Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2012

Related Party Transactions [Abstract]

Schedule of related party transactions

	Year Ended December 31, 2011								Six Months Ended June 30, 2012
	Incurred			Paid		Payable/ (Receivable)			Incurred			Paid		Payable
Advisor and Property Manager fees
Acquisition fees and expenses	$	1,680,000		$	3,309,344	$	—		$	3,159,000		$	3,159,000	$	—
Operating expenses		339,203			299,288		84,801			161,556			165,579		80,778
Asset management fees		1,083,304			1,041,222		103,073			828,461			771,785		159,749
Property management fees		377,078			363,313		35,746			285,541			266,397		54,890
Costs advanced by the Advisor		50,193			667,399		26,735			391,154			177,126		240,763
Total amount payable to the Advisor		3,529,778			5,680,566		250,355			4,825,712			4,539,887		536,180
Allowable organizational and offering costs		1,854,645			—		1,854,645			3,065,488			—		3,065,488
Actual organizational and offering costs		(2,564,521	)		—		(2,564,521	)		(3,065,488	)		—		(3,065,488	)
Total	$	2,819,902		$	5,680,566	$	(459,521	)	$	4,825,712		$	4,539,887	$	536,180
Dealer Manager fees	$	3,570,133		$	3,570,133	$	—		$	3,125,083		$	3,125,083	$	—