NexPoint Residential Trust (NXRT) 10-K 22 Feb 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Feb. 22, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Trading Symbol	NXRT
Entity Registrant Name	NexPoint Residential Trust, Inc.
Entity Central Index Key	0001620393
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,067,948
Entity Public Float			$ 736,520,000
Entity Interactive Data Current	Yes
Entity File Number	001-36663
Entity Tax Identification Number	47-1881359
Entity Address, Address Line One	300 Crescent Court
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	(972)
Local Phone Number	628-4100
Document Annual Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	MD
Title of 12(b) Security	Common Stock, par value $0.01 per share
Security Exchange Name	NYSE
Documents Incorporated by Reference	Portions of the proxy statement for the registrant’s 2021 Annual Meeting of Stockholders are incorporated by reference in Part III of this Form 10-K.

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating Real Estate Investments
Land	$ 323,429	$ 317,886
Buildings and improvements	1,544,115	1,472,319
Intangible lease assets	1,675	12,414
Construction in progress	10,796	4,375
Furniture, fixtures, and equipment	96,228	81,038
Total Gross Operating Real Estate Investments	1,976,243	1,888,032
Accumulated depreciation and amortization	(215,494)	(152,552)
Total Net Operating Real Estate Investments	1,760,749	1,735,480
Total Net Real Estate Investments	1,760,749	1,781,810
Cash and cash equivalents	24,457	25,671
Restricted cash	32,558	45,511
Accounts receivable, net	9,045	6,285
Prepaid and other assets	2,405	2,336
Fair market value of interest rate swaps		4,376
TOTAL ASSETS	1,829,214	1,865,989
Liabilities:
Mortgages payable, net	1,162,855	1,145,371
Mortgages payable held for sale, net		41,176
Credit facility, net	182,323	216,501
Accounts payable and other accrued liabilities	10,058	11,971
Accrued real estate taxes payable	12,822	12,206
Accrued interest payable	2,274	3,691
Security deposit liability	2,688	2,977
Prepaid rents	1,639	1,658
Fair market value of interest rate swaps	43,530	902
Total Liabilities	1,418,189	1,436,453
Redeemable noncontrolling interests in the Operating Partnership	3,098	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; 25,016,957 and 25,245,740 shares issued and outstanding, respectively	250	251
Additional paid-in capital	376,710	359,748
Accumulated earnings less dividends	75,321	63,776
Accumulated other comprehensive income (loss)	(44,354)	2,466
Total Stockholders' Equity	407,927	426,241
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,829,214	1,865,989
Real Estate Properties Held For Sale
Operating Real Estate Investments
Total Net Operating Real Estate Investments		$ 46,330

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 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	25,016,957	25,245,740
Common stock, shares, outstanding	25,016,957	25,245,740
Common stock, par value	$ 0.01	$ 0.01

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Rental income		$ 199,237	$ 177,162	$ 143,158
Other income		5,563	3,904	3,439
Total revenues		204,800	181,066	146,597
Expenses
Property operating expenses		47,201	42,692	35,824
Real estate taxes and insurance		31,709	25,113	20,713
Property management fees	[1]	5,971	5,388	4,382
Advisory and administrative fees	[2]	7,670	7,500	7,474
Corporate general and administrative expenses		10,035	9,613	7,808
Property general and administrative expenses		6,239	6,765	6,134
Depreciation and amortization		82,411	69,086	47,470
Total expenses		191,236	166,157	129,805
Operating income before gain on sales of real estate		13,564	14,909	16,792
Gain on sales of real estate		69,151	127,684	13,742
Operating income		82,715	142,593	30,534
Interest expense		(44,753)	(37,385)	(28,572)
Loss on extinguishment of debt and modification costs		(1,470)	(2,869)	(3,576)
Casualty gains (losses)		5,886	(3,488)
Miscellaneous income		1,772	587
Net income (loss)		44,150	99,438	(1,614)
Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		132	298	(5)
Net income (loss) attributable to common stockholders		44,018	99,140	(1,609)
Other comprehensive income (loss)
Unrealized gains (losses) on interest rate derivatives		(46,961)	(14,625)	1,931
Total comprehensive income (loss)		(2,811)	84,813	317
Comprehensive income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		(9)	254	1
Comprehensive income (loss) attributable to common stockholders		$ (2,802)	$ 84,559	$ 316
Weighted average common shares outstanding - basic		24,715	24,116	21,189
Weighted average common shares outstanding - diluted		25,234	24,593	21,667
Earnings (loss) per share - basic		$ 1.78	$ 4.11	$ (0.08)
Earnings (loss) per share - diluted		$ 1.74	$ 4.03	$ (0.08)
[1]	Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of the Company’s Operating Partnership (see Note 10).
[2]	Fees incurred to the Adviser (see Note 11).

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	IPO	2020 At The Market Offering	At The Market Offering	Common Stock	Common StockIPO	Common Stock2020 At The Market Offering	Common StockAt The Market Offering	Additional Paid-in Capital	Additional Paid-in CapitalIPO	Additional Paid-in Capital2020 At The Market Offering	Additional Paid-in CapitalAt The Market Offering	Accumulated Earnings (Loss) Less Dividends	Accumulated Earnings (Loss) Less DividendsCumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjustment	Common Stock Held in Treasury at Cost
Beginning Balance, Values at Dec. 31, 2017	$ 239,444				$ 210				$ 206,227				$ 19,288	$ (1,403)	$ 13,719	$ 1,403
Beginning Balance, Shares at Dec. 31, 2017					21,049,565
Accounting Standards Update [Extensible List]														us-gaap:AccountingStandardsUpdate201712Member		us-gaap:AccountingStandardsUpdate201712Member
Net income (loss) attributable to common stockholders	(1,609)												(1,609)
Issuance of common shares		$ 84,782				$ 27				$ 84,755
Issuance of common shares, Shares						2,702,500
Repurchase of common stock	$ (9,672)																$ (9,672)
Retirement of common stock held in treasury					$ (4)				(9,668)								9,672
Retirement of common stock held in treasury, Shares	0				(382,941)
Vesting of stock-based compensation	$ 4,198				$ 1				4,197
Vesting of stock-based compensation, Shares					130,511
Common stock dividends declared	(22,601)												(22,601)
Other comprehensive income (loss)	1,925														1,925
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	(439)												(439)
Ending Balance, Values at Dec. 31, 2018	296,028				$ 234				285,511				(6,764)		17,047
Ending Balance, Shares at Dec. 31, 2018					23,499,635
Net income (loss) attributable to common stockholders	$ 99,140												99,140
Issuance of common shares				$ 69,874				$ 16				$ 69,858
Issuance of common shares, Shares								1,565,322
Retirement of common stock held in treasury, Shares	0
Vesting of stock-based compensation	$ 4,380				$ 1				4,379
Vesting of stock-based compensation, Shares					180,783
Common stock dividends declared	(28,219)												(28,219)
Other comprehensive income (loss)	(14,581)														(14,581)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	(381)												(381)
Ending Balance, Values at Dec. 31, 2019	$ 426,241				$ 251				359,748				63,776		2,466
Ending Balance, Shares at Dec. 31, 2019	25,245,740				25,245,740
Net income (loss) attributable to common stockholders	$ 44,018												44,018
Issuance of common shares			$ 57,718				$ 14				$ 57,704
Issuance of common shares, Shares							1,278,306
Repurchase 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	$ 3,773				$ 1				3,772
Vesting of stock-based compensation, Shares					137,608
Common stock dividends declared	(32,564)												(32,564)
Other comprehensive income (loss)	(46,820)														(46,820)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	91												91
Ending Balance, Values at Dec. 31, 2020	$ 407,927				$ 250				$ 376,710				$ 75,321		$ (44,354)
Ending Balance, Shares at Dec. 31, 2020	25,016,957				25,016,957

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities
Net income (loss)	$ 44,150	$ 99,438	$ (1,614)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Gain on sales of real estate	(69,151)	(127,684)	(13,742)
Depreciation and amortization	82,411	69,086	47,470
Amortization/write-off of deferred financing costs	4,354	3,502	3,062
Change in fair value on derivative instruments included in interest expense	9,370	(6,442)	(3,948)
Net cash received (paid) on derivative settlements	(7,859)	6,842	3,832
Amortization/write-off of fair market value adjustment of assumed debt	(202)	(148)	(169)
Provision for bad debts, net	2,710	906	668
Vesting of stock-based compensation	5,504	5,130	4,198
Insurance proceeds received for business interruption	1,468
Insurance proceeds paid for business interruption	(605)
Casualty losses (gains)	(7,125)	3,488
Changes in operating assets and liabilities, net of effects of acquisitions:
Operating assets	(4,866)	(1,256)	(459)
Operating liabilities	(2,933)	(1,496)	2,445
Net cash provided by operating activities	57,226	51,366	41,743
Cash flows from investing activities
Net proceeds from sales of real estate	140,197	286,479	29,553
Prepaid acquisition costs			(7,653)
Insurance premiums paid for casualty losses	(1,495)	(600)
Insurance proceeds received from casualty losses	7,544	2,500
Additions to real estate investments	(49,977)	(44,159)	(26,775)
Acquisitions of real estate investments	(84,766)	(797,349)	(130,373)
Net cash provided by (used in) investing activities	11,503	(553,129)	(135,248)
Cash flows from financing activities
Mortgage proceeds received	46,464	423,149	232,252
Mortgage payments	(71,914)	(145,821)	(148,942)
Credit facilities proceeds received	35,000	255,000	55,000
Credit facilities payments	(70,000)	(37,000)	(85,000)
Bridge facility proceeds received			30,000
Bridge facility payments			(38,597)
Deferred financing costs paid	(861)	(5,120)	(2,410)
Interest rate cap fees paid	(35)	(20)	(56)
Prepayment penalties on extinguished debt	(711)	(1,449)	(1,706)
Proceeds from the issuance of common shares through public offering, net of offering costs			84,782
Proceeds from the issuance of common shares through at-the-market offering, net of offering costs	57,718	69,874
Payments for taxes related to net share settlement of stock-based compensation	(1,731)	(751)
Repurchase of common stock	(44,530)		(9,672)
Dividends paid to common stockholders	(32,296)	(28,046)	(22,265)
Net cash provided by (used in) financing activities	(82,896)	529,816	93,386
Net increase (decrease) in cash, cash equivalents and restricted cash	(14,167)	28,053	(119)
Cash, cash equivalents and restricted cash, beginning of period	71,182	43,129	43,248
Cash, cash equivalents and restricted cash, end of period	57,015	71,182	43,129
Supplemental Disclosure of Cash Flow Information
Interest paid	34,165	41,053	30,261
Supplemental Disclosure of Noncash Activities
Capitalized construction costs included in accounts payable and other accrued liabilities	2,713	3,776	1,715
Change in fair value on derivative instruments designated as hedges	(46,961)	(14,625)	1,931
Other assets acquired from acquisitions	31	758	76
Liabilities assumed from acquisitions	44	6,608	1,382
Fair market value adjustment of assumed debt		980
Assumed debt on acquisitions		70,486
Increase in dividends payable upon vesting of restricted stock units	268	173	336
Write-off of assets due to casualty losses	1,297	7,838
Write-off of fully amortized in-place leases	12,414	8,181	1,340
Write-off of deferred financing costs	$ 756	$ 1,419	$ 1,412

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 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 December 31, 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 15, 2021 for a one-year term (the “Advisory Agreement”), by and among the Company, the OP and the Adviser. The Adviser conducts substantially all of the Company’s operations and provides asset management services for its real estate investments. The Company expects it will only have accounting employees while the Advisory Agreement is in effect. All of the Company’s investment decisions are made by the Adviser, subject to general oversight by the Adviser’s investment committee and the Company’s board of directors (the “Board”). The Adviser is wholly owned by NexPoint Advisors, L.P., which is an affiliate of NexPoint Advisors, L.P. (the “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. The Company may allocate up to 30% of the portfolio to investments in real estate-related debt and securities with the potential for high current income or total returns. These allocations may include first and second mortgages and subordinated, bridge, mezzanine, construction and other loans, as well as debt securities related to or secured by multifamily real estate and common and preferred equity securities, which may include securities of other REITs or real estate companies.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes to the Company’s significant accounting policies during the year ended December 31, 2020. Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year. These reclassifications had no impact on net income (loss), stockholders' equity or cash flows as previously reported. 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. The Company records an allowance to reflect revenue that may not be collectible. This is recorded through a provision for bad debts which is included in rental income in the accompanying consolidated statements of operations and comprehensive income (loss). 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 Year Ended December 31, Lease Income Type 2020 2019 2018 Rental income $ 176,549 $ 158,167 $ 127,964 Utility reimbursements (1) 12,252 10,906 9,835 Late fees (1) 1,288 1,622 1,443 Pet fees (1) 924 816 618 Other fees (1) 8,224 5,651 3,298 Total rental income $ 199,237 $ 177,162 $ 143,158 (1) Previously classified as other income prior to December 31, 2019. The table below quantifies the effects on rental and other income for the years ended December 31, 2020, 2019 and 2018 from the adoption ASC 842: For the Year Ended December 31, 2020 2019 2018 Prior to adoption of ASC 842 Rental income $ 176,549 $ 158,167 $ 127,964 Other income 28,251 22,899 18,633 Total revenue $ 204,800 $ 181,066 $ 146,597 Post adoption of ASC 842 Rental income $ 199,237 $ 177,162 $ 143,158 Other income 5,563 3,904 3,439 Total revenue $ 204,800 $ 181,066 $ 146,597 Differences resulting in ASC 842 adoption Rental income difference $ 22,688 $ 18,995 $ 15,194 Other income difference (22,688 ) (18,995 ) (15,194 ) 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 FASB 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 December 31, 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 December 31, 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 years ended December 31, 2020, 2019 and 2018. If the Company fails to meet these requirements, it could be subject to federal income tax on all of the Company’s taxable income at regular corporate rates for that year. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. As of December 31, 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 December 31, 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 income (loss). Recent 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, the FASB issued ASU 2020-04, Reference Rate Reform Coronavirus (“COVID-19”) In December 2019, a novel coronavirus, which causes respiratory illness and spreads from person to person (COVID-19), was first identified during an investigation into an outbreak in Wuhan, China. The first case of COVID-19 in the U.S. was reported on January 20, 2020. On March 11, 2020, the World Health Organization declared COVID-19 a pandemic, and on March 13, 2020, the U.S. declared a national emergency with respect to COVID-19. Over the ensuing weeks, the President Trump 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. 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. The Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) imposed a moratorium on evictions and the charging of late fees, which expired on July 25, 2020. On September 4, 2020, the Former President issued an executive order, announcing a new moratorium that temporarily halts evictions through December 31, 2020. As of January 29, 2021, according to the U.S. Centers for Disease Control and Prevention, over 4.7 million individuals in the U.S. have been fully vaccinated for COVID-19, and the U.S. will continue to roll out vaccines across the nation, prioritizing frontline and essential workers, the elderly, and individuals considered high risk. However, the initial rollout of vaccine distribution has encountered significant delays, and uncertainties remain as to the amount of vaccine available for distribution, the logistics of implementing a national vaccine program, and the overall efficacy of the vaccines once widely administered, especially as new strains of COVID-19 have been discovered, and the level of resistance these new strains have to the existing vaccines, if any, remains unknown. On January 14, 2020, President Biden unveiled a $1.9 trillion “American Rescue Plan” proposal to combat the pandemic and stimulate the economy. The proposal provides additional provisions for increased unemployment benefits, rental assistance, small businesses, state and local governments, educational institutions, and substantial funding towards accelerated distribution of vaccinations and for COVID-19 testing, as well as direct payments of $1,400 to all eligible Americans. The American Rescue Plan is the first of two major spending initiatives expected to be proposed by President Biden. 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. Potential ineffectiveness or delay of such relief measures could lead to further deterioration of economic conditions, higher unemployment rates, and prolonged recession, which in turn could materially affect our (or our tenants’ or venture investment portfolio companies’) performance, financial condition, results of operations, and cash flows. See “Item 1A. Risk factors” within “Part I” in this annual report on Form 10-K for additional discussion of the risks posed by the COVID-19 pandemic, and uncertainties we, our tenants, and the national and global economies face as a result.

Investments in Subsidiaries

Investments in Subsidiaries	12 Months Ended
	Dec. 31, 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 December 31, 2020, the Company, through the OP and the wholly owned TRS, owned 37 properties through single-asset LLCs. The following table represents the Company’s ownership in each property by virtue of its 100% ownership of the single-asset LLCs that directly own the title to each property as of December 31, 2020 and 2019: Effective Ownership Percentage at December 31, Property Name Location Year 2020 2019 Arbors on Forest Ridge Bedford, Texas 2014 100 % 100 % Cutter's Point Richardson, Texas 2014 100 % 100 % Eagle Crest (1) Irving, Texas 2014 — 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 % Fairways at San Marcos (7) Chandler, AZ 2020 100 % — (1) Property was sold 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 own ed 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. (7) Fairways at San Marcos was acquired in 2020; therefore, no ownership as of December 31, 2019.

Real Estate Investments Statist

Real Estate Investments Statistics	12 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Real Estate Investments Statistics	4. Real Estate Investments Statistics As of December 31, 2020, the Company was invested in a total of 37 multifamily properties, as listed below: Average Effective Monthly Rent Per Unit as of December 31,*(1) % Occupied as of December 31,*(2) Property Name Rentable Square Footage (in thousands)* Number of Units* Date Acquired 2020 2019 2020 2019 Arbors on Forest Ridge 155 210 1/31/2014 $ 917 $ 894 94.3 % 95.7 % Cutter's Point (3) 198 196 1/31/2014 1,112 — 95.0 % — Silverbrook 526 642 1/31/2014 926 870 94.9 % 95.5 % Beechwood Terrace 272 300 7/21/2014 947 937 95.7 % 91.3 % The Summit at Sabal Park 205 252 8/20/2014 1,033 1,010 96.0 % 97.2 % Courtney Cove 225 324 8/20/2014 946 927 93.5 % 94.8 % Radbourne Lake 247 225 9/30/2014 1,137 1,118 89.8 % 90.7 % Timber Creek 248 352 9/30/2014 949 916 93.5 % 94.9 % Sabal Palm at Lake Buena Vista 371 400 11/5/2014 1,259 1,270 95.0 % 93.8 % Cornerstone 318 430 1/15/2015 1,056 1,053 91.2 % 95.6 % The Preserve at Terrell Mill 692 752 2/6/2015 1,006 969 95.5 % 94.9 % Versailles 301 388 2/26/2015 925 923 94.3 % 93.0 % Seasons 704 Apartments 217 222 4/15/2015 1,209 1,155 98.6 % 94.6 % Madera Point 193 256 8/5/2015 980 924 93.8 % 96.1 % Venue at 8651 289 333 10/30/2015 933 924 93.4 % 96.1 % Parc500 266 217 7/27/2016 1,340 1,304 97.7 % 93.1 % The Venue on Camelback 256 415 10/11/2016 821 777 93.7 % 94.2 % Old Farm 697 734 12/29/2016 1,133 1,162 92.1 % 92.8 % Stone Creek at Old Farm 186 190 12/29/2016 1,194 1,194 92.1 % 95.8 % Hollister Place 246 260 2/1/2017 1,007 995 91.2 % 93.1 % Rockledge Apartments 802 708 6/30/2017 1,261 1,260 95.5 % 95.3 % Atera Apartments 334 380 10/25/2017 1,247 1,256 92.1 % 93.4 % Cedar Pointe 224 210 8/24/2018 1,075 1,066 96.2 % 91.4 % Crestmont Reserve 199 242 9/26/2018 895 902 98.8 % 94.2 % Brandywine I & II 414 632 9/26/2018 960 978 94.3 % 93.7 % Bella Vista 243 248 1/28/2019 1,320 1,265 95.6 % 97.2 % The Enclave 194 204 1/28/2019 1,355 1,295 97.5 % 93.6 % The Heritage 199 204 1/28/2019 1,298 1,265 94.1 % 96.6 % Summers Landing 139 196 6/7/2019 941 920 95.9 % 91.8 % Residences at Glenview Reserve 344 360 7/17/2019 993 977 92.8 % 94.4 % Residences at West Place 345 342 7/17/2019 1,214 1,211 90.1 % 92.7 % Avant at Pembroke Pines 1,442 1520 8/30/2019 1,515 1,498 94.4 % 93.7 % Arbors of Brentwood 325 346 9/10/2019 1,194 1,192 91.3 % 96.2 % Torreyana Apartments 309 315 11/22/2019 1,184 1,171 93.0 % 95.6 % Bloom 498 528 11/22/2019 1,120 1,105 94.1 % 90.9 % Bella Solara 271 320 11/22/2019 1,128 1,136 91.6 % 91.9 % Fairways at San Marcos (4) 340 352 11/2/2020 1,232 — 96.0 % — 12,730 14,205 * Information is unaudited. (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of December 31, 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 December 31, 2020 and December 31, 2019 , respectively . (2) Percent occupied is calculated as the number of units occupied as of December 31, 2020 and 2019, divided by the total number of units, expressed as a percentage. (3) Cutter’s Point suffered significant damage from a tornado on October 20, 2019 which necessitated a temporary halt to operation of all 196 units. Upon completion of Phase I of the rebuild efforts, the Company returned 60 units to service in 2020; there are 57 units occupied out of the 60 available as of December 31, 2020. The remaining 136 units are currently being rebuilt as part of Phase II of the rebuild with an expected return to service in 2021 (see Note 5). ( 4 ) Fairways at San Marcos was acquired in 2020.

Real Estate Investments

Real Estate Investments	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Real Estate Investments	5. Real Estate Investments As of December 31, 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 $ 11,682 $ — $ 17 $ 1,650 $ 15,679 Cutter's Point 3,330 8,035 — 4,983 2,044 18,392 Silverbrook 4,860 27,256 — 3 5,049 37,168 Beechwood Terrace 1,390 22,233 — 32 2,791 26,446 The Summit at Sabal Park 5,770 13,749 — — 1,813 21,332 Courtney Cove 5,880 13,713 — 114 2,165 21,872 Radbourne Lake 2,440 22,617 — — 2,147 27,204 Timber Creek 11,260 13,245 — 42 3,473 28,020 Sabal Palm at Lake Buena Vista 7,580 42,401 — — 2,391 52,372 Cornerstone 1,500 30,781 — 2 3,343 35,626 The Preserve at Terrell Mill 10,170 50,757 — 1,524 7,310 69,761 Versailles 6,720 21,766 — — 3,861 32,347 Seasons 704 Apartments 7,480 14,418 — 18 1,743 23,659 Madera Point 4,920 17,926 — — 2,273 25,119 Venue at 8651 2,350 17,473 — 106 3,531 23,460 Parc500 3,860 20,927 — 22 3,827 28,636 The Venue on Camelback 8,340 38,106 — 37 2,570 49,053 Old Farm 11,078 70,846 — 24 3,419 85,367 Stone Creek at Old Farm 3,493 19,471 — — 792 23,756 Hollister Place 2,782 21,884 — — 2,555 27,221 Rockledge Apartments 17,451 96,902 — 86 5,363 119,802 Atera Apartments 22,371 37,525 — 9 2,188 62,093 Cedar Pointe 2,371 24,268 — — 1,577 28,216 Crestmont Reserve 4,124 20,955 — 19 1,411 26,509 Brandywine I & II 6,237 73,613 — 6 4,072 83,928 Bella Vista 10,942 36,787 — — 2,110 49,839 The Enclave 11,046 30,308 — — 1,856 43,210 The Heritage 6,835 34,761 — — 1,793 43,389 Summers Landing 1,798 17,909 — 43 670 20,420 Residences at Glenview Reserve 3,367 42,027 — 14 1,495 46,903 Residences at West Place 3,345 51,802 — 154 1,049 56,350 Avant at Pembroke Pines 48,436 272,436 — 2,847 7,977 331,696 Arbors of Brentwood 6,346 55,777 — 21 1,118 63,262 Torreyana Apartments 23,824 43,489 — 122 1,047 68,482 Bloom 23,805 81,714 — 494 1,782 107,795 Bella Solara 12,605 53,134 — 57 1,228 67,024 Fairways at San Marcos 10,993 71,422 1,675 — 745 84,835 323,429 1,544,115 1,675 10,796 96,228 1,976,243 Accumulated depreciation and amortization — (153,063 ) (558 ) — (61,873 ) (215,494 ) Total Operating Properties $ 323,429 $ 1,391,052 $ 1,117 $ 10,796 $ 34,355 $ 1,760,749 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 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 $75.6 million, $56.4 million and $45.0 million for the years ended December 31, 2020, 2019 and 2018, respectively. Amortization expense related to the Company’s intangible lease assets was $6.8 million, $12.7 million and $2.5 for the years ended December 31, 2020, 2019 and 2018, respectively. Amortization expense related to the Company’s intangible lease assets for all acquisitions completed through December 31, 2020 is expected to be $1.1 million in 2021. Due to the six-month useful life attributable to intangible lease assets, the value of intangible lease assets on any acquisition prior to June 30, 2020 has been fully amortized and the assets and related accumulated amortization have been written off as of December 31, 2020. Acquisitions The Company acquired one property during the year ended December 31, 2020, as detailed in the table below (dollars in thousands). The Company acquired eleven properties for a combined purchase price of approximately $876.7 million during the year ended December 31, 2019. See Notes 3, 4 and 6 for additional information. Property Name Location Date of Acquisition Purchase Price Mortgage Debt (1) # Units Effective Ownership Fairways at San Marcos Chandler, Arizona November 2, 2020 $ 84,480 $ 46,464 352 100 % (1) For additional information regarding the Company’s debt, see Note 6. Dispositions The Company sold four properties during the year ended December 31, 2020, as detailed in the table below (in thousands). The Company sold six property for approximately $289.9 million during the year ended December 31, 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 Eagle Crest Irving, Texas September 30, 2020 55,500 54,779 30,160 $ 142,000 $ 140,197 $ 69,132 (1) Represents sales price, net of closing costs. Cutter’s Point Casualty Losses On October 20, 2019, as a result of a tornado, the Cutter’s Point property suffered significant property damage. The damage incurred rendered the Property inoperable; therefore, the Company has ceased operations at the property as it is under reconstruction. In relation to this event, the Company wrote down the carrying value of Cutter’s Point by approximately $7.8 million in accordance with ASC 610 Other Income , the Company recognized approximately $3.5 million in casualty losses on the consolidated statements of operations and comprehensive income (loss) during the year ended December 31, 2019. Also, the Company filed a business interruption insurance claim and recognized approximately $0.6 million for the lost rent, which is included in miscellaneous income on the consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2019. For the year ended , the Company recognized approximately $1.7 million for lost rents, which is included in miscellaneous income on the consolidated statements of operations and comprehensive income (loss). the Company recognized approximately $5.8 million in casualty gains on the consolidated statements of operations and comprehensive income (loss) in relation to this event. As of , Cutter’s Point was excluded from the portfolio’s total unit count and all same store pools due to the property undergoing reconstruction which is estimated to be completed in 2021. 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 Timber Creek Casualty Losses On November 26, 2020, as a result of a fire, the Timber Creek property suffered property damage. In relation to this event, the Company wrote down the carrying value of Timber Creek by approximately $0.6 million, and, in accordance with ASC 610 Other Income

Debt

Debt	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Debt	6. Debt Mortgage Debt The following table contains summary information concerning the mortgage debt of the Company as of December 31, 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 1.82% 7/1/2024 Cutter's Point (3) Floating 84 16,640 1.82% 7/1/2024 Silverbrook (3) Floating 84 30,590 1.82% 7/1/2024 Beechwood Terrace (3) Floating 84 23,365 1.58% 9/1/2025 The Summit at Sabal Park (3) Floating 84 13,560 1.76% 7/1/2024 Courtney Cove (3) Floating 84 13,680 1.76% 7/1/2024 The Preserve at Terrell Mill (3) Floating 84 42,480 1.76% 7/1/2024 Versailles (3) Floating 84 23,880 1.76% 7/1/2024 Seasons 704 Apartments (3) Floating 84 17,460 1.76% 7/1/2024 Madera Point (3) Floating 84 15,150 1.76% 7/1/2024 Venue at 8651 (3) Floating 84 13,734 1.92% 7/1/2024 The Venue on Camelback (3) Floating 84 28,093 1.82% 7/1/2024 Old Farm (3) Floating 84 52,886 1.82% 7/1/2024 Stone Creek at Old Farm (3) Floating 84 15,274 1.82% 7/1/2024 Timber Creek (3) Floating 84 24,100 1.40% 10/1/2025 Radbourne Lake (3) Floating 84 20,000 1.43% 10/1/2025 Sabal Palm at Lake Buena Vista (3) Floating 84 42,100 1.44% 9/1/2025 Cornerstone (4) Fixed 120 21,299 4.24% 3/1/2023 Parc500 (5) Fixed 120 14,951 4.49% 8/1/2025 Hollister Place (3) Floating 84 14,811 1.48% 10/1/2025 Rockledge Apartments (3) Floating 84 68,100 1.71% 7/1/2024 Atera Apartments (3) Floating 84 29,500 1.62% 11/1/2024 Cedar Pointe (6) Floating 84 17,300 1.49% 9/1/2025 Crestmont Reserve (3) Floating 84 12,061 1.32% 10/1/2025 Brandywine I & II (3) Floating 84 43,835 1.32% 10/1/2025 Bella Vista (6) Floating 84 29,040 1.46% 2/1/2026 The Enclave (6) Floating 84 25,322 1.46% 2/1/2026 The Heritage (6) Floating 84 24,625 1.46% 2/1/2026 Summers Landing (7) Floating 84 10,109 1.32% 10/1/2025 Residences at Glenview Reserve (8) Floating 84 26,560 1.58% 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 1.57% 9/1/2026 Arbors of Brentwood (3) Floating 84 34,237 1.57% 10/1/2026 Torreyana Apartments (6) Floating 84 37,400 1.84% 12/1/2026 Bloom (6) Floating 84 58,850 1.84% 12/1/2026 Bella Solara (6) Floating 84 36,575 1.84% 12/1/2026 Fairways at San Marcos (6) Floating 84 46,464 2.21% 12/1/2027 $ 1,168,078 Fair market value adjustment 1,261 (9) Deferred financing costs, net of accumulated amortization of $3,706 (6,484 ) $ 1,162,855 (1) Mortgage debt that is non-recourse to the Company and encumbers the multifamily properties. (2) Interest rate is based on a reference rate plus an applicable margin, except for fixed rate mortgage debt. One-month LIBOR was 0.14388% and 30-Day Average Secured Overnight Financing Rate (“SOFR”) was 0.08334% as of December 31, 2020. Fairways at San Marcos utilizes 30-Day Average SOFR as its reference rate while all other properties utilize one-month LIBOR. (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 year ended December 31, 2020, the Company sold four properties and repaid the related mortgage loans that encumbered the properties, as detailed in the table below (in thousands): Property Name Date of Sale Type Outstanding Principal (1) 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 Eagle Crest September 30, 2020 Floating 29,510 $ 71,106 (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 December 31, 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 162 basis points to 0.14388% as of December 31, 2020 from 1.7625% as of December 31, 2019. As of December 31, 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 $1.1 billion of the Company’s floating rate mortgage debt (see Note 7). Each of the Company’s mortgages is a non-recourse obligation subject to customary provisions. The loan agreements contain customary events of default, including defaults in the payment of principal or interest, defaults in compliance with the covenants contained in the documents evidencing the loan, defaults in payments under any other security instrument covering any part of the property, whether junior or senior to the loan, and bankruptcy or other insolvency events. As of December 31, 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 December 31, 2020, the Company has completed its Green Program improvements on all but one property, which is expected to be completed in 2021. The Company expects 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 December 31, 2020 (dollars in thousands): Type Term Outstanding Principal Interest Rate (1) Maturity Date Corporate Credit Facility Floating 24 $ 183,000 2.64% 1/28/2022 Deferred financing costs, net of accumulated amortization of $1,937 (677 ) $ 182,323 (1) Interest rate is based on one-month LIBOR plus an applicable margin. One-month LIBOR as of December 31, 2020 was 0.14388%. 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 Truist 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. 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 $183.0 million in aggregate principal outstanding on the Corporate Credit Facility. On October 13, 2020, the Company extended the maturity date of the Corporate Credit Facility from January 28, 2021 to January 28, 2022 (the “Maturity Date”), which falls within one year of February 19, 2021. During 2020, the Company repaid $35.0 million in principal on the Corporate Credit Facility and had sufficient cash flow to fund operations as well as close on a new acquisition (Fairways at San Marcos) in the fourth quarter of 2020. Management recognizes that finding an alternative source of funding is necessary to repay the facility by the Maturity Date. Management is evaluating multiple options to fund the repayment of the $183.0 million principal balance outstanding, including recasting the Corporate Credit Facility, securing additional equity or debt financing, selling a portion of the portfolio, or any combination thereof. Management believes that there is sufficient time before the Maturity Date and that the Company has sufficient access to capital to ensure the Company is able to meet its obligations as they become due. $60 Million Credit Facility . On December 29, 2016, the Company, through the OP, entered into a $30.0 million credit facility (the “$30 Million Credit Facility”) with KeyBank National Association (“KeyBank”). On April 27, 2018, the Company, through the OP, amended the $30 Million Credit Facility to temporarily increase the loan commitment by $5.0 million (the “Temporary Increase”) and immediately drew $5.0 million. The $5.0 million drawn under the Temporary Increase was repaid in full on July 25, 2018. The Company accounted for the Temporary Increase as an extinguishment of a debt instrument. As such, the Company wrote-off the unamortized deferred financing costs of approximately $0.1 million as of April 27, 2018, which is recorded in loss on extinguishment of debt and modification costs on the accompanying consolidated statements of operations and comprehensive income (loss). On September 26, 2018, the Company, through the OP, repaid the $30.0 million outstanding under the $30 Million Credit Facility and amended the loan agreement, extending the maturity date to September 26, 2020 and increasing the loan commitment to $60.0 million (the “$60 Million Credit Facility”). The Company accounted for the refinancing as an extinguishment of a debt instrument. The Company, through the OP, immediately drew $50.0 million to fund a portion of the purchase price of Brandywine I & II and Crestmont Reserve. The $60 Million Credit Facility was a full-term, interest-only facility with a 24-month term and was guaranteed by the Company. Interest accrued on the $60 Million Credit Facility at an interest rate of one-month LIBOR plus 2.00%. In November 2018, the Company, through the OP, used net proceeds from the 2018 Offering (as defined below) (see Note 8) to repay the $50.0 million outstanding under the $60 Million Credit Facility, which retired the credit facility. In connection with the repayment, the Company, through the OP, received a commitment fee rebate of approximately $0.8 million from KeyBank, which was previously capitalized as a deferred financing cost on the Company’s consolidated balance sheet as of September 30, 2018. $30 Million Bridge Facility . On September 26, 2018, the Company, through the OP, entered into a $30.0 million bridge facility (the “$30 Million Bridge Facility”) with KeyBank and immediately drew $30.0 million to fund a portion of the purchase price of Brandywine I & II and Crestmont Reserve. The $30 Million Bridge Facility was a full-term, interest-only facility with a six-month 2017 Bridge Facility . On June 30, 2017 , the Company, through the OP, entered into a $65.9 million bridge facility (the “2017 Bridge Facility”) with KeyBank. The 2017 Bridge Facility was a full-term, interest-only facility with an initial four-month Deferred Financing Costs The Company defers costs incurred in obtaining financing and amortizes the costs over the terms of the related loans using the straight-line method, which approximates the effective interest method. Deferred financing costs, net of amortization, are recorded as a reduction from the related debt on the Company’s consolidated balance sheets. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to loss on extinguishment of debt and modification costs (see “Loss on Extinguishment of Debt and Modification Costs” below). For the years ended December 31, 2020, 2019 and 2018, the Company wrote-off deferred financing costs of approximately $0.8 million, $1.4 million and $1.4 million, respectively, which is included in loss on extinguishment of debt and modification costs on the consolidated statements of operations and comprehensive income (loss). For the years ended December 31, 2020, 2019 and 2018, amortization of deferred financing costs of approximately $2.8 million, $2.1 million and $1.7 million, respectively, is included in interest expense on the consolidated statements of operations and comprehensive income (loss). Loss on Extinguishment of Debt and Modification Costs Loss on extinguishment of debt and modification costs includes prepayment penalties and defeasance costs incurred on the early repayment of debt, costs incurred in a debt modification that are not capitalized as deferred financing costs and other costs incurred in a debt extinguishment. Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to December 31, 2020 are as follows (in thousands): Operating Properties Credit Facility Total 2021 $ 896 $ — $ 896 2022 1,509 183,000 184,509 2023 21,293 — 21,293 2024 395,168 — 395,168 2025 245,780 — 245,780 Thereafter 503,432 — 503,432 Total $ 1,168,078 $ 183,000 $ 1,351,078

Fair Value of Derivative and Fi

Fair Value of Derivative and Financial Instruments	12 Months Ended
	Dec. 31, 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 December 31, 2020, 2019 and 2018 were classified as Level 2 of the fair value hierarchy. The Company’s main objective in using interest rate derivatives is to add stability to interest expense related to floating rate debt. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The interest rate swaps have terms ranging from four to five years. Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The interest rate caps have terms ranging from three to four years. During the years ended December 31, 2020, 2019 and 2018, interest rate cap derivatives were used to hedge the variable cash flows associated with a portion of the Company’s floating rate debt. The interest rate cap agreements the Company has entered into effectively cap one-month LIBOR on $393.0 million of the Company’s floating rate mortgage indebtedness at a weighted average rate of 5.16%. The changes in the fair value of derivative financial instruments that are designated as cash flow hedges are recorded in OCI and are subsequently reclassified into net income (loss) in the period that the hedged forecasted transaction affects earnings. Amounts reported in OCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s floating rate debt. Prior to the Company’s adoption of ASU 2017-12 on January 1, 2018, the ineffective portion of changes in the fair value of the Company’s derivatives designated as cash flow hedges was recognized directly in net income (loss) as interest expense. The adoption of ASU 2017-12 eliminates the separate measurement of effectiveness and ineffectiveness, and all changes in the fair value of derivatives that are designated as cash flow hedges are recorded directly in OCI. Therefore, during the years ended December 31, 2020, 2019 and 2018, the Company recorded no gain or loss related to the ineffective portion of changes in the fair value of its derivatives designated as cash flow hedges. 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 and two with Truist Bank (the “Counterparties”) with a combined notional amount of $1.2 billion which are effective as of December 31, 2020. 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 December 31, 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 Truist 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 Truist 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 December 31, 2020, one-month LIBOR was 0.14388%. (2) Represents the weighted average fixed rate of the interest rate swaps. As of December 31, 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 December 31, 2020, one-month LIBOR was 0.14388%. ( 2 ) Represents the weighted average fixed rate of the interest rate swaps. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements but either do not meet the strict requirements to apply hedge accounting in accordance with FASB ASC 815, Derivatives and Hedging As of December 31, 2020, 2019 and 2018, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands): As of December 31, Number of Instruments Notional Amount 2020 16 $ 393,006 2019 15 $ 346,542 2018 12 $ 255,179 The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2020 and 2019 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ — $ 7,298 $ 43,530 $ 3,824 Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets 3 — — — Total $ 3 $ 7,298 $ 43,530 $ 3,824 The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2020, 2019 and 2018 (in thousands): Amount of gain (loss) recognized in OCI Location of gain (loss) reclassified from accumulated Amount of gain (loss) reclassified from OCI into income 2020 2019 2018 OCI into income 2020 2019 2018 Derivatives designated as hedging instruments: For the year ended December 31, Interest rate products $ (56,299 ) $ (8,153 ) $ 5,928 Interest expense $ (9,337 ) $ 6,472 $ 3,997 Location of gain (loss) Amount of gain (loss) recognized in income recognized in income 2020 2019 2018 Derivatives not designated as hedging instruments: For the year ended December 31, Interest rate products Interest expense $ (33 ) $ (30 ) $ (49 ) Other Financial Instruments Carried at Fair Value Redeemable noncontrolling interests in the OP have a redemption feature and are marked to their redemption value if such value exceeds the carrying value of the redeemable noncontrolling interests in the OP (see Note 10). The redemption value is based on the fair value of the Company’s common stock at the redemption date, and therefore, is calculated based on the fair value of the Company’s common stock at the balance sheet date. Since the valuation is based on observable inputs such as quoted prices for similar instruments in active markets, redeemable noncontrolling interests in the OP are classified as Level 2 if they are adjusted to their redemption value. Financial Instruments Not Carried at Fair Value At December 31, 2020 and 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 at the time they were recognized. 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. The table below presents the carrying value and estimated fair value of our debt at December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Fixed rate debt $ 70,067 $ 73,548 $ 70,810 $ 72,386 Floating rate debt (1) $ 1,281,011 $ 1,324,990 $ 1,340,718 $ 1,318,989 (1) Includes balances outstanding under our Corporate Credit Facility. 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, 2020, the Company noted there was no impairment, but incurred a casualty loss that resulted in net write downs of approximately $0.6 million for both Venue 8651 and Timber Creek (see Note 5). The Company did not record any impairment charges related to real estate assets for the years ended December 31, 2020, 2019 and 2018.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Stockholders' Equity	8. Stockholders’ Equity Common Stock On November 14, 2018, the Company issued 2,702,500 shares of common stock, par value $0.01 per share, at a public offering price of $33.00 per share (before underwriters’ discounts and offering costs) for gross proceeds of approximately $89.2 million (the “2018 Offering”). The common stock was offered and sold pursuant to a prospectus supplement, dated November 14, 2018, and a base prospectus, dated April 24, 2017, relating to an effective registration statement on Form S-3. The Company contributed the net proceeds from the 2018 Offering to the OP in exchange for 2,702,500 OP Units, and the OP in turn used a majority of the net proceeds to repay the $50.0 million outstanding under the $60 Million Credit Facility and the $30.0 million outstanding under the $30 Million Bridge Facility. During the year ended December 31, 2020 and 2019, the Company issued 137,608 and 180,783 shares of common stock pursuant to its long-term incentive plan (see “Long Term Incentive Plan” below) and 1,278,306 and 1,565,322 pursuant to its at-the-market offering (see “At-the-Market Offering” below). As of December 31, 2020, the Company had 25,016,957 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 During the year ended December 31, 2020, the Company repurchased 1,644,697 shares of its common stock. Since the inception of the Share Repurchase Program through December 31, 2020, the Company had repurchased 2,382,155 shares of its common stock, par value $0.01 per share, at a total cost of approximately $61,224,000, or $25.70 per share. 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 year ended December 31, 2020, the Company retired 1,644,697 shares of its common stock held in treasury. During the years ended December 31, 2019 and 2018, the Company retired no shares of its common stock held in treasury. As of December 31, 2020 and 2019, the Company had no shares of common stock held in treasury. Long Term Incentive Plan On June 15, 2016, the Company’s stockholders approved a long-term incentive plan (the “2016 LTIP”) and the Company filed a registration statement on Form S-8 registering 2,100,000 shares of common stock, par value $0.01 per share, which the Company may issue pursuant to the 2016 LTIP. The 2016 LTIP authorizes the compensation committee of the Board to provide equity-based compensation in the form of stock options, appreciation rights, restricted shares, restricted stock units, performance shares, performance units and certain other awards denominated or payable in, or otherwise based on, the Company’s common stock or factors that may influence the value of the Company’s common stock, plus cash incentive awards, for the purpose of providing the Company’s directors, officers and other key employees (and those of the Adviser and the Company’s subsidiaries), the Company’s non-employee directors, and potentially certain non-employees who perform employee-type functions, incentives and rewards for performance. Restricted Stock Units . Under the 2016 LTIP, restricted stock units may be granted to the Company’s directors, officers and other key employees (and those of the Adviser and the Company’s subsidiaries) and typically vest over a three to five-year period for officers, employees and certain key employees of the Adviser and annually for directors. Beginning on the date of grant, restricted stock units earn dividends that are payable in cash on the vesting date. On August 11, 2016, pursuant to the 2016 LTIP, the Company granted 209,797 restricted stock units to its directors and officers. On March 16, 2017, pursuant to the 2016 LTIP, the Company granted 219,802 restricted stock units to its directors and officers. On February 15, 2018, pursuant to the 2016 LTIP, the Company granted 275,795 restricted stock units to its directors, officers, employees and certain key employees of the Adviser. On February 21, 2019, pursuant to the 2016 LTIP, the Company granted 186,662 restricted stock units to its directors, officers, employees and certain key employees of the Adviser. 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 December 31, 2020: 2020 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 447,039 $ 29.13 Granted 285,035 42.53 Vested (178,143 ) (1) 26.61 Outstanding December 31, 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 statement 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 December 31, 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 December 31, 2020, the Company had issued 559,159 shares of common stock under the 2016 LTIP. For the years ended December 31, 2020, 2019 and 2018, the Company recognized approximately $5.5 million, $5.1 million and $4.2 million, respectively, of equity-based compensation expense related to grants of restricted stock units. As of December 31, 2020, the Company had recognized a liability of approximately $1.1 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 Truist Securities, Inc. f/k/a SunTrust Robinson Humphrey, Inc. (“Truist”, and together with Raymond James and Jefferies, the “2019 ATM Sales Agents”), pursuant to which the Company may issue and sell from time to time shares of the Company’s common stock, par value $0.01 per share, having an aggregate sales price of up to $100,000,000 (the “2019 ATM Program”). Sales of shares of common stock, if any, may be made in transactions that are deemed to be “at the market” offerings, as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”), including, without limitation, sales made by means of ordinary brokers’ transactions on the New York Stock Exchange, to or through a market maker at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices based on prevailing market prices. In addition to the issuance and sale of shares of common stock, the Company may enter into forward sale agreements with each of Jefferies and Raymond James, or their respective affiliates, through the 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 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. During the three months ended March 31, 2020, the Company issued 560,000 shares of common stock at an average price of $50.00 per share for gross proceeds of $28.0 million under the 2019 ATM Program. The Company paid approximately $0.4 million in fees to the 2019 ATM Sales Agents with respect to such sales and incurred other issuance costs of approximately $ million, both of which were netted against the gross proceeds and recorded in additional paid in capital. On February 27, 2020, the 2019 ATM Program reached aggregate sales of $ 100,000,000 and therefore expired. The following table contains summary information of the 2019 ATM Program since its inception : Gross proceeds $ 99,973,433 Common shares issued 2,125,322 Gross average sale price per share $ 47.04 Sales commissions $ 1,499,601 Offering costs 1,350,920 Net proceeds 97,122,912 Average price per share, net $ 45.70 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 Truist Bank (together with Jefferies, Raymond James and KeyBanc, the “2020 ATM Sales Agents”), pursuant to which the Company may issue and sell from time to time shares of the Company’s common stock, par value $0.01 per share, having an aggregate sales price of up to $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, Raymond James, and Truist, or their respective affiliates, through the 2020 ATM Program. During the year ended December 31, 2020, the Company issued 718,306 shares of common stock at an average price of $43.92 per share for gross proceeds of $31.5 million under the 2020 ATM Program. The Company paid approximately $0.5 million in fees to the 2020 ATM Sales Agents with respect to such sales and incurred other issuance costs of approximately $0.6 million, both of which were netted against the gross proceeds and recorded in additional paid in capital. The following table contains summary information of the 2020 ATM Program: Gross proceeds $ 31,546,577 Common shares issued 718,306 Gross average sale price per share $ 43.92 Sales commissions $ 473,199 Offering costs 609,615 Net proceeds 30,463,763 Average price per share, net $ 42.41

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 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 Year Ended December 31, 2020 2019 2018 Numerator for earnings (loss) per share: Net income (loss) $ 44,150 $ 99,438 $ (1,614 ) Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership 132 298 (5 ) Net income (loss) attributable to common stockholders $ 44,018 $ 99,140 $ (1,609 ) Denominator for earnings (loss) per share: Weighted average common shares outstanding 24,715 24,116 21,189 Denominator for basic loss per share 24,715 24,116 21,189 Weighted average unvested restricted stock units 519 477 478 Denominator for diluted loss per share (1) 25,234 24,593 21,189 Earnings (loss) per weighted average common share: Basic $ 1.78 $ 4.11 $ (0.08 ) Diluted $ 1.74 $ 4.03 $ (0.08 ) ( 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	12 Months Ended
	Dec. 31, 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 year ended December 31, 2020 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2019 $ 3,295 Net income attributable to redeemable noncontrolling interests in the OP 132 Other comprehensive loss attributable to redeemable noncontrolling interests in the OP (141 ) Contributions from redeemable noncontrolling interests in the OP 168 Distributions to redeemable noncontrolling interests in the OP (265 ) Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP (91 ) Redeemable noncontrolling interests in the OP, December 31, 2020 $ 3,098 Noncontrolling Interests Noncontrolling interests have in the past and may in the future be comprised of joint venture partners’ interests in joint ventures the Company consolidates. When applicable, the Company reports its joint venture partners’ interests in its consolidated joint ventures and other subsidiary interests held by third parties as noncontrolling interests. The Company records these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investment’s net income or loss, equity contributions, return of capital, and distributions. Generally, these noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder based on its economic ownership percentage. Fees and Reimbursements to BH and its Affiliates The Company has entered into management agreements with BH Management Services, LLC (“BH”), the Company’s property manager and an independently owned third party, who manages the Company’s properties and supervises the implementation of the Company’s value-add program. BH is an affiliate of BH Equity, who was a noncontrolling interest member of the Company’s joint ventures prior to the BH Buyout on June 30, 2017. Through BH Equity’s noncontrolling interests in such joint ventures, BH Equity was deemed to be a related party. With the completion of the BH Buyout, BH Equity is no longer deemed to be a related party. BH Equity became a noncontrolling limited partner of the OP upon execution of the Amendment. BH and its affiliates do not have common ownership in any joint venture with the Adviser; there is also no common ownership between BH and its affiliates and the Adviser. The property management fee paid to BH is approximately 3% of the monthly gross income from each property managed. Currently, BH manages all of the Company’s properties. Additionally, the Company may pay BH certain other fees, including: (1) a fee of $15-25 per unit for the one-time setup and inspection of properties, (2) a construction supervision fee of 5-6% of total project costs, which is capitalized, (3) acquisition fees and due diligence costs reimbursements, and (4) other owner approved fees at $55 per hour. BH also acts as a paymaster for the properties and is reimbursed at cost for various operating expenses it pays on behalf of the properties. The following is a summary of fees that the properties incurred to BH and its affiliates, as well as reimbursements paid to BH from the properties for various operating expenses, for the years ended December 31, 2020, 2019 and 2018 (in thousands): For the Year Ended December 31, 2020 2019 2018 Fees incurred Property management fees (1) $ 5,949 $ 5,363 $ 4,382 Construction supervision fees (2) 1,848 1,549 974 Design fees (2) 666 255 102 Acquisition fees (3) 201 1,465 348 Reimbursements Payroll and benefits (4) 18,321 18,148 14,100 Other reimbursements (5) 3,507 3,286 2,200 (1) Included in property management fees on the consolidated statements of operations and comprehensive income (loss). (2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Includes due diligence costs. Acquisition fees are capitalized to real estate assets on the consolidated balance sheets. (4) Included in property operating expenses on the consolidated statements of operations and comprehensive income (loss). (5) Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the consolidated statements of operations and comprehensive income (loss).

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 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 below) are subject to an annual cap of approximately $5.4 million (the “Contributed Assets Cap”) (see “Expense Cap” below). Pursuant to the terms of the Advisory Agreement, the Company will reimburse the Adviser for all documented Operating Expenses and Offering Expenses it incurs on behalf of the Company. “Operating Expenses” include legal, accounting, financial and due diligence services performed by the Adviser that outside professionals or outside consultants would otherwise perform, the Company’s pro rata share of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the Adviser required for the Company’s operations, and compensation expenses under the 2016 LTIP. Operating Expenses do not include expenses for the advisory and administrative services described in the Advisory Agreement. Certain Operating Expenses, such as the Company’s ratable share of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses incurred by the Adviser or its affiliates that relate to the operations of the Company, may be billed monthly to the Company under a shared services agreement. “Offering Expenses” include all expenses (other than underwriters’ discounts) in connection with an offering, including, without limitation, legal, accounting, printing, mailing and filing fees and other documented offering expenses. For the years ended December 31, 2020, 2019 and 2018, the Adviser did not bill any Operating Expenses or Offering Expenses to the Company and any such expenses the Adviser incurred during the periods are considered to be permanently waived. Expense Cap Pursuant to the terms of the Advisory Agreement, expenses paid or incurred by the Company for advisory and administrative fees payable to the Adviser and Operating Expenses will not exceed 1.5% of Average Real Estate Assets per calendar year (or part thereof that the Advisory Agreement is in effect (the “Expense Cap”)). The Expense Cap does not limit the reimbursement of expenses related to Offering Expenses. The Expense Cap also does not apply to legal, accounting, financial, due diligence and other service fees incurred in connection with mergers and acquisitions, extraordinary litigation or other events outside the Company’s ordinary course of business or any out-of-pocket acquisitions or due diligence expenses incurred in connection with the acquisition or disposition of real estate assets. Also, advisory and administrative fees are further limited on Contributed Assets to approximately $5.4 million in any calendar year. “Contributed Assets” refers to all Real Estate Assets contributed to the Company as part of 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 years ended December 31, 2020, 2019 and 2018, the Company incurred advisory and administrative fees of $7.7 million, $7.5 million and $7.5 million, respectively. For the years ended December 31, 2020, 2019 and 2018, the Adviser elected to voluntarily waive the advisory and administrative fees of $15.4 million, $9.1 million and $4.1 million, respectively. The advisory and administrative fees waived by the Adviser for the years ended December 31, 2020, 2019 and 2018 are considered to be permanently waived for the periods. The Adviser is not contractually obligated to waive fees on New Assets in the future and may cease waiving fees on New Assets at its discretion. Other Related Party Transactions The Company has in the past, and may in the future, utilize the services of affiliated parties. For the years ended December 31, 2020, 2019 and 2018, the Company paid approximately $0.2 million, $0.3 million and $0.3 million, respectively, to NexBank Title, Inc. (“NexBank Title”). NexBank Title is an affiliate of the Adviser through common beneficial ownership. NexBank Title provides title insurance and work related to providing title insurance on properties related to acquisitions, dispositions and refinancing transactions. These amounts are either capitalized as real estate assets or deferred financing costs, expensed as loss on extinguishment of debt and modification costs, or expensed as selling costs when determining gain (loss) on sales of real estate, depending on the appropriate accounting as determined for each specific transaction. In the normal course of business, the Company may purchase properties from affiliates of the Adviser. During the year ended December 31, 2019, the Company purchased the Residences at Glenview Reserve and Residences at West Place from an affiliate of the Adviser for approximately $100.0 million. The Company’s Audit Committee authorized, approved and ratified the acquisition of the two properties. On November 14, 2018, as part of the 2018 Offering, affiliates of the Adviser purchased 207,971 shares from the underwriters. The shares were purchased on the same terms as other investors at a public offering price of $33.00 per share. However, no underwriters’ discount applied to the purchase of such shares.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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 December 31, 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 income (loss) of the Company. The Company is not involved in any material litigation nor, to management’s knowledge, is any material litigation currently threatened against the Company or its properties or subsidiaries. Environmental liabilities could have a material adverse effect on the Company’s business, assets, cash flows or results of operations. During the year ended December 31, 2020, the Company incurred an environmental liability of $1.1 million at Cutter’s Point involving asbestos. As of December 31, 2020, the environmental liability involving asbestos at Cutter’s Point has been fully depreciated. 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 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 Adviser 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. As of December 30, 2020, all of the $1.5 million of the 2020 Aggregate Amount allocated to the Company has been funded. Under ASC 450-20 “ Loss Contingencies

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events Dividends Declared On February 15, 2021, the Company’s board of directors declared a quarterly dividend of $0.34125 per share, payable on March 31, 2021 to stockholders of record on March 15, 2021. $145.0 Million Swap On February 17, 2021, NexPoint Residential Trust, Inc. (the “Company”), through its operating partnership, NexPoint Residential Trust Operating Partnership, L.P., entered into an interest rate swap transaction with Truist Bank (the “Swap”). The Company entered into the Swap to fix a portion of, and mitigate the risk associated with, the Company’s floating rate indebtedness (without incurring substantial prepayment penalties or defeasance costs typically associated with fixed rate indebtedness). The Swap has an effective date of March 1, 2022 and a termination date of March 1, 2025. Beginning on April 1, 2022, the Company will be required to make monthly fixed rate payments of 0.573% calculated on a notional amount of $145.0 million, while the counterparty will be obligated to make monthly floating rate payments based on one-month LIBOR to the Company referencing the same notional amount.

Quarterly Results (unaudited)

Quarterly Results (unaudited)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results (unaudited)	14. Quarterly Results (unaudited) Presented below is a summary of the unaudited quarterly consolidated financial information for the years ended December 31, 2020, 2019 and 2018 (in thousands, except per share amounts): 2020 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 52,582 $ 50,681 $ 50,990 $ 50,547 Net income (loss) 28,039 (9,318 ) 29,641 (4,212 ) Net income (loss) attributable to common stockholders 27,955 (9,290 ) 29,552 (4,199 ) Earnings (loss) per share - basic (1) 1.10 (0.38 ) 1.21 (0.17 ) Earnings (loss) per share - diluted (1) 1.08 (0.38 ) 1.19 (0.17 ) (1) Quarterly earnings (loss) per share amounts are based on the weighted average common shares outstanding during the respective quarter and, therefore, may not agree in total with the loss per share amount calculated for the year ended December 31, 2020. 2019 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 41,491 $ 43,066 $ 46,833 $ 49,676 Net income (loss) (4,373 ) (1,987 ) 119,104 (13,306 ) Net income (loss) attributable to common stockholders (4,360 ) (1,981 ) 118,747 (13,266 ) Earnings (loss) per share - basic (1) (0.19 ) (0.08 ) 4.93 (0.53 ) Earnings (loss) per share - diluted (1) (0.19 ) (0.08 ) 4.84 (0.53 ) (1) Quarterly earnings (loss) per share amounts are based on the weighted average common shares outstanding during the respective quarter and, therefore, may not agree in total with the earnings per share amount calculated for the year ended December 31, 2019. 2018 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 35,057 $ 35,655 $ 36,495 $ 39,390 Net income (loss) 10,094 (1,666 ) (5,260 ) (4,782 ) Net income (loss) attributable to common stockholders 10,064 (1,661 ) (5,245 ) (4,767 ) Earnings (loss) per share - basic (1) 0.48 (0.08 ) (0.25 ) (0.21 ) Earnings (loss) per share - diluted (1) 0.47 (0.08 ) (0.25 ) (0.21 ) (1) Quarterly earnings (loss) per share amounts are based on the weighted average common shares outstanding during the respective quarter and, therefore, may not agree in total with the earnings per share amount calculated for the year ended December 31, 2018.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation and Amortization	12 Months Ended
	Dec. 31, 2020
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Schedule III- Real Estate and Accumulated Depreciation	SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 (in thousands) Initial Cost to Company Costs Capitalized Gross Amount Carried at December 31, 2020 Accumulated Property Name Location Encumbrances (1) Land Buildings and Improvements (2) Total Subsequent to Acquisition Land Buildings and Improvements (3) Total (4) Depreciation and Amortization (5) (6) Date Acquired Arbors on Forest Ridge Bedford, Texas $ 13,130 $ 2,330 $ 10,475 $ 12,805 $ 3,186 $ 2,330 $ 13,349 $ 15,679 $ (4,266 ) 1/31/2014 Cutter's Point Richardson, Texas 16,640 3,330 12,515 15,845 2,899 3,330 15,062 18,392 (2,009 ) 1/31/2014 Silverbrook Grand Prairie, Texas 30,590 4,860 25,540 30,400 7,561 4,860 32,308 37,168 (10,470 ) 1/31/2014 Beechwood Terrace Antioch, Tennessee 23,365 1,390 20,010 21,400 5,455 1,390 25,056 26,446 (7,041 ) 7/21/2014 The Summit at Sabal Park Tampa, Florida 13,560 5,770 13,280 19,050 2,686 5,770 15,562 21,332 (4,704 ) 8/20/2014 Courtney Cove Tampa, Florida 13,680 5,880 13,070 18,950 3,353 5,880 15,992 21,872 (4,697 ) 8/20/2014 Radbourne Lake Charlotte, North Carolina 20,000 2,440 21,810 24,250 3,606 2,440 24,764 27,204 (6,739 ) 9/30/2014 Timber Creek Charlotte, North Carolina 24,100 11,260 11,490 22,750 6,069 11,260 16,760 28,020 (5,610 ) 9/30/2014 Sabal Palm at Lake Buena Vista Orlando, Florida 42,100 7,580 41,920 49,500 4,259 7,580 44,792 52,372 (10,618 ) 11/5/2014 Cornerstone Orlando, Florida 21,299 1,500 30,050 31,550 4,970 1,500 34,126 35,626 (8,861 ) 1/15/2015 The Preserve at Terrell Mill Marietta, Georgia 42,480 10,170 47,830 58,000 13,575 10,170 59,591 69,761 (16,074 ) 2/6/2015 Versailles Dallas, Texas 23,880 6,720 19,445 26,165 6,763 6,720 25,627 32,347 (7,676 ) 2/26/2015 Seasons 704 Apartments West Palm Beach, Florida 17,460 7,480 13,520 21,000 3,060 7,480 16,179 23,659 (4,485 ) 4/15/2015 Madera Point Mesa, Arizona 15,150 4,920 17,605 22,525 3,223 4,920 20,199 25,119 (5,113 ) 8/5/2015 Venue at 8651 Fort Worth, Texas 13,734 2,350 16,900 19,250 4,721 2,350 21,110 23,460 (6,020 ) 10/30/2015 Parc500 West Palm Beach, Florida 14,951 3,860 19,424 23,284 5,843 3,860 24,776 28,636 (6,073 ) 7/27/2016 The Venue on Camelback Phoenix, Arizona 28,093 8,340 36,520 44,860 4,916 8,340 40,713 49,053 (7,496 ) 10/11/2016 Old Farm Houston, Texas 52,886 11,078 73,986 85,064 3,657 11,078 74,289 85,367 (12,211 ) 12/29/2016 Stone Creek at Old Farm Houston, Texas 15,274 3,493 19,937 23,430 898 3,493 20,263 23,756 (3,287 ) 12/29/2016 Hollister Place Houston, Texas 14,811 2,782 21,902 24,684 3,469 2,782 24,439 27,221 (4,664 ) 2/1/2017 Rockledge Apartments Marietta, Georgia 68,100 17,451 96,577 114,028 8,795 17,451 102,351 119,802 (15,894 ) 6/30/2017 Atera Apartments Dallas, Texas 29,500 22,371 37,090 59,461 3,972 22,371 39,722 62,093 (5,784 ) 10/25/2017 Cedar Pointe Antioch, Tennessee 17,300 2,371 24,410 26,781 1,435 2,371 25,845 28,216 (2,801 ) 8/24/2018 Crestmont Reserve Dallas, Texas 12,061 4,124 20,667 24,791 1,718 4,124 22,385 26,509 (2,398 ) 9/26/2018 Brandywine I & II Nashville, Tennessee 43,835 6,237 73,870 80,107 3,821 6,237 77,691 83,928 (7,761 ) 9/26/2018 Bella Vista Phoenix, Arizona 29,040 10,942 37,661 48,603 1,236 10,942 38,897 49,839 (3,437 ) 1/28/2019 The Enclave Tempe, Arizona 25,322 11,046 30,933 41,979 1,231 11,046 32,164 43,210 (2,836 ) 1/28/2019 The Heritage Phoenix, Arizona 24,625 6,835 35,244 42,079 1,310 6,835 36,554 43,389 (3,111 ) 1/28/2019 Summers Landing Fort Worth, Texas 10,109 1,798 17,628 19,426 994 1,798 18,622 20,420 (1,245 ) 6/7/2019 Residences at Glenview Reserve Nashville, Tennessee 26,560 3,367 41,652 45,019 1,884 3,367 43,536 46,903 (2,675 ) 7/17/2019 Residences at West Place Orlando, Florida 33,817 3,345 52,657 56,002 348 3,345 53,005 56,350 (3,050 ) 7/17/2019 Avant at Pembroke Pines Pembroke Pines, Florida 177,100 48,436 275,671 324,107 7,589 48,436 283,260 331,696 (14,844 ) 8/30/2019 Arbors of Brentwood Nashville, Tennessee 34,237 6,346 56,409 62,755 507 6,346 56,916 63,262 (3,003 ) 9/10/2019 Torreyana Apartments Las Vegas, Nevada 37,400 23,824 44,560 68,384 98 23,824 44,658 68,482 (1,937 ) 11/22/2019 Bloom Las Vegas, Nevada 58,850 23,805 83,288 107,093 702 23,805 83,990 107,795 (3,543 ) 11/22/2019 Bella Solara Las Vegas, Nevada 36,575 12,605 54,262 66,867 157 12,605 54,419 67,024 (2,278 ) 11/22/2019 Fairways at San Marcos Chandler, Arizona 46,464 10,993 73,785 84,778 57 10,993 73,842 84,835 (783 ) 11/2/2020 $ 1,168,078 $ 323,429 $ 1,543,593 $ 1,867,022 $ 130,023 $ 323,429 $ 1,652,814 $ 1,976,243 $ (215,494 ) (1) Encumbrances includes mortgage debt. (2) Includes gross intangible lease assets of approximately $27.8 million and buildings, improvements and furniture, fixtures and equipment of approximately $1.5 billion, which includes total acquisition costs of approximately $7.3 million incurred on the acquisitions of The Colonnade, Old Farm, Stone Creek at Old Farm, Hollister Place, Rockledge Apartments, Atera Apartments, Cedar Pointe, Crestmont Reserve, Brandywine I & II, Bella Vista, The Enclave, The Heritage, Summers Landing, Residences at Glenview Reserve, Residences at West Place, Avant at Pembroke Pines, Arbors of Brentwood, Torreyana, Bloom, Bella Solara, and Fairways at San Marcos and a fair market value adjustment, a premium of approximately $0.9 million, related to the assumption of debt in connection with the acquisition of Parc500. (3) Includes gross intangible lease assets of approximately $1.7 million, construction in progress of approximately $10.8 million, and furniture, fixtures and equipment of approximately $96.2 million. (4) The aggregate cost, net of accumulated depreciation, for Federal income tax purposes as of December 31, 2020 was approximately $1.8 billion (unaudited). (5) Includes accumulated amortization of intangible lease assets of approximately $0.6 million. (6) Depreciation and amortization are computed on a straight-line basis over the estimated useful lives. The estimated useful life to compute depreciation for buildings is 30 years, for improvements is 15 years, and for furniture, fixtures and equipment is three years. The estimated useful life to compute amortization for intangible lease assets is six months. NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2020, 2019 and 2018 is as follows (in thousands): For the Year Ended December 31, 2020 2019 2018 Real Estate: Balance, beginning of year $ 1,942,221 $ 1,222,563 $ 1,082,805 Additions: Real estate acquired 84,778 882,313 131,679 Improvements 48,933 47,739 28,809 Deductions: Real estate sold (85,588 ) (191,203 ) (18,311 ) Write-off of fully amortized assets and other (14,101 ) (19,191 ) (2,419 ) Balance, end of year $ 1,976,243 $ 1,942,221 $ 1,222,563 Accumulated Depreciation and Amortization: Balance, beginning of year $ 160,411 $ 135,021 $ 91,649 Depreciation expense 75,609 56,360 45,002 Amortization expense 6,802 12,726 2,468 Accumulated depreciation on sales (14,523 ) (32,408 ) (2,500 ) Write-off of fully amortized assets and other (12,805 ) (11,288 ) (1,598 ) Balance, end of year $ 215,494 $ 160,411 $ 135,021

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes to the Company’s significant accounting policies during the year ended December 31, 2020. Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year. These reclassifications had no impact on net income (loss), stockholders' equity or cash flows as previously reported.
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. The Company records an allowance to reflect revenue that may not be collectible. This is recorded through a provision for bad debts which is included in rental income in the accompanying consolidated statements of operations and comprehensive income (loss). 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 Year Ended December 31, Lease Income Type 2020 2019 2018 Rental income $ 176,549 $ 158,167 $ 127,964 Utility reimbursements (1) 12,252 10,906 9,835 Late fees (1) 1,288 1,622 1,443 Pet fees (1) 924 816 618 Other fees (1) 8,224 5,651 3,298 Total rental income $ 199,237 $ 177,162 $ 143,158 (1) Previously classified as other income prior to December 31, 2019. The table below quantifies the effects on rental and other income for the years ended December 31, 2020, 2019 and 2018 from the adoption ASC 842: For the Year Ended December 31, 2020 2019 2018 Prior to adoption of ASC 842 Rental income $ 176,549 $ 158,167 $ 127,964 Other income 28,251 22,899 18,633 Total revenue $ 204,800 $ 181,066 $ 146,597 Post adoption of ASC 842 Rental income $ 199,237 $ 177,162 $ 143,158 Other income 5,563 3,904 3,439 Total revenue $ 204,800 $ 181,066 $ 146,597 Differences resulting in ASC 842 adoption Rental income difference $ 22,688 $ 18,995 $ 15,194 Other income difference (22,688 ) (18,995 ) (15,194 ) 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 FASB 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 December 31, 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 December 31, 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 years ended December 31, 2020, 2019 and 2018. If the Company fails to meet these requirements, it could be subject to federal income tax on all of the Company’s taxable income at regular corporate rates for that year. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. As of December 31, 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 December 31, 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 income (loss).
Recent Accounting Pronouncements	Recent 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, the FASB issued ASU 2020-04, Reference Rate Reform Coronavirus (“COVID-19”) In December 2019, a novel coronavirus, which causes respiratory illness and spreads from person to person (COVID-19), was first identified during an investigation into an outbreak in Wuhan, China. The first case of COVID-19 in the U.S. was reported on January 20, 2020. On March 11, 2020, the World Health Organization declared COVID-19 a pandemic, and on March 13, 2020, the U.S. declared a national emergency with respect to COVID-19. Over the ensuing weeks, the President Trump 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. 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. The Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) imposed a moratorium on evictions and the charging of late fees, which expired on July 25, 2020. On September 4, 2020, the Former President issued an executive order, announcing a new moratorium that temporarily halts evictions through December 31, 2020. As of January 29, 2021, according to the U.S. Centers for Disease Control and Prevention, over 4.7 million individuals in the U.S. have been fully vaccinated for COVID-19, and the U.S. will continue to roll out vaccines across the nation, prioritizing frontline and essential workers, the elderly, and individuals considered high risk. However, the initial rollout of vaccine distribution has encountered significant delays, and uncertainties remain as to the amount of vaccine available for distribution, the logistics of implementing a national vaccine program, and the overall efficacy of the vaccines once widely administered, especially as new strains of COVID-19 have been discovered, and the level of resistance these new strains have to the existing vaccines, if any, remains unknown. On January 14, 2020, President Biden unveiled a $1.9 trillion “American Rescue Plan” proposal to combat the pandemic and stimulate the economy. The proposal provides additional provisions for increased unemployment benefits, rental assistance, small businesses, state and local governments, educational institutions, and substantial funding towards accelerated distribution of vaccinations and for COVID-19 testing, as well as direct payments of $1,400 to all eligible Americans. The American Rescue Plan is the first of two major spending initiatives expected to be proposed by President Biden. 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. Potential ineffectiveness or delay of such relief measures could lead to further deterioration of economic conditions, higher unemployment rates, and prolonged recession, which in turn could materially affect our (or our tenants’ or venture investment portfolio companies’) performance, financial condition, results of operations, and cash flows. See “Item 1A. Risk factors” within “Part I” in this annual report on Form 10-K for additional discussion of the risks posed by the COVID-19 pandemic, and uncertainties we, our tenants, and the national and global economies face as a result.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2020, 2019 and 2018: For the Year Ended December 31, Lease Income Type 2020 2019 2018 Rental income $ 176,549 $ 158,167 $ 127,964 Utility reimbursements (1) 12,252 10,906 9,835 Late fees (1) 1,288 1,622 1,443 Pet fees (1) 924 816 618 Other fees (1) 8,224 5,651 3,298 Total rental income $ 199,237 $ 177,162 $ 143,158 (1) Previously classified as other income prior to December 31, 2019.
Estimated Useful Lives of Assets	Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months
Accounting Standards Update 2018-11
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Summary of Effects on Rental and Other Income from Adoption of ASC 842	The table below quantifies the effects on rental and other income for the years ended December 31, 2020, 2019 and 2018 from the adoption ASC 842: For the Year Ended December 31, 2020 2019 2018 Prior to adoption of ASC 842 Rental income $ 176,549 $ 158,167 $ 127,964 Other income 28,251 22,899 18,633 Total revenue $ 204,800 $ 181,066 $ 146,597 Post adoption of ASC 842 Rental income $ 199,237 $ 177,162 $ 143,158 Other income 5,563 3,904 3,439 Total revenue $ 204,800 $ 181,066 $ 146,597 Differences resulting in ASC 842 adoption Rental income difference $ 22,688 $ 18,995 $ 15,194 Other income difference (22,688 ) (18,995 ) (15,194 ) Total revenue difference $ — $ — $ —

Investments in Subsidiaries (Ta

Investments in Subsidiaries (Tables)	12 Months Ended
	Dec. 31, 2020
Schedule Of Investments [Abstract]
Schedule of Ownership in Each Property	As of December 31, 2020, the Company, through the OP and the wholly owned TRS, owned 37 properties through single-asset LLCs. The following table represents the Company’s ownership in each property by virtue of its 100% ownership of the single-asset LLCs that directly own the title to each property as of December 31, 2020 and 2019: Effective Ownership Percentage at December 31, Property Name Location Year 2020 2019 Arbors on Forest Ridge Bedford, Texas 2014 100 % 100 % Cutter's Point Richardson, Texas 2014 100 % 100 % Eagle Crest (1) Irving, Texas 2014 — 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 % Fairways at San Marcos (7) Chandler, AZ 2020 100 % — (1) Property was sold 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 own ed 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. (7) Fairways at San Marcos was acquired in 2020; therefore, no ownership as of December 31, 2019.

Real Estate Investments Stati_2

Real Estate Investments Statistics (Tables)	12 Months Ended
	Dec. 31, 2020
Multifamily Properties
Business Acquisition [Line Items]
Summary of Investment in Multifamily Properties	As of December 31, 2020, the Company was invested in a total of 37 multifamily properties, as listed below: Average Effective Monthly Rent Per Unit as of December 31,*(1) % Occupied as of December 31,*(2) Property Name Rentable Square Footage (in thousands)* Number of Units* Date Acquired 2020 2019 2020 2019 Arbors on Forest Ridge 155 210 1/31/2014 $ 917 $ 894 94.3 % 95.7 % Cutter's Point (3) 198 196 1/31/2014 1,112 — 95.0 % — Silverbrook 526 642 1/31/2014 926 870 94.9 % 95.5 % Beechwood Terrace 272 300 7/21/2014 947 937 95.7 % 91.3 % The Summit at Sabal Park 205 252 8/20/2014 1,033 1,010 96.0 % 97.2 % Courtney Cove 225 324 8/20/2014 946 927 93.5 % 94.8 % Radbourne Lake 247 225 9/30/2014 1,137 1,118 89.8 % 90.7 % Timber Creek 248 352 9/30/2014 949 916 93.5 % 94.9 % Sabal Palm at Lake Buena Vista 371 400 11/5/2014 1,259 1,270 95.0 % 93.8 % Cornerstone 318 430 1/15/2015 1,056 1,053 91.2 % 95.6 % The Preserve at Terrell Mill 692 752 2/6/2015 1,006 969 95.5 % 94.9 % Versailles 301 388 2/26/2015 925 923 94.3 % 93.0 % Seasons 704 Apartments 217 222 4/15/2015 1,209 1,155 98.6 % 94.6 % Madera Point 193 256 8/5/2015 980 924 93.8 % 96.1 % Venue at 8651 289 333 10/30/2015 933 924 93.4 % 96.1 % Parc500 266 217 7/27/2016 1,340 1,304 97.7 % 93.1 % The Venue on Camelback 256 415 10/11/2016 821 777 93.7 % 94.2 % Old Farm 697 734 12/29/2016 1,133 1,162 92.1 % 92.8 % Stone Creek at Old Farm 186 190 12/29/2016 1,194 1,194 92.1 % 95.8 % Hollister Place 246 260 2/1/2017 1,007 995 91.2 % 93.1 % Rockledge Apartments 802 708 6/30/2017 1,261 1,260 95.5 % 95.3 % Atera Apartments 334 380 10/25/2017 1,247 1,256 92.1 % 93.4 % Cedar Pointe 224 210 8/24/2018 1,075 1,066 96.2 % 91.4 % Crestmont Reserve 199 242 9/26/2018 895 902 98.8 % 94.2 % Brandywine I & II 414 632 9/26/2018 960 978 94.3 % 93.7 % Bella Vista 243 248 1/28/2019 1,320 1,265 95.6 % 97.2 % The Enclave 194 204 1/28/2019 1,355 1,295 97.5 % 93.6 % The Heritage 199 204 1/28/2019 1,298 1,265 94.1 % 96.6 % Summers Landing 139 196 6/7/2019 941 920 95.9 % 91.8 % Residences at Glenview Reserve 344 360 7/17/2019 993 977 92.8 % 94.4 % Residences at West Place 345 342 7/17/2019 1,214 1,211 90.1 % 92.7 % Avant at Pembroke Pines 1,442 1520 8/30/2019 1,515 1,498 94.4 % 93.7 % Arbors of Brentwood 325 346 9/10/2019 1,194 1,192 91.3 % 96.2 % Torreyana Apartments 309 315 11/22/2019 1,184 1,171 93.0 % 95.6 % Bloom 498 528 11/22/2019 1,120 1,105 94.1 % 90.9 % Bella Solara 271 320 11/22/2019 1,128 1,136 91.6 % 91.9 % Fairways at San Marcos (4) 340 352 11/2/2020 1,232 — 96.0 % — 12,730 14,205 * Information is unaudited. (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of December 31, 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 December 31, 2020 and December 31, 2019 , respectively . (2) Percent occupied is calculated as the number of units occupied as of December 31, 2020 and 2019, divided by the total number of units, expressed as a percentage. (3) Cutter’s Point suffered significant damage from a tornado on October 20, 2019 which necessitated a temporary halt to operation of all 196 units. Upon completion of Phase I of the rebuild efforts, the Company returned 60 units to service in 2020; there are 57 units occupied out of the 60 available as of December 31, 2020. The remaining 136 units are currently being rebuilt as part of Phase II of the rebuild with an expected return to service in 2021 (see Note 5). ( 4 ) Fairways at San Marcos was acquired in 2020.

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Summary of Major Components of Investments in Multifamily Properties	As of December 31, 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 $ 11,682 $ — $ 17 $ 1,650 $ 15,679 Cutter's Point 3,330 8,035 — 4,983 2,044 18,392 Silverbrook 4,860 27,256 — 3 5,049 37,168 Beechwood Terrace 1,390 22,233 — 32 2,791 26,446 The Summit at Sabal Park 5,770 13,749 — — 1,813 21,332 Courtney Cove 5,880 13,713 — 114 2,165 21,872 Radbourne Lake 2,440 22,617 — — 2,147 27,204 Timber Creek 11,260 13,245 — 42 3,473 28,020 Sabal Palm at Lake Buena Vista 7,580 42,401 — — 2,391 52,372 Cornerstone 1,500 30,781 — 2 3,343 35,626 The Preserve at Terrell Mill 10,170 50,757 — 1,524 7,310 69,761 Versailles 6,720 21,766 — — 3,861 32,347 Seasons 704 Apartments 7,480 14,418 — 18 1,743 23,659 Madera Point 4,920 17,926 — — 2,273 25,119 Venue at 8651 2,350 17,473 — 106 3,531 23,460 Parc500 3,860 20,927 — 22 3,827 28,636 The Venue on Camelback 8,340 38,106 — 37 2,570 49,053 Old Farm 11,078 70,846 — 24 3,419 85,367 Stone Creek at Old Farm 3,493 19,471 — — 792 23,756 Hollister Place 2,782 21,884 — — 2,555 27,221 Rockledge Apartments 17,451 96,902 — 86 5,363 119,802 Atera Apartments 22,371 37,525 — 9 2,188 62,093 Cedar Pointe 2,371 24,268 — — 1,577 28,216 Crestmont Reserve 4,124 20,955 — 19 1,411 26,509 Brandywine I & II 6,237 73,613 — 6 4,072 83,928 Bella Vista 10,942 36,787 — — 2,110 49,839 The Enclave 11,046 30,308 — — 1,856 43,210 The Heritage 6,835 34,761 — — 1,793 43,389 Summers Landing 1,798 17,909 — 43 670 20,420 Residences at Glenview Reserve 3,367 42,027 — 14 1,495 46,903 Residences at West Place 3,345 51,802 — 154 1,049 56,350 Avant at Pembroke Pines 48,436 272,436 — 2,847 7,977 331,696 Arbors of Brentwood 6,346 55,777 — 21 1,118 63,262 Torreyana Apartments 23,824 43,489 — 122 1,047 68,482 Bloom 23,805 81,714 — 494 1,782 107,795 Bella Solara 12,605 53,134 — 57 1,228 67,024 Fairways at San Marcos 10,993 71,422 1,675 — 745 84,835 323,429 1,544,115 1,675 10,796 96,228 1,976,243 Accumulated depreciation and amortization — (153,063 ) (558 ) — (61,873 ) (215,494 ) Total Operating Properties $ 323,429 $ 1,391,052 $ 1,117 $ 10,796 $ 34,355 $ 1,760,749 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 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
Summary of Acquired Properties	The Company acquired one property during the year ended December 31, 2020, as detailed in the table below (dollars in thousands). The Company acquired eleven properties for a combined purchase price of approximately $876.7 million during the year ended December 31, 2019. See Notes 3, 4 and 6 for additional information. Property Name Location Date of Acquisition Purchase Price Mortgage Debt (1) # Units Effective Ownership Fairways at San Marcos Chandler, Arizona November 2, 2020 $ 84,480 $ 46,464 352 100 % (1) For additional information regarding the Company’s debt, see Note 6.
Schedule of Sale of Properties	The Company sold four properties during the year ended December 31, 2020, as detailed in the table below (in thousands). The Company sold six property for approximately $289.9 million during the year ended December 31, 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 Eagle Crest Irving, Texas September 30, 2020 55,500 54,779 30,160 $ 142,000 $ 140,197 $ 69,132 (1) Represents sales price, net of closing costs.

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 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 1.82% 7/1/2024 Cutter's Point (3) Floating 84 16,640 1.82% 7/1/2024 Silverbrook (3) Floating 84 30,590 1.82% 7/1/2024 Beechwood Terrace (3) Floating 84 23,365 1.58% 9/1/2025 The Summit at Sabal Park (3) Floating 84 13,560 1.76% 7/1/2024 Courtney Cove (3) Floating 84 13,680 1.76% 7/1/2024 The Preserve at Terrell Mill (3) Floating 84 42,480 1.76% 7/1/2024 Versailles (3) Floating 84 23,880 1.76% 7/1/2024 Seasons 704 Apartments (3) Floating 84 17,460 1.76% 7/1/2024 Madera Point (3) Floating 84 15,150 1.76% 7/1/2024 Venue at 8651 (3) Floating 84 13,734 1.92% 7/1/2024 The Venue on Camelback (3) Floating 84 28,093 1.82% 7/1/2024 Old Farm (3) Floating 84 52,886 1.82% 7/1/2024 Stone Creek at Old Farm (3) Floating 84 15,274 1.82% 7/1/2024 Timber Creek (3) Floating 84 24,100 1.40% 10/1/2025 Radbourne Lake (3) Floating 84 20,000 1.43% 10/1/2025 Sabal Palm at Lake Buena Vista (3) Floating 84 42,100 1.44% 9/1/2025 Cornerstone (4) Fixed 120 21,299 4.24% 3/1/2023 Parc500 (5) Fixed 120 14,951 4.49% 8/1/2025 Hollister Place (3) Floating 84 14,811 1.48% 10/1/2025 Rockledge Apartments (3) Floating 84 68,100 1.71% 7/1/2024 Atera Apartments (3) Floating 84 29,500 1.62% 11/1/2024 Cedar Pointe (6) Floating 84 17,300 1.49% 9/1/2025 Crestmont Reserve (3) Floating 84 12,061 1.32% 10/1/2025 Brandywine I & II (3) Floating 84 43,835 1.32% 10/1/2025 Bella Vista (6) Floating 84 29,040 1.46% 2/1/2026 The Enclave (6) Floating 84 25,322 1.46% 2/1/2026 The Heritage (6) Floating 84 24,625 1.46% 2/1/2026 Summers Landing (7) Floating 84 10,109 1.32% 10/1/2025 Residences at Glenview Reserve (8) Floating 84 26,560 1.58% 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 1.57% 9/1/2026 Arbors of Brentwood (3) Floating 84 34,237 1.57% 10/1/2026 Torreyana Apartments (6) Floating 84 37,400 1.84% 12/1/2026 Bloom (6) Floating 84 58,850 1.84% 12/1/2026 Bella Solara (6) Floating 84 36,575 1.84% 12/1/2026 Fairways at San Marcos (6) Floating 84 46,464 2.21% 12/1/2027 $ 1,168,078 Fair market value adjustment 1,261 (9) Deferred financing costs, net of accumulated amortization of $3,706 (6,484 ) $ 1,162,855 (1) Mortgage debt that is non-recourse to the Company and encumbers the multifamily properties. (2) Interest rate is based on a reference rate plus an applicable margin, except for fixed rate mortgage debt. One-month LIBOR was 0.14388% and 30-Day Average Secured Overnight Financing Rate (“SOFR”) was 0.08334% as of December 31, 2020. Fairways at San Marcos utilizes 30-Day Average SOFR as its reference rate while all other properties utilize one-month LIBOR. (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 year ended December 31, 2020, the Company sold four properties and repaid the related mortgage loans that encumbered the properties, as detailed in the table below (in thousands): Property Name Date of Sale Type Outstanding Principal (1) 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 Eagle Crest September 30, 2020 Floating 29,510 $ 71,106 (1) Represents the outstanding principal balance when the loan was repaid.
Schedule of Credit Facility	The following table contains summary information concerning the Company’s credit facility as of December 31, 2020 (dollars in thousands): Type Term Outstanding Principal Interest Rate (1) Maturity Date Corporate Credit Facility Floating 24 $ 183,000 2.64% 1/28/2022 Deferred financing costs, net of accumulated amortization of $1,937 (677 ) $ 182,323 (1) Interest rate is based on one-month LIBOR plus an applicable margin. One-month LIBOR as of December 31, 2020 was 0.14388%.
Schedule of Debt Maturities	Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to December 31, 2020 are as follows (in thousands): Operating Properties Credit Facility Total 2021 $ 896 $ — $ 896 2022 1,509 183,000 184,509 2023 21,293 — 21,293 2024 395,168 — 395,168 2025 245,780 — 245,780 Thereafter 503,432 — 503,432 Total $ 1,168,078 $ 183,000 $ 1,351,078

Fair Value of Derivative and _2

Fair Value of Derivative and Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Summary of Company's Outstanding Interest Rate Swaps	As of December 31, 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 Truist 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 Truist 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 December 31, 2020, one-month LIBOR was 0.14388%. (2) Represents the weighted average fixed rate of the interest rate swaps. As of December 31, 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 December 31, 2020, one-month LIBOR was 0.14388%. ( 2 ) Represents the weighted average fixed rate of the interest rate swaps.
Schedule of Outstanding Interest Rate Derivatives	As of December 31, 2020, 2019 and 2018, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands): As of December 31, Number of Instruments Notional Amount 2020 16 $ 393,006 2019 15 $ 346,542 2018 12 $ 255,179
Summary of Derivative Financial Instruments and Classification on the Consolidated Balance Sheet	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2020 and 2019 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ — $ 7,298 $ 43,530 $ 3,824 Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets 3 — — — Total $ 3 $ 7,298 $ 43,530 $ 3,824
Summary of Derivative Financial Instruments on Consolidated Statements of Operations and Comprehensive Income (Loss)	The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2020, 2019 and 2018 (in thousands): Amount of gain (loss) recognized in OCI Location of gain (loss) reclassified from accumulated Amount of gain (loss) reclassified from OCI into income 2020 2019 2018 OCI into income 2020 2019 2018 Derivatives designated as hedging instruments: For the year ended December 31, Interest rate products $ (56,299 ) $ (8,153 ) $ 5,928 Interest expense $ (9,337 ) $ 6,472 $ 3,997 Location of gain (loss) Amount of gain (loss) recognized in income recognized in income 2020 2019 2018 Derivatives not designated as hedging instruments: For the year ended December 31, Interest rate products Interest expense $ (33 ) $ (30 ) $ (49 )
Schedule of Carrying Value and Estimated Fair Value of Debt Instruments	The table below presents the carrying value and estimated fair value of our debt at December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Fixed rate debt $ 70,067 $ 73,548 $ 70,810 $ 72,386 Floating rate debt (1) $ 1,281,011 $ 1,324,990 $ 1,340,718 $ 1,318,989 (1) Includes balances outstanding under our Corporate Credit Facility.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2020: 2020 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 447,039 $ 29.13 Granted 285,035 42.53 Vested (178,143 ) (1) 26.61 Outstanding December 31, 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 statement of stockholders’ equity.
Summary Information of ATM Program	The following table contains summary information of the 2019 ATM Program since its inception : Gross proceeds $ 99,973,433 Common shares issued 2,125,322 Gross average sale price per share $ 47.04 Sales commissions $ 1,499,601 Offering costs 1,350,920 Net proceeds 97,122,912 Average price per share, net $ 45.70 Gross proceeds $ 31,546,577 Common shares issued 718,306 Gross average sale price per share $ 43.92 Sales commissions $ 473,199 Offering costs 609,615 Net proceeds 30,463,763 Average price per share, net $ 42.41
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 December 31, 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)	12 Months Ended
	Dec. 31, 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 Year Ended December 31, 2020 2019 2018 Numerator for earnings (loss) per share: Net income (loss) $ 44,150 $ 99,438 $ (1,614 ) Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership 132 298 (5 ) Net income (loss) attributable to common stockholders $ 44,018 $ 99,140 $ (1,609 ) Denominator for earnings (loss) per share: Weighted average common shares outstanding 24,715 24,116 21,189 Denominator for basic loss per share 24,715 24,116 21,189 Weighted average unvested restricted stock units 519 477 478 Denominator for diluted loss per share (1) 25,234 24,593 21,189 Earnings (loss) per weighted average common share: Basic $ 1.78 $ 4.11 $ (0.08 ) Diluted $ 1.74 $ 4.03 $ (0.08 ) ( 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)	12 Months Ended
	Dec. 31, 2020
Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interests	The following table sets forth the redeemable noncontrolling interests in the OP for the year ended December 31, 2020 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2019 $ 3,295 Net income attributable to redeemable noncontrolling interests in the OP 132 Other comprehensive loss attributable to redeemable noncontrolling interests in the OP (141 ) Contributions from redeemable noncontrolling interests in the OP 168 Distributions to redeemable noncontrolling interests in the OP (265 ) Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP (91 ) Redeemable noncontrolling interests in the OP, December 31, 2020 $ 3,098
Summary of Fees Incurred to BH And Its Affiliates As Well As Reimbursements Paid to BH	. The following is a summary of fees that the properties incurred to BH and its affiliates, as well as reimbursements paid to BH from the properties for various operating expenses, for the years ended December 31, 2020, 2019 and 2018 (in thousands): For the Year Ended December 31, 2020 2019 2018 Fees incurred Property management fees (1) $ 5,949 $ 5,363 $ 4,382 Construction supervision fees (2) 1,848 1,549 974 Design fees (2) 666 255 102 Acquisition fees (3) 201 1,465 348 Reimbursements Payroll and benefits (4) 18,321 18,148 14,100 Other reimbursements (5) 3,507 3,286 2,200 (1) Included in property management fees on the consolidated statements of operations and comprehensive income (loss). (2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Includes due diligence costs. Acquisition fees are capitalized to real estate assets on the consolidated balance sheets. (4) Included in property operating expenses on the consolidated statements of operations and comprehensive income (loss). (5) Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the consolidated statements of operations and comprehensive income (loss).

Quarterly Results (unaudited) (

Quarterly Results (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Summary of the Unaudited Quarterly Consolidated Financial Information	Presented below is a summary of the unaudited quarterly consolidated financial information for the years ended December 31, 2020, 2019 and 2018 (in thousands, except per share amounts): 2020 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 52,582 $ 50,681 $ 50,990 $ 50,547 Net income (loss) 28,039 (9,318 ) 29,641 (4,212 ) Net income (loss) attributable to common stockholders 27,955 (9,290 ) 29,552 (4,199 ) Earnings (loss) per share - basic (1) 1.10 (0.38 ) 1.21 (0.17 ) Earnings (loss) per share - diluted (1) 1.08 (0.38 ) 1.19 (0.17 ) (1) Quarterly earnings (loss) per share amounts are based on the weighted average common shares outstanding during the respective quarter and, therefore, may not agree in total with the loss per share amount calculated for the year ended December 31, 2020. 2019 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 41,491 $ 43,066 $ 46,833 $ 49,676 Net income (loss) (4,373 ) (1,987 ) 119,104 (13,306 ) Net income (loss) attributable to common stockholders (4,360 ) (1,981 ) 118,747 (13,266 ) Earnings (loss) per share - basic (1) (0.19 ) (0.08 ) 4.93 (0.53 ) Earnings (loss) per share - diluted (1) (0.19 ) (0.08 ) 4.84 (0.53 ) (1) Quarterly earnings (loss) per share amounts are based on the weighted average common shares outstanding during the respective quarter and, therefore, may not agree in total with the earnings per share amount calculated for the year ended December 31, 2019. 2018 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 35,057 $ 35,655 $ 36,495 $ 39,390 Net income (loss) 10,094 (1,666 ) (5,260 ) (4,782 ) Net income (loss) attributable to common stockholders 10,064 (1,661 ) (5,245 ) (4,767 ) Earnings (loss) per share - basic (1) 0.48 (0.08 ) (0.25 ) (0.21 ) Earnings (loss) per share - diluted (1) 0.47 (0.08 ) (0.25 ) (0.21 ) (1) Quarterly earnings (loss) per share amounts are based on the weighted average common shares outstanding during the respective quarter and, therefore, may not agree in total with the earnings per share amount calculated for the year ended December 31, 2018.

Organization and Description _2

Organization and Description of Business - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020shares
Real Estate Properties [Line Items]
Date of incorporation	Sep. 19, 2014
OP Units, outstanding	23,819,402
OP Units owned	23,746,169
Maximum
Real Estate Properties [Line Items]
Investments in real estate-related debt and securities	30.00%
NexPoint Residential Trust Operating Partnership LP
Real Estate Properties [Line Items]
Percentage of OP Units, outstanding owned by company	99.70%
B H Equity
Real Estate Properties [Line Items]
Percentage of OP Units, outstanding owned by noncontrolling limited partner	0.30%
OP
Real Estate Properties [Line Items]
Percentage of ownership in portfolio	99.90%
TRS
Real Estate Properties [Line Items]
Percentage of ownership in portfolio	0.10%
Noncontrolling Limited Partner | B H Equity
Real Estate Properties [Line Items]
OP Units owned	73,233

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) Individual in Millions	Jan. 29, 2021Individual	Dec. 31, 2020USD ($)Property	Jan. 14, 2021USD ($)
Summary Of Significant Accounting Policies [Line Items]
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
Subsequent Event
Summary Of Significant Accounting Policies [Line Items]
Number of individuals vaccinated | Individual	4.7
Fund proposal under American Rescue Plan			$ 1,900,000,000,000
Direct payments of benefits to eligible americans			$ 1,400
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of uncertain tax positions likelihood of being sustained		50.00%
ASU 2014-09
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]		true
Change in Accounting Principle, Accounting Standards Update, Adoption Date		Jan. 1, 2019
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]		true
ASU 2018-11 and 2016-02
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]		true
Change in Accounting Principle, Accounting Standards Update, Adoption Date		Jan. 1, 2019
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]		true
ASU 2016-01
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]		true
Change in Accounting Principle, Accounting Standards Update, Adoption Date		Jan. 1, 2019
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]		true
ASU 2016-15
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]		true
Change in Accounting Principle, Accounting Standards Update, Adoption Date		Jan. 1, 2019
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]		true

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Components of Rental Income and its Oher Components were Previously Classified as Other Income (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Rental income		$ 176,549	$ 158,167	$ 127,964
Utility reimbursements	[1]	12,252	10,906	9,835
Late fees	[1]	1,288	1,622	1,443
Pet fees	[1]	924	816	618
Other fees	[1]	8,224	5,651	3,298
Total rental income		$ 199,237	$ 177,162	$ 143,158
[1]	Previously classified as other income prior to December 31, 2019.

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Effects on Rental and Other Income from Adoption of ASC 842 (Details) - USD ($) $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Rental income													$ 199,237	$ 177,162	$ 143,158
Other income													5,563	3,904	3,439
Total revenues	$ 50,547	$ 50,990	$ 50,681	$ 52,582	$ 49,676	$ 46,833	$ 43,066	$ 41,491	$ 39,390	$ 36,495	$ 35,655	$ 35,057	204,800	181,066	146,597
Accounting Standards Update 2018-11
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Rental income													199,237	177,162	143,158
Other income													5,563	3,904	3,439
Total revenues													204,800	181,066	146,597
Accounting Standards Update 2018-11 | Prior to Adoption of ASC 842
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Rental income													176,549	158,167	127,964
Other income													28,251	22,899	18,633
Total revenues													204,800	181,066	146,597
Accounting Standards Update 2018-11 | Differences Resulting in ASC 842 Adoption
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Rental income													22,688	18,995	15,194
Other income													$ (22,688)	$ (18,995)	$ (15,194)

Summary of Significant Accoun_7

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

Investments in Subsidiaries - A

Investments in Subsidiaries - Additional Information (Details)	12 Months Ended
	Dec. 31, 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)	12 Months Ended
	Dec. 31, 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%
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%
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%
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%
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%
Fairways at San Marcos | Chandler, Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2020
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	Dec. 31, 2020	Dec. 31, 2019
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Number of properties acquired		1	11
Multifamily Properties
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Number of properties acquired	2

Real Estate Investments Stati_3

Real Estate Investments Statistics - Additional Information (Details)	Dec. 31, 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		12 Months Ended
		Dec. 31, 2020ft²Property$ / Property	Dec. 31, 2019$ / Property
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		12,730
Number of Units | Property		14,205
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]	917	894
% Occupied	[2]	94.30%	95.70%
Cutter's Point
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[3]	198
Number of Units | Property	[3]	196
Date Acquired	[3]	Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[1],[3]	1,112
% Occupied	[2],[3]	95.00%
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]	926	870
% Occupied	[2]	94.90%	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]	947	937
% Occupied	[2]	95.70%	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]	1,033	1,010
% Occupied	[2]	96.00%	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]	946	927
% Occupied	[2]	93.50%	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]	1,137	1,118
% Occupied	[2]	89.80%	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]	949	916
% Occupied	[2]	93.50%	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]	1,259	1,270
% Occupied	[2]	95.00%	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]	1,056	1,053
% Occupied	[2]	91.20%	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]	1,006	969
% Occupied	[2]	95.50%	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]	925	923
% Occupied	[2]	94.30%	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]	1,209	1,155
% Occupied	[2]	98.60%	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]	980	924
% Occupied	[2]	93.80%	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]	933	924
% Occupied	[2]	93.40%	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]	1,340	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]	821	777
% Occupied	[2]	93.70%	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]	1,133	1,162
% Occupied	[2]	92.10%	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]	1,194	1,194
% Occupied	[2]	92.10%	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]	1,007	995
% Occupied	[2]	91.20%	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]	1,261	1,260
% Occupied	[2]	95.50%	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]	1,247	1,256
% Occupied	[2]	92.10%	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]	1,075	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]	895	902
% Occupied	[2]	98.80%	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]	960	978
% Occupied	[2]	94.30%	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]	1,320	1,265
% Occupied	[2]	95.60%	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]	1,355	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]	1,298	1,265
% Occupied	[2]	94.10%	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]	941	920
% Occupied	[2]	95.90%	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]	993	977
% Occupied	[2]	92.80%	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]	1,214	1,211
% Occupied	[2]	90.10%	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]	1,515	1,498
% Occupied	[2]	94.40%	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]	1,194	1,192
% Occupied	[2]	91.30%	96.20%
Fairways at San Marcos
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[4]	340
Number of Units | Property	[4]	352
Date Acquired	[4]	Nov. 2, 2020
Average Effective Monthly Rent Per Unit | $ / Property	[1],[4]	1,232
% Occupied	[2],[4]	96.00%
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]	1,184	1,171
% Occupied	[2]	93.00%	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]	1,120	1,105
% Occupied	[2]	94.10%	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]	1,128	1,136
% Occupied	[2]	91.60%	91.90%
[1]	Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of December 31, 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 December 31, 2020 and December 31, 2019 , respectively
[2]	Percent occupied is calculated as the number of units occupied as of December 31, 2020 and 2019, divided by the total number of units, expressed as a percentage.
[3]	Cutter’s Point suffered significant damage from a tornado on October 20, 2019 which necessitated a temporary halt to operation of all 196 units. Upon completion of Phase I of the rebuild efforts, the Company returned 60 units to service in 2020; there are 57 units occupied out of the 60 available as of December 31, 2020. The remaining 136 units are currently being rebuilt as part of Phase II of the rebuild with an expected return to service in 2021 (see Note 5).
[4]	Fairways at San Marcos was acquired in 2020.

Real Estate Investments Stati_5

Real Estate Investments Statistics - Summary of Investment in Multifamily Properties (Parenthetical) (Details)	Dec. 31, 2020Property
Real Estate Properties [Line Items]
Number of units	14,205
Cutter's Point
Real Estate Properties [Line Items]
Number of units	196	[1]
Number of units returned to service	60
Number of units occupied	57
Number of units available	60
Number of units currently under rebuilt	136
[1]	Cutter’s Point suffered significant damage from a tornado on October 20, 2019 which necessitated a temporary halt to operation of all 196 units. Upon completion of Phase I of the rebuild efforts, the Company returned 60 units to service in 2020; there are 57 units occupied out of the 60 available as of December 31, 2020. The remaining 136 units are currently being rebuilt as part of Phase II of the rebuild with an expected return to service in 2021 (see Note 5).

Real Estate Investments - Summa

Real Estate Investments - Summary of Major Components of Investments in Multifamily Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real Estate Properties [Line Items]
Land	$ 323,429	$ 317,886
Buildings and improvements	1,544,115	1,472,319
Intangible lease assets	1,675	12,414
Construction in progress	10,796	4,375
Furniture, fixtures, and equipment	96,228	81,038
Real estate investment, gross	1,976,243	1,888,032
Accumulated depreciation and amortization	(215,494)	(152,552)
Total Net Operating Real Estate Investments	1,760,749	1,735,480
Accumulated depreciation and amortization	0	(7,859)
Total Net Real Estate Investments	1,760,749	1,781,810
Real Estate Properties Held For Sale
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments		46,330
Multifamily Properties
Real Estate Properties [Line Items]
Land		13,710
Buildings and improvements		35,744
Construction in progress		1
Furniture, fixtures, and equipment		4,734
Real estate investment, gross		54,189
Accumulated depreciation and amortization		(7,859)
Total Net Real Estate Investments		1,781,810
Multifamily Properties | Intangible Lease Assets
Real Estate Properties [Line Items]
Total Net Real Estate Investments		6,243
Multifamily Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross		13,710
Total Net Real Estate Investments		331,596
Multifamily Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross		35,744
Accumulated depreciation and amortization		(5,390)
Total Net Real Estate Investments		1,397,338
Multifamily Properties | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross		1
Total Net Real Estate Investments		4,376
Multifamily Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross		4,734
Accumulated depreciation and amortization		(2,469)
Total Net Real Estate Investments		42,257
Multifamily Properties | Real Estate Properties Held For Sale
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments		46,330
Multifamily Properties | Real Estate Properties Held For Sale | Land
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments		13,710
Multifamily Properties | Real Estate Properties Held For Sale | Buildings and Improvements
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments		30,354
Multifamily Properties | Real Estate Properties Held For Sale | Construction in Progress
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments		1
Multifamily Properties | Real Estate Properties Held For Sale | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments		2,265
Multifamily Properties | Arbors on Forest Ridge
Real Estate Properties [Line Items]
Land	2,330	2,330
Buildings and improvements	11,682	11,585
Construction in progress	17
Furniture, fixtures, and equipment	1,650	1,520
Real estate investment, gross	15,679	15,435
Multifamily Properties | Cutter's Point
Real Estate Properties [Line Items]
Land	3,330	3,330
Buildings and improvements	8,035	2,563
Construction in progress	4,983	2,648
Furniture, fixtures, and equipment	2,044	1,878
Real estate investment, gross	18,392	10,419
Multifamily Properties | Silverbrook
Real Estate Properties [Line Items]
Land	4,860	4,860
Buildings and improvements	27,256	27,091
Construction in progress	3
Furniture, fixtures, and equipment	5,049	4,630
Real estate investment, gross	37,168	36,581
Multifamily Properties | Beechwood Terrace
Real Estate Properties [Line Items]
Land	1,390	1,390
Buildings and improvements	22,233	22,000
Construction in progress	32	70
Furniture, fixtures, and equipment	2,791	2,535
Real estate investment, gross	26,446	25,995
Multifamily Properties | The Summit at Sabal Park
Real Estate Properties [Line Items]
Land	5,770	5,770
Buildings and improvements	13,749	13,600
Furniture, fixtures, and equipment	1,813	1,598
Real estate investment, gross	21,332	20,968
Multifamily Properties | Courtney Cove
Real Estate Properties [Line Items]
Land	5,880	5,880
Buildings and improvements	13,713	13,413
Construction in progress	114	2
Furniture, fixtures, and equipment	2,165	1,982
Real estate investment, gross	21,872	21,277
Multifamily Properties | Radbourne Lake
Real Estate Properties [Line Items]
Land	2,440	2,440
Buildings and improvements	22,617	22,465
Furniture, fixtures, and equipment	2,147	1,997
Real estate investment, gross	27,204	26,902
Multifamily Properties | Timber Creek
Real Estate Properties [Line Items]
Land	11,260	11,260
Buildings and improvements	13,245	13,993
Construction in progress	42
Furniture, fixtures, and equipment	3,473	2,939
Real estate investment, gross	28,020	28,192
Multifamily Properties | Sabal Palm at Lake Buena Vista
Real Estate Properties [Line Items]
Land	7,580	7,580
Buildings and improvements	42,401	41,841
Construction in progress		492
Furniture, fixtures, and equipment	2,391	2,108
Real estate investment, gross	52,372	52,021
Multifamily Properties | Cornerstone
Real Estate Properties [Line Items]
Land	1,500	1,500
Buildings and improvements	30,781	30,653
Construction in progress	2
Furniture, fixtures, and equipment	3,343	2,977
Real estate investment, gross	35,626	35,130
Multifamily Properties | The Preserve at Terrell Mill
Real Estate Properties [Line Items]
Land	10,170	10,170
Buildings and improvements	50,757	49,216
Construction in progress	1,524	8
Furniture, fixtures, and equipment	7,310	6,183
Real estate investment, gross	69,761	65,577
Multifamily Properties | The Venue on Camelback
Real Estate Properties [Line Items]
Land	8,340	8,340
Buildings and improvements	38,106	37,992
Construction in progress	37
Furniture, fixtures, and equipment	2,570	2,086
Real estate investment, gross	49,053	48,418
Multifamily Properties | Versailles
Real Estate Properties [Line Items]
Land	6,720	6,720
Buildings and improvements	21,766	21,688
Construction in progress		8
Furniture, fixtures, and equipment	3,861	3,736
Real estate investment, gross	32,347	32,152
Multifamily Properties | Seasons 704 Apartments
Real Estate Properties [Line Items]
Land	7,480	7,480
Buildings and improvements	14,418	14,336
Construction in progress	18
Furniture, fixtures, and equipment	1,743	1,482
Real estate investment, gross	23,659	23,298
Multifamily Properties | Madera Point
Real Estate Properties [Line Items]
Land	4,920	4,920
Buildings and improvements	17,926	17,615
Furniture, fixtures, and equipment	2,273	2,042
Real estate investment, gross	25,119	24,577
Multifamily Properties | Venue at 8651
Real Estate Properties [Line Items]
Land	2,350	2,350
Buildings and improvements	17,473	18,192
Construction in progress	106	21
Furniture, fixtures, and equipment	3,531	3,330
Real estate investment, gross	23,460	23,893
Multifamily Properties | Parc500
Real Estate Properties [Line Items]
Land	3,860	3,860
Buildings and improvements	20,927	20,821
Construction in progress	22	193
Furniture, fixtures, and equipment	3,827	3,202
Real estate investment, gross	28,636	28,076
Multifamily Properties | Old Farm
Real Estate Properties [Line Items]
Land	11,078	11,078
Buildings and improvements	70,846	70,670
Construction in progress	24	40
Furniture, fixtures, and equipment	3,419	2,950
Real estate investment, gross	85,367	84,738
Multifamily Properties | Bella Vista
Real Estate Properties [Line Items]
Land	10,942	10,942
Buildings and improvements	36,787	36,690
Furniture, fixtures, and equipment	2,110	1,500
Real estate investment, gross	49,839	49,132
Multifamily Properties | Stone Creek at Old Farm
Real Estate Properties [Line Items]
Land	3,493	3,493
Buildings and improvements	19,471	19,436
Construction in progress		1
Furniture, fixtures, and equipment	792	716
Real estate investment, gross	23,756	23,646
Multifamily Properties | The Enclave
Real Estate Properties [Line Items]
Land	11,046	11,046
Buildings and improvements	30,308	30,224
Construction in progress		24
Furniture, fixtures, and equipment	1,856	1,176
Real estate investment, gross	43,210	42,470
Multifamily Properties | Hollister Place
Real Estate Properties [Line Items]
Land	2,782	2,782
Buildings and improvements	21,884	21,788
Furniture, fixtures, and equipment	2,555	2,159
Real estate investment, gross	27,221	26,729
Multifamily Properties | The Heritage
Real Estate Properties [Line Items]
Land	6,835	6,835
Buildings and improvements	34,761	34,580
Furniture, fixtures, and equipment	1,793	1,246
Real estate investment, gross	43,389	42,661
Multifamily Properties | Rockledge Apartments
Real Estate Properties [Line Items]
Land	17,451	17,451
Buildings and improvements	96,902	96,108
Construction in progress	86	134
Furniture, fixtures, and equipment	5,363	4,759
Real estate investment, gross	119,802	118,452
Multifamily Properties | Summers Landing
Real Estate Properties [Line Items]
Land	1,798	1,798
Buildings and improvements	17,909	16,958
Construction in progress	43	35
Furniture, fixtures, and equipment	670	528
Real estate investment, gross	20,420	19,319
Multifamily Properties | Atera Apartments
Real Estate Properties [Line Items]
Land	22,371	22,371
Buildings and improvements	37,525	37,442
Construction in progress	9	8
Furniture, fixtures, and equipment	2,188	2,044
Real estate investment, gross	62,093	61,865
Multifamily Properties | Residences at Glenview Reserve
Real Estate Properties [Line Items]
Land	3,367	3,367
Buildings and improvements	42,027	40,202
Construction in progress	14	11
Furniture, fixtures, and equipment	1,495	837
Real estate investment, gross	46,903	44,417
Multifamily Properties | Cedar Pointe
Real Estate Properties [Line Items]
Land	2,371	2,372
Buildings and improvements	24,268	24,193
Construction in progress		24
Furniture, fixtures, and equipment	1,577	1,268
Real estate investment, gross	28,216	27,857
Multifamily Properties | Residences at West Place
Real Estate Properties [Line Items]
Land	3,345	3,345
Buildings and improvements	51,802	50,884
Construction in progress	154	244
Furniture, fixtures, and equipment	1,049	810
Real estate investment, gross	56,350	55,283
Multifamily Properties | Crestmont Reserve
Real Estate Properties [Line Items]
Land	4,124	4,124
Buildings and improvements	20,955	20,613
Construction in progress	19
Furniture, fixtures, and equipment	1,411	1,272
Real estate investment, gross	26,509	26,009
Multifamily Properties | Avant at Pembroke Pines
Real Estate Properties [Line Items]
Land	48,436	48,436
Buildings and improvements	272,436	266,103
Intangible lease assets		6,989
Construction in progress	2,847	217
Furniture, fixtures, and equipment	7,977	5,376
Real estate investment, gross	331,696	327,121
Multifamily Properties | Brandywine I & II
Real Estate Properties [Line Items]
Land	6,237	6,237
Buildings and improvements	73,613	73,004
Construction in progress	6	58
Furniture, fixtures, and equipment	4,072	3,148
Real estate investment, gross	83,928	82,447
Multifamily Properties | Arbors of Brentwood
Real Estate Properties [Line Items]
Land	6,346	6,346
Buildings and improvements	55,777	54,995
Intangible lease assets		1,215
Construction in progress	21	137
Furniture, fixtures, and equipment	1,118	779
Real estate investment, gross	63,262	63,472
Multifamily Properties | Torreyana Apartments
Real Estate Properties [Line Items]
Land	23,824	23,823
Buildings and improvements	43,489	42,721
Intangible lease assets		1,201
Construction in progress	122
Furniture, fixtures, and equipment	1,047	655
Real estate investment, gross	68,482	68,400
Multifamily Properties | Bloom
Real Estate Properties [Line Items]
Land	23,805	23,805
Buildings and improvements	81,714	80,365
Intangible lease assets		1,851
Construction in progress	494
Furniture, fixtures, and equipment	1,782	1,095
Real estate investment, gross	107,795	107,116
Multifamily Properties | Bella Solara
Real Estate Properties [Line Items]
Land	12,605	12,605
Buildings and improvements	53,134	52,449
Intangible lease assets		1,158
Construction in progress	57
Furniture, fixtures, and equipment	1,228	663
Real estate investment, gross	67,024	66,875
Multifamily Properties | Fairways at San Marcos
Real Estate Properties [Line Items]
Land	10,993
Buildings and improvements	71,422
Intangible lease assets	1,675
Furniture, fixtures, and equipment	745
Real estate investment, gross	84,835
Multifamily Properties | Southpoint Reserve at Stoney Creek | Real Estate Properties Held For Sale
Real Estate Properties [Line Items]
Land		6,120
Buildings and improvements		11,502
Construction in progress		1
Furniture, fixtures, and equipment		968
Real estate investment, gross		18,591
Multifamily Properties | Woodbridge
Real Estate Properties [Line Items]
Land		3,650
Buildings and improvements		13,296
Furniture, fixtures, and equipment		1,934
Real estate investment, gross		18,880
Multifamily Properties | Willow Grove
Real Estate Properties [Line Items]
Land		3,940
Buildings and improvements		10,946
Furniture, fixtures, and equipment		1,832
Real estate investment, gross		16,718
Multifamily Properties | Operating Properties
Real Estate Properties [Line Items]
Real estate investment, gross	1,976,243	1,888,032
Accumulated depreciation and amortization	(215,494)	(152,552)
Total Net Operating Real Estate Investments	1,760,749	1,735,480
Multifamily Properties | Operating Properties | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	1,675	12,414
Accumulated depreciation and amortization	(558)	(6,171)
Total Net Operating Real Estate Investments	1,117	6,243
Multifamily Properties | Operating Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross	323,429	317,886
Total Net Operating Real Estate Investments	323,429	317,886
Multifamily Properties | Operating Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	1,544,115	1,472,319
Accumulated depreciation and amortization	(153,063)	(105,335)
Total Net Operating Real Estate Investments	1,391,052	1,366,984
Multifamily Properties | Operating Properties | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	10,796	4,375
Total Net Operating Real Estate Investments	10,796	4,375
Multifamily Properties | Operating Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	96,228	81,038
Accumulated depreciation and amortization	(61,873)	(41,046)
Total Net Operating Real Estate Investments	$ 34,355	39,992
Multifamily Properties | Eagle Crest
Real Estate Properties [Line Items]
Land		5,450
Buildings and improvements		23,830
Furniture, fixtures, and equipment		1,832
Real estate investment, gross		$ 31,112

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Details)	Nov. 26, 2020USD ($)	Jun. 10, 2020USD ($)	Oct. 20, 2019USD ($)	Oct. 31, 2017Property	Dec. 31, 2020USD ($)Property	Dec. 31, 2019USD ($)Property	Dec. 31, 2018USD ($)
Real Estate Properties [Line Items]
Depreciation expense					$ 75,600,000	$ 56,400,000	$ 45,000,000
Amortization expense of intangible lease assets					$ 6,802,000	$ 12,726,000	2,468,000
Number of properties acquired | Property					1	11
Purchase price						$ 876,700,000
Number of real estate properties sold | Property				4	4	6
Sales price of property sold					$ 142,000,000	$ 289,900,000
Impairment of real estate assets					0	0	$ 0
Casualty losses recognized						3,500,000
Business interruption insurance claim and recognized					1,700,000	600,000
Capitalized cost					$ 600,000
Cutter's Point
Real Estate Properties [Line Items]
Impairment of real estate assets			$ 7,800,000
Casualty gains (losses)						$ 5,800,000
Number of units returned to service | Property					60
Number of units occupied | Property					57
Number of units available | Property					60
Number of units currently under rebuilt | Property					136
Venue at 8651
Real Estate Properties [Line Items]
Impairment of real estate assets		$ 600,000			$ 600,000
Business interruption insurance claim and recognized					100,000
Gains due to casualty					200,000
Timber Creek
Real Estate Properties [Line Items]
Impairment of real estate assets	$ 600,000				600,000
Gains due to casualty					800,000
Intangible Lease Assets
Real Estate Properties [Line Items]
Amortization expense, 2021					$ 1,100,000

Real Estate Investments - Sum_2

Real Estate Investments - Summary of Acquired Properties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)Property	Dec. 31, 2020
Real Estate Properties [Line Items]
Purchase Price	$ 876,700
Effective Ownership		100.00%
Fairways at San Marcos | Chandler, Arizona
Real Estate Properties [Line Items]
Date of Acquisition	Nov. 2, 2020
Purchase Price	$ 84,480
Mortgage Debt	$ 46,464
Number of Units | Property	352
Effective Ownership	100.00%	100.00%

Real Estate Investments - Sum_3

Real Estate Investments - Summary of Sale of Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate Properties [Line Items]
Sales Price	$ 142,000	$ 289,900
Net Cash Proceeds	140,197	$ 286,479	$ 29,553
Gain on Sale of Real Estate	$ 69,132
Southpoint Reserve at Stoney Creek | Fredericksburg
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
Willowdale Crossings | 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
Eagle Crest | Irving, Texas
Real Estate Properties [Line Items]
Date of Sale	Sep. 30, 2020
Sales Price	$ 55,500
Net Cash Proceeds	54,779
Gain on Sale of Real Estate	$ 30,160

Debt - Summary of Mortgage Debt

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Mortgages payable, net	$ 1,162,855	$ 1,145,371
Mortgages Payable | Operating Properties
Debt Instrument [Line Items]
Outstanding Principal	1,168,078
Fair market value adjustment	1,261
Deferred financing costs, net of accumulated amortization	(6,484)
Mortgages payable, net	$ 1,162,855
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	1.82%
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	1.82%
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	1.82%
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	1.58%
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	1.76%
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	1.76%
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	1.76%
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	1.82%
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	1.76%
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	1.76%
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	1.76%
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	1.92%
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	1.82%
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	1.82%
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	1.40%
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	1.43%
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	1.44%
Maturity Date	Sep. 1, 2025
Mortgages Payable | Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 21,299
Interest Rate	4.24%
Maturity Date	Mar. 1, 2023
Mortgages Payable | Bella Vista | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 29,040
Interest Rate	1.46%
Maturity Date	Feb. 1, 2026
Mortgages Payable | Parc500 | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 14,951
Interest Rate	4.49%
Maturity Date	Aug. 1, 2025
Mortgages Payable | The Enclave | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 25,322
Interest Rate	1.46%
Maturity Date	Feb. 1, 2026
Mortgages Payable | Hollister Place | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 14,811
Interest Rate	1.48%
Maturity Date	Oct. 1, 2025
Mortgages Payable | The Heritage | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 24,625
Interest Rate	1.46%
Maturity Date	Feb. 1, 2026
Mortgages Payable | Rockledge Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 68,100
Interest Rate	1.71%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Summers Landing | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 10,109
Interest Rate	1.32%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Atera Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 29,500
Interest Rate	1.62%
Maturity Date	Nov. 1, 2024
Mortgages Payable | Residences at Glenview Reserve | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 26,560
Interest Rate	1.58%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Cedar Pointe | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 17,300
Interest Rate	1.49%
Maturity Date	Sep. 1, 2025
Mortgages Payable | Residences at West Place | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 33,817
Interest Rate	4.24%
Maturity Date	Oct. 1, 2028
Mortgages Payable | Crestmont Reserve | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 12,061
Interest Rate	1.32%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Avant at Pembroke Pines | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 177,100
Interest Rate	1.57%
Maturity Date	Sep. 1, 2026
Mortgages Payable | Brandywine I & II | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 43,835
Interest Rate	1.32%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Arbors of Brentwood | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 34,237
Interest Rate	1.57%
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	1.84%
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	1.84%
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	1.84%
Maturity Date	Dec. 1, 2026
Mortgages Payable | Fairways at San Marcos | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 46,464
Interest Rate	2.21%
Maturity Date	Dec. 1, 2027

Debt - Summary of Mortgage De_2

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Parenthetical) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Deferred financing costs, accumulated amortization	$ 3,706
Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Interest Rate	4.09%
Fair value of debt assumed upon acquisition	$ 18,000
Debt instrument, payment terms	The assumed debt carries a 4.09% fixed rate, was originally issued in March 2013, and had a term of 120 months with an initial 24 months of interest only.
Blended pay rate	4.24%
Residences at Glenview Reserve and West Place
Debt Instrument [Line Items]
Mortgage loans payable description	Debt was assumed upon acquisition of this property and recorded at approximated fair value. The loan can be prepaid at the greater of par plus 1.00% of the unpaid principal balance or the product obtained by multiplying the present value of the principal being prepaid by the excess of the monthly fixed interest rate of the loan over a daily discount rate. The loan is open to pre-payment in the last three months of the term
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
13th month through 81st month
Debt Instrument [Line Items]
Mortgage loans payable description	Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
13th month through 81st month | Cedar Pointe | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Mortgage loans payable description	Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%.  Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
13th month through 81st month | Torreyana, Bloom and Bella Solara | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Mortgage loans payable description	Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
13th month through 81st month | Summers Landing | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Mortgage loans payable description	Debt was assumed upon acquisition of this property and recorded at approximated fair value.  It can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
First 12 months
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
First 12 months | Cedar Pointe | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
First 12 months | Torreyana, Bloom and Bella Solara | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
First 12 months | Summers Landing | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
First Mortgage | Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Debt instrument, payment terms	At the time of acquisition, the principal balance of the first mortgage remained unchanged and had a remaining term of 98 months with 2 months of interest only. The first mortgage is pre-payable and subject to yield maintenance from the 13th month through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity.
Second Mortgage | Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Interest Rate	4.70%
Debt instrument, payment terms	The supplemental second mortgage is pre-payable and subject to yield maintenance from the date of issuance through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity.
Acquired property mortgage loan principle amount	$ 5,800
Last Four Months | Parc500
Debt Instrument [Line Items]
Mortgage loans payable description	Debt was assumed upon acquisition of this property and recorded at approximated fair value. The loan is open to pre-payment in the last four months of the term.
One-month LIBOR
Debt Instrument [Line Items]
Interest Rate	0.14388%
30-Day Average SOFR
Debt Instrument [Line Items]
Interest Rate	0.08334%

Debt - Additional Information (

Debt - Additional Information (Details)

Oct. 13, 2020

Nov. 20, 2019USD ($)

Aug. 28, 2019USD ($)

Jan. 28, 2019USD ($)

Nov. 14, 2018USD ($)

Sep. 26, 2018USD ($)

Jul. 25, 2018USD ($)

Apr. 27, 2018USD ($)

Jun. 30, 2017USD ($)

Nov. 30, 2018USD ($)

Oct. 31, 2017USD ($)Property

Jul. 31, 2017USD ($)

Dec. 31, 2020USD ($)Property

Dec. 31, 2019USD ($)Property

Dec. 31, 2018USD ($)

Jun. 29, 2019USD ($)

Feb. 28, 2018USD ($)

Dec. 29, 2016USD ($)

Debt Instrument [Line Items]

Number of properties sold | Property

4

4

6

Credit facility proceeds received

$ 35,000,000

$ 255,000,000

$ 55,000,000

Repayment of credit facility

70,000,000

37,000,000

85,000,000

Write-off deferred financing costs

800,000

1,400,000

1,400,000

Interest expense

Debt Instrument [Line Items]

Amortization of deferred financing fees

2,800,000

2,100,000

$ 1,700,000

2017 Bridge Facility

Debt Instrument [Line Items]

Interest rate description

one-month LIBOR plus 3.75%.

Bridge facility

$ 30,000,000

$ 65,900,000

Repayments of bridge loan

30,000,000

$ 46,000,000

$ 11,300,000

Bridge facility, net

$ 8,600,000

$ 8,600,000

Maturity Date

Mar. 31, 2018

Bridge facility extension term

4 months

KeyBank | $30 Million Bridge Facility

Debt Instrument [Line Items]

Interest rate description

one-month LIBOR plus 2.00%

Commitment fee rebate received

$ 300,000

Bridge facility

$ 30,000,000

Drawn from bridge facility

$ 30,000,000

Term (months)

6 months

Repayments of bridge loan

30,000,000

Corporate Credit Facility

Debt Instrument [Line Items]

Costs incurred on additional financing

677,000

Corporate Credit Facility | Truist Bank

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

$ 75,000,000

183,000,000

225,000,000

Credit facility proceeds received

$ 52,500,000

Facility, term

24 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

Line of credit facility, expiration date

Jan. 28, 2022

Repayment of credit facility

$ 35,000,000

Corporate Credit Facility | Truist Bank | Accordion Feature

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

$ 75,000,000

$ 125,000,000

Costs incurred on additional financing

$ 500,000

Corporate Credit Facility | Truist Bank | Accordion Feature | Maximum

Debt Instrument [Line Items]

Line of credit facility, increase in facility amount

$ 150,000,000

$60 Million Credit Facility

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

60,000,000

Credit facility proceeds received

$ 50,000,000

Facility, term

24 months

Interest rate description

one-month LIBOR plus 2.00%.

Repayment of credit facility

$ 50,000,000

50,000,000

Line of credit facility, current borrowing capacity

$ 60,000,000

$60 Million Credit Facility | KeyBank

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

$ 30,000,000

Credit facility proceeds received

5,000,000

Line of credit facility, increase in facility amount

$ 5,000,000

Line of credit facility, expiration date

Jul. 25, 2018

Repayment of credit facility

$ 5,000,000

Line of credit facility, current borrowing capacity

$ 30,000,000

Write-off deferred financing costs

$ 100,000

Commitment fee rebate received

$ 800,000

$30 Million Credit Facility

Debt Instrument [Line Items]

Repayment of credit facility

$ 30,000,000

Line of credit facility extended maturity date

Sep. 26, 2020

Freddie Mac Multifamily Green Advantage Program

Debt Instrument [Line Items]

Number of properties covered under mortgage loan program | Property

1

Percentage of expected cost reduction at each property

15.00%

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

Debt Instrument [Line Items]

Interest rate

2.00%

One-month LIBOR | Corporate Credit Facility | Truist Bank

Debt Instrument [Line Items]

Period of LIBOR

1 month

One-month LIBOR | Corporate Credit Facility | Truist Bank | Maximum

Debt Instrument [Line Items]

Interest rate

2.50%

One-month LIBOR | Corporate Credit Facility | Truist Bank | Minimum

Debt Instrument [Line Items]

Interest rate

2.00%

One-month LIBOR | $60 Million Credit Facility

Debt Instrument [Line Items]

Interest rate

2.00%

Mortgages Payable

Debt Instrument [Line Items]

Weighted average interest rate of mortgage indebtedness

1.83%

3.34%

Adjusted weighted average interest rate

3.06%

Weighted average fixed rate

1.3792%

Mortgages Payable | One-month LIBOR

Debt Instrument [Line Items]

Weighted average interest rate of mortgage indebtedness

0.14388%

1.7625%

Weighted average decrease of spread in basis points

1.62%

Mortgages Payable | Floating Interest Rate Swap

Debt Instrument [Line Items]

Combined notional amount

$ 1,200,000,000

Mortgages Payable | Interest Rate Swap

Debt Instrument [Line Items]

Mortgage indebtedness

$ 1,100,000,000

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	12 Months Ended
	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Outstanding Principal	$ 71,106
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
Eagle Crest
Debt Instrument [Line Items]
Date of Sale	Sep. 30, 2020
Outstanding Principal	$ 29,510

Debt - Summary of the Company's

Debt - Summary of the Company's Credit Facility (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Credit facilities, net	$ 182,323	$ 216,501
Corporate Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	(677)
Credit facilities, net	$ 182,323
Corporate Credit Facility | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	24 months
Interest Rate	2.64%
Maturity Date	Jan. 28, 2022
Credit facilities	$ 183,000

Debt - Summary of the Company_2

Debt - Summary of the Company's Credit Facility (Parenthetical) (Details) $ in Thousands	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Deferred financing costs, accumulated amortization	$ 3,706
One-month LIBOR
Debt Instrument [Line Items]
Interest Rate	0.14388%
Corporate Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, accumulated amortization	$ 1,937
Corporate Credit Facility | One-month LIBOR
Debt Instrument [Line Items]
Interest Rate	0.14388%

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) $ in Thousands	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
2021	$ 896
2022	184,509
2023	21,293
2024	395,168
2025	245,780
Thereafter	503,432
Total	1,351,078
Operating Properties
Debt Instrument [Line Items]
2021	896
2022	1,509
2023	21,293
2024	395,168
2025	245,780
Thereafter	503,432
Total	1,168,078
Credit Facility
Debt Instrument [Line Items]
2022	183,000
Total	$ 183,000

Fair Value of Derivative and _3

Fair Value of Derivative and Financial Instruments - Additional Information (Details) - USD ($)	Nov. 26, 2020	Jun. 10, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial instruments cap weighted average rate			5.16%
Impairment write down			$ 0	$ 0	$ 0
Venue at 8651
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment write down		$ 600,000	600,000
Timber Creek
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment write down	$ 600,000		600,000
Designated as hedging instrument
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain (loss) ineffectiveness to derivatives designated as cash flow hedges			0	$ 0	$ 0
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			$ 393,000,000
Interest rate description			The interest rate cap agreements the Company has entered into effectively cap one-month LIBOR on $393.0 million of the Company’s floating rate mortgage indebtedness at a weighted average rate of 5.16%.
Minimum | Interest Rate Swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate term range			4 years
Minimum | Interest rate caps | One-month LIBOR
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate term range			3 years
Maximum | Interest Rate Swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate term range			5 years
Maximum | Interest rate caps | One-month LIBOR
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate term range			4 years

Fair Value of Derivative and _4

Fair Value of Derivative and Financial Instruments - Summary of Company's Outstanding Interest Rate Swaps (Details)	12 Months Ended
	Dec. 31, 2020USD ($)
KeyBank | Future Effective Dates
Debt Instrument [Line Items]
Derivative Average Fixed Interest Rate	1.0678%
Key Bank And Truist Bank
Debt Instrument [Line Items]
Notional Amount	$ 1,167,500,000
Derivative Average Fixed Interest 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 One | 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 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 Two | 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 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 Three | 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%
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 Four | KeyBank | Future Effective Dates
Debt Instrument [Line Items]
Notional Amount	$ 492,500,000
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 | Truist 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 | Truist Bank
Debt Instrument [Line Items]
Effective Date	Mar. 4, 2020
Termination Date	Jun. 1, 2026
Notional Amount	$ 100,000,000
Fixed Rate	0.82%

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 - Key Bank And Truist Bank	Dec. 31, 2020
Debt Instrument [Line Items]
LIBOR, interest rate	0.14388%
Future Effective Dates
Debt Instrument [Line Items]
LIBOR, interest rate	0.14388%

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	Dec. 31, 2020USD ($)DerivativeInstrument	Dec. 31, 2019USD ($)DerivativeInstrument	Dec. 31, 2018USD ($)DerivativeInstrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Number of Instruments | DerivativeInstrument	16	15	12
Notional Amount | $	$ 393,006,000	$ 346,542,000	$ 255,179,000

Fair Value of Derivative and _7

Fair Value of Derivative and Financial Instruments - Summary of Derivative Financial Instruments and Classification on the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	$ 3	$ 7,298
Liability Derivatives	43,530	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	43,530	$ 3,824
Prepaid and Other Assets | Interest rate caps | Not designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	$ 3

Fair Value of Derivative and _8

Fair Value of Derivative and Financial Instruments - Summary of Derivative Financial Instruments on Consolidated Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in OCI	$ (46,961)	$ (14,625)	$ 1,931
Interest rate products | Interest expense
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in OCI	(56,299)	(8,153)	5,928
Amount of gain (loss) reclassified from OCI into income	(9,337)	6,472	3,997
Amount of gain (loss) recognized in income	$ (33)	$ (30)	$ (49)

Fair Value of Derivative and _9

Fair Value of Derivative and Financial Instruments - Schedule of Carrying Value and Estimated Fair Value of Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fixed rate debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Value	$ 70,067	$ 70,810
Estimated Fair Value	73,548	72,386
Floating rate debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Value	1,281,011	1,340,718
Estimated Fair Value	$ 1,324,990	$ 1,318,989

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	Nov. 14, 2018	Apr. 30, 2018	Feb. 15, 2018	Mar. 16, 2017	Aug. 11, 2016	Jun. 15, 2016	Nov. 30, 2018	Oct. 31, 2017	Jul. 31, 2017	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2017	Jun. 30, 2017
Class Of Stock [Line Items]
Common stock, shares, issued			718,306				2,125,322	2,702,500
Common stock, par value								$ 0.01					$ 0.01					$ 0.01	$ 0.01		$ 0.01
Public offering price per share								$ 33
Proceeds from issuance of common stock			$ 31,546,577,000				$ 99,973,433,000	$ 89,200,000										$ 57,718,000	$ 69,874,000
OP units exchanged								2,702,500
Repayment of credit facility																		$ 70,000,000	$ 37,000,000	$ 85,000,000
Common stock, shares, issued																		25,016,957	25,245,740		25,016,957
Common stock, shares, outstanding																		25,016,957	25,245,740		25,016,957
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																		$ 44,530,000		$ 9,672,000	$ 61,224,000
Share repurchase program, treasury stock, per share																					$ 25.70
Common stock, shares, retired																		1,644,697	0	0
Treasury stock, shares																		0	0		0
Shares issued average price per share			$ 42.41				$ 45.70
Common Stock
Class Of Stock [Line Items]
Common stock, shares, issued																		25,016,957	25,245,740	23,499,635	25,016,957	21,049,565
Common stock, shares, retired																		1,644,697		382,941
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																		1,278,306	1,565,322
2019 At-the-Market Offering
Class Of Stock [Line Items]
Proceeds from issuance of common stock																	$ 28,000,000	$ 72,000,000
Shares, issued																	560,000	1,565,322
Aggregate sale price of common stock																			$ 69,874,000
Shares issued average price per share																	$ 50	$ 45.98
Stock issuance costs																	$ 400,000	$ 1,100,000
Other stock issuance costs																	$ 300,000	1,000,000
2019 At-the-Market Offering | Common Stock
Class Of Stock [Line Items]
Common stock, shares, issued																			1,565,322
Common stock, par value							$ 0.01
Aggregate sale price of common stock																			$ 16,000
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
Eagle Crest
Class Of Stock [Line Items]
Proceeds from issuance of common stock																		$ 31,500,000
Shares, issued																		718,306
Shares issued average price per share																		$ 43.92
Stock issuance costs																		$ 500,000
Other stock issuance costs																		$ 600,000
Eagle Crest | Common Stock
Class Of Stock [Line Items]
Common stock, par value			$ 0.01
Eagle Crest | 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, par value													$ 0.01
Common stock, shares, issued																		137,608	180,783
Common stock, shares, issued																		559,159			559,159
Number of shares authorized to issue													2,100,000
2016 LTIP | Restricted Stock Units
Class Of Stock [Line Items]
Equity-based compensation expense																		$ 5,500,000	$ 5,100,000	$ 4,200,000
Dividends earned on restricted stock units																		$ 1,100,000			$ 1,100,000
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 [Member] | Officers, Employees and Certain Key Employees of Adviser
Class Of Stock [Line Items]
Restricted stock units, vesting period																			3 years
2016 LTIP | Restricted Stock Units | Maximum | Officers, Employees and Certain Key Employees of Adviser
Class Of Stock [Line Items]
Restricted stock units, vesting period																			5 years
2017 Bridge Facility
Class Of Stock [Line Items]
Bridge facility								$ 30,000,000															$ 65,900,000
Repayments of bridge loan								30,000,000							$ 46,000,000	$ 11,300,000
$60 Million Credit Facility
Class Of Stock [Line Items]
Line of credit facility, maximum borrowing capacity								60,000,000
Repayment of credit facility								$ 50,000,000						$ 50,000,000

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Restricted Stock Units (Details) - Restricted Stock Units	12 Months Ended
	Dec. 31, 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	42.53
Weighted Average Grant Date Fair Value, Vested | $ / shares	26.61
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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock issued upon vesting awards	137,608	180,783	130,511

Stockholders' Equity - Summar_3

Stockholders' Equity - Summary of Vesting of Restricted Stock Units (Details)	12 Months Ended
	Dec. 31, 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	Mar. 04, 2020	Feb. 20, 2019	Nov. 14, 2018	Dec. 31, 2020	Dec. 31, 2019
Stockholders Equity Note [Abstract]
Proceeds from the issuance of common shares through at-the-market offering, net of offering costs	$ 31,546,577	$ 99,973,433	$ 89,200	$ 57,718	$ 69,874
Common shares issued	718,306	2,125,322	2,702,500
Gross average sale price per share	$ 43.92	$ 47.04
Sales commissions	$ 473,199	$ 1,499,601
Offering costs	609,615	1,350,920
Net proceeds	$ 30,463,763	$ 97,122,912
Average price per share, net	$ 42.41	$ 45.70

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Details)	12 Months Ended
	Dec. 31, 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												12 Months Ended
		Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator for earnings (loss) per share:
Net income (loss)		$ (4,212)	$ 29,641	$ (9,318)	$ 28,039	$ (13,306)	$ 119,104	$ (1,987)	$ (4,373)	$ (4,782)	$ (5,260)	$ (1,666)	$ 10,094	$ 44,150	$ 99,438	$ (1,614)
Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership														132	298	(5)
Net income (loss) attributable to common stockholders														$ 44,018	$ 99,140	$ (1,609)
Denominator for earnings (loss) per share:
Weighted average common shares outstanding - basic														24,715	24,116	21,189
Weighted average unvested restricted stock units														519	477	478
Denominator for diluted loss per share	[1]													25,234	24,593	21,189
Earnings (loss) per weighted average common share:
Basic		$ (0.17)	$ 1.21	$ (0.38)	$ 1.10	$ (0.53)	$ 4.93	$ (0.08)	$ (0.19)	$ (0.21)	$ (0.25)	$ (0.08)	$ 0.48	$ 1.78	$ 4.11	$ (0.08)
Diluted		$ (0.17)	$ 1.19	$ (0.38)	$ 1.08	$ (0.53)	$ 4.84	$ (0.08)	$ (0.19)	$ (0.21)	$ (0.25)	$ (0.08)	$ 0.47	$ 1.74	$ 4.03	$ (0.08)
[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 ($)	Dec. 31, 2020$ / 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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Noncontrolling Interest [Abstract]
Redeemable noncontrolling interests in the OP, December 31, 2019	$ 3,295
Net income attributable to redeemable noncontrolling interests in the OP	132
Other comprehensive loss attributable to redeemable noncontrolling interests in the OP	(141)
Contributions from redeemable noncontrolling interests in the OP	168
Distributions to redeemable noncontrolling interests in the OP	(265)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP	(91)	$ 381	$ 439
Redeemable noncontrolling interests in the OP, December 31, 2020	$ 3,098	$ 3,295

Noncontrolling Interests - Summ

Noncontrolling Interests - Summary of Fees Incurred to BH And Its Affiliates As Well As Reimbursements Paid to BH (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fees incurred
Property management fees	[1]	$ 5,971	$ 5,388	$ 4,382
BH Management Services, LLC
Fees incurred
Property management fees	[2]	5,949	5,363	4,382
Construction supervision fees	[3]	1,848	1,549	974
Design fees	[3]	666	255	102
Acquisition fees	[4]	201	1,465	348
Reimbursements
Payroll and benefits	[5]	18,321	18,148	14,100
Other reimbursements	[6]	$ 3,507	$ 3,286	$ 2,200
[1]	Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of the Company’s Operating Partnership (see Note 10).
[2]	Included in property management fees on the consolidated statements of operations and comprehensive income (loss).
[3]	Capitalized on the consolidated balance sheets and reflected in buildings and improvements.
[4]	Includes due diligence costs. Acquisition fees are capitalized to real estate assets on the consolidated balance sheets.
[5]	Included in property operating expenses on the consolidated statements of operations and comprehensive income (loss).
[6]	Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the consolidated statements of operations and comprehensive income (loss).

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)	Mar. 04, 2020shares	Feb. 20, 2019shares	Nov. 14, 2018$ / sharesshares	Dec. 31, 2020USD ($)Property	Dec. 31, 2019USD ($)Property	Dec. 31, 2018USD ($)
Related Party Transaction [Line Items]
Number of properties acquired | Property				1	11
Common stock, shares, issued | shares	718,306	2,125,322	2,702,500
Public offering price per share | $ / shares			$ 33
NexPoint Real Estate Advisors, L.P
Related Party Transaction [Line Items]
Percentage of annual advisory, paid monthly				1.00%
Percentage of annual administrative fee, paid monthly				0.20%
Advisory and administrative fees on contributed assets				$ 5,400,000
Advisory and administrative fees percentage				1.20%
Advisory and administrative fees				$ 7,700,000	$ 7,500,000	$ 7,500,000
Advisory and administrative fees waived				15,400,000	9,100,000	4,100,000
NexPoint Real Estate Advisors, L.P | Maximum
Related Party Transaction [Line Items]
Advisory and administrative fees on contributed assets				$ 5,400,000
Advisory and administrative fees percentage				1.50%
NexBank Title, Inc.
Related Party Transaction [Line Items]
Payment to affiliate for services rendered				$ 200,000	300,000	$ 300,000
Affiliates of the Adviser
Related Party Transaction [Line Items]
Purchase of residences from affiliate of Adviser					$ 100,000,000
Number of properties acquired | Property					2
Common stock, shares, issued | shares			207,971
Public offering price per share | $ / shares			$ 33

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	Mar. 01, 2020USD ($)	Mar. 01, 2019USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)Claim
Loss Contingencies [Line Items]
Environmental liability incurred					$ 1,100
Self-Insurance Program
Loss Contingencies [Line Items]
Limit of losses for insurance claims		$ 100,000
Maximum insurance claim amount		$ 1,200,000
Insurance claim funded					1,500,000
Amount of reserve for aggregate insurance claim					0
Insurance claim amount	$ 2,365,000
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					$ 900,000
Self-Insurance Program | Timber Creek
Loss Contingencies [Line Items]
Insurance claim amount					$ 1,000,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions	Feb. 17, 2021	Feb. 15, 2021
Subsequent Event [Line Items]
Dividends payable, amount per share		$ 0.34125
Dividends payable, date declared		Feb. 15, 2021
Dividends payable, date to be paid		Mar. 31, 2021
Dividends payable, date of record		Mar. 15, 2021
$145.0 Million Swap | Truist Bank
Subsequent Event [Line Items]
Weighted average fixed rate	0.573%
Notional Amount	$ 145
Effective Date	Mar. 1, 2022
Termination Date	Mar. 1, 2025

Quarterly Results (unaudited) -

Quarterly Results (unaudited) - Summary of the Unaudited Quarterly Consolidated Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 50,547	$ 50,990	$ 50,681	$ 52,582	$ 49,676	$ 46,833	$ 43,066	$ 41,491	$ 39,390	$ 36,495	$ 35,655	$ 35,057	$ 204,800	$ 181,066	$ 146,597
Net income (loss)	(4,212)	29,641	(9,318)	28,039	(13,306)	119,104	(1,987)	(4,373)	(4,782)	(5,260)	(1,666)	10,094	44,150	99,438	(1,614)
Net income (loss) attributable to common stockholders	$ (4,199)	$ 29,552	$ (9,290)	$ 27,955	$ (13,266)	$ 118,747	$ (1,981)	$ (4,360)	$ (4,767)	$ (5,245)	$ (1,661)	$ 10,064	$ 44,018	$ 99,140	$ (1,609)
Earnings (loss) per share - basic	$ (0.17)	$ 1.21	$ (0.38)	$ 1.10	$ (0.53)	$ 4.93	$ (0.08)	$ (0.19)	$ (0.21)	$ (0.25)	$ (0.08)	$ 0.48	$ 1.78	$ 4.11	$ (0.08)
Earnings (loss) per share - diluted	$ (0.17)	$ 1.19	$ (0.38)	$ 1.08	$ (0.53)	$ 4.84	$ (0.08)	$ (0.19)	$ (0.21)	$ (0.25)	$ (0.08)	$ 0.47	$ 1.74	$ 4.03	$ (0.08)

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 1,168,078
Initial Cost to Company, Land		323,429
Initial Cost to Company, Buildings and Improvements		1,543,593
Initial Cost to Company, Total		1,867,022
Costs Capitalized Subsequent to Acquisition		130,023
Gross Amount Carried , Land		323,429
Gross Amount Carried , Buildings and Improvements		1,652,814
Gross Amount Carried , Total		1,976,243	$ 1,942,221	$ 1,222,563	$ 1,082,805
Accumulated Depreciation and Amortization		$ (215,494)
Arbors on Forest Ridge
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jan. 31, 2014
Arbors on Forest Ridge | Bedford, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 13,130
Initial Cost to Company, Land		2,330
Initial Cost to Company, Buildings and Improvements		10,475
Initial Cost to Company, Total		12,805
Costs Capitalized Subsequent to Acquisition		3,186
Gross Amount Carried , Land		2,330
Gross Amount Carried , Buildings and Improvements		13,349
Gross Amount Carried , Total		$ 15,679
Date Acquired		Jan. 31, 2014
Accumulated Depreciation and Amortization		$ (4,266)
Cutter's Point
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	[1]	Jan. 31, 2014
Cutter's Point | Richardson, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 16,640
Initial Cost to Company, Land		3,330
Initial Cost to Company, Buildings and Improvements		12,515
Initial Cost to Company, Total		15,845
Costs Capitalized Subsequent to Acquisition		2,899
Gross Amount Carried , Land		3,330
Gross Amount Carried , Buildings and Improvements		15,062
Gross Amount Carried , Total		$ 18,392
Date Acquired		Jan. 31, 2014
Accumulated Depreciation and Amortization		$ (2,009)
Silverbrook
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jan. 31, 2014
Silverbrook | Grand Prairie, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 30,590
Initial Cost to Company, Land		4,860
Initial Cost to Company, Buildings and Improvements		25,540
Initial Cost to Company, Total		30,400
Costs Capitalized Subsequent to Acquisition		7,561
Gross Amount Carried , Land		4,860
Gross Amount Carried , Buildings and Improvements		32,308
Gross Amount Carried , Total		$ 37,168
Date Acquired		Jan. 31, 2014
Accumulated Depreciation and Amortization		$ (10,470)
Beechwood Terrace
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jul. 21, 2014
Beechwood Terrace | Antioch, Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 23,365
Initial Cost to Company, Land		1,390
Initial Cost to Company, Buildings and Improvements		20,010
Initial Cost to Company, Total		21,400
Costs Capitalized Subsequent to Acquisition		5,455
Gross Amount Carried , Land		1,390
Gross Amount Carried , Buildings and Improvements		25,056
Gross Amount Carried , Total		$ 26,446
Date Acquired		Jul. 21, 2014
Accumulated Depreciation and Amortization		$ (7,041)
The Summit at Sabal Park
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Aug. 20, 2014
The Summit at Sabal Park | Tampa, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 13,560
Initial Cost to Company, Land		5,770
Initial Cost to Company, Buildings and Improvements		13,280
Initial Cost to Company, Total		19,050
Costs Capitalized Subsequent to Acquisition		2,686
Gross Amount Carried , Land		5,770
Gross Amount Carried , Buildings and Improvements		15,562
Gross Amount Carried , Total		$ 21,332
Date Acquired		Aug. 20, 2014
Accumulated Depreciation and Amortization		$ (4,704)
Courtney Cove
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Aug. 20, 2014
Courtney Cove | Tampa, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 13,680
Initial Cost to Company, Land		5,880
Initial Cost to Company, Buildings and Improvements		13,070
Initial Cost to Company, Total		18,950
Costs Capitalized Subsequent to Acquisition		3,353
Gross Amount Carried , Land		5,880
Gross Amount Carried , Buildings and Improvements		15,992
Gross Amount Carried , Total		$ 21,872
Date Acquired		Aug. 20, 2014
Accumulated Depreciation and Amortization		$ (4,697)
Radbourne Lake
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Sep. 30, 2014
Radbourne Lake | Charlotte, North Carolina
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 20,000
Initial Cost to Company, Land		2,440
Initial Cost to Company, Buildings and Improvements		21,810
Initial Cost to Company, Total		24,250
Costs Capitalized Subsequent to Acquisition		3,606
Gross Amount Carried , Land		2,440
Gross Amount Carried , Buildings and Improvements		24,764
Gross Amount Carried , Total		$ 27,204
Date Acquired		Sep. 30, 2014
Accumulated Depreciation and Amortization		$ (6,739)
Timber Creek
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Sep. 30, 2014
Timber Creek | Charlotte, North Carolina
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 24,100
Initial Cost to Company, Land		11,260
Initial Cost to Company, Buildings and Improvements		11,490
Initial Cost to Company, Total		22,750
Costs Capitalized Subsequent to Acquisition		6,069
Gross Amount Carried , Land		11,260
Gross Amount Carried , Buildings and Improvements		16,760
Gross Amount Carried , Total		$ 28,020
Date Acquired		Sep. 30, 2014
Accumulated Depreciation and Amortization		$ (5,610)
Sabal Palm at Lake Buena Vista
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Nov. 5, 2014
Sabal Palm at Lake Buena Vista | Orlando, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 42,100
Initial Cost to Company, Land		7,580
Initial Cost to Company, Buildings and Improvements		41,920
Initial Cost to Company, Total		49,500
Costs Capitalized Subsequent to Acquisition		4,259
Gross Amount Carried , Land		7,580
Gross Amount Carried , Buildings and Improvements		44,792
Gross Amount Carried , Total		$ 52,372
Date Acquired		Nov. 5, 2014
Accumulated Depreciation and Amortization		$ (10,618)
Cornerstone
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jan. 15, 2015
Cornerstone | Orlando, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 21,299
Initial Cost to Company, Land		1,500
Initial Cost to Company, Buildings and Improvements		30,050
Initial Cost to Company, Total		31,550
Costs Capitalized Subsequent to Acquisition		4,970
Gross Amount Carried , Land		1,500
Gross Amount Carried , Buildings and Improvements		34,126
Gross Amount Carried , Total		$ 35,626
Date Acquired		Jan. 15, 2015
Accumulated Depreciation and Amortization		$ (8,861)
The Preserve at Terrell Mill
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Feb. 6, 2015
The Preserve at Terrell Mill | Marietta, Georgia
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 42,480
Initial Cost to Company, Land		10,170
Initial Cost to Company, Buildings and Improvements		47,830
Initial Cost to Company, Total		58,000
Costs Capitalized Subsequent to Acquisition		13,575
Gross Amount Carried , Land		10,170
Gross Amount Carried , Buildings and Improvements		59,591
Gross Amount Carried , Total		$ 69,761
Date Acquired		Feb. 6, 2015
Accumulated Depreciation and Amortization		$ (16,074)
Versailles
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Feb. 26, 2015
Versailles | Dallas, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 23,880
Initial Cost to Company, Land		6,720
Initial Cost to Company, Buildings and Improvements		19,445
Initial Cost to Company, Total		26,165
Costs Capitalized Subsequent to Acquisition		6,763
Gross Amount Carried , Land		6,720
Gross Amount Carried , Buildings and Improvements		25,627
Gross Amount Carried , Total		$ 32,347
Date Acquired		Feb. 26, 2015
Accumulated Depreciation and Amortization		$ (7,676)
Seasons 704 Apartments
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Apr. 15, 2015
Seasons 704 Apartments | West Palm Beach, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 17,460
Initial Cost to Company, Land		7,480
Initial Cost to Company, Buildings and Improvements		13,520
Initial Cost to Company, Total		21,000
Costs Capitalized Subsequent to Acquisition		3,060
Gross Amount Carried , Land		7,480
Gross Amount Carried , Buildings and Improvements		16,179
Gross Amount Carried , Total		$ 23,659
Date Acquired		Apr. 15, 2015
Accumulated Depreciation and Amortization		$ (4,485)
Madera Point
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Aug. 5, 2015
Madera Point | Mesa, Arizona
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 15,150
Initial Cost to Company, Land		4,920
Initial Cost to Company, Buildings and Improvements		17,605
Initial Cost to Company, Total		22,525
Costs Capitalized Subsequent to Acquisition		3,223
Gross Amount Carried , Land		4,920
Gross Amount Carried , Buildings and Improvements		20,199
Gross Amount Carried , Total		$ 25,119
Date Acquired		Aug. 5, 2015
Accumulated Depreciation and Amortization		$ (5,113)
Venue at 8651 | Fort Worth, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		13,734
Initial Cost to Company, Land		2,350
Initial Cost to Company, Buildings and Improvements		16,900
Initial Cost to Company, Total		19,250
Costs Capitalized Subsequent to Acquisition		4,721
Gross Amount Carried , Land		2,350
Gross Amount Carried , Buildings and Improvements		21,110
Gross Amount Carried , Total		$ 23,460
Date Acquired		Oct. 30, 2015
Accumulated Depreciation and Amortization		$ (6,020)
Parc500 | West Palm Beach, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		14,951
Initial Cost to Company, Land		3,860
Initial Cost to Company, Buildings and Improvements		19,424
Initial Cost to Company, Total		23,284
Costs Capitalized Subsequent to Acquisition		5,843
Gross Amount Carried , Land		3,860
Gross Amount Carried , Buildings and Improvements		24,776
Gross Amount Carried , Total		$ 28,636
Date Acquired		Jul. 27, 2016
Accumulated Depreciation and Amortization		$ (6,073)
The Venue on Camelback
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Oct. 11, 2016
The Venue on Camelback | Phoenix, Arizona
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 28,093
Initial Cost to Company, Land		8,340
Initial Cost to Company, Buildings and Improvements		36,520
Initial Cost to Company, Total		44,860
Costs Capitalized Subsequent to Acquisition		4,916
Gross Amount Carried , Land		8,340
Gross Amount Carried , Buildings and Improvements		40,713
Gross Amount Carried , Total		$ 49,053
Date Acquired		Oct. 11, 2016
Accumulated Depreciation and Amortization		$ (7,496)
Old Farm
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Dec. 29, 2016
Old Farm | Houston, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 52,886
Initial Cost to Company, Land		11,078
Initial Cost to Company, Buildings and Improvements		73,986
Initial Cost to Company, Total		85,064
Costs Capitalized Subsequent to Acquisition		3,657
Gross Amount Carried , Land		11,078
Gross Amount Carried , Buildings and Improvements		74,289
Gross Amount Carried , Total		$ 85,367
Date Acquired		Dec. 29, 2016
Accumulated Depreciation and Amortization		$ (12,211)
Stone Creek at Old Farm
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Dec. 29, 2016
Stone Creek at Old Farm | Houston, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 15,274
Initial Cost to Company, Land		3,493
Initial Cost to Company, Buildings and Improvements		19,937
Initial Cost to Company, Total		23,430
Costs Capitalized Subsequent to Acquisition		898
Gross Amount Carried , Land		3,493
Gross Amount Carried , Buildings and Improvements		20,263
Gross Amount Carried , Total		$ 23,756
Date Acquired		Dec. 29, 2016
Accumulated Depreciation and Amortization		$ (3,287)
Hollister Place
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Feb. 1, 2017
Hollister Place | Houston, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 14,811
Initial Cost to Company, Land		2,782
Initial Cost to Company, Buildings and Improvements		21,902
Initial Cost to Company, Total		24,684
Costs Capitalized Subsequent to Acquisition		3,469
Gross Amount Carried , Land		2,782
Gross Amount Carried , Buildings and Improvements		24,439
Gross Amount Carried , Total		$ 27,221
Date Acquired		Feb. 1, 2017
Accumulated Depreciation and Amortization		$ (4,664)
Rockledge Apartments
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jun. 30, 2017
Rockledge Apartments | Marietta, Georgia
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 68,100
Initial Cost to Company, Land		17,451
Initial Cost to Company, Buildings and Improvements		96,577
Initial Cost to Company, Total		114,028
Costs Capitalized Subsequent to Acquisition		8,795
Gross Amount Carried , Land		17,451
Gross Amount Carried , Buildings and Improvements		102,351
Gross Amount Carried , Total		$ 119,802
Date Acquired		Jun. 30, 2017
Accumulated Depreciation and Amortization		$ (15,894)
Atera Apartments
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Oct. 25, 2017
Atera Apartments | Dallas, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 29,500
Initial Cost to Company, Land		22,371
Initial Cost to Company, Buildings and Improvements		37,090
Initial Cost to Company, Total		59,461
Costs Capitalized Subsequent to Acquisition		3,972
Gross Amount Carried , Land		22,371
Gross Amount Carried , Buildings and Improvements		39,722
Gross Amount Carried , Total		$ 62,093
Date Acquired		Oct. 25, 2017
Accumulated Depreciation and Amortization		$ (5,784)
Cedar Pointe
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Aug. 24, 2018
Cedar Pointe | Antioch, Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 17,300
Initial Cost to Company, Land		2,371
Initial Cost to Company, Buildings and Improvements		24,410
Initial Cost to Company, Total		26,781
Costs Capitalized Subsequent to Acquisition		1,435
Gross Amount Carried , Land		2,371
Gross Amount Carried , Buildings and Improvements		25,845
Gross Amount Carried , Total		$ 28,216
Date Acquired		Aug. 24, 2018
Accumulated Depreciation and Amortization		$ (2,801)
Crestmont Reserve
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Sep. 26, 2018
Crestmont Reserve | Dallas, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 12,061
Initial Cost to Company, Land		4,124
Initial Cost to Company, Buildings and Improvements		20,667
Initial Cost to Company, Total		24,791
Costs Capitalized Subsequent to Acquisition		1,718
Gross Amount Carried , Land		4,124
Gross Amount Carried , Buildings and Improvements		22,385
Gross Amount Carried , Total		$ 26,509
Date Acquired		Sep. 26, 2018
Accumulated Depreciation and Amortization		$ (2,398)
Brandywine I & II
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Sep. 26, 2018
Brandywine I & II | Nashville, Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 43,835
Initial Cost to Company, Land		6,237
Initial Cost to Company, Buildings and Improvements		73,870
Initial Cost to Company, Total		80,107
Costs Capitalized Subsequent to Acquisition		3,821
Gross Amount Carried , Land		6,237
Gross Amount Carried , Buildings and Improvements		77,691
Gross Amount Carried , Total		$ 83,928
Date Acquired		Sep. 26, 2018
Accumulated Depreciation and Amortization		$ (7,761)
Bella Vista
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jan. 28, 2019
Bella Vista | Phoenix, Arizona
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 29,040
Initial Cost to Company, Land		10,942
Initial Cost to Company, Buildings and Improvements		37,661
Initial Cost to Company, Total		48,603
Costs Capitalized Subsequent to Acquisition		1,236
Gross Amount Carried , Land		10,942
Gross Amount Carried , Buildings and Improvements		38,897
Gross Amount Carried , Total		$ 49,839
Date Acquired		Jan. 28, 2019
Accumulated Depreciation and Amortization		$ (3,437)
The Enclave | Tempe, Arizona
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		25,322
Initial Cost to Company, Land		11,046
Initial Cost to Company, Buildings and Improvements		30,933
Initial Cost to Company, Total		41,979
Costs Capitalized Subsequent to Acquisition		1,231
Gross Amount Carried , Land		11,046
Gross Amount Carried , Buildings and Improvements		32,164
Gross Amount Carried , Total		$ 43,210
Date Acquired		Jan. 28, 2019
Accumulated Depreciation and Amortization		$ (2,836)
Fairways at San Marcos
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired	[2]	Nov. 2, 2020
Fairways at San Marcos | Chandler, Arizona
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 46,464
Initial Cost to Company, Land		10,993
Initial Cost to Company, Buildings and Improvements		73,785
Initial Cost to Company, Total		84,778
Costs Capitalized Subsequent to Acquisition		57
Gross Amount Carried , Land		10,993
Gross Amount Carried , Buildings and Improvements		73,842
Gross Amount Carried , Total		$ 84,835
Date Acquired		Nov. 2, 2020
Accumulated Depreciation and Amortization		$ (783)
The Heritage | Phoenix, Arizona
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		24,625
Initial Cost to Company, Land		6,835
Initial Cost to Company, Buildings and Improvements		35,244
Initial Cost to Company, Total		42,079
Costs Capitalized Subsequent to Acquisition		1,310
Gross Amount Carried , Land		6,835
Gross Amount Carried , Buildings and Improvements		36,554
Gross Amount Carried , Total		$ 43,389
Date Acquired		Jan. 28, 2019
Accumulated Depreciation and Amortization		$ (3,111)
Summers Landing
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jun. 7, 2019
Summers Landing | Fort Worth, Texas
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 10,109
Initial Cost to Company, Land		1,798
Initial Cost to Company, Buildings and Improvements		17,628
Initial Cost to Company, Total		19,426
Costs Capitalized Subsequent to Acquisition		994
Gross Amount Carried , Land		1,798
Gross Amount Carried , Buildings and Improvements		18,622
Gross Amount Carried , Total		$ 20,420
Date Acquired		Jun. 7, 2019
Accumulated Depreciation and Amortization		$ (1,245)
Residences at Glenview Reserve
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jul. 17, 2019
Residences at Glenview Reserve | Nashville, Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 26,560
Initial Cost to Company, Land		3,367
Initial Cost to Company, Buildings and Improvements		41,652
Initial Cost to Company, Total		45,019
Costs Capitalized Subsequent to Acquisition		1,884
Gross Amount Carried , Land		3,367
Gross Amount Carried , Buildings and Improvements		43,536
Gross Amount Carried , Total		$ 46,903
Date Acquired		Jul. 17, 2019
Accumulated Depreciation and Amortization		$ (2,675)
Residences at West Place
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Jul. 17, 2019
Residences at West Place | Orlando, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 33,817
Initial Cost to Company, Land		3,345
Initial Cost to Company, Buildings and Improvements		52,657
Initial Cost to Company, Total		56,002
Costs Capitalized Subsequent to Acquisition		348
Gross Amount Carried , Land		3,345
Gross Amount Carried , Buildings and Improvements		53,005
Gross Amount Carried , Total		$ 56,350
Date Acquired		Jul. 17, 2019
Accumulated Depreciation and Amortization		$ (3,050)
Avant at Pembroke Pines
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Aug. 30, 2019
Avant at Pembroke Pines | Pembroke Pines, Florida
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 177,100
Initial Cost to Company, Land		48,436
Initial Cost to Company, Buildings and Improvements		275,671
Initial Cost to Company, Total		324,107
Costs Capitalized Subsequent to Acquisition		7,589
Gross Amount Carried , Land		48,436
Gross Amount Carried , Buildings and Improvements		283,260
Gross Amount Carried , Total		$ 331,696
Date Acquired		Aug. 30, 2019
Accumulated Depreciation and Amortization		$ (14,844)
Arbors of Brentwood
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Sep. 10, 2019
Arbors of Brentwood | Nashville, Tennessee
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 34,237
Initial Cost to Company, Land		6,346
Initial Cost to Company, Buildings and Improvements		56,409
Initial Cost to Company, Total		62,755
Costs Capitalized Subsequent to Acquisition		507
Gross Amount Carried , Land		6,346
Gross Amount Carried , Buildings and Improvements		56,916
Gross Amount Carried , Total		$ 63,262
Date Acquired		Sep. 10, 2019
Accumulated Depreciation and Amortization		$ (3,003)
Torreyana Apartments
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Nov. 22, 2019
Torreyana Apartments | Las Vegas, Nevada
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 37,400
Initial Cost to Company, Land		23,824
Initial Cost to Company, Buildings and Improvements		44,560
Initial Cost to Company, Total		68,384
Costs Capitalized Subsequent to Acquisition		98
Gross Amount Carried , Land		23,824
Gross Amount Carried , Buildings and Improvements		44,658
Gross Amount Carried , Total		$ 68,482
Date Acquired		Nov. 22, 2019
Accumulated Depreciation and Amortization		$ (1,937)
Bloom
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Nov. 22, 2019
Bloom | Las Vegas, Nevada
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 58,850
Initial Cost to Company, Land		23,805
Initial Cost to Company, Buildings and Improvements		83,288
Initial Cost to Company, Total		107,093
Costs Capitalized Subsequent to Acquisition		702
Gross Amount Carried , Land		23,805
Gross Amount Carried , Buildings and Improvements		83,990
Gross Amount Carried , Total		$ 107,795
Date Acquired		Nov. 22, 2019
Accumulated Depreciation and Amortization		$ (3,543)
Bella Solara
Real Estate And Accumulated Depreciation [Line Items]
Date Acquired		Nov. 22, 2019
Bella Solara | Las Vegas, Nevada
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 36,575
Initial Cost to Company, Land		12,605
Initial Cost to Company, Buildings and Improvements		54,262
Initial Cost to Company, Total		66,867
Costs Capitalized Subsequent to Acquisition		157
Gross Amount Carried , Land		12,605
Gross Amount Carried , Buildings and Improvements		54,419
Gross Amount Carried , Total		$ 67,024
Date Acquired		Nov. 22, 2019
Accumulated Depreciation and Amortization		$ (2,278)
[1]	Cutter’s Point suffered significant damage from a tornado on October 20, 2019 which necessitated a temporary halt to operation of all 196 units. Upon completion of Phase I of the rebuild efforts, the Company returned 60 units to service in 2020; there are 57 units occupied out of the 60 available as of December 31, 2020. The remaining 136 units are currently being rebuilt as part of Phase II of the rebuild with an expected return to service in 2021 (see Note 5).
[2]	Fairways at San Marcos was acquired in 2020.

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Real Estate And Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	$ 1,543,593
Gross Amount Carried , Buildings and Improvements	1,652,814
Aggregate cost of real estate investment for Federal Income Tax purposes net of accumulated depreciation	1,800,000
The Colonnade, Old Farm, Stone Creek at Old Farm, Hollister Place, Rockledge Apartments, Atera Apartments, Cedar Pointe, Crestmont Reserve and Brandywine I & II
Real Estate And Accumulated Depreciation [Line Items]
Total acquisition costs	7,300
Parc500
Real Estate And Accumulated Depreciation [Line Items]
Debt instrument, unamortized premium	900
Buildings and Improvements and Furniture, Fixtures, and Equipment
Real Estate And Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	1,500,000
Construction in Progress
Real Estate And Accumulated Depreciation [Line Items]
Gross Amount Carried , Buildings and Improvements	10,800
Furniture, Fixtures, and Equipment
Real Estate And Accumulated Depreciation [Line Items]
Gross Amount Carried , Buildings and Improvements	$ 96,200
Estimated useful lives of assets	3 years
Buildings
Real Estate And Accumulated Depreciation [Line Items]
Estimated useful lives of assets	30 years
Improvements
Real Estate And Accumulated Depreciation [Line Items]
Estimated useful lives of assets	15 years
Gross Intangible Lease Assets
Real Estate And Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	$ 27,800
Gross Amount Carried , Buildings and Improvements	1,700
Intangible Lease Assets
Real Estate And Accumulated Depreciation [Line Items]
Accumulated amortization of intangible assets	$ 600
Estimated useful lives of assets	6 months

Schedule III - Summary Of Activ

Schedule III - Summary Of Activity For Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate:
Balance, beginning of year	$ 1,942,221	$ 1,222,563	$ 1,082,805
Additions:
Real estate acquired	84,778	882,313	131,679
Improvements	48,933	47,739	28,809
Deductions:
Real estate sold	(85,588)	(191,203)	(18,311)
Write-off of fully amortized assets and other	(14,101)	(19,191)	(2,419)
Balance, end of year	1,976,243	1,942,221	1,222,563
Accumulated Depreciation and Amortization:
Balance, beginning of year	160,411	135,021	91,649
Depreciation expense	75,609	56,360	45,002
Amortization expense	6,802	12,726	2,468
Accumulated depreciation on sales	(14,523)	(32,408)	(2,500)
Write-off of fully amortized assets and other	(12,805)	(11,288)	(1,598)
Balance, end of year	$ 215,494	$ 160,411	$ 135,021