NexPoint Residential Trust (NXRT) 10-Q 28 Apr 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 28, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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		25,700,190
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-36663
Entity Tax Identification Number	47-1881359
Entity Address, Address Line One	300 Crescent Court
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	(214)
Local Phone Number	276-6300
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	Mar. 31, 2022	Dec. 31, 2021
Operating Real Estate Investments
Land	$ 375,857	$ 375,857
Buildings and improvements	1,745,341	1,743,866
Intangible lease assets	1,376	2,576
Construction in progress	4,529	6,078
Furniture, fixtures and equipment	127,030	120,419
Total Gross Operating Real Estate Investments	2,254,133	2,248,796
Accumulated depreciation and amortization	(309,002)	(287,096)
Total Net Real Estate Investments	1,945,131	1,961,700
Cash and cash equivalents	99,538	49,450
Restricted cash	32,586	39,246
Accounts receivable, net	9,421	4,844
Prepaid and other assets	11,631	4,701
Fair market value of interest rate swaps	58,104	3,526
TOTAL ASSETS	2,156,411	2,063,467
Liabilities:
Mortgages payable, net	1,276,240	1,276,285
Credit facility, net	332,979	278,215
Accounts payable and other accrued liabilities	12,539	12,590
Accrued real estate taxes payable	7,896	13,182
Accrued interest payable	2,788	2,491
Security deposit liability	2,989	2,945
Prepaid rents	1,811	1,775
Total Liabilities	1,637,242	1,587,483
Redeemable noncontrolling interests in the Operating Partnership	6,614	6,139
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; 25,700,190 and 25,500,567 shares issued and outstanding, respectively	257	255
Additional paid-in capital	411,059	407,803
Accumulated earnings less dividends	44,246	59,209
Accumulated other comprehensive income	56,993	2,578
Total Stockholders' Equity	512,555	469,845
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,156,411	$ 2,063,467

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
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	25,700,190	25,500,567
Common stock, shares, outstanding	25,700,190	25,500,567
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
		Mar. 31, 2022	Mar. 31, 2021
Revenues
Rental income		$ 59,297	$ 50,340
Other income		1,489	1,456
Total revenues		60,786	51,796
Expenses
Property operating expenses		13,596	11,216
Real estate taxes and insurance		8,720	8,722
Property management fees	[1]	1,757	1,485
Advisory and administrative fees	[2]	1,843	1,868
Corporate general and administrative expenses		3,486	2,940
Property general and administrative expenses		2,006	1,559
Depreciation and amortization		23,718	20,758
Total expenses		55,126	48,548
Operating income		5,660	3,248
Interest expense		(10,636)	(10,616)
Casualty gain		128
Miscellaneous income		181	468
Net loss		(4,667)	(6,900)
Net loss attributable to redeemable noncontrolling interests in the Operating Partnership		(14)	(21)
Net loss attributable to common stockholders		(4,653)	(6,879)
Other comprehensive income
Unrealized gains on interest rate derivatives		54,579	31,342
Total comprehensive income		49,912	24,442
Comprehensive income attributable to redeemable noncontrolling interests in the Operating Partnership		150	73
Comprehensive income attributable to common stockholders		$ 49,762	$ 24,369
Weighted average common shares outstanding - basic		25,620	25,068
Weighted average common shares outstanding - diluted	[3]	25,620	25,068
Loss per share - basic		$ (0.18)	$ (0.27)
Loss per share - diluted		$ (0.18)	$ (0.27)
[1]	Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of the Company’s Operating Partnership (see Note 10).
[2]	Fees incurred to the Adviser (see Note 11).
[3]	If the Company sustains a net loss for the period presented, unvested restricted stock units are not included in the diluted earnings per share calculation.

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	2022 At The Market Offering	2021 At The Market Offering	Common Stock	Common Stock2022 At The Market Offering	Additional Paid-in Capital	Additional Paid-in Capital2022 At The Market Offering	Additional Paid-in Capital2021 At The Market Offering	Accumulated Earnings (Loss) Less Dividends	Accumulated Other Comprehensive Income (Loss)
Beginning Balance, Values at Dec. 31, 2020	$ 407,927			$ 250		$ 376,710			$ 75,321	$ (44,354)
Beginning Balance, Shares at Dec. 31, 2020				25,016,957
Net loss attributable to common stockholders	(6,879)								(6,879)
Vesting of stock-based compensation	364			$ 1		363
Vesting of stock-based compensation, Shares				110,184
Issuance of common stock through at-the-market offering			$ (176)					$ (176)
Common stock dividends declared	(8,776)								(8,776)
Other comprehensive income	31,248									31,248
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	(215)								(215)
Ending Balance, Values at Mar. 31, 2021	423,493			$ 251		376,897			59,451	(13,106)
Ending Balance, Shares at Mar. 31, 2021				25,127,141
Beginning Balance, Values at Dec. 31, 2021	$ 469,845			$ 255		407,803			59,209	2,578
Beginning Balance, Shares at Dec. 31, 2021	25,500,567			25,500,567
Net loss attributable to common stockholders	$ (4,653)								(4,653)
Vesting of stock-based compensation	(880)			$ 1		(881)
Vesting of stock-based compensation, Shares				147,532
Issuance of common stock through at-the-market offering		$ 4,138			$ 1		$ 4,137
Issuance of common shares, Shares					52,091
Common stock dividends declared	(9,976)								(9,976)
Other comprehensive income	54,415									54,415
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership	(334)								(334)
Ending Balance, Values at Mar. 31, 2022	$ 512,555			$ 257		$ 411,059			$ 44,246	$ 56,993
Ending Balance, Shares at Mar. 31, 2022	25,700,190			25,700,190
Issuance of common shares,Shares					52,091

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement Of Stockholders Equity [Abstract]
Common stock, dividend per share declared	$ 0.38	$ 0.34125

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net loss	$ (4,667)	$ (6,900)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	23,718	20,758
Amortization/write-off of deferred financing costs	565	571
Change in fair value on derivative instruments included in interest expense	2,384	3,663
Net cash paid on derivative settlements	(3,646)	(3,618)
Amortization/write-off of fair market value adjustment of assumed debt	(50)	(51)
Provision for bad debts, net	1,248	734
Vesting of stock-based compensation	1,877	1,608
Insurance proceeds received for business interruption		121
Casualty gain	94	(468)
Changes in operating assets and liabilities, net of effects of acquisitions:
Operating assets	(6,413)	578
Operating liabilities	(6,428)	(3,252)
Net cash provided by operating activities	8,682	13,744
Cash flows from investing activities
Prepaid acquisition deposits	(1,615)
Insurance proceeds received from casualty losses	273	3,178
Additions to real estate investments	(9,120)	(10,765)
Net cash used in investing activities	(10,462)	(7,587)
Cash flows from financing activities
Mortgage payments	(381)	(198)
Credit facilities proceeds received	55,000
Deferred financing costs paid	(415)
Interest rate cap fees paid	(10)
Proceeds from the issuance of common stock through at-the-market offering, net of offering costs	4,138	(176)
Payments for taxes related to net share settlement of stock-based compensation	(2,757)	(1,244)
Dividends paid to common stockholders	(10,367)	(8,923)
Net cash provided by (used in) financing activities	45,208	(10,541)
Net increase (decrease) in cash, cash equivalents and restricted cash	43,428	(4,384)
Cash, cash equivalents and restricted cash, beginning of period	88,696	57,015
Cash, cash equivalents and restricted cash, end of period	132,124	52,631
Supplemental Disclosure of Cash Flow Information
Interest paid	7,442	6,489
Supplemental Disclosure of Noncash Activities
Capitalized construction costs included in accounts payable and other accrued liabilities	2,846	2,237
Change in fair value on derivative instruments designated as hedges	54,579	31,342
Decrease in dividends payable upon vesting of restricted stock units	(391)	(147)
Write-off of assets due to casualty losses	1,904	$ 2,028
Write-off of fully amortized in-place leases	$ 1,200

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, 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 14, 2022 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	3 Months Ended
	Mar. 31, 2022
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 three months ended March 31, 2022. 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 March 31, 2022 and results of operations for the three months ended March 31, 2022 and 2021 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, 2021 and notes thereto included in its Annual Report on Form 10-K filed with the SEC on February 18, 2022. 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. Resident reimbursements and other income consist of charges billed to residents for utilities, carport and garage rental, and pets, and administrative, application and other fees and are recognized when earned. Purchase Price Allocation Upon acquisition of a property considered to be an asset acquisition, the purchase price and related acquisition costs (“total consideration”) are allocated to land, buildings, improvements, furniture, fixtures, and equipment, and intangible lease assets in accordance with FASB ASC 805, Business Combinations. The allocation of total consideration, which is determined using inputs that are classified within Level 3 of the fair value hierarchy established by FASB ASC 820, Fair Value Measurement and Disclosures Real estate assets, including land, buildings, improvements, furniture, fixtures and equipment, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months Construction in progress includes the cost of renovation projects being performed at the various properties. Once a project is complete, the historical cost of the renovation is placed into service in one of the categories above depending on the type of renovation project and is depreciated over the estimated useful lives as described in the table above. Impairment Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The key inputs into our impairment analysis include, but are not limited to, the holding period, net operating income, and capitalization rates. In such cases, the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. The Company’s impairment analysis identifies and evaluates events or changes in circumstances that indicate the carrying amount of a real estate investment may not be recoverable, including determining the period the Company will hold the rental property, net operating income, and the estimated capitalization rate for each respective real estate investment. As of March 31, 2022, 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 March 31, 2022, there are no properties held for sale. Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and expects to continue to qualify as a REIT. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute annually at least 90% of its “REIT taxable income,” as defined by the Code, to its stockholders. As a REIT, the Company will be subject to federal income tax on its undistributed REIT taxable income and net capital gain and to a 4% nondeductible excise tax on any amount by which distributions it pays with respect to any calendar year are less than the sum of (1) 85% of its ordinary income, (2) 95% of its capital gain net income and (3) 100% of its undistributed income from prior years. The Company intends to operate in such a manner so as to qualify as a REIT, but no assurance can be given that the Company will operate in a manner so as to qualify as a REIT. Taxable income from certain non-REIT activities is managed through a TRS and is subject to applicable federal, state, and local income and margin taxes. The Company had no significant taxes associated with its TRS for the three months ended March 31, 2022 and 2021. 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 March 31, 2022, 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 March 31, 2022. The Company and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The 2021, 2020 and 2019 tax years remain open to examination by tax jurisdictions to which the Company and its subsidiaries are subject. When applicable, the Company recognizes interest and/or penalties related to uncertain tax positions on its consolidated statements of operations and comprehensive income. Recent Accounting Pronouncements In March 2020 Reference Rate Reform one-month 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. 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” within “Part I” of our annual report on Form 10-K, filed with the U.S. Securities and Exchange Commission on February 18, 2022, for additional discussion of the risks posed by the COVID-19 pandemic.

Investments in Subsidiaries

Investments in Subsidiaries	3 Months Ended
	Mar. 31, 2022
Schedule Of Investments [Abstract]
Investments in Subsidiaries	3. Investments in Subsidiaries The Company conducts its operations through the OP, which owns 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. The Company controls and consolidates the OP as a VIE. 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 and control 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 March 31, 2022, 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 March 31, 2022 and December 31, 2021: Effective Ownership Percentage at Property Name Location Year March 31, 2022 December 31, 2021 Arbors on Forest Ridge Bedford, Texas 2014 100 % 100 % Cutter's Point Richardson, Texas 2014 100 % 100 % Silverbrook Grand Prairie, Texas 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 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 % 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 Las Vegas, Nevada 2019 100 % 100 % Bloom Las Vegas, Nevada 2019 100 % 100 % Bella Solara Las Vegas, Nevada 2019 100 % 100 % Fairways at San Marcos Chandler, AZ 2020 100 % 100 % The Verandas at Lake Norman (1) Charlotte, North Carolina 2021 100 % 100 % Creekside at Matthews (1) Charlotte, North Carolina 2021 100 % 100 % Six Forks Station Raleigh, North Carolina 2021 100 % 100 % High House at Cary (2) Cary, North Carolina 2021 100 % 100 % (1) 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. The master lease agreement with the EAT that directly owned these properties terminated on December 28, 2021, at which time legal title and control transferred to the Company. Upon the transfer of title, the EAT that directly owned these properties was no longer considered a VIE. (2) Formerly known as Hudson High House.

Real Estate Investments Statist

Real Estate Investments Statistics	3 Months Ended
	Mar. 31, 2022
Business Combinations [Abstract]
Real Estate Investments Statistics	4. Real Estate Investments Statistics As of March 31, 2022, 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 March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Arbors on Forest Ridge 155 210 1/31/2014 $ 1,040 $ 1,021 94.8 % 96.2 % Cutter's Point 198 196 1/31/2014 1,261 1,219 95.4 % 95.4 % Silverbrook 526 642 1/31/2014 1,068 1,043 94.2 % 94.1 % The Summit at Sabal Park 205 252 8/20/2014 1,253 1,198 94.4 % 96.0 % Courtney Cove 225 324 8/20/2014 1,187 1,132 93.5 % 93.8 % Radbourne Lake 247 225 9/30/2014 1,293 1,227 93.3 % 94.2 % Timber Creek 248 352 9/30/2014 1,058 1,032 96.4 % 96.1 % Sabal Palm at Lake Buena Vista 371 400 11/5/2014 1,453 1,377 95.8 % 97.8 % Cornerstone 318 430 1/15/2015 1,183 1,152 95.6 % 95.6 % The Preserve at Terrell Mill 692 752 2/6/2015 1,182 1,156 94.4 % 90.9 % Versailles 301 388 2/26/2015 1,166 1,024 88.1 % 96.4 % Seasons 704 Apartments 217 222 4/15/2015 1,502 1,410 94.1 % 96.8 % Madera Point 193 256 8/5/2015 1,190 1,140 96.1 % 94.5 % Venue at 8651 289 333 10/30/2015 1,033 1,006 95.4 % 94.5 % Parc500 266 217 7/27/2016 1,609 1,543 94.5 % 96.3 % The Venue on Camelback 256 415 10/11/2016 960 915 94.9 % 92.3 % Old Farm 697 734 12/29/2016 1,218 1,207 94.7 % 93.9 % Stone Creek at Old Farm 186 190 12/29/2016 1,268 1,248 96.3 % 96.8 % Hollister Place 246 260 2/1/2017 1,105 1,065 89.2 % 92.5 % Rockledge Apartments 802 708 6/30/2017 1,446 1,408 94.9 % 93.9 % Atera Apartments 334 380 10/25/2017 1,352 1,310 95.0 % 93.9 % Crestmont Reserve 199 242 9/26/2018 1,052 985 93.0 % 95.5 % Brandywine I & II 414 632 9/26/2018 1,080 1,031 95.1 % 95.6 % Bella Vista 243 248 1/28/2019 1,543 1,515 96.8 % 96.0 % The Enclave 194 204 1/28/2019 1,603 1,507 95.1 % 96.6 % The Heritage 199 204 1/28/2019 1,514 1,432 91.7 % 95.6 % Summers Landing 139 196 6/7/2019 1,090 1,033 96.4 % 93.9 % Residences at Glenview Reserve 344 360 7/17/2019 1,125 1,074 94.7 % 95.6 % Residences at West Place 345 342 7/17/2019 1,420 1,345 94.2 % 93.0 % Avant at Pembroke Pines 1,442 1,520 8/30/2019 1,772 1,695 95.1 % 93.9 % Arbors of Brentwood 325 346 9/10/2019 1,344 1,284 94.8 % 95.1 % Torreyana Apartments 309 316 11/22/2019 1,419 1,365 94.6 % 93.7 % Bloom 498 528 11/22/2019 1,263 1,238 91.1 % 89.2 % Bella Solara 271 320 11/22/2019 1,343 1,309 91.9 % 91.3 % Fairways at San Marcos 340 352 11/2/2020 1,476 1,425 96.3 % 96.3 % The Verandas at Lake Norman 241 264 6/30/2021 1,258 1,215 93.2 % 93.2 % Creekside at Matthews 263 240 6/30/2021 1,393 1,350 91.7 % 94.2 % Six Forks Station 360 323 9/10/2021 1,246 1,228 91.2 % 95.4 % High House at Cary 293 302 12/7/2021 1,372 1,361 93.4 % 94.7 % 13,391 14,825 (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of March 31, 2022 and December 31, 2021, respectively, minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of March 31, 2022 and December 31, 2021, respectively. (2) Percent occupied is calculated as the number of units occupied as of March 31, 2022 and December 31, 2021, divided by the total number of units, expressed as a percentage. (3) Includes 49 down units due to casualty events as of March 31, 2022 (see Note 5).

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Real Estate Investments	5. Real Estate Investments As of March 31, 2022, 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 $ 11,760 $ — $ 1 $ 1,865 $ 15,956 Cutter's Point 3,330 13,088 — 1 7,393 23,812 Silverbrook 4,860 25,691 — 196 5,690 36,437 The Summit at Sabal Park 5,770 13,885 — — 2,048 21,703 Courtney Cove 5,880 14,345 — 17 2,548 22,790 Radbourne Lake 2,440 22,848 — — 2,642 27,930 Timber Creek 11,260 13,334 — 380 3,931 28,905 Sabal Palm at Lake Buena Vista 7,580 42,461 — 10 2,874 52,925 Cornerstone 1,500 30,915 — 21 3,833 36,269 The Preserve at Terrell Mill 10,170 53,148 — — 9,414 72,732 Versailles 6,720 21,953 — 2 4,155 32,830 Seasons 704 Apartments 7,480 14,725 — — 2,262 24,467 Madera Point 4,920 18,155 — — 2,698 25,773 Venue at 8651 2,350 17,548 — 322 3,914 24,134 Parc500 3,860 21,193 — 5 4,228 29,286 The Venue on Camelback 8,340 38,513 — 141 3,450 50,444 Old Farm 11,078 71,070 — 174 4,031 86,353 Stone Creek at Old Farm 3,493 19,718 — 2 936 24,149 Hollister Place 2,782 21,202 — 1,468 2,793 28,245 Rockledge Apartments 17,451 97,417 — — 6,405 121,273 Atera Apartments 22,371 38,691 — 7 2,545 63,614 Crestmont Reserve 4,124 21,068 — — 1,558 26,750 Brandywine I & II 6,237 73,769 — — 5,385 85,391 Bella Vista 10,942 37,310 — 6 2,865 51,123 The Enclave 11,046 30,515 — — 2,500 44,061 The Heritage 6,835 35,131 — 26 2,562 44,554 Summers Landing 1,798 18,447 — 1 821 21,067 Residences at Glenview Reserve 3,367 42,339 — — 2,602 48,308 Residences at West Place 3,345 52,369 — — 1,855 57,569 Avant at Pembroke Pines 48,434 276,632 — 1,056 12,425 338,547 Arbors of Brentwood 6,346 56,063 — — 2,414 64,823 Torreyana Apartments 23,824 43,771 — 3 1,533 69,131 Bloom 23,805 82,595 — 19 3,007 109,426 Bella Solara 12,605 53,440 — 22 2,068 68,135 Fairways at San Marcos 10,993 72,922 — 297 2,005 86,217 The Verandas at Lake Norman 9,510 52,800 — 115 857 63,282 Creekside at Matthews 11,515 45,337 — — 1,046 57,898 Six Forks Station 11,357 61,517 — 218 1,045 74,137 High House at Cary 23,809 67,656 1,376 19 827 93,687 375,857 1,745,341 1,376 4,529 127,030 2,254,133 Accumulated depreciation and amortization — (218,292 ) (917 ) — (89,793 ) (309,002 ) Total Operating Properties $ 375,857 $ 1,527,049 $ 459 $ 4,529 $ 37,237 $ 1,945,131 As of December 31, 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 $ 11,755 $ — $ — $ 1,821 $ 15,906 Cutter's Point 3,330 13,091 — — 7,379 23,800 Silverbrook 4,860 27,495 — — 5,566 37,921 The Summit at Sabal Park 5,770 13,882 — — 1,978 21,630 Courtney Cove 5,880 14,350 — — 2,444 22,674 Radbourne Lake 2,440 22,744 — 64 2,455 27,703 Timber Creek 11,260 13,310 — 239 3,827 28,636 Sabal Palm at Lake Buena Vista 7,580 42,456 — 2 2,758 52,796 Cornerstone 1,500 30,901 — 21 3,722 36,144 The Preserve at Terrell Mill 10,170 53,080 — — 8,997 72,247 Versailles 6,720 21,887 — — 4,075 32,682 Seasons 704 Apartments 7,480 14,644 — — 2,078 24,202 Madera Point 4,920 18,090 — 48 2,612 25,670 Venue at 8651 2,350 17,495 — 334 3,843 24,022 Parc500 3,860 21,172 — — 4,147 29,179 The Venue on Camelback 8,340 38,328 — 306 3,248 50,222 Old Farm 11,078 70,993 — 99 3,902 86,072 Stone Creek at Old Farm 3,493 19,714 — 2 899 24,108 Hollister Place 2,782 21,196 — 1,308 2,739 28,025 Rockledge Apartments 17,451 97,374 — — 5,968 120,793 Atera Apartments 22,371 36,857 — 1,824 2,384 63,436 Crestmont Reserve 4,124 21,067 — — 1,515 26,706 Brandywine I & II 6,237 73,737 — — 5,160 85,134 Bella Vista 10,942 37,193 — 51 2,687 50,873 The Enclave 11,046 30,469 — 11 2,403 43,929 The Heritage 6,835 35,011 — 68 2,386 44,300 Summers Landing 1,798 18,433 — 1 790 21,022 Residences at Glenview Reserve 3,367 42,306 — — 2,366 48,039 Residences at West Place 3,345 52,310 — — 1,591 57,246 Avant at Pembroke Pines 48,434 275,968 — 1,414 11,611 337,427 Arbors of Brentwood 6,346 56,040 — — 2,235 64,621 Torreyana Apartments 23,824 43,700 — 25 1,371 68,920 Bloom 23,805 82,545 — 16 2,697 109,063 Bella Solara 12,605 53,415 — 24 1,854 67,898 Fairways at San Marcos 10,993 72,920 — 2 1,989 85,904 The Verandas at Lake Norman 9,510 52,884 — 6 650 63,050 Creekside at Matthews 11,515 45,271 — 18 756 57,560 Six Forks Station 11,357 62,129 1,200 195 748 75,629 High House at Cary 23,809 67,654 1,376 — 768 93,607 375,857 1,743,866 2,576 6,078 120,419 2,248,796 Accumulated depreciation and amortization — (203,125 ) (1,029 ) — (82,942 ) (287,096 ) Total Operating Properties $ 375,857 $ 1,540,741 $ 1,547 $ 6,078 $ 37,477 $ 1,961,700 Depreciation expense was $22.6 million and $19.9 million for the three months ended March 31, 2022 and 2021, respectively. Amortization expense related to the Company’s intangible lease assets was $1.1 million and $0.8 million for the three months ended March 31, 2022 and 2021, respectively. Amortization expense related to the Company’s intangible lease assets for all acquisitions completed through March 31, 2022 is expected to be $0.5 million for the remainder of the year ended December 31, 2022. Due to the six-month useful life attributable to intangible lease assets, the value of intangible lease assets on any acquisition prior to September 30, 2021 has been fully amortized and the assets and related accumulated amortization have been written off as of March 31, 2022. Acquisitions There were no acquisitions of real estate during the three months ended March 31, 2022 and 2021. Dispositions There were no dispositions of real estate during the three months ended March 31, 2022 and 2021. Casualty Losses As of March 31, 2022, seven of the Company’s properties, Silverbrook, Venue at 8651, Bloom, Old Farm, Timber Creek, The Preserve at Terrell Mill and Six Forks, suffered significant property damages as a result of fires and flooding. As of March 31, 2022, 49 units were excluded from the Portfolio’s total unit count and all same store pools due to reconstruction. Business interruption proceeds for lost rent are included in miscellaneous income in the accompanying consolidated statements of operations and comprehensive income in relation to these events.

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	6. Debt Mortgage Debt The following table contains summary information concerning the mortgage debt of the Company as of March 31, 2022 (dollars in thousands): Operating Properties Type Term Outstanding Principal (1) Interest Rate (2) Maturity Date Arbors on Forest Ridge (3) Floating 84 $ 13,130 2.13% 7/1/2024 Cutter's Point (3) Floating 84 16,640 2.13% 7/1/2024 Silverbrook (3) Floating 84 30,590 2.13% 7/1/2024 The Summit at Sabal Park (3) Floating 84 13,560 2.07% 7/1/2024 Courtney Cove (3) Floating 84 13,680 2.07% 7/1/2024 The Preserve at Terrell Mill (3) Floating 84 42,480 2.07% 7/1/2024 Versailles (3) Floating 84 23,880 2.07% 7/1/2024 Seasons 704 Apartments (3) Floating 84 17,460 2.07% 7/1/2024 Madera Point (3) Floating 84 15,150 2.07% 7/1/2024 Venue at 8651 (3) Floating 84 13,734 2.23% 7/1/2024 The Venue on Camelback (3) Floating 84 28,093 2.13% 7/1/2024 Old Farm (3) Floating 84 52,886 2.13% 7/1/2024 Stone Creek at Old Farm (3) Floating 84 15,274 2.13% 7/1/2024 Timber Creek (3) Floating 84 24,100 1.71% 10/1/2025 Radbourne Lake (3) Floating 84 20,000 1.74% 10/1/2025 Sabal Palm at Lake Buena Vista (3) Floating 84 42,100 1.75% 9/1/2025 Cornerstone (4) Fixed 120 20,672 4.24% 3/1/2023 Parc500 (5) Fixed 120 14,590 4.49% 8/1/2025 Hollister Place (3) Floating 84 14,811 1.79% 10/1/2025 Rockledge Apartments (3) Floating 84 68,100 2.02% 7/1/2024 Atera Apartments (3) Floating 84 29,500 1.93% 11/1/2024 Crestmont Reserve (3) Floating 84 12,061 1.63% 10/1/2025 Brandywine I & II (3) Floating 84 43,835 1.63% 10/1/2025 Bella Vista (6) Floating 84 29,040 1.77% 2/1/2026 The Enclave (6) Floating 84 25,322 1.77% 2/1/2026 The Heritage (6) Floating 84 24,625 1.77% 2/1/2026 Summers Landing (7) Floating 84 10,109 1.63% 10/1/2025 Residences at Glenview Reserve (8) Floating 84 26,270 1.89% 10/1/2025 Residences at West Place (8) Fixed 120 33,817 4.24% 10/1/2028 Avant at Pembroke Pines (3) Floating 84 177,100 1.88% 9/1/2026 Arbors of Brentwood (3) Floating 84 34,237 1.88% 10/1/2026 Torreyana Apartments (6) Floating 84 37,400 2.15% 12/1/2026 Bloom (6) Floating 84 58,850 2.15% 12/1/2026 Bella Solara (6) Floating 84 36,575 2.15% 12/1/2026 Fairways at San Marcos (6) Floating 84 46,464 2.29% 12/1/2027 The Verandas at Lake Norman (9) Floating 84 34,925 2.01% 7/1/2028 Creekside at Matthews (9) Floating 84 31,900 2.01% 7/1/2028 Six Forks Station (10) Floating 120 41,180 1.87% 10/1/2031 High House at Cary (9) Floating 84 46,625 2.17% 1/1/2029 $ 1,280,765 Fair market value adjustment 1,009 (11) Deferred financing costs, net of accumulated amortization of $5,433 (5,534 ) $ 1,276,240 (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. References rates used in our portfolio include one-month LIBOR and 30-Day Average Secured Overnight Financing Rate (“SOFR”). As of March 31, 2022, one-month LIBOR was 0.452% and SOFR was 0.15934%. (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) Loan can be pre-paid in the first 24 months of the term in certain circumstances at par plus 5.00%. Starting in the 25th month of the term through the 36th month of the term, the loan can be pre-paid at par plus 2% of the unpaid principal balance. Starting in the 37th month of the term, the loan can be pre-paid at par plus 1% of the unpaid principal balance. The loan is open to pre-payment in the last three months of the term. (10) Loan can be pre-paid in the first 24 months of the term in certain circumstances at par plus 5.00%. Starting in the 25th month of the term through the 116th 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 four months of the term. ( 11 ) 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 2.10% as of March 31, 2022 and 1.81% as of December 31, 2021. The increase between the periods is primarily related to an increase in one-month LIBOR of approximately 35 basis points to 0.452% as of March 31, 2022 from 0.10125% as of December 31, 2021. As of March 31, 2022, the adjusted weighted average interest rate of the Company’s mortgage indebtedness was 2.95%. 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 1.2128% for one-month LIBOR on its combined $1.4 billion notional amount of interest rate swap agreements, which effectively fix the interest rate on $1.4 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 March 31, 2022, the Company believes it is in compliance with all provisions. Credit Facility The following table contains summary information concerning the Company’s credit facility as of March 31, 2022 (dollars in thousands): Type Term Outstanding Principal Interest Rate (1) Maturity Date Corporate Credit Facility Floating 36 $ 335,000 2.80% 6/30/2024 Deferred financing costs, net of accumulated amortization of $461 (2,021 ) $ 332,979 (1) Interest rate is based on Term SOFR plus an applicable margin. Term SOFR as of March 31, 2022 was 0.3024%. On March 25, 2022, the Company entered into a loan modification agreement by and among the Company, the OP, Truist Bank and the Lenders party thereto, which modified the Company’s existing credit facility, dated as of June 30, 2021 (as modified, amended and supplemented, the “Corporate Credit Facility”). As of March 31, 2022, there was $350.0 million available for borrowing under the Corporate Credit Facility. Subject to conditions provided in the Corporate Credit Facility, the commitments under Corporate Credit Facility may be increased up to an additional $150.0 million if the lenders agree to increase their commitments or if the lenders agree for the increase to be funded by any additional lender proposed by the Company, through the OP. The Corporate Credit Facility will mature on June 30, 2024 with respect to the revolving commitments, unless the Company exercises its option to voluntarily and permanently reduce all of the revolving commitments before the maturity date or elects to exercise its right and option to extend the facility with respect to the revolving commitments for a single one-year Advances under the Corporate Credit Facility accrue interest at a per annum rate equal to, at the Company’s election, either Term SOFR plus a margin of 1.90% to 2.40%, depending on the Company’s total leverage ratio and a benchmark replacement adjustment of 0.1%, or a base rate determined according to the highest of (a) the prime rate, (b) the federal funds rate plus 0.50%, (c) Term SOFR 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 Corporate Credit Facility are, subject to some exceptions, secured by a continuing security interest in substantially all of the assets of the Company. The Company is in compliance with all of the covenants required in its Corporate Credit Facility. Deferred Financing Costs The Company defers costs incurred in obtaining financing and amortizes the costs over the terms of the related loans using the straight-line method, which approximates the effective interest method. Deferred financing costs, net of amortization, are recorded as a reduction from the related debt on the Company’s consolidated balance sheets. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to loss on extinguishment of debt and modification costs (see “Loss on Extinguishment of Debt and Modification Costs” below). For the three months ended March 31, 2022 and 2021, amortization of deferred financing costs of approximately $0.6 million and $0.6 million, respectively, is included in interest expense on the consolidated statements of operations and comprehensive income. Loss on Extinguishment of Debt and Modification Costs Loss on extinguishment of debt and modification costs includes prepayment penalties and defeasance costs incurred on the early repayment of debt, costs incurred in a debt modification that are not capitalized as deferred financing costs and other costs incurred in a debt extinguishment. Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to March 31, 2022 are as follows (in thousands): Operating Properties Credit Facility Total 2022 $ 1,040 $ — $ 1,040 2023 21,047 — 21,047 2024 394,956 335,000 729,956 2025 205,662 — 205,662 2026 423,149 — 423,149 Thereafter 234,911 — 234,911 Total $ 1,280,765 $ 335,000 $ 1,615,765

Fair Value of Derivative and Fi

Fair Value of Derivative and Financial Instruments	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measures and Derivative Financial Instruments	7. Fair Value of Derivatives and Financial Instruments Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy): • Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3 inputs are the unobservable inputs for the asset or liability, which are typically based on an entity’s own assumption, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on input from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company utilizes independent third parties to perform the allocation of value analysis for each property acquisition and to perform the market valuations on its derivative financial instruments and has established policies, as described above, processes and procedures intended to ensure that the valuation methodologies for investments and derivative financial instruments are fair and consistent as of the measurement date. Derivative Financial Instruments and Hedging Activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company may enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash payments principally related to the Company’s borrowings. In order to minimize counterparty credit risk, the Company enters into and expects to enter into hedging arrangements only with major financial institutions that have high credit ratings. The Company utilizes an independent third party to perform the market valuations on its derivative financial instruments. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate caps are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both the Company’s own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of the Company’s derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with the Company’s derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has determined that the significance of the impact of the credit valuation adjustments made to its derivative contracts, which determination was based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all of the Company’s derivatives held as of March 31, 2022 and December 31, 2021 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 three months ended March 31, 2022 and 2021, 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 $458.8 million of the Company’s floating rate mortgage indebtedness at a weighted average rate of 4.79% as of March 31, 2022. 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 four with Truist Bank with a combined notional amount of $1.4 billion. The interest rate swaps the Company has entered into effectively replace the floating interest rate with respect to that amount with a weighted average fixed rate of 1.2128%. The Company has designated these interest rate swaps as cash flow hedges of interest rate risk. As of March 31, 2022, 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 % March 1, 2022 March 1, 2025 Truist 145,000 0.5730 % March 1, 2022 March 1, 2025 Truist 105,000 0.6140 % $ 1,417,500 1.2128 % (2) (1) The floating rate option for the interest rate swaps is one-month LIBOR. As of March 31, 2022, one-month LIBOR was 0.452%. (2) Represents the weighted average fixed rate of the interest rate swaps. As of March 31, 2022, 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) September 1, 2026 January 1, 2027 KeyBank $ 92,500 1.7980 % (1) The floating rate option for the interest rate swaps is one-month LIBOR. As of March 31, 2022, one-month LIBOR was 0.452%. (2) Represents the weighted average fixed rate of the interest rate swaps. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements but either do not meet the strict requirements to apply hedge accounting in accordance with FASB ASC 815, Derivatives and Hedging As of March 31, 2022 and 2021, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands): As of March 31, Number of Instruments Notional Amount 2022 15 $ 458,846 2021 15 $ 379,406 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 March 31, 2022 and December 31, 2021 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ 58,350 $ 11,045 $ 246 $ 7,519 Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets 1,453 263 — — Total $ 59,803 $ 11,308 $ 246 $ 7,519 The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income for the three months ended March 31, 2022 and 2021 (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 2022 2021 OCI into income 2022 2021 Derivatives designated as hedging instruments: For the three months ended March 31, Interest rate products $ 51,017 $ 27,679 Interest expense $ (3,562 ) $ (3,663 ) Location of gain (loss) Amount of gain (loss) recognized in income recognized in income 2022 2021 Derivatives not designated as hedging instruments: For the three months ended March 31, Interest rate products Interest expense $ 1,184 $ 12 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 March 31, 2022 and December 31, 2021, the fair values of cash and cash equivalents, restricted cash, accounts receivable, prepaid and other assets, excluding interest rate caps, accounts payable and other accrued liabilities, accrued real estate taxes payable, accrued interest payable, security deposits and prepaid rent approximated their carrying values because of the short term nature of these instruments. The estimated fair values of other financial instruments were determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company would realize on the disposition of the financial instruments. The use of different market assumptions or estimation methodologies may have a material effect on the estimated fair value amounts. Long-term indebtedness is carried at amounts that reasonably approximate their fair value. In calculating the fair value of its long-term indebtedness, the Company used interest rate and spread assumptions that reflect current credit worthiness and market conditions available for the issuance of long-term debt with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs. The table below presents the carrying value and estimated fair value of our debt at March 31, 2022 and December 31, 2021 March 31, 2022 December 31, 2021 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Fixed rate debt $ 69,079 $ 68,962 $ 69,285 $ 71,141 Floating rate debt (1) $ 1,546,686 $ 1,635,044 $ 1,491,861 $ 1,525,298 (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 three months ended March 31, 2022 and 2021, the Company did not record any impairment charges related to real estate assets.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stockholders' Equity	8. Stockholders’ Equity Common Stock During the As of March 31, 2022, the Company had 25,700,190 shares of common stock, par value $0.01 per share, issued and outstanding. Share Repurchase Program On June 15, 2016, the Board authorized the Company to repurchase up to $30.0 million of its common stock, par value $0.01 per share, during a two-year During the three months ended March 31, 2022 and 2021, the Company did not repurchase any shares of its common stock. Since the inception of the Share Repurchase Program through March 31, 2022, the Company had repurchased 2,382,155 shares of its common stock, par value $0.01 per share, at a total cost of approximately $61.2 million, or $25.70 per share. Treasury Shares From time to time, in accordance with the Company’s Share Repurchase Program, the Company may repurchase shares of its common stock in the open market. Until any such shares are retired, the cost of the shares is included in common stock held in treasury at cost on the consolidated balance sheet. The number of shares of common stock classified as treasury shares reduces the number of shares of the Company’s common stock outstanding and, accordingly, are considered in the weighted average number of shares outstanding during the period. During the three months ended March 31, 2022 and 2021, the Company retired no shares of its common stock held in treasury. As of March 31, 2022, the Company did not have any 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 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. On February 17, 2022, pursuant to the 2016 LTIP, the Company granted 142,159 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 March 31, 2022: 2022 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 589,283 $ 39.17 Granted 142,159 83.88 Vested (180,497 ) (1) 35.87 Outstanding March 31, 550,945 $ 51.79 (1) Certain key employees of the Adviser elected to net the taxes owed upon vesting against the shares issued resulting in 147,532 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 March 31, 2022: Shares Vesting February May Total 2022 — (1) 22,022 22,022 2023 139,095 22,019 161,114 2024 132,699 22,017 154,716 2025 97,811 22,017 119,828 2026 66,114 — 66,114 2027 27,151 — 27,151 Total 462,870 88,075 550,945 (1) Shares vested prior to March 31, 2022. As of March 31, 2022, the Company had issued 839,788 shares of common stock under the 2016 LTIP. For the three months ended March 31, 2022 and 2021, the Company recognized approximately $1.9 million and $1.6 million, respectively, of equity-based compensation expense related to grants of restricted stock units. As of March 31, 2022, the Company had recognized a liability of approximately $1.2 million related to dividends earned on restricted stock units that are payable in cash upon vesting. At-the-Market Offering On March 4, 2020, 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”), KeyBanc Capital Markets Inc. (“KeyBanc”) and Truist Securities (f/k/a SunTrust Robinson Humphrey, Inc., “SunTrust,” and together with Jefferies, Raymond James and KeyBanc, the “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 and Raymond James, or their respective affiliates, through the 2020 ATM Program. During the three months ended March 31, 2022, Gross proceeds $ 62,310,967 Common shares issued 1,120,910 Gross average sale price per share $ 55.59 Sales commissions $ 934,665 Offering costs 1,184,340 Net proceeds 60,191,962 Average price per share, net $ 53.70

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	The following table sets forth the computation of basic and diluted loss per share for the periods presented (in thousands, except per share amounts): For the Three Months Ended March 31, 2022 2021 Numerator for loss per share: Net loss $ (4,667 ) $ (6,900 ) Net loss attributable to redeemable noncontrolling interests in the Operating Partnership (14 ) (21 ) Net loss attributable to common stockholders $ (4,653 ) $ (6,879 ) Denominator for loss per share: Weighted average common shares outstanding 25,620 25,068 Denominator for basic loss per share 25,620 25,068 Weighted average unvested restricted stock units 573 582 Denominator for diluted earnings per share (1) 25,620 25,068 Loss per weighted average common share: Basic $ (0.18 ) $ (0.27 ) Diluted $ (0.18 ) $ (0.27 ) (1) If the Company sustains a net loss for the period presented, unvested restricted stock units are not included in the diluted earnings per share calculation.

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended
	Mar. 31, 2022
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 three months ended March 31, 2022 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2021 $ 6,139 Net loss attributable to redeemable noncontrolling interests in the OP (14 ) Other comprehensive income attributable to redeemable noncontrolling interests in the OP 164 Contributions from redeemable noncontrolling interests in the OP — Distributions to redeemable noncontrolling interests in the OP (9 ) Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 334 Redeemable noncontrolling interests in the OP, March 31, 2022 $ 6,614 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 months ended March 31, 2022 and 2021 For the Three Months Ended March 31, 2022 2021 Fees incurred Property management fees (1) $ 1,750 $ 1,479 Construction supervision fees (2) 325 254 Design fees (2) — 54 Aerwave fees (3) 124 — Reimbursements Payroll and benefits (3) 5,164 4,238 Other reimbursements (4) 1,028 825 (1) Included in property management fees on the consolidated statements of operations and comprehensive income. (2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Included in property operating expenses on the consolidated statements of operations and comprehensive income. (4) Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the consolidated statements of operations and comprehensive income.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
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 three months ended March 31, 2022 and 2021, 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 operating expenses and 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 March 31, 2022 and 2021, the Company incurred advisory and administrative fees of $1.8 million and $1.9 million, respectively. For the three months ended March 31, 2022 and 2021, the Adviser elected to voluntarily waive the advisory and administrative fees of approximately $4.9 million and $4.0 million, respectively. The advisory and administrative fees waived by the Adviser are considered to be permanently waived for the periods. The Adviser is not contractually obligated to waive fees on New Assets in the future and may cease waiving fees on New Assets at its discretion. Other Related Party Transactions The Company has in the past, and may in the future, utilize the services of affiliated parties. For the three months ended March 31, 2022 and 2021, the Company did not pay any fees 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. The Company holds multiple operating accounts at NexBank Capital, Inc. (“NexBank”), an affiliate of the Adviser through common beneficial ownership. On July 30, 2021, three of our property-owning subsidiaries entered into agreements with NLMF Holdco, LLC, an entity under common control with our Adviser and in which we own a 10% equity interest. As of March 31, 2022, the Company has funded approximately $0.3 million to NLMF Holdco, LLC which is included in prepaid and other assets on the consolidated balance sheet of the Company. For the three months ended March 31, 2022, the Company incurred expenses of $0.1 million for fiber internet service which is included in property operating expenses on the consolidated statement of operations and comprehensive loss. Additionally, on July 30, 2021, we entered into agreements 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.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, management does not anticipate any material deviations from schedule or budget related to rehabilitation projects currently in process. The Company’s agreement with NLMF Holdco, LLC may result in additional funding requirements to cover future project costs. The maximum exposure of potential commitments is expected to be no more than $4.0 million. As of March 31, 2022, the Company has funded approximately $0.3 million to NLMF Holdco, LLC which is included in prepaid and other assets on the consolidated balance sheet of the Company. Contingencies In the normal course of business, the Company is subject to claims, lawsuits, and legal proceedings. While it is not possible to ascertain the ultimate outcome of all such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the consolidated balance sheets or consolidated statements of operations and comprehensive income of the Company. The Company is not involved in any material litigation nor, to management’s knowledge, is any material litigation currently threatened against the Company or its properties or subsidiaries. Environmental liabilities could have a material adverse effect on the Company’s business, assets, cash flows or results of operations. As of March 31, 2022, the Company was not aware of any environmental liabilities. There can be no assurance that material environmental liabilities do not exist. Self-Insurance Program On March 1, 2021, the Adviser entered into a self-insurance policy resulting in an 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 December 31, 2021, all of the $1.6 million of the 2021 Aggregate Amount allocated to the Company has been prepaid. 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 February 28, 2022, the Company incurred claims related to its entire allocated 2021 Aggregate Amount at Old Farm and Silverbrook. On March 1, 2022, the Adviser entered into a new policy resulting in a new aggregate amount of $2,497,500 (the “2022 Aggregate Amount”) which is allocated across properties managed by the Adviser with approximately $1.8 million being allocated to the Company. 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, 2022 to March 31, 2022, the Company incurred $0.6 million in claims related to a fire at Six Forks Station under the 2022 Aggregate Amount.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events Dividends Declared On April 25, 2022, the Company’s Board declared a quarterly dividend of $0.38 per share, payable on June 30, 2022 to stockholders of record on June 15, 2022. Acquisitions On April 1, 2022, the Company acquired The Adair and Estates on Maryland, from investors in a Delaware Statutory Trust managed by an entity affiliated with the Adviser, for total consideration of $143.4 million (the “Purchase Price”), as detailed in the table below (dollars in thousands). The Purchase Price consisted of 26,558 OP Units (valued at $2.6 million) that were issued on April 1, 2022 and approximately $71.1 million in cash. The number of OP Units issued was calculated by dividing $2.6 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 fourth quarter of 2021 earnings results, which was $98.30 per share. The Company’s Audit Committee approved the acquisitions. These transactions were initially disclosed in our Form 10-K. Property Name Location Purchase Price Mortgage Debt # Units Effective Ownership The Adair Sandy Springs, GA $ 65,500 $ 35,115 232 100 % Estates on Maryland Phoenix, AZ 77,900 43,157 330 100 % $ 143,400 $ 78,272 562

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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 three months ended March 31, 2022. 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 March 31, 2022 and results of operations for the three months ended March 31, 2022 and 2021 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, 2021 and notes thereto included in its Annual Report on Form 10-K filed with the SEC on February 18, 2022.
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. Resident reimbursements and other income consist of charges billed to residents for utilities, carport and garage rental, and pets, and administrative, application and other fees and are recognized when earned.
Purchase Price Allocation	Purchase Price Allocation Upon acquisition of a property considered to be an asset acquisition, the purchase price and related acquisition costs (“total consideration”) are allocated to land, buildings, improvements, furniture, fixtures, and equipment, and intangible lease assets in accordance with FASB ASC 805, Business Combinations. The allocation of total consideration, which is determined using inputs that are classified within Level 3 of the fair value hierarchy established by FASB ASC 820, Fair Value Measurement and Disclosures Real estate assets, including land, buildings, improvements, furniture, fixtures and equipment, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months Construction in progress includes the cost of renovation projects being performed at the various properties. Once a project is complete, the historical cost of the renovation is placed into service in one of the categories above depending on the type of renovation project and is depreciated over the estimated useful lives as described in the table above.
Impairment	Impairment Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The key inputs into our impairment analysis include, but are not limited to, the holding period, net operating income, and capitalization rates. In such cases, the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. The Company’s impairment analysis identifies and evaluates events or changes in circumstances that indicate the carrying amount of a real estate investment may not be recoverable, including determining the period the Company will hold the rental property, net operating income, and the estimated capitalization rate for each respective real estate investment. As of March 31, 2022, 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 March 31, 2022, there are no properties held for sale.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and expects to continue to qualify as a REIT. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute annually at least 90% of its “REIT taxable income,” as defined by the Code, to its stockholders. As a REIT, the Company will be subject to federal income tax on its undistributed REIT taxable income and net capital gain and to a 4% nondeductible excise tax on any amount by which distributions it pays with respect to any calendar year are less than the sum of (1) 85% of its ordinary income, (2) 95% of its capital gain net income and (3) 100% of its undistributed income from prior years. The Company intends to operate in such a manner so as to qualify as a REIT, but no assurance can be given that the Company will operate in a manner so as to qualify as a REIT. Taxable income from certain non-REIT activities is managed through a TRS and is subject to applicable federal, state, and local income and margin taxes. The Company had no significant taxes associated with its TRS for the three months ended March 31, 2022 and 2021. 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 March 31, 2022, 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 March 31, 2022. The Company and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The 2021, 2020 and 2019 tax years remain open to examination by tax jurisdictions to which the Company and its subsidiaries are subject. When applicable, the Company recognizes interest and/or penalties related to uncertain tax positions on its consolidated statements of operations and comprehensive income.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020 Reference Rate Reform one-month
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. 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” within “Part I” of our annual report on Form 10-K, filed with the U.S. Securities and Exchange Commission on February 18, 2022, for additional discussion of the risks posed by the COVID-19 pandemic.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
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)	3 Months Ended
	Mar. 31, 2022
Schedule Of Investments [Abstract]
Schedule of Ownership in Each Property	As of March 31, 2022, 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 March 31, 2022 and December 31, 2021: Effective Ownership Percentage at Property Name Location Year March 31, 2022 December 31, 2021 Arbors on Forest Ridge Bedford, Texas 2014 100 % 100 % Cutter's Point Richardson, Texas 2014 100 % 100 % Silverbrook Grand Prairie, Texas 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 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 % 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 Las Vegas, Nevada 2019 100 % 100 % Bloom Las Vegas, Nevada 2019 100 % 100 % Bella Solara Las Vegas, Nevada 2019 100 % 100 % Fairways at San Marcos Chandler, AZ 2020 100 % 100 % The Verandas at Lake Norman (1) Charlotte, North Carolina 2021 100 % 100 % Creekside at Matthews (1) Charlotte, North Carolina 2021 100 % 100 % Six Forks Station Raleigh, North Carolina 2021 100 % 100 % High House at Cary (2) Cary, North Carolina 2021 100 % 100 % (1) 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. The master lease agreement with the EAT that directly owned these properties terminated on December 28, 2021, at which time legal title and control transferred to the Company. Upon the transfer of title, the EAT that directly owned these properties was no longer considered a VIE. (2) Formerly known as Hudson High House.

Real Estate Investments Stati_2

Real Estate Investments Statistics (Tables)	3 Months Ended
	Mar. 31, 2022
Multifamily Properties
Business Acquisition [Line Items]
Summary of Investment in Multifamily Properties	As of March 31, 2022, 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 March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Arbors on Forest Ridge 155 210 1/31/2014 $ 1,040 $ 1,021 94.8 % 96.2 % Cutter's Point 198 196 1/31/2014 1,261 1,219 95.4 % 95.4 % Silverbrook 526 642 1/31/2014 1,068 1,043 94.2 % 94.1 % The Summit at Sabal Park 205 252 8/20/2014 1,253 1,198 94.4 % 96.0 % Courtney Cove 225 324 8/20/2014 1,187 1,132 93.5 % 93.8 % Radbourne Lake 247 225 9/30/2014 1,293 1,227 93.3 % 94.2 % Timber Creek 248 352 9/30/2014 1,058 1,032 96.4 % 96.1 % Sabal Palm at Lake Buena Vista 371 400 11/5/2014 1,453 1,377 95.8 % 97.8 % Cornerstone 318 430 1/15/2015 1,183 1,152 95.6 % 95.6 % The Preserve at Terrell Mill 692 752 2/6/2015 1,182 1,156 94.4 % 90.9 % Versailles 301 388 2/26/2015 1,166 1,024 88.1 % 96.4 % Seasons 704 Apartments 217 222 4/15/2015 1,502 1,410 94.1 % 96.8 % Madera Point 193 256 8/5/2015 1,190 1,140 96.1 % 94.5 % Venue at 8651 289 333 10/30/2015 1,033 1,006 95.4 % 94.5 % Parc500 266 217 7/27/2016 1,609 1,543 94.5 % 96.3 % The Venue on Camelback 256 415 10/11/2016 960 915 94.9 % 92.3 % Old Farm 697 734 12/29/2016 1,218 1,207 94.7 % 93.9 % Stone Creek at Old Farm 186 190 12/29/2016 1,268 1,248 96.3 % 96.8 % Hollister Place 246 260 2/1/2017 1,105 1,065 89.2 % 92.5 % Rockledge Apartments 802 708 6/30/2017 1,446 1,408 94.9 % 93.9 % Atera Apartments 334 380 10/25/2017 1,352 1,310 95.0 % 93.9 % Crestmont Reserve 199 242 9/26/2018 1,052 985 93.0 % 95.5 % Brandywine I & II 414 632 9/26/2018 1,080 1,031 95.1 % 95.6 % Bella Vista 243 248 1/28/2019 1,543 1,515 96.8 % 96.0 % The Enclave 194 204 1/28/2019 1,603 1,507 95.1 % 96.6 % The Heritage 199 204 1/28/2019 1,514 1,432 91.7 % 95.6 % Summers Landing 139 196 6/7/2019 1,090 1,033 96.4 % 93.9 % Residences at Glenview Reserve 344 360 7/17/2019 1,125 1,074 94.7 % 95.6 % Residences at West Place 345 342 7/17/2019 1,420 1,345 94.2 % 93.0 % Avant at Pembroke Pines 1,442 1,520 8/30/2019 1,772 1,695 95.1 % 93.9 % Arbors of Brentwood 325 346 9/10/2019 1,344 1,284 94.8 % 95.1 % Torreyana Apartments 309 316 11/22/2019 1,419 1,365 94.6 % 93.7 % Bloom 498 528 11/22/2019 1,263 1,238 91.1 % 89.2 % Bella Solara 271 320 11/22/2019 1,343 1,309 91.9 % 91.3 % Fairways at San Marcos 340 352 11/2/2020 1,476 1,425 96.3 % 96.3 % The Verandas at Lake Norman 241 264 6/30/2021 1,258 1,215 93.2 % 93.2 % Creekside at Matthews 263 240 6/30/2021 1,393 1,350 91.7 % 94.2 % Six Forks Station 360 323 9/10/2021 1,246 1,228 91.2 % 95.4 % High House at Cary 293 302 12/7/2021 1,372 1,361 93.4 % 94.7 % 13,391 14,825 (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of March 31, 2022 and December 31, 2021, respectively, minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of March 31, 2022 and December 31, 2021, respectively. (2) Percent occupied is calculated as the number of units occupied as of March 31, 2022 and December 31, 2021, divided by the total number of units, expressed as a percentage. (3) Includes 49 down units due to casualty events as of March 31, 2022 (see Note 5).

Real Estate Investments (Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Summary of Major Components of Investments in Multifamily Properties	As of March 31, 2022, 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 $ 11,760 $ — $ 1 $ 1,865 $ 15,956 Cutter's Point 3,330 13,088 — 1 7,393 23,812 Silverbrook 4,860 25,691 — 196 5,690 36,437 The Summit at Sabal Park 5,770 13,885 — — 2,048 21,703 Courtney Cove 5,880 14,345 — 17 2,548 22,790 Radbourne Lake 2,440 22,848 — — 2,642 27,930 Timber Creek 11,260 13,334 — 380 3,931 28,905 Sabal Palm at Lake Buena Vista 7,580 42,461 — 10 2,874 52,925 Cornerstone 1,500 30,915 — 21 3,833 36,269 The Preserve at Terrell Mill 10,170 53,148 — — 9,414 72,732 Versailles 6,720 21,953 — 2 4,155 32,830 Seasons 704 Apartments 7,480 14,725 — — 2,262 24,467 Madera Point 4,920 18,155 — — 2,698 25,773 Venue at 8651 2,350 17,548 — 322 3,914 24,134 Parc500 3,860 21,193 — 5 4,228 29,286 The Venue on Camelback 8,340 38,513 — 141 3,450 50,444 Old Farm 11,078 71,070 — 174 4,031 86,353 Stone Creek at Old Farm 3,493 19,718 — 2 936 24,149 Hollister Place 2,782 21,202 — 1,468 2,793 28,245 Rockledge Apartments 17,451 97,417 — — 6,405 121,273 Atera Apartments 22,371 38,691 — 7 2,545 63,614 Crestmont Reserve 4,124 21,068 — — 1,558 26,750 Brandywine I & II 6,237 73,769 — — 5,385 85,391 Bella Vista 10,942 37,310 — 6 2,865 51,123 The Enclave 11,046 30,515 — — 2,500 44,061 The Heritage 6,835 35,131 — 26 2,562 44,554 Summers Landing 1,798 18,447 — 1 821 21,067 Residences at Glenview Reserve 3,367 42,339 — — 2,602 48,308 Residences at West Place 3,345 52,369 — — 1,855 57,569 Avant at Pembroke Pines 48,434 276,632 — 1,056 12,425 338,547 Arbors of Brentwood 6,346 56,063 — — 2,414 64,823 Torreyana Apartments 23,824 43,771 — 3 1,533 69,131 Bloom 23,805 82,595 — 19 3,007 109,426 Bella Solara 12,605 53,440 — 22 2,068 68,135 Fairways at San Marcos 10,993 72,922 — 297 2,005 86,217 The Verandas at Lake Norman 9,510 52,800 — 115 857 63,282 Creekside at Matthews 11,515 45,337 — — 1,046 57,898 Six Forks Station 11,357 61,517 — 218 1,045 74,137 High House at Cary 23,809 67,656 1,376 19 827 93,687 375,857 1,745,341 1,376 4,529 127,030 2,254,133 Accumulated depreciation and amortization — (218,292 ) (917 ) — (89,793 ) (309,002 ) Total Operating Properties $ 375,857 $ 1,527,049 $ 459 $ 4,529 $ 37,237 $ 1,945,131 As of December 31, 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 $ 11,755 $ — $ — $ 1,821 $ 15,906 Cutter's Point 3,330 13,091 — — 7,379 23,800 Silverbrook 4,860 27,495 — — 5,566 37,921 The Summit at Sabal Park 5,770 13,882 — — 1,978 21,630 Courtney Cove 5,880 14,350 — — 2,444 22,674 Radbourne Lake 2,440 22,744 — 64 2,455 27,703 Timber Creek 11,260 13,310 — 239 3,827 28,636 Sabal Palm at Lake Buena Vista 7,580 42,456 — 2 2,758 52,796 Cornerstone 1,500 30,901 — 21 3,722 36,144 The Preserve at Terrell Mill 10,170 53,080 — — 8,997 72,247 Versailles 6,720 21,887 — — 4,075 32,682 Seasons 704 Apartments 7,480 14,644 — — 2,078 24,202 Madera Point 4,920 18,090 — 48 2,612 25,670 Venue at 8651 2,350 17,495 — 334 3,843 24,022 Parc500 3,860 21,172 — — 4,147 29,179 The Venue on Camelback 8,340 38,328 — 306 3,248 50,222 Old Farm 11,078 70,993 — 99 3,902 86,072 Stone Creek at Old Farm 3,493 19,714 — 2 899 24,108 Hollister Place 2,782 21,196 — 1,308 2,739 28,025 Rockledge Apartments 17,451 97,374 — — 5,968 120,793 Atera Apartments 22,371 36,857 — 1,824 2,384 63,436 Crestmont Reserve 4,124 21,067 — — 1,515 26,706 Brandywine I & II 6,237 73,737 — — 5,160 85,134 Bella Vista 10,942 37,193 — 51 2,687 50,873 The Enclave 11,046 30,469 — 11 2,403 43,929 The Heritage 6,835 35,011 — 68 2,386 44,300 Summers Landing 1,798 18,433 — 1 790 21,022 Residences at Glenview Reserve 3,367 42,306 — — 2,366 48,039 Residences at West Place 3,345 52,310 — — 1,591 57,246 Avant at Pembroke Pines 48,434 275,968 — 1,414 11,611 337,427 Arbors of Brentwood 6,346 56,040 — — 2,235 64,621 Torreyana Apartments 23,824 43,700 — 25 1,371 68,920 Bloom 23,805 82,545 — 16 2,697 109,063 Bella Solara 12,605 53,415 — 24 1,854 67,898 Fairways at San Marcos 10,993 72,920 — 2 1,989 85,904 The Verandas at Lake Norman 9,510 52,884 — 6 650 63,050 Creekside at Matthews 11,515 45,271 — 18 756 57,560 Six Forks Station 11,357 62,129 1,200 195 748 75,629 High House at Cary 23,809 67,654 1,376 — 768 93,607 375,857 1,743,866 2,576 6,078 120,419 2,248,796 Accumulated depreciation and amortization — (203,125 ) (1,029 ) — (82,942 ) (287,096 ) Total Operating Properties $ 375,857 $ 1,540,741 $ 1,547 $ 6,078 $ 37,477 $ 1,961,700

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 (dollars in thousands): Operating Properties Type Term Outstanding Principal (1) Interest Rate (2) Maturity Date Arbors on Forest Ridge (3) Floating 84 $ 13,130 2.13% 7/1/2024 Cutter's Point (3) Floating 84 16,640 2.13% 7/1/2024 Silverbrook (3) Floating 84 30,590 2.13% 7/1/2024 The Summit at Sabal Park (3) Floating 84 13,560 2.07% 7/1/2024 Courtney Cove (3) Floating 84 13,680 2.07% 7/1/2024 The Preserve at Terrell Mill (3) Floating 84 42,480 2.07% 7/1/2024 Versailles (3) Floating 84 23,880 2.07% 7/1/2024 Seasons 704 Apartments (3) Floating 84 17,460 2.07% 7/1/2024 Madera Point (3) Floating 84 15,150 2.07% 7/1/2024 Venue at 8651 (3) Floating 84 13,734 2.23% 7/1/2024 The Venue on Camelback (3) Floating 84 28,093 2.13% 7/1/2024 Old Farm (3) Floating 84 52,886 2.13% 7/1/2024 Stone Creek at Old Farm (3) Floating 84 15,274 2.13% 7/1/2024 Timber Creek (3) Floating 84 24,100 1.71% 10/1/2025 Radbourne Lake (3) Floating 84 20,000 1.74% 10/1/2025 Sabal Palm at Lake Buena Vista (3) Floating 84 42,100 1.75% 9/1/2025 Cornerstone (4) Fixed 120 20,672 4.24% 3/1/2023 Parc500 (5) Fixed 120 14,590 4.49% 8/1/2025 Hollister Place (3) Floating 84 14,811 1.79% 10/1/2025 Rockledge Apartments (3) Floating 84 68,100 2.02% 7/1/2024 Atera Apartments (3) Floating 84 29,500 1.93% 11/1/2024 Crestmont Reserve (3) Floating 84 12,061 1.63% 10/1/2025 Brandywine I & II (3) Floating 84 43,835 1.63% 10/1/2025 Bella Vista (6) Floating 84 29,040 1.77% 2/1/2026 The Enclave (6) Floating 84 25,322 1.77% 2/1/2026 The Heritage (6) Floating 84 24,625 1.77% 2/1/2026 Summers Landing (7) Floating 84 10,109 1.63% 10/1/2025 Residences at Glenview Reserve (8) Floating 84 26,270 1.89% 10/1/2025 Residences at West Place (8) Fixed 120 33,817 4.24% 10/1/2028 Avant at Pembroke Pines (3) Floating 84 177,100 1.88% 9/1/2026 Arbors of Brentwood (3) Floating 84 34,237 1.88% 10/1/2026 Torreyana Apartments (6) Floating 84 37,400 2.15% 12/1/2026 Bloom (6) Floating 84 58,850 2.15% 12/1/2026 Bella Solara (6) Floating 84 36,575 2.15% 12/1/2026 Fairways at San Marcos (6) Floating 84 46,464 2.29% 12/1/2027 The Verandas at Lake Norman (9) Floating 84 34,925 2.01% 7/1/2028 Creekside at Matthews (9) Floating 84 31,900 2.01% 7/1/2028 Six Forks Station (10) Floating 120 41,180 1.87% 10/1/2031 High House at Cary (9) Floating 84 46,625 2.17% 1/1/2029 $ 1,280,765 Fair market value adjustment 1,009 (11) Deferred financing costs, net of accumulated amortization of $5,433 (5,534 ) $ 1,276,240 (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. References rates used in our portfolio include one-month LIBOR and 30-Day Average Secured Overnight Financing Rate (“SOFR”). As of March 31, 2022, one-month LIBOR was 0.452% and SOFR was 0.15934%. (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) Loan can be pre-paid in the first 24 months of the term in certain circumstances at par plus 5.00%. Starting in the 25th month of the term through the 36th month of the term, the loan can be pre-paid at par plus 2% of the unpaid principal balance. Starting in the 37th month of the term, the loan can be pre-paid at par plus 1% of the unpaid principal balance. The loan is open to pre-payment in the last three months of the term. (10) Loan can be pre-paid in the first 24 months of the term in certain circumstances at par plus 5.00%. Starting in the 25th month of the term through the 116th 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 four months of the term. ( 11 ) 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 March 31, 2022 (dollars in thousands): Type Term Outstanding Principal Interest Rate (1) Maturity Date Corporate Credit Facility Floating 36 $ 335,000 2.80% 6/30/2024 Deferred financing costs, net of accumulated amortization of $461 (2,021 ) $ 332,979 (1) Interest rate is based on Term SOFR plus an applicable margin. Term SOFR as of March 31, 2022 was 0.3024%.
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 March 31, 2022 are as follows (in thousands): Operating Properties Credit Facility Total 2022 $ 1,040 $ — $ 1,040 2023 21,047 — 21,047 2024 394,956 335,000 729,956 2025 205,662 — 205,662 2026 423,149 — 423,149 Thereafter 234,911 — 234,911 Total $ 1,280,765 $ 335,000 $ 1,615,765

Fair Value of Derivative and _2

Fair Value of Derivative and Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Summary of Company's Outstanding Interest Rate Swaps	As of March 31, 2022, 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 % March 1, 2022 March 1, 2025 Truist 145,000 0.5730 % March 1, 2022 March 1, 2025 Truist 105,000 0.6140 % $ 1,417,500 1.2128 % (2) (1) The floating rate option for the interest rate swaps is one-month LIBOR. As of March 31, 2022, one-month LIBOR was 0.452%. (2) Represents the weighted average fixed rate of the interest rate swaps. As of March 31, 2022, 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) September 1, 2026 January 1, 2027 KeyBank $ 92,500 1.7980 % (1) The floating rate option for the interest rate swaps is one-month LIBOR. As of March 31, 2022, one-month LIBOR was 0.452%. (2) Represents the weighted average fixed rate of the interest rate swaps.
Schedule of Outstanding Interest Rate Derivatives	As of March 31, 2022 and 2021, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands): As of March 31, Number of Instruments Notional Amount 2022 15 $ 458,846 2021 15 $ 379,406
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 March 31, 2022 and December 31, 2021 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ 58,350 $ 11,045 $ 246 $ 7,519 Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets 1,453 263 — — Total $ 59,803 $ 11,308 $ 246 $ 7,519
Summary of Derivative Financial Instruments on Consolidated Statements of Operations and Comprehensive Income	The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income for the three months ended March 31, 2022 and 2021 (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 2022 2021 OCI into income 2022 2021 Derivatives designated as hedging instruments: For the three months ended March 31, Interest rate products $ 51,017 $ 27,679 Interest expense $ (3,562 ) $ (3,663 ) Location of gain (loss) Amount of gain (loss) recognized in income recognized in income 2022 2021 Derivatives not designated as hedging instruments: For the three months ended March 31, Interest rate products Interest expense $ 1,184 $ 12
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 March 31, 2022 and December 31, 2021 March 31, 2022 December 31, 2021 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Fixed rate debt $ 69,079 $ 68,962 $ 69,285 $ 71,141 Floating rate debt (1) $ 1,546,686 $ 1,635,044 $ 1,491,861 $ 1,525,298 (1) Includes balances outstanding under our Corporate Credit Facility.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022: 2022 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 589,283 $ 39.17 Granted 142,159 83.88 Vested (180,497 ) (1) 35.87 Outstanding March 31, 550,945 $ 51.79 (1) Certain key employees of the Adviser elected to net the taxes owed upon vesting against the shares issued resulting in 147,532 shares being issued as shown on the Consolidated Statement of Stockholders’ Equity.
Summary Information of 2020 ATM Program	The following table contains summary information of the 2020 ATM Program since its inception: Gross proceeds $ 62,310,967 Common shares issued 1,120,910 Gross average sale price per share $ 55.59 Sales commissions $ 934,665 Offering costs 1,184,340 Net proceeds 60,191,962 Average price per share, net $ 53.70
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 March 31, 2022: Shares Vesting February May Total 2022 — (1) 22,022 22,022 2023 139,095 22,019 161,114 2024 132,699 22,017 154,716 2025 97,811 22,017 119,828 2026 66,114 — 66,114 2027 27,151 — 27,151 Total 462,870 88,075 550,945 (1) Shares vested prior to March 31, 2022.

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
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 loss per share for the periods presented (in thousands, except per share amounts): For the Three Months Ended March 31, 2022 2021 Numerator for loss per share: Net loss $ (4,667 ) $ (6,900 ) Net loss attributable to redeemable noncontrolling interests in the Operating Partnership (14 ) (21 ) Net loss attributable to common stockholders $ (4,653 ) $ (6,879 ) Denominator for loss per share: Weighted average common shares outstanding 25,620 25,068 Denominator for basic loss per share 25,620 25,068 Weighted average unvested restricted stock units 573 582 Denominator for diluted earnings per share (1) 25,620 25,068 Loss per weighted average common share: Basic $ (0.18 ) $ (0.27 ) Diluted $ (0.18 ) $ (0.27 )

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	3 Months Ended
	Mar. 31, 2022
Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interests	The following table sets forth the redeemable noncontrolling interests in the OP for the three months ended March 31, 2022 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2021 $ 6,139 Net loss attributable to redeemable noncontrolling interests in the OP (14 ) Other comprehensive income attributable to redeemable noncontrolling interests in the OP 164 Contributions from redeemable noncontrolling interests in the OP — Distributions to redeemable noncontrolling interests in the OP (9 ) Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 334 Redeemable noncontrolling interests in the OP, March 31, 2022 $ 6,614
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 months ended March 31, 2022 and 2021 For the Three Months Ended March 31, 2022 2021 Fees incurred Property management fees (1) $ 1,750 $ 1,479 Construction supervision fees (2) 325 254 Design fees (2) — 54 Aerwave fees (3) 124 — Reimbursements Payroll and benefits (3) 5,164 4,238 Other reimbursements (4) 1,028 825 (1) Included in property management fees on the consolidated statements of operations and comprehensive income. (2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Included in property operating expenses on the consolidated statements of operations and comprehensive income. (4) Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the consolidated statements of operations and comprehensive income.

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Summary of Acquired Properties	The Company’s Audit Committee approved the acquisitions. Property Name Location Purchase Price Mortgage Debt # Units Effective Ownership The Adair Sandy Springs, GA $ 65,500 $ 35,115 232 100 % Estates on Maryland Phoenix, AZ 77,900 43,157 330 100 % $ 143,400 $ 78,272 562

Organization and Description _2

Organization and Description of Business - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022shares
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
	Mar. 31, 2022
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)	3 Months Ended
	Mar. 31, 2022USD ($)Property	Mar. 31, 2021USD ($)
Summary Of Significant Accounting Policies [Line Items]
Impairment on real estate assets	$ 0	$ 0
Number of properties held for sale | Property	0
Minimum percentage of distributed taxable income to qualify as REIT	90.00%
Percentage of non-deductible excise tax on distribution	4.00%
Percentage of ordinary income considered for payment of distribution	85.00%
Percentage of capital gain net income considered for payment of distribution	95.00%
Percentage of undistributed income of prior considered for payment of distribution	100.00%
Unrecognized tax benefit or expense, accrued interest or penalties	$ 0
SOFR
Summary Of Significant Accounting Policies [Line Items]
Debt portion transitioned period	1 month
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of uncertain tax positions likelihood of being sustained	50.00%

Investments in Subsidiaries - A

Investments in Subsidiaries - Additional Information (Details) - subsidiary	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
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)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
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%
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%
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%
Fairways at San Marcos | Chandler Arizona
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2020
Effective ownership percentage, wholly owned subsidiary	100.00%	100.00%
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%
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%	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%
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%	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%
Six Forks Station | Raleigh North Carolina
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2021
Effective ownership percentage, wholly owned subsidiary	100.00%	100.00%
Arbors of Brentwood | Nashville, Tennessee
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100.00%	100.00%
Bloom | Las Vegas, Nevada
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100.00%	100.00%
High House at Cary | Cary North Carolina
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2021
Effective ownership percentage, wholly owned subsidiary	100.00%	100.00%
Bella Solara | Las Vegas, Nevada
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Year of acquisition	2019
Effective ownership percentage, wholly owned subsidiary	100.00%	100.00%

Investments in Subsidiaries -_2

Investments in Subsidiaries - Schedule of Ownership in Each Property (Parenthetical) (Details)	Mar. 31, 2022	Dec. 31, 2021
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items]
Effective ownership percentage, wholly owned subsidiary	100.00%	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)	Mar. 31, 2022Property
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		3 Months Ended
		Mar. 31, 2022ft²Property$ / Property	Dec. 31, 2021$ / Property
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		13,391
Number of Units | Property	[1]	14,825
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]	1,040	1,021
% Occupied	[3]	94.80%	96.20%
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]	1,261	1,219
% Occupied	[3]	95.40%	95.40%
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]	1,068	1,043
% Occupied	[3]	94.20%	94.10%
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]	1,253	1,198
% Occupied	[3]	94.40%	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]	1,187	1,132
% Occupied	[3]	93.50%	93.80%
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]	1,293	1,227
% Occupied	[3]	93.30%	94.20%
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]	1,058	1,032
% Occupied	[3]	96.40%	96.10%
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]	1,453	1,377
% Occupied	[3]	95.80%	97.80%
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]	1,183	1,152
% Occupied	[3]	95.60%	95.60%
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]	1,182	1,156
% Occupied	[3]	94.40%	90.90%
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]	1,166	1,024
% Occupied	[3]	88.10%	96.40%
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]	1,502	1,410
% Occupied	[3]	94.10%	96.80%
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]	1,190	1,140
% Occupied	[3]	96.10%	94.50%
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]	1,033	1,006
% Occupied	[3]	95.40%	94.50%
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]	1,609	1,543
% Occupied	[3]	94.50%	96.30%
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]	960	915
% Occupied	[3]	94.90%	92.30%
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]	1,218	1,207
% Occupied	[3]	94.70%	93.90%
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]	1,268	1,248
% Occupied	[3]	96.30%	96.80%
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]	1,105	1,065
% Occupied	[3]	89.20%	92.50%
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]	1,446	1,408
% Occupied	[3]	94.90%	93.90%
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]	1,352	1,310
% Occupied	[3]	95.00%	93.90%
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]	1,052	985
% Occupied	[3]	93.00%	95.50%
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]	1,080	1,031
% Occupied	[3]	95.10%	95.60%
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]	1,543	1,515
% Occupied	[3]	96.80%	96.00%
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]	1,603	1,507
% Occupied	[3]	95.10%	96.60%
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]	1,514	1,432
% Occupied	[3]	91.70%	95.60%
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]	1,476	1,425
% Occupied	[3]	96.30%	96.30%
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]	1,090	1,033
% Occupied	[3]	96.40%	93.90%
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]	1,125	1,074
% Occupied	[3]	94.70%	95.60%
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]	1,420	1,345
% Occupied	[3]	94.20%	93.00%
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]	1,258	1,215
% Occupied	[3]	93.20%	93.20%
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]	1,772	1,695
% Occupied	[3]	95.10%	93.90%
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]	1,344	1,284
% Occupied	[3]	94.80%	95.10%
Torreyana Apartments
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		309
Number of Units | Property	[1]	316
Date Acquired		Nov. 22, 2019
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,419	1,365
% Occupied	[3]	94.60%	93.70%
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]	1,393	1,350
% Occupied	[3]	91.70%	94.20%
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]	1,263	1,238
% Occupied	[3]	91.10%	89.20%
Six Forks Station
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		360
Number of Units | Property	[1]	323
Date Acquired		Sep. 10, 2021
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,246	1,228
% Occupied	[3]	91.20%	95.40%
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]	1,343	1,309
% Occupied	[3]	91.90%	91.30%
High House at Cary
Real Estate Properties [Line Items]
Rentable Square Footage | ft²		293
Number of Units | Property	[1]	302
Date Acquired		Dec. 7, 2021
Average Effective Monthly Rent Per Unit | $ / Property	[2]	1,372	1,361
% Occupied	[3]	93.40%	94.70%
[1]	Includes 49 down units due to casualty events as of March 31, 2022 (see Note 5).
[2]	Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of March 31, 2022 and December 31, 2021, respectively, minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of March 31, 2022 and December 31, 2021, respectively.
[3]	Percent occupied is calculated as the number of units occupied as of March 31, 2022 and December 31, 2021, divided by the total number of units, expressed as a percentage.

Real Estate Investments - Summa

Real Estate Investments - Summary of Major Components of Investments in Multifamily Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Real Estate Properties [Line Items]
Land	$ 375,857	$ 375,857
Buildings and improvements	1,745,341	1,743,866
Intangible lease assets	1,376	2,576
Construction in progress	4,529	6,078
Furniture, fixtures and equipment	127,030	120,419
Real estate investment, gross	2,254,133	2,248,796
Accumulated depreciation and amortization	(309,002)	(287,096)
Multifamily Properties | Arbors on Forest Ridge
Real Estate Properties [Line Items]
Land	2,330	2,330
Buildings and improvements	11,760	11,755
Construction in progress	1
Furniture, fixtures and equipment	1,865	1,821
Real estate investment, gross	15,956	15,906
Multifamily Properties | Cutter's Point
Real Estate Properties [Line Items]
Land	3,330	3,330
Buildings and improvements	13,088	13,091
Construction in progress	1
Furniture, fixtures and equipment	7,393	7,379
Real estate investment, gross	23,812	23,800
Multifamily Properties | Silverbrook
Real Estate Properties [Line Items]
Land	4,860	4,860
Buildings and improvements	25,691	27,495
Construction in progress	196
Furniture, fixtures and equipment	5,690	5,566
Real estate investment, gross	36,437	37,921
Multifamily Properties | The Summit at Sabal Park
Real Estate Properties [Line Items]
Land	5,770	5,770
Buildings and improvements	13,885	13,882
Furniture, fixtures and equipment	2,048	1,978
Real estate investment, gross	21,703	21,630
Multifamily Properties | Courtney Cove
Real Estate Properties [Line Items]
Land	5,880	5,880
Buildings and improvements	14,345	14,350
Construction in progress	17
Furniture, fixtures and equipment	2,548	2,444
Real estate investment, gross	22,790	22,674
Multifamily Properties | Radbourne Lake
Real Estate Properties [Line Items]
Land	2,440	2,440
Buildings and improvements	22,848	22,744
Construction in progress		64
Furniture, fixtures and equipment	2,642	2,455
Real estate investment, gross	27,930	27,703
Multifamily Properties | Timber Creek
Real Estate Properties [Line Items]
Land	11,260	11,260
Buildings and improvements	13,334	13,310
Construction in progress	380	239
Furniture, fixtures and equipment	3,931	3,827
Real estate investment, gross	28,905	28,636
Multifamily Properties | Sabal Palm at Lake Buena Vista
Real Estate Properties [Line Items]
Land	7,580	7,580
Buildings and improvements	42,461	42,456
Construction in progress	10	2
Furniture, fixtures and equipment	2,874	2,758
Real estate investment, gross	52,925	52,796
Multifamily Properties | Cornerstone
Real Estate Properties [Line Items]
Land	1,500	1,500
Buildings and improvements	30,915	30,901
Construction in progress	21	21
Furniture, fixtures and equipment	3,833	3,722
Real estate investment, gross	36,269	36,144
Multifamily Properties | The Preserve at Terrell Mill
Real Estate Properties [Line Items]
Land	10,170	10,170
Buildings and improvements	53,148	53,080
Furniture, fixtures and equipment	9,414	8,997
Real estate investment, gross	72,732	72,247
Multifamily Properties | Versailles
Real Estate Properties [Line Items]
Land	6,720	6,720
Buildings and improvements	21,953	21,887
Construction in progress	2
Furniture, fixtures and equipment	4,155	4,075
Real estate investment, gross	32,830	32,682
Multifamily Properties | Seasons 704 Apartments
Real Estate Properties [Line Items]
Land	7,480	7,480
Buildings and improvements	14,725	14,644
Furniture, fixtures and equipment	2,262	2,078
Real estate investment, gross	24,467	24,202
Multifamily Properties | Madera Point
Real Estate Properties [Line Items]
Land	4,920	4,920
Buildings and improvements	18,155	18,090
Construction in progress		48
Furniture, fixtures and equipment	2,698	2,612
Real estate investment, gross	25,773	25,670
Multifamily Properties | Venue at 8651
Real Estate Properties [Line Items]
Land	2,350	2,350
Buildings and improvements	17,548	17,495
Construction in progress	322	334
Furniture, fixtures and equipment	3,914	3,843
Real estate investment, gross	24,134	24,022
Multifamily Properties | Parc500
Real Estate Properties [Line Items]
Land	3,860	3,860
Buildings and improvements	21,193	21,172
Construction in progress	5
Furniture, fixtures and equipment	4,228	4,147
Real estate investment, gross	29,286	29,179
Multifamily Properties | The Venue on Camelback
Real Estate Properties [Line Items]
Land	8,340	8,340
Buildings and improvements	38,513	38,328
Construction in progress	141	306
Furniture, fixtures and equipment	3,450	3,248
Real estate investment, gross	50,444	50,222
Multifamily Properties | Old Farm
Real Estate Properties [Line Items]
Land	11,078	11,078
Buildings and improvements	71,070	70,993
Construction in progress	174	99
Furniture, fixtures and equipment	4,031	3,902
Real estate investment, gross	86,353	86,072
Multifamily Properties | Stone Creek at Old Farm
Real Estate Properties [Line Items]
Land	3,493	3,493
Buildings and improvements	19,718	19,714
Construction in progress	2	2
Furniture, fixtures and equipment	936	899
Real estate investment, gross	24,149	24,108
Multifamily Properties | Hollister Place
Real Estate Properties [Line Items]
Land	2,782	2,782
Buildings and improvements	21,202	21,196
Construction in progress	1,468	1,308
Furniture, fixtures and equipment	2,793	2,739
Real estate investment, gross	28,245	28,025
Multifamily Properties | Rockledge Apartments
Real Estate Properties [Line Items]
Land	17,451	17,451
Buildings and improvements	97,417	97,374
Furniture, fixtures and equipment	6,405	5,968
Real estate investment, gross	121,273	120,793
Multifamily Properties | Atera Apartments
Real Estate Properties [Line Items]
Land	22,371	22,371
Buildings and improvements	38,691	36,857
Construction in progress	7	1,824
Furniture, fixtures and equipment	2,545	2,384
Real estate investment, gross	63,614	63,436
Multifamily Properties | Crestmont Reserve
Real Estate Properties [Line Items]
Land	4,124	4,124
Buildings and improvements	21,068	21,067
Furniture, fixtures and equipment	1,558	1,515
Real estate investment, gross	26,750	26,706
Multifamily Properties | Brandywine I & II
Real Estate Properties [Line Items]
Land	6,237	6,237
Buildings and improvements	73,769	73,737
Furniture, fixtures and equipment	5,385	5,160
Real estate investment, gross	85,391	85,134
Multifamily Properties | Bella Vista
Real Estate Properties [Line Items]
Land	10,942	10,942
Buildings and improvements	37,310	37,193
Construction in progress	6	51
Furniture, fixtures and equipment	2,865	2,687
Real estate investment, gross	51,123	50,873
Multifamily Properties | The Enclave
Real Estate Properties [Line Items]
Land	11,046	11,046
Buildings and improvements	30,515	30,469
Construction in progress		11
Furniture, fixtures and equipment	2,500	2,403
Real estate investment, gross	44,061	43,929
Multifamily Properties | The Heritage
Real Estate Properties [Line Items]
Land	6,835	6,835
Buildings and improvements	35,131	35,011
Construction in progress	26	68
Furniture, fixtures and equipment	2,562	2,386
Real estate investment, gross	44,554	44,300
Multifamily Properties | Summers Landing
Real Estate Properties [Line Items]
Land	1,798	1,798
Buildings and improvements	18,447	18,433
Construction in progress	1	1
Furniture, fixtures and equipment	821	790
Real estate investment, gross	21,067	21,022
Multifamily Properties | Residences at Glenview Reserve
Real Estate Properties [Line Items]
Land	3,367	3,367
Buildings and improvements	42,339	42,306
Furniture, fixtures and equipment	2,602	2,366
Real estate investment, gross	48,308	48,039
Multifamily Properties | Residences at West Place
Real Estate Properties [Line Items]
Land	3,345	3,345
Buildings and improvements	52,369	52,310
Furniture, fixtures and equipment	1,855	1,591
Real estate investment, gross	57,569	57,246
Multifamily Properties | Avant at Pembroke Pines
Real Estate Properties [Line Items]
Land	48,434	48,434
Buildings and improvements	276,632	275,968
Construction in progress	1,056	1,414
Furniture, fixtures and equipment	12,425	11,611
Real estate investment, gross	338,547	337,427
Multifamily Properties | Arbors of Brentwood
Real Estate Properties [Line Items]
Land	6,346	6,346
Buildings and improvements	56,063	56,040
Furniture, fixtures and equipment	2,414	2,235
Real estate investment, gross	64,823	64,621
Multifamily Properties | Fairways at San Marcos
Real Estate Properties [Line Items]
Land	10,993	10,993
Buildings and improvements	72,922	72,920
Construction in progress	297	2
Furniture, fixtures and equipment	2,005	1,989
Real estate investment, gross	86,217	85,904
Multifamily Properties | Torreyana Apartments
Real Estate Properties [Line Items]
Land	23,824	23,824
Buildings and improvements	43,771	43,700
Construction in progress	3	25
Furniture, fixtures and equipment	1,533	1,371
Real estate investment, gross	69,131	68,920
Multifamily Properties | The Verandas at Lake Norman
Real Estate Properties [Line Items]
Land	9,510	9,510
Buildings and improvements	52,800	52,884
Construction in progress	115	6
Furniture, fixtures and equipment	857	650
Real estate investment, gross	63,282	63,050
Multifamily Properties | Bloom
Real Estate Properties [Line Items]
Land	23,805	23,805
Buildings and improvements	82,595	82,545
Construction in progress	19	16
Furniture, fixtures and equipment	3,007	2,697
Real estate investment, gross	109,426	109,063
Multifamily Properties | Creekside At Matthews
Real Estate Properties [Line Items]
Land	11,515	11,515
Buildings and improvements	45,337	45,271
Construction in progress		18
Furniture, fixtures and equipment	1,046	756
Real estate investment, gross	57,898	57,560
Multifamily Properties | Bella Solara
Real Estate Properties [Line Items]
Land	12,605	12,605
Buildings and improvements	53,440	53,415
Construction in progress	22	24
Furniture, fixtures and equipment	2,068	1,854
Real estate investment, gross	68,135	67,898
Multifamily Properties | Six Forks Station
Real Estate Properties [Line Items]
Land	11,357	11,357
Buildings and improvements	61,517	62,129
Intangible lease assets		1,200
Construction in progress	218	195
Furniture, fixtures and equipment	1,045	748
Real estate investment, gross	74,137	75,629
Multifamily Properties | High House at Cary
Real Estate Properties [Line Items]
Land	23,809	23,809
Buildings and improvements	67,656	67,654
Intangible lease assets	1,376	1,376
Construction in progress	19
Furniture, fixtures and equipment	827	768
Real estate investment, gross	93,687	93,607
Multifamily Properties | Operating Properties
Real Estate Properties [Line Items]
Real estate investment, gross	2,254,133	2,248,796
Accumulated depreciation and amortization	(309,002)	(287,096)
Total Net Operating Real Estate Investments	1,945,131	1,961,700
Multifamily Properties | Operating Properties | Intangible Lease Assets
Real Estate Properties [Line Items]
Real estate investment, gross	1,376	2,576
Accumulated depreciation and amortization	(917)	(1,029)
Total Net Operating Real Estate Investments	459	1,547
Multifamily Properties | Operating Properties | Land
Real Estate Properties [Line Items]
Real estate investment, gross	375,857	375,857
Total Net Operating Real Estate Investments	375,857	375,857
Multifamily Properties | Operating Properties | Buildings and Improvements
Real Estate Properties [Line Items]
Real estate investment, gross	1,745,341	1,743,866
Accumulated depreciation and amortization	(218,292)	(203,125)
Total Net Operating Real Estate Investments	1,527,049	1,540,741
Multifamily Properties | Operating Properties | Construction in Progress
Real Estate Properties [Line Items]
Real estate investment, gross	4,529	6,078
Total Net Operating Real Estate Investments	4,529	6,078
Multifamily Properties | Operating Properties | Furniture, Fixtures, and Equipment
Real Estate Properties [Line Items]
Real estate investment, gross	127,030	120,419
Accumulated depreciation and amortization	(89,793)	(82,942)
Total Net Operating Real Estate Investments	$ 37,237	$ 37,477

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)PropertyUnits	Mar. 31, 2021USD ($)Property
Real Estate Properties [Line Items]
Depreciation expense	$ 22,600	$ 19,900
Amortization expense of intangible lease assets	$ 1,100	$ 800
Number of properties acquired | Property	0	0
Number of real estate properties sold | Property	0	0
Casualty gain	$ 128
Casualty Losses
Real Estate Properties [Line Items]
Number of units in real estate property excluded from portfolio | Units	49
Intangible Lease Assets
Real Estate Properties [Line Items]
Amortization expense, remainder of year ended December 31, 2020	$ 500

Debt - Summary of Mortgage Debt

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Mortgages payable, net	$ 1,276,240	$ 1,276,285
Mortgages Payable | Operating Properties
Debt Instrument [Line Items]
Outstanding Principal	1,280,765
Fair market value adjustment	1,009
Deferred financing costs, net of accumulated amortization	(5,534)
Mortgages payable, net	$ 1,276,240
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	2.13%
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	2.13%
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	2.13%
Maturity Date	Jul. 1, 2024
Mortgages Payable | The Summit at Sabal Park | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 13,560
Interest Rate	2.07%
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	2.07%
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	2.07%
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	2.07%
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	2.07%
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	2.07%
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	2.23%
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	2.13%
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	2.13%
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	2.13%
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	1.71%
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	1.74%
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	1.75%
Maturity Date	Sep. 1, 2025
Mortgages Payable | Cornerstone | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 20,672
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	$ 14,590
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	1.79%
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	2.02%
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	1.93%
Maturity Date	Nov. 1, 2024
Mortgages Payable | Crestmont Reserve | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 12,061
Interest Rate	1.63%
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	1.63%
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	1.77%
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	1.77%
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	1.77%
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	1.63%
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	$ 26,270
Interest Rate	1.89%
Maturity Date	Oct. 1, 2025
Mortgages Payable | Residences at West Place | Debt With Fixed Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 33,817
Interest Rate	4.24%
Maturity Date	Oct. 1, 2028
Mortgages Payable | Avant at Pembroke Pines | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 177,100
Interest Rate	1.88%
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	1.88%
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	2.15%
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	2.29%
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	2.15%
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	2.01%
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	2.15%
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	2.01%
Maturity Date	Jul. 1, 2028
Mortgages Payable | Six Forks Station | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	120 months
Outstanding Principal	$ 41,180
Interest Rate	1.87%
Maturity Date	Oct. 1, 2031
Mortgages Payable | High House at Cary | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	84 months
Outstanding Principal	$ 46,625
Interest Rate	2.17%
Maturity Date	Jan. 1, 2029

Debt - Summary of Mortgage De_2

Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Parenthetical) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Debt Instrument [Line Items]
Deferred financing costs, accumulated amortization	$ 5,433
Residences at Glenview Reserve and West Place
Debt Instrument [Line Items]
Mortgage loans payable description	Debt was assumed upon acquisition of this property and recorded at approximated fair value. The loan can be prepaid at the greater of par plus 1.00% of the unpaid principal balance or the product obtained by multiplying the present value of the principal being prepaid by the excess of the monthly fixed interest rate of the loan over a daily discount rate. The loan is open to pre-payment in the last three months of the term
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
Debt With Fixed Interest Rate | Cornerstone
Debt Instrument [Line Items]
Interest Rate	4.09%
Fair value of debt assumed upon acquisition	$ 18,000
Debt instrument, payment terms	The assumed debt carries a 4.09% fixed rate, was originally issued in March 2013, and had a term of 120 months with an initial 24 months of interest only.
Blended pay rate	4.24%
13th month through 81st month
Debt Instrument [Line Items]
Mortgage loans payable description	Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
13th month through 81st month | Debt With Floating Interest Rate | Torreyana, Bloom and Bella Solara
Debt Instrument [Line Items]
Mortgage loans payable description	Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
13th month through 81st month | Debt With Floating Interest Rate | Cedar Pointe
Debt Instrument [Line Items]
Mortgage loans payable description	Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%.  Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
13th month through 81st month | Debt With Floating Interest Rate | Summers Landing
Debt Instrument [Line Items]
Mortgage loans payable description	Debt was assumed upon acquisition of this property and recorded at approximated fair value.  It can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
First 12 months
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
First 12 months | Debt With Floating Interest Rate | Torreyana, Bloom and Bella Solara
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
First 12 months | Debt With Floating Interest Rate | Cedar Pointe
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
First 12 months | Debt With Floating Interest Rate | Summers Landing
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
First Mortgage | Debt With Fixed Interest Rate | Cornerstone
Debt Instrument [Line Items]
Debt instrument, payment terms	At the time of acquisition, the principal balance of the first mortgage remained unchanged and had a remaining term of 98 months with 2 months of interest only. The first mortgage is pre-payable and subject to yield maintenance from the 13th month through August 31, 2022 and is pre-payable at par starting on September 1, 2022 until maturity.
Second Mortgage | Debt With Fixed Interest Rate | Cornerstone
Debt Instrument [Line Items]
Interest Rate	4.70%
Debt instrument, payment terms	The supplemental second mortgage is pre-payable and subject to yield maintenance from the date of issuance through August 31, 2022 and is pre-payable at par starting on September 1, 2022 until maturity.
Acquired property mortgage loan principle amount	$ 5,800
Last Four Months | Parc500
Debt Instrument [Line Items]
Mortgage loans payable description	Debt was assumed upon acquisition of this property and recorded at approximated fair value. The loan is open to pre-payment in the last four months of the term.
25th month through 36th month | Debt With Floating Interest Rate | Summers Landing
Debt Instrument [Line Items]
Mortgage loans payable description	Loan can be pre-paid in the first 24 months of the term in certain circumstances at par plus 5.00%.  Starting in the 25th month of the term through the 36th month of the term, the loan can be pre-paid at par plus 2% of the unpaid principal balance. Starting in the 37th month of the term, the loan can be pre-paid at par plus 1% of the unpaid principal balance. 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	2.00%
First 24 Months
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
First 24 Months | Debt With Floating Interest Rate | Summers Landing
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	5.00%
37th month | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
25th month through 36th month
Debt Instrument [Line Items]
Mortgage loans payable description	Loan can be pre-paid in the first 24 months of the term in certain circumstances at par plus 5.00%. Starting in the 25th month of the term through the 116th 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 four months of the term.
Loan prepayment fee as a percentage of unpaid principal balance	1.00%
One-month LIBOR
Debt Instrument [Line Items]
Interest Rate	0.452%
SOFR
Debt Instrument [Line Items]
Interest Rate	0.15934%

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2020	Dec. 31, 2021
Debt Instrument [Line Items]
Line of credit facility, description	(a) the prime rate, (b) the federal funds rate plus 0.50%, (c) Term SOFR 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%
Interest expense
Debt Instrument [Line Items]
Amortization of deferred financing fees	$ 600,000	$ 600,000
Corporate Credit Facility
Debt Instrument [Line Items]
Line of credit facility, available borrowing capacity	$ 350,000
Corporate Credit Facility | Nex Point Residential Trust Inc
Debt Instrument [Line Items]
Term (months)	1 year
Term loan maturity date	Jun. 30, 2024
Percentage of benchmark replacement adjustment	0.001
Line of credit facility, maximum borrowing capacity		$ 335,000,000
Corporate Credit Facility | Nex Point Residential Trust Inc | Accordion Feature | Maximum
Debt Instrument [Line Items]
Line of credit facility, increase in facility amount	$ 150,000,000
SOFR | Corporate Credit Facility | Nex Point Residential Trust Inc | Maximum
Debt Instrument [Line Items]
Interest rate	2.40%
SOFR | Corporate Credit Facility | Nex Point Residential Trust Inc | Minimum [Member]
Debt Instrument [Line Items]
Interest rate	1.90%
Mortgages Payable
Debt Instrument [Line Items]
Weighted average interest rate of mortgage indebtedness	2.10%		1.81%
Adjusted weighted average interest rate	2.95%
Weighted average fixed rate	1.2128%
Mortgages Payable | One-month LIBOR
Debt Instrument [Line Items]
Weighted average interest rate of mortgage indebtedness	0.452%		0.10125%
Weighted average increase of spread in basis points	0.35%
Mortgages Payable | Floating Interest Rate Swap
Debt Instrument [Line Items]
Combined notional amount	$ 1,400,000,000
Mortgages Payable | Interest Rate Swap
Debt Instrument [Line Items]
Indebtedness	$ 1,400,000,000

Debt - Summary of the Company's

Debt - Summary of the Company's Credit Facility (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Credit facilities, net	$ 332,979	$ 278,215
Corporate Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, net of accumulated amortization	(2,021)
Credit facilities, net	$ 332,979
Corporate Credit Facility | Debt With Floating Interest Rate
Debt Instrument [Line Items]
Term (months)	36 months
Interest Rate	2.80%
Maturity Date	Jun. 30, 2024
Credit facilities	$ 335,000

Debt - Summary of the Company_2

Debt - Summary of the Company's Credit Facility (Parenthetical) (Details) $ in Thousands	Mar. 31, 2022USD ($)
Debt Instrument [Line Items]
Deferred financing costs, accumulated amortization	$ 5,433
SOFR
Debt Instrument [Line Items]
Interest Rate	0.15934%
Corporate Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, accumulated amortization	$ 461
Corporate Credit Facility | SOFR
Debt Instrument [Line Items]
Interest Rate	0.3024%

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) $ in Thousands	Mar. 31, 2022USD ($)
Debt Instrument [Line Items]
2022	$ 1,040
2023	21,047
2024	729,956
2025	205,662
2026	423,149
Thereafter	234,911
Total	1,615,765
Operating Properties
Debt Instrument [Line Items]
2022	1,040
2023	21,047
2024	394,956
2025	205,662
2026	423,149
Thereafter	234,911
Total	1,280,765
Credit Facility
Debt Instrument [Line Items]
2024	335,000
Total	$ 335,000

Fair Value of Derivative and _3

Fair Value of Derivative and Financial Instruments - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial instruments cap weighted average rate	4.79%
Impairment write down	$ 0	$ 0
Interest Rate Swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Combined notional amount	$ 1,400,000,000
Interest rate description	floating interest rate
Weighted average fixed rate	1.2128%
Interest rate caps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Combined notional amount	$ 458,800,000
Interest rate description	The interest rate cap agreements the Company has entered into effectively cap one-month LIBOR on $458.8 million of the Company’s floating rate mortgage indebtedness at a weighted average rate of 4.79% as of March 31, 2022.
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)	3 Months Ended
	Mar. 31, 2022USD ($)
Key Bank And Trust Bank
Debt Instrument [Line Items]
Notional Amount	$ 1,417,500,000
Fixed Rate	1.2128%
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 | Truist Bank
Debt Instrument [Line Items]
Effective Date	Jun. 1, 2019
Termination Date	Jun. 1, 2024
Notional Amount	$ 50,000,000
Fixed Rate	2.002%
Interest Rate Swap Transaction 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 | Truist Bank
Debt Instrument [Line Items]
Effective Date	Mar. 1, 2022
Termination Date	Mar. 1, 2025
Notional Amount	$ 145,000,000
Fixed Rate	0.573%
Interest Rate Swap Transaction Thirteen | Truist Bank
Debt Instrument [Line Items]
Effective Date	Mar. 1, 2022
Termination Date	Mar. 1, 2025
Notional Amount	$ 105,000,000
Fixed Rate	0.614%
Interest Rate Swap Transaction Fourteen | KeyBank | Future Effective Dates
Debt Instrument [Line Items]
Effective Date	Sep. 1, 2026
Termination Date	Jan. 1, 2027
Notional Amount	$ 92,500,000
Fixed Rate	1.798%

Fair Value of Derivative and _5

Fair Value of Derivative and Financial Instruments - Summary of Company's Outstanding Interest Rate Swaps (Parenthetical) (Details) - One-month LIBOR	Mar. 31, 2022
Key Bank And Trust Bank
Debt Instrument [Line Items]
LIBOR, interest rate	0.452%
KeyBank | Future Effective Dates
Debt Instrument [Line Items]
LIBOR, interest rate	0.452%

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	Mar. 31, 2022USD ($)DerivativeInstrument	Mar. 31, 2021USD ($)DerivativeInstrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Number of Instruments | DerivativeInstrument	15	15
Notional Amount | $	$ 458,846,000	$ 379,406,000

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	Mar. 31, 2022	Dec. 31, 2021
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	$ 59,803	$ 11,308
Liability Derivatives	246	7,519
Fair Market Value Of Interest Rate Swaps | Interest Rate Swap | Designated as hedging instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	58,350	11,045
Liability Derivatives	246	7,519
Prepaid and Other Assets | Interest rate caps | Not Designated as Hedging Instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Asset Derivatives	$ 1,453	$ 263

Fair Value of Derivative and _8

Fair Value of Derivative and Financial Instruments - Summary of Derivative Financial Instruments on Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in OCI	$ 54,579	$ 31,342
Interest rate products | Interest expense
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) recognized in OCI	51,017	27,679
Amount of gain (loss) reclassified from OCI into income	(3,562)	(3,663)
Amount of gain (loss) recognized in income	$ 1,184	$ 12

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	Mar. 31, 2022	Dec. 31, 2021
Fixed Rate Debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Value	$ 69,079	$ 69,285
Estimated Fair Value	68,962	71,141
Floating rate debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Value	1,546,686	1,491,861
Estimated Fair Value	$ 1,635,044	$ 1,525,298

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	Feb. 17, 2022	Feb. 18, 2021	May 11, 2020	Mar. 13, 2020	Mar. 04, 2020	Feb. 20, 2020	Feb. 21, 2019	Apr. 30, 2018	Jun. 15, 2016	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Common stock, shares, issued										25,700,190		25,700,190	25,500,567
Common stock, shares, outstanding										25,700,190		25,700,190	25,500,567
Common stock, par value										$ 0.01		$ 0.01	$ 0.01
Share repurchase program, authorized amount				$ 100,000				$ 40,000	$ 30,000,000
Stock repurchase program period in force								2 years	2 years
Stock repurchase program, expiration date				Mar. 12, 2023				Jun. 15, 2020	Jun. 15, 2018
Share repurchase program, treasury stock shares										0	0	2,382,155
Share repurchase program, treasury stock, value												$ 61,200,000
Share repurchase program, treasury stock, per share												$ 25.70
Common stock, shares, retired										0	0
Treasury stock, shares										0	0	0
Shares issued average price per share					$ 53.70
Proceeds from issuance of common stock					$ 62,310,967,000					$ 4,138,000	$ (176,000)
Common Stock
Class Of Stock [Line Items]
Common stock, shares, issued										25,700,190	25,127,141	25,700,190	25,500,567	25,016,957
Restricted Stock Units
Class Of Stock [Line Items]
Restricted stock units, granted										142,159
At-the-Market Offering
Class Of Stock [Line Items]
Shares, issued										52,091
2020 At-the-Market Offering
Class Of Stock [Line Items]
Shares, issued										52,091
Shares issued average price per share										$ 83.16
Proceeds from issuance of common stock										$ 4,300,000
Stock issuance costs										100,000
Stock Issuance Costs Other										$ 100,000
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										147,532
Common stock, shares, issued										839,788		839,788
Common stock, par value									$ 0.0001
Number of shares authorized to issue									2,100,000
2016 LTIP | Restricted Stock Units
Class Of Stock [Line Items]
Equity-based compensation expense										$ 1,900,000	$ 1,600,000
Dividends earned on restricted stock units										$ 1,200,000		$ 1,200,000
2016 LTIP | Restricted Stock Units | Director
Class Of Stock [Line Items]
Vesting period description										annually
2016 LTIP | Restricted Stock Units | Directors, Officers, Employees and Certain Key Employees of Adviser
Class Of Stock [Line Items]
Restricted stock units, granted	142,159	204,663	116,852			168,183	186,662
2016 LTIP | Minimum [Member] | Restricted Stock Units | Officers Employees And Certain Key Employees Of Adviser
Class Of Stock [Line Items]
Restricted stock units, vesting period										3 years
2016 LTIP | Maximum | Restricted Stock Units | Officers Employees And Certain Key Employees Of Adviser
Class Of Stock [Line Items]
Restricted stock units, vesting period										5 years

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Restricted Stock Units (Details) - Restricted Stock Units	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Outstanding at beginning of the period | shares	589,283
Number of Units, Granted | shares	142,159
Number of Units, Vested | shares	(180,497)
Number of Units, Outstanding at ending of the period | shares	550,945
Weighted Average Grant Date Fair Value, Outstanding at beginning of the period | $ / shares	$ 39.17
Weighted Average Grant Date Fair Value, Granted | $ / shares	83.88
Weighted Average Grant Date Fair Value, Vested | $ / shares	35.87
Weighted Average Grant Date Fair Value, Outstanding at ending of the period | $ / shares	$ 51.79

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Restricted Stock Units (Parenthetical) (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock issued upon vesting awards	147,532	110,184

Stockholders' Equity - Summar_3

Stockholders' Equity - Summary of Vesting of Restricted Stock Units (Details)	3 Months Ended
	Mar. 31, 2022shares
Vest in 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	22,022
Vest in 2022 | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	22,022
Vest in 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	161,114
Vest in 2023 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	139,095
Vest in 2023 | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	22,019
Vest in 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	154,716
Vest in 2024 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	132,699
Vest in 2024 | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	22,017
Vest in 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	119,828
Vest in 2025 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	97,811
Vest in 2025 | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	22,017
Vest in 2026
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	66,114
Vest in 2026 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	66,114
Vest in 2027
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	27,151
Vest in 2027 | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	27,151
Vest in Total Year
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	550,945
Vest in Total Year | February
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	462,870
Vest in Total Year | May
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units	88,075

Stockholders' Equity - Summar_4

Stockholders' Equity - Summary Information of 2020 ATM Program (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 04, 2020	Mar. 31, 2022	Mar. 31, 2021
Stockholders Equity Note [Abstract]
Gross proceeds	$ 62,310,967	$ 4,138	$ (176)
Issuance of common shares, Shares	1,120,910
Gross average sale price per share	$ 55.59
Sales commissions	$ 934,665
Offering costs	1,184,340
Net proceeds	$ 60,191,962
Average price per share, net	$ 53.70

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022
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
		Mar. 31, 2022	Mar. 31, 2021
Numerator for loss per share:
Net loss		$ (4,667)	$ (6,900)
Net loss attributable to redeemable noncontrolling interests in the Operating Partnership		(14)	(21)
Net loss attributable to common stockholders		$ (4,653)	$ (6,879)
Denominator for loss per share:
Weighted average common shares outstanding - basic		25,620	25,068
Weighted average unvested restricted stock units		573	582
Weighted average common shares outstanding - diluted	[1]	25,620	25,068
Loss per weighted average common share:
Basic		$ (0.18)	$ (0.27)
Diluted		$ (0.18)	$ (0.27)
[1]	If the Company sustains a net loss for the period presented, unvested restricted stock units are not included in the diluted earnings per share calculation.

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Details)	Jun. 30, 2017USD ($)	Mar. 31, 2022$ / 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
	Mar. 31, 2022	Mar. 31, 2021
Noncontrolling Interest [Abstract]
Redeemable noncontrolling interests in the OP, December 31, 2021	$ 6,139
Net loss attributable to redeemable noncontrolling interests in the OP	(14)
Other comprehensive income attributable to redeemable noncontrolling interests in the OP	164
Distributions to redeemable noncontrolling interests in the OP	(9)
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP	334	$ 215
Redeemable noncontrolling interests in the OP, March 31, 2022	$ 6,614

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
		Mar. 31, 2022	Mar. 31, 2021
Fees incurred
Property management fees	[1]	$ 1,757	$ 1,485
BH Management Services, LLC
Fees incurred
Property management fees	[2]	1,750	1,479
Construction supervision fees	[3]	325	254
Design fees	[3]		54
Aerwave fees	[4]	124
Reimbursements
Payroll and benefits	[4]	5,164	4,238
Other reimbursements	[5]	$ 1,028	$ 825
[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.
[3]	Capitalized on the consolidated balance sheets and reflected in buildings and improvements.
[4]	Included in property operating expenses on the consolidated statements of operations and comprehensive income.
[5]	Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the consolidated statements of operations and comprehensive income.

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022USD ($)subsidiary	Mar. 31, 2021USD ($)
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	$ 1,800,000	$ 1,900,000
Advisory and administrative fees waived	4,900,000	$ 4,000,000
NexPoint Real Estate Advisors, L.P | Maximum
Related Party Transaction [Line Items]
Advisory and administrative fees on contributed assets	$ 5,400,000
Corporate general and administrative expenses and advisory and administrative fees percentage	1.50%
NLMF Holdco LLC
Related Party Transaction [Line Items]
Property owning subsidiaries | subsidiary	3
Equity interest owned	10.00%
Amount funded to related party included in prepaid and other assets	$ 300,000
Expenses incurred for fiber internet service included in property operating expenses	$ 100,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	Mar. 01, 2022	Mar. 01, 2021	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Loss Contingencies [Line Items]
Maximum exposure of potential commitments				$ 4,000,000
Environmental liability incurred				0
Self-Insurance Program
Loss Contingencies [Line Items]
Insurance Claim Amount	$ 2,497,500	$ 2,468,750		1,800,000	$ 1,600,000
Amount of reserve for aggregate insurance claim				0		$ 0
Self-Insurance Program | Six Forks Station
Loss Contingencies [Line Items]
Insurance claim funded			$ 600,000
NLMF Holdco LLC
Loss Contingencies [Line Items]
Additional funded amount				$ 300,000
Parent | Self-Insurance Program
Loss Contingencies [Line Items]
Insurance Claim Amount						$ 1,600,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Events - USD ($) $ / shares in Units, $ in Thousands	Apr. 25, 2022	Apr. 01, 2022
Subsequent Event [Line Items]
Dividends payable, amount per share	$ 0.38
Dividends payable, date declared	Apr. 25, 2022
Dividends payable, date to be paid	Jun. 30, 2022
Dividends payable, date of record	Jun. 15, 2022
Purchase Price		$ 143,400
DST purchase amount, OP Units		26,558
DST purchase amount, OP Units value		$ 2,600
DST purchase amount, cash		$ 71,100
DST purchase amount per share		$ 98.30

Subsequent Events - Summary of

Subsequent Events - Summary of Acquired Properties (Details) $ in Thousands	Apr. 01, 2022USD ($)Property	Mar. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Effective ownership percentage, wholly owned subsidiary		100.00%	100.00%
Subsequent Events
Subsequent Event [Line Items]
Purchase Price	$ 143,400
Mortgage Debt	$ 78,272
Number of Units | Property	562
The Adair | Sandy Springs, GA | Subsequent Events
Subsequent Event [Line Items]
Purchase Price	$ 65,500
Mortgage Debt	$ 35,115
Number of Units | Property	232
Effective ownership percentage, wholly owned subsidiary	100.00%
Estates on Maryland | Phoenix, Arizona | Subsequent Events
Subsequent Event [Line Items]
Purchase Price	$ 77,900
Mortgage Debt	$ 43,157
Number of Units | Property	330
Effective ownership percentage, wholly owned subsidiary	100.00%