Fair Value Measures and Disclosures (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following table presents information about the Company's assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value:

	Level 1		Level 2		Level 3		Total
June 30, 2019
Assets:
Interest rate caps	$	—	$	199	$	—	$	199
December 31, 2018
Assets:
Interest rate caps	$	—	$	2,293	$	—	$	2,293

Fair Value, by Balance Sheet Grouping

The carrying amount and estimated fair values of the Company’s mortgage notes payable were as follows:

	June 30, 2019				December 31, 2018
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Mortgage notes payable- outstanding borrowings	$	147,287,697	$	146,712,929	$	101,315,236	$	100,698,311