Subsequent Events (Tables)

6 Months Ended

Jun. 30, 2015

Subsequent Events [Abstract]

Schedule of Subsequent Events [Table Text Block]

The Company acquired the following properties subsequent to June 30, 2015 (unaudited):

Property	Location	Closing Date	Purchase Price		Debt			# Units	Noncontrolling Interest			Effective Ownership
Madera Point	Mesa, Arizona	August 5, 2015	$	22,525,000	$	13,515,000	(1)	256		5	%		95	%
The Pointe at the Foothills	Phoenix, Arizona	August 5, 2015	$	52,275,000	$	31,365,000	(1)	528		5	%		95	%