Resource Real Estate Opportunity REIT (RSRL) 10-K 30 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 21, 2016	Jun. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Resource Real Estate Opportunity REIT, Inc.
Entity Central Index Key	1,466,225
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	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		71,924,504
Public Float			$ 0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Investments:
Rental properties, net	$ 916,498	$ 775,254
Loans held for investment, net	757	1,523
Preferred equity investments	3,886	3,462
Identified intangible assets, net	374	2,081
Assets held for sale - rental properties, net	69,350	36,764
Total investments	990,865	819,084
Cash	78,442	140,129
Restricted cash	9,987	6,930
Due from related parties	1,421	1,148
Tenant receivables, net	211	527
Deposits	230	666
Prepaid expenses and other assets	1,825	2,302
Deferred financing costs, net	6,915	6,392
Goodwill	1,231	1,231
Other assets associated with rental properties held for sale	81	0
Total assets	1,091,208	978,409
Liabilities:
Mortgage notes payable	562,558	444,168
Credit facilities	57,394	45,586
Accounts payable	1,583	2,689
Accrued expenses and other liabilities	7,932	6,473
Accrued real estate taxes	6,856	5,689
Due to related parties	1,185	1,630
Tenant prepayments	1,212	1,383
Security deposits	2,626	2,437
Other liabilities associated with rental properties held for sale	16,763	0
Total liabilities	658,109	510,055
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; 72,333,652 and 69,469,001 shares issued, respectively; and 71,617,117 and 69,254,165 shares outstanding, respectively)	716	693
Convertible stock (“promote shares”; par value $.01; 50,000 shares authorized, issued and outstanding)	1	1
Additional paid-in capital	638,335	614,024
Accumulated other comprehensive loss	(440)	(266)
Accumulated deficit	(213,366)	(154,319)
Total stockholders’ equity	425,246	460,133
Noncontrolling interests	7,853	8,221
Total equity	433,099	468,354
Total liabilities and equity	$ 1,091,208	$ 978,409

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, issued (in shares)	72,333,652	69,469,001
Common stock, outstanding (in shares)	71,617,117	69,254,165
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 OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Rental income	$ 117,687	$ 99,910
Interest and dividend income	638	359
Total revenues	118,325	100,269
Expenses:
Rental operating - expenses	34,225	34,801
Rental operating - payroll	16,769	14,784
Rental operating - real estate taxes	13,154	9,611
Subtotal - Rental operating expenses	64,148	59,196
Acquisition costs	5,811	9,833
Management fees	15,453	11,544
General and administrative	12,718	10,813
Provision for loan loss	130	0
Loss on disposal of assets	3,093	5,308
Depreciation and amortization expense	48,273	47,771
Total expenses	149,626	144,465
Loss before other (expenses) income	(31,301)	(44,196)
Other (expense) income:
Net gains on dispositions	36,041	10,484
Interest expense	(22,080)	(14,911)
Insurance proceeds in excess of cost basis	407	425
Net loss	(16,933)	(48,198)
Net loss attributable to noncontrolling interests	38	2,021
Net loss attributable to common stockholders	(16,895)	(46,177)
Net Loss	(16,933)	(48,198)
Other comprehensive loss:
Designated derivatives, fair value adjustment	(174)	(286)
Comprehensive loss	(17,107)	(48,484)
Comprehensive loss attributable to noncontrolling interests	38	2,021
Total comprehensive loss attributable to stockholders	$ (17,069)	$ (46,463)
Weighted average common shares outstanding (in shares)	70,397	68,008
Basic and diluted loss per common share:
Net loss per share (in dollars per share)	$ (0.24)	$ (0.68)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common Stock	Convertible Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Noncontrolling interests
Beginning balance at Dec. 31, 2013	$ 517,047	$ 517,047	$ 668	$ 1	$ 590,591	$ 20	$ (74,233)	$ 0
Beginning balance (in shares) at Dec. 31, 2013			66,667,000	50,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued through distribution reinvestment plan	22,898	22,898	$ 24		22,874
Common stock issued through distribution reinvestment plan (in shares)			2,410,000
Distributions of common stock			$ 3		3,330		(3,333)
Distributions of common stock (in shares)			333,000
Distributions declared	(30,635)	(30,635)					(30,635)
Share redemptions	(1,388)	(1,388)	$ (2)		(1,445)		59
Share redemptions (in shares)			(156,000)
Other comprehensive loss	(286)	(286)				(286)
Noncontrolling interests retained in the Paladin merger	18,901							18,901
Distributions to noncontrolling interests	(119)							(119)
Acquisitions of noncontrolling interests	(9,866)	(1,326)			(1,326)			(8,540)
Net Loss	(48,198)	(46,177)					(46,177)	(2,021)
Ending balance at Dec. 31, 2014	$ 468,354	460,133	$ 693	$ 1	614,024	(266)	(154,319)	8,221
Ending balance (in shares) at Dec. 31, 2014	69,254,165		69,254,000	50,000
Beginning balance at Dec. 31, 2013	$ 517,047	517,047	$ 668	$ 1	590,591	20	(74,233)	0
Beginning balance (in shares) at Dec. 31, 2013			66,667,000	50,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued through distribution reinvestment plan	$ 51,900
Common stock issued through distribution reinvestment plan (in shares)	5,300,000
Ending balance at Dec. 31, 2015	$ 433,099	425,246	$ 716	$ 1	638,335	(440)	(213,366)	7,853
Ending balance (in shares) at Dec. 31, 2015	71,617,117		71,617,000	50,000
Beginning balance at Dec. 31, 2014	$ 468,354	460,133	$ 693	$ 1	614,024	(266)	(154,319)	8,221
Beginning balance (in shares) at Dec. 31, 2014	69,254,165		69,254,000	50,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued through distribution reinvestment plan	$ 28,959	28,959	$ 28		28,931
Common stock issued through distribution reinvestment plan (in shares)			2,865,000
Distributions declared	(42,216)	(42,216)					(42,216)
Share redemptions	$ (5,042)	(5,042)	$ (5)		(5,101)		64
Share redemptions (in shares)	(501,699)		(502,000)
Other comprehensive loss	$ (174)	(174)				(174)
Contributions of noncontrolling interests	151							151
Acquisitions of noncontrolling interests	0	481			481			(481)
Net Loss	(16,933)	(16,895)					(16,895)	(38)
Ending balance at Dec. 31, 2015	$ 433,099	$ 425,246	$ 716	$ 1	$ 638,335	$ (440)	$ (213,366)	$ 7,853
Ending balance (in shares) at Dec. 31, 2015	71,617,117		71,617,000	50,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net loss	$ (16,933)	$ (48,198)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on disposal of assets	3,093	5,308
Casualty losses	782	0
Provision for loan loss	130	0
Net gain on disposition	(36,041)	(10,484)
Depreciation and amortization	48,273	47,771
Amortization of deferred financing costs	1,839	1,365
Amortization of fair value adjustment of debt	(779)	(598)
Accretion of discount and direct loan fees and costs	(39)	(28)
Changes in operating assets and liabilities, net of acquisitions:
Restricted cash	(2,708)	(351)
Tenant receivables, net	313	161
Deposits	3	(775)
Prepaid expenses and other assets	886	363
Due to related parties, net	(722)	(1,236)
Accounts payable and accrued expenses	583	5,289
Tenant prepayments	(40)	554
Security deposits	91	(127)
Net cash used in operating activities from continuing operations	(1,269)	(986)
Cash flows from investing activities:
Proceeds from disposal of properties, net of closing costs	60,258	27,082
Property acquisitions	(96,953)	(229,041)
Ownership acquisitions, net of cash received	0	(58,720)
Insurance proceeds received for casualty losses	794	0
Preferred equity acquisition	(408)	(3,460)
Capital expenditures	(43,018)	(37,384)
Principal payments received on loans	601	227
Net cash used in investing activities of continuing operations	(78,726)	(301,296)
Cash flows from financing activities:
Redemptions of common stock	(5,042)	(1,389)
Payment of deferred financing costs	(402)	(4,155)
Increase in borrowings on mortgages	31,473	182,213
Principal payments on mortgages	(6,150)	(3,027)
Increase in borrowings on credit facilities	33,918	85,520
Payments on credit facilities	(22,288)	(76,975)
Purchase of interest rate swaps	(95)	(110)
Distributions paid on common stock	(13,257)	(9,958)
Contributions of noncontrolling interests	151	0
Distributions to noncontrolling interests	0	(119)
Net cash provided by financing activities of continuing operations	18,308	172,000
Net cash used in continuing operations	(61,687)	(130,282)
Cash flows from discontinued operations:
Net cash provided by discontinued operations	0	88
Net decrease in cash	(61,687)	(130,194)
Cash at beginning of period	140,129	270,323
Cash at end of period	$ 78,442	$ 140,129

NATURE OF BUSINESS AND OPERATIO

NATURE OF BUSINESS AND OPERATIONS	12 Months Ended
	Dec. 31, 2015
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. Through its private offering and primary public offering, which concluded on December 13, 2013, the Company raised aggregate gross offering proceeds of $645.8 million , which resulted in the issuance of 64.9 million shares of common stock, including 276,056 shares purchased by the Advisor and 1.2 million shares sold in the Company's distribution reinvestment plan. During the years ended December 31, 2015 and 2014, the Company issued 5.3 million additional shares for $51.9 million pursuant to its distribution reinvestment plan. The Company has acquired, and may 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) multifamily rental properties purchased as non-performing or distressed loans or as real estate that was foreclosed upon and sold by financial institutions and (ii) multifamily rental properties to which the Company can add value with a capital infusion (“value add properties”). 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 ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
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 of Units Property Location RRE Opportunity Holdings, LLC N/A N/A N/A Resource Real Estate Opportunity OP, LP N/A N/A N/A RRE Charlemagne Holdings, LLC N/A N/A N/A RRE 107th Avenue Holdings, LLC (“107th Avenue”) N/A (e) N/A N/A RRE Westhollow Holdings, LLC (“Westhollow”) N/A (d) N/A N/A RRE Crestwood Holdings, LLC (“Crestwood”) N/A (c) N/A N/A 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”) N/A (d) N/A N/A RRE Bristol Holdings, LLC (“Bristol”) N/A (e) N/A N/A RRE Cannery Holdings, LLC (“Cannery”) Cannery Lofts 156 Dayton, OH RRE Williamsburg Holdings, LLC (“Williamsburg”) Williamsburg 976 Cincinnati, OH WPL Holdings, LLC (a) N/A Cincinnati, OH RRE Skyview Holdings, LLC ("Skyview") N/A (e) N/A N/A RRE Park Forest Holdings, LLC ("Park Forest") Mosaic 216 Oklahoma City, OK RRE Foxwood Holdings, LLC ("Foxwood") N/A (e) N/A N/A RRE Flagstone Holdings, LLC ("Flagstone") N/A (e) N/A N/A RRE Deerfield Holdings, LLC ("Deerfield") Deerfield 166 Hermantown, MN RRE Kenwick Canterbury Holdings, LLC ("Kenwick & Canterbury") N/A (e) N/A N/A RRE Armand Place Holdings, LLC ("Armand") Ivy at Clear Creek (f) 244 Houston, TX RRE Autumn Wood Holdings, LLC ("Autumn Wood") Retreat at Rocky Ridge 206 Hoover, AL RRE Village Square Holdings, LLC ("Village Square") Trailpoint at the Woodlands 271 Houston, TX RRE Nob Hill Holdings, LLC ("Nob Hill") Affinity at Winter Park 192 Winter Park, FL RRE Brentdale Holdings, LLC ("Brentdale") The Westside Apartments 412 Plano, TX RRE Jefferson Point Holdings, LLC ("Jefferson Point") Tech Center Square 208 Newport News, VA RRE Centennial Holdings, LLC ("Centennial") Verona Apartment Homes 276 Littleton, CO RRE Pinnacle Holdings, LLC ("Pinnacle") Skyview Apartment Homes 224 Westminster, CO RRE Jasmine Holdings, LLC ("Jasmine") The Nesbit Palisades 437 Alpharetta, GA RRE River Oaks Holdings, LLC ("River Oaks") Maxwell Townhomes 314 San Antonio, TX RRE Nicollet Ridge Holdings, LLC ("Nicollet Ridge") Meridian Pointe 339 Burnsville, MN RRE Addison Place, LLC ("Addison Place") The Estates at Johns Creek 403 Alpharetta, GA PRIP Coursey, LLC ("Evergreen at Coursey Place") Evergreen at Coursey Place (b) 352 Baton Rouge, LA PRIP 3700, LLC ("Champion Farms") N/A (b) (f) N/A N/A PRIP 10637, LLC ("Fieldstone") N/A (b) N/A N/A PRIP 500, LLC ("Pinehurst") Pinehurst (b) 146 Kansas City, MO PRIP 1102, LLC ("Pheasant Run") Pheasant Run (b) 160 Lee's Summit, MO PRIP 11128, LLC ("Retreat at Shawnee") Retreat at Shawnee (b) 342 Shawnee, KS PRIP 6700, LLC ("Hilltop Village") N/A (b) (d) N/A N/A PRIP 3383, LLC ("Conifer Place") N/A (b) (f) N/A N/A PRIP Stone Ridge, LLC ("Stone Ridge") N/A (b) N/A N/A PRIP Pines, LLC ("Pines of York") Pines of York (b) 248 Yorktown, VA PRIP 5060/6310, LLC ("Governor Park") N/A (b) (d) N/A N/A RRE Chisholm Place Holdings LLC ("Chisholm Place") Chisholm Place 142 Plano, TX RRE Berkeley Run Holdings, LLC ("Berkley Run") Perimeter Circle 194 Atlanta, GA RRE Berkeley Trace Holdings LLC ("Berkley Trace") Perimeter 5550 165 Atlanta, GA RRE Merrywood LLC ("Merrywood") Aston at Cinco Ranch 228 Katy, TX RRE Sunset Ridge Holdings, LLC ("Sunset Ridge") Sunset Ridge 324 San Antonio, TX RRE Parkridge Place Holdings, LLC ("Parkridge Place") Calloway at Las Colinas 536 Irving, TX RRE Spring Hill Holdings, LLC ("Spring Hill") N/A N/A N/A RRE Woodmoor Holdings, LLC ("Woodmoor") South Lamar Village 208 Austin, TX RRE Gilbert Holdings, LLC ("Springs at Gilbert") Heritage Pointe 458 Gilbert, AZ RRE Bonita Glen Holdings, LLC ("Bonita") Villages at Bonita Glen 295 Chula Vista, CA RRE Yorba Linda Holdings, LLC ("Yorba Linda") Yorba Linda 400 Yorba Linda, CA N/A - Not Applicable (a) - Subsidiary holds a portion of the Williamsburg parking lot. (b) - Wholly-owned subsidiary of RRE Charlemagne Holdings, LLC. (c) - Real estate assets sold in 2013. (d) - Real estate assets sold in 2014. (e) - Real estate assets sold in 2015. (f) - Real estate assets included in Assets Held for Sale at December 31, 2015. All intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements reflect the Company's accounts and the accounts of the Company's majority-owned and/or controlled subsidiaries. The Company follows the provisions of Accounting Standards Codification (“ASC”) Topic 810, “Consolidation,” and accordingly consolidates entities that are variable interest entities (“VIEs”) where it has determined that it is the primary beneficiary of such entities. Once it has been determined that the Company holds a variable interest in a VIE, management performs a qualitative analysis to determine (i) if the Company has the power to direct the matters that most significantly impact the VIE's financial performance; and (ii) if the Company has the obligation to absorb the losses of the VIE that could potentially be significant to the VIE or the right to receive the benefits of the VIE that could potentially be significant to the VIE. If the Company's interest possesses both of these characteristics, the Company is deemed to be the primary beneficiary and would be required to consolidate the VIE. The Company will continually assess its involvement with VIEs and re-evaluate the requirement to consolidate them. For consolidated entities (including VIEs of which the Company is the primary beneficiary), noncontrolling interests are presented and disclosed as a separate component of stockholders' equity (not as a liability or other item outside of stockholders' equity). Consolidated net income (loss) includes the noncontrolling interests’ share of income (loss). All changes in the Company’s ownership interest in a subsidiary are accounted for as stockholders' equity transactions if the Company retains its controlling financial interest in the subsidiary. The portions of these entities that the Company does not own are presented as noncontrolling interests as of the dates and for the periods presented in the consolidated financial statements. The consolidated financial statements include the accounts of the Company's majority-owned and/or controlled subsidiaries, which are VIEs, as follows: Subsidiary Ownership % Apartment Complex Number Property Location Springhurst Housing Partners, LLC (1) 70% Champion Farms 264 Louisville, KY Glenwood Housing Partners I, LLC 83% Fieldstone 266 Woodlawn, OH FPA/PRIP Conifer, LLC (2) 42.5% Conifer Place 420 Norcross, GA DT Stone Ridge, LLC (3) 83.4% Stone Ridge 188 Columbia, SC (1) - On January 29, 2016, the Company sold its interest in Champion Farms to its joint venture partner. (See Note 22) (2) - On January 27, 2016, the Company and its joint venture partner sold the Conifer Place Apartments. (See Note 22) (3) - During 2015, the Company increased its ownership in the joint venture from 77.7% to 83.4% . (See Note 7) The Company's preferred equity investment is a VIE for which the Company has determined it is not the primary beneficiary and therefore, the Company does not consolidate the entity. The Company is not considered the primary beneficiary of the preferred equity investee because it does not possess the unilateral power to direct the key activities of investee that are considered most significant. Information with respect to the nature of the preferred equity investment, the carrying amount of the investment, and the Company’s maximum exposure to the losses (which equals the carrying amount of the investment plus additional funding commitments) are disclosed in Note 6. 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. Assets Held for Sale The Company presents the assets and liabilities of any rental properties which have been sold subsequent to the reporting period, or otherwise qualify as held for sale, separately in the consolidated balance sheets. Real estate assets held for sale are measured at the lower of carrying amount or fair value less cost to sell. Both the real estate and the corresponding liabilities are presented separately in the Consolidated Balance Sheets. Subsequent to classification of an asset as held for sale, no further depreciation is recorded. The Company had three rental properties included in assets held for sale as of December 31, 2015 and 2014 . In December 2015, the Company agreed to sell its 70% interest in the joint venture that owns Champion Farms Apartments to its joint venture partner. The sale was completed in January 2016. As such, all assets and liabilities of the consolidated entity have been reclassified to held for sale as of December 31, 2015 in the consolidated balance sheets. 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 Improvements and replacements in excess off $1,000 are capitalized when they extend the useful life of the asset. Resource Real Estate Opportunity Manager, LLC (the “Manager”), an affiliate of the Advisor, earns a construction management fee of 5.0% of actual aggregate costs to construct improvements, or to repair, rehab or reconstruct a property. These costs are capitalized along with the related asset. Costs of repairs and maintenance are expensed as incurred. 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, 2015 , the Company had $89.8 million of deposits at various banks, $74.9 million of which were over the insurance limit of the Federal Deposit Insurance Corporation. No losses have been experienced on such deposits. As of December 31, 2015 , the Company's real estate investments in Texas, Georgia, and California represented approximately 26% , 18% , and 17% of the net book value of its rental property assets, respectively. As a result, the geographic concentration of the Company's portfolio makes it particularly susceptible to adverse economic developments in the Texas, Georgia, and California real estate markets. Any adverse economic or real estate developments in these markets, such as business layoffs or downsizing, industry slowdowns, relocations of businesses, changing demographics and other factors, or any decrease in demand for multifamily rentals resulting from the local business climate, could adversely affect the Company's operating results and its ability to make distributions to stockholders. 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. There were no impairment losses recorded on long lived assets during the year ended December 31, 2015 and 2014. 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. Preferred Equity Investment The Company records its preferred equity investments at amortized cost. Investments, carried at amortized cost are evaluated for impairment at each reporting date. When an investment is impaired and that impairment is considered other than temporary, the amount of the loss accrual is calculated by comparing the carrying amount of the investment to its estimated fair value. Dividend income is recognized when earned based on the contractual terms of the preferred equity agreement. 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. Goodwill The Company records the excess of the cost of an acquired entity over the difference between the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed as goodwill. Goodwill is not amortized but is tested for impairment at a level of reporting referred to as a reporting unit during the fourth quarter of each calendar year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company tested goodwill as of December 31, 2015 and found no indications of impairment. 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 future minimum rental payments to be received from noncancelable operating leases for residential rental properties are $54.2 million and $265,000 for the years ending December 31, 2016 and 2017, respectively, and none thereafter. The future minimum rental payments to be received from noncancelable operating leases for commercial rental properties and antenna rentals are $333,000 , $276,000 , $165,000 , $123,000 , $69,000 , and $3,000 for the years ending December 31, 2016, 2017, 2018, 2019, 2020, and thereafter, respectively. 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, 2015 and 2014 , there were allowances for uncollectible receivables of $24,100 and $57,300 , respectively. 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. As a REIT, the Company is not subject to federal corporate income tax to the extent the that it distributes 100% of its REIT taxable income each year. 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, 2015 and 2014 , 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. The Company is not subject to IRS examination for tax return years 2011 and prior. 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 17) are not included in the diluted earnings per share calculations. For the purposes of calculating earnings per share, all common shares and per common share information in the financial statements have been adjusted retroactively for the effect of seven 1.5% stock distributions, two 0.75% stock distributions, one 0.585% stock distribution and 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 Standards Accounting Standards Issued But Not Yet Effective In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers”, which will replace most existing revenue recognition guidance in GAAP. The core principle of ASU No. 2014-09 is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. ASU No. 2014-09 requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. ASU No. 2014-09 will be effective for the Company beginning January 1, 2018, including interim periods in 2018, and allows for both retrospective and prospective methods of adoption. The Company is in the process of determining the method of adoption and assessing the impact of this guidance on the Company’s consolidated financial position, results of operations and cash flows. In August 2014, FASB issued ASU No. 2014-15, "Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern." Under the new guidance, an entity should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. The guidance is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The adoption of the new requirements is not expected to have a material impact on the Company's consolidated financial statements. In January 2015, FASB issued ASU No. 2015-01, "Income Statement - Extraordinary and Unusual Items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items". The amendments in ASU No. 2015-01 eliminate from GAAP the concept of extraordinary items. Although the amendment will eliminate the requirements for reporting entities to consider whether an underlying event or transaction is extraordinary, the presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. ASU No. 2015-01 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect the adoption of ASU No. 2015-01 to have a significant impact on its consolidated financial statements. In February 2015, FASB issued ASU 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis", which makes certain changes to both the variable interest model and the voting model, including changes to (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. ASU 2015-02 is effective for the Company beginning January 1, 2016. The Company is continuing to evaluate this guidance; however, it does not expect the adoption of ASU 2015-02 to have a significant impact on its consolidated financial statements. In April 2015, FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs", which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. Upon adoption, the Company will apply the new guidance on a retrospective basis and adjust the balance sheet of each individual period presented to reflect the period-specific effects of applying the new guidance. This guidance is effective for the Company beginning January 1, 2016. The Company is continuing to evaluate this guidance; however, it does not expect the adoption of ASU 2015-03 to have a significant impact on its consolidated financial statements. In September 2015, FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments", which eliminates the requirement to retroactively revise comparative financial information for prior periods presented in financial statements due to changes in provisional amounts recorded for acquisitions in subsequent periods. Upon adoption, disclosure of the amounts recorded in current-period earnings that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized at the acquisition date are required. ASU 2015-16 is effective for the Company beginning January 1, 2016. The Company is continuing to evaluate this guidance; however, it does not expect the adoption of ASU 2015-16 to have a significant impact on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)", which requires lessees to recognize at the commencement date for all leases, with the exception of short-term leases, (a) a lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis, and (b) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2016-02 is effective for the Compan

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2015
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, 2015 2014 Non-cash activities: Assets and liabilities assumed in acquisitions: Other assets assumed $ — $ 3,231 Debt assumed 40,185 158,061 Other liabilities assumed 99 3,204 Noncontrolling interests — 18,901 Rental properties, net 40,284 176,935 Stock issued from distribution reinvestment plan 28,959 22,898 Stock distributions issued — 3,333 Deferred financing costs and escrow deposits funded directly by mortgage note and revolving credit facility 11,167 4,404 Cash paid during the period for: Interest $ 20,752 $ 12,832

RENTAL PROPERTIES, NET

RENTAL PROPERTIES, NET	12 Months Ended
	Dec. 31, 2015
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, 2015 2014 Land $ 180,533 $ 122,137 Building and improvements 775,239 666,912 Furniture, fixtures and equipment 28,928 21,495 Construction in progress 2,949 3,005 987,649 813,549 Less: accumulated depreciation (71,151 ) (38,295 ) $ 916,498 $ 775,254 Depreciation expense for the years ended December 31, 2015 and 2014 was $41.9 million and $32.8 million , respectively. During the three months ended December 31, 2015 and 2014 , the Company entered into agreements to sell two and three rental properties, respectively, with respective total net book values of $43.9 million and $36.8 million . The Company confirmed the intent and ability to sell all of the properties in their present condition and all properties qualified for held for sale accounting treatment upon meeting all applicable criteria on or prior to December 31, 2015 and 2014 , at which time depreciation ceased. As such, the assets associated with these properties are separately classified and included as assets held for sale on the Company's consolidated balance sheets at December 31, 2015 and 2014 . However, the anticipated sale of these properties did not qualify for discontinued operations, and, therefore the operations for all periods presented continue to be classified within continuing operations on the Company's consolidated statements of operations. The Company completed the sales of Conifer Place and Ivy at Clear Creek during the three months ending March 31, 2016 (see Note 22). The Company completed the sales of The Alcove, Cityside Crossing and The Redford during the three months ended March 31, 2015 (see Note 9). In December 2015, the Company agreed to sell its 70% interest in the joint venture that owns Champion Farms Apartments to its joint venture partner. The sale was completed in January 2016. As such, all assets and liabilities of the consolidated entity have been reclassified to held for sale as of December 31, 2015 in the consolidated balance sheets. Carrying amounts of major classes of assets and liabilities included in held for sale related to Champion Farms at December 31, 2015 were as follows (in thousands): Assets: Rental properties, net $ 25,436 Restricted cash $ 54 Tenant receivables, net 2 Prepaid expenses and other assets 25 Subtotal - other assets associated with rental properties held for sale $ 81 Liabilities: Mortgage note payable, net $ 16,443 Accounts payable 44 Accrued expenses and other liabilities 176 Tenant prepayments 57 Security deposits 43 Subtotal- o ther liabilities associated with rental properties held for sale $ 16,763 Included in the consolidated balance sheet at December 31, 2015 is $7.9 million of noncontrolling interests, of which $5.7 million relate to interests held for sale.

LOANS HELD FOR INVESTMENT, NET

LOANS HELD FOR INVESTMENT, NET	12 Months Ended
	Dec. 31, 2015
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 (the "Oberlin Note” and the "Heatherwood Note”) and two performing promissory notes (the "Peterson Note” and the "Trail Ridge Note”), collectively referred to as the “Notes”, each of which was secured by a first priority mortgage on multifamily rental apartment communities. The contract purchase price for the Notes was a total of $3.1 million , excluding closing costs. The Oberlin Note was resolved in prior years. On August 18, 2011, the Company was the successful bidder at a foreclosure sale of the property collateralizing the Heatherwood Note. Possession of the Heatherwood Apartments was obtained in February 2012 and the property was subsequently sold in April 2013. On April 18, 2013, in connection with the sale of the Heatherwood Apartments, the Company originated an $800,000 mortgage loan (the "Heatherwood Sale Note") to the purchaser of the Heatherwood Apartments on the same date. In May 2015, the Company agreed to accept $583,000 from the borrower and apply $58,000 of escrow balances in full satisfaction of the loan. As such, the Company recorded a provision for loan loss of $130,000 during the year ended December 31, 2015 related to this payoff. On December 31, 2011, the Peterson Note matured 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, 2014 . 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 was 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. On April 6, 2014, the Company sold its interest in the sheriff's deed for the Peterson Apartments for $195,000 . The following table provides the aging of the Company’s loans held for investment (in thousands): December 31, 2015 December 31, 2014 Current $757 $1,523 Delinquent: 30−89 days — — 90−180 days — — Greater than 180 days — — $757 $1,523 The following table provides information about the credit quality of the Company’s loans held for investment, net (in thousands): December 31, 2015 2014 Loans: Performing $ 757 $ 1,523 Nonperforming — — Total $ 757 $ 1,523 The following table presents details of the balance and terms of the loan held for investment at December 31, 2015 (in thousands): Unpaid Principal Balance Unamortized Discount Deferred (fees) expenses, net Net book value Maturity Date Interest Rate Average monthly payment Loan- Trail Ridge $ 981 $ (231 ) $ 7 $ 757 10/28/2021 7.5% $8 The following table presents details of the balance and terms of loans held for investment at December 31, 2014 (in thousands): Unpaid Principal Balance Unamortized (Discount) Deferred (fees) expenses, net Net book value Loan- Trail Ridge $ 994 $ (261 ) $ 14 $ 747 Loan- Heatherwood 776 — — 776 $ 1,770 $ (261 ) $ 14 $ 1,523 The Company has individually evaluated the loan for impairment and determined that, as of December 31, 2015 , it was impaired. There were no allowances for credit losses as of both December 31, 2015 and 2014 . There were $130,000 and $24,000 of charge-offs for the years ended December 31, 2015 and 2014 , respectively.

PREFERRED EQUITY INVESTMENT

PREFERRED EQUITY INVESTMENT	12 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Preferred Equity Investment	PREFERRED EQUITY INVESTMENT On November 12, 2014, the Company, through its wholly owned subsidiary, RRE Spring Hill Holdings, LLC, made a $3.5 million preferred equity investment in Spring Hill Investors Limited Partner, LLC (the “Investment Vehicle”) and became the Preferred Member. Presidium AMC Spring Hill Venture, LLC, (“Presidium”), a Texas limited liability company, owns the common equity and acts as the Managing Member of the Investment Vehicle. In October 2015, the Company funded an additional $400,000 . The Company is obligated to fund up to an additional $1.1 million in increments of $150,000 as long as no triggering event has occurred. The Investment Vehicle is the sole member of Spring Hill Investors GP, LLC, which is the general partner of Spring Hill Investors, LP, the owner of a 606 -unit multifamily residential apartment community commonly known as Spring Hill Apartments (“Spring Hill”) and located in Dallas, Texas. The Company’s preferred equity investment will be predominately utilized for capital improvements and deferred maintenance projects. The Company is to be paid a dividend equal to 12% of the total amount invested, 7% of which must be paid monthly and the remaining amount accrues and is to be paid when the property cash flow allows for the repayment. The mandatory redemption date for the investment is the earliest of (i) April 2017 or (ii) any earlier date that the mortgage loan secured by Spring Hill Apartments becomes due and payable as a result of the acceleration of the loan maturity date by the lender, or (iii) the date on which a defeasance is effected pursuant to the loan documents. The Company evaluated the investment and determined that there was no impairment at December 31, 2015 .

ACQUISITIONS AND FORECLOSURES

ACQUISITIONS AND FORECLOSURES	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
ACQUISITIONS AND FORECLOSURES	ACQUISITIONS AND FORECLOSURES Real Estate Investments As of December 31, 2015 , the Company owned 36 properties, including nine of the 12 properties purchased on January 28, 2014 as part of the Paladin Realty Income Properties, Inc. (“Paladin”) portfolio acquisition, discussed below. The Company recognized goodwill on the Paladin transaction as the excess of purchase price over the fair value of the property acquired. 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 has received final appraisals for all recent acquisitions. The table below summarizes these acquisitions and the respective fair values assigned, excluding non-wholly owned properties acquired through the Paladin merger (dollars in thousands): Multifamily City and State Date of Purchase (1) Land Building and Improvements Furniture, Fixture and Equipment Intangible Assets Other Assets Fair Valued Villages at Bonita Glen Chula Vista, CA 6/16/2015 $ 49,050 $ 17,208 $ 32,651 $ 506 $ 1,130 $ 9 $ (30,008 ) $ 21,496 Yorba Linda Yorba Linda, CA 6/1/2015 118,000 39,322 76,124 590 1,964 76 (232 ) 117,844 Heritage Pointe Gilbert, AZ 3/19/2015 36,000 8,487 25,867 716 931 — (152 ) 35,849 South Lamar Village Austin, TX 2/26/2015 24,000 5,586 17,493 291 629 — (12,961 ) 11,038 Prior years' acquisitions: Pines of York Yorktown, VA 1/28/2014 $ 8,087 (2) $ 4,464 $ 16,340 $ 400 $ 715 $ 416 $ (15,447 ) $ 6,888 Calloway at Las Colinas Irving, TX 9/29/2014 48,500 6,707 39,543 825 1,425 9 (636 ) 47,873 Sunset Ridge San Antonio, TX 9/4/2014 35,000 15,425 18,615 514 931 — (24,737 ) 10,748 Pinehurst Kansas City, MO 1/28/2014 3,588 (3) 1,250 8,241 200 290 142 (4,548 ) 5,575 Pheasant Run Lee's Summit, MO 1/28/2014 4,277 (3) 800 10,798 300 317 172 (6,559 ) 5,828 Retreat at Shawnee Shawnee, KS 1/28/2014 5,369 (3) 3,200 14,550 500 608 186 (14,088 ) 4,956 Aston at Cinco Ranch Katy, TX 6/26/2014 32,300 5,831 25,247 307 915 — (377 ) 31,923 Perimeter 5550 Atlanta, GA 5/19/2014 22,250 4,002 17,600 194 453 — (110 ) 22,139 Perimeter Circle Atlanta, GA 5/19/2014 29,500 4,723 23,969 219 588 — (156 ) 29,343 Chisholm Place Plano, TX 5/5/2014 15,000 1,981 12,383 198 438 — (96 ) 14,904 Evergreen at Coursey Baton Rouge, LA 1/28/2014 15,499 (4) 3,430 38,041 530 1,080 680 (28,844 ) 14,917 The Estates at Johns Creek Alpharetta, GA 3/28/2014 70,500 6,353 62,249 509 1,389 49 (392 ) 70,157 Meridian Pointe Burnsville, MN 12/20/2013 33,149 4,134 26,992 1,016 1,008 36 (107 ) 33,079 Maxwell Townhomes San Antonio, TX 12/16/2013 22,500 3,830 17,510 491 669 48 (14,363 ) 8,185 The Nesbit Palisades Alpharetta, GA 10/25/2013 25,050 7,582 16,023 587 859 37 (161 ) 24,927 Verona Apartment Homes Littleton, 9/30/2013 30,600 5,702 23,609 198 1,090 24 (190 ) 30,433 Skyview Apartment Homes Westminster, 9/30/2013 24,250 2,923 20,301 97 928 20 (147 ) 24,122 Tech Center Square Newport News, 9/9/2013 18,250 3,951 13,048 584 667 23 (59 ) 18,214 The Westside Apartments Plano, 7/25/2013 32,200 5,785 24,418 798 1,199 52 (317 ) 31,935 Affinity at Winter Park Winter Park, 6/27/2013 10,100 2,512 6,459 523 606 50 (61 ) 10,089 Trailpoint at the Woodlands Spring, 6/24/2013 27,200 3,785 22,014 697 704 40 (170 ) 27,070 Retreat at Rocky Ridge Hoover, 4/18/2013 8,500 1,616 6,418 30 436 2 (89 ) 8,413 Ivy at Clear Creek Houston, 3/28/2013 11,750 1,877 9,175 28 670 8 (127 ) 11,631 Deerfield Hermantown 3/21/2012 10,300 (5) 1,660 11,110 500 423 1 (4 ) 13,690 Mosaic Oklahoma City, 12/6/2012 2,050 1,000 2,609 30 123 14 (14 ) 3,762 Williamsburg Cincinnati, 6/20/2012 41,250 3,223 35,111 1,007 1,909 49 (274 ) 41,025 Cannery Lofts Dayton, 5/13/2011 7,100 (6) 160 7,913 200 609 35 — 8,917 Vista Apartment Philadelphia, 6/17/2011 12,000 (7) 1,163 9,913 — 535 530 (141 ) 12,000 (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 Company originally acquired a 90% interest in the joint venture that owned Pines of York on January 28, 2014. On November 25, 2014, the Company purchased the remaining 10% ownership interest of its joint venture partner, bringing the Company's ownership percentage to 100% . (3) The Company originally acquired a 97.5% interest in each of the joint ventures that owned Pinehurst, Pheasant Run and Retreat at Shawnee on January 28, 2014. On July 1, 2014, the Company purchased the remaining 2.5% ownership interest of its joint venture partner in each entity, bringing the Company's ownership percentage in each entity to 100% . (4) The Company originally acquired a 51.7% interest in the joint venture that owned Evergreen at Coursey on January 28, 2014. On March 31, 2014, the Company purchased the remaining 48.3% ownership interest of its joint venture partner, bringing the Company's ownership percentage to 100% . (5) 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. The date of acquisition reflects the date the Company acquired the note. (6) 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. The date of acquisition reflects the date the Company acquired the note. (7) 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. Acquisitions The Company acquired interests in 4 properties during the year ended December 31, 2015 . In order to finalize the fair values of the acquired assets and liabilities, third-party appraisals were obtained for all of the properties acquired. The Company has up to 12 months from the date of acquisition to finalize the valuation for each property. All valuations have been finalized as of December 31, 2015 . The supplemental pro forma financial information set forth below is based upon historical financial statements giving effect to the Yorba Linda acquisition as of the beginning of the period presented (in thousands): For the Year Ended December 31, 2014 (unaudited) Revenues 108,005 Net loss attributable to common stockholders (50,043 ) Basic and diluted loss per share $ (0.74 ) Paladin Acquisition -2014 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, and Paladin Realty Income Properties, L.P. (“Paladin OP”), whose sole general partner was 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 owned a total of 10 multifamily communities with more than 2,500 rentable units and two office properties that contained 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 a consolidated joint venture which is eliminated in consolidation. 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 names of each community, location and the Company's joint venture ownership interests on the date of acquisition are presented below: Multifamily City Ownership % at Date of Acquisition Champion Farms Louisville, KY 70% Fieldstone Woodlawn, OH 83% Pinehurst Kansas City, MO 97.5% Pheasant Run Lee's Summit, MO 97.5% Retreat at Shawnee Shawnee, KS 97.5% Hilltop Village Kansas City, MO 49% Conifer Place Norcross, GA 42.5% Stone Ridge Columbia, SC 68.5% Evergreen at Coursey Place Baton Rouge, LA 51.7% Pines of York Yorktown, VA 90% Governor Park San Diego, CA 47.65% On March 6, 2014, the Company, through a wholly-owned subsidiary, sold its 47.65% membership interest in one of the Paladin joint ventures, FPA/PRIP Governor Park, LLC ("Governor Park"), to its joint venture partner, FPA Governor Park Associates, LLC for $456,000 . The sale price approximated the fair value, therefore no gain or loss was recognized on the transaction. The allocation of the purchase price for the interests in the 11 Paladin joint ventures, which was completed during the year ended December 31, 2014, is included below (in thousands): Multifamily Land Building Intangible Fair Value Other Assets Liabilities Non-controlling Total Goodwill Allocation of Champion Farms $ 3,168 $ 23,464 $ 579 $ 27,211 $ 575 $ (17,015 ) $ (3,231 ) $ 7,540 $ 171 $ 7,711 Fieldstone 1,420 18,472 648 20,540 661 (16,462 ) (806 ) 3,933 130 4,063 Pinehurst 1,250 8,241 290 9,781 332 (4,548 ) (139 ) 5,426 72 5,498 Pheasant Run 800 10,798 317 11,915 472 (6,559 ) (146 ) 5,682 76 5,758 Retreat at Shawnee 3,200 14,550 608 18,358 686 (14,088 ) (124 ) 4,832 117 4,949 Hilltop Village 800 4,289 195 5,284 267 (4,612 ) (479 ) 460 33 493 Conifer Place 5,040 28,712 1,007 34,759 749 (28,776 ) (3,869 ) 2,863 219 3,082 Stone Ridge 1,300 4,612 326 6,238 985 (178 ) (2,218 ) 4,827 42 4,869 Evergreen at Coursey Place 3,430 38,041 1,080 42,551 1,210 (28,844 ) (7,200 ) 7,717 268 7,985 Pines of York 4,464 16,340 715 21,519 816 (15,446 ) (689 ) 6,200 136 6,336 $ 24,872 $ 167,519 $ 5,765 $ 198,156 $ 6,753 $ (136,528 ) $ (18,901 ) $ 49,480 $ 1,264 $ 50,744 Governor Park 456 Total purchase price $ 51,200 On March 31, 2014 , the Company purchased the remaining 48.3% ownership interest in Evergreen at Coursey Place ("Coursey Place") from its joint venture partner for $7.5 million . A summary of the transaction is as follows (in thousands): Purchase price $ 7,500 Noncontrolling interest assumed $ 7,200 Losses attributable to noncontrolling interest (191 ) Distribution to noncontrolling interest (116 ) Adjusted noncontrolling interest balance 6,893 Adjustment to additional paid in capital $ (607 ) On July 1, 2014 , the Company purchased the remaining 2.5% ownership interest in Pinehurst, Pheasant Run and Retreat at Shawnee from its joint venture partner for a total of $1.1 million . A summary of the transactions is as follows (in thousands): Pinehurst Pheasant Run Retreat at Shawnee Purchase price $ 570 $ 515 $ 15 Noncontrolling interests assumed 139 146 124 Losses attributable to noncontrolling interests (7 ) (8 ) (15 ) Adjusted noncontrolling interest balance 132 138 109 Adjustment to additional paid in capital $ (438 ) $ (377 ) $ 94 In the years ended December 31, 2015 and 2014 , the Company contributed $356,000 and $1.1 million , respectively, to the joint venture partnership that owns Stone Ridge. The joint venture partner did not contribute its pro-rata share, which resulted in a reduction of its partnership interest. As a result, the Company obtained an additional 5.7% and 9.2% , respectively, interest in the joint venture, increasing its ownership interest to 83.4% at December 31, 2015. In November 2014, the Company purchased the remaining 10% ownership interest in Pines of York from its joint venture partner for $900,000 . A summary of the transaction is as follows (in thousands): Pines of York Purchase price $ 900 Noncontrolling interests assumed 690 Losses attributable to noncontrolling interests (98 ) Adjusted noncontrolling interest balance 592 Adjustment to additional paid in capital $ (308 ) The table below summarizes the total revenues, net losses, and acquisition costs of the Company's acquisitions during the year ended December 31, 2015 (dollars in thousands): Multifamily Community Total Revenues Net Loss Acquisition Costs South Lamar Village $ 2,086 $ (1,580 ) $ (692 ) Heritage Pointe 3,019 (2,173 ) (1,005 ) Yorba Linda 4,584 (3,405 ) (2,761 ) Villages at Bonita Glen 2,431 (2,144 ) (1,353 ) $ 12,120 $ (9,302 ) $ (5,811 ) The table below summarizes the total revenues, net losses, and acquisition costs of the Company's acquisitions during the year ended December 31, 2014 (dollars in thousands): Multifamily Community Total Revenues Net Loss Acquisition Costs South Lamar Village (1) $ — $ — $ (66 ) Calloway at Las Colinas 1,445 (1,234 ) (1,290 ) Sunset Ridge 1,214 (1,216 ) (968 ) Aston at Cinco Ranch 1,718 (1,144 ) (832 ) Perimeter 5550 1,172 (1,024 ) (606 ) Perimeter Circle 1,501 (1,272 ) (748 ) Chisholm Place 1,196 (1,042 ) (494 ) The Estates at Johns Creek 4,828 (3,287 ) (1,720 ) Paladin Properties 22,645 (10,190 ) (3,109 ) $ 35,719 $ (20,409 ) $ (9,833 ) (1) Acquisition that was completed during the first quarter of fiscal 2015.

MEASUREMENT PERIOD ADJUSTMENTS

MEASUREMENT PERIOD ADJUSTMENTS	12 Months Ended
	Dec. 31, 2015
Accounting Changes and Error Corrections [Abstract]
MEASUREMENT PERIOD ADJUSTMENTS	MEASUREMENT PERIOD ADJUSTMENTS The Company obtains third party appraisals for all of its acquisitions. If the appraisals are not finalized in the period in which the property or interest was acquired, a measurement period adjustment is recorded. For the Estates at Johns Creek acquisition, which was completed in the three months ended March 31, 2014, the measurement period adjustments were finalized during the three months ended June 30, 2014. For the Paladin acquisition, which was completed in the three months ended March 31, 2014, the measurement period adjustments were finalized during the three months ended December 31, 2014. Changes in the Paladin and the Estates at Johns Creek acquisitions are reflected in the tables below (in thousands): Paladin January 28, 2014 Measurement (1) January 28, 2014 Land $ 44,292 $ (19,420 ) $ 24,872 Building 149,155 18,364 167,519 Personal property — 3,530 3,530 Intangible assets 5,861 (96 ) 5,765 Other assets 3,231 (9 ) 3,222 Goodwill 6,412 (5,148 ) 1,264 Liabilities (140,970 ) 4,442 (136,528 ) Total net identifiable net assets $ 67,981 $ 1,663 $ 69,644 (1) Remaining balance ( $1.7 million ) of measurement period adjustments impacted the noncontrolling interest balance. The results of operations for the three months ended June 30, 2014 include an additional $867,000 of depreciation and amortization that would have been included in the three months ended March 31, 2014 had the final appraisals for the Paladin properties been received and recorded during that period. Estates at Johns Creek March 28, 2014 Measurement March 28, 2014 Land $ 18,137 $ (11,784 ) $ 6,353 Building 51,843 10,406 62,249 Personal property — 509 509 Intangible assets 520 869 1,389 Total net identifiable net assets $ 70,500 $ — $ 70,500 The measurement period adjustment for the Estates at Johns Creek had no impact on depreciation and amortization for the three months ended March 31, 2014.

DISPOSITION OF PROPERTIES

DISPOSITION OF PROPERTIES	12 Months Ended
	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
DISPOSITION OF PROPERTIES	DISPOSITION OF PROPERTIES The following table presents details of our disposition activity during the years ended December 31, 2015 and 2014 (in thousands): Multifamily Community Location Sales Date Contract Sales price Gain (Loss) on Sale 2015 Net Income Attributable to Properties Sold 2015 Dispositions The Alcove Apartments Houston, Texas January 26, 2015 $ 11,050 $ 3,784 $ 3,819 107th Avenue Apartments Omaha, Nebraska January 29, 2015 250 50 50 The Redford Apartments Houston, Texas February 27, 2015 32,959 15,303 15,652 Cityside Apartments Houston, Texas March 2, 2015 24,500 10,028 10,290 One Hundred Chevy Chase Lexington, Kentucky June 30, 2015 13,500 4,386 4,027 The Reserve at Mt. Moriah Memphis, Tennessee September 18, 2015 5,425 2,490 2,202 $ 87,684 $ 36,041 $ 36,040 2014 Dispositions: 2014 Net Income (Loss) Attributable to Properties Sold Governor Park San Diego, California March 6, 2014 $ 456 $ — $ — Campus Club Tampa, Florida June 16, 2014 10,500 2,602 2,723 Hilltop Village (1) Kansas City, Missouri July 1, 2014 — (493 ) (707 ) Arcadia at Westheimer Houston, Texas September 19, 2014 18,100 8,375 8,327 $ 29,056 $ 10,484 $ 10,343 (1) Included in the net loss for 2014 was a $112,000 loss attributable to a noncontrolling interest.

IDENTIFIED INTANGIBLE ASSETS, N

IDENTIFIED INTANGIBLE ASSETS, NET	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
IDENTIFIED INTANGIBLE ASSETS, NET	IDENTIFIED INTANGIBLE ASSETS, NET Identified intangible assets, net, consist of rental and antennae leases. The value of the acquired in-place leases totaled $374,000 and $2.1 million as of December 31, 2015 and 2014 , respectively, net of accumulated amortization of $28.4 million and $26.5 million , respectively. The weighted-average remaining life of the rental leases is 1 month and 5 months as of December 31, 2015 and 2014 , respectively. 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, 2015 and 2014 was $6.4 million and $15.0 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): 2016 $ 229 2017 16 2018 16 2019 16 2020 16 Thereafter 81 $ 374

GOODWILL

GOODWILL	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	GOODWILL The table below presents a rollforward of the activity in goodwill for the years ended December 31, 2015 and 2014 (in thousands): Balance, January 1, 2014 $ — Acquisition of Paladin joint venture interests 6,412 Measurement period adjustments (5,148 ) Disposition of Hilltop (33 ) Balance, December 31, 2014 $ 1,231 Activity - 2015 — Balance, December 31, 2015 $ 1,231

MORTGAGE NOTES PAYABLE

MORTGAGE NOTES PAYABLE	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
MORTGAGE NOTES PAYABLE	MORTGAGE NOTES PAYABLE The following is a summary of the mortgage notes payable (in thousands, except percentages): Premium (Discount) Carrying Value Carrying Value Outstanding borrowings Collateral December 31, 2015 December 31, Maturity Date Margin Annual Interest Rate Average Monthly Debt Service Vista Apartment Homes $ 15,573 $ — $ 15,573 $ 15,900 1/1/2022 2.29% 2.72 % (1)(5) $ 65 Cannery Lofts 8,148 — 8,148 8,190 9/1/2020 3.30% 3.73 % (1)(5) 40 Deerfield 10,517 — 10,517 10,530 11/1/2020 — 4.66 % (2)(5) 54 Ivy at Clear Creek 8,431 — 8,431 8,574 11/1/2023 2.41% 2.84 % (1)(4) 31 Trailpoint at the Woodlands 19,013 — 19,013 19,335 11/1/2023 2.41% 2.84 % (1)(4) 69 Verona Apartment Homes 22,402 — 22,402 22,843 1/1/2019 — 3.60 % (2)(5) 106 Skyview Apartment Homes 18,089 — 18,089 18,446 1/1/2019 — 3.60 % (2)(5) 85 The Nesbit Palisades 20,298 — 20,298 20,298 7/1/2024 1.95% 2.38 % (1)(3) 58 Maxwell Townhomes 13,850 — 13,850 14,089 1/1/2022 — 4.32 % (2)(5) 71 Champion Farms (6) — — — 16,634 7/1/2016 — 6.14 % (2)(3) 85 Fieldstone 15,332 — 15,332 15,804 6/26/2016 2.40% 2.83 % (1)(4) 76 Pinehurst 4,111 — 4,111 4,239 1/1/2017 — 5.58 % (2)(5) 23 Pheasant Run 6,250 100 6,350 6,407 10/1/2017 — 5.95 % (2)(3) 31 Retreat of Shawnee 13,090 164 13,254 13,522 2/1/2018 — 5.58 % (2)(5) 78 Conifer Crossing 27,074 — 27,074 27,762 9/1/2016 2.50% 2.93 % (1)(5) 122 Evergreen at Coursey Place 27,548 123 27,671 28,117 8/1/2021 — 5.07 % (2)(5) 154 Pines of York 15,267 (363 ) 14,904 15,097 12/1/2021 — 4.46 % (2)(5) 80 Estates at Johns Creek 50,000 — 50,000 50,000 7/1/2020 — 3.38 % (2)(3) 211 Chisholm Place 11,587 — 11,587 11,587 6/1/2024 2.39% 2.82 % (1)(3) 39 Perimeter Circle 17,657 — 17,657 18,007 7/1/2019 — 3.42 % (2)(5) 81 Perimeter 5550 13,935 — 13,935 14,211 7/1/2019 — 3.42 % (2)(5) 64 Aston at Cinco Ranch 23,772 — 23,772 24,162 10/1/2021 — 4.34 % (2)(5) 120 Sunset Ridge 1 20,121 329 20,450 20,930 11/1/2020 — 4.58 % (2)(5) 113 Sunset Ridge 2 3,002 45 3,047 3,109 11/1/2020 — 4.54 % (2)(5) 16 Calloway at Las Colinas 35,740 — 35,740 36,375 12/1/2021 — 3.87 % (2)(5) 171 South Lamar Village 12,682 — 12,682 — 8/1/2019 — 3.64 % (2)(5) 59 Heritage Pointe 26,280 — 26,280 — 4/1/2025 1.88% 2.31 % (1)(3) 87 Yorba Linda 67,500 — 67,500 — 6/1/2020 1.75% 2.18 % (1)(3) 154 Villages at Bonita Glen 27,265 2,276 29,541 — 10/1/2023 — 5.33 % (2)(5) 152 Stone Ridge 5,350 — 5,350 — 12/1/2022 1.86% 2.29 % (1)(5) 21 $ 559,884 $ 2,674 $ 562,558 $ 444,168 (1) Variable rate based on one-month LIBOR of 0.4295% (as of December 31, 2015 ). (2) Fixed rate. (3) Monthly interest-only payment currently required. (4) Monthly fixed principal plus interest payment required. (5) Fixed monthly principal and interest payment required. (6) Included in other liabilities associated with rental properties held for sale at December 31, 2015. (See Note 4) Loans assumed as part of the Villages at Bonita Glen, South Lamar Village, Paladin, Sunset Ridge and Maxwell acquisitions were recorded at fair value. The premium or discount is amortized over the remaining term of the loans and included in interest expense. For the year ended December 31, 2015 and 2014 , interest expense was reduced by $779,000 and $598,000 for the amortization of the premium or discount. All mortgage notes are collateralized by a first mortgage lien on the assets of the respective property as named in the table above. The amount outstanding on the mortgages may be prepaid in full during the entire term with a prepayment penalty on the majority of mortgages held. As of December 31, 2015 and 2014 , the Company had $10.0 million and $6.9 million of restricted cash related to escrow deposits held by mortgage lenders for real estate taxes, insurance and capital reserves. 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): 2016 $ 48,993 2017 17,878 2018 21,225 2019 87,059 2020 156,042 Thereafter 228,687 $ 559,884 The mortgage notes payable are recourse only with respect to the properties that secure the notes, subject to certain limited standard exceptions, as defined in each 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. The Company has also guaranteed the completion and payment of costs of completion of no less than $7.0 million of renovations to The Estates at Johns Creek by July 1, 2018, of which $6.6 million were completed at December 31, 2015 . The mortgage obtained in connection with the acquisition of Yorba Linda in June 2015 includes a $7.5 million earn-out holdback which may be borrowed when certain debt service coverage and loan to value criteria are met. The Yorba Linda loan includes a net worth and liquidity covenant. The Company was in compliance with all covenants at December 31, 2015 . The loan also includes an additional debt service coverage covenant that is only required to be met as of December 31, 2017 and for periods thereafter. For the Fieldstone mortgage the property must maintain a certain level of debt service coverage. The Company was in compliance with all debt covenants for the Fieldstone mortgage at December 31, 2015 .

CREDIT FACILITIES

CREDIT FACILITIES	12 Months Ended
	Dec. 31, 2015
Line of Credit Facility [Abstract]
CREDIT FACILITIES	CREDIT FACILITIES The following is a summary of the credit facilities (in thousands, except percentages): Balance Outstanding at Current Availability at Balance Outstanding at Weighted Average Interest Rate for the Year Ended Lender December 31, 2015 December 31, 2014 Maturity Interest Rate Basis (1) Current Interest Rate December 31, December 31, Bank of America $ 21,894 $ 5,732 $ 10,086 5/23/2017 LIBOR plus 3% 3.43 % 3.26 % 3.11 % US Bank 23,000 — 23,000 12/27/2017 LIBOR plus 1.95% 2.38 % 2.19 % 2.17 % PNC Bank 12,500 — 12,500 12/20/2018 LIBOR plus 2% 2.43 % 2.22 % 2.19 % $ 57,394 $ 5,732 $ 45,586 (1) Variable rate based on one-month LIBOR of 0.4295% (as of December 31, 2015). On December 2, 2011 , the Company, through the 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 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 (lower of acquisition cost or appraised value) of $55.5 million and are guaranteed by the Company. The Company is able to draw up to 50% of the aggregate value of the properties securing the facility. The Company paid certain closing costs in connection with the Bank of America Credit Facility, including loan fees totaling $413,305 . 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. 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. For the years ended December 31, 2015 and 2014, the Company had weighted average borrowings of $13.8 million and $9.0 million 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 unreasonably withheld. The Company was in compliance with all such covenants at December 31, 2015 . 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. Draws under the Jefferson Point Credit Facility are secured by the assets of Tech Center Square Apartments (formerly known as the 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 Company paid certain closing costs in connection with the Jefferson Point Credit Facility, including loan fees totaling $75,000 . The Jefferson Point Credit Facility includes both a debt service coverage covenant and a tangible net worth covenant. In November 2014 and March 2016, the Company amended the Jefferson Point Credit Facility. In accordance with the amendment, the debt service coverage covenant is only required to be complied with as of September 30, 2016 and periods thereafter. The Company was in compliance with all covenants at December 31, 2015 . 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 Westside 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. The Company paid certain closing costs in connection with the Brentdale Credit Facility, including loan fees totaling $222,000 . The Brentdale Credit Facility includes both a net worth, liquidity and leverage covenant and a property debt service coverage covenant. In June 2015, the Company amended the Brentdale Credit Facility to amend the property debt service coverage ratio. The Company was in compliance with the requirements at December 31, 2015 . Annual principal payments on the revolving credit facilities for each of the next five years ending December 31 and thereafter are as follows (in thousands): 2016 $ — 2017 45,053 2018 12,341 2019 — 2020 — Thereafter — $ 57,394

DEFERRED FINANCING COSTS

DEFERRED FINANCING COSTS	12 Months Ended
	Dec. 31, 2015
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. During the years ended December 31, 2015 and 2014 , $1.8 million and $1.4 million , respectively, of amortization of deferred financing costs was included in interest expense. Accumulated amortization as of December 31, 2015 and 2014 was approximately $3.2 million and $1.5 million , respectively. Estimated amortization of the existing deferred financing costs for the next five years ending December 31, and thereafter are as follows (in thousands): 2016 $ 1,772 2017 1,531 2018 1,198 2019 937 2020 647 Thereafter 830 $ 6,915

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS The following table presents the changes in accumulated other comprehensive loss for the years ended December 31, 2015 and 2014 (dollars in thousands): Net unrealized gain (loss) on derivatives January 1, 2014 $ 20 Unrealized loss on designated derivative (286 ) December 31, 2014 $ (266 ) Unrealized loss on designated derivative (174 ) December 31, 2015 $ (440 )

CERTAIN RELATIONSHIPS AND RELAT

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2015
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 Substantially all of the receivables from related parties represents escrow funds held by RAI for self insurance. The Company's properties participate in insurance pools with other properties directly and indirectly managed by RAI for both property insurance and general liability. RAI holds the escrow funds related to the insurance pool on its books. The insurance pool covers losses up to $2.5 million for property losses and the first $25,000 of each general liability loss up to an annual maximum of $1.0 million . Catastrophic insurance would cover property losses in excess of the insurance pool up to $140.0 million . 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. Internal audit fees. RAI performs internal audit services for the Company. 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 and March 2015. 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, 2015. 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. 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 the Manager The Manager 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 earns 4.5% of the gross receipts from the Company's properties, provided that for properties that are less than 75% occupied, the Manager receives a minimum fee for the first 12 months of ownership, for performing certain property management and leasing activities. 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. Information technology fees and Operating Expense reimbursement. During the ordinary course of business, the Manager or other affiliates of RAI may pay certain shared information technology fees and operating expenses on behalf of the Company. 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. 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): As of December 31, 2015 2014 Receivables from related parties: RAI and affiliates $ 1,421 $ 1,148 Payables to related parties: Advisor: Operating expense reimbursements $ 286 $ 327 Resource Real Estate Opportunity Manager, LLC: Property management fees 440 436 Operating expense reimbursements 459 743 Other — 124 $ 1,185 $ 1,630 Years Ended December 31, 2015 2014 Fees earned / expenses paid to related parties: Advisor: Acquisition fees (1) $ 5,179 $ 8,591 Asset management fees (2) $ 10,240 $ 7,262 Disposition fees (3) $ 1,140 $ 422 Debt financing fees (4) $ 697 $ 1,623 Overhead allocation (5) $ 3,733 $ 2,227 Internal audit fees (5) $ 41 $ — Resource Real Estate Opportunity Manager LLC: Property management fees (2) $ 4,748 $ 3,661 Construction management fees (6) $ 1,895 $ 1,685 Information technology fees (5) $ 365 $ 306 Operating expense reimbursements (7) $ 278 $ 276 Debt servicing fees (2) $ 33 $ 8 Other: Ledgewood $ 169 $ 143 Graphic Images $ 59 $ 37 (1) Included in Acquisition costs on the consolidated statements of operations and comprehensive loss. (2) Included in Management fees on the consolidated statements of operations and comprehensive loss. (3) Included in Net gain on dispositions on the consolidated statements of operations and comprehensive loss. (4) Included in Deferred financing costs, net on the consolidated balance sheets. (5) Included in General and administrative costs on the consolidated statements of operations and comprehensive loss. (6) Included in Rental Properties, net on the consolidated balance sheets. (7) Included in Rental operating expenses on the consolidated statements of operations and comprehensive loss.

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2015
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, 2015 and 2014 , no shares of preferred stock were issued and outstanding. Common Stock As of December 31, 2015 , the Company had issued an aggregate of 72,333,652 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 $ 12,582 Shares issued through primary public offering (1) 62,485,461 622,077 Shares issued through stock distributions 2,132,266 — Shares issued through distribution reinvestment plan 6,436,698 62,893 Shares issued in conjunction with the Advisor's initial investment, 15,500 155 Total 72,333,652 $ 697,707 Shares redeemed (716,535 ) Total shares outstanding as of December 31, 2015 71,617,117 (1) Includes 276,056 shares held by the Advisor. Convertible Stock As of December 31, 2015 and 2014 , 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, 2015 , the Company redeemed 501,699 shares of its outstanding common stock. All redemption requests tendered were honored during the year ended December 31, 2015 . 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, 2015 , the Company paid aggregate distributions of $42.2 million , including $13.3 million of distributions paid in cash and $29.0 million of distributions reinvested in shares of common stock through the Company's distribution reinvestment plan, as follows (in thousands, except per share data): Record Date Per Common Distribution Date Distributions Aggregate Total January 29, 2015 $0.05 January 30, 2015 $ 2,391 $ 1,070 $ 3,461 February 26, 2015 0.05 February 27, 2015 2,392 1,081 3,473 March 30, 2015 0.05 March 31, 2015 2,400 1,080 3,480 April 29, 2015 0.05 April 30, 2015 2,408 1,084 3,492 May 28, 2015 0.05 May 29, 2015 2,418 1,088 3,506 June 29, 2015 0.05 June 30, 2015 2,423 1,093 3,516 July 30, 2015 0.05 July 31, 2015 2,424 1,103 3,527 August 28, 2015 0.05 August 31, 2015 2,416 1,119 3,535 September 29, 2015 0.05 September 30, 2015 2,417 1,124 3,541 October 29, 2015 0.05 October 30, 2015 2,418 1,134 3,552 November 27, 2015 0.05 November 30, 2015 2,427 1,137 3,564 December 30, 2015 0.05 December 31, 2015 2,425 1,144 3,569 $0.60 $ 28,959 $ 13,257 $ 42,216 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 $21.3 million as of December 31, 2015 .

FAIR VALUE MEASURES AND DISCLOS

FAIR VALUE MEASURES AND DISCLOSURES	12 Months Ended
	Dec. 31, 2015
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. Derivatives (interest rate caps), which are reported at fair value in the consolidated balance sheets, are valued by a third-party pricing agent using an income approach with models that use, as their primary inputs, readily observable market parameters. This valuation process considers factors including interest rate yield curves, time value, credit and volatility factors. (Level 2) The following table presents information about the Company's assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as follows (in thousands): Level 1 Level 2 Level 3 Total December 31, 2015 Assets: Interest rate caps $ — $ 32 $ — $ 32 $ — $ 32 $ — $ 32 December 31, 2014 Assets: Interest rate caps $ — $ 114 $ — $ 114 $ — $ 114 $ — $ 114 The carrying and fair values of the Company’s loans held for investment, net, preferred equity investment, mortgage note payable and revolving credit facilities, each of which were not carried at fair value on the consolidated balance sheets at December 31, 2015 and 2014 , were as follows (in thousands): December 31, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Loans held for investment and preferred equity investment, net $ 4,643 $ 5,059 $ 4,985 $ 4,985 Mortgage notes payable (1) $ (562,558 ) $ (538,986 ) $ (444,168 ) $ (450,269 ) Mortgage notes payable- included in other liabilities associated with rental properties held for sale $ (16,443 ) $ (16,597 ) $ — $ — Credit facilities $ (57,394 ) $ (57,394 ) $ (45,586 ) $ (45,586 ) (1) Mortgage notes payable excludes Champion Farms, due to the fact the investment was held for sale at 12.31.15. The fair value of the loans held for investment and preferred equity investment, net was estimated using rates available to the Company for debt with similar terms and remaining maturities. The fair value of the preferred equity investment at December 31, 2014 was the same as its carrying value due to its recent acquisition. 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 three credit facilities equal the carrying amounts because the interest rate of each of the credit facilities is variable, which is commensurate with market rates for similar debt.

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	12 Months Ended
	Dec. 31, 2015
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 and three interest rate caps that were designated as cash flow hedges during the years ended December 31, 2015 and 2014 , respectively. 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 years end December 31, 2015 and 2014 , 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, 2015 and 2014 , the Company recorded no 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 2016, the Company estimates that $52,637 will be reclassified as an increase to interest expense. As of December 31, 2015 , 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 Maturity Dates Interest Rate Caps 7 $ 107,363 January 1, 2018 to April 1, 2019 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, 2015 and 2014 (dollars in thousands): Asset Derivatives Liability Derivatives December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Interest rate cap (1) $ 32 Interest rate cap $ 114 — $ — — $ — (1) Interest rate caps are included on the consolidated balance sheet in prepaid expenses and other assets.

OPERATING EXPENSE LIMITATION

OPERATING EXPENSE LIMITATION	12 Months Ended
	Dec. 31, 2015
OPERATING EXPENSE LIMITATION WAIVER [Abstract]
OPERATING EXPENSE LIMITATION	OPERATING EXPENSE LIMITATION Under its charter, the Company must limit its total operating expenses to the lesser of 2% of its average invested assets or 25% of its net income for the four most recently completed fiscal quarters, unless the conflicts committee of the Company’s board of directors has determined that such excess expenses were justified based on unusual and non-recurring factors. Operating expenses for the four quarters ended December 31, 2015 were in compliance with the charter imposed limitation.

GAIN ON INSURANCE CLAIM

GAIN ON INSURANCE CLAIM	12 Months Ended
	Dec. 31, 2015
GAINS ON INSURANCE CLAIMS [Abstract]
GAIN ON INSURANCE CLAIM	GAIN ON INSURANCE CLAIMS One of the Paladin properties, Stone Ridge, had a large fire in 2013 which damaged 13 units. In 2015 and 2014, the Company received $247,000 and $369,000 , respectively, of proceeds from the insurance company, net of expenses due to the prior owners. In 2015, the Company received $160,000 in proceeds from an insurer for a fire that occurred at the Chisholm Place Apartments in 2014. In 2014, the Company received $56,000 in proceeds from an insurer for a fire that occurred at the Mosaic Apartments in 2013.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On January 27, 2016, the Company and its joint venture partner sold the Conifer Place Apartments, located in Norcross, Georgia, for $42.5 million . The Company expects to recognize a gain on the sale during the quarter ending March 31, 2016. On January 29, 2016, the Company sold its interest in the joint venture that owns Champion Farms in Louisville, Kentucky for $7.6 million . The Company expects to recognize a gain on the sale during the quarter ending March 31, 2016. On February 17, 2016, the Company sold Ivy at Clear Creek, in Houston, Texas for $19.4 million . The Company expects to recognize a gain on the sale during the quarter ending March 31, 2016. The Company has evaluated subsequent events and determined that no events have occurred, other than those disclosed above, which would require an adjustment to or additional disclosure in the consolidated financial statements.

SCHEDULE III Real Estate and Ac

SCHEDULE III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III Real Estate and Accumulated Depreciation	RESOURCE REAL ESTATE OPPORTUNITY REIT, INC. SCHEDULE III Real Estate and Accumulated Depreciation December 31, 2015 (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 $ 15,573 $ 11,076 $ 4,283 $ 15,359 $ (3,100 ) 1961 6/17/2011 3 - 27.5 years Philadelphia, PA Residential 8,148 8,273 1,303 9,576 (1,602 ) 1838 5/13/2011 3 - 27.5 years Dayton, OH Residential — 39,341 11,662 51,003 (10,098 ) 1966 6/20/2012 3 - 27.5 years Cincinnati, OH Residential — 1,961 4,089 6,050 (1,189 ) 1974 12/6/2012 3 - 27.5 years Oklahoma City, OK Residential 10,517 9,620 4,861 14,481 (1,873 ) 1993 1/22/2013 3 - 27.5 years Hermantown, MN Residential 8,431 11,080 2,820 13,900 (1,874 ) 1979 3/28/2013 3 - 27.5 years Houston, TX Residential (3) — 8,064 3,398 11,462 (1,395 ) 1986 4/18/2013 3 - 27.5 years Hoover, AL Residential 19,013 26,496 3,917 30,413 (3,306 ) 1981 6/24/2013 3 - 27.5 years Houston, TX Residential (3) — 9,494 3,629 13,123 (1,521 ) 1969 6/27/2013 3 - 27.5 years Winter Park, FL Residential 23,000 31,001 4,373 35,374 (3,385 ) 1984 7/25/2013 3 - 27.5 years Plano, TX Residential 12,500 17,583 2,293 19,876 (1,912 ) 1985 9/9/2013 3 - 27.5 years Newport News, VA Residential 22,402 29,509 3,043 32,552 (2,214 ) 1985 9/30/2013 3 - 27.5 years Littleton, CO Residential 18,089 23,321 3,276 26,597 (2,520 ) 1985 9/30/2013 3 - 27.5 years Westminster, CO Residential 20,298 24,192 4,837 29,029 (2,273 ) 1985 10/25/2013 3 - 27.5 years Alpharetta, GA RESOURCE REAL ESTATE OPPORTUNITY REIT, INC. SCHEDULE III Real Estate and Accumulated Depreciation December 31, 2015 (dollars in thousands) (Continued) 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 Residential 13,850 21,831 5,510 27,341 (2,607 ) 1982 12/16/2013 3 - 27.5 years San Antonio, TX Residential (3) — 32,142 3,116 35,258 (2,570 ) 1988 12/20/2013 3 - 27.5 years Burnsville, MN Residential(1) 16,442 26,632 672 27,304 (1,868 ) 1998 1/28/2014 3 - 27.5 years Louisville, KY Residential(1) 15,332 19,892 808 20,700 (1,579 ) 1928 1/28/2014 3 - 27.5 years Woodlawn, OH Residential(1) 27,074 33,752 606 34,358 (2,469 ) 1981 1/28/2014 3 - 27.5 years Norcross, GA Residential(1) 5,350 5,912 2,530 8,442 (925 ) 1974 1/28/2014 3 - 27.5 years Columbia, SC Residential 50,000 69,111 6,122 75,233 (4,936 ) 1999 3/28/2014 3 - 27.5 years Alpharetta, GA Residential 27,671 42,001 437 42,438 (3,385 ) 2003 5/5/2014 3 - 27.5 years Baton Rouge, LA Residential 11,587 14,562 422 14,984 (1,000 ) 1981 5/5/2014 3 - 27.5 years Plano, TX Residential 17,657 28,911 1,628 30,539 (1,732 ) 1995 5/19/2014 3 - 27.5 years Atlanta, GA Residential 13,935 21,796 1,774 23,570 (1,304 ) 1995 5/19/2014 3 - 27.5 years Atlanta, GA Residential 23,772 31,385 2,721 34,106 (1,849 ) 2000 6/26/2014 3 - 27.5 years Katy, TX Residential 13,254 18,250 1,073 19,323 (1,704 ) 1984 7/1/2014 3 - 27.5 years Shawnee, KS RESOURCE REAL ESTATE OPPORTUNITY REIT, INC. SCHEDULE III Real Estate and Accumulated Depreciation December 31, 2015 (dollars in thousands) (Continued) 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 Residential 6,350 11,898 480 12,378 (1,129 ) 1985 7/1/2014 3 - 27.5 years Lee's Summit, MO Residential 4,111 9,691 680 10,371 (955 ) 1983 7/1/2014 3 - 27.5 years Kansas City, MO Residential 23,497 34,554 3,698 38,252 (1,423 ) 1949 9/4/2014 3 - 27.5 years San Antonio, TX Residential 35,740 47,075 3,424 50,499 (2,205 ) 1984 9/29/2014 3 - 27.5 years Irving, TX Residential 14,904 21,204 260 21,464 (1,514 ) 1974 11/25/2014 3 - 27.5 years Yorktown, VA Residential 12,682 23,370 1,856 25,226 (684 ) 1981 2/26/2015 3 - 27.5 years Austin, TX Residential 26,280 35,070 1,407 36,477 (849 ) 1986 3/19/2015 3 - 27.5 years Gilbert, AZ Residential 67,500 116,036 (113 ) 115,923 (1,779 ) 1986 6/1/2015 3 - 27.5 years Orange County, CA Residential 29,541 50,365 (135 ) 50,230 (635 ) 1988 6/16/2015 3 - 27.5 years Chula Vista, CA $ 614,500 $ 966,451 $ 96,760 $ 1,063,211 (2 ) $ (77,363 ) (2 ) (1) Acquired an interest in the property on 1/28/2014 with the Paladin merger. (2) Includes properties held for sale at 12/31/2015. (3) Rental property held as collateral for the Company's secured revolving credit facility. RESOURCE REAL ESTATE OPPORTUNITY REIT, INC. SCHEDULE III Real Estate and Accumulated Depreciation December 31, 2015 (dollars in thousands) (Continued) Years Ended December 31, 2015 2014 Balance, beginning of the period $ 857,151 $ 406,149 Additions during period: Acquisitions 224,841 436,626 Improvements, etc. 43,018 37,384 Dispositions during the period (61,799 ) (23,008 ) Balance, at close of period $ 1,063,211 $ 857,151 Accumulated depreciation: Balance, beginning of period $ (45,133 ) $ (15,776 ) Sales 9,031 2,962 Disposals 652 478 Depreciation (41,913 ) (32,797 ) Balance, end of period $ (77,363 ) $ (45,133 ) `

SCHEDULE IV Mortgage Loans on R

SCHEDULE IV Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2015
Mortgage Loans on Real Estate [Abstract]
SCHEDULE IV Mortgage Loans on Real Estate	SCHEDULE IV Mortgage Loans on Real Estate December 31, 2015 (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 Columbia City, IN Fixed interest rate of 7.5% 10/28/2021 N/A N/A $ 1,058 $ 757 $ — $ 1,058 $ 757 $ — Year Ended December 31, Balance, beginning of the period $ 1,523 Interest accretion 23 Principal reductions (659 ) Impairments (130 ) Balance, end of the period $ 757

SUMMARY OF SIGNIFICANT ACCOUN31

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Principles of Consolidation	All intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements reflect the Company's accounts and the accounts of the Company's majority-owned and/or controlled subsidiaries. The Company follows the provisions of Accounting Standards Codification (“ASC”) Topic 810, “Consolidation,” and accordingly consolidates entities that are variable interest entities (“VIEs”) where it has determined that it is the primary beneficiary of such entities. Once it has been determined that the Company holds a variable interest in a VIE, management performs a qualitative analysis to determine (i) if the Company has the power to direct the matters that most significantly impact the VIE's financial performance; and (ii) if the Company has the obligation to absorb the losses of the VIE that could potentially be significant to the VIE or the right to receive the benefits of the VIE that could potentially be significant to the VIE. If the Company's interest possesses both of these characteristics, the Company is deemed to be the primary beneficiary and would be required to consolidate the VIE. The Company will continually assess its involvement with VIEs and re-evaluate the requirement to consolidate them. For consolidated entities (including VIEs of which the Company is the primary beneficiary), noncontrolling interests are presented and disclosed as a separate component of stockholders' equity (not as a liability or other item outside of stockholders' equity). Consolidated net income (loss) includes the noncontrolling interests’ share of income (loss). All changes in the Company’s ownership interest in a subsidiary are accounted for as stockholders' equity transactions if the Company retains its controlling financial interest in the subsidiary. The portions of these entities that the Company does not own are presented as noncontrolling interests as of the dates and for the periods presented in the consolidated financial statements. The consolidated financial statements include the accounts of the Company's majority-owned and/or controlled subsidiaries, which are VIEs, as follows: Subsidiary Ownership % Apartment Complex Number Property Location Springhurst Housing Partners, LLC (1) 70% Champion Farms 264 Louisville, KY Glenwood Housing Partners I, LLC 83% Fieldstone 266 Woodlawn, OH FPA/PRIP Conifer, LLC (2) 42.5% Conifer Place 420 Norcross, GA DT Stone Ridge, LLC (3) 83.4% Stone Ridge 188 Columbia, SC (1) - On January 29, 2016, the Company sold its interest in Champion Farms to its joint venture partner. (See Note 22) (2) - On January 27, 2016, the Company and its joint venture partner sold the Conifer Place Apartments. (See Note 22) (3) - During 2015, the Company increased its ownership in the joint venture from 77.7% to 83.4% . (See Note 7) The Company's preferred equity investment is a VIE for which the Company has determined it is not the primary beneficiary and therefore, the Company does not consolidate the entity. The Company is not considered the primary beneficiary of the preferred equity investee because it does not possess the unilateral power to direct the key activities of investee that are considered most significant.
Use of Estimates	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.
Assets Held for Sale	Assets Held for Sale The Company presents the assets and liabilities of any rental properties which have been sold subsequent to the reporting period, or otherwise qualify as held for sale, separately in the consolidated balance sheets. Real estate assets held for sale are measured at the lower of carrying amount or fair value less cost to sell. Both the real estate and the corresponding liabilities are presented separately in the Consolidated Balance Sheets. Subsequent to classification of an asset as held for sale, no further depreciation is recorded.
Rental Properties	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 Improvements and replacements in excess off $1,000 are capitalized when they extend the useful life of the asset. Resource Real Estate Opportunity Manager, LLC (the “Manager”), an affiliate of the Advisor, earns a construction management fee of 5.0% of actual aggregate costs to construct improvements, or to repair, rehab or reconstruct a property. These costs are capitalized along with the related asset. Costs of repairs and maintenance are expensed as incurred.
Concentration of Credit Risk	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, 2015 , the Company had $89.8 million of deposits at various banks, $74.9 million of which were over the insurance limit of the Federal Deposit Insurance Corporation. No losses have been experienced on such deposits. As of December 31, 2015 , the Company's real estate investments in Texas, Georgia, and California represented approximately 26% , 18% , and 17% of the net book value of its rental property assets, respectively. As a result, the geographic concentration of the Company's portfolio makes it particularly susceptible to adverse economic developments in the Texas, Georgia, and California real estate markets. Any adverse economic or real estate developments in these markets, such as business layoffs or downsizing, industry slowdowns, relocations of businesses, changing demographics and other factors, or any decrease in demand for multifamily rentals resulting from the local business climate, could adversely affect the Company's operating results and its ability to make distributions to stockholders.
Impairment of Long-Lived Assets	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.
Loans Held for Investment, Net	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.
Preferred Equity Investment	Preferred Equity Investment The Company records its preferred equity investments at amortized cost. Investments, carried at amortized cost are evaluated for impairment at each reporting date. When an investment is impaired and that impairment is considered other than temporary, the amount of the loss accrual is calculated by comparing the carrying amount of the investment to its estimated fair value. Dividend income is recognized when earned based on the contractual terms of the preferred equity agreement.
Allocation of the Purchase Price of Acquired and Foreclosed Assets	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.
Goodwill	Goodwill The Company records the excess of the cost of an acquired entity over the difference between the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed as goodwill. Goodwill is not amortized but is tested for impairment at a level of reporting referred to as a reporting unit during the fourth quarter of each calendar year, or more frequently if events or changes in circumstances indicate that the asset might be impaired.
Revenue Recognition	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.
Tenant Receivables	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.
Income Taxes	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. As a REIT, the Company is not subject to federal corporate income tax to the extent the that it distributes 100% of its REIT taxable income each year. 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, 2015 and 2014 , 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	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	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 Standards	Adoption of New Accounting Standards Accounting Standards Issued But Not Yet Effective In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers”, which will replace most existing revenue recognition guidance in GAAP. The core principle of ASU No. 2014-09 is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. ASU No. 2014-09 requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. ASU No. 2014-09 will be effective for the Company beginning January 1, 2018, including interim periods in 2018, and allows for both retrospective and prospective methods of adoption. The Company is in the process of determining the method of adoption and assessing the impact of this guidance on the Company’s consolidated financial position, results of operations and cash flows. In August 2014, FASB issued ASU No. 2014-15, "Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern." Under the new guidance, an entity should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. The guidance is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The adoption of the new requirements is not expected to have a material impact on the Company's consolidated financial statements. In January 2015, FASB issued ASU No. 2015-01, "Income Statement - Extraordinary and Unusual Items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items". The amendments in ASU No. 2015-01 eliminate from GAAP the concept of extraordinary items. Although the amendment will eliminate the requirements for reporting entities to consider whether an underlying event or transaction is extraordinary, the presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. ASU No. 2015-01 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect the adoption of ASU No. 2015-01 to have a significant impact on its consolidated financial statements. In February 2015, FASB issued ASU 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis", which makes certain changes to both the variable interest model and the voting model, including changes to (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. ASU 2015-02 is effective for the Company beginning January 1, 2016. The Company is continuing to evaluate this guidance; however, it does not expect the adoption of ASU 2015-02 to have a significant impact on its consolidated financial statements. In April 2015, FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs", which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. Upon adoption, the Company will apply the new guidance on a retrospective basis and adjust the balance sheet of each individual period presented to reflect the period-specific effects of applying the new guidance. This guidance is effective for the Company beginning January 1, 2016. The Company is continuing to evaluate this guidance; however, it does not expect the adoption of ASU 2015-03 to have a significant impact on its consolidated financial statements. In September 2015, FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments", which eliminates the requirement to retroactively revise comparative financial information for prior periods presented in financial statements due to changes in provisional amounts recorded for acquisitions in subsequent periods. Upon adoption, disclosure of the amounts recorded in current-period earnings that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized at the acquisition date are required. ASU 2015-16 is effective for the Company beginning January 1, 2016. The Company is continuing to evaluate this guidance; however, it does not expect the adoption of ASU 2015-16 to have a significant impact on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)", which requires lessees to recognize at the commencement date for all leases, with the exception of short-term leases, (a) a lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis, and (b) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2016-02 is effective for the Company beginning January 1, 2019. The Company is evaluating this guidance; however, it does not expect the adoption of ASU 2016-02 to have a significant impact on its consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN32

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2015
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 of Units Property Location RRE Opportunity Holdings, LLC N/A N/A N/A Resource Real Estate Opportunity OP, LP N/A N/A N/A RRE Charlemagne Holdings, LLC N/A N/A N/A RRE 107th Avenue Holdings, LLC (“107th Avenue”) N/A (e) N/A N/A RRE Westhollow Holdings, LLC (“Westhollow”) N/A (d) N/A N/A RRE Crestwood Holdings, LLC (“Crestwood”) N/A (c) N/A N/A 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”) N/A (d) N/A N/A RRE Bristol Holdings, LLC (“Bristol”) N/A (e) N/A N/A RRE Cannery Holdings, LLC (“Cannery”) Cannery Lofts 156 Dayton, OH RRE Williamsburg Holdings, LLC (“Williamsburg”) Williamsburg 976 Cincinnati, OH WPL Holdings, LLC (a) N/A Cincinnati, OH RRE Skyview Holdings, LLC ("Skyview") N/A (e) N/A N/A RRE Park Forest Holdings, LLC ("Park Forest") Mosaic 216 Oklahoma City, OK RRE Foxwood Holdings, LLC ("Foxwood") N/A (e) N/A N/A RRE Flagstone Holdings, LLC ("Flagstone") N/A (e) N/A N/A RRE Deerfield Holdings, LLC ("Deerfield") Deerfield 166 Hermantown, MN RRE Kenwick Canterbury Holdings, LLC ("Kenwick & Canterbury") N/A (e) N/A N/A RRE Armand Place Holdings, LLC ("Armand") Ivy at Clear Creek (f) 244 Houston, TX RRE Autumn Wood Holdings, LLC ("Autumn Wood") Retreat at Rocky Ridge 206 Hoover, AL RRE Village Square Holdings, LLC ("Village Square") Trailpoint at the Woodlands 271 Houston, TX RRE Nob Hill Holdings, LLC ("Nob Hill") Affinity at Winter Park 192 Winter Park, FL RRE Brentdale Holdings, LLC ("Brentdale") The Westside Apartments 412 Plano, TX RRE Jefferson Point Holdings, LLC ("Jefferson Point") Tech Center Square 208 Newport News, VA RRE Centennial Holdings, LLC ("Centennial") Verona Apartment Homes 276 Littleton, CO RRE Pinnacle Holdings, LLC ("Pinnacle") Skyview Apartment Homes 224 Westminster, CO RRE Jasmine Holdings, LLC ("Jasmine") The Nesbit Palisades 437 Alpharetta, GA RRE River Oaks Holdings, LLC ("River Oaks") Maxwell Townhomes 314 San Antonio, TX RRE Nicollet Ridge Holdings, LLC ("Nicollet Ridge") Meridian Pointe 339 Burnsville, MN RRE Addison Place, LLC ("Addison Place") The Estates at Johns Creek 403 Alpharetta, GA PRIP Coursey, LLC ("Evergreen at Coursey Place") Evergreen at Coursey Place (b) 352 Baton Rouge, LA PRIP 3700, LLC ("Champion Farms") N/A (b) (f) N/A N/A PRIP 10637, LLC ("Fieldstone") N/A (b) N/A N/A PRIP 500, LLC ("Pinehurst") Pinehurst (b) 146 Kansas City, MO PRIP 1102, LLC ("Pheasant Run") Pheasant Run (b) 160 Lee's Summit, MO PRIP 11128, LLC ("Retreat at Shawnee") Retreat at Shawnee (b) 342 Shawnee, KS PRIP 6700, LLC ("Hilltop Village") N/A (b) (d) N/A N/A PRIP 3383, LLC ("Conifer Place") N/A (b) (f) N/A N/A PRIP Stone Ridge, LLC ("Stone Ridge") N/A (b) N/A N/A PRIP Pines, LLC ("Pines of York") Pines of York (b) 248 Yorktown, VA PRIP 5060/6310, LLC ("Governor Park") N/A (b) (d) N/A N/A RRE Chisholm Place Holdings LLC ("Chisholm Place") Chisholm Place 142 Plano, TX RRE Berkeley Run Holdings, LLC ("Berkley Run") Perimeter Circle 194 Atlanta, GA RRE Berkeley Trace Holdings LLC ("Berkley Trace") Perimeter 5550 165 Atlanta, GA RRE Merrywood LLC ("Merrywood") Aston at Cinco Ranch 228 Katy, TX RRE Sunset Ridge Holdings, LLC ("Sunset Ridge") Sunset Ridge 324 San Antonio, TX RRE Parkridge Place Holdings, LLC ("Parkridge Place") Calloway at Las Colinas 536 Irving, TX RRE Spring Hill Holdings, LLC ("Spring Hill") N/A N/A N/A RRE Woodmoor Holdings, LLC ("Woodmoor") South Lamar Village 208 Austin, TX RRE Gilbert Holdings, LLC ("Springs at Gilbert") Heritage Pointe 458 Gilbert, AZ RRE Bonita Glen Holdings, LLC ("Bonita") Villages at Bonita Glen 295 Chula Vista, CA RRE Yorba Linda Holdings, LLC ("Yorba Linda") Yorba Linda 400 Yorba Linda, CA N/A - Not Applicable (a) - Subsidiary holds a portion of the Williamsburg parking lot. (b) - Wholly-owned subsidiary of RRE Charlemagne Holdings, LLC. (c) - Real estate assets sold in 2013. (d) - Real estate assets sold in 2014. (e) - Real estate assets sold in 2015. (f) - Real estate assets included in Assets Held for Sale at December 31, 2015. The consolidated financial statements include the accounts of the Company's majority-owned and/or controlled subsidiaries, which are VIEs, as follows: Subsidiary Ownership % Apartment Complex Number Property Location Springhurst Housing Partners, LLC (1) 70% Champion Farms 264 Louisville, KY Glenwood Housing Partners I, LLC 83% Fieldstone 266 Woodlawn, OH FPA/PRIP Conifer, LLC (2) 42.5% Conifer Place 420 Norcross, GA DT Stone Ridge, LLC (3) 83.4% Stone Ridge 188 Columbia, SC (1) - On January 29, 2016, the Company sold its interest in Champion Farms to its joint venture partner. (See Note 22) (2) - On January 27, 2016, the Company and its joint venture partner sold the Conifer Place Apartments. (See Note 22) (3) - During 2015, the Company increased its ownership in the joint venture from 77.7% to 83.4% . (See Note 7)
Schedule of 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 INFORM33

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2015
Supplemental Cash Flow Elements [Abstract]
Summary of Supplemental Cash Flow Information	The following table presents supplemental cash flow information (in thousands): Years Ended December 31, 2015 2014 Non-cash activities: Assets and liabilities assumed in acquisitions: Other assets assumed $ — $ 3,231 Debt assumed 40,185 158,061 Other liabilities assumed 99 3,204 Noncontrolling interests — 18,901 Rental properties, net 40,284 176,935 Stock issued from distribution reinvestment plan 28,959 22,898 Stock distributions issued — 3,333 Deferred financing costs and escrow deposits funded directly by mortgage note and revolving credit facility 11,167 4,404 Cash paid during the period for: Interest $ 20,752 $ 12,832

RENTAL PROPERTIES, NET (Tables)

RENTAL PROPERTIES, NET (Tables)	12 Months Ended
	Dec. 31, 2015
Real Estate Investments, Net [Abstract]
Schedule of Investments in Rental Properties	The Company’s investments in rental properties consisted of the following (in thousands): December 31, 2015 2014 Land $ 180,533 $ 122,137 Building and improvements 775,239 666,912 Furniture, fixtures and equipment 28,928 21,495 Construction in progress 2,949 3,005 987,649 813,549 Less: accumulated depreciation (71,151 ) (38,295 ) $ 916,498 $ 775,254
Schedule of Assets and Liabilities	Carrying amounts of major classes of assets and liabilities included in held for sale related to Champion Farms at December 31, 2015 were as follows (in thousands): Assets: Rental properties, net $ 25,436 Restricted cash $ 54 Tenant receivables, net 2 Prepaid expenses and other assets 25 Subtotal - other assets associated with rental properties held for sale $ 81 Liabilities: Mortgage note payable, net $ 16,443 Accounts payable 44 Accrued expenses and other liabilities 176 Tenant prepayments 57 Security deposits 43 Subtotal- o ther liabilities associated with rental properties held for sale $ 16,763 The following table presents details of our disposition activity during the years ended December 31, 2015 and 2014 (in thousands): Multifamily Community Location Sales Date Contract Sales price Gain (Loss) on Sale 2015 Net Income Attributable to Properties Sold 2015 Dispositions The Alcove Apartments Houston, Texas January 26, 2015 $ 11,050 $ 3,784 $ 3,819 107th Avenue Apartments Omaha, Nebraska January 29, 2015 250 50 50 The Redford Apartments Houston, Texas February 27, 2015 32,959 15,303 15,652 Cityside Apartments Houston, Texas March 2, 2015 24,500 10,028 10,290 One Hundred Chevy Chase Lexington, Kentucky June 30, 2015 13,500 4,386 4,027 The Reserve at Mt. Moriah Memphis, Tennessee September 18, 2015 5,425 2,490 2,202 $ 87,684 $ 36,041 $ 36,040 2014 Dispositions: 2014 Net Income (Loss) Attributable to Properties Sold Governor Park San Diego, California March 6, 2014 $ 456 $ — $ — Campus Club Tampa, Florida June 16, 2014 10,500 2,602 2,723 Hilltop Village (1) Kansas City, Missouri July 1, 2014 — (493 ) (707 ) Arcadia at Westheimer Houston, Texas September 19, 2014 18,100 8,375 8,327 $ 29,056 $ 10,484 $ 10,343 (1) Included in the net loss for 2014 was a $112,000 loss attributable to a noncontrolling interest.

LOANS HELD FOR INVESTMENT, NET

LOANS HELD FOR INVESTMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2015
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 (in thousands): December 31, 2015 December 31, 2014 Current $757 $1,523 Delinquent: 30−89 days — — 90−180 days — — Greater than 180 days — — $757 $1,523
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, 2015 2014 Loans: Performing $ 757 $ 1,523 Nonperforming — — Total $ 757 $ 1,523
Terms of Loans Held for Investment	The following table presents details of the balance and terms of the loan held for investment at December 31, 2015 (in thousands): Unpaid Principal Balance Unamortized Discount Deferred (fees) expenses, net Net book value Maturity Date Interest Rate Average monthly payment Loan- Trail Ridge $ 981 $ (231 ) $ 7 $ 757 10/28/2021 7.5% $8 The following table presents details of the balance and terms of loans held for investment at December 31, 2014 (in thousands): Unpaid Principal Balance Unamortized (Discount) Deferred (fees) expenses, net Net book value Loan- Trail Ridge $ 994 $ (261 ) $ 14 $ 747 Loan- Heatherwood 776 — — 776 $ 1,770 $ (261 ) $ 14 $ 1,523

ACQUISITIONS AND FORECLOSURES (

ACQUISITIONS AND FORECLOSURES (Tables)	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Summary of Fair Value and Purchase Price Allocation	A summary of the transaction is as follows (in thousands): Pines of York Purchase price $ 900 Noncontrolling interests assumed 690 Losses attributable to noncontrolling interests (98 ) Adjusted noncontrolling interest balance 592 Adjustment to additional paid in capital $ (308 ) The table below summarizes these acquisitions and the respective fair values assigned, excluding non-wholly owned properties acquired through the Paladin merger (dollars in thousands): Multifamily City and State Date of Purchase (1) Land Building and Improvements Furniture, Fixture and Equipment Intangible Assets Other Assets Fair Valued Villages at Bonita Glen Chula Vista, CA 6/16/2015 $ 49,050 $ 17,208 $ 32,651 $ 506 $ 1,130 $ 9 $ (30,008 ) $ 21,496 Yorba Linda Yorba Linda, CA 6/1/2015 118,000 39,322 76,124 590 1,964 76 (232 ) 117,844 Heritage Pointe Gilbert, AZ 3/19/2015 36,000 8,487 25,867 716 931 — (152 ) 35,849 South Lamar Village Austin, TX 2/26/2015 24,000 5,586 17,493 291 629 — (12,961 ) 11,038 Prior years' acquisitions: Pines of York Yorktown, VA 1/28/2014 $ 8,087 (2) $ 4,464 $ 16,340 $ 400 $ 715 $ 416 $ (15,447 ) $ 6,888 Calloway at Las Colinas Irving, TX 9/29/2014 48,500 6,707 39,543 825 1,425 9 (636 ) 47,873 Sunset Ridge San Antonio, TX 9/4/2014 35,000 15,425 18,615 514 931 — (24,737 ) 10,748 Pinehurst Kansas City, MO 1/28/2014 3,588 (3) 1,250 8,241 200 290 142 (4,548 ) 5,575 Pheasant Run Lee's Summit, MO 1/28/2014 4,277 (3) 800 10,798 300 317 172 (6,559 ) 5,828 Retreat at Shawnee Shawnee, KS 1/28/2014 5,369 (3) 3,200 14,550 500 608 186 (14,088 ) 4,956 Aston at Cinco Ranch Katy, TX 6/26/2014 32,300 5,831 25,247 307 915 — (377 ) 31,923 Perimeter 5550 Atlanta, GA 5/19/2014 22,250 4,002 17,600 194 453 — (110 ) 22,139 Perimeter Circle Atlanta, GA 5/19/2014 29,500 4,723 23,969 219 588 — (156 ) 29,343 Chisholm Place Plano, TX 5/5/2014 15,000 1,981 12,383 198 438 — (96 ) 14,904 Evergreen at Coursey Baton Rouge, LA 1/28/2014 15,499 (4) 3,430 38,041 530 1,080 680 (28,844 ) 14,917 The Estates at Johns Creek Alpharetta, GA 3/28/2014 70,500 6,353 62,249 509 1,389 49 (392 ) 70,157 Meridian Pointe Burnsville, MN 12/20/2013 33,149 4,134 26,992 1,016 1,008 36 (107 ) 33,079 Maxwell Townhomes San Antonio, TX 12/16/2013 22,500 3,830 17,510 491 669 48 (14,363 ) 8,185 The Nesbit Palisades Alpharetta, GA 10/25/2013 25,050 7,582 16,023 587 859 37 (161 ) 24,927 Verona Apartment Homes Littleton, 9/30/2013 30,600 5,702 23,609 198 1,090 24 (190 ) 30,433 Skyview Apartment Homes Westminster, 9/30/2013 24,250 2,923 20,301 97 928 20 (147 ) 24,122 Tech Center Square Newport News, 9/9/2013 18,250 3,951 13,048 584 667 23 (59 ) 18,214 The Westside Apartments Plano, 7/25/2013 32,200 5,785 24,418 798 1,199 52 (317 ) 31,935 Affinity at Winter Park Winter Park, 6/27/2013 10,100 2,512 6,459 523 606 50 (61 ) 10,089 Trailpoint at the Woodlands Spring, 6/24/2013 27,200 3,785 22,014 697 704 40 (170 ) 27,070 Retreat at Rocky Ridge Hoover, 4/18/2013 8,500 1,616 6,418 30 436 2 (89 ) 8,413 Ivy at Clear Creek Houston, 3/28/2013 11,750 1,877 9,175 28 670 8 (127 ) 11,631 Deerfield Hermantown 3/21/2012 10,300 (5) 1,660 11,110 500 423 1 (4 ) 13,690 Mosaic Oklahoma City, 12/6/2012 2,050 1,000 2,609 30 123 14 (14 ) 3,762 Williamsburg Cincinnati, 6/20/2012 41,250 3,223 35,111 1,007 1,909 49 (274 ) 41,025 Cannery Lofts Dayton, 5/13/2011 7,100 (6) 160 7,913 200 609 35 — 8,917 Vista Apartment Philadelphia, 6/17/2011 12,000 (7) 1,163 9,913 — 535 530 (141 ) 12,000 (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 Company originally acquired a 90% interest in the joint venture that owned Pines of York on January 28, 2014. On November 25, 2014, the Company purchased the remaining 10% ownership interest of its joint venture partner, bringing the Company's ownership percentage to 100% . (3) The Company originally acquired a 97.5% interest in each of the joint ventures that owned Pinehurst, Pheasant Run and Retreat at Shawnee on January 28, 2014. On July 1, 2014, the Company purchased the remaining 2.5% ownership interest of its joint venture partner in each entity, bringing the Company's ownership percentage in each entity to 100% . (4) The Company originally acquired a 51.7% interest in the joint venture that owned Evergreen at Coursey on January 28, 2014. On March 31, 2014, the Company purchased the remaining 48.3% ownership interest of its joint venture partner, bringing the Company's ownership percentage to 100% . (5) 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. The date of acquisition reflects the date the Company acquired the note. (6) 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. The date of acquisition reflects the date the Company acquired the note. (7) 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. The allocation of the purchase price for the interests in the 11 Paladin joint ventures, which was completed during the year ended December 31, 2014, is included below (in thousands): Multifamily Land Building Intangible Fair Value Other Assets Liabilities Non-controlling Total Goodwill Allocation of Champion Farms $ 3,168 $ 23,464 $ 579 $ 27,211 $ 575 $ (17,015 ) $ (3,231 ) $ 7,540 $ 171 $ 7,711 Fieldstone 1,420 18,472 648 20,540 661 (16,462 ) (806 ) 3,933 130 4,063 Pinehurst 1,250 8,241 290 9,781 332 (4,548 ) (139 ) 5,426 72 5,498 Pheasant Run 800 10,798 317 11,915 472 (6,559 ) (146 ) 5,682 76 5,758 Retreat at Shawnee 3,200 14,550 608 18,358 686 (14,088 ) (124 ) 4,832 117 4,949 Hilltop Village 800 4,289 195 5,284 267 (4,612 ) (479 ) 460 33 493 Conifer Place 5,040 28,712 1,007 34,759 749 (28,776 ) (3,869 ) 2,863 219 3,082 Stone Ridge 1,300 4,612 326 6,238 985 (178 ) (2,218 ) 4,827 42 4,869 Evergreen at Coursey Place 3,430 38,041 1,080 42,551 1,210 (28,844 ) (7,200 ) 7,717 268 7,985 Pines of York 4,464 16,340 715 21,519 816 (15,446 ) (689 ) 6,200 136 6,336 $ 24,872 $ 167,519 $ 5,765 $ 198,156 $ 6,753 $ (136,528 ) $ (18,901 ) $ 49,480 $ 1,264 $ 50,744 Governor Park 456 Total purchase price $ 51,200 On March 31, 2014 , the Company purchased the remaining 48.3% ownership interest in Evergreen at Coursey Place ("Coursey Place") from its joint venture partner for $7.5 million . A summary of the transaction is as follows (in thousands): Purchase price $ 7,500 Noncontrolling interest assumed $ 7,200 Losses attributable to noncontrolling interest (191 ) Distribution to noncontrolling interest (116 ) Adjusted noncontrolling interest balance 6,893 Adjustment to additional paid in capital $ (607 ) On July 1, 2014 , the Company purchased the remaining 2.5% ownership interest in Pinehurst, Pheasant Run and Retreat at Shawnee from its joint venture partner for a total of $1.1 million . A summary of the transactions is as follows (in thousands): Pinehurst Pheasant Run Retreat at Shawnee Purchase price $ 570 $ 515 $ 15 Noncontrolling interests assumed 139 146 124 Losses attributable to noncontrolling interests (7 ) (8 ) (15 ) Adjusted noncontrolling interest balance 132 138 109 Adjustment to additional paid in capital $ (438 ) $ (377 ) $ 94
Schedule of Supplemental Pro Forma Financial Information	The supplemental pro forma financial information set forth below is based upon historical financial statements giving effect to the Yorba Linda acquisition as of the beginning of the period presented (in thousands): For the Year Ended December 31, 2014 (unaudited) Revenues 108,005 Net loss attributable to common stockholders (50,043 ) Basic and diluted loss per share $ (0.74 )
Schedule of Acquisitions	The names of each community, location and the Company's joint venture ownership interests on the date of acquisition are presented below: Multifamily City Ownership % at Date of Acquisition Champion Farms Louisville, KY 70% Fieldstone Woodlawn, OH 83% Pinehurst Kansas City, MO 97.5% Pheasant Run Lee's Summit, MO 97.5% Retreat at Shawnee Shawnee, KS 97.5% Hilltop Village Kansas City, MO 49% Conifer Place Norcross, GA 42.5% Stone Ridge Columbia, SC 68.5% Evergreen at Coursey Place Baton Rouge, LA 51.7% Pines of York Yorktown, VA 90% Governor Park San Diego, CA 47.65% The table below summarizes the total revenues, net losses, and acquisition costs of the Company's acquisitions during the year ended December 31, 2015 (dollars in thousands): Multifamily Community Total Revenues Net Loss Acquisition Costs South Lamar Village $ 2,086 $ (1,580 ) $ (692 ) Heritage Pointe 3,019 (2,173 ) (1,005 ) Yorba Linda 4,584 (3,405 ) (2,761 ) Villages at Bonita Glen 2,431 (2,144 ) (1,353 ) $ 12,120 $ (9,302 ) $ (5,811 ) The table below summarizes the total revenues, net losses, and acquisition costs of the Company's acquisitions during the year ended December 31, 2014 (dollars in thousands): Multifamily Community Total Revenues Net Loss Acquisition Costs South Lamar Village (1) $ — $ — $ (66 ) Calloway at Las Colinas 1,445 (1,234 ) (1,290 ) Sunset Ridge 1,214 (1,216 ) (968 ) Aston at Cinco Ranch 1,718 (1,144 ) (832 ) Perimeter 5550 1,172 (1,024 ) (606 ) Perimeter Circle 1,501 (1,272 ) (748 ) Chisholm Place 1,196 (1,042 ) (494 ) The Estates at Johns Creek 4,828 (3,287 ) (1,720 ) Paladin Properties 22,645 (10,190 ) (3,109 ) $ 35,719 $ (20,409 ) $ (9,833 ) (1) Acquisition that was completed during the first quarter of fiscal 2015.

MEASUREMENT PERIOD ADJUSTMENTS

MEASUREMENT PERIOD ADJUSTMENTS (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Changes and Error Corrections [Abstract]
Schedule of Measurement Period Adjustments	Changes in the Paladin and the Estates at Johns Creek acquisitions are reflected in the tables below (in thousands): Paladin January 28, 2014 Measurement (1) January 28, 2014 Land $ 44,292 $ (19,420 ) $ 24,872 Building 149,155 18,364 167,519 Personal property — 3,530 3,530 Intangible assets 5,861 (96 ) 5,765 Other assets 3,231 (9 ) 3,222 Goodwill 6,412 (5,148 ) 1,264 Liabilities (140,970 ) 4,442 (136,528 ) Total net identifiable net assets $ 67,981 $ 1,663 $ 69,644 (1) Remaining balance ( $1.7 million ) of measurement period adjustments impacted the noncontrolling interest balance. The results of operations for the three months ended June 30, 2014 include an additional $867,000 of depreciation and amortization that would have been included in the three months ended March 31, 2014 had the final appraisals for the Paladin properties been received and recorded during that period. Estates at Johns Creek March 28, 2014 Measurement March 28, 2014 Land $ 18,137 $ (11,784 ) $ 6,353 Building 51,843 10,406 62,249 Personal property — 509 509 Intangible assets 520 869 1,389 Total net identifiable net assets $ 70,500 $ — $ 70,500

DISPOSITION OF PROPERTIES (Tabl

DISPOSITION OF PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Results of Discontinued Operations	Carrying amounts of major classes of assets and liabilities included in held for sale related to Champion Farms at December 31, 2015 were as follows (in thousands): Assets: Rental properties, net $ 25,436 Restricted cash $ 54 Tenant receivables, net 2 Prepaid expenses and other assets 25 Subtotal - other assets associated with rental properties held for sale $ 81 Liabilities: Mortgage note payable, net $ 16,443 Accounts payable 44 Accrued expenses and other liabilities 176 Tenant prepayments 57 Security deposits 43 Subtotal- o ther liabilities associated with rental properties held for sale $ 16,763 The following table presents details of our disposition activity during the years ended December 31, 2015 and 2014 (in thousands): Multifamily Community Location Sales Date Contract Sales price Gain (Loss) on Sale 2015 Net Income Attributable to Properties Sold 2015 Dispositions The Alcove Apartments Houston, Texas January 26, 2015 $ 11,050 $ 3,784 $ 3,819 107th Avenue Apartments Omaha, Nebraska January 29, 2015 250 50 50 The Redford Apartments Houston, Texas February 27, 2015 32,959 15,303 15,652 Cityside Apartments Houston, Texas March 2, 2015 24,500 10,028 10,290 One Hundred Chevy Chase Lexington, Kentucky June 30, 2015 13,500 4,386 4,027 The Reserve at Mt. Moriah Memphis, Tennessee September 18, 2015 5,425 2,490 2,202 $ 87,684 $ 36,041 $ 36,040 2014 Dispositions: 2014 Net Income (Loss) Attributable to Properties Sold Governor Park San Diego, California March 6, 2014 $ 456 $ — $ — Campus Club Tampa, Florida June 16, 2014 10,500 2,602 2,723 Hilltop Village (1) Kansas City, Missouri July 1, 2014 — (493 ) (707 ) Arcadia at Westheimer Houston, Texas September 19, 2014 18,100 8,375 8,327 $ 29,056 $ 10,484 $ 10,343 (1) Included in the net loss for 2014 was a $112,000 loss attributable to a noncontrolling interest.

IDENTIFIED INTANGIBLE ASSETS,39

IDENTIFIED INTANGIBLE ASSETS, NET (Tables)	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Expected Amortization of 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): 2016 $ 229 2017 16 2018 16 2019 16 2020 16 Thereafter 81 $ 374

GOODWILL (Tables)

GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The table below presents a rollforward of the activity in goodwill for the years ended December 31, 2015 and 2014 (in thousands): Balance, January 1, 2014 $ — Acquisition of Paladin joint venture interests 6,412 Measurement period adjustments (5,148 ) Disposition of Hilltop (33 ) Balance, December 31, 2014 $ 1,231 Activity - 2015 — Balance, December 31, 2015 $ 1,231

MORTGAGE NOTES PAYABLE (Tables)

MORTGAGE NOTES PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Summary of Mortgage Notes Payable	The following is a summary of the mortgage notes payable (in thousands, except percentages): Premium (Discount) Carrying Value Carrying Value Outstanding borrowings Collateral December 31, 2015 December 31, Maturity Date Margin Annual Interest Rate Average Monthly Debt Service Vista Apartment Homes $ 15,573 $ — $ 15,573 $ 15,900 1/1/2022 2.29% 2.72 % (1)(5) $ 65 Cannery Lofts 8,148 — 8,148 8,190 9/1/2020 3.30% 3.73 % (1)(5) 40 Deerfield 10,517 — 10,517 10,530 11/1/2020 — 4.66 % (2)(5) 54 Ivy at Clear Creek 8,431 — 8,431 8,574 11/1/2023 2.41% 2.84 % (1)(4) 31 Trailpoint at the Woodlands 19,013 — 19,013 19,335 11/1/2023 2.41% 2.84 % (1)(4) 69 Verona Apartment Homes 22,402 — 22,402 22,843 1/1/2019 — 3.60 % (2)(5) 106 Skyview Apartment Homes 18,089 — 18,089 18,446 1/1/2019 — 3.60 % (2)(5) 85 The Nesbit Palisades 20,298 — 20,298 20,298 7/1/2024 1.95% 2.38 % (1)(3) 58 Maxwell Townhomes 13,850 — 13,850 14,089 1/1/2022 — 4.32 % (2)(5) 71 Champion Farms (6) — — — 16,634 7/1/2016 — 6.14 % (2)(3) 85 Fieldstone 15,332 — 15,332 15,804 6/26/2016 2.40% 2.83 % (1)(4) 76 Pinehurst 4,111 — 4,111 4,239 1/1/2017 — 5.58 % (2)(5) 23 Pheasant Run 6,250 100 6,350 6,407 10/1/2017 — 5.95 % (2)(3) 31 Retreat of Shawnee 13,090 164 13,254 13,522 2/1/2018 — 5.58 % (2)(5) 78 Conifer Crossing 27,074 — 27,074 27,762 9/1/2016 2.50% 2.93 % (1)(5) 122 Evergreen at Coursey Place 27,548 123 27,671 28,117 8/1/2021 — 5.07 % (2)(5) 154 Pines of York 15,267 (363 ) 14,904 15,097 12/1/2021 — 4.46 % (2)(5) 80 Estates at Johns Creek 50,000 — 50,000 50,000 7/1/2020 — 3.38 % (2)(3) 211 Chisholm Place 11,587 — 11,587 11,587 6/1/2024 2.39% 2.82 % (1)(3) 39 Perimeter Circle 17,657 — 17,657 18,007 7/1/2019 — 3.42 % (2)(5) 81 Perimeter 5550 13,935 — 13,935 14,211 7/1/2019 — 3.42 % (2)(5) 64 Aston at Cinco Ranch 23,772 — 23,772 24,162 10/1/2021 — 4.34 % (2)(5) 120 Sunset Ridge 1 20,121 329 20,450 20,930 11/1/2020 — 4.58 % (2)(5) 113 Sunset Ridge 2 3,002 45 3,047 3,109 11/1/2020 — 4.54 % (2)(5) 16 Calloway at Las Colinas 35,740 — 35,740 36,375 12/1/2021 — 3.87 % (2)(5) 171 South Lamar Village 12,682 — 12,682 — 8/1/2019 — 3.64 % (2)(5) 59 Heritage Pointe 26,280 — 26,280 — 4/1/2025 1.88% 2.31 % (1)(3) 87 Yorba Linda 67,500 — 67,500 — 6/1/2020 1.75% 2.18 % (1)(3) 154 Villages at Bonita Glen 27,265 2,276 29,541 — 10/1/2023 — 5.33 % (2)(5) 152 Stone Ridge 5,350 — 5,350 — 12/1/2022 1.86% 2.29 % (1)(5) 21 $ 559,884 $ 2,674 $ 562,558 $ 444,168 (1) Variable rate based on one-month LIBOR of 0.4295% (as of December 31, 2015 ). (2) Fixed rate. (3) Monthly interest-only payment currently required. (4) Monthly fixed principal plus interest payment required. (5) Fixed monthly principal and interest payment required. (6) Included in other liabilities associated with rental properties held for sale at December 31, 2015. (See Note 4)
Schedule of Annual Principal Payments on the Mortgage Notes 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): 2016 $ 48,993 2017 17,878 2018 21,225 2019 87,059 2020 156,042 Thereafter 228,687 $ 559,884

CREDIT FACILITIES (Tables)

CREDIT FACILITIES (Tables)	12 Months Ended
	Dec. 31, 2015
Line of Credit Facility [Abstract]
Summary of Credit Facilities	The following is a summary of the credit facilities (in thousands, except percentages): Balance Outstanding at Current Availability at Balance Outstanding at Weighted Average Interest Rate for the Year Ended Lender December 31, 2015 December 31, 2014 Maturity Interest Rate Basis (1) Current Interest Rate December 31, December 31, Bank of America $ 21,894 $ 5,732 $ 10,086 5/23/2017 LIBOR plus 3% 3.43 % 3.26 % 3.11 % US Bank 23,000 — 23,000 12/27/2017 LIBOR plus 1.95% 2.38 % 2.19 % 2.17 % PNC Bank 12,500 — 12,500 12/20/2018 LIBOR plus 2% 2.43 % 2.22 % 2.19 % $ 57,394 $ 5,732 $ 45,586 (1) Variable rate based on one-month LIBOR of 0.4295% (as of December 31, 2015).
Schedule of Annual Principal Payments on Revolving Credit Facilities	Annual principal payments on the revolving credit facilities for each of the next five years ending December 31 and thereafter are as follows (in thousands): 2016 $ — 2017 45,053 2018 12,341 2019 — 2020 — Thereafter — $ 57,394

DEFERRED FINANCING COSTS (Table

DEFERRED FINANCING COSTS (Tables)	12 Months Ended
	Dec. 31, 2015
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): 2016 $ 1,772 2017 1,531 2018 1,198 2019 937 2020 647 Thereafter 830 $ 6,915

ACCUMULATED OTHER COMPREHENSI44

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Components of Accumulated Other Comprehensive Loss	The following table presents the changes in accumulated other comprehensive loss for the years ended December 31, 2015 and 2014 (dollars in thousands): Net unrealized gain (loss) on derivatives January 1, 2014 $ 20 Unrealized loss on designated derivative (286 ) December 31, 2014 $ (266 ) Unrealized loss on designated derivative (174 ) December 31, 2015 $ (440 )

CERTAIN RELATIONSHIPS AND REL45

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Summary of 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): As of December 31, 2015 2014 Receivables from related parties: RAI and affiliates $ 1,421 $ 1,148 Payables to related parties: Advisor: Operating expense reimbursements $ 286 $ 327 Resource Real Estate Opportunity Manager, LLC: Property management fees 440 436 Operating expense reimbursements 459 743 Other — 124 $ 1,185 $ 1,630 Years Ended December 31, 2015 2014 Fees earned / expenses paid to related parties: Advisor: Acquisition fees (1) $ 5,179 $ 8,591 Asset management fees (2) $ 10,240 $ 7,262 Disposition fees (3) $ 1,140 $ 422 Debt financing fees (4) $ 697 $ 1,623 Overhead allocation (5) $ 3,733 $ 2,227 Internal audit fees (5) $ 41 $ — Resource Real Estate Opportunity Manager LLC: Property management fees (2) $ 4,748 $ 3,661 Construction management fees (6) $ 1,895 $ 1,685 Information technology fees (5) $ 365 $ 306 Operating expense reimbursements (7) $ 278 $ 276 Debt servicing fees (2) $ 33 $ 8 Other: Ledgewood $ 169 $ 143 Graphic Images $ 59 $ 37 (1) Included in Acquisition costs on the consolidated statements of operations and comprehensive loss. (2) Included in Management fees on the consolidated statements of operations and comprehensive loss. (3) Included in Net gain on dispositions on the consolidated statements of operations and comprehensive loss. (4) Included in Deferred financing costs, net on the consolidated balance sheets. (5) Included in General and administrative costs on the consolidated statements of operations and comprehensive loss. (6) Included in Rental Properties, net on the consolidated balance sheets. (7) Included in Rental operating expenses on the consolidated statements of operations and comprehensive loss.

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Schedule of Shares Issued	As of December 31, 2015 , the Company had issued an aggregate of 72,333,652 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 $ 12,582 Shares issued through primary public offering (1) 62,485,461 622,077 Shares issued through stock distributions 2,132,266 — Shares issued through distribution reinvestment plan 6,436,698 62,893 Shares issued in conjunction with the Advisor's initial investment, 15,500 155 Total 72,333,652 $ 697,707 Shares redeemed (716,535 ) Total shares outstanding as of December 31, 2015 71,617,117 (1) Includes 276,056 shares held by the Advisor.
Schedule of Distributions	For the year ended December 31, 2015 , the Company paid aggregate distributions of $42.2 million , including $13.3 million of distributions paid in cash and $29.0 million of distributions reinvested in shares of common stock through the Company's distribution reinvestment plan, as follows (in thousands, except per share data): Record Date Per Common Distribution Date Distributions Aggregate Total January 29, 2015 $0.05 January 30, 2015 $ 2,391 $ 1,070 $ 3,461 February 26, 2015 0.05 February 27, 2015 2,392 1,081 3,473 March 30, 2015 0.05 March 31, 2015 2,400 1,080 3,480 April 29, 2015 0.05 April 30, 2015 2,408 1,084 3,492 May 28, 2015 0.05 May 29, 2015 2,418 1,088 3,506 June 29, 2015 0.05 June 30, 2015 2,423 1,093 3,516 July 30, 2015 0.05 July 31, 2015 2,424 1,103 3,527 August 28, 2015 0.05 August 31, 2015 2,416 1,119 3,535 September 29, 2015 0.05 September 30, 2015 2,417 1,124 3,541 October 29, 2015 0.05 October 30, 2015 2,418 1,134 3,552 November 27, 2015 0.05 November 30, 2015 2,427 1,137 3,564 December 30, 2015 0.05 December 31, 2015 2,425 1,144 3,569 $0.60 $ 28,959 $ 13,257 $ 42,216

FAIR VALUE MEASURES AND DISCL47

FAIR VALUE MEASURES AND DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Schedule of Assets at Fair Value Measured on Recurring Basis	The following table presents information about the Company's assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as follows (in thousands): Level 1 Level 2 Level 3 Total December 31, 2015 Assets: Interest rate caps $ — $ 32 $ — $ 32 $ — $ 32 $ — $ 32 December 31, 2014 Assets: Interest rate caps $ — $ 114 $ — $ 114 $ — $ 114 $ — $ 114
Schedule of Carrying Value and Fair Value Amounts	The carrying and fair values of the Company’s loans held for investment, net, preferred equity investment, mortgage note payable and revolving credit facilities, each of which were not carried at fair value on the consolidated balance sheets at December 31, 2015 and 2014 , were as follows (in thousands): December 31, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Loans held for investment and preferred equity investment, net $ 4,643 $ 5,059 $ 4,985 $ 4,985 Mortgage notes payable (1) $ (562,558 ) $ (538,986 ) $ (444,168 ) $ (450,269 ) Mortgage notes payable- included in other liabilities associated with rental properties held for sale $ (16,443 ) $ (16,597 ) $ — $ — Credit facilities $ (57,394 ) $ (57,394 ) $ (45,586 ) $ (45,586 ) (1) Mortgage notes payable excludes Champion Farms, due to the fact the investment was held for sale at 12.31.15.

DERIVATIVES AND HEDGING ACTIV48

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Outstanding Interest Rate Derivatives	As of December 31, 2015 , 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 Maturity Dates Interest Rate Caps 7 $ 107,363 January 1, 2018 to April 1, 2019
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, 2015 and 2014 (dollars in thousands): Asset Derivatives Liability Derivatives December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Interest rate cap (1) $ 32 Interest rate cap $ 114 — $ — — $ — (1) Interest rate caps are included on the consolidated balance sheet in prepaid expenses and other assets.

NATURE OF BUSINESS AND OPERAT49

NATURE OF BUSINESS AND OPERATIONS (Details) - USD ($) $ in Thousands	12 Months Ended		24 Months Ended	51 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 13, 2013
Securities Financing Transaction [Line Items]
Shares issued and sold, distribution reinvestment plan (in shares)			5,300,000	1,200,000
Common stock issued through distribution reinvestment plan	$ 28,959	$ 22,898	$ 51,900
Common Stock
Securities Financing Transaction [Line Items]
Proceeds from issuance of stock under private offering				$ 645,800
Issuance of common stock (in shares)				64,900,000
Common Stock | Advisor
Securities Financing Transaction [Line Items]
Issuance of common stock (in shares)				276,056

SUMMARY OF SIGNIFICANT ACCOUN50

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	3 Months Ended		12 Months Ended
	Dec. 31, 2015USD ($)Property	Dec. 31, 2014USD ($)Property	Dec. 31, 2015USD ($)DistributionPropertyshares	Dec. 31, 2014USD ($)Property
Rental Properties [Abstract]
Minimum amount of improvements and replacements that are capitalized when extending the useful life of an asset			$ 1,000
Assets Held for Sale [Abstract]
Number of properties held for sale | Property	2	3	3	3
Concentration of Credit Risk [Abstract]
Deposits at various banks	$ 89,800,000		$ 89,800,000
Deposits at various banks, amount over the insurance limit of the Federal Deposit Insurance Corporation	74,900,000		$ 74,900,000
Allocation of Purchase Price of Acquired and Foreclosed Assets [Abstract]
Initial purchase price allocation subject to change, period			1 year
Tenant Receivable [Abstract]
Allowance for uncollectable receivables	24,100	$ 57,300	$ 24,100	$ 57,300
Income Taxes [Abstract]
Number of years entity may be precluded from REIT qualifications (in years)			4 years
Earnings Per Share [Abstract]
Shares not included in diluted earnings per share (in shares) | shares			50,000
Number of stock distributions (in distributions) | Distribution			12
Common Stock | Dividend distribution one
Earnings Per Share [Abstract]
Number of stock distributions (in distributions) | Distribution			7
Common stock dividend rate			1.50%
Common Stock | Dividend distribution two
Earnings Per Share [Abstract]
Number of stock distributions (in distributions) | Distribution			2
Common stock dividend rate			0.75%
Common Stock | Dividend distribution three
Earnings Per Share [Abstract]
Number of stock distributions (in distributions) | Distribution			1
Common stock dividend rate			0.585%
Common Stock | Dividend distribution four
Earnings Per Share [Abstract]
Number of stock distributions (in distributions) | Distribution			2
Common stock dividend rate			0.50%
Residential rental properties
Revenue Recognition [Abstract]
Future minimum rental payments to be received from noncancelable operating leases in 12 months	54,200,000		$ 54,200,000
Future minimum rental payments to be received from noncancelable operating leases in two years	265,000		265,000
Future minimum rental payments to be received thereafter	0		0
Commercial rental properties and antenna rentals
Revenue Recognition [Abstract]
Future minimum rental payments to be received from noncancelable operating leases in 12 months	333,000		333,000
Future minimum rental payments to be received from noncancelable operating leases in two years	276,000		276,000
Future minimum rental payments to be received in the next three years	165,000		165,000
Future minimum rental payments to be received in the next four years	123,000		123,000
Future minimum rental payments to be received in the next five years	69,000		69,000
Future minimum rental payments to be received thereafter	$ 3,000		$ 3,000
Geographic concentration risk | TEXAS
Concentration of Credit Risk [Abstract]
Percentage of real estate investments			26.00%
Geographic concentration risk | GEORGIA
Concentration of Credit Risk [Abstract]
Percentage of real estate investments			18.00%
Geographic concentration risk | CALIFORNIA
Concentration of Credit Risk [Abstract]
Percentage of real estate investments			17.00%
Resource Real Estate Opportunity Manager, LLC
Rental Properties [Abstract]
Construction management fee percentage			5.00%
Champion Farms
Assets Held for Sale [Abstract]
Total ownership interest	70.00%		70.00%

SUMMARY OF SIGNIFICANT ACCOUN51

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation (Details) - Unit	Dec. 31, 2015	Dec. 31, 2014
RRE Iroquois, LP (“Vista”)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	133
RRE Cannery Holdings, LLC (“Cannery”)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	156
RRE Williamsburg Holdings, LLC (“Williamsburg”)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	976
RRE Park Forest Holdings, LLC (Park Forest)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	216
RRE Deerfield Holdings, LLC (Deerfield)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	166
RRE Armand Place Holdings, LLC (Armand)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	244
RRE Autumn Wood Holdings, LLC (Autumn Wood)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	206
RRE Village Square Holdings, LLC (Village Square)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	271
RRE Nob Hill Holdings, LLC (Nob Hill)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	192
RRE Brentdale Holdings, LLC (Brentdale)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	412
RRE Jefferson Point Holdings, LLC (Jefferson Point)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	208
RRE Centennial Holdings, LLC (Centennial)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	276
RRE Pinnacle Holdings, LLC (Pinnacle)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	224
RRE Jasmine Holdings, LLC (Jasmine)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	437
RRE River Oaks Holdings, LLC (River Oaks)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	314
RRE Nicollet Ridge Holdings, LLC (Nicollet Ridge)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	339
RRE Addison Place, LLC (Addison Place)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	403
PRIP Coursey, LLC (Evergreen at Coursey Place)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	352
PRIP 500, LLC (Pinehurst)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	146
PRIP 1102, LLC (Pheasant Run)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	160
PRIP 11128, LLC (Retreat at Shawnee)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	342
PRIP Pines, LLC (Pines of York)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	248
RRE Chisholm Place Holdings LLC (Chisholm Place)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	142
RRE Berkeley Run Holdings, LLC (Berkley Run)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	194
RRE Berkeley Trace Holdings LLC (Berkley Trace)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	165
RRE Merrywood LLC (Merrywood)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	228
RRE Sunset Ridge Holdings, LLC (Sunset Ridge)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	324
RRE Parkridge Place Holdings, LLC (Parkridge Place)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	536
RRE Woodmoor Holdings, LLC (Woodmoor)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	208
RRE Gilbert Holdings, LLC (Springs at Gilbert)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	458
RRE Bonita Glen Holdings, LLC (Bonita)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	295
RRE Yorba Linda Holdings, LLC (Yorba Linda)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	400
Champion Farms
Subsidiary or Equity Method Investee [Line Items]
Number of Units	264
Ownership %	70.00%
Fieldstone
Subsidiary or Equity Method Investee [Line Items]
Number of Units	266
Ownership %	83.00%
Conifer Place
Subsidiary or Equity Method Investee [Line Items]
Number of Units	420
Ownership %	42.50%
Stone Ridge
Subsidiary or Equity Method Investee [Line Items]
Number of Units	188
Ownership %	83.40%	77.70%

SUMMARY OF SIGNIFICANT ACCOUN52

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Rental Property Useful Lives (Details)	12 Months Ended
	Dec. 31, 2015
Buildings
Real Estate Properties [Line Items]
Estimated useful lives	27 years 6 months
Building improvements | Minimum
Real Estate Properties [Line Items]
Estimated useful lives	3 years
Building improvements | Maximum
Real Estate Properties [Line Items]
Estimated useful lives	27 years 6 months

SUPPLEMENTAL CASH FLOW INFORM53

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Assets and liabilities assumed in acquisitions:
Other assets assumed	$ 0	$ 3,231
Debt assumed	40,185	158,061
Other liabilities assumed	99	3,204
Noncontrolling interests	0	18,901
Rental properties, net	40,284	176,935
Stock issued from distribution reinvestment plan	28,959	22,898
Stock distributions issued	0	3,333
Deferred financing costs and escrow deposits funded directly by mortgage note and revolving credit facility	11,167	4,404
Cash paid during the period for:
Interest	$ 20,752	$ 12,832

RENTAL PROPERTIES, NET - Invest

RENTAL PROPERTIES, NET - Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Real Estate Investments, Net [Abstract]
Land	$ 180,533	$ 122,137
Building and improvements	775,239	666,912
Furniture, fixtures and equipment	28,928	21,495
Construction in progress	2,949	3,005
Rental properties, gross	987,649	813,549
Less: accumulated depreciation	(71,151)	(38,295)
Rental properties, net	$ 916,498	$ 775,254

RENTAL PROPERTIES, NET - Champi

RENTAL PROPERTIES, NET - Champion Farms (Details) - Champion Farms $ in Thousands	Dec. 31, 2015USD ($)
Assets:
Rental properties, net	$ 25,436
Restricted cash	54
Tenant receivables, net	2
Prepaid expenses and other assets	25
Subtotal - other assets associated with rental properties held for sale	81
Liabilities:
Mortgage note payable, net	16,443
Accounts payable	44
Accrued expenses and other liabilities	176
Tenant prepayments	57
Security deposits	43
Subtotal- other liabilities associated with rental properties held for sale	$ 16,763

RENTAL PROPERTIES, NET - Narrat

RENTAL PROPERTIES, NET - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2015USD ($)Property	Dec. 31, 2014USD ($)Property	Dec. 31, 2015USD ($)Property	Dec. 31, 2014USD ($)Property
Real Estate Investments, Net [Abstract]
Depreciation expense			$ 41,900	$ 32,800
Number of properties held for sale | Property	2	3	3	3
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncontrolling interests	$ 7,853	$ 8,221	$ 7,853	$ 8,221
Interests held for sale	$ 69,350	36,764	$ 69,350	36,764
Champion Farms
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total ownership interest	70.00%		70.00%
Noncontrolling interests
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interests held for sale	$ 5,700		$ 5,700
Held-for-sale, not discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net book value	$ 43,900	$ 36,800	$ 43,900	$ 36,800

LOANS HELD FOR INVESTMENT, NE57

LOANS HELD FOR INVESTMENT, NET - Narrative (Details)	Apr. 06, 2014USD ($)	May. 31, 2015USD ($)	Mar. 15, 2011USD ($)Loan	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Apr. 18, 2013USD ($)	Dec. 31, 2011USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of nonperforming promissory notes | Loan			2
Number of performing promissory notes | Loan			2
Purchase price of promissory note			$ 3,100,000
Loan made to purchaser					$ 1,770,000	$ 800,000
Proceeds from loans		$ 583,000
Escrow balance		$ 58,000
Gains (losses) on extinguishment of debt				$ (130,000)
Unpaid loan balance							$ 238,000
Charge-offs				$ 130,000	$ 24,000
Peterson Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from sale	$ 195,000

LOANS HELD FOR INVESTMENT, NE58

LOANS HELD FOR INVESTMENT, NET - Loans Held for Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Loans Held for Investment [Line Items]
Total loans held for investment, net	$ 757	$ 1,523
Current
Loans Held for Investment [Line Items]
Loans held for investment, Current	757	1,523
30−89 days
Loans Held for Investment [Line Items]
Loans held for investment, Delinquent	0	0
90−180 days
Loans Held for Investment [Line Items]
Loans held for investment, Delinquent	0	0
Greater than 180 days
Loans Held for Investment [Line Items]
Loans held for investment, Delinquent	$ 0	$ 0

LOANS HELD FOR INVESTMENT, NE59

LOANS HELD FOR INVESTMENT, NET - Recorded Investment, Credit Quality Indicator (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Financing Receivable, Recorded Investment [Line Items]
Loans held for investment and preferred equity investment, net	$ 757	$ 1,523
Performing
Financing Receivable, Recorded Investment [Line Items]
Loans held for investment and preferred equity investment, net	757	1,523
Nonperforming
Financing Receivable, Recorded Investment [Line Items]
Loans held for investment and preferred equity investment, net	$ 0	$ 0

LOANS HELD FOR INVESTMENT, NE60

LOANS HELD FOR INVESTMENT, NET - Terms of Loans Held for Investment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Apr. 18, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		$ 1,770,000	$ 800,000
Unamortized Discount		(261,000)
Deferred (fees) expenses, net		14,000
Net book value		1,523,000
Loan- Trail Ridge
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	$ 981,000	994,000
Unamortized Discount	(231,000)	(261,000)
Deferred (fees) expenses, net	7,000	14,000
Net book value	$ 757,000	747,000
Interest Rate	7.50%
Average monthly payment	$ 8,000
Loan- Heatherwood
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		776,000
Unamortized Discount		0
Deferred (fees) expenses, net		0
Net book value		$ 776,000

PREFERRED EQUITY INVESTMENT (De

PREFERRED EQUITY INVESTMENT (Details) $ in Thousands	Nov. 12, 2014USD ($)Unit	Oct. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Schedule of Equity Method Investments [Line Items]
Payment to fund investment			$ 408	$ 3,460
Spring Hills Investors Limited Partner, LLC
Schedule of Equity Method Investments [Line Items]
Payment to fund investment	$ 3,500	$ 400
Contractual obligation	1,100
Incremental payment	$ 150
Dividend receivable rate	12.00%
Monthly dividend receivable rate	7.00%
Spring Hills Investors Limited Partner, LLC | Multifamily Community
Schedule of Equity Method Investments [Line Items]
Number of units in community | Unit	606

ACQUISITIONS AND FORECLOSURES -

ACQUISITIONS AND FORECLOSURES - Real Estate Investments (Details) $ in Thousands	Jun. 16, 2015USD ($)	Jun. 01, 2015USD ($)	Mar. 19, 2015USD ($)	Feb. 26, 2015USD ($)	Sep. 29, 2014USD ($)	Sep. 04, 2014USD ($)	Jun. 26, 2014USD ($)	May. 19, 2014USD ($)	May. 05, 2014USD ($)	Mar. 28, 2014USD ($)	Jan. 28, 2014USD ($)	Dec. 20, 2013USD ($)	Dec. 16, 2013USD ($)	Oct. 25, 2013USD ($)	Sep. 30, 2013USD ($)	Sep. 09, 2013USD ($)	Jul. 25, 2013USD ($)	Jun. 27, 2013USD ($)	Jun. 24, 2013USD ($)	Apr. 18, 2013USD ($)	Mar. 28, 2013USD ($)	Dec. 06, 2012USD ($)	Jun. 20, 2012USD ($)	Mar. 21, 2012USD ($)	Jun. 17, 2011USD ($)	May. 13, 2011USD ($)	Dec. 31, 2015Property	Nov. 25, 2014	Jul. 01, 2014	Mar. 31, 2014
Business Acquisition [Line Items]
Number of properties | Property																											36
Fair value of the net assets acquired:
Land											$ 24,872
Building and Improvements											167,519
Intangible Assets											$ 5,765
Villages at Bonita Glen
Fair value of the net assets acquired:
Purchase Price	$ 49,050
Land	17,208
Building and Improvements	32,651
Furniture, Fixture and Equipment	506
Intangible Assets	1,130
Other Assets	9
Liabilities	(30,008)
Fair Valued Assigned	$ 21,496
Yorba Linda
Fair value of the net assets acquired:
Purchase Price		$ 118,000
Land		39,322
Building and Improvements		76,124
Furniture, Fixture and Equipment		590
Intangible Assets		1,964
Other Assets		76
Liabilities		(232)
Fair Valued Assigned		$ 117,844
Heritage Pointe
Fair value of the net assets acquired:
Purchase Price			$ 36,000
Land			8,487
Building and Improvements			25,867
Furniture, Fixture and Equipment			716
Intangible Assets			931
Other Assets			0
Liabilities			(152)
Fair Valued Assigned			$ 35,849
South Lamar Village
Fair value of the net assets acquired:
Purchase Price				$ 24,000
Land				5,586
Building and Improvements				17,493
Furniture, Fixture and Equipment				291
Intangible Assets				629
Other Assets				0
Liabilities				(12,961)
Fair Valued Assigned				$ 11,038
Pines of York
Business Acquisition [Line Items]
Ownership percentage acquired during period																												10.00%
Total ownership interest											90.00%																	100.00%
Fair value of the net assets acquired:
Purchase Price											$ 8,087
Land											4,464
Building and Improvements											16,340
Furniture, Fixture and Equipment											400
Intangible Assets											715
Other Assets											416
Liabilities											(15,447)
Fair Valued Assigned											$ 6,888
Calloway at Las Colinas
Fair value of the net assets acquired:
Purchase Price					$ 48,500
Land					6,707
Building and Improvements					39,543
Furniture, Fixture and Equipment					825
Intangible Assets					1,425
Other Assets					9
Liabilities					(636)
Fair Valued Assigned					$ 47,873
Sunset Ridge
Fair value of the net assets acquired:
Purchase Price						$ 35,000
Land						15,425
Building and Improvements						18,615
Furniture, Fixture and Equipment						514
Intangible Assets						931
Other Assets						0
Liabilities						(24,737)
Fair Valued Assigned						$ 10,748
Pinehurst
Business Acquisition [Line Items]
Total ownership interest											97.50%
Fair value of the net assets acquired:
Purchase Price											$ 3,588
Land											1,250
Building and Improvements											8,241
Furniture, Fixture and Equipment											200
Intangible Assets											290
Other Assets											142
Liabilities											(4,548)
Fair Valued Assigned											$ 5,575
Pheasant Run
Business Acquisition [Line Items]
Total ownership interest											97.50%
Fair value of the net assets acquired:
Purchase Price											$ 4,277
Land											800
Building and Improvements											10,798
Furniture, Fixture and Equipment											300
Intangible Assets											317
Other Assets											172
Liabilities											(6,559)
Fair Valued Assigned											$ 5,828
Retreat at Shawnee
Business Acquisition [Line Items]
Total ownership interest											97.50%
Fair value of the net assets acquired:
Purchase Price											$ 5,369
Land											3,200
Building and Improvements											14,550
Furniture, Fixture and Equipment											500
Intangible Assets											608
Other Assets											186
Liabilities											(14,088)
Fair Valued Assigned											$ 4,956
Aston at Cinco Ranch
Fair value of the net assets acquired:
Purchase Price							$ 32,300
Land							5,831
Building and Improvements							25,247
Furniture, Fixture and Equipment							307
Intangible Assets							915
Other Assets							0
Liabilities							(377)
Fair Valued Assigned							$ 31,923
Perimeter 5,550
Fair value of the net assets acquired:
Purchase Price								$ 22,250
Land								4,002
Building and Improvements								17,600
Furniture, Fixture and Equipment								194
Intangible Assets								453
Other Assets								0
Liabilities								(110)
Fair Valued Assigned								22,139
Perimeter Circle
Fair value of the net assets acquired:
Purchase Price								29,500
Land								4,723
Building and Improvements								23,969
Furniture, Fixture and Equipment								219
Intangible Assets								588
Other Assets								0
Liabilities								(156)
Fair Valued Assigned								$ 29,343
Chisholm Place
Fair value of the net assets acquired:
Purchase Price									$ 15,000
Land									1,981
Building and Improvements									12,383
Furniture, Fixture and Equipment									198
Intangible Assets									438
Other Assets									0
Liabilities									(96)
Fair Valued Assigned									$ 14,904
Evergreen at Coursey Place
Business Acquisition [Line Items]
Ownership percentage acquired during period																														48.30%
Total ownership interest											51.70%																			100.00%
Fair value of the net assets acquired:
Purchase Price											$ 15,499
Land											3,430
Building and Improvements											38,041
Furniture, Fixture and Equipment											530
Intangible Assets											1,080
Other Assets											680
Liabilities											(28,844)
Fair Valued Assigned											$ 14,917
The Estates at Johns Creek
Fair value of the net assets acquired:
Purchase Price										$ 70,500
Land										6,353
Building and Improvements										62,249
Furniture, Fixture and Equipment										509
Intangible Assets										1,389
Other Assets										49
Liabilities										(392)
Fair Valued Assigned										$ 70,157
Meridian Pointe
Fair value of the net assets acquired:
Purchase Price												$ 33,149
Land												4,134
Building and Improvements												26,992
Furniture, Fixture and Equipment												1,016
Intangible Assets												1,008
Other Assets												36
Liabilities												(107)
Fair Valued Assigned												$ 33,079
Maxwell Townhomes
Fair value of the net assets acquired:
Purchase Price													$ 22,500
Land													3,830
Building and Improvements													17,510
Furniture, Fixture and Equipment													491
Intangible Assets													669
Other Assets													48
Liabilities													(14,363)
Fair Valued Assigned													$ 8,185
The Nesbit Palisades
Fair value of the net assets acquired:
Purchase Price														$ 25,050
Land														7,582
Building and Improvements														16,023
Furniture, Fixture and Equipment														587
Intangible Assets														859
Other Assets														37
Liabilities														(161)
Fair Valued Assigned														$ 24,927
Verona Apartment Homes
Fair value of the net assets acquired:
Purchase Price															$ 30,600
Land															5,702
Building and Improvements															23,609
Furniture, Fixture and Equipment															198
Intangible Assets															1,090
Other Assets															24
Liabilities															(190)
Fair Valued Assigned															30,433
Skyview Apartment Homes
Fair value of the net assets acquired:
Purchase Price															24,250
Land															2,923
Building and Improvements															20,301
Furniture, Fixture and Equipment															97
Intangible Assets															928
Other Assets															20
Liabilities															(147)
Fair Valued Assigned															$ 24,122
Tech Center Square
Fair value of the net assets acquired:
Purchase Price																$ 18,250
Land																3,951
Building and Improvements																13,048
Furniture, Fixture and Equipment																584
Intangible Assets																667
Other Assets																23
Liabilities																(59)
Fair Valued Assigned																$ 18,214
The Westside Apartments
Fair value of the net assets acquired:
Purchase Price																	$ 32,200
Land																	5,785
Building and Improvements																	24,418
Furniture, Fixture and Equipment																	798
Intangible Assets																	1,199
Other Assets																	52
Liabilities																	(317)
Fair Valued Assigned																	$ 31,935
Affinity at Winter Park
Fair value of the net assets acquired:
Purchase Price																		$ 10,100
Land																		2,512
Building and Improvements																		6,459
Furniture, Fixture and Equipment																		523
Intangible Assets																		606
Other Assets																		50
Liabilities																		(61)
Fair Valued Assigned																		$ 10,089
Trailpoint at the Woodlands
Fair value of the net assets acquired:
Purchase Price																			$ 27,200
Land																			3,785
Building and Improvements																			22,014
Furniture, Fixture and Equipment																			697
Intangible Assets																			704
Other Assets																			40
Liabilities																			(170)
Fair Valued Assigned																			$ 27,070
Retreat at Rocky Ridge
Fair value of the net assets acquired:
Purchase Price																				$ 8,500
Land																				1,616
Building and Improvements																				6,418
Furniture, Fixture and Equipment																				30
Intangible Assets																				436
Other Assets																				2
Liabilities																				(89)
Fair Valued Assigned																				$ 8,413
Ivy at Clear Creek
Fair value of the net assets acquired:
Purchase Price																					$ 11,750
Land																					1,877
Building and Improvements																					9,175
Furniture, Fixture and Equipment																					28
Intangible Assets																					670
Other Assets																					8
Liabilities																					(127)
Fair Valued Assigned																					$ 11,631
Deerfield
Fair value of the net assets acquired:
Purchase Price																								$ 10,300
Land																								1,660
Building and Improvements																								11,110
Furniture, Fixture and Equipment																								500
Intangible Assets																								423
Other Assets																								1
Liabilities																								(4)
Fair Valued Assigned																								$ 13,690
Mosaic
Fair value of the net assets acquired:
Purchase Price																						$ 2,050
Land																						1,000
Building and Improvements																						2,609
Furniture, Fixture and Equipment																						30
Intangible Assets																						123
Other Assets																						14
Liabilities																						(14)
Fair Valued Assigned																						$ 3,762
Williamsburg Apartments
Fair value of the net assets acquired:
Purchase Price																							$ 41,250
Land																							3,223
Building and Improvements																							35,111
Furniture, Fixture and Equipment																							1,007
Intangible Assets																							1,909
Other Assets																							49
Liabilities																							(274)
Fair Valued Assigned																							$ 41,025
Cannery Lofts
Fair value of the net assets acquired:
Purchase Price																										$ 7,100
Land																										160
Building and Improvements																										7,913
Furniture, Fixture and Equipment																										200
Intangible Assets																										609
Other Assets																										35
Liabilities																										0
Fair Valued Assigned																										$ 8,917
Vista Apartment Homes
Fair value of the net assets acquired:
Purchase Price																									$ 12,000
Land																									1,163
Building and Improvements																									9,913
Furniture, Fixture and Equipment																									0
Intangible Assets																									535
Other Assets																									530
Liabilities																									(141)
Fair Valued Assigned																									$ 12,000
Pinehurst, Pheasant Run and Retreat at Shawnee
Business Acquisition [Line Items]
Ownership percentage acquired during period																													2.50%
Total ownership interest											97.50%																		100.00%

ACQUISITIONS AND FORECLOSURES63

ACQUISITIONS AND FORECLOSURES - Acquisitions and Paladin Acquisition (Details) $ in Thousands	Mar. 06, 2014USD ($)	Jan. 28, 2014USD ($)ft²UnitPropertycommunity	Dec. 31, 2015USD ($)Property	Dec. 31, 2014USD ($)	Nov. 25, 2014USD ($)	Jul. 01, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Business Acquisition [Line Items]
Number of real estate properties acquired | Property			4
Valuation period			12 months
Number of properties | Property			36
Number of multifamily communities | community		10
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Land		$ 24,872
Building and Improvements		167,519
Intangible Assets		5,765
Fair Value of Property		198,156
Other Assets		6,753
Liabilities		(136,528)
Non-controlling Interest		(18,901)
Total Company Equity		49,480
Goodwill		1,264	$ 1,231	$ 1,231				$ 0
Allocation of Purchase Price		50,744
Total purchase price			$ 51,200
Paladin
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Land		24,872
Intangible Assets		5,765
Fair Value of Property		69,644
Other Assets		3,222
Goodwill		$ 1,264
Paladin | Resource Real Estate Opportunity OP, LP
Business Acquisition [Line Items]
Number of properties | Property		11
Number of rentable units, more than (in units) | Unit		2,500
Net rentable area, more than (in square feet) | ft²		75,000
Acquisition of notes receivable		$ 3,500
Consideration for merger, net of transaction costs		$ 51,200
Champion Farms
Business Acquisition [Line Items]
Ownership % at Date of Acquisition		70.00%
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Land		$ 3,168
Building and Improvements		23,464
Intangible Assets		579
Fair Value of Property		27,211
Other Assets		575
Liabilities		(17,015)
Non-controlling Interest		(3,231)
Total Company Equity		7,540
Goodwill		171
Allocation of Purchase Price		$ 7,711
Fieldstone
Business Acquisition [Line Items]
Ownership % at Date of Acquisition		83.00%
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Land		$ 1,420
Building and Improvements		18,472
Intangible Assets		648
Fair Value of Property		20,540
Other Assets		661
Liabilities		(16,462)
Non-controlling Interest		(806)
Total Company Equity		3,933
Goodwill		130
Allocation of Purchase Price		$ 4,063
Pinehurst
Business Acquisition [Line Items]
Ownership % at Date of Acquisition		97.50%
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Land		$ 1,250
Building and Improvements		8,241
Intangible Assets		290
Fair Value of Property		9,781
Other Assets		332
Liabilities		(4,548)
Non-controlling Interest		(139)				$ (139)
Total Company Equity		5,426
Goodwill		72
Allocation of Purchase Price		$ 5,498
Pheasant Run
Business Acquisition [Line Items]
Ownership % at Date of Acquisition		97.50%
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Land		$ 800
Building and Improvements		10,798
Intangible Assets		317
Fair Value of Property		11,915
Other Assets		472
Liabilities		(6,559)
Non-controlling Interest		(146)				(146)
Total Company Equity		5,682
Goodwill		76
Allocation of Purchase Price		$ 5,758
Retreat at Shawnee
Business Acquisition [Line Items]
Ownership % at Date of Acquisition		97.50%
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Land		$ 3,200
Building and Improvements		14,550
Intangible Assets		608
Fair Value of Property		18,358
Other Assets		686
Liabilities		(14,088)
Non-controlling Interest		(124)				$ (124)
Total Company Equity		4,832
Goodwill		117
Allocation of Purchase Price		$ 4,949
Hilltop Village
Business Acquisition [Line Items]
Ownership % at Date of Acquisition		49.00%
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Land		$ 800
Building and Improvements		4,289
Intangible Assets		195
Fair Value of Property		5,284
Other Assets		267
Liabilities		(4,612)
Non-controlling Interest		(479)
Total Company Equity		460
Goodwill		33
Allocation of Purchase Price		$ 493
Conifer Place
Business Acquisition [Line Items]
Ownership % at Date of Acquisition		42.50%
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Land		$ 5,040
Building and Improvements		28,712
Intangible Assets		1,007
Fair Value of Property		34,759
Other Assets		749
Liabilities		(28,776)
Non-controlling Interest		(3,869)
Total Company Equity		2,863
Goodwill		219
Allocation of Purchase Price		$ 3,082
Stone Ridge
Business Acquisition [Line Items]
Ownership % at Date of Acquisition		68.50%
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Land		$ 1,300
Building and Improvements		4,612
Intangible Assets		326
Fair Value of Property		6,238
Other Assets		985
Liabilities		(178)
Non-controlling Interest		(2,218)
Total Company Equity		4,827
Goodwill		42
Allocation of Purchase Price		$ 4,869
Evergreen at Coursey Place
Business Acquisition [Line Items]
Ownership % at Date of Acquisition		51.70%					100.00%
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Land		$ 3,430
Building and Improvements		38,041
Intangible Assets		1,080
Fair Value of Property		42,551
Other Assets		1,210
Liabilities		(28,844)
Non-controlling Interest		(7,200)					$ (7,200)
Total Company Equity		7,717
Goodwill		268
Allocation of Purchase Price		$ 7,985
Pines of York
Business Acquisition [Line Items]
Ownership % at Date of Acquisition		90.00%			100.00%
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Land		$ 4,464
Building and Improvements		16,340
Intangible Assets		715
Fair Value of Property		21,519
Other Assets		816
Liabilities		(15,446)
Non-controlling Interest		(689)			$ (690)
Total Company Equity		6,200
Goodwill		136
Allocation of Purchase Price		$ 6,336
Governor Park
Business Acquisition [Line Items]
Ownership % at Date of Acquisition		47.65%
Governor Park
Business Acquisition [Line Items]
Sale of membership interest, percent sold	47.65%
Proceeds from sale of membership interest	$ 456
Office building | Paladin | Resource Real Estate Opportunity OP, LP
Business Acquisition [Line Items]
Number of properties | Property		2
Multifamily Community | Paladin | Resource Real Estate Opportunity OP, LP
Business Acquisition [Line Items]
Number of properties | Property		12	9
Multifamily Community | Corporate joint venture | Paladin | Resource Real Estate Opportunity OP, LP
Business Acquisition [Line Items]
Number of properties | Property		11

ACQUISITIONS AND FORECLOSURES64

ACQUISITIONS AND FORECLOSURES - Pro Forma Financial Information (Details) - Yorba Linda $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2014USD ($)$ / shares
Business Acquisition [Line Items]
Revenues	$ 108,005
Net loss and comprehensive loss	$ (50,043)
Basic and diluted loss per share | $ / shares	$ (0.74)

ACQUISITIONS AND FORECLOSURES65

ACQUISITIONS AND FORECLOSURES - Evergreen at Coursey Place (Details) - USD ($) $ in Thousands	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Jan. 28, 2014
Business Acquisition [Line Items]
Noncontrolling interest assumed				$ 18,901
Losses attributable to noncontrolling interest		$ (38)	$ (2,021)
Distribution to noncontrolling interest			$ (119)
Evergreen at Coursey Place
Business Acquisition [Line Items]
Ownership percentage acquired during period	48.30%
Purchase price	$ 7,500
Noncontrolling interest assumed	7,200			$ 7,200
Losses attributable to noncontrolling interest	(191)
Distribution to noncontrolling interest	(116)
Adjusted noncontrolling interest balance	6,893
Adjustment to additional paid in capital	$ (607)

ACQUISITIONS AND FORECLOSURES66

ACQUISITIONS AND FORECLOSURES - Pinehurst, Pheasant Run and Retreat at Shawnee (Details) - USD ($) $ in Thousands	Jul. 01, 2014	Dec. 31, 2015	Dec. 31, 2014	Jan. 28, 2014
Business Acquisition [Line Items]
Noncontrolling interest assumed				$ 18,901
Losses attributable to noncontrolling interest		$ (38)	$ (2,021)
Pinehurst, Pheasant Run and Retreat at Shawnee
Business Acquisition [Line Items]
Ownership percentage acquired during period	2.50%
Purchase price	$ 1,100
Pinehurst
Business Acquisition [Line Items]
Purchase price	570
Noncontrolling interest assumed	139			139
Losses attributable to noncontrolling interest	(7)
Adjusted noncontrolling interest balance	132
Adjustment to additional paid in capital	(438)
Pheasant Run
Business Acquisition [Line Items]
Purchase price	515
Noncontrolling interest assumed	146			146
Losses attributable to noncontrolling interest	(8)
Adjusted noncontrolling interest balance	138
Adjustment to additional paid in capital	(377)
Retreat at Shawnee
Business Acquisition [Line Items]
Purchase price	15
Noncontrolling interest assumed	124			$ 124
Losses attributable to noncontrolling interest	(15)
Adjusted noncontrolling interest balance	109
Adjustment to additional paid in capital	$ 94

ACQUISITIONS AND FORECLOSURES67

ACQUISITIONS AND FORECLOSURES - Joint Venture Partnership That Owns Stone Ridge (Details) - Joint venture partnership that owns Stone Ridge - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Purchase price	$ 356	$ 1,100
Additional ownership interest obtained	5.70%	9.20%
Total ownership interest	83.40%

ACQUISITIONS AND FORECLOSURES68

ACQUISITIONS AND FORECLOSURES - Pines of York (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Nov. 25, 2014	Jan. 28, 2014
Business Acquisition [Line Items]
Noncontrolling interest assumed					$ 18,901
Losses attributable to noncontrolling interest		$ (38)	$ (2,021)
Pines of York
Business Acquisition [Line Items]
Ownership percentage acquired during period				10.00%
Purchase price	$ 900
Noncontrolling interest assumed				$ 690	$ 689
Losses attributable to noncontrolling interest	(98)
Adjusted noncontrolling interest balance	592
Adjustment to additional paid in capital	$ (308)

ACQUISITIONS AND FORECLOSURES69

ACQUISITIONS AND FORECLOSURES - Revenues, Losses and Acquisition Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Total Revenues	$ 118,325	$ 100,269
Net Loss	(16,933)	(48,198)
South Lamar Village
Business Acquisition [Line Items]
Total Revenues	2,086	0
Net Loss	(1,580)	0
Acquisition Costs	(692)	(66)
Heritage Pointe
Business Acquisition [Line Items]
Total Revenues	3,019
Net Loss	(2,173)
Acquisition Costs	(1,005)
Yorba Linda
Business Acquisition [Line Items]
Total Revenues	4,584
Net Loss	(3,405)
Acquisition Costs	(2,761)
Villages at Bonita Glen
Business Acquisition [Line Items]
Total Revenues	2,431
Net Loss	(2,144)
Acquisition Costs	(1,353)
Calloway at Las Colinas
Business Acquisition [Line Items]
Total Revenues		1,445
Net Loss		(1,234)
Acquisition Costs		(1,290)
Sunset Ridge
Business Acquisition [Line Items]
Total Revenues		1,214
Net Loss		(1,216)
Acquisition Costs		(968)
Aston at Cinco Ranch
Business Acquisition [Line Items]
Total Revenues		1,718
Net Loss		(1,144)
Acquisition Costs		(832)
Perimeter 5,550
Business Acquisition [Line Items]
Total Revenues		1,172
Net Loss		(1,024)
Acquisition Costs		(606)
Perimeter Circle
Business Acquisition [Line Items]
Total Revenues		1,501
Net Loss		(1,272)
Acquisition Costs		(748)
Chisholm Place
Business Acquisition [Line Items]
Total Revenues		1,196
Net Loss		(1,042)
Acquisition Costs		(494)
The Estates at Johns Creek
Business Acquisition [Line Items]
Total Revenues		4,828
Net Loss		(3,287)
Acquisition Costs		(1,720)
Paladin
Business Acquisition [Line Items]
Total Revenues		22,645
Net Loss		(10,190)
Acquisition Costs		(3,109)
Multifamily Community
Business Acquisition [Line Items]
Total Revenues	12,120	35,719
Net Loss	(9,302)	(20,409)
Acquisition Costs	$ (5,811)	$ (9,833)

MEASUREMENT PERIOD ADJUSTMENT70

MEASUREMENT PERIOD ADJUSTMENTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Mar. 28, 2014	Jan. 28, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Land					$ 24,872
Intangible assets					5,765
Other Assets					6,753
Goodwill		$ 1,231	$ 1,231		1,264	$ 0
Fair Value of Property					198,156
Paladin
Business Acquisition [Line Items]
Land					24,872
Building					167,519
Personal property					3,530
Intangible assets					5,765
Other Assets					3,222
Goodwill					1,264
Liabilities					(136,528)
Fair Value of Property					69,644
Additional depreciation and amortization	$ 867
The Estates at Johns Creek
Business Acquisition [Line Items]
Land				$ 6,353
Building				62,249
Personal property				509
Intangible assets				1,389
Fair Value of Property				70,500
As initially reported | Paladin
Business Acquisition [Line Items]
Land					44,292
Building					149,155
Personal property					0
Intangible assets					5,861
Other Assets					3,231
Goodwill					6,412
Liabilities					(140,970)
Fair Value of Property					67,981
As initially reported | The Estates at Johns Creek
Business Acquisition [Line Items]
Land				18,137
Building				51,843
Personal property				0
Intangible assets				520
Fair Value of Property				70,500
Measurement period adjustment | Paladin
Business Acquisition [Line Items]
Land					(19,420)
Building					18,364
Personal property					3,530
Intangible assets					(96)
Other Assets					(9)
Goodwill					(5,148)
Liabilities					4,442
Fair Value of Property					1,663
Remaining balance of measurement period adjustment					$ 1,700
Measurement period adjustment | The Estates at Johns Creek
Business Acquisition [Line Items]
Land				(11,784)
Building				10,406
Personal property				509
Intangible assets				869
Fair Value of Property				$ 0

DISPOSITION OF PROPERTIES (Deta

DISPOSITION OF PROPERTIES (Details) - USD ($) $ in Thousands

Sep. 18, 2015

Jun. 30, 2015

Mar. 02, 2015

Feb. 27, 2015

Jan. 29, 2015

Jan. 26, 2015

Sep. 19, 2014

Jul. 01, 2014

Jun. 16, 2014

Mar. 06, 2014

Dec. 31, 2015

Dec. 31, 2014

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Net Income (Loss) Attributable to Properties Sold

$ (16,933)

$ (48,198)

Noncontrolling interests

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Net Income (Loss) Attributable to Properties Sold

(38)

(2,021)

The Alcove Apartments

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Contract Sales price

$ 11,050

Gain (Loss) on Sale

$ 3,784

Net Income (Loss) Attributable to Properties Sold

3,819

107th Avenue Apartments

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Contract Sales price

$ 250

Gain (Loss) on Sale

$ 50

Net Income (Loss) Attributable to Properties Sold

50

The Redford Apartments

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Contract Sales price

$ 32,959

Gain (Loss) on Sale

$ 15,303

Net Income (Loss) Attributable to Properties Sold

15,652

Cityside Apartments

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Contract Sales price

$ 24,500

Gain (Loss) on Sale

$ 10,028

Net Income (Loss) Attributable to Properties Sold

10,290

One Hundred Chevy Chase

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Contract Sales price

$ 13,500

Gain (Loss) on Sale

$ 4,386

Net Income (Loss) Attributable to Properties Sold

4,027

The Reserve at Mt. Moriah

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Contract Sales price

$ 5,425

Gain (Loss) on Sale

$ 2,490

Net Income (Loss) Attributable to Properties Sold

2,202

Governor Park

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Contract Sales price

$ 456

Gain (Loss) on Sale

$ 0

Net Income (Loss) Attributable to Properties Sold

0

Campus Club

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Contract Sales price

$ 10,500

Gain (Loss) on Sale

$ 2,602

Net Income (Loss) Attributable to Properties Sold

2,723

Hilltop Village

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Contract Sales price

$ 0

Gain (Loss) on Sale

$ (493)

Net Income (Loss) Attributable to Properties Sold

(707)

Arcadia at Westheimer

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Contract Sales price

$ 18,100

Gain (Loss) on Sale

$ 8,375

Net Income (Loss) Attributable to Properties Sold

8,327

Multifamily Community

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Contract Sales price

87,684

29,056

Gain (Loss) on Sale

36,041

10,484

Net Income (Loss) Attributable to Properties Sold

$ 36,040

10,343

Multifamily Community | Noncontrolling interests

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Net Income (Loss) Attributable to Properties Sold

$ (112)

IDENTIFIED INTANGIBLE ASSETS,72

IDENTIFIED INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets, net	$ 374	$ 2,081
Weighted average remaining life	1 month	5 months
Amortization expense	$ 6,400	$ 15,000
Acquired in-place leases
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets, net	374	2,100
Accumulated amortization	28,400	$ 26,500
Antennae leases
Finite-Lived Intangible Assets [Line Items]
Annual expected amortization expense through 2025	$ 16

IDENTIFIED INTANGIBLE ASSETS,73

IDENTIFIED INTANGIBLE ASSETS, NET - Rental and Antennae Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
2,016	$ 229
2,017	16
2,018	16
2,019	16
2,020	16
Thereafter	81
Total	$ 374	$ 2,081

GOODWILL (Details)

GOODWILL (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Beginning balance	$ 1,231	$ 0
Acquisition of Paladin joint venture interests		6,412
Measurement period adjustments		(5,148)
Disposition of Hilltop		(33)
Activity - 2015	0
Ending balance	$ 1,231	$ 1,231

MORTGAGE NOTES PAYABLE - Narrat

MORTGAGE NOTES PAYABLE - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2015
Participating Mortgage Loans [Line Items]
Restricted cash related to escrow deposits	$ 10,000	$ 6,900
Payment guarantee
Participating Mortgage Loans [Line Items]
Guarantee of the completion and payment of costs of completion of renovations	7,000
Cost of renovations	6,600
Covenants included in mortgage for Yorba Linda
Participating Mortgage Loans [Line Items]
Earn-out holdback			$ 7,500
Interest Expense | Rental properties
Participating Mortgage Loans [Line Items]
Amortization of fair value adjustment of debt	$ (779)	$ (598)

MORTGAGE NOTES PAYABLE - Summar

MORTGAGE NOTES PAYABLE - Summary of Mortgage Notes Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Participating Mortgage Loans [Line Items]
Outstanding borrowings	$ 559,884
Premium (Discount)	2,674
Carrying Value	$ 562,558	$ 444,168
LIBOR
Participating Mortgage Loans [Line Items]
Variable rate	0.4295%
Vista Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding borrowings	$ 15,573
Premium (Discount)	0
Carrying Value	$ 15,573	15,900
Margin	2.29%
Annual Interest Rate	2.72%
Average Monthly Debt Service	$ 65
Cannery Lofts
Participating Mortgage Loans [Line Items]
Outstanding borrowings	8,148
Premium (Discount)	0
Carrying Value	$ 8,148	8,190
Margin	3.30%
Annual Interest Rate	3.73%
Average Monthly Debt Service	$ 40
Deerfield
Participating Mortgage Loans [Line Items]
Outstanding borrowings	10,517
Premium (Discount)	0
Carrying Value	$ 10,517	10,530
Annual Interest Rate	4.66%
Average Monthly Debt Service	$ 54
Ivy at Clear Creek
Participating Mortgage Loans [Line Items]
Outstanding borrowings	8,431
Premium (Discount)	0
Carrying Value	$ 8,431	8,574
Margin	2.41%
Annual Interest Rate	2.84%
Average Monthly Debt Service	$ 31
Trailpoint at the Woodlands
Participating Mortgage Loans [Line Items]
Outstanding borrowings	19,013
Premium (Discount)	0
Carrying Value	$ 19,013	19,335
Margin	2.41%
Annual Interest Rate	2.84%
Average Monthly Debt Service	$ 69
Verona Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding borrowings	22,402
Premium (Discount)	0
Carrying Value	$ 22,402	22,843
Annual Interest Rate	3.60%
Average Monthly Debt Service	$ 106
Skyview Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding borrowings	18,089
Premium (Discount)	0
Carrying Value	$ 18,089	18,446
Annual Interest Rate	3.60%
Average Monthly Debt Service	$ 85
The Nesbit Palisades
Participating Mortgage Loans [Line Items]
Outstanding borrowings	20,298
Premium (Discount)	0
Carrying Value	$ 20,298	20,298
Margin	1.95%
Annual Interest Rate	2.38%
Average Monthly Debt Service	$ 58
Maxwell Townhomes
Participating Mortgage Loans [Line Items]
Outstanding borrowings	13,850
Premium (Discount)	0
Carrying Value	$ 13,850	14,089
Annual Interest Rate	4.32%
Average Monthly Debt Service	$ 71
Champion Farms
Participating Mortgage Loans [Line Items]
Outstanding borrowings	0
Premium (Discount)	0
Carrying Value	$ 0	16,634
Annual Interest Rate	6.14%
Average Monthly Debt Service	$ 85
Fieldstone
Participating Mortgage Loans [Line Items]
Outstanding borrowings	15,332
Premium (Discount)	0
Carrying Value	$ 15,332	15,804
Margin	2.40%
Annual Interest Rate	2.83%
Average Monthly Debt Service	$ 76
Pinehurst
Participating Mortgage Loans [Line Items]
Outstanding borrowings	4,111
Premium (Discount)	0
Carrying Value	$ 4,111	4,239
Annual Interest Rate	5.58%
Average Monthly Debt Service	$ 23
Pheasant Run
Participating Mortgage Loans [Line Items]
Outstanding borrowings	6,250
Premium (Discount)	100
Carrying Value	$ 6,350	6,407
Annual Interest Rate	5.95%
Average Monthly Debt Service	$ 31
Retreat at Shawnee
Participating Mortgage Loans [Line Items]
Outstanding borrowings	13,090
Premium (Discount)	164
Carrying Value	$ 13,254	13,522
Annual Interest Rate	5.58%
Average Monthly Debt Service	$ 78
Conifer Crossing
Participating Mortgage Loans [Line Items]
Outstanding borrowings	27,074
Premium (Discount)	0
Carrying Value	$ 27,074	27,762
Margin	2.50%
Annual Interest Rate	2.93%
Average Monthly Debt Service	$ 122
Evergreen at Coursey Place
Participating Mortgage Loans [Line Items]
Outstanding borrowings	27,548
Premium (Discount)	123
Carrying Value	$ 27,671	28,117
Annual Interest Rate	5.07%
Average Monthly Debt Service	$ 154
Pines of York
Participating Mortgage Loans [Line Items]
Outstanding borrowings	15,267
Premium (Discount)	(363)
Carrying Value	$ 14,904	15,097
Annual Interest Rate	4.46%
Average Monthly Debt Service	$ 80
The Estates at Johns Creek
Participating Mortgage Loans [Line Items]
Outstanding borrowings	50,000
Premium (Discount)	0
Carrying Value	$ 50,000	50,000
Annual Interest Rate	3.38%
Average Monthly Debt Service	$ 211
Chisholm Place
Participating Mortgage Loans [Line Items]
Outstanding borrowings	11,587
Premium (Discount)	0
Carrying Value	$ 11,587	11,587
Margin	2.39%
Annual Interest Rate	2.82%
Average Monthly Debt Service	$ 39
Perimeter Circle
Participating Mortgage Loans [Line Items]
Outstanding borrowings	17,657
Premium (Discount)	0
Carrying Value	$ 17,657	18,007
Annual Interest Rate	3.42%
Average Monthly Debt Service	$ 81
Perimeter 5,550
Participating Mortgage Loans [Line Items]
Outstanding borrowings	13,935
Premium (Discount)	0
Carrying Value	$ 13,935	14,211
Annual Interest Rate	3.42%
Average Monthly Debt Service	$ 64
Aston at Cinco Ranch
Participating Mortgage Loans [Line Items]
Outstanding borrowings	23,772
Premium (Discount)	0
Carrying Value	$ 23,772	24,162
Annual Interest Rate	4.34%
Average Monthly Debt Service	$ 120
Sunset Ridge 1
Participating Mortgage Loans [Line Items]
Outstanding borrowings	20,121
Premium (Discount)	329
Carrying Value	$ 20,450	20,930
Annual Interest Rate	4.58%
Average Monthly Debt Service	$ 113
Sunset Ridge 2
Participating Mortgage Loans [Line Items]
Outstanding borrowings	3,002
Premium (Discount)	45
Carrying Value	$ 3,047	3,109
Annual Interest Rate	4.54%
Average Monthly Debt Service	$ 16
Calloway at Las Colinas
Participating Mortgage Loans [Line Items]
Outstanding borrowings	35,740
Premium (Discount)	0
Carrying Value	$ 35,740	36,375
Annual Interest Rate	3.87%
Average Monthly Debt Service	$ 171
South Lamar Village
Participating Mortgage Loans [Line Items]
Outstanding borrowings	12,682
Premium (Discount)	0
Carrying Value	$ 12,682	0
Annual Interest Rate	3.64%
Average Monthly Debt Service	$ 59
Heritage Pointe
Participating Mortgage Loans [Line Items]
Outstanding borrowings	26,280
Premium (Discount)	0
Carrying Value	$ 26,280	0
Margin	1.88%
Annual Interest Rate	2.31%
Average Monthly Debt Service	$ 87
Yorba Linda
Participating Mortgage Loans [Line Items]
Outstanding borrowings	67,500
Premium (Discount)	0
Carrying Value	$ 67,500	0
Margin	1.75%
Annual Interest Rate	2.18%
Average Monthly Debt Service	$ 154
Villages at Bonita Glen
Participating Mortgage Loans [Line Items]
Outstanding borrowings	27,265
Premium (Discount)	2,276
Carrying Value	$ 29,541	0
Annual Interest Rate	5.33%
Average Monthly Debt Service	$ 152
Stone Ridge
Participating Mortgage Loans [Line Items]
Outstanding borrowings	5,350
Premium (Discount)	0
Carrying Value	$ 5,350	$ 0
Margin	1.86%
Annual Interest Rate	2.29%
Average Monthly Debt Service	$ 21

MORTGAGE NOTES PAYABLE - Annual

MORTGAGE NOTES PAYABLE - Annual Principal Payments on the Mortgage Note Payable (Details) $ in Thousands	Dec. 31, 2015USD ($)
Debt Disclosure [Abstract]
2,016	$ 48,993
2,017	17,878
2,018	21,225
2,019	87,059
2,020	156,042
Thereafter	228,687
Carrying Value	$ 559,884

CREDIT FACILITIES - Summary of

CREDIT FACILITIES - Summary of Credit Facilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Balance Outstanding	$ 57,394	$ 45,586
Current Availability	$ 5,732
LIBOR
Line of Credit Facility [Line Items]
Variable rate	0.4295%
Bank of America | Revolving credit facility
Line of Credit Facility [Line Items]
Balance Outstanding	$ 21,894	$ 10,086
Current Availability	$ 5,732
Current Interest Rate	3.43%
Weighted Average Interest Rate	3.26%	3.11%
Variable rate	3.00%
US Bank | Revolving credit facility
Line of Credit Facility [Line Items]
Balance Outstanding	$ 23,000	$ 23,000
Current Interest Rate	2.38%
Weighted Average Interest Rate	2.19%	2.17%
Variable rate	1.95%
PNC Bank | Revolving credit facility
Line of Credit Facility [Line Items]
Balance Outstanding	$ 12,500	$ 12,500
Current Interest Rate	2.43%
Weighted Average Interest Rate	2.22%	2.19%
Variable rate	2.00%

CREDIT FACILITIES - Narrative (

CREDIT FACILITIES - Narrative (Details) - USD ($)	Dec. 27, 2013	Dec. 20, 2013	May. 23, 2013	Dec. 31, 2015	Dec. 31, 2014	May. 22, 2013
Line of Credit Facility [Line Items]
Payments of closing costs				$ 402,000	$ 4,155,000
Payment guarantee
Line of Credit Facility [Line Items]
Repayment guarantee				7,000,000
Revolving credit facility | Bank of America
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity			$ 50,000,000			$ 25,000,000
Line of credit facility collateral amount				$ 55,500,000
Line of credit facility, maximum borrowing capacity against secured collateral				50.00%
Payments of closing costs			$ 413,305
Extension fee percentage				0.25%
Weighted average borrowings				$ 13,800,000	$ 9,000,000
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%
Revolving credit facility | PNC Bank
Line of Credit Facility [Line Items]
Payments of closing costs		$ 75,000
Revolving credit facility | US Bank
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 29,700,000
Payments of closing costs	222,000
Extension fee percentage				0.25%
Revolving credit facility | US Bank | Payment guarantee
Line of Credit Facility [Line Items]
Repayment guarantee	$ 6,500,000

CREDIT FACILITIES - Principal P

CREDIT FACILITIES - Principal Payments on Revolving Credit Facilities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
2,016	$ 48,993
2,017	17,878
2,018	21,225
2,019	87,059
2,020	156,042
Thereafter	228,687
Carrying Value	562,558	$ 444,168
Revolving credit facility
Line of Credit Facility [Line Items]
2,016	0
2,017	45,053
2,018	12,341
2,019	0
2,020	0
Thereafter	0
Carrying Value	$ 57,394

DEFERRED FINANCING COSTS (Detai

DEFERRED FINANCING COSTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
DEFERRED FINANCING COSTS [Abstract]
Amortization of deferred financing costs	$ 1,839	$ 1,365
Accumulated amortization, deferred finance costs	3,200	1,500
Estimated amortization of existing deferred financing costs
2,016	1,772
2,017	1,531
2,018	1,198
2,019	937
2,020	647
Thereafter	830
Deferred financing costs, net	$ 6,915	$ 6,392

ACCUMULATED OTHER COMPREHENSI82

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Income [Rollforward]
Beginning balance	$ (266)
Ending balance	(440)	$ (266)
Net unrealized gain (loss) on derivatives
Accumulated Other Comprehensive Income [Rollforward]
Beginning balance	(266)	20
Unrealized gain/loss on designated derivative	(174)	(286)
Ending balance	$ (440)	$ (266)

CERTAIN RELATIONSHIPS AND REL83

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS - Relationship with RAI (Details)	Dec. 31, 2015USD ($)
Related Party Transaction [Line Items]
General liability loss covered	$ 25,000
Maximum
Related Party Transaction [Line Items]
General liability loss covered	1,000,000
RAI
Related Party Transaction [Line Items]
Amount of losses covered by the insurance pool	2,500,000
Amount covered by catastrophic insurance	$ 140,000,000

CERTAIN RELATIONSHIPS AND REL84

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS - Relationship with the Advisor (Details) - Advisor	12 Months Ended
	Dec. 31, 2015
Related Party Transaction [Line Items]
Agreement term	1 year
Percentage acquisition fee paid to advisor	2.00%
Multiple for calculating monthly asset management fee	8.33%
Percentage annual asset management fee	1.00%
Disposition fee	50.00%
Disposition fee, as a percentage of the contract sales price	2.75%
Debt financing fee	0.50%
Maximum reimbursement limit on gross offering proceeds	2.50%

CERTAIN RELATIONSHIPS AND REL85

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS - Relationship with Resource Real Estate Opportunity Manager (Details) - Resource Real Estate Opportunity Manager, LLC	12 Months Ended
	Dec. 31, 2015
Related Party Transaction [Line Items]
Percentage earned on gross receipts	4.50%
Condition of occupancy percentage to receive minimum fee	75.00%
Period to receive minimum fee	12 months
Construction management fee percentage	5.00%
Debt servicing fee percentage	2.75%

CERTAIN RELATIONSHIPS AND REL86

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Receivables from related parties	$ 1,421	$ 1,148
Payables to related parties	1,185	1,630
RAI
Related Party Transaction [Line Items]
Receivables from related parties	1,421	1,148
Advisor | Operating expense reimbursements
Related Party Transaction [Line Items]
Payables to related parties	286	327
Advisor | Acquisition fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	5,179	8,591
Advisor | Asset management fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	10,240	7,262
Advisor | Disposition fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	1,140	422
Advisor | Debt financing fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	697	1,623
Advisor | Overhead allocation
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	3,733	2,227
Advisor | Internal audit fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	41	0
Resource Real Estate Opportunity Manager, LLC | Operating expense reimbursements
Related Party Transaction [Line Items]
Payables to related parties	459	743
Fees earned / expenses paid to related parties	278	276
Resource Real Estate Opportunity Manager, LLC | Property management fees
Related Party Transaction [Line Items]
Payables to related parties	440	436
Fees earned / expenses paid to related parties	4,748	3,661
Resource Real Estate Opportunity Manager, LLC | Construction management fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	1,895	1,685
Resource Real Estate Opportunity Manager, LLC | Information technology fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	365	306
Resource Real Estate Opportunity Manager, LLC | Debt servicing fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	33	8
Other
Related Party Transaction [Line Items]
Payables to related parties	0	124
Ledgewood
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	169	143
Graphic Images
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	$ 59	$ 37

EQUITY - Preferred and Common S

EQUITY - Preferred and Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
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
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Shares Issued (in shares)	72,333,652	69,469,001
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Gross Proceeds	$ 697,707
Shares redeemed (in shares)	(716,535)
Total shares outstanding as of December 31 (in shares)	71,617,117
Private offering
Securities Financing Transaction [Line Items]
Shares Issued (in shares)	1,263,727
Gross Proceeds	$ 12,582
Private offering | Common Stock | Advisor
Securities Financing Transaction [Line Items]
Shares issued (in shares)	276,056
Public offering
Securities Financing Transaction [Line Items]
Shares Issued (in shares)	62,485,461
Gross Proceeds	$ 622,077
Stock dividends
Securities Financing Transaction [Line Items]
Shares Issued (in shares)	2,132,266
Gross Proceeds	$ 0
Distribution reinvestment plan
Securities Financing Transaction [Line Items]
Shares Issued (in shares)	6,436,698
Gross Proceeds, shares issued through distribution reinvestment plan	$ 62,893
Advisor
Securities Financing Transaction [Line Items]
Shares Issued (in shares)	15,500
Gross Proceeds	$ 155
Shares converted (in shares)	4,500

EQUITY - Convertible Stock (Det

EQUITY - Convertible Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
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	100.00%
Percentage non-compounded annual return	10.00%
Aggregate percentage return	10.00%

EQUITY - Redemption of Securiti

EQUITY - Redemption of Securities (Details)	12 Months Ended
	Dec. 31, 2015shares
Equity [Abstract]
Shares redeemed (in shares)	501,699
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 5%	5.00%
Period of time shares are outstanding prior to the effective date of repurchase	12 months
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

EQUITY - Distributions (Details

EQUITY - Distributions (Details) $ / shares in Units, $ in Thousands

Dec. 31, 2015USD ($)$ / shares

Nov. 30, 2015USD ($)$ / shares

Oct. 30, 2015USD ($)$ / shares

Sep. 30, 2015USD ($)$ / shares

Aug. 31, 2015USD ($)$ / shares

Jul. 31, 2015USD ($)$ / shares

Jun. 30, 2015USD ($)$ / shares

May. 29, 2015USD ($)$ / shares

Apr. 30, 2015USD ($)$ / shares

Mar. 31, 2015USD ($)$ / shares

Feb. 27, 2015USD ($)$ / shares

Jan. 30, 2015USD ($)$ / shares

Dec. 31, 2015USD ($)Distribution$ / sharesshares

Dec. 31, 2014USD ($)

Dec. 31, 2015USD ($)

Securities Financing Transaction [Line Items]

Total Aggregate Distribution

$ 42,216

Aggregate Cash Distribution

$ 13,257

Per Common Share (in dollars per share) | $ / shares

$ 0.6000

Distributions Invested in Shares of Common Stock

$ 28,959

$ 22,898

$ 51,900

Number of stock distributions (in distributions) | Distribution

12

Increase in accumulated deficit from stock distributions

$ 21,300

1/29/2015

Securities Financing Transaction [Line Items]

Total Aggregate Distribution

$ 3,461

Aggregate Cash Distribution

$ 1,070

Per Common Share (in dollars per share) | $ / shares

$ 0.05

Distributions Invested in Shares of Common Stock

$ 2,391

2/26/2015

Securities Financing Transaction [Line Items]

Total Aggregate Distribution

$ 3,473

Aggregate Cash Distribution

$ 1,081

Per Common Share (in dollars per share) | $ / shares

$ 0.05

Distributions Invested in Shares of Common Stock

$ 2,392

3/30/2015

Securities Financing Transaction [Line Items]

Total Aggregate Distribution

$ 3,480

Aggregate Cash Distribution

$ 1,080

Per Common Share (in dollars per share) | $ / shares

$ 0.05

Distributions Invested in Shares of Common Stock

$ 2,400

4/29/2015

Securities Financing Transaction [Line Items]

Total Aggregate Distribution

$ 3,492

Aggregate Cash Distribution

$ 1,084

Per Common Share (in dollars per share) | $ / shares

$ 0.05

Distributions Invested in Shares of Common Stock

$ 2,408

5/28/2015

Securities Financing Transaction [Line Items]

Total Aggregate Distribution

$ 3,506

Aggregate Cash Distribution

$ 1,088

Per Common Share (in dollars per share) | $ / shares

$ 0.05

Distributions Invested in Shares of Common Stock

$ 2,418

6/29/2015

Securities Financing Transaction [Line Items]

Total Aggregate Distribution

$ 3,516

Aggregate Cash Distribution

$ 1,093

Per Common Share (in dollars per share) | $ / shares

$ 0.05

Distributions Invested in Shares of Common Stock

$ 2,423

7/30/2015

Securities Financing Transaction [Line Items]

Total Aggregate Distribution

$ 3,527

Aggregate Cash Distribution

$ 1,103

Per Common Share (in dollars per share) | $ / shares

$ 0.05

Distributions Invested in Shares of Common Stock

$ 2,424

8/28/2015

Securities Financing Transaction [Line Items]

Total Aggregate Distribution

$ 3,535

Aggregate Cash Distribution

$ 1,119

Per Common Share (in dollars per share) | $ / shares

$ 0.05

Distributions Invested in Shares of Common Stock

$ 2,416

9/29/2015

Securities Financing Transaction [Line Items]

Total Aggregate Distribution

$ 3,541

Aggregate Cash Distribution

$ 1,124

Per Common Share (in dollars per share) | $ / shares

$ 0.05

Distributions Invested in Shares of Common Stock

$ 2,417

10/29/2015

Securities Financing Transaction [Line Items]

Total Aggregate Distribution

$ 3,552

Aggregate Cash Distribution

$ 1,134

Per Common Share (in dollars per share) | $ / shares

$ 0.05

Distributions Invested in Shares of Common Stock

$ 2,418

11/27/2015

Securities Financing Transaction [Line Items]

Total Aggregate Distribution

$ 3,564

Aggregate Cash Distribution

$ 1,137

Per Common Share (in dollars per share) | $ / shares

$ 0.05

Distributions Invested in Shares of Common Stock

$ 2,427

12/30/2015

Securities Financing Transaction [Line Items]

Total Aggregate Distribution

$ 3,569

Aggregate Cash Distribution

$ 1,144

Per Common Share (in dollars per share) | $ / shares

$ 0.05

Distributions Invested in Shares of Common Stock

$ 2,425

Dividend distribution one | Common Stock

Securities Financing Transaction [Line Items]

Number of stock distributions (in distributions) | Distribution

7

Stock distributions (in shares) | shares

0.015

Dividend distribution two | Common Stock

Securities Financing Transaction [Line Items]

Number of stock distributions (in distributions) | Distribution

2

Stock distributions (in shares) | shares

0.0075

Dividend distribution three | Common Stock

Securities Financing Transaction [Line Items]

Number of stock distributions (in distributions) | Distribution

1

Stock distributions (in shares) | shares

0.00585

Dividend distribution four | Common Stock

Securities Financing Transaction [Line Items]

Number of stock distributions (in distributions) | Distribution

2

Stock distributions (in shares) | shares

0.005

FAIR VALUE MEASURES AND DISCL91

FAIR VALUE MEASURES AND DISCLOSURES - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets:
Interest rate caps	$ 32	$ 114
Assets, Fair Value Disclosure	32	114
Level 1
Assets:
Interest rate caps	0	0
Assets, Fair Value Disclosure	0	0
Level 2
Assets:
Interest rate caps	32	114
Assets, Fair Value Disclosure	32	114
Level 3
Assets:
Interest rate caps	0	0
Assets, Fair Value Disclosure	$ 0	$ 0

FAIR VALUE MEASURES AND DISCL92

FAIR VALUE MEASURES AND DISCLOSURES - Schedule of Carrying and Fair Values (Details) $ in Thousands	Dec. 31, 2015USD ($)credit_facility	Dec. 31, 2014USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of credit facilities | credit_facility	3
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held for investment and preferred equity investment, net	$ 4,643	$ 4,985
Mortgage notes payable	(562,558)	(444,168)
Mortgage notes payable- included in other liabilities associated with rental properties held for sale	(16,443)	0
Credit facilities	(57,394)	(45,586)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held for investment and preferred equity investment, net	5,059	4,985
Mortgage notes payable	(538,986)	(450,269)
Mortgage notes payable- included in other liabilities associated with rental properties held for sale	(16,597)	0
Credit facilities	$ (57,394)	$ (45,586)

DERIVATIVES AND HEDGING ACTIV93

DERIVATIVES AND HEDGING ACTIVITIES (Details)	Dec. 31, 2015USD ($)derivative	Dec. 31, 2014USD ($)derivative
Derivatives, Fair Value [Line Items]
Amount to be reclassified to interest expense	$ 52,637
Interest Rate Caps
Derivatives, Fair Value [Line Items]
Asset Derivatives, Fair Value	$ 32,000	$ 114,000
Cash flow hedging
Derivatives, Fair Value [Line Items]
Number of Instruments | derivative	2	3
Cash flow hedging | Interest Rate Caps
Derivatives, Fair Value [Line Items]
Number of Instruments | derivative	7
Notional	$ 107,363,000

OPERATING EXPENSE LIMITATION (D

OPERATING EXPENSE LIMITATION (Details)	Dec. 31, 2015Quarter
OPERATING EXPENSE LIMITATION WAIVER [Abstract]
Average invested assets	2.00%
Net income of operating expense	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) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013Unit
Business Acquisition [Line Items]
Insurance proceeds received for casualty losses	$ 794	$ 0
Stone Ridge
Business Acquisition [Line Items]
Number of units damaged by fire | Unit			13
Insurance proceeds received for casualty losses	247	369
Chisholm Place
Business Acquisition [Line Items]
Insurance proceeds received for casualty losses	$ 160
Mosaic Apartments
Business Acquisition [Line Items]
Insurance proceeds received for casualty losses		$ 56

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent event - USD ($) $ in Millions	Feb. 17, 2016	Jan. 29, 2016	Jan. 27, 2016
Conifer Place
Subsequent Event [Line Items]
Contract Sales price			$ 42.5
Champion Farms
Subsequent Event [Line Items]
Contract Sales price		$ 7.6
Ivy at Clear Creek
Subsequent Event [Line Items]
Contract Sales price	$ 19.4

SCHEDULE III Real Estate and 97

SCHEDULE III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			$ 614,500
Initial cost to Company			966,451
Cost capitalized subsequent to acquisition			96,760
Gross Amount at which carried at close of period	$ 857,151	$ 406,149	1,063,211
Accumulated Depreciation	(45,133)	(15,776)	(77,363)
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance, beginning of the period	857,151	406,149
Additions during period:
Acquisitions	224,841	436,626
Improvements, etc.	43,018	37,384
Dispositions during the period	(61,799)	(23,008)
Balance, at close of period	1,063,211	857,151
Accumulated depreciation:
Balance, beginning of period	45,133	15,776
Sales	9,031	2,962
Disposals	652	478
Depreciation	(41,913)	(32,797)
Balance, end of period	77,363	$ 45,133
Philadelphia, PA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			15,573
Initial cost to Company			11,076
Cost capitalized subsequent to acquisition			4,283
Gross Amount at which carried at close of period	15,359		15,359
Accumulated Depreciation	(3,100)		(3,100)
Additions during period:
Balance, at close of period	15,359
Accumulated depreciation:
Balance, end of period	$ 3,100
Philadelphia, PA | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Philadelphia, PA | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Dayton, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			8,148
Initial cost to Company			8,273
Cost capitalized subsequent to acquisition			1,303
Gross Amount at which carried at close of period	$ 9,576		9,576
Accumulated Depreciation	(1,602)		(1,602)
Additions during period:
Balance, at close of period	9,576
Accumulated depreciation:
Balance, end of period	$ 1,602
Dayton, OH | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Dayton, OH | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Cincinnati, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			0
Initial cost to Company			39,341
Cost capitalized subsequent to acquisition			11,662
Gross Amount at which carried at close of period	$ 51,003		51,003
Accumulated Depreciation	(10,098)		(10,098)
Additions during period:
Balance, at close of period	51,003
Accumulated depreciation:
Balance, end of period	$ 10,098
Cincinnati, OH | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Cincinnati, OH | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Oklahoma City, OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			0
Initial cost to Company			1,961
Cost capitalized subsequent to acquisition			4,089
Gross Amount at which carried at close of period	$ 6,050		6,050
Accumulated Depreciation	(1,189)		(1,189)
Additions during period:
Balance, at close of period	6,050
Accumulated depreciation:
Balance, end of period	$ 1,189
Oklahoma City, OK | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Oklahoma City, OK | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Hermantown, MN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			10,517
Initial cost to Company			9,620
Cost capitalized subsequent to acquisition			4,861
Gross Amount at which carried at close of period	$ 14,481		14,481
Accumulated Depreciation	(1,873)		(1,873)
Additions during period:
Balance, at close of period	14,481
Accumulated depreciation:
Balance, end of period	$ 1,873
Hermantown, MN | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Hermantown, MN | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Houston, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			8,431
Initial cost to Company			11,080
Cost capitalized subsequent to acquisition			2,820
Gross Amount at which carried at close of period	$ 13,900		13,900
Accumulated Depreciation	(1,874)		(1,874)
Additions during period:
Balance, at close of period	13,900
Accumulated depreciation:
Balance, end of period	$ 1,874
Houston, TX | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Houston, TX | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Hoover, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			0
Initial cost to Company			8,064
Cost capitalized subsequent to acquisition			3,398
Gross Amount at which carried at close of period	$ 11,462		11,462
Accumulated Depreciation	(1,395)		(1,395)
Additions during period:
Balance, at close of period	11,462
Accumulated depreciation:
Balance, end of period	$ 1,395
Hoover, AL | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Hoover, AL | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Houston, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			19,013
Initial cost to Company			26,496
Cost capitalized subsequent to acquisition			3,917
Gross Amount at which carried at close of period	$ 30,413		30,413
Accumulated Depreciation	(3,306)		(3,306)
Additions during period:
Balance, at close of period	30,413
Accumulated depreciation:
Balance, end of period	$ 3,306
Houston, TX | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Houston, TX | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Winter Park, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			0
Initial cost to Company			9,494
Cost capitalized subsequent to acquisition			3,629
Gross Amount at which carried at close of period	$ 13,123		13,123
Accumulated Depreciation	(1,521)		(1,521)
Additions during period:
Balance, at close of period	13,123
Accumulated depreciation:
Balance, end of period	$ 1,521
Winter Park, FL | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Winter Park, FL | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Plano, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			23,000
Initial cost to Company			31,001
Cost capitalized subsequent to acquisition			4,373
Gross Amount at which carried at close of period	$ 35,374		35,374
Accumulated Depreciation	(3,385)		(3,385)
Additions during period:
Balance, at close of period	35,374
Accumulated depreciation:
Balance, end of period	$ 3,385
Plano, TX | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Plano, TX | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Newport News, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			12,500
Initial cost to Company			17,583
Cost capitalized subsequent to acquisition			2,293
Gross Amount at which carried at close of period	$ 19,876		19,876
Accumulated Depreciation	(1,912)		(1,912)
Additions during period:
Balance, at close of period	19,876
Accumulated depreciation:
Balance, end of period	$ 1,912
Newport News, VA | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Newport News, VA | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Littleton, CO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			22,402
Initial cost to Company			29,509
Cost capitalized subsequent to acquisition			3,043
Gross Amount at which carried at close of period	$ 32,552		32,552
Accumulated Depreciation	(2,214)		(2,214)
Additions during period:
Balance, at close of period	32,552
Accumulated depreciation:
Balance, end of period	$ 2,214
Littleton, CO | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Littleton, CO | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Westminster, CO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			18,089
Initial cost to Company			23,321
Cost capitalized subsequent to acquisition			3,276
Gross Amount at which carried at close of period	$ 26,597		26,597
Accumulated Depreciation	(2,520)		(2,520)
Additions during period:
Balance, at close of period	26,597
Accumulated depreciation:
Balance, end of period	$ 2,520
Westminster, CO | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Westminster, CO | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Alpharetta, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			20,298
Initial cost to Company			24,192
Cost capitalized subsequent to acquisition			4,837
Gross Amount at which carried at close of period	$ 29,029		29,029
Accumulated Depreciation	(2,273)		(2,273)
Additions during period:
Balance, at close of period	29,029
Accumulated depreciation:
Balance, end of period	$ 2,273
Alpharetta, GA | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Alpharetta, GA | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
San Antonio, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			13,850
Initial cost to Company			21,831
Cost capitalized subsequent to acquisition			5,510
Gross Amount at which carried at close of period	$ 27,341		27,341
Accumulated Depreciation	(2,607)		(2,607)
Additions during period:
Balance, at close of period	27,341
Accumulated depreciation:
Balance, end of period	$ 2,607
San Antonio, TX | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
San Antonio, TX | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Burnsville, MN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			0
Initial cost to Company			32,142
Cost capitalized subsequent to acquisition			3,116
Gross Amount at which carried at close of period	$ 35,258		35,258
Accumulated Depreciation	(2,570)		(2,570)
Additions during period:
Balance, at close of period	35,258
Accumulated depreciation:
Balance, end of period	$ 2,570
Burnsville, MN | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Burnsville, MN | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Louisville, KY
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			16,442
Initial cost to Company			26,632
Cost capitalized subsequent to acquisition			672
Gross Amount at which carried at close of period	$ 27,304		27,304
Accumulated Depreciation	(1,868)		(1,868)
Additions during period:
Balance, at close of period	27,304
Accumulated depreciation:
Balance, end of period	$ 1,868
Louisville, KY | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Louisville, KY | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Woodlawn, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			15,332
Initial cost to Company			19,892
Cost capitalized subsequent to acquisition			808
Gross Amount at which carried at close of period	$ 20,700		20,700
Accumulated Depreciation	(1,579)		(1,579)
Additions during period:
Balance, at close of period	20,700
Accumulated depreciation:
Balance, end of period	$ 1,579
Woodlawn, OH | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Woodlawn, OH | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Norcross, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			27,074
Initial cost to Company			33,752
Cost capitalized subsequent to acquisition			606
Gross Amount at which carried at close of period	$ 34,358		34,358
Accumulated Depreciation	(2,469)		(2,469)
Additions during period:
Balance, at close of period	34,358
Accumulated depreciation:
Balance, end of period	$ 2,469
Norcross, GA | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Norcross, GA | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Columbia, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			5,350
Initial cost to Company			5,912
Cost capitalized subsequent to acquisition			2,530
Gross Amount at which carried at close of period	$ 8,442		8,442
Accumulated Depreciation	(925)		(925)
Additions during period:
Balance, at close of period	8,442
Accumulated depreciation:
Balance, end of period	$ 925
Columbia, SC | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Columbia, SC | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Alpharetta, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			50,000
Initial cost to Company			69,111
Cost capitalized subsequent to acquisition			6,122
Gross Amount at which carried at close of period	$ 75,233		75,233
Accumulated Depreciation	(4,936)		(4,936)
Additions during period:
Balance, at close of period	75,233
Accumulated depreciation:
Balance, end of period	$ 4,936
Alpharetta, GA | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Alpharetta, GA | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Baton Rouge, LA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			27,671
Initial cost to Company			42,001
Cost capitalized subsequent to acquisition			437
Gross Amount at which carried at close of period	$ 42,438		42,438
Accumulated Depreciation	(3,385)		(3,385)
Additions during period:
Balance, at close of period	42,438
Accumulated depreciation:
Balance, end of period	$ 3,385
Baton Rouge, LA | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Baton Rouge, LA | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Plano, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			11,587
Initial cost to Company			14,562
Cost capitalized subsequent to acquisition			422
Gross Amount at which carried at close of period	$ 14,984		14,984
Accumulated Depreciation	(1,000)		(1,000)
Additions during period:
Balance, at close of period	14,984
Accumulated depreciation:
Balance, end of period	$ 1,000
Plano, TX | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Plano, TX | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Atlanta, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			17,657
Initial cost to Company			28,911
Cost capitalized subsequent to acquisition			1,628
Gross Amount at which carried at close of period	$ 30,539		30,539
Accumulated Depreciation	(1,732)		(1,732)
Additions during period:
Balance, at close of period	30,539
Accumulated depreciation:
Balance, end of period	$ 1,732
Atlanta, GA | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Atlanta, GA | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Atlanta, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			13,935
Initial cost to Company			21,796
Cost capitalized subsequent to acquisition			1,774
Gross Amount at which carried at close of period	$ 23,570		23,570
Accumulated Depreciation	(1,304)		(1,304)
Additions during period:
Balance, at close of period	23,570
Accumulated depreciation:
Balance, end of period	$ 1,304
Atlanta, GA | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Atlanta, GA | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Katy, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			23,772
Initial cost to Company			31,385
Cost capitalized subsequent to acquisition			2,721
Gross Amount at which carried at close of period	$ 34,106		34,106
Accumulated Depreciation	(1,849)		(1,849)
Additions during period:
Balance, at close of period	34,106
Accumulated depreciation:
Balance, end of period	$ 1,849
Katy, TX | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Katy, TX | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Shawnee, KS
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			13,254
Initial cost to Company			18,250
Cost capitalized subsequent to acquisition			1,073
Gross Amount at which carried at close of period	$ 19,323		19,323
Accumulated Depreciation	(1,704)		(1,704)
Additions during period:
Balance, at close of period	19,323
Accumulated depreciation:
Balance, end of period	$ 1,704
Shawnee, KS | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Shawnee, KS | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Lee's Summit, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			6,350
Initial cost to Company			11,898
Cost capitalized subsequent to acquisition			480
Gross Amount at which carried at close of period	$ 12,378		12,378
Accumulated Depreciation	(1,129)		(1,129)
Additions during period:
Balance, at close of period	12,378
Accumulated depreciation:
Balance, end of period	$ 1,129
Lee's Summit, MO | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Lee's Summit, MO | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Kansas City, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			4,111
Initial cost to Company			9,691
Cost capitalized subsequent to acquisition			680
Gross Amount at which carried at close of period	$ 10,371		10,371
Accumulated Depreciation	(955)		(955)
Additions during period:
Balance, at close of period	10,371
Accumulated depreciation:
Balance, end of period	$ 955
Kansas City, MO | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Kansas City, MO | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
San Antonio, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			23,497
Initial cost to Company			34,554
Cost capitalized subsequent to acquisition			3,698
Gross Amount at which carried at close of period	$ 38,252		38,252
Accumulated Depreciation	(1,423)		(1,423)
Additions during period:
Balance, at close of period	38,252
Accumulated depreciation:
Balance, end of period	$ 1,423
San Antonio, TX | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
San Antonio, TX | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Irving, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			35,740
Initial cost to Company			47,075
Cost capitalized subsequent to acquisition			3,424
Gross Amount at which carried at close of period	$ 50,499		50,499
Accumulated Depreciation	(2,205)		(2,205)
Additions during period:
Balance, at close of period	50,499
Accumulated depreciation:
Balance, end of period	$ 2,205
Irving, TX | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Irving, TX | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Yorktown, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			14,904
Initial cost to Company			21,204
Cost capitalized subsequent to acquisition			260
Gross Amount at which carried at close of period	$ 21,464		21,464
Accumulated Depreciation	(1,514)		(1,514)
Additions during period:
Balance, at close of period	21,464
Accumulated depreciation:
Balance, end of period	$ 1,514
Yorktown, VA | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Yorktown, VA | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Austin, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			12,682
Initial cost to Company			23,370
Cost capitalized subsequent to acquisition			1,856
Gross Amount at which carried at close of period	$ 25,226		25,226
Accumulated Depreciation	(684)		(684)
Additions during period:
Balance, at close of period	25,226
Accumulated depreciation:
Balance, end of period	$ 684
Austin, TX | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Austin, TX | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Gilbert, AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			26,280
Initial cost to Company			35,070
Cost capitalized subsequent to acquisition			1,407
Gross Amount at which carried at close of period	$ 36,477		36,477
Accumulated Depreciation	(849)		(849)
Additions during period:
Balance, at close of period	36,477
Accumulated depreciation:
Balance, end of period	$ 849
Gilbert, AZ | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Gilbert, AZ | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Orange County, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			67,500
Initial cost to Company			116,036
Cost capitalized subsequent to acquisition			(113)
Gross Amount at which carried at close of period	$ 115,923		115,923
Accumulated Depreciation	(1,779)		(1,779)
Additions during period:
Balance, at close of period	115,923
Accumulated depreciation:
Balance, end of period	$ 1,779
Orange County, CA | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Orange County, CA | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Chula Vista, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			29,541
Initial cost to Company			50,365
Cost capitalized subsequent to acquisition			(135)
Gross Amount at which carried at close of period	$ 50,230		50,230
Accumulated Depreciation	(635)		$ (635)
Additions during period:
Balance, at close of period	50,230
Accumulated depreciation:
Balance, end of period	$ 635
Chula Vista, CA | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Chula Vista, CA | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months

SCHEDULE IV Mortgage Loans on98

SCHEDULE IV Mortgage Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Mortgage Loans on Real Estate [Line Items]
Face amount of mortgages	$ 1,058
Carrying amount of mortgages	757
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	1,523
Interest accretion	23
Principal reductions	(659)
Impairments	(130)
Balance, end of the period	757
Residential Columbia City, IN
Mortgage Loans on Real Estate [Line Items]
Face amount of mortgages	1,058
Carrying amount of mortgages	757
Principal amount of loans subject to delinquent principal or interest	$ 0
Interest Rate	7.50%