Resource Real Estate Opportunity REIT (RSRL) 10-Q 14 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 12, 2013
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'Resource Real Estate Opportunity REIT, Inc.	'
Entity Central Index Key	'0001466225	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-13	'
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'
Amendment Flag	'false	'
Entity Common Stock, Shares Outstanding	'	55,488,025

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Investments:	'	'
Rental properties, net	$307,959	$121,098
Loans held for investment, net	1,753	11,109
Identified intangible assets, net	3,880	1,641
Assets of discontinued operations	149	9,127
Investments	313,741	142,975
Cash	58,606	29,336
Restricted cash	3,267	158
Stock subscriptions receivable	1,700	3,038
Due from related parties	466	0
Tenant receivables, net	373	110
Deposits	1,147	409
Prepaid expenses and other assets	1,600	935
Deferred financing costs, net	865	561
Deferred offering costs	0	3,015
Total assets	381,765	180,537
Liabilities:	'	'
Mortgage notes payable	17,086	9,043
Revolving credit facility	760	760
Accounts payable	3,275	591
Accrued expenses and other liabilities	5,797	2,826
Due to related parties	1,462	671
Tenant prepayments	500	306
Security deposits	1,451	815
Distribution payable	1,536	1,671
Liabilities of discontinued operations	36	536
Total liabilities	31,903	17,219
Stockholders’ equity:	'	'
Preferred stock (par value $.01; 10,000,000 shares authorized, none issued)	0	0
Common stock (par value $.01; 1,000,000,000 shares authorized; 46,581,720 and 22,291,810 shares issued, respectively; and 46,539,509 and 22,277,030 shares outstanding, respectively)	465	223
Convertible stock (par value $.01; 50,000 shares authorized, issued and outstanding)	1	1
Additional paid-in capital	410,231	196,089
Accumulated deficit	-60,835	-32,995
Total stockholders’ equity	349,862	163,318
Total liabilities and stockholders’ equity	$381,765	$180,537

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Statement of Financial Position [Abstract]	'	'
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Shares Issued	46,581,720	22,291,810
Common stock, outstanding (in shares)	46,539,509	22,277,030
Convertible stock, par value (in dollars per share)	$0.01	$0.01
Convertible stock, authorized (in shares)	50,000	50,000
Convertible stock, issued (in shares)	50,000	50,000
Convertible stock, outstanding (in shares)	50,000	50,000

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues:	'	'	'	'
Rental income	$11,026	$4,834	$26,335	$9,167
Gain on foreclosures	0	56	67	571
Interest income	73	32	188	135
Total revenues	11,099	4,922	26,590	9,873
Expenses:	'	'	'	'
Rental operating	7,268	3,381	17,145	6,459
Acquisition costs	3,711	-115	6,228	2,757
Foreclosure costs	0	0	49	150
Management fees - related parties	1,210	580	2,938	1,189
General and administrative	1,319	688	3,805	2,271
Loss on disposal of assets	0	0	36	0
Depreciation and amortization expense	5,285	2,382	11,169	3,704
Total expenses	18,793	6,916	41,370	16,530
Loss before other (expense) income	-7,694	-1,994	-14,780	-6,657
Other (expense) income:	'	'	'	'
Gain on redemption of stock	7	0	29	0
Interest expense	-149	-255	-396	-398
Insurance proceeds in excess of cost basis	0	0	0	5
Loss from continuing operations	-7,836	-2,249	-15,147	-7,050
Discontinued operations:	'	'	'	'
(Loss) income from discontinued operations	-24	-111	-696	819
Net gain on disposition	0	0	3,173	0
(Loss) income from discontinued operations, net	-24	-111	2,477	819
Net loss	-7,860	-2,360	-12,670	-6,231
Comprehensive loss	($7,860)	($2,360)	($12,670)	($6,231)
Weighted average common shares outstanding (in shares)	36,156	15,953	33,055	12,979
Basic and diluted loss per common share:	'	'	'	'
Continuing operations (in dollars per share)	($0.22)	($0.14)	($0.46)	($0.54)
Discontinued operations (in dollars per share)	$0	($0.01)	$0.08	$0.06
Net loss (in dollars per share)	($0.22)	($0.15)	($0.38)	($0.48)

CONSOLIDATED_STATEMENT_OF_CHAN

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (USD $)	Total	Common Stock	Convertible Stock	Additional Paid-in Capital	Accumulated Deficit
Balance at Dec. 31, 2012	$163,318,000	$223,000	$1,000	$196,089,000	($32,995,000)
Balance (in shares) at Dec. 31, 2012	22,277,030	22,277,000	50,000	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'
Issuance of common stock	229,301,000	230,000	'	229,071,000	'
Issuance of common stock (in shares)	'	23,045,000	'	'	'
Common stock issued through distribution reinvestment plan	6,258,000	7,000	'	6,251,000	'
Proceeds from distribution reinvestment plan (in shares)	'	659,000	'	'	'
Syndication costs	-26,788,000	'	'	-26,788,000	'
Distributions of common stock	0	6,000	'	5,890,000	-5,896,000
Distributions of common stock (in shares)	'	589,000	'	'	'
Distributions declared	-9,274,000	'	'	'	-9,274,000
Share redemptions	-283,000	-1,000	0	-282,000	'
Share redemptions (in shares)	'	-31,000	0	'	'
Net loss and comprehensive loss	-12,670,000	'	'	'	-12,670,000
Balance at Sep. 30, 2013	$349,862,000	$465,000	$1,000	$410,231,000	($60,835,000)
Balance (in shares) at Sep. 30, 2013	46,539,509	46,539,000	50,000	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:	'	'
Net loss	($12,670)	($6,231)
Loss (income) from discontinued operations	696	-819
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Gain on foreclosures	-67	-642
Loss on disposal of assets	36	0
Loss on property impairment	539	0
Net gain on disposition	-3,173	0
Depreciation and amortization	11,169	3,704
Amortization of deferred financing costs	158	133
Accretion of discount and direct loan fees and costs	-9	-10
Changes in operating assets and liabilities, net of acquisitions:	'	'
Restricted cash	-3,109	359
Tenant receivables, net	-263	-84
Deposits	-738	-196
Prepaid expenses and other assets	-1,016	-480
Due to related parties, net	791	-2,558
Accounts payable and accrued expenses	4,914	3,407
Tenant prepayments	107	42
Security deposits	186	103
Net cash used in operating activities of continuing operations	-2,449	-3,272
Cash flows from investing activities:	'	'
Property acquisitions	-168,663	-52,401
Proceeds from disposal of properties, net of closing costs	10,043	0
Loan acquisitions	0	-10,300
Capital expenditures	-20,203	-9,568
Principal payments received on loan	14	321
Cash received on foreclosure of loans held for investment	0	518
Net cash used in investing activities of continuing operations	-178,809	-71,430
Cash flows from financing activities:	'	'
Proceeds from issuance of common stock, net of redemptions	230,363	84,192
Payment of deferred financing costs	-247	-118
Payment of deferred offering costs	2,800	0
Increase in borrowings	8,190	23,483
Principal payments on borrowings	-147	-13,312
Distributions paid on common stock	-3,153	-841
Syndication costs	-26,788	-10,220
Net cash provided by financing activities of continuing operations	211,018	83,184
Net cash provided by continuing operations	29,760	8,482
Cash flows from discontinued operations:	'	'
Net cash (used in) provided by operating activities	-490	1,168
Net cash used in investing activities	0	-281
Net cash (used in) provided by discontinued operations	-490	887
Net increase in cash	29,270	9,369
Cash at beginning of period	29,336	14,927
Cash at end of period	$58,606	$24,296

NATURE_OF_BUSINESS_AND_OPERATI

NATURE OF BUSINESS AND OPERATIONS	9 Months Ended
	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
NATURE OF BUSINESS AND OPERATIONS	'
	NATURE OF BUSINESS AND OPERATIONS
	Resource Real Estate Opportunity REIT, Inc. (the “Company”) was organized in Maryland on June 3, 2009 to purchase a diversified portfolio of discounted U.S. commercial real estate and real estate-related assets in order to generate gains to stockholders from the potential appreciation in the value of the assets and to generate current income for stockholders by distributing cash flow from the Company’s investments. Resource Real Estate Opportunity Advisor, LLC (the “Advisor”), an indirect wholly owned subsidiary of Resource America, Inc. (“RAI”), a publicly traded company (NASDAQ: REXI) operating in the real estate, financial fund management and commercial finance sectors, has been engaged to manage the day-to-day operations of the Company.  The Advisor agreed to invest 1% of the first $250.0 million invested in the Company by non-affiliated investors, or up to $2.5 million. As of September 30, 2013, the Advisor had purchased 276,000 shares of common stock totaling $2.5 million.
	On September 15, 2009, the Company commenced a private placement offering to accredited investors for the sale of up to 5.0 million shares of common stock at a price of $10 per share. The private offering, which closed on June 9, 2010, raised aggregate gross proceeds of $12.8 million, or $11.3 million, net of $1.5 million in syndication costs, from the issuance of 1,283,727 common shares, including 20,000 shares purchased by the Advisor.  In conjunction with the private offering, the Company also offered 5,000 shares of convertible stock at a price of $1.00 per share.  Investors acquired 937 shares of the convertible stock and the Advisor purchased 4,063 shares.  The Advisor contributed $200,000 to the Company in exchange for 20,000 shares of common stock on June 17, 2009, of which 4,500 shares were exchanged for 45,000 shares of convertible stock in June 2010 (see Note 13).
	On June 16, 2010, the Company’s registration statement on Form S-11 (File No. 333-160463), registering a primary public offering of up to 75.0 million shares of common stock and a public offering pursuant to the Company’s distribution reinvestment plan of up to an additional 7.5 million shares of common stock, was declared effective under the Securities Act of 1933, as amended, and the Company commenced its public offering.  The Company is offering shares of common stock in its ongoing primary offering for $10 per share, with discounts available to certain categories of investors.  The Company is also offering shares pursuant to its distribution reinvestment plan at a purchase price equal to $9.50 per share.
	As of September 30, 2013, the Company has raised $447.5 million in offering proceeds through the issuance of an aggregate of 44,999,826 shares of its $0.01 par value common stock.
	On May 30, 2013 the Company filed a registration statement on Form S-11 to register a follow-on public offering. Pursuant to the registration statement, the Company proposes to register $350,000,000 of its common stock in a primary offering and $35,000,000 of common stock pursuant to the distribution reinvestment plan. If the follow-on offering commences, the Company expects it to commence no later than the fourth quarter of 2013. In connection with the filing of this follow-on offering registration statement, the Company has determined to continue offering shares in its current offering beyond June 16, 2013. The Company intends to continue offering shares of common stock in its current offering until the earlier of (i) the sale of all $750,000,000 of shares in the primary offering, (ii) December 12, 2013, or (iii) the date the registration statement relating to the Company's proposed follow-on offering is declared effective by the SEC.
	The Company has acquired, and intends to continue to acquire, real estate-related debt and equity that has been significantly discounted due to the effects of economic events and high levels of leverage, as well as stabilized properties that may benefit from extensive renovations that may increase their long-term values.  The Company has a particular focus on acquiring and operating multifamily assets, and it has targeted, and intends to continue to target, this asset class while also acquiring interests in other types of commercial property assets consistent with its investment objectives.  The Company’s targeted portfolio consists of commercial real estate assets, principally (i) non-performing or distressed loans, including but not limited to first and second priority mortgage loans, mezzanine loans,  subordinate participations in first mortgage loans, or B-Notes, and other loans, (ii) real estate that was foreclosed upon and sold by financial institutions, (iii) multifamily rental properties to which the Company can add value with a capital infusion (“value add properties”), and (iv) discounted investment-grade commercial mortgage-backed securities.  However, the Company is not limited in the types of real estate assets in which it may invest and, accordingly, it may invest in other real estate-related assets either directly or together with a co-investor or joint venture partner.
	The Company is organized and conducts its operations in a manner intended to allow it to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes under Subchapter M of the Internal Revenue Code of 1986, as amended.  The Company also operates its business in a manner intended to maintain its exemption from registration under the Investment Company Act of 1940, as amended.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	A summary of the significant accounting policies consistently applied in the preparation of the accompanying consolidated financial statements follows:
	Principles of Consolidation
	The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows:
	Subsidiary		Apartment	Number	Location
			Complex	of Units
	RRE Opportunity Holdings, LLC		N/A	N/A	N/A
	Resource Real Estate Opportunity OP, LP		N/A	N/A	N/A
	RRE 107th Avenue Holdings, LLC		107th Avenue	5	Omaha, NE
	RRE Westhollow Holdings, LLC		Arcadia	404	Houston, TX
	RRE Crestwood Holdings, LLC (a)		Town Park (a)	270	Birmingham, AL
	RRE Iroquois, LP		Vista Apartment Homes	133	Philadelphia, PA
	RRE Iroquois Holdings, LLC		N/A	N/A	N/A
	RRE Campus Club Holdings, LLC		Campus Club	64	Tampa, FL
	RRE Bristol Holdings, LLC		The Redford	856	Houston, TX
	RRE Cannery Holdings, LLC		Cannery Lofts	156	Dayton, OH
	RRE Williamsburg Holdings, LLC		Williamsburg	976	Cincinnati, OH
	RRE Skyview Holdings, LLC		Cityside Crossing	360	Houston, TX
	RRE Park Forest Holdings, LLC		Mosaic	216	Oklahoma City, OK
	RRE Foxwood Holdings, LLC		The Reserve at Mt. Moriah	220	Memphis, TN
	RRE Flagstone Holdings, LLC		The Alcove	292	Houston, TX
	RRE Deerfield Holdings, LLC		Deerfield	166	Hermantown, MN
	RRE Kenwick Canterbury Holdings, LLC		One Hundred Chevy Chase Apartments	244	Lexington, KY
	RRE Armand Place Holdings, LLC		Ivy at Clear Creek	244	Houston, TX
	RRE Autumn Wood Holdings, LLC		Retreat at Rocky Ridge	196	Hoover, AL
	RRE Village Square Holdings, LLC		Village Square	271	Houston, TX
	RRE Nob Hill Holdings, LLC		Nob Hill	192	Winter Park, FL
	RRE Brentdale Holdings, LLC		Brentdale	412	Plano, TX
	RRE Jefferson Point Holdings, LLC		Jefferson Point	208	Newport News, VA
	RRE Centennial Holdings, LLC		Centennial	276	Littleton, CO
	RRE Pinnacle Holdings, LLC		Pinnacle	224	Westminster, CO
	N/A - Not Applicable
	(a) - Discontinued operations
	All intercompany accounts and transactions have been eliminated in consolidation.
	Use of Estimates
	The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.
	Rental Properties
	The Company records acquired rental properties at fair value. The Company considers the period of future benefit of an asset to determine its appropriate useful life and depreciates using the straight line method.  The Company anticipates the estimated useful lives of its assets by class as follows:
	Buildings	27.5 years
	Building improvements	3.0 to 27.5 years
	Tenant improvements	Shorter of lease term or expected useful life
	Impairment of Long Lived Assets
	When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for permanent impairment.  This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition.  The review also considers factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors.
	For properties to be held or used, an impairment loss will be recorded when such anticipated cash flows are less than the carrying value of the assets to the extent that the carrying value exceeds the estimated fair value of the properties.  For properties held for sale, the impairment loss would be the adjustment to fair value less the estimated cost to dispose of the asset. For the three months ended September 30, 2013, the Company did not record impairment charges at any of its properties. For the nine months ended September 30, 2013, the Company recorded a $539,000 impairment charge for one of its properties which is included in (loss) income from discontinued operations.
	Loans Held for Investment, Net
	The Company records acquired performing loans held for investment at cost and reviews them for potential impairment at each balance sheet date.  The Company considers a loan to be impaired if one of two conditions exists.  The first condition is if, based on current information and events, management believes it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement.  The second condition is if the loan is deemed to be a troubled-debt restructuring (“TDR”) where a concession has been given to a borrower in financial difficulty.  A TDR may not have an associated specific loan loss allowance if the principal and interest amount is considered recoverable based on current market conditions, expected collateral performance and/or guarantees made by the borrowers.
	The amount of impairment, if any, is measured by comparing the recorded amount of the loan to the present value of the expected cash flows or, as a practical expedient, the fair value of the collateral.  If a loan is deemed to be impaired, the Company records a reserve for loan losses through a charge to income for any shortfall.
	Interest income from performing loans held for investment is recognized based on the contractual terms of the loan agreement.  Fees related to any buy down of the interest rate are deferred as prepaid interest income and amortized over the term of the loan as an adjustment to interest income.  The initial investment made in a purchased performing loan includes the amount paid to the seller plus fees.  The initial investment frequently differs from the related loan’s principal amount at the date of the purchase.  The difference is recognized as an adjustment of the yield over the life of the loan.  Closing costs related to the purchase of a performing loan held for investment are amortized over the term of the loan and accreted as an adjustment to interest income.
	The Company may acquire real estate loans at a discount due to the credit quality of such loans and the respective borrowers under such loans.  Revenues from these loans are recorded under the effective interest method.  Under this method, an effective interest rate (“EIR”) is applied to the cost basis of the real estate loan held for investment.  The EIR that is calculated when the loan held for investment is acquired remains constant and is the basis for subsequent impairment testing and income recognition.  However, if the amount and timing of future cash collections are not reasonably estimable, the Company accounts for the real estate receivable on the cost recovery method.  Under the cost recovery method of accounting, no income is recognized until the basis of the loan held for investment has been fully recovered.
	Allocation of the Purchase Price of Acquired and Foreclosed Assets
	The cost of rental properties acquired directly as fee interests and rental properties which are acquired through foreclosing on a loan are allocated to net tangible and intangible assets based on their relative fair values.  The Company allocates the purchase price of properties to acquired tangible assets, consisting of land, buildings, fixtures and improvements, and to identified intangible lease assets and liabilities, consisting of the value of above-market and below-market leases, as applicable, the value of in-place leases and the value of tenant relationships. Fair value estimates are based on information obtained from a number of sources, including information obtained about each property as a result of pre-acquisition due diligence, marketing and leasing activities.  In addition, the Company may obtain independent appraisal reports. The information in the appraisal reports along with the aforementioned information available to the Company's management is used in allocating the purchase price. The independent appraisers have no involvement in management's allocation decisions other than providing market information.
	In allocating the purchase price, management also includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up period.  Management also estimates costs to execute similar leases, including leasing commissions and legal and other related expenses, to the extent that such costs have not already been incurred in connection with a new lease origination as part of the transaction.
	The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease.  The Company amortizes any capitalized above-market or below-market lease values as an increase or reduction to rental income over the remaining non-cancelable terms of the respective leases.
	The Company measures the aggregate value of other intangible assets acquired based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued as if it were vacant.  Management’s estimates of value are made using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis).  Factors to be considered by management in its analysis include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions and costs to execute similar leases.
	The total amount of other intangible assets acquired is further allocated to customer relationship intangible values based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with that respective tenant.  Characteristics to be considered by management in allocating these values include the nature and extent of the Company’s existing relationships with the tenant, the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors.
	The Company amortizes the value of in-place leases to expense over the average remaining term of the respective leases.  The value of customer relationship intangibles are amortized to expense over the initial term and any renewal periods in the respective leases, but in no event will the amortization periods for the intangible assets exceed the remaining depreciable life of the building.  Should a tenant terminate its lease, the unamortized portion of the in-place lease value and customer relationship intangibles associated with that tenant would be charged to expense in that period.
	The determination of the fair value of assets and liabilities acquired requires the use of significant assumptions with regard to current market rental rates, discount rates and other variables.  The use of inappropriate estimates would result in an incorrect assessment of the purchase price allocations, which could impact the amount of the Company’s reported net income.  Initial purchase price allocations are subject to change until all information is finalized, which is generally within one year of the acquisition date.
	Discontinued Operations
	Assuming no significant continuing involvement by the Company after the sale, the sale of a property is considered a discontinued operation.
	Revenue Recognition
	The Company recognizes minimum rent, including rental abatements and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related lease and includes amounts expected to be received in later years in deferred rents.  The Company records property operating expense reimbursements due from tenants for common area maintenance, real estate taxes and other recoverable costs in the period in which the related expenses are incurred.
	The specific timing of a property disposition is measured against various criteria related to the terms of the transaction and any continuing involvement associated with the property.  If the criteria for gain recognition under the full-accrual method are not met, the Company defers gain recognition and accounts for the continued operations of the property by applying the percentage-of-completion, reduced profit, deposit, installment or cost recovery methods, as appropriate, until the appropriate criteria are met.
	The future minimum rental payments to be received from noncancelable operating leases are $27.4 million and $195,000 for the 12 month periods ending September 30, 2014 and 2015, respectively, and none thereafter.
Tenant Receivables
Tenant receivables are stated in the financial statements net of an allowance for uncollectible receivables.  Payment terms vary and receivables outstanding longer than the payment terms are considered past due.  The Company determines its allowance by considering a number of factors, including the length of time receivables are past due, security deposits held, the Company’s previous loss history, the tenants’ current ability to pay their obligations to the Company, the condition of the general economy and the industry as a whole.  The Company writes off receivables when they become uncollectible.  At September 30, 2013 and December 31, 2012, allowances for uncollectible receivables totaled $6,000 and $8,000, respectively.
Deferred Offering Costs
Through September 30, 2013, the Advisor has advanced $4.1 million on behalf of the Company for the payment of public offering costs consisting of accounting, advertising, allocated payroll, due diligence, marketing, legal and similar costs.  A portion of these costs is charged to equity upon the sale of each share of common stock sold under the public offering.  Similarly, a portion of the proceeds received from the sales of shares in the Company's public offering is paid to the Advisor to reimburse it for the amount incurred on behalf of the Company.  Deferred offering costs represent the portion of the total costs incurred that have not been charged to equity to date.   As of September 30, 2013 and December 31, 2012, $4.1 million and $3.9 million, respectively, had been reimbursed to the Advisor.  Upon completion of the public offering, any deferred offering costs in excess of reimbursements will be charged back to the Advisor.
Income Taxes
To maintain its REIT qualification for U.S. federal income tax purposes, the Company is generally required to distribute at least 90% of its taxable net income (excluding net capital gains) to its stockholders as well as comply with other requirements, including certain asset, income and stock ownership tests.  Accordingly, the Company generally will not be subject to corporate U.S. federal income taxes to the extent that it annually distributes at least 90% of its taxable net income to its stockholders.  If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it is subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it fails its REIT qualification.  Accordingly, the Company’s failure to qualify as a REIT could have a material adverse impact on its results of operations and amounts available for distribution to its stockholders.
The dividends-paid deduction of a REIT for qualifying dividends to its stockholders is computed using the Company’s taxable income as opposed to net income reported on the financial statements.  Generally, taxable income differs from net income reported on the financial statements because the determination of taxable income is based on tax provisions and not financial accounting principles.
The Company may elect to treat certain of its subsidiaries as a taxable REIT subsidiary (“TRS”). In general, the Company’s TRSs may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business.  A TRS is subject to U.S. federal, state and local corporate income taxes.  As of September 30, 2013 and December 31, 2012, the Company had no TRSs.
The Company evaluates the benefits of tax positions taken or expected to be taken in its tax returns.  Only the largest amount of benefits from tax positions that will more likely than not be sustainable upon examination are recognized by the Company.  The Company does not have any unrecognized tax benefits, nor interest and penalties, recorded in its consolidated financial statements and does not anticipate significant adjustments to the total amount of unrecognized tax benefits within the next 12 months.
The Company is subject to examination by the U.S. Internal Revenue Service and by the taxing authorities in other states in which the Company has significant business operations.  The Company is not currently undergoing any examinations by taxing authorities.
Earnings Per Share
Basic earnings per share are calculated on the basis of the weighted-average number of common shares outstanding during the period.  Basic earnings per share are computed by dividing income available to common stockholders by the weighted-average common shares outstanding during the period.  Diluted earnings per share take into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted to common stock.  Due to reported losses for the periods presented, 50,000 convertible shares (discussed in Note 13) are not included in the diluted earnings per share calculations.  For the purposes of calculating earnings per share, all common shares and per common share information in the financial statements have been adjusted retroactively for the effect of seven 1.5% stock distributions, two 0.75% stock distributions, one 0.585% stock distribution, and one 0.5% stock distribution issued to stockholders. Common stock shares issued and authorized on the Consolidated Balance Sheets have also been adjusted retroactively for the effect of these 11 distributions.
Reclassifications
Certain amounts in the prior year financial statements have been reclassified to conform to the current-year presentation. The impact of the reclassifications made to prior year amounts are not material and did not affect net income (loss).

SUPPLEMENTAL_CASH_FLOW_INFORMA

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
	Sep. 30, 2013
Supplemental Cash Flow Elements [Abstract]	'
SUPPLEMENTAL CASH FLOW INFORMATION	'
	SUPPLEMENTAL CASH FLOW INFORMATION
	The following table presents supplemental cash flow information (in thousands):
		September 30,
		2013		2012
	Non-cash activities:
	Investor contributions held in escrow which have converted to common stock	$	1,700	$	2,389
	Properties and intangibles received on foreclosure of loans held for investment	10,150		17,047
	Financing provided for disposed property	800		—
	Stock distributions issued	5,896		5,018
	Distributions on common stock declared but not yet paid	1,536		2,640
	Stock issued from distribution reinvestment plan	6,258		1,052
	Deferred financing costs and escrow deposits funded directly by mortgage note	865		611
	and revolving credit facility
	Cash paid during the period for:
	Interest	$	216	$	227

RENTAL_PROPERTIES_NET

RENTAL PROPERTIES, NET	9 Months Ended
	Sep. 30, 2013
Real Estate Investments, Net [Abstract]	'
RENTAL PROPERTIES, NET	'
	RENTAL PROPERTIES, NET
	The Company’s investments in rental properties consisted of the following (in thousands):
		September 30,			December 31,
		2013			2012
	Land	$	52,356		$	16,378
	Building and improvements	254,611			102,037
	Furniture, fixtures and equipment	11,176			5,872
	Construction-in-progress	1,102			1,083
		319,245			125,370
	Less: accumulated depreciation	(11,286		)	(4,272		)
		$	307,959		$	121,098
	Depreciation expense for the nine months ended September 30, 2013 and 2012 was $7.1 million and $1.7 million, respectively.

LOANS_HELD_FOR_INVESTMENT_NET

LOANS HELD FOR INVESTMENT, NET	9 Months Ended
	Sep. 30, 2013
LOANS HELD FOR INVESTMENT, NET [Abstract]	'
LOANS HELD FOR INVESTMENT, NET	'
	LOANS HELD FOR INVESTMENT, NET
	On March 15, 2011, the Company purchased, at a discount, two non-performing promissory notes and two performing promissory notes (the “Notes”), each of which was secured by a first priority mortgage on the respective multifamily rental apartment communities.  The contract purchase price for the Notes was a total of $3.1 million, excluding closing costs.  On August 2, 2011, the borrower of one of the non-performing promissory notes entered into a forbearance agreement with the Company and, on September 23, 2011, paid the Company a negotiated amount in satisfaction of the note in full.  On August 18, 2011, the Company was the successful bidder at a foreclosure sale of the property collateralizing the second non-performing note, the Heatherwood Note.  Possession of the Heatherwood Apartments was obtained in February 2012 and the property was subsequently sold in April 2013 (See Note 7).  The face value of the performing notes as of September 30, 2013 and December 31, 2012 was $2.1 million and $1.3 million, respectively. The performing notes were purchased net of discounts and the unamortized accretable discounts totaled $296,000 and $316,000 at September 30, 2013 and December 31, 2012, respectively.
	On April 18, 2013, in connection with the sale of the Heatherwood Apartments, the Company originated an $800,000 mortgage loan to the purchaser of the Heatherwood Apartments on the same date.
	The following table provides the aging of the Company’s loans held for investment (dollars in thousands):
			September 30, 2013					December 31, 2012
			Amount			Percent		Amount				Percent
	Current		$	1,753		100%		$	959			9%
	Delinquent:
	30−89 days		—			—%		10,150				91%
	90−180 days		—			—%		—				—%
	Greater than 180 days		—			—%		—				—%
			$	1,753		100%		$	11,109			100%
	The following table provides information about the credit quality of the Company’s loans held for investment, net (in thousands):
		September 30,			December 31,
		2013			2012
	Loans:
	Performing	$	1,753		$	959
	Nonperforming	—			10,150
	Total	$	1,753		$	11,109
	The following table provides information about the terms of the Company's loans held for investment (dollars in thousands):
		Peterson			Trail Ridge				Heatherwood
		Note			Note				Note
	Maturity date	12/31/13			10/28/21				5/17/16
	Interest rate	7.4		%	7.5		%		4		%
	Average monthly payment	$	3		$	8			$	11
	The Peterson Note matured on December 31, 2011 with an unpaid balance of $238,000 that is currently in default.  Accordingly, the Company and the borrower under this note entered into a forbearance agreement in January 2012 which expires on December 31, 2013.  This forbearance agreement is considered a troubled debt restructuring.  The borrower continues to pay the debt service payments as required by the forbearance agreement.
	The Company has individually evaluated each loan for impairment and determined that, as of September 30, 2013, two loans are unimpaired and the troubled debt restructuring is impaired.  Although the troubled debt restructuring loan is impaired, based on the evaluation performed, the Company did not record an impairment charge because the borrower is current on its payments under the forbearance agreement and the value of the collateral securing the loan exceeds the balance of the loan held for investment.
	There was no allowance for credit losses or charge-offs as of and for the nine months ended September 30, 2013 and 2012.

ACQUISITIONS_AND_FORECLOSURES

ACQUISITIONS AND FORECLOSURES	9 Months Ended
	Sep. 30, 2013
Business Combinations [Abstract]	'
ACQUISITIONS AND FORECLOSURES	'
	ACQUISITIONS AND FORECLOSURES
	Real Estate Investments
	As of September 30, 2013, the Company had acquired and owned 21 properties. The Company estimated the fair values of certain of the acquired assets and liabilities based on preliminary valuations at the date of purchase. The Company is in the process of obtaining appraisals in order to finalize the estimated valuations for the more recent acquisitions. The table below summarizes these acquisitions and the respective fair values assigned (dollars in thousands):
	Multifamily		City and State		Date of		Purchase			Land		Building		Furniture,		Intangible		Other Assets		Other			Fair Valued
	Community Name				Acquisition		Price (1)					and		Fixture		Assets				Liabilities			Assigned
												Improvements		and
														Equipment
	Centennial		Littleton, CO		9/30/13		$	30,600	(2)	$	7,041	$	22,498	$	—	$	1,060	$	24	$	(190	)	$	30,433
	Pinnacle		Westminster, CO		9/30/13		24,250		(2)	4,325		19,033		—		892		20		(147		)	24,123
	Jefferson Point		Newport News, VA		9/9/13		18,250		(2)	5,533		12,332		—		385		23		(59		)	18,214
	Brentdale		Plano, TX		7/25/13		32,200		(2)	5,604		25,936		—		660		52		(317		)	31,935
	Nob Hill		Winter Park, FL		6/27/13		10,100		(2)	3,659		5,987		—		454		50		(61		)	10,089
	Village Square		Spring, Texas		6/24/13		27,200		(2)	4,625		22,369		—		206		40		(170		)	27,070
	Retreat at Rocky Ridge		Hoover, Alabama		4/18/13		8,500			1,616		6,418		30		436		2		(89		)	8,413
	Ivy at Clear Creek		Houston, TX		3/28/13		11,750		(2)	1,877		9,175		28		670		8		(127		)	11,631
	One Hundred Chevy Chase Apartments		Lexington, KY		3/13/13		6,850			1,323		4,981		41		505		7		(101		)	6,756
	Deerfield		Hermantown		1/22/13	(3)	10,300		(2)	1,028		8,592		—		680		1		(4		)	10,297
			MN
	The Alcove		Houston, TX		12/21/12		5,500			1,202		3,865		20		413		54		(13		)	5,541
	Cityside Crossing		Houston, TX		12/19/12		14,425		(2)	1,949		11,676		37		763		49		(68		)	14,406
	The Reserve at		Memphis, TN		12/7/12		2,275			775		1,124		39		337		16		(90		)	2,201
	Mount Moriah
	Mosaic		Oklahoma City, OK		12/6/12		2,050		(2)	545		1,422		16		67		14		(16		)	2,048
	Williamsburg Apartments		Cincinnati, OH		6/20/12		41,250			3,223		35,111		1,007		1,909		49		(274		)	41,025
	Cannery Lofts		Dayton, OH		6/6/12	(4)	7,100			160		7,913		200		609		35		—			8,917
	The Redford		Houston, TX		3/27/12		11,400			4,073		5,235		262		1,558		272		—			11,400
	Campus Club		Tampa, FL		2/21/12	(5)	8,300			1,650		6,250		200		435		—		—			8,535
	Apartments
	Vista Apartment		Philadelphia, PA		8/2/11	(6)	12,000			1,163		9,913		—		535		530		(141		)	12,000
	Homes
	Arcadia at		Houston, TX		10/5/10	(7)	7,800			943		6,599		—		258		—		—			7,800
	Westheimer
	107th Avenue		Omaha, NE		8/26/10		250			25		196		—		4		—		—			225
	-1	Purchase price excludes closing costs and acquisition expenses. For properties acquired through foreclosure, the purchase price reflects the contract purchase price of the note.
	-2	Asset valuations are based on preliminary valuations at the date of purchase. The Company is in the process of obtaining an appraisal to finalize the valuation. The Company has up to 12 months from the date of acquisition to finalize the valuation.
	-3	Deerfield originally served as the collateral for a non-performing note that the Company purchased on March 21, 2012. On July 19, 2012, the Company was the successful bidder at a foreclosure sale and formally received title to the property on January 22, 2013.
	-4	Cannery Lofts originally served as the collateral for a non-performing note that the Company purchased on May 13, 2011. On December 21, 2011, the Company entered into a settlement agreement with the borrower and, subsequently, the Company foreclosed and formally received title to the property on June 6, 2012.
	-5	Campus Club Apartments originally served as collateral for a non-performing note that the Company purchased on October 21, 2011. On February 9, 2012, the Company was the successful bidder at a foreclosure sale and took title to the property on February 21, 2012.
	-6	Vista Apartment Homes, formerly known as Iroquois Apartments, originally served as the collateral for a non-performing promissory note that the Company purchased on June 17, 2011. On August 2, 2011, the Company was the successful bidder at a sheriff's sale and formally received title to the property.
	-7	Arcadia at Westheimer originally served as the collateral for a non-performing promissory note that the Company purchased on September 3, 2010. The Company commenced foreclosure proceedings and, on October 5, 2010, formally received title to the property.
	Acquisitions
	The Company acquired ten properties, as follows, during the nine months ended September 30, 2013. In order to finalize the fair values of the acquired assets and liabilities, third-party appraisals were obtained for two of the properties acquired during the nine months ended September 30, 2013. The Company estimated the fair values of certain of the acquired assets and liabilities for the other eight properties acquired during the nine months ended September 30, 2013 based on preliminary valuations at the date of purchase. The Company is in the process of obtaining third-party appraisals in order to finalize these estimated values. Thus, the provisional measurements of fair values set forth below are subject to change. Such changes could be significant. The Company expects to finalize the valuation and complete the purchase price allocation for each property as soon as practicable but no later than one year from the respective acquisition date.
	Deerfield
	On March 21, 2012, the Company purchased, at a discount, a non-performing promissory note (the "Deerfield Note") that was secured by a first priority mortgage on a multifamily rental community in Hermantown, Minnesota. The contract purchase price for the Deerfield Note was $10.3 million, excluding closing costs.  The Company paid an acquisition fee of $217,000, or 2% of the purchase price including closing costs, to the Advisor. On July 19, 2012, the Company was the successful bidder at a foreclosure sale of the property securing the Deerfield Note and took title to the property on January 22, 2013 (see Note 17).
	The following table reflects the estimated values of the net assets acquired (in thousands):
	Rental property:
	Land	$	1,028
	Buildings	8,592
		9,620
	Acquired intangibles − in-place leases	680
	Prepaid insurance	1
	Security deposits	(4		)
	Estimated fair value assigned	$	10,297
	One Hundred Chevy Chase Apartments
	On March 13, 2013, the Company purchased a multifamily residential rental apartment complex located in Lexington, Kentucky, known as One Hundred Chevy Chase Apartments (formerly known as Kenwick & Canterbury), for $6.9 million, excluding closing costs.  The Company paid an acquisition fee of $139,000, or 2% of the purchase price including closing costs, to the Advisor.
	The following table reflects the values of the net assets acquired (in thousands):
	Rental property:
	Land	$	1,323
	Buildings	4,981
	Personal Property	41
		6,345
	Acquired intangibles − in-place leases	505
	Prepaid insurance	7
Accrued real estate taxes	(17		)
Prepaid rents	(10		)
Security deposits	(74		)
Estimated fair value assigned	$	6,756
Ivy at Clear Creek
On March 28, 2013, the Company purchased a multifamily residential rental apartment complex located in Houston, Texas, known as Ivy at Clear Creek (formerly known as Armand Place), for $11.8 million, excluding closing costs.  The Company paid an acquisition fee of $236,000, or 2% of the purchase price including closing costs, to the Advisor.
The following table reflects the estimated values of the net assets acquired (in thousands):
Rental property:
Land	$	1,877
Buildings	9,175
Personal Property	28
	11,080
Acquired intangibles − in-place leases	670
Prepaid insurance	8
Accrued real estate taxes	(68		)
Prepaid rents	(14		)
Security deposits	(45		)
Estimated fair value assigned	$	11,631
Retreat at Rocky Ridge
On April 18, 2013, the Company purchased a multifamily residential rental apartment complex located in Hoover, Alabama, known as Retreat at Rocky Ridge (formerly known as Autumn Wood), for $8.5 million, excluding closing costs.  The Company paid an acquisition fee of $172,000, or 2% of the purchase price including closing costs, to the Advisor.
The following table reflects the values of the net assets acquired (in thousands):
Rental property:
Land	$	1,616
Buildings	6,418
Personal Property	30
	8,064
Acquired intangibles − in-place leases	436
Prepaid insurance	2
Accrued real estate taxes	(67		)
Prepaid rents	(6		)
Security deposits	(16		)
Estimated fair value assigned	$	8,413
Village Square
On June 24, 2013, the Company purchased a multifamily residential rental apartment complex located in Houston, Texas, known as Village Square, for $27.2 million excluding closing costs.  The Company paid an acquisition fee of $545,000, or 2% of the purchase price including closing costs, to the Advisor.
The following table reflects the estimated values of the net assets acquired (in thousands):
Rental property:
Land	$	4,625
Buildings	22,369
	26,994
Acquired intangibles − in-place leases	206
Prepaid insurance	40
Accrued real estate taxes	(132		)
Prepaid rents	(8		)
Security deposits	(30		)
Estimated fair value assigned	$	27,070
Nob Hill
On June 27, 2013, the Company purchased a multifamily residential rental apartment complex located in Winter Park, Florida, known as Nob Hill, for $10.1 million, excluding closing costs.  The Company paid an acquisition fee of $203,000, or 2% of the purchase price including closing costs, to the Advisor.
The following table reflects the estimated values of the net assets acquired (in thousands):
Rental property:
Land	$	3,659
Buildings	5,987
	9,646
Acquired intangibles − in-place leases	454
Prepaid insurance	50
Accrued real estate taxes	(39		)
Prepaid rents	(4		)
Security deposits	(18		)
Estimated fair value assigned	$	10,089
Brentdale
On July 25, 2013, the Company purchased a multifamily residential rental apartment complex located in Plano, Texas, known as Brentdale, for $32.2 million, excluding closing costs.  The Company paid an acquisition fee of $645,000, or 2% of the purchase price including closing costs, to the Advisor.
The following table reflects the estimated values of the net assets acquired (in thousands):
Rental property:
Land	$	5,604
Buildings	25,936
	31,540
Acquired intangibles − in-place leases	660
Prepaid insurance	52
Accrued real estate taxes	(244		)
Prepaid rents	(4		)
Security deposits	(69		)
Estimated fair value assigned	$	31,935
Jefferson Point
On September 9, 2013, the Company purchased a multifamily residential rental apartment complex located in Newport News, Virginia, known as Jefferson Point, for $18.3 million, excluding closing costs.  The Company paid an acquisition fee of $367,000, or 2% of the purchase price including closing costs, to the Advisor.
The following table reflects the estimated values of the net assets acquired (in thousands):
Rental property:
Land	$	5,533
Buildings	12,332
	17,865
Acquired intangibles − in-place leases	385
Prepaid insurance	23
Accrued real estate taxes	(37		)
Prepaid rents	(4		)
Security deposits	(18		)
Estimated fair value assigned	$	18,214
Pinnacle
On September 30, 2013, the Company purchased a multifamily residential rental apartment complex located in Westminster, Colorado, known as Pinnacle, for $24.3 million, excluding closing costs.  The Company paid an acquisition fee of $486,000, or 2% of the purchase price including closing costs, to the Advisor.
The following table reflects the estimated values of the net assets acquired (in thousands):
Rental property:
Land	$	4,325
Buildings	19,033
	23,358
Acquired intangibles − in-place leases	892
Prepaid insurance	20
Accrued real estate taxes	(99		)
Prepaid rents	(8		)
Security deposits	(40		)
Estimated fair value assigned	$	24,123
Centennial
On September 30, 2013, the Company purchased a multifamily residential rental apartment complex located in Littleton, Colorado, known as Centennial, for $30.6 million, excluding closing costs.  The Company paid an acquisition fee of $613,000, or 2% of the purchase price including closing costs, to the Advisor.
The following table reflects the estimated values of the net assets acquired (in thousands):
Rental property:
Land	$	7,041
Buildings	22,498
	29,539
Acquired intangibles − in-place leases	1,060
Prepaid insurance	24
Accrued real estate taxes	(122		)
Prepaid rents	(12		)
Security deposits	(56		)
Estimated fair value assigned	$	30,433

DISPOSITION_OF_PROPERTIES_AND_

DISPOSITION OF PROPERTIES AND DISCONTINUED OPERATIONS	9 Months Ended
	Sep. 30, 2013
Discontinued Operations and Disposal Groups [Abstract]	'
DISPOSITION OF PROPERTIES AND DISCONTINUED OPERATIONS	'
	DISPOSITION OF PROPERTIES AND DISCONTINUED OPERATIONS
	The Company reports its property dispositions as discontinued operations. Assuming no significant continuing involvement by the Company after the sale, the sale of property is considered a discontinued operation.  Included in discontinued operations for the three and nine months ended September 30, 2013 and 2012 are the operating results of the two properties discussed below.
	The Company sold the Heatherwood Apartments, which was originally obtained through foreclosure in February 2012, to an unaffiliated purchaser for $1.0 million on April 18, 2013 and recognized a loss on disposition of $31,000. The Company provided the purchaser with financing for $800,000 and the purchaser paid cash of $200,000 in connection with the disposition.
	The Company sold the Town Park Apartments to an unaffiliated purchaser on April 30, 2013 for $10.3 million and recognized a gain of approximately $3.2 million on disposition.
	The results of discontinued operations are summarized for the three and nine months ended September 30, 2013 and 2012 as follows (in thousands):
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013			2012			2013			2012
	Revenues:
	Rental income	$	—		$	777		$	1,081		$	2,118
	Gain on foreclosure	—			36			—			1,232
	Total revenues	—			813			1,081			3,350
	Expenses:
	Rental operating	23			609			810			1,755
	Acquisition Costs	—			—			—			3
	Management fees - related parties	—			46			62			130
	General and administrative	1			85			225			271
	Loss on property impairment	—			—			539			—
	Depreciation and amortization expense	—			209			141			547
	Total expenses	24			949			1,777			2,706
	(Loss) income from discontinued operations	(24		)	(136		)	(696		)	644
	Gain on dispositions	—			—			3,173			—
	Insurance proceeds in excess of cost basis	—			25						175
	(Loss) income from discontinued operations, net	$	(24	)	$	(111	)	$	2,477		$	819
	Weighted average common shares outstanding	36,156			15,953			33,055			12,979
	Basic and diluted (loss) income per common share	$	—		$	(0.01	)	$	0.08		$	0.06

IDENTIFIED_INTANGIBLE_ASSETS_N

IDENTIFIED INTANGIBLE ASSETS, NET	9 Months Ended
	Sep. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]	'
IDENTIFIED INTANGIBLE ASSETS, NET	'
	IDENTIFIED INTANGIBLE ASSETS, NET
	Identified intangible assets, net, consisted of rental and antennae leases and leasing commissions. The value of the acquired in-place leases totaled $12.4 million and $6.8 million as of September 30, 2013 and December 31, 2012, respectively, less accumulated amortization of $8.5 million and $5.2 million, respectively.  The weighted-average remaining life of the rental leases is 11.6 months and one month as of September 30, 2013 and December 31, 2012, respectively.  The leasing commissions, valued at $306,000, were fully amortized as of December 31, 2012.  Expected amortization for the antennae leases at the Vista Apartment Homes is $16,000 annually through 2025.  Total amortization expense was $4.1 million and $2.0 million for the nine months ended September 30, 2013 and 2012, respectively. Expected amortization for the rental and antennae leases for the next five years ending September 30, and thereafter, is as follows (in thousands):
	2014	$	3,698
	2015	16
	2016	16
	2017	16
	2018	16
	Thereafter	118
		$	3,880

MORTGAGE_NOTES_PAYABLE

MORTGAGE NOTES PAYABLE	9 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]	'
MORTGAGE NOTES PAYABLE	'
	MORTGAGE NOTES PAYABLE
	On April 3, 2012, the Company, through its operating partnership, entered into a mortgage loan (the “Iroquois Mortgage Note”) for $9.2 million.  The Iroquois Mortgage Note bears interest at one-month London Interbank Offered Rate (“LIBOR”) plus 2.61% and requires monthly payments of principal and interest.  The amount outstanding under the Iroquois Mortgage Note may be prepaid in full after the first year of its term at a 1.0% premium based on the principal being repaid and with no prepayment premium during the last three months of its term. The Iroquois Mortgage Note is secured by a first lien mortgage on the assets of the Vista Apartment Homes. The Company recorded interest expense on the Iroquois Mortgage Note of $64,000 and $66,000 for the three months ended September 30, 2013 and 2012, respectively, and $191,000 and $130,000 for the nine months ended September 30, 2013 and 2012, respectively.
	On August 22, 2013, the Company, through a wholly-owned subsidiary, entered into a mortgage loan (the “Cannery Mortgage Note”) for $8.2 million.  The Cannery Mortgage Note bears interest at one-month LIBOR plus 3.30% and requires monthly payments of interest only through September 2015, at which point payments of principal and interest are required through the maturity date of September 1, 2020.  The amount outstanding under the Cannery Mortgage Note may be prepaid in full after the first year of its term at a 1.0% premium based on the principal being repaid and with no prepayment premium during the last three months of its term. The Cannery Mortgage Note is secured by a first lien mortgage on the assets of the Cannery Lofts. The Company recorded interest expense on the Cannery Mortgage Note of $32,000 for both the three and nine months ended September 30, 2013.
	The following is a summary of the mortgage notes payable (dollars in thousands):
	Collateral		Balance		Maturity	Annual		Average
			Outstanding at		Date	Interest Rate		Monthly Debt
			30-Sep-13					Service
	Vista Apartment Homes		$	8,896	5/1/17	2.79%	(1)	$	38
	Cannery Lofts		8,190		9/1/20	3.48%	(2)	24
	-1	One-month LIBOR (0.179% as of September 30, 2013) plus 2.61% margin.
	-2	One-month LIBOR plus 3.30% margin.
	Annual principal payments on the mortgage notes payable for each of the next five years ending September 30 are as follows (in thousands):
	2014	$	200
	2015	206
	2016	1,920
	2017	9,916
	2018	1,693
	Thereafter	$	3,151
		$	17,086
	The mortgage notes payable are recourse only with respect to the Vista Apartment Homes and Cannery Lofts, subject to certain limited standard exceptions, as defined in the mortgage notes. These exceptions are referred to as “carveouts.” The Company has guaranteed the carveouts described in the mortgage notes by executing a guarantee with respect to the Vista Apartment Homes and Cannery Lofts.  In general, carveouts relate to damages suffered by the lender for a borrower’s failure to pay rents, insurance or condemnation proceeds to lender, failure to pay water, sewer and other public assessments or charges, failure to pay environmental compliance costs or to deliver books and records, in each case as required in the loan documents.  The exceptions also require the Company to guarantee payment of audit costs, lender’s enforcement of its rights under the loan documents and payment of the loans if the borrowers voluntarily file for bankruptcy or seek reorganization, or if a related party of the borrower does so with respect to the subsidiaries.

REVOLVING_CREDIT_FACILITY

REVOLVING CREDIT FACILITY	9 Months Ended
	Sep. 30, 2013
Line of Credit Facility [Abstract]	'
REVOLVING CREDIT FACILITY	'
	REVOLVING CREDIT FACILITY
	On December 2, 2011, the Company, through its operating partnership, entered into a secured revolving credit facility (the “Credit Facility”) with Bank of America, N.A.  On May 23, 2013 the Company amended the Credit Facility to increase the amount it may borrow under the Credit Facility from $25.0 million to $50.0 million. Draws under the Credit Facility are secured by certain of the Company's properties with an aggregate value of $41.4 million and are guaranteed by the Company.  The amount currently available to be borrowed is $16.1 million. The Company paid certain closing costs in connection with the Credit Facility, including loan fees totaling $318,750. As of both September 30, 2013 and December 31, 2012, the Company had outstanding borrowings of $760,000 under the Credit Facility.
	The Credit Facility, as amended, matures on May 23, 2017, and may be extended to May 23, 2019 subject to satisfaction of certain terms and conditions and payment of an extension fee equal to 0.2% of the amount committed under the Credit Facility at the time of any such extension. Interest on outstanding borrowings is incurred at a rate of one-month LIBOR plus 3.0% (3.179% at September 30, 2013).  The Company is required to make monthly interest-only payments.  The Company also may prepay the Credit Facility in whole or in part at any time without premium or penalty. The Company recorded interest expense of $6,000 and $131,000 for the three months ended September 30, 2013 and 2012, respectively, and $15,000 and $134,000, for the nine months ended September 30, 2013 and 2012, respectively.
	The Credit Facility requires a certain minimum tangible net worth and a certain amount of unencumbered liquid assets. The Company was in compliance with all of its financial debt covenants at September 30, 2013.

DEFERRED_FINANCING_COSTS

DEFERRED FINANCING COSTS	9 Months Ended
	Sep. 30, 2013
DEFERRED FINANCING COSTS [Abstract]	'
DEFERRED FINANCING COSTS	'
	DEFERRED FINANCING COSTS
	Deferred financing costs incurred to obtain financing are amortized over the term of the related debt.  Accumulated amortization as of September 30, 2013 and December 31, 2012 was approximately $357,000 and $199,000, respectively.  Estimated amortization of the existing deferred financing costs for the next five years ending September 30, is as follows (in thousands):
	2014	$	230
	2015	205
	2016	204
	2017	142
	2018	29
	Thereafter	55
		$	865

CERTAIN_RELATIONSHIPS_AND_RELA

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS	'
	CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
	In the ordinary course of its business operations, the Company has ongoing relationships with several related parties.
	Relationship with RAI
	The majority of the receivables from related parties represents escrow funds held by RAI for insurance on the Company's properties. The Company's properties are partially self-insured with respect to property and casualty losses. RAI holds the escrow funds related to the self-insurance pool on its books. Therefore unforeseen or catastrophic losses in excess of the Company's insured limits could have a material adverse effect on the Company's financial condition and operating results.
	Relationship with the Advisor
	In September 2009, the Company entered into an advisory agreement (the “Advisory Agreement”) pursuant to which the Advisor provides the Company with investment management, administrative and related services.  The Advisory Agreement was amended in January 2010 and further amended in January 2011.  The Advisory Agreement has a one-year term and renews for an unlimited number of successive one-year terms upon the approval of the conflicts committee of the Company's board of directors.  The Company renewed the advisory agreement for another year on September 12, 2013. Under the Advisory Agreement, the Advisor receives fees and is reimbursed for its expenses as set forth below:
	Acquisition fees. The Company pays the Advisor an acquisition fee of 2% of the cost of investments acquired on behalf of the Company, plus any capital expenditure reserves allocated, or the amount funded by the Company to acquire loans, including acquisition expenses and any debt attributable to such investments.
	Asset management fees. The Company pays the Advisor a monthly asset management fee equal to one-twelfth of 1% of the higher of the cost or the independently appraised value of each asset, without deduction for depreciation, bad debts or other non-cash reserves.  The asset management fee is based only on the portion of the costs or value attributable to the Company’s investment in an asset if the Company does not own all or a majority of an asset and does not manage or control the asset.
	Disposition fees. The Advisor earns a disposition fee in connection with the sale of a property equal to the lesser of one-half of the aggregate brokerage commission paid, or 2.75% of the contract sales price.  No properties were sold during the three months ended September 30, 2013. Two properties were sold during the nine months ended September 30, 2013 and disposition fees were paid to the Advisor, which are included in general and administrative expenses. No properties were sold during the three and nine months ended September 30, 2012 and therefore, no disposition fees were paid during these periods.
	Debt financing fees. The Advisor earns a debt financing fee equal to 0.5% of the amount available under any debt financing obtained for which the Advisor provided substantial services.  On August 22, 2013, the Company entered into the Cannery Mortgage Note, the details of which are summarized in Note 9 above. The Advisor earned and received debt financing fees for this transaction, which are included in the "Fees earned/ expenses paid to related parties" summary schedule below.
	Expense reimbursements. The Company also pays directly or reimburses the Advisor for all of the expenses paid or incurred by the Advisor or its affiliates on behalf of the Company or in connection with the services provided to the Company in relation to its ongoing public offering.  This includes all organization and offering costs of up to 2.5% of gross offering proceeds.
	Reimbursements also include expenses the Advisor incurs in connection with providing services to the Company, including the Company’s allocable share of costs for Advisor personnel and overhead, out of pocket expenses incurred in connection with the selection and acquisition of properties or other real estate related debt investments, whether or not the Company ultimately acquires the investment.  However, the Company will not reimburse the Advisor or its affiliates for employee costs in connection with services for which the Advisor earns acquisition or disposition fees.
	Relationship with Resource Real Estate Opportunity Manager
	Resource Real Estate Opportunity Manager, LLC (the “Manager”), an affiliate of the Advisor, manages the Company's real estate properties and real estate-related debt investments and coordinates the leasing of, and manages construction activities related to, some of the Company’s real estate properties pursuant to the terms of the management agreement with the Manager.
	Property management fees. The Manager is entitled to specified fees upon the provision of certain services, including a construction management fee and property management/debt servicing fees.
	Debt servicing fees. The Manager earns a debt servicing fee of 2.75% on payments received from loans held by the Company for investment.
	Expense reimbursement. During the ordinary course of business, the Manager or other affiliates of RAI may pay certain shared operating expenses on behalf of the Company.
	Relationship with Resource Securities
	Resource Securities, Inc. (“Resource Securities,” formerly known as Chadwick Securities, Inc.), an affiliate of the Advisor, has been engaged to serve as the Company’s dealer-manager and is responsible for marketing the Company’s shares in its public offering.  Pursuant to the terms of the dealer-manager agreement with Resource Securities, the Company pays Resource Securities a selling commission of up to 7% of gross public offering proceeds and a dealer-manager fee of up to 3% of gross offering proceeds.
	Resource Securities reallows all selling commissions earned and up to 1% of the dealer-manager fee as a marketing fee to participating broker-dealers.  No selling commissions or dealer-manager fees are earned by Resource Securities in connection with sales under the distribution reinvestment plan.  Additionally, the Company may reimburse Resource Securities for bona fide due diligence expenses.
	Relationship with Other Related Parties
	The Company has also made payment for legal services to the law firm of Ledgewood P.C. (“Ledgewood”).  Until 1996, the Chairman of RAI was of counsel to Ledgewood.  In connection with the termination of his affiliation with Ledgewood and its redemption of his interest, the Chairman continues to receive certain payments from Ledgewood.  Until March 2006, a current executive of RAI was the managing member of Ledgewood.  This executive remained of counsel to Ledgewood through June 2007, at which time he became an Executive Vice President of RAI.  In connection with his separation, this executive is entitled to receive payments from Ledgewood through 2013.
	The Company utilizes the services of a printing company, Graphic Images, LLC (“Graphic Images”), whose principal owner is the father of RAI’s Chief Financial Officer.
	The fees earned / expenses paid and the amounts payable to such related parties are summarized in the following tables (in thousands):
		September 30,			December 31,
		2013			2012
	Receivables from related parties:
	RAI and affiliates	$	466		$	—
	Payables to related parties:
	Advisor:
	Acquisition fees	$	155		$	—
	Asset management fees	—			10
	Organization and operating costs	4			—
	Expense reimbursements	88			28
	Resource Real Estate Opportunity Manager, LLC:
	Property management fees	305			103
	Operating expense reimbursements	666			262
	Resource Securities, Inc.
	Selling commissions and dealer manager fees	244			268
		$	1,462		$	671
			Three Months Ended						Nine Months Ended
			September 30,						September 30,
			2013			2012			2013		2012
	Fees earned / expenses paid to related parties:
	Advisor:
	Acquisition fees		$	2,468		$	(50	)	$	4,300	$	1,628
	Asset management fees		$	717		$	309		$	1,640	$	659
	Dispositions fees		$	—		$	—		$	116	$	—
	Debt financing fees		$	41		$	—		$	41	$	119
	Organization and offering costs		$	71		$	—		$	274	$	291
	Overhead allocation		$	131		$	89		$	329	$	477
	Resource Real Estate Opportunity Manager LLC:
	Property management fees		$	482		$	300		$	1,256	$	617
	Debt servicing fees		$	2		$	1		$	4	$	3
	Resource Securities, Inc.:
	Selling commissions and dealer manager fees		$	10,031		$	3,078		$	21,887	$	8,084
	Other:
	Ledgewood		$	56		$	18		$	138	$	43
	Graphic Images		$	120		$	139		$	340	$	464

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2013
Equity [Abstract]	'
EQUITY	'
	EQUITY
	Preferred Stock
	The Company’s charter authorizes the Company to issue 10.0 million shares of its $0.01 par value preferred stock.  As of September 30, 2013 and December 31, 2012, no shares of preferred stock had been issued.
	Common Stock and Distribution Reinvestment Plan
	As of September 30, 2013, the Company had issued an aggregate of 46,581,720 shares of its $0.01 par value common stock as follows (dollars in thousands):
		Shares Issued		Gross Proceeds
	Shares issued through private offering	1,263,727		$	12,500
	Shares issued through primary public offering	42,966,691		427,600
	Shares issued through stock distributions	1,566,394		—
	Shares issued through distribution reinvestment plan	769,408		7,300
	Shares issued in conjunction with the Advisor's initial investment,	15,500		200
	net of 4,500 share conversion
	Total	46,581,720		$	447,600
	Convertible Stock
	As of September 30, 2013 and December 31, 2012, the Company had 50,000 shares of its $0.01 par value convertible stock outstanding of which the Advisor and affiliated persons own 49,063 shares and outside investors own 937 shares.  The convertible stock will convert into shares of the Company’s common stock upon the occurrence of (a) the Company having paid distributions to common stockholders that in the aggregate equal 100% of the price at which the Company originally sold the shares plus an amount sufficient to produce a 10% cumulative, non-compounded annual return on the shares at that price; or (b) if the Company lists its common stock on a national securities exchange and, on or after the 31st trading day following the listing, the Company’s value based on the average trading price of its common stock since the listing, plus prior distributions, combine to meet the same 10% return threshold.
	Redemption of Securities
	During the three months ended September 30, 2013, the Company redeemed 7,114 shares of its common stock for $60,540 (average redemption price of $8.51 per share) under its share redemption program. During the nine months ended September 30, 2013, the Company redeemed 31,126 shares of its common stock for $254,215 (average redemption price of $8.17 per share), under its share redemption program. All shares tendered and eligible for redemption were redeemed during the nine months ended September 30, 2013. During the nine months ended September 30, 2012, the Company did not redeem any shares of its common stock.
	Distributions
	For the nine months ended September 30, 2013, the Company paid aggregate distributions of $9.4 million, including $3.2 million of distributions paid in cash and $6.3 million of distributions reinvested through its distribution reinvestment plan, as follows:
						Distribution
		Per				Invested in
	Record	Common			Distribution	shares of		Aggregate
	Date	Share			Date	Common Stock		Distribution
	December 31, 2012	$	0.075		January 15, 2013	$	1,053	$	1,671
	January 31, 2013	0.025			February 15, 2013	382		599
	February 28, 2013	0.025			March 15, 2013	420		647
	April 1, 2013	0.025			April 15, 2013	466		709
	April 30, 2013	0.025			May 1, 2013	512		770
	May 31, 2013	0.033			June 3, 2013	744		1,104
	June 28, 2013	0.033			July 1, 2013	804		1,183
	July 31, 2013	0.033			August 1, 2013	890		1,302
	August 30, 2013	0.033			September 3, 2013	983		1,424
						$	6,254	$	9,409
	On July 9, 2013, the Company's Board of Directors declared cash distributions of $1.5 million ($0.033 per common share) to stockholders of record as of the close of business on September 30, 2013, which were paid on October 1, 2013. As the distributions paid on October 1, 2013 were not paid during the nine months ended September 30, 2013, these distributions are not included in the aggregate distributions paid during this period as disclosed above.
	Since its formation, the Company has declared a total of seven quarterly stock distributions of 0.015 shares each, two quarterly distributions of 0.0075 shares each, one quarterly distribution of 0.00585 shares each, and one quarterly distribution of 0.005 shares each of its common stock outstanding. In connection with these stock distributions, the Company has increased its accumulated deficit by $27 million as of September 30, 2013.

FAIR_VALUE_MEASUREMENTS_AND_DI

FAIR VALUE MEASUREMENTS AND DISCLOSURES	9 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
FAIR VALUE MEASUREMENTS AND DISCLOSURES	'
	FAIR VALUE MEASUREMENTS AND DISCLOSURES
	In analyzing the fair value of its investments accounted for on a fair value basis, the Company follows the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.  The Company determines fair value based on quoted prices when available or, if quoted prices are not available, through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. The fair value of cash, tenant receivables and accounts payable, approximate their carrying value due to their short nature.  The hierarchy followed defines three levels of inputs that may be used to measure fair value:
	Level 1 - Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date.
	Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability.
	Level 3 - Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques.
	The determination of where an asset or liability falls in the hierarchy requires significant judgment.  The Company evaluates its hierarchy disclosures each quarter; depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter.  However, the Company expects that changes in classifications between levels will be rare.
	Rental properties obtained through a foreclosed note are measured at fair value on a non-recurring basis.  The fair value of rental properties is usually estimated based on information obtained from a number of sources, including information obtained about each property as a result of pre-acquisition due diligence, marketing and leasing activities.  The Company allocates the purchase price of properties to acquired tangible assets, consisting of land, buildings, fixtures and improvements, and identified intangible lease assets and liabilities, consisting of the value of above-market and below-market leases, as applicable, the value of in-place leases and the value of tenant relationships, based in each case on their fair values.
	The following table presents information about the Company’s rental properties measured at fair value on a non-recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value (in thousands):
		Level 1			Level 2			Level 3			Total
	September 30, 2013
	Assets:
	Deerfield	$	—		$	—		$	10,297		$	10,297
	Rental properties, net	$	—		$	—		$	10,297		$	10,297
	31-Dec-12
	Assets:
	Cannery	$	—		$	—		$	8,917		$	8,917
	Heatherwood	—			—			1,889			1,889
	Campus Club	—			—			8,535			8,535
	Rental properties, net	$	—		$	—		$	19,341		$	19,341
	The carrying and fair values of the Company’s loans held for investment, net, mortgage note payable and revolving credit facility were as follows (in thousands):
		September 30, 2013						December 31, 2012
		Carrying			Fair			Carrying			Fair
		Amount			Value			Amount			Value
	Loans held for investment, net	$	1,753		$	1,753		$	11,109		$	11,109
	Mortgage notes payable	(17,086		)	$	(16,518	)	$	(9,043	)	$	(9,043	)
	Revolving credit facility	(760		)	$	(760	)	$	(760	)	$	(760	)
	The fair values of the loans held for investment, net, were estimated by comparing the recorded amount of the loans to the fair value of the respective collateral.
	The fair value of the mortgage notes payable was estimated using rates available to the Company for debt with similar terms and remaining maturities.
	The fair value of the revolving credit facility and the mortgage note payable equals the carrying amount because the credit facility interest rate is variable.

OPERATING_EXPENSE_LIMITATION

OPERATING EXPENSE LIMITATION	9 Months Ended
	Sep. 30, 2013
OPERATING EXPENSE LIMITATION WAIVER [Abstract]	'
OPERATING EXPENSE LIMITATION	'
	OPERATING EXPENSE LIMITATION
	Under its charter, the Company must limit its total operating expenses to the lesser of 2% of its average invested assets or 25% of its net income for the four most recently completed fiscal quarters, unless the conflicts committee of the Company’s board of directors has determined that such excess expenses were justified based on unusual and non-recurring factors.  Operating expenses for the four fiscal quarters ended September 30, 2013 did not exceed the charter imposed limitation.

GAIN_ON_INSURANCE_CLAIM

GAIN ON INSURANCE CLAIM	9 Months Ended
	Sep. 30, 2013
GAINS ON INSURANCE CLAIMS [Abstract]	'
GAIN ON INSURANCE CLAIM	'
	GAIN ON INSURANCE CLAIM
	On January 3, 2012, a fire damaged five units at the Town Park Apartments.  The Company was insured for both the property damage and the loss of rental income.  The Company reduced the net carrying value of the building and improvements by $98,000.  During the nine months ended September 30, 2012, the Company received insurance proceeds of $275,000 and incurred $1,000 of related expenses.  Accordingly, these expenses and the excess of proceeds over the carrying value of the property were recorded as insurance proceeds in excess of cost basis, which are included in (loss) income from discontinued operations.

GAIN_ON_FORECLOSURE

GAIN ON FORECLOSURE	9 Months Ended
	Sep. 30, 2013
GAIN ON FORECLOSURE [Abstract]	'
GAIN ON FORECLOSURE	'
	GAIN ON FORECLOSURE
	On January 22, 2013, the Company completed the foreclosure of Deerfield. The Company’s fair value of the property exceeded the carrying value of the Deerfield Note by $148,000. After making adjustments to security deposits totaling $81,000, the Company recorded a net gain on foreclosure of $67,000.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2013
Subsequent Events [Abstract]	'
SUBSEQUENT EVENTS	'
	SUBSEQUENT EVENTS
	From October 1 to November 12, 2013, the Company raised an additional $84.6 million in offering proceeds through the issuance of 8.5 million shares of common stock.  As of November 12, 2013, 23,653,626 shares remained available for sale to the public under the primary public offering, exclusive of shares available under the Company’s distribution reinvestment plan.
	On October 25, 2013, the Company purchased a 437 unit multifamily community located in Alpharetta, Georgia from an unaffiliated seller for $26.3 million.
	On October 29, 2013, the Company entered into a mortgage loan (the “Village Square Mortgage Loan”) with Berkadia Commercial Mortgage LLC, as lender, to borrow approximately $19.4 million. The Village Square Mortgage Loan matures on November 1, 2023 and bears interest at one-month LIBOR plus 2.41%. The Village Square Mortgage Loan requires monthly payments of interest only for the first year of its term, followed by monthly payments of principal and interest for the remainder of the term of the loan. The amount outstanding under the Village Square Mortgage Loan may be prepaid in full (i) during the first year of its term with the payment of a prepayment premium in the amount of 5% of the principal being repaid, (ii) after the first year of its term with the payment of a prepayment premium in the amount of 1% of the principal being repaid, and (iii) with no prepayment premium during the last three months of its term. The Village Square Mortgage Loan is secured by a first mortgage lien on the assets of Village Square, including the land, fixtures, improvements, leases, rents and reserves.
	On October 29, 2013, the Company entered into a mortgage loan (the “Ivy Mortgage Loan”) with Berkadia Commercial Mortgage LLC, as lender, to borrow approximately$8.6 million. The Ivy Mortgage Loan matures on November 1, 2023 and bears interest at one-month LIBOR plus 2.41%. The Ivy Mortgage Loan requires monthly payments of interest only for the first year of its term, followed by monthly payments of principal and interest for the remainder of the term of the loan. The amount outstanding under the Ivy Mortgage Loan may be prepaid in full (i) during the first year of its term with the payment of a prepayment premium in the amount of 5% of the principal being repaid, (ii) after the first year of its term with the payment of a prepayment premium in the amount of 1% of the principal being repaid, and (iii) with no prepayment premium during the last three months of its term. The Ivy Mortgage Loan is secured by a first mortgage lien on the assets of Ivy at Clear Creek, including the land, fixtures, improvements, leases, rents and reserves.
	On October 31, 2013, the Company entered into a mortgage loan (the “Deerfield Mortgage Loan”) with Amerisphere Multifamily Finance, L.L.C., as lender, to borrow approximately $10.5 million. The Deerfield Mortgage Loan matures on November 1, 2020 and bears interest at a fixed rate of 4.66%. The Deerfield Mortgage Loan requires monthly payments of interest only for the first two years of its term, followed by monthly payments of principal and interest for the remainder of the term of the loan. The amount outstanding under the Deerfield Mortgage Loan may be prepaid in full at any time with the payment of a prepayment premium in the amount of (i) the greater of 1% of the principal being repaid or the yield maintenance amount if the prepayment is made before October 31, 2016, (ii) 1% of the principal being repaid if the prepayment is made at any time on or after October 31, 2016 and before the last three months of its term, and (iii) no prepayment premium if the prepayment is made during the last three months of its term. The Deerfield Mortgage Loan is secured by a first mortgage lien on the assets of the Deerfield Luxury Townhomes, including the land, fixtures, improvements, leases, rents and reserves.
	The Company has evaluated subsequent events and determined that no events have occurred, including those disclosed above, which would require an adjustment to the consolidated financial statements.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Principles of Consolidation	'
	The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows:
	Subsidiary		Apartment	Number	Location
			Complex	of Units
	RRE Opportunity Holdings, LLC		N/A	N/A	N/A
	Resource Real Estate Opportunity OP, LP		N/A	N/A	N/A
	RRE 107th Avenue Holdings, LLC		107th Avenue	5	Omaha, NE
	RRE Westhollow Holdings, LLC		Arcadia	404	Houston, TX
	RRE Crestwood Holdings, LLC (a)		Town Park (a)	270	Birmingham, AL
	RRE Iroquois, LP		Vista Apartment Homes	133	Philadelphia, PA
	RRE Iroquois Holdings, LLC		N/A	N/A	N/A
	RRE Campus Club Holdings, LLC		Campus Club	64	Tampa, FL
	RRE Bristol Holdings, LLC		The Redford	856	Houston, TX
	RRE Cannery Holdings, LLC		Cannery Lofts	156	Dayton, OH
	RRE Williamsburg Holdings, LLC		Williamsburg	976	Cincinnati, OH
	RRE Skyview Holdings, LLC		Cityside Crossing	360	Houston, TX
	RRE Park Forest Holdings, LLC		Mosaic	216	Oklahoma City, OK
	RRE Foxwood Holdings, LLC		The Reserve at Mt. Moriah	220	Memphis, TN
	RRE Flagstone Holdings, LLC		The Alcove	292	Houston, TX
	RRE Deerfield Holdings, LLC		Deerfield	166	Hermantown, MN
	RRE Kenwick Canterbury Holdings, LLC		One Hundred Chevy Chase Apartments	244	Lexington, KY
	RRE Armand Place Holdings, LLC		Ivy at Clear Creek	244	Houston, TX
	RRE Autumn Wood Holdings, LLC		Retreat at Rocky Ridge	196	Hoover, AL
	RRE Village Square Holdings, LLC		Village Square	271	Houston, TX
	RRE Nob Hill Holdings, LLC		Nob Hill	192	Winter Park, FL
	RRE Brentdale Holdings, LLC		Brentdale	412	Plano, TX
	RRE Jefferson Point Holdings, LLC		Jefferson Point	208	Newport News, VA
	RRE Centennial Holdings, LLC		Centennial	276	Littleton, CO
	RRE Pinnacle Holdings, LLC		Pinnacle	224	Westminster, CO
	N/A - Not Applicable
	(a) - Discontinued operations
	All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	'
	The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.
Rental Properties	'
	The Company records acquired rental properties at fair value. The Company considers the period of future benefit of an asset to determine its appropriate useful life and depreciates using the straight line method.  The Company anticipates the estimated useful lives of its assets by class as follows:
	Buildings	27.5 years
	Building improvements	3.0 to 27.5 years
	Tenant improvements	Shorter of lease term or expected useful life
Impairment of Long-Lived Assets	'
	When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for permanent impairment.  This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition.  The review also considers factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors.
	For properties to be held or used, an impairment loss will be recorded when such anticipated cash flows are less than the carrying value of the assets to the extent that the carrying value exceeds the estimated fair value of the properties.  For properties held for sale, the impairment loss would be the adjustment to fair value less the estimated cost to dispose of the asset.
Loans Held for Investment, Net	'
	The Company records acquired performing loans held for investment at cost and reviews them for potential impairment at each balance sheet date.  The Company considers a loan to be impaired if one of two conditions exists.  The first condition is if, based on current information and events, management believes it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement.  The second condition is if the loan is deemed to be a troubled-debt restructuring (“TDR”) where a concession has been given to a borrower in financial difficulty.  A TDR may not have an associated specific loan loss allowance if the principal and interest amount is considered recoverable based on current market conditions, expected collateral performance and/or guarantees made by the borrowers.
	The amount of impairment, if any, is measured by comparing the recorded amount of the loan to the present value of the expected cash flows or, as a practical expedient, the fair value of the collateral.  If a loan is deemed to be impaired, the Company records a reserve for loan losses through a charge to income for any shortfall.
	Interest income from performing loans held for investment is recognized based on the contractual terms of the loan agreement.  Fees related to any buy down of the interest rate are deferred as prepaid interest income and amortized over the term of the loan as an adjustment to interest income.  The initial investment made in a purchased performing loan includes the amount paid to the seller plus fees.  The initial investment frequently differs from the related loan’s principal amount at the date of the purchase.  The difference is recognized as an adjustment of the yield over the life of the loan.  Closing costs related to the purchase of a performing loan held for investment are amortized over the term of the loan and accreted as an adjustment to interest income.
	The Company may acquire real estate loans at a discount due to the credit quality of such loans and the respective borrowers under such loans.  Revenues from these loans are recorded under the effective interest method.  Under this method, an effective interest rate (“EIR”) is applied to the cost basis of the real estate loan held for investment.  The EIR that is calculated when the loan held for investment is acquired remains constant and is the basis for subsequent impairment testing and income recognition.  However, if the amount and timing of future cash collections are not reasonably estimable, the Company accounts for the real estate receivable on the cost recovery method.  Under the cost recovery method of accounting, no income is recognized until the basis of the loan held for investment has been fully recovered.
Allocation of the Purchase Price of Acquired and Foreclosed Assets	'
	The cost of rental properties acquired directly as fee interests and rental properties which are acquired through foreclosing on a loan are allocated to net tangible and intangible assets based on their relative fair values.  The Company allocates the purchase price of properties to acquired tangible assets, consisting of land, buildings, fixtures and improvements, and to identified intangible lease assets and liabilities, consisting of the value of above-market and below-market leases, as applicable, the value of in-place leases and the value of tenant relationships. Fair value estimates are based on information obtained from a number of sources, including information obtained about each property as a result of pre-acquisition due diligence, marketing and leasing activities.  In addition, the Company may obtain independent appraisal reports. The information in the appraisal reports along with the aforementioned information available to the Company's management is used in allocating the purchase price. The independent appraisers have no involvement in management's allocation decisions other than providing market information.
	In allocating the purchase price, management also includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up period.  Management also estimates costs to execute similar leases, including leasing commissions and legal and other related expenses, to the extent that such costs have not already been incurred in connection with a new lease origination as part of the transaction.
	The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease.  The Company amortizes any capitalized above-market or below-market lease values as an increase or reduction to rental income over the remaining non-cancelable terms of the respective leases.
	The Company measures the aggregate value of other intangible assets acquired based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued as if it were vacant.  Management’s estimates of value are made using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis).  Factors to be considered by management in its analysis include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions and costs to execute similar leases.
	The total amount of other intangible assets acquired is further allocated to customer relationship intangible values based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with that respective tenant.  Characteristics to be considered by management in allocating these values include the nature and extent of the Company’s existing relationships with the tenant, the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors.
	The Company amortizes the value of in-place leases to expense over the average remaining term of the respective leases.  The value of customer relationship intangibles are amortized to expense over the initial term and any renewal periods in the respective leases, but in no event will the amortization periods for the intangible assets exceed the remaining depreciable life of the building.  Should a tenant terminate its lease, the unamortized portion of the in-place lease value and customer relationship intangibles associated with that tenant would be charged to expense in that period.
	The determination of the fair value of assets and liabilities acquired requires the use of significant assumptions with regard to current market rental rates, discount rates and other variables.  The use of inappropriate estimates would result in an incorrect assessment of the purchase price allocations, which could impact the amount of the Company’s reported net income.  Initial purchase price allocations are subject to change until all information is finalized, which is generally within one year of the acquisition date.
Discontinued Operations	'
	Assuming no significant continuing involvement by the Company after the sale, the sale of a property is considered a discontinued operation.
Revenue Recognition	'
	The Company recognizes minimum rent, including rental abatements and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related lease and includes amounts expected to be received in later years in deferred rents.  The Company records property operating expense reimbursements due from tenants for common area maintenance, real estate taxes and other recoverable costs in the period in which the related expenses are incurred.
	The specific timing of a property disposition is measured against various criteria related to the terms of the transaction and any continuing involvement associated with the property.  If the criteria for gain recognition under the full-accrual method are not met, the Company defers gain recognition and accounts for the continued operations of the property by applying the percentage-of-completion, reduced profit, deposit, installment or cost recovery methods, as appropriate, until the appropriate criteria are met.
Tenant Receivables	'
	Tenant receivables are stated in the financial statements net of an allowance for uncollectible receivables.  Payment terms vary and receivables outstanding longer than the payment terms are considered past due.  The Company determines its allowance by considering a number of factors, including the length of time receivables are past due, security deposits held, the Company’s previous loss history, the tenants’ current ability to pay their obligations to the Company, the condition of the general economy and the industry as a whole.  The Company writes off receivables when they become uncollectible.
Deferred Offering Costs	'
	Through September 30, 2013, the Advisor has advanced $4.1 million on behalf of the Company for the payment of public offering costs consisting of accounting, advertising, allocated payroll, due diligence, marketing, legal and similar costs.  A portion of these costs is charged to equity upon the sale of each share of common stock sold under the public offering.  Similarly, a portion of the proceeds received from the sales of shares in the Company's public offering is paid to the Advisor to reimburse it for the amount incurred on behalf of the Company.  Deferred offering costs represent the portion of the total costs incurred that have not been charged to equity to date.   As of September 30, 2013 and December 31, 2012, $4.1 million and $3.9 million, respectively, had been reimbursed to the Advisor.  Upon completion of the public offering, any deferred offering costs in excess of reimbursements will be charged back to the Advisor.
Income Taxes	'
	To maintain its REIT qualification for U.S. federal income tax purposes, the Company is generally required to distribute at least 90% of its taxable net income (excluding net capital gains) to its stockholders as well as comply with other requirements, including certain asset, income and stock ownership tests.  Accordingly, the Company generally will not be subject to corporate U.S. federal income taxes to the extent that it annually distributes at least 90% of its taxable net income to its stockholders.  If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it is subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it fails its REIT qualification.  Accordingly, the Company’s failure to qualify as a REIT could have a material adverse impact on its results of operations and amounts available for distribution to its stockholders.
	The dividends-paid deduction of a REIT for qualifying dividends to its stockholders is computed using the Company’s taxable income as opposed to net income reported on the financial statements.  Generally, taxable income differs from net income reported on the financial statements because the determination of taxable income is based on tax provisions and not financial accounting principles.
	The Company may elect to treat certain of its subsidiaries as a taxable REIT subsidiary (“TRS”). In general, the Company’s TRSs may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business.  A TRS is subject to U.S. federal, state and local corporate income taxes.  As of September 30, 2013 and December 31, 2012, the Company had no TRSs.
	The Company evaluates the benefits of tax positions taken or expected to be taken in its tax returns.  Only the largest amount of benefits from tax positions that will more likely than not be sustainable upon examination are recognized by the Company.  The Company does not have any unrecognized tax benefits, nor interest and penalties, recorded in its consolidated financial statements and does not anticipate significant adjustments to the total amount of unrecognized tax benefits within the next 12 months.
	The Company is subject to examination by the U.S. Internal Revenue Service and by the taxing authorities in other states in which the Company has significant business operations.  The Company is not currently undergoing any examinations by taxing authorities.
Earnings Per Share	'
	Basic earnings per share are calculated on the basis of the weighted-average number of common shares outstanding during the period.  Basic earnings per share are computed by dividing income available to common stockholders by the weighted-average common shares outstanding during the period.  Diluted earnings per share take into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted to common stock.  Due to reported losses for the periods presented, 50,000 convertible shares (discussed in Note 13) are not included in the diluted earnings per share calculations.  For the purposes of calculating earnings per share, all common shares and per common share information in the financial statements have been adjusted retroactively for the effect of seven 1.5% stock distributions, two 0.75% stock distributions, one 0.585% stock distribution, and one 0.5% stock distribution issued to stockholders. Common stock shares issued and authorized on the Consolidated Balance Sheets have also been adjusted retroactively for the effect of these 11 distributions.

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Wholly Owned Subsidiaries Information	'
	The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows:
	Subsidiary		Apartment	Number	Location
			Complex	of Units
	RRE Opportunity Holdings, LLC		N/A	N/A	N/A
	Resource Real Estate Opportunity OP, LP		N/A	N/A	N/A
	RRE 107th Avenue Holdings, LLC		107th Avenue	5	Omaha, NE
	RRE Westhollow Holdings, LLC		Arcadia	404	Houston, TX
	RRE Crestwood Holdings, LLC (a)		Town Park (a)	270	Birmingham, AL
	RRE Iroquois, LP		Vista Apartment Homes	133	Philadelphia, PA
	RRE Iroquois Holdings, LLC		N/A	N/A	N/A
	RRE Campus Club Holdings, LLC		Campus Club	64	Tampa, FL
	RRE Bristol Holdings, LLC		The Redford	856	Houston, TX
	RRE Cannery Holdings, LLC		Cannery Lofts	156	Dayton, OH
	RRE Williamsburg Holdings, LLC		Williamsburg	976	Cincinnati, OH
	RRE Skyview Holdings, LLC		Cityside Crossing	360	Houston, TX
	RRE Park Forest Holdings, LLC		Mosaic	216	Oklahoma City, OK
	RRE Foxwood Holdings, LLC		The Reserve at Mt. Moriah	220	Memphis, TN
	RRE Flagstone Holdings, LLC		The Alcove	292	Houston, TX
	RRE Deerfield Holdings, LLC		Deerfield	166	Hermantown, MN
	RRE Kenwick Canterbury Holdings, LLC		One Hundred Chevy Chase Apartments	244	Lexington, KY
	RRE Armand Place Holdings, LLC		Ivy at Clear Creek	244	Houston, TX
	RRE Autumn Wood Holdings, LLC		Retreat at Rocky Ridge	196	Hoover, AL
	RRE Village Square Holdings, LLC		Village Square	271	Houston, TX
	RRE Nob Hill Holdings, LLC		Nob Hill	192	Winter Park, FL
	RRE Brentdale Holdings, LLC		Brentdale	412	Plano, TX
	RRE Jefferson Point Holdings, LLC		Jefferson Point	208	Newport News, VA
	RRE Centennial Holdings, LLC		Centennial	276	Littleton, CO
	RRE Pinnacle Holdings, LLC		Pinnacle	224	Westminster, CO
	N/A - Not Applicable
	(a) - Discontinued operations
Estimated Useful Lives of Assets	'
	The Company anticipates the estimated useful lives of its assets by class as follows:
	Buildings	27.5 years
	Building improvements	3.0 to 27.5 years
	Tenant improvements	Shorter of lease term or expected useful life

SUPPLEMENTAL_CASH_FLOW_INFORMA1

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2013
Supplemental Cash Flow Elements [Abstract]	'
Schedule of Cash Flow, Supplemental Disclosures	'
	The following table presents supplemental cash flow information (in thousands):
		September 30,
		2013		2012
	Non-cash activities:
	Investor contributions held in escrow which have converted to common stock	$	1,700	$	2,389
	Properties and intangibles received on foreclosure of loans held for investment	10,150		17,047
	Financing provided for disposed property	800		—
	Stock distributions issued	5,896		5,018
	Distributions on common stock declared but not yet paid	1,536		2,640
	Stock issued from distribution reinvestment plan	6,258		1,052
	Deferred financing costs and escrow deposits funded directly by mortgage note	865		611
	and revolving credit facility
	Cash paid during the period for:
	Interest	$	216	$	227

RENTAL_PROPERTIES_NET_Tables

RENTAL PROPERTIES, NET (Tables)	9 Months Ended
	Sep. 30, 2013
Real Estate Investments, Net [Abstract]	'
Investments in Rental Properties	'
	The Company’s investments in rental properties consisted of the following (in thousands):
		September 30,			December 31,
		2013			2012
	Land	$	52,356		$	16,378
	Building and improvements	254,611			102,037
	Furniture, fixtures and equipment	11,176			5,872
	Construction-in-progress	1,102			1,083
		319,245			125,370
	Less: accumulated depreciation	(11,286		)	(4,272		)
		$	307,959		$	121,098

LOANS_HELD_FOR_INVESTMENT_NET_

LOANS HELD FOR INVESTMENT, NET (Tables)	9 Months Ended
	Sep. 30, 2013
LOANS HELD FOR INVESTMENT, NET [Abstract]	'
Aging of Loans Held for Investment	'
	The following table provides the aging of the Company’s loans held for investment (dollars in thousands):
			September 30, 2013					December 31, 2012
			Amount			Percent		Amount				Percent
	Current		$	1,753		100%		$	959			9%
	Delinquent:
	30−89 days		—			—%		10,150				91%
	90−180 days		—			—%		—				—%
	Greater than 180 days		—			—%		—				—%
			$	1,753		100%		$	11,109			100%
Credit Quality of Loans Held for Investment	'
	The following table provides information about the credit quality of the Company’s loans held for investment, net (in thousands):
		September 30,			December 31,
		2013			2012
	Loans:
	Performing	$	1,753		$	959
	Nonperforming	—			10,150
	Total	$	1,753		$	11,109
Terms of Loans Held for Investment	'
	The following table provides information about the terms of the Company's loans held for investment (dollars in thousands):
		Peterson			Trail Ridge				Heatherwood
		Note			Note				Note
	Maturity date	12/31/13			10/28/21				5/17/16
	Interest rate	7.4		%	7.5		%		4		%
	Average monthly payment	$	3		$	8			$	11

ACQUISITIONS_AND_FORECLOSURES_

ACQUISITIONS AND FORECLOSURES (Tables)	9 Months Ended
	Sep. 30, 2013
Business Acquisition [Line Items]	'
Schedule of Fair Value of Assets Acquired	'
	The table below summarizes these acquisitions and the respective fair values assigned (dollars in thousands):
	Multifamily		City and State		Date of		Purchase			Land		Building		Furniture,		Intangible		Other Assets		Other			Fair Valued
	Community Name				Acquisition		Price (1)					and		Fixture		Assets				Liabilities			Assigned
												Improvements		and
														Equipment
	Centennial		Littleton, CO		9/30/13		$	30,600	(2)	$	7,041	$	22,498	$	—	$	1,060	$	24	$	(190	)	$	30,433
	Pinnacle		Westminster, CO		9/30/13		24,250		(2)	4,325		19,033		—		892		20		(147		)	24,123
	Jefferson Point		Newport News, VA		9/9/13		18,250		(2)	5,533		12,332		—		385		23		(59		)	18,214
	Brentdale		Plano, TX		7/25/13		32,200		(2)	5,604		25,936		—		660		52		(317		)	31,935
	Nob Hill		Winter Park, FL		6/27/13		10,100		(2)	3,659		5,987		—		454		50		(61		)	10,089
	Village Square		Spring, Texas		6/24/13		27,200		(2)	4,625		22,369		—		206		40		(170		)	27,070
	Retreat at Rocky Ridge		Hoover, Alabama		4/18/13		8,500			1,616		6,418		30		436		2		(89		)	8,413
	Ivy at Clear Creek		Houston, TX		3/28/13		11,750		(2)	1,877		9,175		28		670		8		(127		)	11,631
	One Hundred Chevy Chase Apartments		Lexington, KY		3/13/13		6,850			1,323		4,981		41		505		7		(101		)	6,756
	Deerfield		Hermantown		1/22/13	(3)	10,300		(2)	1,028		8,592		—		680		1		(4		)	10,297
			MN
	The Alcove		Houston, TX		12/21/12		5,500			1,202		3,865		20		413		54		(13		)	5,541
	Cityside Crossing		Houston, TX		12/19/12		14,425		(2)	1,949		11,676		37		763		49		(68		)	14,406
	The Reserve at		Memphis, TN		12/7/12		2,275			775		1,124		39		337		16		(90		)	2,201
	Mount Moriah
	Mosaic		Oklahoma City, OK		12/6/12		2,050		(2)	545		1,422		16		67		14		(16		)	2,048
	Williamsburg Apartments		Cincinnati, OH		6/20/12		41,250			3,223		35,111		1,007		1,909		49		(274		)	41,025
	Cannery Lofts		Dayton, OH		6/6/12	(4)	7,100			160		7,913		200		609		35		—			8,917
	The Redford		Houston, TX		3/27/12		11,400			4,073		5,235		262		1,558		272		—			11,400
	Campus Club		Tampa, FL		2/21/12	(5)	8,300			1,650		6,250		200		435		—		—			8,535
	Apartments
	Vista Apartment		Philadelphia, PA		8/2/11	(6)	12,000			1,163		9,913		—		535		530		(141		)	12,000
	Homes
	Arcadia at		Houston, TX		10/5/10	(7)	7,800			943		6,599		—		258		—		—			7,800
	Westheimer
	107th Avenue		Omaha, NE		8/26/10		250			25		196		—		4		—		—			225
	-1	Purchase price excludes closing costs and acquisition expenses. For properties acquired through foreclosure, the purchase price reflects the contract purchase price of the note.
	-2	Asset valuations are based on preliminary valuations at the date of purchase. The Company is in the process of obtaining an appraisal to finalize the valuation. The Company has up to 12 months from the date of acquisition to finalize the valuation.
	-3	Deerfield originally served as the collateral for a non-performing note that the Company purchased on March 21, 2012. On July 19, 2012, the Company was the successful bidder at a foreclosure sale and formally received title to the property on January 22, 2013.
	-4	Cannery Lofts originally served as the collateral for a non-performing note that the Company purchased on May 13, 2011. On December 21, 2011, the Company entered into a settlement agreement with the borrower and, subsequently, the Company foreclosed and formally received title to the property on June 6, 2012.
	-5	Campus Club Apartments originally served as collateral for a non-performing note that the Company purchased on October 21, 2011. On February 9, 2012, the Company was the successful bidder at a foreclosure sale and took title to the property on February 21, 2012.
	-6	Vista Apartment Homes, formerly known as Iroquois Apartments, originally served as the collateral for a non-performing promissory note that the Company purchased on June 17, 2011. On August 2, 2011, the Company was the successful bidder at a sheriff's sale and formally received title to the property.
	-7	Arcadia at Westheimer originally served as the collateral for a non-performing promissory note that the Company purchased on September 3, 2010. The Company commenced foreclosure proceedings and, on October 5, 2010, formally received title to the property.
Deerfield Note Property - Hermantown, Minnesota [Member]	'
Business Acquisition [Line Items]	'
Schedule of Fair Value of Assets Acquired	'
	The following table reflects the estimated values of the net assets acquired (in thousands):
	Rental property:
	Land	$	1,028
	Buildings	8,592
		9,620
	Acquired intangibles − in-place leases	680
	Prepaid insurance	1
	Security deposits	(4		)
	Estimated fair value assigned	$	10,297
One Hundred Chevy Chase - Lexington, Kentucky [Member]	'
Business Acquisition [Line Items]	'
Schedule of Fair Value of Assets Acquired	'
	The following table reflects the values of the net assets acquired (in thousands):
	Rental property:
	Land	$	1,323
	Buildings	4,981
	Personal Property	41
		6,345
	Acquired intangibles − in-place leases	505
	Prepaid insurance	7
	Accrued real estate taxes	(17		)
	Prepaid rents	(10		)
	Security deposits	(74		)
	Estimated fair value assigned	$	6,756
Ivy at Clear Creek - Houston, TX [Member]	'
Business Acquisition [Line Items]	'
Schedule of Fair Value of Assets Acquired	'
	The following table reflects the estimated values of the net assets acquired (in thousands):
	Rental property:
	Land	$	1,877
	Buildings	9,175
	Personal Property	28
		11,080
	Acquired intangibles − in-place leases	670
	Prepaid insurance	8
	Accrued real estate taxes	(68		)
	Prepaid rents	(14		)
	Security deposits	(45		)
	Estimated fair value assigned	$	11,631
Retreat at Rocky Ridge - Hoover, Alabama [Member]	'
Business Acquisition [Line Items]	'
Schedule of Fair Value of Assets Acquired	'
	The following table reflects the values of the net assets acquired (in thousands):
	Rental property:
	Land	$	1,616
	Buildings	6,418
	Personal Property	30
		8,064
	Acquired intangibles − in-place leases	436
	Prepaid insurance	2
	Accrued real estate taxes	(67		)
	Prepaid rents	(6		)
	Security deposits	(16		)
	Estimated fair value assigned	$	8,413
Village Square - Houston, Texas [Member]	'
Business Acquisition [Line Items]	'
Schedule of Fair Value of Assets Acquired	'
	The following table reflects the estimated values of the net assets acquired (in thousands):
	Rental property:
	Land	$	4,625
	Buildings	22,369
		26,994
	Acquired intangibles − in-place leases	206
	Prepaid insurance	40
	Accrued real estate taxes	(132		)
	Prepaid rents	(8		)
	Security deposits	(30		)
	Estimated fair value assigned	$	27,070
Nob Hill - Winter Park, FL [Member]	'
Business Acquisition [Line Items]	'
Schedule of Fair Value of Assets Acquired	'
	The following table reflects the estimated values of the net assets acquired (in thousands):
	Rental property:
	Land	$	3,659
	Buildings	5,987
		9,646
	Acquired intangibles − in-place leases	454
	Prepaid insurance	50
	Accrued real estate taxes	(39		)
	Prepaid rents	(4		)
	Security deposits	(18		)
	Estimated fair value assigned	$	10,089
Brentdale - Plano, TX [Member]	'
Business Acquisition [Line Items]	'
Schedule of Fair Value of Assets Acquired	'
	The following table reflects the estimated values of the net assets acquired (in thousands):
	Rental property:
	Land	$	5,604
	Buildings	25,936
		31,540
	Acquired intangibles − in-place leases	660
	Prepaid insurance	52
	Accrued real estate taxes	(244		)
	Prepaid rents	(4		)
	Security deposits	(69		)
	Estimated fair value assigned	$	31,935
Jefferson Point - Newport News, VA [Member]	'
Business Acquisition [Line Items]	'
Schedule of Fair Value of Assets Acquired	'
	The following table reflects the estimated values of the net assets acquired (in thousands):
	Rental property:
	Land	$	5,533
	Buildings	12,332
		17,865
	Acquired intangibles − in-place leases	385
	Prepaid insurance	23
	Accrued real estate taxes	(37		)
	Prepaid rents	(4		)
	Security deposits	(18		)
	Estimated fair value assigned	$	18,214
Pinnacle - Westminister, CO [Member]	'
Business Acquisition [Line Items]	'
Schedule of Fair Value of Assets Acquired	'
	The following table reflects the estimated values of the net assets acquired (in thousands):
	Rental property:
	Land	$	4,325
	Buildings	19,033
		23,358
	Acquired intangibles − in-place leases	892
	Prepaid insurance	20
	Accrued real estate taxes	(99		)
	Prepaid rents	(8		)
	Security deposits	(40		)
	Estimated fair value assigned	$	24,123
Centennial - Littleton, CO [Member]	'
Business Acquisition [Line Items]	'
Schedule of Fair Value of Assets Acquired	'
	The following table reflects the estimated values of the net assets acquired (in thousands):
	Rental property:
	Land	$	7,041
	Buildings	22,498
		29,539
	Acquired intangibles − in-place leases	1,060
	Prepaid insurance	24
	Accrued real estate taxes	(122		)
	Prepaid rents	(12		)
	Security deposits	(56		)
	Estimated fair value assigned	$	30,433

DISPOSITION_OF_PROPERTIES_AND_1

DISPOSITION OF PROPERTIES AND DISCONTINUED OPERATIONS (Tables)	9 Months Ended
	Sep. 30, 2013
Discontinued Operations and Disposal Groups [Abstract]	'
Results of Discontinued Operations	'
	The results of discontinued operations are summarized for the three and nine months ended September 30, 2013 and 2012 as follows (in thousands):
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013			2012			2013			2012
	Revenues:
	Rental income	$	—		$	777		$	1,081		$	2,118
	Gain on foreclosure	—			36			—			1,232
	Total revenues	—			813			1,081			3,350
	Expenses:
	Rental operating	23			609			810			1,755
	Acquisition Costs	—			—			—			3
	Management fees - related parties	—			46			62			130
	General and administrative	1			85			225			271
	Loss on property impairment	—			—			539			—
	Depreciation and amortization expense	—			209			141			547
	Total expenses	24			949			1,777			2,706
	(Loss) income from discontinued operations	(24		)	(136		)	(696		)	644
	Gain on dispositions	—			—			3,173			—
	Insurance proceeds in excess of cost basis	—			25						175
	(Loss) income from discontinued operations, net	$	(24	)	$	(111	)	$	2,477		$	819
	Weighted average common shares outstanding	36,156			15,953			33,055			12,979
	Basic and diluted (loss) income per common share	$	—		$	(0.01	)	$	0.08		$	0.06

IDENTIFIED_INTANGIBLE_ASSETS_N1

IDENTIFIED INTANGIBLE ASSETS, NET (Tables)	9 Months Ended
	Sep. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]	'
Expected Amortization for Rental and Antennae Leases	'
	Expected amortization for the rental and antennae leases for the next five years ending September 30, and thereafter, is as follows (in thousands):
	2014	$	3,698
	2015	16
	2016	16
	2017	16
	2018	16
	Thereafter	118
		$	3,880

MORTGAGE_NOTES_PAYABLE_Tables

MORTGAGE NOTES PAYABLE (Tables)	9 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]	'
Summary of the Mortgage Note Payable	'
	The following is a summary of the mortgage notes payable (dollars in thousands):
	Collateral		Balance		Maturity	Annual		Average
			Outstanding at		Date	Interest Rate		Monthly Debt
			30-Sep-13					Service
	Vista Apartment Homes		$	8,896	5/1/17	2.79%	(1)	$	38
	Cannery Lofts		8,190		9/1/20	3.48%	(2)	24
	-1	One-month LIBOR (0.179% as of September 30, 2013) plus 2.61% margin.
	-2	One-month LIBOR plus 3.30% margin.
Annual Principal Payments on the Mortgage Note Payable	'
	Annual principal payments on the mortgage notes payable for each of the next five years ending September 30 are as follows (in thousands):
	2014	$	200
	2015	206
	2016	1,920
	2017	9,916
	2018	1,693
	Thereafter	$	3,151
		$	17,086

DEFERRED_FINANCING_COSTS_Table

DEFERRED FINANCING COSTS (Tables)	9 Months Ended
	Sep. 30, 2013
DEFERRED FINANCING COSTS [Abstract]	'
Estimated Amortization of the Existing Deferred Financing Costs	'
	Estimated amortization of the existing deferred financing costs for the next five years ending September 30, is as follows (in thousands):
	2014	$	230
	2015	205
	2016	204
	2017	142
	2018	29
	Thereafter	55
		$	865

CERTAIN_RELATIONSHIPS_AND_RELA1

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
Receivables from and Payables to Related Parties	'
	The fees earned / expenses paid and the amounts payable to such related parties are summarized in the following tables (in thousands):
		September 30,			December 31,
		2013			2012
	Receivables from related parties:
	RAI and affiliates	$	466		$	—
	Payables to related parties:
	Advisor:
	Acquisition fees	$	155		$	—
	Asset management fees	—			10
	Organization and operating costs	4			—
	Expense reimbursements	88			28
	Resource Real Estate Opportunity Manager, LLC:
	Property management fees	305			103
	Operating expense reimbursements	666			262
	Resource Securities, Inc.
	Selling commissions and dealer manager fees	244			268
		$	1,462		$	671
			Three Months Ended						Nine Months Ended
			September 30,						September 30,
			2013			2012			2013		2012
	Fees earned / expenses paid to related parties:
	Advisor:
	Acquisition fees		$	2,468		$	(50	)	$	4,300	$	1,628
	Asset management fees		$	717		$	309		$	1,640	$	659
	Dispositions fees		$	—		$	—		$	116	$	—
	Debt financing fees		$	41		$	—		$	41	$	119
	Organization and offering costs		$	71		$	—		$	274	$	291
	Overhead allocation		$	131		$	89		$	329	$	477
	Resource Real Estate Opportunity Manager LLC:
	Property management fees		$	482		$	300		$	1,256	$	617
	Debt servicing fees		$	2		$	1		$	4	$	3
	Resource Securities, Inc.:
	Selling commissions and dealer manager fees		$	10,031		$	3,078		$	21,887	$	8,084
	Other:
	Ledgewood		$	56		$	18		$	138	$	43
	Graphic Images		$	120		$	139		$	340	$	464

EQUITY_Tables

EQUITY (Tables)	9 Months Ended
	Sep. 30, 2013
Equity [Abstract]	'
Schedule of Shares Issued	'
	As of September 30, 2013, the Company had issued an aggregate of 46,581,720 shares of its $0.01 par value common stock as follows (dollars in thousands):
		Shares Issued		Gross Proceeds
	Shares issued through private offering	1,263,727		$	12,500
	Shares issued through primary public offering	42,966,691		427,600
	Shares issued through stock distributions	1,566,394		—
	Shares issued through distribution reinvestment plan	769,408		7,300
	Shares issued in conjunction with the Advisor's initial investment,	15,500		200
	net of 4,500 share conversion
	Total	46,581,720		$	447,600
Schedule of Dividend Distributions	'
	For the nine months ended September 30, 2013, the Company paid aggregate distributions of $9.4 million, including $3.2 million of distributions paid in cash and $6.3 million of distributions reinvested through its distribution reinvestment plan, as follows:
						Distribution
		Per				Invested in
	Record	Common			Distribution	shares of		Aggregate
	Date	Share			Date	Common Stock		Distribution
	December 31, 2012	$	0.075		January 15, 2013	$	1,053	$	1,671
	January 31, 2013	0.025			February 15, 2013	382		599
	February 28, 2013	0.025			March 15, 2013	420		647
	April 1, 2013	0.025			April 15, 2013	466		709
	April 30, 2013	0.025			May 1, 2013	512		770
	May 31, 2013	0.033			June 3, 2013	744		1,104
	June 28, 2013	0.033			July 1, 2013	804		1,183
	July 31, 2013	0.033			August 1, 2013	890		1,302
	August 30, 2013	0.033			September 3, 2013	983		1,424
						$	6,254	$	9,409

FAIR_VALUE_MEASUREMENTS_AND_DI1

FAIR VALUE MEASUREMENTS AND DISCLOSURES (Tables)	9 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Rental Properties, Net, Measured at Fair Value on a Non-recurring Basis	'
	The following table presents information about the Company’s rental properties measured at fair value on a non-recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value (in thousands):
		Level 1			Level 2			Level 3			Total
	September 30, 2013
	Assets:
	Deerfield	$	—		$	—		$	10,297		$	10,297
	Rental properties, net	$	—		$	—		$	10,297		$	10,297
	31-Dec-12
	Assets:
	Cannery	$	—		$	—		$	8,917		$	8,917
	Heatherwood	—			—			1,889			1,889
	Campus Club	—			—			8,535			8,535
	Rental properties, net	$	—		$	—		$	19,341		$	19,341
Carrying and Fair Values of the Company's Loans Held for Investment, Net, Mortgage Note Payable and Revolving Credit Facility	'
	The carrying and fair values of the Company’s loans held for investment, net, mortgage note payable and revolving credit facility were as follows (in thousands):
		September 30, 2013						December 31, 2012
		Carrying			Fair			Carrying			Fair
		Amount			Value			Amount			Value
	Loans held for investment, net	$	1,753		$	1,753		$	11,109		$	11,109
	Mortgage notes payable	(17,086		)	$	(16,518	)	$	(9,043	)	$	(9,043	)
	Revolving credit facility	(760		)	$	(760	)	$	(760	)	$	(760	)

NATURE_OF_BUSINESS_AND_OPERATI1

NATURE OF BUSINESS AND OPERATIONS (Narrative) (Details) (USD $)

9 Months Ended

39 Months Ended

39 Months Ended

9 Months Ended

39 Months Ended

9 Months Ended

0 Months Ended

1 Months Ended

9 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Jun. 16, 2010

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Jun. 09, 2010

Sep. 15, 2009

Sep. 15, 2009

Jun. 17, 2009

Jun. 30, 2010

Jun. 09, 2010

Sep. 15, 2009

Jun. 09, 2010

30-May-13

Sep. 30, 2013

Jun. 16, 2010

30-May-13

Common Stock

Public Offering [Member]

Public Offering [Member]

Public Offering [Member]

Public Offering [Member]

Public Offering [Member]

Public Offering [Member]

Private Offering [Member]

Private Offering [Member]

Private Offering [Member]

Private Offering [Member]

Private Offering [Member]

Private Offering [Member]

Private Offering [Member]

Private Offering [Member]

Private Offering [Member]

Distribution Reinvestment Plan [Member]

Distribution Reinvestment Plan [Member]

Distribution Reinvestment Plan [Member]

Follow-on Public Offering [Member]

Maximum [Member]

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Convertible Stock

Convertible Stock

Convertible Stock

Common Stock

Common Stock

Maximum [Member]

Advisor [Member]

Advisor [Member]

Maximum [Member]

Advisor [Member]

Advisor [Member]

Advisor [Member]

Maximum [Member]

Maximum [Member]

Securities Financing Transaction [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Entity organized date

3-Jun-09

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage the advisor has agreed to invest

'

'

'

'

'

'

'

'

'

1.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount invested by non affiliated investors

'

'

'

'

'

'

'

'

'

$250,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount agreed by advisor to be invested maximum

'

'

'

'

'

'

'

'

'

'

2,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of common stock (in shares)

'

'

'

'

44,999,826

'

'

'

'

276,000

'

'

1,283,727

'

'

20,000

'

5,000

'

4,063

'

'

'

'

Proceeds from issuance of stock

'

'

'

'

'

'

'

'

'

2,500,000

'

'

12,800,000

'

'

200,000

'

'

'

'

'

'

'

'

Maximum shares under offering (in shares)

1,000,000,000

'

1,000,000,000

1,000,000,000

'

'

'

'

75,000,000

'

'

'

'

'

5,000,000

'

'

'

'

'

'

'

7,500,000

'

Sale price of share (in dollars per share)

'

'

'

'

'

'

'

$10

'

'

'

'

'

$10

'

'

'

'

$1

'

'

$9.50

'

'

Net proceeds from issuance from private placement

'

'

'

'

'

'

'

'

'

'

'

'

11,300,000

'

'

'

'

'

'

'

'

'

'

'

Payment of syndication costs

'

'

'

'

'

'

'

'

'

'

'

'

1,500,000

'

'

'

'

'

'

'

'

'

'

'

Stock acquired by outside investors (in shares)

0

'

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

937

'

'

'

'

'

'

Common shares converted by advisor (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,500

'

'

'

'

'

'

'

Convertible shares issued (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

45,000

'

'

'

'

'

'

'

Proceeds from issuance of common stock

230,363,000

84,192,000

447,600,000

'

447,500,000

427,600,000

'

'

'

'

'

12,500,000

'

'

'

'

'

'

'

'

'

'

'

'

Common stock, par value (in dollars per share)

$0.01

'

$0.01

$0.01

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of common stock to be registered

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

35,000,000

'

'

350,000,000

Amount of common stock to be sold

'

'

'

'

'

'

$750,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

SUMMARY_OF_SIGNIFICANT_ACCOUNT3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) (USD $)

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Property

Convertible Stock

Convertible Stock

Convertible Stock

Convertible Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Advisor [Member]

Advisor [Member]

Distribution

Dividend Distribution One [Member]

Dividend Distribution Two [Member]

Dividend Distribution Three [Member]

Dividend Distribution Four [Member]

Distribution

Distribution

Distribution

Distribution

Impairment of Long Lived Assets [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loss on property impairment

$0

$539,000

$0

'

'

'

'

'

'

'

'

'

'

'

'

Number of impaired properties

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

Allocation of Purchase Price of Acquired Assets [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Initial purchase price allocation subject to change, period

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

Revenue Recognition [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Future minimum rental payments to be received from noncancelable operating leases - 12 month period ending September 30, 2014

27,400,000

27,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Future minimum rental payments to be received from noncancelable operating leases - 12 month period ending September, 2015

195,000

195,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Tenant Receivable [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Allowance for uncollectable receivables

6,000

6,000

'

8,000

'

'

'

'

'

'

'

'

'

'

'

Deferred Offering Costs [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Advanced deferred offering cost

0

0

'

3,015,000

'

'

'

'

'

'

'

'

'

4,100,000

'

Reimbursement of offering cost

'

'

'

'

'

'

'

'

'

'

'

'

'

$4,100,000

$3,900,000

Income Taxes [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Minimum percentage distribution (in hundredths)

'

90.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of years entity may be precluded from REIT qualifications (in years)

'

'4 years

'

'

'

'

'

'

'

'

'

'

'

'

'

Earnings Per Share [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Convertible stock excluded from earnings per share calculation (in shares)

'

'

'

'

50,000

50,000

50,000

50,000

'

'

'

'

'

'

'

Number of stock distributions

'

'

'

'

'

'

'

'

11

7

2

1

1

'

'

Common stock dividend rate (in hundredths)

'

'

'

'

'

'

'

'

'

1.50%

0.75%

0.59%

0.50%

'

'

SUMMARY_OF_SIGNIFICANT_ACCOUNT4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Principles of Consolidation) (Details)	9 Months Ended
	Sep. 30, 2013
RRE Opportunity Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'N/A
Location	'N/A
Resource Real Estate Opportunity OP, LP [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'N/A
Location	'N/A
RRE 107th Avenue Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'107th Avenue
Number of Units	5
Location	'Omaha, NE
RRE Westhollow Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Arcadia
Number of Units	404
Location	'Houston, TX
RRE Crestwood Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Town Park	[1]
Number of Units	270
Location	'Birmingham, AL
RRE Iroquois, LP [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Vista Apartment Homes
Number of Units	133
Location	'Philadelphia, PA
RRE Iroquois Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'N/A
Location	'N/A
RRE Campus Club Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Campus Club
Number of Units	64
Location	'Tampa, FL
RRE Bristol Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'The Redford
Number of Units	856
Location	'Houston, TX
RRE Cannery Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Cannery Lofts
Number of Units	156
Location	'Dayton, OH
RRE Williamsburg Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Williamsburg
Number of Units	976
Location	'Cincinnati, OH
RRE Skyview Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Cityside Crossing
Number of Units	360
Location	'Houston, TX
RRE Park Forest Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Mosaic
Number of Units	216
Location	'Oklahoma City, OK
RRE Foxwood Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'The Reserve at Mt. Moriah
Number of Units	220
Location	'Memphis, TN
RRE Flagstone Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'The Alcove
Number of Units	292
Location	'Houston, TX
RRE Deerfield Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Deerfield
Number of Units	166
Location	'Hermantown, MN
RRE Kenwick Canterbury Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'One Hundred Chevy Chase Apartments
Number of Units	244
Location	'Lexington, KY
RRE Armand Place Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Ivy at Clear Creek
Number of Units	244
Location	'Houston, TX
Autumn Wood Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Retreat at Rocky Ridge
Number of Units	196
Location	'Hoover, AL
RRE Village Square Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Village Square
Number of Units	271
Location	'Houston, TX
RRE Nob Hill Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Nob Hill
Number of Units	192
Location	'Winter Park, FL
RRE Brentdale Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Brentdale
Number of Units	412
Location	'Plano, TX
RRE Jefferson Point Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Jefferson Point
Number of Units	208
Location	'Newport News, VA
RRE Centennial Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Centennial
Number of Units	276
Location	'Littleton, CO
RRE Pinnacle Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Pinnacle
Number of Units	224
Location	'Westminster, CO
[1]	Discontinued operations

SUMMARY_OF_SIGNIFICANT_ACCOUNT5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Rental Property Useful Lives) (Details)	9 Months Ended
	Sep. 30, 2013
Building [Member]	'
Real Estate Properties [Line Items]	'
Estimated useful life	'27 years 6 months
Building Improvements [Member] | Minimum [Member]	'
Real Estate Properties [Line Items]	'
Estimated useful life	'3 years
Building Improvements [Member] | Maximum [Member]	'
Real Estate Properties [Line Items]	'
Estimated useful life	'27 years 6 months
Tenant improvements [Member]	'
Real Estate Properties [Line Items]	'
Estimated useful life description	'Shorter of lease term or expected useful life

SUPPLEMENTAL_CASH_FLOW_INFORMA2

SUPPLEMENTAL CASH FLOW INFORMATION (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Non-cash activities:	'	'	'
Investor contributions held in escrow which have converted to common stock	$1,700	$2,389	'
Properties and intangibles received on foreclosure of loans held for investment	10,150	17,047	'
Financing provided for disposed property	800	0	'
Stock distributions issued	5,896	5,018	'
Distributions on common stock declared but not yet paid	1,536	2,640	1,671
Stock issued from distribution reinvestment plan	6,258	1,052	'
Deferred financing costs and escrow deposits funded directly by mortgage note and revolving credit facility	865	611	'
Cash paid during the period for:	'	'	'
Interest	$216	$227	'

RENTAL_PROPERTIES_NET_Details

RENTAL PROPERTIES, NET (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Investments in rental properties [Abstract]	'	'	'
Land	$52,356,000	'	$16,378,000
Building and improvements	254,611,000	'	102,037,000
Furniture, fixtures and equipment	11,176,000	'	5,872,000
Construction-in-progress	1,102,000	'	1,083,000
Rental properties, gross	319,245,000	'	125,370,000
Less: accumulated depreciation	-11,286,000	'	-4,272,000
Rental properties, net	307,959,000	'	121,098,000
Depreciation expense	$7,100,000	$1,700,000	'

LOANS_HELD_FOR_INVESTMENT_NET_1

LOANS HELD FOR INVESTMENT, NET (Narrative) (Details) (USD $)	0 Months Ended
	Aug. 02, 2011	Mar. 15, 2011	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012	Sep. 30, 2013	Dec. 31, 2012	Apr. 18, 2013
	Promissory_Note	Promissory_Note	Promissory_Note			Performing [Member]	Performing [Member]	Heatherwood Note [Member]
						Mortgage Receivable [Member]	Mortgage Receivable [Member]	Mortgage Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'	'	'	'	'
Number of non-performing promissory notes purchased	'	2	'	'	'	'	'	'
Number of performing promissory notes purchased	'	2	'	'	'	'	'	'
Purchase price of promissory note	'	$3,100,000	'	'	'	'	'	'
Number of nonperforming promissory notes into forbearance agreement	1	'	'	'	'	'	'	'
Face value of notes	'	'	'	'	'	2,100,000	1,300,000	800,000
Purchase discount, net	'	'	296,000	316,000	'	'	'	'
Unpaid loan balance	'	'	238,000	'	'	'	'	'
Number of unimpaired loans	'	'	2	'	'	'	'	'
Allowance for credit losses or charge-offs	'	'	$0	'	$0	'	'	'

LOANS_HELD_FOR_INVESTMENT_NET_2

LOANS HELD FOR INVESTMENT, NET (Schedule of Loans Held for Investment) (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Loans Held for Investment [Line Items]	'	'
Total loans held for investment, net	$1,753	$11,109
Percentage of loan to total loans (in hundredths)	100.00%	100.00%
Current [Member]	'	'
Loans Held for Investment [Line Items]	'	'
Total loans held for investment, net	1,753	959
Percentage of loan to total loans (in hundredths)	100.00%	9.00%
30-89 Days [Member]	'	'
Loans Held for Investment [Line Items]	'	'
Total loans held for investment, net	0	10,150
Percentage of loan to total loans (in hundredths)	0.00%	91.00%
90 - 180 Days [Member]	'	'
Loans Held for Investment [Line Items]	'	'
Total loans held for investment, net	0	0
Percentage of loan to total loans (in hundredths)	0.00%	0.00%
Greater Than 180 Days [Member]	'	'
Loans Held for Investment [Line Items]	'	'
Total loans held for investment, net	$0	$0
Percentage of loan to total loans (in hundredths)	0.00%	0.00%

LOANS_HELD_FOR_INVESTMENT_NET_3

LOANS HELD FOR INVESTMENT, NET (Recorded Investment, Credit Quality Indicator) (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Financing Receivable, Recorded Investment [Line Items]	'	'
Total Loans	$1,753	$11,109
Performing [Member]	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'
Total Loans	1,753	959
Nonperforming [Member]	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'
Total Loans	$0	$10,150

LOANS_HELD_FOR_INVESTMENT_NET_4

LOANS HELD FOR INVESTMENT, NET (Terms of Loans Held for Investment) (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
Peterson Note [Member]	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'
Interest rate	7.40%
Average monthly payment	$3
Trail Ridge Note [Member]	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'
Interest rate	7.50%
Average monthly payment	8
Heatherwood Note [Member]	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'
Interest rate	4.00%
Average monthly payment	$11

ACQUISITIONS_AND_FORECLOSURES_1

ACQUISITIONS AND FORECLOSURES (Cumulative Acquisitions) (Details) (USD $)

9 Months Ended

0 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 09, 2013

Jul. 25, 2013

Jun. 27, 2013

Jun. 24, 2013

Apr. 18, 2013

Mar. 28, 2013

Mar. 13, 2013

Jan. 22, 2013

Dec. 21, 2012

Dec. 19, 2012

Dec. 07, 2012

Dec. 06, 2012

Jun. 20, 2012

Jun. 06, 2012

Mar. 27, 2012

Feb. 21, 2012

Aug. 02, 2011

Oct. 05, 2010

Aug. 26, 2010

Property

Centennial - Littleton, CO [Member]

Pinnacle - Westminister, CO [Member]

Jefferson Point - Newport News, VA [Member]

Brentdale - Plano, TX [Member]

Nob Hill - Winter Park, FL [Member]

Village Square - Houston, Texas [Member]

Retreat at Rocky Ridge - Hoover, Alabama [Member]

Ivy at Clear Creek - Houston, TX [Member]

One Hundred Chevy Chase - Lexington, Kentucky [Member]

Deerfield Note Property - Hermantown, Minnesota [Member]

The Alcove - Houston, TX [Member]

Cityside Crossing - Houston, TX [Member]

The Reserve at Mount Moriah - Memphis, TN [Member]

Mosaic - Oklahoma City, OK [Member]

Williamsburg Apartments - Cincinnati, OH [Member]

Cannery Lofts - Dayton, OH [Member]

The Redford - Houston, TX [Member]

Campus Club Apartments - Tampa, FL [Member]

Vista Apartment Homes - Philadelphia, PA [Member]

Arcadia at Westheimer - Houston, TX [Member]

107th Avenue - Omaha, NE [Member]

Business Acquisition [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cumulative number of properties acquired and owned

21

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Purchase Price

'

$30,600

[1],[2]

$24,250

[1],[2]

$18,250

[1],[2]

$32,200

[1],[2]

$10,100

[1],[2]

$27,200

[1],[2]

$8,500

[1]

$11,750

[1],[2]

$6,850

[1]

$10,300

[1],[2],[3]

$5,500

[1]

$14,425

[1],[2]

$2,275

[1]

$2,050

[1],[2]

$41,250

[1]

$7,100

[1],[4]

$11,400

[1]

$8,300

[1],[5]

$12,000

[1],[6]

$7,800

[1],[7]

$250

[1]

Land

'

7,041

[2]

4,325

[2]

5,533

[2]

5,604

[2]

3,659

[2]

4,625

[2]

1,616

1,877

[2]

1,323

1,028

[2],[3]

1,202

1,949

[2]

775

545

[2]

3,223

160

[4]

4,073

1,650

[5]

1,163

[6]

943

[7]

25

Building and Improvements

'

22,498

[2]

19,033

[2]

12,332

[2]

25,936

[2]

5,987

[2]

22,369

[2]

6,418

9,175

[2]

4,981

8,592

[2],[3]

3,865

11,676

[2]

1,124

1,422

[2]

35,111

7,913

[4]

5,235

6,250

[5]

9,913

[6]

6,599

[7]

196

Furniture, Fixture and Equipment

'

0

[2]

0

[2]

0

[2]

0

[2]

0

[2]

0

[2]

30

28

[2]

41

0

[2],[3]

20

37

[2]

39

16

[2]

1,007

200

[4]

262

200

[5]

0

[6]

0

[7]

0

Intangible Assets

'

1,060

[2]

892

[2]

385

[2]

660

[2]

454

[2]

206

[2]

436

670

[2]

505

680

[2],[3]

413

763

[2]

337

67

[2]

1,909

609

[4]

1,558

435

[5]

535

[6]

258

[7]

4

Other Assets

'

24

[2]

20

[2]

23

[2]

52

[2]

50

[2]

40

[2]

2

8

[2]

7

1

[2],[3]

54

49

[2]

16

14

[2]

49

35

[4]

272

0

[5]

530

[6]

0

[7]

0

Other Liabilities

'

-190

[2]

-147

[2]

-59

[2]

-317

[2]

-61

[2]

-170

[2]

-89

-127

[2]

-101

-4

[2],[3]

-13

-68

[2]

-90

-16

[2]

-274

0

[4]

0

0

[5]

-141

[6]

0

[7]

0

Fair value assigned

'

$30,433

[2]

$24,123

[2]

$18,214

[2]

$31,935

[2]

$10,089

[2]

$27,070

[2]

$8,413

$11,631

[2]

$6,756

$10,297

[2],[3]

$5,541

$14,406

[2]

$2,201

$2,048

[2]

$41,025

$8,917

[4]

$11,400

$8,535

[5]

$12,000

[6]

$7,800

[7]

$225

Number of months from date of acquisition to finalize valuation

'12 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

[1]

Purchase price excludes closing costs and acquisition expenses. For properties acquired through foreclosure, the purchase price reflects the contract purchase price of the note.

[2]

Asset valuations are based on preliminary valuations at the date of purchase. The Company is in the process of obtaining an appraisal to finalize the valuation. The Company has up to 12 months from the date of acquisition to finalize the valuation.

[3]

Deerfield originally served as the collateral for a non-performing note that the Company purchased on March 21, 2012. On July 19, 2012, the Company was the successful bidder at a foreclosure sale and formally received title to the property on January 22, 2013.

[4]

Cannery Lofts originally served as the collateral for a non-performing note that the Company purchased on May 13, 2011. On December 21, 2011, the Company entered into a settlement agreement with the borrower and, subsequently, the Company foreclosed and formally received title to the property on June 6, 2012.

[5]

Campus Club Apartments originally served as collateral for a non-performing note that the Company purchased on October 21, 2011. On February 9, 2012, the Company was the successful bidder at a foreclosure sale and took title to the property on February 21, 2012.

[6]

Vista Apartment Homes, formerly known as Iroquois Apartments, originally served as the collateral for a non-performing promissory note that the Company purchased on June 17, 2011. On August 2, 2011, the Company was the successful bidder at a sheriff's sale and formally received title to the property.

[7]

Arcadia at Westheimer originally served as the collateral for a non-performing promissory note that the Company purchased on September 3, 2010. The Company commenced foreclosure proceedings and, on October 5, 2010, formally received title to the property.

ACQUISITIONS_AND_FORECLOSURES_2

ACQUISITIONS AND FORECLOSURES (Current Period Acquisitions) (Details) (USD $)

0 Months Ended

9 Months Ended

0 Months Ended

Mar. 15, 2011

Sep. 30, 2013

Jan. 22, 2013

Mar. 21, 2012

Mar. 13, 2013

Mar. 28, 2013

Apr. 18, 2013

Jun. 24, 2013

Jun. 27, 2013

Jul. 25, 2013

Sep. 09, 2013

Sep. 30, 2013

Sep. 30, 2013

Property

Deerfield Note Property - Hermantown, Minnesota [Member]

Deerfield Note Property - Hermantown, Minnesota [Member]

One Hundred Chevy Chase - Lexington, Kentucky [Member]

Ivy at Clear Creek - Houston, TX [Member]

Retreat at Rocky Ridge - Hoover, Alabama [Member]

Village Square - Houston, Texas [Member]

Nob Hill - Winter Park, FL [Member]

Brentdale - Plano, TX [Member]

Jefferson Point - Newport News, VA [Member]

Pinnacle - Westminister, CO [Member]

Centennial - Littleton, CO [Member]

Business Acquisition [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties acquired

'

10

'

'

'

'

'

'

'

'

'

'

'

Number of properties acquired with third-party appraisal

'

2

'

'

'

'

'

'

'

'

'

'

'

Number of properties acquired without third-party appraisal

'

8

'

'

'

'

'

'

'

'

'

'

'

Purchase price of promissory note

$3,100,000

'

'

$10,300,000

'

'

'

'

'

'

'

'

'

Contract purchase price

'

'

10,300,000

[1],[2],[3]

'

6,850,000

[2]

11,750,000

[1],[2]

8,500,000

[2]

27,200,000

[1],[2]

10,100,000

[1],[2]

32,200,000

[1],[2]

18,250,000

[1],[2]

24,250,000

[1],[2]

30,600,000

[1],[2]

Payment of acquisition fees

'

'

'

217,000

139,000

236,000

172,000

545,000

203,000

645,000

367,000

486,000

613,000

Acquisition fee, percentage

'

'

'

2.00%

2.00%

2.00%

2.00%

2.00%

2.00%

2.00%

2.00%

2.00%

2.00%

Rental property:

'

'

'

'

'

'

'

'

'

'

'

'

'

Land

'

'

1,028,000

[1],[3]

'

1,323,000

1,877,000

[1]

1,616,000

4,625,000

[1]

3,659,000

[1]

5,604,000

[1]

5,533,000

[1]

4,325,000

[1]

7,041,000

[1]

Buildings

'

'

8,592,000

'

4,981,000

9,175,000

6,418,000

22,369,000

5,987,000

25,936,000

12,332,000

19,033,000

22,498,000

Personal Property

'

'

0

[1],[3]

'

41,000

28,000

[1]

30,000

0

[1]

0

[1]

0

[1]

0

[1]

0

[1]

0

[1]

Rental property

'

'

9,620,000

'

6,345,000

11,080,000

8,064,000

26,994,000

9,646,000

31,540,000

17,865,000

23,358,000

29,539,000

Acquired intangibles − in-place leases

'

'

680,000

[1],[3]

'

505,000

670,000

[1]

436,000

206,000

[1]

454,000

[1]

660,000

[1]

385,000

[1]

892,000

[1]

1,060,000

[1]

Prepaid insurance

'

'

1,000

'

7,000

8,000

2,000

40,000

50,000

52,000

23,000

20,000

24,000

Accrued real estate taxes

'

'

'

'

-17,000

-68,000

-67,000

-132,000

-39,000

-244,000

-37,000

-99,000

-122,000

Prepaid rents

'

'

'

'

-10,000

-14,000

-6,000

-8,000

-4,000

-4,000

-4,000

-8,000

-12,000

Security deposits

'

'

-4,000

'

-74,000

-45,000

-16,000

-30,000

-18,000

-69,000

-18,000

-40,000

-56,000

Fair value assigned

'

'

$10,297,000

[1],[3]

'

$6,756,000

$11,631,000

[1]

$8,413,000

$27,070,000

[1]

$10,089,000

[1]

$31,935,000

[1]

$18,214,000

[1]

$24,123,000

[1]

$30,433,000

[1]

[1]

Asset valuations are based on preliminary valuations at the date of purchase. The Company is in the process of obtaining an appraisal to finalize the valuation. The Company has up to 12 months from the date of acquisition to finalize the valuation.

[2]

Purchase price excludes closing costs and acquisition expenses. For properties acquired through foreclosure, the purchase price reflects the contract purchase price of the note.

[3]

Deerfield originally served as the collateral for a non-performing note that the Company purchased on March 21, 2012. On July 19, 2012, the Company was the successful bidder at a foreclosure sale and formally received title to the property on January 22, 2013.

DISPOSITION_OF_PROPERTIES_AND_2

DISPOSITION OF PROPERTIES AND DISCONTINUED OPERATIONS (Details) (USD $)	3 Months Ended		9 Months Ended		0 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Apr. 18, 2013	Apr. 30, 2013
			Property		Heatherwood Apartments [Member]	Town Park Apartments [Member]
Discontinued Operations [Line Items]	'	'	'	'	'	'
Number of properties sold	'	'	2	'	'	'
Sale price	'	'	'	'	$1,000,000	$10,300,000
Gain (loss) on dispositions	0	0	3,173,000	0	-31,000	3,200,000
Sale price, portion financed by buyer	'	'	'	'	800,000	'
Sale price, portion paid in cash	'	'	'	'	$200,000	'

DISPOSITION_OF_PROPERTIES_AND_3

DISPOSITION OF PROPERTIES AND DISCONTINUED OPERATIONS (Results of Discontinued Operations) (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues:	'	'	'	'
Rental income	$0	$777	$1,081	$2,118
Gain on foreclosure	0	36	0	1,232
Total revenues	0	813	1,081	3,350
Expenses:	'	'	'	'
Rental operating	23	609	810	1,755
Acquisition Costs	0	0	0	3
Management fees - related parties	0	46	62	130
General and administrative	1	85	225	271
Loss on property impairment	0	0	539	0
Depreciation and amortization expense	0	209	141	547
Total expenses	24	949	1,777	2,706
(Loss) income from discontinued operations	-24	-136	-696	644
Gain on dispositions	0	0	3,173	0
Insurance proceeds in excess of cost basis	0	25	'	175
(Loss) income from discontinued operations, net	($24)	($111)	$2,477	$819
Weighted average common shares outstanding (in shares)	36,156	15,953	33,055	12,979
Basic and diluted (loss) income per common share	$0	($0.01)	$0.08	$0.06

IDENTIFIED_INTANGIBLE_ASSETS_N2

IDENTIFIED INTANGIBLE ASSETS, NET (Narrative) (Details) (USD $)	9 Months Ended		12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Finite-Lived Intangible Assets [Line Items]	'	'	'
Weighted average remaining life (in months)	'11 months 18 days	'	'1 month
Amortization of intangible assets	$4,100,000	$2,000,000	'
Acquired in-place leases [Member]	'	'	'
Finite-Lived Intangible Assets [Line Items]	'	'	'
Intangible assets, gross	12,400,000	'	6,800,000
Intangible assets, accumulated amortization	8,500,000	'	5,200,000
Leasing commissions [Member]	'	'	'
Finite-Lived Intangible Assets [Line Items]	'	'	'
Intangible assets, gross	'	'	306,000
Antennae Leases [Member]	'	'	'
Finite-Lived Intangible Assets [Line Items]	'	'	'
Annual expected amortization expense through 2025	$16,000	'	'

IDENTIFIED_INTANGIBLE_ASSETS_N3

IDENTIFIED INTANGIBLE ASSETS, NET (Rental and Antennae Leases) (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Goodwill and Intangible Assets Disclosure [Abstract]	'	'
2014	$3,698	'
2015	16	'
2016	16	'
2017	16	'
2018	16	'
Thereafter	118	'
Total	$3,880	$1,641

MORTGAGE_NOTES_PAYABLE_Narrati

MORTGAGE NOTES PAYABLE (Narrative) (Details) (USD $)

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Apr. 03, 2012

Sep. 30, 2013

Sep. 30, 2013

Aug. 22, 2013

Iroquois Mortgage Loan [Member]

Iroquois Mortgage Loan [Member]

Iroquois Mortgage Loan [Member]

Iroquois Mortgage Loan [Member]

Iroquois Mortgage Loan [Member]

Cannery Mortgage Note [Member]

Cannery Mortgage Note [Member]

Cannery Mortgage Note [Member]

Participating Mortgage Loans [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

Mortgage loan, issuance date

'

'

'

'

'

'

3-Apr-12

'

'

'

'

'

Mortgage loan

'

'

'

'

'

'

'

'

$9,200,000

'

'

$8,200,000

Mortgage loan, description of variable rate basis

'

'

'

'

'

'

'one-month London Interbank Offered Rate (“LIBOR”)

'

'

'

'one-month LIBOR

'

Mortgage loan, basis spread on variable rate (in hundredths)

'

'

'

'

'

'

2.61%

'

'

'

3.30%

'

Percentage of premium at which loan can be prepaid (in hundredths)

'

'

'

'

'

'

1.00%

'

'

'

1.00%

'

Prepayment premium during last quarter of term

'

'

'

'

'

'

0

'

'

'

0

'

Interest expense

$149,000

$255,000

$396,000

$398,000

$64,000

$66,000

$191,000

$130,000

'

$33,000

$32,000

'

MORTGAGE_NOTES_PAYABLE_Summary

MORTGAGE NOTES PAYABLE (Summary of the Mortgage Note Payable) (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013		Sep. 30, 2013	Sep. 30, 2013		Sep. 30, 2013
In Thousands, unless otherwise specified			Iroquois Mortgage Loan [Member]		Iroquois Mortgage Loan [Member]	Cannery Mortgage Note [Member]		Cannery Mortgage Note [Member]
					London Interbank Offered Rate (LIBOR) [Member]			London Interbank Offered Rate (LIBOR) [Member]
Participating Mortgage Loans [Line Items]	'	'	'		'	'		'
Mortgage notes payable	$17,086	$9,043	$8,896		'	$8,190		'
Mortgage loan, maturity date	'	'	1-May-17		'	1-Sep-20		'
Mortgage note, annual interest rate (in hundredths)	'	'	2.79%	[1]	0.18%	3.48%	[2]	'
Mortgage loan, average monthly debt service	'	'	$38		'	$24		'
Mortgage loan, description of variable rate basis	'	'	'one-month London Interbank Offered Rate (“LIBOR”)		'One-month LIBOR	'one-month LIBOR		'One-month LIBOR
Mortgage loan, basis spread on variable rate (in hundredths)	'	'	2.61%		'	3.30%		'
[1]	One-month LIBOR (0.179% as of September 30, 2013) plus 2.61% margin.
[2]	One-month LIBOR plus 3.30% margin.

MORTGAGE_NOTES_PAYABLE_Annual_

MORTGAGE NOTES PAYABLE (Annual Principal Payments on the Mortgage Note Payable) (Details) (USD $)	Sep. 30, 2013
In Thousands, unless otherwise specified
Debt Disclosure [Abstract]	'
2014	$200
2015	206
2016	1,920
2017	9,916
2018	1,693
Thereafter	3,151
Total	$17,086

REVOLVING_CREDIT_FACILITY_Deta

REVOLVING CREDIT FACILITY (Details) (USD $)	0 Months Ended	3 Months Ended		9 Months Ended
	23-May-13	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	22-May-13	Dec. 31, 2012
Line of Credit Facility [Line Items]	'	'	'	'	'	'	'
Interest expense	'	$149,000	$255,000	$396,000	$398,000	'	'
Revolving Credit Facility [Member]	'	'	'	'	'	'	'
Line of Credit Facility [Line Items]	'	'	'	'	'	'	'
Line of credit facility, initiation date	'	'	'	2-Dec-11	'	'	'
Line of credit facility, maximum borrowing capacity	50,000,000	'	'	'	'	25,000,000	'
Line of credit facility collateral amount	'	41,400,000	'	41,400,000	'	'	'
Line of credit facility, current borrowing capacity	'	16,100,000	'	16,100,000	'	'	'
Closing costs	318,750	'	'	'	'	'	'
Revolving credit facility	'	760,000	'	760,000	'	'	760,000
Line of credit facility, expiration date	'	'	'	23-May-17	'	'	'
Line of credit facility extended expiration date	'	'	'	23-May-19	'	'	'
Extension fee percentage	'	'	'	0.20%	'	'	'
Mortgage loan, description of variable rate basis	'	'	'	'one-month LIBOR	'	'	'
Basis spread on variable rate (in hundredths)	'	'	'	3.00%	'	'	'
Interest rate at end of period	'	3.18%	'	3.18%	'	'	'
Interest expense	'	$6,000,000	$15,000	$131,000,000	$134,000	'	'

DEFERRED_FINANCING_COSTS_Detai

DEFERRED FINANCING COSTS (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
DEFERRED FINANCING COSTS [Abstract]	'	'
Accumulated amortization, deferred financing costs	$357	$199
2014	230	'
2015	205	'
2016	204	'
2017	142	'
2018	29	'
Thereafter	55	'
Deferred financing costs, net	$865	$561

CERTAIN_RELATIONSHIPS_AND_RELA2

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Narrative) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
	Property	Property	Property	Property
Related Party Transaction [Line Items]	'	'	'	'
Agreement term (in years)	'	'	'1 year	'
Number of properties sold	'	'	2	'
Advisor [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Acquisition fee, percentage	'	'	2.00%	'
Multiple for calculating monthly asset management fee, percentage (one-twelfth)	'	'	8.33%	'
Percentage annual asset management fee (in hundredths)	'	'	1.00%	'
Disposition fee, as a percentage of aggregate brokerage commission paid (in hundredths)	'	'	50.00%	'
Debt disposition fee, as a percentage of the contract sales price (in hundredths)	'	'	2.75%	'
Number of properties sold	0	0	2	0
Debt financing fee (in hundredths)	'	'	0.50%	'
Maximum reimbursement limit on gross offering proceeds (in hundredths)	'	'	2.50%	'
Resource Real Estate Opportunity Manager LLC [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Debt servicing fee percentage	'	'	2.75%	'
Resource Securities, Inc. [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Selling commission to be paid, maximum (in hundredths)	'	'	7.00%	'
Dealer manager fee to be paid, maximum (in hundredths)	'	'	3.00%	'
Percentage dealer manager fees reallows to participating brokers (in hundredths)	'	'	1.00%	'

CERTAIN_RELATIONSHIPS_AND_RELA3

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Receivables from and Payables to Related Parties) (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Related Party Transaction [Line Items]	'	'
Receivables from related parties	$466	$0
Payables to related parties	1,462	671
RAI and affiliates [Member]	'	'
Related Party Transaction [Line Items]	'	'
Receivables from related parties	466	0
Advisor and its affiliates [Member] | Acquisitions fees [Member]	'	'
Related Party Transaction [Line Items]	'	'
Payables to related parties	155	0
Advisor and its affiliates [Member] | Asset management fees [Member]	'	'
Related Party Transaction [Line Items]	'	'
Payables to related parties	0	10
Advisor and its affiliates [Member] | Organization and operation costs [Member]	'	'
Related Party Transaction [Line Items]	'	'
Payables to related parties	4	0
Advisor and its affiliates [Member] | Expenses reimbursements [Member]	'	'
Related Party Transaction [Line Items]	'	'
Payables to related parties	88	28
Resource Real Estate Opportunity Manager LLC [Member] | Property management fees [Member]	'	'
Related Party Transaction [Line Items]	'	'
Payables to related parties	305	103
Resource Real Estate Opportunity Manager LLC [Member] | Operating expense reimbursement [Member]	'	'
Related Party Transaction [Line Items]	'	'
Payables to related parties	666	262
Resource Securities, Inc. [Member] | Selling commission and dealer management fees [Member]	'	'
Related Party Transaction [Line Items]	'	'
Payables to related parties	$244	$268

CERTAIN_RELATIONSHIPS_AND_RELA4

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Fees earned / expenses paid to related parties) (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Advisor and its affiliates [Member] | Acquisitions fees [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Related Party Transaction, Expenses from Transactions with Related Party	$2,468	($50)	$4,300	$1,628
Advisor and its affiliates [Member] | Asset management fees [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Related Party Transaction, Expenses from Transactions with Related Party	717	309	1,640	659
Advisor and its affiliates [Member] | Disposition fees [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Related Party Transaction, Expenses from Transactions with Related Party	0	0	116	0
Advisor and its affiliates [Member] | Debt financing fees [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Related Party Transaction, Expenses from Transactions with Related Party	41	0	41	119
Advisor and its affiliates [Member] | Organization and offering costs [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Related Party Transaction, Expenses from Transactions with Related Party	71	0	274	291
Advisor and its affiliates [Member] | Overhead allocation [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Related Party Transaction, Expenses from Transactions with Related Party	131	89	329	477
Resource Real Estate Opportunity Manager LLC [Member] | Property management fees [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Related Party Transaction, Expenses from Transactions with Related Party	482	300	1,256	617
Resource Real Estate Opportunity Manager LLC [Member] | Debt servicing fees [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Related Party Transaction, Expenses from Transactions with Related Party	2	1	4	3
Resource Securities, Inc. [Member] | Selling commission and dealer management fees [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Related Party Transaction, Expenses from Transactions with Related Party	10,031	3,078	21,887	8,084
Ledgewood P.C. [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Related Party Transaction, Expenses from Transactions with Related Party	56	18	138	43
Graphic Images, LLC [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Related Party Transaction, Expenses from Transactions with Related Party	$120	$139	$340	$464

EQUITY_Narrative_Details

EQUITY (Narrative) (Details) (USD $)

9 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2012

Jul. 09, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Distribution

Distribution

Record Date September 2013 [Member]

Record Date September 2013 [Member]

Dividend Distribution One [Member]

Dividend Distribution Two [Member]

Dividend Distribution Three [Member]

Dividend Distribution Four [Member]

Distribution

Distribution

Distribution

Distribution

Class of Stock [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

Preferred stock, authorized (in shares)

10,000,000

'

10,000,000

'

'

'

'

'

'

'

'

'

Preferred stock, par value (in dollars per share)

$0.01

'

$0.01

'

'

'

'

'

'

'

'

'

Preferred stock, issued (in shares)

0

'

0

'

'

'

'

'

'

'

'

'

Shares Issued

46,581,720

'

22,291,810

'

'

'

'

'

'

'

'

'

Common stock, par value (in dollars per share)

$0.01

'

$0.01

'

'

'

'

'

'

'

'

'

Convertible stock shares outstanding (in shares)

50,000

'

50,000

'

'

'

'

'

'

'

'

'

Convertible stock, par value (in dollars per share)

$0.01

'

$0.01

'

'

'

'

'

'

'

'

'

Convertible stock held by advisor and affiliated persons (in shares)

49,063

'

49,063

'

'

'

'

'

'

'

'

'

Convertible stock held by outside investors

937

'

937

'

'

'

'

'

'

'

'

'

Percentage on original share price (in hundredths)

100.00%

'

'

'

'

'

'

'

'

'

'

'

Percentage non-compounded annual return (in hundredths)

10.00%

'

'

'

'

'

'

'

'

'

'

'

Aggregate percentage return (in hundredths)

10.00%

'

'

'

'

'

'

'

'

'

'

'

Redemption of common stock

$283,000

'

'

$60,540,000

$254,215

$0

'

'

'

'

'

'

Redemption of common stock (in shares)

'

'

'

7,114

31,126

0

'

'

'

'

'

'

Average redemption price of common stock (in dollars per share)

'

'

'

$8.51

$8.17

'

'

'

'

'

'

'

Distributions paid in cash and distributions reinvested through distribution reinvestment plan

'

'

'

'

9,409,000

'

'

'

'

'

'

'

Distributions paid in cash

3,153,000

841,000

'

'

3,200,000

'

'

'

'

'

'

'

Stock issued from distribution reinvestment plan

6,258,000

1,052,000

'

'

6,254,000

'

'

'

'

'

'

'

Dividends payable

'

'

'

'

'

'

'

1,536,000

'

'

'

'

Distribution declared (in dollars per share)

'

'

'

'

'

'

$0.03

'

'

'

'

'

Number of stock distributions

'

'

'

11

11

'

'

'

7

2

1

1

Common stock distributions (in shares)

'

'

'

'

'

'

'

'

0.015

0.0075

0.00585

'

Common stock dividend rate (in hundredths)

'

'

'

'

'

'

'

'

1.50%

0.75%

0.59%

0.50%

Increase in accumulated deficit from stock distributions

'

'

'

'

$27,000,000

'

'

'

'

'

'

'

EQUITY_Schedule_of_Shares_Issu

EQUITY (Schedule of Shares Issued) (Details) (USD $)	9 Months Ended		39 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Dec. 31, 2012
Class of Stock [Line Items]	'	'	'	'
Shares Issued	46,581,720	'	46,581,720	22,291,810
Gross Proceeds	$230,363	$84,192	$447,600	'
Private Offering [Member]	'	'	'	'
Class of Stock [Line Items]	'	'	'	'
Shares Issued	1,263,727	'	1,263,727	'
Gross Proceeds	'	'	12,500	'
Public Offering [Member]	'	'	'	'
Class of Stock [Line Items]	'	'	'	'
Shares Issued	42,966,691	'	42,966,691	'
Gross Proceeds	'	'	427,600	'
Stock Dividends [Member]	'	'	'	'
Class of Stock [Line Items]	'	'	'	'
Shares Issued	1,566,394	'	1,566,394	'
Gross Proceeds	'	'	0	'
Distribution Reinvestment Plan [Member]	'	'	'	'
Class of Stock [Line Items]	'	'	'	'
Shares Issued	769,408	'	769,408	'
Gross Proceeds, distribution reinvestment plan	'	'	7,300	'
Advisor [Member]	'	'	'	'
Class of Stock [Line Items]	'	'	'	'
Shares Issued	15,500	'	15,500	'
Gross Proceeds	'	'	$200	'

EQUITY_Schedule_of_Stock_Distr

EQUITY (Schedule of Stock Distributions) (Details) (USD $)

9 Months Ended

0 Months Ended

In Thousands, except Per Share data, unless otherwise specified

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Jan. 15, 2013

Nov. 15, 2012

Feb. 15, 2013

Nov. 15, 2012

Mar. 15, 2013

Jan. 09, 2013

1-May-13

Apr. 15, 2013

Mar. 22, 2013

Jan. 09, 2013

Jun. 03, 2013

10-May-13

Jul. 02, 2013

10-May-13

Aug. 01, 2013

Jul. 09, 2013

Sep. 03, 2013

Jul. 09, 2013

Common Stock

Record Date December 2012 [Member]

Record Date December 2012 [Member]

Record Date January 2013 [Member]

Record Date January 2013 [Member]

Record Date February 2013 [Member]

Record Date February 2013 [Member]

Record Date April 2013 [Member]

Record Date April 2013 [Member]

Record Date April 2013 [Member]

Record Date April 2013 [Member]

Record Date May 2013 [Member]

Record Date May 2013 [Member]

Record Date June 2013 [Member]

Record Date June 2013 [Member]

Record Date July 2013 [Member]

Record Date July 2013 [Member]

Record Date August 2013 [Member]

Record Date August 2013 [Member]

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Class of Stock [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Distribution declared (in dollars per share)

'

'

'

'

$0.08

'

$0.03

'

$0.03

'

'

$0.03

$0.03

'

$0.03

'

$33

'

$33

'

$33

Distributions paid (in dollars per share)

'

'

'

$0.08

'

$0.03

'

$0.03

'

$0.03

$0.03

'

'

$0.03

'

$0.03

'

$0.03

'

$0.03

'

Distribution Invested in Shares of Common Stock

$6,258

$1,052

$6,254

$1,053

'

$382

'

$420

'

$512

$466

'

'

$744

'

$804

'

$890

'

$983

'

Aggregate Cash Distribution

'

'

$9,409

$1,671

'

$599

'

$647

'

$770

$709

'

'

$1,104

'

$1,183

'

$1,302

'

$1,424

'

FAIR_VALUE_MEASUREMENTS_AND_DI2

FAIR VALUE MEASUREMENTS AND DISCLOSURES (Rental Properties, Net, Measured at Fair Value on a Non-recurring Basis) (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Assets:	'	'
Rental properties, net	$307,959	$121,098
Nonrecurring Basis [Member]	'	'
Assets:	'	'
Rental properties, net	10,297	19,341
Nonrecurring Basis [Member] | Deerfield [Member]	'	'
Assets:	'	'
Rental properties, net	10,297	'
Nonrecurring Basis [Member] | Cannery [Member]	'	'
Assets:	'	'
Rental properties, net	'	8,917
Nonrecurring Basis [Member] | Heatherwood [Member]	'	'
Assets:	'	'
Rental properties, net	'	1,889
Nonrecurring Basis [Member] | Campus Club [Member]	'	'
Assets:	'	'
Rental properties, net	'	8,535
Nonrecurring Basis [Member] | Level 1 [Member]	'	'
Assets:	'	'
Rental properties, net	0	0
Nonrecurring Basis [Member] | Level 1 [Member] | Deerfield [Member]	'	'
Assets:	'	'
Rental properties, net	0	'
Nonrecurring Basis [Member] | Level 1 [Member] | Cannery [Member]	'	'
Assets:	'	'
Rental properties, net	'	0
Nonrecurring Basis [Member] | Level 1 [Member] | Heatherwood [Member]	'	'
Assets:	'	'
Rental properties, net	'	0
Nonrecurring Basis [Member] | Level 1 [Member] | Campus Club [Member]	'	'
Assets:	'	'
Rental properties, net	'	0
Nonrecurring Basis [Member] | Level 2 [Member]	'	'
Assets:	'	'
Rental properties, net	0	0
Nonrecurring Basis [Member] | Level 2 [Member] | Deerfield [Member]	'	'
Assets:	'	'
Rental properties, net	0	'
Nonrecurring Basis [Member] | Level 2 [Member] | Cannery [Member]	'	'
Assets:	'	'
Rental properties, net	'	0
Nonrecurring Basis [Member] | Level 2 [Member] | Heatherwood [Member]	'	'
Assets:	'	'
Rental properties, net	'	0
Nonrecurring Basis [Member] | Level 2 [Member] | Campus Club [Member]	'	'
Assets:	'	'
Rental properties, net	'	0
Nonrecurring Basis [Member] | Level 3 [Member]	'	'
Assets:	'	'
Rental properties, net	10,297	19,341
Nonrecurring Basis [Member] | Level 3 [Member] | Deerfield [Member]	'	'
Assets:	'	'
Rental properties, net	10,297	'
Nonrecurring Basis [Member] | Level 3 [Member] | Cannery [Member]	'	'
Assets:	'	'
Rental properties, net	'	8,917
Nonrecurring Basis [Member] | Level 3 [Member] | Heatherwood [Member]	'	'
Assets:	'	'
Rental properties, net	'	1,889
Nonrecurring Basis [Member] | Level 3 [Member] | Campus Club [Member]	'	'
Assets:	'	'
Rental properties, net	'	$8,535

FAIR_VALUE_MEASUREMENTS_AND_DI3

FAIR VALUE MEASUREMENTS AND DISCLOSURES (Carrying and Fair Values of the Company's Loans Held for Investment, Net, Mortgage Note Payable and Revolving Credit Facility) (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Carrying Amount [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Loans held for investment, net	$1,753	$11,109
Mortgage notes payable	-17,086	-9,043
Revolving credit facility	-760	-760
Fair Value [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Loans held for investment, net	1,753	11,109
Mortgage notes payable	-16,518	-9,043
Revolving credit facility	($760)	($760)

OPERATING_EXPENSE_LIMITATION_D

OPERATING EXPENSE LIMITATION (Details)	Sep. 30, 2013
	Quarter
OPERATING EXPENSE LIMITATION WAIVER [Abstract]	'
Average invested assets (in hundredths)	2.00%
Net income of operating expense (in hundredths)	25.00%
Number of most recently completed fiscal quarters for which Company must limit its operating expenses	4

GAIN_ON_INSURANCE_CLAIM_Detail

GAIN ON INSURANCE CLAIM (Details) (USD $)	0 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Jan. 03, 2012	Sep. 30, 2012
	Unit
GAINS ON INSURANCE CLAIMS [Abstract]	'	'
Number of units damaged by fire	5	'
Reduction in net carrying value of building and improvements	$98	'
Insurance proceeds received	'	275
Additional expenses incurred in conjunction with insurance claim	'	$1

GAIN_ON_FORECLOSURE_Details

GAIN ON FORECLOSURE (Details) (USD $)	3 Months Ended		9 Months Ended		0 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Jan. 22, 2013
					Foreclosure [Member]
Gain On Foreclosure [Line Items]	'	'	'	'	'
Fair value of the property exceeding carrying value	'	'	'	'	$148
Adjustment to security deposits	'	'	'	'	81
Gain on foreclosure	$0	$56	$67	$571	$67

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (USD $)

9 Months Ended

39 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

0 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Jul. 25, 2013

Oct. 25, 2013

Nov. 12, 2013

Nov. 12, 2013

Oct. 29, 2013

Oct. 29, 2013

Oct. 31, 2013

Oct. 29, 2013

Oct. 29, 2013

Oct. 31, 2013

Oct. 29, 2013

Oct. 29, 2013

Oct. 31, 2013

Oct. 29, 2013

Oct. 29, 2013

Oct. 31, 2013

Public Offering [Member]

Common Stock

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Debt Instrument, Redemption, Period One [Member]

Debt Instrument, Redemption, Period One [Member]

Debt Instrument, Redemption, Period One [Member]

Debt Instrument, Redemption, Period Two [Member]

Debt Instrument, Redemption, Period Two [Member]

Debt Instrument, Redemption, Period Two [Member]

Debt Instrument, Redemption, Period Three [Member]

Debt Instrument, Redemption, Period Three [Member]

Debt Instrument, Redemption, Period Three [Member]

Multifamily Property Alpharetta Georgia [Member]

Multifamily Property Alpharetta Georgia [Member]

Common Stock

Common Stock

Village Square Mortgage Loan [Member]

Ivy Mortgage Loan [Member]

Deerfield Mortgage Loan [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Unit

Public Offering [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Village Square Mortgage Loan [Member]

Ivy Mortgage Loan [Member]

Deerfield Mortgage Loan [Member]

Village Square Mortgage Loan [Member]

Ivy Mortgage Loan [Member]

Deerfield Mortgage Loan [Member]

Village Square Mortgage Loan [Member]

Ivy Mortgage Loan [Member]

Deerfield Mortgage Loan [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Line Items]

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Proceeds from issuance of common stock

$230,363,000

$84,192,000

$447,600,000

$427,600,000

$447,500,000

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$84,600,000

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Shares Issued

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44,999,826

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8,500,000

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Remaining shares available for sale to the public

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23,653,626

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Number of units in multifamily property acquired

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437

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Contract purchase price

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26,300,000

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Mortgage loan

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$19,400,000

$8,600,000

$10,500,000

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Mortgage loan, description of variable rate basis

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'LIBOR

'LIBOR

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Basis spread on variable rate (in hundredths)

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2.41%

2.41%

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Debt interest rate

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4.66%

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Debt redemption premium

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5.00%

5.00%

1.00%

1.00%

1.00%

1.00%

0.00%

0.00%

0.00%