Acquisition of Real Estate (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of acquistion of real estate Properties [Table Text Block]

The following describes the Company’s significant acquisition activity during the years ended December 31, 2018 and 2017 (dollars in thousands):

Property	Location		Date		Interest			Price		Mortgage
Preston View	Morrisville, NC			February 17, 2017		91.8	% (a)	$	59,500	$	41,066
Wesley Village	Charlotte, NC			March 9, 2017		91.8	% (a)		57,150		40,545
Texas Portfolio (b)		(b)		June 9, 2017		90.0	%		188,850		146,377
Villages at Cypress Creek	Houston, TX			September 8, 2017		80.0	%		40,700		26,200
Citrus Tower	Orlando, FL			September 28, 2017		96.8	%		55,250		41,438
Outlook at Greystone	Birmingham, AL			October 19, 2017		100.0	%		36,250		(c)
ARIUM Metrowest	Orlando, FL			October 30, 2017		100.0	%		86,000		(c)
ARIUM Hunter’s Creek	Orlando, FL			October 30, 2017		100.0	%		96,888		72,294
The Mills	Greenville, SC			November 29, 2017		100.0	%		40,250		26,817
The Links at Plum Creek	Castle Rock, CO			March 26, 2018		88.0	%		61,100		40,000
Sands Parc	Daytona Beach, FL			May 1, 2018		100.0	%		46,200		(c)
Plantation Park	Lake Jackson, TX			June 14, 2018		80.0	%		35,600		26,625
Veranda at Centerfield	Houston, TX			July 26, 2018		93.0	%		40,150		26,100
Ashford Belmar	Lakewood, CO			November 15, 2018		85.0	%		143,444		100,675

(a)

Subsequently increased to 100.0% as discussed below.

(b)

Marquis at Crown Ridge, Marquis at Stone Oak and Marquis at TPC located in San Antonio, Texas, and Marquis at The Cascades I and II (considered one property subsequent to acquisition) located in Tyler, Texas.

(c)

Funded, in part, with the Company’s Senior Credit Facility secured by the property. See Note 8 for further information about the Company’s Secured Credit Facility.

Schedule of Real Estate Properties [Table Text Block]

The following table summarizes the assets acquired at the acquisition date for acquisitions made during the year ended December 31, 2018 (amounts in thousands):

	Purchase Price Allocation
Land	$	31,250
Building		225,857
Building improvements		24,240
Land improvements		38,750
Furniture and fixtures		5,119
In-place leases		5,629
Total assets acquired	$	330,845

Schedule of acquisition of noncontrolling partners interest in real estate Properties [Table Text Block]

In addition to the property acquisitions discussed above, the Company also acquired the noncontrolling partner’s interest in the following properties (dollars in thousands):

Property	Date		Amount		Previous Interest			New Interest
ARIUM Grandewood		November 6, 2017	$	3,054		95.0	%		100.0	%
Park & Kingston (a)		December 29, 2017		483		96.0	%		100.0	%
Enders Place at Baldwin Park (a)		December 29, 2017		499		89.5	%		92.0	%
Preston View and Wesley Village (b)		December 29, 2017		3,391		91.8	%		100.0	%
ARIUM at Palmer Ranch		April 26, 2018		4,174		95.0	%		100.0	%
ARIUM Gulfshore		April 26, 2018		4,838		95.0	%		100.0	%
ARIUM Palms		August 29, 2018		3,023		95.0	%		100.0	%

(a)

The additional interests were purchased from Bluerock Special Opportunity + Income Fund III, LLC (“Fund III”) based on a broker’s opinion of value.

(b)

The additional interests were purchased from Bluerock Special Opportunity + Income Fund I, LLC (“Fund I”) based on an 8% return on equity from the original purchase dates in February 2017 and March 2017.