Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments [Table Text Block]

The carrying amount of the Company’s preferred equity investments and investments in unconsolidated real estate joint ventures as of December 31, 2018 and 2017 is summarized in the table below (amounts in thousands):

Property	December 31,  2018		December 31,  2017
Alexan CityCentre	$	11,205	$	9,258
Alexan Southside Place		22,801		20,584
Arlo, formerly West Morehead		14		14
Cade Boca Raton, formerly APOK Townhomes		7		7
Domain at The One Forty, formerly Domain		12		12
Flagler Village		44		30
Helios		19,189		16,360
Leigh House, formerly Lake Boone Trail		13,319		11,930
North Creek Apartments		5,892		—
Novel Perimeter, formerly Crescent Perimeter		12		12
Riverside Apartments		3,600		—
Vickers Historic Roswell, formerly Vickers Village		6		6
Wayforth at Concord		—		—
Whetstone Apartments		12,932		12,932
Total	$	89,033	$	71,145

Preferred Equity Method Investments [Table Text Block]

The preferred returns and equity in income (loss) of the Company’s unconsolidated real estate joint ventures for the years ended December 31, 2018, 2017 and 2016 is summarized below (amounts in thousands):

Property	December 31, 2018		December 31, 2017			December 31, 2016
Alexan CityCentre	$	1,668	$	1,395		$	1,085
Alexan Southside Place		3,201		2,879			2,605
Arlo		—		—			677
Cade Boca Raton		—		—			226
Domain at The One Forty		—		141			614
Flagler Village		—		(7	)		(6	)
Helios		2,459		2,454			2,461
Leigh House		1,910		1,770			1,492
North Creek Apartments		108		—			—
Other		—		(26	)		530
Riverside Apartments		31		—			—
Whetstone Apartments		935		1,730			1,948
Preferred returns and equity in income of unconsolidated joint ventures	$	10,312	$	10,336		$	11,632

Equity Income Loss of Joint Ventures [Table Text Block]

Summary combined financial information for the Company’s investments in unconsolidated real estate joint ventures as of December 31, 2018 and 2017 and for the years ended December 31, 2018, 2017 and 2016, is as follows (amounts in thousands):

	December 31,  2018		December 31,  2017
Balance Sheets:
Real estate, net of depreciation	$	577,624	$	399,111
Other assets		45,324		62,667
Total assets	$	622,948	$	461,778
Mortgage payable	$	480,903	$	325,702
Other liabilities		21,250		25,956
Total liabilities	$	502,153	$	351,658
Members’ equity		120,795		110,120
Total liabilities and members’ equity	$	622,948	$	461,778

	December 31, 2018			December 31, 2017			December 31, 2016
Operating Statement:
Rental revenues	$	19,222		$	5,517		$	6,652
Operating expenses		(14,824	)		(4,990	)		(3,760	)
Income before debt service, acquisition costs, and depreciation and amortization		4,398			527			2,892
Interest expense, net		(12,935	)		(3,098	)		(1,409	)
Acquisition costs		—			—			(3	)
Depreciation and amortization		(10,385	)		(3,384	)		(2,881	)
Operating loss		(18,922	)		(5,955	)		(1,401	)
Gain on sale		—			—			16,733
Net (loss) income	$	(18,922	)	$	(5,955	)	$	15,332