REAL ESTATE
 12 Months Ended
Dec. 31, 2013
Real Estate [Abstract]  
REAL ESTATE
REAL ESTATE
As of December 31, 2013, the Company owned nine apartment complexes, containing 2,599 units and encompassing 2.5 million rentable square feet, which were 93% occupied. The following table provides summary information regarding the properties owned by the Company as of December 31, 2013 (dollars in thousands):
Property Name
 
Date Acquired
 
Location
 
Total
Real Estate at Cost
 
Accumulated Depreciation and Amortization
 
Total
Real Estate, Net
Legacy at Valley Ranch
 
10/26/2010
 
Irving, TX
 
$
36,251

 
$
(2,896
)
 
$
33,355

Poplar Creek
 
02/09/2012
 
Schaumburg, IL
 
26,922

 
(1,117
)
 
25,805

The Residence at Waterstone
 
04/06/2012
 
Pikesville, MD
 
64,310

 
(2,735
)
 
61,575

Legacy Crescent Park
 
05/03/2012
 
Greer, SC
 
20,477

 
(992
)
 
19,485

Legacy at Martin’s Point
 
05/31/2012
 
Lombard, IL
 
36,186

 
(1,641
)
 
34,545

Wesley Village
 
11/06/2012
 
Charlotte, NC
 
44,910

 
(1,452
)
 
43,458

Watertower Apartments
 
01/15/2013
 
Eden Prairie, MN
 
37,947

 
(1,210
)
 
36,737

Crystal Park at Waterford
 
05/08/2013
 
Frederick, MD
 
44,529

 
(816
)
 
43,713

Millennium Apartment Homes
 
06/07/2013
 
Greenville, SC
 
32,937

 
(570
)
 
32,367

 
 
 
 
 
 
$
344,469

 
$
(13,429
)
 
$
331,040


Property Damage
During the third quarter of 2013, four of the Company’s apartment complexes suffered physical damage due to fire and storm.  As a result of the damages, some of the apartment units at one of the properties were closed to tenants for repairs.  The Company’s insurance policy provides coverage for property damage and business interruption subject to a $25,000 deductible per incident.  Based on management’s estimates, the Company recognized an estimated aggregate loss due to damages of $1.2 million during the year ended December 31, 2013, which was reduced by $1.1 million of estimated insurance recoveries related to such damages, which the Company determined were probable of collection. Additionally, the Company recorded $0.2 million for insurance recoveries related to emergency response costs payable to mitigate the extent of damages.  The net loss due to damages of $0.1 million during the year ended December 31, 2013 was classified as operating, maintenance and management expenses on the accompanying consolidated statements of operations and relates to the Company’s insurance deductible for each of the claims.  Through December 31, 2013, the Company received insurance proceeds of $0.8 million. As of December 31, 2013, the total estimated insurance recoveries to be collected of $0.5 million were classified as deferred financing costs, prepaid expenses and other assets on the accompanying consolidated balance sheets.