Resource Real Estate Opportunity REIT (RSRL) 10-K 31 Mar 14 2013 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2013	Mar. 26, 2014	Jun. 30, 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 Well-known Seasoned Issuer	'No	'	'
Entity Voluntary Filers	'No	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Filer Category	'Smaller Reporting Company	'	'
Document Type	'10-K	'	'
Document Period End Date	31-Dec-13	'	'
Document Fiscal Year Focus	'2013	'	'
Document Fiscal Period Focus	'FY	'	'
Amendment Flag	'false	'	'
Entity Common Stock, Shares Outstanding	'	67,450,656	'
Public Float	'	'	$13,936,317

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Investments:	'	'
Rental properties, net	$390,373	$122,368
Loans held for investment, net	1,724	11,109
Identified intangible assets, net	5,182	2,084
Assets of discontinued operations	88	9,127
Investments	397,367	144,688
Cash	270,323	29,336
Restricted cash	4,456	158
Stock subscriptions receivable	0	3,038
Due from related parties	530	0
Tenant receivables, net	573	110
Deposits	141	409
Prepaid expenses and other assets	1,567	933
Deferred financing costs, net	3,602	561
Deferred offering costs	0	3,015
Total assets	678,559	182,248
Liabilities:	'	'
Mortgage notes payable	111,811	9,043
Revolving credit facilities	37,041	760
Accounts payable	1,417	591
Accrued expenses and other liabilities	2,745	1,728
Accrued real estate taxes	2,117	1,098
Due to related parties, net	1,718	671
Tenant prepayments	615	306
Security deposits	1,826	815
Distribution payable	2,222	1,671
Liabilities of discontinued operations	0	536
Total liabilities	161,512	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; 66,725,241 and 22,291,810 shares issued, respectively; and 66,667,136 and 22,277,030 shares outstanding, respectively)	668	223
Convertible stock (“promote shares”; par value $.01; 50,000 shares authorized, issued and outstanding)	1	1
Additional paid-in capital	590,591	196,081
Accumulated other comprehensive income	20	0
Accumulated deficit	-74,233	-31,276
Total stockholders’ equity	517,047	165,029
Total liabilities and stockholders’ equity	$678,559	$182,248

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 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
Preferred stock, outstanding (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	66,725,241	22,291,810
Common stock, outstanding (in shares)	66,667,136	22,277,030
Convertible stock ('promote shares'), par value (in dollars per share)	$0.01	$0.01
Convertible stock ('promote shares'), authorized (in shares)	50,000	50,000
Convertible stock ('promote shares'), issued (in shares)	50,000	50,000
Convertible stock ('promote shares'), outstanding (in shares)	50,000	50,000

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Revenues:	'	'
Rental income	$40,790	$14,232
Gain on foreclosures	3,459	2,906
Interest income	262	197
Gain on bargain purchase	0	1,712
Total revenues	44,511	19,047
Expenses:	'	'
Rental operating	25,530	10,123
Acquisition costs	9,923	3,713
Foreclosure costs	49	196
Management fees - related parties	4,482	1,756
General and administrative	5,928	3,053
Loss on property impairment	24	0
Loss on disposal of assets	1,337	262
Depreciation and amortization expense	18,245	8,340
Total expenses	65,518	27,443
Loss before other expenses	-21,007	-8,396
Other (expense) income:	'	'
Interest expense	-951	-546
Insurance proceeds in excess of cost basis	0	12
Loss from continuing operations	-21,958	-8,930
Discontinued operations:	'	'
(Loss) income from discontinued operations	-701	298
Net gain on dispositions	3,173	0
Income from discontinued operations, net	2,472	298
Net loss	-19,486	-8,632
Other comprehensive loss:	'	'
Net loss	-19,486	-8,632
Designated derivatives, fair value adjustment	20	0
Comprehensive loss	($19,466)	($8,632)
Weighted average common shares outstanding (in shares)	39,284	14,886
Basic and diluted (loss) income per common share:	'	'
Continuing operations (in dollars per share)	($0.56)	($0.60)
Discontinued operations (in dollars per share)	$0.06	$0.02
Net loss (in dollars per share)	($0.50)	($0.58)

CONSOLIDATED_STATEMENT_OF_CHAN

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (USD $)	Total	Common Stock [Member]	Convertible Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Deficit [Member]
In Thousands, except Share data, unless otherwise specified
Balance at Dec. 31, 2011	$62,917	$84	$1	$74,258	$0	($11,426)
Balance (in shares) at Dec. 31, 2011	'	8,454,000	50,000	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'
Issuance of common stock (in shares)	'	12,957,000	'	'	'	'
Issuance of common stock	128,947	130	'	128,817	'	'
Proceeds from distribution reinvestment plan (in shares)	'	111,000	'	'	'	'
Proceeds from distribution reinvestment plan	1,052	1	'	1,051	'	'
Syndication costs	-15,588	'	'	-15,588	'	'
Distributions of common stock	0	8	'	7,654	'	-7,662
Distributions of common stock (in shares)	'	766,000	'	'	'	'
Distributions declared	-3,564	'	'	'	'	-3,564
Share redemptions	-103	'	'	-111	'	-8
Share redemptions (in shares)	'	-11,000	'	'	'	'
Designated derivatives, fair value adjustment	0	'	'	'	'	'
Net loss and comprehensive loss	-8,632	'	'	'	'	-8,632
Net loss	-8,632	'	'	'	'	'
Balance at Dec. 31, 2012	165,029	223	1	196,081	0	-31,276
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 (in shares)	'	42,564,000	'	'	'	'
Issuance of common stock	423,815	426	'	423,389	'	'
Proceeds from distribution reinvestment plan (in shares)	'	1,051,000	'	'	'	'
Proceeds from distribution reinvestment plan	9,984	11	'	9,973	'	'
Syndication costs	-46,596	'	'	-46,596	'	'
Distributions of common stock	0	8	'	8,213	'	-8,221
Distributions of common stock (in shares)	'	822,000	'	'	'	'
Distributions declared	-15,289	'	'	'	'	-15,289
Share redemptions	-430	0	'	-469	'	39
Share redemptions (in shares)	'	-47,000	'	'	'	'
Designated derivatives, fair value adjustment	20	'	'	'	20	'
Net loss and comprehensive loss	-19,466	'	'	'	'	'
Net loss	-19,486	'	'	'	'	-19,486
Balance at Dec. 31, 2013	$517,047	$668	$1	$590,591	$20	($74,233)
Balance (in shares) at Dec. 31, 2013	66,667,136	66,667,000	50,000	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:	'	'
Net loss	($19,486)	($8,632)
(Loss) income from discontinued operations	701	-298
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Gain on foreclosures	-3,460	-2,699
Gain on bargain purchase	0	-1,712
Loss on disposal of assets	1,337	262
Loss on property impairment	563	400
Net gain on disposition	-3,173	0
Depreciation and amortization	18,245	8,340
Amortization of deferred financing costs	169	192
Fair value of interest rate caps	20	0
Accretion of discount and direct loan fees and costs	-9	-18
Changes in operating assets and liabilities, net of acquisitions:	'	'
Restricted cash	-4,298	313
Tenant receivables, net	-463	-74
Deposits	268	-381
Prepaid expenses and other assets	-831	-201
Due to related parties, net	1,047	-2,016
Accounts payable and accrued expenses	1,432	1,667
Tenant prepayments	184	138
Security deposits	287	178
Net cash used in operating activities from continuing operations	-7,467	-4,541
Cash flows from investing activities:	'	'
Proceeds from disposal of properties, net closing costs	10,043	0
Property acquisitions	-249,236	-76,698
Loan acquisitions	0	-10,300
Capital expenditures	-25,834	-15,813
Principal payments received on loans	20	478
Cash received on foreclosure of loans held for investment	0	518
Net cash used in investing activities of continuing operations	-265,007	-101,815
Cash flows from financing activities:	'	'
Proceeds from issuance of common stock, net of redemptions	426,429	127,492
Payment of deferred financing costs	-2,994	-127
Deferred offering costs	2,800	0
Increase in borrowings	139,246	23,483
Principal payments on borrowings	-197	-14,360
Distributions paid on common stock	-4,757	-841
Syndication costs	-46,596	-15,588
Net cash provided by financing activities of continuing operations	513,931	120,059
Net cash provided by continuing operations	241,457	13,703
Cash flows from discontinued operations:	'	'
Net cash (used in) provided by operating activities	-470	811
Net cash used in investing activities	0	-105
Net cash (used in) provided by discontinued operations	-470	706
Net increase in cash	240,987	14,409
Cash at beginning of period	29,336	14,927
Cash at end of period	$270,323	$29,336

NATURE_OF_BUSINESS_AND_OPERATI

NATURE OF BUSINESS AND OPERATIONS	12 Months Ended
	Dec. 31, 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 December 31, 2013, the Advisor had purchased 276,000 shares of common stock for an aggregate purchase price of $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, with discounts available to certain categories of purchasers. 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 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.  The Advisor purchased an additional 35,000 shares of common stock in 2011 for $315,000, 141,500 shares in 2012 for $1.3 million, and 84,056 shares during the year ended December 31, 2013 for approximately $756,504.
	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 also offering shares pursuant to its distribution reinvestment plan at a purchase price equal to $9.50 per share.  The primary portion of the initial public offering closed on December 13, 2013. On December 26, 2013, the unsold primary offering shares were deregistered and, on December 30, 2013, the registration of the shares issuable pursuant to the distribution reinvestment plan was continued pursuant to a Registration Statement on Form S-3.
	As of December 31, 2013, the Company had raised aggregate gross offering proceeds of $645.8 million through its private and public offerings, which resulted in the issuance of 64,926,311 shares of common stock, including the 276,056 shares purchased by the Advisor.
	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	12 Months Ended
	Dec. 31, 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 Complex	Number	Property Location
				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”)		107th Avenue	5	Omaha, NE
	RRE Westhollow Holdings, LLC (“Westhollow”)		Arcadia	404	Houston, TX
	RRE Crestwood Holdings, LLC (“Crestwood”)		Town Park (a)	N/A	Birmingham, AL
	RRE Iroquois, LP (“Vista”)		Vista Apartment Homes	133	Philadelphia, PA
	RRE Iroquois Holdings, LLC		N/A	N/A	N/A
	RRE Campus Club Holdings, LLC (“Campus Club”)		Campus Club	64	Tampa, FL
	RRE Bristol Holdings, LLC (“Bristol”)		The Redford	856	Houston, TX
	RRE Cannery Holdings, LLC (“Cannery”)		Cannery Lofts	156	Dayton, OH
	RRE Williamsburg Holdings, LLC (“Williamsburg”)		Williamsburg	976	Cincinnati, OH
	WPL Holdings, LLC		Williamsburg Parking Lot	N/A	Cincinnati, Ohio
	RRE Skyview Holdings, LLC ("Skyview")		Cityside Crossing	360	Houston, TX
	RRE Park Forest Holdings, LLC ("Park Forest")		Mosaic	216	Oklahoma City, OK
	RRE Foxwood Holdings, LLC ("Foxwood")		The Reserve at Mt. Moriah	220	Memphis, TN
	RRE Flagstone Holdings, LLC ("Flagstone")		The Alcove	292	Houston, TX
	RRE Deerfield Holdings, LLC ("Deerfield")		Deerfield	166	Hermantown, MN
	RRE Kenwick Canterbury Holdings, LLC ("Kenwick & Canterbury")		One Hundred Chevy Chase Apartments	244	Lexington, KY
	RRE Armand Place Holdings, LLC ("Armand")		Ivy at Clear Creek	244	Houston, TX
	RRE Autumn Wood Holdings, LLC ("Autumn Wood")		Retreat at Rocky Ridge	196	Hoover, AL
	RRE Village Square Holdings, LLC ("Village Square")		Village Square	271	Houston, TX
	RRE Nob Hill Holdings, LLC ("Nob Hill")		Nob Hill	192	Winter Park, FL
	RRE Brentdale Holdings, LLC ("Brentdale")		Brentdale	412	Plano, TX
	RRE Jefferson Point Holdings, LLC ("Jefferson Point")		Jefferson Point	208	Newport News, VA
	RRE Centennial Holdings, LLC ("Centennial")		Centennial	276	Littleton, CO
	RRE Pinnacle Holdings, LLC ("Pinnacle")		Pinnacle	224	Westminster, CO
	RRE Jasmine Holdings, LLC ("Jasmine")		Jasmine at Holcomb Bridge	437	Alpharetta, GA
	RRE River Oaks Holdings, LLC ("River Oaks")		Terrace at River Oaks	314	San Antonio, TX
	RRE Nicollet Ridge Holdings, LLC ("Nicollet Ridge")		Nicollet Ridge	339	Burnsville, MN
	RRE Charlemagne Holdings, LLC		N/A	N/A	N/A
	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
	Concentration of Credit Risk
	Financial instruments, which potentially subject the Company to concentration of credit risk, consist of periodic
	temporary deposits of cash. At December 31, 2013, the Partnership had $275.5 million of deposits at various banks, $268.5 million of which were over the insurance limit of the Federal Deposit Insurance Corporation. No losses have been experienced on such deposits.
	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.
	An impairment loss will be recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used.  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 year ended December 31, 2013, the Company recorded a $563,000 impairment charge for two of its loans held for investment (Heatherwood Note and Peterson Note). The Heatherwood Note impairment charge of $539,000 is reflected in income from discontinued operations, as the Company sold Heatherwood Apartments in April 2013. The Peterson Note impairment charge of $24,000 is reflected in loss on property impairment.
	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 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 sale 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 $31.2 million and $292,000 for the years ending December 31, 2014 and 2015, respectively, and none thereafter.
Tenant Receivables
Tenant receivables are stated in the financial statements at amounts due from tenants 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 December 31, 2013 and 2012, there were allowances for uncollectible receivables of $86,000 and $8,200, respectively.
Deferred Offering Costs
Through December 31, 2013, the Advisor has advanced $4.6 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 was 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 was 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 December 31, 2013 and 2012, $4.2 million and $3.9 million, respectively, have been reimbursed to the Advisor.  Upon completion of the public offering, all deferred offering costs in excess of reimbursements were 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 December 31, 2013 and 2012, the Company had no TRSs.
The Company evaluates the benefits from tax positions taken or expected to be taken in its tax return. 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 year.  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 of the convertible shares (discussed in Note 15) 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 distribution, one 0.585% stock distributions and two 0.5% stock distributions issued to stockholders. Common stock shares issued on the Consolidated Balance Sheets have also been adjusted retroactively for the effect of these 12 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).
Adoption of New Accounting Standard
The Company adopted the following accounting standard during 2013 which did not have a material impact on our consolidated financial position, results of operations or cash flows:
In February 2013, the Financial Accounting Standards Board , or FASB issued guidance that requires an entity to disclose information showing the effect of items reclassified from accumulated other comprehensive income on the line items of net income. We adopted this guidance beginning January 1, 2013 and have presented the required disclosures.

SUPPLEMENTAL_CASH_FLOW_INFORMA

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2013
Supplemental Cash Flow Elements [Abstract]	'
SUPPLEMENTAL CASH FLOW INFORMATION	'
	SUPPLEMENTAL CASH FLOW INFORMATION
	The following table presents supplemental cash flow information (in thousands):
		Years Ended
		December 31,
		2013		2012
	Non-cash activities:
	Investor contributions held in escrow which have converted to common stock	$	—	$	1,686
	Property and intangibles received on foreclosure of loans held for investment	10,150		17,846
	Financing provided for disposed property	800		—
	Stock issued from distribution reinvestment plan	9,984		6,393
	Stock distributions issued	8,221		7,662
	Cash distributions on common stock declared but not yet paid	2,222		1,671
	Deferred financing costs and escrow deposits funded directly by mortgage note and revolving credit facility	2,880		875
	Cash paid during the period for:
	Interest	$	537	$	328

RENTAL_PROPERTIES_NET

RENTAL PROPERTIES, NET	12 Months Ended
	Dec. 31, 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):
		December 31,
		2013			2012
					(Remeasured)
	Land	$	62,859		$	16,163
	Building and improvements	325,412			103,396
	Furniture, fixtures and equipment	17,051			5,998
	Construction in progress	827			1,083
		406,149			126,640
	Less: accumulated depreciation	(15,776		)	(4,272		)
		$	390,373		$	122,368
	Depreciation expense for the years ended December 31, 2013 and 2012 was $11.6 million and $3.8 million, respectively.

LOANS_HELD_FOR_INVESTMENT_NET

LOANS HELD FOR INVESTMENT, NET	12 Months Ended
	Dec. 31, 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 8).   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 7). The face value of the performing notes as of December 31, 2013 and 2012 was $1.9 million and $1.3 million. The performing notes were purchased net of discounts and the unamortized accretable discounts totaled $292,000 and $316,000 at December 31, 2013 and 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):
			December 31, 2013					December 31, 2012
			Amount			Percent		Amount				Percent
	Current		$	1,529		89%		$	959			9%
	Delinquent:
	30−89 days		195			11%		10,150				91%
	90−180 days		—			—%		—				—%
	Greater than 180 days		—			—%		—				—%
			$	1,724		100%		$	11,109			100%
	The following table provides information about the credit quality of the Company’s loans held for investment, net, (in thousands):
		December 31,
		2013			2012
	Loans:
	Performing	$	1,529		$	959
	Nonperforming	195			10,150
	Total	$	1,724		$	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
	Face value	$	242		$	1,058			$	800
	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 third note, the Peterson Note, matured on December 31, 2011 with an unpaid balance of $238,000.  Accordingly, the Company and the borrower under this note entered into a forbearance agreement in January 2012 which expired on December 31, 2013.  The borrower did not pay the outstanding balance at the expiration of the forbearance period, which caused the borrower under the Peterson Note to be in default of such agreement. This forbearance agreement is considered a troubled debt restructuring.  On February 27, 2014, the Company was the successful bidder at a foreclosure sale of the property collateralizing the Peterson Note. The redemption period for the property expires six months from the date of foreclosure, at which point the Company expects to take title to the property.
	The Company has individually evaluated each loan for impairment and determined that, as of December 31, 2013, two loans were not impaired and the Peterson Note was impaired.  As of December 31, 2013, the Company recorded an impairment charge of approximately $24,000 on the Peterson Note.
	There was a $24,000 allowance for credit losses as of December 31, 2013. There were no charge-offs for the year ended December 31, 2013.

ACQUISITIONS_AND_FORECLOSURES

ACQUISITIONS AND FORECLOSURES	12 Months Ended
	Dec. 31, 2013
Business Combinations [Abstract]	'
ACQUISITIONS AND FORECLOSURES	'
	ACQUISITIONS AND FORECLOSURES
	Real Estate Investments
	As of December 31, 2013, the Company owned 24 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 and Improvements		Furniture, Fixture and Equipment		Intangible Assets		Other Assets		Other			Fair Valued
	Community Name				Acquisition (2)	Price (1)													Liabilities			Assigned
	Nicollet Ridge		Burnsville, MN		12/20/13	$	33,149		$	4,134	$	26,992	$	1,016	$	1,008	$	36	$	(107	)	$	33,079
	Terrace at River Oaks		San Antonio, TX		12/16/13	22,500			3,830		17,510		491		669		48		(63		)	22,485
	Jasmine at Holcomb Bridge		Alpharetta, GA		10/25/13	25,050			7,582		16,023		587		859		37		(161		)	24,927
	Centennial		Littleton,		9/30/13	30,600			5,702		23,609		198		1,090		24		(190		)	30,433
			CO
	Pinnacle		Westminster,		9/30/13	24,250			2,923		20,301		97		928		20		(147		)	24,122
			CO
	Jefferson Point		Newport News,		9/9/13	18,250			3,951		13,048		584		667		23		(59		)	18,214
			VA
	Brentdale		Plano,		7/25/13	32,200			5,785		24,418		798		1,199		52		(317		)	31,935
			TX
	Nob Hill		Winter Park,		6/27/13	10,100			2,512		6,459		523		606		50		(61		)	10,089
			FL
	Village Square		Spring,		6/24/13	27,200			3,785		22,014		697		704		40		(170		)	27,070
			TX
	Retreat at Rocky Ridge		Hoover,		4/18/13	8,500			1,616		6,418		30		436		2		(89		)	8,413
			AL
	Ivy at Clear Creek		Houston,		3/28/13	11,750			1,877		9,175		28		670		8		(127		)	11,631
			TX
	One Hundred Chevy Chase Apartments		Lexington,		3/13/13	6,850			1,323		4,981		41		505		7		(101		)	6,756
			KY
	Deerfield		Hermantown		3/21/12	10,300		(3)	1,660		11,110		500		423		1		(4		)	13,690
			MN
	The Alcove		Houston,		12/21/12	5,500			1,202		3,865		20		413		54		(13		)	5,541
			TX
	Cityside Crossing		Houston,		12/19/12	14,425			1,949		11,676		37		763		49		(68		)	14,406
			TX
	The Reserve at		Memphis,		12/7/12	2,275			775		1,124		39		337		16		(90		)	2,201
	Mount Moriah		TN
	Mosaic		Oklahoma City,		12/6/12	2,050			1,000		2,609		30		123		14		(14		)	3,762
			OK
	Williamsburg		Cincinnati,		6/20/12	41,250			3,223		35,111		1,007		1,909		49		(274		)	41,025
	Apartments		OH
	Cannery Lofts		Dayton,		5/13/11	7,100		(4)	160		7,913		200		609		35		—			8,917
			OH
	The Redford		Houston,		3/27/12	11,400			4,073		5,235		262		1,558		272		—			11,400
			TX
	Campus Club		Tampa,		10/21/12	8,300		(5)	1,650		6,250		200		435		—		—			8,535
	Apartments		FL
	Vista Apartment		Philadelphia,		6/17/11	12,000		(6)	1,163		9,913		—		535		530		(141		)	12,000
	Homes		PA
	Arcadia at		Houston,		9/3/10	7,800		(7)	943		6,599		—		258		—		—			7,800
	Westheimer		TX
	107th Avenue		Omaha,		8/18/10	225			25		196		—		4		—		—			225
			NE
	-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	The date of acquisition reflects the date the Company acquired the note, where applicable.
	-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 13 properties during the year ended December 31, 2013. In order to finalize the fair values of the acquired assets and liabilities, third-party appraisals were obtained for all of the properties acquired.
	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) and any amounts reserved for capital expenditures 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 7).
	The following table reflects the values of the net assets acquired (in thousands):
		As adjusted
Rental property:
Land	$	1,660
Buildings	11,110
Personal property	500
	13,270
Acquired intangibles − in-place leases	423
Prepaid insurance	1
Security deposits	(4		)
Estimated fair value assigned	$	13,690
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 $6.85 million, excluding closing costs.  The Company paid an acquisition fee of $139,000, or 2% of the purchase price (including closing costs) and any amounts reserved for capital expenditures 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) and any amounts reserved for capital expenditures to the Advisor.
The following table reflects the 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) and any amounts reserved for capital expenditures 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) and any amounts reserved for capital expenditures to the Advisor.
The following table reflects the values of the net assets acquired (in thousands):
Rental property:
Land	$	3,785
Buildings	22,014
Personal property	697
	26,496
Acquired intangibles − in-place leases	704
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) and any amounts reserved for capital expenditures to the Advisor.
The following table reflects the values of the net assets acquired (in thousands):
Rental property:
Land	$	2,512
Buildings	6,459
Personal property	523
	9,494
Acquired intangibles − in-place leases	606
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) and any amounts reserved for capital expenditures to the Advisor.
The following table reflects the values of the net assets acquired (in thousands):
Rental property:
Land	$	5,785
Buildings	24,418
Personal property	798
	31,001
Acquired intangibles − in-place leases	1,199
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) and any amounts reserved for capital expenditures to the Advisor.
The following table reflects the values of the net assets acquired (in thousands):
Rental property:
Land	$	3,951
Buildings	13,048
Personal property	584
	17,583
Acquired intangibles − in-place leases	667
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) and any amounts reserved for capital expenditures to the Advisor.     The following table reflects the values of the net assets acquired (in thousands):
Rental property:
Land	$	2,923
Buildings	20,301
Personal property	97
	23,321
Acquired intangibles − in-place leases	928
Prepaid insurance	20
Accrued real estate taxes	(99		)
Prepaid rents	(8		)
Security deposits	(40		)
Estimated fair value assigned	$	24,122
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) and any amounts reserved for capital expenditures to the Advisor.
The following table reflects the values of the net assets acquired (in thousands):
Rental property:
Land	$	5,702
Buildings	23,609
Personal property	198
	29,509
Acquired intangibles − in-place leases	1,090
Prepaid insurance	24
Accrued real estate taxes	(122		)
Prepaid rents	(12		)
Security deposits	(56		)
Estimated fair value assigned	$	30,433
Jasmine at Holcomb Bridge
On October 25, 2013, the Company purchased a multifamily residential rental apartment complex located in Alpharetta, Georgia, known as Jasmine at Holcomb Bridge, for $25.1 million, excluding closing costs.  The Company paid an acquisition fee of $674,000, or 2% of the purchase price (including closing costs) and any amounts reserved for capital expenditures to the Advisor.
The following table reflects the values of the net assets acquired (in thousands):
Rental property:
Land	$	7,582
Buildings	16,023
Personal property	587
	24,192
Acquired intangibles − in-place leases	859
Prepaid insurance	37
Accrued real estate taxes	(19		)
Prepaid rents	(25		)
Security deposits	(117		)
Estimated fair value assigned	$	24,927
Terrace at River Oaks
On December 16, 2013, the Company purchased a multifamily residential rental apartment complex located in San Antonio, Texas, known as Terrace at River Oaks, for $22.5 million, excluding closing costs.  The Company paid an acquisition fee of $578,000, or 2% of the purchase price (including closing costs) and any amounts reserved for capital expenditures to the Advisor.
The following table reflects the values of the net assets acquired (in thousands):
Rental property:
Land	$	3,830
Buildings	17,510
Personal property	491
	21,831
Acquired intangibles − in-place leases	669
Prepaid insurance	22
Prepaid real estate taxes	26
Prepaid rents	(9		)
Security deposits	(54		)
Estimated fair value assigned	$	22,485
Nicollet Ridge
On December 20, 2013, the Company purchased a multifamily residential rental apartment complex located in Burnsville, Minnesota, known as Nicollet Ridge, for $33.1 million, excluding closing costs.  The Company paid an acquisition fee of $754,000, or 2% of the purchase price (including closing costs) and any amounts reserved for capital expenditures to the Advisor.
The following table reflects the values of the net assets acquired (in thousands):
Rental property:
Land	$	4,134
Buildings	26,992
Personal property	1,016
	32,142
Acquired intangibles − in-place leases	1,008
Prepaid insurance	24
Prepaid real estate taxes	12
Prepaid rents	(4		)
Security deposits	(103		)
Estimated fair value assigned	$	33,079

MEASUREMENT_PERIOD_ADJUSTMENTS

MEASUREMENT PERIOD ADJUSTMENTS (Notes)	12 Months Ended
	Dec. 31, 2013
Accounting Changes and Error Corrections [Abstract]	'
MEASUREMENT PERIOD ADJUSTMENTS	'
	MEASUREMENT PERIOD ADJUSTMENTS
	On December 6, 2012, the Company purchased a multifamily residential rental apartment complex located in Oklahoma City, Oklahoma, known as Mosaic (previously known as Park Forest Apartments), for $2.0 million, excluding closing costs.
	On January 22, 2013, the Company took title to Deerfield after foreclosing on the Deerfield Note, which was originally acquired by the Company for $10.3 million.
	The measurement period for the above acquisitions was finalized during the three months ended December 31, 2013. In completing the accounting for the acquisitions of Mosaic and Deerfield, the Company determined that the fair value of the net assets acquired exceeded the fair value of the consideration paid for these acquisitions. Accordingly, the Company retrospectively adjusted the provisional amounts with respect to the Mosaic and Deerfield acquisitions that were recognized at the acquisition dates to reflect new information from the completed third party appraisal reports that, if known at the acquisition date, would have affected the measurement of the amounts recognized as of those dates.  The final purchase price adjustments recorded during the measurement period resulted in a bargain purchase gain of $1.7 million and a gain on foreclosure of $3.4 million on the Mosaic and Deerfield acquisitions, respectively.  Prior to the recognition of the bargain purchase gain, the Company reassessed the fair value of the tangible and identifiable intangible assets acquired and liabilities assumed in the acquisition. The Company believes it was able to acquire the Mosaic properties for less than their fair value due to the distressed nature of the sale. Those changes are reflected in the tables below:
	Mosaic
		6-Dec-12		Measurement			6-Dec-12
		(As initially reported)		period adjustment			(As adjusted)
	Land	$	572	$	428		$	1,000
	Building	1,390		1,219			2,609
	Personal property	—		30			30
	Intangible assets	88		35			123
	Identifiable net assets	2,050		1,712			3,762
	Gain on bargain purchase	—		(1,712		)	—
	Total net identifiable net assets	$	2,050	$	—		$	3,762
	Deerfield
		22-Jan-13		Measurement			22-Jan-13
		(As initially reported)		period adjustment			(As adjusted)
	Land	$	1,028	$	632		$	1,660
	Building	8,592		2,518			11,110
	Personal property	—		500			500
	Intangible assets	680		(257		)	423
	Identifiable net assets	10,300		3,393			13,693
	Gain on foreclosure	—		(3,393		)	—
	Total net identifiable net assets	$	10,300	$	—		$	13,693

DISPOSITION_OF_PROPERTIES_Note

DISPOSITION OF PROPERTIES (Notes)	12 Months Ended
	Dec. 31, 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 years ended December 31, 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 years ended December 31, 2013 and 2012 as follows (in thousands):
		Years Ended
		December 31,
		2013			2012
	Revenues:
	Rental income	$	1,082		$	2,957
	Gain on foreclosure	—			1,232
	Casualty gain	—			175
	Total revenues	1,082			4,364
	Expenses:
	Rental operating	814			2,444
	Acquisition costs	—			(10		)
	Management fees - related parties	62			176
	General and administrative	227			367
	Loss on property impairment	539			400
	Depreciation and amortization expense	141			689
	Total expenses	1,783			4,066
	(Loss) income from discontinued operations	(701		)	298
	Net gain on dispositions	3,173			—
	Income from discontinued operations, net	$	2,472		$	298
	Weighted average common shares outstanding	39,284			14,886
	Basic and diluted income per common share	$	0.06		$	0.02

IDENTIFIED_INTANGIBLE_ASSETS_N

IDENTIFIED INTANGIBLE ASSETS, NET	12 Months Ended
	Dec. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]	'
IDENTIFIED INTANGIBLE ASSETS, NET	'
	IDENTIFIED INTANGIBLE ASSETS, NET
	Identified intangible assets, net, consist of rental and antennae leases and leasing commissions. The value of the acquired in-place leases totaled $16.7 million and $7.2 million as of December 31, 2013 and 2012, respectively, net of accumulated amortization of $11.5 million and $5.1 million, respectively.  The weighted-average remaining life of the rental leases is 11.9 months and seven months as of December 31, 2013 and 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.  Amortization of the rental and antennae leases for the years ended December 31, 2013 and 2012 was $6.6 million and $4.3 million, respectively.
	Expected amortization for the rental and antennae leases for the next five years ending December 31, and thereafter, is as follows (in thousands):
	2014	$	5,001
	2015	19
	2016	17
	2017	16
	2018	16
	Thereafter	113
		$	5,182

MORTGAGE_NOTE_PAYABLE

MORTGAGE NOTE PAYABLE	12 Months Ended
	Dec. 31, 2013
Debt Disclosure [Abstract]	'
MORTGAGE NOTE PAYABLE	'
	MORTGAGE NOTES PAYABLE
	The following is a summary of the mortgage notes payable (in thousands, except percentages):
	Collateral		Balance Outstanding at December 31, 2013		Maturity	Annual			Average
					Date	Interest Rate			Monthly Debt
									Service
	Vista Apartment Homes		$	8,846	5/1/17	2.78	%	(1)	$	38
	Cannery Lofts		8,190		9/1/20	3.47	%	(1)	24
	Deerfield		10,530		11/1/20	4.66	%	(2)	41
	Village Square		19,362		11/1/23	2.59	%	(1)	81
	Ivy at Clear Creek		8,586		11/1/23	2.59	%	(1)	36
	Centennial		23,235		1/1/19	3.6	%	(2)	101
	Pinnacle		18,762		1/1/19	3.6	%	(2)	82
	Terrace at River Oaks		14,300		1/1/22	4.32	%	(2)	69
			$	111,811
	-1	Variable rate based on one-month LIBOR of 0.1683% (as of December 31, 2013).
	-2	Fixed rate.
	On April 4, 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 $254,000 and $195,000 for the years ended December 31, 2013 and 2012.
	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 interest-only payments through September 2015 and principal and interest thereafter.  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 $104,000 for the year ended December 31, 2013.
	On October 31, 2013, the Company, through a wholly-owned subsidiary, entered into a mortgage loan (the "Deerfield Mortgage Note") for $10.5 million. The Deerfield Mortgage Note bears interest at a fixed rate of 4.66% and requires monthly interest-only payments through November 2015 and principal and interest thereafter.  The amount outstanding under the Deerfield Mortgage Note may be prepaid in full during the entire term. The prepayment penalty for the first three years of the term is equal to yield maintenance; for the remainder of the term the prepayment premium is 1.0% of the remaining principal being repaid until the last ninety days, at which point the prepayment is open without penalty. The Deerfield Mortgage Note is secured by a first lien mortgage on the assets of Deerfield. The Company recorded interest expense on the Deerfield Mortgage Note of $85,000 for the year ended December 31, 2013.
	On October 29, 2013, the Company, through a wholly-owned subsidiary, entered into a mortgage loan (the "Village Square Mortgage Note") for $19.4 million. The Village Square Mortgage Note bears interest at one-month LIBOR plus 2.42% and requires monthly interest-only payments through November 2014 and principal and interest thereafter.  The amount outstanding under the Village Square 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 Village Square Mortgage Note is secured by a first lien mortgage on the assets of Village Square. The Company recorded interest expense on the Village Square Mortgage Note of $89,000 for the year ended December 31, 2013.
	On October 29, 2013, the Company, through a wholly-owned subsidiary, entered into a mortgage loan (the "Ivy at Clear Creek Mortgage Note") for $8.6 million. The Ivy at Clear Creek Mortgage Note bears interest at one-month LIBOR plus 2.42% and requires monthly interest-only payments through November 2014 and principal and interest thereafter.  The amount outstanding under the Ivy at Clear Creek 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 Ivy at Clear Creek Mortgage Note is secured by a first lien mortgage on the assets of Ivy at Clear Creek. The Company recorded interest expense on the Ivy at Clear Creek Mortgage Note of $39,000for the year ended December 31, 2013.
	On December 10, 2013, the Company, through a wholly-owned subsidiary, entered into a mortgage loan (the "Centennial Mortgage Note") for $23.2 million. The Centennial Mortgage Note bears interest at a fixed rate of 3.60% and requires monthly payments of principal and interest.  The amount outstanding under the Centennial Mortgage Note may be prepaid in full during the entire term. The prepayment penalty for the first three years of the term is equal to yield maintenance; for the remainder of the term the prepayment premium is 1.0% of the remaining principal being repaid until the last ninety days, at which point the prepayment is open without penalty. The Centennial Mortgage Note is secured by a first lien mortgage on the assets of the Centennial. The Company recorded interest expense on the Centennial Mortgage Note of $51,000 for the year ended December 31, 2013.
	On December 10, 2013, the Company, through a wholly-owned subsidiary, entered into a mortgage loan (the "Pinnacle Mortgage Note") for $18.8 million. The Pinnacle Mortgage Note bears interest at a fixed rate of 3.60% and requires monthly payments of principal and interest.  The amount outstanding under the Pinnacle Mortgage Note may be prepaid in full during the entire term. The prepayment penalty for the first three years of the term is equal to yield maintenance; for the remainder of the term the prepayment premium is 1.0% of the remaining principal being repaid until the last ninety days, at which point the prepayment is open without penalty. The Pinnacle Mortgage Note is secured by a first lien mortgage on the assets of Pinnacle. The Company recorded interest expense on the Pinnacle Mortgage Note of $41,000 for the year ended December 31, 2013.
	On December 16, 2013, the Company, through a wholly-owned subsidiary, purchased the Terrace at River Oaks property. In connection with this purchase, the Company assumed a mortgage loan (the "Terrace at River Oaks Mortgage Note") for $14.3 million. The Terrace at River Oaks Mortgage Note bears interest at a fixed rate of 4.32% and requires monthly payments of principal and interest. The amount outstanding under the Terrace at River Oaks Mortgage Note may be prepaid in full during the entire term. The prepayment penalty for the until the last six months of the term is equal to yield maintenance; for the remainder of the term prepayment is open without penalty. The Terrace at River Oaks Mortgage Note is secured by a first lien mortgage on the assets of Terrace at River Oaks. The Company recorded interest expense on the Terrace at River Oaks Mortgage Note of $27,000 for the year ended December 31, 2013.
	Annual principal payments on the mortgage notes payable for each of the next five years ending December 31 and thereafter are as follows (in thousands):
	2014		$	1,166
	2015		1,770
	2016		2,076
	2017		10,151
	2018		1,982
	Thereafter		$	94,666
			$	111,811
	The mortgage notes payable are recourse only with respect Vista Apartment Homes, Cannery Lofts, Village Square, Ivy at Clear Creek, Deerfield, Centennial, Pinnacle and Terrace at River Oaks, subject to certain limited standard exceptions, as defined in the mortgage note. The Company has guaranteed the mortgage notes by executing a guarantee with respect to the properties.  These exceptions are referred to as “carveouts.”  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 loan if the borrower voluntarily files for bankruptcy or seeks reorganization, or if a related party of the borrower does so with respect to the subsidiary.

REVOLVING_CREDIT_FACILITY

REVOLVING CREDIT FACILITY	12 Months Ended
	Dec. 31, 2013
Line of Credit Facility [Abstract]	'
REVOLVING CREDIT FACILITY	'
	REVOLVING CREDIT FACILITIES
	On December 2, 2011, the Company, through its operating partnership, entered into a secured revolving credit facility (the “Bank of America Credit Facility”) with Bank of America, N.A. (“Bank of America”).  On May 23, 2013 the Company amended the Bank of America Credit Facility to increase the amount it may borrow under the Bank of America Credit Facility from $25 million to $50 million (the “Facility Amount”). Draws under the Bank of America Credit Facility are secured by certain of the Company's properties with an aggregate value of $102.0 million and are guaranteed by the Company.  The amount currently available to be borrowed is $45.5 million. The Company paid certain closing costs in connection with the Bank of America Credit Facility, including loan fees totaling $413,305. As of December 31, 2013, and December 31, 2012, the Company had outstanding borrowings of $1.5 million and $760,000, respectively, under the Bank of America Credit Facility.
	The Bank of America Credit Facility, as amended, matures on May 23, 2017, and may be extended to May 23, 2019 subject to satisfaction of certain conditions and payment of an extension fee equal to 0.25% of the amount committed under the Bank of America Credit Facility. Interest on outstanding borrowings is incurred at a rate of LIBOR plus 3.0% (3.17% at December 31, 2013).  The Company is required to make monthly interest-only payments.  The Company also may prepay the Bank of America Credit Facility in whole or in part at any time without premium or penalty. The Company recorded interest expense of $24,000 and $152,000 for the years ended December 31, 2013 and December 31, 2012, respectively, in connection with its borrowings under the Bank of America Credit Facility.
	The operating partnership's obligations with respect to the Bank of America Credit Facility are guaranteed by the Company, pursuant to the terms of a guaranty dated as of December 2, 2011, or the Guaranty.  The Bank of America Credit Facility and the Guaranty contain restrictive covenants for maintaining a certain tangible net worth and a certain level of liquid assets, and for restricting the securing of additional debt as follows:
	•	the Company must maintain a minimum tangible net worth equal to at least (i) 200% of the outstanding principal amount of the Bank of America Credit facility and (ii) $20.0 million;
	•	the Company must also maintain unencumbered liquid assets with a market value of not less than the greater of (i) $5.0 million or (ii) 20% of the outstanding principal amount of the Bank of America Credit Facility; and
	•	the Company may not incur any additional secured or unsecured debt without Bank of America's prior written consent and approval, which consent and approval is not to be unreasonable withheld.
	The Company was in compliance with all such covenants at December 31, 2013 and 2012.
	On December 20, 2013, the Company, through a wholly-owned subsidiary, entered into a secured revolving credit facility, ("Jefferson Point Credit Facility") with PNC Bank, National Association for $15 million.  Draws under the Jefferson Point Credit Facility are secured by the assets of Jefferson Point Apartments. The Company provided a repayment guarantee of all interest and scheduled monthly principal payments (excluding the final payment at maturity for the outstanding balance.) The Jefferson Point Credit Facility matures on December 20, 2018. As of December 31, 2013, the Company had outstanding borrowings of $12.5 million. Interest on outstanding borrowings is incurred at a rate of LIBOR plus 2.00% (2.17% at December 31, 2013). The Company paid certain closing costs in connection with the Jefferson Point Credit Facility, including loan fees totaling $75,000. The Company recorded interest expense of $9,000 for the year ended December 31, 2013 in connection with its borrowings under the Jefferson Point Credit Facility.
	On December 27, 2013, the Company, through a wholly-owned subsidiary, entered into a secured revolving credit facility, ("Brentdale Credit Facility") with U.S. Bank National Association for $29.7 million.  Draws under the Brentdale Credit Facility are secured by the assets of Brentdale Apartments. The Company provided a $6.5 million repayment guarantee. The Brentdale Credit Facility matures on December 27, 2017, and may be extended to December 27, 2019 subject to satisfaction of certain conditions and payment of an extension fee equal to 0.25% of the amount committed under the Brentdale Credit Facility. As of December 31, 2013, the Company had outstanding borrowings of $23.0 million. Interest on outstanding borrowings is incurred at a rate of LIBOR plus 1.95% (2.12% at December 31, 2013). The Company paid certain closing costs in connection with the Brentdale Credit Facility, including loan fees totaling $222,000. The Company recorded interest expense of $7,000 for the year ended December 31, 2013 in connection with its borrowings under the Brentdale Credit Facility.

DEFERRED_FINANCING_COSTS

DEFERRED FINANCING COSTS	12 Months Ended
	Dec. 31, 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 December 31, 2013 and 2012 was approximately $419,000 and $193,000, respectively.  Estimated amortization of the existing deferred financing costs for the next five years ending December 31, and thereafter are as follows (in thousands):
	2014	$	767
	2015	755
	2016	750
	2017	583
	2018	298
	Thereafter	449
		$	3,602

ACCUMULATED_OTHER_COMPREHENSIV

ACCUMULATED OTHER COMPREHENSIVE INCOME	12 Months Ended
	Dec. 31, 2013
Equity [Abstract]	'
ACCUMULATED OTHER COMPREHENSIVE INCOME	'
	ACCUMULATED OTHER COMPREHENSIVE INCOME
	The following table presents the changes in each component of accumulated other comprehensive income for the year ended December 31, 2013 (dollars in thousands):
		Net unrealized gain on derivatives
	1-Jan-13	$	—
	Unrealized gain on designated derivative	20
	31-Dec-13	$	20

CERTAIN_RELATIONSHIPS_AND_RELA

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 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 15, 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 2.0% 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 1.0% 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 of the sale of a property equal to the lesser of one-half of the aggregate brokerage commission paid, or if none is paid, 2.75% of the contract sales price.  During the year ended December 31, 2013, a disposition fee was paid to the advisor on the sale on one property, which is included in general and administrative expenses. No properties were sold during the year ended December 31, 2012 and, therefore, no disposition fees were earned.
	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 it provided substantial services.
	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 public offering, including its ongoing distribution reinvestment plan 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 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 construction management fee and property management/debt servicing fees.
	Construction management fees. The Manager earns a construction management fee of 5.0% of actual aggregate costs to construct improvements, or to repair, rehab or reconstruct a property.
	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”), an affiliate of the Advisor, served as the Company’s dealer-manager and was responsible for marketing the Company’s shares in the primary portion of its public offering.  Pursuant to the terms of the dealer-manager agreement with Resource Securities, the Company paid Resource Securities a selling commission of up to 7% of gross primary offering proceeds and a dealer-manager fee of up to 3% of gross primary offering proceeds.
	Resource Securities reallowed 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 could 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):
		Years Ended
		December 31,
		2013		2012
	Receivables from related parties:
	RAI and affiliates	$	530	$	—
	Payables to related parties:
	Advisor:
	Acquisition fees	$	—	$	—
	Asset management fees	—		10
	Dispositions fees	—		—
	Debt financing fees	—		—
	Expense reimbursements	775		27
	Resource Real Estate Opportunity Manager, LLC:
	Property management fees	266		103
	Operating expense reimbursements	500		258
	Resource Securities, Inc.
	Selling commissions and dealer manager fees	174		268
	Other	$	3	$	5
		$	1,718	$	671
		Years Ended
		December 31,
		2013		2012
	Fees earned / expenses paid to related parties:
	Advisor:
	Acquisition fees	$	6,307	$	2,200
	Asset management fees	$	2,660	$	987
	Dispositions fees	$	116	$	—
	Debt financing fees	$	696	$	119
	Organization and offering costs	$	792	$	292
	Overhead allocation	$	839	$	75
	Resource Real Estate Opportunity Manager LLC:
	Property management fees	$	1,891	$	941
	Construction management fees	$	940	$	262
	Debt servicing fees	$	6	$	4
	Resource Securities, Inc.:
	Selling commissions and dealer manager fees	$	40,683	$	12,359
	Other:
	Ledgewood	$	266	$	131
Graphic Images	$	485	$	623

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 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 December 31, 2013 and 2012, no shares of preferred stock were issued and outstanding.
	Common Stock
	As of December 31, 2013, the Company had issued an aggregate of 66,725,241 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		62,485,461			622,000
	Shares issued through stock distributions		1,798,930			—
	Shares issued through distribution reinvestment plan		1,161,623			11,000
	Shares issued in conjunction with the Advisor's initial investment,		15,500			200
	net of 4,500 share conversion
	Total		66,725,241			$	645,700
	Convertible Stock
	As of December 31, 2013 and 2012, the Company had 50,000 shares of $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 the 31st trading day after 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 year ended December 31, 2013, the Company redeemed its shares as follows:
	Period		Total Number		Average Price		Cumulative Number of	Approximate Dollar
			of Shares		Paid per Share		Shares Purchased	Value of Shares
			Redeemed (1)				as Part of a	Available That May
							Publicly Announced	Yet Be Redeemed
							Plan or Program (2)	Under the Program
	Jan-13		—		—		11,077	-2
	Feb-13		—		—		11,077	-2
	Mar-13		24,012		$8.07		35,089	-2
	Apr-13		—		—		35,089	-2
	May-13		—		—		35,089	-2
	Jun-13		—		—		35,089	-2
	Jul-13		7,114		$8.51		42,203	-2
	Aug-13		—		—		42,203	-2
	Sep-13		—		—		42,203	-2
	Oct-13		15,894		$8.40		58,097	-2
	Nov-13		—		—		58,097	-2
	Dec-13		—		—		58,097	-2
	YTD Average				$8.25
	-1	All redemptions of equity securities by the Company in the year ended December 31, 2013 were made pursuant to the Company's share redemption program.
	-2	The Company currently limits the dollar value and number of shares that may be redeemed under the program.
	All redemption requests tendered were honored during the year ended December 31, 2013.
	The Company will not redeem in excess of 5% of the weighted-average number of shares outstanding during the 12-month period immediately prior to the effective date of redemption. The Company's board of directors will determine at least quarterly whether it has sufficient excess cash to repurchase shares. Generally, the cash available for redemptions will be limited to proceeds from the Company's distribution reinvestment plan plus, if the Company has positive operating cash flow from the previous fiscal year, 1% of all operating cash flow from the previous year.
	The Company's board of directors, in its sole discretion, may suspend, terminate or amend the Company's share redemption program without stockholder approval upon 30 days' notice if it determines that such suspension, termination or amendment is in the Company's best interest. The Company's board may also reduce the number of shares purchased under the share redemption program if it determines the funds otherwise available to fund the Company's share redemption program are needed for other purposes. These limitations apply to all redemptions, including redemptions sought upon a stockholder's death, qualifying disability or confinement to a long-term care facility.
	Distributions
	For the year ended December 31, 2013, the Company paid aggregate distributions of $14.7 million, including $4.7 million of distributions paid in cash and $10.0 million of distributions reinvested in shares of common stock through the Company's distribution reinvestment plan, as follows:
	Record Date		Per				Distribution Date	Distribution		Aggregate		Total
			Common					invested in		Cash		Aggregate
			Share					shares of Common Stock		Distribution		Distribution
	December 31, 2012		$	0.075			January 15, 2013	$	1,053	$	618	$	1,671
	January 31, 2013		0.025				February 15, 2013	383		217		600
	February 28, 2013		0.025				March 15, 2013	420		227		647
	April 1, 2013		0.025				April 15, 2013	467		243		710
	April 30, 2013		0.025				May 1, 2013	512		258		770
	May 31, 2013		0.033				June 3, 2013	745		359		1,104
	June 28, 2013		0.033				July 1, 2013	805		379		1,184
	July 31, 2013		0.033				August 1, 2013	890		412		1,302
	August 30, 2013		0.033				September 3, 2013	983		441		1,424
	September 30, 2013		0.033				October 1, 2013	1,064		472		1,536
	October 31, 2013		0.033				November 1, 2013	1,231		527		1,758
	November 29, 2013		0.033				December 2, 2013	1,431		604		2,035
								$	9,984	$	4,757	$	14,741
	On September 12, 2013, the Company's Board of Directors declared cash distributions of $2.2 million ($0.033 per common share) to stockholders of record as of the close of business on December 31, 2013, which distributions were paid on January 2, 2014.
	Since its formation, the Company has declared a total of seven quarterly stock distributions of 0.015 shares each, two quarterly stock distributions of 0.0075 shares each, one quarterly stock distribution of 0.00585 shares each, and two quarterly stock distributions of 0.005 shares each of its common stock outstanding. In connection with these stock distributions, the Company increased its accumulated deficit by $18.0 million as of December 31, 2013.

FAIR_VALUE_MEASURES_AND_DISCLO

FAIR VALUE MEASURES AND DISCLOSURES	12 Months Ended
	Dec. 31, 2013
Fair Value Disclosures [Abstract]	'
FAIR VALUE MEASURES AND DISCLOSURES	'
	FAIR VALUE MEASURES 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
	For the year ended December 31, 2013:
	Assets:
	Deerfield	—			—			$	13,693		$	13,693
	Rental properties, net	$	—		$	—		$	13,693		$	13,693
	For the year ended December 31, 2012:
	Assets:
	Cannery	$	—		$	—		$	8,917		$	8,917
	Heatherwood	—			—			1,889			1,889
	Campus Club	—			—			8,535			8,535
	Mosaic	—			—			3,762			3,762
	Rental properties, net	$	—		$	—		$	23,103		$	23,103
	The carrying and fair values of the Company’s loans held for investment, net, mortgage note payable and revolving credit facilities were as follows (in thousands):
		December 31, 2013						December 31, 2012
		Carrying			Fair			Carrying			Fair
		Amount			Value			Amount			Value
	Loans held for investment, net	$	1,724		$	1,724		$	11,109		$	11,109
	Mortgage notes payable	$	(111,811	)	$	(110,413	)	$	(9,043	)	$	(8,984	)
	Revolving credit facilities	$	(37,041	)	$	(37,041	)	$	(760	)	$	(760	)
	The fair value of the loans held for investment, net, was estimated by comparing the recorded amount of the loan to the fair value of the collateral. On February 27, 2014, the Company foreclosed on the property securing the Peterson Note. On March 3, 2014, an offer to purchase the property was presented to the Company for $24,000 less than the carrying amount of the note. Accordingly, the Company has adjusted the carrying amount of the note at December 31, 2013 for such impairment.
	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 values of the revolving credit facilities equal the carrying amounts because the interest rate of each of the credit facilities is variable.

DERIVATIVES_AND_HEDGING_ACTIVI

DERIVATIVES AND HEDGING ACTIVITIES

12 Months Ended

Dec. 31, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

'

DERIVATIVES AND HEDGING ACTIVITIES

'

DERIVATIVES AND HEDGING ACTIVITIES

Risk Management Objective of Using Derivatives

The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings.

As a condition to certain of the Company’s financing facilities, from time to time the Company may be required to enter into certain derivative transactions as may be required by the lender. These transactions would generally be in line with the Company’s own risk management objectives and also service to protect the lender.

Cash Flow Hedges of Interest Rate Risk

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company entered into two interest rate caps that were designated as cash flow hedges during 2013. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium.

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated Other Comprehensive Income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the year end December 31, 2013 such derivatives were used to hedge the variable cash flows, indexed to USD-LIBOR, associated with existing variable-rate loan agreements. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the year ended December 31, 2013, the Company did not record any hedge ineffectiveness in earnings.

Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During 2014, the Company estimates that $4 will be reclassified as an increase to interest expense.

As of December 31, 2013 the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands):

Interest Rate Derivative

Number of Instruments

Notional

Interest Rate Caps

2

$

27,948

Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of December 31, 2013 and December 31, 2012 (dollars in thousands):

Asset Derivatives

Liability Derivatives

31-Dec-13

31-Dec-12

31-Dec-13

31-Dec-12

Balance Sheet

Fair Value

Balance Sheet

Fair Value

Balance Sheet

Fair Value

Balance Sheet

Fair Value

Interest rate cap

$

290

Interest rate cap

$

—

—

$

—

—

$

—

OPERATING_EXPENSE_LIMITATION_W

OPERATING EXPENSE LIMITATION WAIVER	12 Months Ended
	Dec. 31, 2013
OPERATING EXPENSE LIMITATION WAIVER [Abstract]	'
OPERATING EXPENSE LIMITATION WAIVER	'
	OPERATING EXPENSE LIMITATION WAIVER
	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 quarters ended December 31, 2013 were in compliance with the charter imposed limitation.

GAIN_ON_INSURANCE_CLAIM

GAIN ON INSURANCE CLAIM	12 Months Ended
	Dec. 31, 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 year ended December 31, 2012, the Company received insurance proceeds of $275,000.  Additional non-capitalizable expenses incurred in conjunction with the claim totaled $1,000.  Accordingly, these expenses and the excess of proceeds were recorded as insurance proceeds in excess of cost basis.  An additional receivable of $13,000 for the loss of rental income was recorded to rental income, which was received in 2012.

GAIN_ON_FORECLOSURES

GAIN ON FORECLOSURES	12 Months Ended
	Dec. 31, 2013
GAIN ON FORECLOSURE [Abstract]	'
GAIN ON FORECLOSURES	'
	GAIN ON FORECLOSURES
	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 $3.4 million. After making adjustments to security deposits totaling $81,000, the Company recorded a net gain on foreclosure of $3.5 million.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2013
Subsequent Events [Abstract]	'
SUBSEQUENT EVENTS	'
	SUBSEQUENT EVENTS
	Paladin Acquisition
	On July 18, 2013, Resource Real Estate Opportunity OP, LP (the “Operating Partnership”), the operating partnership of the Company, entered into an Agreement and Plan of Merger with RRE Charlemagne Holdings, LLC, a wholly owned subsidiary of the Operating Partnership (“Merger Sub”), Paladin Realty Income Properties, Inc. (“Paladin”), and Paladin Realty Income Properties, L.P. (“Paladin OP”), whose sole general partner is Paladin, pursuant to which Paladin OP was to merge with and into Merger Sub (the “Merger”), with Merger Sub surviving as a wholly owned subsidiary of the Operating Partnership.
	On January 28, 2014, the parties completed the Merger resulting in the acquisition by the Operating Partnership of interests in 11 joint ventures that own a total of 10 multifamily communities with more than 2,500 rentable units and two office properties that contain more than 75,000 rentable square feet. The Operating Partnership also acquired, as part of the Merger, a promissory note in the principal amount of $3.5 million issued by the co-venture partner of one of these joint ventures. This promissory note is secured by the co-venturer’s interests in such joint venture. The consideration for the Merger was $51.2 million, exclusive of transaction costs.
	The unaudited supplemental pro forma financial information set forth below is based upon the Company's historical financial statements giving effect to the Paladin acquisition (dollars in thousands, except per share data).
		Years Ended December 31,
		2013			2012
	Revenues	$	71,098		$	43,075
	Net loss and comprehensive loss	$	(20,699	)	$	(24,511	)
	Basic and diluted loss per share	$	(0.47	)	$	(1.22	)
	On March 6, 2014, the Company, through a wholly owned subsidiary, sold its entire 47.65% membership interest in FPA/PRIP Governor Park, LLC (“Governor Park”) to FPA Governor Park Associates, LLC for $456,000 pursuant to that certain assignment and assumption of membership interests agreement of even date.  The membership interest in Governor Park was one of the investments acquired by the Company in the Paladin acquisition. Governor Park owns two small office buildings in San Diego, California.
	On March 28, 2014, the Company purchased a 403 unit multifamily community located in Alpharetta, Georgia from an unaffiliated seller for $70.5 million.
	The Company has evaluated subsequent events and determined that no events have occurred, other than those disclosed above, which would require an adjustment to the consolidated financial statements.

SCHEDULE_III_Real_Estate_and_A

SCHEDULE III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2013
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]	'
SCHEDULE III Real Estate and Accumulated Depreciation	'
	SCHEDULE III
	Real Estate and Accumulated Depreciation
	31-Dec-13
	(dollars in thousands)
	Column A		Column B			Column C		Column D			Column E		Column F			Column G	Column H	Column I
	Description		Encumbrances			Initial cost to Company		Cost capitalized subsequent to acquisition			Gross Amount at which carried at close of period		Accumulated Depreciation			Date of Construction	Date Acquired	Life on which depreciation in latest income is computed
						Buildings and Land Improvements		Improvements Carrying Costs			Buildings and Land Improvements Total
	Real estate owned:
	Residential		$	—		$	221	$	18		$	239	$	(28	)	1961	8/18/10	3 - 27.5 years
	Omaha, NE
	Residential		—			7,542		3,695			11,237		(1,685		)	1978	9/3/10	3 - 27.5 years
	Houston, TX
	Residential		8,846			11,076		3,755			14,831		(1,432		)	1961	6/17/11	3 - 27.5 years
	Philadelphia, PA
	Residential		—			8,100		96			8,196		(567		)	2005	10/21/11	3 - 27.5 years
	Tampa, FL
	Residential		—			9,570		10,240			19,810		(2,706		)	1979	3/27/12	3 - 27.5 years
	Houston, TX
	Residential		8,190			8,273		870			9,143		(669		)	1838	5/13/11	3 - 27.5 years
	Dayton, OH
	Residential		—			39,341		9,851			49,192		(3,674		)	1966	6/20/12	3 - 27.5 years
	Cincinnati, OH
	Residential		—			1,961		3,751			5,712		(293		)	1974	12/6/12	3 - 27.5 years
	Oklahoma City, OK
	Residential		—			1,938		1,393			3,331		(181		)	1974	12/7/12	3 - 27.5 years
	Memphis, TN
	Residential		—			13,662		972			14,634		(517		)	2000	12/19/12	3 - 27.5 years
	Houston, TX
	Residential		—			5,087		2,680			7,767		(538		)	1978	12/21/12	3 - 27.5 years
	Houston, TX
	Residential		10,530			9,620		4,684			14,304		(563		)	1993	1/22/13	3 - 27.5 years
	Hermantown, MN
	Residential		—			6,345		2,910			9,255		(396		)	1968	3/13/13	3 - 27.5 years
	Lexington, KY
	Residential		8,586			11,080		1,694			12,774		(360		)	1979	3/28/13	3 - 27.5 years
	Houston, TX
	Residential		—			8,064		1,370			9,434		(260		)	1986	4/18/13	3 - 27.5 years
	Hoover, AL
	Residential		19,362			26,496		416			26,912		(494		)	1981	6/24/13	3 - 27.5 years
	Houston, TX
	Residential		—			9,494		757			10,251		(203		)	1969	6/27/13	3 - 27.5 years
	Winter Park, FL
	Residential		—			31,001		419			31,420		(448		)	1984	7/25/13	3 - 27.5 years
	Plano, TX
	Residential		—			17,583		(511		)	17,072		(202		)	1985	9/9/13	3 - 27.5 years
	Newport News, VA
	Residential		23,235			29,509		78			29,587		(248		)	1985	9/30/13	3 - 27.5 years
	Littleton, CO
	Residential		18,762			23,321		66			23,387		(210		)	1985	9/30/13	3 - 27.5 years
	Westminster, CO
	Residential		—			24,192		(554		)	23,638		(102		)	1985	10/25/13	3 - 27.5 years
	Alpharetta, GA
	Residential		14,300			21,831		36			21,867		—			1982	12/16/13	3 - 27.5 years
	San Antonio, TX
	Residential		—			32,142		14			32,156		—			1988	12/20/13	3 - 27.5 years
	Burnsville, MN
			$	111,811		$	357,449	$	48,700		$	406,149	$	(15,776	)
		Years Ended
		December 31,
		2013			2012
	Balance, beginning of the period	$	126,640		$	22,303
	Additions during period:
	Acquisitions	255,149			88,653
Improvements, etc.	25,834			15,813
Dispositions during the period:	(1,474		)	(129		)
Balance, at close of period	$	406,149		$	126,640

SCHEDULE_IV_Mortgage_Loans_on_

SCHEDULE IV Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2013

Mortgage Loans on Real Estate [Abstract]

'

SCHEDULE IV Mortgage Loans on Real Estate

'

SCHEDULE IV

Mortgage Loans on Real Estate

31-Dec-13

(dollars in thousands)

Column A

Column B

Column C

Column D

Column E

Column F

Column G

Column H

Description

Interest rate

Final maturity date

Periodic payment term

Prior liens

Face amount of mortgages

Carrying amount of mortgages

Principal amount of loans subject to delinquent principal or interest

Residential

Fixed interest rate

10/28/21

N/A

N/A

$

1,058

$

738

$

—

Columbia City, IN

of 7.5%

Residential

Variable interest rate between

12/30/13

N/A

N/A

242

195

—

Kalamazoo, MI

7.0 and 7.39%

Residential

Fixed interest rate

5/17/16

N/A

N/A

800

791

—

Hermantown, MN

of 4%

$

2,100

$

1,724

$

—

Year Ended

December 31,

2013

Balance, beginning of the period

$

11,109

Interest Accretion

23

New loans

800

Reductions

(34

)

Impairments

(24

)

Foreclosures

(10,150

)

Balance, end of the period

$

1,724

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 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 Complex	Number	Property Location
				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”)		107th Avenue	5	Omaha, NE
	RRE Westhollow Holdings, LLC (“Westhollow”)		Arcadia	404	Houston, TX
	RRE Crestwood Holdings, LLC (“Crestwood”)		Town Park (a)	N/A	Birmingham, AL
	RRE Iroquois, LP (“Vista”)		Vista Apartment Homes	133	Philadelphia, PA
	RRE Iroquois Holdings, LLC		N/A	N/A	N/A
	RRE Campus Club Holdings, LLC (“Campus Club”)		Campus Club	64	Tampa, FL
	RRE Bristol Holdings, LLC (“Bristol”)		The Redford	856	Houston, TX
	RRE Cannery Holdings, LLC (“Cannery”)		Cannery Lofts	156	Dayton, OH
	RRE Williamsburg Holdings, LLC (“Williamsburg”)		Williamsburg	976	Cincinnati, OH
	WPL Holdings, LLC		Williamsburg Parking Lot	N/A	Cincinnati, Ohio
	RRE Skyview Holdings, LLC ("Skyview")		Cityside Crossing	360	Houston, TX
	RRE Park Forest Holdings, LLC ("Park Forest")		Mosaic	216	Oklahoma City, OK
	RRE Foxwood Holdings, LLC ("Foxwood")		The Reserve at Mt. Moriah	220	Memphis, TN
	RRE Flagstone Holdings, LLC ("Flagstone")		The Alcove	292	Houston, TX
	RRE Deerfield Holdings, LLC ("Deerfield")		Deerfield	166	Hermantown, MN
	RRE Kenwick Canterbury Holdings, LLC ("Kenwick & Canterbury")		One Hundred Chevy Chase Apartments	244	Lexington, KY
	RRE Armand Place Holdings, LLC ("Armand")		Ivy at Clear Creek	244	Houston, TX
	RRE Autumn Wood Holdings, LLC ("Autumn Wood")		Retreat at Rocky Ridge	196	Hoover, AL
	RRE Village Square Holdings, LLC ("Village Square")		Village Square	271	Houston, TX
	RRE Nob Hill Holdings, LLC ("Nob Hill")		Nob Hill	192	Winter Park, FL
	RRE Brentdale Holdings, LLC ("Brentdale")		Brentdale	412	Plano, TX
	RRE Jefferson Point Holdings, LLC ("Jefferson Point")		Jefferson Point	208	Newport News, VA
	RRE Centennial Holdings, LLC ("Centennial")		Centennial	276	Littleton, CO
	RRE Pinnacle Holdings, LLC ("Pinnacle")		Pinnacle	224	Westminster, CO
	RRE Jasmine Holdings, LLC ("Jasmine")		Jasmine at Holcomb Bridge	437	Alpharetta, GA
	RRE River Oaks Holdings, LLC ("River Oaks")		Terrace at River Oaks	314	San Antonio, TX
	RRE Nicollet Ridge Holdings, LLC ("Nicollet Ridge")		Nicollet Ridge	339	Burnsville, MN
	RRE Charlemagne Holdings, LLC		N/A	N/A	N/A
	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
Concentration of Credit Risk	'
	Financial instruments, which potentially subject the Company to concentration of credit risk, consist of periodic
	temporary deposits of cash.
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.
	An impairment loss will be recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used.  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 year ended December 31, 2013, the Company recorded a $563,000 impairment charge for two of its loans held for investmen
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 Purchase Price of Acquired and Foreclosed Assets	'
	The cost of rental properties acquired directly as fee interests and 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 sale 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 $31.2 million and $292,000 for the years ending December 31, 2014 and 2015, respectively, and none thereafter.
Tenant Receivables	'
	Tenant receivables are stated in the financial statements at amounts due from tenants 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 December 31, 2013, the Advisor has advanced $4.6 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 was 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 was 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 December 31, 2013 and 2012, $4.2 million and $3.9 million, respectively, have been reimbursed to the Advisor.  Upon completion of the public offering, all deferred offering costs in excess of reimbursements were 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 December 31, 2013 and 2012, the Company had no TRSs.
	The Company evaluates the benefits from tax positions taken or expected to be taken in its tax return. 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 year.  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.
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).
Adoption of New Accounting Standard	'
	adopted the following accounting standard during 2013 which did not have a material impact on our consolidated financial position, results of operations or cash flows:
	In February 2013, the Financial Accounting Standards Board , or FASB issued guidance that requires an entity to disclose information showing the effect of items reclassified from accumulated other comprehensive income on the line items of net income. We adopted this guidance beginning January 1, 2013 and have presented the required disclosures.

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 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 Complex	Number	Property Location
				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”)		107th Avenue	5	Omaha, NE
	RRE Westhollow Holdings, LLC (“Westhollow”)		Arcadia	404	Houston, TX
	RRE Crestwood Holdings, LLC (“Crestwood”)		Town Park (a)	N/A	Birmingham, AL
	RRE Iroquois, LP (“Vista”)		Vista Apartment Homes	133	Philadelphia, PA
	RRE Iroquois Holdings, LLC		N/A	N/A	N/A
	RRE Campus Club Holdings, LLC (“Campus Club”)		Campus Club	64	Tampa, FL
	RRE Bristol Holdings, LLC (“Bristol”)		The Redford	856	Houston, TX
	RRE Cannery Holdings, LLC (“Cannery”)		Cannery Lofts	156	Dayton, OH
	RRE Williamsburg Holdings, LLC (“Williamsburg”)		Williamsburg	976	Cincinnati, OH
	WPL Holdings, LLC		Williamsburg Parking Lot	N/A	Cincinnati, Ohio
	RRE Skyview Holdings, LLC ("Skyview")		Cityside Crossing	360	Houston, TX
	RRE Park Forest Holdings, LLC ("Park Forest")		Mosaic	216	Oklahoma City, OK
	RRE Foxwood Holdings, LLC ("Foxwood")		The Reserve at Mt. Moriah	220	Memphis, TN
	RRE Flagstone Holdings, LLC ("Flagstone")		The Alcove	292	Houston, TX
	RRE Deerfield Holdings, LLC ("Deerfield")		Deerfield	166	Hermantown, MN
	RRE Kenwick Canterbury Holdings, LLC ("Kenwick & Canterbury")		One Hundred Chevy Chase Apartments	244	Lexington, KY
	RRE Armand Place Holdings, LLC ("Armand")		Ivy at Clear Creek	244	Houston, TX
	RRE Autumn Wood Holdings, LLC ("Autumn Wood")		Retreat at Rocky Ridge	196	Hoover, AL
	RRE Village Square Holdings, LLC ("Village Square")		Village Square	271	Houston, TX
	RRE Nob Hill Holdings, LLC ("Nob Hill")		Nob Hill	192	Winter Park, FL
	RRE Brentdale Holdings, LLC ("Brentdale")		Brentdale	412	Plano, TX
	RRE Jefferson Point Holdings, LLC ("Jefferson Point")		Jefferson Point	208	Newport News, VA
	RRE Centennial Holdings, LLC ("Centennial")		Centennial	276	Littleton, CO
	RRE Pinnacle Holdings, LLC ("Pinnacle")		Pinnacle	224	Westminster, CO
	RRE Jasmine Holdings, LLC ("Jasmine")		Jasmine at Holcomb Bridge	437	Alpharetta, GA
	RRE River Oaks Holdings, LLC ("River Oaks")		Terrace at River Oaks	314	San Antonio, TX
	RRE Nicollet Ridge Holdings, LLC ("Nicollet Ridge")		Nicollet Ridge	339	Burnsville, MN
	RRE Charlemagne Holdings, LLC		N/A	N/A	N/A
	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)	12 Months Ended
	Dec. 31, 2013
Supplemental Cash Flow Elements [Abstract]	'
Supplemental Cash Flow Information	'
	The following table presents supplemental cash flow information (in thousands):
		Years Ended
		December 31,
		2013		2012
	Non-cash activities:
	Investor contributions held in escrow which have converted to common stock	$	—	$	1,686
	Property and intangibles received on foreclosure of loans held for investment	10,150		17,846
	Financing provided for disposed property	800		—
	Stock issued from distribution reinvestment plan	9,984		6,393
	Stock distributions issued	8,221		7,662
	Cash distributions on common stock declared but not yet paid	2,222		1,671
	Deferred financing costs and escrow deposits funded directly by mortgage note and revolving credit facility	2,880		875
	Cash paid during the period for:
	Interest	$	537	$	328

RENTAL_PROPERTIES_NET_Tables

RENTAL PROPERTIES, NET (Tables)	12 Months Ended
	Dec. 31, 2013
Real Estate Investments, Net [Abstract]	'
Investments in Rental Properties	'
	The Company’s investments in rental properties consisted of the following (in thousands):
		December 31,
		2013			2012
					(Remeasured)
	Land	$	62,859		$	16,163
	Building and improvements	325,412			103,396
	Furniture, fixtures and equipment	17,051			5,998
	Construction in progress	827			1,083
		406,149			126,640
	Less: accumulated depreciation	(15,776		)	(4,272		)
		$	390,373		$	122,368

LOANS_HELD_FOR_INVESTMENT_NET_

LOANS HELD FOR INVESTMENT, NET (Tables)	12 Months Ended
	Dec. 31, 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):
			December 31, 2013					December 31, 2012
			Amount			Percent		Amount				Percent
	Current		$	1,529		89%		$	959			9%
	Delinquent:
	30−89 days		195			11%		10,150				91%
	90−180 days		—			—%		—				—%
	Greater than 180 days		—			—%		—				—%
			$	1,724		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):
		December 31,
		2013			2012
	Loans:
	Performing	$	1,529		$	959
	Nonperforming	195			10,150
	Total	$	1,724		$	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
	Face value	$	242		$	1,058			$	800
	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)	12 Months Ended
	Dec. 31, 2013
Business Acquisition [Line Items]	'
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	'
	The table below summarizes these acquisitions and the respective fair values assigned (dollars in thousands):
	Multifamily		City and State		Date of	Purchase			Land		Building and Improvements		Furniture, Fixture and Equipment		Intangible Assets		Other Assets		Other			Fair Valued
	Community Name				Acquisition (2)	Price (1)													Liabilities			Assigned
	Nicollet Ridge		Burnsville, MN		12/20/13	$	33,149		$	4,134	$	26,992	$	1,016	$	1,008	$	36	$	(107	)	$	33,079
	Terrace at River Oaks		San Antonio, TX		12/16/13	22,500			3,830		17,510		491		669		48		(63		)	22,485
	Jasmine at Holcomb Bridge		Alpharetta, GA		10/25/13	25,050			7,582		16,023		587		859		37		(161		)	24,927
	Centennial		Littleton,		9/30/13	30,600			5,702		23,609		198		1,090		24		(190		)	30,433
			CO
	Pinnacle		Westminster,		9/30/13	24,250			2,923		20,301		97		928		20		(147		)	24,122
			CO
	Jefferson Point		Newport News,		9/9/13	18,250			3,951		13,048		584		667		23		(59		)	18,214
			VA
	Brentdale		Plano,		7/25/13	32,200			5,785		24,418		798		1,199		52		(317		)	31,935
			TX
	Nob Hill		Winter Park,		6/27/13	10,100			2,512		6,459		523		606		50		(61		)	10,089
			FL
	Village Square		Spring,		6/24/13	27,200			3,785		22,014		697		704		40		(170		)	27,070
			TX
	Retreat at Rocky Ridge		Hoover,		4/18/13	8,500			1,616		6,418		30		436		2		(89		)	8,413
			AL
	Ivy at Clear Creek		Houston,		3/28/13	11,750			1,877		9,175		28		670		8		(127		)	11,631
			TX
	One Hundred Chevy Chase Apartments		Lexington,		3/13/13	6,850			1,323		4,981		41		505		7		(101		)	6,756
			KY
	Deerfield		Hermantown		3/21/12	10,300		(3)	1,660		11,110		500		423		1		(4		)	13,690
			MN
	The Alcove		Houston,		12/21/12	5,500			1,202		3,865		20		413		54		(13		)	5,541
			TX
	Cityside Crossing		Houston,		12/19/12	14,425			1,949		11,676		37		763		49		(68		)	14,406
			TX
	The Reserve at		Memphis,		12/7/12	2,275			775		1,124		39		337		16		(90		)	2,201
	Mount Moriah		TN
	Mosaic		Oklahoma City,		12/6/12	2,050			1,000		2,609		30		123		14		(14		)	3,762
			OK
	Williamsburg		Cincinnati,		6/20/12	41,250			3,223		35,111		1,007		1,909		49		(274		)	41,025
	Apartments		OH
	Cannery Lofts		Dayton,		5/13/11	7,100		(4)	160		7,913		200		609		35		—			8,917
			OH
	The Redford		Houston,		3/27/12	11,400			4,073		5,235		262		1,558		272		—			11,400
			TX
	Campus Club		Tampa,		10/21/12	8,300		(5)	1,650		6,250		200		435		—		—			8,535
	Apartments		FL
	Vista Apartment		Philadelphia,		6/17/11	12,000		(6)	1,163		9,913		—		535		530		(141		)	12,000
	Homes		PA
	Arcadia at		Houston,		9/3/10	7,800		(7)	943		6,599		—		258		—		—			7,800
	Westheimer		TX
	107th Avenue		Omaha,		8/18/10	225			25		196		—		4		—		—			225
			NE
	-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	The date of acquisition reflects the date the Company acquired the note, where applicable.
	-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	'
Business Acquisition [Line Items]	'
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	'
	The following table reflects the values of the net assets acquired (in thousands):
		As adjusted
	Rental property:
	Land	$	1,660
	Buildings	11,110
	Personal property	500
		13,270
	Acquired intangibles − in-place leases	423
	Prepaid insurance	1
	Security deposits	(4		)
	Estimated fair value assigned	$	13,690
One Hundred Chevy Chase Apartments	'
Business Acquisition [Line Items]	'
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	'
	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 [Member]	'
Business Acquisition [Line Items]	'
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	'
	The following table reflects the 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 [Member]	'
Business Acquisition [Line Items]	'
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	'
	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 Recognized Identified Assets Acquired and Liabilities Assumed	'
	The following table reflects the values of the net assets acquired (in thousands):
	Rental property:
	Land	$	3,785
	Buildings	22,014
	Personal property	697
		26,496
	Acquired intangibles − in-place leases	704
	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 Recognized Identified Assets Acquired and Liabilities Assumed	'
	The following table reflects the values of the net assets acquired (in thousands):
	Rental property:
	Land	$	2,512
	Buildings	6,459
	Personal property	523
		9,494
	Acquired intangibles − in-place leases	606
	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 Recognized Identified Assets Acquired and Liabilities Assumed	'
	The following table reflects the values of the net assets acquired (in thousands):
	Rental property:
	Land	$	5,785
	Buildings	24,418
	Personal property	798
		31,001
	Acquired intangibles − in-place leases	1,199
	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 Recognized Identified Assets Acquired and Liabilities Assumed	'
	The following table reflects the values of the net assets acquired (in thousands):
	Rental property:
	Land	$	3,951
	Buildings	13,048
	Personal property	584
		17,583
	Acquired intangibles − in-place leases	667
	Prepaid insurance	23
	Accrued real estate taxes	(37		)
	Prepaid rents	(4		)
	Security deposits	(18		)
	Estimated fair value assigned	$	18,214
Pinnacle - Westminster, CO [Member]	'
Business Acquisition [Line Items]	'
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	'
	The following table reflects the values of the net assets acquired (in thousands):
	Rental property:
	Land	$	2,923
	Buildings	20,301
	Personal property	97
		23,321
	Acquired intangibles − in-place leases	928
	Prepaid insurance	20
	Accrued real estate taxes	(99		)
	Prepaid rents	(8		)
	Security deposits	(40		)
	Estimated fair value assigned	$	24,122
Centennial - Littleton, CO [Member]	'
Business Acquisition [Line Items]	'
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	'
	The following table reflects the values of the net assets acquired (in thousands):
	Rental property:
	Land	$	5,702
	Buildings	23,609
	Personal property	198
		29,509
	Acquired intangibles − in-place leases	1,090
	Prepaid insurance	24
	Accrued real estate taxes	(122		)
	Prepaid rents	(12		)
	Security deposits	(56		)
	Estimated fair value assigned	$	30,433
Jasmine at Holcomb Bridge [Member]	'
Business Acquisition [Line Items]	'
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	'
	The following table reflects the values of the net assets acquired (in thousands):
	Rental property:
	Land	$	7,582
	Buildings	16,023
	Personal property	587
		24,192
	Acquired intangibles − in-place leases	859
	Prepaid insurance	37
	Accrued real estate taxes	(19		)
	Prepaid rents	(25		)
	Security deposits	(117		)
	Estimated fair value assigned	$	24,927
Terrace at River Oaks [Member]	'
Business Acquisition [Line Items]	'
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	'
	The following table reflects the values of the net assets acquired (in thousands):
	Rental property:
	Land	$	3,830
	Buildings	17,510
	Personal property	491
		21,831
	Acquired intangibles − in-place leases	669
	Prepaid insurance	22
	Prepaid real estate taxes	26
	Prepaid rents	(9		)
	Security deposits	(54		)
	Estimated fair value assigned	$	22,485
Nicollet Ridge [Member]	'
Business Acquisition [Line Items]	'
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	'
	The following table reflects the values of the net assets acquired (in thousands):
	Rental property:
	Land	$	4,134
	Buildings	26,992
	Personal property	1,016
		32,142
	Acquired intangibles − in-place leases	1,008
	Prepaid insurance	24
	Prepaid real estate taxes	12
	Prepaid rents	(4		)
	Security deposits	(103		)
	Estimated fair value assigned	$	33,079

MEASUREMENT_PERIOD_ADJUSTMENTS1

MEASUREMENT PERIOD ADJUSTMENTS (Tables)	12 Months Ended
	Dec. 31, 2013
Accounting Changes and Error Corrections [Abstract]	'
Schedule of Measurement Period Adjustments	'
	Mosaic
		6-Dec-12		Measurement			6-Dec-12
		(As initially reported)		period adjustment			(As adjusted)
	Land	$	572	$	428		$	1,000
	Building	1,390		1,219			2,609
	Personal property	—		30			30
	Intangible assets	88		35			123
	Identifiable net assets	2,050		1,712			3,762
	Gain on bargain purchase	—		(1,712		)	—
	Total net identifiable net assets	$	2,050	$	—		$	3,762
	Deerfield
		22-Jan-13		Measurement			22-Jan-13
		(As initially reported)		period adjustment			(As adjusted)
	Land	$	1,028	$	632		$	1,660
	Building	8,592		2,518			11,110
	Personal property	—		500			500
	Intangible assets	680		(257		)	423
	Identifiable net assets	10,300		3,393			13,693
	Gain on foreclosure	—		(3,393		)	—
	Total net identifiable net assets	$	10,300	$	—		$	13,693

DISPOSITION_OF_PROPERTIES_Tabl

DISPOSITION OF PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2013
Discontinued Operations and Disposal Groups [Abstract]	'
Results of Discontinued Operations	'
	The results of discontinued operations are summarized for the years ended December 31, 2013 and 2012 as follows (in thousands):
		Years Ended
		December 31,
		2013			2012
	Revenues:
	Rental income	$	1,082		$	2,957
	Gain on foreclosure	—			1,232
	Casualty gain	—			175
	Total revenues	1,082			4,364
	Expenses:
	Rental operating	814			2,444
	Acquisition costs	—			(10		)
	Management fees - related parties	62			176
	General and administrative	227			367
	Loss on property impairment	539			400
	Depreciation and amortization expense	141			689
	Total expenses	1,783			4,066
	(Loss) income from discontinued operations	(701		)	298
	Net gain on dispositions	3,173			—
	Income from discontinued operations, net	$	2,472		$	298
	Weighted average common shares outstanding	39,284			14,886
	Basic and diluted income per common share	$	0.06		$	0.02

IDENTIFIED_INTANGIBLE_ASSETS_N1

IDENTIFIED INTANGIBLE ASSETS, NET (Tables)	12 Months Ended
	Dec. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]	'
Rental and Antennae Leases	'
	Expected amortization for the rental and antennae leases for the next five years ending December 31, and thereafter, is as follows (in thousands):
	2014	$	5,001
	2015	19
	2016	17
	2017	16
	2018	16
	Thereafter	113
		$	5,182

MORTGAGE_NOTE_PAYABLE_Tables

MORTGAGE NOTE PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2013
Debt Disclosure [Abstract]	'
Summary of Mortgage Notes Payable	'
	The following is a summary of the mortgage notes payable (in thousands, except percentages):
	Collateral		Balance Outstanding at December 31, 2013		Maturity	Annual			Average
					Date	Interest Rate			Monthly Debt
									Service
	Vista Apartment Homes		$	8,846	5/1/17	2.78	%	(1)	$	38
	Cannery Lofts		8,190		9/1/20	3.47	%	(1)	24
	Deerfield		10,530		11/1/20	4.66	%	(2)	41
	Village Square		19,362		11/1/23	2.59	%	(1)	81
	Ivy at Clear Creek		8,586		11/1/23	2.59	%	(1)	36
	Centennial		23,235		1/1/19	3.6	%	(2)	101
	Pinnacle		18,762		1/1/19	3.6	%	(2)	82
	Terrace at River Oaks		14,300		1/1/22	4.32	%	(2)	69
			$	111,811
	-1	Variable rate based on one-month LIBOR of 0.1683% (as of December 31, 2013).
	-2	Fixed rate.
Annual Principal Payments on the Mortgage Note Payable	'
	Annual principal payments on the mortgage notes payable for each of the next five years ending December 31 and thereafter are as follows (in thousands):
	2014		$	1,166
	2015		1,770
	2016		2,076
	2017		10,151
	2018		1,982
	Thereafter		$	94,666
			$	111,811

DEFERRED_FINANCING_COSTS_Table

DEFERRED FINANCING COSTS (Tables)	12 Months Ended
	Dec. 31, 2013
DEFERRED FINANCING COSTS [Abstract]	'
Estimated Amortization of Deferred Financing Costs	'
	Estimated amortization of the existing deferred financing costs for the next five years ending December 31, and thereafter are as follows (in thousands):
	2014	$	767
	2015	755
	2016	750
	2017	583
	2018	298
	Thereafter	449
		$	3,602

ACCUMULATED_OTHER_COMPREHENSIV1

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	12 Months Ended
	Dec. 31, 2013
Equity [Abstract]	'
Components of Accumulated Other Comprehensive Income	'
	The following table presents the changes in each component of accumulated other comprehensive income for the year ended December 31, 2013 (dollars in thousands):
		Net unrealized gain on derivatives
	1-Jan-13	$	—
	Unrealized gain on designated derivative	20
	31-Dec-13	$	20

CERTAIN_RELATIONSHIPS_AND_RELA1

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2013
Related Party Transactions [Abstract]	'
Fees Earned From / Expenses Paid to Related Parties	'
	The fees earned / expenses paid and the amounts payable to such related parties are summarized in the following tables (in thousands):
		Years Ended
		December 31,
		2013		2012
	Receivables from related parties:
	RAI and affiliates	$	530	$	—
	Payables to related parties:
	Advisor:
	Acquisition fees	$	—	$	—
	Asset management fees	—		10
	Dispositions fees	—		—
	Debt financing fees	—		—
	Expense reimbursements	775		27
	Resource Real Estate Opportunity Manager, LLC:
	Property management fees	266		103
	Operating expense reimbursements	500		258
	Resource Securities, Inc.
	Selling commissions and dealer manager fees	174		268
	Other	$	3	$	5
		$	1,718	$	671
		Years Ended
		December 31,
		2013		2012
	Fees earned / expenses paid to related parties:
	Advisor:
	Acquisition fees	$	6,307	$	2,200
	Asset management fees	$	2,660	$	987
	Dispositions fees	$	116	$	—
	Debt financing fees	$	696	$	119
	Organization and offering costs	$	792	$	292
	Overhead allocation	$	839	$	75
	Resource Real Estate Opportunity Manager LLC:
	Property management fees	$	1,891	$	941
	Construction management fees	$	940	$	262
	Debt servicing fees	$	6	$	4
	Resource Securities, Inc.:
	Selling commissions and dealer manager fees	$	40,683	$	12,359
	Other:
	Ledgewood	$	266	$	131
	Graphic Images	$	485	$	623

EQUITY_Tables

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2013
Equity [Abstract]	'
Schedule of Shares Issued	'
	As of December 31, 2013, the Company had issued an aggregate of 66,725,241 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		62,485,461			622,000
	Shares issued through stock distributions		1,798,930			—
	Shares issued through distribution reinvestment plan		1,161,623			11,000
	Shares issued in conjunction with the Advisor's initial investment,		15,500			200
	net of 4,500 share conversion
	Total		66,725,241			$	645,700
Schedule of Redemption of Securities	'
	During the year ended December 31, 2013, the Company redeemed its shares as follows:
	Period		Total Number		Average Price		Cumulative Number of	Approximate Dollar
			of Shares		Paid per Share		Shares Purchased	Value of Shares
			Redeemed (1)				as Part of a	Available That May
							Publicly Announced	Yet Be Redeemed
							Plan or Program (2)	Under the Program
	Jan-13		—		—		11,077	-2
	Feb-13		—		—		11,077	-2
	Mar-13		24,012		$8.07		35,089	-2
	Apr-13		—		—		35,089	-2
	May-13		—		—		35,089	-2
	Jun-13		—		—		35,089	-2
	Jul-13		7,114		$8.51		42,203	-2
	Aug-13		—		—		42,203	-2
	Sep-13		—		—		42,203	-2
	Oct-13		15,894		$8.40		58,097	-2
	Nov-13		—		—		58,097	-2
	Dec-13		—		—		58,097	-2
	YTD Average				$8.25
	-1	All redemptions of equity securities by the Company in the year ended December 31, 2013 were made pursuant to the Company's share redemption program.
	-2	The Company currently limits the dollar value and number of shares that may be redeemed under the program.
Schedule of Distributions	'
	For the year ended December 31, 2013, the Company paid aggregate distributions of $14.7 million, including $4.7 million of distributions paid in cash and $10.0 million of distributions reinvested in shares of common stock through the Company's distribution reinvestment plan, as follows:
	Record Date		Per				Distribution Date	Distribution		Aggregate		Total
			Common					invested in		Cash		Aggregate
			Share					shares of Common Stock		Distribution		Distribution
	December 31, 2012		$	0.075			January 15, 2013	$	1,053	$	618	$	1,671
	January 31, 2013		0.025				February 15, 2013	383		217		600
	February 28, 2013		0.025				March 15, 2013	420		227		647
	April 1, 2013		0.025				April 15, 2013	467		243		710
	April 30, 2013		0.025				May 1, 2013	512		258		770
	May 31, 2013		0.033				June 3, 2013	745		359		1,104
	June 28, 2013		0.033				July 1, 2013	805		379		1,184
	July 31, 2013		0.033				August 1, 2013	890		412		1,302
	August 30, 2013		0.033				September 3, 2013	983		441		1,424
	September 30, 2013		0.033				October 1, 2013	1,064		472		1,536
	October 31, 2013		0.033				November 1, 2013	1,231		527		1,758
	November 29, 2013		0.033				December 2, 2013	1,431		604		2,035
								$	9,984	$	4,757	$	14,741

FAIR_VALUE_MEASURES_AND_DISCLO1

FAIR VALUE MEASURES AND DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 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
	For the year ended December 31, 2013:
	Assets:
	Deerfield	—			—			$	13,693		$	13,693
	Rental properties, net	$	—		$	—		$	13,693		$	13,693
	For the year ended December 31, 2012:
	Assets:
	Cannery	$	—		$	—		$	8,917		$	8,917
	Heatherwood	—			—			1,889			1,889
	Campus Club	—			—			8,535			8,535
	Mosaic	—			—			3,762			3,762
	Rental properties, net	$	—		$	—		$	23,103		$	23,103
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 facilities were as follows (in thousands):
		December 31, 2013						December 31, 2012
		Carrying			Fair			Carrying			Fair
		Amount			Value			Amount			Value
	Loans held for investment, net	$	1,724		$	1,724		$	11,109		$	11,109
	Mortgage notes payable	$	(111,811	)	$	(110,413	)	$	(9,043	)	$	(8,984	)
	Revolving credit facilities	$	(37,041	)	$	(37,041	)	$	(760	)	$	(760	)

DERIVATIVES_AND_HEDGING_ACTIVI1

DERIVATIVES AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

'

Outstanding Interest Rate Derivatives

'

As of December 31, 2013 the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands):

Interest Rate Derivative

Number of Instruments

Notional

Interest Rate Caps

2

$

27,948

Fair Value and Balance Sheet Location of Derivatives

'

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of December 31, 2013 and December 31, 2012 (dollars in thousands):

Asset Derivatives

Liability Derivatives

31-Dec-13

31-Dec-12

31-Dec-13

31-Dec-12

Balance Sheet

Fair Value

Balance Sheet

Fair Value

Balance Sheet

Fair Value

Balance Sheet

Fair Value

Interest rate cap

$

290

Interest rate cap

$

—

—

$

—

—

$

—

SUBSEQUENT_EVENTS_Tables

SUBSEQUENT EVENTS (Tables)	12 Months Ended
	Dec. 31, 2013
Subsequent Events [Abstract]	'
Pro Forma Financial Information	'
	The unaudited supplemental pro forma financial information set forth below is based upon the Company's historical financial statements giving effect to the Paladin acquisition (dollars in thousands, except per share data).
		Years Ended December 31,
		2013			2012
	Revenues	$	71,098		$	43,075
	Net loss and comprehensive loss	$	(20,699	)	$	(24,511	)
	Basic and diluted loss per share	$	(0.47	)	$	(1.22	)

NATURE_OF_BUSINESS_AND_OPERATI1

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

12 Months Ended

1 Months Ended

9 Months Ended

9 Months Ended

12 Months Ended

42 Months Ended

12 Months Ended

42 Months Ended

9 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Jun. 16, 2010

Jun. 30, 2010

Jun. 09, 2010

Sep. 15, 2009

Jun. 17, 2009

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Jun. 09, 2010

Sep. 15, 2009

Jun. 09, 2010

Jun. 16, 2010

Sep. 15, 2009

Jun. 16, 2010

Dec. 31, 2013

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Convertible Stock [Member]

Convertible Stock [Member]

Convertible Stock [Member]

Maximum [Member]

Maximum [Member]

Maximum [Member]

Maximum [Member]

Advisor [Member]

Private Offering [Member]

Private Offering [Member]

Private Offering [Member]

Private Offering [Member]

Ongoing Public Offering [Member]

Ongoing Public Offering [Member]

Ongoing Public Offering [Member]

Ongoing Public Offering [Member]

Ongoing Public Offering [Member]

Ongoing Public Offering [Member]

Private Offering [Member]

Private Offering [Member]

Private Offering [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Advisor [Member]

Advisor [Member]

Advisor [Member]

Advisor [Member]

Advisor [Member]

Advisor [Member]

Advisor [Member]

Private Offering [Member]

Ongoing Public Offering [Member]

Ongoing Public Offering [Member]

Advisor [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

Shares, Issued

'

'

'

'

'

'

'

276,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock (par value $.01; 1,000,000,000 shares authorized; 66,725,241 and 22,291,810 shares issued, respectively; and 66,667,136 and 22,277,030 shares outstanding, respectively)

668,000

223,000

'

'

'

'

'

2,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum shares under offering (in shares)

1,000,000,000

1,000,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,000,000

75,000,000

'

Sale price of share (in dollars per share)

'

'

$9.50

'

'

$10

'

'

'

'

'

'

'

'

'

$1

'

'

'

'

'

Proceeds from issuance of stock under private offering

'

'

'

'

12,800,000

'

200,000

'

645,800,000

'

756,504

1,300,000

315,000

'

'

'

'

'

'

'

'

Net proceeds from issuance from private placement

'

'

'

'

11,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payment of syndication costs

$46,596,000

$15,588,000

'

'

$1,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of common stock (in shares)

'

'

'

'

1,283,727

'

20,000

'

'

64,926,311

84,056

141,500

35,000

276,056

5,000

'

4,063

'

'

'

'

Stock acquired by outside investors (in shares)

0

0

'

'

'

'

'

'

'

'

'

'

'

'

937

'

'

'

'

'

'

Common shares converted by advisor (in shares)

'

'

'

4,500

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Convertible shares issued (in shares)

'

'

'

45,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares authorized, distribution reinvestment plan (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7,500,000

'

'

'

SUMMARY_OF_SIGNIFICANT_ACCOUNT3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
	Property
	distributions
Concentration of Credit Risk [Abstract]	'	'
Deposits at various banks	$275,500,000	'
Deposits at various banks, amount over the insurance limit of the Federal Deposit Insurance Corporation	268,500,000	'
Impairment of Long Lived Assets [Abstract]	'	'
Loss on property impairment	563,000	400,000
Number of properties impaired	2	'
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 - fiscal 2014	31,200,000	'
Future minimum rental payments to be received from noncancelable operating leases - fiscal 2015	292,000	'
Tenant Receivable [Abstract]	'	'
Allowance for uncollectable receivables	86,000	8,200
Deferred Offering Costs [Abstract]	'	'
Advanced deferred offering cost	0	3,015,000
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]	'	'
Antidilutive securities not included in the diluted earnings per share calculations	50,000	50,000,000
Number of stock distributions	12	'
Dividend Distribution One [Member]	'	'
Earnings Per Share [Abstract]	'	'
Number of stock distributions	7	'
Dividend Distribution Two [Member]	'	'
Earnings Per Share [Abstract]	'	'
Number of stock distributions	2	'
Dividend Distribution Three [Member]	'	'
Earnings Per Share [Abstract]	'	'
Number of stock distributions	1	'
Dividend Distribution Four [Member]	'	'
Earnings Per Share [Abstract]	'	'
Number of stock distributions	2	'
Common Stock [Member] | Dividend Distribution One [Member]	'	'
Earnings Per Share [Abstract]	'	'
Number of stock distributions	7	'
Common stock dividend rate	1.50%	'
Common Stock [Member] | Dividend Distribution Two [Member]	'	'
Earnings Per Share [Abstract]	'	'
Number of stock distributions	2	'
Common stock dividend rate	0.75%	'
Common Stock [Member] | Dividend Distribution Three [Member]	'	'
Earnings Per Share [Abstract]	'	'
Number of stock distributions	1	'
Common stock dividend rate	0.59%	'
Common Stock [Member] | Dividend Distribution Four [Member]	'	'
Earnings Per Share [Abstract]	'	'
Number of stock distributions	2	'
Common stock dividend rate	0.50%	'
Advisor [Member]	'	'
Deferred Offering Costs [Abstract]	'	'
Advanced deferred offering cost	4,600,000	'
Reimbursement of offering cost	4,200,000	3,900,000
Heatherwood Note [Member]	'	'
Impairment of Long Lived Assets [Abstract]	'	'
Loss on property impairment	539,000	'
Peterson Note [Member]	'	'
Impairment of Long Lived Assets [Abstract]	'	'
Loss on property impairment	$24,000	'

SUMMARY_OF_SIGNIFICANT_ACCOUNT4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Principles of Consolidation) (Details)	12 Months Ended
	Dec. 31, 2013
	Unit
RRE 107th Avenue Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'107th Avenue
Number of Units	5
Property Location	'Omaha, NE
RRE Westhollow Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Arcadia
Number of Units	404
Property Location	'Houston, TX
RRE Crestwood Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Town Park (a)
Property Location	'Birmingham, AL
RRE Iroquois, LP [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Vista Apartment Homes
Number of Units	133
Property Location	'Philadelphia, PA
RRE Campus Club Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Campus Club
Number of Units	64
Property Location	'Tampa, FL
RRE Bristol Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'The Redford
Number of Units	856
Property Location	'Houston, TX
RRE Cannery Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Cannery Lofts
Number of Units	156
Property Location	'Dayton, OH
RRE Williamsburg Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Williamsburg
Number of Units	976
Property Location	'Cincinnati, OH
WPL Holdings LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Williamsburg Parking Lot
Property Location	'Cincinnati, Ohio
RRE Skyview Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Cityside Crossing
Number of Units	360
Property Location	'Houston, TX
RRE Park Forest Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Mosaic
Number of Units	216
Property 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
Property Location	'Memphis, TN
RRE Flagstone Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'The Alcove
Number of Units	292
Property Location	'Houston, TX
RRE Deerfield Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Deerfield
Number of Units	166
Property 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
Property 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
Property Location	'Houston, TX
RRE Autumn Wood Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Retreat at Rocky Ridge
Number of Units	196
Property Location	'Hoover, AL
RRE Village Square Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Village Square
Number of Units	271
Property Location	'Houston, TX
RRE Nob Hill Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Nob Hill
Number of Units	192
Property Location	'Winter Park, FL
RRE Brentdale Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Brentdale
Number of Units	412
Property Location	'Plano, TX
RRE Jefferson Point Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Jefferson Point
Number of Units	208
Property Location	'Newport News, VA
RRE Centennial Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Centennial
Number of Units	276
Property Location	'Littleton, CO
RRE Pinnacle Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Pinnacle
Number of Units	224
Property Location	'Westminster, CO
RRE Jasmine Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Jasmine at Holcomb Bridge
Number of Units	437
Property Location	'Alpharetta, GA
RRE River Oaks Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Terrace at River Oaks
Number of Units	314
Property Location	'San Antonio, TX
RRE Nicollet Ridge Holdings, LLC [Member]	'
Subsidiary or Equity Method Investee [Line Items]	'
Apartment Complex	'Nicollet Ridge
Number of Units	339
Property Location	'Burnsville, MN

SUMMARY_OF_SIGNIFICANT_ACCOUNT5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Rental Property Useful Lives) (Details)	12 Months Ended
	Dec. 31, 2013
Building [Member]	'
Real Estate Properties [Line Items]	'
Estimated useful lives	'27 years 6 months
Building Improvements [Member] | Minimum [Member]	'
Real Estate Properties [Line Items]	'
Estimated useful lives	'3 years
Building Improvements [Member] | Maximum [Member]	'
Real Estate Properties [Line Items]	'
Estimated useful lives	'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 $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Non-cash activities:	'	'
Investor contributions held in escrow which have converted to common stock	$0	$1,686
Property and intangibles received on foreclosure of loans held for investment	10,150	17,846
Financing provided for disposed property	800	0
Stock issued from distribution reinvestment plan	9,984	6,393
Stock distributions issued	8,221	'
Cash distributions on common stock declared but not yet paid	2,222	1,671
Deferred financing costs and escrow deposits funded directly by mortgage note and revolving credit facility	2,880	875
Cash paid during the period for:	'	'
Interest	$537	$328

RENTAL_PROPERTIES_NET_Details

RENTAL PROPERTIES, NET (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Investments in rental properties [Abstract]	'	'
Land	$62,859,000	$16,163,000
Building and improvements	325,412,000	103,396,000
Furniture, fixtures and equipment	17,051,000	5,998,000
Construction in progress	827,000	1,083,000
Rental properties, gross	406,149,000	126,640,000
Less: accumulated depreciation	-15,776,000	-4,272,000
Rental properties, net	390,373,000	122,368,000
Depreciation expense	$11,600,000	$3,800,000

LOANS_HELD_FOR_INVESTMENT_NET_1

LOANS HELD FOR INVESTMENT, NET (Narrative) (Details) (USD $)	0 Months Ended	1 Months Ended	12 Months Ended
	Aug. 02, 2011	Mar. 15, 2011	Dec. 31, 2013	Dec. 31, 2012	Apr. 18, 2013	Dec. 31, 2011
	Loan	Loan	Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'	'	'
Number of nonperforming promissory notes	'	2	'	'	'	'
Number of performing promissory notes	'	2	'	'	'	'
Purchase price of promissory note	'	$3,100,000	'	'	'	'
Number of nonperforming promissory notes into forbearance agreement	1	'	'	'	'	'
Performing notes - accretable amount	'	'	1,900,000	1,300,000	'	'
Purchase discount, net	'	'	292,000	316,000	'	'
Unpaid loan balance	'	'	'	'	'	238,000
Number of Loans, Unimpaired	'	'	2	'	'	'
Loan made to purchaser	'	'	'	'	800,000	'
Loss on property impairment	'	'	563,000	400,000	'	'
Peterson Note [Member]	'	'	'	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'	'	'
Loss on property impairment	'	'	$24,000	'	'	'

LOANS_HELD_FOR_INVESTMENT_NET_2

LOANS HELD FOR INVESTMENT, NET (Loans Held for Investments) (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Loans Held for Investment [Line Items]	'	'
Total loans held for investment, net	$1,724	$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	1,529	959
Percentage of loan to total loans (in hundredths)	89.00%	9.00%
30-89 Days [Member]	'	'
Loans Held for Investment [Line Items]	'	'
Total loans held for investment, net	195	10,150
Percentage of loan to total loans (in hundredths)	11.00%	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 $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Financing Receivable, Recorded Investment [Line Items]	'	'
Total Loans	$1,724	$11,109
Performing [Member]	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'
Total Loans	1,529	959
Nonperforming [Member]	'	'
Financing Receivable, Recorded Investment [Line Items]	'	'
Total Loans	$195	$10,150

LOANS_HELD_FOR_INVESTMENT_NET_4

LOANS HELD FOR INVESTMENT, NET (Terms of Loans Held for Investment) (Details) (USD $)	Apr. 18, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013
In Thousands, unless otherwise specified		Peterson Note [Member]	Trail Ridge Note [Member]	Heatherwood Note [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'
Face value	$800	$242	$1,058	$800
Interest rate	'	7.39%	7.50%	4.00%
Average monthly payment	'	$3	$8	$11

ACQUISITIONS_AND_FORECLOSURES_1

ACQUISITIONS AND FORECLOSURES (Real Estate Investments) (Details) (USD $)	Dec. 31, 2013	Dec. 20, 2013	Dec. 16, 2013	Oct. 25, 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	Mar. 21, 2012	Jan. 22, 2013	Dec. 21, 2012	Dec. 19, 2012	Dec. 07, 2012	Dec. 06, 2012	Jun. 20, 2012	13-May-11	Mar. 27, 2012	Oct. 21, 2012	Jun. 17, 2011	Sep. 03, 2010	Aug. 18, 2010
In Thousands, unless otherwise specified	Property	Nicollet Ridge	Terrace at River Oaks	Jasmine at Holcomb Bridge	Centennial	Pinnacle	Jefferson Point	Brentdale	Nob Hill	Village Square	Retreat at Rocky Ridge	Ivy at Clear Creek	One Hundred Chevy Chase Apartments	Deerfield	Deerfield	The Alcove	Cityside Crossing	The Reserve at Mount Moriah	Mosaic	Williamsburg Apartments	Cannery Lofts	The Redford	Campus Club Apartments	Vista Apartment Homes	Arcadia at Westheimer	107th Avenue
Business Acquisition [Line Items]	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'
Number of properties	24	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'
Purchase Price	'	$33,149	$22,500	$25,050	$30,600	$24,250	$18,250	$32,200	$10,100	$27,200	$8,500	$11,750	$6,850	$10,300	'	$5,500	$14,425	$2,275	$2,050	$41,250	$7,100	$11,400	$8,300	$12,000	$7,800	$225
Rental property:	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'
Land	'	4,134	3,830	7,582	5,702	2,923	3,951	5,785	2,512	3,785	1,616	1,877	1,323	1,660	1,660	1,202	1,949	775	1,000	3,223	160	4,073	1,650	1,163	943	25
Building and Improvements	'	26,992	17,510	16,023	23,609	20,301	13,048	24,418	6,459	22,014	6,418	9,175	4,981	11,110	'	3,865	11,676	1,124	2,609	35,111	7,913	5,235	6,250	9,913	6,599	196
Furniture, Fixture and Equipment	'	1,016	491	587	198	97	584	798	523	697	30	28	41	500	'	20	37	39	30	1,007	200	262	200	0	0	0
Intangible Assets	'	1,008	669	859	1,090	928	667	1,199	606	704	436	670	505	423	423	413	763	337	123	1,909	609	1,558	435	535	258	4
Other Assets	'	36	48	37	24	20	23	52	50	40	2	8	7	1	'	54	49	16	14	49	35	272	0	530	0	0
Other Liabilities	'	-107	-63	-161	-190	-147	-59	-317	-61	-170	-89	-127	-101	-4	'	-13	-68	-90	-14	-274	0	0	0	-141	0	0
Fair Valued Assigned	'	$33,079	$22,485	$24,927	$30,433	$24,122	$18,214	$31,935	$10,089	$27,070	$8,413	$11,631	$6,756	$13,690	'	$5,541	$14,406	$2,201	$3,762	$41,025	$8,917	$11,400	$8,535	$12,000	$7,800	$225

ACQUISITIONS_AND_FORECLOSURES_2

ACQUISITIONS AND FORECLOSURES (Acquisitions) (Details) (USD $)	12 Months Ended	0 Months Ended		0 Months Ended
	Dec. 31, 2013	Mar. 21, 2012	Jan. 22, 2013	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	Oct. 25, 2013	Dec. 16, 2013	Dec. 20, 2013
	Property	Deerfield	Deerfield	One Hundred Chevy Chase [Member]	Ivy at Clear Creek [Member]	Retreat at Rocky Ridge [Member]	Village Square - Houston, Texas [Member]	Nob Hill - Winter Park, FL [Member]	Brentdale - Plano, TX [Member]	Jefferson Point - Newport News, VA [Member]	Pinnacle - Westminster, CO [Member]	Centennial - Littleton, CO [Member]	Jasmine at Holcomb Bridge [Member]	Terrace at River Oaks [Member]	Nicollet Ridge [Member]
Business Acquisition [Line Items]	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'
Number of properties acquired	13	'	'	'	'	'	'	'	'	'	'	'	'	'	'
Contract purchase price	'	$10,300,000	'	$6,850,000	$11,750,000	$8,500,000	$27,200,000	$10,100,000	$32,200,000	$18,250,000	$24,250,000	$30,600,000	$25,050,000	$22,500,000	$33,149,000
Payment of acquisition fees	'	217,000	'	139,000	236,000	172,000	545,000	203,000	645,000	367,000	486,000	613,000	674,000	578,000	754,000
Acquisition fee, percentage	'	2.00%	'	2.00%	2.00%	2.00%	2.00%	2.00%	2.00%	2.00%	2.00%	2.00%	2.00%	2.00%	2.00%
Rental property:	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'
Land	'	1,660,000	1,660,000	1,323,000	1,877,000	1,616,000	3,785,000	2,512,000	5,785,000	3,951,000	2,923,000	5,702,000	7,582,000	3,830,000	4,134,000
Buildings	'	11,110,000	11,110,000	4,981,000	9,175,000	6,418,000	22,014,000	6,459,000	24,418,000	13,048,000	20,301,000	23,609,000	16,023,000	17,510,000	26,992,000
Personal property	'	500,000	'	41,000	28,000	30,000	697,000	523,000	798,000	584,000	97,000	198,000	587,000	491,000	1,016,000
Rental property	'	13,270,000	'	6,345,000	11,080,000	8,064,000	26,496,000	9,494,000	31,001,000	17,583,000	23,321,000	29,509,000	24,192,000	21,831,000	32,142,000
Acquired intangibles − in-place leases	'	423,000	'	505,000	670,000	436,000	704,000	606,000	1,199,000	667,000	928,000	1,090,000	859,000	669,000	1,008,000
Prepaid insurance	'	1,000	'	7,000	8,000	2,000	40,000	50,000	52,000	23,000	20,000	24,000	37,000	22,000	24,000
Prepaid real estate taxes	'	'	'	'	'	'	'	'	'	'	'	'	'	26,000	12,000
Accrued real estate taxes	'	'	'	-17,000	-68,000	-67,000	-132,000	-39,000	-244,000	-37,000	-99,000	-122,000	-19,000	'	'
Prepaid rents	'	'	'	-10,000	-14,000	-6,000	-8,000	-4,000	-4,000	-4,000	-8,000	-12,000	-25,000	-9,000	-4,000
Security deposits	'	-4,000	'	-74,000	-45,000	-16,000	-30,000	-18,000	-69,000	-18,000	-40,000	-56,000	-117,000	-54,000	-103,000
Fair Valued Assigned	'	$13,690,000	'	$6,756,000	$11,631,000	$8,413,000	$27,070,000	$10,089,000	$31,935,000	$18,214,000	$24,122,000	$30,433,000	$24,927,000	$22,485,000	$33,079,000

MEASUREMENT_PERIOD_ADJUSTMENTS2

MEASUREMENT PERIOD ADJUSTMENTS (Details) (USD $)	12 Months Ended		0 Months Ended					0 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 06, 2012	Jan. 22, 2013	Mar. 21, 2012	Dec. 06, 2012	Jan. 22, 2013	Dec. 06, 2012	Jan. 22, 2013
			Mosaic	Deerfield	Deerfield	As Initially Reported [Member]	As Initially Reported [Member]	Measurement Period Adjustment [Member]	Measurement Period Adjustment [Member]
						Mosaic	Deerfield	Mosaic	Deerfield
Business Acquisition [Line Items]	'	'	'	'	'	'	'	'	'
Purchase price	'	'	$2,000,000	$10,300,000	'	'	'	'	'
Fair value of the net assets acquired:	'	'	'	'	'	'	'	'	'
Land	'	'	1,000,000	1,660,000	1,660,000	572,000	1,028,000	428,000	632,000
Building	'	'	2,609,000	11,110,000	11,110,000	1,390,000	8,592,000	1,219,000	2,518,000
Personal property	'	'	30,000	500,000	'	0	0	30,000	500,000
Intangible assets	'	'	123,000	423,000	423,000	88,000	680,000	35,000	-257,000
Identifiable net assets	'	'	3,762,000	13,693,000	'	2,050,000	10,300,000	1,712,000	3,393,000
Gain on bargain purchase	0	-1,712,000	'	'	'	'	'	-1,712,000	-3,393,000
Gain on foreclosure	$0	($1,232,000)	'	'	'	'	'	'	($3,393,000)

DISPOSITION_OF_PROPERTIES_Deta

DISPOSITION OF PROPERTIES (Details) (USD $)	12 Months Ended		0 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Apr. 18, 2013	Apr. 30, 2013
	Property	Property	Heatherwood Apartments Inkster Michigan [Member]	Town Park Apartments [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'	'	'
Discontinued operations, number of properties	2	2	'	'
Sale price	'	'	$1,000	$10,300
Gain (loss) on dispositions	3,173	0	31	3,200
Sale price, portion financed by buyer	'	'	800	'
Sale price, portion paid in cash	'	'	$200	'

DISPOSITION_OF_PROPERTIES_Resu

DISPOSITION OF PROPERTIES (Results of Discontinued Operations) (Details) (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Revenues:	'	'
Rental income	$1,082	$2,957
Gain on foreclosure	0	1,232
Casualty gain	0	175
Total revenues	1,082	4,364
Expenses:	'	'
Rental operating	814	2,444
Acquisition costs	0	-10
Management fees - related parties	62	176
General and administrative	227	367
Loss on property impairment	539	400
Depreciation and amortization expense	141	689
Total expenses	1,783	4,066
Income from discontinued operations	-701	298
Net gain on disposition	3,173	0
Income from discontinued operations, net	$2,472	$298
Weighted average common shares outstanding (in shares)	39,284	14,886
Discontinued operations (in dollars per share)	$0.06	$0.02

IDENTIFIED_INTANGIBLE_ASSETS_N2

IDENTIFIED INTANGIBLE ASSETS, NET (Narrative) (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Finite-Lived Intangible Assets [Line Items]	'	'
Identified intangible assets, net	$5,182,000	$2,084,000
Weighted average remaining life (in months)	'11 months 28 days	'7 months
Amortization expense	6,600,000	4,300,000
Acquired in-place leases [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Identified intangible assets, net	16,700,000	7,200,000
Accumulated amortization	11,500,000	5,100,000
Leasing commissions [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Identified intangible assets, net	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 IDENTIFIED INTANGIBLE ASSETS, NET (Rental and Antennae Leases) (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Goodwill and Intangible Assets Disclosure [Abstract]	'	'
2014	$5,001	'
2015	19	'
2016	17	'
2017	16	'
2018	16	'
Thereafter	113	'
Total	$5,182	$2,084

MORTGAGE_NOTE_PAYABLE_Narrativ

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

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Apr. 03, 2012

Dec. 31, 2013

Dec. 31, 2012

Aug. 22, 2013

Dec. 31, 2013

Oct. 29, 2013

Dec. 31, 2013

Oct. 29, 2013

Dec. 31, 2013

Oct. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 10, 2013

Dec. 31, 2013

Dec. 10, 2013

Dec. 31, 2013

Dec. 10, 2013

Iroquois Mortgage Loan [Member]

Iroquois Mortgage Loan [Member]

Iroquois Mortgage Loan [Member]

Cannery Mortgage Note [Member]

Cannery Mortgage Note [Member]

Village Square Mortgage Loan [Member]

Village Square Mortgage Loan [Member]

Ivy at Clear Creek [Member]

Ivy at Clear Creek [Member]

Deerfield Mortgage Loan [Member]

Deerfield Mortgage Loan [Member]

Centennial Note [Member]

Centennial Note [Member]

Pinnacle Note [Member]

Pinnacle Note [Member]

Terrace at River Oaks Note [Member]

Terrace at River Oaks Note [Member]

Participating Mortgage Loans [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Mortgage loan

'

'

$9,200,000

'

'

$8,200,000

'

$19,400,000

'

$8,600,000

'

$10,500,000

'

'

$23,200,000

'

$18,800,000

'

$14,300,000

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%

'

2.42%

'

2.42%

'

'

'

'

'

'

'

'

'

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

'

'

1.00%

'

'

1.00%

'

1.00%

'

1.00%

'

1.00%

'

'

'

'

'

'

'

Interest expense

$951,000

$546,000

'

$254,000

$195,000

'

$104,000

'

$89,000

'

$39,000

'

$85,000

$51,000

'

$41,000

'

$27,000

'

Debt Instrument, Interest Rate, Stated Percentage

'

'

'

'

'

'

'

'

'

'

'

4.66%

'

'

3.60%

'

3.60%

'

4.32%

MORTGAGE_NOTE_PAYABLE_Summary_

MORTGAGE NOTE PAYABLE (Summary of Mortgage Notes Payable) (Details) (USD $)

Dec. 31, 2013

Dec. 31, 2012

Apr. 03, 2012

Dec. 31, 2013

Aug. 22, 2013

Dec. 31, 2013

Dec. 31, 2013

Oct. 29, 2013

Dec. 31, 2013

Oct. 29, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

In Thousands, unless otherwise specified

Iroquois Mortgage Loan [Member]

Iroquois Mortgage Loan [Member]

Cannery Mortgage Note [Member]

Cannery Mortgage Note [Member]

Deerfield Mortgage Loan [Member]

Village Square Mortgage Loan [Member]

Village Square Mortgage Loan [Member]

Ivy at Clear Creek [Member]

Ivy at Clear Creek [Member]

Centennial Note [Member]

Pinnacle Note [Member]

Terrace at River Oaks Note [Member]

London Interbank Offered Rate (LIBOR) [Member]

Participating Mortgage Loans [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Mortgage notes payable

$111,811

$9,043

'

$8,846

'

$8,190

$10,530

'

$19,362

'

$8,586

$23,235

$18,762

$14,300

'

Mortgage loan, maturity date

'

'

'

1-May-17

'

1-Sep-20

1-Nov-20

'

1-Nov-23

'

1-Nov-23

1-Jan-19

1-Jan-19

1-Jan-22

'

Mortgage note, annual interest rate (in hundredths)

'

'

'

2.78%

'

3.47%

4.66%

'

2.59%

'

2.59%

3.60%

3.60%

4.32%

0.17%

Mortgage loan, average monthly debt service

'

'

'

$38

'

$24

$41

'

$81

'

$36

$101

$82

$69

'

Mortgage loan, description of variable rate basis

'

'

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

'

'one-month LIBOR

'

'

'one-month LIBOR

'

'one-month LIBOR

'

'

'

'

'one-month LIBOR

MORTGAGE_NOTE_PAYABLE_Annual_P

MORTGAGE NOTE PAYABLE (Annual Principal Payments on the Mortgage Note Payable) (Details) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
Debt Disclosure [Abstract]	'
2014	$1,166
2015	1,770
2016	2,076
2017	10,151
2018	1,982
Thereafter	94,666
Total	$111,811

REVOLVING_CREDIT_FACILITY_Deta

REVOLVING CREDIT FACILITY (Details) (USD $)	12 Months Ended		0 Months Ended	12 Months Ended			0 Months Ended	12 Months Ended	0 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	23-May-13	Dec. 31, 2013	Dec. 31, 2012	22-May-13	Dec. 20, 2013	Dec. 31, 2013	Dec. 27, 2013	Dec. 31, 2013
			Bank of America [Member]	Bank of America [Member]	Bank of America [Member]	Bank of America [Member]	PNC Bank [Member]	PNC Bank [Member]	U.S. Bank [Member]	U.S. Bank [Member]
			Revolving Credit Facility [Member]	Revolving Credit Facility [Member]	Revolving Credit Facility [Member]	Revolving Credit Facility [Member]	Revolving Credit Facility [Member]	Revolving Credit Facility [Member]	Revolving Credit Facility [Member]	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	$15,000,000	'	$29,670,000	'
Line of credit facility collateral amount	'	'	'	102,000,000	'	'	'	'	'	'
Line of credit facility, current borrowing capacity	'	'	'	45,500,000	'	'	'	'	'	'
Payments of closing costs	2,994,000	127,000	413,305	'	'	'	75,000	'	222,000	'
Line of credit facility, amount outstanding	'	'	'	1,500,000	760,000	'	'	12,500,000	'	23,000,000
Line of credit facility, expiration date	'	'	'	23-May-17	'	'	'	20-Dec-18	'	27-Dec-17
Line of credit facility extended expiration date	'	'	'	23-May-19	'	'	'	'	'	27-Dec-19
Interest expense	951,000	546,000	'	24,000	152,000	'	'	9,000	'	7,000
Minimum tangible net worth to maintain, percent of outstanding principal amount of credit facility	'	'	'	200.00%	'	'	'	'	'	'
Minimum tangible net worth to maintain	'	'	'	20,000,000	'	'	'	'	'	'
Minimum unencumbered liquid assets to maintain, market value	'	'	'	$5,000,000	'	'	'	'	'	'
Minimum unencumbered liquid assets to maintain, market value, percent of outstanding principal amount of credit facility	'	'	'	20.00%	'	'	'	'	'	'
Mortgage loan, description of variable rate basis	'	'	'	'LIBOR	'	'	'	'LIBOR	'	'LIBOR
Basis spread on variable rate (in hundredths)	'	'	'	3.00%	'	'	'	2.00%	'	1.95%
Interest rate at end of period	'	'	'	3.17%	'	'	'	2.17%	'	2.12%
Extension fee percentage	'	'	'	0.25%	'	'	'	'	'	0.25%

DEFERRED_FINANCING_COSTS_Detai

DEFERRED FINANCING COSTS (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
DEFERRED FINANCING COSTS [Abstract]	'	'
Accumulated amortization, deferred finance costs	$419	$193
2014	767	'
2015	755	'
2016	750	'
2017	583	'
2018	298	'
Thereafter	449	'
Deferred financing costs, net	$3,602	$561

ACCUMULATED_OTHER_COMPREHENSIV2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
In Thousands, unless otherwise specified			Net unrealized gain on derivatives [Member]
Accumulated Other Comprehensive Income [Rollforward]	'	'	'
Beginning balance	$20	$0	$0
Unrealized gain on designated derivative	'	'	20
Ending balance	$20	$0	$20

CERTAIN_RELATIONSHIPS_AND_RELA2

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Relationship with the Advisor) (Narrative) (Details) (Advisor [Member])	12 Months Ended
	Dec. 31, 2013
Advisor [Member]	'
Related Party Transaction [Line Items]	'
Agreement term (in years)	'1 year
Percentage acquisition fee paid to advisor (in hundredths)	2.00%
Multiple for calculating monthly asset management fee, percentage (one-twelfth)	8.33%
Percentage annual asset management fee (in hundredths)	1.00%
Debt disposition fee, as a percentage of the contract sales price (in hundredths)	2.75%
Debt financing fee	0.50%
Maximum reimbursement limit on gross offering proceeds (in hundredths)	2.50%

CERTAIN_RELATIONSHIPS_AND_RELA3

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Relationship with Resource Real Estate Opportunity Manager) (Narrative) (Details) (Resource Real Estate Opportunity Manager LLC [Member])	12 Months Ended
	Dec. 31, 2013
Resource Real Estate Opportunity Manager LLC [Member]	'
Related Party Transaction [Line Items]	'
Construction management fee percentage	5.00%
Debt servicing fee percentage	2.75%

CERTAIN_RELATIONSHIPS_AND_RELA4

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Relationship with Resource Securities) (Narrative) (Details) (Resource Securities, Inc. [Member])	12 Months Ended
	Dec. 31, 2013
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_RELA5

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Schedule of Related Party Transactions) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Related Party Transaction [Line Items]	'	'
Receivables from related parties	$530	$0
Payables to related parties	1,718	671
Resource America, Inc. and Affiliates [Member]	'	'
Related Party Transaction [Line Items]	'	'
Receivables from related parties	530	0
Advisor [Member] | Acquisition Fees [Member]	'	'
Related Party Transaction [Line Items]	'	'
Payables to related parties	0	0
Fees earned / expenses paid to related parties	6,307	2,200
Advisor [Member] | Asset Management Fees [Member]	'	'
Related Party Transaction [Line Items]	'	'
Payables to related parties	0	10
Fees earned / expenses paid to related parties	2,660	987
Advisor [Member] | Disposition Fees [Member]	'	'
Related Party Transaction [Line Items]	'	'
Payables to related parties	0	0
Fees earned / expenses paid to related parties	116	0
Advisor [Member] | Debt Financing Fees [Member]	'	'
Related Party Transaction [Line Items]	'	'
Payables to related parties	0	0
Fees earned / expenses paid to related parties	696	119
Advisor [Member] | Organization and Offering Cost [Member]	'	'
Related Party Transaction [Line Items]	'	'
Fees earned / expenses paid to related parties	792	292
Advisor [Member] | Overhead Allocation [Member]	'	'
Related Party Transaction [Line Items]	'	'
Fees earned / expenses paid to related parties	839	75
Advisor [Member] | Expense Reimbursements [Member]	'	'
Related Party Transaction [Line Items]	'	'
Payables to related parties	775	27
Resource Real Estate Opportunity Manager LLC [Member] | Expense Reimbursements [Member]	'	'
Related Party Transaction [Line Items]	'	'
Payables to related parties	500	258
Resource Real Estate Opportunity Manager LLC [Member] | Property Management Fees [Member]	'	'
Related Party Transaction [Line Items]	'	'
Payables to related parties	266	103
Fees earned / expenses paid to related parties	1,891	941
Resource Real Estate Opportunity Manager LLC [Member] | Construction Management Fees [Member]	'	'
Related Party Transaction [Line Items]	'	'
Fees earned / expenses paid to related parties	940	262
Resource Real Estate Opportunity Manager LLC [Member] | Debt Servicing Fees [Member]	'	'
Related Party Transaction [Line Items]	'	'
Fees earned / expenses paid to related parties	6	4
Resource Securities, Inc. [Member] | Selling Commission and Dealer Management Fees [Member]	'	'
Related Party Transaction [Line Items]	'	'
Payables to related parties	174	268
Fees earned / expenses paid to related parties	40,683	12,359
Other Related Party [Member]	'	'
Related Party Transaction [Line Items]	'	'
Payables to related parties	3	5
Ledgewood P.C. [Member]	'	'
Related Party Transaction [Line Items]	'	'
Fees earned / expenses paid to related parties	266	131
Graphic Images LLC [Member]	'	'
Related Party Transaction [Line Items]	'	'
Fees earned / expenses paid to related parties	$485	$623

EQUITY_Schedule_of_Shares_Issu

EQUITY (Schedule of Shares Issued) (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified			Private Offering [Member]	Public Placement [Member]	Stock Dividends [Member]	Distribution Reinvestment Plan [Member]	Advisor [Member]
Class of Stock [Line Items]	'	'	'	'	'	'	'
Shares Issued	66,725,241	22,291,810	1,263,727	62,485,461	1,798,930	1,161,623	15,500
Shares converted	'	'	'	'	'	'	4,500
Gross Proceeds	$645,700	'	$12,500	$622,000	$0	'	$200
Gross Proceeds, distribution reinvestment plan	'	'	'	'	'	$11,000	'

EQUITY_Preferred_and_Common_St

EQUITY (Preferred and Common Stock) (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Securities Financing Transaction [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
Shares Issued	66,725,241	22,291,810
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$0.01	$0.01
Private Offering [Member]	'	'
Securities Financing Transaction [Line Items]	'	'
Common stock, par value (in dollars per share)	$0.01	'
Private Offering [Member] | Common Stock [Member]	'	'
Securities Financing Transaction [Line Items]	'	'
Shares Issued	66,725,241	'
Private Offering [Member]	'	'
Securities Financing Transaction [Line Items]	'	'
Shares Issued	1,263,727	'
Ongoing Public Offering [Member]	'	'
Securities Financing Transaction [Line Items]	'	'
Shares Issued	62,485,461	'

EQUITY_Convertible_Stock_Detai

EQUITY (Convertible Stock) (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Equity [Abstract]	'	'
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	'
Convertible stock held by outside investors (in shares)	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%	'

EQUITY_Redemption_of_Securitie

EQUITY (Redemption of Securities) (Details) (USD $)

12 Months Ended

1 Months Ended

Dec. 31, 2013

Dec. 31, 2013

Nov. 30, 2013

Oct. 31, 2013

Sep. 30, 2013

Aug. 31, 2013

Jul. 31, 2013

Jun. 30, 2013

31-May-13

Apr. 30, 2013

Mar. 31, 2013

Feb. 28, 2013

Jan. 31, 2013

30-May-13

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Class of Stock [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total Number of Shares Redeemed

'

0

[1]

0

[1]

15,894

[1],[2]

0

[1]

0

[1]

7,114

[1],[2]

0

[1]

0

[1]

0

[1]

24,012

[1],[2]

0

[1]

0

[1],[2]

'

Average Price Paid per Share

$8.25

$0

$0

$8.40

[2]

$0

$0

$8.51

[2]

$0

$0

$0

$8.07

[2]

$0

$0

[2]

'

Cumulative Number of Shares Purchased as Part of a Publicly Announced Plan or Program

'

58,097

[3]

58,097

[3]

58,097

[2],[3]

42,203

[3]

42,203

[3]

42,203

[2],[3]

35,089

[3]

'

35,089

[3]

35,089

[2],[3]

11,077

[3]

11,077

[2],[3]

35,089

[3]

Percentage of weighted-average number of outstanding shares during the 12-month period immediately prior to the effective date of the redemption that company will not redeem in excess of (in excess of 5%)

5.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash available for redemption, percentage of previous fiscal year operating cash flow

1.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of days' notice required to suspend, terminate or amend share redemption program

'30 days

'

'

'

'

'

'

'

'

'

'

'

'

'

[1]

All redemptions of equity securities by the Company in the year ended December 31, 2013 were made pursuant to the Company's share redemption program.

[2]

The Company currently limits the dollar value and number of shares that may be redeemed under the program.

[3]

{F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjBlM2RlNTFlMTI4YzQyMmRhNWNjZjYwYTI0ZjcwOGU2fFRleHRTZWxlY3Rpb246NjA5NTZEQjQ2Q0UwRkM0RDUyNjk3ODJFNzk4OUZCM0EM}

EQUITY_Distribution_Reinvestme

EQUITY (Distribution Reinvestment Plan and Distributions) (Details) (USD $)

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Jan. 15, 2013

Feb. 15, 2013

Mar. 15, 2013

2-May-13

Apr. 15, 2013

Jun. 03, 2013

Jul. 02, 2013

Aug. 02, 2013

Sep. 03, 2013

Oct. 02, 2013

Nov. 02, 2013

Dec. 02, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Jan. 02, 2014

distributions

Record Date December 2012 [Member]

Record Date January 2013 [Member]

Record Date February 2013 [Member]

Record Date April 2013 [Member]

Record Date April 2013 [Member]

Record Date May 2013 [Member]

Record Date June 2013 [Member]

Record Date July 2013 [Member]

Record Date August 2013 [Member]

Record Date September 2013 [Member]

Record Date October 2013 [Member]

Record Date November 2013 [Member]

Dividend Distribution One [Member]

Dividend Distribution Two [Member]

Dividend Distribution Three [Member]

Dividend Distribution Four [Member]

Subsequent Event [Member]

Distribution

Distribution

Distribution

Distribution

Record Date December 2013 [Member]

Securities Financing Transaction [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Per Common Share

'

'

$0.08

$0.03

$0.03

$0.03

$0.03

$0.03

$33

$33

$33

$0.03

$0.03

$0.03

'

'

'

'

$0.03

Distribution invested in shares of Common Stock

$9,984,000

$1,052,000

$1,053,000

$383,000

$420,000

$512,000

$467,000

$745,000

$805,000

$890,000

$983,000

$1,064,000

$1,231,000

$1,431,000

'

'

'

'

'

Aggregate Cash Distribution

4,757,000

'

618,000

217,000

227,000

258,000

243,000

359,000

379,000

412,000

441,000

472,000

527,000

604,000

'

'

'

'

2,200,000

Total Aggregate Distribution

14,741,000

'

1,671,000

600,000

647,000

770,000

710,000

1,104,000

1,184,000

1,302,000

1,424,000

1,536,000

1,758,000

2,035,000

'

'

'

'

'

Number of stock distributions

12

'

'

'

'

'

'

'

'

'

'

'

'

'

7

2

1

2

'

Common stock distributions (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.015

0.0075

0.00585

0.005

'

Increase in accumulated deficit from stock distributions

$18,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

FAIR_VALUE_MEASURES_AND_DISCLO2

FAIR VALUE MEASURES AND DISCLOSURES (Rental Properties, Net, Measured at Fair Value on a Non-recurring Basis) (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Assets:	'	'
Rental properties, net	$390,373	$122,368
Nonrecurring Basis [Member]	'	'
Assets:	'	'
Rental properties, net	13,693	23,103
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	13,693	8,535
Nonrecurring Basis [Member] | Mosaic	'	'
Assets:	'	'
Rental properties, net	'	3,762
Nonrecurring Basis [Member] | Level 1 [Member]	'	'
Assets:	'	'
Rental properties, net	0	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	0
Nonrecurring Basis [Member] | Level 1 [Member] | Mosaic	'	'
Assets:	'	'
Rental properties, net	'	0
Nonrecurring Basis [Member] | Level 2 [Member]	'	'
Assets:	'	'
Rental properties, net	0	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	0
Nonrecurring Basis [Member] | Level 2 [Member] | Mosaic	'	'
Assets:	'	'
Rental properties, net	'	0
Nonrecurring Basis [Member] | Level 3 [Member]	'	'
Assets:	'	'
Rental properties, net	13,693	23,103
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	13,693	8,535
Nonrecurring Basis [Member] | Level 3 [Member] | Mosaic	'	'
Assets:	'	'
Rental properties, net	'	$3,762

FAIR_VALUE_MEASURES_AND_DISCLO3

FAIR VALUE MEASURES AND DISCLOSURES (Carrying and Fair Values of the Company's Loans Held for Investment, Net, Mortgage Note Payable and Revolving Credit Facility) (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Mar. 03, 2014
In Thousands, unless otherwise specified	Carrying Amount [Member]	Carrying Amount [Member]	Fair Value [Member]	Fair Value [Member]	Subsequent Event [Member]
					Peterson Note [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'	'	'
Offer for sale of loans held for investment	'	'	'	'	$24
Loans held for investment, net	1,724	11,109	1,724	11,109	'
Mortgage notes payable	-111,811	-9,043	-110,413	-8,984	'
Revolving credit facilities	($37,041)	($760)	($37,041)	($760)	'

DERIVATIVES_AND_HEDGING_ACTIVI2

DERIVATIVES AND HEDGING ACTIVITIES (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Derivatives, Fair Value [Line Items]	'	'
Amount to be reclassified to interest expense during 2014	$4	'
Number of Instruments	2	'
Notional	27,948,000	'
Interest Rate Cap [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Asset Derivatives, Fair Value	$290,000	$0

OPERATING_EXPENSE_LIMITATION_W1

OPERATING EXPENSE LIMITATION WAIVER (Details)	Dec. 31, 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 $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2012	Jan. 03, 2012
		Unit
GAINS ON INSURANCE CLAIMS [Abstract]	'	'
Number of units damaged by fire	'	5
Reduction in net carrying value of building and improvements	$98	'
Net insurance proceeds receivable	275	'
Additional expenses conjunction to insurance claim	1	'
Rental income	$13	'

GAIN_ON_FORECLOSURES_Details

GAIN ON FORECLOSURES (Details) (USD $)	12 Months Ended		0 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Jan. 22, 2013
			Foreclosure [Member]
Gain On Foreclosure [Line Items]	'	'	'
Fair value of the property exceeding carrying value	'	'	$3,400,000
Adjustment to security deposits	'	'	81,000
Gain on foreclosures	$3,459,000	$2,906,000	$3,500,000

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (USD $)	12 Months Ended	0 Months Ended	12 Months Ended			0 Months Ended
	Dec. 31, 2013	Jan. 28, 2014	Dec. 31, 2013	Dec. 31, 2012	Jan. 28, 2013	Jan. 28, 2014	Jan. 28, 2014	Mar. 28, 2014	Mar. 06, 2014
	Property	Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]
		Merger with Paladin Realty Income Properties, L.P. [Member]	Merger with Paladin Realty Income Properties, L.P. [Member]	Merger with Paladin Realty Income Properties, L.P. [Member]	Merger with Paladin Realty Income Properties, L.P. [Member]	Merger with Paladin Realty Income Properties, L.P. [Member]	Merger with Paladin Realty Income Properties, L.P. [Member]	Multifamily Property Alpharetta Georgia [Member]	FPA/PRIP Governor Park, LLC [Member]
		Resource Real Estate Opportunity OP, LP [Member]	Resource Real Estate Opportunity OP, LP [Member]	Resource Real Estate Opportunity OP, LP [Member]	Resource Real Estate Opportunity OP, LP [Member]	Resource Real Estate Opportunity OP, LP [Member]	Resource Real Estate Opportunity OP, LP [Member]	Unit
		Unit			sqft	Multifamily Community [Member]	Office Building [Member]
		Joint_Venture				Property	Property
Subsequent Event [Line Items]	'	'	'	'	'	'	'	'	'
Number of joint venture interests acquired	'	11	'	'	'	'	'	'	'
Number of properties acquired	13	'	'	'	'	10	2	'	'
Number of rentable units	'	2,500	'	'	'	'	'	'	'
Net rentable square feet	'	'	'	'	75,000	'	'	'	'
Acquisition of promissory note	'	$3,500,000	'	'	'	'	'	'	'
Payment to acquire joint venture interests, real estate property, and promissory note	'	51,200,000	'	'	'	'	'	'	'
Pro forma financial information	'	'	'	'	'	'	'	'	'
Revenues	'	'	71,098,000	43,075,000	'	'	'	'	'
Net loss and comprehensive loss	'	'	-20,699,000	-24,511,000	'	'	'	'	'
Basic and diluted loss per share (in dollars per share)	'	'	($0.47)	($1.22)	'	'	'	'	'
Sale of membership interest, percent sold	'	'	'	'	'	'	'	'	47.65%
Proceeds from sale of membership interest	'	'	'	'	'	'	'	'	456,000
Purchase of real estate, number of units	'	'	'	'	'	'	'	403	'
Payments to acquire real estate	'	'	'	'	'	'	'	$70,500,000	'

SCHEDULE_III_Real_Estate_and_A1

SCHEDULE III Real Estate and Accumulated Depreciation (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Real Estate and Accumulated Depreciation [Line Items]	'	'
Encumbrances	$111,811	'
Initial Cost to Company, Buildings and Land Improvements	357,449	'
Costs Capitalized Subsequent to Acquisition, Improvements Carrying Costs	48,700	'
Gross Amount at which Carried at Close of Period, Buildings and Land Improvements Total	406,149	126,640
Accumulated Depreciation	-15,776	'
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]	'	'
Balance, beginning of the period	126,640	22,303
Additions during period:	'	'
Acquisitions	255,149	88,653
Improvements, etc.	25,834	15,813
Dispositions during the period:	-1,474	-129
Balance, at close of period	406,149	126,640
Residential Omaha, NE [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Encumbrances	0	'
Initial Cost to Company, Buildings and Land Improvements	221	'
Costs Capitalized Subsequent to Acquisition, Improvements Carrying Costs	18	'
Gross Amount at which Carried at Close of Period, Buildings and Land Improvements Total	239	'
Accumulated Depreciation	-28	'
Additions during period:	'	'
Balance, at close of period	239	'
Residential Houston, TX, Property One [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Encumbrances	0	'
Initial Cost to Company, Buildings and Land Improvements	7,542	'
Costs Capitalized Subsequent to Acquisition, Improvements Carrying Costs	3,695	'
Gross Amount at which Carried at Close of Period, Buildings and Land Improvements Total	11,237	'
Accumulated Depreciation	-1,685	'
Additions during period:	'	'
Balance, at close of period	11,237	'
Residential Philadelphia, PA [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Encumbrances	8,846	'
Initial Cost to Company, Buildings and Land Improvements	11,076	'
Costs Capitalized Subsequent to Acquisition, Improvements Carrying Costs	3,755	'
Gross Amount at which Carried at Close of Period, Buildings and Land Improvements Total	14,831	'
Accumulated Depreciation	-1,432	'
Additions during period:	'	'
Balance, at close of period	14,831	'
Residential Tampa, FL [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Encumbrances	0	'
Initial Cost to Company, Buildings and Land Improvements	8,100	'
Costs Capitalized Subsequent to Acquisition, Improvements Carrying Costs	96	'
Gross Amount at which Carried at Close of Period, Buildings and Land Improvements Total	8,196	'
Accumulated Depreciation	-567	'
Additions during period:	'	'
Balance, at close of period	8,196	'
Residential Houston, TX, Property Two [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Encumbrances	0	'
Initial Cost to Company, Buildings and Land Improvements	9,570	'
Costs Capitalized Subsequent to Acquisition, Improvements Carrying Costs	10,240	'
Gross Amount at which Carried at Close of Period, Buildings and Land Improvements Total	19,810	'
Accumulated Depreciation	-2,706	'
Additions during period:	'	'
Balance, at close of period	19,810	'
Residential Dayton, OH [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Encumbrances	8,190	'
Initial Cost to Company, Buildings and Land Improvements	8,273	'
Costs Capitalized Subsequent to Acquisition, Improvements Carrying Costs	870	'
Gross Amount at which Carried at Close of Period, Buildings and Land Improvements Total	9,143	'
Accumulated Depreciation	-669	'
Additions during period:	'	'
Balance, at close of period	9,143	'
Residential Cincinnati, OH [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Encumbrances	0	'
Initial Cost to Company, Buildings and Land Improvements	39,341	'
Costs Capitalized Subsequent to Acquisition, Improvements Carrying Costs	9,851	'
Gross Amount at which Carried at Close of Period, Buildings and Land Improvements Total	49,192	'
Accumulated Depreciation	-3,674	'
Additions during period:	'	'
Balance, at close of period	49,192	'
Residential Oklahoma City, OK [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Encumbrances	0	'
Initial Cost to Company, Buildings and Land Improvements	1,961	'
Costs Capitalized Subsequent to Acquisition, Improvements Carrying Costs	3,751	'
Gross Amount at which Carried at Close of Period, Buildings and Land Improvements Total	5,712	'
Accumulated Depreciation	-293	'
Additions during period:	'	'
Balance, at close of period	5,712	'
Residential Memphis, TN [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Encumbrances	0	'
Initial Cost to Company, Buildings and Land Improvements	1,938	'
Costs Capitalized Subsequent to Acquisition, Improvements Carrying Costs	1,393	'
Gross Amount at which Carried at Close of Period, Buildings and Land Improvements Total	3,331	'
Accumulated Depreciation	-181	'
Additions during period:	'	'
Balance, at close of period	3,331	'
Residential Houston, TX, Property Three [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Encumbrances	0	'
Initial Cost to Company, Buildings and Land Improvements	13,662	'
Costs Capitalized Subsequent to Acquisition, Improvements Carrying Costs	972	'
Gross Amount at which Carried at Close of Period, Buildings and Land Improvements Total	14,634	'
Accumulated Depreciation	-517	'
Additions during period:	'	'
Balance, at close of period	14,634	'
Residential Houston, TX, Property Four [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Encumbrances	0	'
Initial Cost to Company, Buildings and Land Improvements	5,087	'
Costs Capitalized Subsequent to Acquisition, Improvements Carrying Costs	2,680	'
Gross Amount at which Carried at Close of Period, Buildings and Land Improvements Total	7,767	'
Accumulated Depreciation	-538	'
Additions during period:	'	'
Balance, at close of period	7,767	'
Residential Hermantown, MN [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Encumbrances	10,530	'
Initial Cost to Company, Buildings and Land Improvements	9,620	'
Costs Capitalized Subsequent to Acquisition, Improvements Carrying Costs	4,684	'
Gross Amount at which Carried at Close of Period, Buildings and Land Improvements Total	14,304	'
Accumulated Depreciation	-563	'
Additions during period:	'	'
Balance, at close of period	14,304	'
Residential Lexington, KY [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Encumbrances	0	'
Initial Cost to Company, Buildings and Land Improvements	6,345	'
Costs Capitalized Subsequent to Acquisition, Improvements Carrying Costs	2,910	'
Gross Amount at which Carried at Close of Period, Buildings and Land Improvements Total	9,255	'
Accumulated Depreciation	-396	'
Additions during period:	'	'
Balance, at close of period	9,255	'
Residential Houston, TX, Property Five [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Encumbrances	8,586	'
Initial Cost to Company, Buildings and Land Improvements	11,080	'
Costs Capitalized Subsequent to Acquisition, Improvements Carrying Costs	1,694	'
Gross Amount at which Carried at Close of Period, Buildings and Land Improvements Total	12,774	'
Accumulated Depreciation	-360	'
Additions during period:	'	'
Balance, at close of period	12,774	'
Residential Hoover, AL [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Encumbrances	0	'
Initial Cost to Company, Buildings and Land Improvements	8,064	'
Costs Capitalized Subsequent to Acquisition, Improvements Carrying Costs	1,370	'
Gross Amount at which Carried at Close of Period, Buildings and Land Improvements Total	9,434	'
Accumulated Depreciation	-260	'
Additions during period:	'	'
Balance, at close of period	9,434	'
Residential Houston, TX, Property Six [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Encumbrances	19,362	'
Initial Cost to Company, Buildings and Land Improvements	26,496	'
Costs Capitalized Subsequent to Acquisition, Improvements Carrying Costs	416	'
Gross Amount at which Carried at Close of Period, Buildings and Land Improvements Total	26,912	'
Accumulated Depreciation	-494	'
Additions during period:	'	'
Balance, at close of period	26,912	'
Residential Winter Park, FL [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Encumbrances	0	'
Initial Cost to Company, Buildings and Land Improvements	9,494	'
Costs Capitalized Subsequent to Acquisition, Improvements Carrying Costs	757	'
Gross Amount at which Carried at Close of Period, Buildings and Land Improvements Total	10,251	'
Accumulated Depreciation	-203	'
Additions during period:	'	'
Balance, at close of period	10,251	'
Residential Plano, TX [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Encumbrances	0	'
Initial Cost to Company, Buildings and Land Improvements	31,001	'
Costs Capitalized Subsequent to Acquisition, Improvements Carrying Costs	419	'
Gross Amount at which Carried at Close of Period, Buildings and Land Improvements Total	31,420	'
Accumulated Depreciation	-448	'
Additions during period:	'	'
Balance, at close of period	31,420	'
Residential Newport News, VA [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Encumbrances	0	'
Initial Cost to Company, Buildings and Land Improvements	17,583	'
Costs Capitalized Subsequent to Acquisition, Improvements Carrying Costs	-511	'
Gross Amount at which Carried at Close of Period, Buildings and Land Improvements Total	17,072	'
Accumulated Depreciation	-202	'
Additions during period:	'	'
Balance, at close of period	17,072	'
Residential Littleton, CO [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Encumbrances	23,235	'
Initial Cost to Company, Buildings and Land Improvements	29,509	'
Costs Capitalized Subsequent to Acquisition, Improvements Carrying Costs	78	'
Gross Amount at which Carried at Close of Period, Buildings and Land Improvements Total	29,587	'
Accumulated Depreciation	-248	'
Additions during period:	'	'
Balance, at close of period	29,587	'
Residential Westminster, CO [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Encumbrances	18,762	'
Initial Cost to Company, Buildings and Land Improvements	23,321	'
Costs Capitalized Subsequent to Acquisition, Improvements Carrying Costs	66	'
Gross Amount at which Carried at Close of Period, Buildings and Land Improvements Total	23,387	'
Accumulated Depreciation	-210	'
Additions during period:	'	'
Balance, at close of period	23,387	'
Residential Alpharetta, GA [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Encumbrances	0	'
Initial Cost to Company, Buildings and Land Improvements	24,192	'
Costs Capitalized Subsequent to Acquisition, Improvements Carrying Costs	-554	'
Gross Amount at which Carried at Close of Period, Buildings and Land Improvements Total	23,638	'
Accumulated Depreciation	-102	'
Additions during period:	'	'
Balance, at close of period	23,638	'
Residential San Antonio, TX [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Encumbrances	14,300	'
Initial Cost to Company, Buildings and Land Improvements	21,831	'
Costs Capitalized Subsequent to Acquisition, Improvements Carrying Costs	36	'
Gross Amount at which Carried at Close of Period, Buildings and Land Improvements Total	21,867	'
Accumulated Depreciation	0	'
Additions during period:	'	'
Balance, at close of period	21,867	'
Residential Burnsville, MN [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Encumbrances	0	'
Initial Cost to Company, Buildings and Land Improvements	32,142	'
Costs Capitalized Subsequent to Acquisition, Improvements Carrying Costs	14	'
Gross Amount at which Carried at Close of Period, Buildings and Land Improvements Total	32,156	'
Accumulated Depreciation	0	'
Additions during period:	'	'
Balance, at close of period	$32,156	'
Minimum [Member] | Residential Omaha, NE [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'3 years	'
Minimum [Member] | Residential Houston, TX, Property One [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'3 years	'
Minimum [Member] | Residential Philadelphia, PA [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'3 years	'
Minimum [Member] | Residential Tampa, FL [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'3 years	'
Minimum [Member] | Residential Houston, TX, Property Two [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'3 years	'
Minimum [Member] | Residential Dayton, OH [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'3 years	'
Minimum [Member] | Residential Cincinnati, OH [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'3 years	'
Minimum [Member] | Residential Oklahoma City, OK [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'3 years	'
Minimum [Member] | Residential Memphis, TN [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'3 years	'
Minimum [Member] | Residential Houston, TX, Property Three [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'3 years	'
Minimum [Member] | Residential Houston, TX, Property Four [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'3 years	'
Minimum [Member] | Residential Hermantown, MN [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'3 years	'
Minimum [Member] | Residential Lexington, KY [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'3 years	'
Minimum [Member] | Residential Houston, TX, Property Five [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'3 years	'
Minimum [Member] | Residential Hoover, AL [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'3 years	'
Minimum [Member] | Residential Houston, TX, Property Six [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'3 years	'
Minimum [Member] | Residential Winter Park, FL [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'3 years	'
Minimum [Member] | Residential Plano, TX [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'3 years	'
Minimum [Member] | Residential Newport News, VA [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'3 years	'
Minimum [Member] | Residential Littleton, CO [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'3 years	'
Minimum [Member] | Residential Westminster, CO [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'3 years	'
Minimum [Member] | Residential Alpharetta, GA [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'3 years	'
Minimum [Member] | Residential San Antonio, TX [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'3 years	'
Minimum [Member] | Residential Burnsville, MN [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'3 years	'
Maximum [Member] | Residential Omaha, NE [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'27 years 6 months	'
Maximum [Member] | Residential Houston, TX, Property One [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'27 years 6 months	'
Maximum [Member] | Residential Philadelphia, PA [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'27 years 6 months	'
Maximum [Member] | Residential Tampa, FL [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'27 years 6 months	'
Maximum [Member] | Residential Houston, TX, Property Two [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'27 years 6 months	'
Maximum [Member] | Residential Dayton, OH [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'27 years 6 months	'
Maximum [Member] | Residential Cincinnati, OH [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'27 years 6 months	'
Maximum [Member] | Residential Oklahoma City, OK [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'27 years 6 months	'
Maximum [Member] | Residential Memphis, TN [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'27 years 6 months	'
Maximum [Member] | Residential Houston, TX, Property Three [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'27 years 6 months	'
Maximum [Member] | Residential Houston, TX, Property Four [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'27 years 6 months	'
Maximum [Member] | Residential Hermantown, MN [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'27 years 6 months	'
Maximum [Member] | Residential Lexington, KY [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'27 years 6 months	'
Maximum [Member] | Residential Houston, TX, Property Five [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'27 years 6 months	'
Maximum [Member] | Residential Hoover, AL [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'27 years 6 months	'
Maximum [Member] | Residential Houston, TX, Property Six [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'27 years 6 months	'
Maximum [Member] | Residential Winter Park, FL [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'27 years 6 months	'
Maximum [Member] | Residential Plano, TX [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'27 years 6 months	'
Maximum [Member] | Residential Newport News, VA [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'27 years 6 months	'
Maximum [Member] | Residential Littleton, CO [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'27 years 6 months	'
Maximum [Member] | Residential Westminster, CO [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'27 years 6 months	'
Maximum [Member] | Residential Alpharetta, GA [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'27 years 6 months	'
Maximum [Member] | Residential San Antonio, TX [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'27 years 6 months	'
Maximum [Member] | Residential Burnsville, MN [Member]	'	'
Real Estate and Accumulated Depreciation [Line Items]	'	'
Life on which Depreciation in Latest Income is Computed	'27 years 6 months	'

SCHEDULE_IV_Mortgage_Loans_on_1

SCHEDULE IV Mortgage Loans on Real Estate (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
Mortgage Loans on Real Estate [Line Items]	'
Face amount of mortgages	$2,100
Carrying amount of mortgages	1,724
Principal amount of loans subject to delinquent principal or interest	0
Movement in Mortgage Loans on Real Estate [Roll Forward]	'
Balance, beginning of the period	11,109
Interest Accretion	23
New loans	800
Reductions	-34
Impairments	-24
Foreclosures	-10,150
Balance, end of the period	1,724
Residential - Columbia City, IN [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Interest rate	7.50%
Face amount of mortgages	1,058
Carrying amount of mortgages	738
Principal amount of loans subject to delinquent principal or interest	0
Residential - Kalamazoo, MI [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Variable interest rate, minimum in range	7.00%
Variable interest rate, maximum in range	7.39%
Face amount of mortgages	242
Carrying amount of mortgages	195
Principal amount of loans subject to delinquent principal or interest	0
Deerfield	'
Mortgage Loans on Real Estate [Line Items]	'
Interest rate	4.00%
Face amount of mortgages	800
Carrying amount of mortgages	791
Principal amount of loans subject to delinquent principal or interest	$0