Debt (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Summary of Notes Payable Secured by Real Property

The following is a summary of mortgage notes payable, net secured by real property as of December 31, 2018 and 2017:

	December 31, 2018
			Interest Rate Range				Weighted Average Interest Rate
Type	Number of Instruments	Maturity Date Range	Minimum		Maximum				Principal Outstanding
Mortgage notes payable - fixed	20	5/1/2019 - 10/1/2056	3.19	%	5.48	%	3.95	%	$	361,723,899
Mortgage notes payable - variable(1)	10	7/1/2023 - 11/1/2027	1-Mo LIBOR + 1.77%		1-Mo LIBOR + 2.38%		4.69	%	283,046,390
Total mortgage notes payable, gross	30						4.27	%	644,770,289
Premium, net(2)									302,530
Deferred financing costs, net(3)									(3,934,705		)
Total mortgage notes payable, net									$	641,138,114

	December 31, 2017
			Interest Rate Range				Weighted Average Interest Rate
Type	Number of Instruments	Maturity Date Range	Minimum		Maximum				Principal Outstanding
Mortgage notes payable - fixed	32	4/1/2018 - 10/1/2056	3.19	%	5.75	%	3.89	%	$	416,673,854
Mortgage notes payable - variable(1)	14	10/1/2018 - 1/1/2026	1-Mo LIBOR +2.02%		1-Mo LIBOR + 2.50%		3.86	%	372,481,000
Total mortgage notes payable, gross	46						3.87	%	789,154,854
Premium, net(2)									673,653
Deferred financing costs, net(3)									(4,264,667		)
Total mortgage notes payable, net									$	785,563,840

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(1) See Note 12 for a discussion of the interest rate cap agreements used to manage the exposure to interest rate movement on the Company’s variable rate loans.

(2) Accumulated amortization related to debt premiums as of December 31, 2018 and 2017 was $960,519 and $2,468,041, respectively.

(3) Accumulated amortization related to deferred financing costs as of December 31, 2018 and 2017 was $2,929,134 and $3,951,049, respectively.

Schedule of Line of Credit Facilities

s of December 31, 2018 and 2017, the advances obtained under the credit facility on July 29, 2016, are summarized in the following table:

	Amount of Advance as of December 31,
Collateralized Property(1)	2018			2017
Carrington Park at Huffmeister	$	—		$	20,430,500
Carrington Place	27,535,500			27,535,500
Carrington at Champion Forest	25,121,250			25,121,250
Oak Crossing	—			17,980,000
	52,656,750			91,067,250
Deferred financing costs, net on credit facility(2)	(293,290		)	(845,152		)
Credit facility, net	$	52,363,460		$	90,222,098

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(1) Each property is pledged as collateral for repayment of all amounts advanced under the credit facility.

(2) Accumulated amortization related to deferred financing costs for the credit facility as of December 31, 2018 and 2017, was $294,250 and $390,241, respectively.

Summary of Aggregate Maturities

he following is a summary of the Company’s aggregate maturities as of December 31, 2018:

			Maturities During the Years Ending December 31,
Contractual Obligation	Total		2019		2020		2021		2022		2023		Thereafter
Principal payments on outstanding debt obligations(1)	$	697,427,039	$	51,047,863	$	41,811,837	$	70,095,167	$	31,701,112	$	216,630,812	$	286,140,248

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(1) Projected principal payments on outstanding debt obligations are based on the terms of the notes payable agreements. Amounts exclude the amortization of the deferred financing costs and debt premiums associated with certain notes payable.