10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

þ	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended June 30, 2016

OR

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from  to

Commission file number 000-54674

STEADFAST INCOME REIT, INC.

(Exact Name of Registrant as Specified in Its Charter)

Maryland	27-0351641
(State or Other Jurisdiction of	(I.R.S. Employer
Incorporation or Organization)	Identification No.)
18100 Von Karman Avenue, Suite 500
Irvine, California	92612
(Address of Principal Executive Offices)	(Zip Code)

(949) 852-0700

(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filed, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated filer o Accelerated filer o Non-Accelerated filer þ (Do not check if smaller reporting company) Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ

As of August 5, 2016, there were 76,385,253 shares of the Registrant’s common stock issued and outstanding.

STEADFAST INCOME REIT, INC.

INDEX

	Page
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements	2
Consolidated Balance Sheets as of June 30, 2016 (unaudited) and December 31, 2015	2
Consolidated Statements of Operations for the three and six months ended June 30, 2016 and 2015 (unaudited)	3
Consolidated Statements of Stockholders’ Equity for the year ended December 31, 2015 and for the six months ended June 30, 2016 (unaudited)	4
Consolidated Statements of Cash Flows for the six months ended June 30, 2016 and 2015 (unaudited)	5
Condensed Notes to Consolidated Financial Statements as of June 30, 2016 (unaudited)	7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	32
Item 3. Quantitative and Qualitative Disclosures About Market Risk	54
Item 4. Controls and Procedures	55
PART II — OTHER INFORMATION
Item 1. Legal Proceedings	56
Item 1A. Risk Factors	56
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	56
Item 3. Defaults Upon Senior Securities	57
Item 4. Mine Safety Disclosures	57
Item 5. Other Information	57
Item 6. Exhibits	57
Signatures	58

1

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

STEADFAST INCOME REIT, INC.

CONSOLIDATED BALANCE SHEETS

	June 30, 2016			December 31, 2015
	(Unaudited)
ASSETS
Assets:
Real Estate:
Land	$	174,102,422		$	174,102,422
Building and improvements	1,498,605,615			1,487,961,762
Other intangible assets	2,644,263			2,644,263
Construction-in-progress	4,869,498			2,192,635
Total real estate, cost	1,680,221,798			1,666,901,082
Less accumulated depreciation and amortization	(197,497,998		)	(163,445,987		)
Total real estate, net	1,482,723,800			1,503,455,095
Cash and cash equivalents	80,800,943			32,076,582
Restricted cash	22,756,133			27,700,811
Rents and other receivables	3,320,821			2,742,011
Other assets, net	2,655,208			4,328,851
Total assets	$	1,592,256,905		$	1,570,303,350
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Accounts payable and accrued liabilities	$	35,471,070		$	40,752,458
Mortgage notes payable, net	1,183,354,251			1,115,752,899
Distributions payable	4,492,374			4,668,261
Due to affiliates	3,275,462			2,682,209
Total liabilities	1,226,593,157			1,163,855,827
Commitments and contingencies (Note 10)
Stockholders’ Equity:
Preferred stock, $0.01 par value per share; 100,000,000 shares authorized, no shares issued and outstanding	—			—
Common stock, $0.01 par value per share; 999,999,000 shares authorized, 76,479,044 and 76,674,502 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively	764,791			766,745
Convertible stock, $0.01 par value per share; 1,000 shares authorized, issued and outstanding as of June 30, 2016 and December 31, 2015, respectively	10			10
Additional paid-in capital	675,823,217			677,624,840
Cumulative distributions and net losses	(310,924,270		)	(271,944,072		)
Total stockholders’ equity	365,663,748			406,447,523
Total liabilities and stockholders’ equity	$	1,592,256,905		$	1,570,303,350

See accompanying condensed notes to consolidated financial statements.

2

PART I — FINANCIAL INFORMATION (continued)

Item 1. Financial Statements (continued)

STEADFAST INCOME REIT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Revenues:
Rental income	$	47,932,721		$	46,388,918		$	95,103,356		$	91,921,505
Tenant reimbursements and other	6,089,902			5,854,884			11,826,176			11,373,597
Total revenues	54,022,623			52,243,802			106,929,532			103,295,102
Expenses:
Operating, maintenance and management	13,903,048			12,766,597			27,612,858			25,593,749
Real estate taxes and insurance	10,048,699			9,730,344			18,959,719			18,785,743
Fees to affiliates	7,362,697			5,413,367			12,885,120			10,781,843
Depreciation and amortization	17,216,777			16,182,016			34,164,045			32,336,326
Interest expense	10,140,476			9,520,362			20,187,315			19,507,596
Loss on debt extinguishment	1,189,044			—			1,189,044			—
General and administrative expenses	2,201,102			1,535,545			3,588,789			3,017,775
Acquisition costs	—			—			—			7,145
Total expenses	62,061,843			55,148,231			118,586,890			110,030,177
Net loss	$	(8,039,220	)	$	(2,904,429	)	$	(11,657,358	)	$	(6,735,075	)
Loss per common share — basic and diluted	$	(0.11	)	$	(0.04	)	$	(0.15	)	$	(0.09	)
Weighted average number of common shares outstanding — basic and diluted	76,252,947			76,353,485			76,301,454			76,353,485
Distributions declared per common share	$	0.178		$	0.179		$	0.356		$	0.356

See accompanying condensed notes to consolidated financial statements.

3

PART I — FINANCIAL INFORMATION (continued)

Item 1. Financial Statements (continued)

STEADFAST INCOME REIT, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE YEAR ENDED DECEMBER 31, 2015

AND FOR THESIX MONTHS ENDED JUNE 30, 2016 (Unaudited)

	Common Stock					Convertible Stock			Additional Paid- In Capital			Cumulative Distributions & Net Losses			Total Stockholders’ Equity
	Shares		Amount			Shares	Amount
BALANCE, December 31, 2014	76,858,483		$	768,585		1,000	$	10	$	680,138,132		$	(203,843,497	)	$	477,063,230
Issuance of common stock	14,008		140			—	—		(62		)	—			78
Transfers to redeemable common stock	—		—			—	—		(1,000,000		)	—			(1,000,000		)
Repurchase of common stock	(197,989	)	(1,980		)	—	—		(1,998,020		)	—			(2,000,000		)
Distributions declared	—		—			—	—		—			(55,076,217		)	(55,076,217		)
Amortization of stock-based compensation	—		—			—	—		184,350			—			184,350
Change in value of restricted common stock to Advisor	—		—			—	—		300,440			—			300,440
Net loss for the year ended December 31, 2015	—		—			—	—		—			(13,024,358		)	(13,024,358		)
BALANCE, December 31, 2015	76,674,502		766,745			1,000	10		677,624,840			(271,944,072		)	406,447,523
Repurchase of common stock	(195,458	)	(1,954		)	—	—		(1,998,046		)	—			(2,000,000		)
Distributions declared	—		—			—	—		—			(27,322,840		)	(27,322,840		)
Amortization of stock-based compensation	—		—			—	—		25,728			—			25,728
Change in value of restricted common stock to Advisor	—		—			—	—		170,695			—			170,695
Net loss for the six months ended June 30, 2016	—		—			—	—		—			(11,657,358		)	(11,657,358		)
BALANCE, June 30, 2016	76,479,044		$	764,791		1,000	$	10	$	675,823,217		$	(310,924,270	)	$	365,663,748

See accompanying condensed notes to consolidated financial statements.

4

PART I — FINANCIAL INFORMATION (continued)

Item 1. Financial Statements (continued)

STEADFAST INCOME REIT, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Six Months Ended June 30,
	2016			2015
Cash Flows from Operating Activities:
Net loss	$	(11,657,358	)	$	(6,735,075	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	34,164,045			32,336,326
Amortization of deferred financing costs	777,466			732,127
Amortization of stock-based compensation	25,728			45,767
Change in value of restricted common stock to Advisor	170,695			22,140
Amortization of loan premiums and discounts, net	(617,396		)	(617,396		)
Change in fair value of interest rate cap agreements	445,272			1,368,174
Loss on debt extinguishment	997,244			—
Proceeds from insurance claims	(119,930		)	—
Changes in operating assets and liabilities:
Restricted cash for operating activities	3,864,702			2,679,940
Rents and other receivables	(578,810		)	(360,449		)
Other assets	1,374,188			2,533,858
Accounts payable and accrued liabilities	(6,054,005		)	(7,880,221		)
Due to affiliates	658,873			(1,710,848		)
Net cash provided by operating activities	23,450,714			22,414,343
Cash Flows from Investing Activities:
Additions to real estate investments	(12,725,753		)	(14,963,833		)
Restricted cash for investing activities	1,079,976			(124,438		)
Purchase of interest rate cap agreements	(259,000		)	(65,250		)
Proceeds from insurance claims	119,930			—
Net cash used in investing activities	(11,784,847		)	(15,153,521		)
Cash Flows from Financing Activities:
Proceeds from issuance of mortgage notes payable	360,616,609			23,889,258
Principal payments on mortgage notes payable	(291,459,917		)	(6,909,735		)
Borrowings from credit facility	16,000,000			6,000,000
Principal payments on credit facility	(16,000,000		)	—
Payment of deferred financing costs	(2,599,471		)	(271,380		)
Distributions to common stockholders	(27,498,727		)	(27,472,843		)
Repurchase of common stock	(2,000,000		)	—
Net cash provided by (used in) financing activities	37,058,494			(4,764,700		)
Net increase in cash and cash equivalents	48,724,361			2,496,122
Cash and cash equivalents, beginning of period	32,076,582			29,529,312
Cash and cash equivalents, end of period	$	80,800,943		$	32,025,434

5

PART I — FINANCIAL INFORMATION (continued)

Item 1. Financial Statements (continued)

STEADFAST INCOME REIT, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

(Unaudited)

	Six Months Ended June 30,
	2016			2015
Supplemental Disclosures of Cash Flow Information:
Interest paid, net of amounts capitalized of $66,367 and $100,675 for the six months ended June 30, 2016 and 2015, respectively	$	20,144,647		$	18,084,480
Supplemental Disclosure of Noncash Transactions:
Distributions paid to common stockholders through common stock issuances pursuant to the distribution reinvestment plan	$	—		$	78
Increase in accounts payable and accrued liabilities from additions to real estate investments	$	772,617		$	557,484
Decrease in due to affiliates from additions to real estate investments	$	(65,620	)	$	—

See accompanying condensed notes to consolidated financial statements.

6

PART I — FINANCIAL INFORMATION (continued)

Item 1. Financial Statements (continued)

STEADFAST INCOME REIT, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

1. Organization and Business

Steadfast Income REIT, Inc. (the “Company”) was formed on May 4, 2009, as a Maryland corporation that has elected to be treated as, and currently qualifies as, a real estate investment trust (“REIT”). On June 12, 2009, the Company was initially capitalized pursuant to the sale of 22,223 shares of common stock to Steadfast REIT Investments, LLC (the “Sponsor”) at a purchase price of $9.00 per share for an aggregate purchase price of $200,007. On July 10, 2009, Steadfast Income Advisor, LLC (the “Advisor”), a Delaware limited liability company formed on May 1, 2009, invested $1,000 in the Company in exchange for 1,000 shares of convertible stock (the “Convertible Stock”) as described in Note 6.

Substantially all of the Company’s business is conducted through Steadfast Income REIT Operating Partnership, L.P., a Delaware limited partnership formed on July 6, 2009 (the “Operating Partnership”). The Company is the sole general partner of the Operating Partnership. As the Company accepted subscriptions for shares of its common stock in the Public Offering (as defined below), the Company transferred substantially all of the net offering proceeds to the Operating Partnership in exchange for limited partnership interests, and the Company’s percentage ownership in the Operating Partnership increased proportionately. The Company and Advisor entered into an Amended and Restated Limited Partnership Agreement of the Operating Partnership (the “Partnership Agreement”) on September 28, 2009.

As of June 30, 2016, the Company owned 65 multifamily properties comprising a total of 16,647 apartment homes and an additional 25,973 square feet of rentable commercial space at three properties.

Private Offering

On October 13, 2009, the Company commenced a private offering of up to $94,000,000 in shares of the Company’s common stock at a purchase price of $9.40 per share (with discounts available for certain categories of purchasers) (the “Private Offering”). The Company offered its shares of common stock for sale in the Private Offering pursuant to a confidential private placement memorandum and only to persons that were “accredited investors,” as that term is defined under the Securities Act of 1933, as amended (the “Securities Act”), and Regulation D promulgated thereunder. On July 9, 2010, the Company terminated the Private Offering and on July 19, 2010, the Company commenced its registered Public Offering described below. The Company sold 637,279 shares of common stock in the Private Offering for gross offering proceeds of $5,844,325.

Public Offering

On July 23, 2009, the Company filed a registration statement on Form S-11 with the Securities and Exchange Commission (the “SEC”) to offer a maximum of 150,000,000 shares of common stock for sale to the public at an initial price of $10.00 per share (with discounts available for certain categories of purchasers) (the “Primary Offering”). The Company also registered up to 15,789,474 shares of common stock for sale pursuant to the Company’s distribution reinvestment plan (the “DRP,” and together with the Primary Offering, the “Public Offering”) at an initial price of $9.50 per share. The SEC declared the Company’s registration statement effective on July 9, 2010. The Company commenced the Public Offering on July 19, 2010.

On July 12, 2012, the Company’s board of directors determined an estimated value per share of the Company’s common stock as of March 31, 2012 of $10.24. As a result of the determination of the estimated value per share of the Company’s common stock as of March 31, 2012, effective September 10, 2012, the offering price of the Company’s common stock to the public in the Primary Offering increased from the previous price of $10.00 per share to $10.24 per share. Additionally, effective September 10, 2012, the price of shares of the Company’s common stock issued pursuant to the DRP increased from a price of $9.50 per share to a price of $9.73 per share, or 95% of the new Primary Offering price of $10.24 per share. Effective September 10, 2012, the Company’s board of directors increased the amount of distributions paid on each share of the

7

PART I — FINANCIAL INFORMATION (continued)

Item 1. Financial Statements (continued)

STEADFAST INCOME REIT, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

Company’s common stock from $0.001917 per share per day to $0.001964 per share per day, which, if paid each day over a 365-day period, is equivalent to a 7.0% annualized distribution rate based on the $10.24 per share offering price.

The Company terminated its Public Offering on December 20, 2013. Following termination of the Public Offering, the Company continued to offer shares of common stock pursuant to the DRP until the Company’s board of directors suspended the DRP effective for distributions earned beginning on December 1, 2014. Through December 20, 2013, the Company sold 73,608,337 shares of common stock in the Public Offering for gross proceeds of $745,389,748, including 1,588,289 shares of common stock issued pursuant to the DRP for gross offering proceeds of $15,397,232.

On March 10, 2015, the Company’s board of directors determined an estimated value per share of the Company’s common stock of $10.35 as of December 31, 2014. On February 25, 2016, the Company’s board of directors again determined an estimated value per share of the Company’s common stock of $11.44 as of December 31, 2015.

The business of the Company is externally managed by the Advisor, pursuant to the Advisory Agreement by and among the Company, the Operating Partnership and the Advisor (as amended, the “Advisory Agreement”), which is subject to annual renewal by the Company’s board of directors. The current term of the Advisory Agreement expires on November 15, 2016. Subject to certain restrictions and limitations, the Advisor manages the Company’s day-to-day operations, manages the Company’s portfolio of properties and real estate-related assets, sources and presents investment opportunities to the Company’s board of directors and provides investment management services on the Company’s behalf. Steadfast Capital Markets Group, LLC (the “Dealer Manager”), an affiliate of the Advisor, served as the dealer manager for the Public Offering. The Dealer Manager was responsible for marketing the Company’s shares of common stock being offered pursuant to the Public Offering. The Advisor, along with the Dealer Manager, provide marketing, investor relations and other administrative services on the Company’s behalf.

The Partnership Agreement provides that the Operating Partnership is operated in a manner that will enable the Company to (1) satisfy the requirements for being classified as a REIT for tax purposes, (2) avoid any federal income or excise tax liability and (3) ensure that the Operating Partnership will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), which classification could result in the Operating Partnership being taxed as a corporation, rather than as a partnership. In addition to the administrative and operating costs and expenses incurred by the Operating Partnership in acquiring real properties, the Operating Partnership may pay all of the Company’s administrative costs and expenses, and such expenses will be treated as expenses of the Operating Partnership.

2. Summary of Significant Accounting Policies

There have been no significant changes to the Company’s accounting policies since it filed its audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2015, other than Accounting Standard Updates (“ASU”) 2015-03, as amended by ASU 2015-15, as further described below. For further information about the Company’s accounting policies, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2015 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 18, 2016.

8

PART I — FINANCIAL INFORMATION (continued)

Item 1. Financial Statements (continued)

STEADFAST INCOME REIT, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

Principles of Consolidation and Basis of Presentation

The consolidated financial statements include the accounts of the Company, the Operating Partnership and its subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. The financial statements of the Company’s subsidiaries are prepared using accounting policies consistent with those of the Company.

The accompanying unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments that are of a normal and recurring nature and necessary for a fair and consistent presentation of the results of such periods. Operating results for the three and six months endedJune 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. The unaudited consolidated financial statements herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.

Reclassifications

Certain prior year amounts in the consolidated financial statements have been reclassified to conform with the current year presentation. These reclassifications have not changed the results of operations of prior periods. During the six months endedJune 30, 2016, the Company adopted new accounting guidance to simplify the presentation of debt issuance costs. As a result, net deferred financing costs of $6,697,472 related to mortgage notes payable as of December 31, 2015, were reclassified from other assets, net to mortgage notes payable, net on the consolidated balance sheets.

Fair Value Measurements

Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other assets and liabilities at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories:

• Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities;

• Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and

• Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable.

When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and will classify such items in Level 1 or Level 2. In instances where the market is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant

9

PART I — FINANCIAL INFORMATION (continued)

Item 1. Financial Statements (continued)

STEADFAST INCOME REIT, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines the market for a financial instrument owned by the Company to be illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and will establish a fair value by assigning weights to the various valuation sources.

The following describes the valuation methodologies used by the Company to measure fair value, including an indication of the level in the fair value hierarchy in which each asset or liability is generally classified.

Interest rate cap agreements - These derivatives did not qualify as fair value hedges and are recorded at fair value. Fair value was based on a model-driven valuation using the associated variable rate curve and an implied market volatility, both of which were observable at commonly quoted intervals for the full term of the interest rate cap agreements. Therefore, the Company’s interest rate cap agreements were classified within Level 2 of the fair value hierarchy and are included in other assets, net in the accompanying consolidated balance sheets.

The following table reflects the Company’s assets required to be measured at fair value on a recurring basis on the consolidated balance sheets:

	June 30, 2016
	Fair Value Measurements Using
	Level 1		Level 2		Level 3
Assets:
Interest rate cap agreements	$	—	$	111,871	$	—
	December 31, 2015
	Fair Value Measurements Using
	Level 1		Level 2		Level 3
Assets:
Interest rate cap agreements	$	—	$	298,143	$	—

Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the instrument.

Fair Value of Financial Instruments

The accompanying consolidated balance sheets include the following financial instruments: cash and cash equivalents, restricted cash, rents and other receivables, accounts payable and accrued liabilities, distributions payable, due to affiliates and mortgage notes payable.

The Company considers the carrying value of cash and cash equivalents, restricted cash, rents and other receivables, accounts payable and accrued liabilities and distributions payable to approximate the fair value of these financial instruments based on the short duration between origination of the instruments and their expected realization. The fair value of amounts due to affiliates is not determinable due to the related party nature of such amounts.

10

PART I — FINANCIAL INFORMATION (continued)

Item 1. Financial Statements (continued)

STEADFAST INCOME REIT, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

The fair value of the mortgage notes payable is estimated using a discounted cash flow analysis using borrowing rates available to the Company for debt instruments with similar terms and maturities. As of June 30, 2016 and December 31, 2015, the fair value of the mortgage notes payable was $1,210,522,043 and $1,118,126,231, respectively, compared to the carrying value of $1,183,354,251 and $1,115,752,899, respectively. The Company has determined that its mortgage notes payable are classified as Level 3 within the fair value hierarchy.

Distribution Policy

The Company has elected to be taxed as a REIT and to operate as a REIT beginning with its taxable year ending December 31, 2010. To maintain its qualification as a REIT, the Company intends to make distributions each taxable year equal to at least 90% of its REIT taxable income (which is determined without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). Distributions were based on daily record dates and calculated at a rate of $0.001964 per share per day during the year ended December 31, 2015 and the three months ended March 31, 2016. Distributions were based on daily record dates and calculated at a rate of $0.001958 per share per day during the three months ended June 30, 2016. Each day during the six months endedJune 30, 2016 and 2015 was a record date for distributions.

Distributions to stockholders are determined by the board of directors of the Company and are dependent upon a number of factors relating to the Company, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements and annual distribution requirements in order for the Company to qualify as a REIT under the Internal Revenue Code. During the three and six months endedJune 30, 2016, the Company declared distributions of $0.178 and $0.356 per common share, respectively. During the three and six months endedJune 30, 2015, the Company declared distributions of $0.179 and $0.356 per common share, respectively.

Per Share Data

Basic earnings (loss) per share attributable for all periods presented are computed by dividing net income (loss) attributable to controlling interest by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings (loss) per share are computed based on the weighted average number of shares of the Company’s common stock and all potentially dilutive securities, if any. Distributions declared per common share assumes each share was issued and outstanding each day during the period. The Company’s unvested shares of restricted common stock contain non-forfeitable rights to dividends and are considered to be participating securities in accordance with GAAP and, therefore, are included in the computation of earnings (loss) per share under the two-class method. Under the two-class method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. The unvested shares of restricted common stock are not allocated losses as the awards do not have a contractual obligation to share in the losses of the Company. The two-class method is an earnings (loss) allocation formula that determines earnings (loss) per share for each class of common shares and participating securities according to dividends declared and participation rights in undistributed earnings.

Segment Disclosure

The Company has determined that it has one reportable segment with activities related to investing in multifamily properties. The Company’s investments in real estate are in different geographic regions, and management evaluates operating performance on an individual asset level. However, as each of the Company’s assets has similar economic characteristics, tenants and products and services, its assets have been aggregated into one reportable segment.

RecentlyIssued Accounting Standards Updates

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The new guidance requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The new guidance supersedes the revenue requirements in Revenue Recognition (Topic 605) and most industry-specific guidance throughout the

11

PART I — FINANCIAL INFORMATION (continued)

Item 1. Financial Statements (continued)

STEADFAST INCOME REIT, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

Industry Topics of the Codification. The new guidance does not apply to lease contracts within the scope of Leases (Topic 840). In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606), which delayed the effective date of the new guidance by one year, which will result in the new guidance being effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and is to be applied retrospectively. Early adoption is permitted, but can be no earlier than the original public entity effective date of fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company is still evaluating the impact of adopting the new guidance on its financial statements, but does not expect the adoption to have a material impact on its financial statements.

In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, that requires management to evaluate whether there are conditions and events that raise substantial doubt about an entity’s ability to continue as a going concern. Until now, the requirement to perform a going concern evaluation existed only in auditing standards. The new guidance requires management to evaluate relevant conditions, events and certain management plans that are known or reasonably knowable as of the evaluation date when determining whether substantial doubt about an entity’s ability to continue as a going concern exists. Management will be required to make this evaluation for both annual and interim reporting periods. The standard states substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. The guidance is effective for annual periods ending after December 15, 2016 and for annual periods and interim periods thereafter. Early adoption is permitted. The Company does not expect there to be a material impact from adopting this new guidance.

In January 2015, the FASB issued ASU 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items, that eliminates the concept of the extraordinary items from GAAP. The objective of the new guidance is to simplify the income statement presentation requirements of GAAP by altogether removing the concept of extraordinary items from consideration. The guidance is effective for annual periods, including interim periods within that period, beginning after December 15, 2015. The Company did not experience a material impact from adopting this new guidance.

In February 2015, the FASB issued ASU 2015-02, Consolidation, which makes changes to both the variable interest model and the voting model of consolidation. Under ASU 2015-02, companies will need to re-evaluate whether an entity meets the criteria to be considered a variable interest entity (“VIE”) or whether the consolidation of an entity should be assessed under the voting model. The new standard specifically eliminates the presumption in the current voting model that a general partner controls a limited partnership or similar entity unless that presumption can be overcome. The new standard was effective for the Company beginning on January 1, 2016. The adoption of the new standard did not result in the consolidation of entities not previously consolidated or the deconsolidation of any entities previously consolidated. Upon adopting the new standard, the Operating Partnership became a VIE as the limited partner lacks substantive kick-out rights and substantive participating rights. The Company is the primary beneficiary of, and continues to consolidate, the Operating Partnership determined to be a VIE.

In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, as amended in August 2015 by ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, that will require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The FASB will permit debt issuance costs related to line-of-credit arrangements to be deferred and presented as an asset and subsequently amortized over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The recognition and measurement guidance for debt issuance costs will not be affected by the new guidance. The guidance requires retrospective application and is effective for annual periods, including interim periods within that period, beginning after December 15, 2015. Early adoption is permitted. Upon adoption, the Company reclassified net debt issuance costs of $7,635,416 and $6,697,472 as of June 30, 2016 and December 31, 2015, respectively, related to mortgage notes payable from other assets, net to mortgage notes payable, net on the consolidated balance sheets.

In February 2016, the FASB issued ASU 2016-02, Leases, amending the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The new standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of

12

PART I — FINANCIAL INFORMATION (continued)

Item 1. Financial Statements (continued)

STEADFAST INCOME REIT, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

initial application, with an option to use certain transition relief. The guidance will be effective in the first quarter of 2019 and allows for early adoption. The Company is assessing whether the new standard will have a material effect on its financial position or results of operations.

3. Real Estate

As of June 30, 2016, the Company owned 65 multifamily properties, encompassing in the aggregate 16,647 apartment homes and 25,973 square feet of rentable commercial space. The total purchase price of the Company’s real estate portfolio, including development and construction costs for apartment homes constructed by the Company, was $1,636,568,752, exclusive of closing costs. As of June 30, 2016 and December 31, 2015, the Company’s portfolio was approximately 94.9% and 94.0% occupied and the average monthly rent was $1,014 and $999, respectively.

As of June 30, 2016 and December 31, 2015, accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows:

	June 30, 2016
	Assets
	Land		Building and Improvements			Other Intangible Assets			Construction-in-Progress		Total Real Estate
Investments in real estate	$	174,102,422	$	1,498,605,615		$	2,644,263		$	4,869,498	$	1,680,221,798
Less: Accumulated depreciation and amortization	—		(197,028,551		)	(469,447		)	—		(197,497,998		)
Net investments in real estate and related lease intangibles	$	174,102,422	$	1,301,577,064		$	2,174,816		$	4,869,498	$	1,482,723,800

	December 31, 2015
	Assets
	Land		Building and Improvements			Other Intangible Assets			Construction-in-Progress		Total Real Estate
Investments in real estate	$	174,102,422	$	1,487,961,762		$	2,644,263		$	2,192,635	$	1,666,901,082
Less: Accumulated depreciation and amortization	—		(163,053,124		)	(392,863		)	—		(163,445,987		)
Net investments in real estate and related lease intangibles	$	174,102,422	$	1,324,908,638		$	2,251,400		$	2,192,635	$	1,503,455,095

Depreciation and amortization expenses were $17,216,777 and $34,164,045 for the three and six months endedJune 30, 2016, and $16,182,016 and $32,336,326 for the three and six months endedJune 30, 2015, respectively.

Depreciation of the Company’s buildings and improvements were $17,178,485 and $34,087,461 for the three and six months endedJune 30, 2016, and $16,138,343 and $32,043,956 for the three and six months endedJune 30, 2015, respectively.

No amortization of tenant origination and absorption costs were recorded for the three and six months endedJune 30, 2016. Amortization of the Company’s tenant origination and absorption costs was $5,381 and $215,786 for the three and six months endedJune 30, 2015, respectively. Tenant origination and absorption costs had a weighted-average amortization period as of the date of acquisition of less than one year. At December 31, 2015, all tenant origination and absorption costs were fully amortized and written off.

Amortization of the Company’s other intangible assets was $38,292 and $76,584 for the three and six months endedJune 30, 2016, and $38,292 and $76,584 for the three and six months endedJune 30, 2015, respectively.

13

PART I — FINANCIAL INFORMATION (continued)

Item 1. Financial Statements (continued)

STEADFAST INCOME REIT, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

The future amortization of the Company’s acquired other intangible assets as of June 30, 2016 and thereafter is as follows:

July 1 through December 31, 2016	$	76,584
2017	153,168
2018	153,168
2019	153,168
2020	153,168
Thereafter	1,485,560
	$	2,174,816

Operating Leases

As of June 30, 2016, the Company’s real estate portfolio comprised 16,647 apartment homes and was 97.8% leased by a diverse group of residents. For each of the three and six months endedJune 30, 2016 and 2015, the Company’s real estate portfolio earned approximately 99% of its rental income from residential tenants and approximately 1% of its rental income from commercial office tenants. The residential tenant lease terms consist of lease durations equal to 12 months or less. The commercial office tenant leases consist of remaining lease durations varying from 2.92 to 3.34 years.

Some residential and commercial leases contain provisions to extend the lease agreements, options for early termination after paying a specified penalty and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires security deposits from tenants in the form of a cash deposit and/or a letter of credit for commercial tenants. Amounts required as security deposits vary depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of its security deposit. Security deposits received in cash related to tenant leases are included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets and totaled $4,992,950 and $4,672,961 as of June 30, 2016 and December 31, 2015, respectively.

The future minimum rental receipts from the Company’s properties under non-cancelable operating leases attributable to commercial office tenants as of June 30, 2016 and thereafter is as follows:

July 1 through December 31, 2016	$	92,906
2017	187,120
2018	189,136
2019	108,760
	$	577,922

As of June 30, 2016 and December 31, 2015, no tenant represented over 10% of the Company’s annualized base rent and there were no significant industry concentrations with respect to its commercial leases.

14

PART I — FINANCIAL INFORMATION (continued)

Item 1. Financial Statements (continued)

STEADFAST INCOME REIT, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

4. Other Assets, Net

As of June 30, 2016 and December 31, 2015, other assets, net of accumulated amortization, consisted of:

	June 30, 2016		December 31, 2015
Deferred financing costs of revolving credit facility	$	—	$	660,585
Less: accumulated amortization	—		(547,402		)
	—		113,183
Prepaid expenses	827,617		2,648,238
Interest rate cap agreements (Note 11)	111,871		298,143
Deposits	1,715,720		1,269,287
	$	2,655,208	$	4,328,851

5. Debt

Mortgage Notes Payable

The following is a summary of mortgage notes payable, net secured by real property as of June 30, 2016 and December 31, 2015:

	June 30, 2016
			Interest Rate Range				Weighted Average Interest Rate
Type	Number of Instruments	Maturity Date Range	Minimum		Maximum				Principal Outstanding
Mortgage notes payable - fixed	37	10/1/2017 - 1/1/2053	3.31	%	5.94	%	4.32	%	$	473,390,797
Mortgage notes payable - variable(1)	30	8/31/2017 - 1/1/2026	1-Mo LIBOR + 1.63%		1-Mo LIBOR + 2.65%		2.74	%	714,764,262
Total mortgage notes payable, gross	67						3.37	%	1,188,155,059
Premium/discount, net(2)									2,834,608
Deferred financing costs, net(3)									(7,635,416		)
Total mortgage notes payable, net									$	1,183,354,251

15

PART I — FINANCIAL INFORMATION (continued)

Item 1. Financial Statements (continued)

STEADFAST INCOME REIT, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

	December 31, 2015
			Interest Rate Range				Weighted Average Interest Rate
Type	Number of Instruments	Maturity Date Range	Minimum		Maximum				Principal Outstanding
Mortgage notes payable - fixed	37	10/1/2017 - 1/1/2053	3.31	%	5.94	%	4.32	%	$	477,139,001
Mortgage notes payable - variable(1)	30	5/16/2017 - 1/1/2026	1-Mo LIBOR + 1.62%		1-Mo LIBOR + 2.75%		2.77	%	641,859,365
Total mortgage notes payable, gross	67						3.44	%	1,118,998,366
Premium/discount, net(2)									3,452,005
Deferred financing costs, net(3)									(6,697,472		)
Total mortgage notes payable, net									$	1,115,752,899

_____________________________

(1) See Note 11 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) The following table summarizes the debt premiums and discounts as of June 30, 2016, including the unamortized portion included in the principal balance as well as amounts amortized as an offset to interest expense in the accompanying consolidated statements of operations:

Unamortized Portion of Net Debt Premium as of June 30, 2016		Amortization of Net Debt Premium During the
		Three Months Ended June 30,				Six Months Ended June 30,
		2016		2015		2016		2015
$	2,834,608	$	308,698	$	308,698	$	617,396	$	617,396

(3) The following table summarizes the deferred financing costs, net related to mortgage notes payable as of June 30, 2016 and December 31, 2015:

	June 30, 2016			December 31, 2015
Deferred financing costs	$	11,257,767		$	10,140,097
Less: accumulated amortization	(3,622,351		)	(3,442,625		)
Deferred financing costs, net	$	7,635,416		$	6,697,472

Revolving Credit Facility

The Company entered into a revolving credit facility with PNC Bank, N.A. (“PNC Bank”) to borrow up to $20,000,000. On July 18, 2014, the Company and PNC Bank amended the revolving credit facility to, among other things, increase the potential borrowing limit from $20,000,000 to $35,000,000. The amended and restated credit facility consisted of a Tranche A and a Tranche B, and provided certain security for borrowings under the credit facility. The maximum amount that could be borrowed under Tranche A and Tranche B were $20,000,000 and $15,000,000, respectively.

16

PART I — FINANCIAL INFORMATION (continued)

Item 1. Financial Statements (continued)

STEADFAST INCOME REIT, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

For each advance under the amended and restated credit facility, the Company had the option to select the interest rate from the following options: (1) Base Rate Option (as defined in the amended and restated credit facility) plus (i) with respect to Tranche A, 0.75% and (ii) with respect to Tranche B, 2.0%; or (2) LIBOR Option, which was a rate per annum fixed for the LIBOR Interest Period (as defined in the amended and restated credit facility) equal to the sum of LIBOR plus (i) with respect to Tranche A, 1.6% and (ii) with respect to Tranche B, 3.0%.

No amounts were outstanding under the credit facility as of June 30, 2016 or December 31, 2015. The amended and restated credit facility had a maturity date of July 17, 2016, subject to extension. On June 30, 2016, the Company repaid all outstanding amounts due and terminated the amended and restated credit facility.

Maturity and Interest

The following is a summary of the Company’s aggregate maturities as of June 30, 2016:

			Remainder of 2016		Maturities During the Years Ending December 31,
Contractual Obligation	Total				2017		2018		2019		2020		Thereafter
Principal payments on outstanding debt obligations(1)	$	1,188,155,059	$	6,378,379	$	49,739,478	$	79,829,639	$	92,743,110	$	153,376,499	$	806,087,954

_____________________________

(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.

For the three and six months endedJune 30, 2016, the Company incurred interest of $10,180,939 and $20,253,682, respectively. Interest expense for the three and six months endedJune 30, 2016 includes amortization of deferred financing costs of $395,421 and $777,466, amortization of loan premiums and discounts of $308,698 and $617,396, net unrealized loss from the change in fair value of interest rate cap agreements of $212,559 and $445,272 and capitalized interest of $40,463 and $66,367, respectively. The capitalized interest is included in real estate on the consolidated balance sheets.

For the three and six months endedJune 30, 2015, the Company incurred interest of $9,582,276 and $19,608,271, respectively. Interest expense for the three and six months endedJune 30, 2015 includes amortization of deferred financing costs of $368,150 and $732,127, amortization of loan premiums of $308,698 and $617,396, net unrealized loss from the change in fair value of interest rate cap agreements of $346,588 and $1,368,174 and capitalized interest of $61,914 and $100,675, respectively. The capitalized interest is included in real estate on the consolidated balance sheets.

Interest expense of $2,370,248 and $2,932,922 was payable as of June 30, 2016 and December 31, 2015, respectively, and is included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets.

Refinancing Transactions

On June 29 and June 30, 2016, 14 wholly-owned subsidiaries of the Company (each a “Borrower” and collectively the “Borrowers”) terminated the existing mortgage loan with its lender for an aggregate principal amount of $283,313,677 and entered into a new loan agreement (each a “Loan Agreement”) with, as applicable, PNC Bank and Berkeley Point Capital LLC (“Berkeley” and, together with PNC Bank, the “Lenders”) for an aggregate principal amount of $358,002,000 (the “Refinancing Transactions”). Each Borrower entered into a Loan Agreement with the applicable Lender pursuant to the Freddie Mac Capital Markets Execution Program (the “CME”), as evidenced by a multifamily note. Pursuant to the CME, the applicable Lender originates the mortgage loan and then transfers the loan to the Federal Home Loan Mortgage Association.

17

PART I — FINANCIAL INFORMATION (continued)

Item 1. Financial Statements (continued)

STEADFAST INCOME REIT, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

Each Loan Agreement provides for a term loan (each a “Loan” and, collectively the “Loans”) with a maturity date of July 1, 2023, unless the maturity date is accelerated in accordance with the Loan terms. Each Loan accrues interest at one-month LIBOR plus 2.31%. The entire outstanding principal balance and any accrued and unpaid interest on each of the Loans are due on the maturity date. Interest and principal payments on the Loans are payable monthly in arrears on specified dates as set forth in each Loan Agreement. Monthly payments are due and payable on the first day of each month, commencing August 1, 2016.

6. Stockholders’ Equity

General

Under the Company’s Third Articles of Amendment and Restatement (the “Charter”), the total number of shares of capital stock authorized for issuance is 1,100,000,000 shares, consisting of 999,999,000 shares of common stock with a par value of $0.01 per share, 1,000 shares of convertible stock with a par value of $0.01 per share and 100,000,000 shares designated as preferred stock with a par value of $0.01 per share.

Common Stock

The shares of the Company’s common stock entitle the holders to one vote per share on all matters upon which stockholders are entitled to vote, to receive dividends and other distributions as authorized by the Company’s board of directors in accordance with the Maryland General Corporation Law and to all rights of a stockholder pursuant to the Maryland General Corporation Law. The common stock has no preferences or preemptive, conversion or exchange rights.

During 2009, the Company issued 22,223 shares of common stock to the Sponsor for $200,007. The Company terminated its Public Offering on December 20, 2013, but continued to offer shares pursuant to the DRP through November 30, 2014. As of June 30, 2016, the Company had issued 76,732,395 shares of common stock in its Private Offering and Public Offering for offering proceeds of $679,572,220, net of offering costs of $95,845,468, including 4,073,759 shares of common stock pursuant to the DRP for total proceeds of $39,580,847. Offering costs primarily consisted of selling commissions and dealer manager fees.

The issuance and vesting activity for the six months endedJune 30, 2016 and for the years ended December 31, 2015 and 2014 for the restricted stock issued to the Company’s independent directors as compensation for services in connection with their initial election or re-election to the board of directors at the Company’s annual meeting, upon their departure from the board of directors, or in appreciation of their service and commitment to the Company is as follows:

	For the Six Months Ended June 30, 2016	For the Years Ended December 31,
		2015		2014
Nonvested shares at the beginning of the period	11,250	16,875		18,750
Granted shares	—	14,000		10,000
Vested shares	—	(19,625	)	(11,875	)
Nonvested shares at the end of the period	11,250	11,250		16,875

18

PART I — FINANCIAL INFORMATION (continued)

Item 1. Financial Statements (continued)

STEADFAST INCOME REIT, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

Additionally, the weighted average fair value of restricted stock issued to the Company’s independent directors for the six months endedJune 30, 2016 and for the years ended December 31, 2015 and 2014 is as follows:

Grant Year	Weighted Average Fair Value
2014	$	10.24
2015	10.35
2016	n/a

The shares of restricted common stock vest and become non-forfeitable in four equal annual installments beginning on the date of grant and ending on the third anniversary of the date of grant and will become fully vested and become non-forfeitable on the earlier to occur of (1) the termination of the independent director’s service as a director due to his or her death or disability, or (2) a change in control of the Company and as otherwise provided in the Incentive Award Plan, as defined below.

Included in general and administrative expenses is $12,864 and $25,728 for the three and six months endedJune 30, 2016 and $22,883 and $45,767 for the three and six months endedJune 30, 2015, respectively, for compensation expense related to the issuance of restricted common stock. The weighted average remaining term of the restricted common stock is 1.36 years as of June 30, 2016. As of June 30, 2016, the compensation expense related to the issuance of the restricted common stock not vested was $69,870.

On June 11, 2014, the Company entered into a restricted stock agreement with the Advisor whereby the Company issued to the Advisor 488,281.25 restricted shares of the Company’s common stock at a fair market value of $10.24 per share in satisfaction of certain deferred fees due to the Advisor in the aggregate amount of $5,000,000. The shares of restricted stock vest and become non-forfeitable upon the earliest to occur of (i) 50% at December 31, 2015 and 50% at December 31, 2016, (ii) certain liquidity events of the Company, (iii) the Company’s cumulative modified funds from operations exceed the lesser of (a) the cumulative amount of distributions paid to the Company’s stockholders or (b) an amount that is equal to a 7.0% cumulative, non-compounded annual return on the Company’s stockholders’ invested capital, or (iv) the Company’s termination of, or failure to renew, the Advisory Agreement other than for “cause” (as defined in the Advisory Agreement). The shares of restricted stock shall be forfeited if the Advisor is terminated for any reason other than (iv) above. The fair value of the shares of unvested restricted stock was $2,792,969 as of June 30, 2016. As of June 30, 2016, 244,141 shares were vested. The fair value of the vested common stock and unvested restricted common stock as of June 30, 2016 and December 31, 2015 of $5,585,938 and $5,493,164, respectively, are recorded in stockholders’ equity in the accompanying consolidated balance sheets. Included in general and administrative expenses on the accompanying consolidated statements of operations is $57,088 and $170,695 for the three and six months endedJune 30, 2016 and $5,233 and $22,140 for the three and six months endedJune 30, 2015, respectively, for the change in value of restricted common stock issued to the Advisor.

Convertible Stock

The Company issued 1,000 shares of Convertible Stock to the Advisor for $1,000. The Convertible Stock will convert into shares of the Company’s common stock if and when: (A) the Company has made total distributions on the then outstanding shares of common stock equal to the original issue price of those shares plus an 8.0% cumulative, non-compounded, annual return on the original issue price of those shares, (B) subject to specified conditions, the Company lists the common stock for trading on a national securities exchange or (C) the Advisory Agreement is terminated or not renewed by the Company (other than for “cause” as defined in the Advisory Agreement). A “listing” will also be deemed to have occurred on the effective date of any merger of the Company in which the consideration received by the holders of the Company’s common stock is the securities of another issuer that are listed on a national securities exchange. Upon conversion, each share of Convertible Stock

19

PART I — FINANCIAL INFORMATION (continued)

Item 1. Financial Statements (continued)

STEADFAST INCOME REIT, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

will convert into a number of shares of common stock equal to 1/1000 of the quotient of (A) 10% of the amount, if any, by which (1) the Company’s “enterprise value” (as defined in the Charter) plus the aggregate value of distributions paid to date on the outstanding shares of common stock exceeds (2) the aggregate purchase price paid by the stockholders for those shares plus an 8.0% cumulative, non-compounded, annual return on the original issue price of those shares, divided by (B) the Company’s enterprise value divided by the number of outstanding shares of common stock, in each case calculated as of the date of the conversion. In the event of a termination or non-renewal of the Advisory Agreement by the Company for cause, the Convertible Stock will be redeemed by the Company for $1.00.

Preferred Stock

The Charter also provides the Company’s board of directors with the authority to issue one or more classes or series of preferred stock, and prior to the issuance of such shares of preferred stock, the board of directors shall have the power from time to time to classify or reclassify, in one or more series, any unissued shares and designate the preferences, rights and privileges of such shares of preferred stock. The Company’s board of directors is authorized to amend the Charter, without the approval of the stockholders, to increase the aggregate number of authorized shares of capital stock or the number of shares of any class or series that the Company has authority to issue. As of June 30, 2016 and December 31, 2015, no shares of the Company’s preferred stock were issued and outstanding.

Distribution Reinvestment Plan

In connection with the Public Offering, the Company’s board of directors approved the DRP through which common stockholders could elect to reinvest an amount equal to the distributions declared on their shares of common stock in additional shares of the Company’s common stock in lieu of receiving cash distributions. The initial purchase price per share under the DRP was $9.50. Effective September 10, 2012, in connection with the change in the Public Offering price, shares of the Company’s common stock were issued pursuant to the DRP at a price of $9.73 per share. Effective with distributions earned beginning on December 1, 2014, the Company’s board of directors elected to suspend the DRP. As a result, all distributions are paid in cash and not reinvested in shares of the Company’s common stock. The Company’s board of directors may, in its sole discretion, from time to time, reinstate the DRP at a price based upon the Company’s estimated value per share and other factors that the Company’s board of directors deems relevant, although there is no assurance as to if or when this will happen.

No sales commissions or dealer manager fees were payable on shares sold through the DRP.

Share Repurchase Program and Redeemable Common Stock

The Company’s share repurchase program may provide an opportunity for stockholders to have their shares of common stock repurchased by the Company, subject to certain restrictions and limitations. No shares can be repurchased under the Company’s share repurchase program until after the first anniversary of the date of purchase of such shares; provided, however, that this holding period shall not apply to repurchases requested within two years after the death or disability of a stockholder.

20

PART I — FINANCIAL INFORMATION (continued)

Item 1. Financial Statements (continued)

STEADFAST INCOME REIT, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

The purchase price for shares repurchased under the Company’s share repurchase program is as follows:

Share Purchase Anniversary	Repurchase Price on Repurchase Date(1)
Less than 1 year	No Repurchase Allowed
1 year	92.5% of Estimated Value per Share(2)
2 years	95.0% of Estimated Value per Share(2)
3 years	97.5% of Estimated Value per Share(2)
4 years	100.0% of Estimated Value per Share(2)
In the event of a stockholder’s death or disability(3)	Average Issue Price for Shares(4)

________________

(1) As adjusted for any stock dividends, combinations, splits, recapitalizations or any similar transaction with respect to the shares of common stock.

(2) For purposes of the share repurchase program, the “Estimated Value per Share” will equal the most recently publicly disclosed estimated value per share of the Company as determined by the Company’s board of directors.

(3) The required one-year holding period does not apply to repurchases requested within two years after the death or disability of a stockholder.

(4) The purchase price per share for shares repurchased upon the death or disability of a stockholder will be equal to the average issue price per share for all of the stockholder’s shares.

The purchase price per share for shares repurchased pursuant to the share repurchase program will be further reduced by the aggregate amount of net proceeds per share, if any, distributed to the Company’s stockholders prior to the repurchase date as a result of the sale of one or more of the Company’s assets that constitutes a return of capital distribution as a result of such sales.

Repurchases of shares of the Company’s common stock are made quarterly upon written request to the Company at least 15 days prior to the end of the applicable quarter during which the share repurchase program is in effect. Repurchase requests are honored approximately 30 days following the end of the applicable quarter (the “Repurchase Date”). Stockholders may withdraw their repurchase request at any time up to three business days prior to the Repurchase Date. On October 21, 2014, the Company’s board of directors elected to suspend the Company’s share repurchase program, effective November 20, 2014. On May 12, 2015, the Company’s board of directors elected to reinstate the share repurchase program, effective July 1, 2015.

During the three and six months endedJune 30, 2016, the Company repurchased a total of 96,215 and 195,458 shares with a total repurchase value of $1,000,000 and $2,000,000, respectively, and received net requests for the repurchase of 266,949 and 614,461 shares with a total net repurchase value of $2,926,762 and $6,690,074, respectively. No amounts were requested or repurchased during the three and six months endedJune 30, 2015.

The Company cannot guarantee that the funds set aside for the share repurchase program will be sufficient to accommodate all repurchase requests made in any quarter. In the event that the redemption requests exceed the Company’s restrictions on limitation or the Company does not have sufficient funds available to repurchase all of the shares of the Company’s common stock for which repurchase requests have been submitted in any quarter, priority will be given to redemption requests in the case of the death or disability of a stockholder. If the Company repurchases less than all of the shares subject to a repurchase request in any quarter, with respect to any shares which have not been repurchased, the requesting stockholder could (1) withdraw the request for repurchase or (2) ask that the Company honor the request in a future quarter, if any, when such

21

PART I — FINANCIAL INFORMATION (continued)

Item 1. Financial Statements (continued)

STEADFAST INCOME REIT, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

repurchases may be made pursuant to the limitations of the share repurchase program and when sufficient funds are available. Such pending requests would be honored among all requests for redemptions in any given redemption period as follows: first, pro rata as to redemptions sought upon a stockholder’s death or disability; and, next, pro rata as to other redemption requests.

The Company is not obligated to repurchase shares of the Company’s common stock under the share repurchase program. In no event shall redemptions under the share repurchase program exceed 5% of the weighted average number of shares of the Company’s common stock outstanding during the prior calendar year. In addition to the above limitation, effective July 1, 2015, in no event shall the value of the shares repurchased pursuant to the share repurchase program exceed $2,000,000 during the quarter beginning July 1, 2015, with each subsequent quarter not to exceed $1,000,000. There is no fee in connection with a repurchase of shares of the Company’s common stock. As of June 30, 2016, the Company has recognized redemptions payable of $1,000,000, which is included in accounts payable and accrued liabilities on the accompanying consolidated balance sheets.

The Company’s board of directors may, in its sole discretion, amend, suspend or terminate the share repurchase program at any time upon 30 days’ notice to the Company’s stockholders if it determines that the funds available to fund the share repurchase program are needed for other business or operational purposes or that amendment, suspension or termination of the share repurchase program is in the best interest of the Company’s stockholders. Therefore, stockholders may not have the opportunity to make a repurchase request prior to any potential termination of the Company’s share repurchase program.

Pursuant to the share repurchase program, for the three and six months endedJune 30, 2016, the Company reclassified $0 and $0, net of $1,000,000 and $2,000,000 of fulfilled repurchase requests, respectively, from permanent equity to temporary equity, which is included as redeemable common stock on the accompanying consolidated balance sheets. For the three and six months endedJune 30, 2015, the Company reclassified $0 and $0, net of $0 and $0 of fulfilled repurchase requests, respectively, from permanent equity to temporary equity, which is included as redeemable common stock on the accompanying consolidated balance sheets.

Distributions Declared

Distributions declared (1) accrue daily to stockholders of record as of the close of business on each day, (2) are payable in cumulative amounts on or before the third day of each calendar month with respect to the prior month and (3) are calculated at a rate of $0.001958 per share per day, which if paid each day over a 366-day period, is equivalent to a 7.0% annualized distribution rate based on a purchase price of $10.24 per share of common stock.

Distributions declared for the three and six months endedJune 30, 2016 were $13,673,510 and $27,322,840, all of which were payable in cash.

Distributions declared for the three and six months endedJune 30, 2015 were $13,736,290 and $27,321,969, including $0 and $78, or 0 and 8 shares of common stock, respectively, attributable to the DRP.

As of June 30, 2016 and December 31, 2015, $4,492,374 and $4,668,261 in distributions declared were payable, none of which were reinvested pursuant to the DRP.

Distributions Paid

For the three and six months endedJune 30, 2016, the Company paid total distributions of $13,829,064 and $27,498,727, which related to distributions declared for each day in the period from March 1, 2016 through May 31, 2016 and December 1, 2015 through May 31, 2016, respectively. All distributions were paid in cash.

22

PART I — FINANCIAL INFORMATION (continued)

Item 1. Financial Statements (continued)

STEADFAST INCOME REIT, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

For the three and six months endedJune 30, 2015, the Company paid cash distributions of $13,887,241 and $27,472,843, which related to distributions declared for each day in the period from March 1, 2015 through May 31, 2015 and December 1, 2014 through May 31, 2015, respectively. Additionally, for the three and six months endedJune 30, 2015, 0 and 8 shares of common stock were issued pursuant to the DRP for gross offering proceeds of $0 and $78, respectively. For the three and six months endedJune 30, 2015, the Company paid total distributions of $13,887,241 and $27,472,921.

7. Earnings (Loss) Per Share

The following table presents a reconciliation of net loss attributable to common stockholders and shares used in calculating basic and diluted earnings (loss) per share (“EPS”) for the three and six months endedJune 30, 2016 and 2015:

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Net loss attributable to the Company	$	(8,039,220	)	$	(2,904,429	)	$	(11,657,358	)	$	(6,735,075	)
Less: dividends declared on participating securities	45,505			90,284			91,010			179,575
Net loss attributable to common stockholders	(8,084,725		)	(2,994,713		)	(11,748,368		)	(6,914,650		)
Weighted average common shares outstanding — basic and diluted	76,252,947			76,353,485			76,301,454			76,353,485
Loss per common share — basic and diluted	$	(0.11	)	$	(0.04	)	$	(0.15	)	$	(0.09	)

The Company excluded all unvested restricted common shares outstanding issued to the Advisor and the Company’s independent directors from the calculation of diluted loss per common share as the effect would have been antidilutive.

8. Related Party Arrangements

The Company has entered into the Advisory Agreement with the Advisor. Pursuant to the Advisory Agreement, the Company is obligated to pay the Advisor specified fees upon the provision of certain services related to the investment of funds in real estate and real estate-related investments, the management of the Company’s investments and for other services (including, but not limited to, the disposition of investments). Subject to the limitations described below, the Company is also obligated to reimburse the Advisor and its affiliates for organization and offering costs incurred by the Advisor and its affiliates on behalf of the Company, and the Company is obligated to reimburse the Advisor and its affiliates for acquisition and origination expenses and certain operating expenses incurred on behalf of the Company or incurred in connection with providing services to the Company.

23

PART I — FINANCIAL INFORMATION (continued)

Item 1. Financial Statements (continued)

STEADFAST INCOME REIT, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

Amounts attributable to the Advisor and its affiliates incurred for the three and six months endedJune 30, 2016 and 2015 and amounts outstanding to the Advisor and its affiliates as of June 30, 2016 and December 31, 2015 are as follows:

	Incurred (Received) For the					Incurred (Received) For the
	Three Months Ended June 30,					Six Months Ended June 30,					Payable (Prepaid) as of
	2016			2015		2016			2015		June 30, 2016		December 31, 2015
Consolidated Statements of Operations:
Expensed
Investment management fees(1)	$	3,511,165		$	3,454,795	$	7,012,289		$	6,896,717	$	7,699	$	1,169,770
Acquisition fees(1)	960			—		960			—		960		—
Acquisition expenses(2)	—			—		—			7,145		—		—
Property management
Fees(1)	1,600,657			1,547,586		3,172,639			3,050,754		535,863		520,127
Reimbursement of onsite personnel(3)	4,601,433			4,609,838		9,165,801			9,075,134		698,301		703,791
Other fees(1)	459,905			410,986		909,222			834,372		50,832		52,237
Other operating expenses(4)	323,886			440,022		670,605			753,787		72,162		51,029
Refinancing fee(1)	1,790,010			—		1,790,010			—		1,790,010		—
Insurance proceeds(5)	(100,000		)	—		(100,000		)	—		—		—
Consolidated Balance Sheets:
Capitalized
Construction management
Fees(6)	270,357			307,328		515,390			572,762		94,845		71,133
Reimbursement of labor costs(6)	98,832			27,470		181,882			50,561		24,790		114,122
Prepaid insurance(7)	37,244			—		74,489			—		—		(74,489		)
Deferred financing costs(8)	55,207			—		55,207			—		—		—
	$	12,649,656		$	10,798,025	$	23,448,494		$	21,241,232	$	3,275,462	$	2,607,720

_____________________________

(1) Included in fees to affiliates in the accompanying consolidated statements of operations.

(2) Included in acquisition costs in the accompanying consolidated statements of operations.

(3) Included in operating, maintenance and management in the accompanying consolidated statements of operations.

(4) Included in general and administrative expenses in the accompanying consolidated statements of operations.

(5) Included in tenant reimbursements and other in the accompanying consolidated statements of operations.

(6) Included in building and improvements in the accompanying consolidated balance sheets.

24

PART I — FINANCIAL INFORMATION (continued)

Item 1. Financial Statements (continued)

STEADFAST INCOME REIT, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

(7) Included in other assets, net in the accompanying consolidated balance sheets upon payment. The amortization of the prepaid is included in operating, maintenance and management in the accompanying consolidated statements of operations.

(8) Included in mortgage notes payable, net in the accompanying consolidated balance sheets.

Investment Management Fee

The Company pays the Advisor a monthly investment management fee equal to one-twelfth of 0.80% of (1) the cost of real properties and real estate-related assets acquired directly by the Company or (2) the Company’s allocable cost of each real property or real estate-related asset acquired through a joint venture. Such fee is calculated including acquisition fees, acquisition expenses and any debt attributable to such investments, or the Company’s proportionate share thereof in the case of investments made through joint ventures. The cost of real properties and real estate-related assets that have been sold by the Company during the applicable month is excluded from the fee.

Acquisition Fees and Expenses

The Company pays the Advisor an acquisition fee equal to 2.0% of (1) the cost of investment, as defined in the Advisory Agreement, in connection with the acquisition or origination of any type of real property or real estate-related asset acquired directly by the Company or (2) the Company’s allocable portion of the purchase price in connection with the acquisition or origination of any type of real property or real estate-related asset acquired through a joint venture, including any acquisition and origination expenses and any debt attributable to such investments.

In addition to acquisition fees, the Company reimburses the Advisor for amounts directly incurred by the Advisor or its affiliates, including personnel-related costs for acquisition due diligence, legal and non-recurring management services, and amounts the Advisor pays to third parties in connection with the selection, acquisition or development of a property or acquisition of real estate-related assets, whether or not the Company ultimately acquires the property or the real estate-related assets.

The Charter limits the Company’s ability to pay acquisition fees if the total of all acquisition fees and expenses relating to the purchase would exceed 6.0% of the contract purchase price. Under the Charter, a majority of the Company’s board of directors, including a majority of the independent directors, is required to approve any acquisition fees (or portion thereof) that would cause the total of all acquisition fees and expenses relating to an acquisition to exceed 6.0% of the contract purchase price. In connection with the purchase of securities, the acquisition fee may be paid to an affiliate of the Advisor that is registered as a FINRA member broker-dealer if applicable FINRA rules would prohibit the payment of the acquisition fee to a firm that is not a registered broker-dealer.

Property Management Fees and Expenses

The Company has entered into Property Management Agreements with Steadfast Management Company, Inc., an affiliate of the Sponsor (the “Property Manager”), in connection with the acquisition of each of the Company’s properties (other than EBT Lofts, Library Lofts and Stuart Hall Lofts, which are managed by an unaffiliated third-party management company). The property management fee payable with respect to each property under the Property Management Agreements (each a “Property Management Agreement”) ranges from 2.50% to 3.75% of the annual gross revenue collected, which is usual and customary for comparable property management services rendered to similar properties in similar geographic markets, as determined by the Advisor and approved by a majority of the Company’s board of directors, including a majority of the independent directors. The Property Manager also receives an oversight fee of 1% of gross revenues at certain of the properties at which it does not serve as a property manager. Generally, each Property Management Agreement has an initial one year term and will continue

25

PART I — FINANCIAL INFORMATION (continued)

Item 1. Financial Statements (continued)

STEADFAST INCOME REIT, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

thereafter on a month-to-month basis unless either party gives a 60-day prior notice of its desire to terminate the Property Management Agreement, provided that the Company may terminate the Property Management Agreement at any time without cause or upon an uncured breach of the Property Management Agreement upon 30 days’ prior written notice to the Property Manager.

In addition to the property management fee, the Property Management Agreements also specify certain other fees payable to the Property Manager or its affiliates, including fees for benefit administration, information technology infrastructure, licenses, and support and training services. The Company also reimburses the Property Manager for the salaries and related benefits of on-site property management employees.

Construction Management

The Company has entered into Construction Management Agreements with Pacific Coast Land and Construction, Inc., an affiliate of the Sponsor (the “Construction Manager”), in connection with the planned capital improvements and renovation for certain of the Company’s properties. The construction management fee payable with respect to each property under the Construction Management Agreements (each a “Construction Management Agreement”) ranges from 5.0% to 12.0% of the costs of the improvements for which the Construction Manager has planning and oversight authority. Generally, each Construction Management Agreement has a term equal to the planned renovation timeline unless either party gives a 30-day prior notice of its desire to terminate the Construction Management Agreement. Construction management fees are capitalized to the respective real estate properties in the period in which they are incurred, as such costs relate to capital improvements and renovations for apartment homes taken out of service while they undergo the planned renovation.

The Company may also reimburse the Construction Manager for the salaries and related benefits of its employees for time spent working on capital improvements and renovations at its properties.

Insurance

The Company pays an affiliate of the Sponsor for a self-administered insurance policy that allocates the cost of the third-party insurance deductible across all multifamily properties of the Company and other affiliated entities. Each multifamily

property pays an upfront premium for the policy year. Upon filing a claim, insurance proceeds may be received from an affiliate of the Sponsor.

Other Operating Expense Reimbursement

In addition to the various fees paid to the Advisor, the Company is obligated to pay directly or reimburse all expenses incurred by the Advisor in providing services to the Company, including the Company’s allocable share of the Advisor’s overhead, such as rent, employee costs, utilities and information technology costs. The Company will not reimburse the Advisor for employee costs in connection with services for which the Advisor or its affiliates receive acquisition fees or disposition fees or for the salaries the Advisor pays to the Company’s executive officers.

The Charter limits the Company’s total operating expenses during any four fiscal quarters to the greater of 2% of the Company’s average invested assets or 25% of the Company’s net income for the same period (the “2%/25% Limitation”). The Company may reimburse the Advisor, at the end of each fiscal quarter, for operating expenses incurred by the Advisor; provided, however, that the Company shall not reimburse the Advisor at the end of any fiscal quarter for operating expenses that exceed the 2%/25% Limitation unless the independent directors have determined that such excess expenses were justified based on unusual and non-recurring factors. The Advisor must reimburse the Company for the amount by which the Company’s operating expenses for the preceding four fiscal quarters then ended exceed the 2%/25% Limitation unless the independent directors have determined that such excess expenses were justified. For purposes of determining the 2%/25% Limitation

26

PART I — FINANCIAL INFORMATION (continued)

Item 1. Financial Statements (continued)

STEADFAST INCOME REIT, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

amount, “average invested assets” means the average monthly book value of the Company’s assets invested directly or indirectly in equity interests and loans secured by real estate during the 12-month period before deducting depreciation, bad debts or other non-cash reserves. “Total operating expenses” means all expenses paid or incurred by the Company that are in any way related to the Company’s operation, including the Company’s allocable share of Advisor overhead and investment management fees, but excluding (a) the expenses of raising capital such as organization and offering expenses, legal, audit, accounting, underwriting, brokerage, listing, registration and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer, listing and registration of shares of the Company’s common stock; (b) interest payments; (c) taxes; (d) non-cash expenditures such as depreciation, amortization and bad debt reserves; (e) reasonable incentive fees based on the gain in the sale of the Company’s assets; (f) acquisition fees and acquisition expenses (including expenses relating to potential acquisitions that the Company does not close); (g) real estate commissions on the resale of investments; and (h) other expenses connected with the acquisition, disposition, management and ownership of investments (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of real property).

At June 30, 2016, the Company’s allocable share of the Advisor’s overhead expenses did not exceed the 2%/25% Limitation test.

Disposition Fee

The Company will pay the Advisor a disposition fee in connection with a sale of a property or real estate-related asset and in the event of the sale of the entire Company, in either case when the Advisor or its affiliates provides a substantial amount of services as determined by a majority of the Company’s independent directors. With respect to a sale of a property or real estate-related asset, the Company will pay the Advisor a disposition fee equal to 1.5% of the contract sales price of the investment sold. With respect to a final liquidity event, the Company will pay the Advisor a disposition fee equal to (i) 0.5% of the total consideration paid in a final liquidity event if the price per share paid to stockholders is less than or equal to $9.00; (ii) 0.75% of the total consideration paid in a final liquidity event if the price per share paid to stockholders is between $9.01 and $10.24; (iii) 1.00% of the total consideration paid in a final liquidity event if the price per share paid to stockholders is between $10.25 and $11.24; (iv) 1.25% of the total consideration paid in a final liquidity event if the price per share paid to stockholders is between $11.25 and $12.00; and (v) 1.5% of the total consideration paid in a final liquidity event if the price per share paid to stockholders is greater than or equal to $12.01. To the extent the disposition fee is paid upon the sale of any assets other than real property, it will be included as an operating expense for purposes of the 2%/25% Limitation. In connection with the sale of securities, the disposition fee may be paid to an affiliate of the Advisor that is registered as a FINRA member broker-dealer if applicable FINRA rules would prohibit the payment of the disposition fee to a firm that is not a registered broker-dealer. The Charter limits the maximum amount of the disposition fees payable to the Advisor for the sale of any real property to the lesser of one-half of the brokerage commission paid or 3% of the contract sales price, but in no event shall the total real estate commissions paid, including any disposition fees payable to the Advisor, exceed 6% of the contract sales price.

Refinancing Fee

The Company pays the Advisor a refinancing fee equal to 0.50% of the refinancing amount in connection with the refinancing of certain of the Company’s existing mortgage loans. The Advisor earned $1,790,010 in refinancing fees in connection with the Refinancing Transactions.

Restricted Stock Agreement

On June 11, 2014, the Company entered into a restricted stock agreement with the Advisor whereby the Company issued to the Advisor 488,281.25 restricted shares of the Company’s common stock at a fair market value of $10.24 per share in

27

PART I — FINANCIAL INFORMATION (continued)

Item 1. Financial Statements (continued)

STEADFAST INCOME REIT, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

satisfaction of certain deferred fees due to the Advisor in the aggregate amount of $5,000,000. The shares of restricted stock vest and become non-forfeitable upon the earliest to occur of (i) 50% at December 31, 2015 and 50% at December 31, 2016, (ii) certain liquidity events of the Company, (iii) the Company’s cumulative modified funds from operations exceed the lesser of (a) the cumulative amount of distributions paid to the Company’s stockholders or (b) an amount that is equal to a 7.0% cumulative, non-compounded annual return on the Company’s stockholders’ invested capital, or (iv) the Company’s termination of, or failure to renew, the Advisory Agreement other than for “cause” (as defined in the Advisory Agreement). The shares of restricted stock shall be forfeited if the Advisor is terminated for any reason other than (iv) above.

9. Incentive Award Plan and Independent Director Compensation

The Company has adopted an incentive plan (the “Incentive Award Plan”) that provides for the grant of equity awards to its employees, directors and consultants and those of the Company’s affiliates. The Incentive Award Plan authorizes the grant of non-qualified and incentive stock options, restricted stock awards, restricted stock units, stock appreciation rights, dividend equivalents and other stock-based awards or cash-based awards. No awards have been granted under the Incentive Award Plan as of June 30, 2016 and December 31, 2015, except those awards granted to the independent directors as described below.

Under the Company’s independent directors’ compensation plan, which is a sub-plan of the Incentive Award Plan, each of the Company’s independent directors was entitled to receive 5,000 shares of restricted common stock in connection with the initial meeting of the Company’s full board of directors. The Company’s board of directors, and each of the independent directors, agreed to delay the initial grant of restricted stock until the Company raised $2,000,000 in gross offering proceeds in the Private Offering. Each subsequent independent director that joins the Company’s board of directors receives 5,000 shares of restricted common stock upon election to the Company’s board of directors. In addition, on the date following an independent director’s re-election to the Company’s board of directors, he or she receives 2,500 shares of restricted common stock. One-fourth of the shares of restricted common stock generally vest and become non-forfeitable upon issuance and the remaining portion will vest in three equal annual installments beginning on the date of grant and ending on the third anniversary of the date of grant; provided, however, that the restricted stock will become fully vested and become non-forfeitable on the earlier to occur of (1) the termination of the independent director’s service as a director due to his or her death or disability, or (2) a change in control of the Company and as otherwise provided in the Incentive Award Plan. On August 10, 2015, the Company’s board of directors granted 2,000 shares of restricted common stock pursuant to the Incentive Award Plan to each of Larry H. Dale and Kerry D. Vandell in appreciation for their service as independent directors and commitment to the Company for their prior years of service as independent directors, all of which vested immediately. On August 11, 2015, the Company granted 5,000 shares of restricted common stock to its new independent director, Don B. Saulic. The Company recorded stock-based compensation expense of $12,864 and $25,728 for the three and six months endedJune 30, 2016 and $22,883 and $45,767 for the three and six months endedJune 30, 2015, respectively.

10. Commitments and Contingencies

Economic Dependency

The Company is dependent on the Advisor and its affiliates for certain services that are essential to the Company, including the identification, evaluation, negotiation, purchase and disposition of real estate and real estate-related investments; management of the daily operations of the Company’s real estate and real estate-related investment portfolio; and other general and administrative responsibilities. In the event that these companies are unable to provide the respective services, the Company will be required to obtain such services from other sources.

28

PART I — FINANCIAL INFORMATION (continued)

Item 1. Financial Statements (continued)

STEADFAST INCOME REIT, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

Concentration of Credit Risk

The geographic concentration of the Company’s portfolio makes it particularly susceptible to adverse economic developments in the Houston, Texas, Chicago, Illinois and Austin, Texas apartment markets. Any adverse economic or real estate developments in these markets, such as business layoffs or downsizing, relocations of businesses, increased competition from other apartment communities, decrease in demand for apartments or any other changes, could adversely affect the Company’s operating results and its ability to make distributions to stockholders.

Environmental

As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. The Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the properties could result in future environmental liabilities.

Legal Matters

From time to time, the Company is subject, or party, to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings of which the outcome is reasonably likely to have a material adverse effect on the Company’s results of operations or financial condition nor is the Company aware of any such legal proceedings contemplated by government agencies.

11. Derivative Financial Instruments

The Company uses interest rate derivatives with the objective of managing exposure to interest rate movements thereby minimizing the effect of interest rate changes and the effect they could have on future cash flows. Interest rate cap agreements are used to accomplish this objective. The following table provides the terms of the Company’s interest rate derivative instruments that were in effect at June 30, 2016 and December 31, 2015:

June 30, 2016
Type	Maturity Date Range	Based on	Number of Instruments	Notional Amount		Variable Rate		Weighted Average Rate Cap		Fair Value
Interest rate cap	11/1/2016 - 10/1/2019	One-Month LIBOR	44	$	995,112,000	0.47	%	2.68	%	$	111,871

December 31, 2015
Type	Maturity Date Range	Based on	Number of Instruments	Notional Amount		Variable Rate		Weighted Average Rate Cap		Fair Value
Interest rate cap	11/1/2016 - 10/1/2019	One-Month LIBOR	30	$	637,110,000	0.43	%	2.68	%	$	298,143

The interest rate cap agreements are not designated as cash flow hedges. Accordingly, the Company records any changes in the fair value of the interest rate cap agreements as interest expense. The change in the fair value of the interest rate cap agreements for the three and six months endedJune 30, 2016 resulted in an unrealized loss of $212,559 and $445,272, respectively, which is included in interest expense in the accompanying consolidated statements of operations. During the three

29

PART I — FINANCIAL INFORMATION (continued)

Item 1. Financial Statements (continued)

STEADFAST INCOME REIT, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

and six months endedJune 30, 2016, the Company acquired interest rate cap agreements of $259,000, and during the three and six months endedJune 30, 2015, the Company acquired interest rate cap agreements of $65,250. The fair value of the interest rate cap agreements of $111,871 and $298,143 as of June 30, 2016 and December 31, 2015, respectively, are included in other assets, net on the accompanying consolidated balance sheets.

12. Subsequent Events

Distributions Paid

On July 1, 2016, the Company paid distributions of $4,492,374, which related to distributions declared for each day in the period from June 1, 2016 through June 30, 2016. All such distributions were paid in cash.

On August 1, 2016, the Company paid distributions of $4,642,138, which related to distributions declared for each day in the period from July 1, 2016 through July 31, 2016. All such distributions were paid in cash.

Shares Repurchased

On July 29, 2016, the Company repurchased 93,939 shares of its common stock for a total repurchase value of $1,000,000, or $10.65 per share, pursuant to the Company’s share repurchase program.

Refinancings

On July 29, 2016, nine indirect wholly-owned subsidiaries of the Company terminated the existing mortgage loan with its lender for an aggregate principal amount of $200,262,346 and entered into a new Credit Agreement (the “Credit Agreement”) with PNC Bank for an aggregate principal amount of $235,124,750. The credit facility has a maturity date of August 1, 2021, subject to extension, and accrues interest at the one-month LIBOR plus (1) the servicing spread of 0.05% and (2) the net spread, based on the debt service coverage ratio, of between 1.73% and 1.93%. The Credit Agreement may be increased up to $350,000,000, in accordance with the terms of the Credit Agreement. The Advisor earned a refinancing fee of $1,175,624 in connection with the refinancings. In connection with the prepayment and termination of the existing mortgages, the Company paid $1,469,766 in the aggregate in prepayment penalties.

Distributions Declared

On August 9, 2016, the Company’s board of directors approved and authorized a daily distribution to stockholders of record as of the close of business on each day of the period commencing on October 1, 2016 and ending on December 31, 2016. The distributions will be equal to $0.001958 per share of the Company’s common stock. The distributions for each record date in October 2016, November 2016 and December 2016 will be paid in November 2016, December 2016 and January 2017, respectively. The distributions will be payable to stockholders from legally available funds therefor.

Share Repurchase Program

On August 9, 2016, the Company’s board of directors approved and authorized an increase to the value of the shares that may be repurchased pursuant to the share repurchase program each quarter from $1,000,000 to $2,000,000, effective on the October 2016 repurchase date. Additionally, the board of directors amended the share repurchase program to provide that the deadline for shareholders to withdraw a repurchase request under the share repurchase program is three business days prior to the end of the fiscal quarter. The share repurchase program previously provided that shareholders could withdraw a repurchase request up to three business days prior to the repurchase date.

30

PART I — FINANCIAL INFORMATION (continued)

Item 1. Financial Statements (continued)

STEADFAST INCOME REIT, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2016

(unaudited)

Restricted Stock grant

On August 9, 2016, the Company granted 2,500 shares of restricted common stock to each of its three independent

directors upon their re-election to the Company’s board of directors at the 2016 annual meetings of stockholders.

31

PART I — FINANCIAL INFORMATION (continued)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with the accompanying financial statements of Steadfast Income REIT, Inc. and the notes thereto. As used herein, the terms “we,” “our” and “us” refer to Steadfast Income REIT, Inc., a Maryland corporation, and, as required by context, Steadfast Income REIT Operating Partnership, L.P., a Delaware limited partnership, which we refer to as our “Operating Partnership,” and to their subsidiaries.

Forward-Looking Statements

Certain statements included in this Quarterly Report on Form 10-Q (the “Quarterly Report”) that are not historical facts (including any statements concerning investment objectives, other plans and objectives of management for future operations or economic performance, or assumptions or forecasts related thereto) are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements are only predictions. We caution that forward-looking statements are not guarantees. Actual events or our investments and results of operations could differ materially from those expressed or implied in any forward-looking statements. Forward-looking statements are typically identified by the use of terms such as “may,” “should,” “expect,” “could,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “continue,” “predict,” “potential” or the negative of such terms and other comparable terminology.

The forward-looking statements included herein are based upon our current expectations, plans, estimates, assumptions and beliefs, which involve numerous risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results and performance could differ materially from those set forth in the forward-looking statements. Factors which could have a material adverse effect on our operations and future prospects include, but are not limited to:

• the fact that we have had a net loss for each quarterly and annual period since inception;

• changes in economic conditions generally and the real estate and debt markets specifically;

• our ability to successfully dispose of real estate on terms that are favorable to us;

• risks inherent in the real estate business, including tenant defaults, tenant vacancies, potential liability relating to environmental matters and liquidity of real estate investments;

• our ability to secure resident leases for our multifamily properties at favorable rental rates;

• the fact we pay fees and expenses to our Advisor and its affiliates that were not negotiated on an arm’s length basis and the payment of these fees and expenses increases the risk that our stockholders will not earn a profit on their investment in us;

• legislative or regulatory changes (including changes to the laws governing the taxation of REITs);

• the availability of capital;

• changes in interest rates; and

• changes to GAAP.

Any of the assumptions underlying the forward-looking statements included herein could be inaccurate, and undue reliance should not be placed on any forward-looking statements included herein. All forward-looking statements are made as of the date this Quarterly Report is filed with the SEC, and the risk that actual results will differ materially from the expectations expressed herein will increase with the passage of time. Except as otherwise required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements made herein, whether as a result of new information, future events, changed circumstances or any other reason. In light of the significant uncertainties inherent in the forward-looking statements included in this Quarterly Report, the inclusion of such forward-looking statements should not be

32

PART I — FINANCIAL INFORMATION (continued)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

regarded as a representation by us or any other person that the objectives and plans set forth in this Quarterly Report will be achieved.

All forward-looking statements included herein should be read in light of the factors identified in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on March 18, 2016.

Overview

We were formed on May 4, 2009, as a Maryland corporation that has elected to qualify as a REIT. As described in more detail below, we own and manage a diverse portfolio of real estate investments, primarily in the multifamily sector, located throughout the United States.

On July 19, 2010, we commenced our Public Offering of up to a maximum of 150,000,000 shares of common stock at an initial price of $10.00 per share (subject to certain discounts) and up to 15,789,474 shares of common stock pursuant to our DRP at an initial price of $9.50 per share. On July 12, 2012, our board of directors determined an estimated value per share of our common stock of $10.24 as of March 31, 2012. As a result of the determination of the estimated value per share of our common stock as of March 31, 2012, effective September 10, 2012, the offering price of our common stock in our Public Offering increased from the previous price of $10.00 per share to $10.24 per share. Additionally, effective September 10, 2012, the price of shares of our common stock issued pursuant to our DRP increased from a price of $9.50 per share to a price of $9.73 per share, or 95% of the $10.24 per share offering price. On March 10, 2015, our board of directors determined an estimated value per share of our common stock of $10.35 as of December 31, 2014. On February 25, 2016, our board of directors determined an estimated value per share of our common stock of $11.44 as of December 31, 2015.

On December 20, 2013, we terminated our Public Offering. Upon termination of our Public Offering, we had sold 73,608,337 shares of common stock for gross proceeds of $745,389,748, including 1,588,289 shares of common stock issued pursuant to our DRP for gross offering proceeds of $15,397,232. Following the termination of our Public Offering, we continued to offer shares of our common stock pursuant to our DRP until our board of directors determined to suspend our DRP effective with distributions earned beginning on December 1, 2014. Our board of directors may, in its sole discretion, reinstate the DRP and change the price at which we offer shares of common stock to our stockholders pursuant to the DRP to reflect future changes in our estimated value per share and other factors that our board of directors deems relevant.

As of June 30, 2016, we owned 65 multifamily properties located within the greater midwest and southern geographic regions of the United States. Our property portfolio consists of an aggregate of 16,647 apartment homes and 25,973 square feet of rentable commercial space. The total purchase price of our real estate portfolio, including development and construction costs for apartment homes we constructed, was $1,636,568,752, exclusive of closing costs. At June 30, 2016, our portfolio was approximately 97.8% leased.

Steadfast Income Advisor, LLC is our advisor. Subject to certain restrictions and limitations, our Advisor manages our day-to-day operations and our portfolio of properties. Our Advisor sources and presents investment opportunities to our board of directors. Our Advisor also provides investment management, marketing, investor relations and other administrative services on our behalf.

33

PART I — FINANCIAL INFORMATION (continued)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Substantially all of our business is conducted through our Operating Partnership. We are the sole general partner of our Operating Partnership. The initial limited partner of our Operating Partnership is our Advisor. The Partnership Agreement of our Operating Partnership provides that our Operating Partnership will be operated in a manner that will enable us to (1) satisfy the requirements for being classified as a REIT for tax purposes, (2) avoid any federal income or excise tax liability and (3) ensure that our Operating Partnership will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Internal Revenue Code, which classification could result in our Operating Partnership being taxed as a corporation, rather than as a partnership. In addition to the administrative and operating costs and expenses incurred by our Operating Partnership in acquiring and operating real properties, our Operating Partnership will pay all of our administrative costs and expenses, and such expenses will be treated as expenses of our Operating Partnership.

We have elected to be taxed as a REIT for federal income tax purposes beginning with the taxable year ending December 31, 2010. As a REIT, we generally will not be subject to federal income tax on income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year in which qualification is denied. Failing to qualify as a REIT could materially and adversely affect our net income.  

Market Outlook

During times of economic downturn, market conditions could negatively impact the multifamily real estate sector, resulting in lower occupancy, lower rental rates and declining values. The economy in the United States has improved; however, there is no assurance that economic conditions will continue to improve or will not worsen in the future. We believe we currently have unique investment opportunities, particularly in the multifamily sector. Home ownership rates are the lowest they have been since 1967. Demographic and economic factors favor the flexibility of rental housing and discourage the potential financial burden associated with home ownership. Additionally, Millennials and Baby Boomers, the two largest demographic groups comprising roughly half of the total population in the United States, are increasingly choosing to live in a variety of rental housing. Our plan is to provide rental housing for these multi-generational groups as they age. Millennials are getting married and having children later and are choosing to live in apartment communities until their mid-30s. Today, 30% of Millennials are still living with their parents or are still in school. When they get a job, Millennials will likely rent moderate income apartments based upon an average income of $35,000. We believe this creates demand for multifamily housing.

34

PART I — FINANCIAL INFORMATION (continued)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Our Real Estate Portfolio

As of June 30, 2016, we owned the 65 multifamily properties listed below:

				Number of Units	Contract Purchase Price(1)		Mortgage Debt Outstanding at June 30, 2016		Average Occupancy as of				Average Monthly Rent(2) as of
	Property Name	Location	Purchase Date						Jun 30, 2016		Dec 31, 2015		Jun 30, 2016		Dec 31, 2015
1	Park Place Condominiums	Des Moines, IA	12/22/2010	151	$	8,323,400	$	4,734,894	96.0	%	94.7	%	$	919	$	877
2	Clarion Park Apartments	Olathe, KS	6/28/2011	220	11,215,000		8,214,926		94.1	%	95.0	%	811		781
3	Cooper Creek Village Apartments	Louisville, KY	8/24/2011	123	10,420,000		6,287,590		95.9	%	94.3	%	886		903
4	Truman Farm Villas	Grandview, MO	12/22/2011	200	9,100,000		5,520,251		97.0	%	98.5	%	714		697
5	EBT Lofts	Kansas City, MO	12/30/2011	102	8,575,000		5,219,337		96.1	%	95.1	%	1,035		1,009
6	Windsor on the River Apartments	Cedar Rapids, IA	1/26/2012	424	33,000,000		22,853,814		95.5	%	92.2	%	717		688
7	Renaissance at St. Andrews	Louisville, KY	2/17/2012	216	12,500,000		8,588,721		94.9	%	94.9	%	744		705
8	Spring Creek Edmond Apartments	Edmond, OK	3/9/2012	252	19,350,000		13,025,291		93.3	%	95.6	%	878		842
9	Montclair Parc Apartment Homes	Oklahoma City, OK	4/26/2012	360	35,750,000		23,018,926		95.8	%	94.7	%	873		864
10	Sonoma Grande Apartments	Tulsa, OK	5/24/2012	336	32,200,000		21,591,276		96.7	%	93.8	%	963		956
11	Estancia Apartments	Tulsa, OK	6/29/2012	294	27,900,000		20,898,118		95.6	%	93.9	%	970		967
12	Montelena Apartments	Round Rock, TX	7/13/2012	232	18,350,000		11,788,872		97.4	%	93.5	%	1,091		1,071
13	Valley Farms Apartment Homes	Louisville, KY	8/30/2012	160	15,100,000		9,655,046		95.6	%	93.8	%	860		857
14	Hilliard Park Apartments	Columbus, OH	9/11/2012	201	19,800,000		13,063,645		94.0	%	91.5	%	1,022		998
15	Sycamore Terrace Apartments	Terre Haute, IN	9/20/2012 & 3/5/2014	250	23,174,157		17,777,895		94.0	%	97.6	%	1,086		1,154
16	Hilliard Summit Apartments	Columbus, OH	9/28/2012	208	24,100,000		15,871,694		94.2	%	92.8	%	1,184		1,105
17	Springmarc Apartments	San Marcos, TX	10/19/2012	240	21,850,000		14,611,533		95.4	%	97.9	%	953		956
18	Renaissance at St. Andrews Condominiums(3)	Louisville, KY	10/31/2012	30	1,423,000		—		90.0	%	100.0	%	735		689
19	Ashley Oaks Apartment Homes	San Antonio, TX	11/29/2012	462	30,790,000		20,599,878		95.9	%	95.2	%	806		793
20	Arrowhead Apartment Homes	Palatine, IL	11/30/2012	200	16,750,000		11,902,180		96.5	%	93.5	%	1,096		1,061
21	The Moorings Apartments	Roselle, IL	11/30/2012	216	20,250,000		14,388,001		95.4	%	95.8	%	1,059		1,080
22	Forty 57 Apartments	Lexington, KY	12/20/2012	436	52,500,000		37,377,941		95.9	%	95.2	%	899		881

35

PART I — FINANCIAL INFORMATION (continued)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

				Number of Units	Contract Purchase Price(1)		Mortgage Debt Outstanding at June 30, 2016		Average Occupancy as of				Average Monthly Rent(2) as of
	Property Name	Location	Purchase Date						Jun 30, 2016		Dec 31, 2015		Jun 30, 2016		Dec 31, 2015
23	Keystone Farms Apartments	Nashville, TN	12/28/2012	90	$	8,400,000	$	5,894,045	97.8	%	100.0	%	$	1,181	$	1,138
24	Riverford Crossing Apartments	Frankfort, KY	12/28/2012	300	30,000,000		21,240,890		96.0	%	95.3	%	843		835
25	Valley Farms      North(4)	Louisville, KY	12/28/2012	128	14,607,032		9,720,000		93.0	%	74.2	%	1,002		885
26	Montecito Apartments	Austin, TX	12/31/2012	268	19,000,000		13,534,107		96.3	%	97.0	%	934		908
27	Hilliard Grand Apartments	Dublin, OH	12/31/2012	314	40,500,000		28,367,426		96.8	%	94.9	%	1,213		1,252
28	The Hills at Fair Oaks	Fair Oaks Ranch, TX	1/31/2013	288	34,560,000		24,084,271		94.4	%	91.7	%	1,017		1,032
29	Library Lofts East	Kansas City, MO	2/28/2013	118	12,750,000		8,599,122		92.4	%	95.8	%	950		981
30	Trails at Buda Ranch	Buda, TX	3/28/2013	264	23,000,000		16,266,798		96.2	%	97.0	%	1,049		1,003
31	Deep Deuce at Bricktown	Oklahoma City, OK	3/28/2013	294	38,220,000		25,385,824		94.9	%	92.5	%	1,311		1,349
32	Deer Valley Apartments	Lake Bluff, IL	4/30/2013	224	28,600,000		19,955,575		94.6	%	92.4	%	1,306		1,262
33	Grayson Ridge Apartment Homes	North Richland Hills, TX	5/31/2013	240	14,300,000		13,863,307		96.3	%	95.4	%	832		815
34	Rosemont Olmos Park Apartments	San Antonio, TX	5/31/2013	144	22,050,000		14,244,186		95.8	%	93.8	%	1,262		1,218
35	Retreat at Quail North	Oklahoma City, OK	6/12/2013	240	25,250,000		16,774,160		95.0	%	94.6	%	966		948
36	Lodge at Trails Edge	Indianapolis, IN	6/18/2013	268	18,400,000		12,174,833		97.0	%	94.8	%	718		714
37	Arbors of Carrollton	Carrollton, TX	7/3/2013	131	8,800,000		6,032,262		96.9	%	95.4	%	915		893
38	Waterford on the Meadow	Plano, TX	7/3/2013	350	23,100,000		16,008,973		97.7	%	96.6	%	932		885
39	The Belmont	Grand Prairie, TX	7/26/2013	260	12,100,000		8,920,021		97.3	%	95.4	%	844		767
40	Meritage at Steiner Ranch	Austin, TX	8/6/2013	502	80,000,000		53,234,101		92.0	%	94.0	%	1,386		1,368
41	Tapestry Park Apartments	Birmingham, AL	8/13/2013 & 12/1/2014	354	50,285,000		43,572,796		94.1	%	95.2	%	1,261		1,273
42	Dawntree Apartments	Carrollton, TX	8/15/2013	400	24,000,000		15,300,782		96.0	%	96.0	%	877		836
43	Stuart Hall Lofts	Kansas City, MO	8/27/2013	115	16,850,000		15,948,252		96.5	%	96.5	%	1,274		1,274
44	BriceGrove Park Apartments	Canal Winchester, OH	8/29/2013	240	20,100,000		17,055,884		95.8	%	95.0	%	832		815
45	Retreat at Hamburg Place	Lexington, KY	9/5/2013	150	16,300,000		12,021,096		97.3	%	94.0	%	978		953
46	Cantare at Indian Lake Village	Hendersonville, TN	9/24/2013	206	29,000,000		28,072,450		95.6	%	96.1	%	1,169		1,164

36

PART I — FINANCIAL INFORMATION (continued)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

				Number of Units	Contract Purchase Price(1)		Mortgage Debt Outstanding at June 30, 2016		Average Occupancy as of				Average Monthly Rent(2) as of
	Property Name	Location	Purchase Date						Jun 30, 2016		Dec 31, 2015		Jun 30, 2016		Dec 31, 2015
47	The Landing at Mansfield	Mansfield, TX	9/27/2013	336	$	30,900,000	$	27,126,150	95.2	%	97.0	%	$	983	$	949
48	Heights at 2121	Houston, TX	9/30/2013	504	37,000,000		38,179,060		91.5	%	92.5	%	952		957
49	Villas at Huffmeister	Houston, TX	10/10/2013	294	37,600,000		27,110,738		93.5	%	92.9	%	1,154		1,145
50	Villas of Kingwood	Kingwood, TX	10/10/2013	330	40,150,000		35,240,284		96.4	%	90.6	%	1,245		1,241
51	Waterford Place at Riata Ranch	Cypress, TX	10/10/2013	228	23,400,000		17,237,535		92.1	%	91.7	%	1,105		1,093
52	Carrington Place	Houston, TX	11/7/2013	324	32,900,000		22,073,711		96.6	%	92.0	%	1,116		1,054
53	Carrington at Champion Forest	Houston, TX	11/7/2013	284	33,000,000		22,651,003		94.4	%	96.1	%	1,101		1,099
54	Carrington Park at Huffmeister	Cypress, TX	11/7/2013	232	25,150,000		17,466,599		96.6	%	93.5	%	1,151		1,126
55	Willow Crossing Apartments	Elk Grove, IL	11/20/2013	579	58,000,000		57,581,986		91.9	%	94.8	%	1,017		1,062
56	Echo at Katy Ranch	Katy, TX	12/19/2013	260	35,100,000		—		87.3	%	86.9	%	1,316		1,236
57	Heritage Grand at Sienna Plantation	Missouri City, TX	12/20/2013	240	27,000,000		16,460,241		95.4	%	92.5	%	1,170		1,190
58	Audubon Park Apartments	Nashville, TN	12/27/2013	256	16,750,000		11,611,276		89.5	%	91.8	%	844		895
59	Mallard Crossing Apartments	Cincinnati, OH	12/27/2013	350	39,800,000		33,469,332		97.1	%	90.6	%	1,054		986
60	Renaissance at Carol Stream	Carol Stream, IL	12/31/2013	293	29,150,000		23,023,546		95.2	%	92.5	%	1,024		1,008
61	Reserve at Creekside	Chattanooga, TN	3/28/2014	192	18,875,000		14,176,563		95.3	%	95.3	%	954		959
62	Mapleshade Park	Dallas, TX	3/31/2014	148	23,325,000		19,222,532		98.0	%	91.2	%	1,486		1,474
63	Richland Falls(5)	Murfreesboro, TN	5/16/2014	214	23,296,163		16,166,850		95.4	%	96.8	%	917		924
64	Oak Crossing Apartments	Fort Wayne, IN	6/3/2014	222	24,230,000		15,665,159		96.8	%	89.6	%	962		950
65	Park Shore Apartments	St. Charles, IL	9/12/2014	160	18,350,000		15,630,696		92.5	%	90.6	%	1,169		1,152
				16,647	$	1,636,568,752	$	1,183,354,251	94.9	%	94.0	%	$	1,014	$	999

________________

(1) The contract purchase price is comprised of the purchase price upon acquisition and the development and construction costs of apartment homes we have constructed, as applicable.

(2) Average monthly rent is based upon the effective rental income after considering the effect of vacancies, concessions and write-offs.

(3) Renaissance at St. Andrews Condominiums, initially comprised of 29 apartment homes, was acquired by us on October 31, 2012. On May 20, 2016, we acquired one additional unit at the Renaissance at St. Andrews Condominiums community for a purchase price of $48,000.

37

PART I — FINANCIAL INFORMATION (continued)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

(4) Valley Farms North, initially comprised of 32 apartment homes and entitled for an additional 224 apartment homes, was acquired by us on December 28, 2012. During 2014, construction began on an additional 96 of the entitled 224 apartment homes at Valley Farms North. During 2015, all 96 additional apartment homes were completed and available to be leased.

(5) Richland Falls was acquired by us on May 16, 2014, and included improved land zoned for an additional 86 apartment homes. During 2015, construction began on an additional 86 apartment homes at Richland Falls, 24 of which were completed as of June 30, 2016.

Critical Accounting Policies

The preparation of our financial statements requires significant management judgments, assumptions and estimates about matters that are inherently uncertain. These judgments affect the reported amounts of assets and liabilities and our disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. With different estimates or assumptions, materially different amounts could be reported in our financial statements. Additionally, other companies may utilize different estimates that may impact the comparability of our results of operations to those of companies in similar businesses. A discussion of the accounting policies that management considers critical in that they involve significant management judgments, assumptions and estimates is included in our Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC. There have been no significant changes to our accounting policies during 2016, other than as discussed in Note 2 to our condensed consolidated unaudited financial statements in this Quarterly Report.

Income Taxes

We elected to be taxed as a REIT under the Internal Revenue Code and have operated as such beginning with the taxable year ended December 31, 2010. To continue to qualify as a REIT, we must continue to meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our annual REIT taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, we generally will not be subject to federal income tax to the extent we distribute qualifying dividends to our stockholders. If we fail to qualify as a REIT in any taxable year, we would be subject to federal income tax on our taxable income at regular corporate income tax rates and generally would not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification was lost, unless the Internal Revenue Service grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders. However, we believe we are organized and operate in such a manner as to qualify for treatment as a REIT.

We follow the income tax guidance under GAAP to recognize, measure, present and disclose in our consolidated financial statements uncertain tax positions that we have taken or expect to take on a tax return. As of June 30, 2016 and December 31, 2015, we did not have any liabilities for uncertain tax positions that we believe should be recognized in our consolidated financial statements. Due to uncertainty regarding the realization of certain deferred tax assets, we have established valuation allowances, primarily in connection with the net operating loss carryforward related to the REIT. We have not been assessed interest or penalties by any major tax jurisdictions. Our evaluation was performed for the tax years ended December 31, 2015, 2014 and 2013.

Distributions

Our board of directors has declared daily distributions that are paid on a monthly basis. We expect to continue paying monthly distributions unless our results of operations, our general financial condition, general economic conditions or other factors prohibit us from doing so. We may declare distributions in excess of our funds from operations. As a result, our distribution rate and payment frequency may vary from time to time. However, to qualify as a REIT for tax purposes, we must make distributions equal to at least 90% of our “REIT taxable income” each year.

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PART I — FINANCIAL INFORMATION (continued)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Distributions declared (1) accrue daily to our stockholders of record as of the close of business on each day, (2) are payable in cumulative amounts on or before the third day of each calendar month with respect to the prior month and (3) are calculated at a rate of $0.001964 per share per day during the year ended December 31, 2015 and three months ended March 31, 2016 and at a rate of $0.001958 per share per day during the three months ended June 30, 2016.

The distributions paid during each of the last five fiscal quarters ended June 30, 2016 were as follows:

Period	Distributions Declared(1)		Distributions Declared Per Share(1)(2)		Distributions Paid(3)		Sources of Distributions Paid				Net Cash Provided By Operating Activities
							Cash Flow From Operations		Revolving Credit Facility
Second Quarter 2015	$	13,736,290	$	0.179	$	13,887,241	$	11,382,294	$	2,504,947	$	11,382,294
Third Quarter 2015	13,888,802		0.181		13,887,973		13,887,973		—		14,287,719
Fourth Quarter 2015	13,865,446		0.181		13,726,517		13,726,517		—		14,722,025
First Quarter 2016	13,649,330		0.178		13,669,663		11,942,765		1,726,898		11,942,765
Second Quarter 2016	13,673,510		0.178		13,829,064		11,507,949		2,321,115		11,507,949
	$	68,813,378	$	0.897	$	69,000,458	$	62,447,498	$	6,552,960	$	63,842,752

________________

(1) Distributions are based on daily record dates and calculated at a rate of $0.001964 per share per day during the year ended December 31, 2015 and three months ended March 31, 2016 and at a rate of $0.001958 per share per day during the three months ended June 30, 2016.

(2) Assumes each share was issued and outstanding each day during the periods presented.

(3) Distributions are paid on a monthly basis. Distributions for all record dates of a given month are paid approximately three days following month end. All distributions were paid in cash.

For the three and six months endedJune 30, 2016, we paid aggregate distributions of $13,829,064 and $27,498,727. All such distributions were paid in cash. For the three and six months endedJune 30, 2016, our net loss was $8,039,220 and $11,657,358, we had funds from operations (“FFO”), of $9,177,557 and $22,506,687 and net cash provided by operations of $11,507,949 and $23,450,714, respectively. For the three and six months endedJune 30, 2016, we funded $11,507,949 and $23,450,714 of distributions paid with net cash provided by operating activities and with proceeds from our revolving credit facility of $2,321,115 and $4,048,013, respectively. For information on how we calculate FFO and the reconciliation of FFO to net loss, see “—Funds from Operations and Modified Funds from Operations.”

Over the long-term, we expect that our distributions will be paid from cash flow from operations (except with respect to distributions related to sales of our real estate and real estate-related investments). However, our operating performance cannot be accurately predicted and may deteriorate in the future due to numerous factors, including those discussed under “Forward-Looking Statements,” and “Results of Operations” herein. In the event our cash flow from operations decreases in the future, the level of our distributions may also decrease.

Inflation

Substantially all of our multifamily property leases will be for a term of one year or less. In an inflationary environment, this may allow us to realize increased rents upon renewal of existing leases or the beginning of new leases. Short-term leases generally will minimize our risk from the adverse effects of inflation, although these leases generally permit tenants to leave at the end of the lease term and therefore will expose us to the effects of a decline in market rents. In a deflationary rent environment, we may be exposed to declining rents more quickly under these shorter term leases.

With respect to our commercial properties, we include in our leases future provisions designed to protect us from the impact of inflation. These provisions include reimbursement billings for operating expense pass-through charges, real estate tax and insurance reimbursements, or in some cases annual reimbursement of operating expenses above a certain allowance. We believe

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PART I — FINANCIAL INFORMATION (continued)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

that shorter term lease contracts on commercial properties lessen the impact of inflation due to the ability to adjust rental rates to market levels as leases expire.

As of June 30, 2016, we had not entered into any leases as a lessee.

REIT Compliance

To qualify as a REIT for tax purposes, we are required to distribute at least 90% of our REIT taxable income (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP) to our stockholders. We must also meet certain asset and income tests, as well as other requirements. We will monitor the business and transactions that may potentially impact our REIT status. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax (including any applicable alternative minimum tax) on our taxable income at regular corporate rates.

Liquidity and Capital Resources

We have used, and intend to use in the future, secured and unsecured borrowings. At the conclusion of our Public Offering, our overall borrowings were approximately 65% of the cost of our investments. Going forward, we expect that our borrowings will be approximately 65% of the value of our properties, as determined by an independent third party appraiser or qualified independent valuation expert. Under our Charter, we have a limitation on borrowing in excess of 300% of the value of our net assets, which generally approximates to 75% of the aggregate cost of our assets, though we may exceed this limit under certain circumstances. As of June 30, 2016, our borrowings were not in excess of 300% of the value of our net assets.

We expect to use our capital resources to make certain payments to our Advisor in connection with the disposal of investments, the management of our assets and costs incurred by our Advisor in providing services to us.

Our principal demand for funds will be to fund value-enhancement and other capital improvement projects, to pay operating expenses and interest on our outstanding indebtedness and to make distributions to our stockholders. We intend to generally fund our cash needs for items, other than asset acquisitions, from operations. Otherwise, we expect that our principal sources of working capital will include:

• current cash balances;

• various forms of secured and unsecured financing;

• equity capital from joint venture partners; and

• cash from operations.

Over the short term, we believe that our sources of capital, specifically our cash balances, cash flow from operations, our ability to raise equity capital from joint venture partners and our ability to obtain various forms of secured and unsecured financing will be adequate to meet our liquidity requirements and capital commitments.

Over the longer term, in addition to the sources of capital noted above which we will rely on to meet our short term liquidity requirements, we may also utilize proceeds from the sale of our properties. We may also conduct additional public or private offerings. We expect these resources to be adequate to fund our operating activities, debt service and distributions, which we presently anticipate will grow over time, and will be sufficient to fund our ongoing operating activities as well as providing capital for investment in future development and other joint ventures along with potential forward purchase commitments.

On October 22, 2012, we entered into a revolving credit facility with PNC Bank to borrow up to $5,000,000. On April 25, 2013, we amended the credit facility to increase the borrowing capacity to $20,000,000. On July 18, 2014, we further amended the revolving credit facility, to, among other things, increase the borrowing capacity from $20,000,000 to $35,000,000. The amended and restated credit facility consisted of a Tranche A and a Tranche B, and provided certain security for borrowings under the credit facility. The maximum amount that could be borrowed under Tranche A and Tranche B were $20,000,000 and $15,000,000, respectively. The amended and restated credit facility had a maturity date of July 17, 2016, subject to extension.

40

PART I — FINANCIAL INFORMATION (continued)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

On June 30, 2016, we repaid all outstanding amounts due and terminated the amended and restated credit facility. We continue to evaluate possible sources of capital, including, without limitation, entering into additional credit facilities. There can be no assurance that we will be able to obtain any such financings on favorable terms, if at all.

Cash Flows Provided by Operating Activities

As of June 30, 2016, we owned 65 multifamily properties. During the six months endedJune 30, 2016, net cash provided by operating activities was $23,450,714 compared to net cash provided by operating activities of $22,414,343 for the six months endedJune 30, 2015. The increase in net cash provided by operating activities is primarily due to improved operations at our portfolio of properties, partially offset by increased interest payments and certain costs paid in connection with the Refinancing Transactions. Additionally, cash flows provided by operating activities varies due to timing of payments of operating expenses.

Cash Flows Used in Investing Activities

During the six months endedJune 30, 2016, net cash used in investing activities was $11,784,847 compared to net cash used in investing activities of $15,153,521 during the six months endedJune 30, 2015. The decrease in net cash used in investing activities was primarily due to fewer value-enhancement and other capital improvement projects being paid during the six months endedJune 30, 2016, compared to the six months endedJune 30, 2015 and an increase of $1,204,414 of cash provided by restricted cash accounts during the six months endedJune 30, 2016, compared to the six months endedJune 30, 2015. Net cash used in investing activities during the six months endedJune 30, 2016 consisted of the following:

• $12,725,753 of cash used for improvements to real estate investments;

• $1,079,976 of cash provided by restricted cash accounts related to replacement reserves;

• $259,000 of cash used to purchase interest rate cap agreements; and

• $119,930 of cash provided by insurance claims.

Cash Flows Used in Financing Activities

During the six months endedJune 30, 2016, net cash provided by financing activities was $37,058,494 compared to net cash used in financing activities of $4,764,700 during the six months endedJune 30, 2015. The increase in cash flow from financing activities is due primarily to the increase in proceeds from mortgage notes payable in connection with the Refinancing Transactions, net of principal payments on mortgage notes payable, partially offset by increases to payments of deferred financing costs, redemptions of common stock and net payments on our credit facility. Net cash used in financing activities during the six months endedJune 30, 2016 consisted of the following:

• $66,557,221 provided by proceeds from the issuance of mortgage notes payable, net of deferred financing costs in the amount of $2,599,471 and principal payments of $291,459,917, each primarily in connection with the Refinancing Transactions;

• $27,498,727 of cash distributions; and

• $2,000,000 of cash paid for the redemption of common stock.

Contractual Commitments and Contingencies

We have used, and intend to use in the future, secured and unsecured debt. We believe that the careful use of borrowings will help us achieve our diversification goals and potentially enhance the returns on our investments. At the conclusion of our Public Offering, our borrowings were approximately 65% of the cost of our real properties (before deducting depreciation and amortization) plus the value of our other investments. Going forward, we expect that our borrowings will be approximately 65% of the value of our properties, as determined by an independent third party appraiser or qualified independent valuation expert. Under our Charter, we are prohibited from borrowing in excess of 300% of our net assets, which generally approximates to 75% of the aggregate cost of our assets. We may borrow in excess of this amount if such excess is approved by a majority of our independent directors and disclosed to stockholders in our next Quarterly Report, along with a justification for such excess. In such event, we will monitor our debt levels and take action to reduce any such excess as practicable. Our aggregate borrowings are reviewed by our board of directors at least quarterly. As of June 30, 2016, our aggregate borrowings were not in excess of 300% of the value of our net assets.

41

PART I — FINANCIAL INFORMATION (continued)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

In addition to using our capital resources for investing purposes and meeting our debt obligations, we expect to use our capital resources to make certain payments to our Advisor or its affiliates. We expect to make payments to our Advisor in connection with the selection and origination or purchase of real estate and real estate-related investments, the management of our assets, the management of the development or improvement of our assets and costs incurred by our Advisor in providing services to us.

As of June 30, 2016, we had indebtedness totaling an aggregate principal amount of $1,183,354,251, including the net premiums and discounts on certain notes payable of $2,834,608 and the net deferred financing costs of $7,635,416. The following is a summary of our contractual obligations as of June 30, 2016:

			Payments due by period
Contractual Obligations	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
Interest payments on outstanding debt obligations(1)	$	295,870,939	$	19,947,354	$	81,440,234	$	68,430,898	$	126,052,453
Principal payments on outstanding debt obligations(2)	1,188,155,059		6,378,379		129,569,117		246,119,609		806,087,954
Total	$	1,484,025,998	$	26,325,733	$	211,009,351	$	314,550,507	$	932,140,407

_____________________________

(1) Projected interest payments on outstanding debt obligations are based on the outstanding principal amounts and interest rates in effect at June 30, 2016. We incurred interest of $10,180,939 and $20,253,682 during the three and six months endedJune 30, 2016, including amortization of deferred financing costs totaling $395,421 and $777,466, amortization of loan premiums and discounts of $308,698 and $617,396, net unrealized losses from the change in fair value of interest rate cap agreements of $212,559 and $445,272 and capitalized interest of $40,463 and $66,367, respectively.

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

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PART I — FINANCIAL INFORMATION (continued)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Results of Operations

Overview

The discussion that follows is based on our consolidated results of operations for the three and six months endedJune 30, 2016 and 2015. The ability to compare one period to another is significantly affected by our value-enhancement strategy and the construction of additional apartment homes. Although the number of multifamily properties owned as of June 30, 2016 compared to June 30, 2015 remained unchanged at 65, our results of operations were impacted by the construction of an additional 16 apartment homes at one existing multifamily property during the six months endedJune 30, 2015, the construction of an additional 104 apartment homes at two existing multifamily properties after June 30, 2015 and our value-enhancement activity completed through June 30, 2016, as further discussed below.

Our results of operations for the three and six months endedJune 30, 2016 are not indicative of those expected in future periods. For the three and six months endedJune 30, 2016, we continue the process of value-enhancement projects, which may have a significant impact on our future results of operations. In general, we expect that our income and expenses related to our portfolio will increase in future periods as a result of organic rent increases, anticipated value-enhancement projects and construction of additional apartment homes.

To provide additional insight into our operating results, we are also providing a detailed analysis of same-store versus non-same-store net operating income (“NOI”). For more information on NOI and a reconciliation of NOI (a non-GAAP financial measure) to net loss, see “—Net Operating Income.”

Consolidated Results of Operations for the Three Months Ended June 30, 2016 and 2015

The following table summarizes the consolidated results of operations for the three months ended June 30, 2016 and 2015:

	For the Three Months Ended June 30,
	2016			2015			Change $			Change %
Total revenues	$	54,022,623		$	52,243,802		$	1,778,821		3	%
Operating, maintenance and management	(13,903,048		)	(12,766,597		)	(1,136,451		)	9	%
Real estate taxes and insurance	(10,048,699		)	(9,730,344		)	(318,355		)	3	%
Fees to affiliates	(7,362,697		)	(5,413,367		)	(1,949,330		)	36	%
Depreciation and amortization	(17,216,777		)	(16,182,016		)	(1,034,761		)	6	%
Interest expense	(10,140,476		)	(9,520,362		)	(620,114		)	7	%
Loss on debt extinguishment	(1,189,044		)	—			(1,189,044		)	100%
General and administrative expenses	(2,201,102		)	(1,535,545		)	(665,557		)	43	%
Net loss	$	(8,039,220	)	$	(2,904,429	)	$	(5,134,791	)	177	%
NOI(1)	$	28,010,314		$	27,788,289		$	222,025		1	%
FFO(2)	$	9,177,557		$	13,277,587		$	(4,100,030	)	(31	)%
MFFO(2)	$	10,637,208		$	13,629,408		$	(2,992,200	)	(22	)%

________________

(1) NOI is a non-GAAP financial measure used by investors and our management to evaluate and compare the performance of our properties and to determine trends in earnings. However, the usefulness of NOI is limited because it excludes general and administrative costs, interest expense, interest income and other expense, acquisition costs, certain fees to affiliates, depreciation and amortization expense and gains or losses from the sale of our properties and other gains and losses as stipulated by GAAP, the level of capital expenditures and leasing costs, all of which are

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PART I — FINANCIAL INFORMATION (continued)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

significant economic costs. For additional information on how we calculate NOI and a reconciliation of NOI to net loss, see “—Net Operating Income.”

(2) GAAP basis accounting for real estate assets utilizes historical cost accounting and assumes real estate values diminish over time. In an effort to overcome the difference between real estate values and historical cost accounting for real estate assets, the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”), established the measurement tool of FFO. Since its introduction, FFO has become a widely used non-GAAP financial measure among REITs. Additionally, we use modified funds from operations (“MFFO”), as defined by the Investment Program Association (the “IPA”) as a supplemental measure to evaluate our operating performance. MFFO is based on FFO but includes certain adjustments we believe are necessary due to changes in accounting and reporting under GAAP since the establishment of FFO. Neither FFO nor MFFO should be considered as alternatives to net loss or other measurements under GAAP as indicators of our operating performance, nor should they be considered as alternatives to cash flow from operating activities or other measurements under GAAP as indicators of liquidity. For additional information on how we calculate FFO and MFFO and a reconciliation of FFO and MFFO to net loss, see “—Funds From Operations and Modified Funds From Operations.”

Net loss

For the three months ended June 30, 2016, we had a net loss of $8,039,220 compared to a net loss of $2,904,429 for the three months ended June 30, 2015. The increase in net loss of $5,134,791 over the comparable prior year period was primarily due to the increase in operating, maintenance and management expenses of $1,136,451, the increase in real estate taxes and insurance of $318,355, the increase in fees to affiliates of $1,949,330, the increase in depreciation and amortization expense of $1,034,761, the increase in interest expense of $620,114, the increase in loss on debt extinguishment of $1,189,044 and the increase in general and administrative expenses of $665,557, partially offset by the increase in total revenues of $1,778,821. Our operations were primarily negatively impacted by the costs incurred in connection with the Refinancing Transactions.

Total revenues

Rental income and tenant reimbursements for the three months ended June 30, 2016 were $54,022,623 compared to $52,243,802 for the three months ended June 30, 2015. The increase of $1,778,821 was primarily due to the average monthly rent for our property portfolio increasing from $981 at June 30, 2015 to $1,014 at June 30, 2016 and the results of our value-enhancement activity. Additionally, total units increased by 105 from 16,542 at June 30, 2015 to 16,647 at June 30, 2016. We expect rental income and tenant reimbursements to increase in future periods as a result of ordinary monthly rent increases and our value-enhancement strategy.

Operating, maintenance and management expense

Operating, maintenance and management expenses for the three months ended June 30, 2016 were $13,903,048 compared to $12,766,597 for the three months ended June 30, 2015. The increase of $1,136,451 was primarily due to higher costs incurred for utilities and repairs and maintenance during the three months ended June 30, 2016 compared to the three months ended June 30, 2015. We expect that these amounts will decrease as a percentage of total revenues as we implement operational efficiencies at our multifamily properties.

Real estate taxes and insurance

Real estate taxes and insurance expenses for the three months ended June 30, 2016 were $10,048,699 compared to $9,730,344 for the three months ended June 30, 2015. The increase of $318,355 was due primarily to increased assessed values of our property portfolio resulting in higher property taxes at certain of our properties. These amounts may increase in future periods as a result of municipal property tax rate increases and/or increases in the assessed value of our property portfolio.

44

PART I — FINANCIAL INFORMATION (continued)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Fees to affiliates

Fees to affiliates for the three months ended June 30, 2016 were $7,362,697 compared to $5,413,367 for the three months ended June 30, 2015. The increase of $1,949,330 primarily was due to the increase in refinancing fees due to our Advisor from zero for the three months ended June 30, 2015 to $1,790,010 for the three months ended June 30, 2016. We expect fees to affiliates to decrease in future periods as a result of the decrease in anticipated future refinancing activity.

Depreciation and amortization

Depreciation and amortization expenses for the three months ended June 30, 2016 were $17,216,777 compared to $16,182,016 for the three months ended June 30, 2015. The increase of $1,034,761 was primarily due to the net increase in depreciable and amortizable assets of $30,138,585 since June 30, 2015. We expect these amounts to increase slightly in future periods as a result of anticipated future enhancements to our real estate portfolio.

Interest expense

Interest expense for the three months ended June 30, 2016 was $10,140,476 compared to $9,520,362 for the three months ended June 30, 2015. The increase of $620,114 was primarily due to a net increase of $76,235,099 in our total notes payable balance from June 30, 2015 to June 30, 2016. Our interest expense in future periods will vary based on our level of borrowings, which will depend on the availability and cost of debt financing and the opportunity to sell real estate properties and real estate-related investments.

Loss on debt extinguishment

Loss on debt extinguishment for the three months ended June 30, 2016 was $1,189,044 compared to $0 for the three months ended June 30, 2015. These expenses consisted of prepayment penalties and the expense of the deferred financing costs, net related to the repayment and extinguishment of debt in conjunction with the refinancing of certain mortgage notes payable during the three months ended June 30, 2016. The loss on debt extinguishment will vary in future periods if we repay the remaining outstanding principal prior to the scheduled maturity dates of the mortgage notes payable.

General and administrative expense

General and administrative expenses for the three months ended June 30, 2016 were $2,201,102 compared to $1,535,545 for the three months ended June 30, 2015. These general and administrative costs consisted primarily of legal fees, insurance premiums, audit fees, other professional fees, independent director compensation and certain state taxes. The increase of $665,557 was primarily due to costs incurred related to the refinancing of certain mortgage notes payable during the three months ended June 30, 2016. Similar activity did not occur during the three months ended June 30, 2015. We expect general and administrative expenses to decrease as a percentage of total revenue.

45

PART I — FINANCIAL INFORMATION (continued)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Consolidated Results of Operations for the Six Months EndedJune 30, 2016 and 2015

The following table summarizes the consolidated results of operations for the six months endedJune 30, 2016 and 2015:

	For the Six Months Ended June 30,
	2016			2015			Change $			Change %
Total revenues	$	106,929,532		$	103,295,102		$	3,634,430		4	%
Operating, maintenance and management	(27,612,858		)	(25,593,749		)	(2,019,109		)	8	%
Real estate taxes and insurance	(18,959,719		)	(18,785,743		)	(173,976		)	1	%
Fees to affiliates	(12,885,120		)	(10,781,843		)	(2,103,277		)	20	%
Depreciation and amortization	(34,164,045		)	(32,336,326		)	(1,827,719		)	6	%
Interest expense	(20,187,315		)	(19,507,596		)	(679,719		)	3	%
Loss on debt extinguishment	(1,189,044		)	—			(1,189,044		)	100%
General and administrative expenses	(3,588,789		)	(3,017,775		)	(571,014		)	19	%
Acquisition costs	—			(7,145		)	7,145			(100	)%
Net loss	$	(11,657,358	)	$	(6,735,075	)	$	(4,922,283	)	73	%
NOI(1)	$	56,275,094		$	55,030,484		$	1,244,610		2	%
FFO(2)	$	22,506,687		$	25,601,251		$	(3,094,564	)	(12	)%
MFFO(2)	$	24,312,658		$	26,998,710		$	(2,686,052	)	(10	)%

________________

(1) See “—Net Operating Income” below for a reconciliation of NOI to net income (loss).

(2) See “—Funds From Operations and Modified Funds From Operations” below for a reconciliation FFO and MFFO to net income (loss).

Net loss

For the six months endedJune 30, 2016, we had a net loss of $11,657,358 compared to a net loss of $6,735,075 for the six months endedJune 30, 2015. The increase in net loss of $4,922,283 over the comparable prior year period was primarily due to the increase in operating, maintenance and management expenses of $2,019,109, the increase in real estate taxes and insurance of $173,976, the increase in fees to affiliates of $2,103,277, the increase in depreciation and amortization expense of $1,827,719, the increase in interest expense of $679,719, the increase in loss on debt extinguishment of $1,189,044 and the increase in general and administrative expenses of $571,014, partially offset by the increase in total revenues of $3,634,430 and the decrease in acquisition costs of $7,145. Our operations were primarily negatively impacted by the costs incurred in connection with the Refinancing Transactions.

Total revenues

Rental income and tenant reimbursements for the six months endedJune 30, 2016 were $106,929,532 compared to $103,295,102 for the six months endedJune 30, 2015. The increase of $3,634,430 was primarily due to the average monthly rent for our property portfolio increasing from $981 at June 30, 2015 to $1,014 at June 30, 2016 and the results of our value-enhancement activity. Additionally, our total units increased by 105 from 16,542 at June 30, 2015 to 16,647 at June 30, 2016. We expect rental income and tenant reimbursements to increase in future periods as a result of ordinary monthly rent increases and our value-enhancement strategy.

46

PART I — FINANCIAL INFORMATION (continued)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Operating, maintenance and management expense

Operating, maintenance and management expenses for the six months endedJune 30, 2016 were $27,612,858 compared to $25,593,749 for the six months endedJune 30, 2015. The increase of $2,019,109 primarily was due to higher costs incurred for utilities, repairs and maintenance and property operating costs during the six months endedJune 30, 2016 compared to the six months endedJune 30, 2015. We expect that these amounts will decrease as a percentage of total revenues as we implement operational efficiencies at our multifamily properties.

Real estate taxes and insurance

Real estate taxes and insurance expenses for the six months endedJune 30, 2016 were $18,959,719 compared to $18,785,743 for the six months endedJune 30, 2015. The increase of $173,976 was due primarily to increased assessed values of our property portfolio resulting in higher property taxes at certain of our properties. We expect these amounts may increase in future periods as a result of municipal property tax increases as well as increases in the assessed value of our property portfolio.

Fees to affiliates

Fees to affiliates for the six months endedJune 30, 2016 were $12,885,120 compared to $10,781,843 for the six months endedJune 30, 2015. This increase of $2,103,277 primarily was due to the increase in refinancing fees due to our Advisor from zero during the six months endedJune 30, 2015 to $1,790,010 during the six months endedJune 30, 2016 in connection with the Refinancing Transactions. Additionally, investment management fees and property management fees increased from the six months endedJune 30, 2015 to the six months endedJune 30, 2016. We expect fees to affiliates to decrease in future periods as a result of the decrease in anticipated future refinancing activity.

Depreciation and amortization

Depreciation and amortization expenses for the six months endedJune 30, 2016 were $34,164,045 compared to $32,336,326 for the six months endedJune 30, 2015. The increase of $1,827,719 was primarily due to the net increase in depreciable and amortizable assets of $30,138,585 since June 30, 2015. We expect these amounts to increase slightly in future periods as a result of anticipated future enhancements to our real estate portfolio.

Interest expense

Interest expense for the six months endedJune 30, 2016 was $20,187,315 compared to $19,507,596 for the six months endedJune 30, 2015. The increase of $679,719 was primarily due to a net increase of $76,235,099 in our total notes payable balance from June 30, 2015 to June 30, 2016. Our interest expense in future periods will vary based on our level of borrowings, which will depend on the availability and cost of debt financing and the opportunity to sell real estate properties and real estate-related investments.

Loss on debt extinguishment

Loss on debt extinguishment for the six months endedJune 30, 2016 was $1,189,044 compared to $0 for the six months endedJune 30, 2015. These expenses consisted of prepayment penalties and the expense of the deferred financing costs, net related to the repayment and extinguishment of the debt in conjunction with the refinancing of certain mortgage notes payable during the six months endedJune 30, 2016. The loss on debt extinguishment will vary in future periods if we repay the remaining outstanding principal prior to the scheduled maturity dates of the mortgage notes payable.

General and administrative expense

General and administrative expenses for the six months endedJune 30, 2016 were $3,588,789 compared to $3,017,775 for the six months endedJune 30, 2015. These general and administrative costs consisted primarily of legal fees, insurance premiums, audit fees, other professional fees, independent director compensation and certain state taxes. The increase of $571,014 was primarily due to costs incurred related to the refinancing of certain mortgage notes payable during the six months

47

PART I — FINANCIAL INFORMATION (continued)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

endedJune 30, 2016 compared to the six months endedJune 30, 2015. We expect general and administrative expenses to decrease as a percentage of total revenue.

Acquisition costs

Acquisition costs for the six months endedJune 30, 2016 were $0 compared to $7,145 for the six months endedJune 30, 2015. The acquisition costs were consistent, with no meaningful changes from the six months endedJune 30, 2015 to the six months endedJune 30, 2016. We do not expect to incur significant acquisition costs in the future as we have invested all proceeds from our Public Offering.

Property Operations for the Three Months Ended June 30, 2016 Compared to the Three Months Ended June 30, 2015

For purposes of evaluating comparative operating performance, we categorize our properties as “same-store” or “non-same-store.” A “same-store” property is a property that was owned at April 1, 2015. A “non-same-store” property is a property that was acquired, placed into service or disposed of after April 1, 2015. As of June 30, 2016, 65 properties were categorized as same-store properties.

The following table presents the same-store and non-same-store results from operations for the three months ended June 30, 2016 and 2015:

	For the Three Months Ended June 30,
	2016		2015		Change $			Change %
Same-store properties:
Revenues	$	54,022,623	$	52,234,191	$	1,788,432		3	%
Operating expenses	26,012,309		24,455,512		1,556,797			6	%
Net operating income	28,010,314		27,778,679		231,635			1	%
Non-same-store properties:
Net operating income	—		9,610		(9,610		)
Total net operating income(1)	$	28,010,314	$	27,788,289	$	222,025

________________

(1) See “—Net Operating Income” below for a reconciliation of NOI to net loss.

Net Operating Income

Same-store net operating income for the three months ended June 30, 2016 was $28,010,314 compared to $27,778,679 for the three months ended June 30, 2015. The 1%increase in same-store net operating income was primarily due to a 3%increase in same-store rental revenues offset by a 6%increase in same-store operating expenses over the comparable prior year period.

Revenues

Same-store revenues for the three months ended June 30, 2016 were $54,022,623 compared to $52,234,191 for the three months ended June 30, 2015. The 3%increase in same-store revenues was primarily due to the average rent increases at the same-store properties from $981 as of June 30, 2015 to $1,014 as of June 30, 2016, primarily attributable to ordinary monthly rent increases and the completion of value-enhancement projects.

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PART I — FINANCIAL INFORMATION (continued)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Operating Expenses

Same-store operating expenses for the three months ended June 30, 2016 were $26,012,309 compared to $24,455,512 for the three months ended June 30, 2015. The 6%increase in same-store operating expenses was primarily due to increased utilities, repairs and maintenance and real estate taxes for the three months ended June 30, 2016 relative to the comparable prior year period.

Net Operating Income

NOI is a non-GAAP financial measure of performance. NOI is used by investors and our management to evaluate and compare the performance of our properties and to determine trends in earnings and to compute the fair value of our properties as it is not affected by (1) the cost of funds, (2) acquisition costs, (3) non-operating fees to affiliates, (4) the impact of depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP or (5) general and administrative expenses and other gains and losses that are specific to us. The cost of funds is eliminated from net income (loss) because it is specific to our particular financing capabilities and constraints. The cost of funds is also eliminated because it is dependent on historical interest rates and other costs of capital as well as past decisions made by us regarding the appropriate mix of capital which may have changed or may change in the future. Acquisition costs and non-operating fees to affiliates are eliminated because they do not reflect continuing operating costs of the property owner.

Depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets are eliminated because they may not accurately represent the actual change in value in our multifamily properties that result from use of the properties or changes in market conditions. While certain aspects of real property do decline in value over time in a manner that is reasonably captured by depreciation and amortization, the value of the properties as a whole have historically increased or decreased as a result of changes in overall economic conditions instead of from actual use of the property or the passage of time. Gains and losses from the sale of real property vary from property to property and are affected by market conditions at the time of sale which will usually change from period to period. These gains and losses can create distortions when comparing one period to another or when comparing our operating results to the operating results of other real estate companies that have not made similarly timed purchases or sales. We believe that eliminating these costs from net income is useful because the resulting measure captures the actual revenue generated and actual expenses incurred in operating our properties as well as trends in occupancy rates, rental rates and operating costs.

The usefulness of NOI is limited because it excludes general and administrative costs, interest expense, interest income and other expense, acquisition costs, certain fees to affiliates, depreciation and amortization expense and gains or losses from the sale of properties, and other gains and losses as stipulated by GAAP, the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, all of which are significant economic costs. NOI may fail to capture significant trends in these components of net income which further limits its usefulness.

NOI is a measure of the operating performance of our properties but does not measure our performance as a whole. NOI is therefore not a substitute for net income (loss) as computed in accordance with GAAP. This measure should be analyzed in conjunction with net income (loss) computed in accordance with GAAP and discussions elsewhere in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the components of net income (loss) that are eliminated in the calculation of NOI. Other companies may use different methods for calculating NOI or similarly entitled measures and, accordingly, our NOI may not be comparable to similarly entitled measures reported by other companies that do not define the measure exactly as we do.

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PART I — FINANCIAL INFORMATION (continued)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

The following is a reconciliation of our NOI to net loss for the three and six months endedJune 30, 2016 and 2015 computed in accordance with GAAP:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2016			2015			2016			2015
Net loss	$	(8,039,220	)	$	(2,904,429	)	$	(11,657,358	)	$	(6,735,075	)
Fees to affiliates(1)	5,302,135			3,454,795			8,803,259			6,896,717
Depreciation and amortization	17,216,777			16,182,016			34,164,045			32,336,326
Interest expense	10,140,476			9,520,362			20,187,315			19,507,596
Loss on debt extinguishment	1,189,044			—			1,189,044			—
General and administrative expenses	2,201,102			1,535,545			3,588,789			3,017,775
Acquisition costs	—			—			—			7,145
Net operating income	$	28,010,314		$	27,788,289		$	56,275,094		$	55,030,484

________________

(1) Fees to affiliates for the three and six months endedJune 30, 2016 excludes property management fees of $1,600,657 and $3,172,639 and other fees of $459,905 and $909,222, respectively, that are included in NOI. Fees to affiliates for the three and six months endedJune 30, 2015 excludes property management fees of $1,547,586 and $3,050,754 and other fees of $410,986 and $834,372, respectively, that are included in NOI.

Funds from Operations and Modified Funds from Operations

Due to certain unique operating characteristics of real estate companies, as discussed below, NAREIT, an industry trade group, has promulgated a measure known as funds from operations, or FFO, which we believe to be an appropriate supplemental measure to reflect the operating performance of a REIT. The use of FFO is recommended by the REIT industry as a supplemental performance measure. FFO is not equivalent to our net income (loss) as determined under GAAP.

We define FFO, a non-GAAP financial measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT, as revised in February 2004 (the “White Paper”). The White Paper defines FFO as net income (loss) computed in accordance with GAAP, excluding gains or losses from sales of property and non-cash impairment charges of real estate related investments, plus real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. In particular, we believe it is appropriate to disregard impairment charges, as this is a fair value adjustment that is largely based on market fluctuations and assessments regarding general market conditions which can change over time. An asset will only be evaluated for impairment if certain impairment indications exist and if the carrying, or book value, exceeds the total estimated undiscounted future cash flows (including net rental and lease revenues, net proceeds on the sale of the property, and any other ancillary cash flows at a property or group level under GAAP) from such asset. Investors should note, however, that determinations of whether impairment charges have been incurred are based partly on anticipated operating performance, because estimated undiscounted future cash flows from a property, including estimated future net rental and lease revenues, net proceeds on the sale of the property, and certain other ancillary cash flows, are taken into account in determining whether an impairment charge has been incurred. While impairment charges are excluded from the calculation of FFO as described above, investors are cautioned that due to the fact that impairments are based on estimated future undiscounted cash flows and the relatively limited term of our operations, it could be difficult to recover any impairment charges. Our FFO calculation complies with NAREIT’s policy described above.

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PART I — FINANCIAL INFORMATION (continued)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time, especially if such assets are not adequately maintained or repaired and renovated as required by relevant circumstances and/or as requested or required by lessees for operational purposes in order to maintain the value disclosed. We believe that since real estate values historically rise and fall with market conditions, including inflation, interest rates, the business cycle, unemployment and consumer spending, presentations of operating results for a REIT using historical accounting for depreciation may be less informative. Historical accounting for real estate involves the use of GAAP. Any other method of accounting for real estate such as the fair value method cannot be construed to be any more accurate or relevant than the comparable methodologies of real estate valuation found in GAAP. Nevertheless, we believe that the use of FFO, which excludes the impact of real estate related depreciation and amortization, provides a more complete understanding of our performance to investors and to management, and when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income. However, FFO, and MFFO as described below, should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP FFO and MFFO measures and the adjustments to GAAP in calculating FFO and MFFO.

Changes in the accounting and reporting promulgations under GAAP (for acquisition fees and expenses from a capitalization/depreciation model to an expensed-as-incurred model) that were put into effect in 2009 and other changes to GAAP accounting for real estate subsequent to the establishment of NAREIT’s definition of FFO have prompted an increase in cash-settled expenses, specifically acquisition fees and expenses for all industries as items that are expensed under GAAP, that are typically accounted for as operating expenses. Management believes these fees and expenses do not affect our overall long-term operating performance. Publicly registered, non-listed REITs typically have a significant amount of acquisition activity and are substantially more dynamic during their initial years of investment and operation. While other start-up entities may also experience significant acquisition activity during their initial years, we believe that public, non-listed REITs, like us, are unique in that they have a limited life with targeted exit strategies within a relatively limited time frame after acquisition activity ceases. Our board of directors will determine to pursue a liquidity event when it believes that the then-current market conditions are favorable. Thus, as a limited life REIT, we will not continuously purchase assets and will have a limited life.

Due to the above factors and other unique features of publicly registered, non-listed REITs, the IPA, an industry trade group, has standardized a measure known as MFFO, which the IPA has recommended as a supplemental measure for publicly registered non-listed REITs and which we believe to be another appropriate supplemental measure to reflect the operating performance of a public, non-listed REIT having the characteristics described above. MFFO is not equivalent to our net income or loss as determined under GAAP, and MFFO may not be a useful measure of the impact of long-term operating performance on value if we do not continue to operate with a limited life and targeted exit strategy, as currently intended. We believe that, because MFFO excludes costs that we consider more reflective of investing activities and other non-operating items included in FFO and also excludes acquisition fees and expenses that affect our operations only in periods in which properties are acquired, MFFO can provide, on a going forward basis, an indication of the sustainability (that is, the capacity to continue to be maintained) of our operating performance after the period in which we are acquiring our properties and once our portfolio is in place. By providing MFFO, we believe we are presenting useful information that assists investors and analysts to better assess the sustainability of our operating performance after our offering has been completed and our properties have been acquired. We also believe that MFFO is a recognized measure of sustainable operating performance by the non-listed REIT industry. Further, we believe MFFO is useful in comparing the sustainability of our operating performance after our offering and acquisitions are completed with the sustainability of the operating performance of other real estate companies that are not as involved in acquisition activities. Investors are cautioned that MFFO should only be used to assess the sustainability of our operating performance after our offering has been completed and properties have been acquired, as it excludes acquisition costs that have a negative effect on our operating performance during the periods in which properties are acquired.

51

PART I — FINANCIAL INFORMATION (continued)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

We define MFFO, a non-GAAP financial measure, consistent with the IPA’s Guideline 2010-01, Supplemental Performance Measure for Publicly Registered, Non-Listed REITs: Modified Funds from Operations (the “Practice Guideline”), issued by the IPA in November 2010. The Practice Guideline defines MFFO as FFO further adjusted for the following items, as applicable, included in the determination of GAAP net income: acquisition fees and expenses; amounts relating to deferred rent receivables and amortization of above and below market leases and liabilities (which are adjusted in order to reflect such payments from a GAAP accrual basis to a cash basis of disclosing the rent and lease payments); accretion of discounts and amortization of premiums on debt investments; mark-to-market adjustments included in net income; nonrecurring gains or losses included in net income from the extinguishment or sale of debt, hedges, foreign exchange, derivatives or securities holdings where trading of such holdings is not a fundamental attribute of the business plan, unrealized gains or losses resulting from consolidation from, or deconsolidation to, equity accounting, and after adjustments for consolidated and unconsolidated partnerships and joint ventures, with such adjustments calculated to reflect MFFO on the same basis. The accretion of discounts and amortization of premiums on debt investments, nonrecurring unrealized gains and losses on hedges, foreign exchange, derivatives or securities holdings, unrealized gains and losses resulting from consolidations, as well as other listed cash flow adjustments are adjustments made to net income in calculating the cash flows provided by operating activities and, in some cases, reflect gains or losses which are unrealized and may not ultimately be realized. While we rely on our Advisor for managing interest rate, hedge and foreign exchange risk, we do not retain an outside consultant to review all our hedging agreements. Inasmuch as interest rate hedges are not a fundamental part of our operations, we believe it is appropriate to exclude such non-recurring gains and losses in calculating MFFO, as such gains and losses are not reflective of on-going operations.

Our MFFO calculation complies with the IPA’s Practice Guideline described above. In calculating MFFO, we exclude acquisition related expenses, amortization of above and below market leases, fair value adjustments of derivative financial instruments, deferred rent receivables and the adjustments of such items related to noncontrolling interests. Under GAAP, acquisition fees and expenses are characterized as operating expenses in determining operating net income. These expenses are paid in cash by us. All paid and accrued acquisition fees and expenses will have negative effects on returns to investors, the potential for future distributions, and cash flows generated by us, unless earnings from operations or net sales proceeds from the disposition of other properties are generated to cover the purchase price of the property, these fees and expenses and other costs related to such property. In the event that operational earnings and cash flow are not available to fund our reimbursement of acquisition fees and expenses incurred by our Advisor, such fees and expenses will need to be reimbursed to our Advisor from other sources, including debt, net proceeds from the sale of properties, or from ancillary cash flows. The acquisition of properties, and the corresponding acquisition fees and expenses, is the key operational feature of our business plan to generate operational income and cash flow to fund distributions to our stockholders. Further, under GAAP, certain contemplated non-cash fair value and other non-cash adjustments are considered operating non-cash adjustments to net income in determining cash flow from operating activities. In addition, we view fair value adjustments of derivatives and gains and losses from dispositions of assets as non-recurring items or items which are unrealized and may not ultimately be realized, and which are not reflective of on-going operations and are therefore typically adjusted for when assessing operating performance.

Our management uses MFFO and the adjustments used to calculate MFFO in order to evaluate our performance against other public, non-listed REITs which have limited lives with short and defined acquisition periods and targeted exit strategies shortly thereafter. As noted above, MFFO may not be a useful measure of the impact of long-term operating performance on value if we do not continue to operate in this manner. We believe that our use of MFFO and the adjustments used to calculate MFFO allow us to present our performance in a manner that reflects certain characteristics that are unique to public, non-listed REITs, such as their limited life, limited and defined acquisition period and targeted exit strategy, and hence that the use of such measures is useful to investors. By excluding expensed acquisition costs, the use of MFFO provides information consistent with management’s analysis of the operating performance of the properties. Additionally, fair value adjustments, which are based on

the impact of current market fluctuations and underlying assessments of general market conditions, but can also result from operational factors such as rental and occupancy rates, may not be directly related or attributable to our current operating performance. By excluding such changes that may reflect anticipated and unrealized gains or losses, we believe MFFO provides useful supplemental information.

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PART I — FINANCIAL INFORMATION (continued)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Presentation of this information is intended to provide useful information to investors as they compare the operating performance to that of other public, non-listed REITs, although it should be noted that not all public, non-listed REITs calculate FFO and MFFO the same way, so comparisons with other public, non-listed REITs may not be meaningful. Furthermore, FFO and MFFO are not necessarily indicative of cash flow available to fund cash needs and should not be considered as an alternative to net income (loss) or income (loss) from continuing operations as an indication of our performance, as an alternative to cash flows from operations as an indication of our liquidity, or indicative of funds available to fund our cash needs, including our ability to make distributions to our stockholders. FFO and MFFO should be reviewed in conjunction with GAAP measurements as an indication of our performance. MFFO is useful in assisting management and investors in assessing the sustainability of operating performance in future operating periods, and in particular, after the offering and acquisition stages are complete and net asset value is disclosed. MFFO is not a useful measure in evaluating net asset value because impairments are taken into account in determining net asset value but not in determining MFFO.

Neither the SEC, NAREIT nor any other regulatory body has passed judgment on the acceptability of the adjustments that we use to calculate FFO or MFFO. In the future, the SEC, NAREIT or another regulatory body may decide to standardize the allowable adjustments across the non-listed REIT industry and in response to such standardization we may have to adjust our calculation and characterization of FFO or MFFO accordingly.

Our calculation of FFO and MFFO is presented in the following table for the three and six months endedJune 30, 2016 and 2015:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
Reconciliation of net loss to MFFO:	2016			2015			2016			2015
Net loss	$	(8,039,220	)	$	(2,904,429	)	$	(11,657,358	)	$	(6,735,075	)
Depreciation of real estate assets	17,178,485			16,138,343			34,087,461			32,043,956
Amortization of lease-related costs	38,292			43,673			76,584			292,370
FFO	9,177,557			13,277,587			22,506,687			25,601,251
Acquisition fees and expenses(1)(2)	960			—			960			7,145
Unrealized loss on derivative instruments	212,559			346,588			445,272			1,368,174
Loss on debt extinguishment	1,189,044			—			1,189,044			—
Change in value of restricted common stock to Advisor	57,088			5,233			170,695			22,140
MFFO	$	10,637,208		$	13,629,408		$	24,312,658		$	26,998,710

________________

(1) By excluding acquisition fees and expenses, management believes MFFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management’s analysis of the investing and operating performance of our properties. Acquisition fees and expenses include payments to our Advisor or third parties. Acquisition fees and expenses under GAAP are considered operating expenses and as expenses included in the determination of net income (loss) and income (loss) from continuing operations, both of which are performance measures under GAAP. All paid and accrued acquisition fees and expenses will have negative effects on returns to investors, the potential for future distributions, and cash flows generated by us, unless earnings from operations or net sales proceeds from the disposition of properties are generated to cover the purchase price of the property, these fees and expenses and other costs related to the property. In the event that operational earnings and cash flows are not available to fund our reimbursement of acquisition fees and expenses incurred by our Advisor, such fees and expenses will need to be reimbursed to the Advisor from other sources, including debt, net proceeds from the sale of properties, or from ancillary cash flows.

(2) Acquisition fees and expenses for the three and six months endedJune 30, 2016 includes acquisition fees of $960 and $960 and acquisition fees of $0 and $0 for the three and six months endedJune 30, 2015, respectively, that are

53

PART I — FINANCIAL INFORMATION (continued)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

recorded in fees to affiliates in the accompanying consolidated statements of operations. Acquisition fees and expenses for the three and six months endedJune 30, 2016 also include acquisition expenses of $0 and $0 and acquisition expenses of $0 and $7,145 for the three and six months endedJune 30, 2015, respectively, that are recorded in acquisition costs in the accompanying consolidated statements of operations.

FFO and MFFO may be used to fund all or a portion of certain capitalizable items that are excluded from FFO and MFFO, such as tenant improvements, building improvements and deferred leasing costs.

Off-Balance Sheet Arrangements

As of June 30, 2016, we had no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial conditions, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Related-Party Transactions and Agreements

We have entered into agreements with our Advisor and its affiliates whereby we have paid, and may continue to pay, certain fees to, or reimburse certain expenses of, our Advisor or its affiliates for acquisition and advisory fees and expenses, financing coordination fees, organization and offering costs, asset and property management fees and expenses, leasing fees and reimbursement of certain operating costs. Refer to Note 8 to our condensed consolidated unaudited financial statements included in this Quarterly Report for a discussion of the various related-party transactions, agreements and fees.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We may be exposed to the effects of interest rate changes as a result of borrowings used to maintain liquidity and to fund the acquisition, expansion and refinancing of our real estate investment portfolio and operations. We may be also exposed to the effects of changes in interest rates as a result of the acquisition and origination of mortgage, mezzanine, bridge and other loans. Our profitability and the value of our investment portfolio may be adversely affected during any period as a result of interest rate changes. Our interest rate risk management objectives are to limit the impact of interest rate changes on earnings, prepayment penalties and cash flows and to lower overall borrowing costs. We have managed and will continue to manage interest rate risk by maintaining a ratio of fixed rate, long-term debt such that floating rate exposure is kept at an acceptable level. In addition, we have, and may in the future, utilize a variety of financial instruments, including interest rate caps, floors and swap agreements, in order to limit the effects of changes in interest rates on our operations. When we use these types of derivatives to hedge the risk of interest-earning assets or interest-bearing liabilities, we may be subject to certain risks, including the risk that losses on a hedge position will reduce the funds available for payments to holders of our common stock and that the losses may exceed the amount we invested in the instruments.

We borrow funds and make investments at a combination of fixed and variable rates. Interest rate fluctuations will generally not affect our future earnings or cash flows on our fixed rate debt unless such instruments mature or are otherwise terminated. However, interest rate changes will affect the fair value of our fixed rate instruments. At June 30, 2016, the fair value of our fixed rate debt was $498,759,854 and the carrying value of our fixed rate debt was $474,255,196. The fair value estimate of our fixed rate debt was estimated using a discounted cash flow analysis utilizing rates we would expect to pay for debt of a similar type and remaining maturity if the loans were originated at June 30, 2016. As we expect to hold our fixed rate instruments to maturity and the amounts due under such instruments would be limited to the outstanding principal balance and any accrued and unpaid interest, we do not expect that fluctuations in interest rates, and the resulting change in fair value of our fixed rate instruments, would have a significant impact on our operations.

54

PART I — FINANCIAL INFORMATION (continued)

Conversely, movements in interest rates on our variable rate debt would change our future earnings and cash flows, but not significantly affect the fair value of those instruments. However, changes in required risk premiums would result in changes in the fair value of floating rate instruments. At June 30, 2016, the fair value of our variable rate debt was $711,762,189 and the carrying value of our variable rate debt was $709,099,055. Based on interest rates as of June 30, 2016, if interest rates were 100 basis points higher during the 12 months ending June 30, 2017, interest expense on our variable rate debt would increase by $6,986,251 and if interest rates were 100 basis points lower during the 12 months ending June 30, 2017, interest expense on the variable rate debt would decrease by $3,230,032.

At June 30, 2016, the weighted-average interest rate of our fixed rate debt and variable rate debt was 4.32% and 2.74%, respectively. The weighted-average interest rate represents the actual interest rate in effect at June 30, 2016 (consisting of the contractual interest rate), using interest rate indices as of June 30, 2016 where applicable.

We will also be exposed to credit risk. Credit risk is the failure of the counterparty to perform under the terms of a derivative contract. If the fair value of a derivative contract is positive, the counterparty will owe us, which creates credit risk for us. If the fair value of a derivative contract is negative, we will owe the counterparty and, therefore, do not have credit risk. We will seek to minimize the credit risk in derivative instruments by entering into transactions with high-quality counterparties. As of June 30, 2016, we did not have counterparty risk on our interest rate cap agreements as the underlying variable rates for each of our interest rate cap agreements as of June 30, 2016 were not in excess of the capped rates. See also Note 11 to our condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

As of the end of the period covered by this Quarterly Report, our management, including our principal executive officer and our principal financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based upon and as of the date of the evaluation, our chief executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this Quarterly Report to ensure that information required to be disclosed in the reports we file and submit under the Exchange Act is recorded, processed, summarized and reported as and when required. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports we file and submit under the Exchange Act is accumulated and communicated to our management, including our chief executive officer and our principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the quarter ending June 30, 2016 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

55

PART II—OTHER INFORMATION

Item 1. Legal Proceedings

From time to time, we are party to legal proceedings that arise in the ordinary course of our business. Management is not aware of any legal proceedings of which the outcome is reasonably likely to have a material adverse effect on our results of operations or financial condition, nor are we aware of any such legal proceedings contemplated by government agencies.

Item 1A. Risk Factors

There have been no material changes to the risk factors contained in Part I, Item IA set forth in our Annual Report on Form 10-K filed with the SEC on March 18, 2016.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the three months ended June 30, 2016, we fulfilled repurchase requests and repurchased shares of our common stock pursuant to our share repurchase program as follows:

	Total Number of Shares Requested to be Repurchased(1)	Total Number of Shares Repurchased(2)	Average Price Paid per Share(3)		Approximate Dollar Value of Shares Available That May Be /Repurchased Under the Program
April 2016	110,658	96,215	$	10.39	(4)
May 2016	81,565	—	—		(4)
June 2016	74,727	—	—		(4)
	266,950	96,215	$	10.39

____________________

(1) We generally repurchase shares approximately 30 days following the end of the applicable quarter in which requests were received. On July 29, 2016, we repurchased 93,939 shares of our common stock for a total repurchase value of $1,000,000, or $10.65 per share, pursuant to our share repurchase program.

(2) We are not obligated to repurchase shares under the share repurchase program.

(3) Pursuant to the program, as amended, we currently repurchase shares at prices determined as follows:

• 92.5% of the estimated value per share for stockholders who have held their shares for at least one year;

• 95.0% of the estimated value per share for stockholders who have held their shares for at least two years;

• 97.5% of the estimated value per share for stockholders who have held their shares for at least three years; and

• 100% of the estimated value per share for stockholders who have held their shares for at least four years.

Notwithstanding the above, the redemption price for redemptions sought upon a stockholder’s death or “qualifying disability” will be equal to the average issue price per share for all of the stockholder’s shares purchased from us.

(4) The number of shares that may be redeemed pursuant to the share repurchase program during any calendar year is limited to 5% of the weighted-average number of shares outstanding during the prior calendar year and the value of the shares repurchased shall not exceed $2 million during the quarter beginning July 1, 2015, with shares repurchased each subsequent quarter not to exceed $1 million.

56

PART II—OTHER INFORMATION (continued)

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

The exhibits listed on this Exhibit Index (following the signatures section of this Quarterly Report on Form 10-Q) are filed herewith, or incorporated by reference.

57

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		Steadfast Income REIT, Inc.
Date:	August 11, 2016	By:	/s/ Rodney F. Emery
			Rodney F. Emery
			Chief Executive Officer and Chairman of the Board (Principal Executive Officer)
Date:	August 11, 2016	By:	/s/ Kevin J. Keating
			Kevin J. Keating
			Treasurer (Principal Financial and Accounting Officer)

EXHIBIT INDEX

Effective February 1, 2010, Steadfast Secure Income REIT, Inc., Steadfast Secure Income Advisor, LLC and Steadfast Secure Income REIT Operating Partnership, L.P. changed their names to Steadfast Income REIT, Inc., Steadfast Income Advisor, LLC and Steadfast Income REIT Operating Partnership, L.P., respectively. With respect to documents executed prior to the name change, the following Exhibit List refers to the entity names used prior to the name changes in order to accurately reflect the names of the entities that appear on such documents.

The following exhibits are included, or incorporated by reference, in this Quarterly Report for the three months ended June 30, 2016 (and are numbered in accordance with Item 601 of Regulation S-K).

3.1 Third Articles of Amendment and Restatement of Steadfast Income REIT, Inc. (included as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed August 6, 2014 and incorporated herein by reference).

3.2 Bylaws of Steadfast Secure Income REIT, Inc. (included as Exhibit 3.2 to the Company’s Registration Statement on Form S-11 (File No. 333-160748) filed July 23, 2009 and incorporated herein by reference).

10.1 Multifamily Loan and Security Agreement, made as of June 29, 2016, by and between SIR Heights, LLC and PNC Bank, National Association (included as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed July 5, 2016 (the “Loan Refinance Form 8-K”) and incorporated herein by reference).

10.2 Multifamily Note, made as of June 29, 2016, by SIR Heights, LLC, in favor of PNC Bank, National Association (included as Exhibit 10.2 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.3 Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing, dated as of June 29, 2016, by SIR Heights, LLC to Gary S. Farmer for the benefit of PNC Bank, National Association (included as Exhibit 10.3 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.4 Guaranty, dated as of June 29, 2016, by Steadfast Income REIT, Inc. to and for the benefit of PNC Bank, National Association (included as Exhibit 10.4 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.5 Assignment of Management Agreement and Subordination of Management Fees, dated as of June 29, 2016, by and among SIR Heights, LLC, PNC Bank, National Association and Steadfast Management Company, Inc. (included as Exhibit 10.5 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.6 Multifamily Loan and Security Agreement, made as of June 29, 2016, by and between SIR Huffmeister Villas, LLC and PNC Bank, National Association (included as Exhibit 10.6 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.7 Multifamily Note, made as of June 29, 2016, by SIR Huffmeister Villas, LLC, in favor of PNC Bank, National Association (included as Exhibit 10.7 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.8 Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing, dated as of June 29, 2016, by SIR Huffmeister Villas, LLC to Gary S. Farmer for the benefit of PNC Bank, National Association (included as Exhibit 10.8 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.9 Guaranty, dated as of June 29, 2016, by Steadfast Income REIT, Inc. to and for the benefit of PNC Bank, National Association (included as Exhibit 10.9 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.10 Assignment of Management Agreement and Subordination of Management Fees, dated as of June 29, 2016, by and among SIR Huffmeister Villas, LLC, PNC Bank, National Association and Steadfast Management Company, Inc. (included as Exhibit 10.10 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.11 Multifamily Loan and Security Agreement, made as of June 29, 2016, by and between SIR Kingwood Villas, LLC and PNC Bank, National Association (included as Exhibit 10.11 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.12 Multifamily Note, made as of June 29, 2016, by SIR Kingwood Villas, LLC, in favor of PNC Bank, National Association (included as Exhibit 10.12 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.13 Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing, dated as of June 29, 2016, by SIR Kingwood Villas, LLC to Gary S. Farmer for the benefit of PNC Bank, National Association (included as Exhibit 10.13 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.14 Guaranty, dated as of June 29, 2016, by Steadfast Income REIT, Inc. to and for the benefit of PNC Bank, National Association (included as Exhibit 10.14 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.15 Assignment of Management Agreement and Subordination of Management Fees, dated as of June 29, 2016, by and among SIR Kingwood Villas, LLC, PNC Bank, National Association and Steadfast Management Company, Inc. (included as Exhibit 10.15 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.16 Multifamily Loan and Security Agreement, made as of June 29, 2016, by and between SIR Waterford Riata, LLC and PNC Bank, National Association (included as Exhibit 10.16 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.17 Multifamily Note, made as of June 29, 2016, by SIR Waterford Riata, LLC, in favor of PNC Bank, National Association (included as Exhibit 10.17 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.18 Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing, dated as of June 29, 2016, by SIR Waterford Riata, LLC to Gary S. Farmer for the benefit of PNC Bank, National Association (included as Exhibit 10.18 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.19 Guaranty, dated as of June 29, 2016, by Steadfast Income REIT, Inc. to and for the benefit of PNC Bank, National Association (included as Exhibit 10.19 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.20 Assignment of Management Agreement and Subordination of Management Fees, dated as of June 29, 2016, by and among SIR Waterford Riata, LLC, PNC Bank, National Association and Steadfast Management Company, Inc. (included as Exhibit 10.20 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.21 Multifamily Loan and Security Agreement, made as of June 29, 2016, by and between SIR Mansfield Landing, LLC and PNC Bank, National Association (included as Exhibit 10.21 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.22 Multifamily Note, made as of June 29, 2016, by SIR Mansfield Landing, LLC, in favor of PNC Bank, National Association (included as Exhibit 10.22 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.23 Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing, dated as of June 29, 2016, by SIR Mansfield Landing, LLC to Gary S. Farmer for the benefit of PNC Bank, National Association (included as Exhibit 10.23 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.24 Guaranty, dated as of June 29, 2016, by Steadfast Income REIT, Inc. to and for the benefit of PNC Bank, National Association (included as Exhibit 10.24 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.25 Assignment of Management Agreement and Subordination of Management Fees, dated as of June 29, 2016, by and among SIR Mansfield Landing, LLC, PNC Bank, National Association and Steadfast Management Company, Inc. (included as Exhibit 10.25 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.26 Multifamily Loan and Security Agreement, made as of June 29, 2016, by and between Brice Grove Apartments, LLC and Berkeley Point Capital LLC (included as Exhibit 10.26 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.27 Multifamily Note, made as of June 29, 2016, by Brice Grove Apartments, LLC, in favor of Berkeley Point Capital LLC (included as Exhibit 10.27 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.28 Multifamily Mortgage, Assignment of Rents and Security Agreement, dated as of June 29, 2016, by Brice Grove Apartments, LLC to and for the benefit of Berkeley Point Capital LLC (included as Exhibit 10.28 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.29 Guaranty, dated as of June 29, 2016, by Steadfast Income REIT, Inc. to and for the benefit of Berkeley Point Capital LLC (included as Exhibit 10.29 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.30 Assignment of Management Agreement and Subordination of Management Fees, dated as of June 29, 2016, by and among Brice Grove Apartments, LLC, Berkeley Point Capital LLC and Steadfast Management Company, Inc. (included as Exhibit 10.30 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.31 Multifamily Loan and Security Agreement, made as of June 29, 2016, by and between SIR Grayson Ridge, LLC and Berkeley Point Capital LLC (included as Exhibit 10.31 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.32 Multifamily Note, made as of June 29, 2016, by SIR Grayson Ridge, LLC, in favor of Berkeley Point Capital LLC (included as Exhibit 10.32 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.33 Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing, dated as of June 29, 2016, by SIR Grayson Ridge, LLC to Melissa A. Johnson for the benefit of Berkeley Point Capital LLC (included as Exhibit 10.33 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.34 Guaranty, dated as of June 29, 2016, by Steadfast Income REIT, Inc. to and for the benefit of Berkeley Point Capital LLC (included as Exhibit 10.34 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.35 Assignment of Management Agreement and Subordination of Management Fees, dated as of June 29, 2016, by and among SIR Grayson Ridge, LLC, Berkeley Point Capital LLC and Steadfast Management Company, Inc. (included as Exhibit 10.35 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.36 Multifamily Loan and Security Agreement, made as of June 29, 2016, by and between SIR Mallard Crossing, LLC and Berkeley Point Capital LLC (included as Exhibit 10.36 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.37 Multifamily Note, made as of June 29, 2016, by SIR Mallard Crossing, LLC, in favor of Berkeley Point Capital LLC (included as Exhibit 10.37 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.38 Multifamily Mortgage, Assignment of Rents and Security Agreement, dated as of June 29, 2016, by SIR Mallard Crossing, LLC to and for the benefit of Berkeley Point Capital LLC (included as Exhibit 10.38 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.39 Guaranty, dated as of June 29, 2016, by Steadfast Income REIT, Inc. to and for the benefit of Berkeley Point Capital LLC (included as Exhibit 10.39 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.40 Assignment of Management Agreement and Subordination of Management Fees, dated as of June 29, 2016, by and among SIR Mallard Crossing, LLC, Berkeley Point Capital LLC and Steadfast Management Company, Inc. (included as Exhibit 10.40 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.41 Multifamily Loan and Security Agreement, made as of June 30, 2016, by and between SIR Mapleshade, LLC and Berkeley Point Capital LLC (included as Exhibit 10.41 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.42 Multifamily Note, made as of June 30, 2016, by SIR Mapleshade, LLC, in favor of Berkeley Point Capital LLC (included as Exhibit 10.42 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.43 Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing, dated as of June 30, 2016, by SIR Mapleshade, LLC to Melissa A. Johnson for the benefit of Berkeley Point Capital LLC (included as Exhibit 10.43 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.44 Guaranty, dated as of June 30, 2016, by Steadfast Income REIT, Inc. to and for the benefit of Berkeley Point Capital LLC (included as Exhibit 10.44 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.45 Assignment of Management Agreement and Subordination of Management Fees, dated as of June 30, 2016, by and among SIR Mapleshade, LLC, Berkeley Point Capital LLC and Steadfast Management Company, Inc. (included as Exhibit 10.45 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.46 Multifamily Loan and Security Agreement, made as of June 30, 2016, by and between SIR Tapestry Park, LLC and Berkeley Point Capital LLC (included as Exhibit 10.46 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.47 Multifamily Note, made as of June 30, 2016, by SIR Tapestry Park, LLC, in favor of Berkeley Point Capital LLC (included as Exhibit 10.47 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.48 Multifamily Mortgage, Assignment of Rents and Security Agreement, dated as of June 30, 2016, by SIR Tapestry Park, LLC to and for the benefit of Berkeley Point Capital LLC (included as Exhibit 10.48 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.49 Guaranty, dated as of June 30, 2016, by Steadfast Income REIT, Inc. to and for the benefit of Berkeley Point Capital LLC (included as Exhibit 10.49 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.50 Assignment of Management Agreement and Subordination of Management Fees, dated as of June 30, 2016, by and among SIR Tapestry Park, LLC, Berkeley Point Capital LLC and Steadfast Management Company, Inc. (included as Exhibit 10.50 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.51 Multifamily Loan and Security Agreement, made as of June 30, 2016, by and between SIR Park Shore, LLC and Berkeley Point Capital LLC (included as Exhibit 10.51 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.52 Multifamily Note, made as of June 30, 2016, by SIR Park Shore, LLC, in favor of Berkeley Point Capital LLC (included as Exhibit 10.52 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.53 Multifamily Mortgage, Assignment of Rents and Security Agreement, dated as of June 30, 2016, by SIR Park Shore, LLC to and for the benefit of Berkeley Point Capital LLC (included as Exhibit 10.53 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.54 Guaranty, dated as of June 30, 2016, by Steadfast Income REIT, Inc. to and for the benefit of Berkeley Point Capital LLC (included as Exhibit 10.54 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.55 Assignment of Management Agreement and Subordination of Management Fees, dated as of June 30, 2016, by and among SIR Park Shore, LLC, Berkeley Point Capital LLC and Steadfast Management Company, Inc. (included as Exhibit 10.55 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.56 Multifamily Loan and Security Agreement, made as of June 30, 2016, by and between SIR Carol Stream, LLC and Berkeley Point Capital LLC (included as Exhibit 10.56 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.57 Multifamily Note, made as of June 30, 2016, by SIR Carol Stream, LLC, in favor of Berkeley Point Capital LLC (included as Exhibit 10.57 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.58 Multifamily Mortgage, Assignment of Rents and Security Agreement, dated as of June 30, 2016, by SIR Carol Stream, LLC to and for the benefit of Berkeley Point Capital LLC (included as Exhibit 10.58 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.59 Guaranty, dated as of June 30, 2016, by Steadfast Income REIT, Inc. to and for the benefit of Berkeley Point Capital LLC (included as Exhibit 10.59 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.60 Assignment of Management Agreement and Subordination of Management Fees, dated as of June 30, 2016, by and among SIR Carol Stream, LLC, Berkeley Point Capital LLC and Steadfast Management Company, Inc. (included as Exhibit 10.60 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.61 Multifamily Loan and Security Agreement, made as of June 30, 2016, by and between SIR Cantare, LLC and Berkeley Point Capital LLC (included as Exhibit 10.61 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.62 Multifamily Note, made as of June 30, 2016, by SIR Cantare, LLC, in favor of Berkeley Point Capital LLC (included as Exhibit 10.62 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.63 Multifamily Deed of Trust, Absolute Assignment of Leases and Rents and Security Agreement (Including Fixture Filing), dated as of June 30, 2016, by SIR Cantare, LLC to Joseph B. Pitts, Jr. for the benefit of Berkeley Point Capital LLC (included as Exhibit 10.63 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.64 Guaranty, dated as of June 30, 2016, by Steadfast Income REIT, Inc. to and for the benefit of Berkeley Point Capital LLC (included as Exhibit 10.64 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.65 Assignment of Management Agreement and Subordination of Management Fees, dated as of June 30, 2016, by and among SIR Cantare, LLC, Berkeley Point Capital LLC and Steadfast Management Company, Inc. (included as Exhibit 10.65 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.66 Multifamily Loan and Security Agreement, made as of June 30, 2016, by and between SIR Stuart Hall, LLC and Berkeley Point Capital LLC (included as Exhibit 10.66 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.67 Multifamily Note, made as of June 30, 2016, by SIR Stuart Hall, LLC, in favor of Berkeley Point Capital LLC (included as Exhibit 10.67 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.68 Multifamily Deed of Trust, Assignment of Rents and Security Agreement, dated as of June 30, 2016, by SIR Stuart Hall, LLC to Steven M. Leigh for the benefit of Berkeley Point Capital LLC (included as Exhibit 10.68 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.69 Guaranty, dated as of June 30, 2016, by Steadfast Income REIT, Inc. to and for the benefit of Berkeley Point Capital LLC (included as Exhibit 10.69 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.70 Assignment of Management Agreement and Subordination of Management Fees, dated as of June 30, 2016, by and among SIR Stuart Hall, LLC, Berkeley Point Capital LLC and Steadfast Management Company, Inc. (included as Exhibit 10.70 to the Loan Refinance Form 8-K and incorporated herein by reference).

10.71 Assignment of Management Agreement and Subordination of Management Fees, dated as of June 30, 2016, by and among SIR Stuart Hall, LLC, Berkeley Point Capital LLC and Embassy Properties, Inc. (included as Exhibit 10.71 to the Loan Refinance Form 8-K and incorporated herein by reference).

31.1* Certification of the Principal Executive Officer pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2* Certification of the Principal Financial Officer pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1** Certification of the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2** Certification of the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS* XBRL Instance Document.

101.SCH* XBRL Taxonomy Extension Schema Document.

101.CAL* XBRL Taxonomy Extension Calculation Linkbase Document.

101.LAB* XBRL Taxonomy Extension Labels Linkbase Document.

101.PRE* XBRL Taxonomy Extension Presentation Linkbase Document.

101.DEF* XBRL Taxonomy Extension Definition Linkbase Document.

____________

* Filed herewith.

** In accordance with Item 601(b)(32) of Regulation S-K, this Exhibit is not deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section. Such certifications will not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference.

EX-31.1

EXHIBIT 31.1

Certification of Principal Executive Officer Pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

I, Rodney F. Emery, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Steadfast Income REIT, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 11, 2016

By:	/s/ Rodney F. Emery
	Rodney F. Emery
	Chief Executive Officer and Chairman of the Board (Principal Executive Officer)

EX-31.2

EXHIBIT 31.2

Certification of Principal Financial and Accounting Officer Pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

I, Kevin J. Keating, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Steadfast Income REIT, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 11, 2016

By:	/s/ Kevin J. Keating
	Kevin J. Keating
	Treasurer (Principal Financial and Accounting Officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

     Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and in connection with the Quarterly Report on Form 10-Q of Steadfast Income REIT, Inc. (the “Company”) for the period ended June 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, the Principal Executive Officer of the Company, certifies, to his knowledge, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 11, 2016

By:	/s/ Rodney F. Emery
	Rodney F. Emery
	Chief Executive Officer and Chairman of the Board (Principal Executive Officer)

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

     Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and in connection with the Quarterly Report on Form 10-Q of Steadfast Income REIT, Inc. (the “Company”) for the period ended June 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, the Principal Financial and Accounting Officer of the Company, certifies, to his knowledge, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 11, 2016

By:	/s/ Kevin J. Keating
	Kevin J. Keating
	Treasurer (Principal Financial and Accounting Officer)

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Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 05, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	Steadfast Income REIT, Inc.
Entity Central Index Key	0001468010
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		76,385,253

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Consolidated Balance Sheets - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Real Estate:
Land	$ 174,102,422	$ 174,102,422
Building and improvements	1,498,605,615	1,487,961,762
Other intangible assets	2,644,263	2,644,263
Construction-in-progress	4,869,498	2,192,635
Total real estate, cost	1,680,221,798	1,666,901,082
Less accumulated depreciation and amortization	(197,497,998)	(163,445,987)
Total real estate, net	1,482,723,800	1,503,455,095
Cash and cash equivalents	80,800,943	32,076,582
Restricted cash	22,756,133	27,700,811
Rents and other receivables	3,320,821	2,742,011
Other assets, net	2,655,208	4,328,851
Total assets	1,592,256,905	1,570,303,350
Liabilities:
Accounts payable and accrued liabilities	35,471,070	40,752,458
Mortgage notes payable, net	1,183,354,251	1,115,752,899
Distributions payable	4,492,374	4,668,261
Due to affiliates	3,275,462	2,682,209
Total liabilities	1,226,593,157	1,163,855,827
Commitments and contingencies
Stockholders’ Equity:
Preferred stock, $0.01 par value per share; 100,000,000 shares authorized, no shares issued and outstanding	0	0
Additional paid-in capital	675,823,217	677,624,840
Cumulative distributions and net losses	(310,924,270)	(271,944,072)
Total stockholders’ equity	365,663,748	406,447,523
Total liabilities and stockholders’ equity	1,592,256,905	1,570,303,350
Common Stock [Member]
Liabilities:
Distributions payable	4,492,374	4,668,261
Stockholders’ Equity:
Common stock	764,791	766,745
Convertible Stock [Member]
Stockholders’ Equity:
Common stock	$ 10	$ 10

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Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Stockholders’ Equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares outstanding (in shares)	0	0
Preferred stock, shares issued (in shares)	0	0
Common Stock [Member]
Stockholders’ Equity:
Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Stock, shares authorized (in shares)	999,999,000	999,999,000
Stock, shares issued (in shares)	76,479,044	76,674,502
Stock, shares outstanding (in shares)	76,479,044	76,674,502
Convertible Stock [Member]
Stockholders’ Equity:
Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Stock, shares authorized (in shares)	1,000	1,000
Stock, shares issued (in shares)	1,000	1,000
Stock, shares outstanding (in shares)	1,000	1,000

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Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Rental income	$ 47,932,721	$ 46,388,918	$ 95,103,356	$ 91,921,505
Tenant reimbursements and other	6,089,902	5,854,884	11,826,176	11,373,597
Total revenues	54,022,623	52,243,802	106,929,532	103,295,102
Expenses:
Operating, maintenance and management	13,903,048	12,766,597	27,612,858	25,593,749
Real estate taxes and insurance	10,048,699	9,730,344	18,959,719	18,785,743
Fees to affiliates	7,362,697	5,413,367	12,885,120	10,781,843
Depreciation and amortization	17,216,777	16,182,016	34,164,045	32,336,326
Interest expense	10,140,476	9,520,362	20,187,315	19,507,596
Loss on debt extinguishment	1,189,044	0	1,189,044	0
General and administrative expenses	2,201,102	1,535,545	3,588,789	3,017,775
Acquisition costs	0	0	0	7,145
Total expenses	62,061,843	55,148,231	118,586,890	110,030,177
Net loss	$ (8,039,220)	$ (2,904,429)	$ (11,657,358)	$ (6,735,075)
Loss per common share — basic and diluted (in dollars per share)	$ (0.11)	$ (0.04)	$ (0.15)	$ (0.09)
Weighted average number of common shares outstanding — basic and diluted (in shares)	76,252,947	76,353,485	76,301,454	76,353,485
Distributions declared per common share (in dollars per share)	$ 0.178	$ 0.179	$ 0.356356	$ 0.356

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Consolidated Statements of Stockholders' Equity - USD ($)	Total	Common Stock [Member]	Stock [Member] Common Stock [Member]	Stock [Member] Convertible Stock [Member]	Additional Paid-In Capital [Member]	Cumulative Distributions & Net Losses [Member]	Parent [Member]
Beginning balance at Dec. 31, 2014			$ 768,585	$ 10	$ 680,138,132	$ (203,843,497)	$ 477,063,230
Beginning balance (in shares) at Dec. 31, 2014			76,858,483	1,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock			$ 140		(62)		78
Issuance of common stock (in shares)			14,008
Transfers to redeemable common stock					(1,000,000)		(1,000,000)
Repurchase of common stock			$ (1,980)		(1,998,020)		(2,000,000)
Repurchase of common stock (in shares)			(197,989)
Distributions declared						(55,076,217)	(55,076,217)
Amortization of stock-based compensation					184,350		184,350
Change in value of restricted common stock to Advisor					300,440		300,440
Net loss						(13,024,358)	(13,024,358)
Ending balance at Dec. 31, 2015			$ 766,745	$ 10	677,624,840	(271,944,072)	406,447,523
Ending balance (in shares) at Dec. 31, 2015			76,674,502	1,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock			$ (1,954)		(1,998,046)		(2,000,000)
Repurchase of common stock (in shares)			(195,458)
Distributions declared		$ (27,322,840)				(27,322,840)	(27,322,840)
Amortization of stock-based compensation					25,728		25,728
Change in value of restricted common stock to Advisor					170,695		170,695
Net loss	$ (11,657,358)					(11,657,358)	(11,657,358)
Ending balance at Jun. 30, 2016			$ 764,791	$ 10	$ 675,823,217	$ (310,924,270)	$ 365,663,748
Ending balance (in shares) at Jun. 30, 2016			76,479,044	1,000

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Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash Flows from Operating Activities:
Net loss	$ (11,657,358)	$ (6,735,075)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	34,164,045	32,336,326
Amortization of deferred financing costs	777,466	732,127
Amortization of stock-based compensation	25,728	45,767
Change in value of restricted common stock to Advisor	170,695	22,140
Amortization of loan premiums and discounts, net	(617,396)	(617,396)
Change in fair value of interest rate cap agreements	445,272	1,368,174
Loss on debt extinguishment	997,244	0
Proceeds from insurance claims	(119,930)	0
Changes in operating assets and liabilities:
Restricted cash for operating activities	3,864,702	2,679,940
Rents and other receivables	(578,810)	(360,449)
Other assets	1,374,188	2,533,858
Accounts payable and accrued liabilities	(6,054,005)	(7,880,221)
Due to affiliates	658,873	(1,710,848)
Net cash provided by operating activities	23,450,714	22,414,343
Cash Flows from Investing Activities:
Additions to real estate investments	(12,725,753)	(14,963,833)
Restricted cash for investing activities	1,079,976	(124,438)
Purchase of interest rate cap agreements	(259,000)	(65,250)
Proceeds from insurance claims	119,930	0
Net cash used in investing activities	(11,784,847)	(15,153,521)
Cash Flows from Financing Activities:
Proceeds from issuance of mortgage notes payable	360,616,609	23,889,258
Principal payments on mortgage notes payable	(291,459,917)	(6,909,735)
Borrowings from credit facility	16,000,000	6,000,000
Principal payments on credit facility	(16,000,000)	0
Payment of deferred financing costs	(2,599,471)	(271,380)
Distributions to common stockholders	(27,498,727)	(27,472,843)
Repurchase of common stock	(2,000,000)	0
Net cash provided by (used in) financing activities	37,058,494	(4,764,700)
Net increase in cash and cash equivalents	48,724,361	2,496,122
Cash and cash equivalents, beginning of period	32,076,582	29,529,312
Cash and cash equivalents, end of period	80,800,943	32,025,434
Supplemental Disclosures of Cash Flow Information:
Interest paid, net of amounts capitalized of $66,367 and $100,675 for the six months ended June 30, 2016 and 2015, respectively	20,144,647	18,084,480
Supplemental Disclosure of Noncash Transactions:
Distributions paid to common stockholders through common stock issuances pursuant to the distribution reinvestment plan	0	78
Increase in accounts payable and accrued liabilities from additions to real estate investments	772,617	557,484
Decrease in due to affiliates from additions to real estate investments	$ (65,620)	$ 0

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Consolidated Statements of Cash Flows (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Cash Flows [Abstract]
Interest capitalized	$ 40,463	$ 61,914	$ 66,367	$ 100,675

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Organization and Business

6 Months Ended

Jun. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Business

Organization and Business

Steadfast Income REIT, Inc. (the “Company”) was formed on May 4, 2009, as a Maryland corporation that has elected to be treated as, and currently qualifies as, a real estate investment trust (“REIT”). On June 12, 2009, the Company was initially capitalized pursuant to the sale of 22,223 shares of common stock to Steadfast REIT Investments, LLC (the “Sponsor”) at a purchase price of $9.00 per share for an aggregate purchase price of $200,007. On July 10, 2009, Steadfast Income Advisor, LLC (the “Advisor”), a Delaware limited liability company formed on May 1, 2009, invested $1,000 in the Company in exchange for 1,000 shares of convertible stock (the “Convertible Stock”) as described in Note 6.

Substantially all of the Company’s business is conducted through Steadfast Income REIT Operating Partnership, L.P., a Delaware limited partnership formed on July 6, 2009 (the “Operating Partnership”). The Company is the sole general partner of the Operating Partnership. As the Company accepted subscriptions for shares of its common stock in the Public Offering (as defined below), the Company transferred substantially all of the net offering proceeds to the Operating Partnership in exchange for limited partnership interests, and the Company’s percentage ownership in the Operating Partnership increased proportionately. The Company and Advisor entered into an Amended and Restated Limited Partnership Agreement of the Operating Partnership (the “Partnership Agreement”) on September 28, 2009.

As of June 30, 2016, the Company owned 65 multifamily properties comprising a total of 16,647 apartment homes and an additional 25,973 square feet of rentable commercial space at three properties.

Private Offering

On October 13, 2009, the Company commenced a private offering of up to $94,000,000 in shares of the Company’s common stock at a purchase price of $9.40 per share (with discounts available for certain categories of purchasers) (the “Private Offering”). The Company offered its shares of common stock for sale in the Private Offering pursuant to a confidential private placement memorandum and only to persons that were “accredited investors,” as that term is defined under the Securities Act of 1933, as amended (the “Securities Act”), and Regulation D promulgated thereunder. On July 9, 2010, the Company terminated the Private Offering and on July 19, 2010, the Company commenced its registered Public Offering described below. The Company sold 637,279 shares of common stock in the Private Offering for gross offering proceeds of $5,844,325.

Public Offering

On July 23, 2009, the Company filed a registration statement on Form S-11 with the Securities and Exchange Commission (the “SEC”) to offer a maximum of 150,000,000 shares of common stock for sale to the public at an initial price of $10.00 per share (with discounts available for certain categories of purchasers) (the “Primary Offering”). The Company also registered up to 15,789,474 shares of common stock for sale pursuant to the Company’s distribution reinvestment plan (the “DRP,” and together with the Primary Offering, the “Public Offering”) at an initial price of $9.50 per share. The SEC declared the Company’s registration statement effective on July 9, 2010. The Company commenced the Public Offering on July 19, 2010.

On July 12, 2012, the Company’s board of directors determined an estimated value per share of the Company’s common stock as of March 31, 2012 of $10.24. As a result of the determination of the estimated value per share of the Company’s common stock as of March 31, 2012, effective September 10, 2012, the offering price of the Company’s common stock to the public in the Primary Offering increased from the previous price of $10.00 per share to $10.24 per share. Additionally, effective September 10, 2012, the price of shares of the Company’s common stock issued pursuant to the DRP increased from a price of $9.50 per share to a price of $9.73 per share, or 95% of the new Primary Offering price of $10.24 per share. Effective September 10, 2012, the Company’s board of directors increased the amount of distributions paid on each share of the Company’s common stock from $0.001917 per share per day to $0.001964 per share per day, which, if paid each day over a 365-day period, is equivalent to a 7.0% annualized distribution rate based on the $10.24 per share offering price.

The Company terminated its Public Offering on December 20, 2013. Following termination of the Public Offering, the Company continued to offer shares of common stock pursuant to the DRP until the Company’s board of directors suspended the DRP effective for distributions earned beginning on December 1, 2014. Through December 20, 2013, the Company sold 73,608,337 shares of common stock in the Public Offering for gross proceeds of $745,389,748, including 1,588,289 shares of common stock issued pursuant to the DRP for gross offering proceeds of $15,397,232.

On March 10, 2015, the Company’s board of directors determined an estimated value per share of the Company’s common stock of $10.35 as of December 31, 2014. On February 25, 2016, the Company’s board of directors again determined an estimated value per share of the Company’s common stock of $11.44 as of December 31, 2015.

The business of the Company is externally managed by the Advisor, pursuant to the Advisory Agreement by and among the Company, the Operating Partnership and the Advisor (as amended, the “Advisory Agreement”), which is subject to annual renewal by the Company’s board of directors. The current term of the Advisory Agreement expires on November 15, 2016. Subject to certain restrictions and limitations, the Advisor manages the Company’s day-to-day operations, manages the Company’s portfolio of properties and real estate-related assets, sources and presents investment opportunities to the Company’s board of directors and provides investment management services on the Company’s behalf. Steadfast Capital Markets Group, LLC (the “Dealer Manager”), an affiliate of the Advisor, served as the dealer manager for the Public Offering. The Dealer Manager was responsible for marketing the Company’s shares of common stock being offered pursuant to the Public Offering. The Advisor, along with the Dealer Manager, provide marketing, investor relations and other administrative services on the Company’s behalf.

The Partnership Agreement provides that the Operating Partnership is operated in a manner that will enable the Company to (1) satisfy the requirements for being classified as a REIT for tax purposes, (2) avoid any federal income or excise tax liability and (3) ensure that the Operating Partnership will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), which classification could result in the Operating Partnership being taxed as a corporation, rather than as a partnership. In addition to the administrative and operating costs and expenses incurred by the Operating Partnership in acquiring real properties, the Operating Partnership may pay all of the Company’s administrative costs and expenses, and such expenses will be treated as expenses of the Operating Partnership.

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Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

There have been no significant changes to the Company’s accounting policies since it filed its audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2015, other than Accounting Standard Updates (“ASU”) 2015-03, as amended by ASU 2015-15, as further described below. For further information about the Company’s accounting policies, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2015 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 18, 2016.

Principles of Consolidation and Basis of Presentation

The consolidated financial statements include the accounts of the Company, the Operating Partnership and its subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. The financial statements of the Company’s subsidiaries are prepared using accounting policies consistent with those of the Company.

The accompanying unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments that are of a normal and recurring nature and necessary for a fair and consistent presentation of the results of such periods. Operating results for the three and six months endedJune 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. The unaudited consolidated financial statements herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.

Reclassifications

Certain prior year amounts in the consolidated financial statements have been reclassified to conform with the current year presentation. These reclassifications have not changed the results of operations of prior periods. During the six months endedJune 30, 2016, the Company adopted new accounting guidance to simplify the presentation of debt issuance costs. As a result, net deferred financing costs of $6,697,472 related to mortgage notes payable as of December 31, 2015, were reclassified from other assets, net to mortgage notes payable, net on the consolidated balance sheets.

Fair Value Measurements

Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other assets and liabilities at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories:

• Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities;

• Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and

• Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable.

When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and will classify such items in Level 1 or Level 2. In instances where the market is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines the market for a financial instrument owned by the Company to be illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and will establish a fair value by assigning weights to the various valuation sources.

The following describes the valuation methodologies used by the Company to measure fair value, including an indication of the level in the fair value hierarchy in which each asset or liability is generally classified.

Interest rate cap agreements - These derivatives did not qualify as fair value hedges and are recorded at fair value. Fair value was based on a model-driven valuation using the associated variable rate curve and an implied market volatility, both of which were observable at commonly quoted intervals for the full term of the interest rate cap agreements. Therefore, the Company’s interest rate cap agreements were classified within Level 2 of the fair value hierarchy and are included in other assets, net in the accompanying consolidated balance sheets.

The following table reflects the Company’s assets required to be measured at fair value on a recurring basis on the consolidated balance sheets:

	June 30, 2016
	Fair Value Measurements Using
	Level 1		Level 2		Level 3
Assets:
Interest rate cap agreements	$	—	$	111,871	$	—
	December 31, 2015
	Fair Value Measurements Using
	Level 1		Level 2		Level 3
Assets:
Interest rate cap agreements	$	—	$	298,143	$	—

Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the instrument.

Fair Value of Financial Instruments

The accompanying consolidated balance sheets include the following financial instruments: cash and cash equivalents, restricted cash, rents and other receivables, accounts payable and accrued liabilities, distributions payable, due to affiliates and mortgage notes payable.

The Company considers the carrying value of cash and cash equivalents, restricted cash, rents and other receivables, accounts payable and accrued liabilities and distributions payable to approximate the fair value of these financial instruments based on the short duration between origination of the instruments and their expected realization. The fair value of amounts due to affiliates is not determinable due to the related party nature of such amounts.

The fair value of the mortgage notes payable is estimated using a discounted cash flow analysis using borrowing rates available to the Company for debt instruments with similar terms and maturities. As of June 30, 2016 and December 31, 2015, the fair value of the mortgage notes payable was $1,210,522,043 and $1,118,126,231, respectively, compared to the carrying value of $1,183,354,251 and $1,115,752,899, respectively. The Company has determined that its mortgage notes payable are classified as Level 3 within the fair value hierarchy.

Distribution Policy

The Company has elected to be taxed as a REIT and to operate as a REIT beginning with its taxable year ending December 31, 2010. To maintain its qualification as a REIT, the Company intends to make distributions each taxable year equal to at least 90% of its REIT taxable income (which is determined without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). Distributions were based on daily record dates and calculated at a rate of $0.001964 per share per day during the year ended December 31, 2015 and the three months ended March 31, 2016. Distributions were based on daily record dates and calculated at a rate of $0.001958 per share per day during the three months ended June 30, 2016. Each day during the six months endedJune 30, 2016 and 2015 was a record date for distributions.

Distributions to stockholders are determined by the board of directors of the Company and are dependent upon a number of factors relating to the Company, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements and annual distribution requirements in order for the Company to qualify as a REIT under the Internal Revenue Code. During the three and six months endedJune 30, 2016, the Company declared distributions of $0.178 and $0.356 per common share, respectively. During the three and six months endedJune 30, 2015, the Company declared distributions of $0.179 and $0.356 per common share, respectively.

Per Share Data

Basic earnings (loss) per share attributable for all periods presented are computed by dividing net income (loss) attributable to controlling interest by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings (loss) per share are computed based on the weighted average number of shares of the Company’s common stock and all potentially dilutive securities, if any. Distributions declared per common share assumes each share was issued and outstanding each day during the period. The Company’s unvested shares of restricted common stock contain non-forfeitable rights to dividends and are considered to be participating securities in accordance with GAAP and, therefore, are included in the computation of earnings (loss) per share under the two-class method. Under the two-class method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. The unvested shares of restricted common stock are not allocated losses as the awards do not have a contractual obligation to share in the losses of the Company. The two-class method is an earnings (loss) allocation formula that determines earnings (loss) per share for each class of common shares and participating securities according to dividends declared and participation rights in undistributed earnings.

Segment Disclosure

The Company has determined that it has one reportable segment with activities related to investing in multifamily properties. The Company’s investments in real estate are in different geographic regions, and management evaluates operating performance on an individual asset level. However, as each of the Company’s assets has similar economic characteristics, tenants and products and services, its assets have been aggregated into one reportable segment.

RecentlyIssued Accounting Standards Updates

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The new guidance requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The new guidance supersedes the revenue requirements in Revenue Recognition (Topic 605) and most industry-specific guidance throughout the Industry Topics of the Codification. The new guidance does not apply to lease contracts within the scope of Leases (Topic 840). In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606), which delayed the effective date of the new guidance by one year, which will result in the new guidance being effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and is to be applied retrospectively. Early adoption is permitted, but can be no earlier than the original public entity effective date of fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company is still evaluating the impact of adopting the new guidance on its financial statements, but does not expect the adoption to have a material impact on its financial statements.

In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, that requires management to evaluate whether there are conditions and events that raise substantial doubt about an entity’s ability to continue as a going concern. Until now, the requirement to perform a going concern evaluation existed only in auditing standards. The new guidance requires management to evaluate relevant conditions, events and certain management plans that are known or reasonably knowable as of the evaluation date when determining whether substantial doubt about an entity’s ability to continue as a going concern exists. Management will be required to make this evaluation for both annual and interim reporting periods. The standard states substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. The guidance is effective for annual periods ending after December 15, 2016 and for annual periods and interim periods thereafter. Early adoption is permitted. The Company does not expect there to be a material impact from adopting this new guidance.

In January 2015, the FASB issued ASU 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items, that eliminates the concept of the extraordinary items from GAAP. The objective of the new guidance is to simplify the income statement presentation requirements of GAAP by altogether removing the concept of extraordinary items from consideration. The guidance is effective for annual periods, including interim periods within that period, beginning after December 15, 2015. The Company did not experience a material impact from adopting this new guidance.

In February 2015, the FASB issued ASU 2015-02, Consolidation, which makes changes to both the variable interest model and the voting model of consolidation. Under ASU 2015-02, companies will need to re-evaluate whether an entity meets the criteria to be considered a variable interest entity (“VIE”) or whether the consolidation of an entity should be assessed under the voting model. The new standard specifically eliminates the presumption in the current voting model that a general partner controls a limited partnership or similar entity unless that presumption can be overcome. The new standard was effective for the Company beginning on January 1, 2016. The adoption of the new standard did not result in the consolidation of entities not previously consolidated or the deconsolidation of any entities previously consolidated. Upon adopting the new standard, the Operating Partnership became a VIE as the limited partner lacks substantive kick-out rights and substantive participating rights. The Company is the primary beneficiary of, and continues to consolidate, the Operating Partnership determined to be a VIE.

In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, as amended in August 2015 by ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, that will require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The FASB will permit debt issuance costs related to line-of-credit arrangements to be deferred and presented as an asset and subsequently amortized over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The recognition and measurement guidance for debt issuance costs will not be affected by the new guidance. The guidance requires retrospective application and is effective for annual periods, including interim periods within that period, beginning after December 15, 2015. Early adoption is permitted. Upon adoption, the Company reclassified net debt issuance costs of $7,635,416 and $6,697,472 as of June 30, 2016 and December 31, 2015, respectively, related to mortgage notes payable from other assets, net to mortgage notes payable, net on the consolidated balance sheets.

In February 2016, the FASB issued ASU 2016-02, Leases, amending the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The new standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The guidance will be effective in the first quarter of 2019 and allows for early adoption. The Company is assessing whether the new standard will have a material effect on its financial position or results of operations.

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Real Estate

6 Months Ended

Jun. 30, 2016

Real Estate [Abstract]

Real Estate

Real Estate

As of June 30, 2016, the Company owned 65 multifamily properties, encompassing in the aggregate 16,647 apartment homes and 25,973 square feet of rentable commercial space. The total purchase price of the Company’s real estate portfolio, including development and construction costs for apartment homes constructed by the Company, was $1,636,568,752, exclusive of closing costs. As of June 30, 2016 and December 31, 2015, the Company’s portfolio was approximately 94.9% and 94.0% occupied and the average monthly rent was $1,014 and $999, respectively.

As of June 30, 2016 and December 31, 2015, accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows:

	June 30, 2016
	Assets
	Land		Building and Improvements			Other Intangible Assets			Construction-in-Progress		Total Real Estate
Investments in real estate	$	174,102,422	$	1,498,605,615		$	2,644,263		$	4,869,498	$	1,680,221,798
Less: Accumulated depreciation and amortization	—		(197,028,551		)	(469,447		)	—		(197,497,998		)
Net investments in real estate and related lease intangibles	$	174,102,422	$	1,301,577,064		$	2,174,816		$	4,869,498	$	1,482,723,800

	December 31, 2015
	Assets
	Land		Building and Improvements			Other Intangible Assets			Construction-in-Progress		Total Real Estate
Investments in real estate	$	174,102,422	$	1,487,961,762		$	2,644,263		$	2,192,635	$	1,666,901,082
Less: Accumulated depreciation and amortization	—		(163,053,124		)	(392,863		)	—		(163,445,987		)
Net investments in real estate and related lease intangibles	$	174,102,422	$	1,324,908,638		$	2,251,400		$	2,192,635	$	1,503,455,095

Depreciation and amortization expenses were $17,216,777 and $34,164,045 for the three and six months endedJune 30, 2016, and $16,182,016 and $32,336,326 for the three and six months endedJune 30, 2015, respectively.

Depreciation of the Company’s buildings and improvements were $17,178,485 and $34,087,461 for the three and six months endedJune 30, 2016, and $16,138,343 and $32,043,956 for the three and six months endedJune 30, 2015, respectively.

No amortization of tenant origination and absorption costs were recorded for the three and six months endedJune 30, 2016. Amortization of the Company’s tenant origination and absorption costs was $5,381 and $215,786 for the three and six months endedJune 30, 2015, respectively. Tenant origination and absorption costs had a weighted-average amortization period as of the date of acquisition of less than one year. At December 31, 2015, all tenant origination and absorption costs were fully amortized and written off.

Amortization of the Company’s other intangible assets was $38,292 and $76,584 for the three and six months endedJune 30, 2016, and $38,292 and $76,584 for the three and six months endedJune 30, 2015, respectively.

The future amortization of the Company’s acquired other intangible assets as of June 30, 2016 and thereafter is as follows:

July 1 through December 31, 2016	$	76,584
2017	153,168
2018	153,168
2019	153,168
2020	153,168
Thereafter	1,485,560
	$	2,174,816

Operating Leases

As of June 30, 2016, the Company’s real estate portfolio comprised 16,647 apartment homes and was 97.8% leased by a diverse group of residents. For each of the three and six months endedJune 30, 2016 and 2015, the Company’s real estate portfolio earned approximately 99% of its rental income from residential tenants and approximately 1% of its rental income from commercial office tenants. The residential tenant lease terms consist of lease durations equal to 12 months or less. The commercial office tenant leases consist of remaining lease durations varying from 2.92 to 3.34 years.

Some residential and commercial leases contain provisions to extend the lease agreements, options for early termination after paying a specified penalty and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires security deposits from tenants in the form of a cash deposit and/or a letter of credit for commercial tenants. Amounts required as security deposits vary depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of its security deposit. Security deposits received in cash related to tenant leases are included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets and totaled $4,992,950 and $4,672,961 as of June 30, 2016 and December 31, 2015, respectively.

The future minimum rental receipts from the Company’s properties under non-cancelable operating leases attributable to commercial office tenants as of June 30, 2016 and thereafter is as follows:

July 1 through December 31, 2016	$	92,906
2017	187,120
2018	189,136
2019	108,760
	$	577,922

As of June 30, 2016 and December 31, 2015, no tenant represented over 10% of the Company’s annualized base rent and there were no significant industry concentrations with respect to its commercial leases.

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Other Assets, Net

6 Months Ended

Jun. 30, 2016

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets, Net

Other Assets, Net

As of June 30, 2016 and December 31, 2015, other assets, net of accumulated amortization, consisted of:

	June 30, 2016		December 31, 2015
Deferred financing costs of revolving credit facility	$	—	$	660,585
Less: accumulated amortization	—		(547,402		)
	—		113,183
Prepaid expenses	827,617		2,648,238
Interest rate cap agreements (Note 11)	111,871		298,143
Deposits	1,715,720		1,269,287
	$	2,655,208	$	4,328,851

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Debt

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Debt

Debt

Mortgage Notes Payable

The following is a summary of mortgage notes payable, net secured by real property as of June 30, 2016 and December 31, 2015:

	June 30, 2016
			Interest Rate Range				Weighted Average Interest Rate
Type	Number of Instruments	Maturity Date Range	Minimum		Maximum				Principal Outstanding
Mortgage notes payable - fixed	37	10/1/2017 - 1/1/2053	3.31	%	5.94	%	4.32	%	$	473,390,797
Mortgage notes payable - variable(1)	30	8/31/2017 - 1/1/2026	1-Mo LIBOR + 1.63%		1-Mo LIBOR + 2.65%		2.74	%	714,764,262
Total mortgage notes payable, gross	67						3.37	%	1,188,155,059
Premium/discount, net(2)									2,834,608
Deferred financing costs, net(3)									(7,635,416		)
Total mortgage notes payable, net									$	1,183,354,251

	December 31, 2015
			Interest Rate Range				Weighted Average Interest Rate
Type	Number of Instruments	Maturity Date Range	Minimum		Maximum				Principal Outstanding
Mortgage notes payable - fixed	37	10/1/2017 - 1/1/2053	3.31	%	5.94	%	4.32	%	$	477,139,001
Mortgage notes payable - variable(1)	30	5/16/2017 - 1/1/2026	1-Mo LIBOR + 1.62%		1-Mo LIBOR + 2.75%		2.77	%	641,859,365
Total mortgage notes payable, gross	67						3.44	%	1,118,998,366
Premium/discount, net(2)									3,452,005
Deferred financing costs, net(3)									(6,697,472		)
Total mortgage notes payable, net									$	1,115,752,899

_____________________________

(1) See Note 11 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) The following table summarizes the debt premiums and discounts as of June 30, 2016, including the unamortized portion included in the principal balance as well as amounts amortized as an offset to interest expense in the accompanying consolidated statements of operations:

Unamortized Portion of Net Debt Premium as of June 30, 2016		Amortization of Net Debt Premium During the
		Three Months Ended June 30,				Six Months Ended June 30,
		2016		2015		2016		2015
$	2,834,608	$	308,698	$	308,698	$	617,396	$	617,396

(3) The following table summarizes the deferred financing costs, net related to mortgage notes payable as of June 30, 2016 and December 31, 2015:

	June 30, 2016			December 31, 2015
Deferred financing costs	$	11,257,767		$	10,140,097
Less: accumulated amortization	(3,622,351		)	(3,442,625		)
Deferred financing costs, net	$	7,635,416		$	6,697,472

Revolving Credit Facility

The Company entered into a revolving credit facility with PNC Bank, N.A. (“PNC Bank”) to borrow up to $20,000,000. On July 18, 2014, the Company and PNC Bank amended the revolving credit facility to, among other things, increase the potential borrowing limit from $20,000,000 to $35,000,000. The amended and restated credit facility consisted of a Tranche A and a Tranche B, and provided certain security for borrowings under the credit facility. The maximum amount that could be borrowed under Tranche A and Tranche B were $20,000,000 and $15,000,000, respectively.

For each advance under the amended and restated credit facility, the Company had the option to select the interest rate from the following options: (1) Base Rate Option (as defined in the amended and restated credit facility) plus (i) with respect to Tranche A, 0.75% and (ii) with respect to Tranche B, 2.0%; or (2) LIBOR Option, which was a rate per annum fixed for the LIBOR Interest Period (as defined in the amended and restated credit facility) equal to the sum of LIBOR plus (i) with respect to Tranche A, 1.6% and (ii) with respect to Tranche B, 3.0%.

No amounts were outstanding under the credit facility as of June 30, 2016 or December 31, 2015. The amended and restated credit facility had a maturity date of July 17, 2016, subject to extension. On June 30, 2016, the Company repaid all outstanding amounts due and terminated the amended and restated credit facility.

Maturity and Interest

The following is a summary of the Company’s aggregate maturities as of June 30, 2016:

			Remainder of 2016		Maturities During the Years Ending December 31,
Contractual Obligation	Total				2017		2018		2019		2020		Thereafter
Principal payments on outstanding debt obligations(1)	$	1,188,155,059	$	6,378,379	$	49,739,478	$	79,829,639	$	92,743,110	$	153,376,499	$	806,087,954

_____________________________

(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.

For the three and six months endedJune 30, 2016, the Company incurred interest of $10,180,939 and $20,253,682, respectively. Interest expense for the three and six months endedJune 30, 2016 includes amortization of deferred financing costs of $395,421 and $777,466, amortization of loan premiums and discounts of $308,698 and $617,396, net unrealized loss from the change in fair value of interest rate cap agreements of $212,559 and $445,272 and capitalized interest of $40,463 and $66,367, respectively. The capitalized interest is included in real estate on the consolidated balance sheets.

For the three and six months endedJune 30, 2015, the Company incurred interest of $9,582,276 and $19,608,271, respectively. Interest expense for the three and six months endedJune 30, 2015 includes amortization of deferred financing costs of $368,150 and $732,127, amortization of loan premiums of $308,698 and $617,396, net unrealized loss from the change in fair value of interest rate cap agreements of $346,588 and $1,368,174 and capitalized interest of $61,914 and $100,675, respectively. The capitalized interest is included in real estate on the consolidated balance sheets.

Interest expense of $2,370,248 and $2,932,922 was payable as of June 30, 2016 and December 31, 2015, respectively, and is included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets.

Refinancing Transactions

On June 29 and June 30, 2016, 14 wholly-owned subsidiaries of the Company (each a “Borrower” and collectively the “Borrowers”) terminated the existing mortgage loan with its lender for an aggregate principal amount of $283,313,677 and entered into a new loan agreement (each a “Loan Agreement”) with, as applicable, PNC Bank and Berkeley Point Capital LLC (“Berkeley” and, together with PNC Bank, the “Lenders”) for an aggregate principal amount of $358,002,000 (the “Refinancing Transactions”). Each Borrower entered into a Loan Agreement with the applicable Lender pursuant to the Freddie Mac Capital Markets Execution Program (the “CME”), as evidenced by a multifamily note. Pursuant to the CME, the applicable Lender originates the mortgage loan and then transfers the loan to the Federal Home Loan Mortgage Association.

Each Loan Agreement provides for a term loan (each a “Loan” and, collectively the “Loans”) with a maturity date of July 1, 2023, unless the maturity date is accelerated in accordance with the Loan terms. Each Loan accrues interest at one-month LIBOR plus 2.31%. The entire outstanding principal balance and any accrued and unpaid interest on each of the Loans are due on the maturity date. Interest and principal payments on the Loans are payable monthly in arrears on specified dates as set forth in each Loan Agreement. Monthly payments are due and payable on the first day of each month, commencing August 1, 2016.

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Stockholders' Equity

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

General

Under the Company’s Third Articles of Amendment and Restatement (the “Charter”), the total number of shares of capital stock authorized for issuance is 1,100,000,000 shares, consisting of 999,999,000 shares of common stock with a par value of $0.01 per share, 1,000 shares of convertible stock with a par value of $0.01 per share and 100,000,000 shares designated as preferred stock with a par value of $0.01 per share.

Common Stock

The shares of the Company’s common stock entitle the holders to one vote per share on all matters upon which stockholders are entitled to vote, to receive dividends and other distributions as authorized by the Company’s board of directors in accordance with the Maryland General Corporation Law and to all rights of a stockholder pursuant to the Maryland General Corporation Law. The common stock has no preferences or preemptive, conversion or exchange rights.

During 2009, the Company issued 22,223 shares of common stock to the Sponsor for $200,007. The Company terminated its Public Offering on December 20, 2013, but continued to offer shares pursuant to the DRP through November 30, 2014. As of June 30, 2016, the Company had issued 76,732,395 shares of common stock in its Private Offering and Public Offering for offering proceeds of $679,572,220, net of offering costs of $95,845,468, including 4,073,759 shares of common stock pursuant to the DRP for total proceeds of $39,580,847. Offering costs primarily consisted of selling commissions and dealer manager fees.

The issuance and vesting activity for the six months endedJune 30, 2016 and for the years ended December 31, 2015 and 2014 for the restricted stock issued to the Company’s independent directors as compensation for services in connection with their initial election or re-election to the board of directors at the Company’s annual meeting, upon their departure from the board of directors, or in appreciation of their service and commitment to the Company is as follows:

	For the Six Months Ended June 30, 2016	For the Years Ended December 31,
		2015		2014
Nonvested shares at the beginning of the period	11,250	16,875		18,750
Granted shares	—	14,000		10,000
Vested shares	—	(19,625	)	(11,875	)
Nonvested shares at the end of the period	11,250	11,250		16,875

Additionally, the weighted average fair value of restricted stock issued to the Company’s independent directors for the six months endedJune 30, 2016 and for the years ended December 31, 2015 and 2014 is as follows:

Grant Year	Weighted Average Fair Value
2014	$	10.24
2015	10.35
2016	n/a

The shares of restricted common stock vest and become non-forfeitable in four equal annual installments beginning on the date of grant and ending on the third anniversary of the date of grant and will become fully vested and become non-forfeitable on the earlier to occur of (1) the termination of the independent director’s service as a director due to his or her death or disability, or (2) a change in control of the Company and as otherwise provided in the Incentive Award Plan, as defined below.

Included in general and administrative expenses is $12,864 and $25,728 for the three and six months endedJune 30, 2016 and $22,883 and $45,767 for the three and six months endedJune 30, 2015, respectively, for compensation expense related to the issuance of restricted common stock. The weighted average remaining term of the restricted common stock is 1.36 years as of June 30, 2016. As of June 30, 2016, the compensation expense related to the issuance of the restricted common stock not vested was $69,870.

On June 11, 2014, the Company entered into a restricted stock agreement with the Advisor whereby the Company issued to the Advisor 488,281.25 restricted shares of the Company’s common stock at a fair market value of $10.24 per share in satisfaction of certain deferred fees due to the Advisor in the aggregate amount of $5,000,000. The shares of restricted stock vest and become non-forfeitable upon the earliest to occur of (i) 50% at December 31, 2015 and 50% at December 31, 2016, (ii) certain liquidity events of the Company, (iii) the Company’s cumulative modified funds from operations exceed the lesser of (a) the cumulative amount of distributions paid to the Company’s stockholders or (b) an amount that is equal to a 7.0% cumulative, non-compounded annual return on the Company’s stockholders’ invested capital, or (iv) the Company’s termination of, or failure to renew, the Advisory Agreement other than for “cause” (as defined in the Advisory Agreement). The shares of restricted stock shall be forfeited if the Advisor is terminated for any reason other than (iv) above. The fair value of the shares of unvested restricted stock was $2,792,969 as of June 30, 2016. As of June 30, 2016, 244,141 shares were vested. The fair value of the vested common stock and unvested restricted common stock as of June 30, 2016 and December 31, 2015 of $5,585,938 and $5,493,164, respectively, are recorded in stockholders’ equity in the accompanying consolidated balance sheets. Included in general and administrative expenses on the accompanying consolidated statements of operations is $57,088 and $170,695 for the three and six months endedJune 30, 2016 and $5,233 and $22,140 for the three and six months endedJune 30, 2015, respectively, for the change in value of restricted common stock issued to the Advisor.

Convertible Stock

The Company issued 1,000 shares of Convertible Stock to the Advisor for $1,000. The Convertible Stock will convert into shares of the Company’s common stock if and when: (A) the Company has made total distributions on the then outstanding shares of common stock equal to the original issue price of those shares plus an 8.0% cumulative, non-compounded, annual return on the original issue price of those shares, (B) subject to specified conditions, the Company lists the common stock for trading on a national securities exchange or (C) the Advisory Agreement is terminated or not renewed by the Company (other than for “cause” as defined in the Advisory Agreement). A “listing” will also be deemed to have occurred on the effective date of any merger of the Company in which the consideration received by the holders of the Company’s common stock is the securities of another issuer that are listed on a national securities exchange. Upon conversion, each share of Convertible Stock will convert into a number of shares of common stock equal to 1/1000 of the quotient of (A) 10% of the amount, if any, by which (1) the Company’s “enterprise value” (as defined in the Charter) plus the aggregate value of distributions paid to date on the outstanding shares of common stock exceeds (2) the aggregate purchase price paid by the stockholders for those shares plus an 8.0% cumulative, non-compounded, annual return on the original issue price of those shares, divided by (B) the Company’s enterprise value divided by the number of outstanding shares of common stock, in each case calculated as of the date of the conversion. In the event of a termination or non-renewal of the Advisory Agreement by the Company for cause, the Convertible Stock will be redeemed by the Company for $1.00.

Preferred Stock

The Charter also provides the Company’s board of directors with the authority to issue one or more classes or series of preferred stock, and prior to the issuance of such shares of preferred stock, the board of directors shall have the power from time to time to classify or reclassify, in one or more series, any unissued shares and designate the preferences, rights and privileges of such shares of preferred stock. The Company’s board of directors is authorized to amend the Charter, without the approval of the stockholders, to increase the aggregate number of authorized shares of capital stock or the number of shares of any class or series that the Company has authority to issue. As of June 30, 2016 and December 31, 2015, no shares of the Company’s preferred stock were issued and outstanding.

Distribution Reinvestment Plan

In connection with the Public Offering, the Company’s board of directors approved the DRP through which common stockholders could elect to reinvest an amount equal to the distributions declared on their shares of common stock in additional shares of the Company’s common stock in lieu of receiving cash distributions. The initial purchase price per share under the DRP was $9.50. Effective September 10, 2012, in connection with the change in the Public Offering price, shares of the Company’s common stock were issued pursuant to the DRP at a price of $9.73 per share. Effective with distributions earned beginning on December 1, 2014, the Company’s board of directors elected to suspend the DRP. As a result, all distributions are paid in cash and not reinvested in shares of the Company’s common stock. The Company’s board of directors may, in its sole discretion, from time to time, reinstate the DRP at a price based upon the Company’s estimated value per share and other factors that the Company’s board of directors deems relevant, although there is no assurance as to if or when this will happen.

No sales commissions or dealer manager fees were payable on shares sold through the DRP.

Share Repurchase Program and Redeemable Common Stock

The Company’s share repurchase program may provide an opportunity for stockholders to have their shares of common stock repurchased by the Company, subject to certain restrictions and limitations. No shares can be repurchased under the Company’s share repurchase program until after the first anniversary of the date of purchase of such shares; provided, however, that this holding period shall not apply to repurchases requested within two years after the death or disability of a stockholder.

The purchase price for shares repurchased under the Company’s share repurchase program is as follows:

Share Purchase Anniversary	Repurchase Price on Repurchase Date(1)
Less than 1 year	No Repurchase Allowed
1 year	92.5% of Estimated Value per Share(2)
2 years	95.0% of Estimated Value per Share(2)
3 years	97.5% of Estimated Value per Share(2)
4 years	100.0% of Estimated Value per Share(2)
In the event of a stockholder’s death or disability(3)	Average Issue Price for Shares(4)

________________

(1) As adjusted for any stock dividends, combinations, splits, recapitalizations or any similar transaction with respect to the shares of common stock.

(2) For purposes of the share repurchase program, the “Estimated Value per Share” will equal the most recently publicly disclosed estimated value per share of the Company as determined by the Company’s board of directors.

(3) The required one-year holding period does not apply to repurchases requested within two years after the death or disability of a stockholder.

(4) The purchase price per share for shares repurchased upon the death or disability of a stockholder will be equal to the average issue price per share for all of the stockholder’s shares.

The purchase price per share for shares repurchased pursuant to the share repurchase program will be further reduced by the aggregate amount of net proceeds per share, if any, distributed to the Company’s stockholders prior to the repurchase date as a result of the sale of one or more of the Company’s assets that constitutes a return of capital distribution as a result of such sales.

Repurchases of shares of the Company’s common stock are made quarterly upon written request to the Company at least 15 days prior to the end of the applicable quarter during which the share repurchase program is in effect. Repurchase requests are honored approximately 30 days following the end of the applicable quarter (the “Repurchase Date”). Stockholders may withdraw their repurchase request at any time up to three business days prior to the Repurchase Date. On October 21, 2014, the Company’s board of directors elected to suspend the Company’s share repurchase program, effective November 20, 2014. On May 12, 2015, the Company’s board of directors elected to reinstate the share repurchase program, effective July 1, 2015.

During the three and six months endedJune 30, 2016, the Company repurchased a total of 96,215 and 195,458 shares with a total repurchase value of $1,000,000 and $2,000,000, respectively, and received net requests for the repurchase of 266,949 and 614,461 shares with a total net repurchase value of $2,926,762 and $6,690,074, respectively. No amounts were requested or repurchased during the three and six months endedJune 30, 2015.

The Company cannot guarantee that the funds set aside for the share repurchase program will be sufficient to accommodate all repurchase requests made in any quarter. In the event that the redemption requests exceed the Company’s restrictions on limitation or the Company does not have sufficient funds available to repurchase all of the shares of the Company’s common stock for which repurchase requests have been submitted in any quarter, priority will be given to redemption requests in the case of the death or disability of a stockholder. If the Company repurchases less than all of the shares subject to a repurchase request in any quarter, with respect to any shares which have not been repurchased, the requesting stockholder could (1) withdraw the request for repurchase or (2) ask that the Company honor the request in a future quarter, if any, when such repurchases may be made pursuant to the limitations of the share repurchase program and when sufficient funds are available. Such pending requests would be honored among all requests for redemptions in any given redemption period as follows: first, pro rata as to redemptions sought upon a stockholder’s death or disability; and, next, pro rata as to other redemption requests.

The Company is not obligated to repurchase shares of the Company’s common stock under the share repurchase program. In no event shall redemptions under the share repurchase program exceed 5% of the weighted average number of shares of the Company’s common stock outstanding during the prior calendar year. In addition to the above limitation, effective July 1, 2015, in no event shall the value of the shares repurchased pursuant to the share repurchase program exceed $2,000,000 during the quarter beginning July 1, 2015, with each subsequent quarter not to exceed $1,000,000. There is no fee in connection with a repurchase of shares of the Company’s common stock. As of June 30, 2016, the Company has recognized redemptions payable of $1,000,000, which is included in accounts payable and accrued liabilities on the accompanying consolidated balance sheets.

The Company’s board of directors may, in its sole discretion, amend, suspend or terminate the share repurchase program at any time upon 30 days’ notice to the Company’s stockholders if it determines that the funds available to fund the share repurchase program are needed for other business or operational purposes or that amendment, suspension or termination of the share repurchase program is in the best interest of the Company’s stockholders. Therefore, stockholders may not have the opportunity to make a repurchase request prior to any potential termination of the Company’s share repurchase program.

Pursuant to the share repurchase program, for the three and six months endedJune 30, 2016, the Company reclassified $0 and $0, net of $1,000,000 and $2,000,000 of fulfilled repurchase requests, respectively, from permanent equity to temporary equity, which is included as redeemable common stock on the accompanying consolidated balance sheets. For the three and six months endedJune 30, 2015, the Company reclassified $0 and $0, net of $0 and $0 of fulfilled repurchase requests, respectively, from permanent equity to temporary equity, which is included as redeemable common stock on the accompanying consolidated balance sheets.

Distributions Declared

Distributions declared (1) accrue daily to stockholders of record as of the close of business on each day, (2) are payable in cumulative amounts on or before the third day of each calendar month with respect to the prior month and (3) are calculated at a rate of $0.001958 per share per day, which if paid each day over a 366-day period, is equivalent to a 7.0% annualized distribution rate based on a purchase price of $10.24 per share of common stock.

Distributions declared for the three and six months endedJune 30, 2016 were $13,673,510 and $27,322,840, all of which were payable in cash.

Distributions declared for the three and six months endedJune 30, 2015 were $13,736,290 and $27,321,969, including $0 and $78, or 0 and 8 shares of common stock, respectively, attributable to the DRP.

As of June 30, 2016 and December 31, 2015, $4,492,374 and $4,668,261 in distributions declared were payable, none of which were reinvested pursuant to the DRP.

Distributions Paid

For the three and six months endedJune 30, 2016, the Company paid total distributions of $13,829,064 and $27,498,727, which related to distributions declared for each day in the period from March 1, 2016 through May 31, 2016 and December 1, 2015 through May 31, 2016, respectively. All distributions were paid in cash.

For the three and six months endedJune 30, 2015, the Company paid cash distributions of $13,887,241 and $27,472,843, which related to distributions declared for each day in the period from March 1, 2015 through May 31, 2015 and December 1, 2014 through May 31, 2015, respectively. Additionally, for the three and six months endedJune 30, 2015, 0 and 8 shares of common stock were issued pursuant to the DRP for gross offering proceeds of $0 and $78, respectively. For the three and six months endedJune 30, 2015, the Company paid total distributions of $13,887,241 and $27,472,921.

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Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Earnings (Loss) Per Share

The following table presents a reconciliation of net loss attributable to common stockholders and shares used in calculating basic and diluted earnings (loss) per share (“EPS”) for the three and six months endedJune 30, 2016 and 2015:

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Net loss attributable to the Company	$	(8,039,220	)	$	(2,904,429	)	$	(11,657,358	)	$	(6,735,075	)
Less: dividends declared on participating securities	45,505			90,284			91,010			179,575
Net loss attributable to common stockholders	(8,084,725		)	(2,994,713		)	(11,748,368		)	(6,914,650		)
Weighted average common shares outstanding — basic and diluted	76,252,947			76,353,485			76,301,454			76,353,485
Loss per common share — basic and diluted	$	(0.11	)	$	(0.04	)	$	(0.15	)	$	(0.09	)

The Company excluded all unvested restricted common shares outstanding issued to the Advisor and the Company’s independent directors from the calculation of diluted loss per common share as the effect would have been antidilutive.

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Related Party Arrangements

6 Months Ended

Jun. 30, 2016

Related Party Transactions [Abstract]

Related Party Arrangements

Related Party Arrangements

The Company has entered into the Advisory Agreement with the Advisor. Pursuant to the Advisory Agreement, the Company is obligated to pay the Advisor specified fees upon the provision of certain services related to the investment of funds in real estate and real estate-related investments, the management of the Company’s investments and for other services (including, but not limited to, the disposition of investments). Subject to the limitations described below, the Company is also obligated to reimburse the Advisor and its affiliates for organization and offering costs incurred by the Advisor and its affiliates on behalf of the Company, and the Company is obligated to reimburse the Advisor and its affiliates for acquisition and origination expenses and certain operating expenses incurred on behalf of the Company or incurred in connection with providing services to the Company.

Amounts attributable to the Advisor and its affiliates incurred for the three and six months endedJune 30, 2016 and 2015 and amounts outstanding to the Advisor and its affiliates as of June 30, 2016 and December 31, 2015 are as follows:

	Incurred (Received) For the					Incurred (Received) For the
	Three Months Ended June 30,					Six Months Ended June 30,					Payable (Prepaid) as of
	2016			2015		2016			2015		June 30, 2016		December 31, 2015
Consolidated Statements of Operations:
Expensed
Investment management fees(1)	$	3,511,165		$	3,454,795	$	7,012,289		$	6,896,717	$	7,699	$	1,169,770
Acquisition fees(1)	960			—		960			—		960		—
Acquisition expenses(2)	—			—		—			7,145		—		—
Property management
Fees(1)	1,600,657			1,547,586		3,172,639			3,050,754		535,863		520,127
Reimbursement of onsite personnel(3)	4,601,433			4,609,838		9,165,801			9,075,134		698,301		703,791
Other fees(1)	459,905			410,986		909,222			834,372		50,832		52,237
Other operating expenses(4)	323,886			440,022		670,605			753,787		72,162		51,029
Refinancing fee(1)	1,790,010			—		1,790,010			—		1,790,010		—
Insurance proceeds(5)	(100,000		)	—		(100,000		)	—		—		—
Consolidated Balance Sheets:
Capitalized
Construction management
Fees(6)	270,357			307,328		515,390			572,762		94,845		71,133
Reimbursement of labor costs(6)	98,832			27,470		181,882			50,561		24,790		114,122
Prepaid insurance(7)	37,244			—		74,489			—		—		(74,489		)
Deferred financing costs(8)	55,207			—		55,207			—		—		—
	$	12,649,656		$	10,798,025	$	23,448,494		$	21,241,232	$	3,275,462	$	2,607,720

_____________________________

(1) Included in fees to affiliates in the accompanying consolidated statements of operations.

(2) Included in acquisition costs in the accompanying consolidated statements of operations.

(3) Included in operating, maintenance and management in the accompanying consolidated statements of operations.

(4) Included in general and administrative expenses in the accompanying consolidated statements of operations.

(5) Included in tenant reimbursements and other in the accompanying consolidated statements of operations.

(6) Included in building and improvements in the accompanying consolidated balance sheets.

(7) Included in other assets, net in the accompanying consolidated balance sheets upon payment. The amortization of the prepaid is included in operating, maintenance and management in the accompanying consolidated statements of operations.

(8) Included in mortgage notes payable, net in the accompanying consolidated balance sheets.

Investment Management Fee

The Company pays the Advisor a monthly investment management fee equal to one-twelfth of 0.80% of (1) the cost of real properties and real estate-related assets acquired directly by the Company or (2) the Company’s allocable cost of each real property or real estate-related asset acquired through a joint venture. Such fee is calculated including acquisition fees, acquisition expenses and any debt attributable to such investments, or the Company’s proportionate share thereof in the case of investments made through joint ventures. The cost of real properties and real estate-related assets that have been sold by the Company during the applicable month is excluded from the fee.

Acquisition Fees and Expenses

The Company pays the Advisor an acquisition fee equal to 2.0% of (1) the cost of investment, as defined in the Advisory Agreement, in connection with the acquisition or origination of any type of real property or real estate-related asset acquired directly by the Company or (2) the Company’s allocable portion of the purchase price in connection with the acquisition or origination of any type of real property or real estate-related asset acquired through a joint venture, including any acquisition and origination expenses and any debt attributable to such investments.

In addition to acquisition fees, the Company reimburses the Advisor for amounts directly incurred by the Advisor or its affiliates, including personnel-related costs for acquisition due diligence, legal and non-recurring management services, and amounts the Advisor pays to third parties in connection with the selection, acquisition or development of a property or acquisition of real estate-related assets, whether or not the Company ultimately acquires the property or the real estate-related assets.

The Charter limits the Company’s ability to pay acquisition fees if the total of all acquisition fees and expenses relating to the purchase would exceed 6.0% of the contract purchase price. Under the Charter, a majority of the Company’s board of directors, including a majority of the independent directors, is required to approve any acquisition fees (or portion thereof) that would cause the total of all acquisition fees and expenses relating to an acquisition to exceed 6.0% of the contract purchase price. In connection with the purchase of securities, the acquisition fee may be paid to an affiliate of the Advisor that is registered as a FINRA member broker-dealer if applicable FINRA rules would prohibit the payment of the acquisition fee to a firm that is not a registered broker-dealer.

Property Management Fees and Expenses

The Company has entered into Property Management Agreements with Steadfast Management Company, Inc., an affiliate of the Sponsor (the “Property Manager”), in connection with the acquisition of each of the Company’s properties (other than EBT Lofts, Library Lofts and Stuart Hall Lofts, which are managed by an unaffiliated third-party management company). The property management fee payable with respect to each property under the Property Management Agreements (each a “Property Management Agreement”) ranges from 2.50% to 3.75% of the annual gross revenue collected, which is usual and customary for comparable property management services rendered to similar properties in similar geographic markets, as determined by the Advisor and approved by a majority of the Company’s board of directors, including a majority of the independent directors. The Property Manager also receives an oversight fee of 1% of gross revenues at certain of the properties at which it does not serve as a property manager. Generally, each Property Management Agreement has an initial one year term and will continue thereafter on a month-to-month basis unless either party gives a 60-day prior notice of its desire to terminate the Property Management Agreement, provided that the Company may terminate the Property Management Agreement at any time without cause or upon an uncured breach of the Property Management Agreement upon 30 days’ prior written notice to the Property Manager.

In addition to the property management fee, the Property Management Agreements also specify certain other fees payable to the Property Manager or its affiliates, including fees for benefit administration, information technology infrastructure, licenses, and support and training services. The Company also reimburses the Property Manager for the salaries and related benefits of on-site property management employees.

Construction Management

The Company has entered into Construction Management Agreements with Pacific Coast Land and Construction, Inc., an affiliate of the Sponsor (the “Construction Manager”), in connection with the planned capital improvements and renovation for certain of the Company’s properties. The construction management fee payable with respect to each property under the Construction Management Agreements (each a “Construction Management Agreement”) ranges from 5.0% to 12.0% of the costs of the improvements for which the Construction Manager has planning and oversight authority. Generally, each Construction Management Agreement has a term equal to the planned renovation timeline unless either party gives a 30-day prior notice of its desire to terminate the Construction Management Agreement. Construction management fees are capitalized to the respective real estate properties in the period in which they are incurred, as such costs relate to capital improvements and renovations for apartment homes taken out of service while they undergo the planned renovation.

The Company may also reimburse the Construction Manager for the salaries and related benefits of its employees for time spent working on capital improvements and renovations at its properties.

Insurance

The Company pays an affiliate of the Sponsor for a self-administered insurance policy that allocates the cost of the third-party insurance deductible across all multifamily properties of the Company and other affiliated entities. Each multifamily

property pays an upfront premium for the policy year. Upon filing a claim, insurance proceeds may be received from an affiliate of the Sponsor.

Other Operating Expense Reimbursement

In addition to the various fees paid to the Advisor, the Company is obligated to pay directly or reimburse all expenses incurred by the Advisor in providing services to the Company, including the Company’s allocable share of the Advisor’s overhead, such as rent, employee costs, utilities and information technology costs. The Company will not reimburse the Advisor for employee costs in connection with services for which the Advisor or its affiliates receive acquisition fees or disposition fees or for the salaries the Advisor pays to the Company’s executive officers.

The Charter limits the Company’s total operating expenses during any four fiscal quarters to the greater of 2% of the Company’s average invested assets or 25% of the Company’s net income for the same period (the “2%/25% Limitation”). The Company may reimburse the Advisor, at the end of each fiscal quarter, for operating expenses incurred by the Advisor; provided, however, that the Company shall not reimburse the Advisor at the end of any fiscal quarter for operating expenses that exceed the 2%/25% Limitation unless the independent directors have determined that such excess expenses were justified based on unusual and non-recurring factors. The Advisor must reimburse the Company for the amount by which the Company’s operating expenses for the preceding four fiscal quarters then ended exceed the 2%/25% Limitation unless the independent directors have determined that such excess expenses were justified. For purposes of determining the 2%/25% Limitation amount, “average invested assets” means the average monthly book value of the Company’s assets invested directly or indirectly in equity interests and loans secured by real estate during the 12-month period before deducting depreciation, bad debts or other non-cash reserves. “Total operating expenses” means all expenses paid or incurred by the Company that are in any way related to the Company’s operation, including the Company’s allocable share of Advisor overhead and investment management fees, but excluding (a) the expenses of raising capital such as organization and offering expenses, legal, audit, accounting, underwriting, brokerage, listing, registration and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer, listing and registration of shares of the Company’s common stock; (b) interest payments; (c) taxes; (d) non-cash expenditures such as depreciation, amortization and bad debt reserves; (e) reasonable incentive fees based on the gain in the sale of the Company’s assets; (f) acquisition fees and acquisition expenses (including expenses relating to potential acquisitions that the Company does not close); (g) real estate commissions on the resale of investments; and (h) other expenses connected with the acquisition, disposition, management and ownership of investments (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of real property).

At June 30, 2016, the Company’s allocable share of the Advisor’s overhead expenses did not exceed the 2%/25% Limitation test.

Disposition Fee

The Company will pay the Advisor a disposition fee in connection with a sale of a property or real estate-related asset and in the event of the sale of the entire Company, in either case when the Advisor or its affiliates provides a substantial amount of services as determined by a majority of the Company’s independent directors. With respect to a sale of a property or real estate-related asset, the Company will pay the Advisor a disposition fee equal to 1.5% of the contract sales price of the investment sold. With respect to a final liquidity event, the Company will pay the Advisor a disposition fee equal to (i) 0.5% of the total consideration paid in a final liquidity event if the price per share paid to stockholders is less than or equal to $9.00; (ii) 0.75% of the total consideration paid in a final liquidity event if the price per share paid to stockholders is between $9.01 and $10.24; (iii) 1.00% of the total consideration paid in a final liquidity event if the price per share paid to stockholders is between $10.25 and $11.24; (iv) 1.25% of the total consideration paid in a final liquidity event if the price per share paid to stockholders is between $11.25 and $12.00; and (v) 1.5% of the total consideration paid in a final liquidity event if the price per share paid to stockholders is greater than or equal to $12.01. To the extent the disposition fee is paid upon the sale of any assets other than real property, it will be included as an operating expense for purposes of the 2%/25% Limitation. In connection with the sale of securities, the disposition fee may be paid to an affiliate of the Advisor that is registered as a FINRA member broker-dealer if applicable FINRA rules would prohibit the payment of the disposition fee to a firm that is not a registered broker-dealer. The Charter limits the maximum amount of the disposition fees payable to the Advisor for the sale of any real property to the lesser of one-half of the brokerage commission paid or 3% of the contract sales price, but in no event shall the total real estate commissions paid, including any disposition fees payable to the Advisor, exceed 6% of the contract sales price.

Refinancing Fee

The Company pays the Advisor a refinancing fee equal to 0.50% of the refinancing amount in connection with the refinancing of certain of the Company’s existing mortgage loans. The Advisor earned $1,790,010 in refinancing fees in connection with the Refinancing Transactions.

Restricted Stock Agreement

On June 11, 2014, the Company entered into a restricted stock agreement with the Advisor whereby the Company issued to the Advisor 488,281.25 restricted shares of the Company’s common stock at a fair market value of $10.24 per share in satisfaction of certain deferred fees due to the Advisor in the aggregate amount of $5,000,000. The shares of restricted stock vest and become non-forfeitable upon the earliest to occur of (i) 50% at December 31, 2015 and 50% at December 31, 2016, (ii) certain liquidity events of the Company, (iii) the Company’s cumulative modified funds from operations exceed the lesser of (a) the cumulative amount of distributions paid to the Company’s stockholders or (b) an amount that is equal to a 7.0% cumulative, non-compounded annual return on the Company’s stockholders’ invested capital, or (iv) the Company’s termination of, or failure to renew, the Advisory Agreement other than for “cause” (as defined in the Advisory Agreement). The shares of restricted stock shall be forfeited if the Advisor is terminated for any reason other than (iv) above.

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Incentive Award Plan and Independent Director Compensation

6 Months Ended

Jun. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Incentive Award Plan and Independent Director Compensation

Incentive Award Plan and Independent Director Compensation

The Company has adopted an incentive plan (the “Incentive Award Plan”) that provides for the grant of equity awards to its employees, directors and consultants and those of the Company’s affiliates. The Incentive Award Plan authorizes the grant of non-qualified and incentive stock options, restricted stock awards, restricted stock units, stock appreciation rights, dividend equivalents and other stock-based awards or cash-based awards. No awards have been granted under the Incentive Award Plan as of June 30, 2016 and December 31, 2015, except those awards granted to the independent directors as described below.

Under the Company’s independent directors’ compensation plan, which is a sub-plan of the Incentive Award Plan, each of the Company’s independent directors was entitled to receive 5,000 shares of restricted common stock in connection with the initial meeting of the Company’s full board of directors. The Company’s board of directors, and each of the independent directors, agreed to delay the initial grant of restricted stock until the Company raised $2,000,000 in gross offering proceeds in the Private Offering. Each subsequent independent director that joins the Company’s board of directors receives 5,000 shares of restricted common stock upon election to the Company’s board of directors. In addition, on the date following an independent director’s re-election to the Company’s board of directors, he or she receives 2,500 shares of restricted common stock. One-fourth of the shares of restricted common stock generally vest and become non-forfeitable upon issuance and the remaining portion will vest in three equal annual installments beginning on the date of grant and ending on the third anniversary of the date of grant; provided, however, that the restricted stock will become fully vested and become non-forfeitable on the earlier to occur of (1) the termination of the independent director’s service as a director due to his or her death or disability, or (2) a change in control of the Company and as otherwise provided in the Incentive Award Plan. On August 10, 2015, the Company’s board of directors granted 2,000 shares of restricted common stock pursuant to the Incentive Award Plan to each of Larry H. Dale and Kerry D. Vandell in appreciation for their service as independent directors and commitment to the Company for their prior years of service as independent directors, all of which vested immediately. On August 11, 2015, the Company granted 5,000 shares of restricted common stock to its new independent director, Don B. Saulic. The Company recorded stock-based compensation expense of $12,864 and $25,728 for the three and six months endedJune 30, 2016 and $22,883 and $45,767 for the three and six months endedJune 30, 2015, respectively.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Economic Dependency

The Company is dependent on the Advisor and its affiliates for certain services that are essential to the Company, including the identification, evaluation, negotiation, purchase and disposition of real estate and real estate-related investments; management of the daily operations of the Company’s real estate and real estate-related investment portfolio; and other general and administrative responsibilities. In the event that these companies are unable to provide the respective services, the Company will be required to obtain such services from other sources.

Concentration of Credit Risk

The geographic concentration of the Company’s portfolio makes it particularly susceptible to adverse economic developments in the Houston, Texas, Chicago, Illinois and Austin, Texas apartment markets. Any adverse economic or real estate developments in these markets, such as business layoffs or downsizing, relocations of businesses, increased competition from other apartment communities, decrease in demand for apartments or any other changes, could adversely affect the Company’s operating results and its ability to make distributions to stockholders.

Environmental

As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. The Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the properties could result in future environmental liabilities.

Legal Matters

From time to time, the Company is subject, or party, to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings of which the outcome is reasonably likely to have a material adverse effect on the Company’s results of operations or financial condition nor is the Company aware of any such legal proceedings contemplated by government agencies.

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Derivative Financial Instruments

6 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments

The Company uses interest rate derivatives with the objective of managing exposure to interest rate movements thereby minimizing the effect of interest rate changes and the effect they could have on future cash flows. Interest rate cap agreements are used to accomplish this objective. The following table provides the terms of the Company’s interest rate derivative instruments that were in effect at June 30, 2016 and December 31, 2015:

June 30, 2016
Type	Maturity Date Range	Based on	Number of Instruments	Notional Amount		Variable Rate		Weighted Average Rate Cap		Fair Value
Interest rate cap	11/1/2016 - 10/1/2019	One-Month LIBOR	44	$	995,112,000	0.47	%	2.68	%	$	111,871

December 31, 2015
Type	Maturity Date Range	Based on	Number of Instruments	Notional Amount		Variable Rate		Weighted Average Rate Cap		Fair Value
Interest rate cap	11/1/2016 - 10/1/2019	One-Month LIBOR	30	$	637,110,000	0.43	%	2.68	%	$	298,143

The interest rate cap agreements are not designated as cash flow hedges. Accordingly, the Company records any changes in the fair value of the interest rate cap agreements as interest expense. The change in the fair value of the interest rate cap agreements for the three and six months endedJune 30, 2016 resulted in an unrealized loss of $212,559 and $445,272, respectively, which is included in interest expense in the accompanying consolidated statements of operations. During the three and six months endedJune 30, 2016, the Company acquired interest rate cap agreements of $259,000, and during the three and six months endedJune 30, 2015, the Company acquired interest rate cap agreements of $65,250. The fair value of the interest rate cap agreements of $111,871 and $298,143 as of June 30, 2016 and December 31, 2015, respectively, are included in other assets, net on the accompanying consolidated balance sheets.

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Subsequent Events

6 Months Ended

Jun. 30, 2016

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Distributions Paid

On July 1, 2016, the Company paid distributions of $4,492,374, which related to distributions declared for each day in the period from June 1, 2016 through June 30, 2016. All such distributions were paid in cash.

On August 1, 2016, the Company paid distributions of $4,642,138, which related to distributions declared for each day in the period from July 1, 2016 through July 31, 2016. All such distributions were paid in cash.

Shares Repurchased

On July 29, 2016, the Company repurchased 93,939 shares of its common stock for a total repurchase value of $1,000,000, or $10.65 per share, pursuant to the Company’s share repurchase program.

Refinancings

On July 29, 2016, nine indirect wholly-owned subsidiaries of the Company terminated the existing mortgage loan with its lender for an aggregate principal amount of $200,262,346 and entered into a new Credit Agreement (the “Credit Agreement”) with PNC Bank for an aggregate principal amount of $235,124,750. The credit facility has a maturity date of August 1, 2021, subject to extension, and accrues interest at the one-month LIBOR plus (1) the servicing spread of 0.05% and (2) the net spread, based on the debt service coverage ratio, of between 1.73% and 1.93%. The Credit Agreement may be increased up to $350,000,000, in accordance with the terms of the Credit Agreement. The Advisor earned a refinancing fee of $1,175,624 in connection with the refinancings. In connection with the prepayment and termination of the existing mortgages, the Company paid $1,469,766 in the aggregate in prepayment penalties.

Distributions Declared

On August 9, 2016, the Company’s board of directors approved and authorized a daily distribution to stockholders of record as of the close of business on each day of the period commencing on October 1, 2016 and ending on December 31, 2016. The distributions will be equal to $0.001958 per share of the Company’s common stock. The distributions for each record date in October 2016, November 2016 and December 2016 will be paid in November 2016, December 2016 and January 2017, respectively. The distributions will be payable to stockholders from legally available funds therefor.

Share Repurchase Program

On August 9, 2016, the Company’s board of directors approved and authorized an increase to the value of the shares that may be repurchased pursuant to the share repurchase program each quarter from $1,000,000 to $2,000,000, effective on the October 2016 repurchase date. Additionally, the board of directors amended the share repurchase program to provide that the deadline for shareholders to withdraw a repurchase request under the share repurchase program is three business days prior to the end of the fiscal quarter. The share repurchase program previously provided that shareholders could withdraw a repurchase request up to three business days prior to the repurchase date.

Restricted Stock grant

On August 9, 2016, the Company granted 2,500 shares of restricted common stock to each of its three independent

directors upon their re-election to the Company’s board of directors at the 2016 annual meetings of stockholders.

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

Principles of Consolidation

Principles of Consolidation and Basis of Presentation

The consolidated financial statements include the accounts of the Company, the Operating Partnership and its subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. The financial statements of the Company’s subsidiaries are prepared using accounting policies consistent with those of the Company.

Basis of Presentation

The accompanying unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments that are of a normal and recurring nature and necessary for a fair and consistent presentation of the results of such periods. Operating results for the three and six months endedJune 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. The unaudited consolidated financial statements herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

Use of Estimates

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.

Reclassifications

Reclassifications

Certain prior year amounts in the consolidated financial statements have been reclassified to conform with the current year presentation. These reclassifications have not changed the results of operations of prior periods.

Fair Value Measurements

Fair Value Measurements

Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other assets and liabilities at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories:

• Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities;

• Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and

• Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable.

When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and will classify such items in Level 1 or Level 2. In instances where the market is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines the market for a financial instrument owned by the Company to be illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and will establish a fair value by assigning weights to the various valuation sources.

The following describes the valuation methodologies used by the Company to measure fair value, including an indication of the level in the fair value hierarchy in which each asset or liability is generally classified.

Interest rate cap agreements - These derivatives did not qualify as fair value hedges and are recorded at fair value. Fair value was based on a model-driven valuation using the associated variable rate curve and an implied market volatility, both of which were observable at commonly quoted intervals for the full term of the interest rate cap agreements. Therefore, the Company’s interest rate cap agreements were classified within Level 2 of the fair value hierarchy and are included in other assets, net in the accompanying consolidated balance sheets.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The accompanying consolidated balance sheets include the following financial instruments: cash and cash equivalents, restricted cash, rents and other receivables, accounts payable and accrued liabilities, distributions payable, due to affiliates and mortgage notes payable.

The Company considers the carrying value of cash and cash equivalents, restricted cash, rents and other receivables, accounts payable and accrued liabilities and distributions payable to approximate the fair value of these financial instruments based on the short duration between origination of the instruments and their expected realization. The fair value of amounts due to affiliates is not determinable due to the related party nature of such amounts.

The fair value of the mortgage notes payable is estimated using a discounted cash flow analysis using borrowing rates available to the Company for debt instruments with similar terms and maturities.

Distribution Policy

Distribution Policy

The Company has elected to be taxed as a REIT and to operate as a REIT beginning with its taxable year ending December 31, 2010. To maintain its qualification as a REIT, the Company intends to make distributions each taxable year equal to at least 90% of its REIT taxable income (which is determined without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP).

Distributions to stockholders are determined by the board of directors of the Company and are dependent upon a number of factors relating to the Company, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements and annual distribution requirements in order for the Company to qualify as a REIT under the Internal Revenue Code.

Per Share Data

Per Share Data

Basic earnings (loss) per share attributable for all periods presented are computed by dividing net income (loss) attributable to controlling interest by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings (loss) per share are computed based on the weighted average number of shares of the Company’s common stock and all potentially dilutive securities, if any. Distributions declared per common share assumes each share was issued and outstanding each day during the period. The Company’s unvested shares of restricted common stock contain non-forfeitable rights to dividends and are considered to be participating securities in accordance with GAAP and, therefore, are included in the computation of earnings (loss) per share under the two-class method. Under the two-class method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. The unvested shares of restricted common stock are not allocated losses as the awards do not have a contractual obligation to share in the losses of the Company. The two-class method is an earnings (loss) allocation formula that determines earnings (loss) per share for each class of common shares and participating securities according to dividends declared and participation rights in undistributed earnings.

Segment Disclosure

Segment Disclosure

The Company has determined that it has one reportable segment with activities related to investing in multifamily properties. The Company’s investments in real estate are in different geographic regions, and management evaluates operating performance on an individual asset level. However, as each of the Company’s assets has similar economic characteristics, tenants and products and services, its assets have been aggregated into one reportable segment.

Recently Issued Accounting Standards Updates

RecentlyIssued Accounting Standards Updates

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The new guidance requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The new guidance supersedes the revenue requirements in Revenue Recognition (Topic 605) and most industry-specific guidance throughout the Industry Topics of the Codification. The new guidance does not apply to lease contracts within the scope of Leases (Topic 840). In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606), which delayed the effective date of the new guidance by one year, which will result in the new guidance being effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and is to be applied retrospectively. Early adoption is permitted, but can be no earlier than the original public entity effective date of fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company is still evaluating the impact of adopting the new guidance on its financial statements, but does not expect the adoption to have a material impact on its financial statements.

In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, that requires management to evaluate whether there are conditions and events that raise substantial doubt about an entity’s ability to continue as a going concern. Until now, the requirement to perform a going concern evaluation existed only in auditing standards. The new guidance requires management to evaluate relevant conditions, events and certain management plans that are known or reasonably knowable as of the evaluation date when determining whether substantial doubt about an entity’s ability to continue as a going concern exists. Management will be required to make this evaluation for both annual and interim reporting periods. The standard states substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. The guidance is effective for annual periods ending after December 15, 2016 and for annual periods and interim periods thereafter. Early adoption is permitted. The Company does not expect there to be a material impact from adopting this new guidance.

In January 2015, the FASB issued ASU 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items, that eliminates the concept of the extraordinary items from GAAP. The objective of the new guidance is to simplify the income statement presentation requirements of GAAP by altogether removing the concept of extraordinary items from consideration. The guidance is effective for annual periods, including interim periods within that period, beginning after December 15, 2015. The Company did not experience a material impact from adopting this new guidance.

In February 2015, the FASB issued ASU 2015-02, Consolidation, which makes changes to both the variable interest model and the voting model of consolidation. Under ASU 2015-02, companies will need to re-evaluate whether an entity meets the criteria to be considered a variable interest entity (“VIE”) or whether the consolidation of an entity should be assessed under the voting model. The new standard specifically eliminates the presumption in the current voting model that a general partner controls a limited partnership or similar entity unless that presumption can be overcome. The new standard was effective for the Company beginning on January 1, 2016. The adoption of the new standard did not result in the consolidation of entities not previously consolidated or the deconsolidation of any entities previously consolidated. Upon adopting the new standard, the Operating Partnership became a VIE as the limited partner lacks substantive kick-out rights and substantive participating rights. The Company is the primary beneficiary of, and continues to consolidate, the Operating Partnership determined to be a VIE.

In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, as amended in August 2015 by ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, that will require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The FASB will permit debt issuance costs related to line-of-credit arrangements to be deferred and presented as an asset and subsequently amortized over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The recognition and measurement guidance for debt issuance costs will not be affected by the new guidance. The guidance requires retrospective application and is effective for annual periods, including interim periods within that period, beginning after December 15, 2015. Early adoption is permitted. Upon adoption, the Company reclassified net debt issuance costs of $7,635,416 and $6,697,472 as of June 30, 2016 and December 31, 2015, respectively, related to mortgage notes payable from other assets, net to mortgage notes payable, net on the consolidated balance sheets.

In February 2016, the FASB issued ASU 2016-02, Leases, amending the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The new standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The guidance will be effective in the first quarter of 2019 and allows for early adoption. The Company is assessing whether the new standard will have a material effect on its financial position or results of operations.

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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

Summary of Assets Required to be Measured at Fair Value on a Recurring Basis

The following table reflects the Company’s assets required to be measured at fair value on a recurring basis on the consolidated balance sheets:

	June 30, 2016
	Fair Value Measurements Using
	Level 1		Level 2		Level 3
Assets:
Interest rate cap agreements	$	—	$	111,871	$	—
	December 31, 2015
	Fair Value Measurements Using
	Level 1		Level 2		Level 3
Assets:
Interest rate cap agreements	$	—	$	298,143	$	—

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Real Estate (Tables)

6 Months Ended

Jun. 30, 2016

Real Estate [Abstract]

Schedule of Accumulated Depreciation and Amortization Related to the Consolidated Real Estate Properties and Related Intangibles

As of June 30, 2016 and December 31, 2015, accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows:

	June 30, 2016
	Assets
	Land		Building and Improvements			Other Intangible Assets			Construction-in-Progress		Total Real Estate
Investments in real estate	$	174,102,422	$	1,498,605,615		$	2,644,263		$	4,869,498	$	1,680,221,798
Less: Accumulated depreciation and amortization	—		(197,028,551		)	(469,447		)	—		(197,497,998		)
Net investments in real estate and related lease intangibles	$	174,102,422	$	1,301,577,064		$	2,174,816		$	4,869,498	$	1,482,723,800

	December 31, 2015
	Assets
	Land		Building and Improvements			Other Intangible Assets			Construction-in-Progress		Total Real Estate
Investments in real estate	$	174,102,422	$	1,487,961,762		$	2,644,263		$	2,192,635	$	1,666,901,082
Less: Accumulated depreciation and amortization	—		(163,053,124		)	(392,863		)	—		(163,445,987		)
Net investments in real estate and related lease intangibles	$	174,102,422	$	1,324,908,638		$	2,251,400		$	2,192,635	$	1,503,455,095

Schedule of Future Amortization of Acquired Other Intangible Assets

The future amortization of the Company’s acquired other intangible assets as of June 30, 2016 and thereafter is as follows:

July 1 through December 31, 2016	$	76,584
2017	153,168
2018	153,168
2019	153,168
2020	153,168
Thereafter	1,485,560
	$	2,174,816

Schedule of Future Minimum Rental Receipts from Properties under Non-cancelable Operating Leases Attributable to Commercial Office Tenants

The future minimum rental receipts from the Company’s properties under non-cancelable operating leases attributable to commercial office tenants as of June 30, 2016 and thereafter is as follows:

July 1 through December 31, 2016	$	92,906
2017	187,120
2018	189,136
2019	108,760
	$	577,922

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Other Assets, Net (Tables)

6 Months Ended

Jun. 30, 2016

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Deferred Financing Costs and Other Assets, Net of Accumulated Amortization

As of June 30, 2016 and December 31, 2015, other assets, net of accumulated amortization, consisted of:

	June 30, 2016		December 31, 2015
Deferred financing costs of revolving credit facility	$	—	$	660,585
Less: accumulated amortization	—		(547,402		)
	—		113,183
Prepaid expenses	827,617		2,648,238
Interest rate cap agreements (Note 11)	111,871		298,143
Deposits	1,715,720		1,269,287
	$	2,655,208	$	4,328,851

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Debt (Tables)

6 Months Ended

Jun. 30, 2016

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 June 30, 2016 and December 31, 2015:

	June 30, 2016
			Interest Rate Range				Weighted Average Interest Rate
Type	Number of Instruments	Maturity Date Range	Minimum		Maximum				Principal Outstanding
Mortgage notes payable - fixed	37	10/1/2017 - 1/1/2053	3.31	%	5.94	%	4.32	%	$	473,390,797
Mortgage notes payable - variable(1)	30	8/31/2017 - 1/1/2026	1-Mo LIBOR + 1.63%		1-Mo LIBOR + 2.65%		2.74	%	714,764,262
Total mortgage notes payable, gross	67						3.37	%	1,188,155,059
Premium/discount, net(2)									2,834,608
Deferred financing costs, net(3)									(7,635,416		)
Total mortgage notes payable, net									$	1,183,354,251

	December 31, 2015
			Interest Rate Range				Weighted Average Interest Rate
Type	Number of Instruments	Maturity Date Range	Minimum		Maximum				Principal Outstanding
Mortgage notes payable - fixed	37	10/1/2017 - 1/1/2053	3.31	%	5.94	%	4.32	%	$	477,139,001
Mortgage notes payable - variable(1)	30	5/16/2017 - 1/1/2026	1-Mo LIBOR + 1.62%		1-Mo LIBOR + 2.75%		2.77	%	641,859,365
Total mortgage notes payable, gross	67						3.44	%	1,118,998,366
Premium/discount, net(2)									3,452,005
Deferred financing costs, net(3)									(6,697,472		)
Total mortgage notes payable, net									$	1,115,752,899

_____________________________

(1) See Note 11 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) The following table summarizes the debt premiums and discounts as of June 30, 2016, including the unamortized portion included in the principal balance as well as amounts amortized as an offset to interest expense in the accompanying consolidated statements of operations:

Unamortized Portion of Net Debt Premium as of June 30, 2016		Amortization of Net Debt Premium During the
		Three Months Ended June 30,				Six Months Ended June 30,
		2016		2015		2016		2015
$	2,834,608	$	308,698	$	308,698	$	617,396	$	617,396

(3) The following table summarizes the deferred financing costs, net related to mortgage notes payable as of June 30, 2016 and December 31, 2015:

	June 30, 2016			December 31, 2015
Deferred financing costs	$	11,257,767		$	10,140,097
Less: accumulated amortization	(3,622,351		)	(3,442,625		)
Deferred financing costs, net	$	7,635,416		$	6,697,472

Summary of Debt Premiums and Discounts

The following table summarizes the debt premiums and discounts as of June 30, 2016, including the unamortized portion included in the principal balance as well as amounts amortized as an offset to interest expense in the accompanying consolidated statements of operations:

Unamortized Portion of Net Debt Premium as of June 30, 2016		Amortization of Net Debt Premium During the
		Three Months Ended June 30,				Six Months Ended June 30,
		2016		2015		2016		2015
$	2,834,608	$	308,698	$	308,698	$	617,396	$	617,396

Summary of Deferred Financing Costs

The following table summarizes the deferred financing costs, net related to mortgage notes payable as of June 30, 2016 and December 31, 2015:

	June 30, 2016			December 31, 2015
Deferred financing costs	$	11,257,767		$	10,140,097
Less: accumulated amortization	(3,622,351		)	(3,442,625		)
Deferred financing costs, net	$	7,635,416		$	6,697,472

Summary of Aggregate Maturities

The following is a summary of the Company’s aggregate maturities as of June 30, 2016:

			Remainder of 2016		Maturities During the Years Ending December 31,
Contractual Obligation	Total				2017		2018		2019		2020		Thereafter
Principal payments on outstanding debt obligations(1)	$	1,188,155,059	$	6,378,379	$	49,739,478	$	79,829,639	$	92,743,110	$	153,376,499	$	806,087,954

_____________________________

(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.

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Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

Schedule of Restricted Stock Issued to Independent Directors as Compensation

The issuance and vesting activity for the six months endedJune 30, 2016 and for the years ended December 31, 2015 and 2014 for the restricted stock issued to the Company’s independent directors as compensation for services in connection with their initial election or re-election to the board of directors at the Company’s annual meeting, upon their departure from the board of directors, or in appreciation of their service and commitment to the Company is as follows:

	For the Six Months Ended June 30, 2016	For the Years Ended December 31,
		2015		2014
Nonvested shares at the beginning of the period	11,250	16,875		18,750
Granted shares	—	14,000		10,000
Vested shares	—	(19,625	)	(11,875	)
Nonvested shares at the end of the period	11,250	11,250		16,875

Additionally, the weighted average fair value of restricted stock issued to the Company’s independent directors for the six months endedJune 30, 2016 and for the years ended December 31, 2015 and 2014 is as follows:

Grant Year	Weighted Average Fair Value
2014	$	10.24
2015	10.35
2016	n/a

Schedule of Repurchase Prices Under Share Repurchase Plan

The purchase price for shares repurchased under the Company’s share repurchase program is as follows:

Share Purchase Anniversary	Repurchase Price on Repurchase Date(1)
Less than 1 year	No Repurchase Allowed
1 year	92.5% of Estimated Value per Share(2)
2 years	95.0% of Estimated Value per Share(2)
3 years	97.5% of Estimated Value per Share(2)
4 years	100.0% of Estimated Value per Share(2)
In the event of a stockholder’s death or disability(3)	Average Issue Price for Shares(4)

________________

(1) As adjusted for any stock dividends, combinations, splits, recapitalizations or any similar transaction with respect to the shares of common stock.

(2) For purposes of the share repurchase program, the “Estimated Value per Share” will equal the most recently publicly disclosed estimated value per share of the Company as determined by the Company’s board of directors.

(3) The required one-year holding period does not apply to repurchases requested within two years after the death or disability of a stockholder.

(4) The purchase price per share for shares repurchased upon the death or disability of a stockholder will be equal to the average issue price per share for all of the stockholder’s shares.

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Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

Schedule of Reconciliation of Net Loss Attributable to Common Stockholders and Shares used in Calculating Basic and Diluted Earnings (Loss) Per Share

The following table presents a reconciliation of net loss attributable to common stockholders and shares used in calculating basic and diluted earnings (loss) per share (“EPS”) for the three and six months endedJune 30, 2016 and 2015:

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Net loss attributable to the Company	$	(8,039,220	)	$	(2,904,429	)	$	(11,657,358	)	$	(6,735,075	)
Less: dividends declared on participating securities	45,505			90,284			91,010			179,575
Net loss attributable to common stockholders	(8,084,725		)	(2,994,713		)	(11,748,368		)	(6,914,650		)
Weighted average common shares outstanding — basic and diluted	76,252,947			76,353,485			76,301,454			76,353,485
Loss per common share — basic and diluted	$	(0.11	)	$	(0.04	)	$	(0.15	)	$	(0.09	)

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Related Party Arrangements (Tables)

6 Months Ended

Jun. 30, 2016

Related Party Transactions [Abstract]

Schedule of Amounts Attributable to the Advisor and its Affiliates

Amounts attributable to the Advisor and its affiliates incurred for the three and six months endedJune 30, 2016 and 2015 and amounts outstanding to the Advisor and its affiliates as of June 30, 2016 and December 31, 2015 are as follows:

	Incurred (Received) For the					Incurred (Received) For the
	Three Months Ended June 30,					Six Months Ended June 30,					Payable (Prepaid) as of
	2016			2015		2016			2015		June 30, 2016		December 31, 2015
Consolidated Statements of Operations:
Expensed
Investment management fees(1)	$	3,511,165		$	3,454,795	$	7,012,289		$	6,896,717	$	7,699	$	1,169,770
Acquisition fees(1)	960			—		960			—		960		—
Acquisition expenses(2)	—			—		—			7,145		—		—
Property management
Fees(1)	1,600,657			1,547,586		3,172,639			3,050,754		535,863		520,127
Reimbursement of onsite personnel(3)	4,601,433			4,609,838		9,165,801			9,075,134		698,301		703,791
Other fees(1)	459,905			410,986		909,222			834,372		50,832		52,237
Other operating expenses(4)	323,886			440,022		670,605			753,787		72,162		51,029
Refinancing fee(1)	1,790,010			—		1,790,010			—		1,790,010		—
Insurance proceeds(5)	(100,000		)	—		(100,000		)	—		—		—
Consolidated Balance Sheets:
Capitalized
Construction management
Fees(6)	270,357			307,328		515,390			572,762		94,845		71,133
Reimbursement of labor costs(6)	98,832			27,470		181,882			50,561		24,790		114,122
Prepaid insurance(7)	37,244			—		74,489			—		—		(74,489		)
Deferred financing costs(8)	55,207			—		55,207			—		—		—
	$	12,649,656		$	10,798,025	$	23,448,494		$	21,241,232	$	3,275,462	$	2,607,720

_____________________________

(1) Included in fees to affiliates in the accompanying consolidated statements of operations.

(2) Included in acquisition costs in the accompanying consolidated statements of operations.

(3) Included in operating, maintenance and management in the accompanying consolidated statements of operations.

(4) Included in general and administrative expenses in the accompanying consolidated statements of operations.

(5) Included in tenant reimbursements and other in the accompanying consolidated statements of operations.

(6) Included in building and improvements in the accompanying consolidated balance sheets.

(7) Included in other assets, net in the accompanying consolidated balance sheets upon payment. The amortization of the prepaid is included in operating, maintenance and management in the accompanying consolidated statements of operations.

(8) Included in mortgage notes payable, net in the accompanying consolidated balance sheets.

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Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivative Instruments

The following table provides the terms of the Company’s interest rate derivative instruments that were in effect at June 30, 2016 and December 31, 2015:

June 30, 2016
Type	Maturity Date Range	Based on	Number of Instruments	Notional Amount		Variable Rate		Weighted Average Rate Cap		Fair Value
Interest rate cap	11/1/2016 - 10/1/2019	One-Month LIBOR	44	$	995,112,000	0.47	%	2.68	%	$	111,871

December 31, 2015
Type	Maturity Date Range	Based on	Number of Instruments	Notional Amount		Variable Rate		Weighted Average Rate Cap		Fair Value
Interest rate cap	11/1/2016 - 10/1/2019	One-Month LIBOR	30	$	637,110,000	0.43	%	2.68	%	$	298,143

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Organization and Business - Narrative (Details)			6 Months Ended	12 Months Ended
	Jul. 10, 2009 USD ($) shares	Jun. 12, 2009 USD ($) $ / shares shares	Jun. 30, 2016 ft² apartment property $ / shares shares	Dec. 31, 2009 shares	Dec. 31, 2015 shares
Residential Real Estate [Member]
Class of Stock [Line Items]
Number of multifamily real estate properties owned | property			65
Number of units in real estate property (in number of units or apartments) | apartment			16,647
Commercial Real Estate [Member]
Class of Stock [Line Items]
Number of units in real estate property (in number of units or apartments) | property			3
Net rentable area (in square feet) | ft²			25,973
Common Stock [Member]
Class of Stock [Line Items]
Share price (in dollars per share) | $ / shares			$ 10.24
Stock issued to advisor (in shares)			76,479,044		76,674,502
Convertible Stock [Member]
Class of Stock [Line Items]
Stock issued to advisor (in shares)			1,000		1,000
Steadfast REIT Investments, LLC [Member] | Common Stock [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares)		22,223		22,223
Share price (in dollars per share) | $ / shares		$ 9
Issuance of common stock | $		$ 200,007
Steadfast Income Advisor, LLC [Member]
Class of Stock [Line Items]
Investment from advisor | $	$ 1,000
Steadfast Income Advisor, LLC [Member] | Convertible Stock [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares)			1,000
Stock issued to advisor (in shares)	1,000

XML

Organization and Business - Narrative - Private Offering (Details) - USD ($)	6 Months Ended	9 Months Ended
	Jun. 30, 2016	Jul. 09, 2010	Oct. 13, 2009
Private Offering [Member]
Class of Stock [Line Items]
Issuance of common stock	$ 2,000,000
Common Stock [Member]
Class of Stock [Line Items]
Share price (in dollars per share)	$ 10.24
Common Stock [Member] | Private Offering [Member]
Class of Stock [Line Items]
Value of shares in private offering			$ 94,000,000
Share price (in dollars per share)			$ 9.4
Issuance of common stock (in shares)		637,279
Issuance of common stock		$ 5,844,325

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Organization and Business - Narrative - Public Offering (Details) - USD ($)			3 Months Ended			6 Months Ended		12 Months Ended	41 Months Ended
	Sep. 10, 2012	Sep. 09, 2012	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 20, 2013	Mar. 10, 2015	Jul. 12, 2012	Jul. 23, 2009
Class of Stock [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)			$ 0.001958	$ 0.001964				$ 0.001964
Stock issued during period, dividend reinvestment plan (in shares)						4,073,759
Proceeds from issuance of common stock, dividend reinvestment plan						$ 39,580,847
IPO [Member]
Class of Stock [Line Items]
Stock issued during period, shares, new issues (in shares)									73,608,337
Issuance of common stock									$ 745,389,748
Distribution Reinvestment Plan [Member]
Class of Stock [Line Items]
Share price (in dollars per share)	$ 9.73											$ 9.5
Stock issued during period, dividend reinvestment plan (in shares)									1,588,289
Proceeds from issuance of common stock, dividend reinvestment plan									$ 15,397,232
Common Stock [Member]
Class of Stock [Line Items]
Share price (in dollars per share)			$ 10.24			$ 10.24
Common share, distribution rate per share per day, declared (in dollars per share)	$ 0.001964	$ 0.001917				$ 0.001958
Common stock, distribution rate, percentage	7.00%					7.00%
Stock issued during period, dividend reinvestment plan (in shares)					0		8
Proceeds from issuance of common stock, dividend reinvestment plan					$ 0		$ 78
Common stock, estimated value, per share (in dollars per share)								$ 11.44		$ 10.35
Common Stock [Member] | Primary Offering [Member]
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)												150,000,000
Share price (in dollars per share)											$ 10.24	$ 10
Distributions reinvested, percentage of share price, distribution reinvestment plan	95.00%
Common Stock [Member] | IPO [Member]
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance, distribution reinvestment plan, up to (in shares)												15,789,474
Share price, distribution reinvestment plan (in dollars per share)	$ 9.73											$ 9.5

XML

Summary of Significant Accounting Policies - Summary of Assets Required to be Measured at Fair Value on a Recurring Basis (Details) - Interest Rate Cap [Member] - Fair Value, Measurements, Recurring [Member] - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate cap agreements	$ 0	$ 0
Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate cap agreements	111,871	298,143
Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate cap agreements	$ 0	$ 0

XML

Summary of Significant Accounting Policies - Narrative - Fair Value of Financial Instruments (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable, net	$ 1,183,354,251	$ 1,115,752,899
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable at fair value	1,210,522,043	1,118,126,231
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable, net	$ 1,183,354,251	$ 1,115,752,899

XML

Summary of Significant Accounting Policies - Narrative - Distribution Policy (Details) - $ / shares	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Accounting Policies [Abstract]
Common share, distribution rate per share per day, declared (in dollars per share)	$ 0.001958	$ 0.001964				$ 0.001964
Distributions declared per common share (in dollars per share)	$ 0.178		$ 0.179	$ 0.356356	$ 0.356

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Summary of Significant Accounting Policies - Narrative - Segment Disclosure (Details)	6 Months Ended
	Jun. 30, 2016 segment
Accounting Policies [Abstract]
Number of reportable segments	1

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Summary of Significant Accounting Policies - New Accounting Pronouncements (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing costs, net	$ 0	$ 113,183
Other Assets [Member] | Accounting Standards Update 2015-15 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing costs, net	(7,635,416)	(6,697,472)
Mortgage Notes Payable [Member] | Accounting Standards Update 2015-15 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing costs, net	$ 7,635,416	$ 6,697,472

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Real Estate - Narrative (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016 USD ($) ft² apartment property	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($) ft² apartment property customer	Jun. 30, 2015 USD ($) customer	Dec. 31, 2015 USD ($)
Real Estate Properties [Line Items]
Contract purchase price			$ 1,636,568,752
Average percentage of real estate portfolio occupied			94.90%		94.00%
Average monthly collected rent			$ 1,014		$ 999
Depreciation and amortization	$ 17,216,777	$ 16,182,016	$ 34,164,045	$ 32,336,326
Tenant [Member] | Customer Concentration Risk [Member]
Real Estate Properties [Line Items]
Number of tenant representing over 10% of Company's annualized base rent | customer			0	0
Accounts Payable and Accrued Liabilities [Member]
Real Estate Properties [Line Items]
Security deposit liability	4,992,950		$ 4,992,950		$ 4,672,961
Building and Improvements [Member]
Real Estate Properties [Line Items]
Depreciation	17,178,485	16,138,343	$ 34,087,461	$ 32,043,956
Tenant Origination and Absorption Cost [Member]
Real Estate Properties [Line Items]
Amortization		5,381		215,786
Weighted-average amortization period			1 year
Other Intangible Assets [Member]
Real Estate Properties [Line Items]
Amortization	$ 38,292	$ 38,292	$ 76,584	$ 76,584
Residential Real Estate [Member]
Real Estate Properties [Line Items]
Number of multifamily real estate properties owned | property	65		65
Number of units in real estate property (in number of units or apartments) | apartment	16,647		16,647
Percentage leased	97.80%		97.80%
Operating leases, revenue, percentage			99.00%	99.00%
Residential Real Estate [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Operating lease term			12 months
Commercial Real Estate [Member]
Real Estate Properties [Line Items]
Number of units in real estate property (in number of units or apartments) | property	3		3
Net rentable area (in square feet) | ft²	25,973		25,973
Operating leases, revenue, percentage			1.00%	1.00%
Commercial Real Estate [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Operating lease term			2 years 11 months
Commercial Real Estate [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Operating lease term			3 years 4 months 1 day

XML

Real Estate - Schedule of Accumulated Depreciation and Amortization Related to the Consolidated Real Estate Properties and Related Intangibles (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	$ 1,680,221,798	$ 1,666,901,082
Less: Accumulated depreciation and amortization	(197,497,998)	(163,445,987)
Net investments in real estate and related lease intangibles	1,482,723,800	1,503,455,095
Land [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	174,102,422	174,102,422
Less: Accumulated depreciation and amortization	0	0
Net investments in real estate and related lease intangibles	174,102,422	174,102,422
Building and Improvements [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	1,498,605,615	1,487,961,762
Less: Accumulated depreciation and amortization	(197,028,551)	(163,053,124)
Net investments in real estate and related lease intangibles	1,301,577,064	1,324,908,638
Other Intangible Assets [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	2,644,263	2,644,263
Less: Accumulated depreciation and amortization	(469,447)	(392,863)
Net investments in real estate and related lease intangibles	2,174,816	2,251,400
Construction-in-Progress [Member]
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items]
Investments in real estate	4,869,498	2,192,635
Less: Accumulated depreciation and amortization	0	0
Net investments in real estate and related lease intangibles	$ 4,869,498	$ 2,192,635

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Real Estate - Schedule of Future Amortization of Acquired Other Intangible Assets (Details) - Other Intangible Assets [Member]	Jun. 30, 2016 USD ($)
Finite-Lived Intangible Assets [Line Items]
July 1 through December 31, 2016	$ 76,584
2017	153,168
2018	153,168
2019	153,168
2020	153,168
Thereafter	1,485,560
Future amortization of acquired other intangible assets	$ 2,174,816

XML

Real Estate - Schedule of Future Minimum Rental Receipts from Properties under Non-cancelable Operating Leases Attributable to Commercial Office Tenants (Details)	Jun. 30, 2016 USD ($)
Real Estate [Abstract]
July 1 through December 31, 2016	$ 92,906
2017	187,120
2018	189,136
2019	108,760
Total future minimum rental receipts	$ 577,922

XML

Other Assets, Net - Schedule of Deferred Financing Costs and Other Assets, Net of Accumulated Amortization (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred financing costs of revolving credit facility	$ 0	$ 660,585
Less: accumulated amortization	0	(547,402)
Deferred financing costs, net	0	113,183
Prepaid expenses	827,617	2,648,238
Interest rate cap agreements	111,871	298,143
Deposits	1,715,720	1,269,287
Deferred financing costs and other assets, net	$ 2,655,208	$ 4,328,851

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Debt - Summary of Notes Payable Secured by Real Property (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2016 USD ($) instrument	Dec. 31, 2015 USD ($) instrument
Debt Instrument [Line Items]
Principal Outstanding	$ 1,183,354,251	$ 1,115,752,899
Deferred financing costs, net	$ 0	$ (113,183)
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Number of Instruments | instrument	67	67
Weighted Average Interest Rate	3.37%	3.44%
Principal Outstanding	$ 1,188,155,059	$ 1,118,998,366
Premium/discount, net	2,834,608	3,452,005
Deferred financing costs, net	(7,635,416)	(6,697,472)
Long-term Debt	$ 1,183,354,251	$ 1,115,752,899
Notes Payable to Banks [Member] | Mortgage Notes Payable, Fixed Interest [Member]
Debt Instrument [Line Items]
Number of Instruments | instrument	37	37
Interest Rate Range, Minimum	3.31%	3.31%
Interest Rate Range, Maximum	5.94%	5.94%
Weighted Average Interest Rate	4.32%	4.32%
Principal Outstanding	$ 473,390,797	$ 477,139,001
Notes Payable to Banks [Member] | Mortgage Notes Payable, Variable Interest [Member]
Debt Instrument [Line Items]
Number of Instruments | instrument	30	30
Weighted Average Interest Rate	2.74%	2.77%
Principal Outstanding	$ 714,764,262	$ 641,859,365
Notes Payable to Banks [Member] | Mortgage Notes Payable, Variable Interest [Member] | LIBOR [Member] | Minimum [Member]
Debt Instrument [Line Items]
Variable Rate	1.63%	1.62%
Notes Payable to Banks [Member] | Mortgage Notes Payable, Variable Interest [Member] | LIBOR [Member] | Maximum [Member]
Debt Instrument [Line Items]
Variable Rate	2.65%	2.75%

XML

Debt - Summary of Debt Premiums and Discounts (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Amortization of debt premium (discount)			$ 617,396	$ 617,396
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Premium/discount, net	$ 2,834,608		2,834,608		$ 3,452,005
Amortization of debt premium (discount)	$ 308,698	$ 308,698	$ 617,396	$ 617,396

XML

Debt - Schedule of Deferred Financing Costs (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Deferred financing costs of revolving credit facility	$ 0	$ 660,585
Less: accumulated amortization	0	(547,402)
Deferred financing costs, net	0	113,183
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Deferred financing costs of revolving credit facility	11,257,767	10,140,097
Less: accumulated amortization	(3,622,351)	(3,442,625)
Deferred financing costs, net	$ 7,635,416	$ 6,697,472

XML

Debt - Narrative (Details)				3 Months Ended		6 Months Ended
	Jun. 30, 2016 USD ($)	Jun. 29, 2016 USD ($) subsidiary	Jul. 18, 2014 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Dec. 31, 2015 USD ($)	Jul. 17, 2014 USD ($)
Debt Instrument [Line Items]
Interest expense				$ 10,180,939	$ 9,582,276	$ 20,253,682	$ 19,608,271
Amortization of deferred financing costs				395,421	368,150	777,466	732,127
Amortization of debt premium (discount)						617,396	617,396
Unrealized loss on derivatives						445,272	1,368,174
Interest capitalized				40,463	61,914	66,367	100,675
Accounts Payable and Accrued Liabilities [Member]
Debt Instrument [Line Items]
Interest payable	$ 2,370,248			2,370,248		2,370,248		$ 2,932,922
Interest Rate Cap [Member]
Debt Instrument [Line Items]
Unrealized loss on derivatives				212,559	346,588	445,272	1,368,174
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Amortization of debt premium (discount)				308,698	$ 308,698	617,396	$ 617,396
Number of subsidiaries | subsidiary		14
Termination of debt		$ 283,313,677
Notes Payable to Banks [Member] | Refinancing Transactions Loan Agreement [Member]
Debt Instrument [Line Items]
Principal amount	$ 358,002,000			$ 358,002,000		$ 358,002,000
Notes Payable to Banks [Member] | Refinancing Transactions Loan Agreement [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Variable Rate	2.31%
Revolving Credit Facility [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity			$ 35,000,000						$ 20,000,000
Revolving Credit Facility [Member] | Line of Credit [Member] | Revolving Credit Facility, Tranche A [Member]
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity			$ 20,000,000
Revolving Credit Facility [Member] | Line of Credit [Member] | Revolving Credit Facility, Tranche A [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Variable Rate			1.60%
Revolving Credit Facility [Member] | Line of Credit [Member] | Revolving Credit Facility, Tranche A [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Variable Rate			0.75%
Revolving Credit Facility [Member] | Line of Credit [Member] | Revolving Credit Facility, Tranche B [Member]
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity			$ 15,000,000
Revolving Credit Facility [Member] | Line of Credit [Member] | Revolving Credit Facility, Tranche B [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Variable Rate			3.00%
Revolving Credit Facility [Member] | Line of Credit [Member] | Revolving Credit Facility, Tranche B [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Variable Rate			2.00%

XML

Debt - Summary of Aggregate Maturities (Details)	Jun. 30, 2016 USD ($)
Debt Disclosure [Abstract]
Total	$ 1,188,155,059
Remainder of 2016	6,378,379
2017	49,739,478
2018	79,829,639
2019	92,743,110
2020	153,376,499
Thereafter	$ 806,087,954

XML

Stockholders' Equity - Narrative - General (Details) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Common and preferred stock, shares authorized (in shares)	1,100,000,000
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock [Member]
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	999,999,000	999,999,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Convertible Stock [Member]
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	1,000	1,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01

XML

Stockholders' Equity - Narrative - Common Stock (Details)			3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 11, 2014 USD ($) shares	Jun. 12, 2009 USD ($) shares	Jun. 30, 2016 USD ($) shares	Jun. 30, 2015 USD ($) shares	Jun. 30, 2016 USD ($) installments vote / shares shares	Jun. 30, 2015 USD ($) shares	Dec. 31, 2009 USD ($) shares	Dec. 31, 2015 USD ($)
Class of Stock [Line Items]
Number of votes per share | vote / shares					1
Stock issued during period, dividend reinvestment plan (in shares) | shares					4,073,759
Proceeds from issuance of common stock, dividend reinvestment plan					$ 39,580,847
Share-based compensation			$ 12,864	$ 22,883	25,728	$ 45,767
Change in value of restricted common stock to Advisor					170,695	22,140
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member]
Class of Stock [Line Items]
Fair value of shares of restricted stock (in shares)	$ 5,000,000		5,585,938		$ 5,585,938			$ 5,493,164
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Restricted Stock Agreement [Member]
Class of Stock [Line Items]
Issuance of restricted common stock to advisor (in shares) | shares	488,281.25
Restricted Stock [Member]
Class of Stock [Line Items]
Restricted common stock, weighted average remaining vesting terms					1 year 4 months 9 days
Compensation expense related to nonvested shares			69,870		$ 69,870
Restricted Stock [Member] | Steadfast Income Advisor, LLC [Member] | Tranche One [Member]
Class of Stock [Line Items]
Shares of restricted stock vesting percentage	50.00%
Restricted Stock [Member] | Steadfast Income Advisor, LLC [Member] | Tranche Two [Member]
Class of Stock [Line Items]
Shares of restricted stock vesting percentage	50.00%
Restricted Stock [Member] | Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member]
Class of Stock [Line Items]
Fair value of shares of restricted stock (in shares)			$ 2,792,969		$ 2,792,969
Vested shares (in shares) | shares			244,140.625		244,140.625
Restricted Stock [Member] | Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Restricted Stock Agreement [Member]
Class of Stock [Line Items]
Common stock, basis of conversion, percentage of annual return on stockholders' invested capital	7.00%
Restricted Stock [Member] | General and Administrative Expense [Member]
Class of Stock [Line Items]
Share-based compensation			$ 12,864	22,883	$ 25,728	45,767
Restricted Stock [Member] | General and Administrative Expense [Member] | Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member]
Class of Stock [Line Items]
Change in value of restricted common stock to Advisor			$ 57,088	$ 5,233	$ 170,695	$ 22,140
Director [Member] | Restricted Stock [Member]
Class of Stock [Line Items]
Restricted common stock, vesting installments | installments					4
Private Offering and Public Offering [Member]
Class of Stock [Line Items]
Commissions on sales of common stock and related dealer manager fees to affiliates					$ 95,845,468
Common Stock [Member]
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares) | shares				0		8
Proceeds from issuance of common stock, dividend reinvestment plan				$ 0		$ 78
Common Stock [Member] | Steadfast REIT Investments, LLC [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares		22,223					22,223
Value of shares issued							$ 200,007
Issuance of common stock		$ 200,007
Common Stock [Member] | Private Offering and Public Offering [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares					76,732,395
Total offering proceeds					$ 679,572,220

XML

Stockholders' Equity - Schedule of Restricted Stock Issued to Independent Directors as Compensation (Details) - Restricted Stock [Member] - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested shares at the beginning of the period (in shares)	11,250	16,875	18,750
Granted shares (in shares)	0	14,000	10,000
Vested shares (in shares)	0	(19,625)	(11,875)
Nonvested shares at the end of the period (in shares)	11,250	11,250	16,875
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Weighted Average Fair Value (in dollars per share)		$ 10.35	$ 10.24

XML

Stockholders' Equity - Narrative - Convertible Stock (Details)	6 Months Ended
	Jun. 30, 2016 USD ($) shares
Class of Stock [Line Items]
Common stock, basis of conversion, percentage of annual return on original issue price of shares	8.00%
Common stock, conversion basis, percent enterprise value	10.00%
Steadfast Income Advisor, LLC [Member] | Convertible Stock [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares	1,000
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Convertible Stock [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares	1,000
Issuance of common stock | $	$ 1,000
Common stock, basis of conversion, percentage of annual return on original issue price of shares	8.00%
Conversion basis, multiplier	0.001
Convertible common stock, redemption amount | $	$ 1

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Stockholders' Equity - Narrative - Preferred Stock (Details)	6 Months Ended
	Jun. 30, 2016 class shares	Dec. 31, 2015 shares
Equity [Abstract]
Preferred stock, number of classes or series the Board of Directors is authorized to classify or reclassify | class	1
Preferred stock, number of classes or series the Board of Directors is authorized to issue | class	1
Preferred stock, shares outstanding (in shares) | shares	0	0
Preferred stock, shares issued (in shares) | shares	0	0

XML

Stockholders' Equity - Narrative - Distribution Reinvestment Plan (Details) - Distribution Reinvestment Plan [Member] - USD ($)	Jun. 30, 2016	Sep. 10, 2012	Jul. 23, 2009
Class of Stock [Line Items]
Share price (in dollars per share)		$ 9.73	$ 9.5
Sales commissions or dealer manager fees payable on shares sold under the plan	$ 0

XML

Stockholders' Equity - Narrative - Share Repurchase Program and Redeemable Common Stock (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Class of Stock [Line Items]
Transfers to redeemable common stock		$ 0
Share Repurchase Program [Member]
Class of Stock [Line Items]
Maximum value of shares allowed to be repurchase per quarter			$ 1,000,000
Number of days notice			30 days
Share Repurchase Program [Member] | Common Stock [Member]
Class of Stock [Line Items]
Number of shares that can be repurchased before the first anniversary of date of purchase	0		0
Share repurchase plan, disability or death holding period exemption period, maximum			2 years
Stock repurchase plan, minimum redemption notice period			15 days
Stock repurchase plan, settlement period			30 days
Business days			3 days
Stock requested for redemption (in shares)	266,949		614,461
Repurchase of common stock (in shares)	96,215		195,458
Stock repurchase plan, stock redeemed, value	$ 1,000,000	$ 0	$ 2,000,000	$ 0
Stock requested for redemption, value	2,926,762		$ 6,690,074
Stock repurchase plan, percentage of weighted-average number of shares outstanding, limit on repurchase			5.00%
Transfers to redeemable common stock	0		$ 0	$ 0
Share Repurchase Program [Member] | Common Stock [Member] | Accounts Payable and Accrued Liabilities [Member]
Class of Stock [Line Items]
Shares requested for redemption	$ 1,000,000		1,000,000
Maximum [Member] | Share Repurchase Program [Member]
Class of Stock [Line Items]
Maximum value of shares allowed to be repurchase per quarter			$ 2,000,000

XML

Stockholders' Equity - Schedule of Repurchase Prices Under Share Repurchase Program (Details) - Share Repurchase Program [Member] - Common Stock [Member]	6 Months Ended
	Jun. 30, 2016
Class of Stock [Line Items]
Stock repurchase plan, repurchase price percentage, after primary offering, less than 1 year	0.00%
Stock repurchase plan, repurchase price percentage, after primary offering, anniversary year 1	92.50%
Stock repurchase plan, repurchase price percentage, after primary offering, anniversary year 2	95.00%
Stock repurchase plan, repurchase price percentage, after primary offering, anniversary year 3	97.50%
Stock repurchase plan, repurchase price percentage, after primary offering, anniversary year 4	100.00%

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Stockholders' Equity - Schedule of Repurchase Prices Under Share Repurchase Program (Footnote) (Details)	6 Months Ended
	Jun. 30, 2016
Common Stock [Member] | Share Repurchase Program [Member]
Class of Stock [Line Items]
Required holding period to be eligible to redeem shares under share repurchase plan	1 year

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Stockholders' Equity - Narrative - Distributions Declared (Details) - USD ($)			3 Months Ended			6 Months Ended		12 Months Ended
	Sep. 10, 2012	Sep. 09, 2012	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Class of Stock [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)			$ 0.001958	$ 0.001964				$ 0.001964
Distributions payable			$ 4,492,374			$ 4,492,374		$ 4,668,261
Common Stock [Member]
Class of Stock [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)	$ 0.001964	$ 0.001917				$ 0.001958
Common stock, distribution rate, percentage	7.00%					7.00%
Share price (in dollars per share)			$ 10.24			$ 10.24
Less: dividends declared on participating securities			$ 13,673,510		$ 13,736,290	$ 27,322,840	$ 27,321,969
Common stock, distributions declared pursuant to DRP					$ 0		$ 78
Common stock, distributions declared pursuant to DRP (in shares)					0		8
Distributions payable			$ 4,492,374			$ 4,492,374		$ 4,668,261

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Stockholders' Equity - Narrative - Distributions Paid (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Class of Stock [Line Items]
Payments of ordinary dividends, common stock	$ 13,829,064	$ 13,887,241	$ 27,498,727	$ 27,472,843
Stock issued during period, dividend reinvestment plan (in shares)			4,073,759
Proceeds from issuance of common stock, dividend reinvestment plan			$ 39,580,847
Distributions paid, common stock, including distribution reinvestment plan		$ 13,887,241		$ 27,472,921
Common Stock [Member]
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares)		0		8
Proceeds from issuance of common stock, dividend reinvestment plan		$ 0		$ 78

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Earnings (Loss) Per Share - Schedule of Reconciliation of Net Loss Attributable to Common Stockholders and Shares used in Calculating Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Abstract]
Net loss attributable to the Company	$ (8,039,220)	$ (2,904,429)	$ (11,657,358)	$ (6,735,075)
Less: dividends declared on participating securities	45,505	90,284	91,010	179,575
Net loss attributable to common stockholders	$ (8,084,725)	$ (2,994,713)	$ (11,748,368)	$ (6,914,650)
Weighted average number of common shares outstanding — basic and diluted (in shares)	76,252,947	76,353,485	76,301,454	76,353,485
Loss per common share — basic and diluted (in dollars per share)	$ (0.11)	$ (0.04)	$ (0.15)	$ (0.09)

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Related Party Arrangements - Schedule of Amounts Attributable to the Advisor and its Affiliates - Amounts Incurred and Payable (Details) - Steadfast Income Advisor, LLC [Member] - Steadfast Income Advisor, LLC and Affiliates [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 12,649,656	$ 10,798,025	$ 23,448,494	$ 21,241,232
Related party transactions, payable (prepaid)	3,275,462		3,275,462		$ 2,607,720
Investment Management Fees [Member]
Related Party Transaction [Line Items]
Related party transactions, payable (prepaid)	7,699		7,699		1,169,770
Acquisition Fees [Member]
Related Party Transaction [Line Items]
Related party transactions, payable (prepaid)	960		960		0
Acquisition Expenses [Member]
Related Party Transaction [Line Items]
Related party transactions, payable (prepaid)	0		0		0
Property Management Fees [Member]
Related Party Transaction [Line Items]
Related party transactions, payable (prepaid)	535,863		535,863		520,127
Property Management Reimbursement of Onsite Personnel [Member]
Related Party Transaction [Line Items]
Related party transactions, payable (prepaid)	698,301		698,301		703,791
Property Management Other Fees [Member]
Related Party Transaction [Line Items]
Related party transactions, payable (prepaid)	50,832		50,832		52,237
Other Operating Expenses [Member]
Related Party Transaction [Line Items]
Related party transactions, payable (prepaid)	72,162		72,162		51,029
Refinancing Fee [Member]
Related Party Transaction [Line Items]
Related party transactions, payable (prepaid)	1,790,010		1,790,010		0
Insurance Proceeds [Member]
Related Party Transaction [Line Items]
Related party transactions, payable (prepaid)	0		0		0
Construction Management Fees [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	270,357	307,328	515,390	572,762
Related party transactions, payable (prepaid)	94,845		94,845		71,133
Construction Management Reimbursement [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	98,832	27,470	181,882	50,561
Related party transactions, payable (prepaid)	24,790		24,790		114,122
Prepaid Insurance [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	37,244	0	74,489	0
Related party transactions, payable (prepaid)	0		0		(74,489)
Deferred Financing Costs [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	55,207	0	55,207	0
Related party transactions, payable (prepaid)	0		0		$ 0
Fees to Affiliates [Member] | Investment Management Fees [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	3,511,165	3,454,795	7,012,289	6,896,717
Fees to Affiliates [Member] | Acquisition Fees [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	960	0	960	0
Fees to Affiliates [Member] | Property Management Fees [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	1,600,657	1,547,586	3,172,639	3,050,754
Fees to Affiliates [Member] | Property Management Other Fees [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	459,905	410,986	909,222	834,372
Acquisition Costs [Member] | Acquisition Expenses [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	0	0	7,145
Operating, Maintenance and Management [Member] | Property Management Reimbursement of Onsite Personnel [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	4,601,433	4,609,838	9,165,801	9,075,134
General and Administrative Expense [Member] | Other Operating Expenses [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	323,886	440,022	670,605	753,787
General and Administrative Expense [Member] | Refinancing Fee [Member]
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	1,790,010	0	1,790,010	0
General and Administrative Expense [Member] | Insurance Proceeds [Member]
Related Party Transaction [Line Items]
Related party transaction, proceeds from transactions with related parties	$ (100,000)	$ 0	$ (100,000)	$ 0

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Related Party Arrangements - Narrative - Investment Management Fee (Details)	6 Months Ended
	Jun. 30, 2016
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Investment Management Fees [Member]
Related Party Transaction [Line Items]
Investment management monthly fee, percentage of real properties or related assets acquired	0.0667%

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Related Party Arrangements - Narrative - Acquisition Fees and Expenses (Details) - Steadfast Income Advisor, LLC [Member] - Steadfast Income Advisor, LLC [Member] - Acquisition Fees and Expenses [Member]	6 Months Ended
	Jun. 30, 2016
Related Party Transaction [Line Items]
Acquisition fee, percentage of purchase price of real property or related asset	2.00%
Acquisition fees and expenses, maximum, percentage of contract purchase price	6.00%

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Related Party Arrangements - Narrative - Property Management Fees and Expenses (Details)	6 Months Ended
	Jun. 30, 2016
Property Manager [Member]
Related Party Transaction [Line Items]
Property management, oversight fee, percent	1.00%
Steadfast Management Company, Inc. [Member] | Property Management Agreement [Member]
Related Party Transaction [Line Items]
Property management agreement, notice of termination breach	30 days
Steadfast Management Company, Inc. [Member] | Property Manager [Member] | Property Management Agreement [Member]
Related Party Transaction [Line Items]
Property management agreement, initial term	1 year
Property management agreement, notice of termination option	60 days
Steadfast Management Company, Inc. [Member] | Minimum [Member] | Property Manager [Member] | Property Management Agreement [Member]
Related Party Transaction [Line Items]
Property management fee, percent	2.50%
Steadfast Management Company, Inc. [Member] | Maximum [Member] | Property Manager [Member] | Property Management Agreement [Member]
Related Party Transaction [Line Items]
Property management fee, percent	3.75%

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Related Party Arrangements - Narrative - Construction Management Fees (Details) - Affiliated Entity [Member] - Pacific Coast Land & Construction, Inc. [Member] - Construction Management Agreement [Member]	6 Months Ended
	Jun. 30, 2016
Related Party Transaction [Line Items]
Construction management agreement, termination notification period	30 days
Minimum [Member]
Related Party Transaction [Line Items]
Construction management fee, percent	5.00%
Maximum [Member]
Related Party Transaction [Line Items]
Construction management fee, percent	12.00%

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Related Party Arrangements - Narrative - Other Operating Expense Reimbursements (Details) - Steadfast Income Advisor, LLC [Member] - Steadfast Income Advisor, LLC [Member] - Other Operating Expense Reimbursement [Member]	6 Months Ended
	Jun. 30, 2016 quarter
Related Party Transaction [Line Items]
Operating expenses limited, number of quarters	4
Other operating expense reimbursement, percentage of average invested assets, threshold	2.00%
Other operating expense reimbursement, percentage of net income, threshold	25.00%
Average invested assets calculation period	12 months

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Related Party Arrangements - Narrative - Disposition Fee (Details) - Steadfast Income Advisor, LLC [Member] - Steadfast Income Advisor, LLC [Member]	6 Months Ended
	Jun. 30, 2016 $ / shares
Disposition Fees [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	1.50%
Disposition fee, maximum brokerage commission paid threshold, percent	50.00%
Disposition fee, maximum, percentage of sales price	3.00%
Acquisition fees and expenses, maximum, percentage of contract purchase price	6.00%
Other Operating Expenses [Member]
Related Party Transaction [Line Items]
Other operating expense reimbursement, percentage of average invested assets, threshold	2.00%
Other operating expense reimbursement, percentage of net income, threshold	25.00%
Disposition Fees Range 1 [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	0.50%
Share price (in dollars per share)	$ 9.00
Disposition Fees Range 2 [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	0.75%
Disposition Fees Range 2 [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 9.01
Disposition Fees Range 2 [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 10.24
Disposition Fees Range 3 [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	1.00%
Disposition Fees Range 3 [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 10.25
Disposition Fees Range 3 [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 11.24
Disposition Fees Range 4 [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	1.25%
Disposition Fees Range 4 [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 11.25
Disposition Fees Range 4 [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share)	$ 12.00
Disposition Fees Range 5 [Member]
Related Party Transaction [Line Items]
Disposition fee, percent of sales price	1.50%
Share price (in dollars per share)	$ 12.01

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Related Party Arrangements - Narrative - Refinancing Fee (Details) - Steadfast Income Advisor, LLC and Affiliates [Member] - Steadfast Income Advisor, LLC [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 12,649,656	$ 10,798,025	$ 23,448,494	$ 21,241,232
General and Administrative Expense [Member] | Refinancing Fee [Member]
Related Party Transaction [Line Items]
Refinancing fee, percentage			0.50%
Related party transaction, expenses from transactions with related party	$ 1,790,010	$ 0	$ 1,790,010	$ 0

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Related Party Arrangements - Narrative - Restricted Stock Agreement (Details) - Steadfast Income Advisor, LLC [Member]	Jun. 11, 2014 USD ($) $ / shares shares
Restricted Stock [Member] | Tranche One [Member]
Related Party Transaction [Line Items]
Shares of restricted stock vesting percentage	50.00%
Restricted Stock [Member] | Tranche Two [Member]
Related Party Transaction [Line Items]
Shares of restricted stock vesting percentage	50.00%
Restricted Stock Agreement [Member] | Steadfast Income Advisor, LLC [Member]
Related Party Transaction [Line Items]
Issuance of restricted common stock to advisor (in shares) | shares	488,281.25
Issuance of restricted common stock to Advisor | $	$ 5,000,000
Restricted Stock Agreement [Member] | Steadfast Income Advisor, LLC [Member] | Restricted Stock [Member]
Related Party Transaction [Line Items]
Share price (in dollars per share) | $ / shares	$ 10.24
Common stock, basis of conversion, percentage of annual return on stockholders' invested capital	7.00%

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Incentive Award Plan and Independent Director Compensation - Narrative (Details) - USD ($)			3 Months Ended		6 Months Ended		12 Months Ended
	Aug. 11, 2015	Aug. 10, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation			$ 12,864	$ 22,883	$ 25,728	$ 45,767
Private Offering [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock					$ 2,000,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)					0		14,000	10,000
Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock vesting percentage					25.00%
Restricted common stock, award vesting period					3 years
Incentive Award Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)					0	0
Incentive Award Plan [Member] | Restricted Stock [Member] | Director [Member] | Larry H. Dale [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)		2,000
Incentive Award Plan [Member] | Restricted Stock [Member] | Director [Member] | Kerry D. Vandell [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)		2,000
Incentive Award Plan [Member] | Restricted Stock [Member] | Director [Member] | Don B. Saulic [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)	5,000
Initial Election [Member] | Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)					5,000
Re-Election [Member] | Restricted Stock [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted shares (in shares)					2,500

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Derivative Financial Instruments - Schedule of Interest Rate Derivative Instruments (Details) - Interest Rate Cap [Member] - Cash Flow Hedging [Member] - Not Designated as Hedging Instrument [Member]	Jun. 30, 2016 USD ($) instrument	Dec. 31, 2015 USD ($) instrument
Derivative [Line Items]
Number of Instruments | instrument	44	30
Notional Amount	$ 995,112,000	$ 637,110,000
Weighted Average Rate Cap	2.68%	2.68%
Fair Value	$ 111,871	$ 298,143
LIBOR [Member]
Derivative [Line Items]
Variable Rate	0.47%	0.43%

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Derivative Financial Instruments - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Derivative [Line Items]
Unrealized loss on derivatives			$ 445,272	$ 1,368,174
Interest Rate Cap [Member]
Derivative [Line Items]
Unrealized loss on derivatives	$ 212,559	$ 346,588	445,272	1,368,174
Acquired interest rate cap agreements	259,000	$ 65,250	259,000	$ 65,250
Deferred Financing Costs and Other Assets, Net [Member] | Interest Rate Cap [Member]
Derivative [Line Items]
Fair value of interest rate cap agreements	111,871		111,871		$ 298,143
Interest Expense [Member] | Interest Rate Cap [Member]
Derivative [Line Items]
Unrealized loss on derivatives	$ 212,559		$ 445,272

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Subsequent Events - Narrative - Distributions Paid (Details) - USD ($)			3 Months Ended	6 Months Ended
	Aug. 01, 2016	Jul. 01, 2016	Jun. 30, 2015	Jun. 30, 2015
Subsequent Event [Line Items]
Distributions paid, common stock, including distribution reinvestment plan			$ 13,887,241	$ 27,472,921
Dividend Paid [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Distributions paid, common stock, including distribution reinvestment plan	$ 4,642,138	$ 4,492,374

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Subsequent Events - Narrative - Shares Repurchased (Details) - Share Repurchase Program [Member] - Common Stock [Member] - USD ($)		3 Months Ended		6 Months Ended
	Jul. 29, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Subsequent Event [Line Items]
Repurchase of common stock (in shares)		96,215		195,458
Stock repurchase plan, stock redeemed, value		$ 1,000,000	$ 0	$ 2,000,000	$ 0
Subsequent Event [Member]
Subsequent Event [Line Items]
Repurchase of common stock (in shares)	93,939
Stock repurchase plan, stock redeemed, value	$ 1,000,000
Redemption price per share (in dollars per share)	$ 10.65

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Subsequent Events - Narrative - Refinancings (Details) - Subsequent Event [Member]	Jul. 29, 2016 USD ($) subsidiary
Refinanced PNC Bank Credit Facility [Member] | Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Principal amount	$ 235,124,750
Variable Rate	5.00%
Refinanced PNC Bank Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member]
Subsequent Event [Line Items]
Variable Rate	1.73%
Refinanced PNC Bank Credit Facility [Member] | Revolving Credit Facility [Member] | Maximum [Member]
Subsequent Event [Line Items]
Variable Rate	1.93%
Mortgages [Member]
Subsequent Event [Line Items]
Number of subsidiaries | subsidiary	9
Termination of debt	$ 200,262,346
Credit Agreement limit	350,000,000
Refinancing fees paid	1,175,624
Prepayment penalties paid	$ 1,469,766

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Subsequent Events - Narrative - Distributions Declared (Details) - $ / shares		3 Months Ended		12 Months Ended
	Aug. 09, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)		$ 0.001958	$ 0.001964	$ 0.001964
Subsequent Event [Member]
Subsequent Event [Line Items]
Common share, distribution rate per share per day, declared (in dollars per share)	$ 0.001958

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Subsequent Events - Narrative - Share Repurchase Program (Details) - Share Repurchase Program [Member] - Common Stock [Member] - USD ($)			3 Months Ended		6 Months Ended
	Aug. 09, 2016	Jul. 29, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Subsequent Event [Line Items]
Stock repurchase plan, stock redeemed, value			$ 1,000,000	$ 0	$ 2,000,000	$ 0
Subsequent Event [Member]
Subsequent Event [Line Items]
Stock repurchase plan, stock redeemed, value		$ 1,000,000
Minimum [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Stock repurchase plan, stock redeemed, value	$ 1,000,000
Maximum [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Stock repurchase plan, stock redeemed, value	$ 2,000,000

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Subsequent Events - Narrative - Restricted Stock Grant (Details) - Restricted Stock [Member]		6 Months Ended	12 Months Ended
	Aug. 11, 2016 director shares	Jun. 30, 2016 shares	Dec. 31, 2015 shares	Dec. 31, 2014 shares
Subsequent Event [Line Items]
Granted shares (in shares)		0	14,000	10,000
Independent Directors Compensation Plan [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number of directors | director	3
Independent Directors Compensation Plan [Member] | Director One [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Granted shares (in shares)	2,500
Independent Directors Compensation Plan [Member] | Director Two [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Granted shares (in shares)	2,500
Independent Directors Compensation Plan [Member] | Director Three [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Granted shares (in shares)	2,500