CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Cash flows from operating activities:
Net income (loss)	$ 3,289,596	$ (3,777,765)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	1,134,898	0
Amortization of fair value adjustment	(125,281)	0
Equity (income) loss of unconsolidated joint ventures	(4,049)	89,258
Gain on sale of joint venture interests	(2,014,533)	0
Gain on revaluation of equity on business combination	(3,450,460)	0
Distributions from unconsolidated real estate joint ventures	476,619	702,726
Share-based compensation attributable to director's stock compensation plan	45,000	53,125
Changes in operating assets and liabilities:
Accounts receivable, prepaids and other assets	(12,696)	(15,433)
Accounts payable and other accrued liabilities	40,216	95,140
Due to affiliates	(1,379,032)	2,028,497
Net cash used in operating activities	(1,999,722)	(824,452)
Cash flows from investing activities:
Restricted cash	(196,368)	0
Cash acquired in excess of acquisition of consolidated real estate investments	96,057	0
Additions to consolidated real estate investments	(53,917)	0
Proceeds from sale of joint venture interests	2,957,622	0
Investment in unconsolidated real estate joint ventures	(6,457)	(55,430)
Net cash provided by (used in) investing activities	2,796,937	(55,430)
Cash flows from financing activities:
Distributions on common stock	(472,942)	(264,163)
Distributions to noncontrolling interests	(115,748)	0
Proceeds from notes payable	0	150,000
Repayment on notes payable	(3,834,578)	0
Repayment of mortgages payable	(119,196)	0
Issuance of common stock, net	7,443,431	1,085,511
Payments to redeem common stock	(271,772)	(15,000)
Net cash provided by financing activities	2,629,195	956,348
Net increase in cash and cash equivalents	3,426,410	76,466
Cash and cash equivalents at beginning of period	420,570	125,237
Cash and cash equivalents at end of period	3,846,980	201,703
Supplemental Disclosure of Cash Flow Information - Cash Interest Paid	100,024	257,752
Supplemental Disclosure of Noncash Transactions:
Distributions payable	114,367	50,329
Redemptions payable	23,125	0
Accrued offering costs	399,236	0
Distributions paid to common stockholders through common stock issuances pursuant to the distribution reinvestment plan including $43,868 and zero declared but not yet reinvested at September 30, 2012 and 2011, respectively	312,407	126,260
Receivable for common stock issuances pursuant to the distribution reinvestment plan	(43,868)	0
Net assets acquired (see Note 3 for detailed assets and liabilities acquired)	$ 5,187,724	$ 0