CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities
Net income (loss)	$ 7,643	$ (6,558)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	16,747	13,231
Amortization of fair value adjustments	(295)	(282)
Equity in income of unconsolidated joint ventures	(6,590)	(1,066)
Equity in gain on sale of real estate assets of unconsolidated joint ventures	(11,303)	(4,067)
Gain on sale of joint venture interests	0	(1,006)
Gain on sale of real estate assets	(2,677)	0
Distributions from unconsolidated real estate joint ventures	9,027	720
Share-based compensation attributable to directors' stock compensation plan	126	48
Share-based compensation to Former Advisor - LTIP Units	0	2,117
Share-based compensation to Manager - LTIP Units	5,738	964
Changes in operating assets and liabilities:
Due to affiliates	737	(291)
Accounts receivable, prepaid expenses and other assets	(5,647)	27
Accounts payable and other accrued liabilities	3,202	1,308
Net cash provided by operating activities	16,708	5,145
Cash flows from investing activities:
Increase in restricted cash	(42)	(10,335)
Acquisitions of consolidated real estate investments	(241,415)	(59,329)
Capital expenditures	(3,670)	(7,967)
Proceeds from sale of joint venture interests	0	4,985
Proceeds from sale of unconsolidated real estate joint venture interests	15,590	10,830
Proceeds from sale of real estate assets	17,862	0
Deconsolidation of Grove at Waterford and 23Hundred@Berry Hill	0	(1,687)
Purchases of interests from noncontrolling members	(11,942)	(15,447)
Investment in unconsolidated real estate joint venture interests	(65,093)	(10,135)
Net cash used in investing activities	(288,710)	(89,085)
Cash flows from financing activities:
Distributions to common stockholders	(20,127)	(5,771)
Distributions to noncontrolling interests	(2,105)	(5,774)
Noncontrolling equity interest contributions to consolidated real estate investments	3,321	5,066
Fair value adjustment for debt assumed in acquisition	0	(1,547)
Borrowings on mortgages payable	151,058	45,335
Repayments on mortgages payable	(12,911)	(468)
Repayments under line of credit	0	(7,571)
Deferred financing fees	(1,819)	(2,119)
Net proceeds from issuance of common stock	131,321	76,864
Net proceeds from issuance of preferred stock	69,165	0
Net cash provided by financing activities	317,903	104,015
Net increase in cash and cash equivalents	45,901	20,075
Cash and cash equivalents at beginning of period	23,059	2,984
Cash and cash equivalents at end of period	68,960	23,059
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized of $143 for the year ended December 31, 2014	10,909	7,769
Supplemental Disclosure of Noncash Investing and Financing Activities
Distributions payable	3,163	889
Accrued offering costs	0	219
Mortgages assumed upon property acquisitions	32,942	116,800
Class A common stock issued upon property acquisitions	0	15,188
OP Units issued for property acquisition	0	4,100
Reduction of assets from deconsolidation	0	63,109
Reduction of mortgages payable from deconsolidation	0	43,453
Reduction of noncontrolling interests from deconsolidation	$ 0	$ 7,814