ (3,304)	$ 99,438	$ (1,614)	$ 56,359
Net income attributable to noncontrolling interests															2,836
Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership													298	(5)	149
Net income (loss) attributable to common stockholders													$ 99,140	$ (1,609)	$ 53,374
Denominator for earnings (loss) per share:
Weighted average common shares outstanding - basic													24,116	21,189	21,057
Weighted average unvested restricted stock units													477	478	342
Denominator for diluted earnings (loss) per share													24,593	21,667	21,399
Earnings (loss) per weighted average common share:
Basic	$ (0.53)	$ 4.93	$ (0.08)	$ (0.19)	$ (0.21)	$ (0.25)	$ (0.08)	$ 0.48	$ (0.21)	$ 2.56	$ 0.35	$ (0.17)	$ 4.11	$ (0.08)	$ 2.53
Diluted	$ (0.53)	$ 4.84	$ (0.08)	$ (0.19)	$ (0.21)	$ (0.25)	$ (0.08)	$ 0.47	$ (0.21)	$ 2.53	$ 0.34	$ (0.17)	$ 4.03	$ (0.08)	$ 2.49

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Details)	Jun. 30, 2017USD ($)	Dec. 31, 2019$ / 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
Carrying value of noncontrolling interests	20,500,000
Reduction in additional paid in capital	$ 31,200,000
BH Equity Portfolio | B H Equity
Minority Interest [Line Items]
Percentage of ownership interests in portfolio	8.40%
BH Management Services, LLC
Minority Interest [Line Items]
Property management fee percent		3.00%
Other owner approved fees, per hour | $ / h		55
BH Management Services, LLC | Minimum
Minority Interest [Line Items]
Inspection of properties fee, per unit | $ / Property		15
Construction supervision fee, percent fee		5.00%
BH Management Services, LLC | Maximum
Minority Interest [Line Items]
Inspection of properties fee, per unit | $ / Property		25
Construction supervision fee, percent fee		6.00%

Noncontrolling Interests - Sche

Noncontrolling Interests - Schedule of Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Noncontrolling Interest [Abstract]
Redeemable noncontrolling interests in the OP, December 31, 2018	$ 2,567
Net income attributable to redeemable noncontrolling interests in the OP	298
Other comprehensive loss attributable to redeemable noncontrolling interests in the OP	(44)
Contributions from redeemable noncontrolling interests in the OP	140
Distributions to redeemable noncontrolling interests in the OP	(47)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP	381	$ 439
Redeemable noncontrolling interests in the OP, December 31, 2019	$ 3,295	$ 2,567

Noncontrolling Interests - Summ

Noncontrolling Interests - Summary of Fees Incurred to BH And Its Affiliates As Well As Reimbursements Paid to BH (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fees incurred
Property management fees	[1]	$ 5,388	$ 4,382	$ 4,330
BH Management Services, LLC
Fees incurred
Property management fees		5,363	4,382	4,330
Construction supervision fees		1,549	974	869
Design fees		255	102
Acquisition fees		1,465	348	675
Reimbursements
Payroll and benefits		18,148	14,100	15,344
Other reimbursements		$ 3,286	$ 2,200	$ 1,982
[1]	Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of the Company’s Operating Partnership (see Notes 10 and 11).

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)	Feb. 20, 2019shares	Nov. 14, 2018$ / sharesshares	Dec. 31, 2019Property	Aug. 31, 2019Property	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2017Property	Dec. 31, 2018Property
Related Party Transaction [Line Items]
Common stock shares issued | shares	1,565,322	2,702,500
Public offering price per share | $ / shares		$ 33
Advisory and Administrative Fees
Related Party Transaction [Line Items]
Advisory fees waived for number of properties acquired | Property			17	19				5	8
Operating Agreement
Related Party Transaction [Line Items]
Asset management fee percent					0.50%
Asset management fees							$ 400,000
Effective ownership percentage, variable interest entities					100.00%
NexPoint Real Estate Advisors, L.P
Related Party Transaction [Line Items]
Percentage of annual advisory, paid monthly					1.00%
Percentage of annual administrative fee, paid monthly					0.20%
Advisory and administrative fees on contributed assets					$ 5,400,000
Advisory and administrative fees percentage					1.20%
Advisory and administrative fees					$ 7,500,000	$ 7,500,000	7,400,000
Additional advisory and administrative fees					2,100,000	2,100,000	2,000,000
Advisory and administrative fees waived					9,100,000	4,100,000	2,400,000
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%
NexBank Title, Inc.
Related Party Transaction [Line Items]
Payment to affiliate for services rendered					$ 300,000	$ 300,000	$ 1,200,000
Affiliates of the Adviser
Related Party Transaction [Line Items]
Purchase of residences from affiliate of Adviser					$ 100,000,000
Common stock shares issued | shares		207,971
Public offering price per share | $ / shares		$ 33

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event - USD ($)	Feb. 17, 2020	Jan. 16, 2020
Subsequent Event [Line Items]
Dividends payable, amount per share	$ 0.3125
Dividends payable, date declared	Feb. 17, 2020
Dividends payable, date to be paid	Mar. 31, 2020
Dividends payable, date of record	Mar. 16, 2020
Interest Rate Swap Transaction Twelve | KeyBank
Subsequent Event [Line Items]
Effective date		Jan. 16, 2020
Termination date		Jan. 1, 2027
Fixed Rate		1.798%
Combined notional amount		$ 92,500,000

Subsequent Events - Schedule of

Subsequent Events - Schedule of Purchase and Sale Agreement of Real Estate Property (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Subsequent Event [Line Items]
Real Estate Carrying Value, net	$ 1,942,221	$ 1,222,563	$ 1,082,805	$ 1,029,349
Woodbridge | Nashville, Tennessee
Subsequent Event [Line Items]
Real Estate Carrying Value, net	18,880
Willow Grove | Nashville, Tennessee
Subsequent Event [Line Items]
Real Estate Carrying Value, net	16,718
Purchase and Sale Agreement
Subsequent Event [Line Items]
Sales Price	63,000
Debt Outstanding	28,495
Real Estate Carrying Value, net	28,636
Purchase and Sale Agreement | Woodbridge | Nashville, Tennessee
Subsequent Event [Line Items]
Sales Price	31,700
Debt Outstanding	13,677
Real Estate Carrying Value, net	15,183
Purchase and Sale Agreement | Willow Grove | Nashville, Tennessee
Subsequent Event [Line Items]
Sales Price	31,300
Debt Outstanding	14,818
Real Estate Carrying Value, net	$ 13,453

Quarterly Results (unaudited) -

Quarterly Results (unaudited) - Summary of the Unaudited Quarterly Consolidated Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 49,676	$ 46,833	$ 43,066	$ 41,491	$ 39,390	$ 36,495	$ 35,655	$ 35,057	$ 34,913	$ 37,097	$ 35,234	$ 36,991	$ 181,066	$ 146,597	$ 144,235
Net income (loss)	(13,306)	119,104	(1,987)	(4,373)	(4,782)	(5,260)	(1,666)	10,094	(4,343)	54,076	9,930	(3,304)	99,438	(1,614)	56,359
Net income (loss) attributable to common stockholders	$ (13,266)	$ 118,747	$ (1,981)	$ (4,360)	$ (4,767)	$ (5,245)	$ (1,661)	$ 10,064	$ (4,330)	$ 53,914	$ 7,406	$ (3,616)	$ 99,140	$ (1,609)	$ 53,374
Earnings (loss) per share - basic	$ (0.53)	$ 4.93	$ (0.08)	$ (0.19)	$ (0.21)	$ (0.25)	$ (0.08)	$ 0.48	$ (0.21)	$ 2.56	$ 0.35	$ (0.17)	$ 4.11	$ (0.08)	$ 2.53
Earnings (loss) per share - diluted	$ (0.53)	$ 4.84	$ (0.08)	$ (0.19)	$ (0.21)	$ (0.25)	$ (0.08)	$ 0.47	$ (0.21)	$ 2.53	$ 0.34	$ (0.17)	$ 4.03	$ (0.08)	$ 2.49

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 1,193,528
Initial Cost to Company, Land		331,595
Initial Cost to Company, Buildings and Improvements		1,524,723
Initial Cost to Company, Total		1,856,318
Costs Capitalized Subsequent to Acquisition		108,483
Gross Amount Carried , Land		331,596
Gross Amount Carried , Buildings and Improvements		1,610,625
Gross Amount Carried , Total		1,942,221	$ 1,222,563	$ 1,082,805	$ 1,029,349
Accumulated Depreciation and Amortization		$ (160,411)
Arbors on Forest Ridge
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jan. 31, 2014
Arbors on Forest Ridge | Bedford, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 13,130
Initial Cost to Company, Land		2,330
Initial Cost to Company, Buildings and Improvements		10,475
Initial Cost to Company, Total		12,805
Costs Capitalized Subsequent to Acquisition		2,942
Gross Amount Carried , Land		2,330
Gross Amount Carried , Buildings and Improvements		13,105
Gross Amount Carried , Total		$ 15,435
Date Acquired		Jan. 31, 2014
Accumulated Depreciation and Amortization		$ (3,472)
Cutter's Point
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	[1]	Jan. 31, 2014
Cutter's Point | Richardson, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 16,640
Initial Cost to Company, Land		3,330
Initial Cost to Company, Buildings and Improvements		12,515
Initial Cost to Company, Total		15,845
Costs Capitalized Subsequent to Acquisition		(5,074)
Gross Amount Carried , Land		3,330
Gross Amount Carried , Buildings and Improvements		7,089
Gross Amount Carried , Total		$ 10,419
Date Acquired		Jan. 31, 2014
Accumulated Depreciation and Amortization		$ (1,086)
Eagle Crest
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jan. 31, 2014
Eagle Crest | Irving, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 29,510
Initial Cost to Company, Land		5,450
Initial Cost to Company, Buildings and Improvements		21,875
Initial Cost to Company, Total		27,325
Costs Capitalized Subsequent to Acquisition		4,441
Gross Amount Carried , Land		5,450
Gross Amount Carried , Buildings and Improvements		25,662
Gross Amount Carried , Total		$ 31,112
Date Acquired		Jan. 31, 2014
Accumulated Depreciation and Amortization		$ (6,031)
Silverbrook
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jan. 31, 2014
Silverbrook | Grand Prairie, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 30,590
Initial Cost to Company, Land		4,860
Initial Cost to Company, Buildings and Improvements		25,540
Initial Cost to Company, Total		30,400
Costs Capitalized Subsequent to Acquisition		6,974
Gross Amount Carried , Land		4,860
Gross Amount Carried , Buildings and Improvements		31,721
Gross Amount Carried , Total		$ 36,581
Date Acquired		Jan. 31, 2014
Accumulated Depreciation and Amortization		$ (8,507)
Beechwood Terrace
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jul. 21, 2014
Beechwood Terrace | Antioch, Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 23,365
Initial Cost to Company, Land		1,390
Initial Cost to Company, Buildings and Improvements		20,010
Initial Cost to Company, Total		21,400
Costs Capitalized Subsequent to Acquisition		5,004
Gross Amount Carried , Land		1,390
Gross Amount Carried , Buildings and Improvements		24,605
Gross Amount Carried , Total		$ 25,995
Date Acquired		Jul. 21, 2014
Accumulated Depreciation and Amortization		$ (5,620)
Willow Grove
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	[2]	Jul. 21, 2014
Willow Grove | Nashville, Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 14,818
Initial Cost to Company, Land		3,940
Initial Cost to Company, Buildings and Improvements		9,810
Initial Cost to Company, Total		13,750
Costs Capitalized Subsequent to Acquisition		3,266
Gross Amount Carried , Land		3,940
Gross Amount Carried , Buildings and Improvements		12,778
Gross Amount Carried , Total		$ 16,718
Date Acquired		Jul. 21, 2014
Accumulated Depreciation and Amortization		$ (3,265)
Woodbridge
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	[2]	Jul. 21, 2014
Woodbridge | Nashville, Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 13,677
Initial Cost to Company, Land		3,650
Initial Cost to Company, Buildings and Improvements		12,350
Initial Cost to Company, Total		16,000
Costs Capitalized Subsequent to Acquisition		3,214
Gross Amount Carried , Land		3,650
Gross Amount Carried , Buildings and Improvements		15,230
Gross Amount Carried , Total		$ 18,880
Date Acquired		Jul. 21, 2014
Accumulated Depreciation and Amortization		$ (3,697)
The Summit at Sabal Park
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Aug. 20, 2014
The Summit at Sabal Park | Tampa, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 13,560
Initial Cost to Company, Land		5,770
Initial Cost to Company, Buildings and Improvements		13,280
Initial Cost to Company, Total		19,050
Costs Capitalized Subsequent to Acquisition		2,322
Gross Amount Carried , Land		5,770
Gross Amount Carried , Buildings and Improvements		15,198
Gross Amount Carried , Total		$ 20,968
Date Acquired		Aug. 20, 2014
Accumulated Depreciation and Amortization		$ (3,941)
Courtney Cove
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Aug. 20, 2014
Courtney Cove | Tampa, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 13,680
Initial Cost to Company, Land		5,880
Initial Cost to Company, Buildings and Improvements		13,070
Initial Cost to Company, Total		18,950
Costs Capitalized Subsequent to Acquisition		2,758
Gross Amount Carried , Land		5,880
Gross Amount Carried , Buildings and Improvements		15,397
Gross Amount Carried , Total		$ 21,277
Date Acquired		Aug. 20, 2014
Accumulated Depreciation and Amortization		$ (3,777)
Radbourne Lake
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Sep. 30, 2014
Radbourne Lake | Charlotte, North Carolina
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 20,000
Initial Cost to Company, Land		2,440
Initial Cost to Company, Buildings and Improvements		21,810
Initial Cost to Company, Total		24,250
Costs Capitalized Subsequent to Acquisition		3,304
Gross Amount Carried , Land		2,440
Gross Amount Carried , Buildings and Improvements		24,462
Gross Amount Carried , Total		$ 26,902
Date Acquired		Sep. 30, 2014
Accumulated Depreciation and Amortization		$ (5,578)
Timber Creek
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Sep. 30, 2014
Timber Creek | Charlotte, North Carolina
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 24,100
Initial Cost to Company, Land		11,260
Initial Cost to Company, Buildings and Improvements		11,490
Initial Cost to Company, Total		22,750
Costs Capitalized Subsequent to Acquisition		6,241
Gross Amount Carried , Land		11,260
Gross Amount Carried , Buildings and Improvements		16,932
Gross Amount Carried , Total		$ 28,192
Date Acquired		Sep. 30, 2014
Accumulated Depreciation and Amortization		$ (4,428)
Sabal Palm at Lake Buena Vista
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Nov. 5, 2014
Sabal Palm at Lake Buena Vista | Orlando, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 42,100
Initial Cost to Company, Land		7,580
Initial Cost to Company, Buildings and Improvements		41,920
Initial Cost to Company, Total		49,500
Costs Capitalized Subsequent to Acquisition		3,908
Gross Amount Carried , Land		7,580
Gross Amount Carried , Buildings and Improvements		44,441
Gross Amount Carried , Total		$ 52,021
Date Acquired		Nov. 5, 2014
Accumulated Depreciation and Amortization		$ (8,606)
Southpoint Reserve at Stoney Creek
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	[2]	Dec. 18, 2014
Southpoint Reserve at Stoney Creek | Fredericksburg, Virginia
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 13,166
Initial Cost to Company, Land		6,120
Initial Cost to Company, Buildings and Improvements		10,880
Initial Cost to Company, Total		17,000
Costs Capitalized Subsequent to Acquisition		2,083
Gross Amount Carried , Land		6,120
Gross Amount Carried , Buildings and Improvements		12,471
Gross Amount Carried , Total		$ 18,591
Date Acquired		Dec. 18, 2014
Accumulated Depreciation and Amortization		$ (897)
Cornerstone
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jan. 15, 2015
Cornerstone | Orlando, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 21,772
Initial Cost to Company, Land		1,500
Initial Cost to Company, Buildings and Improvements		30,050
Initial Cost to Company, Total		31,550
Costs Capitalized Subsequent to Acquisition		4,474
Gross Amount Carried , Land		1,500
Gross Amount Carried , Buildings and Improvements		33,630
Gross Amount Carried , Total		$ 35,130
Date Acquired		Jan. 15, 2015
Accumulated Depreciation and Amortization		$ (7,086)
The Preserve at Terrell Mill
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Feb. 6, 2015
The Preserve at Terrell Mill | Marietta, Georgia
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 42,480
Initial Cost to Company, Land		10,170
Initial Cost to Company, Buildings and Improvements		47,830
Initial Cost to Company, Total		58,000
Costs Capitalized Subsequent to Acquisition		9,391
Gross Amount Carried , Land		10,170
Gross Amount Carried , Buildings and Improvements		55,407
Gross Amount Carried , Total		$ 65,577
Date Acquired		Feb. 6, 2015
Accumulated Depreciation and Amortization		$ (13,129)
Versailles
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Feb. 26, 2015
Versailles | Dallas, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 23,880
Initial Cost to Company, Land		6,720
Initial Cost to Company, Buildings and Improvements		19,445
Initial Cost to Company, Total		26,165
Costs Capitalized Subsequent to Acquisition		6,568
Gross Amount Carried , Land		6,720
Gross Amount Carried , Buildings and Improvements		25,432
Gross Amount Carried , Total		$ 32,152
Date Acquired		Feb. 26, 2015
Accumulated Depreciation and Amortization		$ (6,152)
Seasons 704 Apartments
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Apr. 15, 2015
Seasons 704 Apartments | West Palm Beach, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 17,460
Initial Cost to Company, Land		7,480
Initial Cost to Company, Buildings and Improvements		13,520
Initial Cost to Company, Total		21,000
Costs Capitalized Subsequent to Acquisition		2,699
Gross Amount Carried , Land		7,480
Gross Amount Carried , Buildings and Improvements		15,818
Gross Amount Carried , Total		$ 23,298
Date Acquired		Apr. 15, 2015
Accumulated Depreciation and Amortization		$ (3,636)
Madera Point
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Aug. 5, 2015
Madera Point | Mesa, Arizona
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 15,150
Initial Cost to Company, Land		4,920
Initial Cost to Company, Buildings and Improvements		17,605
Initial Cost to Company, Total		22,525
Costs Capitalized Subsequent to Acquisition		2,681
Gross Amount Carried , Land		4,920
Gross Amount Carried , Buildings and Improvements		19,657
Gross Amount Carried , Total		$ 24,577
Date Acquired		Aug. 5, 2015
Accumulated Depreciation and Amortization		$ (4,077)
Venue at 8651 | Fort Worth, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		13,734
Initial Cost to Company, Land		2,350
Initial Cost to Company, Buildings and Improvements		16,900
Initial Cost to Company, Total		19,250
Costs Capitalized Subsequent to Acquisition		5,154
Gross Amount Carried , Land		2,350
Gross Amount Carried , Buildings and Improvements		21,543
Gross Amount Carried , Total		$ 23,893
Date Acquired		Oct. 30, 2015
Accumulated Depreciation and Amortization		$ (4,811)
Parc500 | West Palm Beach, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		15,221
Initial Cost to Company, Land		3,860
Initial Cost to Company, Buildings and Improvements		19,424
Initial Cost to Company, Total		23,284
Costs Capitalized Subsequent to Acquisition		5,283
Gross Amount Carried , Land		3,860
Gross Amount Carried , Buildings and Improvements		24,216
Gross Amount Carried , Total		$ 28,076
Date Acquired		Jul. 27, 2016
Accumulated Depreciation and Amortization		$ (4,375)
The Venue on Camelback
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Oct. 11, 2016
The Venue on Camelback | Phoenix, Arizona
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 28,093
Initial Cost to Company, Land		8,340
Initial Cost to Company, Buildings and Improvements		36,520
Initial Cost to Company, Total		44,860
Costs Capitalized Subsequent to Acquisition		4,281
Gross Amount Carried , Land		8,340
Gross Amount Carried , Buildings and Improvements		40,078
Gross Amount Carried , Total		48,418
Accumulated Depreciation and Amortization		$ (5,532)
Old Farm
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Dec. 29, 2016
Old Farm | Houston, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 52,886
Initial Cost to Company, Land		11,078
Initial Cost to Company, Buildings and Improvements		73,986
Initial Cost to Company, Total		85,064
Costs Capitalized Subsequent to Acquisition		3,028
Gross Amount Carried , Land		11,078
Gross Amount Carried , Buildings and Improvements		73,660
Gross Amount Carried , Total		$ 84,738
Date Acquired		Dec. 29, 2016
Accumulated Depreciation and Amortization		$ (9,002)
Stone Creek at Old Farm
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Dec. 29, 2016
Stone Creek at Old Farm | Houston, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 15,274
Initial Cost to Company, Land		3,493
Initial Cost to Company, Buildings and Improvements		19,937
Initial Cost to Company, Total		23,430
Costs Capitalized Subsequent to Acquisition		788
Gross Amount Carried , Land		3,493
Gross Amount Carried , Buildings and Improvements		20,153
Gross Amount Carried , Total		$ 23,646
Date Acquired		Dec. 29, 2016
Accumulated Depreciation and Amortization		$ (2,444)
Hollister Place
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Feb. 1, 2017
Hollister Place | Houston, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 14,811
Initial Cost to Company, Land		2,782
Initial Cost to Company, Buildings and Improvements		21,902
Initial Cost to Company, Total		24,684
Costs Capitalized Subsequent to Acquisition		2,977
Gross Amount Carried , Land		2,782
Gross Amount Carried , Buildings and Improvements		23,947
Gross Amount Carried , Total		$ 26,729
Date Acquired		Feb. 1, 2017
Accumulated Depreciation and Amortization		$ (3,217)
Rockledge Apartments
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jun. 30, 2017
Rockledge Apartments | Marietta, Georgia
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 68,100
Initial Cost to Company, Land		17,451
Initial Cost to Company, Buildings and Improvements		96,577
Initial Cost to Company, Total		114,028
Costs Capitalized Subsequent to Acquisition		7,445
Gross Amount Carried , Land		17,451
Gross Amount Carried , Buildings and Improvements		101,001
Gross Amount Carried , Total		$ 118,452
Date Acquired		Jun. 30, 2017
Accumulated Depreciation and Amortization		$ (10,798)
Atera Apartments
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Oct. 25, 2017
Atera Apartments | Dallas, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 29,500
Initial Cost to Company, Land		22,371
Initial Cost to Company, Buildings and Improvements		37,090
Initial Cost to Company, Total		59,461
Costs Capitalized Subsequent to Acquisition		3,744
Gross Amount Carried , Land		22,371
Gross Amount Carried , Buildings and Improvements		39,494
Gross Amount Carried , Total		$ 61,865
Date Acquired		Oct. 25, 2017
Accumulated Depreciation and Amortization		$ (3,682)
Cedar Pointe
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Aug. 24, 2018
Cedar Pointe | Antioch, Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 17,300
Initial Cost to Company, Land		2,371
Initial Cost to Company, Buildings and Improvements		24,410
Initial Cost to Company, Total		26,781
Costs Capitalized Subsequent to Acquisition		1,075
Gross Amount Carried , Land		2,371
Gross Amount Carried , Buildings and Improvements		25,485
Gross Amount Carried , Total		$ 27,856
Date Acquired		Aug. 24, 2018
Accumulated Depreciation and Amortization		$ (1,415)
Crestmont Reserve
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Sep. 26, 2018
Crestmont Reserve | Dallas, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 12,061
Initial Cost to Company, Land		4,124
Initial Cost to Company, Buildings and Improvements		20,667
Initial Cost to Company, Total		24,791
Costs Capitalized Subsequent to Acquisition		1,218
Gross Amount Carried , Land		4,124
Gross Amount Carried , Buildings and Improvements		21,885
Gross Amount Carried , Total		$ 26,009
Date Acquired		Sep. 26, 2018
Accumulated Depreciation and Amortization		$ (1,171)
Brandywine I & II
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Sep. 26, 2018
Brandywine I & II | Nashville, Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 43,835
Initial Cost to Company, Land		6,237
Initial Cost to Company, Buildings and Improvements		73,870
Initial Cost to Company, Total		80,107
Costs Capitalized Subsequent to Acquisition		2,340
Gross Amount Carried , Land		6,237
Gross Amount Carried , Buildings and Improvements		76,210
Gross Amount Carried , Total		$ 82,447
Date Acquired		Sep. 26, 2018
Accumulated Depreciation and Amortization		$ (3,867)
Bella Vista
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jan. 28, 2019
Bella Vista | Phoenix, Arizona
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 29,040
Initial Cost to Company, Land		10,942
Initial Cost to Company, Buildings and Improvements		37,661
Initial Cost to Company, Total		48,603
Costs Capitalized Subsequent to Acquisition		529
Gross Amount Carried , Land		10,942
Gross Amount Carried , Buildings and Improvements		38,190
Gross Amount Carried , Total		$ 49,132
Date Acquired		Jan. 28, 2019
Accumulated Depreciation and Amortization		$ (1,477)
The Enclave | Tempe, Arizona
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		25,322
Initial Cost to Company, Land		11,046
Initial Cost to Company, Buildings and Improvements		30,933
Initial Cost to Company, Total		41,979
Costs Capitalized Subsequent to Acquisition		491
Gross Amount Carried , Land		11,046
Gross Amount Carried , Buildings and Improvements		31,424
Gross Amount Carried , Total		$ 42,470
Date Acquired		Jan. 28, 2019
Accumulated Depreciation and Amortization		$ (1,209)
The Heritage | Phoenix, Arizona
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		24,625
Initial Cost to Company, Land		6,835
Initial Cost to Company, Buildings and Improvements		35,244
Initial Cost to Company, Total		42,079
Costs Capitalized Subsequent to Acquisition		582
Gross Amount Carried , Land		6,835
Gross Amount Carried , Buildings and Improvements		35,826
Gross Amount Carried , Total		$ 42,661
Date Acquired		Jan. 28, 2019
Accumulated Depreciation and Amortization		$ (1,338)
Summers Landing
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jun. 7, 2019
Summers Landing | Fort Worth, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 10,109
Initial Cost to Company, Land		1,798
Initial Cost to Company, Buildings and Improvements		17,628
Initial Cost to Company, Total		19,426
Costs Capitalized Subsequent to Acquisition		(107)
Gross Amount Carried , Land		1,798
Gross Amount Carried , Buildings and Improvements		17,521
Gross Amount Carried , Total		$ 19,319
Date Acquired		Jun. 7, 2019
Accumulated Depreciation and Amortization		$ (423)
Residences at Glenview Reserve
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jul. 17, 2019
Residences at Glenview Reserve | Nashville, Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 26,560
Initial Cost to Company, Land		3,367
Initial Cost to Company, Buildings and Improvements		41,652
Initial Cost to Company, Total		45,019
Costs Capitalized Subsequent to Acquisition		(602)
Gross Amount Carried , Land		3,367
Gross Amount Carried , Buildings and Improvements		41,050
Gross Amount Carried , Total		$ 44,417
Date Acquired		Jul. 17, 2019
Accumulated Depreciation and Amortization		$ (824)
Residences at West Place
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jul. 17, 2019
Residences at West Place | Orlando, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 33,817
Initial Cost to Company, Land		3,345
Initial Cost to Company, Buildings and Improvements		52,657
Initial Cost to Company, Total		56,002
Costs Capitalized Subsequent to Acquisition		(719)
Gross Amount Carried , Land		3,345
Gross Amount Carried , Buildings and Improvements		51,938
Gross Amount Carried , Total		$ 55,283
Date Acquired		Jul. 17, 2019
Accumulated Depreciation and Amortization		$ (967)
Avant at Pembroke Pines
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Aug. 30, 2019
Avant at Pembroke Pines | Pembroke Pines, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 177,100
Initial Cost to Company, Land		48,436
Initial Cost to Company, Buildings and Improvements		275,671
Initial Cost to Company, Total		324,107
Costs Capitalized Subsequent to Acquisition		3,015
Gross Amount Carried , Land		48,437
Gross Amount Carried , Buildings and Improvements		278,685
Gross Amount Carried , Total		$ 327,122
Date Acquired		Aug. 30, 2019
Accumulated Depreciation and Amortization		$ (8,076)
Arbors of Brentwood
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Sep. 10, 2019
Arbors of Brentwood | Nashville, Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 34,237
Initial Cost to Company, Land		6,346
Initial Cost to Company, Buildings and Improvements		56,409
Initial Cost to Company, Total		62,755
Costs Capitalized Subsequent to Acquisition		717
Gross Amount Carried , Land		6,346
Gross Amount Carried , Buildings and Improvements		57,126
Gross Amount Carried , Total		$ 63,472
Date Acquired		Sep. 10, 2019
Accumulated Depreciation and Amortization		$ (1,523)
Torreyana Apartments
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Nov. 22, 2019
Torreyana Apartments | Las Vegas, Nevada
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 37,400
Initial Cost to Company, Land		23,823
Initial Cost to Company, Buildings and Improvements		44,560
Initial Cost to Company, Total		68,383
Costs Capitalized Subsequent to Acquisition		17
Gross Amount Carried , Land		23,823
Gross Amount Carried , Buildings and Improvements		44,577
Gross Amount Carried , Total		$ 68,400
Date Acquired		Nov. 22, 2019
Accumulated Depreciation and Amortization		$ (342)
Bloom
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Nov. 22, 2019
Bloom | Las Vegas, Nevada
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 58,850
Initial Cost to Company, Land		23,805
Initial Cost to Company, Buildings and Improvements		83,288
Initial Cost to Company, Total		107,093
Costs Capitalized Subsequent to Acquisition		23
Gross Amount Carried , Land		23,805
Gross Amount Carried , Buildings and Improvements		83,311
Gross Amount Carried , Total		$ 107,116
Date Acquired		Nov. 22, 2019
Accumulated Depreciation and Amortization		$ (571)
Bella Solara
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Nov. 22, 2019
Bella Solara | Las Vegas, Nevada
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 36,575
Initial Cost to Company, Land		12,605
Initial Cost to Company, Buildings and Improvements		54,262
Initial Cost to Company, Total		66,867
Costs Capitalized Subsequent to Acquisition		8
Gross Amount Carried , Land		12,605
Gross Amount Carried , Buildings and Improvements		54,270
Gross Amount Carried , Total		$ 66,875
Date Acquired		Nov. 22, 2019
Accumulated Depreciation and Amortization		$ (362)
[1]	Cutter’s Point incurred significant tornado damage on October 20, 2019 which resulted in the property ceasing operations in order to start reconstruction (see Note 5).
[2]	Property was classified as held for sale as of December 31, 2019.

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Real Estate And Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	$ 1,524,723
Gross Amount Carried , Buildings and Improvements	1,610,625
Aggregate cost of real estate investment for Federal Income Tax purposes net of accumulated depreciation	1,800,000
The Colonnade, Old Farm, Stone Creek at Old Farm, Hollister Place, Rockledge Apartments, Atera Apartments, Cedar Pointe, Crestmont Reserve and Brandywine I & II
Real Estate And Accumulated Depreciation [Line Items]
Total acquisition costs	7,000
Parc500
Real Estate And Accumulated Depreciation [Line Items]
Debt instrument, unamortized premium	900
Buildings and Improvements and Furniture, Fixtures, and Equipment
Real Estate And Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	1,500,000
Construction in Progress
Real Estate And Accumulated Depreciation [Line Items]
Gross Amount Carried , Buildings and Improvements	4,400
Furniture, Fixtures, and Equipment
Real Estate And Accumulated Depreciation [Line Items]
Gross Amount Carried , Buildings and Improvements	$ 85,800
Estimated useful lives of assets	3 years
Buildings
Real Estate And Accumulated Depreciation [Line Items]
Estimated useful lives of assets	30 years
Improvements
Real Estate And Accumulated Depreciation [Line Items]
Estimated useful lives of assets	15 years
Gross Intangible Lease Assets
Real Estate And Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	$ 29,600
Gross Amount Carried , Buildings and Improvements	12,400
Intangible Lease Assets
Real Estate And Accumulated Depreciation [Line Items]
Accumulated amortization of intangible assets	$ 6,200
Estimated useful lives of assets	6 months

Schedule III - Summary Of Activ

Schedule III - Summary Of Activity For Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate:
Balance, beginning of year	$ 1,222,563	$ 1,082,805	$ 1,029,349
Additions:
Real estate acquired	882,313	131,679	198,173
Improvements	47,739	28,809	25,748
Deductions:
Real estate sold	(191,203)	(18,311)	(160,250)
Write-off of fully amortized assets and other	(19,191)	(2,419)	(10,215)
Balance, end of year	1,942,221	1,222,563	1,082,805
Accumulated Depreciation and Amortization:
Balance, beginning of year	135,021	91,649	66,312
Depreciation expense	56,360	45,002	39,812
Amortization expense	12,726	2,468	8,940
Accumulated depreciation on sales	(32,408)	(2,500)	(14,199)
Write-off of fully amortized assets and other	(11,288)	(1,598)	(9,216)
Balance, end of year	$ 160,411	$ 135,021	$ 91,649