NexPoint Residential Trust (NXRT) 10-Q 30 Jul 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 30, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Trading Symbol	NXRT
Entity Registrant Name	NexPoint Residential Trust, Inc.
Entity Central Index Key	0001620393
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		25,149,927
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-36663
Entity Tax Identification Number	47-1881359
Entity Address, Address Line One	2515 McKinney Avenue
Entity Address, Address Line Two	Suite 1100
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	(833)
Local Phone Number	463-6697
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	MD
Title of 12(b) Security	Common Stock, par value $0.01 per share
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Operating Real Estate Investments
Land	$ 340,691	$ 323,429
Buildings and improvements	1,605,723	1,544,115
Intangible lease assets	1,972	1,675
Construction in progress	9,487	10,796
Furniture, fixtures, and equipment	102,469	96,228
Total Gross Operating Real Estate Investments	2,060,342	1,976,243
Accumulated depreciation and amortization	(242,952)	(215,494)
Total Net Operating Real Estate Investments	1,817,390	1,760,749
Total Net Operating Real Estate Investments	1,817,390	1,760,749
Total Net Real Estate Investments	1,861,240	1,760,749
Cash and cash equivalents	26,489	24,457
Restricted cash	33,738	32,558
Accounts receivable, net	8,798	9,045
Prepaid and other assets	6,675	2,405
TOTAL ASSETS	1,936,940	1,829,214
Liabilities:
Mortgages payable, net	1,188,947	1,162,855
Mortgages payable held for sale, net	40,474
Credit facility, net	248,494	182,323
Accounts payable and other accrued liabilities	9,709	10,058
Accrued real estate taxes payable	14,874	12,822
Accrued interest payable	1,723	2,274
Security deposit liability	2,774	2,688
Prepaid rents	1,639	1,639
Fair market value of interest rate swaps	17,010	43,530
Total Liabilities	1,525,644	1,418,189
Redeemable noncontrolling interests in the Operating Partnership	4,026	3,098
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; 25,149,927 and 25,016,957 shares issued and outstanding, respectively	251	250
Additional paid-in capital	378,365	376,710
Accumulated earnings less dividends	46,551	75,321
Accumulated other comprehensive loss	(17,897)	(44,354)
Total Stockholders' Equity	407,270	407,927
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	1,936,940	$ 1,829,214
Real Estate Properties Held For Sale
Operating Real Estate Investments
Total Net Operating Real Estate Investments	43,850
Total Net Operating Real Estate Investments	$ 43,850

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Net of accumulated depreciation	$ 11,028	$ 0
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	25,149,927	25,016,957
Common stock, shares, outstanding	25,149,927	25,016,957
Common stock, par value	$ 0.01	$ 0.01

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues
Rental income		$ 51,047	$ 49,253	$ 101,387	$ 100,367
Other income		1,516	1,428	2,972	2,895
Total revenues		52,563	50,681	104,359	103,262
Expenses
Property operating expenses		11,173	11,964	22,389	23,685
Real estate taxes and insurance		8,508	7,777	17,230	15,799
Property management fees	[1]	1,516	1,465	3,001	3,015
Advisory and administrative fees	[2]	1,900	1,936	3,768	3,801
Corporate general and administrative expenses		2,978	2,932	5,918	5,633
Property general and administrative expenses		1,760	1,533	3,319	3,365
Depreciation and amortization		19,986	21,418	40,744	44,756
Total expenses		47,821	49,025	96,369	100,054
Operating income before gain on sales of real estate		4,742	1,656	7,990	3,208
Gain on sales of real estate			19		38,991
Operating income		4,742	1,675	7,990	42,199
Interest expense		(10,683)	(10,993)	(21,299)	(22,655)
Loss on extinguishment of debt and modification costs		(328)		(328)	(874)
Casualty gains (loss)		2,379	(1,079)	2,379	(1,028)
Miscellaneous income		472	1,079	940	1,079
Net income (loss)		(3,418)	(9,318)	(10,318)	18,721
Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		(10)	(28)	(31)	56
Net income (loss) attributable to common stockholders		(3,408)	(9,290)	(10,287)	18,665
Other comprehensive income (loss)
Unrealized gains (losses) on interest rate derivatives		(4,805)	(8,046)	26,537	(58,586)
Total comprehensive income (loss)		(8,223)	(17,364)	16,219	(39,865)
Comprehensive income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		(24)	(52)	49	(120)
Comprehensive income (loss) attributable to common stockholders		$ (8,199)	$ (17,312)	$ 16,170	$ (39,745)
Weighted average common shares outstanding - basic		25,140	24,307	25,104	24,847
Weighted average common shares outstanding - diluted	[3]	25,140	24,307	25,104	25,330
Earnings (loss) per share - basic		$ (0.14)	$ (0.38)	$ (0.41)	$ 0.75
Earnings (loss) per share - diluted		$ (0.14)	$ (0.38)	$ (0.41)	$ 0.74
[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).
[3]	If the Company sustains a net loss for the period presented, unvested restricted stock units are not included in the diluted earnings per share calculation.

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)	Total	2021 At The Market Offering	2020 At The Market Offering	Common Stock	Common Stock2020 At The Market Offering	Additional Paid-in Capital	Additional Paid-in Capital2021 At The Market Offering	Additional Paid-in Capital2020 At The Market Offering	Accumulated Earnings (Loss) Less Dividends	Accumulated Other Comprehensive Income (Loss)	Common Stock Held in Treasury at Cost
Beginning Balance, Values at Dec. 31, 2019	$ 426,241,000			$ 251,000		$ 359,748,000			$ 63,776,000	$ 2,466,000
Beginning Balance, Shares at Dec. 31, 2019				25,245,740
Net income (loss) attributable to common stockholders	18,665,000								18,665,000
Repurchases of common stock	$ (44,530,000)										$ (44,530,000)
Retirement of common stock held in treasury				$ (16,000)		(44,514,000)					44,530,000
Retirement of common stock held in treasury, Shares	(1,644,697)			(1,644,697)
Vesting of stock-based compensation	$ 905,000			$ 1,000		904,000
Vesting of stock-based compensation, Shares				137,608
Issuance of common shares			$ 27,125,000		$ 6,000			$ 27,119,000
Issuance of common shares, Shares					560,000
Common stock dividends declared	(16,040,000)								(16,040,000)
Other comprehensive income (loss)	(58,410,000)									(58,410,000)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	459,000								459,000
Ending Balance, Values at Jun. 30, 2020	354,415,000			$ 242,000		343,257,000			66,860,000	(55,944,000)
Ending Balance, Shares at Jun. 30, 2020				24,298,651
Beginning Balance, Values at Dec. 31, 2019	$ 426,241,000			$ 251,000		359,748,000			63,776,000	2,466,000
Beginning Balance, Shares at Dec. 31, 2019				25,245,740
Issuance of common shares, Shares	560,000
Ending Balance, Values at Dec. 31, 2020	$ 407,927,000			$ 250,000		376,710,000			75,321,000	(44,354,000)
Ending Balance, Shares at Dec. 31, 2020	25,016,957			25,016,957
Beginning Balance, Values at Mar. 31, 2020	$ 392,171,000			$ 256,000		378,943,000			84,345,000	(47,922,000)	(23,451,000)
Beginning Balance, Shares at Mar. 31, 2020				25,717,549
Net income (loss) attributable to common stockholders	(9,290,000)								(9,290,000)
Repurchases of common stock	(13,531,000)										(13,531,000)
Retirement of common stock held in treasury				$ (14,000)		(36,968,000)					$ 36,982,000
Retirement of common stock held in treasury, Shares				(1,418,898)
Vesting of stock-based compensation	1,337,000					1,337,000
Issuance of common shares			$ (55,000)					$ (55,000)
Common stock dividends declared	(7,834,000)								(7,834,000)
Other comprehensive income (loss)	(8,022,000)									(8,022,000)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	(361,000)								(361,000)
Ending Balance, Values at Jun. 30, 2020	354,415,000			$ 242,000		343,257,000			66,860,000	(55,944,000)
Ending Balance, Shares at Jun. 30, 2020				24,298,651
Beginning Balance, Values at Dec. 31, 2020	$ 407,927,000			$ 250,000		376,710,000			75,321,000	(44,354,000)
Beginning Balance, Shares at Dec. 31, 2020	25,016,957			25,016,957
Net income (loss) attributable to common stockholders	$ (10,287,000)								(10,287,000)
Retirement of common stock held in treasury, Shares	0
Vesting of stock-based compensation	$ 1,918,000			$ 1,000		1,917,000
Vesting of stock-based compensation, Shares				132,970
Issuance of common shares		$ (262,000)					$ (262,000)
Issuance of common shares, Shares	0
Common stock dividends declared	$ (17,558,000)								(17,558,000)
Other comprehensive income (loss)	26,457,000									26,457,000
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	(925,000)								(925,000)
Ending Balance, Values at Jun. 30, 2021	$ 407,270,000			$ 251,000		378,365,000			46,551,000	(17,897,000)
Ending Balance, Shares at Jun. 30, 2021	25,149,927			25,149,927
Beginning Balance, Values at Mar. 31, 2021	$ 423,493,000			$ 251,000		376,897,000			59,451,000	(13,106,000)
Beginning Balance, Shares at Mar. 31, 2021				25,127,141
Net income (loss) attributable to common stockholders	(3,408,000)								(3,408,000)
Vesting of stock-based compensation	1,554,000					1,554,000
Vesting of stock-based compensation, Shares				22,786
Issuance of common shares		$ (86,000)					$ (86,000)
Common stock dividends declared	(8,782,000)								(8,782,000)
Other comprehensive income (loss)	(4,791,000)									(4,791,000)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	(710,000)								(710,000)
Ending Balance, Values at Jun. 30, 2021	$ 407,270,000			$ 251,000		$ 378,365,000			$ 46,551,000	$ (17,897,000)
Ending Balance, Shares at Jun. 30, 2021	25,149,927			25,149,927

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Stockholders Equity [Abstract]
Common stock, dividend per share declared	$ 0.34125	$ 0.3125	$ 0.6825	$ 0.625

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended				12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021		Jun. 30, 2020		Dec. 31, 2020
Cash flows from operating activities
Net income (loss)	$ (3,418)	$ (9,318)	$ (10,318)		$ 18,721
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sales of real estate		(19)			(38,991)
Depreciation and amortization	19,986	21,418	40,744		44,756
Amortization/write-off of deferred financing costs			1,401		1,923
Change in fair value on derivative instruments included in interest expense			7,421		1,970
Net cash paid on derivative settlements			(7,356)		(573)
Amortization/write-off of fair market value adjustment of assumed debt			(155)		(102)
Provision for bad debts, net			1,641		735
Vesting of stock-based compensation			3,406		2,637
Insurance proceeds received for business interruption			257		1,079
Casualty gains (loss)			(3,755)		597
Changes in operating assets and liabilities, net of effects of acquisitions:
Operating assets			(3,599)		(4,603)
Operating liabilities			1,263		(2,218)
Net cash provided by operating activities			30,950		25,931
Cash flows from investing activities
Net proceeds from sales of real estate					85,418
Prepaid acquisition costs					(5,031)
Insurance premiums paid for casualty losses			(1,591)		(549)
Insurance proceeds received from casualty losses			5,256		1,970
Additions to real estate investments			(21,394)		(23,187)
Acquisitions of real estate investments			(122,035)
Net cash provided by (used in) investing activities			(139,764)		58,621
Cash flows from financing activities
Mortgage proceeds received			66,825
Mortgage payments			(389)		(42,028)
Credit facilities proceeds received			250,000		35,000
Credit facilities payments			(183,000)		(28,000)
Deferred financing costs paid			(1,999)
Interest rate cap fees paid			(108)
Prepayment penalties on extinguished debt					(416)
Proceeds from the issuance of common shares through at-the-market offering, net of offering costs			(262)	[1]	27,125	[1]	$ 28,000,000
Payments for taxes related to net share settlement of stock-based compensation			(1,489)		(1,732)
Repurchase of common stock					(44,530)
Dividends paid to common stockholders			(17,552)		(16,134)
Net cash provided by (used in) financing activities			112,026		(70,715)
Net increase in cash, cash equivalents and restricted cash			3,212		13,837
Cash, cash equivalents and restricted cash, beginning of period			57,015		71,182		71,182
Cash, cash equivalents and restricted cash, end of period	$ 60,227	$ 85,019	60,227		85,019		$ 57,015
Supplemental Disclosure of Cash Flow Information
Interest paid			13,497		20,812
Supplemental Disclosure of Noncash Activities
Capitalized construction costs included in accounts payable and other accrued liabilities			2,546		6,435
Change in fair value on derivative instruments designated as hedges			26,537		(58,586)
Other assets acquired from acquisitions			96
Liabilities assumed from acquisitions			97
Increase (decrease) in dividends payable upon vesting of restricted stock units			6		(94)
Write-off of assets due to casualty losses			2,028		648
Write-off of fully amortized in-place leases			1,675		12,414
Write-off of deferred financing costs			$ 328		$ 455
[1]	For the six months ended June 30, 2021, no common shares were issued, but the Company incurred offering costs in connection with the at-the-market offering.

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - shares	Mar. 31, 2020	Jun. 30, 2021	Dec. 31, 2020
Statement Of Cash Flows [Abstract]
Issuance of common shares, Shares	718,306	0	560,000

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Description of Business	1. Organization and Description of Business NexPoint Residential Trust, Inc. (the “Company”, “we”, “our”) was incorporated in Maryland on September 19, 2014, and has elected to be taxed as a real estate investment trust (“REIT”). The Company is focused on “value-add” multifamily investments primarily located in the Southeastern and Southwestern United States. Substantially all of the Company’s business is conducted through NexPoint Residential Trust Operating Partnership, L.P. (the “OP”), the Company’s operating partnership. The Company owns its properties (the “Portfolio”) through the OP and its wholly owned taxable REIT subsidiary (“TRS”). The OP owns approximately 99.9% of the Portfolio; the TRS owns approximately 0.1% of the Portfolio. The Company’s wholly owned subsidiary, NexPoint Residential Trust Operating Partnership GP, LLC (the “OP GP”), is the sole general partner of the OP. As of June 30, 2021, 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. (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	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Accounting The accompanying unaudited consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes to the Company’s significant accounting policies during the six months ended June 30, 2021. 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. The accompanying unaudited consolidated financial statements have been prepared according to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of June 30, 2021 and December 31, 2020 and results of operations for the three and six months ended June 30, 2021 and 2020 have been included. Such adjustments are normal and recurring in nature. The unaudited information included in this quarterly report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2020 and notes thereto included in its Annual Report on Form 10-K filed with the SEC on February 22, 2021. 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 collectable. 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 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 leasing commissions, legal and other related costs, which the Company, as buyer of the property, did not have to incur to obtain the residents. If any debt is assumed in an acquisition, the difference between the fair value, which is estimated using inputs that are classified within Level 2 of the fair value hierarchy, and the face value of debt is recorded as a premium or discount and amortized as interest expense over the life of the debt assumed. Real estate assets, including land, buildings, improvements, furniture, fixtures and equipment, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months Construction in progress includes the cost of renovation projects being performed at the various properties. Once a project is complete, the historical cost of the renovation is placed into service in one of the categories above depending on the type of renovation project and is depreciated over the estimated useful lives as described in the table above. Impairment Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The key inputs into our impairment analysis include, but are not limited to, the holding period, net operating income, and capitalization rates. In such cases, the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. The Company’s impairment analysis identifies and evaluates events or changes in circumstances that indicate the carrying amount of a real estate investment may not be recoverable, including determining the period the Company will hold the rental property, net operating income, and the estimated capitalization rate for each respective real estate investment. As of June 30, 2021, the Company has not recorded any impairment on its real estate assets. However, we continue to monitor the impact of COVID-19 (see “–Coronavirus (“COVID-19”)” for additional information, below). Held for Sale The Company periodically classifies real estate assets as held for sale when certain criteria are met in accordance with GAAP. At that time, the Company presents the net real estate assets and the net debt associated with the real estate held for sale separately in its consolidated balance sheet, and the Company ceases recording depreciation and amortization expense related to that property. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell. As of June 30, 2021, there are two properties classified as held for sale. Held for sale assets on the consolidated balance sheet included approximately $0.2 million of accounts receivable and prepaid and other assets, and approximately $0.8 million of accounts payable, real estate taxes payable, security deposits, prepaid rents, and other accrued liabilities. Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and expects to continue to qualify as a REIT. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute annually at least 90% of its “REIT taxable income,” as defined by the Code, to its stockholders. As a REIT, the Company will be subject to federal income tax on its undistributed REIT taxable income and net capital gain and to a 4% nondeductible excise tax on any amount by which distributions it pays with respect to any calendar year are less than the sum of (1) 85% of its ordinary income, (2) 95% of its capital gain net income and (3) 100% of its undistributed income from prior years. The Company intends to operate in such a manner so as to qualify as a REIT, but no assurance can be given that the Company will operate in a manner so as to qualify as a REIT. Taxable income from certain non-REIT activities is managed through a TRS and is subject to applicable federal, state, and local income and margin taxes. The Company had no significant taxes associated with its TRS for the six months ended June 30, 2021 and 2020. If the Company fails to meet these requirements, it could be subject to federal income tax on all of the Company’s taxable income at regular corporate rates for that year. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. As of June 30, 2021 , the Company believes it is in compliance with all applicable REIT requirements. The Company evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” (greater than 50 percent probability) of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. The Company’s management is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Company has no examinations in progress and none are expected at this time. The Company recognizes its tax positions and evaluates them using a two-step process. First, the Company determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. The Company had no material unrecognized tax benefit or expense, accrued interest or penalties as of June 30, 2021. The Company and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The 2020, 2019 and 2018 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 In March 2020 Reference Rate Reform Coronavirus (“COVID-19”) As a result of the COVID-19 pandemic, the Company may experience difficulties collecting monthly rent on time, leasing additional apartment units and/or renewing leases with existing tenants, selling or purchasing properties and accessing debt and equity capital on attractive terms, or at all. To date, the Company has not been materially impacted by the COVID-19 pandemic and will continue to monitor the impact of the COVID-19 pandemic on all aspects of its business. As of June 30, 2021, 3,630 residents were on payment plans due to the COVID-19 pandemic for a total of approximately $5.8 million in rent. For additional information regarding the risks to the Company related to the COVID-19 pandemic, or any other future pandemic, see Item 1A, Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2020.

Investments in Subsidiaries

Investments in Subsidiaries	6 Months Ended
	Jun. 30, 2021
Schedule Of Investments [Abstract]
Investments in Subsidiaries	3. Investments in Subsidiaries The Company conducts its operations through the OP, which owns the properties through single asset limited liability companies that are special purpose entities (“SPEs”). The Company consolidates the SPEs that it controls as well as any VIEs where it is the primary beneficiary. In connection with its indirect equity investments in the properties acquired, the Company, through the OP and the TRS, directly or indirectly holds 100% of the membership interests in SPEs that directly own the properties. All of the properties the SPEs own are consolidated in the Company’s consolidated financial statements. The assets of each entity can only be used to settle obligations of that particular entity, and the creditors of each entity have no recourse to the assets of other entities or the Company. Additionally, the Company has in the past and may in the future enter into purchase and sale transactions structured as reverse like-kind exchanges (“1031 Exchanges”) under Section 1031 of the Code. For a reverse 1031 Exchange in which the Company purchases a new property prior to selling the property to be matched in the like-kind exchange (the Company refers to the new property being acquired in the 1031 Exchange prior to the sale of the related property as a “Parked Asset”), legal title to the Parked Asset is held by an Exchange Accommodation Titleholder (“EAT”) engaged to execute the 1031 Exchange until the sale transaction and the 1031 Exchange are completed. The Company, through a wholly owned subsidiary, enters into a master lease agreement with the EAT whereby the EAT leases the acquired property and all other rights acquired in connection with the acquisition to the Company. The term of the master lease agreement is the earlier of the completion of the reverse 1031 Exchange or 180 days from the date that the property was acquired. The EAT is classified as a VIE as it does not have sufficient equity investment at risk to finance its activities without additional subordinated financial support. The Company consolidates the EAT as its primary beneficiary because it has the ability to control the activities that most significantly impact the EAT’s economic performance and the Company retains all of the legal and economic benefits and obligations related to the Parked Assets prior to completion of the 1031 Exchange. As such, the Parked Assets are included in the Company’s consolidated financial statements as VIEs until legal title is transferred to the Company upon either completion of the 1031 Exchange or termination of the master lease agreement, at which time they will be consolidated as wholly owned subsidiaries. As of June 30, 2021, the Company, through the OP and the wholly owned TRS, owned 39 properties through SPEs. The following table represents the Company’s ownership in each property by virtue of its 100% ownership of the SPEs that directly own the title to each property as of June 30, 2021 and December 31, 2020: Effective Ownership Percentage at Property Name Location Year June 30, 2021 December 31, 2020 Arbors on Forest Ridge Bedford, Texas 2014 100 % 100 % Cutter's Point Richardson, Texas 2014 100 % 100 % Silverbrook Grand Prairie, Texas 2014 100 % 100 % Beechwood Terrace (1) Antioch, Tennessee 2014 100 % 100 % The Summit at Sabal Park Tampa, Florida 2014 100 % 100 % Courtney Cove Tampa, Florida 2014 100 % 100 % Radbourne Lake Charlotte, North Carolina 2014 100 % 100 % Timber Creek Charlotte, North Carolina 2014 100 % 100 % Sabal Palm at Lake Buena Vista Orlando, Florida 2014 100 % 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 (1) Antioch, Tennessee 2018 100 % 100 % Crestmont Reserve Dallas, Texas 2018 100 % 100 % Brandywine I & II Nashville, Tennessee 2018 100 % 100 % Bella Vista Phoenix, Arizona 2019 100 % 100 % The Enclave Tempe, Arizona 2019 100 % 100 % The Heritage Phoenix, Arizona 2019 100 % 100 % Summers Landing Fort Worth, Texas 2019 100 % 100 % Residences at Glenview Reserve Nashville, Tennessee 2019 100 % 100 % Residences at West Place 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 (3) Las Vegas, Nevada 2019 100 % 100 % Bloom (3) Las Vegas, Nevada 2019 100 % 100 % Bella Solara (3) Las Vegas, Nevada 2019 100 % 100 % Fairways at San Marcos Chandler, AZ 2020 100 % 100 % The Verandas at Lake Norman (4) Charlotte, North Carolina 2021 100 % 0 % (5) Creekside at Matthews (4) Charlotte, North Carolina 2021 100 % 0 % (5) (1) Property was classified as held for sale as of June 30, 2021. (2) Formerly known as The Colonnade. (3) 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 . (4) The EAT that directly owned The Verandas at Lake Norman and Creekside at Matthews was consolidated as a VIE at June 30, 2021 giving the Company an effective 100% ownership interest. Legal title will transfer to the Company upon completion of the reverse 1031 Exchange or December 28, 2021, whichever comes first. Upon the transfer of title, the EAT that directly owned these properties will no longer be considered a VIE. (5) Properties were acquired in 2021; therefore, no ownership as of December 31, 2020.

Real Estate Investments Statist

Real Estate Investments Statistics	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Real Estate Investments Statistics	4. Real Estate Investments Statistics As of June 30, 2021, the Company was invested in a total of 39 multifamily properties, as listed below: Average Effective Monthly Rent Per Unit (1) as of % Occupied (2) as of Property Name Rentable Square Footage (in thousands) Number of Units (3) Date Acquired June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Arbors on Forest Ridge 155 210 1/31/2014 $ 926 $ 917 98.1 % 94.3 % Cutter's Point 198 196 1/31/2014 1,257 1,112 100.0 % 95.0 % Silverbrook 526 642 1/31/2014 970 926 95.8 % 94.9 % Beechwood Terrace (4) 272 300 7/21/2014 986 947 96.3 % 95.7 % The Summit at Sabal Park 205 252 8/20/2014 1,069 1,033 96.8 % 96.0 % Courtney Cove 225 324 8/20/2014 983 946 97.2 % 93.5 % Radbourne Lake 247 225 9/30/2014 1,137 1,137 96.9 % 89.8 % Timber Creek 248 352 9/30/2014 972 949 96.4 % 93.5 % Sabal Palm at Lake Buena Vista 371 400 11/5/2014 1,267 1,259 96.5 % 95.0 % Cornerstone 318 430 1/15/2015 1,081 1,056 95.8 % 91.2 % The Preserve at Terrell Mill 692 752 2/6/2015 1,048 1,006 95.1 % 95.5 % Versailles 301 388 2/26/2015 948 925 93.8 % 94.3 % Seasons 704 Apartments 217 222 4/15/2015 1,269 1,209 98.2 % 98.6 % Madera Point 193 256 8/5/2015 1,009 980 98.0 % 93.8 % Venue at 8651 289 333 10/30/2015 967 933 96.7 % 93.4 % Parc500 266 217 7/27/2016 1,385 1,340 97.7 % 97.7 % The Venue on Camelback 256 415 10/11/2016 852 821 95.2 % 93.7 % Old Farm 697 734 12/29/2016 1,132 1,133 93.6 % 92.1 % Stone Creek at Old Farm 186 190 12/29/2016 1,177 1,194 97.8 % 92.1 % Hollister Place 246 260 2/1/2017 996 1,007 98.6 % 91.2 % Rockledge Apartments 802 708 6/30/2017 1,309 1,261 96.0 % 95.5 % Atera Apartments 334 380 10/25/2017 1,248 1,247 95.5 % 92.1 % Cedar Pointe (4) 224 210 8/24/2018 1,104 1,075 96.7 % 96.2 % Crestmont Reserve 199 242 9/26/2018 890 895 95.5 % 98.8 % Brandywine I & II 414 632 9/26/2018 953 960 97.2 % 94.3 % Bella Vista 243 248 1/28/2019 1,342 1,320 98.0 % 95.6 % The Enclave 194 204 1/28/2019 1,380 1,355 99.0 % 97.5 % The Heritage 199 204 1/28/2019 1,340 1,298 95.6 % 94.1 % Summers Landing 139 196 6/7/2019 968 941 97.4 % 95.9 % Residences at Glenview Reserve 344 360 7/17/2019 1,006 993 95.3 % 92.8 % Residences at West Place 345 342 7/17/2019 1,226 1,214 96.5 % 90.1 % Avant at Pembroke Pines 1,442 1,520 8/30/2019 1,565 1,515 95.4 % 94.4 % Arbors of Brentwood 325 346 9/10/2019 1,206 1,194 95.7 % 91.3 % Torreyana Apartments 309 315 11/22/2019 1,229 1,184 99.4 % 93.0 % Bloom 498 528 11/22/2019 1,182 1,120 93.6 % 94.1 % Bella Solara 271 320 11/22/2019 1,157 1,128 95.3 % 91.6 % Fairways at San Marcos 340 352 11/2/2020 1,312 1,232 95.7 % 96.0 % The Verandas at Lake Norman 241 264 6/30/2021 1,120 — (5) 98.5 % — (5) Creekside at Matthews 263 240 6/30/2021 1,271 — (5) 97.9 % — (5) 13,234 14,709 (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of June 30, 2021 and December 31, 2020, respectively, minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of June 30, 2021 and December 31, 2020, respectively. (2) Percent occupied is calculated as the number of units occupied as of June 30, 2021 and December 31, 2020, divided by the total number of units, expressed as a percentage. (3) Includes 249 down units due to casualty events as of June 30, 2021 (see Note 5). (4) Property classified as held for sale as of June 30, 2021. (5) Properties were acquired in 2021.

Real Estate Investments

Real Estate Investments	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
Real Estate Investments	5. Real Estate Investments As of June 30, 2021, 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 $ 11,689 $ — $ 37 $ 1,725 $ 15,781 Cutter's Point 3,330 13,318 — 3,269 2,053 21,970 Silverbrook 4,860 27,302 — 43 5,321 37,526 The Summit at Sabal Park 5,770 13,763 — — 1,890 21,423 Courtney Cove 5,880 13,942 — 312 2,265 22,399 Radbourne Lake 2,440 22,733 — — 2,272 27,445 Timber Creek 11,260 13,261 — 48 3,611 28,180 Sabal Palm at Lake Buena Vista 7,580 42,415 — 2 2,563 52,560 Cornerstone 1,500 30,808 — — 3,534 35,842 The Preserve at Terrell Mill 10,170 52,079 — 777 8,121 71,147 Versailles 6,720 21,776 — 4 3,939 32,439 Seasons 704 Apartments 7,480 14,546 — — 1,914 23,940 Madera Point 4,920 17,973 — — 2,432 25,325 Venue at 8651 2,350 16,695 — 407 3,654 23,106 Parc500 3,860 21,054 — 9 3,989 28,912 The Venue on Camelback 8,340 38,216 — 17 2,907 49,480 Old Farm 11,078 70,817 — 128 3,643 85,666 Stone Creek at Old Farm 3,493 19,363 — 115 828 23,799 Hollister Place 2,782 21,152 — 386 2,645 26,965 Rockledge Apartments 17,451 97,020 — 169 5,550 120,190 Atera Apartments 22,371 36,736 — 915 2,261 62,283 Crestmont Reserve 4,124 21,048 — — 1,454 26,626 Brandywine I & II 6,237 73,668 — — 4,536 84,441 Bella Vista 10,942 36,856 — 74 2,440 50,312 The Enclave 11,046 30,336 — 38 2,127 43,547 The Heritage 6,835 34,808 — — 2,079 43,722 Summers Landing 1,798 18,047 — 3 708 20,556 Residences at Glenview Reserve 3,367 42,267 — (15 ) 2,041 47,660 Residences at West Place 3,345 51,963 — 246 1,324 56,878 Avant at Pembroke Pines 48,434 274,974 — 1,752 9,644 334,804 Arbors of Brentwood 6,346 55,886 — — 1,829 64,061 Torreyana Apartments 23,824 43,612 — 30 1,212 68,678 Bloom 23,805 82,238 — 166 2,166 108,375 Bella Solara 12,605 53,306 — 27 1,513 67,451 Fairways at San Marcos 10,993 72,048 — 528 1,248 84,817 The Verandas at Lake Norman 9,510 52,758 971 — 541 63,780 Creekside at Matthews 11,515 45,250 1,001 — 490 58,256 340,691 1,605,723 1,972 9,487 102,469 2,060,342 Accumulated depreciation and amortization — (172,804 ) — — (70,148 ) (242,952 ) Total Operating Properties $ 340,691 $ 1,432,919 $ 1,972 $ 9,487 $ 32,321 $ 1,817,390 Held For Sale Properties Beechwood Terrace 1,390 22,281 — — 2,905 26,576 Cedar Pointe 2,372 24,284 — — 1,646 28,302 Accumulated depreciation and amortization — (7,537 ) — — (3,491 ) (11,028 ) Total Held For Sale Properties $ 3,762 $ 39,028 $ — $ — $ 1,060 $ 43,850 Total $ 344,453 $ 1,471,947 $ 1,972 $ 9,487 $ 33,381 $ 1,861,240 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 Depreciation expense was $19.7 million and $20.0 million for the three months ended June 30, 2021 and 2020, respectively. Depreciation expense was $39.6 million and $38.5 million for the six months ended June 30, 2021 and 2020, respectively. Amortization expense related to the Company’s intangible lease assets was $0.3 million and $1.4 million for the three months ended June 30, 2021 and 2020, respectively. Amortization expense related to the Company’s intangible lease assets was $1.1 million and $6.2 million for the six months ended June 30, 2021 and 2020, respectively. Amortization expense related to the Company’s intangible lease assets for all acquisitions completed through June 30, 2021 is expected to be $2.0 million for the remainder of the year ended December 31, 2021. Due to the six-month useful life attributable to intangible lease assets, the value of intangible lease assets on any acquisition prior to December 31, 2020 has been fully amortized and the assets and related accumulated amortization have been written off as of June 30, 2021. Acquisitions The Company acquired two properties during the six months ended June 30, 2021, as detailed in the table below (dollars in thousands). There were no acquisitions of real estate during the six months ended June 30, 2020. Property Name Location Date of Acquisition Purchase Price Mortgage Debt # Units Effective Ownership The Verandas at Lake Norman Charlotte, North Carolina June 30, 2021 $ 63,500 $ 34,925 264 100 % Creekside at Matthews Charlotte, North Carolina June 30, 2021 58,000 31,900 240 100 % $ 121,500 $ 66,825 504 Dispositions There were no dispositions of real estate during the six months ended June 30, 2021. The Company sold three properties for approximately $86.5 million during the six months ended June 30, 2020. Cutter’s Point Casualty Losses On October 20, 2019, as a result of a tornado, the Cutter’s Point property suffered significant property damage. The damage incurred rendered the property inoperable; therefore, the Company has ceased operations at the property as it is under reconstruction. In relation to this event, the Company wrote down the carrying value of Cutter’s Point by approximately $7.8 million, and, in accordance with ASC 610 Other Income, the Company recognized approximately $3.5 million in casualty losses on the consolidated statement of operations and comprehensive income during the year ended December 31, 2019. Lost rental income is insured and the Company expects any operating losses resulting from the damage to be immaterial while the property undergoes reconstruction. Starting November 1, 2019, the Company began capitalizing insurance expense, real estate taxes, interest expense and debt issuance costs to construction in progress and stopped depreciation due to Cutter’s Point being under development. As of June 30, 2021, approximately $0.8 million of these costs have been capitalized. During the six months ended June 30, 2021, Cutter's Point recognized $1.1 million in casualty gains on the consolidated statements of operations and comprehensive income (loss) in relation to this event. The Company filed a business interruption insurance claim and recognized approximately $0.6 million for the lost rent, which is included in miscellaneous income on the consolidated statement of operations and comprehensive income (loss) for the six months ended June 30, 2021. Upon completion of Phase I of the rebuild efforts, the Company returned 60 units to service in 2020; On June 21, 2021, 80 downed units were returned to service, of which 17 were occupied as of June 30, 2021. The remaining 56 units are currently being rebuilt as part of Phase II of the rebuild with an expected return to service late in 2021. As of June 30, 2021, we excluded 136 of the Cutter’s Point units from the Portfolio’s total unit count due to the limited amount of time the 80 returned units were available for the period ending June 30, 2021, and property reconstruction on 56 units 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, the Company recognized approximately $0.2 million in net casualty gains which is included in property operating expense on the consolidated statements of operations and comprehensive income (loss) during the year ended December 31, 2020. During the six months ended June 30, 2021, Venue 8651 recognized approximately $0.1 million in business interruption proceeds for lost rent which is included in miscellaneous income on the consolidated statements of operations and comprehensive income (loss). As of June 30, 2021, we excluded 26 of the Venue 8651 units from the Portfolio’s total unit count and all same store pools due to the property reconstruction which is estimated to be completed in 2021. 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. During the six months ended June 30, 2021, Timber Creek recognized approximately $0.1 million in business interruption proceeds for lost rent which is included in miscellaneous income on the consolidated statements of operations and comprehensive income (loss). As of June 30, 2021, we excluded 15 of the Timber Creek units from the Portfolio’s total unit count and all same store pools due to the property reconstruction which is estimated to be completed in 2021. Winter Storm Uri In February of 2021, as a result of winter storm Uri, Atera, Hollister Place, Old Farm, Stone Creek, and Venue 8651 each sustained significant property damage. In relation to this event, the Company wrote down the carrying value of the impacted properties by approximately $2.0 million. For the six months ended June 30, 2021, approximately $0.1 million of business interruption for lost rent was recognized which is included in miscellaneous income on the consolidated statements of operations and comprehensive income (loss) . During the six months ended June 30, 2021, the Company recognized $ 1.3 million in casualty gains on the consolidated statements of operations and comprehensive income (loss) in relation to this event . As of June 30, 2021, 72 units damaged by winter storm Uri are excluded from the Portfolio’s total unit count and all same store pools due to the properties reconstruction which are estimated to be completed in 2021.

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	6. Debt Mortgage Debt The following table contains summary information concerning the mortgage debt of the Company as of June 30, 2021 (dollars in thousands): Operating Properties Type Term Outstanding Principal (1) Interest Rate (2) Maturity Date Arbors on Forest Ridge (3) Floating 84 $ 13,130 1.78% 7/1/2024 Cutter's Point (3) Floating 84 16,640 1.78% 7/1/2024 Silverbrook (3) Floating 84 30,590 1.78% 7/1/2024 The Summit at Sabal Park (3) Floating 84 13,560 1.72% 7/1/2024 Courtney Cove (3) Floating 84 13,680 1.72% 7/1/2024 The Preserve at Terrell Mill (3) Floating 84 42,480 1.72% 7/1/2024 Versailles (3) Floating 84 23,880 1.72% 7/1/2024 Seasons 704 Apartments (3) Floating 84 17,460 1.72% 7/1/2024 Madera Point (3) Floating 84 15,150 1.72% 7/1/2024 Venue at 8651 (3) Floating 84 13,734 1.88% 7/1/2024 The Venue on Camelback (3) Floating 84 28,093 1.78% 7/1/2024 Old Farm (3) Floating 84 52,886 1.78% 7/1/2024 Stone Creek at Old Farm (3) Floating 84 15,274 1.78% 7/1/2024 Timber Creek (3) Floating 84 24,100 1.36% 10/1/2025 Radbourne Lake (3) Floating 84 20,000 1.39% 10/1/2025 Sabal Palm at Lake Buena Vista (3) Floating 84 42,100 1.40% 9/1/2025 Cornerstone (4) Fixed 120 21,052 4.24% 3/1/2023 Parc500 (5) Fixed 120 14,809 4.49% 8/1/2025 Hollister Place (3) Floating 84 14,811 1.44% 10/1/2025 Rockledge Apartments (3) Floating 84 68,100 1.67% 7/1/2024 Atera Apartments (3) Floating 84 29,500 1.58% 11/1/2024 Crestmont Reserve (3) Floating 84 12,061 1.28% 10/1/2025 Brandywine I & II (3) Floating 84 43,835 1.28% 10/1/2025 Bella Vista (6) Floating 84 29,040 1.42% 2/1/2026 The Enclave (6) Floating 84 25,322 1.42% 2/1/2026 The Heritage (6) Floating 84 24,625 1.42% 2/1/2026 Summers Landing (7) Floating 84 10,109 1.28% 10/1/2025 Residences at Glenview Reserve (8) Floating 84 26,560 1.54% 10/1/2025 Residences at West Place (8) Fixed 120 33,817 4.24% 10/1/2028 Avant at Pembroke Pines (3) Floating 84 177,101 1.53% 9/1/2026 Arbors of Brentwood (3) Floating 84 34,237 1.53% 10/1/2026 Torreyana Apartments (6) Floating 84 37,400 1.80% 12/1/2026 Bloom (6) Floating 84 58,850 1.80% 12/1/2026 Bella Solara (6) Floating 84 36,575 1.80% 12/1/2026 Fairways at San Marcos (6) Floating 84 46,464 2.16% 12/1/2027 The Verandas at Lake Norman (9) Floating 84 34,925 1.88% 7/1/2028 Creekside at Matthews (9) Floating 84 31,900 1.88% 7/1/2028 $ 1,193,850 Fair market value adjustment 1,160 (10) Deferred financing costs, net of accumulated amortization of $4,303 (6,063 ) $ 1,188,947 Held For Sale Property Beechwood Terrace (3) Floating 84 23,365 1.54% 9/1/2025 Cedar Pointe (6) Floating 84 17,300 1.45% 9/1/2025 $ 40,665 Deferred financing costs, net of accumulated amortization of $127 (191 ) $ 40,474 (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 0.10050% and 30-Day Average Secured Overnight Financing Rate (“SOFR”) was 0.02733% as of June 30, 2021. Fairways at San Marcos, Verandas at Lake Norman, and Creekside at Matthews utilize 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) Starting in the 25 th th th ( 10 ) 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. The weighted average interest rate of the Company’s mortgage indebtedness was 1.79% as of June 30, 2021 and 1.83% as of December 31, 2020. The decrease between the periods is primarily related to a decrease in one-month LIBOR of approximately 4 basis points to 0.10050% as of June 30, 2021 from 0.14388% as of December 31, 2020. As of June 30, 2021, the adjusted weighted average interest rate of the Company’s mortgage indebtedness was 2.97%. 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 1.3461% for one-month LIBOR on its combined $1.2 billion notional amount of interest rate swap agreements, which effectively fix the interest rate on $1.2 billion of the Company’s floating rate 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 June 30, 2021, the Company believes it is in compliance with all provisions. Freddie Mac Multifamily Green Advantage . In order to obtain more favorable pricing on the Company’s mortgage debt financing with Freddie Mac, the Company decided to participate in Freddie Mac’s Multifamily Green Advantage program (the “Green Program”). As of June 30, 2021, the Company had 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 June 30, 2021 (dollars in thousands): Type Term Outstanding Principal Interest Rate (1) Maturity Date Corporate Credit Facility Floating 36 $ 250,000 2.50% 6/30/2024 Deferred financing costs, net of accumulated amortization of $0 (1,506 ) $ 248,494 (1) Interest rate is based on one-month LIBOR plus an applicable margin. One-month LIBOR as of June 30, 2021 was 0.10050%. Corporate Credit Facility . On June 30, 2021, we through our OP entered into a secured $250.0 million revolving and term credit facility with Truist Bank (“Truist”), as administrative agent, and the lenders from time to time party thereto (the “Corporate Credit Facility”). Subject to conditions provided in the Credit Facility, the Credit Facility may be increased up to an additional $100.0 million at the Company’s option if the lenders agree to increase their commitments. The Corporate Credit Facility will mature on June 30, 2024, unless the Company exercises its option to voluntarily and permanently reduce all of the commitments before the maturity date or elects to exercise its right and option to extend the facility for a one-year Additionally, on June 30, 2021, in connection with entering into the Corporate Credit Facility, the Company, through the OP, terminated its $225.0 million revolving credit facility with Truist, as administrative agent, and the lenders from party thereto, prior to the maturity date of January 28, 2022. Advances under the Corporate Credit Facility accrue interest at a per annum rate equal to, at the Company’s election, either LIBOR plus a margin of 1.90% to 2.40%, depending on the Company’s total leverage ratio, or a base rate determined according to the highest of (a) the prime rate, (b) the federal funds rate plus 0.50%, (c) LIBOR plus 1.0% or (d) 0.0% plus a margin of 0.90% to 1.40%, depending on the Company’s total leverage ratio. An unused commitment fee at a rate of 0.15% or 0.25%, depending on the outstanding aggregate revolving commitments, applies to unutilized borrowing capacity under the Corporate Credit Facility. Amounts owing under the Corporate Credit Facility may be prepaid at any time without premium or penalty. The Corporate Credit Facility is guaranteed by the Company and the obligations under the Credit Facility are, subject to some exceptions, secured by a continuing security interest in substantially all of the assets of the Company. 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. For the six months ended June 30, 2021 and 2020, the Company wrote-off deferred financing costs of approximately $0.3 million and $0.5 million, respectively, which is included in loss on extinguishment of debt and modification costs on the consolidated statements of operations and comprehensive income (loss). For the three months ended June 30, 2021 and 2020, amortization of deferred financing costs of approximately $0.5 million and $0.7 million, respectively, is included in interest expense on the consolidated statements of operations and comprehensive income (loss). For the six months ended June 30, 2021 and 2020, amortization of deferred financing costs of approximately $1.1 million and $1.4 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. 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. For the three months ended June 30, 2021 and 2020, the Company wrote-off deferred financing costs of approximately $0.3 million and $0.0 million, respectively, which is included in loss on extinguishment of debt and modification costs on the consolidated statements of operations and comprehensive income (loss). Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to June 30, 2021 are as follows (in thousands): Operating Properties Held For Sale Property Credit Facility Total 2021 $ 508 $ — $ — $ 508 2022 1,504 — — 1,504 2023 21,252 — — 21,252 2024 395,100 — 250,000 645,100 2025 205,230 40,665 — 245,895 Thereafter 570,256 — — 570,256 Total $ 1,193,850 $ 40,665 $ 250,000 $ 1,484,515

Fair Value of Derivative and Fi

Fair Value of Derivative and Financial Instruments	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value of Derivatives and Financial Instruments	7. Fair Value of Derivatives and Financial Instruments Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy): • Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3 inputs are the unobservable inputs for the asset or liability, which are typically based on an entity’s own assumption, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on input from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company utilizes independent third parties to perform the allocation of value analysis for each property acquisition and to perform the market valuations on its derivative financial instruments and has established policies, as described above, processes and procedures intended to ensure that the valuation methodologies for investments and derivative financial instruments are fair and consistent as of the measurement date. Derivative Financial Instruments and Hedging Activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company may enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash payments principally related to the Company’s borrowings. In order to minimize counterparty credit risk, the Company enters into and expects to enter into hedging arrangements only with major financial institutions that have high credit ratings. The Company utilizes an independent third party to perform the market valuations on its derivative financial instruments. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate caps are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both the Company’s own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of the Company’s derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with the Company’s derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has determined that the significance of the impact of the credit valuation adjustments made to its derivative contracts, which determination was based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all of the Company’s derivatives held as of June 30, 2021 and December 31, 2020 were classified as Level 2 of the fair value hierarchy. The Company’s main objective in using interest rate derivatives is to add stability to interest expense related to floating rate debt. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The interest rate swaps have terms ranging from four to five years. Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The interest rate caps have terms ranging from three to four years. During the six months ended June 30, 2021 and 2020, 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 $428.8 million of the Company’s floating rate mortgage indebtedness at a weighted average rate of 5.28% as of June 30, 2021. In order to fix a portion of, and mitigate the risk associated with, the Company’s floating rate indebtedness (without incurring substantial prepayment penalties or defeasance costs typically associated with fixed rate indebtedness when repaid early or refinanced), the Company, through the OP, has entered into nine interest rate swap transactions with KeyBank National Association (“KeyBank”) and two with Truist Bank (the “Counterparties”) with a combined notional amount of $1.2 billion which are effective as of June 30, 2021. 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 1.3461%. The Company has designated these interest rate swaps as cash flow hedges of interest rate risk. As of June 30, 2021, 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) 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 % June 1, 2021 September 1, 2026 KeyBank 200,000 0.8450 % June 1, 2021 September 1, 2026 KeyBank 200,000 0.9530 % $ 1,167,500 1.3461 % (2) (1) The floating rate option for the interest rate swaps is one-month LIBOR. As of June 30, 2021, one-month LIBOR was 0.10050%. (2) Represents the weighted average fixed rate of the interest rate swaps. As of June 30, 2021, 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): Effective Date Termination Date Counterparty Notional Amount Fixed Rate (1) March 1, 2022 March 1, 2025 Truist $ 145,000 0.5730 % March 1, 2022 March 1, 2025 Truist 105,000 0.6140 % September 1, 2026 January 1, 2027 KeyBank 92,500 1.7980 % $ 342,500 0.9164 % (2) (1) The floating rate option for the interest rate swaps is one-month LIBOR. As of June 30, 2021, one-month LIBOR was 0.10050%. (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 , or the Company has elected not to designate such derivatives as hedges. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in net income (loss) as interest expense. As of June 30, 2021 and 2020, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands): As of June 30, Number of Instruments Notional Amount 2021 16 $ 428,771 2020 15 $ 346,542 The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of June 30, 2021 and December 31, 2020 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ — $ — $ 17,010 $ 43,530 Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets 67 3 — — Total $ 67 $ 3 $ 17,010 $ 43,530 The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2021 and 2020 (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 2021 2020 OCI into income 2021 2020 Derivatives designated as hedging instruments: For the three months ended June 30, Interest rate products $ (8,551 ) $ (10,652 ) Interest expense $ (3,746 ) $ (2,606 ) For the six months ended June 30, Interest rate products $ 19,128 $ (60,583 ) Interest expense $ (7,409 ) $ (1,997 ) Location of gain (loss) Amount of gain (loss) recognized in income recognized in income 2021 2020 Derivatives not designated as hedging instruments: For the three months ended June 30, Interest rate products Interest expense $ 55 $ (13 ) For the six months ended June 30, Interest rate products Interest expense $ 43 $ 28 Other Financial Instruments Carried at Fair Value Redeemable noncontrolling interests in the OP have a redemption feature and are marked to their redemption value if such value exceeds the carrying value of the redeemable noncontrolling interests in the OP (see Note 10). The redemption value is based on the fair value of the Company’s common stock at the redemption date, and therefore, is calculated based on the fair value of the Company’s common stock at the balance sheet date. Since the valuation is based on observable inputs such as quoted prices for similar instruments in active markets, redeemable noncontrolling interests in the OP are classified as Level 2 if they are adjusted to their redemption value. Financial Instruments Not Carried at Fair Value At June 30, 2021 and December 31, 2020, 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 June 30, 2021 and December 31, 2020 (in thousands): June 30, 2021 June 30, 2020 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Fixed rate debt $ 69,678 $ 72,040 $ 70,443 $ 75,447 Floating rate debt (1) $ 1,414,837 $ 1,446,879 $ 1,306,057 $ 1,318,815 (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 six months ended June 30, 2021, the Company did not record any impairment charges related to real estate assets.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Stockholders' Equity	8. Stockholders’ Equity Common Stock During the six months ended June 30, 2021, the Company issued 132,970 shares of common stock pursuant to its long-term incentive plan (see “Long Term Incentive Plan” below) and no shares pursuant to its at-the-market offering (see “At-the-Market Offering” below). As of June 30, 2021, the Company had 25,149,927 shares of common stock, par value $0.01 per share, issued and outstanding. Share Repurchase Program On June 15, 2016, the Board authorized the Company to repurchase up to $30.0 million of its common stock, par value $0.01 per share, during a two-year Treasury Shares From time to time, in accordance with the Company’s Share Repurchase Program, the Company may repurchase shares of its common stock in the open market. Until any such shares are retired, the cost of the shares is included in common stock held in treasury at cost on the consolidated balance sheet. The number of shares of common stock classified as treasury shares reduces the number of shares of the Company’s common stock outstanding and, accordingly, are considered in the weighted average number of shares outstanding during the period. During the six months ended June 30, 2021 and 2020 , the Company retired zero and 1,644,697 shares of its common stock held in treasury. As of June 30, 2021 , the Company had no shares of common stock held in treasury. Long Term Incentive Plan On June 15, 2016, the Company’s stockholders approved a long-term incentive plan (the “2016 LTIP”) and the Company filed a registration statement on Form S-8 registering 2,100,000 shares of common stock, par value $0.01 per share, which the Company may issue pursuant to the 2016 LTIP. The 2016 LTIP authorizes the compensation committee of the Board to provide equity-based compensation in the form of stock options, appreciation rights, restricted shares, restricted stock units, performance shares, performance units and certain other awards denominated or payable in, or otherwise based on, the Company’s common stock or factors that may influence the value of the Company’s common stock, plus cash incentive awards, for the purpose of providing the Company’s directors, officers and other key employees (and those of the Adviser and the Company’s subsidiaries), the Company’s non-employee directors, and potentially certain non-employees who perform employee-type functions, incentives and rewards for performance. Restricted Stock Units Under the 2016 LTIP, restricted stock units may be granted to the Company’s directors, officers and other key employees (and those of the Adviser and the Company’s subsidiaries) and typically vest over a three to five-year 209,797 restricted stock units to its directors and officers. On March 16, 2017, pursuant to the 2016 LTIP, the Company granted 219,802 restricted stock units to its directors and officers. On February 15, 2018, pursuant to the 2016 LTIP, the Company granted 275,795 restricted stock units to its directors, officers, employees and certain key employees of the Adviser. On February 21, 2019, pursuant to the 2016 LTIP, the Company granted 186,662 restricted stock units to its directors, officers, employees and certain key employees of the Adviser. On February 20, 2020, pursuant to the 2016 LTIP, the Company granted 168,183 restricted stock units to its directors, officers, employees and certain key employees of the Adviser. On May 11, 2020, pursuant to the 2016 LTIP, the Company granted 116,852 restricted stock units to its directors, officers, employees and certain key employees of the Adviser. On February 18, 2021, pursuant to the 2016 LTIP, the Company granted 204,663 restricted stock units to its directors, officers, employees and certain key employees of the Adviser. The following table includes the number of restricted stock units granted, vested, forfeited and outstanding as of June 30, 2021: 2021 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 553,931 $ 36.83 Granted 204,663 41.43 Vested (167,444 ) (1) 34.18 Forfeited (5,496 ) 39.11 Outstanding June 30, 585,654 $ 39.18 (1) Certain key employees of the Adviser elected to net the taxes owed upon vesting against the shares issued resulting in 132,970 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 June 30, 2021: Shares Vesting February May Total 2022 179,168 21,839 201,007 2023 104,944 21,836 126,780 2024 104,944 21,834 126,778 2025 70,344 21,834 92,178 2026 38,911 — 38,911 Total 498,311 87,343 585,654 As of June 30, 2021, the Company had issued 692,129 shares of common stock under the 2016 LTIP. For the three months ended June 30, 2021 and 2020, the Company recognized approximately $1.8 million and $1.3 million, respectively, of equity-based compensation expense related to grants of restricted stock units. For the six months ended June 30, 2021 and 2020, the Company recognized approximately $3.4 million and $2.6 million, respectively, of equity-based compensation expense related to grants of restricted stock units. As of June 30, 2021, 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 could enter into forward sale agreements with each of Jefferies and Raymond James, or their respective affiliates, through the 2019 ATM Program. During the six months ended June 30, 2020 . On February 27, 2020, t Gross proceeds $ 28,000,000 Common shares issued 560,000 Gross average sale price per share $ 50.00 Sales commissions $ 420,000 Offering costs 331,143 Net proceeds 27,248,857 Average price per share, net $ 48.66 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 (together with Jefferies, Raymond James, KeyBanc and Truist, 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 . During the six months ended June 30, 2021, no shares were issued under 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 (1) 871,311 Net proceeds 30,202,067 Average price per share, net $ 42.05 (1) For the six months ended June 30, 2021, no common shares were issued, but the Company incurred offering costs in connection with the 2020 ATM Program

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2021
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 basis. The income (loss) allocable to such units is allocated on this same basis and reflected as net income (loss) attributable to redeemable noncontrolling interests in the OP in the accompanying consolidated statements of operations and comprehensive income (loss). As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings (loss) per share. See Note 10 for additional information. The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods presented (in thousands, except per share amounts): For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Numerator for earnings (loss) per share: Net income (loss) $ (3,418 ) $ (9,318 ) $ (10,318 ) $ 18,721 Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership (10 ) (28 ) (31 ) 56 Net income (loss) attributable to common stockholders $ (3,408 ) $ (9,290 ) $ (10,287 ) $ 18,665 Denominator for earnings (loss) per share: Weighted average common shares outstanding 25,140 24,307 25,104 24,847 Denominator for basic earnings (loss) per share 25,140 24,307 25,104 24,847 Weighted average unvested restricted stock units 613 503 596 483 Denominator for diluted earnings per share (1) 25,140 24,307 25,104 25,330 Earnings (loss) per weighted average common share: Basic $ (0.14 ) $ (0.38 ) $ (0.41 ) $ 0.75 Diluted $ (0.14 ) $ (0.38 ) $ (0.41 ) $ 0.74 (1) If the Company sustains a net loss for the period presented, unvested restricted stock units are not included in the diluted earnings per share calculation.

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	Jun. 30, 2021
Noncontrolling Interest [Abstract]
Noncontrolling Interests	10. Noncontrolling Interests Redeemable Noncontrolling Interests in the OP Interests in the OP held by limited partners are represented by OP Units. Net income (loss) is allocated to holders of OP Units based upon net income (loss) attributable to common stockholders and the weighted average number of OP Units outstanding to total common shares plus OP Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to OP Units in accordance with the terms of the partnership agreement of the OP. Each time the OP distributes cash to the Company, outside limited partners of the OP receive their pro-rata share of the distribution. On June 30, 2017, the Company and the OP entered into a contribution agreement with BH Equities, LLC and its affiliates (collectively, “BH Equity”), whereby the Company purchased 100% of the joint venture interests in the Portfolio owned by BH Equity, representing approximately 8.4% ownership in the Portfolio (the “BH Buyout”), for total consideration of approximately $51.7 million (the “Purchase Amount”). The Purchase Amount consisted of approximately $49.7 million in cash that was paid on June 30, 2017 and 73,233 OP Units (initially valued at $2.0 million) that were issued on August 1, 2017. The number of OP Units issued was calculated by dividing $2.0 million by the midpoint of the range of the Company’s net asset value as publicly disclosed in connection with the Company’s release of its second quarter of 2017 earnings results, which was $27.31 per share. In connection with the issuance of OP Units to BH Equity on August 1, 2017, the Company and the OP amended the partnership agreement of the OP (the “Amendment”). Pursuant to the Amendment, limited partners holding OP Units have the right to cause the OP to redeem their units at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the OP), provided that such OP Units have been outstanding for at least one year. The Company, through the OP GP, as the general partner of the OP may, in its sole discretion, purchase the OP Units by paying to the limited partner either the Cash Amount or the REIT Share Amount ( one share of common stock of the Company for each OP Unit), as defined in the partnership agreement of the OP. Notwithstanding the foregoing, a limited partner will not be entitled to exercise its redemption right to the extent the issuance of the Company’s common stock to the redeeming limited partner would (1) be prohibited, as determined in the Company’s sole discretion, under the Company’s charter or (2) cause the acquisition of common stock by such redeeming limited partner to be “integrated” with any other distribution of the Company’s common stock for purposes of complying with the Securities Act. Accordingly, the Company records the OP Units held by noncontrolling limited partners outside of permanent equity and reports the OP Units at the greater of their carrying value or their redemption value using the Company’s stock price at each balance sheet date. The following table sets forth the redeemable noncontrolling interests in the OP for the six months ended June 30, 2021 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2020 $ 3,098 Net loss attributable to redeemable noncontrolling interests in the OP (31 ) Other comprehensive income attributable to redeemable noncontrolling interests in the OP 80 Contributions from redeemable noncontrolling interests in the OP 6 Distributions to redeemable noncontrolling interests in the OP (52 ) Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 925 Redeemable noncontrolling interests in the OP, June 30, 2021 $ 4,026 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 three and six months ended June 30, 2021 and 2020 (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Fees incurred Property management fees (1) $ 1,510 $ 1,459 $ 2,989 $ 3,003 Construction supervision fees (2) 302 413 556 1,047 Design fees (2) 24 217 78 513 Acquisition fees (3) 275 — 275 — Reimbursements Payroll and benefits (4) 4,819 4,298 9,057 8,656 Other reimbursements (5) 857 708 1,682 1,685 (1) Included in property management fees on the consolidated statements of operations and comprehensive income (loss). (2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Includes due diligence costs. Acquisition fees are capitalized to real estate assets on the consolidated balance sheets. (4) Included in property operating expenses on the consolidated statements of operations and comprehensive income (loss). (5) Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the consolidated statements of operations and comprehensive income (loss).

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	11. Related Party Transactions Advisory and Administrative Fee In accordance with the Advisory Agreement, the Company pays the Adviser an advisory fee equal to 1.00% of the Average Real Estate Assets (as defined below). The duties performed by the Company’s Adviser under the terms of the Advisory Agreement include, but are not limited to: providing daily management for the Company, selecting and working with third party service providers, managing the Company’s properties or overseeing the third party property manager, formulating an investment strategy for the Company and selecting suitable properties and investments, managing the Company’s outstanding debt and its interest rate exposure through derivative instruments, determining when to sell assets, and managing the value-add program or overseeing a third party vendor that implements the value-add program. “Average Real Estate Assets” means the average of the aggregate book value of Real Estate Assets before reserves for depreciation or other non-cash reserves, computed by taking the average of the book value of real estate assets at the end of each month (1) for which any fee under the Advisory Agreement is calculated or (2) during the year for which any expense reimbursement under the Advisory Agreement is calculated. “Real Estate Assets” is defined broadly in the Advisory Agreement to include, among other things, investments in real estate-related securities and mortgages and reserves for capital expenditures (the value-add program). The advisory fee is payable monthly in arrears in cash, unless the Adviser elects, in its sole discretion, to receive all or a portion of the advisory fee in shares of common stock, subject to certain limitations. In accordance with the Advisory Agreement, the Company also pays the Adviser an administrative fee equal to 0.20% of the Average Real Estate Assets. The administrative fee is payable monthly in arrears in cash, unless the Adviser elects, in its sole discretion, to receive all or a portion of the administrative fee in shares of common stock, subject to certain limitations. The advisory and administrative fees paid to the Adviser on the Contributed Assets (as defined in the Advisory Agreement) are subject to an annual cap of approximately $5.4 million (the “Contributed Assets Cap”) (see “Expense Cap” below). Pursuant to the terms of the Advisory Agreement, the Company will reimburse the Adviser for all documented Operating Expenses and Offering Expenses it incurs on behalf of the Company. “Operating Expenses” include legal, accounting, financial and due diligence services performed by the Adviser that outside professionals or outside consultants would otherwise perform, the Company’s pro rata share of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the Adviser required for the Company’s operations, and compensation expenses under the 2016 LTIP. Operating Expenses do not include expenses for the advisory and administrative services described in the Advisory Agreement. Certain Operating Expenses, such as the Company’s ratable share of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses incurred by the Adviser or its affiliates that relate to the operations of the Company, may be billed monthly to the Company under a shared services agreement. “Offering Expenses” include all expenses (other than underwriters’ discounts) in connection with an offering, including, without limitation, legal, accounting, printing, mailing and filing fees and other documented offering expenses. For the six months ended June 30, 2021 and 2020 , the Adviser did not bill any Operating Expenses or Offering Expenses to the Company and any such expenses the Adviser incurred during the periods are considered to be permanently waived. Expense Cap Pursuant to the terms of the Advisory Agreement, expenses paid or incurred by the Company for advisory and administrative fees payable to the Adviser and Operating Expenses will not exceed 1.5% of Average Real Estate Assets per calendar year (or part thereof that the Advisory Agreement is in effect (the “Expense Cap”)). The Expense Cap does not limit the reimbursement of expenses related to Offering Expenses. The Expense Cap also does not apply to legal, accounting, financial, due diligence and other service fees incurred in connection with mergers and acquisitions, extraordinary litigation or other events outside the Company’s ordinary course of business or any out-of-pocket acquisitions or due diligence expenses incurred in connection with the acquisition or disposition of real estate assets. Also, advisory and administrative fees are further limited on Contributed Assets to approximately $5.4 million in any calendar year. Contributed Assets refers to all Real Estate Assets contributed to the Company as part of its spin-off. The Contributed Assets Cap is not reduced for dispositions of such assets subsequent to its spin-off. Advisory and administrative fees on New Assets are not subject to the above limitation and are based on an annual rate of 1.2% on Average Real Estate Assets, but are subject to the Expense Cap. New Assets are all Real Estate Assets that are not Contributed Assets. For the three months ended June 30, 2021 and 2020, the Company incurred advisory and administrative fees of $1.9 million and $1.9 million, respectively. For the three months ended June 30, 2021 and 2020, the Adviser elected to voluntarily waive the advisory and administrative fees of $4.1 million and $3.8 million, respectively, and are considered to be permanently waived. For the six months ended June 30, 2021 and 2020, the Company incurred advisory and administrative fees of $3.8 million and $3.8 million, respectively. For the six months ended June 30, 2021 and 2020, the Adviser elected to voluntarily waive the advisory and administrative fees of $8.1 million and $7.7 million, respectively, and are considered to be permanently waived. The Adviser is not contractually obligated to waive fees on New Assets in the future and may cease waiving fees on New Assets at its discretion. Other Related Party Transactions The Company has in the past, and may in the future, utilize the services of affiliated parties. For the six months ended June 30, 2021 and 2020, the Company paid approximately $0.0 million and $0.1 million, respectively, to NexBank Title, Inc. (“NexBank Title”). NexBank Title is an affiliate of the Adviser through common beneficial ownership. NexBank Title provides title insurance and work related to providing title insurance on properties related to acquisitions, dispositions and refinancing transactions. These amounts are either capitalized as real estate assets or deferred financing costs, expensed as loss on extinguishment of debt and modification costs, or expensed as selling costs when determining gain (loss) on sales of real estate, depending on the appropriate accounting as determined for each specific transaction.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Commitments In the normal course of business, the Company enters into various rehabilitation construction related purchase commitments with parties that provide these goods and services. In the event the Company were to terminate rehabilitation construction services prior to the completion of projects, the Company could potentially be committed to satisfy outstanding or uncompleted purchase orders with such parties. As of June 30, 2021, 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. There can be no assurance that 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 On March 1, 2021, the Adviser entered into a new policy resulting in a new aggregate amount of $2,468,750 (the “2021 Aggregate Amount”) which is allocated across properties managed by the Adviser with approximately $1.6 million being allocated to the Company. As of June 30, 2021, all of the $1.6 million of the 2021 Aggregate Amount allocated to the Company has been funded. Under ASC 450-20 “Loss Contingencies”, the Company does not reserve for the 2021 Aggregate Amount or any portion thereof until a claim is made and the amount of the claim and the timing of payment on the claim can be reasonably estimated. For the period from March 1, 2021 to June 30, 2021, the Company did not fund any claims under the 2021 Aggregate Amount

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events Dividends Declared On July 26, 2021, the Company’s Board declared a quarterly dividend of $0.34125 per share, payable on September 30, 2021 to stockholders of record on September 15, 2021. Internet Service Provider On July 30, 2021, three of our property-owning subsidiaries entered into agreements, in the form of Exhibit 10.1, with NLMF Holdco, LLC, an entity under common control with our Adviser and in which we own a 10% equity interest. Additionally, on July 30, 2021, we entered into agreements, in the form of Exhibit 10.2, with NLMF Leaseco, LLC, which is controlled by Matt McGraner, one of our officers. We expect that these actions will provide faster, more reliable and lower cost internet to our residents. We expect to roll out this service to our other properties in the future. The foregoing description does not purport to be complete and is qualified in its entirety by the form agreements, which are attached hereto as Exhibit 10.1 and Exhibit 10.2 and are incorporated herein by reference.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying unaudited consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes to the Company’s significant accounting policies during the six months ended June 30, 2021. 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. The accompanying unaudited consolidated financial statements have been prepared according to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of June 30, 2021 and December 31, 2020 and results of operations for the three and six months ended June 30, 2021 and 2020 have been included. Such adjustments are normal and recurring in nature. The unaudited information included in this quarterly report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2020 and notes thereto included in its Annual Report on Form 10-K filed with the SEC on February 22, 2021.
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 collectable. 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 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 leasing commissions, legal and other related costs, which the Company, as buyer of the property, did not have to incur to obtain the residents. If any debt is assumed in an acquisition, the difference between the fair value, which is estimated using inputs that are classified within Level 2 of the fair value hierarchy, and the face value of debt is recorded as a premium or discount and amortized as interest expense over the life of the debt assumed. Real estate assets, including land, buildings, improvements, furniture, fixtures and equipment, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months Construction in progress includes the cost of renovation projects being performed at the various properties. Once a project is complete, the historical cost of the renovation is placed into service in one of the categories above depending on the type of renovation project and is depreciated over the estimated useful lives as described in the table above.
Impairment	Impairment Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The key inputs into our impairment analysis include, but are not limited to, the holding period, net operating income, and capitalization rates. In such cases, the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. The Company’s impairment analysis identifies and evaluates events or changes in circumstances that indicate the carrying amount of a real estate investment may not be recoverable, including determining the period the Company will hold the rental property, net operating income, and the estimated capitalization rate for each respective real estate investment. As of June 30, 2021, the Company has not recorded any impairment on its real estate assets. However, we continue to monitor the impact of COVID-19 (see “–Coronavirus (“COVID-19”)” for additional information, below).
Held-for-Sale	Held for Sale The Company periodically classifies real estate assets as held for sale when certain criteria are met in accordance with GAAP. At that time, the Company presents the net real estate assets and the net debt associated with the real estate held for sale separately in its consolidated balance sheet, and the Company ceases recording depreciation and amortization expense related to that property. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell. As of June 30, 2021, there are two properties classified as held for sale. Held for sale assets on the consolidated balance sheet included approximately $0.2 million of accounts receivable and prepaid and other assets, and approximately $0.8 million of accounts payable, real estate taxes payable, security deposits, prepaid rents, and other accrued liabilities.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and expects to continue to qualify as a REIT. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute annually at least 90% of its “REIT taxable income,” as defined by the Code, to its stockholders. As a REIT, the Company will be subject to federal income tax on its undistributed REIT taxable income and net capital gain and to a 4% nondeductible excise tax on any amount by which distributions it pays with respect to any calendar year are less than the sum of (1) 85% of its ordinary income, (2) 95% of its capital gain net income and (3) 100% of its undistributed income from prior years. The Company intends to operate in such a manner so as to qualify as a REIT, but no assurance can be given that the Company will operate in a manner so as to qualify as a REIT. Taxable income from certain non-REIT activities is managed through a TRS and is subject to applicable federal, state, and local income and margin taxes. The Company had no significant taxes associated with its TRS for the six months ended June 30, 2021 and 2020. If the Company fails to meet these requirements, it could be subject to federal income tax on all of the Company’s taxable income at regular corporate rates for that year. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. As of June 30, 2021 , the Company believes it is in compliance with all applicable REIT requirements. The Company evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” (greater than 50 percent probability) of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. The Company’s management is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Company has no examinations in progress and none are expected at this time. The Company recognizes its tax positions and evaluates them using a two-step process. First, the Company determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. The Company had no material unrecognized tax benefit or expense, accrued interest or penalties as of June 30, 2021. The Company and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The 2020, 2019 and 2018 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 Accounting Pronouncements In March 2020 Reference Rate Reform
Coronavirus ("COVID-19")	Coronavirus (“COVID-19”) As a result of the COVID-19 pandemic, the Company may experience difficulties collecting monthly rent on time, leasing additional apartment units and/or renewing leases with existing tenants, selling or purchasing properties and accessing debt and equity capital on attractive terms, or at all. To date, the Company has not been materially impacted by the COVID-19 pandemic and will continue to monitor the impact of the COVID-19 pandemic on all aspects of its business. As of June 30, 2021, 3,630 residents were on payment plans due to the COVID-19 pandemic for a total of approximately $5.8 million in rent. For additional information regarding the risks to the Company related to the COVID-19 pandemic, or any other future pandemic, see Item 1A, Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2020.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Estimated Useful Lives of Assets	Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months

Investments in Subsidiaries (Ta

Investments in Subsidiaries (Tables)	6 Months Ended
	Jun. 30, 2021
Schedule Of Investments [Abstract]
Schedule of Ownership in Each Property	As of June 30, 2021, the Company, through the OP and the wholly owned TRS, owned 39 properties through SPEs. The following table represents the Company’s ownership in each property by virtue of its 100% ownership of the SPEs that directly own the title to each property as of June 30, 2021 and December 31, 2020: Effective Ownership Percentage at Property Name Location Year June 30, 2021 December 31, 2020 Arbors on Forest Ridge Bedford, Texas 2014 100 % 100 % Cutter's Point Richardson, Texas 2014 100 % 100 % Silverbrook Grand Prairie, Texas 2014 100 % 100 % Beechwood Terrace (1) Antioch, Tennessee 2014 100 % 100 % The Summit at Sabal Park Tampa, Florida 2014 100 % 100 % Courtney Cove Tampa, Florida 2014 100 % 100 % Radbourne Lake Charlotte, North Carolina 2014 100 % 100 % Timber Creek Charlotte, North Carolina 2014 100 % 100 % Sabal Palm at Lake Buena Vista Orlando, Florida 2014 100 % 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 (1) Antioch, Tennessee 2018 100 % 100 % Crestmont Reserve Dallas, Texas 2018 100 % 100 % Brandywine I & II Nashville, Tennessee 2018 100 % 100 % Bella Vista Phoenix, Arizona 2019 100 % 100 % The Enclave Tempe, Arizona 2019 100 % 100 % The Heritage Phoenix, Arizona 2019 100 % 100 % Summers Landing Fort Worth, Texas 2019 100 % 100 % Residences at Glenview Reserve Nashville, Tennessee 2019 100 % 100 % Residences at West Place 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 (3) Las Vegas, Nevada 2019 100 % 100 % Bloom (3) Las Vegas, Nevada 2019 100 % 100 % Bella Solara (3) Las Vegas, Nevada 2019 100 % 100 % Fairways at San Marcos Chandler, AZ 2020 100 % 100 % The Verandas at Lake Norman (4) Charlotte, North Carolina 2021 100 % 0 % (5) Creekside at Matthews (4) Charlotte, North Carolina 2021 100 % 0 % (5) (1) Property was classified as held for sale as of June 30, 2021. (2) Formerly known as The Colonnade. (3) 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 . (4) The EAT that directly owned The Verandas at Lake Norman and Creekside at Matthews was consolidated as a VIE at June 30, 2021 giving the Company an effective 100% ownership interest. Legal title will transfer to the Company upon completion of the reverse 1031 Exchange or December 28, 2021, whichever comes first. Upon the transfer of title, the EAT that directly owned these properties will no longer be considered a VIE. (5) Properties were acquired in 2021; therefore, no ownership as of December 31, 2020.

Real Estate Investments Stati_2

Real Estate Investments Statistics (Tables)	6 Months Ended
	Jun. 30, 2021
Multifamily Properties
Business Acquisition [Line Items]
Summary of Investment in Multifamily Properties	As of June 30, 2021, the Company was invested in a total of 39 multifamily properties, as listed below: Average Effective Monthly Rent Per Unit (1) as of % Occupied (2) as of Property Name Rentable Square Footage (in thousands) Number of Units (3) Date Acquired June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Arbors on Forest Ridge 155 210 1/31/2014 $ 926 $ 917 98.1 % 94.3 % Cutter's Point 198 196 1/31/2014 1,257 1,112 100.0 % 95.0 % Silverbrook 526 642 1/31/2014 970 926 95.8 % 94.9 % Beechwood Terrace (4) 272 300 7/21/2014 986 947 96.3 % 95.7 % The Summit at Sabal Park 205 252 8/20/2014 1,069 1,033 96.8 % 96.0 % Courtney Cove 225 324 8/20/2014 983 946 97.2 % 93.5 % Radbourne Lake 247 225 9/30/2014 1,137 1,137 96.9 % 89.8 % Timber Creek 248 352 9/30/2014 972 949 96.4 % 93.5 % Sabal Palm at Lake Buena Vista 371 400 11/5/2014 1,267 1,259 96.5 % 95.0 % Cornerstone 318 430 1/15/2015 1,081 1,056 95.8 % 91.2 % The Preserve at Terrell Mill 692 752 2/6/2015 1,048 1,006 95.1 % 95.5 % Versailles 301 388 2/26/2015 948 925 93.8 % 94.3 % Seasons 704 Apartments 217 222 4/15/2015 1,269 1,209 98.2 % 98.6 % Madera Point 193 256 8/5/2015 1,009 980 98.0 % 93.8 % Venue at 8651 289 333 10/30/2015 967 933 96.7 % 93.4 % Parc500 266 217 7/27/2016 1,385 1,340 97.7 % 97.7 % The Venue on Camelback 256 415 10/11/2016 852 821 95.2 % 93.7 % Old Farm 697 734 12/29/2016 1,132 1,133 93.6 % 92.1 % Stone Creek at Old Farm 186 190 12/29/2016 1,177 1,194 97.8 % 92.1 % Hollister Place 246 260 2/1/2017 996 1,007 98.6 % 91.2 % Rockledge Apartments 802 708 6/30/2017 1,309 1,261 96.0 % 95.5 % Atera Apartments 334 380 10/25/2017 1,248 1,247 95.5 % 92.1 % Cedar Pointe (4) 224 210 8/24/2018 1,104 1,075 96.7 % 96.2 % Crestmont Reserve 199 242 9/26/2018 890 895 95.5 % 98.8 % Brandywine I & II 414 632 9/26/2018 953 960 97.2 % 94.3 % Bella Vista 243 248 1/28/2019 1,342 1,320 98.0 % 95.6 % The Enclave 194 204 1/28/2019 1,380 1,355 99.0 % 97.5 % The Heritage 199 204 1/28/2019 1,340 1,298 95.6 % 94.1 % Summers Landing 139 196 6/7/2019 968 941 97.4 % 95.9 % Residences at Glenview Reserve 344 360 7/17/2019 1,006 993 95.3 % 92.8 % Residences at West Place 345 342 7/17/2019 1,226 1,214 96.5 % 90.1 % Avant at Pembroke Pines 1,442 1,520 8/30/2019 1,565 1,515 95.4 % 94.4 % Arbors of Brentwood 325 346 9/10/2019 1,206 1,194 95.7 % 91.3 % Torreyana Apartments 309 315 11/22/2019 1,229 1,184 99.4 % 93.0 % Bloom 498 528 11/22/2019 1,182 1,120 93.6 % 94.1 % Bella Solara 271 320 11/22/2019 1,157 1,128 95.3 % 91.6 % Fairways at San Marcos 340 352 11/2/2020 1,312 1,232 95.7 % 96.0 % The Verandas at Lake Norman 241 264 6/30/2021 1,120 — (5) 98.5 % — (5) Creekside at Matthews 263 240 6/30/2021 1,271 — (5) 97.9 % — (5) 13,234 14,709 (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of June 30, 2021 and December 31, 2020, respectively, minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of June 30, 2021 and December 31, 2020, respectively. (2) Percent occupied is calculated as the number of units occupied as of June 30, 2021 and December 31, 2020, divided by the total number of units, expressed as a percentage. (3) Includes 249 down units due to casualty events as of June 30, 2021 (see Note 5). (4) Property classified as held for sale as of June 30, 2021. (5) Properties were acquired in 2021.

Real Estate Investments (Tables

Real Estate Investments (Tables)	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
Summary of Major Components of Investments in Multifamily Properties	As of June 30, 2021, 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 $ 11,689 $ — $ 37 $ 1,725 $ 15,781 Cutter's Point 3,330 13,318 — 3,269 2,053 21,970 Silverbrook 4,860 27,302 — 43 5,321 37,526 The Summit at Sabal Park 5,770 13,763 — — 1,890 21,423 Courtney Cove 5,880 13,942 — 312 2,265 22,399 Radbourne Lake 2,440 22,733 — — 2,272 27,445 Timber Creek 11,260 13,261 — 48 3,611 28,180 Sabal Palm at Lake Buena Vista 7,580 42,415 — 2 2,563 52,560 Cornerstone 1,500 30,808 — — 3,534 35,842 The Preserve at Terrell Mill 10,170 52,079 — 777 8,121 71,147 Versailles 6,720 21,776 — 4 3,939 32,439 Seasons 704 Apartments 7,480 14,546 — — 1,914 23,940 Madera Point 4,920 17,973 — — 2,432 25,325 Venue at 8651 2,350 16,695 — 407 3,654 23,106 Parc500 3,860 21,054 — 9 3,989 28,912 The Venue on Camelback 8,340 38,216 — 17 2,907 49,480 Old Farm 11,078 70,817 — 128 3,643 85,666 Stone Creek at Old Farm 3,493 19,363 — 115 828 23,799 Hollister Place 2,782 21,152 — 386 2,645 26,965 Rockledge Apartments 17,451 97,020 — 169 5,550 120,190 Atera Apartments 22,371 36,736 — 915 2,261 62,283 Crestmont Reserve 4,124 21,048 — — 1,454 26,626 Brandywine I & II 6,237 73,668 — — 4,536 84,441 Bella Vista 10,942 36,856 — 74 2,440 50,312 The Enclave 11,046 30,336 — 38 2,127 43,547 The Heritage 6,835 34,808 — — 2,079 43,722 Summers Landing 1,798 18,047 — 3 708 20,556 Residences at Glenview Reserve 3,367 42,267 — (15 ) 2,041 47,660 Residences at West Place 3,345 51,963 — 246 1,324 56,878 Avant at Pembroke Pines 48,434 274,974 — 1,752 9,644 334,804 Arbors of Brentwood 6,346 55,886 — — 1,829 64,061 Torreyana Apartments 23,824 43,612 — 30 1,212 68,678 Bloom 23,805 82,238 — 166 2,166 108,375 Bella Solara 12,605 53,306 — 27 1,513 67,451 Fairways at San Marcos 10,993 72,048 — 528 1,248 84,817 The Verandas at Lake Norman 9,510 52,758 971 — 541 63,780 Creekside at Matthews 11,515 45,250 1,001 — 490 58,256 340,691 1,605,723 1,972 9,487 102,469 2,060,342 Accumulated depreciation and amortization — (172,804 ) — — (70,148 ) (242,952 ) Total Operating Properties $ 340,691 $ 1,432,919 $ 1,972 $ 9,487 $ 32,321 $ 1,817,390 Held For Sale Properties Beechwood Terrace 1,390 22,281 — — 2,905 26,576 Cedar Pointe 2,372 24,284 — — 1,646 28,302 Accumulated depreciation and amortization — (7,537 ) — — (3,491 ) (11,028 ) Total Held For Sale Properties $ 3,762 $ 39,028 $ — $ — $ 1,060 $ 43,850 Total $ 344,453 $ 1,471,947 $ 1,972 $ 9,487 $ 33,381 $ 1,861,240 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
Summary of Acquired Properties	The Company acquired two properties during the six months ended June 30, 2021, as detailed in the table below (dollars in thousands). There were no acquisitions of real estate during the six months ended June 30, 2020. Property Name Location Date of Acquisition Purchase Price Mortgage Debt # Units Effective Ownership The Verandas at Lake Norman Charlotte, North Carolina June 30, 2021 $ 63,500 $ 34,925 264 100 % Creekside at Matthews Charlotte, North Carolina June 30, 2021 58,000 31,900 240 100 % $ 121,500 $ 66,825 504

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Summary of Mortgage Debt of Company and Encumbers Multifamily Properties	The following table contains summary information concerning the mortgage debt of the Company as of June 30, 2021 (dollars in thousands): Operating Properties Type Term Outstanding Principal (1) Interest Rate (2) Maturity Date Arbors on Forest Ridge (3) Floating 84 $ 13,130 1.78% 7/1/2024 Cutter's Point (3) Floating 84 16,640 1.78% 7/1/2024 Silverbrook (3) Floating 84 30,590 1.78% 7/1/2024 The Summit at Sabal Park (3) Floating 84 13,560 1.72% 7/1/2024 Courtney Cove (3) Floating 84 13,680 1.72% 7/1/2024 The Preserve at Terrell Mill (3) Floating 84 42,480 1.72% 7/1/2024 Versailles (3) Floating 84 23,880 1.72% 7/1/2024 Seasons 704 Apartments (3) Floating 84 17,460 1.72% 7/1/2024 Madera Point (3) Floating 84 15,150 1.72% 7/1/2024 Venue at 8651 (3) Floating 84 13,734 1.88% 7/1/2024 The Venue on Camelback (3) Floating 84 28,093 1.78% 7/1/2024 Old Farm (3) Floating 84 52,886 1.78% 7/1/2024 Stone Creek at Old Farm (3) Floating 84 15,274 1.78% 7/1/2024 Timber Creek (3) Floating 84 24,100 1.36% 10/1/2025 Radbourne Lake (3) Floating 84 20,000 1.39% 10/1/2025 Sabal Palm at Lake Buena Vista (3) Floating 84 42,100 1.40% 9/1/2025 Cornerstone (4) Fixed 120 21,052 4.24% 3/1/2023 Parc500 (5) Fixed 120 14,809 4.49% 8/1/2025 Hollister Place (3) Floating 84 14,811 1.44% 10/1/2025 Rockledge Apartments (3) Floating 84 68,100 1.67% 7/1/2024 Atera Apartments (3) Floating 84 29,500 1.58% 11/1/2024 Crestmont Reserve (3) Floating 84 12,061 1.28% 10/1/2025 Brandywine I & II (3) Floating 84 43,835 1.28% 10/1/2025 Bella Vista (6) Floating 84 29,040 1.42% 2/1/2026 The Enclave (6) Floating 84 25,322 1.42% 2/1/2026 The Heritage (6) Floating 84 24,625 1.42% 2/1/2026 Summers Landing (7) Floating 84 10,109 1.28% 10/1/2025 Residences at Glenview Reserve (8) Floating 84 26,560 1.54% 10/1/2025 Residences at West Place (8) Fixed 120 33,817 4.24% 10/1/2028 Avant at Pembroke Pines (3) Floating 84 177,101 1.53% 9/1/2026 Arbors of Brentwood (3) Floating 84 34,237 1.53% 10/1/2026 Torreyana Apartments (6) Floating 84 37,400 1.80% 12/1/2026 Bloom (6) Floating 84 58,850 1.80% 12/1/2026 Bella Solara (6) Floating 84 36,575 1.80% 12/1/2026 Fairways at San Marcos (6) Floating 84 46,464 2.16% 12/1/2027 The Verandas at Lake Norman (9) Floating 84 34,925 1.88% 7/1/2028 Creekside at Matthews (9) Floating 84 31,900 1.88% 7/1/2028 $ 1,193,850 Fair market value adjustment 1,160 (10) Deferred financing costs, net of accumulated amortization of $4,303 (6,063 ) $ 1,188,947 Held For Sale Property Beechwood Terrace (3) Floating 84 23,365 1.54% 9/1/2025 Cedar Pointe (6) Floating 84 17,300 1.45% 9/1/2025 $ 40,665 Deferred financing costs, net of accumulated amortization of $127 (191 ) $ 40,474 (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 0.10050% and 30-Day Average Secured Overnight Financing Rate (“SOFR”) was 0.02733% as of June 30, 2021. Fairways at San Marcos, Verandas at Lake Norman, and Creekside at Matthews utilize 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) Starting in the 25 th th th ( 10 ) 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.
Schedule of Credit Facility	The following table contains summary information concerning the Company’s credit facility as of June 30, 2021 (dollars in thousands): Type Term Outstanding Principal Interest Rate (1) Maturity Date Corporate Credit Facility Floating 36 $ 250,000 2.50% 6/30/2024 Deferred financing costs, net of accumulated amortization of $0 (1,506 ) $ 248,494 (1) Interest rate is based on one-month LIBOR plus an applicable margin. One-month LIBOR as of June 30, 2021 was 0.10050%.
Schedule of Debt Maturities	Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to June 30, 2021 are as follows (in thousands): Operating Properties Held For Sale Property Credit Facility Total 2021 $ 508 $ — $ — $ 508 2022 1,504 — — 1,504 2023 21,252 — — 21,252 2024 395,100 — 250,000 645,100 2025 205,230 40,665 — 245,895 Thereafter 570,256 — — 570,256 Total $ 1,193,850 $ 40,665 $ 250,000 $ 1,484,515

Fair Value of Derivative and _2

Fair Value of Derivative and Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Summary of Company's Outstanding Interest Rate Swaps	As of June 30, 2021, 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) 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 % June 1, 2021 September 1, 2026 KeyBank 200,000 0.8450 % June 1, 2021 September 1, 2026 KeyBank 200,000 0.9530 % $ 1,167,500 1.3461 % (2) (1) The floating rate option for the interest rate swaps is one-month LIBOR. As of June 30, 2021, one-month LIBOR was 0.10050%. (2) Represents the weighted average fixed rate of the interest rate swaps. As of June 30, 2021, 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): Effective Date Termination Date Counterparty Notional Amount Fixed Rate (1) March 1, 2022 March 1, 2025 Truist $ 145,000 0.5730 % March 1, 2022 March 1, 2025 Truist 105,000 0.6140 % September 1, 2026 January 1, 2027 KeyBank 92,500 1.7980 % $ 342,500 0.9164 % (2) (1) The floating rate option for the interest rate swaps is one-month LIBOR. As of June 30, 2021, one-month LIBOR was 0.10050%. (2) Represents the weighted average fixed rate of the interest rate swaps.
Schedule of Outstanding Interest Rate Derivatives	As of June 30, 2021 and 2020, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands): As of June 30, Number of Instruments Notional Amount 2021 16 $ 428,771 2020 15 $ 346,542
Summary of Derivative Financial Instruments and Classification on the Consolidated Balance Sheet	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of June 30, 2021 and December 31, 2020 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ — $ — $ 17,010 $ 43,530 Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets 67 3 — — Total $ 67 $ 3 $ 17,010 $ 43,530
Summary of Derivative Financial Instruments on Consolidated Statements of Operations and Comprehensive Income (Loss)	The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2021 and 2020 (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 2021 2020 OCI into income 2021 2020 Derivatives designated as hedging instruments: For the three months ended June 30, Interest rate products $ (8,551 ) $ (10,652 ) Interest expense $ (3,746 ) $ (2,606 ) For the six months ended June 30, Interest rate products $ 19,128 $ (60,583 ) Interest expense $ (7,409 ) $ (1,997 ) Location of gain (loss) Amount of gain (loss) recognized in income recognized in income 2021 2020 Derivatives not designated as hedging instruments: For the three months ended June 30, Interest rate products Interest expense $ 55 $ (13 ) For the six months ended June 30, Interest rate products Interest expense $ 43 $ 28
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 June 30, 2021 and December 31, 2020 (in thousands): June 30, 2021 June 30, 2020 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Fixed rate debt $ 69,678 $ 72,040 $ 70,443 $ 75,447 Floating rate debt (1) $ 1,414,837 $ 1,446,879 $ 1,306,057 $ 1,318,815 (1) Includes balances outstanding under our Corporate Credit Facility.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2021
Class Of Stock [Line Items]
Summary of Restricted Stock Units	The following table includes the number of restricted stock units granted, vested, forfeited and outstanding as of June 30, 2021: 2021 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 553,931 $ 36.83 Granted 204,663 41.43 Vested (167,444 ) (1) 34.18 Forfeited (5,496 ) 39.11 Outstanding June 30, 585,654 $ 39.18 (1) Certain key employees of the Adviser elected to net the taxes owed upon vesting against the shares issued resulting in 132,970 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 during the year ended December 31, 2020: Gross proceeds $ 28,000,000 Common shares issued 560,000 Gross average sale price per share $ 50.00 Sales commissions $ 420,000 Offering costs 331,143 Net proceeds 27,248,857 Average price per share, net $ 48.66 Gross proceeds $ 31,546,577 Common shares issued 718,306 Gross average sale price per share $ 43.92 Sales commissions $ 473,199 Offering costs (1) 871,311 Net proceeds 30,202,067 Average price per share, net $ 42.05 (1) For the six months ended June 30, 2021, no common shares were issued, but the Company incurred offering costs in connection with the 2020 ATM Program
2016 LTIP
Class Of Stock [Line Items]
Summary of Vesting of Restricted Stock Units	The following table contains information regarding the vesting of restricted stock units under the 2016 LTIP for the next five calendar years subsequent to June 30, 2021: Shares Vesting February May Total 2022 179,168 21,839 201,007 2023 104,944 21,836 126,780 2024 104,944 21,834 126,778 2025 70,344 21,834 92,178 2026 38,911 — 38,911 Total 498,311 87,343 585,654

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share	The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods presented (in thousands, except per share amounts): For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Numerator for earnings (loss) per share: Net income (loss) $ (3,418 ) $ (9,318 ) $ (10,318 ) $ 18,721 Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership (10 ) (28 ) (31 ) 56 Net income (loss) attributable to common stockholders $ (3,408 ) $ (9,290 ) $ (10,287 ) $ 18,665 Denominator for earnings (loss) per share: Weighted average common shares outstanding 25,140 24,307 25,104 24,847 Denominator for basic earnings (loss) per share 25,140 24,307 25,104 24,847 Weighted average unvested restricted stock units 613 503 596 483 Denominator for diluted earnings per share (1) 25,140 24,307 25,104 25,330 Earnings (loss) per weighted average common share: Basic $ (0.14 ) $ (0.38 ) $ (0.41 ) $ 0.75 Diluted $ (0.14 ) $ (0.38 ) $ (0.41 ) $ 0.74 (1) If the Company sustains a net loss for the period presented, unvested restricted stock units are not included in the diluted earnings per share calculation.

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	6 Months Ended
	Jun. 30, 2021
Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interests	The following table sets forth the redeemable noncontrolling interests in the OP for the six months ended June 30, 2021 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2020 $ 3,098 Net loss attributable to redeemable noncontrolling interests in the OP (31 ) Other comprehensive income attributable to redeemable noncontrolling interests in the OP 80 Contributions from redeemable noncontrolling interests in the OP 6 Distributions to redeemable noncontrolling interests in the OP (52 ) Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 925 Redeemable noncontrolling interests in the OP, June 30, 2021 $ 4,026
Summary of Fees Incurred to BH And Its Affiliates As Well As Reimbursements Paid to BH	The following is a summary of fees that the properties incurred to BH and its affiliates, as well as reimbursements paid to BH from the properties for various operating expenses, for the three and six months ended June 30, 2021 and 2020 (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Fees incurred Property management fees (1) $ 1,510 $ 1,459 $ 2,989 $ 3,003 Construction supervision fees (2) 302 413 556 1,047 Design fees (2) 24 217 78 513 Acquisition fees (3) 275 — 275 — Reimbursements Payroll and benefits (4) 4,819 4,298 9,057 8,656 Other reimbursements (5) 857 708 1,682 1,685 (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).

Organization and Description _2

Organization and Description of Business - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021shares
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 - Estimated Useful Lives of Assets (Details)	3 Months Ended
	Jun. 30, 2021
Land
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	Not depreciated
Buildings
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	30 years
Improvements
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	15 years
Furniture, Fixtures, and Equipment
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	3 years
Intangible Lease Assets
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	6 months

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021USD ($)PropertyResident	Dec. 31, 2020USD ($)
Summary Of Significant Accounting Policies [Line Items]
Impairment of real estate assets	$ 0
Number of properties held for sale | Property	2
Real estate held for sale assets	$ 1,817,390,000	$ 1,760,749,000
Minimum percentage of distributed taxable income to qualify as REIT	90.00%
Percentage of non-deductible excise tax on distribution	4.00%
Percentage of ordinary income considered for payment of distribution	85.00%
Percentage of capital gain net income considered for payment of distribution	95.00%
Percentage of undistributed income of prior considered for payment of distribution	100.00%
Unrecognized tax benefit or expense, accrued interest or penalties	$ 0
Number of residents placed under payment plans | Resident	3,630
Outstanding rent under payment plans	$ 5,800,000
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of uncertain tax positions likelihood of being sustained	50.00%
Accounts Receivable and Prepaid and Oher Assets
Summary Of Significant Accounting Policies [Line Items]
Real estate held for sale assets	$ 200,000
Accounts Payable Real Estate Taxes Payable Security Deposits Prepaid Rents and Other Accrued Liabilities
Summary Of Significant Accounting Policies [Line Items]
Real estate held for sale associated with liabilities	$ 800,000

Investments in Subsidiaries - A

Investments in Subsidiaries - Additional Information (Details) - subsidiary	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Schedule Of Investments [Abstract]
Consolidated investment in SPEs	100.00%	100.00%
Number of wholly owned subsidiaries	39

Investments in Subsidiaries - S

Investments in Subsidiaries - Schedule of Ownership in Each Property (Details)	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, wholly owned subsidiary	100.00%	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%
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%
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%
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%
Fairways At San Marcos | Chandler A Z
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2020
Effective ownership percentage, wholly owned subsidiary	100.00%	100.00%
Avant at Pembroke Pines | Pembroke Pines, Florida
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100.00%	100.00%
Torreyana Apartments | Las Vegas, Nevada
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100.00%	100.00%
The Verandas At Lake Norman | Charlotte, North Carolina
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2021
Effective ownership percentage, wholly owned subsidiary	100.00%	0.00%
Arbors of Brentwood | Nashville, Tennessee
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100.00%	100.00%
Bloom | Las Vegas, Nevada
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100.00%	100.00%
Creekside At Matthews | Charlotte, North Carolina
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2021
Effective ownership percentage, wholly owned subsidiary	100.00%	0.00%
Bella Solara | Las Vegas, Nevada
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100.00%	100.00%

Investments in Subsidiaries -_2

Investments in Subsidiaries - Schedule of Ownership in Each Property (Parenthetical) (Details)	Jun. 30, 2021	Dec. 31, 2020
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, wholly owned subsidiary	100.00%	100.00%
The Verandas At Lake Norman
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, wholly owned subsidiary	100.00%
Creekside At Matthews
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, wholly owned subsidiary	100.00%

Real Estate Investments Stati_3

Real Estate Investments Statistics - Additional Information (Details)	Jun. 30, 2021Property
Multifamily Properties
Business Acquisition [Line Items]
Number of multifamily properties	39

Real Estate Investments Stati_4

Real Estate Investments Statistics - Summary of Investment in Multifamily Properties (Details) ft² in Thousands		6 Months Ended
		Jun. 30, 2021ft²Property$ / Property	Dec. 31, 2020$ / Property
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		13,234
Number of Units | Property	[1]	14,709
Arbors on Forest Ridge
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		155
Number of Units | Property	[1]	210
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[2]	926	917
% Occupied	[3]	98.10%	94.30%
Cutter's Point
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		198
Number of Units | Property	[1]	196
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,257	1,112
% Occupied	[3]	100.00%	95.00%
Silverbrook
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		526
Number of Units | Property	[1]	642
Date Acquired		Jan. 31, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[2]	970	926
% Occupied	[3]	95.80%	94.90%
Beechwood Terrace
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[4]	272
Number of Units | Property	[1],[4]	300
Date Acquired	[4]	Jul. 21, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[2],[4]	986	947
% Occupied	[3],[4]	96.30%	95.70%
The Summit at Sabal Park
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		205
Number of Units | Property	[1]	252
Date Acquired		Aug. 20, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,069	1,033
% Occupied	[3]	96.80%	96.00%
Courtney Cove
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		225
Number of Units | Property	[1]	324
Date Acquired		Aug. 20, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[2]	983	946
% Occupied	[3]	97.20%	93.50%
Radbourne Lake
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		247
Number of Units | Property	[1]	225
Date Acquired		Sep. 30, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,137	1,137
% Occupied	[3]	96.90%	89.80%
Timber Creek
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		248
Number of Units | Property	[1]	352
Date Acquired		Sep. 30, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[2]	972	949
% Occupied	[3]	96.40%	93.50%
Sabal Palm at Lake Buena Vista
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		371
Number of Units | Property	[1]	400
Date Acquired		Nov. 5, 2014
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,267	1,259
% Occupied	[3]	96.50%	95.00%
Cornerstone
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		318
Number of Units | Property	[1]	430
Date Acquired		Jan. 15, 2015
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,081	1,056
% Occupied	[3]	95.80%	91.20%
The Preserve at Terrell Mill
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		692
Number of Units | Property	[1]	752
Date Acquired		Feb. 6, 2015
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,048	1,006
% Occupied	[3]	95.10%	95.50%
Versailles
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		301
Number of Units | Property	[1]	388
Date Acquired		Feb. 26, 2015
Average Effective Monthly Rent Per Unit | $ / Property	[2]	948	925
% Occupied	[3]	93.80%	94.30%
Seasons 704 Apartments
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		217
Number of Units | Property	[1]	222
Date Acquired		Apr. 15, 2015
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,269	1,209
% Occupied	[3]	98.20%	98.60%
Madera Point
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		193
Number of Units | Property	[1]	256
Date Acquired		Aug. 5, 2015
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,009	980
% Occupied	[3]	98.00%	93.80%
Venue at 8651
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		289
Number of Units | Property	[1]	333
Date Acquired		Oct. 30, 2015
Average Effective Monthly Rent Per Unit | $ / Property	[2]	967	933
% Occupied	[3]	96.70%	93.40%
Parc500
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		266
Number of Units | Property	[1]	217
Date Acquired		Jul. 27, 2016
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,385	1,340
% Occupied	[3]	97.70%	97.70%
The Venue on Camelback
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		256
Number of Units | Property	[1]	415
Date Acquired		Oct. 11, 2016
Average Effective Monthly Rent Per Unit | $ / Property	[2]	852	821
% Occupied	[3]	95.20%	93.70%
Old Farm
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		697
Number of Units | Property	[1]	734
Date Acquired		Dec. 29, 2016
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,132	1,133
% Occupied	[3]	93.60%	92.10%
Stone Creek at Old Farm
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		186
Number of Units | Property	[1]	190
Date Acquired		Dec. 29, 2016
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,177	1,194
% Occupied	[3]	97.80%	92.10%
Hollister Place
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		246
Number of Units | Property	[1]	260
Date Acquired		Feb. 1, 2017
Average Effective Monthly Rent Per Unit | $ / Property	[2]	996	1,007
% Occupied	[3]	98.60%	91.20%
Rockledge Apartments
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		802
Number of Units | Property	[1]	708
Date Acquired		Jun. 30, 2017
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,309	1,261
% Occupied	[3]	96.00%	95.50%
Atera Apartments
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		334
Number of Units | Property	[1]	380
Date Acquired		Oct. 25, 2017
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,248	1,247
% Occupied	[3]	95.50%	92.10%
Cedar Pointe
Real Estate Properties [Line Items]
Rentable Square Footage | ft²	[4]	224
Number of Units | Property	[1],[4]	210
Date Acquired	[4]	Aug. 24, 2018
Average Effective Monthly Rent Per Unit | $ / Property	[2],[4]	1,104	1,075
% Occupied	[3],[4]	96.70%	96.20%
Crestmont Reserve
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		199
Number of Units | Property	[1]	242
Date Acquired		Sep. 26, 2018
Average Effective Monthly Rent Per Unit | $ / Property	[2]	890	895
% Occupied	[3]	95.50%	98.80%
Brandywine I & II
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		414
Number of Units | Property	[1]	632
Date Acquired		Sep. 26, 2018
Average Effective Monthly Rent Per Unit | $ / Property	[2]	953	960
% Occupied	[3]	97.20%	94.30%
Bella Vista
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		243
Number of Units | Property	[1]	248
Date Acquired		Jan. 28, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,342	1,320
% Occupied	[3]	98.00%	95.60%
The Enclave
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		194
Number of Units | Property	[1]	204
Date Acquired		Jan. 28, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,380	1,355
% Occupied	[3]	99.00%	97.50%
The Heritage
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		199
Number of Units | Property	[1]	204
Date Acquired		Jan. 28, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,340	1,298
% Occupied	[3]	95.60%	94.10%
Summers Landing
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		139
Number of Units | Property	[1]	196
Date Acquired		Jun. 7, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[2]	968	941
% Occupied	[3]	97.40%	95.90%
Residences at Glenview Reserve
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		344
Number of Units | Property	[1]	360
Date Acquired		Jul. 17, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,006	993
% Occupied	[3]	95.30%	92.80%
Residences at West Place
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		345
Number of Units | Property	[1]	342
Date Acquired		Jul. 17, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,226	1,214
% Occupied	[3]	96.50%	90.10%
Avant at Pembroke Pines
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		1,442
Number of Units | Property	[1]	1,520
Date Acquired		Aug. 30, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,565	1,515
% Occupied	[3]	95.40%	94.40%
Arbors of Brentwood
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		325
Number of Units | Property	[1]	346
Date Acquired		Sep. 10, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,206	1,194
% Occupied	[3]	95.70%	91.30%
Torreyana Apartments
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		309
Number of Units | Property	[1]	315
Date Acquired		Nov. 22, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,229	1,184
% Occupied	[3]	99.40%	93.00%
Fairways at San Marcos
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		340
Number of Units | Property	[1]	352
Date Acquired		Nov. 2, 2020
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,312	1,232
% Occupied	[3]	95.70%	96.00%
Bloom
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		498
Number of Units | Property	[1]	528
Date Acquired		Nov. 22, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,182	1,120
% Occupied	[3]	93.60%	94.10%
The Verandas At Lake Norman
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		241
Number of Units | Property	[1]	264
Date Acquired		Jun. 30, 2021
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,120
% Occupied	[3]	98.50%
Bella Solara
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		271
Number of Units | Property	[1]	320
Date Acquired		Nov. 22, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,157	1,128
% Occupied	[3]	95.30%	91.60%
Creekside At Matthews
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		263
Number of Units | Property	[1]	240
Date Acquired		Jun. 30, 2021
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,271
% Occupied	[3]	97.90%
[1]	Includes 249 down units due to casualty events as of June 30, 2021 (see Note 5).
[2]	Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of June 30, 2021 and December 31, 2020, respectively, minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of June 30, 2021 and December 31, 2020, respectively.
[3]	Percent occupied is calculated as the number of units occupied as of June 30, 2021 and December 31, 2020, divided by the total number of units, expressed as a percentage.
[4]	Property classified as held for sale as of June 30, 2021.

Real Estate Investments - Summa

Real Estate Investments - Summary of Major Components of Investments in Multifamily Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Real Estate Properties [Line Items]
Land	$ 340,691	$ 323,429
Buildings and improvements	1,605,723	1,544,115
Intangible lease assets	1,972	1,675
Construction in progress	9,487	10,796
Furniture, fixtures, and equipment	102,469	96,228
Real estate investment, gross	2,060,342	1,976,243
Accumulated depreciation and amortization	(242,952)	(215,494)
Total Net Operating Real Estate Investments	1,817,390	1,760,749
Accumulated depreciation and amortization	(11,028)	0
Total Net Real Estate Investments	1,861,240	1,760,749
Real Estate Properties Held For Sale
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments	43,850
Multifamily Properties
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	(11,028)
Total Net Real Estate Investments	1,861,240
Multifamily Properties | Intangible Lease Assets
Real Estate Properties [Line Items]
Total Net Real Estate Investments	1,972
Multifamily Properties | Land
Real Estate Properties [Line Items]
Total Net Real Estate Investments	344,453
Multifamily Properties | Improvements
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	(7,537)
Total Net Real Estate Investments	1,471,947
Multifamily Properties | Construction in Progress
Real Estate Properties [Line Items]
Total Net Real Estate Investments	9,487
Multifamily Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	(3,491)
Total Net Real Estate Investments	33,381
Multifamily Properties | Real Estate Properties Held For Sale
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments	43,850
Multifamily Properties | Real Estate Properties Held For Sale | Land
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments	3,762
Multifamily Properties | Real Estate Properties Held For Sale | Improvements
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments	39,028
Multifamily Properties | Real Estate Properties Held For Sale | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Total Net Operating Real Estate Investments	1,060
Multifamily Properties | Arbors on Forest Ridge
Real Estate Properties [Line Items]
Land	2,330	2,330
Buildings and improvements	11,689	11,682
Construction in progress	37	17
Furniture, fixtures, and equipment	1,725	1,650
Real estate investment, gross	15,781	15,679
Multifamily Properties | Cutter's Point
Real Estate Properties [Line Items]
Land	3,330	3,330
Buildings and improvements	13,318	8,035
Construction in progress	3,269	4,983
Furniture, fixtures, and equipment	2,053	2,044
Real estate investment, gross	21,970	18,392
Multifamily Properties | Silverbrook
Real Estate Properties [Line Items]
Land	4,860	4,860
Buildings and improvements	27,302	27,256
Construction in progress	43	3
Furniture, fixtures, and equipment	5,321	5,049
Real estate investment, gross	37,526	37,168
Multifamily Properties | Beechwood Terrace
Real Estate Properties [Line Items]
Land		1,390
Buildings and improvements		22,233
Construction in progress		32
Furniture, fixtures, and equipment		2,791
Real estate investment, gross		26,446
Multifamily Properties | Beechwood Terrace | Real Estate Properties Held For Sale
Real Estate Properties [Line Items]
Land	1,390
Buildings and improvements	22,281
Furniture, fixtures, and equipment	2,905
Real estate investment, gross	26,576
Multifamily Properties | The Summit at Sabal Park
Real Estate Properties [Line Items]
Land	5,770	5,770
Buildings and improvements	13,763	13,749
Furniture, fixtures, and equipment	1,890	1,813
Real estate investment, gross	21,423	21,332
Multifamily Properties | Courtney Cove
Real Estate Properties [Line Items]
Land	5,880	5,880
Buildings and improvements	13,942	13,713
Construction in progress	312	114
Furniture, fixtures, and equipment	2,265	2,165
Real estate investment, gross	22,399	21,872
Multifamily Properties | Radbourne Lake
Real Estate Properties [Line Items]
Land	2,440	2,440
Buildings and improvements	22,733	22,617
Furniture, fixtures, and equipment	2,272	2,147
Real estate investment, gross	27,445	27,204
Multifamily Properties | Timber Creek
Real Estate Properties [Line Items]
Land	11,260	11,260
Buildings and improvements	13,261	13,245
Construction in progress	48	42
Furniture, fixtures, and equipment	3,611	3,473
Real estate investment, gross	28,180	28,020
Multifamily Properties | Sabal Palm at Lake Buena Vista
Real Estate Properties [Line Items]
Land	7,580	7,580
Buildings and improvements	42,415	42,401
Construction in progress	2
Furniture, fixtures, and equipment	2,563	2,391
Real estate investment, gross	52,560	52,372
Multifamily Properties | Cornerstone
Real Estate Properties [Line Items]
Land	1,500	1,500
Buildings and improvements	30,808	30,781
Construction in progress		2
Furniture, fixtures, and equipment	3,534	3,343
Real estate investment, gross	35,842	35,626
Multifamily Properties | The Preserve at Terrell Mill
Real Estate Properties [Line Items]
Land	10,170	10,170
Buildings and improvements	52,079	50,757
Construction in progress	777	1,524
Furniture, fixtures, and equipment	8,121	7,310
Real estate investment, gross	71,147	69,761
Multifamily Properties | Versailles
Real Estate Properties [Line Items]
Land	6,720	6,720
Buildings and improvements	21,776	21,766
Construction in progress	4
Furniture, fixtures, and equipment	3,939	3,861
Real estate investment, gross	32,439	32,347
Multifamily Properties | Seasons 704 Apartments
Real Estate Properties [Line Items]
Land	7,480	7,480
Buildings and improvements	14,546	14,418
Construction in progress		18
Furniture, fixtures, and equipment	1,914	1,743
Real estate investment, gross	23,940	23,659
Multifamily Properties | Madera Point
Real Estate Properties [Line Items]
Land	4,920	4,920
Buildings and improvements	17,973	17,926
Furniture, fixtures, and equipment	2,432	2,273
Real estate investment, gross	25,325	25,119
Multifamily Properties | Venue at 8651
Real Estate Properties [Line Items]
Land	2,350	2,350
Buildings and improvements	16,695	17,473
Construction in progress	407	106
Furniture, fixtures, and equipment	3,654	3,531
Real estate investment, gross	23,106	23,460
Multifamily Properties | Parc500
Real Estate Properties [Line Items]
Land	3,860	3,860
Buildings and improvements	21,054	20,927
Construction in progress	9	22
Furniture, fixtures, and equipment	3,989	3,827
Real estate investment, gross	28,912	28,636
Multifamily Properties | The Venue on Camelback
Real Estate Properties [Line Items]
Land	8,340	8,340
Buildings and improvements	38,216	38,106
Construction in progress	17	37
Furniture, fixtures, and equipment	2,907	2,570
Real estate investment, gross	49,480	49,053
Multifamily Properties | Old Farm
Real Estate Properties [Line Items]
Land	11,078	11,078
Buildings and improvements	70,817	70,846
Construction in progress	128	24
Furniture, fixtures, and equipment	3,643	3,419
Real estate investment, gross	85,666	85,367
Multifamily Properties | Stone Creek at Old Farm
Real Estate Properties [Line Items]
Land	3,493	3,493
Buildings and improvements	19,363	19,471
Construction in progress	115
Furniture, fixtures, and equipment	828	792
Real estate investment, gross	23,799	23,756
Multifamily Properties | Hollister Place
Real Estate Properties [Line Items]
Land	2,782	2,782
Buildings and improvements	21,152	21,884
Construction in progress	386
Furniture, fixtures, and equipment	2,645	2,555
Real estate investment, gross	26,965	27,221
Multifamily Properties | Rockledge Apartments
Real Estate Properties [Line Items]
Land	17,451	17,451
Buildings and improvements	97,020	96,902
Construction in progress	169	86
Furniture, fixtures, and equipment	5,550	5,363
Real estate investment, gross	120,190	119,802
Multifamily Properties | Atera Apartments
Real Estate Properties [Line Items]
Land	22,371	22,371
Buildings and improvements	36,736	37,525
Construction in progress	915	9
Furniture, fixtures, and equipment	2,261	2,188
Real estate investment, gross	62,283	62,093
Multifamily Properties | Cedar Pointe
Real Estate Properties [Line Items]
Land		2,371
Buildings and improvements		24,268
Furniture, fixtures, and equipment		1,577
Real estate investment, gross		28,216
Multifamily Properties | Cedar Pointe | Real Estate Properties Held For Sale
Real Estate Properties [Line Items]
Land	2,372
Buildings and improvements	24,284
Furniture, fixtures, and equipment	1,646
Real estate investment, gross	28,302
Multifamily Properties | Crestmont Reserve
Real Estate Properties [Line Items]
Land	4,124	4,124
Buildings and improvements	21,048	20,955
Construction in progress		19
Furniture, fixtures, and equipment	1,454	1,411
Real estate investment, gross	26,626	26,509
Multifamily Properties | Brandywine I & II
Real Estate Properties [Line Items]
Land	6,237	6,237
Buildings and improvements	73,668	73,613
Construction in progress		6
Furniture, fixtures, and equipment	4,536	4,072
Real estate investment, gross	84,441	83,928
Multifamily Properties | Bella Vista
Real Estate Properties [Line Items]
Land	10,942	10,942
Buildings and improvements	36,856	36,787
Construction in progress	74
Furniture, fixtures, and equipment	2,440	2,110
Real estate investment, gross	50,312	49,839
Multifamily Properties | The Enclave
Real Estate Properties [Line Items]
Land	11,046	11,046
Buildings and improvements	30,336	30,308
Construction in progress	38
Furniture, fixtures, and equipment	2,127	1,856
Real estate investment, gross	43,547	43,210
Multifamily Properties | The Heritage
Real Estate Properties [Line Items]
Land	6,835	6,835
Buildings and improvements	34,808	34,761
Furniture, fixtures, and equipment	2,079	1,793
Real estate investment, gross	43,722	43,389
Multifamily Properties | Summers Landing
Real Estate Properties [Line Items]
Land	1,798	1,798
Buildings and improvements	18,047	17,909
Construction in progress	3	43
Furniture, fixtures, and equipment	708	670
Real estate investment, gross	20,556	20,420
Multifamily Properties | Residences at Glenview Reserve
Real Estate Properties [Line Items]
Land	3,367	3,367
Buildings and improvements	42,267	42,027
Construction in progress		14
Construction in progress	(15)
Furniture, fixtures, and equipment	2,041	1,495
Real estate investment, gross	47,660	46,903
Multifamily Properties | Residences at West Place
Real Estate Properties [Line Items]
Land	3,345	3,345
Buildings and improvements	51,963	51,802
Construction in progress	246	154
Furniture, fixtures, and equipment	1,324	1,049
Real estate investment, gross	56,878	56,350
Multifamily Properties | Avant at Pembroke Pines
Real Estate Properties [Line Items]
Land	48,434	48,436
Buildings and improvements	274,974	272,436
Construction in progress	1,752	2,847
Furniture, fixtures, and equipment	9,644	7,977
Real estate investment, gross	334,804	331,696
Multifamily Properties | Arbors of Brentwood
Real Estate Properties [Line Items]
Land	6,346	6,346
Buildings and improvements	55,886	55,777
Construction in progress		21
Furniture, fixtures, and equipment	1,829	1,118
Real estate investment, gross	64,061	63,262
Multifamily Properties | Torreyana Apartments
Real Estate Properties [Line Items]
Land	23,824	23,824
Buildings and improvements	43,612	43,489
Construction in progress	30	122
Furniture, fixtures, and equipment	1,212	1,047
Real estate investment, gross	68,678	68,482
Multifamily Properties | Fairways at San Marcos
Real Estate Properties [Line Items]
Land	10,993	10,993
Buildings and improvements	72,048	71,422
Intangible lease assets		1,675
Construction in progress	528
Furniture, fixtures, and equipment	1,248	745
Real estate investment, gross	84,817	84,835
Multifamily Properties | Bloom
Real Estate Properties [Line Items]
Land	23,805	23,805
Buildings and improvements	82,238	81,714
Construction in progress	166	494
Furniture, fixtures, and equipment	2,166	1,782
Real estate investment, gross	108,375	107,795
Multifamily Properties | The Verandas At Lake Norman
Real Estate Properties [Line Items]
Land	9,510
Buildings and improvements	52,758
Intangible lease assets	971
Furniture, fixtures, and equipment	541
Real estate investment, gross	63,780
Multifamily Properties | Bella Solara
Real Estate Properties [Line Items]
Land	12,605	12,605
Buildings and improvements	53,306	53,134
Construction in progress	27	57
Furniture, fixtures, and equipment	1,513	1,228
Real estate investment, gross	67,451	67,024
Multifamily Properties | Creekside At Matthews
Real Estate Properties [Line Items]
Land	11,515
Buildings and improvements	45,250
Intangible lease assets	1,001
Furniture, fixtures, and equipment	490
Real estate investment, gross	58,256
Multifamily Properties | Operating Properties
Real Estate Properties [Line Items]
Real estate investment, gross	2,060,342	1,976,243
Accumulated depreciation and amortization	(242,952)	(215,494)
Total Net Operating Real Estate Investments	1,817,390	1,760,749
Multifamily Properties | Operating Properties | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	1,972	1,675
Accumulated depreciation and amortization		(558)
Total Net Operating Real Estate Investments	1,972	1,117
Multifamily Properties | Operating Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross	340,691	323,429
Total Net Operating Real Estate Investments	340,691	323,429
Multifamily Properties | Operating Properties | Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	1,605,723	1,544,115
Accumulated depreciation and amortization	(172,804)	(153,063)
Total Net Operating Real Estate Investments	1,432,919	1,391,052
Multifamily Properties | Operating Properties | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	9,487	10,796
Total Net Operating Real Estate Investments	9,487	10,796
Multifamily Properties | Operating Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	102,469	96,228
Accumulated depreciation and amortization	(70,148)	(61,873)
Total Net Operating Real Estate Investments	$ 32,321	$ 34,355

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Details)	Nov. 26, 2020USD ($)	Jun. 10, 2020USD ($)	Oct. 20, 2019USD ($)	Feb. 28, 2021USD ($)	Jun. 30, 2021USD ($)Property	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)Property	Jun. 30, 2020USD ($)Property	Dec. 31, 2020USD ($)Property	Dec. 31, 2019USD ($)
Real Estate Properties [Line Items]
Depreciation expense					$ 19,700,000	$ 20,000,000	$ 39,600,000	$ 38,500,000
Amortization expense of intangible lease assets					$ 300,000	$ 1,400,000	$ 1,100,000	$ 6,200,000
Number of properties acquired | Property							2	0
Number of real estate properties sold | Property							0	3
Sales price of property sold								$ 86,500,000
Impairment of real estate assets							$ 0
Casualty losses recognized										$ 3,500,000
Capitalized cost							800,000
Business interruption insurance claim and recognized							600,000
Cutter's Point
Real Estate Properties [Line Items]
Impairment of real estate assets			$ 7,800,000
Casualty gains (losses)							$ 1,100,000
Number of units in real estate property return to service | Property					80		80		60
Number of units in real estate property occupied | Property					17		17
Number of units in real estate property rebuilt | Property					56		56
Number of units in real estate property excluded from portfolio | Property							136
Venue at 8651
Real Estate Properties [Line Items]
Impairment of real estate assets		$ 600,000
Capitalized cost							$ 100,000
Number of units in real estate property excluded from portfolio | Property							26
Gains due to casualty									$ 200,000
Timber Creek
Real Estate Properties [Line Items]
Impairment of real estate assets	$ 600,000
Capitalized cost							$ 100,000
Number of units in real estate property excluded from portfolio | Property							15
Winter Storm Uri
Real Estate Properties [Line Items]
Impairment of real estate assets				$ 2,000,000
Capitalized cost							$ 100,000
Casualty gains (losses)							$ 1,300,000
Number of units in real estate property excluded from portfolio | Property							72
Intangible Lease Assets
Real Estate Properties [Line Items]
Amortization expense, remainder of year ended December 31, 2021					$ 2,000,000		$ 2,000,000

Real Estate Investments - Sum_2

Real Estate Investments - Summary of Acquired Properties (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)Property	Dec. 31, 2020
Real Estate Properties [Line Items]
Purchase Price	$ 121,500
Mortgage Debt	$ 66,825
Number of Units | Property	504
Effective Ownership	100.00%	100.00%
The Verandas At Lake Norman | Charlotte, North Carolina
Real Estate Properties [Line Items]
Date of Acquisition	Jun. 30, 2021
Purchase Price	$ 63,500
Mortgage Debt	$ 34,925
Number of Units | Property	264
Effective Ownership	100.00%	0.00%
Creekside At Matthews | Charlotte, North Carolina
Real Estate Properties [Line Items]
Date of Acquisition	Jun. 30, 2021
Purchase Price	$ 58,000
Mortgage Debt	$ 31,900
Number of Units | Property	240
Effective Ownership	100.00%	0.00%

Debt - Summary of Mortgage Debt

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Mortgages payable, net	$ 1,188,947	$ 1,162,855
Mortgages Payable | Discontinued Operations, Held-for-sale
Debt Instrument [Line Items]
Outstanding Principal	40,665
Deferred financing costs, net of accumulated amortization	(191)
Mortgages payable, net	40,474
Mortgages Payable | Operating Properties
Debt Instrument [Line Items]
Outstanding Principal	1,193,850
Fair market value adjustment	1,160
Deferred financing costs, net of accumulated amortization	(6,063)
Mortgages payable, net	$ 1,188,947
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	1.78%
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	1.78%
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	1.78%
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	1.54%
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	1.72%
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	1.72%
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	1.72%
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	1.72%
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	1.72%
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	1.72%
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	1.88%
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	1.78%
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	1.78%
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	1.78%
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	1.36%
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	1.39%
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	1.40%
Maturity Date	Sep. 1, 2025
Mortgages Payable | Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 21,052
Interest Rate	4.24%
Maturity Date	Mar. 1, 2023
Mortgages Payable | Parc500 | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 14,809
Interest Rate	4.49%
Maturity Date	Aug. 1, 2025
Mortgages Payable | Hollister Place | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 14,811
Interest Rate	1.44%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Rockledge Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 68,100
Interest Rate	1.67%
Maturity Date	Jul. 1, 2024
Mortgages Payable | Atera Apartments | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 29,500
Interest Rate	1.58%
Maturity Date	Nov. 1, 2024
Mortgages Payable | Cedar Pointe | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 17,300
Interest Rate	1.45%
Maturity Date	Sep. 1, 2025
Mortgages Payable | Crestmont Reserve | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 12,061
Interest Rate	1.28%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Brandywine I & II | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 43,835
Interest Rate	1.28%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Bella Vista | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 29,040
Interest Rate	1.42%
Maturity Date	Feb. 1, 2026
Mortgages Payable | The Enclave | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 25,322
Interest Rate	1.42%
Maturity Date	Feb. 1, 2026
Mortgages Payable | The Heritage | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 24,625
Interest Rate	1.42%
Maturity Date	Feb. 1, 2026
Mortgages Payable | Summers Landing | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 10,109
Interest Rate	1.28%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Residences at Glenview Reserve | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 26,560
Interest Rate	1.54%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Residences at West Place | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 33,817
Interest Rate	4.24%
Maturity Date	Oct. 1, 2028
Mortgages Payable | Avant at Pembroke Pines | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 177,101
Interest Rate	1.53%
Maturity Date	Sep. 1, 2026
Mortgages Payable | Arbors of Brentwood | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 34,237
Interest Rate	1.53%
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	1.80%
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	2.16%
Maturity Date	Dec. 1, 2027
Mortgages Payable | Bloom | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 58,850
Interest Rate	1.80%
Maturity Date	Dec. 1, 2026
Mortgages Payable | The Verandas At Lake Norman | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 34,925
Interest Rate	1.88%
Maturity Date	Jul. 1, 2028
Mortgages Payable | Bella Solara | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 36,575
Interest Rate	1.80%
Maturity Date	Dec. 1, 2026
Mortgages Payable | Creekside At Matthews | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 31,900
Interest Rate	1.88%
Maturity Date	Jul. 1, 2028

Debt - Summary of Mortgage De_2

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Parenthetical) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Interest Rate	4.09%
Fair value of debt assumed upon acquisition	$ 18
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 in certain circumstances at par plus 5.00%. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
13th month through 81st month | Cedar Pointe | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Mortgage loans payable description	Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%.  Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
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 | 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	$ 5.8
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	0.1005%

Debt - Additional Information (

Debt - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)Property	Dec. 31, 2020	Sep. 30, 2020USD ($)
Debt Instrument [Line Items]
Credit facility proceeds received			$ 250,000,000	$ 35,000,000
Line of Credit Facility, Description			(a) the prime rate, (b) the federal funds rate plus 0.50%, (c) LIBOR plus 1.0% or (d) 0.0% plus a margin of 0.90% to 1.40%, depending on the Company’s total leverage ratio. An unused commitment fee at a rate of 0.15% or 0.25%,
Write-off deferred financing costs			$ 300,000	500,000
Interest expense
Debt Instrument [Line Items]
Amortization of deferred financing cost	$ 500,000	$ 700,000	1,100,000	$ 1,400,000
Nex Point Residential Trust Inc
Debt Instrument [Line Items]
Terminated revolving credit facility with truist			225,000,000
Corporate Credit Facility
Debt Instrument [Line Items]
Costs incurred on additional financing	$ 1,506,000		1,506,000
Corporate Credit Facility | Nex Point Residential Trust Inc
Debt Instrument [Line Items]
Credit facility proceeds received			$ 250,000,000
Facility, term			1 year
Line of credit facility, maximum borrowing capacity						$ 250,000,000
Maximum | Corporate Credit Facility | Nex Point Residential Trust Inc | Accordion Feature
Debt Instrument [Line Items]
Line of credit facility, increase in facility amount			$ 100,000,000
Freddie Mac Multifamily Green Advantage Program
Debt Instrument [Line Items]
Number of properties covered under mortgage loan program | Property				1
Freddie Mac Multifamily Green Advantage Program | Minimum [Member]
Debt Instrument [Line Items]
Percentage of expected cost reduction at each property			15.00%
One-month LIBOR | Minimum [Member] | Corporate Credit Facility | Nex Point Residential Trust Inc
Debt Instrument [Line Items]
Interest rate			1.90%
One-month LIBOR | Maximum | Corporate Credit Facility | Nex Point Residential Trust Inc
Debt Instrument [Line Items]
Interest rate			2.40%
Mortgages Payable
Debt Instrument [Line Items]
Weighted average interest rate of mortgage indebtedness	1.79%		1.79%		1.83%
Adjusted weighted average interest rate	2.97%		2.97%
Weighted average fixed rate	1.3461%		1.3461%
Mortgages Payable | One-month LIBOR
Debt Instrument [Line Items]
Weighted average interest rate of mortgage indebtedness	0.1005%		0.1005%		0.14388%
Weighted average decrease of spread in basis points			0.04%
Mortgages Payable | Floating Interest Rate Swap
Debt Instrument [Line Items]
Combined notional amount	$ 1,200,000,000		$ 1,200,000,000
Mortgages Payable | Interest Rate Swap
Debt Instrument [Line Items]
Indebtedness	$ 1,200,000,000		$ 1,200,000,000

Debt - Summary of the Company's

Debt - Summary of the Company's Credit Facility (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Credit facilities, net	$ 248,494	$ 182,323
Corporate Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	(1,506)
Credit facilities, net	$ 248,494
Corporate Credit Facility | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	36 months
Interest Rate	2.50%
Maturity Date	Jun. 30, 2024
Credit facilities	$ 250,000

Debt - Summary of the Company_2

Debt - Summary of the Company's Credit Facility (Parenthetical) (Details) $ in Thousands	Jun. 30, 2021USD ($)
One-month LIBOR
Debt Instrument [Line Items]
Interest Rate	0.1005%
Corporate Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, accumulated amortization	$ 0
Corporate Credit Facility | One-month LIBOR
Debt Instrument [Line Items]
Interest Rate	0.1005%

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) $ in Thousands	Jun. 30, 2021USD ($)
Debt Instrument [Line Items]
2021	$ 508
2022	1,504
2023	21,252
2024	645,100
2025	245,895
Thereafter	570,256
Total	1,484,515
Operating Properties
Debt Instrument [Line Items]
2021	508
2022	1,504
2023	21,252
2024	395,100
2025	205,230
Thereafter	570,256
Total	1,193,850
Held For Sale Property
Debt Instrument [Line Items]
2025	40,665
Total	40,665
Credit Facility
Debt Instrument [Line Items]
2024	250,000
Total	$ 250,000

Fair Value of Derivative and _3

Fair Value of Derivative and Financial Instruments - Additional Information (Details) - USD ($)	Jun. 10, 2020	Oct. 20, 2019	Jun. 30, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial instruments cap weighted average rate			5.28%
Impairment of real estate assets			$ 0
Cutter's Point
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment of real estate assets		$ 7,800,000
Venue at 8651
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment of real estate assets	$ 600,000
Interest Rate Swap | One-month LIBOR
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Combined notional amount			$ 1,200,000,000
Interest rate description			floating interest rate (one-month LIBOR)
Weighted average fixed rate			1.3461%
Interest rate caps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Combined notional amount			$ 428,800,000
Interest rate description			The interest rate cap agreements the Company has entered into effectively cap one-month LIBOR on $428.8 million of the Company’s floating rate mortgage indebtedness at a weighted average rate of 5.28% as of June 30, 2021.
Minimum [Member] | Interest Rate Swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate term range			4 years
Minimum [Member] | Interest rate caps | One-month LIBOR
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate term range			3 years
Maximum | Interest Rate Swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate term range			5 years
Maximum | Interest rate caps | One-month LIBOR
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate term range			4 years

Fair Value of Derivative and _4

Fair Value of Derivative and Financial Instruments - Summary of Company's Outstanding Interest Rate Swaps (Details)	6 Months Ended
	Jun. 30, 2021USD ($)
KeyBank
Debt Instrument [Line Items]
Fixed Rate	1.3461%
KeyBank | Future Effective Dates
Debt Instrument [Line Items]
Notional Amount	$ 342,500,000
Fixed Rate	0.9164%
Interest Rate Swap Transaction One | 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 Two | 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 Three | 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 Four | 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 Five | 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 Six | 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 Seven | 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 Eight | 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 Nine | 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%
Interest Rate Swap Transaction Ten | KeyBank
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 Eleven | KeyBank
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 Twelve | KeyBank
Debt Instrument [Line Items]
Notional Amount	$ 1,167,500,000
Fixed Rate	1.3461%
Interest Rate Swap Transaction Fourteen | KeyBank | Future Effective Dates
Debt Instrument [Line Items]
Notional Amount	$ 145,000,000
Fixed Rate	0.573%
Interest Rate Swap Transaction Fifteen | KeyBank | Future Effective Dates
Debt Instrument [Line Items]
Notional Amount	$ 105,000,000
Fixed Rate	0.614%
Interest Rate Swap Transaction Sixteen | KeyBank | Future Effective Dates
Debt Instrument [Line Items]
Notional Amount	$ 92,500,000
Fixed Rate	1.798%

Fair Value of Derivative and _5

Fair Value of Derivative and Financial Instruments - Summary of Company's Outstanding Interest Rate Swaps (Parenthetical) (Details) - One-month LIBOR - Key Bank And Truist Bank	Jun. 30, 2021
Debt Instrument [Line Items]
LIBOR, interest rate	0.1005%
Future Effective Dates
Debt Instrument [Line Items]
LIBOR, interest rate	0.1005%

Fair Value of Derivative and _6

Fair Value of Derivative and Financial Instruments - Outstanding Interest Rate Derivatives Not Designated as Cash Flow Hedges of Interest Rate Risk (Details) - Not designated as hedging instrument	Jun. 30, 2021USD ($)DerivativeInstrument	Jun. 30, 2020USD ($)DerivativeInstrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Number of Instruments | DerivativeInstrument	16	15
Notional Amount | $	$ 428,771,000	$ 346,542,000

Fair Value of Derivative and _7

Fair Value of Derivative and Financial Instruments - Summary of Derivative Financial Instruments and Classification on the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	$ 67	$ 3
Liability Derivatives	17,010	43,530
Fair Market Value Of Interest Rate Swaps | Interest Rate Swap | Designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Liability Derivatives	17,010	43,530
Prepaid and Other Assets | Interest rate caps | Not designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	$ 67	$ 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	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments Gain Loss [Line Items]
Unrealized gains (losses) on interest rate derivatives	$ (4,805)	$ (8,046)	$ 26,537	$ (58,586)
Amount of gain (loss) recognized in OCI	(4,805)	(8,046)	26,537	(58,586)
Interest expense
Derivative Instruments Gain Loss [Line Items]
Unrealized gains (losses) on interest rate derivatives	(8,551)	(10,652)	19,128	(60,583)
Amount of gain (loss) recognized in OCI	(8,551)	(10,652)	19,128	(60,583)
Amount of gain (loss) reclassified from OCI into income	(3,746)	(2,606)	(7,409)	(1,997)
Interest expense | Interest Rate Products
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in income	$ 55	$ (13)	$ 43	$ 28

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	Jun. 30, 2021	Jun. 30, 2020
Fixed rate debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Value	$ 69,678	$ 70,443
Estimated Fair Value	72,040	75,447
Floating rate debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Value	1,414,837	1,306,057
Estimated Fair Value	$ 1,446,879	$ 1,318,815

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	Feb. 18, 2021	May 11, 2020	Mar. 31, 2020	Mar. 13, 2020	Mar. 04, 2020	Feb. 27, 2020	Feb. 20, 2020	Feb. 21, 2019	Feb. 20, 2019	Apr. 30, 2018	Feb. 15, 2018	Mar. 16, 2017	Aug. 11, 2016	Jun. 15, 2016	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021		Jun. 30, 2020		Dec. 31, 2020	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2019
Class Of Stock [Line Items]
Common stock, shares, issued															25,149,927		25,149,927				25,016,957	25,149,927
Common stock, shares, outstanding															25,149,927		25,149,927				25,016,957	25,149,927
Common stock, par value														$ 0.01	$ 0.01		$ 0.01				$ 0.01	$ 0.01
Share repurchase program, authorized amount				$ 100,000,000						$ 40,000,000				$ 30,000,000
Stock repurchase program, expiration date				Mar. 12, 2023						Jun. 15, 2020				Jun. 15, 2018
Stock repurchase program period in force										2 years				2 years
Share repurchase program, treasury stock shares																	0		1,644,697			2,382,155
Share repurchase program, treasury stock, value																$ 13,531,000			$ 44,530,000			$ 61,200,000
Share repurchase program, treasury stock, per share																						$ 25.70
Common stock, shares, retired																	0		1,644,697
Treasury stock, shares															0		0					0
Shares issued average price per share			$ 42.05																		$ 48.66
Proceeds from issuance of common stock			$ 31,546,577,000														$ (262,000)	[1]	$ 27,125,000	[1]	$ 28,000,000,000
Common Stock
Class Of Stock [Line Items]
Common stock, shares, issued			25,717,549												25,149,927	24,298,651	25,149,927		24,298,651		25,016,957	25,149,927	25,127,141	25,245,740
Common stock, shares, retired																1,418,898			1,644,697
Restricted Stock Units
Class Of Stock [Line Items]
Restricted stock units, granted																	204,663
At-the-Market Offering
Class Of Stock [Line Items]
Shares, issued																	0
2019 At-the-Market Offering
Class Of Stock [Line Items]
Shares, issued																	560,000
Shares issued average price per share																	$ 50
Proceeds from issuance of common stock																	$ 28,000,000
Stock issuance costs																	400,000
Other stock issuance costs																	$ 400,000
2019 At-the-Market Offering | Common Stock
Class Of Stock [Line Items]
Common stock, par value									$ 0.01
2019 At-the-Market Offering | Maximum | Common Stock
Class Of Stock [Line Items]
Aggregate sale price of common stock						$ 100,000,000			$ 100,000,000
2020 At-the-Market Offering
Class Of Stock [Line Items]
Shares, issued																					718,306
Shares issued average price per share																					$ 43.92
Proceeds from issuance of common stock																					$ 31,500,000
Stock issuance costs																					500,000
Other stock issuance costs																					$ 600,000
2020 At-the-Market Offering | Common Stock
Class Of Stock [Line Items]
Common stock, par value					$ 0.01
2020 At-the-Market Offering | Maximum | Common Stock
Class Of Stock [Line Items]
Aggregate sale price of common stock					$ 225,000,000
2016 LTIP
Class Of Stock [Line Items]
Common stock, shares, issued																	132,970
Common stock, shares, issued															692,129		692,129					692,129
Common stock, par value														$ 0.01
Number of shares authorized to issue														2,100,000
2016 LTIP | Restricted Stock Units
Class Of Stock [Line Items]
Equity-based compensation expense															$ 1,800,000	$ 1,300,000	$ 3,400,000		$ 2,600,000
Dividends earned on restricted stock units															$ 1,100,000		$ 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	204,663	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
[1]	For the six months ended June 30, 2021, no common shares were issued, but the Company incurred offering costs in connection with the at-the-market offering.

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Restricted Stock Units (Details) - Restricted Stock Units	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Outstanding at beginning of the period | shares	553,931
Number of Units, Granted | shares	204,663
Number of Units, Vested | shares	(167,444)
Number of Units, Forfeited | shares	(5,496)
Number of Units, Outstanding at ending of the period | shares	585,654
Weighted Average Grant Date Fair Value, Outstanding at beginning of the period | $ / shares	$ 36.83
Weighted Average Grant Date Fair Value, Granted | $ / shares	41.43
Weighted Average Grant Date Fair Value, Vested | $ / shares	34.18
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	39.11
Weighted Average Grant Date Fair Value, Outstanding at ending of the period | $ / shares	$ 39.18

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Restricted Stock Units (Parenthetical) (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock issued upon vesting awards	22,786	132,970	137,608

Stockholders' Equity - Summar_3

Stockholders' Equity - Summary of Vesting of Restricted Stock Units (Details)	6 Months Ended
	Jun. 30, 2021shares
Vest in 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	201,007
Vest in 2021 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	179,168
Vest in 2021 | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	21,839
Vest in 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	126,780
Vest in 2022 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	104,944
Vest in 2022 | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	21,836
Vest in 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	126,778
Vest in 2023 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	104,944
Vest in 2023 | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	21,834
Vest in 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	92,178
Vest in 2024 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	70,344
Vest in 2024 | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	21,834
Vest in 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	38,911
Vest in 2025 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	38,911
Vest in Total Year
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	585,654
Vest in Total Year | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	498,311
Vest in Total Year | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	87,343

Stockholders' Equity - Summar_4

Stockholders' Equity - Summary Information of 2019 ATM Program (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2020	Jun. 30, 2021		Jun. 30, 2020	[1]	Dec. 31, 2020
Stockholders Equity Note [Abstract]
Proceeds from the issuance of common shares through at-the-market offering, net of offering costs	$ 31,546,577	$ (262)	[1]	$ 27,125		$ 28,000,000
Common shares issued	718,306	0				560,000
Gross average sale price per share	$ 43.92					$ 50
Sales commissions	$ 473,199					$ 420,000
Offering costs	871,311					331,143
Net proceeds	$ 30,202,067					$ 27,248,857
Average price per share, net	$ 42.05					$ 48.66
[1]	For the six months ended June 30, 2021, no common shares were issued, but the Company incurred offering costs in connection with the at-the-market offering.

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Stock conversion ratio	100.00%

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator for earnings (loss) per share:
Net income (loss)		$ (3,418)	$ (9,318)	$ (10,318)	$ 18,721
Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		(10)	(28)	(31)	56
Net income (loss) attributable to common stockholders		$ (3,408)	$ (9,290)	$ (10,287)	$ 18,665
Denominator for earnings (loss) per share:
Weighted average common shares outstanding - basic		25,140	24,307	25,104	24,847
Weighted average unvested restricted stock units		613	503	596	483
Denominator for diluted earnings per share	[1]	25,140	24,307	25,104	25,330
Earnings (loss) per weighted average common share:
Earnings (loss) per share - basic		$ (0.14)	$ (0.38)	$ (0.41)	$ 0.75
Earnings (loss) per share - diluted		$ (0.14)	$ (0.38)	$ (0.41)	$ 0.74
[1]	If the Company sustains a net loss for the period presented, unvested restricted stock units are not included in the diluted earnings per share calculation.

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Details)	Jun. 30, 2017USD ($)	Jun. 30, 2021$ / 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 [Member]
Minority Interest [Line Items]
Inspection of properties fee, per unit | $ / Property		15
Construction supervision fee, percent fee		5.00%
BH Management Services, LLC | Maximum
Minority Interest [Line Items]
Inspection of properties fee, per unit | $ / Property		25
Construction supervision fee, percent fee		6.00%

Noncontrolling Interests - Sche

Noncontrolling Interests - Schedule of Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Noncontrolling Interest [Abstract]
Redeemable noncontrolling interests in the OP, December 31, 2020			$ 3,098
Net loss attributable to redeemable noncontrolling interests in the OP			(31)
Other comprehensive income attributable to redeemable noncontrolling interests in the OP			80
Contributions from redeemable noncontrolling interests in the OP			6
Distributions to redeemable noncontrolling interests in the OP			(52)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP	$ 710	$ 361	925	$ (459)
Redeemable noncontrolling interests in the OP, June 30, 2021	$ 4,026		$ 4,026

Noncontrolling Interests - Summ

Noncontrolling Interests - Summary of Fees Incurred to BH And Its Affiliates As Well As Reimbursements Paid to BH (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fees incurred
Property management fees	[1]	$ 1,516	$ 1,465	$ 3,001	$ 3,015
BH Management Services, LLC
Fees incurred
Property management fees	[2]	1,510	1,459	2,989	3,003
Construction supervision fees	[3]	302	413	556	1,047
Design fees	[3]	24	217	78	513
Acquisition fees	[4]	275		275
Reimbursements
Payroll and benefits	[5]	4,819	4,298	9,057	8,656
Other reimbursements	[6]	$ 857	$ 708	$ 1,682	$ 1,685
[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) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
NexPoint Real Estate Advisors, L.P
Related Party Transaction [Line Items]
Percentage of annual advisory, paid monthly			1.00%
Percentage of annual administrative fee, paid monthly			0.20%
Advisory and administrative fees on contributed assets			$ 5,400,000
Advisory and administrative fees percentage			1.20%
Advisory and administrative fees	$ 1,900,000	$ 1,900,000	$ 3,800,000	$ 3,800,000
Additional advisory and administrative fees	$ 4,100,000	$ 3,800,000	8,100,000	7,700,000
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			$ 0	$ 100,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - Self-Insurance Program	Mar. 01, 2021USD ($)	Mar. 01, 2020USD ($)	Mar. 01, 2019USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2021Claim	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Feb. 29, 2020Claim
Loss Contingencies [Line Items]
Limit of losses for insurance claims			$ 100,000
Maximum insurance claim amount			$ 1,200,000
Insurance claim funded				$ 600,000
Remaining insurance claim funded						$ 600,000
Amount of reserve for aggregate insurance claim								$ 0	$ 0
Other potential claims that met the criteria under ASC 450-20 | Claim							0			0
Insurance claim amount	$ 2,468,750	$ 2,365,000			$ 1,600,000	$ 1,500,000
Parent
Loss Contingencies [Line Items]
Insurance claim amount								$ 1,600,000	$ 1,500,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event - $ / shares	Jul. 26, 2021	Jul. 30, 2021
Subsequent Event [Line Items]
Dividends payable, amount per share	$ 0.34125
Dividends payable, date declared	Jul. 26, 2021
Dividends payable, date to be paid	Sep. 30, 2021
Dividends payable, date of record	Sep. 15, 2021
NLMF Holdco LLC
Subsequent Event [Line Items]
Ownership percentage		10.00%