Real Estate (Tables)

12 Months Ended

Dec. 31, 2018

Real Estate [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

During the year ended December 31, 2018, the Company acquired each of the following two properties through Section 1031 exchanges under the Internal Revenue Code:

				Purchase Price Allocation
Property Name	Location	Purchase Date	Units	Land		Buildings and Improvements		Tenant Origination and Absorption Costs		Total Purchase Price
Double Creek Flats	Plainfield, IN	5/7/2018	240	$	1,306,880	$	30,081,288	$	463,911	$	31,852,079
Jefferson at Perimeter Apartments	Dunwoody, GA	6/11/2018	504	17,763,296		84,567,694		1,302,993		103,633,983
			744	$	19,070,176	$	114,648,982	$	1,766,904	$	135,486,062

Schedule of Accumulated Depreciation and Amortization Related to the Consolidated Real Estate Properties and Related Intangibles

As of December 31, 2018 and 2017, accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows:

	December 31, 2018
	Assets
	Land		Building and Improvements			Other Intangible Assets			Total Real Estate Held for Investment			Real Estate Held for Sale
Investments in real estate	$	105,754,646	$	942,484,745		$	2,644,263		$	1,050,883,654		$	—
Less: Accumulated depreciation and amortization	—		(203,141,450		)	(852,367		)	(203,993,817		)	—
Net investments in real estate and related lease intangibles	$	105,754,646	$	739,343,295		$	1,791,896		$	846,889,837		$	—

	December 31, 2017
	Assets
	Land		Building and Improvements			Other Intangible Assets			Total Real Estate Held for Investment			Real Estate Held for Sale
Investments in real estate	$	86,684,470	$	819,267,249		$	2,644,263		$	908,595,982		$	339,701,002
Less: Accumulated depreciation and amortization	—		(163,349,022		)	(699,199		)	(164,048,221		)	(57,533,433		)
Net investments in real estate and related lease intangibles	$	86,684,470	$	655,918,227		$	1,945,064		$	744,547,761		$	282,167,569

Schedule of Future Amortization of Acquired Other Intangible Assets

The future amortization of the Company’s acquired other intangible assets as of December 31, 2018, and thereafter is as follows:

2019	$	153,168
2020	153,168
2021	153,168
2022	153,168
2023	153,168
Thereafter	1,026,056
	$	1,791,896

Schedule of Future Minimum Rental Receipts from Properties under Non-cancelable Operating Leases Attributable to Commercial Office Tenants

The future minimum rental receipts from the Company’s properties under non-cancelable operating leases attributable to commercial office tenants as of December 31, 2018, and thereafter is as follows:

2019	$	264,858
2020	218,313
2021	220,535
2022	138,844
2023	81,202
Thereafter	104,299
	$	1,028,051

Disposal Groups, Including Discontinued Operations

The results of operations for the years endedDecember 31, 2018, 2017 and 2016, for the disposed properties, including the properties contributed to the Joint Venture, were included in continuing operations on the Company’s consolidated statements of operations and are as follows:

	For the Year Ended December 31,
	2018		2017		2016
Revenues:
Rental income	$	15,419,070	$	86,308,663	$	90,745,815
Tenant reimbursements and other	2,387,947		12,181,764		12,559,674
Total revenues	17,807,017		98,490,427		103,305,489
Expenses:
Operating, maintenance and management	6,071,075		28,762,439		28,943,711
Real estate taxes and insurance	3,085,761		17,266,260		18,011,156
Fees to affiliates	755,971		3,832,896		3,950,983
Depreciation and amortization	4,391,426		30,106,602		32,827,001
Interest expense	3,731,580		19,344,126		18,120,461
Loss on debt extinguishment	3,346,271		2,387,552		1,569,888
General and administrative expenses	584,621		1,217,005		1,168,334
Total expenses	$	21,966,705	$	102,916,880	$	104,591,534