Segment Reporting (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2016 USD ($) segment	Dec. 31, 2015 USD ($)	Sep. 30, 2016 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment	2
Revenues:
Rental and other revenues from real estate properties	$ 25,029	$ 22,319
Other income	611	7
Total revenues	25,640	22,326
Expenses:
Real estate operating expenses	12,446	11,094
Interest expense	6,687	5,531
Advisor’s fees, related party	0	693
Property acquisition costs	0	57
General and administrative	2,597	1,749
Provision for Federal Tax	350	0
Depreciation	6,297	4,984
Total expenses	28,377	24,108
Total revenue less total expenses	(2,737)	(1,782)
Gain on sale of real estate	35,838	609
Net income (loss)	32,302	(2,773)
Income (loss) from continuing operations	32,302	(1,173)
Net (income) attributable to non-controlling interests	(16,532)	739
Net income attributable to common shareholders before reconciling items	15,770	(1,393)
Reconciling adjustment:
Discontinued operations	0	(641)
Net income (loss) attributable to common shareholders	15,770	(2,034)
Total Assets	849,074	880,482	$ 874,899
Multi-Family Real Estate
Reconciling adjustment:
Total Assets	832,265	689,231
Other Real Estate
Reconciling adjustment:
Total Assets	16,809	191,251
Operating Segments
Revenues:
Rental and other revenues from real estate properties	25,029	22,319
Other income	611	7
Total revenues	25,640	22,326
Expenses:
Real estate operating expenses	12,446	11,094
Interest expense	6,687	5,531
Advisor’s fees, related party		693
Property acquisition costs		57
General and administrative	2,597	1,749
Provision for Federal Tax	350
Depreciation	6,297	4,984
Total expenses	28,377	24,108
Total revenue less total expenses	(2,737)	(1,782)
Gain on sale of real estate	35,838	609
Net income (loss)		(1,173)
Loss on extinguishment of debt	(799)
Income (loss) from continuing operations	32,302
Net (income) attributable to non-controlling interests	(16,532)	(220)
Net income attributable to common shareholders before reconciling items	15,770	(1,393)
Operating Segments | Multi-Family Real Estate
Revenues:
Rental and other revenues from real estate properties	24,643	22,003
Other income	0	0
Total revenues	24,643	22,003
Expenses:
Real estate operating expenses	12,349	10,944
Interest expense	6,092	5,459
Advisor’s fees, related party		594
Property acquisition costs		57
General and administrative	2,544	1,661
Provision for Federal Tax	343
Depreciation	6,270	4,957
Total expenses	27,598	23,672
Total revenue less total expenses	(2,955)	(1,669)
Gain on sale of real estate	35,389	0
Net income (loss)		(1,669)
Loss on extinguishment of debt	(799)
Income (loss) from continuing operations	31,635
Net (income) attributable to non-controlling interests	(16,497)	(199)
Net income attributable to common shareholders before reconciling items	15,138	(1,868)
Operating Segments | Other Real Estate
Revenues:
Rental and other revenues from real estate properties	386	316
Other income	611	7
Total revenues	997	323
Expenses:
Real estate operating expenses	97	150
Interest expense	595	72
Advisor’s fees, related party		99
Property acquisition costs		0
General and administrative	53	88
Provision for Federal Tax	7
Depreciation	27	27
Total expenses	779	436
Total revenue less total expenses	218	(113)
Gain on sale of real estate	449	609
Net income (loss)		496
Loss on extinguishment of debt	0
Income (loss) from continuing operations	667
Net (income) attributable to non-controlling interests	(35)	(21)
Net income attributable to common shareholders before reconciling items	$ 632	475
Segment Reconciling Items
Reconciling adjustment:
Discontinued operations		$ (641)