CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Real Estate:
Land	$ 105,754,646	$ 86,684,470
Building and improvements	942,484,745	819,267,249
Other intangible assets	2,644,263	2,644,263
Total real estate held for investment, cost	1,050,883,654	908,595,982
Less accumulated depreciation and amortization	(203,993,817)	(164,048,221)
Total real estate held for investment, net	846,889,837	744,547,761
Real estate held for sale, net	0	282,167,569
Total real estate, net	846,889,837	1,026,715,330
Cash and cash equivalents	142,078,166	171,228,485
Restricted cash	12,114,277	28,959,004
Investment in unconsolidated joint venture	14,085,399	8,133,156
Rents and other receivables	1,791,881	2,737,800
Assets related to real estate held for sale	0	4,908,519
Other assets	2,698,438	3,258,584
Total assets	1,019,657,998	1,245,940,878
Liabilities:
Accounts payable and accrued liabilities	26,893,862	24,399,352
Notes payable:
Mortgage notes payable, net	641,138,114	555,581,831
Credit facility, net	52,363,460	90,222,098
Notes payable related to real estate held for sale, net	0	229,982,009
Total notes payable, net	693,501,574	875,785,938
Distributions payable	3,515,310	4,595,301
Due to affiliates	4,985,918	1,967,129
Liabilities related to real estate held for sale	0	8,545,385
Total liabilities	728,896,664	915,293,105
Commitments and contingencies (Note 11)
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	656,204,073	664,110,915
Cumulative distributions and net income	(366,189,251)	(334,217,946)
Total stockholders’ equity	290,761,334	330,647,773
Total liabilities and stockholders’ equity	1,019,657,998	1,245,940,878
Common stock $0.01 par value per share; 999,999,000 shares authorized, 74,650,139 and 75,479,409 shares issued and outstanding at December 31, 2018 and 2017, respectively [Member]
Notes payable:
Distributions payable	3,515,310	4,595,301
Stockholders’ Equity:
Common stock value	746,502	754,794
Convertible stock, $0.01 par value per share; 1,000 shares authorized, issued and outstanding as of December 31, 2018 and 2017, respectively [Member]
Stockholders’ Equity:
Common stock value	$ 10	$ 10