Steadfast Apartment REIT III 10-Q 10 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 04, 2017
Entity Registrant Name	Steadfast Apartment REIT III, Inc.
Entity Central Index Key	1,651,286
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Common Class A [Member]
Entity Common Stock, Shares Outstanding, Class A		2,392,866
Common Class R [Member]
Entity Common Stock, Shares Outstanding, Class A		223,223
Common Class T [Member]
Entity Common Stock, Shares Outstanding, Class A		2,354,725

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Real Estate:
Land	$ 21,671,651	$ 12,019,503
Building and improvements	153,833,422	85,653,391
Tenant origination and absorption costs	1,789,212	1,899,841
Total real estate, cost	177,294,285	99,572,735
Less accumulated depreciation and amortization	(3,641,658)	(625,232)
Total real estate, net	173,652,627	98,947,503
Cash and cash equivalents	33,257,061	16,389,888
Restricted cash	1,712,706	752,311
Rents and other receivables	335,722	127,933
Other assets	2,179,178	1,230,766
Total assets	211,137,294	117,448,401
Liabilities:
Accounts payable and accrued liabilities	2,938,682	991,685
Mortgage notes payable, net	123,758,480	72,016,933
Distributions payable	497,127	241,258
Due to affiliates	3,003,749	3,991,733
Total liabilities	130,198,038	77,241,609
Commitments and contingencies (Note 9)
Redeemable common stock	1,257,283	292,818
Stockholders’ Equity:
Preferred stock, $0.01 par value per share; 100,000,000 shares authorized, no shares issued and outstanding	0	0
Additional paid-in capital	92,662,336	45,632,928
Cumulative distributions and net losses	(13,026,107)	(5,741,312)
Total stockholders’ equity	79,681,973	39,913,974
Total Equity	79,681,973	39,913,974
Total liabilities and stockholders’ equity	211,137,294	117,448,401
Common Class A [Member]
Liabilities:
Distributions payable	273,357	148,374
Stockholders’ Equity:
Common stock	22,844	12,474
Common Class R [Member]
Liabilities:
Distributions payable	22,868	10,812
Stockholders’ Equity:
Common stock	2,126	990
Common Class T [Member]
Liabilities:
Distributions payable	200,902	82,072
Stockholders’ Equity:
Common stock	$ 20,774	$ 8,894

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common Class A [Member]
Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Stock, shares authorized (in shares)	480,000,000	480,000,000
Stock, shares issued (in shares)	2,284,355	1,247,420
Stock, shares outstanding (in shares)	2,284,355	1,247,420
Common Class R [Member]
Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Stock, shares authorized (in shares)	240,000,000	240,000,000
Stock, shares issued (in shares)	212,578	99,043
Stock, shares outstanding (in shares)	212,578	99,043
Common Class T [Member]
Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Stock, shares authorized (in shares)	480,000,000	480,000,000
Stock, shares issued (in shares)	2,077,398	889,434
Stock, shares outstanding (in shares)	2,077,398	889,434

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Rental income	$ 3,243,715	$ 136,545	$ 6,040,431	$ 136,545
Tenant reimbursements and other	358,092	8,201	677,091	8,201
Total revenues	3,601,807	144,746	6,717,522	144,746
Expenses:
Operating, maintenance and management	908,380	43,809	1,613,585	43,809
Real estate taxes and insurance	557,570	20,348	1,039,025	20,348
Fees to affiliates	372,359	188,679	656,511	188,679
Depreciation and amortization	2,555,319	75,314	4,916,266	75,314
Interest expense	1,145,526	29,674	2,124,012	29,674
General and administrative expenses	710,291	395,516	1,338,152	471,412
Acquisition costs	0	190,454	0	190,454
Total expenses	6,249,445	943,794	11,687,551	1,019,690
Net loss	(2,647,638)	(799,048)	(4,970,029)	(874,944)
Net loss attributable to noncontrolling interest	0	(99)	0	(100)
Net loss attributable to common stockholders	(2,647,638)	(798,949)	(4,970,029)	(874,844)
Common Class A [Member]
Expenses:
Net loss attributable to common stockholders	$ (1,369,535)	$ (783,830)	$ (2,607,449)	$ (859,967)
Loss per common share - basic and diluted (in dollars per share)	$ (0.64)	$ (11.25)	$ (1.41)	$ (22.15)
Weighted average number of common shares outstanding - basic and diluted (in shares)	2,051,047	69,655	1,772,569	38,832
Distributions declared per common share (in dollars per share)	$ 0.374	$ 0.176	$ 0.744	$ 0.176
Common Class R [Member]
Expenses:
Net loss attributable to common stockholders	$ (116,698)	$ 0	$ (223,476)	$ 0
Loss per common share - basic and diluted (in dollars per share)	$ (0.65)	$ 0	$ (1.43)	$ 0
Weighted average number of common shares outstanding - basic and diluted (in shares)	174,769	0	151,921	0
Distributions declared per common share (in dollars per share)	$ 0.357	$ 0	$ 0.710	$ 0
Common Class T [Member]
Expenses:
Net loss attributable to common stockholders	$ (1,161,405)	$ (15,119)	$ (2,139,104)	$ (14,877)
Loss per common share - basic and diluted (in dollars per share)	$ (0.71)	$ (11.24)	$ (1.55)	$ (22.05)
Weighted average number of common shares outstanding - basic and diluted (in shares)	1,739,346	1,344	1,454,183	672
Distributions declared per common share (in dollars per share)	$ 0.307	$ 0.145	$ 0.611	$ 0.145

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($)	Total	Common Class A [Member]	Common Class R [Member]	Common Class T [Member]	Common Stock [Member]Common Class A [Member]	Common Stock [Member]Common Class R [Member]	Common Stock [Member]Common Class T [Member]	Additional Paid-In Capital [Member]	Cumulative Distributions & Net Losses [Member]	Total Stockholders' Equity [Member]	Noncontrolling Interest [Member]
BALANCE, beginning of period (in shares) at Dec. 31, 2015					8,000	0	0
BALANCE, beginning of period at Dec. 31, 2015	$ 200,000				$ 80	$ 0	$ 0	$ 199,920	$ 0	$ 200,000	$ 0
Increase (decrease) in Stockholders' Equity
Issuance of common stock (in shares)					1,239,420	99,043	889,434
Issuance of common stock	53,656,153				$ 12,394	$ 990	$ 8,894	53,633,875		53,656,153
Commissions on sales of common stock and related dealer manager fees to affiliates	(4,639,146)							(4,639,146)		(4,639,146)
Transfers to redeemable common stock	(292,818)							(292,818)		(292,818)
Other offering costs to affiliates	(3,329,974)							(3,329,974)		(3,329,974)
Distributions declared	(820,700)								(820,700)	(820,700)
Amortization of stock-based compensation	61,071							61,071		61,071
Contribution from noncontrolling interest	100										100
Net loss	(4,920,712)								(4,920,612)	(4,920,612)	(100)
BALANCE, end of period (in shares) at Dec. 31, 2016					1,247,420	99,043	889,434
BALANCE, end of period at Dec. 31, 2016	39,913,974				$ 12,474	$ 990	$ 8,894	45,632,928	(5,741,312)	39,913,974	0
Increase (decrease) in Stockholders' Equity
Issuance of common stock (in shares)					1,036,935	113,535	1,187,964
Issuance of common stock	56,317,225				$ 10,370	$ 1,136	$ 11,880	56,293,839		56,317,225
Commissions on sales of common stock and related dealer manager fees to affiliates	(4,981,593)							(4,981,593)		(4,981,593)
Transfers to redeemable common stock	(985,244)							(985,244)		(985,244)
Other offering costs to affiliates	(3,316,143)							(3,316,143)		(3,316,143)
Distributions declared	(2,314,766)								(2,314,766)	(2,314,766)
Amortization of stock-based compensation	18,549							18,549		18,549
Net loss	(4,970,029)	$ (2,607,449)	$ (223,476)	$ (2,139,104)					(4,970,029)	(4,970,029)
BALANCE, end of period (in shares) at Jun. 30, 2017					2,284,355	212,578	2,077,398
BALANCE, end of period at Jun. 30, 2017	$ 79,681,973				$ 22,844	$ 2,126	$ 20,774	$ 92,662,336	$ (13,026,107)	$ 79,681,973	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash Flows from Operating Activities:
Net loss	$ (4,970,029)	$ (874,944)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,916,266	75,314
Amortization of deferred financing costs	39,199	1,134
Amortization of stock-based compensation	18,549	42,213
Amortization of stock-based annual compensation and meeting fees	13,750	30,750
Change in fair value of interest rate cap agreements	414,364	8,769
Changes in operating assets and liabilities:
Restricted cash for operating activities	(1,013,587)	(183,690)
Rents and other receivables	(115,132)	(10,417)
Other assets	(40,086)	(23,482)
Accounts payable and accrued liabilities	1,887,082	342,542
Due to affiliates	(1,161,052)	526,579
Net cash used in operating activities	(10,676)	(65,232)
Cash Flows from Investing Activities:
Acquisition of real estate investment	(76,726,460)	(7,525,000)
Additions to real estate investment	(1,075,397)	(11,043)
Escrow deposits for pending real estate acquisitions	(2,850,000)	0
Restricted cash for investing activities	53,192	(111,004)
Purchase of interest rate cap agreement	(222,790)	(8,800)
Cash used in investing activities	(80,821,455)	(7,655,847)
Cash Flows from Financing Activities:
Proceeds from issuance of mortgage note payable	52,106,000	5,700,000
Contributions from noncontrolling interest	0	100
Payments of commissions on sale of common stock and related dealer manager fees	(3,825,141)	(313,683)
Reimbursement of other offering costs to affiliates	(4,329,824)	0
Payment of deferred financing costs	(403,652)	(57,000)
Distributions to common stockholders	(1,073,653)	(2,395)
Net cash provided by financing activities	97,699,304	11,255,431
Net increase in cash and cash equivalents	16,867,173	3,534,352
Cash and cash equivalents, beginning of period	16,389,888	200,000
Cash and cash equivalents, end of period	33,257,061	3,734,352
Supplemental Disclosures of Cash Flow Information:
Interest paid	1,422,014	5,977
Supplemental Disclosures of Noncash Transactions:
Increase in distributions payable	255,869	19,468
Application of escrow deposits to acquire real estate	1,750,100	0
Distributions paid to common stockholders through common stock issuances pursuant to the distribution reinvestment plan	(1,013,681)	543,749
Distributions paid to common stockholders through common stock issuances pursuant to the distribution reinvestment plan	985,244	3,511
Increase in redeemable common stock	985,244	3,511
Increase in redemptions payable	20,779	0
Increase in accounts payable and accrued liabilities from additions to real estate investments	39,136	0
Increase in due to affiliates from additions to real estate investments	30,297	1
Increase in due to affiliates from distribution and shareholder servicing fee	1,156,452	27,900
Common Class A [Member]
Cash Flows from Financing Activities:
Proceeds from issuance of common stock	25,059,691	5,322,584
Supplemental Disclosures of Noncash Transactions:
Increase (decrease) in amounts receivable from transfer agent	(57,125)	139,500
Common Class R [Member]
Cash Flows from Financing Activities:
Proceeds from issuance of common stock	2,528,450	0
Common Class T [Member]
Cash Flows from Financing Activities:
Proceeds from issuance of common stock	27,637,433	605,825
Supplemental Disclosures of Noncash Transactions:
Increase (decrease) in amounts receivable from transfer agent	$ 149,782	$ 14,175

Organization and Business

Organization and Business	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Steadfast Apartment REIT III, Inc. (the “Company”) was formed on July 29, 2015, as a Maryland corporation that intends to elect to qualify as a real estate investment trust (“REIT”) commencing with the taxable year ended December 31, 2016. On August 24, 2015, the Company was initially capitalized with the sale of 8,000 shares of Class A common stock to Steadfast Apartment Advisor III, LLC (the “Advisor”), a Delaware limited liability company, at a purchase price of $25.00 per share for an aggregate purchase price of $200,000 . The Company intends to use substantially all of the net proceeds from the Public Offering (defined below) to invest in and manage a diverse portfolio of multifamily and independent senior-living properties located in targeted markets throughout the United States. In addition to the Company’s focus on multifamily and independent senior-living properties, the Company may also make selective strategic acquisitions of other types of commercial properties. The Company may also selectively acquire debt collateralized by multifamily and independent senior-living properties and securities of other companies owning multifamily and senior-living properties. As of June 30, 2017 , the Company owned five multifamily properties comprising a total of 1,212 apartment homes. For more information on the Company’s real estate portfolio, see Note 3. Public Offering On February 5, 2016, the Company commenced its initial public offering to offer a maximum of $1,000,000,000 in shares of common stock for sale to the public in the primary offering (“Primary Offering”). The Company initially offered Class A shares and Class T shares in the Public Offering at an initial price of $25.00 for each Class A share ( $500,000,000 in Class A shares) and $23.81 for each Class T share ( $500,000,000 in Class T shares), with discounts available for certain categories of purchasers. The Company also registered up to $300,000,000 in shares pursuant to the Company’s distribution reinvestment plan (the “DRP,” and together with the Primary Offering, the “Public Offering”) at an initial price of $23.75 for each Class A share and $22.62 for each Class T share. Commencing on July 25, 2016, the Company revised the terms of its Public Offering to include Class R shares. The Company is offering a maximum of $1,000,000,000 in shares of common stock for sale to the public at an initial price of $25.00 for each Class A share ( $400,000,000 in Class A shares), $22.50 for each Class R share ( $200,000,000 in Class R shares) and $23.81 for each Class T share ( $400,000,000 in Class T shares), with discounts available for certain categories of purchasers. The Company has also registered up to $300,000,000 in shares pursuant to the Company’s DRP at an initial price of $23.75 for each Class A share, $22.50 for each Class R share and $22.62 for each Class T share. The Company’s board of directors may, from time to time, in its sole discretion, change the price at which the Company offers shares to the public in the Primary Offering or pursuant to the DRP to reflect changes in the Company’s estimated value per share and other factors that the Company’s board of directors deems relevant. The Company may reallocate shares of common stock registered in the Public Offering among classes of shares and between the Primary Offering and the DRP. Pursuant to the terms of the Public Offering, offering proceeds were held in an escrow account until the Company raised the minimum offering amount of $2,000,000 . On May 16, 2016, the Company raised the minimum offering amount and the offering proceeds held in escrow were released to the Company. As of June 30, 2017 , the Company had sold 2,267,565 shares of Class A common stock, 212,578 shares of Class R common stock and 2,077,398 shares of Class T common stock in the Public Offering for gross proceeds of $55,687,509 , $4,783,018 and $49,433,101 , respectively, and $109,903,628 in the aggregate, including 28,670 shares of Class A common stock, 1,399 shares of Class R common stock and 25,008 shares of Class T common stock issued pursuant to the DRP for gross offering proceeds of $680,918 , $31,469 and $565,675 , respectively. The Company will continue to offer shares of the Company’s common stock on a continuous basis until the Public Offering terminates on or before February 5, 2018, unless extended. However, in certain states the Public Offering may continue for only one year unless the Company renews the offering period for an additional year. The Company reserves the right to terminate the Public Offering at any time. The business of the Company is externally managed by the Advisor, pursuant to the Amended and Restated Advisory Agreement dated July 25, 2016, by and among the Company, Steadfast Apartment REIT III Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”), formed on July 29, 2015, and the Advisor (as amended, the “Advisory Agreement”). The Advisory Agreement is subject to annual renewal by the Company’s board of directors. The current term of the Advisory Agreement expires on February 5, 2018. Subject to certain restrictions and limitations, the Advisor manages the Company’s day-to-day operations, manages the Company’s portfolio of properties and real estate-related assets, sources and presents investment opportunities to the Company’s board of directors and provides investment management services on the Company’s behalf. The Advisor has also entered into an Advisory Services Agreement with Crossroads Capital Advisors, LLC (“Crossroads Capital Advisors”), whereby Crossroads Capital Advisors provides advisory services to the Company on behalf of the Advisor. The Company has retained Steadfast Capital Markets Group, LLC (the “Dealer Manager”), an affiliate of the Advisor, to serve as the dealer manager for the Public Offering. The Dealer Manager is responsible for marketing the Company’s shares of common stock being offered pursuant to the Public Offering. The Advisor, along with the Dealer Manager, also provides offering services, marketing, investor relations and other administrative services on the Company’s behalf. Substantially all of the Company’s business is conducted through the Operating Partnership. The Company is the sole general partner of the Operating Partnership, and owns a 99.99% partnership interest in the Operating Partnership. The Advisor is the sole limited partner of and owns the remaining 0.01% partnership interest in the Operating Partnership. The Company and the Advisor entered into an amended and Restated Agreement of Limited Partnership on July 25, 2016 (as amended, the “Partnership Agreement”). As the Company accepts subscriptions for shares of its common stock, the Company transfers substantially all of the net offering proceeds from its Public Offering to the Operating Partnership as a contribution in exchange for partnership interests and the Company’s percentage ownership in the Operating Partnership increases proportionately. The Partnership Agreement provides that the Operating Partnership is operated in a manner that will enable the Company to (1) satisfy the requirements for being classified as a REIT for tax purposes, (2) avoid any federal income or excise tax liability and (3) ensure that the Operating Partnership will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), which classification could result in the Operating Partnership being taxed as a corporation. In addition to the administrative and operating costs and expenses incurred by the Operating Partnership in acquiring and operating real properties, the Operating Partnership pays all of the Company’s administrative costs and expenses, and such expenses are treated as expenses of the Operating Partnership. The Company commenced its real estate operations on May 19, 2016, upon acquiring a fee simple interest in Carriage House Apartment Homes, a multifamily property located in Gurnee, Illinois.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies There have been no significant changes to the Company’s accounting policies since it filed its audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2016 , other than Accounting Standards Update (“ASU”) 2017-01, as further described below. For further information about the Company’s accounting policies, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2016 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 16, 2017. Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company, the consolidated variable interest entity (“VIE”) that the Company controls and of which the Company is the primary beneficiary, and the Operating Partnership’s subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. The financial statements of the Company’s subsidiaries are prepared using accounting policies consistent with those of the Company. The Operating Partnership is a VIE as the Advisor, as the limited partner, lacks substantive kick-out rights and substantive participating rights. The Company is the primary beneficiary of, and consolidates, the Operating Partnership. The accompanying unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments that are of a normal and recurring nature and necessary for a fair and consistent presentation of the results of such periods. Operating results for the three and six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . The unaudited consolidated financial statements in this Quarterly Report on Form 10-Q (the “Quarterly Report”) should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. Fair Value Measurements Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other assets and liabilities at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and will classify such items in Level 1 or Level 2. In instances where the market is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines the market for a financial instrument owned by the Company to be illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and will establish a fair value by assigning weights to the various valuation sources. The following describes the valuation methodologies used by the Company to measure fair value, including an indication of the level in the fair value hierarchy in which each asset or liability is generally classified. Interest rate cap agreements - The Company has entered into certain interest rate cap agreements. These derivatives are recorded at fair value. Fair value was based on a model-driven valuation using the associated variable rate curve and an implied market volatility, both of which were observable at commonly quoted intervals for the full term of the interest rate cap agreements. Therefore, the Company’s interest rate cap agreements were classified within Level 2 of the fair value hierarchy and are included in other assets in the accompanying consolidated balance sheets. Changes in the fair value of the interest rate cap agreements are recorded as interest expense in the accompanying consolidated statements of operations. The following tables reflect the Company’s assets required to be measured at fair value on a recurring basis on the consolidated balance sheets: June 30, 2017 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 221,557 $ — December 31, 2016 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 413,131 $ — Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the instrument. Fair Value of Financial Instruments The accompanying consolidated balance sheets include the following financial instruments: cash and cash equivalents, restricted cash, rents and other receivables, accounts payable and accrued liabilities, due to affiliates, distributions payable and mortgage notes payable, net. The Company considers the carrying value of cash and cash equivalents, restricted cash, rents and other receivables, accounts payable and accrued liabilities and distributions payable to approximate the fair value of these financial instruments based on the short duration between origination of the instruments and their expected realization. The fair value of amounts due to affiliates is not determinable due to the related party nature of such amounts. The Company has determined that its mortgage notes payable, net are classified as Level 3 within the fair value hierarchy. The fair value of the mortgage notes payable, net is estimated using a discounted cash flow analysis using borrowing rates available to the Company for debt instruments with similar terms and maturities. As of June 30, 2017 and December 31, 2016 , the fair value of the mortgage notes payable, net was $126,634,439 and $72,128,601 , respectively, compared to the carrying value of $123,758,480 and $72,016,933 , respectively. Distribution Policy The Company intends to elect to be taxed as a REIT and operate as a REIT for federal income tax purposes commencing with the Company’s taxable year ended December 31, 2016. To maintain its qualification as a REIT, the Company intends to make distributions each taxable year equal to at least 90% of its REIT taxable income (which is determined without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). The Company’s board of directors declared a dividend to the holders of Class A shares and Class T shares which began to accrue on May 19, 2016. The Company’s board of directors also declared a dividend to the holders of Class R shares which began to accrue on August 2, 2016. Distributions declared during the year ended December 31, 2016 were based on daily record dates and calculated at a rate of $0.004098 per Class A share per day, $0.00393443 per Class R share per day and $0.003366 per Class T share per day. Distributions declared during the period from January 1, 2017 to March 31, 2017, were based on daily record dates and calculated at a rate of $0.004110 per Class A share per day, $0.00394521 per Class R share per day subject to an annual distribution and shareholder servicing fee of 0.27% , $0.00369863 per Class R share per day subject to an annual distribution and shareholder servicing fee of 0.67% and $0.003376 per Class T share per day. Distributions declared during the period from April 1, 2017 to June 30, 2017 were based on daily record dates and calculated at a rate of $0.004110 per Class A share per day, $0.00394521 per Class R share per day and $0.003376 per Class T share per day. Each day during the period from May 19, 2016 to June 30, 2017 was a distribution record date with respect to Class A shares and Class T shares. Each day during the period from August 2, 2016 to June 30, 2017 was a distribution record date with respect to Class R shares. Distributions to stockholders are determined by the board of directors of the Company and are dependent upon a number of factors relating to the Company, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements and annual distribution requirements in order for the Company to qualify as a REIT under the Internal Revenue Code. During the three and six months ended June 30, 2017 , the Company declared distributions totaling $0.374 and $0.744 per Class A share of common stock, $0.357 and $0.710 per Class R share of common stock and $0.307 and $0.611 per Class T share of common stock, respectively. Per Share Data Basic loss per share attributable to common stockholders for all periods presented are computed by dividing net loss by the weighted average number of shares of the Company’s common stock outstanding for each class of shares outstanding during the period. Diluted loss per share is computed based on the weighted average number of shares of the Company’s common stock and all potentially dilutive securities, if any. Distributions declared per common share assume each share was issued and outstanding each day during the period. Nonvested shares of the Company’s restricted common stock give rise to potentially dilutive shares of the Company’s common stock but such shares were excluded from the computation of diluted earnings per share because such shares were anti-dilutive during the period. In accordance with FASB ASC Topic 260-10-45, Earnings Per Share , the Company uses the two-class method to calculate earnings per share. Basic earnings per share is calculated based on dividends declared and the rights of common shares and participating securities in any undistributed earnings, which represents net income remaining after deduction of dividends declared during the period. The undistributed earnings are allocated to all outstanding common shares based on the relative percentage of each class of shares to the total number of outstanding shares. The Company does not have any participating securities outstanding but does have multiple classes of common stock with different dividend rates and an unvested portion of restricted Class A common stock. Earnings attributable to the unvested restricted Class A common stock are deducted from earnings in the computation of per share amounts where applicable. Segment Disclosure The Company has determined that it has one reportable segment with activities related to investing in multifamily properties. The Company’s investments in real estate are in different geographic regions, and management evaluates operating performance on an individual asset level. However, as each of the Company’s assets has similar economic characteristics, tenants and products and services, its assets have been aggregated into one reportable segment. Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ( Topic 606 ). The new guidance requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The new guidance supersedes the revenue requirements in Revenue Recognition ( Topic 605 ) and most industry-specific guidance throughout the Industry Topics of the Codification. The new guidance does not apply to lease contracts within the scope of Leases ( Topic 840 ). In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606) , which delayed the effective date of the new guidance by one year, which will result in the new guidance being effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and is to be applied retrospectively. Early adoption is permitted, but can be no earlier than the original public entity effective date of fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company anticipates selecting the modified retrospective transition method with a cumulative effect recognized as of the date of adoption and will adopt the new standard effective January 1, 2018. The Company is continuing to evaluate the standard’s impact on its revenue recognition with regard to revenue from tenant reimbursements and other. Based on its preliminary assessment, the Company identified the following types of revenues from non-lease components: pass-through tenant reimbursements, administrative fees, participation revenue and revenue from ancillary services. Based on this assessment, the Company does not expect a material impact on its revenue recognition in the consolidated financial statements because revenue from these sources is immaterial to the consolidated financial statements. The Company is also not expecting to experience a material impact from adopting this new guidance in connection with its rental revenue, as rental revenue from leasing arrangements is specifically excluded from the standard. In February 2016, the FASB issued ASU 2016-02, Leases , amending the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The new standard requires a modified retrospective transition approach. The guidance will be effective in the first quarter of 2019 and allows for early adoption. The Company is in the preliminary stages of evaluating the impact of this ASU on its leases both as it relates to the Company acting as a lessor and as a lessee. Based on the preliminary results of its evaluation, as it relates to the former, the Company does not expect any material impact on the recognition of leases in the consolidated financial statements because under this guidance, lessors will continue to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. As it relates to the latter, the Company does not expect a material impact on the recognition of leases in the consolidated financial statements because the quantity of leased equipment by the Company is limited. The Company plans to complete its assessment process by the end of the fourth quarter of 2017 and plans to adopt this ASU on January 1, 2019. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting , that simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. The guidance is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those years. The Company did not experience a material impact from adopting this new guidance. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) , that clarifies how certain cash receipts and cash payments should be classified on the statement of cash flows. This ASU addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The guidance is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. The Company did not experience a material impact from adopting this new guidance. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash, that requires that a statement of cash flows explains the change during the period in the total of cash, cash equivalents, restricted cash and restricted cash equivalents. Therefore, amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. The guidance is effective for annual periods beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the definition of business (“ASU 2017-01”), that clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of businesses. This ASU provides a screen to determine when a set is not a business. If the screen is not met, it (1) requires that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (2) removes the evaluation of whether a market participant could replace the missing elements. The guidance is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. The Company adopted this guidance as of January 1, 2017. The Company capitalized $2,081,383 of acquisition fees and expenses on the consolidated balance sheet as of June 30, 2017 related to the acquisitions of Reflections on Sweetwater Apartments and The Pointe at Vista Ridge Apartments on January 12, 2017 and May 25, 2017, respectively. Acquisition fees and acquisition expenses were included in fees to affiliates and acquisition costs, respectively, on the consolidated statements of operations prior to the adoption of this guidance. Upon adoption of this guidance, all such costs are included in the purchase price that is allocated between land, buildings and improvements and tenant origination and absorption costs on the consolidated balance sheets. In February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (“Subtopic 610-20”): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”), that clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset and defines the term in substance nonfinancial asset. ASU 2017-05 also clarifies that nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty. Subtopic 610-20, which was issued in May 2014 as part of ASU 2014-09 (discussed above), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity is required to apply amendments in ASU 2017-05 at the same time it applies the amendments in ASU 2014-09 (discussed above). ASU 2017-05 requires retrospective application and is effective for fiscal years beginning after December 15, 2017, including interim reporting periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements and related disclosures. In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”). The FASB issued ASU 2017-09 to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation , to a change to the terms or conditions of a share-based payment award. The amendments in ASU 2017-09 provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. ASU No. 2017-09 requires prospective application and is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements and related disclosures.

Real Estate

Real Estate	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Real Estate	Real Estate As of June 30, 2017 , the Company owned five multifamily properties comprised of a total of 1,212 apartment homes. The total acquisition price of the Company’s real estate portfolio was $177,901,560 . As of June 30, 2017 and December 31, 2016 , the Company’s portfolio was approximately 92.8% and 95.9% occupied and the average monthly rent was $1,132 and $1,163 , respectively. Current Year Acquisitions During the six months ended June 30, 2017 , the Company acquired the following properties: Purchase Price Allocation Property Name Location Purchase Date Units Land Buildings and Improvements Tenant Origination and Absorption Costs Total Purchase Price Reflections on Sweetwater Apartments Lawrenceville, GA 1/12/2017 280 $ 5,041,375 $ 27,371,760 $ 875,202 $ 33,288,337 The Pointe at Vista Ridge Apartments Lewisville, Texas 5/25/2017 300 4,610,773 39,663,440 914,010 45,188,223 580 $ 9,652,148 $ 67,035,200 $ 1,789,212 $ 78,476,560 As of June 30, 2017 and December 31, 2016 , accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows: June 30, 2017 Assets Land Building and Improvements Tenant Origination and Absorption Costs Total Real Estate Investments in real estate $ 21,671,651 $ 153,833,422 $ 1,789,212 $ 177,294,285 Less: Accumulated depreciation and amortization — (2,637,886 ) (1,003,772 ) (3,641,658 ) Net investments in real estate and related lease intangibles $ 21,671,651 $ 151,195,536 $ 785,440 $ 173,652,627 December 31, 2016 Assets Land Building and Improvements Tenant Origination and Absorption Costs Total Real Estate Investments in real estate $ 12,019,503 $ 85,653,391 $ 1,899,841 $ 99,572,735 Less: Accumulated depreciation and amortization — (357,649 ) (267,583 ) (625,232 ) Net investments in real estate and related lease intangibles $ 12,019,503 $ 85,295,742 $ 1,632,258 $ 98,947,503 Depreciation and amortization expense was $2,555,319 and $4,916,266 for the three and six months ended June 30, 2017 , and $75,314 for the three and six months ended June 30, 2016 , respectively. Depreciation of the Company’s buildings and improvements was $1,248,649 and $2,280,237 for the three and six months ended June 30, 2017 , and $27,883 for the three and six months ended June 30, 2016 , respectively. Amortization of the Company’s tenant origination and absorption costs was $1,306,670 and $2,636,029 for the three and six months ended June 30, 2017 , and $47,431 for the three and six months ended June 30, 2016 , respectively. Tenant origination and absorption costs had a weighted-average amortization period as of the date of acquisition of less than one year . Operating Leases As of June 30, 2017 , the Company’s real estate portfolio comprised 1,212 apartment homes and was approximately 96.5% leased by a diverse group of residents. The residential lease terms consist of lease durations equal to twelve months or less. Some residential leases contain provisions to extend the lease agreements, options for early termination after paying a specified penalty and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires security deposits from tenants in the form of a cash deposit. Amounts required as security deposits vary depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of its security deposit. Security deposits received in cash related to tenant leases are included in accounts payables and accrued liabilities in the accompanying consolidated balance sheets and totaled $383,308 and $252,387 as of June 30, 2017 and December 31, 2016 , respectively. As of June 30, 2017 and December 31, 2016 , no tenant represented over 10% of the Company’s annualized base rent.

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets As of June 30, 2017 and December 31, 2016 , other assets consisted of: June 30, 2017 December 31, 2016 Prepaid expenses $ 37,827 $ 113,150 Interest rate cap agreements 221,557 413,131 Escrow deposits for pending real estate acquisitions 1,750,000 650,100 Other deposits 169,794 54,385 Other assets $ 2,179,178 $ 1,230,766

Debt

Debt	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt	Debt Mortgage Notes Payable The following is a summary of mortgage notes payable, net secured by real property as of June 30, 2017 and December 31, 2016 . June 30, 2017 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Variable rate (1) 5 6/1/2026 - 6/1/2027 1-Mo LIBOR + 2.20% 1-Mo LIBOR + 2.52% 3.60% $ 124,532,000 Mortgage notes payable, gross 5 3.60% 124,532,000 Deferred financing costs, net (2) (773,520 ) Mortgage notes payable, net $ 123,758,480 December 31, 2016 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Variable rate (1) 3 6/1/2026 - 1/1/2027 1-Mo LIBOR + 2.31% 1-Mo LIBOR + 2.52% 3.20% $ 72,426,000 Mortgage notes payable, gross 3 3.20% 72,426,000 Deferred financing costs, net (2) (409,067 ) Mortgage notes payable, net $ 72,016,933 _________ (1) See Note 10 for a discussion of the interest rate cap agreements used to manage the exposure to interest rate movement on the Company’s variable rate loans. (2) Accumulated amortization related to deferred financing costs, net as of June 30, 2017 and December 31, 2016 was $46,130 and $6,931 , respectively. Maturity and Interest The following is a summary of the Company’s aggregate maturities as of June 30, 2017 : Maturities During the Years Ending December 31, Contractual Obligations Total Remainder of 2017 2018 2019 2020 2021 Thereafter Principal payments on outstanding debt (1) $ 124,532,000 $ — $ — $ 53,989 $ 107,977 $ 107,977 $ 124,262,057 _________ (1) Projected principal payments on outstanding debt obligations are based on the terms of the notes payable agreements. Amounts exclude the deferred financing costs, net associated with the notes payable. The Company’s mortgage notes payable contain customary financial and non-financial debt covenants. As of June 30, 2017 , the Company was in compliance with all debt covenants. For the three and six months ended June 30, 2017 , the Company incurred interest expense of $1,145,526 and $2,124,012 , respectively. Interest expense for the three and six months ended June 30, 2017 includes amortization of deferred financing costs of $25,515 and $39,199 and net unrealized losses from the change in fair value of interest rate cap agreements of $192,670 and $414,364 , respectively. For the three and six months ended June 30, 2016 , the Company incurred interest expense of $29,674 . Interest expense for the three and six months ended June 30, 2016 includes amortization of deferred financing costs of $1,134 and net unrealized losses from the change in fair value of interest rate cap agreement of $8,769 . Interest expense of $355,828 and $107,393 was payable as of June 30, 2017 and December 31, 2016 , respectively, and is included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity General Under the Company’s Second Articles of Amendment and Restatement (as amended, the “Charter”), the total number of shares of capital stock authorized for issuance is 1,300,000,000 , consisting of 1,200,000,000 shares of common stock, $0.01 par value per share, of which 480,000,000 shares are classified as Class A common stock, 240,000,000 shares are classified as Class R common stock and 480,000,000 shares are classified as Class T common stock, and 100,000,000 shares of preferred stock, $0.01 par value per share. The Company’s board of directors may amend the Charter from time to time to increase or decrease the aggregate number of shares of capital stock or the number of shares of capital stock of any class or series that it has authority to issue. Common Stock The shares of the Company’s common stock entitle the holders to one vote per share on all matters upon which stockholders are entitled to vote, to receive dividends and other distributions as authorized by the Company’s board of directors in accordance with the Maryland General Corporation Law and to all rights of a stockholder pursuant to the Maryland General Corporation Law. The common stock has no preferences or preemptive, conversion or exchange rights. On August 24, 2015, the Company issued 8,000 shares of Class A common stock for $200,000 to the Advisor. The following table reflects information regarding shares of common stock sold in the Public Offering from inception through June 30, 2017 : June 30, 2017 Class A Class R Class T Total Shares of common stock issued - Primary Offering 2,238,895 211,179 2,052,390 4,502,464 Shares of common stock issued - DRP 28,670 1,399 25,008 55,077 Total shares of common stock issued - Public Offering 2,267,565 212,578 2,077,398 4,557,541 Gross offering proceeds - Primary Offering $ 55,006,591 $ 4,751,549 $ 48,867,426 $ 108,625,566 Gross offering proceeds - DRP 680,918 31,469 565,675 1,278,062 Total offering proceeds - Public Offering $ 55,687,509 $ 4,783,018 $ 49,433,101 $ 109,903,628 Offering costs, before distribution and shareholder servicing fees (13,938,093 ) Offering proceeds, net of offering costs $ 95,965,535 Offering proceeds include $191,100 and $98,443 of amounts due from the Company’s transfer agent as of June 30, 2017 and December 31, 2016 , respectively, which are included in rents and other receivables in the accompanying consolidated balance sheets. On June 30, 2017 and 2016 , the Company issued 275 shares and 435 shares, respectively, of Class A common stock to its independent directors pursuant to the Company’s independent directors’ compensation plan at a value of $25.00 per share as base annual compensation and compensation for attending meetings of the Company’s board of directors. See Note 8 for additional information. The shares of common stock vest and become non-forfeitable immediately upon the date of grant. Included in general and administrative expenses is $6,875 and $13,750 for the three and six months ended June 30, 2017 and $10,875 and $30,750 for the three and six months ended June 30, 2016 , respectively, for compensation expense related to the issuance of common stock to the Company’s independent directors. On May 16, 2016 , the Company granted 2,000 shares of restricted Class A common stock to each of its three independent directors pursuant to the Company’s independent directors’ compensation plan at a fair value of $25.00 per share in connection with the Company raising $2,000,000 in the Public Offering. Pursuant to the Company’s independent directors’ compensation plan, which is a sub-plan of the Incentive Award Plan (defined below), the Company will grant 2,000 shares of restricted Class A common stock to each subsequent independent director that joins the Company’s board of directors. In addition, the Company will grant 1,000 shares of restricted Class A common stock to each independent director pursuant to the Company’s independent directors’ compensation plan as compensation for services in connection with their re-election to the board of directors. The shares of restricted common stock vest and become non-forfeitable in four equal annual installments, beginning on the date of grant and ending on the third anniversary of the date of grant; provided, however, that the shares of restricted stock will become fully vested on the earlier to occur of (1) the termination of the independent director’s service as a director due to his or her death or disability, or (2) a change in control of the Company. The issuance and vesting activity for the six months ended June 30, 2017 and year ended December 31, 2016 for the restricted stock issued to the Company’s independent directors as compensation for services in connection with the Company raising $2,000,000 in the Public Offering is as follows: Six Months Ended June 30, 2017 Year Ended December 31, 2016 Nonvested shares at the beginning of the period 4,500 — Granted shares — 6,000 Vested shares (1,500 ) (1,500 ) Nonvested shares at the end of the period 3,000 4,500 Included in general and administrative expenses is $9,327 and $18,549 for the three and six months ended June 30, 2017 and $42,213 for the three and six months ended June 30, 2016 , respectively, for compensation expense related to the issuance of restricted common stock. As of June 30, 2017 , the compensation expense related to the issuance of the restricted common stock not yet recognized was $70,380 . The weighted average remaining term of the restricted common stock was 1.37 years as of June 30, 2017 . As of June 30, 2017 , no shares of restricted common stock issued to the independent directors have been forfeited. Preferred Stock The Charter also provides the Company’s board of directors with the authority to issue one or more classes or series of preferred stock, and prior to the issuance of such shares of preferred stock, the board of directors shall have the power from time to time to classify or reclassify, in one or more series, any unissued shares and designate the preferences, rights and privileges of such shares of preferred stock. The Company’s board of directors is authorized to amend the Charter without the approval of the stockholders to increase the aggregate number of authorized shares of capital stock or the number of shares of any class or series that the Company has authority to issue. As of June 30, 2017 and December 31, 2016 , no shares of Company preferred stock were issued and outstanding. Distribution Reinvestment Plan The Company’s board of directors has approved the DRP through which common stockholders may elect to reinvest an amount equal to the distributions declared on their shares of common stock in additional shares of the Company’s common stock in lieu of receiving cash distributions. The purchase price per Class A, Class R and Class T share of common stock under the DRP is $23.75 , $22.50 and $22.62 , respectively. The Company’s board of directors may, in its sole discretion, from time to time, change these prices based upon changes in the Company’s estimated value per share, the then current price of shares of the Company’s common stock offered in the Public Offering and other factors that the Company’s board of directors deems relevant. No sales commissions or dealer manager fees are payable on shares sold through the DRP. The Company’s board of directors may amend, suspend or terminate the DRP at its discretion at any time upon ten days ’ notice to the Company’s stockholders. Following any termination of the DRP, subsequent distributions to stockholders will be made in cash. Share Repurchase Program and Redeemable Common Stock The Company’s share repurchase program may provide an opportunity for stockholders to have their shares of common stock repurchased by the Company, subject to certain restrictions and limitations. No shares can be repurchased under the Company’s share repurchase program until after the first anniversary of the date of purchase of such shares; provided, however, that this holding period shall not apply to repurchases requested within 270 days after the death or disability of a stockholder. Prior to the date the Company publishes an estimated value per share of its common stock, the purchase price for shares repurchased under the Company’s share repurchase program is as follows: Share Purchase Anniversary Repurchase Price on Repurchase Date (1) Less than 1 year No Repurchase Allowed 1 year 92.5% of Purchase Price 2 years 95.0% of Purchase Price 3 years 97.5% of Purchase Price 4 years 100.0% of Purchase Price In the event of a stockholder’s death or disability Average Issue Price for Shares (2) Following the date the Company publishes an estimated value per share of its common stock, the purchase price for shares repurchased under the Company’s share repurchase program will be as follows: Share Purchase Anniversary Repurchase Price (1)(3)(4) Less than 1 year No Repurchase Allowed 1 year 92.5% of the Lesser of Purchase Price or Estimated Value per Share 2 years 95.0% of the Lesser of Purchase Price or Estimated Value per Share 3 years 97.5% of the Lesser of Purchase Price or Estimated Value per Share 4 years 100.0% of the Lesser of Purchase Price or Estimated Value per Share In the event of a stockholder’s death or disability Average Issue Price for Shares (2) _______________ (1) As adjusted for any stock dividends, combinations, splits, recapitalizations or any similar transaction with respect to the shares of common stock. Repurchase price includes the full amount paid for each share, including all sales commissions and dealer manager fees. (2) The purchase price per share for shares repurchased upon the death or disability of a stockholder will be equal to the average issue price per share for all of the stockholder’s shares. The required one -year holding period does not apply to repurchases requested within 270 days after the death or disability of a stockholder. (3) For purposes of the share repurchase program, until the day the Company publicly discloses a new estimated value per share, the purchase price for shares purchased under the share repurchase program will equal, exclusively, the purchase price paid for the shares. Thereafter, the repurchase price will be a graduated percentage of the lesser of the purchase price or the estimated value per share in effect at the time of repurchase. The estimated value per share will be determined by the Company’s board of directors, based on periodic valuations by independent third-party appraisers or qualified independent valuation experts selected by the Advisor. (4) The Company’s board of directors will determine an estimated value per share of its common stock based on valuations by independent third-party appraisers or qualified valuation experts no later than 150 days following the second anniversary of breaking escrow in its Public Offering, or October 13, 2018, or such earlier time as required by any regulatory requirement regarding the timing of a valuation. The purchase price per share for shares repurchased pursuant to the Company’s share repurchase program will be further reduced by the aggregate amount of net proceeds per share, if any, distributed to the Company’s stockholders prior to the repurchase date as a result of the sale of one or more of the Company’s assets that constitutes a return of capital distribution as a result of such sales. Repurchases of shares of the Company’s common stock will be made quarterly upon written request to the Company at least 15 days prior to the end of the applicable quarter. Repurchase requests will be honored approximately 30 days following the end of the applicable quarter (the “Repurchase Date”). Stockholders may withdraw their repurchase request at any time up to three business days prior to the Repurchase Date. During the three and six months ended June 30, 2017 , the Company did not repurchase any shares. During the three and six months ended June 30, 2017 , the Company received a request for the repurchase of 874 shares of Class T common stock with a total repurchase value of $20,779 . During the three and six months ended June 30, 2016 , the Company did not repurchase any shares or receive requests for the repurchase of any shares. As of June 30, 2017 , the Company had an outstanding and unfulfilled repurchase request of 874 Class T shares and recorded $20,779 in accounts payable and accrued liabilities on the accompanying consolidated balance sheets related to this unfulfilled repurchase request. The Company cannot guarantee that the funds set aside for the share repurchase program will be sufficient to accommodate all repurchase requests made in any quarter. In the event that the Company does not have sufficient funds available to repurchase all of the shares of the Company’s common stock for which repurchase requests have been submitted in any quarter, such outstanding repurchase requests will automatically roll over to the subsequent quarter and priority will be given to redemption requests in the case of the death or disability of a stockholder. If the Company repurchases less than all of the shares subject to a repurchase request in any quarter, with respect to any shares which have not been repurchased, a stockholder can (1) withdraw the stockholder’s request for repurchase or (2) ask that the Company honor the stockholder’s request in a future quarter, if any, when such repurchases can be made pursuant to the limitations of the share repurchase program and when sufficient funds are available. Such pending requests will be honored among all requests for redemptions in any given repurchase period as follows: first, pro rata as to repurchases sought upon a stockholder’s death or disability; and, next, pro rata as to other repurchase requests. Shares repurchased under the share repurchase program to satisfy the pro rata required minimum distribution of shares held in a qualified retirement account will be repurchased on or after the first anniversary of the date of purchase of such shares at 100% of the purchase price or at 100% of the estimated value per share, as applicable. The Company is not obligated to repurchase shares of its common stock under the share repurchase program. The share repurchase program limits the number of shares to be repurchased in any calendar year to (1) 5% of the weighted average number of shares of common stock outstanding during the prior calendar year and (2) those that could be funded from the net proceeds from the sale of shares under the DRP in the prior calendar year, plus such additional funds as may be reserved for that purpose by the Company’s board of directors. Such sources of funds could include cash on hand, cash available from borrowings and cash from liquidations of securities investments as of the end of the applicable month, to the extent that such funds are not otherwise dedicated to a particular use, such as working capital, cash distributions to stockholders or purchases of real estate assets. There is no fee in connection with a repurchase of shares of the Company’s common stock pursuant to the Company’s share repurchase program. The Company’s board of directors may, in its sole discretion, amend, suspend or terminate the share repurchase program at any time upon 30 days’ notice to its stockholders if it determines that the funds available to fund the share repurchase program are needed for other business or operational purposes or that amendment, suspension or termination of the share repurchase program is in the best interest of the Company’s stockholders. Therefore, a stockholder may not have the opportunity to make a repurchase request prior to any potential termination of the Company’s share repurchase program. The share repurchase program will terminate in the event that a secondary market develops for the Company’s shares of common stock. Distributions The Company’s long-term policy is to pay distributions solely from cash flow from operations. However, the Company expects to have insufficient cash flow from operations available for distribution until it makes substantial investments. Further, because the Company may receive income from interest or rents at various times during the Company’s fiscal year and because the Company may need cash flow from operations during a particular period to fund capital expenditures and other expenses, the Company expects that at least during the early stages of the Company’s development and from time to time during the Company’s operational stage, the Company will declare distributions in anticipation of cash flow that the Company expects to receive during a later period, and the Company expects to pay these distributions in advance of its actual receipt of these funds. In these instances, the Company’s board of directors has the authority under its organizational documents, to the extent permitted by Maryland law, to fund distributions from sources such as borrowings, offering proceeds or advances and the deferral of fees and expense reimbursements by the Advisor, in its sole discretion. The Company has not established a limit on the amount of proceeds it may use from the Public Offering to fund distributions. If the Company pays distributions from sources other than cash flow from operations, the Company will have fewer funds available for investments and stockholders’ overall return on their investment in the Company may be reduced. The Company intends to elect to be taxed as a REIT for federal income tax purposes commencing with the taxable year ending December 31, 2016. To qualify as a REIT, the Company must make aggregate annual distributions to its stockholders of at least 90% of the Company’s REIT taxable income (which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). If the Company meets the REIT qualification requirements, the Company generally will not be subject to federal income tax on the income that the Company distributes to its stockholders each year. Distributions Declared and Paid The following table reflects per share daily distribution rates and annualized distribution rates for the three and six months ended June 30, 2017 and 2016 : 2017 (1) 2016 (1) 1st Quarter 2nd Quarter 1st Quarter 2nd Quarter Daily Distribution per Class A share (2)(3) $ 0.004110 $ 0.004110 $ — $ 0.004098 Daily Distribution per Class R share (2)(3)(4) 0.00394521 0.00394521 — 0.00393443 Daily Distribution per Class T share (2)(3) 0.003376 0.003376 — 0.003366 Annualized Rate Based on Purchase Price: Per share of Class A share 6.00 % 6.00 % — 6.00 % Per share of Class R share 6.40 % 6.40 % — 6.40 % Per share of Class T share 5.17 % 5.17 % — 5.17 % _________________ (1) The Company’s board of directors approved a cash distribution that accrues at the above rates per day for each share of the Company’s Class A common stock, Class R common stock and Class T common stock, which if paid each day over a 365-day period and 366-day period during fiscal years 2017 and 2016, respectively, is equivalent to the per share annualized rates reflected above based on a purchase price of $25.00 per share of Class A common stock, $22.50 per share of Class R common stock and $23.81 per share of Class T common stock. (2) The Company’s board of directors approved a cash distribution that began to accrue on May 19, 2016 at the above rates per day for each share of the Company’s Class A common stock and Class T common stock. The Company’s board of directors also approved a cash distribution that began to accrue on August 2, 2016 at the above rates per day for each share of the Company’s Class R common stock. (3) The distributions declared accrue daily to stockholders of record as of the close of business on each day and are payable in cumulative amounts on or before the third day of each calendar month with respect to the prior month. There is no guarantee that the Company will continue to pay distributions at these rates or at all. (4) Distributions during the three months ended March 31, 2017 were based on daily record dates and calculated at a rate of $0.00394521 per share of Class R common stock per day for Class R common stock subject to an annual distribution and shareholder servicing fee of 0.27% . In some instances the Company paid distributions of $0.00369863 per share of Class R common stock per day for Class R common stock subject to an annual distribution and shareholder servicing fee of 0.67% . The following table reflects distributions declared and paid to Class A common stockholders, Class R common stockholders and Class T common stockholders for the three and six months ended June 30, 2017 and 2016 : Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Class A Class R Class T Total Class A Class R Class T Total DRP distributions declared (in shares) 12,764 722 14,487 27,973 22,296 1,283 24,060 47,639 DRP distributions declared (value) $ 303,145 $ 16,241 $ 327,703 $ 647,089 $ 529,535 $ 28,847 $ 544,237 $ 1,102,619 Cash distributions declared 464,155 46,183 204,707 715,045 787,558 81,314 343,275 1,212,147 Total distributions declared $ 767,300 $ 62,424 $ 532,410 $ 1,362,134 $ 1,317,093 $ 110,161 $ 887,512 $ 2,314,766 DRP distributions paid (in shares) 11,806 675 12,991 25,472 20,456 1,160 20,925 42,541 DRP distributions paid (value) $ 280,397 $ 15,189 $ 293,847 $ 589,433 $ 485,835 $ 26,094 $ 473,315 $ 985,244 Cash distributions paid 426,108 42,428 180,941 649,477 706,277 72,010 295,366 1,073,653 Total distributions paid $ 706,505 $ 57,617 $ 474,788 $ 1,238,910 $ 1,192,112 $ 98,104 $ 768,681 $ 2,058,897 Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 Class A Class R Class T Total Class A Class R Class T Total DRP distributions declared (in shares) 580 — 16 596 580 — 16 596 DRP distributions declared (value) $ 13,779 $ — $ 358 $ 14,137 $ 13,779 $ — $ 358 $ 14,137 Cash distributions declared 11,097 — 140 11,237 11,097 — 140 11,237 Total distributions declared $ 24,876 $ — $ 498 $ 25,374 $ 24,876 $ — $ 498 $ 25,374 DRP distributions paid (in shares) 148 — — 148 148 — — 148 DRP distributions paid (value) $ 3,511 $ — $ — $ 3,511 $ 3,511 $ — $ — $ 3,511 Cash distributions paid 2,395 — — 2,395 2,395 — — 2,395 Total distributions paid $ 5,906 $ — $ — $ 5,906 $ 5,906 $ — $ — $ 5,906 As of June 30, 2017 , $497,127 of distributions declared were payable and are included in distributions payable in the accompanying consolidated balance sheets, which included $273,357 , $22,868 and $200,902 of Class A common stock, Class R common stock and Class T common stock, respectively, of which, $108,186 , $5,694 and $121,173 or 4,555 , 253 and 5,357 shares of Class A common stock, Class R common stock and Class T common stock are attributable to the DRP, respectively. As of December 31, 2016 , $241,258 of distributions declared were payable and included in distributions payable in the accompanying consolidated balance sheets, which included $148,374 , $10,812 and $82,072 of Class A common stock, Class R common stock and Class T common stock, respectively, of which $64,484 , $2,942 and $50,252 or 2,715 , 131 and 2,222 shares of Class A common stock, Class R common stock and Class T common stock are attributable to the DRP, respectively. As reflected in the table above, for the three and six months ended June 30, 2017 , the Company paid total distributions of $1,238,910 and $2,058,897 , which related to distributions declared for each day in the period from March 1, 2017 through May 31, 2017 and December 1, 2016 through May 31, 2017, respectively. For the three and six months ended June 30, 2016 , the Company paid total distributions of $5,906 , which relates to distributions declared for each day in the period from May 19, 2016 through May 31, 2016.

Related Party Arrangements

Related Party Arrangements	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements The Company has entered into the Advisory Agreement with the Advisor and a Dealer Manager Agreement with the Dealer Manager. Pursuant to the Advisory Agreement and Dealer Manager Agreement, the Company is obligated to pay the Advisor and the Dealer Manager specified fees upon the provision of certain services related to the Public Offering, the investment of funds in real estate and real estate-related investments and the management of the Company’s investments and for other services (including, but not limited to, the disposition of investments), as well as make certain distributions in connection with the Company’s liquidation or listing on a national stock exchange. Subject to the limitations described below, the Company is also obligated to reimburse the Advisor and its affiliates for organization and offering costs incurred by the Advisor and its affiliates on behalf of the Company, as well as acquisition and certain operating expenses incurred on behalf of the Company or incurred in connection with providing services to the Company. Amounts attributable to the Advisor and its affiliates incurred for the three and six months ended June 30, 2017 and 2016 and amounts outstanding to the Advisor and its affiliates as of June 30, 2017 and December 31, 2016 are as follows: Incurred For the Incurred For the Three Months Ended June 30, Six Months Ended June 30, Payable (Prepaid) as of 2017 2016 2017 2016 June 30, 2017 December 31, 2016 Consolidated Statements of Operations: Expensed Organization costs (1) $ — $ 26,980 $ — $ 26,980 $ — $ — Investment management fees (2) 204,660 5,329 378,639 5,329 366 40,050 Acquisition fees (3) — 175,664 — 175,664 — 949,131 Acquisition expenses (3) — 115,305 — 115,305 — 56,191 Property management: Fees (2) 134,292 3,871 221,192 3,871 70,643 24,767 Reimbursement of onsite personnel (4) 288,977 20,569 532,779 20,569 50,722 21,165 Other fees (2) 33,407 3,815 56,680 3,815 3,974 1,446 Other fees - property operations (4) 2,862 — 5,087 — — — Other fees - G&A (1) 2,552 — 3,827 — — — Other operating expenses (1) 268,888 200,189 502,560 254,593 116,367 309,374 Consolidated Balance Sheets: Assets Prepaid insurance deductible account (5) 507 — 1,014 — — (1,014 ) Property escrow deposits (6) — 234,000 — 234,000 — — Capitalized Acquisition fees (7) 943,211 — 1,642,623 — — — Acquisition expenses (7) 215,716 — 373,279 — 23,231 — Construction management: Fees (8) 25,558 84 43,297 84 2,469 1,335 Reimbursements of labor costs (8) 34,521 28 71,148 28 4,944 12 Additional paid-in capital Other offering costs reimbursement 1,756,782 543,749 3,316,143 543,749 602,806 1,616,487 Selling commissions: Class A 652,396 172,088 1,383,750 172,088 — — Class T 435,566 18,600 833,617 18,600 — — Dealer manager fees: Class A 364,143 107,495 745,212 107,495 — — Class T 362,972 15,500 694,681 15,500 — — Distribution and shareholder servicing fee: Class R (9) 40,903 27,900 90,975 27,900 142,268 55,821 Class T (9) 636,282 — 1,233,358 — 1,985,959 915,954 $ 6,404,195 $ 1,671,166 $ 12,129,861 $ 1,725,570 $ 3,003,749 $ 3,990,719 _____________________ (1) Included in general and administrative expenses in the accompanying consolidated statements of operations. (2) Included in fees to affiliates in the accompanying consolidated statements of operations. (3) Prior to the adoption of ASU 2017-01 as of January 1, 2017, acquisition fees and acquisition expenses were included in fees to affiliates and acquisition costs, respectively, on the accompanying statements of operations. (4) Included in operating, maintenance and management in the accompanying consolidated statements of operations. (5) Included in other assets in the accompanying consolidated balance sheets upon payment. The amortization of the prepaid insurance deductible account is included in general and administrative expenses in the accompanying consolidated statements of operations. (6) Escrow deposit paid on behalf of the Company by an affiliate of the Advisor in connection with the acquisition of Carriage House Apartment Homes. (7) Included in total real estate, cost in the accompanying consolidated balance sheets following the adoption of ASU 2017-01 as of January 1, 2017. (8) Included in building and improvements in the accompanying consolidated balance sheets. (9) Included in additional paid-in capital as commissions on sales of common stock and related dealer manager fees to affiliates in the accompanying consolidated statements of stockholders’ equity. Organization and Offering Costs Organization and offering expenses include all expenses (other than underwriting compensation such as sales commissions, the dealer manager fee and the distribution and shareholder servicing fee) to be paid by the Company in connection with the Public Offering, including legal, accounting, tax, printing, mailing and filing fees, charges of the Company’s escrow holder and transfer agent, expenses of organizing the Company, data processing fees, advertising and sales literature costs, transfer agent costs, information technology costs, bona fide out-of-pocket due diligence costs and amounts to reimburse the Advisor or its affiliates for the salaries of its employees and other costs in connection with preparing sales materials and providing other administrative services in connection with the Public Offering. Any such reimbursement will not exceed actual expenses incurred by the Advisor. After the termination of the Public Offering, the Advisor will reimburse the Company to the extent total organization and offering expenses (including sales commissions, dealer manager fees and the distribution and shareholder servicing fees) borne by the Company exceed 15% of the gross proceeds raised in the Primary Offering. To the extent the Company does not pay the full sales commissions, dealer manager fee or distribution and shareholder servicing fee for shares sold in the Public Offering, the Company may also reimburse costs of bona fide training and education meetings held by the Company (primarily the travel, meal and lodging costs of registered representatives of broker-dealers), attendance and sponsorship fees and cost reimbursement of employees of the Company’s affiliates to attend seminars conducted by broker-dealers and, in certain cases, reimbursement to participating broker-dealers for technology costs associated with the offering, costs and expenses related to such technology costs, and costs and expenses associated with the facilitation of the marketing of the Company’s shares and the ownership of the Company’s shares by such broker-dealers’ customers; provided, however, that the Company will not pay any of the foregoing costs to the extent that such payment would cause total underwriting compensation to exceed 10% of the gross offering proceeds of the Primary Offering, as required by the rules of Financial Industry Regulatory Authority, Inc. (“FINRA”). Organization and offering costs include payments made to Crossroads Capital Advisors, whose parent company indirectly owns 25% of Steadfast REIT Investments, LLC (the “Sponsor”), for certain specified services provided to the Company on behalf of the Advisor, including, without limitation, establishing operational and administrative processes; engaging and negotiating with vendors; providing recommendations and advice for the development of marketing materials and ongoing communications with investors; and assisting in public relations activities and the administration of the DRP and share repurchase program. As of June 30, 2017 and December 31, 2016 , the Advisor had incurred $790,972 and $264,245 , respectively, of amounts payable to Crossroads Capital Advisors for the services described above on the Company’s behalf, all of which was recorded by the Company as offering costs during the applicable periods. The amount of reimbursable organization and offering (“O&O”) costs that have been paid or recognized from inception through June 30, 2017 is as follows: Amount Percentage of Gross Offering Proceeds Gross offering proceeds: $ 108,625,566 100.00 % O&O limitation 15.00 % Total O&O costs available to be paid/reimbursed $ 16,293,836 15.00 % O&O expenses recorded: Sales commissions $ 4,485,074 4.13 % Broker Dealer fees (1) 2,806,902 2.58 % Distribution and shareholder servicing fees (2) 2,328,763 2.15 % Offering cost reimbursements 6,646,117 6.12 % Organizational costs reimbursements 26,980 0.02 % Total O&O cost reimbursements recorded by the Company $ 16,293,836 15.00 % _____________________ (1) Includes $1,043,668 of marketing reallowance paid to participating broker dealers. (2) Includes the distribution and shareholder servicing fees incurred from inception through June 30, 2017 for Class R shares of 0.27% and 0.67% and Class T shares of 1.125% of the purchase price per share sold in the Company’s Public Offering. The distribution and shareholder servicing fees are paid from sources other than Public Offering proceeds. When recognized, organization costs are expensed as incurred. From inception through June 30, 2017 , the Advisor incurred $26,980 of organizational costs on the Company’s behalf, all of which was reimbursed to the Advisor. Offering costs, including selling commissions and dealer manager fees and the distribution and shareholder servicing fees, are deferred and charged to stockholders’ equity. All such amounts are reimbursed to the Advisor, the Dealer Manager or their affiliates from gross offering proceeds, except for the distribution and shareholder servicing fees, which are paid from sources other than Public Offering proceeds. For the three and six months ended June 30, 2017 , the Advisor incurred $2,723,804 and $5,277,539 of offering costs related to the Public Offering, respectively. For the three and six months ended June 30, 2016 , the Advisor incurred $3,435,984 and $5,114,940 of offering costs related to the Public Offering, respectively. The Advisor has incurred total offering costs related to the Public Offering of $16,392,072 from inception through June 30, 2017 , of which $7,597,277 is deferred and may be reimbursable, subject to the limitations described above and the approval of the independent directors. The Company accrued $602,806 and $1,616,487 for the reimbursement of offering costs in the accompanying consolidated balance sheets as of June 30, 2017 and December 31, 2016 , respectively. The deferred offering costs of $7,597,277 are not included in the consolidated financial statements of the Company because these costs were not a Company liability as they exceeded the 10% limitation described above. Investment Management Fee The Company pays the Advisor a monthly investment management fee equal to one-twelfth of 0.50% of the value of the Company’s investments in properties and real estate-related assets until the aggregate value of the Company’s investments in properties and real estate-related assets equals $300,000,000 . Thereafter, the Company will pay the Advisor a monthly investment management fee equal to one-twelfth of 1.0% of the value of the Company’s investments in properties and real estate-related assets. For the purposes of the investment management fee, the value of the Company’s investments in properties will equal their costs, until the investments are valued by an independent third-party appraiser or qualified independent valuation expert. “Costs” are calculated by including acquisition fees, acquisition expenses, renovations and upgrades, and any debt attributable to such investments, or the Company’s proportionate share thereof in the case of investments made through joint ventures. Acquisition Fees and Expenses The Company pays the Advisor an acquisition fee equal to 2.0% of the cost of the investment which includes the amount actually paid or budgeted to fund the acquisition, origination, development, construction or improvement (i.e. value-enhancement) of any real property or real estate-related asset acquired. In addition to acquisition fees, the Company reimburses the Advisor for amounts directly incurred by the Advisor and amounts the Advisor pays to third parties in connection with the selection, evaluation, acquisition and development of a property or acquisition of real estate-related assets, whether or not the Company ultimately acquires the property or the real estate-related assets. The Charter limits the Company’s ability to pay acquisition fees if the total of all acquisition fees and expenses relating to the purchase would exceed 6.0% of the contract purchase price. Under the Charter, a majority of the Company’s board of directors, including a majority of the independent directors, is required to approve any acquisition fees (or portion thereof) that would cause the total of all acquisition fees and expenses relating to an acquisition to exceed 6.0% of the contract purchase price. In connection with the purchase of securities, the acquisition fee may be paid to an affiliate of the Advisor that is registered as a FINRA member broker-dealer if applicable FINRA rules would prohibit the payment of the acquisition fee to a firm that is not a registered broker-dealer. Loan Coordination Fee Subject to the Advisor providing substantial amount of services in connection with the origination or refinancing of any debt financing obtained by the Company that is used to refinance properties or other permitted investments or financing in connection with a recapitalization of the company and, subject to a determination by the Company’s independent directors, the Company pays the Advisor a loan coordination fee equal to 0.75% of the amount available under such financing. Property Management Fees and Expenses The Company has entered into Property Management Agreements (each a “Property Management Agreement”) with Steadfast Management Company, Inc., an affiliate of the Sponsor (the “Property Manager”), in connection with the management of each of the Company’s properties. The property management fee payable with respect to each property under the Property Management Agreements at June 30, 2017 ranges from 2.75% to 3.0% of the gross revenue of the property (as defined in the Property Management Agreement). In addition, the Property Manager may also earn an incentive management fee equal to 1.0% of total collections based on performance metrics of the property. The Property Manager may subcontract with third-party property managers and will be responsible for supervising and compensating those third-party property managers and will be paid an oversight fee equal to 1.0% of the gross revenues of the property managed for providing such supervisory services. In no event will the Company pay its Property Manager or any affiliate both a property management fee and an oversight fee with respect to any particular property. Each Property Management Agreement has an initial one -year term and will continue thereafter on a month-to-month basis unless either party gives a 60 -day prior notice of its desire to terminate the Property Management Agreement, provided that the Company may terminate the Property Management Agreement at any time upon a determination of gross negligence, willful misconduct or bad acts of the Property Manager or its employees or upon an uncured breach of the Property Management Agreement upon 30 days’ prior written notice to the Property Manager. In the event of a termination of the Property Management Agreement by the Company without cause, the Company will pay a termination fee to the Property Manager equal to three months of the monthly management fee based on the average gross collections for the three months preceding the date of termination. In addition to the property management fee, the Property Management Agreements also specify certain other fees payable to the Property Manager or its affiliates, including fees for benefit administration, information technology infrastructure, licenses, and support and training services. The Company also reimburses the Property Manager for the salaries and related benefits of on-site property management employees. Construction Management Fees The Company has entered into Construction Management Agreements (each a “Construction Management Agreement”) with Pacific Coast Land & Construction, Inc., an affiliate of the Sponsor (the “Construction Manager”), in connection with capital improvements and renovation or value-enhancement projects for certain properties the Company acquires. The construction management fee payable with respect to each property under the Construction Management Agreements is equal to 6.0% of the costs of the improvements for which the Construction Manager has planning and oversight authority. Generally, each Construction Management Agreement can be terminated by either party with 30 days’ prior written notice to the other party. Construction management fees are capitalized to the respective real estate properties in the period in which they are incurred, as such costs relate to capital improvements and renovations for apartment homes taken out of service while they undergo the planned renovation. The Company may also reimburse the Construction Manager for the salaries and related benefits of certain of its employees for time spent working on capital improvements and renovations. Prepaid Insurance Deductible Account The Company deposits amounts with an affiliate of the Sponsor to fund a prepaid insurance deductible account to cover the cost of required insurance deductibles across all properties of the Company and other affiliated entities. Upon filing a major claim, proceeds from the insurance deductible account may be used by the Company or another affiliate of the Sponsor. Other Operating Expense Reimbursement In addition to the various fees paid to the Advisor, the Company is obligated to pay directly or reimburse all expenses incurred by the Advisor in providing services to the Company, including the Company’s allocable share of the Advisor’s overhead, such as rent, employee costs, benefit administration costs, utilities and information technology costs. The Company will not reimburse the Advisor for employee costs in connection with services for which the Advisor or its affiliates receive acquisition fees, investment management fees, loan coordination fees and disposition fees or for the employee costs the Advisor pays to the Company’s executive officers. The Charter limits the Company’s total operating expenses during any four fiscal quarters to the greater of 2% of the Company’s average invested assets or 25% of the Company’s net income for the same period (the “ 2% / 25% Limitation”). The Company may reimburse the Advisor, at the end of each fiscal quarter, for operating expenses incurred by the Advisor; provided, however, that the Company shall not reimburse the Advisor at the end of any fiscal quarter for operating expenses that exceed the 2% / 25% Limitation unless the independent directors have determined that such excess expenses were justified based on unusual and non-recurring factors. The Advisor must reimburse the Company for the amount by which the Company’s operating expenses for the preceding four fiscal quarters then ended exceed the 2% / 25% Limitation, unless approved by the independent directors. For purposes of determining the 2% / 25% Limitation amount, “average invested assets” means the average monthly book value of the Company’s assets invested directly or indirectly in equity interests and loans secured by real estate during the 12 -month period before deducting depreciation, reserves for bad debts or other non-cash reserves. “Total operating expenses” means all expenses paid or incurred by the Company, as determined by GAAP, that are in any way related to the Company’s operation, including investment management fees, but excluding (a) the expenses of raising capital such as organization and offering expenses, legal, audit, accounting, underwriting, brokerage, listing, registration and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer, listing and registration of shares of the Company’s common stock; (b) interest payments; (c) taxes; (d) non-cash expenditures such as depreciation, amortization and bad debt reserves; (e) reasonable incentive fees based on the gain in the sale of the Company’s assets; (f) acquisition fees and acquisition expenses (including expenses relating to potential acquisitions that the Company does not close); (g) real estate commissions on the resale of investments; and (h) other expenses connected with the acquisition, disposition, management and ownership of investments (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of real property). For the four fiscal quarters ended June 30, 2017 , the Company’s total operating expenses exceeded the 2% / 25% Limitation by $314,750 (the “Excess Amount”). The Company’s independent directors determined that such Excess Amount was justified based on unusual and non-recurring factors, including the fact that the Company incurred the operating expenses of a newly formed public company, such as director fees, legal fees and other professional fees, during the beginning of its acquisition stage. Disposition Fee If the Advisor or its affiliates provide a substantial amount of services in connection with the sale of a property or real estate-related asset, including pursuant to a sale of the entire Company, as determined by a majority of the Company’s independent directors, the Advisor or its affiliates will earn a disposition fee equal to (1) 1.5% of the sales price of each property or real estate-related asset sold or (2) 1.0% , which may be increased to 1.5% in the sole discretion of the Company’s independent directors, of the total consideration paid in connection with the sale of the Company. In the event of a final liquidity event, this fee will be reduced by the amount of any previous disposition fee paid on properties previously exchanged under Section 1031 of the Internal Revenue Code. To the extent the disposition fee is paid upon the sale of any assets other than real property, it will be included as an operating expense for purposes of the 2% / 25% Limitation. In connection with the sale of securities, the disposition fee may be paid to an affiliate of the Advisor that is registered as a FINRA member broker-dealer if applicable FINRA rules would prohibit the payment of the disposition fee to a firm that is not a registered broker-dealer. As of June 30, 2017 the Company had not sold or otherwise disposed of property or any real estate-related assets. Accordingly, the Company had not incurred any disposition fees as of June 30, 2017 . Sales Commissions The Company pays the Dealer Manager up to 7.0% of gross offering proceeds from the sale of Class A shares in the Primary Offering and up to 3.0% of gross offering proceeds from the sale of Class T shares in the Primary Offering (all of which will be reallowed to participating broker-dealers), subject to reductions based on volume and for certain categories of purchasers. No sales commissions are paid for sales of Class R shares or for sales pursuant to the Company’s DRP. The total amount of all items of compensation from any source payable to the Dealer Manager and the participating broker-dealers may not exceed 10.0% of the gross proceeds from the Company’s Primary Offering on a per class basis. Dealer Manager Fees The Company pays the Dealer Manager up to 3.0% of gross offering proceeds from the sale of Class A shares and up to 2.5% of gross offering proceeds from the sale of Class T shares (a portion of which will be reallowed to participating broker-dealers). No dealer manager fee will be paid for sales of Class R shares or for sales pursuant to the Company’s DRP. Distribution and Shareholder Servicing Fees The Company pays the Dealer Manager up to (1) 0.27%, annualized, of the purchase price per Class R share (or, once reported, the amount of the Company’s estimated value per share) for each Class R share purchased in the Primary Offering from a registered investment advisor that does not participate on an alternative investment platform; (2) 0.67%, annualized, of the purchase price per Class R share (or, once reported, the amount of the Company’s estimated value per share) for each Class R share purchased in the Primary Offering from a registered investment advisor that participates on an alternative investment platform; and (3) 1.125% , annualized, of the purchase price per Class T share (or, once reported, the amount of the Company’s estimated value per share) for each Class T share purchased in the Primary Offering. The distribution and shareholder servicing fee accrues daily and is paid monthly in arrears. The Company is seeking to amend its Charter to authorize and pay different distributions to different holders of Class T and/or Class R shares at the 2017 annual meeting of stockholders. Prior to amending the Charter to allow for distributions at different rates on the same class of shares, of the 0.67% distribution and shareholder servicing fee payable with respect to sales of Class R shares by registered investment advisors that participate on an alternative investment platform, 0.27% will be paid from the current distribution and shareholder servicing fee on Class R shares, which is payable out of amounts that otherwise would be distributed to holders of Class R shares, and 0.40% will be an additional expense of the Company. The Company will cease paying the distribution and shareholder servicing fee (and cease deducting this fee from amounts otherwise available for distribution to a Class R stockholder) with respect to a Class R share sold in the Primary Offering at the earlier of: (1) the date at which the aggregate underwriting compensation from all sources equals 10% of the gross proceeds from the sale of shares in the Primary Offering (i.e., excluding proceeds from sales pursuant to the DRP); (2) the end of the month in which the Company’s transfer agent, on behalf of the Company, determines that total underwriting compensation, including selling commissions, dealer manager fees, the distribution and shareholder servicing fee and other elements of underwriting compensation with respect to such Class R share would be in excess of 10% of the total gross investment amount at the time of purchase of such Class R share in the Primary Offering; (3) the date on which such Class R share is repurchased by the Company; and (4) the listing of the Company’s shares of common stock on a national securities exchange, the sale of the Company or the sale of all or substantially all of the Company’s assets. The Company will cease paying the distribution and shareholder servicing fee (and cease deducting this fee from amounts otherwise available for distribution to a Class T stockholder) with respect to a Class T share sold in the Primary Offering at the earlier of: (1) the date at which the aggregate underwriting compensation from all sources equals 10% of the gross proceeds from the sale of shares in the Primary Offering (i.e., excluding proceeds from sales pursuant to the DRP); (2) the sixth anniversary of the last day of the fiscal quarter in which the Public Offering (excluding the DRP) terminates; (3) the end of the month in which the Company’s transfer agent, on behalf of the Company, determines that total underwriting compensation, including selling commissions, dealer manager fees, the distribution and shareholder servicing fee and other elements of underwriting compensation with respect to such Class T share, would be in excess of 10% of the total gross investment amount at the time of purchase of such Class T share in the Primary Offering; (4) the end of the month in which the Company’s transfer agent, on behalf of the Company, determines that the distribution and shareholder servicing fee with respect to such Class T share would be in excess of 4.5% (or a lower limit that is set forth in the applicable selling agreement) of the total gross investment amount at the time of purchase of such Class T share in the Primary Offering; (5) the date on which such Class T share is repurchased by the Company; (6) the date on which the holder of such Class T share or its agent notifies the Company or the Company’s agent that he or she is represented by a new participating broker-dealer; provided that the Company will continue paying the distribution and shareholder servicing fee, which shall be reallowed to the new participating broker-dealer, if the new participating broker-dealer enters into a participating dealer agreement or otherwise agrees to provide the ongoing services set forth in the dealer manager agreement; and (7) the listing of the Company’s shares of common stock on a national securities exchange, the sale of the Company or the sale of all or substantially all of the Company’s assets. The Company cannot predict if or when this will occur. The dealer manager may reallow all or a portion of the ongoing distribution and shareholder servicing fee to the participating dealer who provides the ongoing services with respect to the Class T share. Subordinated Participation in Net Sale Proceeds (payable only if the Company’s shares are not listed on an exchange) The Advisor (in its capacity as special limited partner of the Operating Partnership) will receive 15.0% of the remaining net sale proceeds after return of the total investment amount, which is the amount equal to the original issue price paid by the stockholders in the Public Offering multiplied by the number of shares issued in the Public Offering, reduced by the weighted average original issue price of the shares sold in the Primary Offering multiplied by the total number of shares repurchased by the Company, plus payment to investors of an amount equal to a 6.0% annual cumulative, non-compounded return of the total investment amount, less amounts previously distributed to stockholders, including distributions that may constitute a return of capital for federal income tax purposes. “Net sale proceeds” means the net cash proceeds realized from the sale of the Company or all of the Company’s assets after deduction of all expenses incurred in connection with a sale or disposition of the Company or of the Company’s assets, including disposition fees paid to the Advisor, or from the prepayment, maturity, workout or other settlement of any loan or other investment. For purposes of calculating the 6.0% annual cumulative, non-compounded return of the total investment amount, the aggregate of all investors’ capital shall be deemed to have been invested collectively on one date—the aggregate average investment date, being a day of a month determined by the average weighted month of all shares sold on a monthly basis. In addition, the Advisor (in its capacity as special limited partner of the Operating Partnership) will receive a distribution similar to the subordinated participation in net sale proceeds in the event the Company undertakes an issuer tender offer that results in the tendering stockholders receiving a return of the total investment amount of the tendering stockholders plus payment to those investors of an amount equal to a 6.0% annual cumulative, non-compounded return of the total investment amount of the tendering stockholders, less amounts previously distributed to stockholders, including distributions that may constitute a return of capital for federal income tax purposes. Subordinated Incentive Listing Distribution (payable only if the Company’s shares are listed on an exchange) Upon the listing of the Company’s shares on a national securities exchange, the Advisor (in its capacity as special limited partner of the Operating Partnership) will receive 15.0% of the amount by which the sum of the Company’s adjusted market value plus distributions paid by the Company to stockholders from inception until the date the adjusted market value is determined, including distributions that may constitute a return of capital for federal income tax purposes, exceeds the sum of the total investment amount plus an amount equal to a 6.0% annual cumulative, non-compounded return to investors of the total investment amount. For purposes of calculating the 6.0% annual cumulative, non-compounded return of the total investment amount, the aggregate of all investors’ capital shall be deemed to have been invested collectively on one date, the aggregate average investment date, being a day of a month determined by the average weighted month of all shares sold on a monthly basis. The ad

Long Term Incentive Award Plan

Long Term Incentive Award Plan and Independent Director Compensation	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Long Term Incentive Award Plan and Independent Director Compensation	Long Term Incentive Award Plan and Independent Director Compensation The Company has adopted a long-term incentive plan (the “Incentive Award Plan”), which the Company uses to attract and retain qualified directors, officers, employees and consultants. The Incentive Award Plan authorizes the granting of restricted stock, stock options, restricted or deferred stock units, performance awards and other stock-based awards to the Company’s directors, officers, employees and consultants selected by its board of directors for participation in the Incentive Award Plan. Stock options granted under the Incentive Award Plan will not exceed an amount equal to 10% of the outstanding shares of the Company’s common stock allocated to the Incentive Award Plan on the date of grant of any such stock options. Any stock options granted under the Incentive Award Plan will have an exercise price or base price that is not less than fair market value of the Company’s common stock on the date of grant. As of June 30, 2017 , no awards were issued or outstanding other than awards granted to independent directors in connection with the Company raising $2,000,000 in the Public Offering as further discussed below. Under the Company’s independent directors’ compensation plan, which is a sub-plan of the Incentive Award Plan, each of the Company’s independent directors was entitled to receive 2,000 shares of restricted Class A common stock once the Company raised $2,000,000 in gross offering proceeds in the Public Offering. Each subsequent independent director that joins the Company’s board of directors will receive 2,000 shares of restricted Class A common stock upon election to the Company’s board of directors. In addition, on the date following an independent director’s re-election to the Company’s board of directors, he or she receives 1,000 shares of restricted Class A common stock. The shares of restricted Class A common stock generally vest in four equal annual installments beginning on the date of grant and ending on the third anniversary of the date of grant; provided, however, that the restricted stock will become fully vested and become non-forfeitable on the earlier to occur of (1) the termination of the independent director’s service as a director due to his or her death or disability or (2) a change in control of the Company. These awards entitle the holders to participate in distributions. On May 16, 2016 , the Company raised over $2,000,000 in gross offering proceeds in the Public Offering and granted each of the three independent directors 2,000 shares of restricted Class A common stock. The Company recorded stock-based compensation expense of $9,327 and $18,549 for the three and six months ended June 30, 2017 and $42,213 for the three and six months ended June 30, 2016 related to the independent directors’ restricted common stock. In addition to the stock awards, the Company pays each of its independent directors annual compensation of $55,000 , prorated for any partial term (the audit committee chairperson receives an additional $10,000 annually, prorated for any partial term). In addition, the independent directors are paid for attending meetings as follows: (1) $2,500 for each board meeting attended in person, (2) $1,500 for each committee meeting attended in person in such director’s capacity as a committee member and (3) $1,000 for each board meeting attended via teleconference (not to exceed $4,000 for any one set of meetings attended within a 48-hour period). The Company’s independent directors may elect to receive the meeting fees and annual compensation to which they are entitled in shares of the Company’s common stock with an equivalent value. Such election shall be made by delivering a valid election form as prescribed in the independent directors’ compensation plan. Such election shall be irrevocable for the plan year. All directors also receive reimbursement of reasonable out of pocket expenses incurred in connection with attendance at meetings of the board of directors. Director compensation is an operating expense of the Company that is subject to the operating expense reimbursement obligation of the Advisor discussed in Note 7. The Company recorded an operating expense of $58,750 and $112,500 for the three and six months ended June 30, 2017 and $55,750 and $119,000 for the three and six months ended June 30, 2016 , respectively, related to the independent directors’ annual compensation and the value of shares issued for annual compensation and attending board meetings, which is included in general and administrative expenses in the accompanying consolidated statements of operations. As of June 30, 2017 and December 31, 2016 , $51,875 and $51,875 is included in accounts payable and accrued liabilities, respectively, and $69,750 and $56,000 is included in additional paid-in capital on the consolidated balance sheets, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Economic Dependency The Company is dependent on the Advisor and the Dealer Manager for certain services that are essential to the Company, including the sale of the Company’s shares of common and preferred stock available for issue; the identification, evaluation, negotiation, purchase, and disposition of real estate and real estate-related investments; management of the daily operations of the Company’s real estate and real estate-related investment portfolio; and other general and administrative responsibilities. In the event that these companies are unable to provide the respective services, the Company will be required to obtain such services from other sources. Concentration of Credit Risk The geographic concentration of the Company’s portfolio makes it particularly susceptible to adverse economic developments in the Atlanta, Georgia, Austin, Texas, Dallas, Texas and Denver, Colorado apartment markets. Any adverse economic or real estate developments in these markets, such as business layoffs or downsizing, relocations of businesses, increased competition from other apartment communities, decrease in demand for apartments or any other changes, could adversely affect the Company’s operating results and its ability to make distributions to stockholders. Environmental As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. The Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the properties could result in future environmental liabilities. Legal Matters From time to time, the Company is subject, or party, to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings of which the outcome is reasonably likely to have a material adverse effect on the Company’s results of operations or financial condition nor is the Company aware of any such legal proceedings contemplated by government agencies.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company uses interest rate derivatives with the objective of managing exposure to interest rate movements thereby minimizing the effect of interest rate changes and the effect they could have on future cash flows. Interest rate cap agreements are used to accomplish this objective. The following tables provide the terms of the Company’s interest rate derivative instruments that were in effect at June 30, 2017 and December 31, 2016 : June 30, 2017 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest Rate Cap 6/1/2019 - 12/1/2020 One-Month LIBOR 5 $ 124,532,000 1.22% 2.61% $ 221,557 December 31, 2016 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest Rate Cap 6/1/2019 - 12/1/2020 One-Month LIBOR 3 $ 72,426,000 0.77% 2.70% $ 413,131 The interest rate cap agreements are not designated as effective cash flow hedges. Accordingly, the Company records any changes in the fair value of the interest rate cap agreements as interest expense. The change in the fair value of the interest rate cap agreements for the three and six months ended June 30, 2017 resulted in an unrealized loss of $192,670 and $414,364 , respectively, and for the three and six months ended June 30, 2016 resulted in an unrealized loss of $8,769 , which is included in interest expense in the accompanying consolidated statements of operations. During the six months ended June 30, 2017 and 2016, the Company acquired interest rate cap agreements of $222,790 and $8,800 , respectively. The fair value of the interest rate cap agreements of $221,557 and $413,131 as of June 30, 2017 and December 31, 2016 , respectively, is included in other assets on the accompanying consolidated balance sheets.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Status of Our Offering As of August 4, 2017 , the Company had sold 2,376,076 , 223,223 and 2,354,725 shares of Class A common stock, Class R common stock and Class T common stock in the Public Offering, respectively, for gross proceeds of $58,373,188 , $5,022,508 and $56,022,720 , or an aggregate amount of $119,418,416 , including 38,237 , 1,923 and 36,376 shares of Class A common stock, Class R common stock and Class T common stock issued pursuant to the DRP for gross offering proceeds of $908,122 , $43,259 and $822,829 , respectively. Distributions Paid Class A On July 5, 2017 , the Company paid distributions of $273,357 , which related to distributions declared for each day in the period from June 1, 2017 through June 30, 2017 and consisted of cash distributions paid in the amount of $165,171 and $108,186 in Class A shares issued pursuant to the DRP, respectively. On August 1, 2017 , the Company paid distributions of $296,327 , which related to distributions declared for each day in the period from July 1, 2017 through July 31, 2017 and consisted of cash distributions paid in the amount of $177,309 and $119,018 in Class A shares issued pursuant to the DRP. Class R On July 5, 2017 , the Company paid distributions of $22,867 , which related to distributions declared for each day in the period from June 1, 2017 through June 30, 2017 and consisted of cash distributions paid in the amount of $17,173 and $5,694 in Class R shares issued pursuant to the DRP, respectively. On August 1, 2017 , the Company paid distributions of $26,517 , which related to distributions declared for each day in the period from July 1, 2017 through July 31, 2017 and consisted of cash distributions paid in the amount of $20,421 and $6,096 in Class R shares issued pursuant to the DRP. Class T On July 5, 2017 , the Company paid distributions of $200,903 , which related to distributions declared for each day in the period from June 1, 2017 through June 30, 2017 and consisted of cash distributions paid in the amount of $79,730 and $121,173 in Class T shares issued pursuant to the DRP. On August 1, 2017 , the Company paid distributions of $228,897 , which related to distributions declared for each day in the period from July 1, 2017 through July 31, 2017 and consisted of cash distributions paid in the amount of $92,613 and $136,284 in Class T shares issued pursuant to the DRP. Acquisition of Belmar Villas On July 21, 2017, the Company acquired a fee simple interest in Belmar Villas (the “Belmar Property”) located in Lakewood, Colorado, for a purchase price of $62,918,000 , exclusive of closing costs. The Company financed the acquisition of the Belmar Property with (1) proceeds from its Public Offering and (2) the proceeds of a secured loan in the aggregate principal amount of $47,112,000 from a financial institution. The Belmar Property consists of 17 three -story apartment buildings and includes the following property amenities: two swimming pools with spas, outdoor gas BBQ grills and fire pits, basketball court, fitness center, clubhouse, playground, business center and internet cafe, covered parking and a laundry center. The Belmar Property contains 318 apartment homes consisting of 84 one-bedroom apartments, 159 two-bedroom apartments and 75 three-bedroom apartments that average 856 square feet. The Company has not yet measured the fair value of the tangible and identified intangible assets and liabilities of the acquisition. Declaration of Distributions On August 8, 2017, the board of directors of the Company declared cash distributions to the holders of Class A, Class R and Class T shares of common stock, such distributions to (1) accrue daily to the stockholders of record as of the close of business on each day during the period commencing on October 1, 2017 and ending on December 31, 2017; (2) be payable in cumulative amounts on or before the 3rd day of each calendar month with respect to the prior month; and (3) be calculated at a rate of $0.004110 per Class A share per day, $0.00369863 per Class R share per day subject to an annual distribution and shareholder servicing fee of 0.67% , $0.00394521 per Class R share of common stock per day subject to an annual distribution and shareholder servicing fee of 0.27% , $0.003376 per Class T share per day subject to an annual distribution and shareholder servicing fee of 1.125% and $0.003457 per Class T share per day subject to an annual distribution and shareholder servicing fee of 1.0% . Charter Amendment On August 8, 2017, the Company’s stockholders approved amendments to the Company’s Second Articles of Amendment and Restatement (the “Charter”) at the 2017 annual meeting of stockholders (the “Amendments”). The Amendments: (1) revise the definition of “Roll-up Transaction” as requested by the securities administrator of the State of Washington; and (2) permit the declaration and payment of varying dividends or other distributions with respect to the shares of any class of the Company’s common stock in order to account for differences in (a) the distribution and shareholder servicing fees and other fees and expenses payable to the Dealer Manager with respect to such shares and (b) the duration of stockholders’ ownership of such shares. The Company filed the Articles of Amendment including the Amendments with the Maryland State Department of Assessments and Taxation on August 8, 2017. Restricted Stock Grant On August 9, 2017, the Company granted 1,000 shares of restricted common stock to each of its three independent directors upon their re-election to the Company’s board of directors at the 2017 annual meeting of stockholders.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company, the consolidated variable interest entity (“VIE”) that the Company controls and of which the Company is the primary beneficiary, and the Operating Partnership’s subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. The financial statements of the Company’s subsidiaries are prepared using accounting policies consistent with those of the Company. The Operating Partnership is a VIE as the Advisor, as the limited partner, lacks substantive kick-out rights and substantive participating rights. The Company is the primary beneficiary of, and consolidates, the Operating Partnership.
Basis of Presentation	The accompanying unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments that are of a normal and recurring nature and necessary for a fair and consistent presentation of the results of such periods. Operating results for the three and six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . The unaudited consolidated financial statements in this Quarterly Report on Form 10-Q (the “Quarterly Report”) should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 .
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Fair Value Measurements	Fair Value Measurements Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other assets and liabilities at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and will classify such items in Level 1 or Level 2. In instances where the market is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines the market for a financial instrument owned by the Company to be illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and will establish a fair value by assigning weights to the various valuation sources. The following describes the valuation methodologies used by the Company to measure fair value, including an indication of the level in the fair value hierarchy in which each asset or liability is generally classified. Interest rate cap agreements - The Company has entered into certain interest rate cap agreements. These derivatives are recorded at fair value. Fair value was based on a model-driven valuation using the associated variable rate curve and an implied market volatility, both of which were observable at commonly quoted intervals for the full term of the interest rate cap agreements. Therefore, the Company’s interest rate cap agreements were classified within Level 2 of the fair value hierarchy and are included in other assets in the accompanying consolidated balance sheets. Changes in the fair value of the interest rate cap agreements are recorded as interest expense in the accompanying consolidated statements of operations.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The accompanying consolidated balance sheets include the following financial instruments: cash and cash equivalents, restricted cash, rents and other receivables, accounts payable and accrued liabilities, due to affiliates, distributions payable and mortgage notes payable, net. The Company considers the carrying value of cash and cash equivalents, restricted cash, rents and other receivables, accounts payable and accrued liabilities and distributions payable to approximate the fair value of these financial instruments based on the short duration between origination of the instruments and their expected realization. The fair value of amounts due to affiliates is not determinable due to the related party nature of such amounts. The Company has determined that its mortgage notes payable, net are classified as Level 3 within the fair value hierarchy.
Distribution Policy	Distribution Policy The Company intends to elect to be taxed as a REIT and operate as a REIT for federal income tax purposes commencing with the Company’s taxable year ended December 31, 2016. To maintain its qualification as a REIT, the Company intends to make distributions each taxable year equal to at least 90% of its REIT taxable income (which is determined without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). The Company’s board of directors declared a dividend to the holders of Class A shares and Class T shares which began to accrue on May 19, 2016. The Company’s board of directors also declared a dividend to the holders of Class R shares which began to accrue on August 2, 2016. Distributions declared during the year ended December 31, 2016 were based on daily record dates and calculated at a rate of $0.004098 per Class A share per day, $0.00393443 per Class R share per day and $0.003366 per Class T share per day. Distributions declared during the period from January 1, 2017 to March 31, 2017, were based on daily record dates and calculated at a rate of $0.004110 per Class A share per day, $0.00394521 per Class R share per day subject to an annual distribution and shareholder servicing fee of 0.27% , $0.00369863 per Class R share per day subject to an annual distribution and shareholder servicing fee of 0.67% and $0.003376 per Class T share per day. Distributions declared during the period from April 1, 2017 to June 30, 2017 were based on daily record dates and calculated at a rate of $0.004110 per Class A share per day, $0.00394521 per Class R share per day and $0.003376 per Class T share per day. Each day during the period from May 19, 2016 to June 30, 2017 was a distribution record date with respect to Class A shares and Class T shares. Each day during the period from August 2, 2016 to June 30, 2017 was a distribution record date with respect to Class R shares. Distributions to stockholders are determined by the board of directors of the Company and are dependent upon a number of factors relating to the Company, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements and annual distribution requirements in order for the Company to qualify as a REIT under the Internal Revenue Code
Per Share Data	Per Share Data Basic loss per share attributable to common stockholders for all periods presented are computed by dividing net loss by the weighted average number of shares of the Company’s common stock outstanding for each class of shares outstanding during the period. Diluted loss per share is computed based on the weighted average number of shares of the Company’s common stock and all potentially dilutive securities, if any. Distributions declared per common share assume each share was issued and outstanding each day during the period. Nonvested shares of the Company’s restricted common stock give rise to potentially dilutive shares of the Company’s common stock but such shares were excluded from the computation of diluted earnings per share because such shares were anti-dilutive during the period. In accordance with FASB ASC Topic 260-10-45, Earnings Per Share , the Company uses the two-class method to calculate earnings per share. Basic earnings per share is calculated based on dividends declared and the rights of common shares and participating securities in any undistributed earnings, which represents net income remaining after deduction of dividends declared during the period. The undistributed earnings are allocated to all outstanding common shares based on the relative percentage of each class of shares to the total number of outstanding shares. The Company does not have any participating securities outstanding but does have multiple classes of common stock with different dividend rates and an unvested portion of restricted Class A common stock. Earnings attributable to the unvested restricted Class A common stock are deducted from earnings in the computation of per share amounts where applicable.
Segment Disclosure	Segment Disclosure The Company has determined that it has one reportable segment with activities related to investing in multifamily properties. The Company’s investments in real estate are in different geographic regions, and management evaluates operating performance on an individual asset level. However, as each of the Company’s assets has similar economic characteristics, tenants and products and services, its assets have been aggregated into one reportable segment.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ( Topic 606 ). The new guidance requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The new guidance supersedes the revenue requirements in Revenue Recognition ( Topic 605 ) and most industry-specific guidance throughout the Industry Topics of the Codification. The new guidance does not apply to lease contracts within the scope of Leases ( Topic 840 ). In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606) , which delayed the effective date of the new guidance by one year, which will result in the new guidance being effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and is to be applied retrospectively. Early adoption is permitted, but can be no earlier than the original public entity effective date of fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company anticipates selecting the modified retrospective transition method with a cumulative effect recognized as of the date of adoption and will adopt the new standard effective January 1, 2018. The Company is continuing to evaluate the standard’s impact on its revenue recognition with regard to revenue from tenant reimbursements and other. Based on its preliminary assessment, the Company identified the following types of revenues from non-lease components: pass-through tenant reimbursements, administrative fees, participation revenue and revenue from ancillary services. Based on this assessment, the Company does not expect a material impact on its revenue recognition in the consolidated financial statements because revenue from these sources is immaterial to the consolidated financial statements. The Company is also not expecting to experience a material impact from adopting this new guidance in connection with its rental revenue, as rental revenue from leasing arrangements is specifically excluded from the standard. In February 2016, the FASB issued ASU 2016-02, Leases , amending the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The new standard requires a modified retrospective transition approach. The guidance will be effective in the first quarter of 2019 and allows for early adoption. The Company is in the preliminary stages of evaluating the impact of this ASU on its leases both as it relates to the Company acting as a lessor and as a lessee. Based on the preliminary results of its evaluation, as it relates to the former, the Company does not expect any material impact on the recognition of leases in the consolidated financial statements because under this guidance, lessors will continue to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. As it relates to the latter, the Company does not expect a material impact on the recognition of leases in the consolidated financial statements because the quantity of leased equipment by the Company is limited. The Company plans to complete its assessment process by the end of the fourth quarter of 2017 and plans to adopt this ASU on January 1, 2019. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting , that simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. The guidance is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those years. The Company did not experience a material impact from adopting this new guidance. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) , that clarifies how certain cash receipts and cash payments should be classified on the statement of cash flows. This ASU addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The guidance is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. The Company did not experience a material impact from adopting this new guidance. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash, that requires that a statement of cash flows explains the change during the period in the total of cash, cash equivalents, restricted cash and restricted cash equivalents. Therefore, amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. The guidance is effective for annual periods beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the definition of business (“ASU 2017-01”), that clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of businesses. This ASU provides a screen to determine when a set is not a business. If the screen is not met, it (1) requires that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (2) removes the evaluation of whether a market participant could replace the missing elements. The guidance is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. The Company adopted this guidance as of January 1, 2017. The Company capitalized $2,081,383 of acquisition fees and expenses on the consolidated balance sheet as of June 30, 2017 related to the acquisitions of Reflections on Sweetwater Apartments and The Pointe at Vista Ridge Apartments on January 12, 2017 and May 25, 2017, respectively. Acquisition fees and acquisition expenses were included in fees to affiliates and acquisition costs, respectively, on the consolidated statements of operations prior to the adoption of this guidance. Upon adoption of this guidance, all such costs are included in the purchase price that is allocated between land, buildings and improvements and tenant origination and absorption costs on the consolidated balance sheets. In February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (“Subtopic 610-20”): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”), that clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset and defines the term in substance nonfinancial asset. ASU 2017-05 also clarifies that nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty. Subtopic 610-20, which was issued in May 2014 as part of ASU 2014-09 (discussed above), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity is required to apply amendments in ASU 2017-05 at the same time it applies the amendments in ASU 2014-09 (discussed above). ASU 2017-05 requires retrospective application and is effective for fiscal years beginning after December 15, 2017, including interim reporting periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements and related disclosures. In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”). The FASB issued ASU 2017-09 to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation , to a change to the terms or conditions of a share-based payment award. The amendments in ASU 2017-09 provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. ASU No. 2017-09 requires prospective application and is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements and related disclosures.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Schedule of Assets Required to be Measured at Fair Value on a Recurring Basis	The following tables reflect the Company’s assets required to be measured at fair value on a recurring basis on the consolidated balance sheets: June 30, 2017 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 221,557 $ — December 31, 2016 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 413,131 $ —

Real Estate (Tables)

Real Estate (Tables)	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Schedule of Purchase Price Allocation	During the six months ended June 30, 2017 , the Company acquired the following properties: Purchase Price Allocation Property Name Location Purchase Date Units Land Buildings and Improvements Tenant Origination and Absorption Costs Total Purchase Price Reflections on Sweetwater Apartments Lawrenceville, GA 1/12/2017 280 $ 5,041,375 $ 27,371,760 $ 875,202 $ 33,288,337 The Pointe at Vista Ridge Apartments Lewisville, Texas 5/25/2017 300 4,610,773 39,663,440 914,010 45,188,223 580 $ 9,652,148 $ 67,035,200 $ 1,789,212 $ 78,476,560
Schedule of Accumulated Depreciation and Amortization Related to Consolidated Real Estate Properties and Related Intangibles	As of June 30, 2017 and December 31, 2016 , accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows: June 30, 2017 Assets Land Building and Improvements Tenant Origination and Absorption Costs Total Real Estate Investments in real estate $ 21,671,651 $ 153,833,422 $ 1,789,212 $ 177,294,285 Less: Accumulated depreciation and amortization — (2,637,886 ) (1,003,772 ) (3,641,658 ) Net investments in real estate and related lease intangibles $ 21,671,651 $ 151,195,536 $ 785,440 $ 173,652,627 December 31, 2016 Assets Land Building and Improvements Tenant Origination and Absorption Costs Total Real Estate Investments in real estate $ 12,019,503 $ 85,653,391 $ 1,899,841 $ 99,572,735 Less: Accumulated depreciation and amortization — (357,649 ) (267,583 ) (625,232 ) Net investments in real estate and related lease intangibles $ 12,019,503 $ 85,295,742 $ 1,632,258 $ 98,947,503

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	As of June 30, 2017 and December 31, 2016 , other assets consisted of: June 30, 2017 December 31, 2016 Prepaid expenses $ 37,827 $ 113,150 Interest rate cap agreements 221,557 413,131 Escrow deposits for pending real estate acquisitions 1,750,000 650,100 Other deposits 169,794 54,385 Other assets $ 2,179,178 $ 1,230,766

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Summary of Mortgage Notes Payable Secured by Real Property	The following is a summary of mortgage notes payable, net secured by real property as of June 30, 2017 and December 31, 2016 . June 30, 2017 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Variable rate (1) 5 6/1/2026 - 6/1/2027 1-Mo LIBOR + 2.20% 1-Mo LIBOR + 2.52% 3.60% $ 124,532,000 Mortgage notes payable, gross 5 3.60% 124,532,000 Deferred financing costs, net (2) (773,520 ) Mortgage notes payable, net $ 123,758,480 December 31, 2016 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Variable rate (1) 3 6/1/2026 - 1/1/2027 1-Mo LIBOR + 2.31% 1-Mo LIBOR + 2.52% 3.20% $ 72,426,000 Mortgage notes payable, gross 3 3.20% 72,426,000 Deferred financing costs, net (2) (409,067 ) Mortgage notes payable, net $ 72,016,933 _________ (1) See Note 10 for a discussion of the interest rate cap agreements used to manage the exposure to interest rate movement on the Company’s variable rate loans. (2) Accumulated amortization related to deferred financing costs, net as of June 30, 2017 and December 31, 2016 was $46,130 and $6,931 , respectively.
Summary of Aggregate Maturities	The following is a summary of the Company’s aggregate maturities as of June 30, 2017 : Maturities During the Years Ending December 31, Contractual Obligations Total Remainder of 2017 2018 2019 2020 2021 Thereafter Principal payments on outstanding debt (1) $ 124,532,000 $ — $ — $ 53,989 $ 107,977 $ 107,977 $ 124,262,057 _________ (1) Projected principal payments on outstanding debt obligations are based on the terms of the notes payable agreements. Amounts exclude the deferred financing costs, net associated with the notes payable.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Schedule of Stock by Class	The following table reflects information regarding shares of common stock sold in the Public Offering from inception through June 30, 2017 : June 30, 2017 Class A Class R Class T Total Shares of common stock issued - Primary Offering 2,238,895 211,179 2,052,390 4,502,464 Shares of common stock issued - DRP 28,670 1,399 25,008 55,077 Total shares of common stock issued - Public Offering 2,267,565 212,578 2,077,398 4,557,541 Gross offering proceeds - Primary Offering $ 55,006,591 $ 4,751,549 $ 48,867,426 $ 108,625,566 Gross offering proceeds - DRP 680,918 31,469 565,675 1,278,062 Total offering proceeds - Public Offering $ 55,687,509 $ 4,783,018 $ 49,433,101 $ 109,903,628 Offering costs, before distribution and shareholder servicing fees (13,938,093 ) Offering proceeds, net of offering costs $ 95,965,535
Schedule of Restricted Stock Issued to Independent Directors as Compensation for Services	The issuance and vesting activity for the six months ended June 30, 2017 and year ended December 31, 2016 for the restricted stock issued to the Company’s independent directors as compensation for services in connection with the Company raising $2,000,000 in the Public Offering is as follows: Six Months Ended June 30, 2017 Year Ended December 31, 2016 Nonvested shares at the beginning of the period 4,500 — Granted shares — 6,000 Vested shares (1,500 ) (1,500 ) Nonvested shares at the end of the period 3,000 4,500
Schedule of Share Repurchase Plan Prior to Estimated Value Per Share of Common Stock is Published	Prior to the date the Company publishes an estimated value per share of its common stock, the purchase price for shares repurchased under the Company’s share repurchase program is as follows: Share Purchase Anniversary Repurchase Price on Repurchase Date (1) Less than 1 year No Repurchase Allowed 1 year 92.5% of Purchase Price 2 years 95.0% of Purchase Price 3 years 97.5% of Purchase Price 4 years 100.0% of Purchase Price In the event of a stockholder’s death or disability Average Issue Price for Shares (2) Following the date the Company publishes an estimated value per share of its common stock, the purchase price for shares repurchased under the Company’s share repurchase program will be as follows: Share Purchase Anniversary Repurchase Price (1)(3)(4) Less than 1 year No Repurchase Allowed 1 year 92.5% of the Lesser of Purchase Price or Estimated Value per Share 2 years 95.0% of the Lesser of Purchase Price or Estimated Value per Share 3 years 97.5% of the Lesser of Purchase Price or Estimated Value per Share 4 years 100.0% of the Lesser of Purchase Price or Estimated Value per Share In the event of a stockholder’s death or disability Average Issue Price for Shares (2) _______________ (1) As adjusted for any stock dividends, combinations, splits, recapitalizations or any similar transaction with respect to the shares of common stock. Repurchase price includes the full amount paid for each share, including all sales commissions and dealer manager fees. (2) The purchase price per share for shares repurchased upon the death or disability of a stockholder will be equal to the average issue price per share for all of the stockholder’s shares. The required one -year holding period does not apply to repurchases requested within 270 days after the death or disability of a stockholder. (3) For purposes of the share repurchase program, until the day the Company publicly discloses a new estimated value per share, the purchase price for shares purchased under the share repurchase program will equal, exclusively, the purchase price paid for the shares. Thereafter, the repurchase price will be a graduated percentage of the lesser of the purchase price or the estimated value per share in effect at the time of repurchase. The estimated value per share will be determined by the Company’s board of directors, based on periodic valuations by independent third-party appraisers or qualified independent valuation experts selected by the Advisor. (4) The Company’s board of directors will determine an estimated value per share of its common stock based on valuations by independent third-party appraisers or qualified valuation experts no later than 150 days following the second anniversary of breaking escrow in its Public Offering, or October 13, 2018, or such earlier time as required by any regulatory requirement regarding the timing of a valuation.
Schedule of Share Repurchase Plan Following Estimated Value Per Share of Common Stock is Published	Following the date the Company publishes an estimated value per share of its common stock, the purchase price for shares repurchased under the Company’s share repurchase program will be as follows: Share Purchase Anniversary Repurchase Price (1)(3)(4) Less than 1 year No Repurchase Allowed 1 year 92.5% of the Lesser of Purchase Price or Estimated Value per Share 2 years 95.0% of the Lesser of Purchase Price or Estimated Value per Share 3 years 97.5% of the Lesser of Purchase Price or Estimated Value per Share 4 years 100.0% of the Lesser of Purchase Price or Estimated Value per Share In the event of a stockholder’s death or disability Average Issue Price for Shares (2) _______________ (1) As adjusted for any stock dividends, combinations, splits, recapitalizations or any similar transaction with respect to the shares of common stock. Repurchase price includes the full amount paid for each share, including all sales commissions and dealer manager fees. (2) The purchase price per share for shares repurchased upon the death or disability of a stockholder will be equal to the average issue price per share for all of the stockholder’s shares. The required one -year holding period does not apply to repurchases requested within 270 days after the death or disability of a stockholder. (3) For purposes of the share repurchase program, until the day the Company publicly discloses a new estimated value per share, the purchase price for shares purchased under the share repurchase program will equal, exclusively, the purchase price paid for the shares. Thereafter, the repurchase price will be a graduated percentage of the lesser of the purchase price or the estimated value per share in effect at the time of repurchase. The estimated value per share will be determined by the Company’s board of directors, based on periodic valuations by independent third-party appraisers or qualified independent valuation experts selected by the Advisor. (4) The Company’s board of directors will determine an estimated value per share of its common stock based on valuations by independent third-party appraisers or qualified valuation experts no later than 150 days following the second anniversary of breaking escrow in its Public Offering, or October 13, 2018, or such earlier time as required by any regulatory requirement regarding the timing of a valuation.
Schedule of Per Share Daily and Annualized Distribution Rates	The following table reflects per share daily distribution rates and annualized distribution rates for the three and six months ended June 30, 2017 and 2016 : 2017 (1) 2016 (1) 1st Quarter 2nd Quarter 1st Quarter 2nd Quarter Daily Distribution per Class A share (2)(3) $ 0.004110 $ 0.004110 $ — $ 0.004098 Daily Distribution per Class R share (2)(3)(4) 0.00394521 0.00394521 — 0.00393443 Daily Distribution per Class T share (2)(3) 0.003376 0.003376 — 0.003366 Annualized Rate Based on Purchase Price: Per share of Class A share 6.00 % 6.00 % — 6.00 % Per share of Class R share 6.40 % 6.40 % — 6.40 % Per share of Class T share 5.17 % 5.17 % — 5.17 % _________________ (1) The Company’s board of directors approved a cash distribution that accrues at the above rates per day for each share of the Company’s Class A common stock, Class R common stock and Class T common stock, which if paid each day over a 365-day period and 366-day period during fiscal years 2017 and 2016, respectively, is equivalent to the per share annualized rates reflected above based on a purchase price of $25.00 per share of Class A common stock, $22.50 per share of Class R common stock and $23.81 per share of Class T common stock. (2) The Company’s board of directors approved a cash distribution that began to accrue on May 19, 2016 at the above rates per day for each share of the Company’s Class A common stock and Class T common stock. The Company’s board of directors also approved a cash distribution that began to accrue on August 2, 2016 at the above rates per day for each share of the Company’s Class R common stock. (3) The distributions declared accrue daily to stockholders of record as of the close of business on each day and are payable in cumulative amounts on or before the third day of each calendar month with respect to the prior month. There is no guarantee that the Company will continue to pay distributions at these rates or at all. (4) Distributions during the three months ended March 31, 2017 were based on daily record dates and calculated at a rate of $0.00394521 per share of Class R common stock per day for Class R common stock subject to an annual distribution and shareholder servicing fee of 0.27% . In some instances the Company paid distributions of $0.00369863 per share of Class R common stock per day for Class R common stock subject to an annual distribution and shareholder servicing fee of 0.67% .
Dividends Declared	The following table reflects distributions declared and paid to Class A common stockholders, Class R common stockholders and Class T common stockholders for the three and six months ended June 30, 2017 and 2016 : Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Class A Class R Class T Total Class A Class R Class T Total DRP distributions declared (in shares) 12,764 722 14,487 27,973 22,296 1,283 24,060 47,639 DRP distributions declared (value) $ 303,145 $ 16,241 $ 327,703 $ 647,089 $ 529,535 $ 28,847 $ 544,237 $ 1,102,619 Cash distributions declared 464,155 46,183 204,707 715,045 787,558 81,314 343,275 1,212,147 Total distributions declared $ 767,300 $ 62,424 $ 532,410 $ 1,362,134 $ 1,317,093 $ 110,161 $ 887,512 $ 2,314,766 DRP distributions paid (in shares) 11,806 675 12,991 25,472 20,456 1,160 20,925 42,541 DRP distributions paid (value) $ 280,397 $ 15,189 $ 293,847 $ 589,433 $ 485,835 $ 26,094 $ 473,315 $ 985,244 Cash distributions paid 426,108 42,428 180,941 649,477 706,277 72,010 295,366 1,073,653 Total distributions paid $ 706,505 $ 57,617 $ 474,788 $ 1,238,910 $ 1,192,112 $ 98,104 $ 768,681 $ 2,058,897 Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 Class A Class R Class T Total Class A Class R Class T Total DRP distributions declared (in shares) 580 — 16 596 580 — 16 596 DRP distributions declared (value) $ 13,779 $ — $ 358 $ 14,137 $ 13,779 $ — $ 358 $ 14,137 Cash distributions declared 11,097 — 140 11,237 11,097 — 140 11,237 Total distributions declared $ 24,876 $ — $ 498 $ 25,374 $ 24,876 $ — $ 498 $ 25,374 DRP distributions paid (in shares) 148 — — 148 148 — — 148 DRP distributions paid (value) $ 3,511 $ — $ — $ 3,511 $ 3,511 $ — $ — $ 3,511 Cash distributions paid 2,395 — — 2,395 2,395 — — 2,395 Total distributions paid $ 5,906 $ — $ — $ 5,906 $ 5,906 $ — $ — $ 5,906

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Schedule of Amounts Attributable to the Advisor and its Affiliates	Amounts attributable to the Advisor and its affiliates incurred for the three and six months ended June 30, 2017 and 2016 and amounts outstanding to the Advisor and its affiliates as of June 30, 2017 and December 31, 2016 are as follows: Incurred For the Incurred For the Three Months Ended June 30, Six Months Ended June 30, Payable (Prepaid) as of 2017 2016 2017 2016 June 30, 2017 December 31, 2016 Consolidated Statements of Operations: Expensed Organization costs (1) $ — $ 26,980 $ — $ 26,980 $ — $ — Investment management fees (2) 204,660 5,329 378,639 5,329 366 40,050 Acquisition fees (3) — 175,664 — 175,664 — 949,131 Acquisition expenses (3) — 115,305 — 115,305 — 56,191 Property management: Fees (2) 134,292 3,871 221,192 3,871 70,643 24,767 Reimbursement of onsite personnel (4) 288,977 20,569 532,779 20,569 50,722 21,165 Other fees (2) 33,407 3,815 56,680 3,815 3,974 1,446 Other fees - property operations (4) 2,862 — 5,087 — — — Other fees - G&A (1) 2,552 — 3,827 — — — Other operating expenses (1) 268,888 200,189 502,560 254,593 116,367 309,374 Consolidated Balance Sheets: Assets Prepaid insurance deductible account (5) 507 — 1,014 — — (1,014 ) Property escrow deposits (6) — 234,000 — 234,000 — — Capitalized Acquisition fees (7) 943,211 — 1,642,623 — — — Acquisition expenses (7) 215,716 — 373,279 — 23,231 — Construction management: Fees (8) 25,558 84 43,297 84 2,469 1,335 Reimbursements of labor costs (8) 34,521 28 71,148 28 4,944 12 Additional paid-in capital Other offering costs reimbursement 1,756,782 543,749 3,316,143 543,749 602,806 1,616,487 Selling commissions: Class A 652,396 172,088 1,383,750 172,088 — — Class T 435,566 18,600 833,617 18,600 — — Dealer manager fees: Class A 364,143 107,495 745,212 107,495 — — Class T 362,972 15,500 694,681 15,500 — — Distribution and shareholder servicing fee: Class R (9) 40,903 27,900 90,975 27,900 142,268 55,821 Class T (9) 636,282 — 1,233,358 — 1,985,959 915,954 $ 6,404,195 $ 1,671,166 $ 12,129,861 $ 1,725,570 $ 3,003,749 $ 3,990,719 _____________________ (1) Included in general and administrative expenses in the accompanying consolidated statements of operations. (2) Included in fees to affiliates in the accompanying consolidated statements of operations. (3) Prior to the adoption of ASU 2017-01 as of January 1, 2017, acquisition fees and acquisition expenses were included in fees to affiliates and acquisition costs, respectively, on the accompanying statements of operations. (4) Included in operating, maintenance and management in the accompanying consolidated statements of operations. (5) Included in other assets in the accompanying consolidated balance sheets upon payment. The amortization of the prepaid insurance deductible account is included in general and administrative expenses in the accompanying consolidated statements of operations. (6) Escrow deposit paid on behalf of the Company by an affiliate of the Advisor in connection with the acquisition of Carriage House Apartment Homes. (7) Included in total real estate, cost in the accompanying consolidated balance sheets following the adoption of ASU 2017-01 as of January 1, 2017. (8) Included in building and improvements in the accompanying consolidated balance sheets. (9) Included in additional paid-in capital as commissions on sales of common stock and related dealer manager fees to affiliates in the accompanying consolidated statements of stockholders’ equity.
Schedule of Reimbursable Organization and Offering Costs	The amount of reimbursable organization and offering (“O&O”) costs that have been paid or recognized from inception through June 30, 2017 is as follows: Amount Percentage of Gross Offering Proceeds Gross offering proceeds: $ 108,625,566 100.00 % O&O limitation 15.00 % Total O&O costs available to be paid/reimbursed $ 16,293,836 15.00 % O&O expenses recorded: Sales commissions $ 4,485,074 4.13 % Broker Dealer fees (1) 2,806,902 2.58 % Distribution and shareholder servicing fees (2) 2,328,763 2.15 % Offering cost reimbursements 6,646,117 6.12 % Organizational costs reimbursements 26,980 0.02 % Total O&O cost reimbursements recorded by the Company $ 16,293,836 15.00 % _____________________ (1) Includes $1,043,668 of marketing reallowance paid to participating broker dealers. (2) Includes the distribution and shareholder servicing fees incurred from inception through June 30, 2017 for Class R shares of 0.27% and 0.67% and Class T shares of 1.125% of the purchase price per share sold in the Company’s Public Offering. The distribution and shareholder servicing fees are paid from sources other than Public Offering proceeds.

Derivative Financial Instrume25

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The following tables provide the terms of the Company’s interest rate derivative instruments that were in effect at June 30, 2017 and December 31, 2016 : June 30, 2017 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest Rate Cap 6/1/2019 - 12/1/2020 One-Month LIBOR 5 $ 124,532,000 1.22% 2.61% $ 221,557 December 31, 2016 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest Rate Cap 6/1/2019 - 12/1/2020 One-Month LIBOR 3 $ 72,426,000 0.77% 2.70% $ 413,131

Organization and Business - Nar

Organization and Business - Narrative (Details)	Aug. 24, 2015USD ($)$ / sharesshares	Jun. 30, 2017$ / shares	Jun. 30, 2017multifamily_property	Jun. 30, 2017residential_unit	Jun. 30, 2017apartment
Initial capitalization
Number of multifamily properties | multifamily_property			5
Number of apartment homes				580	1,212
Common Class A [Member]
Initial capitalization
Share price (in dollars per share)		$ 25
Common Class A [Member] | Advisor [Member]
Initial capitalization
Issuance of common stock (in shares) | shares	8,000
Share price (in dollars per share)	$ 25
Issuance of common stock | $	$ 200,000

Organization and Business - Pub

Organization and Business - Public Offering (Details) - USD ($)	Jul. 25, 2016	Feb. 05, 2016	Jun. 30, 2017	Jun. 30, 2017
Public Offering Information
Proceeds from issuance of common stock				$ 109,903,628
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest			99.99%
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest			0.01%
IPO [Member]
Public Offering Information
Escrow account release threshold, minimum offering amount		$ 2,000,000
Offering period			1 year
Primary Offering [Member]
Public Offering Information
Maximum number of shares authorized for sale under registration statement (in shares)		1,000,000,000
Proceeds from issuance of common stock			$ 109,903,628	108,625,566
Distribution Reinvestment Plan [Member]
Public Offering Information
Maximum number of shares authorized for sale under registration statement (in shares)		300,000,000
Proceeds from issuance of common stock				$ 1,278,062
Common Class A [Member]
Public Offering Information
Registration statement, price per share (in dollars per share)			$ 25	$ 25
Proceeds from issuance of common stock				$ 55,687,509
Common Class A [Member] | Primary Offering [Member]
Public Offering Information
Registration statement, price per share (in dollars per share)	$ 25	$ 25
Shares authorized (in shares)		$ 500,000,000
Issuance of common stock	$ 400,000,000
Issuance of common stock (in shares)			2,267,565
Proceeds from issuance of common stock			$ 55,687,509	$ 55,006,591
Common Class A [Member] | Distribution Reinvestment Plan [Member]
Public Offering Information
Registration statement, price per share (in dollars per share)	$ 23.75	$ 23.75	$ 23.75	$ 23.75
Issuance of common stock (in shares)			28,670
Proceeds from issuance of common stock			$ 680,918	$ 680,918
Common Class T [Member]
Public Offering Information
Registration statement, price per share (in dollars per share)			$ 23.81	$ 23.81
Proceeds from issuance of common stock				$ 49,433,101
Common Class T [Member] | Primary Offering [Member]
Public Offering Information
Registration statement, price per share (in dollars per share)	$ 23.81	$ 23.81
Shares authorized (in shares)		$ 500,000,000
Issuance of common stock	$ 400,000,000
Issuance of common stock (in shares)			2,077,398
Proceeds from issuance of common stock			$ 49,433,101	$ 48,867,426
Common Class T [Member] | Distribution Reinvestment Plan [Member]
Public Offering Information
Registration statement, price per share (in dollars per share)	$ 22.62	$ 22.62	$ 22.62	$ 22.62
Issuance of common stock (in shares)			25,008
Proceeds from issuance of common stock			$ 565,675	$ 565,675
Common Class R [Member]
Public Offering Information
Registration statement, price per share (in dollars per share)			$ 22.50	$ 22.50
Proceeds from issuance of common stock				$ 4,783,018
Common Class R [Member] | Primary Offering [Member]
Public Offering Information
Registration statement, price per share (in dollars per share)	$ 22.50
Issuance of common stock	$ 200,000,000
Issuance of common stock (in shares)			212,578
Proceeds from issuance of common stock			$ 4,783,018	$ 4,751,549
Common Class R [Member] | Distribution Reinvestment Plan [Member]
Public Offering Information
Registration statement, price per share (in dollars per share)	$ 22.5		$ 22.50	$ 22.50
Issuance of common stock (in shares)			1,399
Proceeds from issuance of common stock			$ 31,469	$ 31,469

Summary of Significant Accoun28

Summary of Significant Accounting Policies - Schedule of Assets Required to be Measured at Fair Value on a Recurring Basis (Details) - Interest Rate Cap [Member] - Fair Value, Measurements, Recurring [Member] - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate cap agreements	$ 0	$ 0
Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate cap agreements	221,557	413,131
Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate cap agreements	$ 0	$ 0

Summary of Significant Accoun29

Summary of Significant Accounting Policies - Fair Value of Financial Instruments (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage notes payable, net	$ 123,758,480	$ 72,016,933
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage notes payable, fair value	126,634,439	72,128,601
Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage notes payable, net	$ 123,758,480	$ 72,016,933

Summary of Significant Accoun30

Summary of Significant Accounting Policies - Distribution Policy (Details) - $ / shares	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Common Class A [Member]
Class of Stock [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)				$ 0.004110		$ 0.004098
Distributions declared per common share (in dollars per share)	$ 0.374		$ 0.176	0.744	$ 0.176
Common Class T [Member]
Class of Stock [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)				0.003376		0.003366
Distributions declared per common share (in dollars per share)	0.307		0.145	0.611	0.145
Common Class R [Member]
Class of Stock [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)						$ 0.00393443
Distributions declared per common share (in dollars per share)	$ 0.357		$ 0	$ 0.710	$ 0
Common Class R Subject to Distribution Rate Tranche B [Member]
Class of Stock [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)		$ 0.00394521
Distribution and shareholder services fee, percentage						0.27%
Common Class R Subject to Distribution Rate Tranche A [Member]
Class of Stock [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)		$ 0.00369863
Distribution and shareholder services fee, percentage				0.67%

Summary of Significant Accoun31

Summary of Significant Accounting Policies - Segment Disclosure (Details)	6 Months Ended
	Jun. 30, 2017segment
Accounting Policies [Abstract]
Number of reportable segments	1

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details)	Jun. 30, 2017USD ($)
Accounting Standards Update 2017-01 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Capitalized transaction costs	$ 2,081,383

Real Estate - Narrative (Detail

Real Estate - Narrative (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)multifamily_property	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)multifamily_property	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)	Jun. 30, 2017residential_unit	Jun. 30, 2017apartment
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Number of multifamily properties | multifamily_property	5		5
Units						580	1,212
Purchase price			$ 177,901,560
Average percentage of real estate portfolio occupied			92.80%		95.90%
Average monthly collected rent			$ 1,132		$ 1,163
Depreciation and amortization	$ 2,555,319	$ 75,314	4,916,266	$ 75,314
Tenant Origination and Absorption [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Amortization of intangible assets	1,306,670	47,431	$ 2,636,029	47,431
Tenant Origination and Absorption [Member] | Maximum [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Weighted average amortization period of tenant origination and absorption costs			1 year
Building and Building Improvements [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Depreciation	$ 1,248,649	$ 27,883	$ 2,280,237	$ 27,883
Residential Real Estate [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Units | apartment							1,212
Average percentage of real estate portfolio occupied			96.50%

Real Estate - Schedule of Purch

Real Estate - Schedule of Purchase Price Allocation (Details) - Jun. 30, 2017	residential_unit	apartment	USD ($)
Business Acquisition [Line Items]
Units	580	1,212
Land			$ 9,652,148
Buildings and Improvements			67,035,200
Tenant Origination and Absorption Costs			1,789,212
Total Purchase Price			78,476,560
Carriage House Apartment Homes [Member]
Business Acquisition [Line Items]
Units | residential_unit	280
Land			5,041,375
Buildings and Improvements			27,371,760
Tenant Origination and Absorption Costs			875,202
Total Purchase Price			33,288,337
The Point at Vista Ridge Apartments [Member]
Business Acquisition [Line Items]
Units | residential_unit	300
Land			4,610,773
Buildings and Improvements			39,663,440
Tenant Origination and Absorption Costs			914,010
Total Purchase Price			$ 45,188,223

Real Estate - Schedule of Accum

Real Estate - Schedule of Accumulated Depreciation and Amortization Related to Consolidated Real Estate Properties and Related Intangibles (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	$ 177,294,285	$ 99,572,735
Less: Accumulated depreciation and amortization	(3,641,658)	(625,232)
Total real estate, net	173,652,627	98,947,503
Land [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	21,671,651	12,019,503
Less: Accumulated depreciation and amortization	0	0
Total real estate, net	21,671,651	12,019,503
Building and Improvements [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	153,833,422	85,653,391
Less: Accumulated depreciation and amortization	(2,637,886)	(357,649)
Total real estate, net	151,195,536	85,295,742
Tenant Origination and Absorption [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	1,789,212	1,899,841
Less: Accumulated depreciation and amortization	(1,003,772)	(267,583)
Total real estate, net	$ 785,440	$ 1,632,258

Real Estate - Operating Leases

Real Estate - Operating Leases (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2017residential_unittenant	Jun. 30, 2016tenant	Dec. 31, 2016USD ($)	Jun. 30, 2017apartment	Jun. 30, 2017USD ($)
Real Estate Properties [Line Items]
Units	580			1,212
Average percentage of real estate portfolio occupied	92.80%		95.90%
Operating lease term	12 months
Tenant [Member] | Customer Concentration Risk [Member]
Real Estate Properties [Line Items]
Number of tenants | tenant	0	0
Accounts Payable and Accrued Liabilities [Member]
Real Estate Properties [Line Items]
Security deposit liability | $			$ 252,387		$ 383,308
Residential Real Estate [Member]
Real Estate Properties [Line Items]
Units | apartment				1,212
Average percentage of real estate portfolio occupied	96.50%

Other Assets (Details)

Other Assets (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 37,827	$ 113,150
Interest rate cap agreements	221,557	413,131
Escrow deposits for pending real estate acquisitions	1,750,000	650,100
Other deposits	169,794	54,385
Other assets	$ 2,179,178	$ 1,230,766

Debt - Summary of Mortgage Note

Debt - Summary of Mortgage Notes Payable Secured by Real Property (Details)	6 Months Ended
	Jun. 30, 2017USD ($)instrument	Jun. 30, 2016	Dec. 31, 2016USD ($)instrument
Debt Instrument [Line Items]
Accumulated amortization of deferred financing costs	$ 46,130		$ 6,931
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Number of Instruments | instrument	5		3
Weighted Average Interest Rate	3.60%		3.20%
Principal Outstanding	$ 124,532,000		$ 72,426,000
Deferred financing costs, net	(773,520)		(409,067)
Mortgage note payable, net	$ 123,758,480		$ 72,016,933
Notes Payable to Banks [Member] | Mortgage Notes Payable, Variable Interest [Member]
Debt Instrument [Line Items]
Number of Instruments | instrument	5		3
Weighted Average Interest Rate	3.60%		3.20%
Principal Outstanding	$ 124,532,000		$ 72,426,000
Minimum [Member] | Notes Payable to Banks [Member] | LIBOR plus 2.20% [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Variable rate	2.20%
Minimum [Member] | Notes Payable to Banks [Member] | LIBRO plus 2.31% | LIBOR [Member]
Debt Instrument [Line Items]
Variable rate		2.31%
Maximum [Member] | Notes Payable to Banks [Member] | LIBOR plus 2.52% [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Variable rate	2.52%	2.52%

Debt - Summary of Aggregate Mat

Debt - Summary of Aggregate Maturities (Details)	Jun. 30, 2017USD ($)
Debt Disclosure [Abstract]
Total	$ 124,532,000
Remainder of 2017	0
2,018	0
2,019	53,989
2,020	107,977
2,021	107,977
Thereafter	$ 124,262,057

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Amortization of deferred financing costs			$ 39,199	$ 1,134
Unrealized loss	$ 192,670		414,364	8,769
Accounts Payable and Accrued Liabilities [Member]
Debt Instrument [Line Items]
Interest payable	355,828		355,828		$ 107,393
Interest Rate Cap [Member]
Debt Instrument [Line Items]
Unrealized loss		$ (8,769)		(8,769)
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Mortgage note payable, net	123,758,480		123,758,480		$ 72,016,933
Interest expense	1,145,526	29,674	2,124,012	29,674
Amortization of deferred financing costs	$ 25,515	$ 1,134	$ 39,199	$ 1,134

Stockholders' Equity - General

Stockholders' Equity - General (Details) - $ / shares	Jun. 30, 2017	Dec. 31, 2016	May 16, 2016	May 15, 2016
Class of Stock [Line Items]
Common stock, shares authorized (in shares)				1,300,000,000
Common stock, par value (in dollars per share)			$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000	100,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common Class A [Member]
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	480,000,000	480,000,000	480,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Class T [Member]
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	480,000,000	480,000,000	480,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Class R [Member]
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	240,000,000	240,000,000	240,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock [Member]
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			1,200,000,000

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock (Details)	May 16, 2016USD ($)director$ / sharesshares	Feb. 05, 2016USD ($)	Aug. 24, 2015USD ($)shares	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)vote_per_share$ / sharesshares	Jun. 30, 2016USD ($)shares	Dec. 31, 2016USD ($)
Class of Stock [Line Items]
Number of votes per share | vote_per_share						1
Receivable from transfer agent				$ 191,100		$ 191,100		$ 98,443
Operating expenses				6,249,445	$ 943,794	11,687,551	$ 1,019,690
Share-based compensation expense						18,549	42,213
Director [Member]
Class of Stock [Line Items]
Operating expenses				58,750	55,750	$ 112,500	$ 119,000
IPO [Member]
Class of Stock [Line Items]
Public offering proceeds		$ 2,000,000
Restricted Stock [Member]
Class of Stock [Line Items]
Shares granted (in shares) | shares						0	6,000
Forfeited shares (in shares) | shares						0
Independent Directors Compensation Plan [Member] | Restricted Stock [Member]
Class of Stock [Line Items]
Compensation expense related to the issuance of stock not yet recognized						$ 70,380
General and Administrative Expense [Member] | Director [Member]
Class of Stock [Line Items]
Operating expenses				6,875	69,750		$ 56,000
Additional Paid-In Capital [Member] | Director [Member]
Class of Stock [Line Items]
Operating expenses					10,875	$ 13,750	30,750
Common Class A [Member] | Independent Directors Compensation Plan [Member] | Restricted Stock [Member]
Class of Stock [Line Items]
Number of directors | director	3
Number of equal annual vesting installments	4 years					4 years
Share-based compensation expense				9,327	42,213	$ 18,549	$ 42,213
Weighted-average remaining term						1 year 4 months 14 days
Common Class A [Member] | Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | Director One [Member]
Class of Stock [Line Items]
Shares granted (in shares) | shares	2,000					1,000
Common Class A [Member] | Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | Director Two [Member]
Class of Stock [Line Items]
Shares granted (in shares) | shares	2,000					1,000
Common Class A [Member] | Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | Director Three [Member]
Class of Stock [Line Items]
Shares granted (in shares) | shares	2,000					1,000
Common Class A [Member] | Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | IPO [Member]
Class of Stock [Line Items]
Shares granted, grant date fair value (in dollars per share) | $ / shares	$ 25
Shares granted (in shares) | shares	2,000					2,000
Number of directors | director	3
Public offering proceeds	$ 2,000,000
Common Class A [Member] | General and Administrative Expense [Member] | Independent Directors Compensation Plan [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares						275	435
Common Class A [Member] | General and Administrative Expense [Member] | Independent Directors Compensation Plan [Member] | Restricted Stock [Member]
Class of Stock [Line Items]
Share-based compensation expense				$ 9,327	$ 42,213	$ 18,549	$ 42,213
Common Class A [Member] | General and Administrative Expense [Member] | Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | IPO [Member]
Class of Stock [Line Items]
Shares granted, grant date fair value (in dollars per share) | $ / shares						$ 25
Public offering proceeds	$ 2,000,000
Common Class A [Member] | Sponsor [Member] | General and Administrative Expense [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares			8,000
Issuance of common stock			$ 200,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Stock Issuances (Details) - USD ($)	6 Months Ended		34 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017
Class of Stock [Line Items]
Shares of common stock issued (in shares)	4,557,541		4,557,541
Gross offering proceeds			$ 109,903,628
Offering costs, before distribution and shareholder servicing fees	$ (3,825,141)	$ (313,683)	(13,938,093)
Offering proceeds, net of offering costs			$ 95,965,535
Common Class A [Member]
Class of Stock [Line Items]
Shares of common stock issued (in shares)	2,267,565		2,267,565
Gross offering proceeds			$ 55,687,509
Common Class R [Member]
Class of Stock [Line Items]
Shares of common stock issued (in shares)	212,578		212,578
Gross offering proceeds			$ 4,783,018
Common Class T [Member]
Class of Stock [Line Items]
Shares of common stock issued (in shares)	2,077,398		2,077,398
Gross offering proceeds			$ 49,433,101
Primary Offering [Member]
Class of Stock [Line Items]
Shares of common stock issued (in shares)	4,502,464		4,502,464
Gross offering proceeds	$ 109,903,628		$ 108,625,566
Primary Offering [Member] | Common Class A [Member]
Class of Stock [Line Items]
Shares of common stock issued (in shares)	2,238,895		2,238,895
Gross offering proceeds	$ 55,687,509		$ 55,006,591
Primary Offering [Member] | Common Class R [Member]
Class of Stock [Line Items]
Shares of common stock issued (in shares)	211,179		211,179
Gross offering proceeds	$ 4,783,018		$ 4,751,549
Primary Offering [Member] | Common Class T [Member]
Class of Stock [Line Items]
Shares of common stock issued (in shares)	2,052,390		2,052,390
Gross offering proceeds	$ 49,433,101		$ 48,867,426
Distribution Reinvestment Plan [Member]
Class of Stock [Line Items]
Shares of common stock issued (in shares)	55,077		55,077
Gross offering proceeds			$ 1,278,062
Distribution Reinvestment Plan [Member] | Common Class A [Member]
Class of Stock [Line Items]
Shares of common stock issued (in shares)	28,670		28,670
Gross offering proceeds	$ 680,918		$ 680,918
Distribution Reinvestment Plan [Member] | Common Class R [Member]
Class of Stock [Line Items]
Shares of common stock issued (in shares)	1,399		1,399
Gross offering proceeds	$ 31,469		$ 31,469
Distribution Reinvestment Plan [Member] | Common Class T [Member]
Class of Stock [Line Items]
Shares of common stock issued (in shares)	25,008		25,008
Gross offering proceeds	$ 565,675		$ 565,675

Stockholders' Equity - Schedu44

Stockholders' Equity - Schedule of Restricted Stock Issued to Independent Directors as Compensation for Services (Details) - Restricted Stock [Member] - shares	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested shares at the beginning of the period (in shares)	4,500	0
Granted shares (in shares)	0	6,000
Vested shares (in shares)	(1,500)	(1,500)
Nonvested shares at the end of the period (in shares)	3,000

Stockholders' Equity - Preferre

Stockholders' Equity - Preferred Stock (Details)	6 Months Ended
	Jun. 30, 2017classshares	Dec. 31, 2016shares
Equity [Abstract]
Number of share series | class	1
Preferred stock, shares outstanding (in shares)	0	0
Preferred stock, shares issued (in shares)	0	0

Stockholders' Equity - Distribu

Stockholders' Equity - Distribution Reinvestment Plan (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jul. 25, 2016	Feb. 05, 2016
Common Class A [Member]
Class of Stock [Line Items]
Share price (in dollars per share)	$ 25
Common Class R [Member]
Class of Stock [Line Items]
Share price (in dollars per share)	22.50
Common Class T [Member]
Class of Stock [Line Items]
Share price (in dollars per share)	$ 23.81
Distribution Reinvestment Plan [Member]
Class of Stock [Line Items]
Sales commissions or dealer manager fees payable on shares sold under the plan	$ 0
Notice period for termination of plan	10 days
Distribution Reinvestment Plan [Member] | Common Class A [Member]
Class of Stock [Line Items]
Share price (in dollars per share)	$ 23.75	$ 23.75	$ 23.75
Distribution Reinvestment Plan [Member] | Common Class R [Member]
Class of Stock [Line Items]
Share price (in dollars per share)	22.50	22.5
Distribution Reinvestment Plan [Member] | Common Class T [Member]
Class of Stock [Line Items]
Share price (in dollars per share)	$ 22.62	$ 22.62	$ 22.62

Stockholders' Equity - Share Re

Stockholders' Equity - Share Repurchase Plan and Redeemable Common Stock (Details)	6 Months Ended
	Jun. 30, 2017USD ($)assetshares
Share Repurchase Plan [Member]
Class of Stock [Line Items]
Number of company assets sold that constitute a return of capital as a result of such sale. | asset	1
Written request period for repurchase of shares	15 days
Days within repurchase requests will be honored	30 days
Minimum number of days prior to repurchase date a repurchase request may be withdrawn	3 days
Notice period for amendment, suspension, or termination of share repurchase plan.	30 days
Share Repurchase Plan [Member] | Common Class A [Member]
Class of Stock [Line Items]
Number of shares that can be repurchased under Company's share repurchase plan after first anniversary of date of purchase of shares (in shares) | shares	0
Share repurchase plan, maximum period of time allowed from date of death or disability of shareholder to request holding period exemption for shares to be repurchased	270 days
Estimate value per shares determination period, maximum	150 days
Holding period	1 year
Maximum percentage of weighted average shares outstanding in prior calendar period that may be repurchased in current calendar period	5.00%
Fee charged to repurchase shares | $	$ 0
Share Repurchase Plan Pre Published Valuation [Member] | Common Class A [Member]
Class of Stock [Line Items]
Repurchase price, percentage	100.00%
Share Repurchase Plan Post Published Valuation [Member] | Common Class A [Member]
Class of Stock [Line Items]
Repurchase price, percentage	100.00%

Stockholders' Equity - Schedu48

Stockholders' Equity - Schedule of Share Repurchase Plan Prior to Estimated Value Per Share of Common Stock is Published (Details) - Share Repurchase Plan Pre Published Valuation [Member] - Common Class A [Member]	6 Months Ended
	Jun. 30, 2017
Class of Stock [Line Items]
Less than 1 year	0.00%
1 year	92.50%
2 years	95.00%
3 years	97.50%
4 years	100.00%

Stockholders' Equity - Schedu49

Stockholders' Equity - Schedule of Share Repurchase Plan Following Estimated Value Per Share of Common Stock is Published (Details) - Share Repurchase Plan Post Published Valuation [Member] - Common Class A [Member]	6 Months Ended
	Jun. 30, 2017
Class of Stock [Line Items]
Less than 1 year	0.00%
1 year	92.50%
2 years	95.00%
3 years	97.50%
4 years	100.00%

Stockholders' Equity - Schedu50

Stockholders' Equity - Schedule of Distributions Declared and Paid, Daily and Annualized Distribution Rates (Details) - $ / shares	3 Months Ended				6 Months Ended	12 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2017	Dec. 31, 2016
Common Class A [Member]
Class of Stock [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)					$ 0.004110	$ 0.004098
Share price (in dollars per share)	$ 25				25
Common Class R [Member]
Class of Stock [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)						0.00393443
Share price (in dollars per share)	22.50				22.50
Common Class T [Member]
Class of Stock [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)					0.003376	$ 0.003366
Share price (in dollars per share)	23.81				$ 23.81
Dividend Paid [Member] | Common Class A [Member]
Class of Stock [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)	$ 0.004110	$ 0.004110	$ 0.004098	$ 0
Common stock distribution rate percentage	6.00%	6.00%	6.00%	0.00%
Dividend Paid [Member] | Common Class R [Member]
Class of Stock [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)	$ 0.00394521	$ 0.00394521	$ 0.00393443	$ 0
Common stock distribution rate percentage	6.40%	6.40%	6.40%	0.00%
Dividend Paid [Member] | Common Class T [Member]
Class of Stock [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)	$ 0.003376	$ 0.003376	$ 0.003366	$ 0
Common stock distribution rate percentage	5.17%	5.17%	5.17%	0.00%

Stockholders' Equity - Distri51

Stockholders' Equity - Distributions Declared and Paid Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Class of Stock [Line Items]
Distributions payable	$ 497,127		$ 497,127		$ 241,258
Total distributions paid	1,238,910	$ 5,906	2,058,897	$ 5,906
Common Class A [Member]
Class of Stock [Line Items]
Distributions payable	273,357		273,357		148,374
Total distributions paid	706,505	5,906	1,192,112	5,906
Common Class R [Member]
Class of Stock [Line Items]
Distributions payable	22,868		22,868		10,812
Total distributions paid	57,617	0	98,104	0
Common Class T [Member]
Class of Stock [Line Items]
Distributions payable	200,902		200,902		82,072
Total distributions paid	$ 474,788	$ 0	768,681	$ 0
Dividend Paid [Member] | Common Class A [Member]
Class of Stock [Line Items]
Dividends, common stock, distribution reinvestment plan			$ 108,186		$ 64,484
Dividends, common stock, distribution reinvestment plan (in shares)			4,555		2,715
Dividend Paid [Member] | Common Class R [Member]
Class of Stock [Line Items]
Dividends, common stock, distribution reinvestment plan			$ 5,694		$ 2,942
Dividends, common stock, distribution reinvestment plan (in shares)			253		131
Dividend Paid [Member] | Common Class T [Member]
Class of Stock [Line Items]
Dividends, common stock, distribution reinvestment plan			$ 121,173		$ 50,252
Dividends, common stock, distribution reinvestment plan (in shares)			5,357		2,222

Stockholders' Equity - Schedu52

Stockholders' Equity - Schedule of Distributions Declared and Paid (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Class of Stock [Line Items]
DRP distributions declared (in shares)	27,973	596	47,639	596
DRP distributions declared (value)	$ 647,089	$ 14,137	$ 1,102,619	$ 14,137
Cash distributions declared	715,045	11,237	1,212,147	11,237
Total distributions declared	$ 1,362,134	$ 25,374	$ 2,314,766	$ 25,374
DRP distributions paid (in shares)	25,472	148	42,541	148
DRP distributions paid (value)	$ 589,433	$ 3,511	$ 985,244	$ 3,511
Cash distributions paid	649,477	2,395	1,073,653	2,395
Total distributions paid	$ 1,238,910	$ 5,906	$ 2,058,897	$ 5,906
Common Class A [Member]
Class of Stock [Line Items]
DRP distributions declared (in shares)	12,764	580	22,296	580
DRP distributions declared (value)	$ 303,145	$ 13,779	$ 529,535	$ 13,779
Cash distributions declared	464,155	11,097	787,558	11,097
Total distributions declared	$ 767,300	$ 24,876	$ 1,317,093	$ 24,876
DRP distributions paid (in shares)	11,806	148	20,456	148
DRP distributions paid (value)	$ 280,397	$ 3,511	$ 485,835	$ 3,511
Cash distributions paid	426,108	2,395	706,277	2,395
Total distributions paid	$ 706,505	$ 5,906	$ 1,192,112	$ 5,906
Common Class R [Member]
Class of Stock [Line Items]
DRP distributions declared (in shares)	722	0	1,283	0
DRP distributions declared (value)	$ 16,241	$ 0	$ 28,847	$ 0
Cash distributions declared	46,183	0	81,314	0
Total distributions declared	$ 62,424	$ 0	$ 110,161	$ 0
DRP distributions paid (in shares)	675	0	1,160	0
DRP distributions paid (value)	$ 15,189	$ 0	$ 26,094	$ 0
Cash distributions paid	42,428	0	72,010	0
Total distributions paid	$ 57,617	$ 0	$ 98,104	$ 0
Common Class T [Member]
Class of Stock [Line Items]
DRP distributions declared (in shares)	14,487	16	24,060	16
DRP distributions declared (value)	$ 327,703	$ 358	$ 544,237	$ 358
Cash distributions declared	204,707	140	343,275	140
Total distributions declared	$ 532,410	$ 498	$ 887,512	$ 498
DRP distributions paid (in shares)	12,991	0	20,925	0
DRP distributions paid (value)	$ 293,847	$ 0	$ 473,315	$ 0
Cash distributions paid	180,941	0	295,366	0
Total distributions paid	$ 474,788	$ 0	$ 768,681	$ 0

Related Party Arrangements - Sc

Related Party Arrangements - Schedule of Amounts Attributable to the Advisor and its Affiliates - Amounts Incurred and Payable (Details) - USD ($)	3 Months Ended		5 Months Ended	6 Months Ended		11 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017
Organization Costs [Member]
Related Party Transaction [Line Items]
Incurred in the period			$ 26,980
Other Offering Costs Reimbursement [Member]
Related Party Transaction [Line Items]
Incurred in the period						$ 16,392,072
Advisor [Member] | Other Offering Costs Reimbursement [Member]
Related Party Transaction [Line Items]
Incurred in the period	$ 2,723,804	$ 3,435,984		$ 5,277,539	$ 5,114,940
Advisor and its Affiliates [Member] | Advisor [Member]
Related Party Transaction [Line Items]
Incurred in the period	6,404,195	1,671,166		12,129,861	1,725,570
Payable at end of period	3,003,749		3,990,719	3,003,749		3,003,749
Advisor and its Affiliates [Member] | Advisor [Member] | Organization Costs [Member] | General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Incurred in the period	0	26,980		0	26,980
Payable at end of period	0		0	0		0
Advisor and its Affiliates [Member] | Advisor [Member] | Investment Management Fees [Member] | Fees to Affiliates [Member]
Related Party Transaction [Line Items]
Incurred in the period	204,660	5,329		378,639	5,329
Payable at end of period	366		40,050	366		366
Advisor and its Affiliates [Member] | Advisor [Member] | Acquisition Fees [Member] | Fees to Affiliates [Member]
Related Party Transaction [Line Items]
Incurred in the period	943,211	0		1,642,623	0
Payable at end of period	0		0	0		0
Advisor and its Affiliates [Member] | Advisor [Member] | Acquisition Fees [Member] | Fees to Affiliates [Member]
Related Party Transaction [Line Items]
Incurred in the period	0	175,664		0	175,664
Payable at end of period	0		949,131	0		0
Advisor and its Affiliates [Member] | Advisor [Member] | Acquisition Expenses [Member] | Acquisition Costs [Member]
Related Party Transaction [Line Items]
Incurred in the period	215,716	0		373,279	0
Payable at end of period	23,231		0	23,231		23,231
Advisor and its Affiliates [Member] | Advisor [Member] | Acquisition Expenses [Member] | Fees to Affiliates [Member]
Related Party Transaction [Line Items]
Incurred in the period	0	115,305		0	115,305
Payable at end of period	0		56,191	0		0
Advisor and its Affiliates [Member] | Advisor [Member] | Property Management, Fees [Member] | Fees to Affiliates [Member]
Related Party Transaction [Line Items]
Incurred in the period	134,292	3,871		221,192	3,871
Payable at end of period	70,643		24,767	70,643		70,643
Advisor and its Affiliates [Member] | Advisor [Member] | Property Management, Reimbursement of Onsite Personnel [Member] | Operating, Maintenance and Management [Member]
Related Party Transaction [Line Items]
Incurred in the period	288,977	20,569		532,779	20,569
Payable at end of period	50,722		21,165	50,722		50,722
Advisor and its Affiliates [Member] | Advisor [Member] | Property Management, Other Fees [Member] | Fees to Affiliates [Member]
Related Party Transaction [Line Items]
Incurred in the period	33,407	3,815		56,680	3,815
Payable at end of period	3,974		1,446	3,974		3,974
Advisor and its Affiliates [Member] | Advisor [Member] | Reimbursement to Affiliate for Operational Expenses [Member] | Fees to Affiliates [Member]
Related Party Transaction [Line Items]
Incurred in the period	2,862	0		5,087	0
Payable at end of period	0		0	0		0
Advisor and its Affiliates [Member] | Advisor [Member] | Property Management, Other Fees - G&A [Member] | Fees to Affiliates [Member]
Related Party Transaction [Line Items]
Incurred in the period	2,552	0		3,827	0
Payable at end of period	0		0	0		0
Advisor and its Affiliates [Member] | Advisor [Member] | Other Operating Expenses [Member] | General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Incurred in the period	268,888	200,189		502,560	254,593
Payable at end of period	116,367		309,374	116,367		116,367
Advisor and its Affiliates [Member] | Advisor [Member] | Insurance Deductible Reserve Account [Member] | Insurance Deductible Reserve Account [Member]
Related Party Transaction [Line Items]
Incurred in the period	507	0		1,014	0
Prepaid at end of period	0		(1,014)	0		0
Advisor and its Affiliates [Member] | Advisor [Member] | Property Escrow Deposits [Member] | Deposits [Member]
Related Party Transaction [Line Items]
Incurred in the period	0	234,000		0	234,000
Payable at end of period	0		0	0		0
Advisor and its Affiliates [Member] | Advisor [Member] | Construction Management Fees [Member]
Related Party Transaction [Line Items]
Incurred in the period	25,558	84		43,297	84
Payable at end of period	2,469		1,335	2,469		2,469
Advisor and its Affiliates [Member] | Advisor [Member] | Construction Management Reimbursements of Labor Costs [Member]
Related Party Transaction [Line Items]
Incurred in the period	34,521	28		71,148	28
Payable at end of period	4,944		12	4,944		4,944
Advisor and its Affiliates [Member] | Advisor [Member] | Other Offering Costs Reimbursement [Member] | Additional Paid-In Capital [Member]
Related Party Transaction [Line Items]
Incurred in the period	1,756,782	543,749		3,316,143	543,749
Payable at end of period	602,806		1,616,487	602,806		602,806
Advisor and its Affiliates [Member] | Advisor [Member] | Common Class A [Member] | Selling Commissions [Member] | Additional Paid-In Capital [Member]
Related Party Transaction [Line Items]
Incurred in the period	652,396	172,088		1,383,750	172,088
Payable at end of period	0		0	0		0
Advisor and its Affiliates [Member] | Advisor [Member] | Common Class A [Member] | Dealer Manager Fees [Member] | Additional Paid-In Capital [Member]
Related Party Transaction [Line Items]
Incurred in the period	364,143	107,495		745,212	107,495
Payable at end of period	0		0	0		0
Advisor and its Affiliates [Member] | Advisor [Member] | Common Class T [Member] | Selling Commissions [Member] | Additional Paid-In Capital [Member]
Related Party Transaction [Line Items]
Incurred in the period	435,566	18,600		833,617	18,600
Payable at end of period	0		0	0		0
Advisor and its Affiliates [Member] | Advisor [Member] | Common Class T [Member] | Dealer Manager Fees [Member] | Additional Paid-In Capital [Member]
Related Party Transaction [Line Items]
Incurred in the period	362,972	15,500		694,681	15,500
Payable at end of period	0		0	0		0
Advisor and its Affiliates [Member] | Advisor [Member] | Common Class T [Member] | Distribution and Shareholder Services Fees [Member] | Additional Paid-In Capital [Member]
Related Party Transaction [Line Items]
Incurred in the period	636,282	0		1,233,358	0
Payable at end of period	1,985,959		915,954	1,985,959		1,985,959
Advisor and its Affiliates [Member] | Advisor [Member] | Common Class R [Member] | Distribution and Shareholder Services Fees [Member] | Additional Paid-In Capital [Member]
Related Party Transaction [Line Items]
Incurred in the period	40,903	$ 27,900		90,975	$ 27,900
Payable at end of period	$ 142,268		$ 55,821	$ 142,268		$ 142,268

Related Party Arrangements - Or

Related Party Arrangements - Organization and Offering Costs (Details) - USD ($)	3 Months Ended		5 Months Ended	6 Months Ended		11 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017
Organization and Offering Costs [Member]
Related Party Transaction [Line Items]
Organization and offering costs threshold, percentage of gross proceeds of public offering				15.00%
Organization and Offering Costs [Member] | Advisor [Member]
Related Party Transaction [Line Items]
Underwriting compensation maximum threshold, percentage of gross proceeds of public offering				10.00%
Organizational Costs Reimbursements [Member]
Related Party Transaction [Line Items]
Incurred in the period			$ 26,980
Other Offering Costs Reimbursement [Member]
Related Party Transaction [Line Items]
Incurred in the period						$ 16,392,072
Deferred offering costs	$ 7,597,277			$ 7,597,277		7,597,277
Advisor [Member] | Advisor [Member]
Related Party Transaction [Line Items]
Organization and offering costs threshold, percentage of gross proceeds of public offering				15.00%
Advisor [Member] | Advisor and its Affiliates [Member]
Related Party Transaction [Line Items]
Amount payable	3,003,749		3,990,719	$ 3,003,749		3,003,749
Incurred in the period	6,404,195	$ 1,671,166		12,129,861	$ 1,725,570
Advisor [Member] | Organization and Offering Costs [Member] | Advisor [Member]
Related Party Transaction [Line Items]
Incurred in the period				16,293,836
Advisor [Member] | Organizational Costs Reimbursements [Member] | Advisor [Member]
Related Party Transaction [Line Items]
Incurred in the period				26,980
Advisor [Member] | Other Offering Costs Reimbursement [Member]
Related Party Transaction [Line Items]
Incurred in the period	2,723,804	3,435,984		5,277,539	5,114,940
Advisor [Member] | Other Offering Costs Reimbursement [Member] | Advisor [Member]
Related Party Transaction [Line Items]
Incurred in the period				6,646,117
Advisor [Member] | Other Offering Costs Reimbursement [Member] | Advisor and its Affiliates [Member] | Additional Paid-In Capital [Member]
Related Party Transaction [Line Items]
Amount payable	602,806		1,616,487	602,806		$ 602,806
Incurred in the period	$ 1,756,782	$ 543,749		$ 3,316,143	$ 543,749
Crossroads Capital Advisors [Member] | Organization and Offering Costs [Member] | Advisor [Member]
Related Party Transaction [Line Items]
Ownership interest	25.00%			25.00%		25.00%
Amount payable	$ 790,972		$ 264,245	$ 790,972		$ 790,972

Related Party Arrangements - 55

Related Party Arrangements - Schedule of Reimbursable Organization and Offering Costs (Details) - USD ($)	Jul. 25, 2016	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016	Dec. 31, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Dec. 31, 2016
Organization and Offering Costs [Member]
Related Party Transaction [Line Items]
O&O limitation						15.00%
Offering Cost Reimbursements [Member]
Related Party Transaction [Line Items]
Incurred in the period								$ 16,392,072
Organizational Costs Reimbursements [Member]
Related Party Transaction [Line Items]
Incurred in the period					$ 26,980
Advisor [Member] | Offering Cost Reimbursements [Member]
Related Party Transaction [Line Items]
Incurred in the period		$ 2,723,804		$ 3,435,984		$ 5,277,539	$ 5,114,940
Common Class R Subject to Distribution Rate Tranche A [Member]
Related Party Transaction [Line Items]
Distribution and shareholder services fee, percentage						0.67%
Common Class R Subject to Distribution Rate Tranche B [Member]
Related Party Transaction [Line Items]
Distribution and shareholder services fee, percentage									0.27%
Primary Offering [Member] | Common Class T [Member]
Related Party Transaction [Line Items]
Gross offering proceeds	$ 400,000,000
Primary Offering [Member] | Common Class R [Member]
Related Party Transaction [Line Items]
Gross offering proceeds	$ 200,000,000
Advisor [Member] | Advisor [Member]
Related Party Transaction [Line Items]
Gross offering proceeds						$ 108,625,566
O&O limitation						15.00%
Percentage of gross offering proceeds						100.00%
Advisor [Member] | Advisor [Member] | Organization and Offering Costs [Member]
Related Party Transaction [Line Items]
Total O&O costs available to be paid/reimbursed						$ 16,293,836
Incurred in the period						$ 16,293,836
Percentage of gross offering proceeds						15.00%
Advisor [Member] | Advisor [Member] | Selling Commissions [Member]
Related Party Transaction [Line Items]
Incurred in the period						$ 4,485,074
Percentage of gross offering proceeds						4.13%
Advisor [Member] | Advisor [Member] | Dealer Manager Fees [Member]
Related Party Transaction [Line Items]
Incurred in the period						$ 2,806,902
Percentage of gross offering proceeds						2.58%
Advisor [Member] | Advisor [Member] | Offering Cost Reimbursements [Member]
Related Party Transaction [Line Items]
Incurred in the period						$ 6,646,117
Percentage of gross offering proceeds						6.12%
Advisor [Member] | Advisor [Member] | Organizational Costs Reimbursements [Member]
Related Party Transaction [Line Items]
Incurred in the period						$ 26,980
Percentage of gross offering proceeds						0.02%
Advisor [Member] | Advisor [Member] | Distribution and Shareholder Services Fees [Member]
Related Party Transaction [Line Items]
Incurred in the period						$ 2,328,763
Percentage of gross offering proceeds						2.15%
Advisor [Member] | Advisor [Member] | Marketing Reallowance Payment [Member]
Related Party Transaction [Line Items]
Incurred in the period						$ 1,043,668
Dividend Declared [Member] | Common Class R Subject to Distribution Rate Tranche A [Member]
Related Party Transaction [Line Items]
Distribution and shareholder services fee, percentage			0.67%			0.67%
Dividend Declared [Member] | Common Class R Subject to Distribution Rate Tranche B [Member]
Related Party Transaction [Line Items]
Distribution and shareholder services fee, percentage			0.27%			0.27%
Dividend Declared [Member] | Common Class T, Subject to Distribution Rate, Tranche A [Member]
Related Party Transaction [Line Items]
Distribution and shareholder services fee, percentage						1.125%

Related Party Arrangements - In

Related Party Arrangements - Investment Management Fee (Details) - Advisor [Member]	6 Months Ended
	Jun. 30, 2017USD ($)
Investment Management Fee [Member]
Related Party Transaction [Line Items]
Aggregate cost of investments in properties and real estate related assets, threshold	$ 300,000,000
One twelfth of 1.0% [Member]
Related Party Transaction [Line Items]
Monthly investment management fee, percentage	0.0417%
One twelfth of .50% [Member]
Related Party Transaction [Line Items]
Monthly investment management fee, percentage	0.0833%

Related Party Arrangements - Ac

Related Party Arrangements - Acquisition Fees and Expenses (Details) - Advisor [Member] - Acquisition Fees and Expenses [Member]	6 Months Ended
	Jun. 30, 2017
Related Party Transaction [Line Items]
Acquisition fee, percent	2.00%
Acquisition fee payable without board approval as a percent of total contract price	6.00%

Related Party Arrangements - Lo

Related Party Arrangements - Loan Coordination Fee (Details)	6 Months Ended
	Jun. 30, 2017
Advisor [Member] | Loan Coordination Fee [Member]
Related Party Transaction [Line Items]
Loan coordination fee, other than acquisitions	0.75%

Related Party Arrangements - Pr

Related Party Arrangements - Property Management Fees and Expenses and Other Fees (Details)	6 Months Ended
	Jun. 30, 2017
Property Management Fees and Expenses [Member] | Steadfast Management Company [Member] | Property Manager [Member]
Related Party Transaction [Line Items]
Property management fee, percent fee	1.00%
Property Management Fees and Expenses [Member] | Steadfast Management Company [Member] | Minimum [Member] | Property Manager [Member]
Related Party Transaction [Line Items]
Property management fee, percent fee	2.75%
Property Management Fees and Expenses [Member] | Steadfast Management Company [Member] | Maximum [Member] | Property Manager [Member]
Related Party Transaction [Line Items]
Property management fee, percent fee	3.00%
Property Management Agreement, Incentive Management Fee [Member] | Steadfast Management Company [Member] | Property Manager [Member]
Related Party Transaction [Line Items]
Property management fee, percent fee	1.00%
Property management agreement, initial term	1 year
Property management agreement, notice of termination option	60 days
Property management agreement, notice of termination breach	30 days
Construction Management Agreement [Member] | Pacific Coast Land & Construction, Inc. [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Construction management fee percentage	6.00%

Related Party Arrangements - Ot

Related Party Arrangements - Other Operating Expense Reimbursements (Details) - Advisor [Member]	6 Months Ended
	Jun. 30, 2017quarter
Other Operating Expense Reimbursement [Member]
Related Party Transaction [Line Items]
Operating expense limitation, number of rolling quarters	4
Operating expenses limitation as a percentage of average invested assets	2.00%
Operating expenses limitation as a percentage of net income	25.00%
Average invested assets, calculation period	12 months
Disposition Fee [Member]
Related Party Transaction [Line Items]
Operating expenses limitation as a percentage of average invested assets	2.00%
Operating expenses limitation as a percentage of net income	25.00%

Related Party Arrangements - Di

Related Party Arrangements - Disposition Fee (Details) - Advisor [Member] - Disposition Fee [Member]	6 Months Ended
	Jun. 30, 2017USD ($)
Related Party Transaction [Line Items]
Property sale disposition fee, maximum percentage of total sale price	1.50%
Disposition fee percentage	1.00%
Operating expenses limitation as a percentage of average invested assets	2.00%
Operating expenses limitation as a percentage of net income	25.00%
Disposition fees incurred	$ 0

Related Party Arrangements - Se

Related Party Arrangements - Selling Commissions, Dealer Manager Fees, Subordinated Participation in Net Sale Proceeds, and Subordinated Incentive Listing Distribution (Details) - Steadfast Capital Markets Group, LLC [Member] - Dealer Manager [Member] - Primary Offering [Member]	6 Months Ended
	Jun. 30, 2017
Sales Commissions [Member]
Related Party Transaction [Line Items]
Dealer manager fees, percentage of gross offering proceeds	10.00%
Distribution and Shareholder Services Fees [Member]
Related Party Transaction [Line Items]
Dealer manager fees, percentage of gross offering proceeds	10.00%
Common Class A [Member] | Sales Commissions [Member]
Related Party Transaction [Line Items]
Sales commission, percentage of gross offering proceeds	7.00%
Common Class A [Member] | Dealer Manager Fees [Member]
Related Party Transaction [Line Items]
Dealer manager fees, percentage of gross offering proceeds	3.00%
Common Class T [Member] | Dealer Manager Fees [Member]
Related Party Transaction [Line Items]
Sales commission, percentage of gross offering proceeds	3.00%
Dealer manager fees, percentage of gross offering proceeds	2.50%
Common Class T [Member] | Distribution and Shareholder Services Fees [Member]
Related Party Transaction [Line Items]
Dealer manager fees, percentage of gross offering proceeds	1.125%
Distribution and shareholder services fee, percentage	4.50%

Related Party Arrangements - Su

Related Party Arrangements - Subordinated Distribution (Details) - Advisor [Member]	6 Months Ended
	Jun. 30, 2017
Related Party Transaction [Line Items]
Subordinated participation in net sales proceeds, percent of net sale proceeds receivable	15.00%
Non-compounded return rate	6.00%
Consecutive trading days	30 days
Days after shares are first on market	180 days

Long Term Incentive Award Pla64

Long Term Incentive Award Plan and Independent Director Compensation (Details)	May 16, 2016USD ($)directorshares	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)shares	Jun. 30, 2016USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortization of stock-based compensation				$ 18,549	$ 42,213
Operating expenses		$ 6,249,445	$ 943,794	11,687,551	1,019,690
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual retainer				55,000
Annual retainer, additional due audit committee chairperson				10,000
Board meeting attendance fee				2,500
Committee meeting attendance fee				1,500
Teleconference attendance fee				1,000
Teleconference attendance fee, daily maximum				4,000
Operating expenses		58,750	55,750	112,500	$ 119,000
Director [Member] | Accounts Payable and Accrued Liabilities [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Operating expenses		51,875		$ 51,875
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) | shares				0	6,000
Incentive Award Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum shares issuable, percent				10.00%
Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | IPO [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares entitled to be received under plan (in shares) | shares				2,000
Shares entitled to be received upon re-election to Board of Directors (in shares) | shares				1,000
Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of Class A common stock				$ 25,059,691	$ 5,322,584
Common Class A [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of Class A common stock				$ 2,000,000
Common Class A [Member] | Independent Directors Compensation Plan [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equal annual vesting installments	4 years			4 years
Number of directors | director	3
Amortization of stock-based compensation		9,327	42,213	$ 18,549	42,213
Common Class A [Member] | Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | Director One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) | shares	2,000			1,000
Common Class A [Member] | Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | Director Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) | shares	2,000			1,000
Common Class A [Member] | Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | Director Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) | shares	2,000			1,000
Common Class A [Member] | Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | IPO [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of Class A common stock	$ 2,000,000
Number of directors | director	3
Shares granted (in shares) | shares	2,000			2,000
General and Administrative Expense [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Operating expenses		6,875	69,750		56,000
General and Administrative Expense [Member] | Common Class A [Member] | Independent Directors Compensation Plan [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortization of stock-based compensation		$ 9,327	$ 42,213	$ 18,549	$ 42,213

Derivative Financial Instrume65

Derivative Financial Instruments - Schedule of Interest Rate Derivatives (Details) - Interest Rate Cap [Member]	Jun. 30, 2017USD ($)instrument	Dec. 31, 2016USD ($)instrument
Derivative [Line Items]
Number of Instruments | instrument	5	3
Notional Amount	$ 124,532,000	$ 72,426,000
Weighted Average Rate Cap	2.61%	2.70%
Fair Value	$ 221,557	$ 413,131
LIBOR [Member]
Derivative [Line Items]
Variable Rate	1.22%	0.77%

Derivative Financial Instrume66

Derivative Financial Instruments - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Derivative [Line Items]
Unrealized loss	$ 192,670		$ 414,364	$ 8,769
Interest Rate Cap [Member]
Derivative [Line Items]
Unrealized loss		$ (8,769)		(8,769)
Fair value of interest rate cap agreement	221,557		221,557		$ 413,131
Interest Rate Cap [Member] | Deferred Financing Costs and Other Assets, Net [Member]
Derivative [Line Items]
Fair value of interest rate cap agreement	221,557		221,557		$ 413,131
Interest Expense [Member] | Interest Rate Cap [Member]
Derivative [Line Items]
Unrealized loss	192,670	$ 8,769	414,364	$ 8,769
Acquired interest rate cap agreements	$ 222,790		$ 8,800

Subsequent Events - Status of O

Subsequent Events - Status of Our Offering (Details) - USD ($)	Aug. 04, 2017	Jun. 30, 2017
Subsequent Event [Line Items]
Proceeds from issuance of common stock		$ 109,903,628
Common Class A [Member]
Subsequent Event [Line Items]
Proceeds from issuance of common stock		55,687,509
Common Class R [Member]
Subsequent Event [Line Items]
Proceeds from issuance of common stock		4,783,018
Common Class T [Member]
Subsequent Event [Line Items]
Proceeds from issuance of common stock		$ 49,433,101
Public Offering [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from issuance of common stock	$ 119,418,416
Public Offering [Member] | Common Class A [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Issuance of common stock (in shares)	2,376,076
Proceeds from issuance of common stock	$ 58,373,188
Stock issued during period, dividend reinvestment plan (in shares)	38,237
Proceeds from issuance of common stock, dividend reinvestment plan	$ 908,122
Public Offering [Member] | Common Class R [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Issuance of common stock (in shares)	223,223
Proceeds from issuance of common stock	$ 5,022,508
Stock issued during period, dividend reinvestment plan (in shares)	1,923
Proceeds from issuance of common stock, dividend reinvestment plan	$ 43,259
Public Offering [Member] | Common Class T [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Issuance of common stock (in shares)	2,354,725
Proceeds from issuance of common stock	$ 56,022,720
Stock issued during period, dividend reinvestment plan (in shares)	36,376
Proceeds from issuance of common stock, dividend reinvestment plan	$ 822,829

Subsequent Events - Distributio

Subsequent Events - Distributions Paid (Details) - USD ($)	Aug. 01, 2017	Jul. 05, 2017	Jun. 30, 2017	Jun. 30, 2016
Subsequent Event [Line Items]
Payments of ordinary dividends, common stock			$ 1,073,653	$ 2,395
Common Class A [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Distributions paid, common stock, including distribution reinvestment plan	$ 296,327	$ 273,357
Common Class A [Member] | Dividend Paid [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Payments of ordinary dividends, common stock	177,309	165,171
Distributions paid to common stockholders through common stock issuances pursuant to distribution reinvestment plan	119,018	108,186
Common Class R [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Distributions paid, common stock, including distribution reinvestment plan	26,517	22,867
Common Class R [Member] | Dividend Paid [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Payments of ordinary dividends, common stock	20,421	17,173
Distributions paid to common stockholders through common stock issuances pursuant to distribution reinvestment plan	6,096	5,694
Common Class T [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Distributions paid, common stock, including distribution reinvestment plan	228,897	200,903
Common Class T [Member] | Dividend Paid [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Payments of ordinary dividends, common stock	92,613	79,730
Distributions paid to common stockholders through common stock issuances pursuant to distribution reinvestment plan	$ 136,284	$ 121,173

Subsequent Events - Acquisition

Subsequent Events - Acquisition of Belmar Villa (Details)	Jul. 21, 2017USD ($)ft²apartmentpoolbuilding	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Business Acquisition [Line Items]
Purchase price | $		$ 177,901,560
Notes Payable to Banks [Member]
Business Acquisition [Line Items]
Secured loan to acquire Belmar Villas | $		$ 124,532,000	$ 72,426,000
Subsequent Event [Member] | Belmar Villas Property [Member]
Business Acquisition [Line Items]
Purchase price | $	$ 62,918,000
Number of three-story apartment buildings | building	17
Number of swimming pools | pool	2
Number of apartment homes | apartment	318
Number of one-bedroom apartments | apartment	84
Number of two-bedroom apartments | apartment	159
Number of three-bedroom apartments | apartment	75
Average square fee per apartment | ft²	856
Subsequent Event [Member] | Belmar Villas Property [Member] | Notes Payable to Banks [Member]
Business Acquisition [Line Items]
Secured loan to acquire Belmar Villas | $	$ 47,112,000

Subsequent Events - Declaration

Subsequent Events - Declaration of Distributions (Details) - USD ($)	Aug. 08, 2017	Mar. 31, 2017	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2017
Subsequent Events [Abstract]
Proceeds from issuance of common stock					$ 109,903,628
Common Class A [Member]
Subsequent Events [Abstract]
Proceeds from issuance of common stock					$ 55,687,509
Subsequent Event [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)			$ 0.004110	$ 0.004098
Common Class R Subject to Distribution Rate Tranche A [Member]
Subsequent Event [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)		$ 0.00369863
Distribution and shareholder services fee, percentage			0.67%
Common Class R Subject to Distribution Rate Tranche B [Member]
Subsequent Event [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)		$ 0.00394521
Distribution and shareholder services fee, percentage				0.27%
Dividend Declared [Member] | Common Class R Subject to Distribution Rate Tranche A [Member]
Subsequent Event [Line Items]
Distribution and shareholder services fee, percentage		0.67%	0.67%
Dividend Declared [Member] | Common Class R Subject to Distribution Rate Tranche B [Member]
Subsequent Event [Line Items]
Distribution and shareholder services fee, percentage		0.27%	0.27%
Dividend Declared [Member] | Common Class T, Subject to Distribution Rate, Tranche A [Member]
Subsequent Event [Line Items]
Distribution and shareholder services fee, percentage			1.125%
Subsequent Event [Member] | Dividend Declared [Member] | Common Class A [Member]
Subsequent Event [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)	$ 0.004110
Subsequent Event [Member] | Dividend Declared [Member] | Common Class R Subject to Distribution Rate Tranche A [Member]
Subsequent Event [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)	$ 0.00369863
Distribution and shareholder services fee, percentage	0.67%
Subsequent Event [Member] | Dividend Declared [Member] | Common Class R Subject to Distribution Rate Tranche B [Member]
Subsequent Event [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)	$ 0.00394521
Distribution and shareholder services fee, percentage	0.27%
Subsequent Event [Member] | Dividend Declared [Member] | Common Class T, Subject to Distribution Rate, Tranche A [Member]
Subsequent Event [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)	$ 0.003376
Distribution and shareholder services fee, percentage	1.125%
Subsequent Event [Member] | Dividend Declared [Member] | Common Class T, Subject to Distribution Rate, Tranche B [Member]
Subsequent Event [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)	$ 0.003457
Distribution and shareholder services fee, percentage	1.00%

Subsequent Events - Restricted

Subsequent Events - Restricted Stock Grant (Details) - Restricted Stock [Member]	Aug. 09, 2017directorshares	May 16, 2016directorshares	Jun. 30, 2017shares	Jun. 30, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)			0	6,000
Independent Directors Compensation Plan [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of directors | director		3
Director One [Member] | Independent Directors Compensation Plan [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)		2,000	1,000
Director Two [Member] | Independent Directors Compensation Plan [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)		2,000	1,000
Director Three [Member] | Independent Directors Compensation Plan [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)		2,000	1,000
Subsequent Event [Member] | Director [Member] | Independent Directors Compensation Plan [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of directors | director	3
Subsequent Event [Member] | Director One [Member] | Independent Directors Compensation Plan [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)	1,000
Subsequent Event [Member] | Director Two [Member] | Independent Directors Compensation Plan [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)	1,000
Subsequent Event [Member] | Director Three [Member] | Independent Directors Compensation Plan [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)	1,000