NexPoint Residential Trust (NXRT) 10-Q 5 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 05, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Trading Symbol	NXRT
Entity Registrant Name	NexPoint Residential Trust, Inc.
Entity Central Index Key	0001620393
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		24,298,651
Entity Current Reporting Status	Yes
Entity Shell Company	false
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 Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	MD
Title of 12(b) Security	Common Stock, par value $0.01 per share
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Operating Real Estate Investments
Land	$ 317,886	$ 317,886
Buildings and improvements	1,480,386	1,472,319
Intangible lease assets		12,414
Construction in progress	13,867	4,375
Furniture, fixtures, and equipment	88,843	81,038
Total Gross Operating Real Estate Investments	1,900,982	1,888,032
Accumulated depreciation and amortization	(184,741)	(152,552)
Total Net Operating Real Estate Investments	1,716,241	1,735,480
Total Net Operating Real Estate Investments	1,716,241	1,735,480
Total Net Real Estate Investments	1,716,241	1,781,810
Cash and cash equivalents	53,171	25,671
Restricted cash	31,848	45,511
Accounts receivable	4,953	6,285
Prepaid and other assets	10,740	2,336
Fair market value of interest rate swaps		4,376
TOTAL ASSETS	1,816,953	1,865,989
Liabilities:
Mortgages payable, net	1,145,646	1,145,371
Mortgages payable held for sale, net		41,176
Credit facility, net	224,195	216,501
Accounts payable and other accrued liabilities	15,111	11,971
Accrued real estate taxes payable	13,248	12,206
Accrued interest payable	2,228	3,691
Security deposit liability	2,802	2,977
Prepaid rents	1,585	1,658
Fair market value of interest rate swaps	55,134	902
Total Liabilities	1,459,949	1,436,453
Redeemable noncontrolling interests in the Operating Partnership	2,589	3,295
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; 24,298,651 and 25,245,740 shares issued and outstanding, respectively	242	251
Additional paid-in capital	343,257	359,748
Accumulated earnings less dividends	66,860	63,776
Accumulated other comprehensive income (loss)	(55,944)	2,466
Total Stockholders' Equity	354,415	426,241
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,816,953	1,865,989
Real Estate Properties Held For Sale
Operating Real Estate Investments
Total Net Operating Real Estate Investments		46,330
Total Net Operating Real Estate Investments		$ 46,330

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Net of accumulated depreciation	$ 0	$ 7,859
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	24,298,651	25,245,740
Common stock, shares, outstanding	24,298,651	25,245,740
Common stock, par value	$ 0.01	$ 0.01

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2020		Jun. 30, 2019	Jun. 30, 2020		Jun. 30, 2019
Revenues
Rental income		$ 49,253		$ 41,966	$ 100,367		$ 82,416
Other income		1,428		1,100	2,895		2,141
Total revenues		50,681		43,066	103,262		84,557
Expenses
Property operating expenses		11,964		10,161	23,685		19,800
Real estate taxes and insurance		7,777		5,564	15,799		11,322
Property management fees	[1]	1,465		1,291	3,015		2,531
Advisory and administrative fees	[2]	1,936		1,872	3,801		3,722
Corporate general and administrative expenses		2,932		2,741	5,633		4,974
Property general and administrative expenses		1,533		1,768	3,365		3,426
Depreciation and amortization		21,418		13,066	44,756		28,464
Total expenses		49,025		36,463	100,054		74,239
Operating income before gain on sales of real estate		1,656		6,603	3,208		10,318
Gain on sales of real estate		19			38,991
Operating income		1,675		6,603	42,199		10,318
Interest expense		(10,993)		(8,590)	(22,655)		(16,678)
Loss on extinguishment of debt and modification costs					(874)
Casualty loss		(1,079)			(1,028)
Miscellaneous income		1,079			1,079
Net income (loss)		(9,318)		(1,987)	18,721		(6,360)
Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		(28)		(6)	56		(19)
Net income (loss) attributable to common stockholders		(9,290)		(1,981)	18,665		(6,341)
Other comprehensive loss
Unrealized losses on interest rate derivatives		(8,046)		(10,946)	(58,586)		(16,611)
Total comprehensive loss		(17,364)		(12,933)	(39,865)		(22,971)
Comprehensive loss attributable to redeemable noncontrolling interests in the Operating Partnership		(52)		(39)	(120)		(69)
Comprehensive loss attributable to common stockholders		$ (17,312)		$ (12,894)	$ (39,745)		$ (22,902)
Weighted average common shares outstanding - basic		24,307		23,736	24,847		23,643
Weighted average common shares outstanding - diluted		24,307	[3]	24,233	25,330	[3]	24,139
Earnings (loss) per share - basic		$ (0.38)		$ (0.08)	$ 0.75		$ (0.27)
Earnings (loss) per share - diluted		$ (0.38)		$ (0.08)	$ 0.74		$ (0.27)
[1]	Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of the Company’s operating partnership, NexPoint Residential Trust Operating Partnership, L.P. (see Note 10).
[2]	Fees incurred to the Adviser (see Note 11).
[3]	If the Company sustains a net loss for the period presented, unvested restricted stock units are not included in the diluted earnings per share calculation.

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Earnings (Loss) Less Dividends	Accumulated Other Comprehensive Income (Loss)	Common Stock Held in Treasury at Cost
Beginning Balance, Values at Dec. 31, 2018	$ 296,028	$ 234	$ 285,511	$ (6,764)	$ 17,047
Beginning Balance, Shares at Dec. 31, 2018		23,499,635
Net income (loss) attributable to common stockholders	(6,341)			(6,341)
Vesting of stock-based compensation	2,489	$ 1	2,488
Vesting of stock-based compensation, Shares		143,642
Issuance of common shares through at-the-market offering	9,452	$ 3	9,449
Issuance of common shares through at-the-market offering, Shares		252,165
Common stock dividends declared	(13,343)			(13,343)
Other comprehensive loss	(16,561)				(16,561)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	(376)			(376)
Ending Balance, Values at Jun. 30, 2019	271,348	$ 238	297,448	(26,824)	486
Ending Balance, Shares at Jun. 30, 2019		23,895,442
Beginning Balance, Values at Mar. 31, 2019	280,323	$ 235	286,580	(17,891)	11,399
Beginning Balance, Shares at Mar. 31, 2019		23,643,277
Net income (loss) attributable to common stockholders	(1,981)			(1,981)
Vesting of stock-based compensation	1,419		1,419
Issuance of common shares through at-the-market offering	9,452	$ 3	9,449
Issuance of common shares through at-the-market offering, Shares		252,165
Common stock dividends declared	(6,702)			(6,702)
Other comprehensive loss	(10,913)				(10,913)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	(250)			(250)
Ending Balance, Values at Jun. 30, 2019	271,348	$ 238	297,448	(26,824)	486
Ending Balance, Shares at Jun. 30, 2019		23,895,442
Beginning Balance, Values at Dec. 31, 2019	$ 426,241	$ 251	359,748	63,776	2,466
Beginning Balance, Shares at Dec. 31, 2019	25,245,740	25,245,740
Net income (loss) attributable to common stockholders	$ 18,665			18,665
Repurchases of common stock	$ (44,530)					$ (44,530)
Retirement of common stock held in treasury		$ (16)	(44,514)			44,530
Retirement of common stock held in treasury, Shares	(1,644,697)	(1,644,697)
Vesting of stock-based compensation	$ 905	$ 1	904
Vesting of stock-based compensation, Shares		137,608
Issuance of common shares through at-the-market offering	27,125	$ 6	27,119
Issuance of common shares through at-the-market offering, Shares		560,000
Common stock dividends declared	(16,040)			(16,040)
Other comprehensive loss	(58,410)				(58,410)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	459			459
Ending Balance, Values at Jun. 30, 2020	$ 354,415	$ 242	343,257	66,860	(55,944)
Ending Balance, Shares at Jun. 30, 2020	24,298,651	24,298,651
Beginning Balance, Values at Mar. 31, 2020	$ 392,171	$ 256	378,943	84,345	(47,922)	(23,451)
Beginning Balance, Shares at Mar. 31, 2020		25,717,549
Net income (loss) attributable to common stockholders	(9,290)			(9,290)
Repurchases of common stock	$ (13,531)					(13,531)
Retirement of common stock held in treasury		$ (14)	(36,968)			$ 36,982
Retirement of common stock held in treasury, Shares	(1,418,898)	(1,418,898)
Vesting of stock-based compensation	$ 1,337		1,337
Issuance of common shares through at-the-market offering	(55)		(55)
Common stock dividends declared	(7,834)			(7,834)
Other comprehensive loss	(8,022)				(8,022)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	(361)			(361)
Ending Balance, Values at Jun. 30, 2020	$ 354,415	$ 242	$ 343,257	$ 66,860	$ (55,944)
Ending Balance, Shares at Jun. 30, 2020	24,298,651	24,298,651

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement Of Stockholders Equity [Abstract]
Common stock, dividend per share declared	$ 0.3125	$ 0.275	$ 0.625	$ 0.550

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Cash flows from operating activities
Net income (loss)	$ (9,318)	$ (1,987)		$ 18,721	$ (6,360)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Gain on sales of real estate	(19)			(38,991)
Depreciation and amortization	21,418	13,066		44,756	28,464
Amortization/write-off of deferred financing costs				1,923	902
Change in fair value on derivative instruments included in interest expense				1,970	(3,734)
Net cash received (paid) on derivative settlements				(573)	3,720
Interest payable on derivative instruments				(1,097)
Amortization/write-off of fair market value adjustment of assumed debt				(102)	(47)
Vesting of stock-based compensation				2,637	2,654
Insurance proceeds received for business interruption				1,079
Casualty loss				597
Changes in operating assets and liabilities, net of effects of acquisitions:
Operating assets				(3,868)	(585)
Operating liabilities				(1,121)	(1,394)
Net cash provided by operating activities			$ 3,700	25,931	23,620
Cash flows from investing activities
Net proceeds from sales of real estate				85,418
Prepaid acquisition costs				(5,031)	(1,000)
Insurance proceeds paid for casualty losses				(549)
Insurance proceeds received for casualty losses				1,970
Additions to real estate investments				(23,187)	(17,529)
Acquisitions of real estate investments					(133,792)
Net cash provided by (used in) investing activities			(131,700)	58,621	(152,321)
Cash flows from financing activities
Mortgage proceeds received					78,987
Mortgage payments				(42,028)	(465)
Credit facilities proceeds received				35,000	52,500
Credit facilities payments				(28,000)
Deferred financing costs paid					(1,861)
Interest rate cap fees paid					(20)
Prepayment penalties on extinguished debt				(416)
Proceeds from the issuance of common shares through at-the-market offering, net of offering costs				27,125	9,452
Payments for taxes related to net share settlement of stock-based compensation				(1,732)	(165)
Repurchase of common stock				(44,530)
Dividends paid to common stockholders				(16,134)	(13,288)
Net cash (used in) provided by financing activities				(70,715)	125,140
Net increase (decrease) in cash, cash equivalents and restricted cash				13,837	(3,561)
Cash, cash equivalents and restricted cash, beginning of period			$ 43,129	71,182	43,129	$ 43,129
Cash, cash equivalents and restricted cash, end of period	$ 85,019	$ 39,568		85,019	39,568	$ 71,182
Supplemental Disclosure of Cash Flow Information
Interest paid				20,812	19,323
Prepayment penalties				416
Supplemental Disclosure of Noncash Activities
Capitalized construction costs included in accounts payable and other accrued liabilities				6,435	1,513
Change in fair value on derivative instruments designated as hedges				(58,586)	(16,611)
Other assets acquired from acquisitions					109
Liabilities assumed from acquisitions					647
Assumed debt on acquisitions					10,109
Increase (decrease) in dividends payable upon vesting of restricted stock units				(94)	$ 55
Write-off of fully amortized in-place leases				12,414
Write-off of deferred financing costs				$ 455

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Description of Business	1. Organization and Description of Business NexPoint Residential Trust, Inc. (the “Company”, “we”, “our”) was incorporated in Maryland on September 19, 2014, and has elected to be taxed as a real estate investment trust (“REIT”). The Company is focused on “value-add” multifamily investments primarily located in the Southeastern and Southwestern United States. Substantially all of the Company’s business is conducted through NexPoint Residential Trust Operating Partnership, L.P. (the “OP”), the Company’s operating partnership. The Company owns its properties (the “Portfolio”) through the OP and its wholly owned taxable REIT subsidiary (“TRS”). The OP owns approximately 99.9% of the Portfolio; the TRS owns approximately 0.1% of the Portfolio. The Company’s wholly owned subsidiary, NexPoint Residential Trust Operating Partnership GP, LLC (the “OP GP”), is the sole general partner of the OP. As of June 30, 2020, there were 23,819,402 common units in the OP (“OP Units”) outstanding, of which 23,746,169, or 99.7%, were owned by the Company and 73,233, or 0.3%, were owned by a noncontrolling limited partner (see Note 10). The Company is externally managed by NexPoint Real Estate Advisors, L.P. (the “Adviser”), through an agreement dated March 16, 2015, as amended, and renewed on February 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. (the “Sponsor”). The Company’s investment objectives are to maximize the cash flow and value of properties owned, acquire properties with cash flow growth potential, provide quarterly cash distributions and achieve long-term capital appreciation for its stockholders through targeted management and a value-add program. Consistent with the Company’s policy to acquire assets for both income and capital gain, the Company intends to hold at least majority interests in its properties for long-term appreciation and to engage in the business of directly or indirectly acquiring, owning, and operating well-located multifamily properties with a value-add component in large cities and suburban submarkets of large cities primarily in the Southeastern and Southwestern United States consistent with its investment objectives. Economic and market conditions may influence the Company to hold properties for different periods of time. From time to time, the Company may sell a property if, among other deciding factors, the sale would be in the best interest of its stockholders.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Accounting The accompanying unaudited consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes to the Company’s significant accounting policies during the six months ended June 30, 2020. The accompanying unaudited consolidated financial statements have been prepared according to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of June 30, 2020 and December 31, 2019 and results of operations for the three and six months ended June 30, 2020 and 2019 have been included. Such adjustments are normal and recurring in nature. The unaudited information included in this quarterly report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2019 and notes thereto included in its Annual Report on Form 10-K filed with the SEC on February 21, 2020. Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation Revenue Recognition The Company’s primary operations consist of rental income earned from its residents under lease agreements typically with terms of one year or less. Rental income is recognized when earned. This policy effectively results in income recognition on the straight-line method over the related terms of the leases. Resident reimbursements and other income consist of charges billed to residents for utilities, carport and garage rental, and pets, administrative, application and other fees and are recognized when earned. The Company implemented the provisions of Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers In February 2016, the FASB issued ASU 2016-02, Leases In July 2018, the FASB issued ASU 2018-11 , Leases – Targeted Improvements For the Three Months Ended June 30, For the Six Months Ended June 30, Lease Income Type 2020 2019 2020 2019 Rental income $ 44,041 $ 37,711 $ 89,509 $ 74,033 Utility reimbursements (1) 3,014 2,539 6,058 5,080 Late fees (1) (24 ) 351 460 730 Pet fees (1) 241 207 478 387 Other fees (1) 1,981 1,158 3,862 2,186 Total rental income $ 49,253 $ 41,966 $ 100,367 $ 82,416 (1) Previously classified as other income prior to December 31, 2019. The table below quantifies the effects on rental and other income for the six months ended June 30, 2020 and 2019 from the adoption ASC 842: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Prior to adoption of ASC 842 Rental income $ 44,041 $ 37,711 $ 89,509 $ 74,033 Other income 6,640 5,355 13,753 10,524 Total revenue $ 50,681 $ 43,066 $ 103,262 $ 84,557 Post adoption of ASC 842 Rental income $ 49,253 $ 41,966 $ 100,367 $ 82,416 Other income 1,428 1,100 2,895 2,141 Total revenue $ 50,681 $ 43,066 $ 103,262 $ 84,557 Differences resulting in ASC 842 adoption Rental income difference $ 5,212 $ 4,255 $ 10,858 $ 8,383 Other income difference (5,212 ) (4,255 ) (10,858 ) (8,383 ) 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. In April 2020, the Financial Accounting Standards Board issued a Staff Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC 842, Leases. The Q&A states that some lease contracts may contain explicit or implicit enforceable rights and obligations that require lease concessions if certain circumstances arise that are beyond the control of the parties to the contract. Therefore, entities would need to perform a lease-by-lease analysis to determine whether contractual provisions in an existing lease agreement provide enforceable rights and obligations related to lease concessions. The FASB determined it would be acceptable for entities to not perform a lease-by-lease analysis regarding rent concessions resulting from COVID-19, and to instead make a policy election regarding rent concessions, which would give entities the option to account or not to account for these rent concessions as lease modifications if the total payments required by the modified contract are substantially the same or less than the total payments required by the original contract. Entities making the election to account for these rent concessions as lease modifications would recognize the effects of rent abatements and rent deferrals on a prospective straight-line basis over the remainder of the modified contract. We have made the election to not perform a lease-by-lease analysis to determine whether contractual provisions in an existing lease agreement provide enforceable rights and obligations related to payment plans. By electing the FASB relief, we have also made an accounting policy election to not account for rent deferrals provided to lessees due to the COVID-19 pandemic as lease modifications. Lessees are required to pay the full outstanding balance of the rent deferred over the period of the payment plan. Purchase Price Allocation Upon acquisition of a property, the purchase price and related acquisition costs (“total consideration”) are allocated to land, buildings, improvements, furniture, fixtures, and equipment, and intangible lease assets in accordance with FASB ASC 805, Business Combinations. The allocation of total consideration, which is determined using inputs that are classified within Level 3 of the fair value hierarchy established by FASB ASC 820, Fair Value Measurement and Disclosures Real estate assets, including land, buildings, improvements, furniture, fixtures and equipment, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months Construction in progress includes the cost of renovation projects being performed at the various properties. Once a project is complete, the historical cost of the renovation is placed into service in one of the categories above depending on the type of renovation project and is depreciated over the estimated useful lives as described in the table above. Impairment Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. 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. As of June 30, 2020, the Company has not recorded any impairment on its real estate assets. We continue to monitor the impact of COVID-19 on our real estate assets (see “–Coronavirus (“COVID-19”)” for additional information, below). 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 June 30, 2020, there are no properties held for sale. Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and expects to continue to qualify as a REIT. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute annually at least 90% of its “REIT taxable income,” as defined by the Code, to its stockholders. As a REIT, the Company will be subject to federal income tax on its undistributed REIT taxable income and net capital gain and to a 4% nondeductible excise tax on any amount by which distributions it pays with respect to any calendar year are less than the sum of (1) 85% of its ordinary income, (2) 95% of its capital gain net income and (3) 100% of its undistributed income from prior years. The Company intends to operate in such a manner so as to qualify as a REIT, but no assurance can be given that the Company will operate in a manner so as to qualify as a REIT. Taxable income from certain non-REIT activities is managed through a TRS and is subject to applicable federal, state, and local income and margin taxes. The Company had no significant taxes associated with its TRS for the six months ended June 30, 2020 and 2019. If the Company fails to meet these requirements, it could be subject to federal income tax on all of the Company’s taxable income at regular corporate rates for that year. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. As of June 30, 2020, the Company believes it is in compliance with all applicable REIT requirements. The Company evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” (greater than 50 percent probability) of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. The Company’s management is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Company has no examinations in progress and none are expected at this time. The Company recognizes its tax positions and evaluates them using a two-step process. First, the Company determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. The Company had no material unrecognized tax benefit or expense, accrued interest or penalties as of June 30, 2020. The Company and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The 2019, 2018 and 2017 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 loss. Recent Accounting Pronouncements 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 In March 2020 Reference Rate Reform Reclassifications Certain reclassifications have been made to conform the prior period consolidated financial statements and notes to the current period presentation. Coronavirus (“COVID-19”) Beginning in January 2020, reports came out of Wuhan, China regarding a new virus which was determined to be highly contagious, more aggressive than typical viruses and for which there is no cure or vaccination at this time. As reported cases and deaths of the COVID-19 virus began increasing in February and continuing through the date of this report, there has been a significant impact to the global economy generally. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. On March 13, 2020, President Trump declared a national emergency in the United States. Over the ensuing weeks, the President and the task force that was set up to deal with preparations across the country, announced sweeping and unprecedented actions to help slow the spread of the virus. The President’s task force recommended all citizens practice “social distancing” and other protocols to limit interaction between individuals for a period of 15 days, which was later expanded for 30 days and ultimately expired on April 30, 2020. Also, many cities and states canceled school or went to online classes, colleges were ordered closed and went to online learning protocols, non-essential businesses such as restaurants or bars closed voluntarily or were ordered closed by local governments, other businesses closed their offices with employees working from home, many businesses canceled non-essential travel, families canceled vacations and airlines reduced traffic. While many of these restrictions and forced closures were initially lifted in varying degrees beginning in May, the recent spike in COVID-19 cases in the United States has caused many cities and states to reinstitute such restrictions and closures. In addition, the federal U.S. government has imposed restrictions on the entry of certain travelers into the United States and the U.S./Mexican and U.S./Canadian borders remain temporarily closed for all non-essential travel to limit the spread of the virus across countries. Collectively, these actions, while for the benefit of public health, have had a significant impact on the American economy. The U.S. stock market initially experienced historic declines over an extraordinarily short period of time. Certain industries such as airlines, lodging, entertainment, gaming, cruise ships, plus industries closely associated with these industries have seen, and continue to see, unprecedented declines in business. Additionally, as part of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), a moratorium on evictions and the charging of late fees was placed on the Company through July 25, 2020, whereby the Company is not allowed to evict tenants for failure to pay rent and may not charge late fees for rent not paid by the due date. Some local governments have also implemented moratoriums on evictions and late fees that may be more stringent than the restrictions legislated in the CARES Act. As of June 30, 2020, 1,541 residents were on payment plans due to the COVID-19 crisis for a total of approximately $1.7 million in rent. The durations of the payment plans are determined on a case by case basis, in which time the tenant is expected to make rent payments in full. The Company has not granted any rent concessions to residents in response to the crisis as of June 30, 2020. The Company continues to monitor the impact on this pandemic and its effect on future rent collections, valuation of real estate investments, liquidity and the ability to refinance or repay debt.

Investments in Subsidiaries

Investments in Subsidiaries	6 Months Ended
	Jun. 30, 2020
Schedule Of Investments [Abstract]
Investments in Subsidiaries	3. Investments in Subsidiaries The Company conducts its operations through the OP, which owns the properties through single asset limited liability companies that are special purpose entities (“SPEs”). The Company consolidates the SPEs that it controls as well as any VIEs where it is the primary beneficiary. In connection with its indirect equity investments in the properties acquired, the Company, through the OP and the TRS, directly or indirectly holds 100% of the membership interests in SPEs that directly own the properties. All of the properties the SPEs own are consolidated in the Company’s consolidated financial statements. The assets of each entity can only be used to settle obligations of that particular entity, and the creditors of each entity have no recourse to the assets of other entities or the Company. Additionally, the Company has in the past and may in the future enter into purchase and sale transactions structured as reverse like-kind exchanges (“1031 Exchanges”) under Section 1031 of the Code. For a reverse 1031 Exchange in which the Company purchases a new property prior to selling the property to be matched in the like-kind exchange (the Company refers to the new property being acquired in the 1031 Exchange prior to the sale of the related property as a “Parked Asset”), legal title to the Parked Asset is held by an Exchange Accommodation Titleholder (“EAT”) engaged to execute the 1031 Exchange until the sale transaction and the 1031 Exchange are completed. The Company, through a wholly owned subsidiary, enters into a master lease agreement with the EAT whereby the EAT leases the acquired property and all other rights acquired in connection with the acquisition to the Company. The term of the master lease agreement is the earlier of the completion of the reverse 1031 Exchange or 180 days from the date that the property was acquired. The EAT is classified as a VIE as it does not have sufficient equity investment at risk to finance its activities without additional subordinated financial support. The Company consolidates the EAT as its primary beneficiary because it has the ability to control the activities that most significantly impact the EAT’s economic performance and the Company retains all of the legal and economic benefits and obligations related to the Parked Assets prior to completion of the 1031 Exchange. As such, the Parked Assets are included in the Company’s consolidated financial statements as VIEs until legal title is transferred to the Company upon either completion of the 1031 Exchange or termination of the master lease agreement, at which time they will be consolidated as wholly owned subsidiaries. As of June 30, 2020, the Company, through the OP and the wholly owned TRS, owned 37 properties through SPEs. The following table represents the Company’s ownership in each property by virtue of its 100% ownership of the SPEs that directly own the title to each property as of June 30, 2020 and December 31, 2019: Effective Ownership Percentage at Property Name Location Year June 30, 2020 December 31, 2019 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 % Beechwood Terrace Antioch, Tennessee 2014 100 % 100 % Willow Grove (1) Nashville, Tennessee 2014 — 100 % Woodbridge (1) Nashville, Tennessee 2014 — 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 % Sabal Palm at Lake Buena Vista Orlando, Florida 2014 100 % 100 % Southpoint Reserve at Stoney Creek (1) Fredericksburg, Virginia 2014 — 100 % Cornerstone Orlando, Florida 2015 100 % 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 % Venue at 8651 Fort Worth, Texas 2015 100 % 100 % Parc500 West Palm Beach, Florida 2016 100 % 100 % The Venue on Camelback (2) 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 (3) Antioch, Tennessee 2018 100 % 100 % Crestmont Reserve Dallas, Texas 2018 100 % 100 % Brandywine I & II Nashville, Tennessee 2018 100 % 100 % Bella Vista (4) Phoenix, Arizona 2019 100 % 100 % The Enclave (4) Tempe, Arizona 2019 100 % 100 % The Heritage (4) Phoenix, Arizona 2019 100 % 100 % Summers Landing Fort Worth, Texas 2019 100 % 100 % Residences at Glenview Reserve (5) Nashville, Tennessee 2019 100 % 100 % Residences at West Place (5) Orlando, Florida 2019 100 % 100 % Avant at Pembroke Pines Pembroke Pines, Florida 2019 100 % 100 % Arbors of Brentwood Nashville, Tennessee 2019 100 % 100 % Torreyana Apartments (6) Las Vegas, Nevada 2019 100 % 100 % Bloom (6) Las Vegas, Nevada 2019 100 % 100 % Bella Solara (6) Las Vegas, Nevada 2019 100 % 100 % (1) Properties were disposed in 2020. (2) Formerly known as The Colonnade. (3) The EAT that directly owned Cedar Pointe was consolidated as a VIE at December 31, 2018. The master lease agreement with the EAT that directly owned Cedar Pointe terminated on February 20, 2019, at which time legal title to Cedar Pointe transferred to the Company. Upon the transfer of title, the entity that directly owned Cedar Pointe was no longer considered a VIE. (4) The EAT that directly owned Bella Vista, The Enclave and The Heritage was consolidated as a VIE at March 31, 2019. The master lease agreement with the EAT that directly owned these properties terminated on July 27, 2019, 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. (5) The Company acquired two multifamily properties, the Residences at Glenview Reserve and the Residences at West Place (the “Residences”) 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. (6) The EAT that directly owned Torreyana, Bloom and Bella Solara was consolidated as a VIE at December 31, 2019. The master lease agreement with the EAT that directly owned these properties terminated on March 31, 2020, at which time legal title transferred to the Company. Upon the transfer of the title, the EAT that directly owned these properties was no longer considered a VIE.

Real Estate Investments Statist

Real Estate Investments Statistics	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Real Estate Investments Statistics	4. Real Estate Investments Statistics As of June 30, 2020, the Company was invested in a total of 37 multifamily properties, as listed below: Average Effective Monthly Rent Per Unit *(1) as of % Occupied *(2) as of Property Name Rentable Square Footage (in thousands) Number of Units Date Acquired June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 Arbors on Forest Ridge 155 210 1/31/2014 $ 895 $ 894 95.7 % 95.7 % Cutter's Point (3) 198 0 1/31/2014 — — 0.0 % 0.0 % Eagle Crest 396 447 1/31/2014 977 969 96.0 % 96.6 % Silverbrook 526 642 1/31/2014 892 870 98.9 % 95.5 % Beechwood Terrace 272 300 7/21/2014 935 937 96.0 % 91.3 % The Summit at Sabal Park 205 252 8/20/2014 1,024 1,010 95.2 % 97.2 % Courtney Cove 225 324 8/20/2014 935 927 97.2 % 94.8 % Radbourne Lake 247 225 9/30/2014 1,130 1,118 96.4 % 90.7 % Timber Creek 248 352 9/30/2014 918 916 97.7 % 94.9 % Sabal Palm at Lake Buena Vista 371 400 11/5/2014 1,285 1,270 92.3 % 93.8 % Cornerstone 318 430 1/15/2015 1,049 1,053 95.3 % 95.6 % The Preserve at Terrell Mill 692 752 2/6/2015 968 969 95.9 % 94.9 % Versailles 301 388 2/26/2015 908 923 93.0 % 93.0 % Seasons 704 Apartments 217 222 4/15/2015 1,200 1,155 97.7 % 94.6 % Madera Point 193 256 8/5/2015 965 924 95.7 % 96.1 % Venue at 8651 289 333 10/30/2015 930 924 93.1 % 96.1 % Parc500 266 217 7/27/2016 1,319 1,304 97.7 % 93.1 % The Venue on Camelback 256 415 10/11/2016 804 777 94.2 % 94.2 % Old Farm 697 734 12/29/2016 1,163 1,162 95.5 % 92.8 % Stone Creek at Old Farm 186 190 12/29/2016 1,182 1,194 94.2 % 95.8 % Hollister Place 246 260 2/1/2017 1,027 995 92.3 % 93.1 % Rockledge Apartments 802 708 6/30/2017 1,249 1,260 94.5 % 95.3 % Atera Apartments 334 380 10/25/2017 1,243 1,256 95.5 % 93.4 % Cedar Pointe 224 210 8/24/2018 1,058 1,066 96.2 % 91.4 % Crestmont Reserve 199 242 9/26/2018 889 902 96.3 % 94.2 % Brandywine I & II 414 632 9/26/2018 973 978 94.1 % 93.7 % Bella Vista 243 248 1/28/2019 1,290 1,265 96.8 % 97.2 % The Enclave 194 204 1/28/2019 1,309 1,295 97.5 % 93.6 % The Heritage 199 204 1/28/2019 1,272 1,265 95.1 % 96.6 % Summers Landing 139 196 6/7/2019 936 920 96.9 % 91.8 % Residences at Glenview Reserve 344 360 7/17/2019 985 977 93.1 % 94.4 % Residences at West Place 345 342 7/17/2019 1,209 1,211 93.9 % 92.7 % Avant at Pembroke Pines 1,442 1520 8/30/2019 1,500 1,498 95.5 % 93.7 % Arbors of Brentwood 325 346 9/10/2019 1,219 1,192 94.5 % 96.2 % Torreyana Apartments 309 315 11/22/2019 1,160 1,171 95.2 % 95.6 % Bloom 498 528 11/22/2019 1,070 1,105 95.6 % 90.9 % Bella Solara 271 320 11/22/2019 1,099 1,136 92.2 % 91.9 % 12,786 14,104 * Information is unaudited (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of June 30, 2020 and December 31, 2019, respectively, minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of June 30, 2020 and December 31, 2019, respectively. (2) Percent occupied is calculated as the number of units occupied as of June 30, 2020 and December 31, 2019 , 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).

Real Estate Investments

Real Estate Investments	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Real Estate Investments	5. Real Estate Investments As of June 30, 2020, 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 $ 11,598 $ — $ — $ 1,604 $ 15,532 Cutter's Point 3,330 3,109 — 6,112 1,894 14,445 Eagle Crest 5,450 23,868 — 3 1,928 31,249 Silverbrook 4,860 27,159 — 15 4,861 36,895 Beechwood Terrace 1,390 22,210 — 32 2,651 26,283 The Summit at Sabal Park 5,770 13,652 — 6 1,727 21,155 Courtney Cove 5,880 13,450 — 8 2,076 21,414 Radbourne Lake 2,440 22,499 — 15 2,075 27,029 Timber Creek 11,260 14,084 — 8 3,219 28,571 Sabal Palm at Lake Buena Vista 7,580 42,380 — 4 2,244 52,208 Cornerstone 1,500 30,747 — — 3,211 35,458 The Preserve at Terrell Mill 10,170 49,476 — 1,013 6,729 67,388 Versailles 6,720 21,718 — — 3,785 32,223 Seasons 704 Apartments 7,480 14,374 — — 1,608 23,462 Madera Point 4,920 17,751 — 106 2,154 24,931 Venue at 8651 2,350 17,447 — — 3,420 23,217 Parc500 3,860 20,858 — — 3,678 28,396 The Venue on Camelback 8,340 38,031 — 34 2,211 48,616 Old Farm 11,078 70,789 — 6 3,200 85,073 Stone Creek at Old Farm 3,493 19,460 — — 758 23,711 Hollister Place 2,782 21,824 — 46 2,352 27,004 Rockledge Apartments 17,451 96,476 — — 5,130 119,057 Atera Apartments 22,371 37,496 — 4 2,124 61,995 Cedar Pointe 2,371 24,255 — — 1,462 28,088 Crestmont Reserve 4,124 20,924 — 1 1,338 26,387 Brandywine I & II 6,237 73,260 — 259 3,630 83,386 Bella Vista 10,942 36,737 — — 1,788 49,467 The Enclave 11,046 30,268 — — 1,495 42,809 The Heritage 6,835 34,733 — — 1,535 43,103 Summers Landing 1,798 17,424 — 437 628 20,287 Residences at Glenview Reserve 3,367 40,564 — 747 1,061 45,739 Residences at West Place 3,345 51,582 — 12 940 55,879 Avant at Pembroke Pines 48,436 268,402 — 3,693 6,314 326,845 Arbors of Brentwood 6,346 55,523 — 61 942 62,872 Torreyana Apartments 23,824 42,959 — 350 859 67,992 Bloom 23,805 80,737 — 576 1,377 106,495 Bella Solara 12,605 52,562 — 319 835 66,321 317,886 1,480,386 — 13,867 88,843 1,900,982 Accumulated depreciation and amortization — (133,342 ) — — (51,399 ) (184,741 ) Total Operating Properties $ 317,886 $ 1,347,044 $ — $ 13,867 $ 37,444 $ 1,716,241 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 Properties 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 13,710 35,744 — 1.0 4,734 54,189 Accumulated depreciation and amortization — (5,390 ) — — (2,469 ) (7,859 ) Total Held For Sale Properties $ 13,710 $ 30,354 $ — $ 1 $ 2,265 $ 46,330 Total $ 331,596 $ 1,397,338 $ 6,243 $ 4,376 $ 42,257 $ 1,781,810 Depreciation expense was $20.0 million and $11.8 million for the three months ended June 30, 2020 and 2019, respectively. Depreciation expense was $38.5 million and $24.9 million for the six months ended June 30, 2020 and 2019, respectively. Amortization expense related to the Company’s intangible lease assets was $1.4 million and $1.3 million for the three months ended June 30, 2020 and 2019, respectively. Amortization expense related to the Company’s intangible lease assets was $6.2 million and $3.5 million for the six months ended June 30, 2020 and 2019, respectively. Amortization expense related to the Company’s intangible lease assets for all acquisitions completed through June 30, 2020 is expected to be $0.0 million for the remainder of the year ended December 31, 2020. Due to the six-month useful life attributable to intangible lease assets, the value of intangible lease assets on any acquisition prior to December 31, 2019 has been fully amortized and the assets and related accumulated amortization have been written off as of June 30, 2020. Acquisitions There were no acquisitions of real estate during the six months ended June 30, 2020. The Company acquired four properties for approximately $151.5 million during the six months ended June 30, 2019. In connection with the acquisitions made during the three months ended March 31, 2019, the Company paid earnest money deposits of $7.7 million prior to December 31, 2018. Management has determined that these deposits should have been presented as a decrease to the cash outflow associated with the acquisition of real estate investments in the accompanying consolidated statements of cash flow. The Company corrected the overstatement of operating activities and investing activities to $3.7M and ($131.7M), respectively, for the three months ended March 31, 2019. This correction did not change any amounts on the consolidated balance sheet or statement of operations and comprehensive loss. Management believes that the effect of these corrections is not material to the Company’s financial position, results of operations, or liquidity for any period presented. Dispositions The Company sold three properties during the six months ended June 30, 2020, as detailed in the table below (dollars in thousands). There were no sales of real estate during the six months ended June 30, 2019. Property Name Location Date of Sale Sales Price Net Cash Proceeds Gain on Sale of Real Estate Southpoint Reserve at Stoney Creek Fredericksburg, Virginia March 20, 2020 $ 23,500 $ 23,176 $ 5,469 Willow Grove Nashville, Tennessee March 26, 2020 31,300 31,005 17,513 Woodbridge Nashville, Tennessee March 26, 2020 31,700 31,237 15,990 $ 86,500 $ 85,418 $ 38,972 (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, and, in accordance with ASC 610 Other Income Venue 8651 Casualty Losses On June 10, 2020, as a result of a fire, the Venue 8651 property suffered property damage. In relation to this event, the Company wrote down the carrying value of Venue 8651 by approximately $0.6 million, and, in accordance with ASC 610 Other Income

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	6. Debt Mortgage Debt The following table contains summary information concerning the mortgage debt of the Company as of June 30, 2020 (dollars in thousands): Operating Properties Type Term Outstanding Principal (1) Interest Rate (2) Maturity Date Arbors on Forest Ridge (3) Floating 84 $ 13,130 1.84% 7/1/2024 Cutter's Point (3) Floating 84 16,640 1.84% 7/1/2024 Eagle Crest (3) Floating 84 29,510 1.84% 7/1/2024 Silverbrook (3) Floating 84 30,590 1.84% 7/1/2024 Beechwood Terrace (3) Floating 84 23,365 1.60% 9/1/2025 The Summit at Sabal Park (3) Floating 84 13,560 1.78% 7/1/2024 Courtney Cove (3) Floating 84 13,680 1.78% 7/1/2024 The Preserve at Terrell Mill (3) Floating 84 42,480 1.78% 7/1/2024 Versailles (3) Floating 84 23,880 1.78% 7/1/2024 Seasons 704 Apartments (3) Floating 84 17,460 1.78% 7/1/2024 Madera Point (3) Floating 84 15,150 1.78% 7/1/2024 Venue at 8651 (3) Floating 84 13,734 1.94% 7/1/2024 The Venue on Camelback (3) Floating 84 28,093 1.84% 7/1/2024 Old Farm (3) Floating 84 52,886 1.84% 7/1/2024 Stone Creek at Old Farm (3) Floating 84 15,274 1.84% 7/1/2024 Timber Creek (3) Floating 84 24,100 1.42% 10/1/2025 Radbourne Lake (3) Floating 84 20,000 1.45% 10/1/2025 Sabal Palm at Lake Buena Vista (3) Floating 84 42,100 1.46% 9/1/2025 Cornerstone (4) Fixed 120 21,538 4.24% 3/1/2023 Parc500 (5) Fixed 120 15,088 4.49% 8/1/2025 Hollister Place (3) Floating 84 14,811 1.50% 10/1/2025 Rockledge Apartments (3) Floating 84 68,100 1.73% 7/1/2024 Atera Apartments (3) Floating 84 29,500 1.64% 11/1/2024 Cedar Pointe (6) Floating 84 17,300 1.51% 9/1/2025 Crestmont Reserve (3) Floating 84 12,061 1.34% 10/1/2025 Brandywine I & II (3) Floating 84 43,835 1.34% 10/1/2025 Bella Vista (6) Floating 84 29,040 1.48% 2/1/2026 The Enclave (6) Floating 84 25,322 1.48% 2/1/2026 The Heritage (6) Floating 84 24,625 1.48% 2/1/2026 Summers Landing (7) Floating 84 10,109 1.34% 10/1/2025 Residences at Glenview Reserve (8) Floating 84 26,560 1.60% 10/1/2025 Residences at West Place (8) Fixed 120 33,817 4.24% 10/1/2028 Avant at Pembroke Pines (3) Floating 84 177,100 1.59% 9/1/2026 Arbors of Brentwood (3) Floating 84 34,237 1.59% 10/1/2026 Torreyana Apartments (6) Floating 84 37,400 1.86% 12/1/2026 Bloom (6) Floating 84 58,850 1.86% 12/1/2026 Bella Solara (6) Floating 84 36,575 1.86% 12/1/2026 $ 1,151,500 Fair market value adjustment 1,362 (9) Deferred financing costs, net of accumulated amortization of $3,238 (7,216 ) $ 1,145,646 (1) Mortgage debt that is non-recourse to the Company and encumbers the multifamily properties. (2) Interest rate is based on one-month LIBOR plus an applicable margin, except for fixed rate mortgage debt. One-month LIBOR as of June 30, 2020 was 0.1623%. (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) 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 (8) 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. (9) 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 six months ended June 30, 2020, the Company sold three properties and repaid the related mortgage loans that encumbered the properties, as detailed in the table below (in thousands); there were no sales of real estate during the six months ended June 30, 2019. Property Name Date of Sale Type Outstanding Principal (1) Southpoint Reserve at Stoney Creek March 20, 2020 Floating $ 13,101 Willow Grove March 26, 2020 Floating 14,818 Woodbridge March 26, 2020 Floating 13,677 $ 41,596 (1) Represents the outstanding principal balance when the loan was repaid. The weighted average interest rate of the Company’s mortgage indebtedness was 1.83% as of June 30, 2020 and 3.34% as of December 31, 2019. The decrease between the periods is primarily related to a decrease in one-month LIBOR of approximately 160 basis points to 0.1623% as of June 30, 2020 from 1.7625% as of December 31, 2019. As of June 30, 2020, 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 1.3792% for one-month LIBOR on its combined $1.2 billion notional amount of interest rate swap agreements, which effectively fix the interest rate on $1.2 billion of the Company’s floating rate indebtedness (see Note 7). Each of the Company’s mortgages is a non-recourse obligation subject to customary provisions. The loan agreements contain customary events of default, including defaults in the payment of principal or interest, defaults in compliance with the covenants contained in the documents evidencing the loan, defaults in payments under any other security instrument covering any part of the property, whether junior or senior to the loan, and bankruptcy or other insolvency events. As of June 30, 2020, 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 decided to participate in Freddie Mac’s Multifamily Green Advantage program (the “Green Program”). As of June 30, 2020, the Company had completed its Green Program improvements on all but two properties. We will complete the green improvements on these properties during 2020. We expect to reduce water/sewer costs at each property where the Green Program is implemented by at least 15% through the replacement of showerheads, plumbing fixtures and toilets with modern energy efficient upgrades. Due to changes in Freddie Mac’s requirements to participate in the Green Program, the Company is not implementing this on acquisitions going forward. Credit Facility The following table contains summary information concerning the Company’s credit facility as of June 30, 2020 (dollars in thousands): Type Term Outstanding Principal Interest Rate (1) Maturity Date Corporate Credit Facility Floating 24 $ 225,000 2.42% 1/28/2021 Deferred financing costs, net of accumulated amortization of $1,247 (805 ) $ 224,195 (1) Interest rate is based on one-month LIBOR plus an applicable margin. One-month LIBOR as of June 30, 2020 was 0.1623%. 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 The Corporate Credit Facility is a non-recourse obligation and contains customary events of default, including defaults in the payment of principal or interest, defaults in compliance with the covenants contained in the document evidencing the loan, defaults in payments under any other security instrument, and bankruptcy or other insolvency events. As of June 30, 2020, the Company believes it is in compliance with all provisions. Deferred Financing Costs The Company defers costs incurred in obtaining financing and amortizes the costs over the terms of the related loans using the straight-line method, which approximates the effective interest method. Deferred financing costs, net of amortization, are recorded as a reduction from the related debt on the Company’s consolidated balance sheets. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to loss on extinguishment of debt and modification costs (see “Loss on Extinguishment of Debt and Modification Costs” below). For the three months ended June 30, 2020 and 2019, the Company wrote-off deferred financing costs of approximately $0.0 million and $0.0 million, respectively, which is included in loss on extinguishment of debt and modification costs on the consolidated statements of operations and comprehensive loss. For the six months ended June 30, 2020 and 2019, the Company wrote-off deferred financing costs of approximately $0.5 million and $0.0 million, respectively, which is included in loss on extinguishment of debt and modification costs on the consolidated statements of operations and comprehensive loss. For the three months ended June 30, 2020 and 2019, amortization of deferred financing costs of approximately $0.7 million and $0.5 million, respectively, is included in interest expense on the consolidated statements of operations and comprehensive income loss. For the six months ended June 30, 2020 and 2019, amortization of deferred financing costs of approximately $1.4 million and $0.9 million, respectively, is included in interest expense on the consolidated statements of operations and comprehensive loss. Loss on Extinguishment of Debt and Modification Costs Loss on extinguishment of debt and modification costs includes prepayment penalties and defeasance costs incurred on the early repayment of debt, costs incurred in a debt modification that are not capitalized as deferred financing costs and other costs incurred in a debt extinguishment. Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to June 30, 2020 are as follows (in thousands): Operating Properties Credit Facility Total 2020 $ 376 — $ 376 2021 897 225,000 225,897 2022 1,514 — 1,514 2023 21,298 — 21,298 2024 424,686 — 424,686 Thereafter 702,729 — 702,729 Total $ 1,151,500 $ 225,000 $ 1,376,500

Fair Value of Derivative and Fi

Fair Value of Derivative and Financial Instruments	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measures and Derivative Financial Instruments	7. Fair Value of Derivatives and Financial Instruments Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy): • Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3 inputs are the unobservable inputs for the asset or liability, which are typically based on an entity’s own assumption, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on input from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company utilizes independent third parties to perform the allocation of value analysis for each property acquisition and to perform the market valuations on its derivative financial instruments and has established policies, as described above, processes and procedures intended to ensure that the valuation methodologies for investments and derivative financial instruments are fair and consistent as of the measurement date. Derivative Financial Instruments and Hedging Activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company may enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash payments principally related to the Company’s borrowings. In order to minimize counterparty credit risk, the Company enters into and expects to enter into hedging arrangements only with major financial institutions that have high credit ratings. The Company utilizes an independent third party to perform the market valuations on its derivative financial instruments. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate caps are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both the Company’s own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of the Company’s derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with the Company’s derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has determined that the significance of the impact of the credit valuation adjustments made to its derivative contracts, which determination was based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all of the Company’s derivatives held as of June 30, 2020 and December 31, 2019 were classified as Level 2 of the fair value hierarchy. The Company’s main objective in using interest rate derivatives is to add stability to interest expense related to floating rate debt. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The interest rate swaps have terms ranging from four to five years. Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The interest rate caps have terms ranging from three to four years. During the six months ended June 30, 2020 and 2019, 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% as of June 30, 2020. 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 eleven interest rate swap transactions with KeyBank National Association (“KeyBank”) and two with SunTrust Bank with a combined notional amount of $1.2 billion. 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 1.3792%. The Company has designated these interest rate swaps as cash flow hedges of interest rate risk. As of June 30, 2020, 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 Amount 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 % January 3, 2020 September 1, 2026 KeyBank 92,500 1.6090 % March 4, 2020 June 1, 2026 SunTrust 100,000 0.8200 % $ 1,167,500 1.3792 % (2) (1) The floating rate option for the interest rate swaps is one-month LIBOR. As of June 30, 2020, one-month LIBOR was 0.1623%. (2) Represents the weighted average fixed rate of the interest rate swaps. As of June 30, 2020 , the Company had the following outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk with future effective dates (dollars in thousands): Future Swaps Effective Date Termination Date Counterparty Notional Amount Fixed Rate (1) June 1, 2021 September 1, 2026 KeyBank $ 200,000 0.8450 % June 1, 2021 September 1, 2026 KeyBank 200,000 0.9530 % September 1, 2026 January 1, 2027 KeyBank 92,500 1.7980 % $ 492,500 1.0678 % (2) (1) The floating rate option for the interest rate swaps is one-month LIBOR. As of June 30, 2020, one-month LIBOR was 0.1623%. (2) Represents the weighted average fixed rate of the interest rate swaps. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements but either do not meet the strict requirements to apply hedge accounting in accordance with FASB ASC 815, Derivatives and Hedging As of June 30, 2020 and 2019, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands): As of June 30, Number of Instruments Notional Amount 2020 15 $ 346,542 2019 14 $ 320,137 The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of June 30, 2020 and December 31, 2019 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ — $ 7,298 $ 55,134 $ 3,824 Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets 28 — — — Total $ 28 $ 7,298 $ 55,134 $ 3,824 The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2020 and 2019 (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 2020 2019 OCI into income 2020 2019 in income 2020 2019 Derivatives designated as hedging instruments: For the three months ended June 30, Interest rate products $ (10,652 ) $ (9,064 ) (1) Interest expense $ (2,606 ) $ 1,882 (1) Interest expense $ — $ — For the six months ended June 30, Interest rate products $ (60,583 ) $ (12,849 ) (1) Interest expense $ (1,997 ) $ 3,762 (1) Interest expense $ — $ — (2) (1) Represents the effective portion of changes in fair value. (2) Represents the effective portion of changes in fair reclassified out of OCI. Location of gain (loss) Amount of gain (loss) recognized in income recognized in income 2020 2019 Derivatives not designated as hedging instruments: For the three months ended June 30, Interest rate products Interest expense (13 ) (1 ) For the six months ended June 30, Interest rate products Interest expense $ 28 $ (27 ) Other Financial Instruments Carried at Fair Value Redeemable noncontrolling interests in the OP have a redemption feature and are marked to their redemption value if such value exceeds the carrying value of the redeemable noncontrolling interests in the OP (see Note 10). The redemption value is based on the fair value of the Company’s common stock at the redemption date, and therefore, is calculated based on the fair value of the Company’s common stock at the balance sheet date. Since the valuation is based on observable inputs such as quoted prices for similar instruments in active markets, redeemable noncontrolling interests in the OP are classified as Level 2 if they are adjusted to their redemption value. Financial Instruments Not Carried at Fair Value At June 30, 2020 and December 31, 2019, the fair values of cash and cash equivalents, restricted cash, accounts receivable, prepaid and other assets, accounts payable and other accrued liabilities, accrued real estate taxes payable, accrued interest payable, security deposits and prepaid rent approximated their carrying values because of the short term nature of these instruments. The estimated fair values of other financial instruments were determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company would realize on the disposition of the financial instruments. The use of different market assumptions or estimation methodologies may have a material effect on the estimated fair value amounts. Long-term indebtedness is carried at amounts that reasonably approximate their fair value. In calculating the fair value of its long-term indebtedness, the Company used interest rate and spread assumptions that reflect current credit worthiness and market conditions available for the issuance of long-term debt with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs. Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In such cases, the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. There can be no assurance that the estimates discussed herein, using Level 3 inputs, are indicative of the amounts the Company could realize on disposition of the real estate asset. For the 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). For the six months ended June 30, 2020, the Company did not record any impairment charges related to real estate assets, but incurred a casualty loss that resulted in a net write down of approximately $0.6 million on Venue 8651 (see Note 5).

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Stockholders' Equity	8. Stockholders’ Equity Common Stock During the six months ended June 30, 2020, the Company issued 137,608 shares of common stock pursuant to its long-term incentive plan (see “Long Term Incentive Plan” below) and 560,000 pursuant to its at-the-market offering (see “At-the-Market Offering” below). As of June 30, 2020, the Company had 24,298,651 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 Treasury Shares From time to time, in accordance with the Company’s Share Repurchase Program, the Company may repurchase shares of its common stock in the open market. Until any such shares are retired, the cost of the shares is included in common stock held in treasury at cost on the consolidated balance sheet. The number of shares of common stock classified as treasury shares reduces the number of shares of the Company’s common stock outstanding and, accordingly, are considered in the weighted average number of shares outstanding during the period. During the three and six months ended June 30, 2020, the Company retired 1,418,898 and 1,644,697 shares of its common stock held in treasury, respectively. As of June 30, 2020, 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 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. On February 20, 2020, pursuant to the 2016 LTIP, the Company granted 168,183 restricted stock units to its directors, officers, employees and certain key employees of the Adviser. On May 11, 2020, pursuant to the 2016 LTIP, the Company granted 116,852 restricted stock units to its directors, officers, employees and certain key employees of the Adviser. The following table includes the number of restricted stock units granted, vested, forfeited and outstanding as of June 30, 2020: 2020 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 447,039 $ 29.13 Granted 285,035 50.54 Vested (178,143 ) (1) 29.20 Forfeited — — Outstanding June 30, 553,931 $ 36.83 (1) Certain key employees of the Adviser elected to net the taxes owed upon vesting against the shares issued resulting in 137,608 shares being issued as shown on the consolidated statements of stockholders’ equity. The following table contains information regarding the vesting of restricted stock units under the 2016 LTIP for the next five calendar years subsequent to June 30, 2020: Shares Vesting February May Total 2021 139,842 27,984 167,826 2022 131,546 22,221 153,767 2023 66,860 22,217 89,077 2024 66,860 22,215 89,075 2025 31,971 22,215 54,186 Total 437,079 116,852 553,931 As of June 30, 2020, the Company had issued 559,159 shares of common stock under the 2016 LTIP. For the three months ended June 30, 2020 and 2019, the Company recognized approximately $1.3 million and $1.4 million, respectively, of equity-based compensation expense related to grants of restricted stock units. For the six months ended June 30, 2020 and 2019, the Company recognized approximately $2.6 million and $2.7 million, respectively, of equity-based compensation expense related to grants of restricted stock units. As of June 30, 2020, the Company had recognized a liability of approximately $0.7 million related to dividends earned on restricted stock units that are payable in cash upon vesting. At-the-Market Offering On February 20, 2019, the Company, the OP and the Adviser entered into separate equity distribution agreements with each of Jefferies LLC (“Jefferies”), Raymond James & Associates, Inc. (“Raymond James”) and SunTrust Robinson Humphrey, Inc. (“SunTrust”, and together with Raymond James and Jefferies, the “2019 ATM Sales Agents”), pursuant to which the Company could 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 “2019 ATM Program”). Sales of shares of common stock, if any, could 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 could enter into forward sale agreements with each of Jefferies and Raymond James, or their respective affiliates, through the 2019 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 2019 ATM 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. six months ended June 30, 2020 . On February 27, 2020, t Gross proceeds $ 28,000,000 Common shares issued 560,000 Gross average sale price per share $ 50.00 Sales commissions $ 420,000 Offering costs 406,143 Net proceeds 27,173,857 Average price per share, net $ 48.52 On March 4, 2020, the Company, the OP and the Adviser entered into separate equity distribution agreements with each of Jefferies, Raymond James, KeyBanc Capital Markets Inc. (“KeyBanc”) and SunTrust, 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 $225,000,000 (the “2020 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, 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, KeyBanc and Raymond James, or their respective affiliates, through the 2020 ATM Program. During the three and six months ended June 30, 2020, no shares were issued under the 2020 ATM Program.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2020
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 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 The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods presented (in thousands, except per share amounts): For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Numerator for earnings (loss) per share: Net income (loss) $ (9,318 ) $ (1,987 ) $ 18,721 $ (6,360 ) Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership (28 ) (6 ) 56 (19 ) Net income (loss) attributable to common stockholders $ (9,290 ) $ (1,981 ) $ 18,665 $ (6,341 ) Denominator for earnings (loss) per share: Weighted average common shares outstanding 24,307 23,736 24,847 23,643 Denominator for basic earnings (loss) per share 24,307 23,736 24,847 23,643 Weighted average unvested restricted stock units 503 497 483 496 Denominator for diluted earnings per share (1) 24,307 23,736 25,330 23,643 Earnings (loss) per weighted average common share: Basic $ (0.38 ) $ (0.08 ) $ 0.75 $ (0.27 ) Diluted $ (0.38 ) $ (0.08 ) $ 0.74 $ (0.27 ) (1) If the Company sustains a net loss for the period presented, unvested restricted stock units are not included in the diluted earnings per share calculation.

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	Jun. 30, 2020
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 with BH Equities, LLC and its affiliates (collectively, “BH Equity”), whereby the Company purchased 100% of the joint venture interests in the Portfolio owned by BH Equity, representing approximately 8.4% ownership in the Portfolio (the “BH Buyout”), for total consideration of approximately $51.7 million (the “Purchase Amount”). The Purchase Amount consisted of approximately $49.7 million in cash that was paid on June 30, 2017 and 73,233 OP Units (initially valued at $2.0 million) that were issued on August 1, 2017. The number of OP Units issued was calculated by dividing $2.0 million by the midpoint of the range of the Company’s net asset value as publicly disclosed in connection with the Company’s release of its second quarter of 2017 earnings results, which was $27.31 per share. In connection with the issuance of OP Units to BH Equity on August 1, 2017, the Company and the OP amended the partnership agreement of the OP (the “Amendment”). Pursuant to the Amendment, limited partners holding OP Units have the right to cause the OP to redeem their units at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the OP), provided that such OP Units have been outstanding for at least one year. The Company, through the OP GP, as the general partner of the OP may, in its sole discretion, purchase the OP Units by paying to the limited partner either the Cash Amount or the REIT Share Amount ( one share of common stock of the Company for each OP Unit), as defined in the partnership agreement of the OP. Notwithstanding the foregoing, a limited partner will not be entitled to exercise its redemption right to the extent the issuance of the Company’s common stock to the redeeming limited partner would (1) be prohibited, as determined in the Company’s sole discretion, under the Company’s charter or (2) cause the acquisition of common stock by such redeeming limited partner to be “integrated” with any other distribution of the Company’s common stock for purposes of complying with the Securities Act. Accordingly, the Company records the OP Units held by noncontrolling limited partners outside of permanent equity and reports the OP Units at the greater of their carrying value or their redemption value using the Company’s stock price at each balance sheet date. The following table sets forth the redeemable noncontrolling interests in the OP for the six months ended June 30, 2020 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2019 $ 3,295 Net income attributable to redeemable noncontrolling interests in the OP 56 Other comprehensive loss attributable to redeemable noncontrolling interests in the OP (176 ) Contributions from redeemable noncontrolling interests in the OP 84 Distributions to redeemable noncontrolling interests in the OP (211 ) Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP (459 ) Redeemable noncontrolling interests in the OP, June 30, 2020 $ 2,589 Fees and Reimbursements to BH and its Affiliates The Company has entered into management agreements with BH Management Services, LLC (“BH”), the Company’s property manager and an independently owned third party, who manages the Company’s properties and supervises the implementation of the Company’s value-add program. BH is an affiliate of BH Equity, who was a noncontrolling interest member of the Company’s joint ventures prior to the BH Buyout on June 30, 2017. Through BH Equity’s noncontrolling interests in such joint ventures, BH Equity was deemed to be a related party. With the completion of the BH Buyout, BH Equity is no longer deemed to be a related party. BH Equity became a noncontrolling limited partner of the OP upon execution of the Amendment. BH and its affiliates do not have common ownership in any joint venture with the Adviser; there is also no common ownership between BH and its affiliates and the Adviser. The property management fee paid to BH is approximately 3% of the monthly gross income from each property managed. Currently, BH manages all of the Company’s properties. Additionally, the Company may pay BH certain other fees, including: (1) a fee of $15-25 per unit for the one-time setup and inspection of properties, (2) a construction supervision fee of 5-6% of total project costs, which is capitalized, (3) acquisition fees and due diligence costs reimbursements, and (4) other owner approved fees at $55 per hour. BH also acts as a paymaster for the properties and is reimbursed at cost for various operating expenses it pays on behalf of the properties. The following is a summary of fees that the properties incurred to BH and its affiliates, as well as reimbursements paid to BH from the properties for various operating expenses, for the three and six months ended June 30, 2020 and 2019 (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Fees incurred Property management fees (1) $ 1,459 $ 1,285 $ 3,003 $ 2,525 Construction supervision fees (2) 413 340 1,047 564 Design fees (2) 217 60 513 60 Acquisition fees (3) — — — 308 Reimbursements Payroll and benefits (4) 4,298 4,000 8,656 8,311 Other reimbursements (5) 708 928 1,685 1,561 (1) Included in property management fees on the consolidated statements of operations and comprehensive loss. (2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Includes due diligence costs. Acquisition fees are capitalized to real estate assets on the consolidated balance sheets. (4) Included in property operating expenses on the consolidated statements of operations and comprehensive loss. (5) Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the consolidated statements of operations and comprehensive loss.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	11. Related Party Transactions Advisory and Administrative Fee In accordance with the Advisory Agreement, the Company pays the Adviser an advisory fee equal to 1.00% of the Average Real Estate Assets (as defined below). The duties performed by the Company’s Adviser under the terms of the Advisory Agreement include, but are not limited to: providing daily management for the Company, selecting and working with third party service providers, managing the Company’s properties or overseeing the third party property manager, formulating an investment strategy for the Company and selecting suitable properties and investments, managing the Company’s outstanding debt and its interest rate exposure through derivative instruments, determining when to sell assets, and managing the value-add program or overseeing a third party vendor that implements the value-add program. “Average Real Estate Assets” means the average of the aggregate book value of Real Estate Assets before reserves for depreciation or other non-cash reserves, computed by taking the average of the book value of real estate assets at the end of each month (1) for which any fee under the Advisory Agreement is calculated or (2) during the year for which any expense reimbursement under the Advisory Agreement is calculated. “Real Estate Assets” is defined broadly in the Advisory Agreement to include, among other things, investments in real estate-related securities and mortgages and reserves for capital expenditures (the value-add program). The advisory fee is payable monthly in arrears in cash, unless the Adviser elects, in its sole discretion, to receive all or a portion of the advisory fee in shares of common stock, subject to certain limitations. In accordance with the Advisory Agreement, the Company also pays the Adviser an administrative fee equal to 0.20% of the Average Real Estate Assets. The administrative fee is payable monthly in arrears in cash, unless the Adviser elects, in its sole discretion, to receive all or a portion of the administrative fee in shares of common stock, subject to certain limitations. The advisory and administrative fees paid to the Adviser on the Contributed Assets (as defined in the Advisory Agreement) are subject to an annual cap of approximately $5.4 million (the “Contributed Assets Cap”) (see “Expense Cap” below). Pursuant to the terms of the Advisory Agreement, the Company will reimburse the Adviser for all documented Operating Expenses and Offering Expenses it incurs on behalf of the Company. “Operating Expenses” include legal, accounting, financial and due diligence services performed by the Adviser that outside professionals or outside consultants would otherwise perform, the Company’s pro rata share of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the Adviser required for the Company’s operations, and compensation expenses under the 2016 LTIP. Operating Expenses do not include expenses for the advisory and administrative services described in the Advisory Agreement. Certain Operating Expenses, such as the Company’s ratable share of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses incurred by the Adviser or its affiliates that relate to the operations of the Company, may be billed monthly to the Company under a shared services agreement. “Offering Expenses” include all expenses (other than underwriters’ discounts) in connection with an offering, including, without limitation, legal, accounting, printing, mailing and filing fees and other documented offering expenses. For the six months ended June 30, 2020 and 2019, 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 its spin-off. The Contributed Assets Cap is not reduced for dispositions of such assets subsequent to its spin-off. Advisory and administrative fees on New Assets are not subject to the above limitation and are based on an annual rate of 1.2% on Average Real Estate Assets, but are subject to the Expense Cap. New Assets are all Real Estate Assets that are not Contributed Assets. For the three months ended June 30, 2020 and 2019, the Company incurred advisory and administrative fees of $1.9 million and $1.9 million, respectively. The amount paid for the three months ended June 30, 2020 and 2019 represents the maximum fee allowed on Contributed Assets under the Advisory Agreement plus approximately $0.7 million and $0.5 million, respectively, of advisory and administrative fees incurred on New Assets. For the six months ended June 30, 2020 and 2019, the Company incurred advisory and administrative fees of $3.8 million and $3.7 million, respectively. The amount paid for the six months ended June 30, 2020 and 2019 represents the maximum fee allowed on Contributed Assets under the Advisory Agreement plus approximately $1.2 million and $1.0 million, respectively, of advisory and administrative fees incurred on New Assets. For the three months and six months ended June 30, 2020, the Adviser elected to voluntarily waive the advisory and administrative fees incurred on the properties acquired subsequent to October 2016, excluding Hollister Place, Stone Creek at Old Farm and The Heritage, which totaled approximately $3.8 million and $7.7 million, respectively, and are considered to be permanently waived. For the three and six months ended June 30, 2019, the Adviser elected to voluntarily waive the advisory and administrative fees incurred on properties acquired subsequent to October 2016, which totaled approximately $1.8 million and $3.3 million, respectively, and are considered to be permanently waived. The Adviser is not contractually obligated to waive fees on New Assets in the future and may cease waiving fees on New Assets at its discretion Other Related Party Transactions The Company has in the past, and may in the future, utilize the services of affiliated parties. For the six months ended June 30, 2020 and 2019, the Company paid approximately $0.1 million and $0.0 million, respectively, to NexBank Title, Inc. (“NexBank Title”). NexBank Title is an affiliate of the Adviser through common beneficial ownership. NexBank Title provides title insurance and work related to providing title insurance on properties related to acquisitions, dispositions and refinancing transactions. These amounts are either capitalized as real estate assets or deferred financing costs, expensed as loss on extinguishment of debt and modification costs, or expensed as selling costs when determining gain (loss) on sales of real estate, depending on the appropriate accounting as determined for each specific transaction.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Commitments In the normal course of business, the Company enters into various rehabilitation construction related purchase commitments with parties that provide these goods and services. In the event the Company were to terminate rehabilitation construction services prior to the completion of projects, the Company could potentially be committed to satisfy outstanding or uncompleted purchase orders with such parties. As of June 30, 2020, 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 loss of the Company. The Company is not involved in any material litigation nor, to management’s knowledge, is any material litigation currently threatened against the Company or its properties or subsidiaries. Environmental liabilities could have a material adverse effect on the Company’s business, assets, cash flows or results of operations. During the three months ended June 30, 2020, the Company became aware of an environmental liability at Cutter’s Point involving asbestos. The Company expects to start efforts to resolve this issue during the third quarter of 2020 for a total cost of approximately $0.5 million. There can be no assurance that other material environmental liabilities do not exist. Self-Insurance Program Effective March 1, 2019, the Company maintains a partial self-insurance program for property and casualty claims whereby it incurs the “first-loss” portion of a claim up to an aggregate loss amount. Claims resulting in losses in excess of a $100,000 per occurrence property deductible will be paid by the Company up to an aggregate amount of $1.2 million (the “2019 Aggregate Amount”). For the period from March 1, 2019 to February 29, 2020, the Company has incurred a claim related to Cutter’s Point (see Note 5) as part of the 2019 Aggregate Amount. The claim related to Cutter’s Point required the Company to fund the full 2019 Aggregate Amount with $0.6 million being funded in December 2019 and the remaining $0.6 million funded during the three months ended March 31, 2020. For the period from March 1, 2019 to February 29, 2020, there were no other potential claims, besides the claim involving Cutter’s Point, that met the criteria as set forth under ASC 450-20. On March 1, 2020, the Company entered into a new policy resulting in a new aggregate amount of $2,365,000 (the “2020 Aggregate Amount”) which is allocated across properties managed by the Adviser with approximately $1.5 million being allocated to the Company. Under ASC 450-20 “ Loss Contingencies

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events Dividends Declared On July 27, 2020, the Company’s Board declared a quarterly dividend of $0.3125 per share, payable on September 30, 2020 to stockholders of record on September 15, 2020. COVID-19 The Company continues to monitor the impact of the COVID-19 crisis. For the month of July 2020, 207 residents were placed on payment plans due to the COVID-19 crisis for a total amount of approximately $0.3 million. For the month of May 2020, 289 residents were placed on payment plans due to the COVID-19 crisis for a total amount of approximately $0.3 million. For the month of June 2020, 293 residents were placed on payment plans due to the COVID-19 crisis for a total amount of approximately $0.3 million. As of June 30, 2020, $0.01 million, $0.02 million and $0.07 million is owed on payment plans from April, May and June, respectively. The duration of the payment plans are determined on a case by case basis. The Company has not granted any rent concessions to residents in response to the crisis. Disposition On July 28, 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 property. Closing of the disposition is subject to Buyer due diligence and customary closing conditions. The sale of the property is expected to close on or before September 30, 2020. Property Name Location Sales Price Debt Outstanding (1) Real Estate Carrying Value, net (1) Eagle Crest Irving, Texas $ 55,500 $ 29,510 $ 24,585 (1) As of June 30, 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying unaudited consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes to the Company’s significant accounting policies during the six months ended June 30, 2020. The accompanying unaudited consolidated financial statements have been prepared according to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of June 30, 2020 and December 31, 2019 and results of operations for the three and six months ended June 30, 2020 and 2019 have been included. Such adjustments are normal and recurring in nature. The unaudited information included in this quarterly report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2019 and notes thereto included in its Annual Report on Form 10-K filed with the SEC on February 21, 2020.
Principles of Consolidation	Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation
Revenue Recognition	Revenue Recognition The Company’s primary operations consist of rental income earned from its residents under lease agreements typically with terms of one year or less. Rental income is recognized when earned. This policy effectively results in income recognition on the straight-line method over the related terms of the leases. Resident reimbursements and other income consist of charges billed to residents for utilities, carport and garage rental, and pets, administrative, application and other fees and are recognized when earned. The Company implemented the provisions of Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers In February 2016, the FASB issued ASU 2016-02, Leases In July 2018, the FASB issued ASU 2018-11 , Leases – Targeted Improvements For the Three Months Ended June 30, For the Six Months Ended June 30, Lease Income Type 2020 2019 2020 2019 Rental income $ 44,041 $ 37,711 $ 89,509 $ 74,033 Utility reimbursements (1) 3,014 2,539 6,058 5,080 Late fees (1) (24 ) 351 460 730 Pet fees (1) 241 207 478 387 Other fees (1) 1,981 1,158 3,862 2,186 Total rental income $ 49,253 $ 41,966 $ 100,367 $ 82,416 (1) Previously classified as other income prior to December 31, 2019. The table below quantifies the effects on rental and other income for the six months ended June 30, 2020 and 2019 from the adoption ASC 842: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Prior to adoption of ASC 842 Rental income $ 44,041 $ 37,711 $ 89,509 $ 74,033 Other income 6,640 5,355 13,753 10,524 Total revenue $ 50,681 $ 43,066 $ 103,262 $ 84,557 Post adoption of ASC 842 Rental income $ 49,253 $ 41,966 $ 100,367 $ 82,416 Other income 1,428 1,100 2,895 2,141 Total revenue $ 50,681 $ 43,066 $ 103,262 $ 84,557 Differences resulting in ASC 842 adoption Rental income difference $ 5,212 $ 4,255 $ 10,858 $ 8,383 Other income difference (5,212 ) (4,255 ) (10,858 ) (8,383 ) 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. In April 2020, the Financial Accounting Standards Board issued a Staff Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC 842, Leases. The Q&A states that some lease contracts may contain explicit or implicit enforceable rights and obligations that require lease concessions if certain circumstances arise that are beyond the control of the parties to the contract. Therefore, entities would need to perform a lease-by-lease analysis to determine whether contractual provisions in an existing lease agreement provide enforceable rights and obligations related to lease concessions. The FASB determined it would be acceptable for entities to not perform a lease-by-lease analysis regarding rent concessions resulting from COVID-19, and to instead make a policy election regarding rent concessions, which would give entities the option to account or not to account for these rent concessions as lease modifications if the total payments required by the modified contract are substantially the same or less than the total payments required by the original contract. Entities making the election to account for these rent concessions as lease modifications would recognize the effects of rent abatements and rent deferrals on a prospective straight-line basis over the remainder of the modified contract. We have made the election to not perform a lease-by-lease analysis to determine whether contractual provisions in an existing lease agreement provide enforceable rights and obligations related to payment plans. By electing the FASB relief, we have also made an accounting policy election to not account for rent deferrals provided to lessees due to the COVID-19 pandemic as lease modifications. Lessees are required to pay the full outstanding balance of the rent deferred over the period of the payment plan.
Purchase Price Allocation	Purchase Price Allocation Upon acquisition of a property, the purchase price and related acquisition costs (“total consideration”) are allocated to land, buildings, improvements, furniture, fixtures, and equipment, and intangible lease assets in accordance with FASB ASC 805, Business Combinations. The allocation of total consideration, which is determined using inputs that are classified within Level 3 of the fair value hierarchy established by FASB ASC 820, Fair Value Measurement and Disclosures Real estate assets, including land, buildings, improvements, furniture, fixtures and equipment, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months Construction in progress includes the cost of renovation projects being performed at the various properties. Once a project is complete, the historical cost of the renovation is placed into service in one of the categories above depending on the type of renovation project and is depreciated over the estimated useful lives as described in the table above.
Impairment	Impairment Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. 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. As of June 30, 2020, the Company has not recorded any impairment on its real estate assets. We continue to monitor the impact of COVID-19 on our real estate assets (see “–Coronavirus (“COVID-19”)” for additional information, below).
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 June 30, 2020, there are no properties held for sale.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and expects to continue to qualify as a REIT. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute annually at least 90% of its “REIT taxable income,” as defined by the Code, to its stockholders. As a REIT, the Company will be subject to federal income tax on its undistributed REIT taxable income and net capital gain and to a 4% nondeductible excise tax on any amount by which distributions it pays with respect to any calendar year are less than the sum of (1) 85% of its ordinary income, (2) 95% of its capital gain net income and (3) 100% of its undistributed income from prior years. The Company intends to operate in such a manner so as to qualify as a REIT, but no assurance can be given that the Company will operate in a manner so as to qualify as a REIT. Taxable income from certain non-REIT activities is managed through a TRS and is subject to applicable federal, state, and local income and margin taxes. The Company had no significant taxes associated with its TRS for the six months ended June 30, 2020 and 2019. If the Company fails to meet these requirements, it could be subject to federal income tax on all of the Company’s taxable income at regular corporate rates for that year. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. As of June 30, 2020, the Company believes it is in compliance with all applicable REIT requirements. The Company evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” (greater than 50 percent probability) of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. The Company’s management is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Company has no examinations in progress and none are expected at this time. The Company recognizes its tax positions and evaluates them using a two-step process. First, the Company determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. The Company had no material unrecognized tax benefit or expense, accrued interest or penalties as of June 30, 2020. The Company and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The 2019, 2018 and 2017 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 loss.
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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 In March 2020 Reference Rate Reform
Reclassifications	Reclassifications Certain reclassifications have been made to conform the prior period consolidated financial statements and notes to the current period presentation.
Coronavirus ("COVID-19")	Coronavirus (“COVID-19”) Beginning in January 2020, reports came out of Wuhan, China regarding a new virus which was determined to be highly contagious, more aggressive than typical viruses and for which there is no cure or vaccination at this time. As reported cases and deaths of the COVID-19 virus began increasing in February and continuing through the date of this report, there has been a significant impact to the global economy generally. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. On March 13, 2020, President Trump declared a national emergency in the United States. Over the ensuing weeks, the President and the task force that was set up to deal with preparations across the country, announced sweeping and unprecedented actions to help slow the spread of the virus. The President’s task force recommended all citizens practice “social distancing” and other protocols to limit interaction between individuals for a period of 15 days, which was later expanded for 30 days and ultimately expired on April 30, 2020. Also, many cities and states canceled school or went to online classes, colleges were ordered closed and went to online learning protocols, non-essential businesses such as restaurants or bars closed voluntarily or were ordered closed by local governments, other businesses closed their offices with employees working from home, many businesses canceled non-essential travel, families canceled vacations and airlines reduced traffic. While many of these restrictions and forced closures were initially lifted in varying degrees beginning in May, the recent spike in COVID-19 cases in the United States has caused many cities and states to reinstitute such restrictions and closures. In addition, the federal U.S. government has imposed restrictions on the entry of certain travelers into the United States and the U.S./Mexican and U.S./Canadian borders remain temporarily closed for all non-essential travel to limit the spread of the virus across countries. Collectively, these actions, while for the benefit of public health, have had a significant impact on the American economy. The U.S. stock market initially experienced historic declines over an extraordinarily short period of time. Certain industries such as airlines, lodging, entertainment, gaming, cruise ships, plus industries closely associated with these industries have seen, and continue to see, unprecedented declines in business. Additionally, as part of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), a moratorium on evictions and the charging of late fees was placed on the Company through July 25, 2020, whereby the Company is not allowed to evict tenants for failure to pay rent and may not charge late fees for rent not paid by the due date. Some local governments have also implemented moratoriums on evictions and late fees that may be more stringent than the restrictions legislated in the CARES Act. As of June 30, 2020, 1,541 residents were on payment plans due to the COVID-19 crisis for a total of approximately $1.7 million in rent. The durations of the payment plans are determined on a case by case basis, in which time the tenant is expected to make rent payments in full. The Company has not granted any rent concessions to residents in response to the crisis as of June 30, 2020. The Company continues to monitor the impact on this pandemic and its effect on future rent collections, valuation of real estate investments, liquidity and the ability to refinance or repay debt.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2020
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 three and six months ended June 30, 2020 and 2019: For the Three Months Ended June 30, For the Six Months Ended June 30, Lease Income Type 2020 2019 2020 2019 Rental income $ 44,041 $ 37,711 $ 89,509 $ 74,033 Utility reimbursements (1) 3,014 2,539 6,058 5,080 Late fees (1) (24 ) 351 460 730 Pet fees (1) 241 207 478 387 Other fees (1) 1,981 1,158 3,862 2,186 Total rental income $ 49,253 $ 41,966 $ 100,367 $ 82,416 (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 six months ended June 30, 2020 and 2019 from the adoption ASC 842: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Prior to adoption of ASC 842 Rental income $ 44,041 $ 37,711 $ 89,509 $ 74,033 Other income 6,640 5,355 13,753 10,524 Total revenue $ 50,681 $ 43,066 $ 103,262 $ 84,557 Post adoption of ASC 842 Rental income $ 49,253 $ 41,966 $ 100,367 $ 82,416 Other income 1,428 1,100 2,895 2,141 Total revenue $ 50,681 $ 43,066 $ 103,262 $ 84,557 Differences resulting in ASC 842 adoption Rental income difference $ 5,212 $ 4,255 $ 10,858 $ 8,383 Other income difference (5,212 ) (4,255 ) (10,858 ) (8,383 ) Total revenue difference $ — $ — $ — $ —

Investments in Subsidiaries (Ta

Investments in Subsidiaries (Tables)	6 Months Ended
	Jun. 30, 2020
Schedule Of Investments [Abstract]
Schedule of Ownership in Each Property	As of June 30, 2020, the Company, through the OP and the wholly owned TRS, owned 37 properties through SPEs. The following table represents the Company’s ownership in each property by virtue of its 100% ownership of the SPEs that directly own the title to each property as of June 30, 2020 and December 31, 2019: Effective Ownership Percentage at Property Name Location Year June 30, 2020 December 31, 2019 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 % Beechwood Terrace Antioch, Tennessee 2014 100 % 100 % Willow Grove (1) Nashville, Tennessee 2014 — 100 % Woodbridge (1) Nashville, Tennessee 2014 — 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 % Sabal Palm at Lake Buena Vista Orlando, Florida 2014 100 % 100 % Southpoint Reserve at Stoney Creek (1) Fredericksburg, Virginia 2014 — 100 % Cornerstone Orlando, Florida 2015 100 % 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 % Venue at 8651 Fort Worth, Texas 2015 100 % 100 % Parc500 West Palm Beach, Florida 2016 100 % 100 % The Venue on Camelback (2) 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 (3) Antioch, Tennessee 2018 100 % 100 % Crestmont Reserve Dallas, Texas 2018 100 % 100 % Brandywine I & II Nashville, Tennessee 2018 100 % 100 % Bella Vista (4) Phoenix, Arizona 2019 100 % 100 % The Enclave (4) Tempe, Arizona 2019 100 % 100 % The Heritage (4) Phoenix, Arizona 2019 100 % 100 % Summers Landing Fort Worth, Texas 2019 100 % 100 % Residences at Glenview Reserve (5) Nashville, Tennessee 2019 100 % 100 % Residences at West Place (5) Orlando, Florida 2019 100 % 100 % Avant at Pembroke Pines Pembroke Pines, Florida 2019 100 % 100 % Arbors of Brentwood Nashville, Tennessee 2019 100 % 100 % Torreyana Apartments (6) Las Vegas, Nevada 2019 100 % 100 % Bloom (6) Las Vegas, Nevada 2019 100 % 100 % Bella Solara (6) Las Vegas, Nevada 2019 100 % 100 % (1) Properties were disposed in 2020. (2) Formerly known as The Colonnade. (3) The EAT that directly owned Cedar Pointe was consolidated as a VIE at December 31, 2018. The master lease agreement with the EAT that directly owned Cedar Pointe terminated on February 20, 2019, at which time legal title to Cedar Pointe transferred to the Company. Upon the transfer of title, the entity that directly owned Cedar Pointe was no longer considered a VIE. (4) The EAT that directly owned Bella Vista, The Enclave and The Heritage was consolidated as a VIE at March 31, 2019. The master lease agreement with the EAT that directly owned these properties terminated on July 27, 2019, 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. (5) The Company acquired two multifamily properties, the Residences at Glenview Reserve and the Residences at West Place (the “Residences”) 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. (6) The EAT that directly owned Torreyana, Bloom and Bella Solara was consolidated as a VIE at December 31, 2019. The master lease agreement with the EAT that directly owned these properties terminated on March 31, 2020, at which time legal title transferred to the Company. Upon the transfer of the title, the EAT that directly owned these properties was no longer considered a VIE.

Real Estate Investments Stati_2

Real Estate Investments Statistics (Tables)	6 Months Ended
	Jun. 30, 2020
Multifamily Properties
Business Acquisition [Line Items]
Summary of Investment in Multifamily Properties	As of June 30, 2020, the Company was invested in a total of 37 multifamily properties, as listed below: Average Effective Monthly Rent Per Unit *(1) as of % Occupied *(2) as of Property Name Rentable Square Footage (in thousands) Number of Units Date Acquired June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 Arbors on Forest Ridge 155 210 1/31/2014 $ 895 $ 894 95.7 % 95.7 % Cutter's Point (3) 198 0 1/31/2014 — — 0.0 % 0.0 % Eagle Crest 396 447 1/31/2014 977 969 96.0 % 96.6 % Silverbrook 526 642 1/31/2014 892 870 98.9 % 95.5 % Beechwood Terrace 272 300 7/21/2014 935 937 96.0 % 91.3 % The Summit at Sabal Park 205 252 8/20/2014 1,024 1,010 95.2 % 97.2 % Courtney Cove 225 324 8/20/2014 935 927 97.2 % 94.8 % Radbourne Lake 247 225 9/30/2014 1,130 1,118 96.4 % 90.7 % Timber Creek 248 352 9/30/2014 918 916 97.7 % 94.9 % Sabal Palm at Lake Buena Vista 371 400 11/5/2014 1,285 1,270 92.3 % 93.8 % Cornerstone 318 430 1/15/2015 1,049 1,053 95.3 % 95.6 % The Preserve at Terrell Mill 692 752 2/6/2015 968 969 95.9 % 94.9 % Versailles 301 388 2/26/2015 908 923 93.0 % 93.0 % Seasons 704 Apartments 217 222 4/15/2015 1,200 1,155 97.7 % 94.6 % Madera Point 193 256 8/5/2015 965 924 95.7 % 96.1 % Venue at 8651 289 333 10/30/2015 930 924 93.1 % 96.1 % Parc500 266 217 7/27/2016 1,319 1,304 97.7 % 93.1 % The Venue on Camelback 256 415 10/11/2016 804 777 94.2 % 94.2 % Old Farm 697 734 12/29/2016 1,163 1,162 95.5 % 92.8 % Stone Creek at Old Farm 186 190 12/29/2016 1,182 1,194 94.2 % 95.8 % Hollister Place 246 260 2/1/2017 1,027 995 92.3 % 93.1 % Rockledge Apartments 802 708 6/30/2017 1,249 1,260 94.5 % 95.3 % Atera Apartments 334 380 10/25/2017 1,243 1,256 95.5 % 93.4 % Cedar Pointe 224 210 8/24/2018 1,058 1,066 96.2 % 91.4 % Crestmont Reserve 199 242 9/26/2018 889 902 96.3 % 94.2 % Brandywine I & II 414 632 9/26/2018 973 978 94.1 % 93.7 % Bella Vista 243 248 1/28/2019 1,290 1,265 96.8 % 97.2 % The Enclave 194 204 1/28/2019 1,309 1,295 97.5 % 93.6 % The Heritage 199 204 1/28/2019 1,272 1,265 95.1 % 96.6 % Summers Landing 139 196 6/7/2019 936 920 96.9 % 91.8 % Residences at Glenview Reserve 344 360 7/17/2019 985 977 93.1 % 94.4 % Residences at West Place 345 342 7/17/2019 1,209 1,211 93.9 % 92.7 % Avant at Pembroke Pines 1,442 1520 8/30/2019 1,500 1,498 95.5 % 93.7 % Arbors of Brentwood 325 346 9/10/2019 1,219 1,192 94.5 % 96.2 % Torreyana Apartments 309 315 11/22/2019 1,160 1,171 95.2 % 95.6 % Bloom 498 528 11/22/2019 1,070 1,105 95.6 % 90.9 % Bella Solara 271 320 11/22/2019 1,099 1,136 92.2 % 91.9 % 12,786 14,104 * Information is unaudited (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of June 30, 2020 and December 31, 2019, respectively, minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of June 30, 2020 and December 31, 2019, respectively. (2) Percent occupied is calculated as the number of units occupied as of June 30, 2020 and December 31, 2019 , 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).

Real Estate Investments (Tables

Real Estate Investments (Tables)	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Summary of Major Components of Investments in Multifamily Properties	As of June 30, 2020, 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 $ 11,598 $ — $ — $ 1,604 $ 15,532 Cutter's Point 3,330 3,109 — 6,112 1,894 14,445 Eagle Crest 5,450 23,868 — 3 1,928 31,249 Silverbrook 4,860 27,159 — 15 4,861 36,895 Beechwood Terrace 1,390 22,210 — 32 2,651 26,283 The Summit at Sabal Park 5,770 13,652 — 6 1,727 21,155 Courtney Cove 5,880 13,450 — 8 2,076 21,414 Radbourne Lake 2,440 22,499 — 15 2,075 27,029 Timber Creek 11,260 14,084 — 8 3,219 28,571 Sabal Palm at Lake Buena Vista 7,580 42,380 — 4 2,244 52,208 Cornerstone 1,500 30,747 — — 3,211 35,458 The Preserve at Terrell Mill 10,170 49,476 — 1,013 6,729 67,388 Versailles 6,720 21,718 — — 3,785 32,223 Seasons 704 Apartments 7,480 14,374 — — 1,608 23,462 Madera Point 4,920 17,751 — 106 2,154 24,931 Venue at 8651 2,350 17,447 — — 3,420 23,217 Parc500 3,860 20,858 — — 3,678 28,396 The Venue on Camelback 8,340 38,031 — 34 2,211 48,616 Old Farm 11,078 70,789 — 6 3,200 85,073 Stone Creek at Old Farm 3,493 19,460 — — 758 23,711 Hollister Place 2,782 21,824 — 46 2,352 27,004 Rockledge Apartments 17,451 96,476 — — 5,130 119,057 Atera Apartments 22,371 37,496 — 4 2,124 61,995 Cedar Pointe 2,371 24,255 — — 1,462 28,088 Crestmont Reserve 4,124 20,924 — 1 1,338 26,387 Brandywine I & II 6,237 73,260 — 259 3,630 83,386 Bella Vista 10,942 36,737 — — 1,788 49,467 The Enclave 11,046 30,268 — — 1,495 42,809 The Heritage 6,835 34,733 — — 1,535 43,103 Summers Landing 1,798 17,424 — 437 628 20,287 Residences at Glenview Reserve 3,367 40,564 — 747 1,061 45,739 Residences at West Place 3,345 51,582 — 12 940 55,879 Avant at Pembroke Pines 48,436 268,402 — 3,693 6,314 326,845 Arbors of Brentwood 6,346 55,523 — 61 942 62,872 Torreyana Apartments 23,824 42,959 — 350 859 67,992 Bloom 23,805 80,737 — 576 1,377 106,495 Bella Solara 12,605 52,562 — 319 835 66,321 317,886 1,480,386 — 13,867 88,843 1,900,982 Accumulated depreciation and amortization — (133,342 ) — — (51,399 ) (184,741 ) Total Operating Properties $ 317,886 $ 1,347,044 $ — $ 13,867 $ 37,444 $ 1,716,241 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 Properties 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 13,710 35,744 — 1.0 4,734 54,189 Accumulated depreciation and amortization — (5,390 ) — — (2,469 ) (7,859 ) Total Held For Sale Properties $ 13,710 $ 30,354 $ — $ 1 $ 2,265 $ 46,330 Total $ 331,596 $ 1,397,338 $ 6,243 $ 4,376 $ 42,257 $ 1,781,810
Schedule of Sale of Properties	The Company sold three properties during the six months ended June 30, 2020, as detailed in the table below (dollars in thousands). There were no sales of real estate during the six months ended June 30, 2019. Property Name Location Date of Sale Sales Price Net Cash Proceeds Gain on Sale of Real Estate Southpoint Reserve at Stoney Creek Fredericksburg, Virginia March 20, 2020 $ 23,500 $ 23,176 $ 5,469 Willow Grove Nashville, Tennessee March 26, 2020 31,300 31,005 17,513 Woodbridge Nashville, Tennessee March 26, 2020 31,700 31,237 15,990 $ 86,500 $ 85,418 $ 38,972 (1) Represents sales price, net of closing costs.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Summary of Mortgage Debt of Company and Encumbers Multifamily Properties	The following table contains summary information concerning the mortgage debt of the Company as of June 30, 2020 (dollars in thousands): Operating Properties Type Term Outstanding Principal (1) Interest Rate (2) Maturity Date Arbors on Forest Ridge (3) Floating 84 $ 13,130 1.84% 7/1/2024 Cutter's Point (3) Floating 84 16,640 1.84% 7/1/2024 Eagle Crest (3) Floating 84 29,510 1.84% 7/1/2024 Silverbrook (3) Floating 84 30,590 1.84% 7/1/2024 Beechwood Terrace (3) Floating 84 23,365 1.60% 9/1/2025 The Summit at Sabal Park (3) Floating 84 13,560 1.78% 7/1/2024 Courtney Cove (3) Floating 84 13,680 1.78% 7/1/2024 The Preserve at Terrell Mill (3) Floating 84 42,480 1.78% 7/1/2024 Versailles (3) Floating 84 23,880 1.78% 7/1/2024 Seasons 704 Apartments (3) Floating 84 17,460 1.78% 7/1/2024 Madera Point (3) Floating 84 15,150 1.78% 7/1/2024 Venue at 8651 (3) Floating 84 13,734 1.94% 7/1/2024 The Venue on Camelback (3) Floating 84 28,093 1.84% 7/1/2024 Old Farm (3) Floating 84 52,886 1.84% 7/1/2024 Stone Creek at Old Farm (3) Floating 84 15,274 1.84% 7/1/2024 Timber Creek (3) Floating 84 24,100 1.42% 10/1/2025 Radbourne Lake (3) Floating 84 20,000 1.45% 10/1/2025 Sabal Palm at Lake Buena Vista (3) Floating 84 42,100 1.46% 9/1/2025 Cornerstone (4) Fixed 120 21,538 4.24% 3/1/2023 Parc500 (5) Fixed 120 15,088 4.49% 8/1/2025 Hollister Place (3) Floating 84 14,811 1.50% 10/1/2025 Rockledge Apartments (3) Floating 84 68,100 1.73% 7/1/2024 Atera Apartments (3) Floating 84 29,500 1.64% 11/1/2024 Cedar Pointe (6) Floating 84 17,300 1.51% 9/1/2025 Crestmont Reserve (3) Floating 84 12,061 1.34% 10/1/2025 Brandywine I & II (3) Floating 84 43,835 1.34% 10/1/2025 Bella Vista (6) Floating 84 29,040 1.48% 2/1/2026 The Enclave (6) Floating 84 25,322 1.48% 2/1/2026 The Heritage (6) Floating 84 24,625 1.48% 2/1/2026 Summers Landing (7) Floating 84 10,109 1.34% 10/1/2025 Residences at Glenview Reserve (8) Floating 84 26,560 1.60% 10/1/2025 Residences at West Place (8) Fixed 120 33,817 4.24% 10/1/2028 Avant at Pembroke Pines (3) Floating 84 177,100 1.59% 9/1/2026 Arbors of Brentwood (3) Floating 84 34,237 1.59% 10/1/2026 Torreyana Apartments (6) Floating 84 37,400 1.86% 12/1/2026 Bloom (6) Floating 84 58,850 1.86% 12/1/2026 Bella Solara (6) Floating 84 36,575 1.86% 12/1/2026 $ 1,151,500 Fair market value adjustment 1,362 (9) Deferred financing costs, net of accumulated amortization of $3,238 (7,216 ) $ 1,145,646 (1) Mortgage debt that is non-recourse to the Company and encumbers the multifamily properties. (2) Interest rate is based on one-month LIBOR plus an applicable margin, except for fixed rate mortgage debt. One-month LIBOR as of June 30, 2020 was 0.1623%. (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) 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 (8) 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. (9) 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 six months ended June 30, 2020, the Company sold three properties and repaid the related mortgage loans that encumbered the properties, as detailed in the table below (in thousands); there were no sales of real estate during the six months ended June 30, 2019. Property Name Date of Sale Type Outstanding Principal (1) Southpoint Reserve at Stoney Creek March 20, 2020 Floating $ 13,101 Willow Grove March 26, 2020 Floating 14,818 Woodbridge March 26, 2020 Floating 13,677 $ 41,596 (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 June 30, 2020 (dollars in thousands): Type Term Outstanding Principal Interest Rate (1) Maturity Date Corporate Credit Facility Floating 24 $ 225,000 2.42% 1/28/2021 Deferred financing costs, net of accumulated amortization of $1,247 (805 ) $ 224,195 (1) Interest rate is based on one-month LIBOR plus an applicable margin. One-month LIBOR as of June 30, 2020 was 0.1623%.
Schedule of Debt Maturities	Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to June 30, 2020 are as follows (in thousands): Operating Properties Credit Facility Total 2020 $ 376 — $ 376 2021 897 225,000 225,897 2022 1,514 — 1,514 2023 21,298 — 21,298 2024 424,686 — 424,686 Thereafter 702,729 — 702,729 Total $ 1,151,500 $ 225,000 $ 1,376,500

Fair Value of Derivative and _2

Fair Value of Derivative and Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Summary of Company's Outstanding Interest Rate Swaps	As of June 30, 2020, 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 Amount 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 % January 3, 2020 September 1, 2026 KeyBank 92,500 1.6090 % March 4, 2020 June 1, 2026 SunTrust 100,000 0.8200 % $ 1,167,500 1.3792 % (2) (1) The floating rate option for the interest rate swaps is one-month LIBOR. As of June 30, 2020, one-month LIBOR was 0.1623%. (2) Represents the weighted average fixed rate of the interest rate swaps. As of June 30, 2020 , the Company had the following outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk with future effective dates (dollars in thousands): Future Swaps Effective Date Termination Date Counterparty Notional Amount Fixed Rate (1) June 1, 2021 September 1, 2026 KeyBank $ 200,000 0.8450 % June 1, 2021 September 1, 2026 KeyBank 200,000 0.9530 % September 1, 2026 January 1, 2027 KeyBank 92,500 1.7980 % $ 492,500 1.0678 % (2) (1) The floating rate option for the interest rate swaps is one-month LIBOR. As of June 30, 2020, one-month LIBOR was 0.1623%. (2) Represents the weighted average fixed rate of the interest rate swaps.
Schedule of Outstanding Interest Rate Derivatives	As of June 30, 2020 and 2019, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands): As of June 30, Number of Instruments Notional Amount 2020 15 $ 346,542 2019 14 $ 320,137
Summary of Derivative Financial Instruments and Classification on the Consolidated Balance Sheet	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of June 30, 2020 and December 31, 2019 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ — $ 7,298 $ 55,134 $ 3,824 Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets 28 — — — Total $ 28 $ 7,298 $ 55,134 $ 3,824
Summary of Derivative Financial Instruments on Consolidated Statements of Operations and Comprehensive Loss	The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2020 and 2019 (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 2020 2019 OCI into income 2020 2019 in income 2020 2019 Derivatives designated as hedging instruments: For the three months ended June 30, Interest rate products $ (10,652 ) $ (9,064 ) (1) Interest expense $ (2,606 ) $ 1,882 (1) Interest expense $ — $ — For the six months ended June 30, Interest rate products $ (60,583 ) $ (12,849 ) (1) Interest expense $ (1,997 ) $ 3,762 (1) Interest expense $ — $ — (2) (1) Represents the effective portion of changes in fair value. (2) Represents the effective portion of changes in fair reclassified out of OCI. Location of gain (loss) Amount of gain (loss) recognized in income recognized in income 2020 2019 Derivatives not designated as hedging instruments: For the three months ended June 30, Interest rate products Interest expense (13 ) (1 ) For the six months ended June 30, Interest rate products Interest expense $ 28 $ (27 )

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2020
Class Of Stock [Line Items]
Summary of Restricted Stock Units	The following table includes the number of restricted stock units granted, vested, forfeited and outstanding as of June 30, 2020: 2020 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 447,039 $ 29.13 Granted 285,035 50.54 Vested (178,143 ) (1) 29.20 Forfeited — — Outstanding June 30, 553,931 $ 36.83 (1) Certain key employees of the Adviser elected to net the taxes owed upon vesting against the shares issued resulting in 137,608 shares being issued as shown on the consolidated statements of stockholders’ equity.
Summary Information of ATM Program	The following table contains summary information of the 2019 ATM Program: Gross proceeds $ 28,000,000 Common shares issued 560,000 Gross average sale price per share $ 50.00 Sales commissions $ 420,000 Offering costs 406,143 Net proceeds 27,173,857 Average price per share, net $ 48.52
2016 LTIP
Class Of Stock [Line Items]
Summary of Vesting of Restricted Stock Units	The following table contains information regarding the vesting of restricted stock units under the 2016 LTIP for the next five calendar years subsequent to June 30, 2020: Shares Vesting February May Total 2021 139,842 27,984 167,826 2022 131,546 22,221 153,767 2023 66,860 22,217 89,077 2024 66,860 22,215 89,075 2025 31,971 22,215 54,186 Total 437,079 116,852 553,931

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share	The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods presented (in thousands, except per share amounts): For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Numerator for earnings (loss) per share: Net income (loss) $ (9,318 ) $ (1,987 ) $ 18,721 $ (6,360 ) Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership (28 ) (6 ) 56 (19 ) Net income (loss) attributable to common stockholders $ (9,290 ) $ (1,981 ) $ 18,665 $ (6,341 ) Denominator for earnings (loss) per share: Weighted average common shares outstanding 24,307 23,736 24,847 23,643 Denominator for basic earnings (loss) per share 24,307 23,736 24,847 23,643 Weighted average unvested restricted stock units 503 497 483 496 Denominator for diluted earnings per share (1) 24,307 23,736 25,330 23,643 Earnings (loss) per weighted average common share: Basic $ (0.38 ) $ (0.08 ) $ 0.75 $ (0.27 ) Diluted $ (0.38 ) $ (0.08 ) $ 0.74 $ (0.27 ) (1) If the Company sustains a net loss for the period presented, unvested restricted stock units are not included in the diluted earnings per share calculation.

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	6 Months Ended
	Jun. 30, 2020
Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interests	The following table sets forth the redeemable noncontrolling interests in the OP for the six months ended June 30, 2020 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2019 $ 3,295 Net income attributable to redeemable noncontrolling interests in the OP 56 Other comprehensive loss attributable to redeemable noncontrolling interests in the OP (176 ) Contributions from redeemable noncontrolling interests in the OP 84 Distributions to redeemable noncontrolling interests in the OP (211 ) Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP (459 ) Redeemable noncontrolling interests in the OP, June 30, 2020 $ 2,589
Summary of Fees Incurred to BH And Its Affiliates As Well As Reimbursements Paid to BH	The following is a summary of fees that the properties incurred to BH and its affiliates, as well as reimbursements paid to BH from the properties for various operating expenses, for the three and six months ended June 30, 2020 and 2019 (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Fees incurred Property management fees (1) $ 1,459 $ 1,285 $ 3,003 $ 2,525 Construction supervision fees (2) 413 340 1,047 564 Design fees (2) 217 60 513 60 Acquisition fees (3) — — — 308 Reimbursements Payroll and benefits (4) 4,298 4,000 8,656 8,311 Other reimbursements (5) 708 928 1,685 1,561 (1) Included in property management fees on the consolidated statements of operations and comprehensive loss. (2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Includes due diligence costs. Acquisition fees are capitalized to real estate assets on the consolidated balance sheets. (4) Included in property operating expenses on the consolidated statements of operations and comprehensive loss. (5) Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the consolidated statements of operations and comprehensive loss.

Subsequent Events (Tables)

Subsequent Events (Tables)	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Schedule of Purchase and Sale Agreement of Real Estate Property	On July 28, 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 property. Closing of the disposition is subject to Buyer due diligence and customary closing conditions. The sale of the property is expected to close on or before September 30, 2020. Property Name Location Sales Price Debt Outstanding (1) Real Estate Carrying Value, net (1) Eagle Crest Irving, Texas $ 55,500 $ 29,510 $ 24,585 (1) As of June 30, 2020.

Organization and Description _2

Organization and Description of Business - Additional Information (Details)	6 Months Ended
	Jun. 30, 2020shares
Real Estate Properties [Line Items]
Date of incorporation	Sep. 19, 2014
OP Units, outstanding	23,819,402
OP Units owned	23,746,169
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		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Accounting Policies [Abstract]
Rental income		$ 44,041	$ 37,711	$ 89,509	$ 74,033
Utility reimbursements	[1]	3,014	2,539	6,058	5,080
Late fees	[1]	(24)	351	460	730
Pet fees	[1]	241	207	478	387
Other fees	[1]	1,981	1,158	3,862	2,186
Total rental income		$ 49,253	$ 41,966	$ 100,367	$ 82,416
[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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Rental income	$ 49,253	$ 41,966	$ 100,367	$ 82,416
Other income	1,428	1,100	2,895	2,141
Total revenues	50,681	43,066	103,262	84,557
Accounting Standards Update 2018-11
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Rental income	49,253	41,966	100,367	82,416
Other income	1,428	1,100	2,895	2,141
Total revenues	50,681	43,066	103,262	84,557
Accounting Standards Update 2018-11 | Prior to Adoption of ASC 842
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Rental income	44,041	37,711	89,509	74,033
Other income	6,640	5,355	13,753	10,524
Total revenues	50,681	43,066	103,262	84,557
Accounting Standards Update 2018-11 | Differences Resulting in ASC 842 Adoption
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Rental income	5,212	4,255	10,858	8,383
Other income	$ (5,212)	$ (4,255)	$ (10,858)	$ (8,383)

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	6 Months Ended
	Jun. 30, 2020
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)	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)PropertyResident	Dec. 31, 2019USD ($)
Summary Of Significant Accounting Policies [Line Items]
Impairment of real estate assets	$ 0	$ 0
Number of properties held for sale | Property	0
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
Number of residents placed under payment plans | Resident	1,541
Outstanding rent under payment plans	$ 1,700,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Percentage of uncertain tax positions likelihood of being sustained	50.00%

Investments in Subsidiaries - A

Investments in Subsidiaries - Additional Information (Details)	6 Months Ended
	Jun. 30, 2020subsidiary
Schedule Of Investments [Abstract]
Consolidated investment in SPEs	100.00%
Number of wholly owned subsidiaries	37

Investments in Subsidiaries - S

Investments in Subsidiaries - Schedule of Ownership in Each Property (Details)	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
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%
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%
Woodbridge | Nashville, 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%
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%
Cornerstone | Orlando, Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2015
Effective ownership percentage, wholly owned subsidiary	100.00%	100.00%
The Preserve at Terrell Mill | Marietta, Georgia
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2015
Effective ownership percentage, wholly owned subsidiary	100.00%	100.00%
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%
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%	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%	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%	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%	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%	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%	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%	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%	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%	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%	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%	100.00%

Investments in Subsidiaries -_2

Investments in Subsidiaries - Schedule of Ownership in Each Property (Parenthetical) (Details) - Property	Jul. 17, 2019	Jun. 30, 2020	Jun. 30, 2019
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Number of properties acquired		0	4
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)	Jun. 30, 2020Property
Multifamily Properties
Business Acquisition [Line Items]
Number of multifamily properties	37

Real Estate Investments Stati_4

Real Estate Investments Statistics - Summary of Investment in Multifamily Properties (Details) ft² in Thousands		6 Months Ended
		Jun. 30, 2020ft²Property$ / Property	Dec. 31, 2019$ / Property
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		12,786
Number of Units | Property		14,104
Arbors on Forest Ridge
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		155
Number of Units | Property		210
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[1]	895	894
% Occupied	[2]	95.70%	95.70%
Cutter's Point
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[3]	198
Number of Units | Property	[3]	0
Date Acquired	[3]	Jan. 31, 2014
% Occupied	[2],[3]	0.00%	0.00%
Eagle Crest
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		396
Number of Units | Property		447
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[1]	977	969
% Occupied	[2]	96.00%	96.60%
Silverbrook
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		526
Number of Units | Property		642
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[1]	892	870
% Occupied	[2]	98.90%	95.50%
Beechwood Terrace
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		272
Number of Units | Property		300
Date Acquired		Jul. 21, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[1]	935	937
% Occupied	[2]	96.00%	91.30%
The Summit at Sabal Park
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		205
Number of Units | Property		252
Date Acquired		Aug. 20, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,024	1,010
% Occupied	[2]	95.20%	97.20%
Courtney Cove
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		225
Number of Units | Property		324
Date Acquired		Aug. 20, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[1]	935	927
% Occupied	[2]	97.20%	94.80%
Radbourne Lake
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		247
Number of Units | Property		225
Date Acquired		Sep. 30, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,130	1,118
% Occupied	[2]	96.40%	90.70%
Timber Creek
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		248
Number of Units | Property		352
Date Acquired		Sep. 30, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[1]	918	916
% Occupied	[2]	97.70%	94.90%
Sabal Palm at Lake Buena Vista
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		371
Number of Units | Property		400
Date Acquired		Nov. 5, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,285	1,270
% Occupied	[2]	92.30%	93.80%
Cornerstone
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		318
Number of Units | Property		430
Date Acquired		Jan. 15, 2015
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,049	1,053
% Occupied	[2]	95.30%	95.60%
The Preserve at Terrell Mill
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		692
Number of Units | Property		752
Date Acquired		Feb. 6, 2015
Average Effective Monthly Rent Per Unit | $ / Property	[1]	968	969
% Occupied	[2]	95.90%	94.90%
Versailles
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		301
Number of Units | Property		388
Date Acquired		Feb. 26, 2015
Average Effective Monthly Rent Per Unit | $ / Property	[1]	908	923
% Occupied	[2]	93.00%	93.00%
Seasons 704 Apartments
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		217
Number of Units | Property		222
Date Acquired		Apr. 15, 2015
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,200	1,155
% Occupied	[2]	97.70%	94.60%
Madera Point
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		193
Number of Units | Property		256
Date Acquired		Aug. 5, 2015
Average Effective Monthly Rent Per Unit | $ / Property	[1]	965	924
% Occupied	[2]	95.70%	96.10%
Venue at 8651
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		289
Number of Units | Property		333
Date Acquired		Oct. 30, 2015
Average Effective Monthly Rent Per Unit | $ / Property	[1]	930	924
% Occupied	[2]	93.10%	96.10%
Parc500
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		266
Number of Units | Property		217
Date Acquired		Jul. 27, 2016
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,319	1,304
% Occupied	[2]	97.70%	93.10%
The Venue on Camelback
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		256
Number of Units | Property		415
Date Acquired		Oct. 11, 2016
Average Effective Monthly Rent Per Unit | $ / Property	[1]	804	777
% Occupied	[2]	94.20%	94.20%
Old Farm
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		697
Number of Units | Property		734
Date Acquired		Dec. 29, 2016
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,163	1,162
% Occupied	[2]	95.50%	92.80%
Stone Creek at Old Farm
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		186
Number of Units | Property		190
Date Acquired		Dec. 29, 2016
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,182	1,194
% Occupied	[2]	94.20%	95.80%
Hollister Place
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		246
Number of Units | Property		260
Date Acquired		Feb. 1, 2017
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,027	995
% Occupied	[2]	92.30%	93.10%
Rockledge Apartments
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		802
Number of Units | Property		708
Date Acquired		Jun. 30, 2017
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,249	1,260
% Occupied	[2]	94.50%	95.30%
Atera Apartments
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		334
Number of Units | Property		380
Date Acquired		Oct. 25, 2017
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,243	1,256
% Occupied	[2]	95.50%	93.40%
Cedar Pointe
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		224
Number of Units | Property		210
Date Acquired		Aug. 24, 2018
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,058	1,066
% Occupied	[2]	96.20%	91.40%
Crestmont Reserve
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		199
Number of Units | Property		242
Date Acquired		Sep. 26, 2018
Average Effective Monthly Rent Per Unit | $ / Property	[1]	889	902
% Occupied	[2]	96.30%	94.20%
Brandywine I & II
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		414
Number of Units | Property		632
Date Acquired		Sep. 26, 2018
Average Effective Monthly Rent Per Unit | $ / Property	[1]	973	978
% Occupied	[2]	94.10%	93.70%
Bella Vista
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		243
Number of Units | Property		248
Date Acquired		Jan. 28, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,290	1,265
% Occupied	[2]	96.80%	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	[1]	1,309	1,295
% Occupied	[2]	97.50%	93.60%
The Heritage
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		199
Number of Units | Property		204
Date Acquired		Jan. 28, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[1]	1,272	1,265
% Occupied	[2]	95.10%	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	[1]	936	920
% Occupied	[2]	96.90%	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	[1]	985	977
% Occupied	[2]	93.10%	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	[1]	1,209	1,211
% Occupied	[2]	93.90%	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	[1]	1,500	1,498
% Occupied	[2]	95.50%	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	[1]	1,219	1,192
% Occupied	[2]	94.50%	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	[1]	1,160	1,171
% Occupied	[2]	95.20%	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	[1]	1,070	1,105
% Occupied	[2]	95.60%	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	[1]	1,099	1,136
% Occupied	[2]	92.20%	91.90%
[1]	Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of June 30, 2020 and December 31, 2019, respectively, minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of June 30, 2020 and December 31, 2019, respectively.
[2]	Percent occupied is calculated as the number of units occupied as of June 30, 2020 and December 31, 2019 , 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).

Real Estate Investments - Summa

Real Estate Investments - Summary of Major Components of Investments in Multifamily Properties (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Real Estate Properties [Line Items]
Land	$ 317,886,000	$ 317,886,000
Buildings and improvements	1,480,386,000	1,472,319,000
Intangible lease assets		12,414,000
Construction in progress	13,867,000	4,375,000
Furniture, fixtures, and equipment	88,843,000	81,038,000
Real estate investment, gross	1,900,982,000	1,888,032,000
Accumulated depreciation and amortization	(184,741,000)	(152,552,000)
Total Net Operating Real Estate Investments	1,716,241,000	1,735,480,000
Accumulated depreciation and amortization	0	(7,859,000)
Total Net Real Estate Investments	1,716,241,000	1,781,810,000
Real Estate Properties Held For Sale
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments		46,330,000
Multifamily Properties
Real Estate Properties [Line Items]
Land		13,710,000
Buildings and improvements		35,744,000
Construction in progress		1,000
Furniture, fixtures, and equipment		4,734,000
Real estate investment, gross		54,189,000
Accumulated depreciation and amortization		(7,859,000)
Total Net Real Estate Investments		1,781,810,000
Multifamily Properties | Real Estate Properties Held For Sale
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments		46,330,000
Multifamily Properties | Intangible Lease Assets
Real Estate Properties [Line Items]
Total Net Real Estate Investments		6,243,000
Multifamily Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross		13,710,000
Total Net Real Estate Investments		331,596,000
Multifamily Properties | Land | Real Estate Properties Held For Sale
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments		13,710,000
Multifamily Properties | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross		35,744,000
Accumulated depreciation and amortization		(5,390,000)
Total Net Real Estate Investments		1,397,338,000
Multifamily Properties | Improvements | Real Estate Properties Held For Sale
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments		30,354,000
Multifamily Properties | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		1,000
Total Net Real Estate Investments		4,376,000
Multifamily Properties | Construction in Progress | Real Estate Properties Held For Sale
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments		1,000
Multifamily Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross		4,734,000
Accumulated depreciation and amortization		(2,469,000)
Total Net Real Estate Investments		42,257,000
Multifamily Properties | Furniture, Fixtures, and Equipment | Real Estate Properties Held For Sale
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments		2,265,000
Multifamily Properties | Arbors on Forest Ridge
Real Estate Properties [Line Items]
Land	2,330,000	2,330,000
Buildings and improvements	11,598,000	11,585,000
Furniture, fixtures, and equipment	1,604,000	1,520,000
Real estate investment, gross	15,532,000	15,435,000
Multifamily Properties | Cutter's Point
Real Estate Properties [Line Items]
Land	3,330,000	3,330,000
Buildings and improvements	3,109,000	2,563,000
Construction in progress	6,112,000	2,648,000
Furniture, fixtures, and equipment	1,894,000	1,878,000
Real estate investment, gross	14,445,000	10,419,000
Multifamily Properties | Eagle Crest
Real Estate Properties [Line Items]
Land	5,450,000	5,450,000
Buildings and improvements	23,868,000	23,830,000
Construction in progress	3,000
Furniture, fixtures, and equipment	1,928,000	1,832,000
Real estate investment, gross	31,249,000	31,112,000
Multifamily Properties | Silverbrook
Real Estate Properties [Line Items]
Land	4,860,000	4,860,000
Buildings and improvements	27,159,000	27,091,000
Construction in progress	15,000
Furniture, fixtures, and equipment	4,861,000	4,630,000
Real estate investment, gross	36,895,000	36,581,000
Multifamily Properties | Beechwood Terrace
Real Estate Properties [Line Items]
Land	1,390,000	1,390,000
Buildings and improvements	22,210,000	22,000,000
Construction in progress	32,000	70,000
Furniture, fixtures, and equipment	2,651,000	2,535,000
Real estate investment, gross	26,283,000	25,995,000
Multifamily Properties | The Summit at Sabal Park
Real Estate Properties [Line Items]
Land	5,770,000	5,770,000
Buildings and improvements	13,652,000	13,600,000
Construction in progress	6,000
Furniture, fixtures, and equipment	1,727,000	1,598,000
Real estate investment, gross	21,155,000	20,968,000
Multifamily Properties | Courtney Cove
Real Estate Properties [Line Items]
Land	5,880,000	5,880,000
Buildings and improvements	13,450,000	13,413,000
Construction in progress	8,000	2,000
Furniture, fixtures, and equipment	2,076,000	1,982,000
Real estate investment, gross	21,414,000	21,277,000
Multifamily Properties | Radbourne Lake
Real Estate Properties [Line Items]
Land	2,440,000	2,440,000
Buildings and improvements	22,499,000	22,465,000
Construction in progress	15,000
Furniture, fixtures, and equipment	2,075,000	1,997,000
Real estate investment, gross	27,029,000	26,902,000
Multifamily Properties | Timber Creek
Real Estate Properties [Line Items]
Land	11,260,000	11,260,000
Buildings and improvements	14,084,000	13,993,000
Construction in progress	8,000
Furniture, fixtures, and equipment	3,219,000	2,939,000
Real estate investment, gross	28,571,000	28,192,000
Multifamily Properties | Sabal Palm at Lake Buena Vista
Real Estate Properties [Line Items]
Land	7,580,000	7,580,000
Buildings and improvements	42,380,000	41,841,000
Construction in progress	4,000	492,000
Furniture, fixtures, and equipment	2,244,000	2,108,000
Real estate investment, gross	52,208,000	52,021,000
Multifamily Properties | Cornerstone
Real Estate Properties [Line Items]
Land	1,500,000	1,500,000
Buildings and improvements	30,747,000	30,653,000
Furniture, fixtures, and equipment	3,211,000	2,977,000
Real estate investment, gross	35,458,000	35,130,000
Multifamily Properties | The Preserve at Terrell Mill
Real Estate Properties [Line Items]
Land	10,170,000	10,170,000
Buildings and improvements	49,476,000	49,216,000
Construction in progress	1,013,000	8,000
Furniture, fixtures, and equipment	6,729,000	6,183,000
Real estate investment, gross	67,388,000	65,577,000
Multifamily Properties | Versailles
Real Estate Properties [Line Items]
Land	6,720,000	6,720,000
Buildings and improvements	21,718,000	21,688,000
Construction in progress		8,000
Furniture, fixtures, and equipment	3,785,000	3,736,000
Real estate investment, gross	32,223,000	32,152,000
Multifamily Properties | Seasons 704 Apartments
Real Estate Properties [Line Items]
Land	7,480,000	7,480,000
Buildings and improvements	14,374,000	14,336,000
Furniture, fixtures, and equipment	1,608,000	1,482,000
Real estate investment, gross	23,462,000	23,298,000
Multifamily Properties | Madera Point
Real Estate Properties [Line Items]
Land	4,920,000	4,920,000
Buildings and improvements	17,751,000	17,615,000
Construction in progress	106,000
Furniture, fixtures, and equipment	2,154,000	2,042,000
Real estate investment, gross	24,931,000	24,577,000
Multifamily Properties | Venue at 8651
Real Estate Properties [Line Items]
Land	2,350,000	2,350,000
Buildings and improvements	17,447,000	18,192,000
Construction in progress		21,000
Furniture, fixtures, and equipment	3,420,000	3,330,000
Real estate investment, gross	23,217,000	23,893,000
Multifamily Properties | Parc500
Real Estate Properties [Line Items]
Land	3,860,000	3,860,000
Buildings and improvements	20,858,000	20,821,000
Construction in progress		193,000
Furniture, fixtures, and equipment	3,678,000	3,202,000
Real estate investment, gross	28,396,000	28,076,000
Multifamily Properties | The Venue on Camelback
Real Estate Properties [Line Items]
Land	8,340,000	8,340,000
Buildings and improvements	38,031,000	37,992,000
Construction in progress	34,000
Furniture, fixtures, and equipment	2,211,000	2,086,000
Real estate investment, gross	48,616,000	48,418,000
Multifamily Properties | Old Farm
Real Estate Properties [Line Items]
Land	11,078,000	11,078,000
Buildings and improvements	70,789,000	70,670,000
Construction in progress	6,000	40,000
Furniture, fixtures, and equipment	3,200,000	2,950,000
Real estate investment, gross	85,073,000	84,738,000
Multifamily Properties | Stone Creek at Old Farm
Real Estate Properties [Line Items]
Land	3,493,000	3,493,000
Buildings and improvements	19,460,000	19,436,000
Construction in progress		1,000
Furniture, fixtures, and equipment	758,000	716,000
Real estate investment, gross	23,711,000	23,646,000
Multifamily Properties | Hollister Place
Real Estate Properties [Line Items]
Land	2,782,000	2,782,000
Buildings and improvements	21,824,000	21,788,000
Construction in progress	46,000
Furniture, fixtures, and equipment	2,352,000	2,159,000
Real estate investment, gross	27,004,000	26,729,000
Multifamily Properties | Rockledge Apartments
Real Estate Properties [Line Items]
Land	17,451,000	17,451,000
Buildings and improvements	96,476,000	96,108,000
Construction in progress		134,000
Furniture, fixtures, and equipment	5,130,000	4,759,000
Real estate investment, gross	119,057,000	118,452,000
Multifamily Properties | Atera Apartments
Real Estate Properties [Line Items]
Land	22,371,000	22,371,000
Buildings and improvements	37,496,000	37,442,000
Construction in progress	4,000	8,000
Furniture, fixtures, and equipment	2,124,000	2,044,000
Real estate investment, gross	61,995,000	61,865,000
Multifamily Properties | Cedar Pointe
Real Estate Properties [Line Items]
Land	2,371,000	2,372,000
Buildings and improvements	24,255,000	24,193,000
Construction in progress		24,000
Furniture, fixtures, and equipment	1,462,000	1,268,000
Real estate investment, gross	28,088,000	27,857,000
Multifamily Properties | Crestmont Reserve
Real Estate Properties [Line Items]
Land	4,124,000	4,124,000
Buildings and improvements	20,924,000	20,613,000
Construction in progress	1,000
Furniture, fixtures, and equipment	1,338,000	1,272,000
Real estate investment, gross	26,387,000	26,009,000
Multifamily Properties | Brandywine I & II
Real Estate Properties [Line Items]
Land	6,237,000	6,237,000
Buildings and improvements	73,260,000	73,004,000
Construction in progress	259,000	58,000
Furniture, fixtures, and equipment	3,630,000	3,148,000
Real estate investment, gross	83,386,000	82,447,000
Multifamily Properties | Bella Vista
Real Estate Properties [Line Items]
Land	10,942,000	10,942,000
Buildings and improvements	36,737,000	36,690,000
Furniture, fixtures, and equipment	1,788,000	1,500,000
Real estate investment, gross	49,467,000	49,132,000
Multifamily Properties | The Enclave
Real Estate Properties [Line Items]
Land	11,046,000	11,046,000
Buildings and improvements	30,268,000	30,224,000
Construction in progress		24,000
Furniture, fixtures, and equipment	1,495,000	1,176,000
Real estate investment, gross	42,809,000	42,470,000
Multifamily Properties | The Heritage
Real Estate Properties [Line Items]
Land	6,835,000	6,835,000
Buildings and improvements	34,733,000	34,580,000
Furniture, fixtures, and equipment	1,535,000	1,246,000
Real estate investment, gross	43,103,000	42,661,000
Multifamily Properties | Summers Landing
Real Estate Properties [Line Items]
Land	1,798,000	1,798,000
Buildings and improvements	17,424,000	16,958,000
Construction in progress	437,000	35,000
Furniture, fixtures, and equipment	628,000	528,000
Real estate investment, gross	20,287,000	19,319,000
Multifamily Properties | Residences at Glenview Reserve
Real Estate Properties [Line Items]
Land	3,367,000	3,367,000
Buildings and improvements	40,564,000	40,202,000
Construction in progress	747,000	11,000
Furniture, fixtures, and equipment	1,061,000	837,000
Real estate investment, gross	45,739,000	44,417,000
Multifamily Properties | Residences at West Place
Real Estate Properties [Line Items]
Land	3,345,000	3,345,000
Buildings and improvements	51,582,000	50,884,000
Construction in progress	12,000	244,000
Furniture, fixtures, and equipment	940,000	810,000
Real estate investment, gross	55,879,000	55,283,000
Multifamily Properties | Avant at Pembroke Pines
Real Estate Properties [Line Items]
Land	48,436,000	48,436,000
Buildings and improvements	268,402,000	266,103,000
Intangible lease assets		6,989,000
Construction in progress	3,693,000	217,000
Furniture, fixtures, and equipment	6,314,000	5,376,000
Real estate investment, gross	326,845,000	327,121,000
Multifamily Properties | Arbors of Brentwood
Real Estate Properties [Line Items]
Land	6,346,000	6,346,000
Buildings and improvements	55,523,000	54,995,000
Intangible lease assets		1,215,000
Construction in progress	61,000	137,000
Furniture, fixtures, and equipment	942,000	779,000
Real estate investment, gross	62,872,000	63,472,000
Multifamily Properties | Torreyana Apartments
Real Estate Properties [Line Items]
Land	23,824,000	23,823,000
Buildings and improvements	42,959,000	42,721,000
Intangible lease assets		1,201,000
Construction in progress	350,000
Furniture, fixtures, and equipment	859,000	655,000
Real estate investment, gross	67,992,000	68,400,000
Multifamily Properties | Bloom
Real Estate Properties [Line Items]
Land	23,805,000	23,805,000
Buildings and improvements	80,737,000	80,365,000
Intangible lease assets		1,851,000
Construction in progress	576,000
Furniture, fixtures, and equipment	1,377,000	1,095,000
Real estate investment, gross	106,495,000	107,116,000
Multifamily Properties | Bella Solara
Real Estate Properties [Line Items]
Land	12,605,000	12,605,000
Buildings and improvements	52,562,000	52,449,000
Intangible lease assets		1,158,000
Construction in progress	319,000
Furniture, fixtures, and equipment	835,000	663,000
Real estate investment, gross	66,321,000	66,875,000
Multifamily Properties | Operating Properties
Real Estate Properties [Line Items]
Real estate investment, gross	1,900,982,000	1,888,032,000
Accumulated depreciation and amortization	(184,741,000)	(152,552,000)
Total Net Operating Real Estate Investments	1,716,241,000	1,735,480,000
Multifamily Properties | Operating Properties | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross		12,414,000
Accumulated depreciation and amortization		(6,171,000)
Total Net Operating Real Estate Investments		6,243,000
Multifamily Properties | Operating Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross	317,886,000	317,886,000
Total Net Operating Real Estate Investments	317,886,000	317,886,000
Multifamily Properties | Operating Properties | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	1,480,386,000	1,472,319,000
Accumulated depreciation and amortization	(133,342,000)	(105,335,000)
Total Net Operating Real Estate Investments	1,347,044,000	1,366,984,000
Multifamily Properties | Operating Properties | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	13,867,000	4,375,000
Total Net Operating Real Estate Investments	13,867,000	4,375,000
Multifamily Properties | Operating Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	88,843,000	81,038,000
Accumulated depreciation and amortization	(51,399,000)	(41,046,000)
Total Net Operating Real Estate Investments	$ 37,444,000	39,992,000
Multifamily Properties | Willow Grove
Real Estate Properties [Line Items]
Land		3,940,000
Buildings and improvements		10,946,000
Furniture, fixtures, and equipment		1,832,000
Real estate investment, gross		16,718,000
Multifamily Properties | Woodbridge
Real Estate Properties [Line Items]
Land		3,650,000
Buildings and improvements		13,296,000
Furniture, fixtures, and equipment		1,934,000
Real estate investment, gross		18,880,000
Multifamily Properties | Southpoint Reserve at Stoney Creek | Real Estate Properties Held For Sale
Real Estate Properties [Line Items]
Land		6,120,000
Buildings and improvements		11,502,000
Construction in progress		1,000
Furniture, fixtures, and equipment		968,000
Real estate investment, gross		$ 18,591,000

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Details)	Oct. 20, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Jun. 30, 2020USD ($)Property	Jun. 30, 2019USD ($)Property	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Real Estate Properties [Line Items]
Depreciation expense		$ 20,000,000	$ 11,800,000		$ 38,500,000	$ 24,900,000
Amortization expense of intangible lease assets		1,400,000	$ 1,300,000		$ 6,200,000	$ 3,500,000
Number of properties acquired | Property					0	4
Purchase price						$ 151,500,000
Earnest money deposits								$ 7,700,000
Overstatement of operating activities				$ 3,700,000	$ 25,931,000	23,620,000
Overstatement of investing activities				$ (131,700,000)	$ 58,621,000	$ (152,321,000)
Number of real estate properties sold | Property					3	0
Impairment of real estate assets					$ 0		$ 0
Casualty losses recognized		1,079,000			1,028,000		3,500,000
Business interruption insurance claim and recognized		1,100,000			1,100,000		600,000
Capitalized cost					600,000
Cutter's Point
Real Estate Properties [Line Items]
Impairment of real estate assets	$ 7,800,000						$ 7,800,000
Venue at 8651
Real Estate Properties [Line Items]
Impairment of real estate assets					600,000
Carrying value of loss on property					600,000
Losses due to casualty					600,000
Intangible Lease Assets
Real Estate Properties [Line Items]
Amortization expense, remainder of year ended December 31, 2020		$ 0			$ 0

Real Estate Investments - Sum_2

Real Estate Investments - Summary of Sale of Properties (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Real Estate Properties [Line Items]
Sales Price	$ 86,500
Net Cash Proceeds	85,418
Gain on Sale of Real Estate	$ 38,972
Southpoint Reserve at Stoney Creek | Fredericksburg, Virginia
Real Estate Properties [Line Items]
Date of Sale	Mar. 20, 2020
Sales Price	$ 23,500
Net Cash Proceeds	23,176
Gain on Sale of Real Estate	$ 5,469
Willow Grove | Nashville, Tennessee
Real Estate Properties [Line Items]
Date of Sale	Mar. 26, 2020
Sales Price	$ 31,300
Net Cash Proceeds	31,005
Gain on Sale of Real Estate	$ 17,513
Woodbridge | Nashville, Tennessee
Real Estate Properties [Line Items]
Date of Sale	Mar. 26, 2020
Sales Price	$ 31,700
Net Cash Proceeds	31,237
Gain on Sale of Real Estate	$ 15,990

Debt - Summary of Mortgage Debt

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Mortgages payable, net	$ 1,145,646	$ 1,145,371
Mortgages Payable | Operating Properties
Debt Instrument [Line Items]
Outstanding Principal	1,151,500
Fair market value adjustment	1,362
Deferred financing costs, net of accumulated amortization	(7,216)
Mortgages payable, net	$ 1,145,646
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	1.84%
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	1.84%
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	1.84%
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	1.84%
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	1.60%
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	1.78%
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	1.78%
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	1.78%
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	1.78%
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	1.78%
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	1.78%
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	1.94%
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	1.84%
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	1.84%
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	1.84%
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	1.42%
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	1.45%
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	1.46%
Maturity Date	Sep. 1, 2025
Mortgages Payable | Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 21,538
Interest Rate	4.24%
Maturity Date	Mar. 1, 2023
Mortgages Payable | Parc500 | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 15,088
Interest Rate	4.49%
Maturity Date	Aug. 1, 2025
Mortgages Payable | Hollister Place | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 14,811
Interest Rate	1.50%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Rockledge Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 68,100
Interest Rate	1.73%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Atera Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 29,500
Interest Rate	1.64%
Maturity Date	Nov. 1, 2024
Mortgages Payable | Cedar Pointe | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 17,300
Interest Rate	1.51%
Maturity Date	Sep. 1, 2025
Mortgages Payable | Crestmont Reserve | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 12,061
Interest Rate	1.34%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Brandywine I & II | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 43,835
Interest Rate	1.34%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Bella Vista | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 29,040
Interest Rate	1.48%
Maturity Date	Feb. 1, 2026
Mortgages Payable | The Enclave | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 25,322
Interest Rate	1.48%
Maturity Date	Feb. 1, 2026
Mortgages Payable | The Heritage | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 24,625
Interest Rate	1.48%
Maturity Date	Feb. 1, 2026
Mortgages Payable | Summers Landing | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 10,109
Interest Rate	1.34%
Maturity Date	Oct. 1, 2025
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	1.60%
Maturity Date	Oct. 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 | Avant at Pembroke Pines | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 177,100
Interest Rate	1.59%
Maturity Date	Sep. 1, 2026
Mortgages Payable | Arbors of Brentwood | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 34,237
Interest Rate	1.59%
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	1.86%
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	1.86%
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	1.86%
Maturity Date	Dec. 1, 2026

Debt - Summary of Mortgage De_2

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Parenthetical) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Debt Instrument [Line Items]
Deferred financing costs, accumulated amortization	$ 3,238
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%
Debt With Fixed Interest Rate | Cornerstone
Debt Instrument [Line Items]
Interest Rate	4.09%
Fair value of debt assumed upon acquisition	$ 18,000
Debt instrument, payment terms	The assumed debt carries a 4.09% fixed rate, was originally issued in March 2013, and had a term of 120 months with an initial 24 months of interest only.
Blended pay rate	4.24%
13th month through 81st month
Debt Instrument [Line Items]
Mortgage loans payable description	Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
13th month through 81st month | Debt With Floating Interest Rate | Torreyana, Bloom and Bella Solara
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 | Debt With Floating Interest Rate | Cedar Pointe
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 | Debt With Floating Interest Rate | Summers Landing
Debt Instrument [Line Items]
Mortgage loans payable description	Debt was assumed upon acquisition of this property and recorded at approximated fair value.  It can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
First 12 months
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
First 12 months | Debt With Floating Interest Rate | Torreyana, Bloom and Bella Solara
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
First 12 months | Debt With Floating Interest Rate | Cedar Pointe
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
First 12 months | Debt With Floating Interest Rate | Summers Landing
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
First Mortgage | Debt With Fixed Interest Rate | Cornerstone
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 | Debt With Fixed Interest Rate | Cornerstone
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	0.1623%

Debt - Additional Information (

Debt - Additional Information (Details)	Nov. 20, 2019USD ($)	Aug. 28, 2019USD ($)	Jan. 28, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)Property	Jun. 30, 2019USD ($)Property	Dec. 31, 2019USD ($)	Jun. 29, 2019USD ($)
Debt Instrument [Line Items]
Number of properties sold | Property						3	0
Credit facility proceeds received						$ 35,000,000	$ 52,500,000
Write-off deferred financing costs				$ 0	$ 0	500,000	0
Interest expense
Debt Instrument [Line Items]
Amortization of deferred financing fees				700,000	$ 500,000	1,400,000	$ 900,000
Corporate Credit Facility
Debt Instrument [Line Items]
Costs incurred on additional financing				805,000		805,000
Corporate Credit Facility | SunTrust Bank
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 75,000,000	$ 225,000,000		$ 225,000,000		$ 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
Maximum | Corporate Credit Facility | SunTrust Bank | Accordion Feature
Debt Instrument [Line Items]
Line of credit facility, increase in facility amount			$ 150,000,000
Freddie Mac Multifamily Green Advantage Program
Debt Instrument [Line Items]
Number of properties covered under mortgage loan program | Property						2
Freddie Mac Multifamily Green Advantage Program | Minimum
Debt Instrument [Line Items]
Percentage of expected cost reduction at each property						15.00%
One-month LIBOR | Corporate Credit Facility | SunTrust Bank
Debt Instrument [Line Items]
Period of LIBOR			1 month
One-month LIBOR | Minimum | Corporate Credit Facility | SunTrust Bank
Debt Instrument [Line Items]
Interest rate			2.00%
One-month LIBOR | Maximum | Corporate Credit Facility | SunTrust Bank
Debt Instrument [Line Items]
Interest rate			2.50%
Mortgages Payable
Debt Instrument [Line Items]
Weighted average interest rate of mortgage indebtedness				1.83%		1.83%		1.83%
Adjusted weighted average interest rate				3.06%		3.06%
Weighted average fixed rate				1.3792%		1.3792%
Mortgages Payable | One-month LIBOR
Debt Instrument [Line Items]
Weighted average interest rate of mortgage indebtedness				0.1623%		0.1623%		1.7625%
Weighted average decrease of spread in basis points						1.60%
Mortgages Payable | Floating Interest Rate Swap
Debt Instrument [Line Items]
Combined notional amount				$ 1,200,000,000		$ 1,200,000,000
Mortgages Payable | Interest Rate Swap
Debt Instrument [Line Items]
Indebtedness				$ 1,200,000,000		$ 1,200,000,000

Debt - Sale of Properties and R

Debt - Sale of Properties and Repayment of Related Mortgage Loans That Encumbered (Details) - Mortgages Loan - Debt With Floating Interest Rate $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Debt Instrument [Line Items]
Outstanding Principal	$ 41,596
Southpoint Reserve at Stoney Creek
Debt Instrument [Line Items]
Date of Sale	Mar. 20, 2020
Outstanding Principal	$ 13,101
Willow Grove
Debt Instrument [Line Items]
Date of Sale	Mar. 26, 2020
Outstanding Principal	$ 14,818
Woodbridge
Debt Instrument [Line Items]
Date of Sale	Mar. 26, 2020
Outstanding Principal	$ 13,677

Debt - Summary of the Company's

Debt - Summary of the Company's Credit Facility (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Credit facilities, net	$ 224,195	$ 216,501
Corporate Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	(805)
Credit facilities, net	$ 224,195
Corporate Credit Facility | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	24 months
Interest Rate	2.42%
Maturity Date	Jan. 28, 2021
Credit facilities	$ 225,000

Debt - Summary of the Company_2

Debt - Summary of the Company's Credit Facility (Parenthetical) (Details) $ in Thousands	Jun. 30, 2020USD ($)
Debt Instrument [Line Items]
Deferred financing costs, accumulated amortization	$ 3,238
One-month LIBOR
Debt Instrument [Line Items]
Interest Rate	0.1623%
Corporate Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, accumulated amortization	$ 1,247
Corporate Credit Facility | One-month LIBOR
Debt Instrument [Line Items]
Interest Rate	0.1623%

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) $ in Thousands	Jun. 30, 2020USD ($)
Debt Instrument [Line Items]
2020	$ 376
2021	225,897
2022	1,514
2023	21,298
2024	424,686
Thereafter	702,729
Total	1,376,500
Operating Properties
Debt Instrument [Line Items]
2020	376
2021	897
2022	1,514
2023	21,298
2024	424,686
Thereafter	702,729
Total	1,151,500
Credit Facility
Debt Instrument [Line Items]
2021	225,000
Total	$ 225,000

Fair Value of Derivative and _3

Fair Value of Derivative and Financial Instruments - Additional Information (Details) - USD ($)	Oct. 20, 2019	Jun. 30, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial instruments cap weighted average rate		5.74%
Impairment of real estate assets		$ 0	$ 0
Cutter's Point
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment of real estate assets	$ 7,800,000		$ 7,800,000
Venue at 8651
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment of real estate assets		600,000
Interest Rate Swap | One-month LIBOR
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Combined notional amount		$ 1,200,000,000
Interest rate description		floating interest rate (one-month LIBOR)
Weighted average fixed rate		1.3792%
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% as of June 30, 2020.
Minimum | Interest Rate Swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate term range		4 years
Minimum | Interest rate caps | One-month LIBOR
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate term range		3 years
Maximum | Interest Rate Swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate term range		5 years
Maximum | Interest rate caps | One-month LIBOR
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate term range		4 years

Fair Value of Derivative and _4

Fair Value of Derivative and Financial Instruments - Summary of Company's Outstanding Interest Rate Swaps (Details)	6 Months Ended
	Jun. 30, 2020USD ($)
KeyBank | Future Effective Dates
Debt Instrument [Line Items]
Notional Amount	$ 492,500,000
Fixed Rate	1.0678%
Key Bank And Sun Trust Bank
Debt Instrument [Line Items]
Notional Amount	$ 1,167,500,000
Fixed Rate	1.3792%
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%
Interest Rate Swap Transaction Twelve | KeyBank
Debt Instrument [Line Items]
Effective Date	Jan. 3, 2020
Termination Date	Sep. 1, 2026
Notional Amount	$ 92,500,000
Fixed Rate	1.609%
Interest Rate Swap Transaction Thirteen | SunTrust Bank
Debt Instrument [Line Items]
Effective Date	Mar. 4, 2020
Termination Date	Jun. 1, 2026
Notional Amount	$ 100,000,000
Fixed Rate	0.82%
Interest Rate Swap Transaction Fourteen | KeyBank | Future Effective Dates
Debt Instrument [Line Items]
Effective Date	Jun. 1, 2021
Termination Date	Sep. 1, 2026
Notional Amount	$ 200,000,000
Fixed Rate	0.845%
Interest Rate Swap Transaction Fifteen | KeyBank | Future Effective Dates
Debt Instrument [Line Items]
Effective Date	Jun. 1, 2021
Termination Date	Sep. 1, 2026
Notional Amount	$ 200,000,000
Fixed Rate	0.953%
Interest Rate Swap Transaction Sixteen | KeyBank | Future Effective Dates
Debt Instrument [Line Items]
Effective Date	Sep. 1, 2026
Termination Date	Jan. 1, 2027
Notional Amount	$ 92,500,000
Fixed Rate	1.798%

Fair Value of Derivative and _5

Fair Value of Derivative and Financial Instruments - Summary of Company's Outstanding Interest Rate Swaps (Parenthetical) (Details) - One-month LIBOR	Jun. 30, 2020
Key Bank And Sun Trust Bank
Debt Instrument [Line Items]
LIBOR, interest rate	0.1623%
KeyBank | Future Effective Dates
Debt Instrument [Line Items]
LIBOR, interest rate	0.1623%

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	Jun. 30, 2020USD ($)DerivativeInstrument	Jun. 30, 2019USD ($)DerivativeInstrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Number of Instruments | DerivativeInstrument	15	14
Notional Amount | $	$ 346,542,000	$ 320,137,000

Fair Value of Derivative and _7

Fair Value of Derivative and Financial Instruments - Summary of Derivative Financial Instruments and Classification on the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	$ 28	$ 7,298
Liability Derivatives	55,134	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
Liability Derivatives	55,134	$ 3,824
Prepaid and Other Assets | Interest rate caps | Not designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	$ 28

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 Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in OCI	$ (8,046)	$ (10,946)	$ (58,586)	$ (16,611)
Interest rate products | Interest expense
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in OCI	(10,652)	(9,064)	(60,583)	(12,849)
Amount of gain (loss) reclassified from OCI into income	(2,606)	1,882	(1,997)	3,762
Amount of gain (loss) recognized in income	$ (13)	$ (1)	$ 28	$ (27)

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	May 11, 2020	Mar. 13, 2020	Mar. 04, 2020	Feb. 27, 2020	Feb. 20, 2020	Feb. 21, 2019	Feb. 20, 2019	Apr. 30, 2018	Feb. 15, 2018	Mar. 16, 2017	Aug. 11, 2016	Jun. 15, 2016	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Jun. 30, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2018
Class Of Stock [Line Items]
Common stock, shares, issued													24,298,651		24,298,651		25,245,740	24,298,651
Common stock, shares, outstanding													24,298,651		24,298,651		25,245,740	24,298,651
Common stock, par value												$ 0.01	$ 0.01		$ 0.01		$ 0.01	$ 0.01
Share repurchase program, authorized amount		$ 100,000,000						$ 40,000,000				$ 30,000,000
Stock repurchase program, expiration date		Mar. 12, 2023						Jun. 15, 2020				Jun. 15, 2018
Stock repurchase program period in force								2 years				2 years
Share repurchase program, treasury stock shares															1,644,697			2,382,155
Share repurchase program, treasury stock, value													$ 13,531,000		$ 44,530,000			$ 61,224,000
Share repurchase program, treasury stock, per share																		$ 25.70
Common stock, shares, retired													1,418,898		1,644,697
Treasury stock, shares													0		0			0
Aggregate sale price of common stock													$ (55,000)	$ 9,452,000	$ 27,125,000	$ 9,452,000
Shares issued average price per share							$ 48.52
Proceeds from issuance of common stock							$ 28,000,000,000								$ 27,125,000	$ 9,452,000
Common Stock
Class Of Stock [Line Items]
Common stock, shares, issued													24,298,651	23,895,442	24,298,651	23,895,442	25,245,740	24,298,651	25,717,549	23,643,277	23,499,635
Common stock, shares, retired													1,418,898		1,644,697
Aggregate sale price of common stock														$ 3,000	$ 6,000	$ 3,000
Restricted Stock Units
Class Of Stock [Line Items]
Restricted stock units, granted															285,035
At-the-Market Offering
Class Of Stock [Line Items]
Shares, issued															560,000
2019 At-the-Market Offering
Class Of Stock [Line Items]
Shares, issued															560,000		1,565,322
Shares issued average price per share															$ 50		$ 45.98
Proceeds from issuance of common stock															$ 28,000,000		$ 72,000,000
Stock issuance costs															400,000		1,100,000
Other stock issuance costs															$ 400,000		$ 1,000,000
2019 At-the-Market Offering | Common Stock
Class Of Stock [Line Items]
Common stock, par value							$ 0.01
2019 At-the-Market Offering | Maximum | Common Stock
Class Of Stock [Line Items]
Aggregate sale price of common stock				$ 100,000,000			$ 100,000,000
2020 At-the-Market Offering
Class Of Stock [Line Items]
Common stock, par value			$ 0.01
2020 At-the-Market Offering | Common Stock
Class Of Stock [Line Items]
Shares, issued													0		0
2020 At-the-Market Offering | Maximum | Common Stock
Class Of Stock [Line Items]
Aggregate sale price of common stock			$ 225,000,000
2016 LTIP
Class Of Stock [Line Items]
Common stock, shares, issued															137,608
Common stock, shares, issued													559,159		559,159			559,159
Common stock, par value												$ 0.01
Number of shares authorized to issue												2,100,000
2016 LTIP | Restricted Stock Units
Class Of Stock [Line Items]
Equity-based compensation expense													$ 1,300,000	$ 1,400,000	$ 2,600,000	$ 2,700,000
Dividends earned on restricted stock units													$ 700,000		$ 700,000			$ 700,000
2016 LTIP | Restricted Stock Units | Director
Class Of Stock [Line Items]
Vesting period description															annually
2016 LTIP | Restricted Stock Units | Directors and Officers
Class Of Stock [Line Items]
Restricted stock units, granted										219,802	209,797
2016 LTIP | Restricted Stock Units | Directors, Officers, Employees and Certain Key Employees of Adviser
Class Of Stock [Line Items]
Restricted stock units, granted	116,852				168,183	186,662			275,795
2016 LTIP | Restricted Stock Units | Minimum | Officers, Employees and Certain Key Employees of Adviser
Class Of Stock [Line Items]
Restricted stock units, vesting period															3 years
2016 LTIP | Restricted Stock Units | Maximum | Officers, Employees and Certain Key Employees of Adviser
Class Of Stock [Line Items]
Restricted stock units, vesting period															5 years

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Restricted Stock Units (Details) - Restricted Stock Units	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Outstanding at beginning of the period | shares	447,039
Number of Units, Granted | shares	285,035
Number of Units, Vested | shares	(178,143)
Number of Units, Outstanding at ending of the period | shares	553,931
Weighted Average Grant Date Fair Value, Outstanding at beginning of the period | $ / shares	$ 29.13
Weighted Average Grant Date Fair Value, Granted | $ / shares	50.54
Weighted Average Grant Date Fair Value, Vested | $ / shares	29.20
Weighted Average Grant Date Fair Value, Outstanding at ending of the period | $ / shares	$ 36.83

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Restricted Stock Units (Parenthetical) (Details) - shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock issued upon vesting awards	137,608	143,642

Stockholders' Equity - Summar_3

Stockholders' Equity - Summary of Vesting of Restricted Stock Units (Details)	6 Months Ended
	Jun. 30, 2020shares
Vest in 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	167,826
Vest in 2021 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	139,842
Vest in 2021 | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	27,984
Vest in 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	153,767
Vest in 2022 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	131,546
Vest in 2022 | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	22,221
Vest in 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	89,077
Vest in 2023 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	66,860
Vest in 2023 | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	22,217
Vest in 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	89,075
Vest in 2024 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	66,860
Vest in 2024 | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	22,215
Vest in 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	54,186
Vest in 2025 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	31,971
Vest in 2025 | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	22,215
Vest in Total Year
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	553,931
Vest in Total Year | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	437,079
Vest in Total Year | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	116,852

Stockholders' Equity - Summar_4

Stockholders' Equity - Summary Information of 2019 ATM Program (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 20, 2019	Jun. 30, 2020	Jun. 30, 2019
Stockholders Equity Note [Abstract]
Proceeds from the issuance of common shares through at-the-market offering, net of offering costs	$ 28,000,000	$ 27,125	$ 9,452
Common shares issued	560,000
Gross average sale price per share	$ 50
Sales commissions	$ 420,000
Offering costs	406,143
Net proceeds	$ 27,173,857
Average price per share, net	$ 48.52

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Details)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Stock conversion ratio	100.00%

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2020		Jun. 30, 2019	Jun. 30, 2020		Jun. 30, 2019
Numerator for earnings (loss) per share:
Net income (loss)		$ (9,318)		$ (1,987)	$ 18,721		$ (6,360)
Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		(28)		(6)	56		(19)
Net income (loss) attributable to common stockholders		$ (9,290)		$ (1,981)	$ 18,665		$ (6,341)
Denominator for earnings (loss) per share:
Weighted average common shares outstanding - basic		24,307		23,736	24,847		23,643
Weighted average unvested restricted stock units		503		497	483		496
Denominator for diluted earnings per share		24,307	[1]	24,233	25,330	[1]	24,139
Denominator for diluted earnings per share	[1]			23,736			23,643
Earnings (loss) per weighted average common share:
Basic		$ (0.38)		$ (0.08)	$ 0.75		$ (0.27)
Diluted		$ (0.38)		$ (0.08)	$ 0.74		$ (0.27)
[1]	If the Company sustains a net loss for the period presented, unvested restricted stock units are not included in the diluted earnings per share calculation.

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Details)	Jun. 30, 2017USD ($)	Jun. 30, 2020$ / Property$ / h	Aug. 01, 2017USD ($)$ / sharesshares
Minority Interest [Line Items]
Common units transferred to acquire ownership interest in properties of noncontrolling interest holders, per share | $ / shares			$ 27.31
Amount used for calculation of OP units of net asset value	$ 2,000,000
BH Equity Portfolio
Minority Interest [Line Items]
Percentage of noncontrolling interests in joint ventures acquired	100.00%
Consideration transferred to acquire ownership interest in properties of noncontrolling interest holders	$ 51,700,000
Payment to acquire ownership interest in properties of noncontrolling interest holders	$ 49,700,000
Common units transferred to acquire ownership interest in properties of noncontrolling interest holders | shares			73,233
Value of common units transferred to acquire ownership interest in properties of noncontrolling interest holders			$ 2,000,000
BH Equity Portfolio | B H Equity
Minority Interest [Line Items]
Percentage of ownership interests in portfolio	8.40%
BH Management Services, LLC
Minority Interest [Line Items]
Property management fee percent		3.00%
Other owner approved fees, per hour | $ / h		55
BH Management Services, LLC | Minimum
Minority Interest [Line Items]
Inspection of properties fee, per unit | $ / Property		15
Construction supervision fee, percent fee		5.00%
BH Management Services, LLC | Maximum
Minority Interest [Line Items]
Inspection of properties fee, per unit | $ / Property		25
Construction supervision fee, percent fee		6.00%

Noncontrolling Interests - Sche

Noncontrolling Interests - Schedule of Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Noncontrolling Interest [Abstract]
Redeemable noncontrolling interests in the OP, December 31, 2019			$ 3,295
Net income attributable to redeemable noncontrolling interests in the OP			56
Other comprehensive loss attributable to redeemable noncontrolling interests in the OP			(176)
Contributions from redeemable noncontrolling interests in the OP			84
Distributions to redeemable noncontrolling interests in the OP			(211)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP	$ 361	$ 250	(459)	$ 376
Redeemable noncontrolling interests in the OP, June 30, 2020	$ 2,589		$ 2,589

Noncontrolling Interests - Summ

Noncontrolling Interests - Summary of Fees Incurred to BH And Its Affiliates As Well As Reimbursements Paid to BH (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Fees incurred
Property management fees	[1]	$ 1,465	$ 1,291	$ 3,015	$ 2,531
BH Management Services, LLC
Fees incurred
Property management fees		1,459	1,285	3,003	2,525
Construction supervision fees		413	340	1,047	564
Design fees		217	60	513	60
Acquisition fees					308
Reimbursements
Payroll and benefits		4,298	4,000	8,656	8,311
Other reimbursements		$ 708	$ 928	$ 1,685	$ 1,561
[1]	Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of the Company’s operating partnership, NexPoint Residential Trust Operating Partnership, L.P. (see Note 10).

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
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	$ 1,900,000	$ 1,900,000	$ 3,800,000	$ 3,700,000
Additional advisory and administrative fees	700,000	500,000	1,200,000	1,000,000
Advisory and administrative fees waived	$ 3,800,000	$ 1,800,000	7,700,000	3,300,000
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			$ 100,000	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	Mar. 01, 2020USD ($)	Mar. 01, 2019USD ($)	Dec. 31, 2019USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2020USD ($)Claim
Loss Contingencies [Line Items]
Environmental cost						$ 500,000
Self-Insurance Program
Loss Contingencies [Line Items]
Limit of losses for insurance claims		$ 100,000
Maximum insurance claim amount		$ 1,200,000
Amount of reserve for aggregate insurance claim						0
Insurance claim amount	$ 2,365,000
Insurance claim amount used						1,500,000
Self-Insurance Program | Parent
Loss Contingencies [Line Items]
Insurance claim amount						$ 1,500,000
Self-Insurance Program | Cutter's Point
Loss Contingencies [Line Items]
Insurance claim funded			$ 600,000
Remaining insurance claim funded					$ 600,000
Other potential claims that met the criteria under ASC 450-20 | Claim						0
Self-Insurance Program | Venue at 8651
Loss Contingencies [Line Items]
Insurance claim amount				$ 1,500,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ / shares in Units, $ in Thousands	Jul. 27, 2020$ / shares	Jul. 31, 2020USD ($)Resident	Jun. 30, 2020USD ($)Resident	May 31, 2020USD ($)Resident	Jun. 30, 2020USD ($)Resident	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)Resident	Jun. 30, 2019USD ($)
Subsequent Event [Line Items]
Number of residents placed under payment plans | Resident			1,541		1,541		1,541
Rent amount					$ 49,253	$ 41,966	$ 100,367	$ 82,416
COVID-19 Crises
Subsequent Event [Line Items]
Number of residents placed under payment plans | Resident		207	293	289	293		293
Rent amount		$ 300	$ 300	$ 300
Rent owed on payment plans		$ 10	$ 70	$ 20	$ 70		$ 70
Subsequent Event
Subsequent Event [Line Items]
Dividends payable, amount per share | $ / shares	$ 0.3125
Dividends payable, date declared	Jul. 27, 2020
Dividends payable, date to be paid	Sep. 30, 2020
Dividends payable, date of record	Sep. 15, 2020

Subsequent Events - Summary of

Subsequent Events - Summary of Sale Properties (Details) - Purchase and Sale Agreement - Eagle Crest - Irving, Texas $ in Thousands	Jun. 30, 2020USD ($)
Subsequent Event [Line Items]
Sales Price	$ 55,500
Debt Outstanding	29,510
Real Estate Carrying Value, net	$ 24,585