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Related Party Transactions and Arrangements | 12 Months Ended
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Dec. 31, 2019
Related Party Transactions [Abstract] |
Related Party Transactions and Arrangements | NOTE 8: Related Party Transactions and Arrangements On December 20, 2016, we completed our management internalization, which consisted of two parts: (i) our acquisition of our former external advisor and (ii) our acquisition of substantially all assets and the assumption of certain liabilities relating to the multifamily property management business of our former external advisor, including property management contracts relating to apartment properties owned by us with our former external advisor and third parties. Given our relationship with our former external advisor prior to our management internalization, we considered our former external advisor a related party. Below are related party transactions between IRT and our former external advisor. Fees and Expenses Paid to Our Former External Advisor For the years ended December 31, 2019, 2018 and 2017, we incurred costs of $0, $0 and $727, respectively, with respect to a shared services agreement with our former external advisor, under which our former external advisor provided us with certain back office support services. The term of the shared services agreement was from December 21, 2016 to June 20, 2017, and the associated fees are included within general and administrative expenses in our consolidated statements of operations. Property Management Fees Earned from our Former External Advisor On December 20, 2016, in connection with our management internalization, we acquired property management agreements with respect to each of our properties from our former property manager, which was affiliated with our former external advisor. Subsequent to this transaction, we earned $0, $63, and $257, respectively, of property management fees from our former external advisor for the years ended December 31, 2019, 2018, and 2017. Village at Auburn Acquisition In June 2017, we acquired Village at Auburn, a 328-unit property in Raleigh-Durham, NC for $42,950 from a joint venture, of which an affiliate of our former external advisor was a controlling member.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
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