Resource Real Estate Opportunity REIT (RSRL) 10-Q 14 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 08, 2016
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 Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		71,845,514

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Investments:
Rental properties, net	$ 846,980	$ 916,498
Other investments	767	4,643
Identified intangible assets, net	150	374
Assets held for sale - rental properties, net	0	69,350
Total investments	847,897	990,865
Cash	118,490	78,442
Restricted cash	9,986	9,987
Due from related parties	1,756	1,421
Tenant receivables, net	199	211
Deposits	249	230
Prepaid expenses and other assets	3,516	2,227
Goodwill	711	1,231
Other assets associated with rental properties held for sale	0	81
Total assets	982,804	1,084,695
Liabilities:
Mortgage notes payable, net	551,328	591,545
Credit facility	0	21,894
Accounts payable	3,628	1,583
Accrued expenses and other liabilities	6,357	7,932
Accrued real estate taxes	7,979	6,856
Due to related parties	1,254	1,185
Tenant prepayments	1,003	1,212
Security deposits	2,426	2,626
Other liabilities associated with rental properties held for sale	0	16,763
Total liabilities	573,975	651,596
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; 74,327,073 and 72,333,652 shares issued, respectively; and 71,628,719 and 71,617,117 shares outstanding, respectively)	716	716
Convertible stock (“promote shares”; par value $.01; 50,000 shares authorized, issued and outstanding)	1	1
Additional paid-in capital	638,434	638,335
Accumulated other comprehensive loss	(378)	(440)
Accumulated deficit	(231,370)	(213,366)
Total stockholders’ equity	407,403	425,246
Noncontrolling interests	1,426	7,853
Total equity	408,829	433,099
Total liabilities and equity	$ 982,804	$ 1,084,695

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
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)	74,327,073	72,333,652
Common stock, outstanding (in shares)	71,628,719	71,617,117
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) INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Rental income	$ 28,524	$ 30,693	$ 89,272	$ 86,514
Interest and dividend income	51	152	580	477
Total revenues	28,575	30,845	89,852	86,991
Expenses:
Rental operating - expenses	6,308	9,328	21,168	25,120
Rental operating - payroll	3,578	4,335	11,166	12,516
Rental operating - real estate taxes	2,832	3,543	9,859	9,999
Subtotal - Rental operating expenses	12,718	17,206	42,193	47,635
Acquisition costs	0	0	0	5,809
Management fees	3,811	4,126	11,898	11,306
General and administrative	2,747	3,271	9,242	10,152
Loss on disposal of assets	334	337	620	2,818
Provision for loan loss	0	0	0	130
Depreciation and amortization expense	10,828	13,108	33,167	35,464
Total expenses	30,438	38,048	97,120	113,314
Loss before other income (expense)	(1,863)	(7,203)	(7,268)	(26,323)
Other income (expense):
Net gains on dispositions of properties and joint venture interests	17,601	2,490	45,057	36,041
Interest expense	(6,154)	(5,949)	(17,509)	(16,224)
Insurance proceeds in excess of cost basis	53	0	264	407
Total other income (expense)	11,500	(3,459)	27,812	20,224
Net income (loss)	9,637	(10,662)	20,544	(6,099)
Net (income) loss attributable to noncontrolling interests	0	43	(6,306)	224
Net income (loss) attributable to stockholders	9,637	(10,619)	14,238	(5,875)
Net income (loss)	9,637	(10,662)	20,544	(6,099)
Other comprehensive (loss) income:
Reclassification adjustment for realized loss on derivative due to sale	33	0	105	0
Designated derivatives, fair value adjustments	(20)	(48)	(43)	(173)
Total other comprehensive (loss) income	13	(48)	62	(173)
Comprehensive income (loss)	9,650	(10,710)	20,606	(6,272)
Comprehensive (income) loss attributable to noncontrolling interests	0	43	(6,306)	224
Total comprehensive income (loss) attributable to stockholders	$ 9,650	$ (10,667)	$ 14,300	$ (6,048)
Weighted average common shares outstanding (in shares)	71,621	70,724	71,781	70,110
Basic and diluted loss per common share:
Net income (loss) per common share (in dollars per share)	$ 0.14	$ (0.15)	$ 0.20	$ (0.08)

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common Stock	Convertible Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	Noncontrolling interests
Beginning balance at Dec. 31, 2015	$ 433,099	$ 425,246	$ 716	$ 1	$ 638,335	$ (440)	$ (213,366)	$ 7,853
Beginning balance (in shares) at Dec. 31, 2015	71,617,117		71,617,000	50,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued through distribution reinvestment plan	$ 21,480	21,480	$ 20		21,460
Common stock issued through distribution reinvestment plan (in shares)	2,000,000		1,994,000
Distributions on common stock	$ (32,242)	(32,242)					(32,242)
Common stock redemptions	$ (21,381)	(21,381)	$ (20)		(21,361)
Common stock redemptions (in shares)	(1,981,819)		(1,982,000)
Other comprehensive income	$ 62	62				62
Deconsolidation of subsidiaries	(3,613)							(3,613)
Distribution to noncontrolling interests	(9,120)							(9,120)
Net income	20,544	14,238					14,238	6,306
Ending balance at Sep. 30, 2016	$ 408,829	$ 407,403	$ 716	$ 1	$ 638,434	$ (378)	$ (231,370)	$ 1,426
Ending balance (in shares) at Sep. 30, 2016	71,628,719		71,629,000	50,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net income (loss)	$ 20,544	$ (6,099)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Loss on disposal of assets	620	2,818
Casualty losses	324	1,081
Provision for loan loss	0	130
Loss on extinguishment of debt	854	0
Net gains on dispositions of properties and joint venture interests	(45,057)	(36,041)
Depreciation and amortization	33,167	35,464
Amortization of deferred financing costs	1,758	1,378
Amortization of debt premium (discount)	(364)	(602)
Realized loss on change in fair value of interest rate cap	105	0
Accretion of discount and direct loan fees and costs	(33)	(29)
Changes in operating assets and liabilities, net of acquisitions:
Restricted cash	(1,860)	(1,828)
Tenant receivables, net	(55)	214
Deposits	(52)	(10)
Prepaid expenses and other assets	(954)	377
Due to/from related parties, net	(408)	215
Accounts payable and accrued expenses	(369)	2,665
Tenant prepayments	(153)	(176)
Security deposits	156	97
Net cash provided by (used in) operating activities	8,223	(346)
Cash flows from investing activities:
Proceeds from disposal of properties and joint venture interests, net of closing costs	80,173	60,258
Property acquisitions	0	(96,953)
Insurance proceeds received for casualty losses	1,916	0
Acquisition of preferred equity interest	(408)	0
Resolution of preferred equity interest	4,300	0
Capital expenditures	(20,213)	(29,230)
Restricted cash	655	(454)
Principal payments received on loans held for investment	17	596
Net cash provided by (used in) investing activities	66,440	(65,783)
Cash flows from financing activities:
Redemptions of common stock	(21,381)	(3,943)
Payment of deferred financing costs	(1,670)	(402)
Increase in borrowings on mortgages	110,690	26,280
Principal payments on borrowings on mortgages	(80,403)	(4,419)
Proceeds from borrowings on credit facility	12,500	32,918
Payments on credit facility	(34,394)	(20,288)
Distributions paid on common stock	(10,762)	(9,842)
Contributions of noncontrolling interests	0	151
Purchase of interest rate caps	(75)	(90)
Distributions to noncontrolling interests	(9,120)	0
Net cash (used in) provided by financing activities	(34,615)	20,365
Net increase (decrease) in cash	40,048	(45,764)
Cash at beginning of period	78,442	140,129
Cash at end of period	$ 118,490	$ 94,365

NATURE OF BUSINESS AND OPERATIO

NATURE OF BUSINESS AND OPERATIONS	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF BUSINESS AND OPERATIONS	NOTE 1 - 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”) has been engaged to manage the day-to-day operations of the Company. On September 8, 2016, RAI was acquired by C-III Capital Partners LLC ("C-III"), a leading commercial real estate services company engaged in a broad range of activities. C-III controls our Advisor, Resource Securities, Inc. ("Resource Securities"), the Company's dealer manager, and Resource Real Estate Opportunity Manager, LLC, the Company's property manager; C-III also controls all of the shares of common stock held by RAI. 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. During the nine months ended September 30, 2016 , the Company additionally issued 2.0 million shares for $21.5 million pursuant to its distribution reinvestment plan. The Company's distribution reinvestment plan offering is ongoing. The Company has acquired, and may continue to acquire, real estate-related debt and equity. 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 possibly 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 (referred to as “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. The consolidated financial statements and the information and tables contained in the notes to the consolidated financial statements are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). However, in the opinion of management, these interim financial statements include all the necessary adjustments to fairly present the results of the interim periods presented. The consolidated balance sheet as of December 31, 2015 was derived from the audited consolidated financial statements as of and for the year ended December 31, 2015 . The unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . The results of operations for the nine months ended September 30, 2016 may not necessarily be indicative of the results of operations for the full year ending December 31, 2016 .

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - 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 Iroquois, LP (“Vista”) Vista Apartment Homes 133 Philadelphia, PA RRE Iroquois Holdings, LLC N/A 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 N/A (a) N/A Cincinnati, OH RRE Park Forest Holdings, LLC ("Park Forest") Mosaic 216 Oklahoma City, OK RRE Deerfield Holdings, LLC ("Deerfield") Deerfield 166 Hermantown, MN 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 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 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 Holdings, 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 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 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 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 Holdings, 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 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") Point Bonita Apartment Homes 295 Chula Vista, CA RRE Yorba Linda Holdings, LLC ("Yorba Linda") Yorba Linda 400 Yorba Linda, CA 8,498 Subsidiaries related to disposed investments: RRE Crestwood Holdings, LLC (“Crestwood”) (c)(f) N/A N/A RRE 107th Avenue Holdings, LLC (“107th Avenue”) (c)(f) N/A N/A RRE Westhollow Holdings, LLC (“Westhollow”) (c) N/A N/A RRE Campus Club Holdings, LLC (“Campus Club”) (c) N/A N/A RRE Bristol Holdings, LLC (“Bristol”) (c)(f) N/A N/A RRE Skyview Holdings, LLC ("Skyview") (c)(f) N/A N/A RRE Foxwood Holdings, LLC ("Foxwood") (c)(f) N/A N/A RRE Flagstone Holdings, LLC ("Flagstone") (c)(f) N/A N/A RRE Kenwick Canterbury Holdings, LLC ("Kenwick & Canterbury") (c) N/A N/A RRE Armand Place Holdings, LLC ("Armand") (d)(f) N/A N/A PRIP 5060/6310, LLC ("Governor Park") (b)(c)(f) N/A N/A PRIP 3700, LLC ("Champion Farms") (b)(d) N/A N/A PRIP 6700, LLC ("Hilltop Village") (b)(c)(f) N/A N/A PRIP 3383, LLC ("Conifer Place") (b)(d) N/A N/A RRE Nob Hill Holdings, LLC ("Nob Hill") (d) N/A N/A RRE Spring Hill Holdings, LLC ("Spring Hill") (e) N/A N/A PRIP 10637, LLC ("Fieldstone") (b)(d) N/A N/A RRE Jasmine Holdings, LLC ("Jasmine") (d) N/A N/A N/A - Not Applicable (a) - Subsidiary holds a portion of the Williamsburg parking lot (b) - Wholly-owned subsidiary of RRE Charlemagne Holdings, LLC (c) - Underlying investment sold prior to 2016 (d) - Underlying investment sold in 2016 (e) - Underlying investment resolved in 2016 (f) - Subsidiary was dissolved prior to September 30, 2016 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) 70.0% Champion Farms N/A Louisville, KY Glenwood Housing Partners I, LLC (2) 83.0% Fieldstone N/A Woodlawn, OH FPA/PRIP Conifer, LLC (3) 42.5% Conifer Place N/A Norcross, GA DT Stone Ridge, LLC 83.4% Stone Ridge 188 Columbia, SC (1) On January 29, 2016, the Company sold its joint venture interest in Champion Farms to its joint venture partner. As such, the Company deconsolidated the entity as of January 29, 2016. The Company has no continuing involvement with this joint venture. (See Note 6) (2) On June 30, 2016, the Company sold its joint venture interest in Fieldstone to its joint venture partner. As such, the Company deconsolidated the entity as of June 30, 2016. The Company has no continuing involvement with this joint venture. (See Note 6) (3) On January 27, 2016, the Company and its joint venture partner sold Conifer Place, which resulted in the deconsolidation of the entity as of January 27, 2016. (See Note 6) The Company's preferred equity investment was a VIE for which the Company had determined it was not the primary beneficiary; therefore, the Company did not consolidate the entity. The Company was not considered the primary beneficiary of the preferred equity investee because it did not possess the unilateral power to direct the key activities of investee that were considered most significant. The preferred equity investment was sold during 2016 and the Company has no further continuing involvement with the investee. Additional information with respect to the preferred equity investment is disclosed in Note 5. Use of Estimates The preparation of the consolidated financial statements in conformity with 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 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. At December 31, 2015 , the Company had three rental properties included in assets held for sale. At September 30, 2016 , the Company had no rental properties included in assets held for sale. Rental Properties The Company records acquired rental properties at fair value on their respective acquisition date. The Company considers the period of future benefit of an asset to determine its appropriate useful life and depreciates the rental properties 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 of $1,000 are capitalized when they have a useful life greater than or equal to one year. Resource Real Estate Opportunity Manager, LLC (the “Manager”), an affiliate of the Advisor, earns a construction management fee of 5% 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. 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 a property 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 charges during the three and nine months ended September 30, 2016 and 2015 . 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 recorded its preferred equity investments at amortized cost. Investments carried at amortized cost were evaluated for impairment at each reporting date. When an investment was impaired and that impairment was considered other than temporary, the amount of the loss accrual was calculated by comparing the carrying amount of the investment to its estimated fair value. This investment was repaid in full on June 6, 2016 (See Note 5). Dividend income was 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. Debt Modification and Extinguishment During the nine months ended September 30, 2016 , the Company refinanced four loans. A refinancing transaction in which the issuance of new debt with a new lender and the concurrent satisfaction of an existing loan with an unrelated lender is considered an extinguishment. An exchange of debt instruments with the same lender with substantially different terms is also considered an extinguishment. However, if the terms are not substantially different, then the exchange is considered a modification. The Company calculates the change in the present values of the old debt instruments and the new debt instruments to determine if the terms were substantially different. If the financing transactions is determined to be a extinguishment, the old debt is derecognized and the new debt is recorded at fair value. Unamortized deferred loan costs and new fees paid to the lender are expensed and fees paid to third parties on the new debt are capitalized. If the financing transaction is determined to be a modification, unamortized loan costs and new fees paid to the lender continue to be amortized over the new term and fees paid to third parties are expensed. 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 future minimum rental payments to be received from noncancelable operating leases for residential rental properties are $57.6 million and $152,000 for the 12 month periods ending September 30, 2017 and 2018 , respectively, and none thereafter. The future minimum rental payments to be received from noncancelable operating leases for commercial rental properties and antenna rentals are $341,000 , $226,000 , $151,000 , $95,000 , $7,000 , and $0 for the 12 month periods ending September 30, 2017 , 2018 , 2019 , 2020 , 2021 , and thereafter, respectively. Revenue is primarily derived from the rental of residential housing units, however, included within rental income is other income such as pet fees, parking fees, and late fees, as well as property operating expense reimbursements due from tenants for common area maintenance, real estate taxes and other recoverable costs. The Company records the ancillary charges in the period in which they are earned or received and records the reimbursements in the period in which the related expenses are incurred. Total other income included within rental income was $2.7 million and $2.6 million for the three months ended September 30, 2016 and 2015 , respectively. Total other income included within rental income was $8.3 million and $7.6 million for the nine months ended September 30, 2016 and 2015 , respectively. Tenant Receivables Tenant receivables are stated in the financial statements as 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 September 30, 2016 and December 31, 2015 , there were allowances for uncollectible receivables of $4,500 and $24,100 , 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 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 taxable REIT subsidiaries (“TRS”). In general, the Company’s TRSs may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business. A TRS is subject to U.S. federal, state and local corporate income taxes. As of September 30, 2016 and December 31, 2015 , 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 2012 and prior. Earnings Per Share Basic earnings per share is calculated on the basis of the weighted-average number of common shares outstanding during the year. Basic earnings per share is computed by dividing income available to common stockholders by the weighted-average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted to common stock. None of the 50,000 shares of convertible stock (discussed in Note 12 ) are included in the diluted earnings per share calculations because the necessary conditions for conversion have not been satisfied as of September 30, 2016 (were such date to represent the end of the contingency period). Reclassifications Certain amounts in the prior year financial statements have been reclassified to conform to the current-year presentation. The Company has reclassified $406,000 and $1.4 million of payroll expenses from General and Administrative to Rental Operating for the three and nine months ended September 30, 2015, respectively. The impact of the reclassifications made to prior year amounts are not material and did not affect net income. In accordance with the adoption of Financial Accounting Standards Board ("FASB") Accounting Standards Update (“ASU”) 2015-03, "Simplifying the Presentation of Debt Issuance Costs", the Company has reclassified $6.5 million of unamortized debt issuance costs at December 31, 2015 from assets to liabilities as a direct reduction of the related mortgage notes payable. In addition, deferred finance costs related to the Company's credit facility were reclassified from deferred financing costs to prepaid and other assets (See Note 9 ). Adoption of New Accounting Standards 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. On January 1, 2016, the Company adopted ASU No. 2015-01 and the adoption had no impact on the Company's consolidated financial statements. In February 2015, FASB issued ASU No. 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. On January 1, 2016, the Company adopted ASU No. 2015-02 and the adoption did not have a significant impact on the Company's consolidated financial statements. In April 2015, FASB issued ASU No. 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. On January 1, 2016, the Company adopted ASU No. 2015-03. Upon adoption, the Company applied the new guidance on a retrospective basis and adjusted the balance sheet of each individual period presented to reflect the period-specific effects of applying the new guidance. The Company has reclassified $6.5 million of unamortized debt issuance costs at December 31, 2015 from assets to liabilities as a direct reduction of the related mortgage notes payable. In August 2015, FASB issued ASU No. 2015-15, "Interest - Imputation of Interest", which clarifies that debt issuance costs associated with line of credit arrangements may continue to be accounted for as assets and not as a direct deduction from the carrying amount of the debt liabilities. On January 1, 2016, the Company adopted ASU No. 2015-15. Upon adoption, deferred finance costs related to the Company's credit facility were reclassified to prepaid expenses and other assets (See Note 9 ). In September 2015, FASB issued ASU No. 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. On January 1, 2016, the Company adopted ASU No. 2015-16 and the adoption had no impact on its consolidated financial statements. Accounting Standards Issued But Not Yet Effective In May 2014, FASB issued 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 statements. 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 finan

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
	Sep. 30, 2016
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	NOTE 3 - SUPPLEMENTAL CASH FLOW INFORMATION The following table presents the Company's supplemental cash flow information (in thousands): Nine Months Ended September 30, 2016 2015 Non-cash financing and investing activities: Stock issued from the distribution reinvestment plan $ 21,480 $ 21,689 Deferred financing costs and escrow deposits funded directly by mortgage notes and credit facility 933 10,709 Non-cash activity related to sales: Deconsolidation of subsidiary and removal of related mortgage note payable and non-controlling interest 35,152 — Mortgage notes payable settled with proceeds from sale of property 55,720 — Assets and liabilities assumed in acquisitions: Mortgage notes payable and other liabilities assumed in acquisition of rental property — 40,284 Cash paid during the period for: Interest $ 15,454 $ 15,172

RENTAL PROPERTIES, NET

RENTAL PROPERTIES, NET	9 Months Ended
	Sep. 30, 2016
Real Estate Investments, Net [Abstract]
RENTAL PROPERTIES, NET	NOTE 4 - RENTAL PROPERTIES, NET The following table presents the Company’s investments in rental properties (in thousands): September 30, December 31, Land $ 169,019 $ 180,533 Building and improvements 738,843 775,239 Furniture, fixtures and equipment 30,739 28,928 Construction in progress 5,337 2,949 943,938 987,649 Less: accumulated depreciation (96,958 ) (71,151 ) $ 846,980 $ 916,498 Depreciation expense for the three and nine months ended September 30, 2016 was $10.8 million and $32.9 million , respectively, and for the three and nine months ended September 30, 2015 was $11.3 million and $30.6 million , respectively. During the three months ended December 31, 2015 , the Company entered into agreements to sell two rental properties, Conifer Place and Ivy at Clear Creek, with a net book value of $43.9 million . The Company confirmed the intent and ability to sell both properties in their present condition and both properties qualified for held for sale accounting treatment upon meeting all applicable criteria prior to December 31, 2015 , at which time depreciation ceased. As such, the assets associated with these properties were separately classified and included as assets held for sale on the Company's consolidated balance sheet at December 31, 2015 . However, the 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 both Conifer Place and Ivy at Clear Creek during the three months ended March 31, 2016 (see Note 6 ). 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 were reclassified to held for sale as of December 31, 2015 in the consolidated balance sheet. In January 2016, the Company deconsolidated the entity (see Note 6 ). Loss on disposal of assets. During the three and nine months ended September 30, 2016 , the Company recorded losses of $334,000 and $620,000 , respectively. During the three and nine months ended September 30, 2015 , the Company recorded losses of $337,000 and $2.8 million , respectively. All losses on disposals of assets were related to the replacement of appliances at its rental properties in conjunction with unit upgrades.

OTHER INVESTMENTS

OTHER INVESTMENTS	9 Months Ended
	Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]
OTHER INVESTMENTS	NOTE 5 - OTHER INVESTMENTS The following table presents the Company's components of other investments (in thousands): September 30, 2016 December 31, 2015 Loan held for investment, net $ 767 $ 757 Preferred equity investment, net — 3,886 $ 767 $ 4,643 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. An unaffiliated limited liability company, Presidium AMC Spring Hill Venture, LLC, ("Presidium"), a Texas limited liability company, owned the common equity and acted as the managing member of the Investment Vehicle. In October 2015 and March 2016, the Company increased its investment by $800,000 . The Company was paid a dividend equal to 12% of the total amount invested, of which 7% was paid monthly and the remaining amount was accrued and was to be paid when the property cash flow allowed for the repayment. This investment was repaid in full on June 6, 2016. In conjunction with the payoff, the Company received an exit fee of $230,000 , which is included in interest and dividend income in the Company's consolidated statement of operations. Loan held for investment: 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, Peterson and Heatherwood Notes were resolved in prior years. The following table presents the aging of the Company’s remaining loan held for investment, net (in thousands): September 30, 2016 December 31, 2015 Current $ 767 $ 757 Delinquent: 30−89 days — — 90−180 days — — Greater than 180 days — — $ 767 $ 757 The following table presents information about the credit quality of the Company’s remaining loan held for investment, net (in thousands): September 30, 2016 December 31, 2015 Performing $ 767 $ 757 Nonperforming — — Total $ 767 $ 757 The following table presents details of the balance and terms of the Company's remaining loan held for investment at September 30, 2016 and December 31, 2015 (in thousands): September 30, 2016 December 31, 2015 Unpaid principal balance $ 964 $ 981 Unamortized discount (204 ) (231 ) Deferred expenses, net 7 7 Net book value $ 767 $ 757 Maturity date 10/28/2021 Interest rate 7.5% Average monthly payment $ 8

DISPOSITION OF PROPERTIES AND D

DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS	NOTE 6 - DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS The following table presents details of the Company's disposition and deconsolidation activity during the three and nine months ended September 30, 2016 and 2015 (in thousands): Net Gains on Dispositions of Properties and Joint Venture Interests Multifamily Community Location Sale Date Contract Sales Price Three months ended September 30, 2016 Nine months ended September 30, 2016 2016 Dispositions: Conifer Place (1) Norcross, Georgia January 27, 2016 $ 42,500 $ — $ 9,897 Champion Farms (2) Louisville, Kentucky January 29, 2016 7,590 — 1,066 The Ivy at Clear Creek Houston, Texas February 17, 2016 19,400 — 6,792 Affinity at Winter Park Winter Park, Florida June 9, 2016 17,500 — 5,605 Fieldstone (3) Woodland, Ohio June 30, 2016 7,514 — 4,096 The Nesbit Palisades Alpharetta, Georgia July 8, 2016 45,500 17,601 17,601 $ 17,601 $ 45,057 2015 Dispositions: Three months ended September 30, 2015 Nine months ended September 30, 2015 The Alcove Apartments Houston, Texas January 26, 2015 $ 11,050 $ — $ 3,784 107th Avenue Apartments Omaha, Nebraska January 29, 2015 250 — 50 The Redford Apartments Houston, Texas February 27, 2015 32,959 — 15,303 Cityside Apartments Houston, Texas March 2, 2015 24,500 — 10,028 One Hundred Chevy Chase Lexington, Kentucky June 30, 2015 13,500 — 4,386 The Reserve at Mt. Moriah Memphis, Tennessee September 18, 2015 5,425 2,490 2,490 $ 2,490 $ 36,041 (1) On January 27, 2016, the Company and its joint venture partner sold Conifer Place, which resulted in the deconsolidation of the entity as of January 27, 2016. Net gains on disposition of properties and joint venture interests includes $6.2 million attributable to noncontrolling interests. (2) On January 29, 2016, the Company sold its joint venture interest in Champion Farms to its joint venture partner. As such, the Company deconsolidated the entity as of January 29, 2016. The Company has no continuing involvement with this joint venture. (3) On June 30, 2016, the Company sold its joint venture interest in Fieldstone to its joint venture partner. As such, the Company deconsolidated the entity as of June 30, 2016. The Company has no continuing involvement with this joint venture. The following table presents the Company's revenues and net income (loss) attributable to properties sold, which includes gain on sale, for the three and nine months ended September 30, 2016 and 2015 (in thousands): Revenues Attributable to Properties Sold Net Income (Loss) Attributable to Properties Sold Multifamily Community Three months ended September 30, 2016 Nine months ended September 30, 2016 Three months ended September 30, 2016 Nine months ended September 30, 2016 2016 Dispositions: Conifer Place (1) $ — $ 365 $ — $ 9,942 Champion Farms — 220 — 1,125 The Ivy at Clear Creek — 386 2 6,629 Affinity at Winter Park 2 1,010 (1 ) 5,747 Fieldstone — 1,548 — 4,325 The Nesbit Palisades 167 2,615 17,273 17,742 $ 169 $ 6,144 $ 17,274 $ 45,510 2015 Dispositions: Three months ended September 30, 2015 Nine months ended September 30, 2015 Three months ended September 30, 2015 Nine months ended September 30, 2015 The Alcove Apartments $ — $ 199 $ 9 $ 3,819 107th Avenue Apartments — 3 — 50 The Redford Apartments — 1,274 (18 ) 15,652 Cityside Apartments — 701 (30 ) 10,280 One Hundred Chevy Chase (6 ) 826 (80 ) 4,028 The Reserve at Mt. Moriah 361 1,156 2,279 2,234 $ 355 $ 4,159 $ 2,160 $ 36,063 (1) On January 27, 2016, the Company and its joint venture partner sold Conifer Place, which resulted in the deconsolidation of the entity as of January 27, 2016. Net income (loss) attributable to properties sold presented in table includes $6.3 million attributable to noncontrolling interests. The following table presents a rollforward of the Company's activity in goodwill for the nine months ended September 30, 2016 (in thousands): Balance, January 1, 2016 $ 1,231 Sale of Conifer Place, Champion Farms, and Fieldstone (520 ) Balance, September 30, 2016 $ 711

IDENTIFIED INTANGIBLE ASSETS, N

IDENTIFIED INTANGIBLE ASSETS, NET	9 Months Ended
	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
IDENTIFIED INTANGIBLE ASSETS, NET	NOTE 7 - IDENTIFIED INTANGIBLE ASSETS, NET Identified intangible assets, net, relate to in-place apartment unit rental and antennae leases. As of September 30, 2016 , all identified intangible assets related to apartment unit rental leases have been fully amortized. The net carrying value of the acquired in-place leases totaled $150,000 and $374,000 as of September 30, 2016 and December 31, 2015 , respectively, net of accumulated amortization of $24.3 million and $28.4 million , respectively. The weighted-average remaining life of the acquired apartment unit rental leases was zero months and one month as of September 30, 2016 and December 31, 2015 , respectively. Expected amortization for the antennae leases at the Vista Apartment Homes is $16,000 annually through 2025. Amortization of the apartment unit rental and antennae leases for the three and nine months ended September 30, 2016 was $4,000 and $224,000 , respectively. Amortization of the apartment unit rental and antennae leases for the three and nine months ended September 30, 2015 was $1.9 million and $4.8 million , respectively. The following table presents the Company's expected amortization for the antennae leases for the next five 12-month periods ending September 30, and thereafter (in thousands): 2017 $ 16 2018 16 2019 16 2020 16 2021 16 Thereafter 70 $ 150

MORTGAGE NOTES PAYABLE, NET

MORTGAGE NOTES PAYABLE, NET	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
MORTGAGE NOTES PAYABLE, NET	NOTE 8 - MORTGAGE NOTES PAYABLE, NET The following table presents a summary of the Company's mortgage notes payable, net (in thousands): September 30, 2016 December 31, 2015 Collateral Outstanding Borrowings Premium (Discount) Deferred finance costs, net Carrying Value Outstanding Borrowings Premium (Discount) Deferred finance costs, net Carrying Value Vista Apartment Homes $ 15,312 $ — $ (187 ) $ 15,125 $ 15,573 $ — $ (216 ) $ 15,357 Cannery Lofts 8,024 — (109 ) 7,915 8,148 — (131 ) 8,017 Deerfield 10,400 — (133 ) 10,267 10,517 — (159 ) 10,358 The Ivy at Clear Creek — — — — 8,431 — (136 ) 8,295 Trailpoint at the Woodlands 18,771 — (231 ) 18,540 19,013 — (257 ) 18,756 Verona Apartment Homes 32,970 — (546 ) 32,424 22,402 — (179 ) 22,223 Skyview Apartment Homes 28,400 — (474 ) 27,926 18,089 — (148 ) 17,941 The Nesbit Palisades — — — — 20,298 — (309 ) 19,989 Maxwell Townhomes 13,666 — (145 ) 13,521 13,850 — (167 ) 13,683 Fieldstone — — — — 15,332 — (37 ) 15,295 Pinehurst 4,002 — — 4,002 4,111 — — 4,111 Pheasant Run 6,250 57 (12 ) 6,295 6,250 100 (20 ) 6,330 Retreat of Shawnee 12,944 104 (28 ) 13,020 13,090 164 (44 ) 13,210 Conifer Place — — — — 27,074 — — 27,074 Evergreen at Coursey Place 27,221 106 (102 ) 27,225 27,548 123 (120 ) 27,551 Pines of York 15,068 (315 ) (59 ) 14,694 15,267 (363 ) (69 ) 14,835 The Estates at Johns Creek 49,839 — (435 ) 49,404 50,000 — (526 ) 49,474 Chisholm Place 11,587 — (148 ) 11,439 11,587 — (163 ) 11,424 Perimeter Circle 17,389 — (157 ) 17,232 17,657 — (202 ) 17,455 Perimeter 5550 13,724 — (130 ) 13,594 13,935 — (167 ) 13,768 Aston at Cinco Ranch 23,472 — (284 ) 23,188 23,772 — (328 ) 23,444 Sunset Ridge 1 19,808 277 (221 ) 19,864 20,121 329 (261 ) 20,189 Sunset Ridge 2 2,962 38 (28 ) 2,972 3,002 45 (34 ) 3,013 Calloway at Las Colinas 35,252 — (322 ) 34,930 35,740 — (372 ) 35,368 South Lamar Village 12,498 — (144 ) 12,354 12,682 — (184 ) 12,498 Heritage Pointe 26,280 — (338 ) 25,942 26,280 — (370 ) 25,910 Yorba Linda 67,500 — (711 ) 66,789 67,500 — (860 ) 66,640 Point Bonita Apartment Homes 27,000 2,043 (351 ) 28,692 27,265 2,276 (391 ) 29,150 Stone Ridge 5,258 — (136 ) 5,122 5,350 — (153 ) 5,197 The Westside Apartments 36,820 — (201 ) 36,619 23,000 — (351 ) 22,649 Tech Center Square 12,438 — (205 ) 12,233 12,500 — (159 ) 12,341 $ 554,855 $ 2,310 $ (5,837 ) $ 551,328 $ 595,384 $ 2,674 $ (6,513 ) $ 591,545 The following table presents additional information about the Company's mortgage notes payable, net (in thousands, except percentages): Collateral Maturity Date Annual Interest Rate Average Monthly Debt Service Average Monthly Escrow Vista Apartment Homes 1/1/2022 2.82% (1)(5) $65 $16 Cannery Lofts 9/1/2020 3.83% (1)(5) 40 26 Deerfield 11/1/2020 4.66% (2)(5) 54 29 Trailpoint at the Woodlands 11/1/2023 2.94% (1)(4) 69 67 Verona Apartment Homes 10/1/2026 2.89% (1)(3) 110 38 Skyview Apartment Homes 10/1/2026 2.89% (1)(3) 95 22 Maxwell Townhomes 1/1/2022 4.32% (2)(5) 71 63 Pinehurst 1/1/2017 3.03% (5)(6) 23 12 Pheasant Run 10/1/2017 5.95% (2)(3) 31 15 Retreat of Shawnee 2/1/2018 5.58% (2)(5) 78 28 Evergreen at Coursey Place 8/1/2021 5.07% (2)(5) 154 48 Pines of York 12/1/2021 4.46% (2)(5) 80 37 The Estates at Johns Creek 7/1/2020 3.38% (2)(3) 221 102 Chisholm Place 6/1/2024 2.92% (1)(3) 40 38 Perimeter Circle 7/1/2019 3.42% (2)(5) 81 53 Perimeter 5550 7/1/2019 3.42% (2)(5) 64 41 Aston at Cinco Ranch 10/1/2021 4.34% (2)(5) 120 63 Sunset Ridge 1 11/1/2020 4.58% (2)(5) 113 91 Sunset Ridge 2 11/1/2020 4.54% (2)(5) 16 — Calloway at Las Colinas 12/1/2021 3.87% (2)(5) 171 113 South Lamar Village 8/1/2019 3.64% (2)(5) 59 46 Heritage Pointe 4/1/2025 2.41% (1)(3) 90 44 Yorba Linda 6/1/2020 2.28% (1)(3) 160 — Point Bonita Apartment Homes 10/1/2023 5.33% (2)(5) 152 38 Stone Ridge 12/1/2022 2.39% (1)(5) 21 17 The Westside Apartments 9/1/2026 2.65% (1)(3) 129 68 Tech Center Square 6/1/2023 3.11% (1)(5) 53 25 (1) Variable rate based on one-month LIBOR of 0.5311% (as of September 30, 2016 ) plus a fixed margin. (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) On January 1, 2016, this loan automatically extended for one year at a variable rate based on one-month LIBOR plus a fixed margin. Loans assumed as part of the Point Bonita Apartment Homes, South Lamar Village, Paladin (Fieldstone, Pinehurst, Pheasant Run, Retreat of Shawnee, Conifer Place, Evergreen at Coursey Place, Pines of York), Sunset Ridge and Maxwell Townhomes acquisitions were recorded at their fair values. The premium or discount is amortized over the remaining term of the loans and included in interest expense. For the three months ended September 30, 2016 and 2015 , interest expense was reduced by $122,000 and $228,000 , respectively, for the amortization of the premium or discount. For the nine months ended September 30, 2016 and 2015 , interest expense was reduced by $364,000 and $602,000 , respectively, 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 September 30, 2016 and December 31, 2015 , the Company had $10.0 million of restricted cash related to escrow deposits held by mortgage lenders for real estate taxes, insurance and capital reserves. The following table presents the Company's annual principal payments on the mortgage notes payable, excluding the amortization of the premium or discount, for each of the next five 12-month periods ending September 30, and thereafter (in thousands): 2017 $ 10,731 2018 26,314 2019 49,913 2020 127,002 2021 61,776 Thereafter 279,119 $ 554,855 The following table presents the Company's annual amortization of the premium or discount for each of the next five 12-month periods ending September 30, and thereafter (in thousands): 2017 $ 481 2018 366 2019 334 2020 329 2021 252 Thereafter 548 $ 2,310 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 for renovations to The Estates at Johns Creek by July 1, 2018, of which $6.9 million were completed at September 30, 2016 . 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 mortgage loan includes a net worth and liquidity covenant. The Company was in compliance with all covenants related to this loan at September 30, 2016 . The loan also includes an additional debt service coverage covenant that is only required to be met as of December 31, 2017 and periods thereafter. On December 20, 2013 , the Company, through a wholly-owned subsidiary, entered into a loan ("Tech Center Loan") with PNC Bank, National Association. The Company provided a repayment guarantee of all interest and scheduled monthly principal payments (excluding the final payment at maturity for the outstanding balance). In March 2016, the Company amended the loan, removing any additional borrowing capacity and requiring monthly principal repayments beginning April 1, 2016. The interest rate on the loan was also increased from one-month LIBOR plus 2.0% to one-month LIBOR plus 2.25% . On May 3, 2016, the existing loan was repaid in full and was refinanced with a different lender. On December 27, 2013 , the Company, through a wholly-owned subsidiary, entered into a loan ("Westside Loan") with U.S. Bank National Association for $29.7 million . The Company could draw the remaining $6.7 million when certain debt service coverage and loan to value criteria were met. Amounts repaid on the loan could not be reborrowed. The Company had provided a $6.5 million repayment guarantee. On September 1, 2016, the existing loan was repaid in full and was refinanced with a different lender. In addition to Tech Center Square and The Westside Apartments, the Company refinanced the loans on Verona Apartment Homes and Skyview Apartment Homes. As a result, $714,000 and $854,000 of loss on extinguishment of debt was included in interest expense on the consolidated statement of operations for the three and nine months ended September 30, 2016 , respectively. Deferred financing costs incurred to obtain financing are amortized over the term of the related debt. During the three months ended September 30, 2016 and September 30, 2015 , $622,000 and $402,000 , respectively, of amortization of deferred financing costs was included in interest expense. During the nine months ended September 30, 2016 and September 30, 2015 , $1.6 million and $1.1 million , respectively, of amortization of deferred financing costs was included in interest expense. Accumulated amortization as of both September 30, 2016 and December 31, 2015 was $2.4 million . Estimated amortization of the existing deferred financing costs for the next five 12-month periods ending September 30, and thereafter, is as follows (in thousands): 2017 $ 1,194 2018 1,151 2019 1,085 2020 855 2021 526 Thereafter 1,026 $ 5,837

CREDIT FACILITY

CREDIT FACILITY	9 Months Ended
	Sep. 30, 2016
Line of Credit Facility [Abstract]
CREDIT FACILITY	NOTE 9 - CREDIT FACILITY The following table presents a summary of the Company's credit facility (in thousands, except percentages): Weighted Average Interest Rate Balance Current Availability at Balance Maturity Interest Rate Basis (1) Current Three months ended September 30, Nine Months Ended Lender September 30, 2016 December 31, 2015 2016 2015 2016 2015 Bank of America $ — $ 20,894 21,894 5/23/2017 LIBOR plus 3% 3.53% 3.47% 3.20% 3.44% 3.20% (1) Variable rate based on one-month LIBOR of 0.5311% (as of September 30, 2016 ). Draws under the secured revolving credit facility (the “Bank of America Credit Facility”) with Bank of America, N.A. (“Bank of America”) are secured by certain of the Company's properties with an aggregate value of $42.0 million as of September 30, 2016 and are guaranteed by the Company. Weighted average borrowings for the three months ended September 30, 2016 and 2015 were $593,000 and $20.9 million , respectively. Weighted average borrowings for the nine months ended September 30, 2016 and 2015 were $9.0 million and $11.3 million , respectively. The Bank of America Credit Facility, as amended, matures on May 23, 2017 , and may be extended to May 23, 2019 subject to satisfaction of certain conditions and payment of an extension fee equal to 0.25% of the amount committed under the Bank of America Credit Facility. The Company is required to make monthly interest-only payments. The Company also may prepay the Bank of America Credit Facility in whole or in part at any time without premium or penalty. The 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 the lesser of (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. In addition to the covenants above, after 36 months from the date of an initial advance on any property, the property must satisfy debt service coverage requirements. This covenant will go into effect during the three months ended December 31, 2016 . The Company was in compliance with all loan covenants at September 30, 2016 . The Company has $122,000 and $389,000 of deferred finance costs included in prepaid expenses and other assets on the consolidated balance sheets related to the Bank of America Credit Facility as of September 30, 2016 and December 31, 2015 , respectively, which is being amortized over the term of the debt. During the three months ended September 30, 2016 and 2015 , $48,000 and $70,000 , respectively, of amortization of deferred finance costs was included in interest expense related to this facility. During the nine months ended September 30, 2016 and 2015 , $268,000 and $257,000 , respectively, of amortization of deferred finance costs was included in interest expense related to this facility. Estimated amortization of the existing deferred financing costs is $122,000 for the 12-month period ending September 30, 2017 and none thereafter. As of September 30, 2016 , there are no principal payments required by the credit facility for the 12-month period ending September 30, 2017 .

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	NOTE 10 - ACCUMULATED OTHER COMPREHENSIVE LOSS The following table presents the changes in each component of the Company's accumulated other comprehensive loss for the nine months ended September 30, 2016 (in thousands): Balance, January 1, 2016 $ (440 ) Reclassification adjustment for realized loss on designated derivative 105 Unrealized loss on designated derivatives (43 ) Balance, September 30, 2016 $ (378 )

CERTAIN RELATIONSHIPS AND RELAT

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS	NOTE 11 - 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 On September 8, 2016, RAI was acquired by C-III. As a result, C-III now controls the Advisor and all of the shares currently held by RAI. Self-insurance funds held in escrow . 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 pools on its books. The pool for the property insurance covers losses up to $2.5 million and the pool for the general liability covers losses up to the first $50,000 per incident. 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. During the nine months ended September 30, 2016 , the Company paid $1.7 million into the insurance pools. Internal audit . 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, 2016. 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 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 and overhead allocation. 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. Reimbursements also include expenses the Advisor incurs in connection with providing services to the Company, including the Company’s allocable share of costs for Advisor personnel and overhead, out of pocket expenses incurred in connection with the selection and acquisition of properties or other real estate related debt investments, whether or not the Company ultimately acquires the investment. However, the Company will not reimburse the Advisor or its affiliates for employee costs in connection with services for which the Advisor earns acquisition or disposition fees. Relationship with Resource Real Estate Opportunity Manager The Manager manages the Company's real estate properties and real estate-related debt investments and coordinates the leasing of, and manages construction activities related to, some of the Company’s real estate properties pursuant to the terms of the management agreement with the Manager. Property management fees. The Manager 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 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, but as of September 8, 2016 is no longer the Chairman of RAI. Until March 2006, an 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, but as of September 8, 2016 is no longer an executive 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 following table presents the Company's amounts payable to/receivable from related parties (in thousands): September 30, December 31, Due from related parties: RAI and affiliates $ 1,756 $ 1,421 Due to related parties: Advisor: Operating expense reimbursements $ — $ 286 Resource Real Estate Opportunity Manager, LLC: Property management fees 709 440 Other operating expense reimbursements 545 459 $ 1,254 $ 1,185 The following table presents the Company's fees earned/expenses paid to related parties (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Fees earned / expenses paid to related parties: Advisor: Acquisition fees (1) $ — $ — $ 8 $ 5,169 Asset management fees (2) $ 2,543 $ 2,770 $ 7,924 $ 7,479 Disposition fees (3) $ 273 $ 109 $ 686 $ 1,140 Debt financing fees (4) $ 166 $ — $ 166 $ 670 Overhead allocation (5) $ 1,033 $ 817 $ 3,475 $ 2,639 Internal audit (5) $ 43 $ 9 $ 43 $ 23 Resource Real Estate Opportunity Manager LLC: Property management fees (2) $ 1,267 $ 1,246 $ 3,872 $ 3,484 Construction management fees (6) $ 246 $ 587 $ 738 $ 1,426 Information technology fees (5) $ 101 $ 61 $ 317 $ 233 Operating expense reimbursements (7) $ 56 $ 48 $ 186 $ 186 Debt servicing fees (2) $ — $ 4 $ 14 $ 29 Other: Ledgewood (5) $ 44 $ 8 $ 74 $ 152 Graphic Images (5) $ 23 $ 33 $ 83 $ 55 (1) Included in Acquisition costs on the consolidated statements of operations and comprehensive (loss) income. (2) Included in Management fees on the consolidated statements of operations and comprehensive (loss) income. (3) Included in Net gains on dispositions of properties and joint venture interests on the consolidated statements of operations and comprehensive (loss) income. (4) Included in Mortgage notes payable, net, on the consolidated balance sheets. (5) Included in General and administrative costs on the consolidated statements of operations and comprehensive (loss) income. (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 comprehensive (loss) income.

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
EQUITY	NOTE 12 - EQUITY Preferred Stock The Company’s charter authorizes the Company to issue 10.0 million shares of its $0.01 par value preferred stock. As of September 30, 2016 and December 31, 2015 , no shares of preferred stock were issued and outstanding. Common Stock As of September 30, 2016 , the Company had issued 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 8,430,119 84,369 Shares issued in conjunction with the Advisor's initial investment, 15,500 155 Total 74,327,073 $ 719,183 Shares redeemed (2,698,354 ) Total shares outstanding as of September 30, 2016 71,628,719 (1) Includes 276,056 shares issued to the Advisor. Convertible Stock As of September 30, 2016 and December 31, 2015 , 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. Each of these two events is a “Triggering Event.” Upon a Triggering Event, the Company's convertible stock will, unless its advisory agreement has been terminated or not renewed on account of a material breach by its Advisor, generally be converted into a number of shares of common stock equal to 1 / 50,000 of the quotient of: (A) the lesser of (i) 25% of the amount, if any, by which (1) the value of the Company as of the date of the event triggering the conversion plus the total distributions paid to its stockholders through such date on the then-outstanding shares of its common stock exceeds (2) the sum of the aggregate issue price of those outstanding shares plus a 10% cumulative, non-compounded, annual return on the issue price of those outstanding shares as of the date of the event triggering the conversion, or (ii) 15% of the amount, if any, by which (1) the value of the Company as of the date of the event triggering the conversion plus the total distributions paid to its stockholders through such date on the then-outstanding shares of its common stock exceeds (2) the sum of the aggregate issue price of those outstanding shares plus a 6% cumulative, non-compounded, annual return on the issue price of those outstanding shares as of the date of the event triggering the conversion, divided by (B) the value of the Company divided by the number of outstanding shares of common stock, in each case, as of the date of the event triggering the conversion. Redemption of Securities During the three and nine months ended September 30, 2016 , the Company redeemed 519,736 and 1,981,819 of its common shares, respectively. 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. All redemption requests tendered were honored during the three and nine months ended September 30, 2016 . 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 nine months ended September 30, 2016 , the Company paid aggregate distributions of $32.2 million , including $10.8 million of distributions paid in cash and $21.5 million of distributions reinvested in shares of common stock through the Company's distribution reinvestment plan, as follows (in thousands): Record Date Per Common Distribution Date Distributions Aggregate Total January 28, 2016 $0.05 January 29, 2016 $ 2,423 $ 1,151 $ 3,574 February 26, 2016 0.05 February 29, 2016 2,418 1,167 3,585 March 30, 2016 0.05 March 31, 2016 2,415 1,172 3,587 April 28, 2016 0.05 April 29, 2016 2,414 1,181 3,595 May 27, 2016 0.05 June 3, 2016 2,380 1,226 3,606 June 29, 2016 0.05 June 30, 2016 2,357 1,208 3,565 July 28, 2016 0.05 July 29, 2016 2,359 1,215 3,574 August 30, 2016 0.05 August 31, 2016 2,363 1,222 3,585 September 29, 2016 0.05 September 30, 2016 2,351 1,220 3,571 $0.45 $ 21,480 $ 10,762 $ 32,242

FAIR VALUE MEASURES AND DISCLOS

FAIR VALUE MEASURES AND DISCLOSURES	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE MEASURES AND DISCLOSURES	NOTE 13 - 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 in prepaid expenses and other assets 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 (in thousands): Level 1 Level 2 Level 3 Total September 30, 2016 Assets: Interest rate caps $ — $ 39 $ — $ 39 $ — $ 39 $ — $ 39 December 31, 2015 Assets: Interest rate caps $ — $ 32 $ — $ 32 $ — $ 32 $ — $ 32 The carrying and fair values of the Company’s loan held for investment, net, preferred equity investment, mortgage notes payable-outstanding borrowings, mortgage note payable -included in other liabilities associated with rental properties held for sale and credit facilities were as follows (in thousands): September 30, 2016 December 31, 2015 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Loan held for investment, net $ 767 $ 1,122 $ 757 $ 1,151 Preferred equity investment $ — $ — $ 3,886 $ 3,908 Mortgage notes payable- outstanding borrowings $ (554,855 ) $ (547,272 ) $ (595,384 ) $ (573,693 ) Mortgage note payable- included in other liabilities associated with rental properties held for sale $ — $ — $ (16,443 ) $ (16,597 ) Credit facility $ — $ — $ (21,894 ) $ (21,894 ) The fair values of the loan held for investment, net and preferred equity investment were estimated using rates available to the Company for debt with similar terms and remaining maturities (Level 3). The carrying amount of the mortgage notes payable presented is the outstanding borrowings excluding premium or discount and deferred finance costs, net. The fair value of the mortgage notes payable was estimated using rates available to the Company for debt with similar terms and remaining maturities (Level 3). The fair value of the credit facility equals the carrying amounts because the variable interest rate is considered a market rate (Level 3).

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND HEDGING ACTIVITIES	NOTE 14 - 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 served 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 a total of 11 interest rate caps that were designated as cash flow hedges. 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 three and nine months ended September 30, 2016 and the year ended December 31, 2015 , 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 nine months ended September 30, 2016 , the Company had a loss of $32,553 due to hedge ineffectiveness related to the sale of The Nesbit Palisades and $72,388 due to hedge ineffectiveness related to the sale of Ivy at Clear Creek. 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. As of September 30, 2016 , 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 11 $ 218,053 January 1, 2018 to October 1, 2020 Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet The following table presents the fair value of the Company’s derivative financial instruments on the consolidated balance sheets as of September 30, 2016 and December 31, 2015 (in thousands): Asset Derivatives Liability Derivatives September 30, 2016 December 31, 2015 September 30, 2016 December 31, 2015 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Prepaid expenses and other assets $ 39 Prepaid expenses and other assets $ 32 — $ — — $ —

OPERATING EXPENSE LIMITATION

OPERATING EXPENSE LIMITATION	9 Months Ended
	Sep. 30, 2016
OPERATING EXPENSE LIMITATION WAIVER [Abstract]
OPERATING EXPENSE LIMITATION	NOTE 15 - 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 September 30, 2016 were in compliance with the charter imposed limitation.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 16 - SUBSEQUENT EVENTS On October 31, 2016, the Company's Board of Directors declared a $0.05 per share cash distribution to its common stockholders of record at the close of business on that day. Such distribution was paid on November 1, 2016. On October 14, 2016, the Company refinanced the mortgage note payable secured by Pinehurst. The Company increased the mortgage note payable by $3.4 million as a result of the refinance. On October 31, 2016, the Company refinanced the mortgage note payable secured by Cannery Lofts. The Company increased the mortgage note payable by $4.9 million as a result of the refinance. 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.

SUMMARY OF SIGNIFICANT ACCOUN23

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Principles of Consolidation	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 Iroquois, LP (“Vista”) Vista Apartment Homes 133 Philadelphia, PA RRE Iroquois Holdings, LLC N/A 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 N/A (a) N/A Cincinnati, OH RRE Park Forest Holdings, LLC ("Park Forest") Mosaic 216 Oklahoma City, OK RRE Deerfield Holdings, LLC ("Deerfield") Deerfield 166 Hermantown, MN 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 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 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 Holdings, 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 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 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 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 Holdings, 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 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") Point Bonita Apartment Homes 295 Chula Vista, CA RRE Yorba Linda Holdings, LLC ("Yorba Linda") Yorba Linda 400 Yorba Linda, CA 8,498 Subsidiaries related to disposed investments: RRE Crestwood Holdings, LLC (“Crestwood”) (c)(f) N/A N/A RRE 107th Avenue Holdings, LLC (“107th Avenue”) (c)(f) N/A N/A RRE Westhollow Holdings, LLC (“Westhollow”) (c) N/A N/A RRE Campus Club Holdings, LLC (“Campus Club”) (c) N/A N/A RRE Bristol Holdings, LLC (“Bristol”) (c)(f) N/A N/A RRE Skyview Holdings, LLC ("Skyview") (c)(f) N/A N/A RRE Foxwood Holdings, LLC ("Foxwood") (c)(f) N/A N/A RRE Flagstone Holdings, LLC ("Flagstone") (c)(f) N/A N/A RRE Kenwick Canterbury Holdings, LLC ("Kenwick & Canterbury") (c) N/A N/A RRE Armand Place Holdings, LLC ("Armand") (d)(f) N/A N/A PRIP 5060/6310, LLC ("Governor Park") (b)(c)(f) N/A N/A PRIP 3700, LLC ("Champion Farms") (b)(d) N/A N/A PRIP 6700, LLC ("Hilltop Village") (b)(c)(f) N/A N/A PRIP 3383, LLC ("Conifer Place") (b)(d) N/A N/A RRE Nob Hill Holdings, LLC ("Nob Hill") (d) N/A N/A RRE Spring Hill Holdings, LLC ("Spring Hill") (e) N/A N/A PRIP 10637, LLC ("Fieldstone") (b)(d) N/A N/A RRE Jasmine Holdings, LLC ("Jasmine") (d) N/A N/A N/A - Not Applicable (a) - Subsidiary holds a portion of the Williamsburg parking lot (b) - Wholly-owned subsidiary of RRE Charlemagne Holdings, LLC (c) - Underlying investment sold prior to 2016 (d) - Underlying investment sold in 2016 (e) - Underlying investment resolved in 2016 (f) - Subsidiary was dissolved prior to September 30, 2016 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) 70.0% Champion Farms N/A Louisville, KY Glenwood Housing Partners I, LLC (2) 83.0% Fieldstone N/A Woodlawn, OH FPA/PRIP Conifer, LLC (3) 42.5% Conifer Place N/A Norcross, GA DT Stone Ridge, LLC 83.4% Stone Ridge 188 Columbia, SC (1) On January 29, 2016, the Company sold its joint venture interest in Champion Farms to its joint venture partner. As such, the Company deconsolidated the entity as of January 29, 2016. The Company has no continuing involvement with this joint venture. (See Note 6) (2) On June 30, 2016, the Company sold its joint venture interest in Fieldstone to its joint venture partner. As such, the Company deconsolidated the entity as of June 30, 2016. The Company has no continuing involvement with this joint venture. (See Note 6) (3) On January 27, 2016, the Company and its joint venture partner sold Conifer Place, which resulted in the deconsolidation of the entity as of January 27, 2016. (See Note 6) The Company's preferred equity investment was a VIE for which the Company had determined it was not the primary beneficiary; therefore, the Company did not consolidate the entity. The Company was not considered the primary beneficiary of the preferred equity investee because it did not possess the unilateral power to direct the key activities of investee that were considered most significant.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with 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 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 on their respective acquisition date. The Company considers the period of future benefit of an asset to determine its appropriate useful life and depreciates the rental properties 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 of $1,000 are capitalized when they have a useful life greater than or equal to one year. Resource Real Estate Opportunity Manager, LLC (the “Manager”), an affiliate of the Advisor, earns a construction management fee of 5% 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.
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 a property 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 recorded its preferred equity investments at amortized cost. Investments carried at amortized cost were evaluated for impairment at each reporting date. When an investment was impaired and that impairment was considered other than temporary, the amount of the loss accrual was calculated by comparing the carrying amount of the investment to its estimated fair value. This investment was repaid in full on June 6, 2016 (See Note 5). Dividend income was recognized when earned based on the contractual terms of the preferred equity agreement.
Allocation of 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.
Debt Modification and Extinguishment	The Company calculates the change in the present values of the old debt instruments and the new debt instruments to determine if the terms were substantially different. If the financing transactions is determined to be a extinguishment, the old debt is derecognized and the new debt is recorded at fair value. Unamortized deferred loan costs and new fees paid to the lender are expensed and fees paid to third parties on the new debt are capitalized. If the financing transaction is determined to be a modification, unamortized loan costs and new fees paid to the lender continue to be amortized over the new term and fees paid to third parties are expensed.
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 future minimum rental payments to be received from noncancelable operating leases for residential rental properties are $57.6 million and $152,000 for the 12 month periods ending September 30, 2017 and 2018 , respectively, and none thereafter. The future minimum rental payments to be received from noncancelable operating leases for commercial rental properties and antenna rentals are $341,000 , $226,000 , $151,000 , $95,000 , $7,000 , and $0 for the 12 month periods ending September 30, 2017 , 2018 , 2019 , 2020 , 2021 , and thereafter, respectively. Revenue is primarily derived from the rental of residential housing units, however, included within rental income is other income such as pet fees, parking fees, and late fees, as well as property operating expense reimbursements due from tenants for common area maintenance, real estate taxes and other recoverable costs. The Company records the ancillary charges in the period in which they are earned or received and records the reimbursements in the period in which the related expenses are incurred.
Tenant Receivables	Tenant Receivables Tenant receivables are stated in the financial statements as 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 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 taxable REIT subsidiaries (“TRS”). In general, the Company’s TRSs may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business. A TRS is subject to U.S. federal, state and local corporate income taxes. As of September 30, 2016 and December 31, 2015 , 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.
Earnings Per Share	Earnings Per Share Basic earnings per share is calculated on the basis of the weighted-average number of common shares outstanding during the year. Basic earnings per share is computed by dividing income available to common stockholders by the weighted-average common shares outstanding during the period. Diluted earnings per share takes 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 Company has reclassified $406,000 and $1.4 million of payroll expenses from General and Administrative to Rental Operating for the three and nine months ended September 30, 2015, respectively. The impact of the reclassifications made to prior year amounts are not material and did not affect net income.
Adoption of New Accounting Standards	Adoption of New Accounting Standards 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. On January 1, 2016, the Company adopted ASU No. 2015-01 and the adoption had no impact on the Company's consolidated financial statements. In February 2015, FASB issued ASU No. 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. On January 1, 2016, the Company adopted ASU No. 2015-02 and the adoption did not have a significant impact on the Company's consolidated financial statements. In April 2015, FASB issued ASU No. 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. On January 1, 2016, the Company adopted ASU No. 2015-03. Upon adoption, the Company applied the new guidance on a retrospective basis and adjusted the balance sheet of each individual period presented to reflect the period-specific effects of applying the new guidance. The Company has reclassified $6.5 million of unamortized debt issuance costs at December 31, 2015 from assets to liabilities as a direct reduction of the related mortgage notes payable. In August 2015, FASB issued ASU No. 2015-15, "Interest - Imputation of Interest", which clarifies that debt issuance costs associated with line of credit arrangements may continue to be accounted for as assets and not as a direct deduction from the carrying amount of the debt liabilities. On January 1, 2016, the Company adopted ASU No. 2015-15. Upon adoption, deferred finance costs related to the Company's credit facility were reclassified to prepaid expenses and other assets (See Note 9 ). In September 2015, FASB issued ASU No. 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. On January 1, 2016, the Company adopted ASU No. 2015-16 and the adoption had no impact on its consolidated financial statements. Accounting Standards Issued But Not Yet Effective In May 2014, FASB issued 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 statements. 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. ASU No. 2014-15 will be 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 February 2016, 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 No. 2016-02 will be effective for the Company beginning January 1, 2019. The Company is evaluating this guidance; however, it does not expect the adoption of ASU No. 2016-02 to have a significant impact on its consolidated financial statements. In June 2016, FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses”, which requires measurement and recognition of expected credit losses for financial assets held. ASU No. 2016-13 will be effective for the Company beginning January 1, 2019. The Company is evaluating this guidance; however, it does not expect the adoption of ASU No. 2016-13 to have a significant impact on its consolidated financial statements. In August 2016, FASB issued ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments", which addresses eight specific cash flow issues with the objective of reducing existing diversity in practice. ASU No. 2016-15 will be effective for the Company beginning January 1, 2018. Early application is permitted. The Company is evaluating this guidance; however, it does not expect the adoption of ASU No. 2016-15 to have a significant impact on its consolidated cash flows.

SUMMARY OF SIGNIFICANT ACCOUN24

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2016
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 Iroquois, LP (“Vista”) Vista Apartment Homes 133 Philadelphia, PA RRE Iroquois Holdings, LLC N/A 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 N/A (a) N/A Cincinnati, OH RRE Park Forest Holdings, LLC ("Park Forest") Mosaic 216 Oklahoma City, OK RRE Deerfield Holdings, LLC ("Deerfield") Deerfield 166 Hermantown, MN 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 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 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 Holdings, 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 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 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 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 Holdings, 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 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") Point Bonita Apartment Homes 295 Chula Vista, CA RRE Yorba Linda Holdings, LLC ("Yorba Linda") Yorba Linda 400 Yorba Linda, CA 8,498 Subsidiaries related to disposed investments: RRE Crestwood Holdings, LLC (“Crestwood”) (c)(f) N/A N/A RRE 107th Avenue Holdings, LLC (“107th Avenue”) (c)(f) N/A N/A RRE Westhollow Holdings, LLC (“Westhollow”) (c) N/A N/A RRE Campus Club Holdings, LLC (“Campus Club”) (c) N/A N/A RRE Bristol Holdings, LLC (“Bristol”) (c)(f) N/A N/A RRE Skyview Holdings, LLC ("Skyview") (c)(f) N/A N/A RRE Foxwood Holdings, LLC ("Foxwood") (c)(f) N/A N/A RRE Flagstone Holdings, LLC ("Flagstone") (c)(f) N/A N/A RRE Kenwick Canterbury Holdings, LLC ("Kenwick & Canterbury") (c) N/A N/A RRE Armand Place Holdings, LLC ("Armand") (d)(f) N/A N/A PRIP 5060/6310, LLC ("Governor Park") (b)(c)(f) N/A N/A PRIP 3700, LLC ("Champion Farms") (b)(d) N/A N/A PRIP 6700, LLC ("Hilltop Village") (b)(c)(f) N/A N/A PRIP 3383, LLC ("Conifer Place") (b)(d) N/A N/A RRE Nob Hill Holdings, LLC ("Nob Hill") (d) N/A N/A RRE Spring Hill Holdings, LLC ("Spring Hill") (e) N/A N/A PRIP 10637, LLC ("Fieldstone") (b)(d) N/A N/A RRE Jasmine Holdings, LLC ("Jasmine") (d) N/A N/A N/A - Not Applicable (a) - Subsidiary holds a portion of the Williamsburg parking lot (b) - Wholly-owned subsidiary of RRE Charlemagne Holdings, LLC (c) - Underlying investment sold prior to 2016 (d) - Underlying investment sold in 2016 (e) - Underlying investment resolved in 2016 (f) - Subsidiary was dissolved prior to September 30, 2016 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) 70.0% Champion Farms N/A Louisville, KY Glenwood Housing Partners I, LLC (2) 83.0% Fieldstone N/A Woodlawn, OH FPA/PRIP Conifer, LLC (3) 42.5% Conifer Place N/A Norcross, GA DT Stone Ridge, LLC 83.4% Stone Ridge 188 Columbia, SC (1) On January 29, 2016, the Company sold its joint venture interest in Champion Farms to its joint venture partner. As such, the Company deconsolidated the entity as of January 29, 2016. The Company has no continuing involvement with this joint venture. (See Note 6) (2) On June 30, 2016, the Company sold its joint venture interest in Fieldstone to its joint venture partner. As such, the Company deconsolidated the entity as of June 30, 2016. The Company has no continuing involvement with this joint venture. (See Note 6) (3) On January 27, 2016, the Company and its joint venture partner sold Conifer Place, which resulted in the deconsolidation of the entity as of January 27, 2016. (See Note 6)
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 INFORM25

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2016
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	The following table presents the Company's supplemental cash flow information (in thousands): Nine Months Ended September 30, 2016 2015 Non-cash financing and investing activities: Stock issued from the distribution reinvestment plan $ 21,480 $ 21,689 Deferred financing costs and escrow deposits funded directly by mortgage notes and credit facility 933 10,709 Non-cash activity related to sales: Deconsolidation of subsidiary and removal of related mortgage note payable and non-controlling interest 35,152 — Mortgage notes payable settled with proceeds from sale of property 55,720 — Assets and liabilities assumed in acquisitions: Mortgage notes payable and other liabilities assumed in acquisition of rental property — 40,284 Cash paid during the period for: Interest $ 15,454 $ 15,172

RENTAL PROPERTIES, NET (Tables)

RENTAL PROPERTIES, NET (Tables)	9 Months Ended
	Sep. 30, 2016
Real Estate Investments, Net [Abstract]
Summary of Investments in Rental Properties	The following table presents the Company’s investments in rental properties (in thousands): September 30, December 31, Land $ 169,019 $ 180,533 Building and improvements 738,843 775,239 Furniture, fixtures and equipment 30,739 28,928 Construction in progress 5,337 2,949 943,938 987,649 Less: accumulated depreciation (96,958 ) (71,151 ) $ 846,980 $ 916,498

OTHER INVESTMENTS (Tables)

OTHER INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Components of Investments	The following table presents the Company's components of other investments (in thousands): September 30, 2016 December 31, 2015 Loan held for investment, net $ 767 $ 757 Preferred equity investment, net — 3,886 $ 767 $ 4,643
Aging of Loan Held for Investment	The following table presents the aging of the Company’s remaining loan held for investment, net (in thousands): September 30, 2016 December 31, 2015 Current $ 767 $ 757 Delinquent: 30−89 days — — 90−180 days — — Greater than 180 days — — $ 767 $ 757
Schedule of Credit Quality of Loan Held for Investment, Net	The following table presents information about the credit quality of the Company’s remaining loan held for investment, net (in thousands): September 30, 2016 December 31, 2015 Performing $ 767 $ 757 Nonperforming — — Total $ 767 $ 757
Terms of Loan Held for Investment	The following table presents details of the balance and terms of the Company's remaining loan held for investment at September 30, 2016 and December 31, 2015 (in thousands): September 30, 2016 December 31, 2015 Unpaid principal balance $ 964 $ 981 Unamortized discount (204 ) (231 ) Deferred expenses, net 7 7 Net book value $ 767 $ 757 Maturity date 10/28/2021 Interest rate 7.5% Average monthly payment $ 8

DISPOSITION OF PROPERTIES AND28

DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS (Tables)	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Summary of Disposition Activity	The following table presents details of the Company's disposition and deconsolidation activity during the three and nine months ended September 30, 2016 and 2015 (in thousands): Net Gains on Dispositions of Properties and Joint Venture Interests Multifamily Community Location Sale Date Contract Sales Price Three months ended September 30, 2016 Nine months ended September 30, 2016 2016 Dispositions: Conifer Place (1) Norcross, Georgia January 27, 2016 $ 42,500 $ — $ 9,897 Champion Farms (2) Louisville, Kentucky January 29, 2016 7,590 — 1,066 The Ivy at Clear Creek Houston, Texas February 17, 2016 19,400 — 6,792 Affinity at Winter Park Winter Park, Florida June 9, 2016 17,500 — 5,605 Fieldstone (3) Woodland, Ohio June 30, 2016 7,514 — 4,096 The Nesbit Palisades Alpharetta, Georgia July 8, 2016 45,500 17,601 17,601 $ 17,601 $ 45,057 2015 Dispositions: Three months ended September 30, 2015 Nine months ended September 30, 2015 The Alcove Apartments Houston, Texas January 26, 2015 $ 11,050 $ — $ 3,784 107th Avenue Apartments Omaha, Nebraska January 29, 2015 250 — 50 The Redford Apartments Houston, Texas February 27, 2015 32,959 — 15,303 Cityside Apartments Houston, Texas March 2, 2015 24,500 — 10,028 One Hundred Chevy Chase Lexington, Kentucky June 30, 2015 13,500 — 4,386 The Reserve at Mt. Moriah Memphis, Tennessee September 18, 2015 5,425 2,490 2,490 $ 2,490 $ 36,041 (1) On January 27, 2016, the Company and its joint venture partner sold Conifer Place, which resulted in the deconsolidation of the entity as of January 27, 2016. Net gains on disposition of properties and joint venture interests includes $6.2 million attributable to noncontrolling interests. (2) On January 29, 2016, the Company sold its joint venture interest in Champion Farms to its joint venture partner. As such, the Company deconsolidated the entity as of January 29, 2016. The Company has no continuing involvement with this joint venture. (3) On June 30, 2016, the Company sold its joint venture interest in Fieldstone to its joint venture partner. As such, the Company deconsolidated the entity as of June 30, 2016. The Company has no continuing involvement with this joint venture. The following table presents the Company's revenues and net income (loss) attributable to properties sold, which includes gain on sale, for the three and nine months ended September 30, 2016 and 2015 (in thousands): Revenues Attributable to Properties Sold Net Income (Loss) Attributable to Properties Sold Multifamily Community Three months ended September 30, 2016 Nine months ended September 30, 2016 Three months ended September 30, 2016 Nine months ended September 30, 2016 2016 Dispositions: Conifer Place (1) $ — $ 365 $ — $ 9,942 Champion Farms — 220 — 1,125 The Ivy at Clear Creek — 386 2 6,629 Affinity at Winter Park 2 1,010 (1 ) 5,747 Fieldstone — 1,548 — 4,325 The Nesbit Palisades 167 2,615 17,273 17,742 $ 169 $ 6,144 $ 17,274 $ 45,510 2015 Dispositions: Three months ended September 30, 2015 Nine months ended September 30, 2015 Three months ended September 30, 2015 Nine months ended September 30, 2015 The Alcove Apartments $ — $ 199 $ 9 $ 3,819 107th Avenue Apartments — 3 — 50 The Redford Apartments — 1,274 (18 ) 15,652 Cityside Apartments — 701 (30 ) 10,280 One Hundred Chevy Chase (6 ) 826 (80 ) 4,028 The Reserve at Mt. Moriah 361 1,156 2,279 2,234 $ 355 $ 4,159 $ 2,160 $ 36,063 (1) On January 27, 2016, the Company and its joint venture partner sold Conifer Place, which resulted in the deconsolidation of the entity as of January 27, 2016. Net income (loss) attributable to properties sold presented in table includes $6.3 million attributable to noncontrolling interests.
Roll Forward of Goodwill Activity	The following table presents a rollforward of the Company's activity in goodwill for the nine months ended September 30, 2016 (in thousands): Balance, January 1, 2016 $ 1,231 Sale of Conifer Place, Champion Farms, and Fieldstone (520 ) Balance, September 30, 2016 $ 711

IDENTIFIED INTANGIBLE ASSETS,29

IDENTIFIED INTANGIBLE ASSETS, NET (Tables)	9 Months Ended
	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Expected Amortization of Rental and Antennae Leases	The following table presents the Company's expected amortization for the antennae leases for the next five 12-month periods ending September 30, and thereafter (in thousands): 2017 $ 16 2018 16 2019 16 2020 16 2021 16 Thereafter 70 $ 150

MORTGAGE NOTES PAYABLE, NET (Ta

MORTGAGE NOTES PAYABLE, NET (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Summary of Mortgage Notes Payable	The following table presents a summary of the Company's mortgage notes payable, net (in thousands): September 30, 2016 December 31, 2015 Collateral Outstanding Borrowings Premium (Discount) Deferred finance costs, net Carrying Value Outstanding Borrowings Premium (Discount) Deferred finance costs, net Carrying Value Vista Apartment Homes $ 15,312 $ — $ (187 ) $ 15,125 $ 15,573 $ — $ (216 ) $ 15,357 Cannery Lofts 8,024 — (109 ) 7,915 8,148 — (131 ) 8,017 Deerfield 10,400 — (133 ) 10,267 10,517 — (159 ) 10,358 The Ivy at Clear Creek — — — — 8,431 — (136 ) 8,295 Trailpoint at the Woodlands 18,771 — (231 ) 18,540 19,013 — (257 ) 18,756 Verona Apartment Homes 32,970 — (546 ) 32,424 22,402 — (179 ) 22,223 Skyview Apartment Homes 28,400 — (474 ) 27,926 18,089 — (148 ) 17,941 The Nesbit Palisades — — — — 20,298 — (309 ) 19,989 Maxwell Townhomes 13,666 — (145 ) 13,521 13,850 — (167 ) 13,683 Fieldstone — — — — 15,332 — (37 ) 15,295 Pinehurst 4,002 — — 4,002 4,111 — — 4,111 Pheasant Run 6,250 57 (12 ) 6,295 6,250 100 (20 ) 6,330 Retreat of Shawnee 12,944 104 (28 ) 13,020 13,090 164 (44 ) 13,210 Conifer Place — — — — 27,074 — — 27,074 Evergreen at Coursey Place 27,221 106 (102 ) 27,225 27,548 123 (120 ) 27,551 Pines of York 15,068 (315 ) (59 ) 14,694 15,267 (363 ) (69 ) 14,835 The Estates at Johns Creek 49,839 — (435 ) 49,404 50,000 — (526 ) 49,474 Chisholm Place 11,587 — (148 ) 11,439 11,587 — (163 ) 11,424 Perimeter Circle 17,389 — (157 ) 17,232 17,657 — (202 ) 17,455 Perimeter 5550 13,724 — (130 ) 13,594 13,935 — (167 ) 13,768 Aston at Cinco Ranch 23,472 — (284 ) 23,188 23,772 — (328 ) 23,444 Sunset Ridge 1 19,808 277 (221 ) 19,864 20,121 329 (261 ) 20,189 Sunset Ridge 2 2,962 38 (28 ) 2,972 3,002 45 (34 ) 3,013 Calloway at Las Colinas 35,252 — (322 ) 34,930 35,740 — (372 ) 35,368 South Lamar Village 12,498 — (144 ) 12,354 12,682 — (184 ) 12,498 Heritage Pointe 26,280 — (338 ) 25,942 26,280 — (370 ) 25,910 Yorba Linda 67,500 — (711 ) 66,789 67,500 — (860 ) 66,640 Point Bonita Apartment Homes 27,000 2,043 (351 ) 28,692 27,265 2,276 (391 ) 29,150 Stone Ridge 5,258 — (136 ) 5,122 5,350 — (153 ) 5,197 The Westside Apartments 36,820 — (201 ) 36,619 23,000 — (351 ) 22,649 Tech Center Square 12,438 — (205 ) 12,233 12,500 — (159 ) 12,341 $ 554,855 $ 2,310 $ (5,837 ) $ 551,328 $ 595,384 $ 2,674 $ (6,513 ) $ 591,545 The following table presents additional information about the Company's mortgage notes payable, net (in thousands, except percentages): Collateral Maturity Date Annual Interest Rate Average Monthly Debt Service Average Monthly Escrow Vista Apartment Homes 1/1/2022 2.82% (1)(5) $65 $16 Cannery Lofts 9/1/2020 3.83% (1)(5) 40 26 Deerfield 11/1/2020 4.66% (2)(5) 54 29 Trailpoint at the Woodlands 11/1/2023 2.94% (1)(4) 69 67 Verona Apartment Homes 10/1/2026 2.89% (1)(3) 110 38 Skyview Apartment Homes 10/1/2026 2.89% (1)(3) 95 22 Maxwell Townhomes 1/1/2022 4.32% (2)(5) 71 63 Pinehurst 1/1/2017 3.03% (5)(6) 23 12 Pheasant Run 10/1/2017 5.95% (2)(3) 31 15 Retreat of Shawnee 2/1/2018 5.58% (2)(5) 78 28 Evergreen at Coursey Place 8/1/2021 5.07% (2)(5) 154 48 Pines of York 12/1/2021 4.46% (2)(5) 80 37 The Estates at Johns Creek 7/1/2020 3.38% (2)(3) 221 102 Chisholm Place 6/1/2024 2.92% (1)(3) 40 38 Perimeter Circle 7/1/2019 3.42% (2)(5) 81 53 Perimeter 5550 7/1/2019 3.42% (2)(5) 64 41 Aston at Cinco Ranch 10/1/2021 4.34% (2)(5) 120 63 Sunset Ridge 1 11/1/2020 4.58% (2)(5) 113 91 Sunset Ridge 2 11/1/2020 4.54% (2)(5) 16 — Calloway at Las Colinas 12/1/2021 3.87% (2)(5) 171 113 South Lamar Village 8/1/2019 3.64% (2)(5) 59 46 Heritage Pointe 4/1/2025 2.41% (1)(3) 90 44 Yorba Linda 6/1/2020 2.28% (1)(3) 160 — Point Bonita Apartment Homes 10/1/2023 5.33% (2)(5) 152 38 Stone Ridge 12/1/2022 2.39% (1)(5) 21 17 The Westside Apartments 9/1/2026 2.65% (1)(3) 129 68 Tech Center Square 6/1/2023 3.11% (1)(5) 53 25 (1) Variable rate based on one-month LIBOR of 0.5311% (as of September 30, 2016 ) plus a fixed margin. (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) On January 1, 2016, this loan automatically extended for one year at a variable rate based on one-month LIBOR plus a fixed margin.
Annual Principal Payments on the Mortgage Notes Payable	The following table presents the Company's annual principal payments on the mortgage notes payable, excluding the amortization of the premium or discount, for each of the next five 12-month periods ending September 30, and thereafter (in thousands): 2017 $ 10,731 2018 26,314 2019 49,913 2020 127,002 2021 61,776 Thereafter 279,119 $ 554,855
Schedule of Annual Amortization	The following table presents the Company's annual amortization of the premium or discount for each of the next five 12-month periods ending September 30, and thereafter (in thousands): 2017 $ 481 2018 366 2019 334 2020 329 2021 252 Thereafter 548 $ 2,310
Estimated Amortization of Deferred Financing Costs	Estimated amortization of the existing deferred financing costs for the next five 12-month periods ending September 30, and thereafter, is as follows (in thousands): 2017 $ 1,194 2018 1,151 2019 1,085 2020 855 2021 526 Thereafter 1,026 $ 5,837

CREDIT FACILITY (Tables)

CREDIT FACILITY (Tables)	9 Months Ended
	Sep. 30, 2016
Line of Credit Facility [Abstract]
Summary of the Revolving Credit Facilities	The following table presents a summary of the Company's credit facility (in thousands, except percentages): Weighted Average Interest Rate Balance Current Availability at Balance Maturity Interest Rate Basis (1) Current Three months ended September 30, Nine Months Ended Lender September 30, 2016 December 31, 2015 2016 2015 2016 2015 Bank of America $ — $ 20,894 21,894 5/23/2017 LIBOR plus 3% 3.53% 3.47% 3.20% 3.44% 3.20% (1) Variable rate based on one-month LIBOR of 0.5311% (as of September 30, 2016 ).

ACCUMULATED OTHER COMPREHENSI32

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Components of Accumulated Other Comprehensive Loss	The following table presents the changes in each component of the Company's accumulated other comprehensive loss for the nine months ended September 30, 2016 (in thousands): Balance, January 1, 2016 $ (440 ) Reclassification adjustment for realized loss on designated derivative 105 Unrealized loss on designated derivatives (43 ) Balance, September 30, 2016 $ (378 )

CERTAIN RELATIONSHIPS AND REL33

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Fees Earned From/Expenses Paid to Related Parties	The following table presents the Company's amounts payable to/receivable from related parties (in thousands): September 30, December 31, Due from related parties: RAI and affiliates $ 1,756 $ 1,421 Due to related parties: Advisor: Operating expense reimbursements $ — $ 286 Resource Real Estate Opportunity Manager, LLC: Property management fees 709 440 Other operating expense reimbursements 545 459 $ 1,254 $ 1,185 The following table presents the Company's fees earned/expenses paid to related parties (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Fees earned / expenses paid to related parties: Advisor: Acquisition fees (1) $ — $ — $ 8 $ 5,169 Asset management fees (2) $ 2,543 $ 2,770 $ 7,924 $ 7,479 Disposition fees (3) $ 273 $ 109 $ 686 $ 1,140 Debt financing fees (4) $ 166 $ — $ 166 $ 670 Overhead allocation (5) $ 1,033 $ 817 $ 3,475 $ 2,639 Internal audit (5) $ 43 $ 9 $ 43 $ 23 Resource Real Estate Opportunity Manager LLC: Property management fees (2) $ 1,267 $ 1,246 $ 3,872 $ 3,484 Construction management fees (6) $ 246 $ 587 $ 738 $ 1,426 Information technology fees (5) $ 101 $ 61 $ 317 $ 233 Operating expense reimbursements (7) $ 56 $ 48 $ 186 $ 186 Debt servicing fees (2) $ — $ 4 $ 14 $ 29 Other: Ledgewood (5) $ 44 $ 8 $ 74 $ 152 Graphic Images (5) $ 23 $ 33 $ 83 $ 55 (1) Included in Acquisition costs on the consolidated statements of operations and comprehensive (loss) income. (2) Included in Management fees on the consolidated statements of operations and comprehensive (loss) income. (3) Included in Net gains on dispositions of properties and joint venture interests on the consolidated statements of operations and comprehensive (loss) income. (4) Included in Mortgage notes payable, net, on the consolidated balance sheets. (5) Included in General and administrative costs on the consolidated statements of operations and comprehensive (loss) income. (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 comprehensive (loss) income.

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Schedule of Shares Issued	As of September 30, 2016 , the Company had issued 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 8,430,119 84,369 Shares issued in conjunction with the Advisor's initial investment, 15,500 155 Total 74,327,073 $ 719,183 Shares redeemed (2,698,354 ) Total shares outstanding as of September 30, 2016 71,628,719 (1) Includes 276,056 shares issued to the Advisor.
Schedule of Distributions	For the nine months ended September 30, 2016 , the Company paid aggregate distributions of $32.2 million , including $10.8 million of distributions paid in cash and $21.5 million of distributions reinvested in shares of common stock through the Company's distribution reinvestment plan, as follows (in thousands): Record Date Per Common Distribution Date Distributions Aggregate Total January 28, 2016 $0.05 January 29, 2016 $ 2,423 $ 1,151 $ 3,574 February 26, 2016 0.05 February 29, 2016 2,418 1,167 3,585 March 30, 2016 0.05 March 31, 2016 2,415 1,172 3,587 April 28, 2016 0.05 April 29, 2016 2,414 1,181 3,595 May 27, 2016 0.05 June 3, 2016 2,380 1,226 3,606 June 29, 2016 0.05 June 30, 2016 2,357 1,208 3,565 July 28, 2016 0.05 July 29, 2016 2,359 1,215 3,574 August 30, 2016 0.05 August 31, 2016 2,363 1,222 3,585 September 29, 2016 0.05 September 30, 2016 2,351 1,220 3,571 $0.45 $ 21,480 $ 10,762 $ 32,242

FAIR VALUE MEASURES AND DISCL35

FAIR VALUE MEASURES AND DISCLOSURES (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Assets Measured at Fair Value on a 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 (in thousands): Level 1 Level 2 Level 3 Total September 30, 2016 Assets: Interest rate caps $ — $ 39 $ — $ 39 $ — $ 39 $ — $ 39 December 31, 2015 Assets: Interest rate caps $ — $ 32 $ — $ 32 $ — $ 32 $ — $ 32
Carrying and Fair Values of Loan Held for Investment, Net, Preferred Equity Investment, Mortgage Notes Payable, and Revolving Credit Facility	The carrying and fair values of the Company’s loan held for investment, net, preferred equity investment, mortgage notes payable-outstanding borrowings, mortgage note payable -included in other liabilities associated with rental properties held for sale and credit facilities were as follows (in thousands): September 30, 2016 December 31, 2015 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Loan held for investment, net $ 767 $ 1,122 $ 757 $ 1,151 Preferred equity investment $ — $ — $ 3,886 $ 3,908 Mortgage notes payable- outstanding borrowings $ (554,855 ) $ (547,272 ) $ (595,384 ) $ (573,693 ) Mortgage note payable- included in other liabilities associated with rental properties held for sale $ — $ — $ (16,443 ) $ (16,597 ) Credit facility $ — $ — $ (21,894 ) $ (21,894 )

DERIVATIVES AND HEDGING ACTIV36

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Outstanding Interest Rate Derivatives	As of September 30, 2016 , 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 11 $ 218,053 January 1, 2018 to October 1, 2020
Fair Value and Balance Sheet Location of Derivatives	The following table presents the fair value of the Company’s derivative financial instruments on the consolidated balance sheets as of September 30, 2016 and December 31, 2015 (in thousands): Asset Derivatives Liability Derivatives September 30, 2016 December 31, 2015 September 30, 2016 December 31, 2015 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Prepaid expenses and other assets $ 39 Prepaid expenses and other assets $ 32 — $ — — $ —

NATURE OF BUSINESS AND OPERAT37

NATURE OF BUSINESS AND OPERATIONS - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended	24 Months Ended	54 Months Ended
	Sep. 30, 2016	Dec. 31, 2015	Dec. 13, 2013
Securities Financing Transaction [Line Items]
Common stock issued through distribution reinvestment plan (in shares)	2,000,000	5,300,000	1,200,000
Common stock issued through distribution reinvestment plan	$ 21,480	$ 51,900
Public offering | 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
Public offering | Common Stock | Advisor
Securities Financing Transaction [Line Items]
Issuance of common stock (in shares)			276,056

SUMMARY OF SIGNIFICANT ACCOUN38

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation (Details) - Unit	Sep. 30, 2016	Jun. 29, 2016	Jan. 28, 2016	Jan. 26, 2016	Dec. 31, 2015
Subsidiary or Equity Method Investee [Line Items]
Number of Units	8,498
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 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 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 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 Holdings, 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 Holdings, 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]
Ownership %			70.00%		70.00%
Fieldstone
Subsidiary or Equity Method Investee [Line Items]
Ownership %		83.00%
Conifer Place
Subsidiary or Equity Method Investee [Line Items]
Ownership %				42.50%
Stone Ridge
Subsidiary or Equity Method Investee [Line Items]
Number of Units	188
Ownership %	83.40%

SUMMARY OF SIGNIFICANT ACCOUN39

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Rental Property Useful Lives (Details)	9 Months Ended
	Sep. 30, 2016
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

SUMMARY OF SIGNIFICANT ACCOUN40

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) shares in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)PropertyLoanshares	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)Property
Related Party Transaction [Line Items]
Debt Instruments, Number of Loans Refinanced | Loan			4
Assets Held for Sale [Abstract]
Number of rental properties held for sale (in property) | Property			0		3
Rental Properties [Abstract]
Capitalization threshold for improvements and replacements			$ 1,000
Asset Impairment Charges [Abstract]
Impairment charges	$ 0	$ 0	$ 0	$ 0
Allocation of Purchase Price of Acquired Assets [Abstract]
Initial purchase price allocation subject to change, period			1 year
Revenue Recognition [Abstract]
Future minimum rental payments, thereafter	0		$ 0
Total other income	2,700,000	2,600,000	8,300,000	7,600,000
Tenant Receivable [Abstract]
Allowance for uncollectable receivables	4,500		$ 4,500		$ 24,100
Income Taxes [Abstract]
Number of years entity may be precluded from REIT qualifications			4 years
Earnings Per Share [Abstract]
Antidilutive securities not included in the diluted earnings per share calculations (in shares) | shares			50
Reclassifications
Unamortized debt issuance costs	5,837,000		$ 5,837,000		6,513,000
Accounting Standards Update 2015-03 | Assets
Reclassifications
Unamortized debt issuance costs					(6,500,000)
Accounting Standards Update 2015-03 | Mortgage notes payable
Reclassifications
Unamortized debt issuance costs					$ 6,500,000
Immaterial error | General and administrative expense
Reclassifications
Payroll expense		(406,000)		(1,400,000)
Immaterial error | Rental operating
Reclassifications
Payroll expense		$ 406,000		$ 1,400,000
Operating leases for residential rental properties
Revenue Recognition [Abstract]
Future minimum rental payments, current	57,600,000		57,600,000
Future minimum rental payments, in two years	152,000		152,000
Commercial rental properties and antenna rentals
Revenue Recognition [Abstract]
Future minimum rental payments, current	341,000		341,000
Future minimum rental payments, in two years	226,000		226,000
Future minimum rental payments, in three years	151,000		151,000
Future minimum rental payments, in four years	95,000		95,000
Future minimum rental payments, in five years	7,000		7,000
Future minimum rental payments, thereafter	$ 0		$ 0
Manager
Rental Properties [Abstract]
Construction management fee			5.00%
Improvements and replacements
Rental Properties [Abstract]
Estimated useful lives (greater than or equal to)			1 year

SUPPLEMENTAL CASH FLOW INFORM41

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Non-cash financing and investing activities:
Stock issued from the distribution reinvestment plan	$ 21,480	$ 21,689
Deferred financing costs and escrow deposits funded directly by mortgage notes and credit facility	933	10,709
Non-cash activity related to sales:
Deconsolidation of subsidiary and removal of related mortgage note payable and non-controlling interest	35,152	0
Mortgage notes payable settled with proceeds from sale of property	55,720	0
Assets and liabilities assumed in acquisitions:
Mortgage notes payable and other liabilities assumed in acquisition of rental property	0	40,284
Cash paid during the period for:
Interest	$ 15,454	$ 15,172

RENTAL PROPERTIES, NET (Details

RENTAL PROPERTIES, NET (Details) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)Property	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)Property	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)Property	Jan. 28, 2016
Investments in rental properties [Abstract]
Land	$ 169,019	$ 180,533		$ 169,019		$ 180,533
Building and improvements	738,843	775,239		738,843		775,239
Furniture, fixtures and equipment	30,739	28,928		30,739		28,928
Construction in progress	5,337	2,949		5,337		2,949
Rental properties, gross	943,938	987,649		943,938		987,649
Less: accumulated depreciation	(96,958)	(71,151)		(96,958)		(71,151)
Rental properties, net	846,980	$ 916,498		846,980		$ 916,498
Depreciation expense	10,800		$ 11,300	32,900	$ 30,600
Gain (loss) on disposal of assets	$ (334)		$ (337)	$ (620)	$ (2,818)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of rental properties held for sale (in property) | Property				0		3
Champion Farms
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage		70.00%				70.00%	70.00%
Conifer Place and Ivy at Clear Creek
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of rental properties held for sale (in property) | Property		2
Contract Sales Price		$ 43,900				$ 43,900

OTHER INVESTMENTS - Narrative (

OTHER INVESTMENTS - Narrative (Details) $ in Thousands	Jun. 06, 2016USD ($)	Nov. 12, 2014USD ($)	Mar. 15, 2011USD ($)Loan	Mar. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payments to acquire preferred equity investment					$ 408	$ 0
Exit fee received	$ 230
Number of nonperforming promissory notes (in loan) | Loan			2
Number of performing promissory notes (in loan) | Loan			2
Purchase price of promissory note			$ 3,100
Spring Hills Investors Limited Partner, LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payments to acquire preferred equity investment		$ 3,500		$ 800
Dividend receivable rate		12.00%
Monthly dividend receivable rate		7.00%

OTHER INVESTMENTS - Components

OTHER INVESTMENTS - Components of Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Loan held for investment, net	$ 767	$ 757
Preferred equity investment, net	0	3,886
Loans held for investment and preferred equity investments, net	$ 767	$ 4,643

OTHER INVESTMENTS - Aging Sched

OTHER INVESTMENTS - Aging Schedule of Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Loans Held for Investment [Line Items]
Financing receivable	$ 767	$ 757
Current
Loans Held for Investment [Line Items]
Financing receivable	767	757
30−89 days
Loans Held for Investment [Line Items]
Financing receivable	0	0
90−180 days
Loans Held for Investment [Line Items]
Financing receivable	0	0
Greater than 180 days
Loans Held for Investment [Line Items]
Financing receivable	$ 0	$ 0

OTHER INVESTMENTS - Recorded In

OTHER INVESTMENTS - Recorded Investment, Credit Quality Indicator (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Financing Receivable, Recorded Investment [Line Items]
Loan held for investment, net	$ 767	$ 757
Performing
Financing Receivable, Recorded Investment [Line Items]
Loan held for investment, net	767	757
Nonperforming
Financing Receivable, Recorded Investment [Line Items]
Loan held for investment, net	$ 0	$ 0

OTHER INVESTMENTS - Terms of Lo

OTHER INVESTMENTS - Terms of Loans Held for Investment (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Unpaid principal balance	$ 964	$ 981
Unamortized discount	(204)	(231)
Deferred expenses, net	7	7
Net book value	$ 767	$ 757
Interest rate	7.50%
Average monthly payment	$ 8

DISPOSITION OF PROPERTIES AND48

DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS - Sales Activity (Details) - USD ($) $ in Thousands

Jan. 27, 2016

Sep. 30, 2016

Sep. 30, 2015

Sep. 30, 2016

Sep. 30, 2015

Jul. 08, 2016

Jun. 30, 2016

Jun. 09, 2016

Feb. 17, 2016

Jan. 29, 2016

Sep. 18, 2015

Jun. 30, 2015

Mar. 02, 2015

Feb. 27, 2015

Jan. 29, 2015

Jan. 26, 2015

Conifer Place

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

Contract Sales Price

$ 42,500

Net Gains on Dispositions of Properties and Joint Venture Interests

$ 0

$ 9,897

Conifer Place | Noncontrolling interests

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

Net Gains on Dispositions of Properties and Joint Venture Interests

$ 6,200

Champion Farms

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

Contract Sales Price

$ 7,590

Net Gains on Dispositions of Properties and Joint Venture Interests

0

1,066

The Ivy at Clear Creek

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

Contract Sales Price

$ 19,400

Net Gains on Dispositions of Properties and Joint Venture Interests

0

6,792

Affinity at Winter Park

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

Contract Sales Price

$ 17,500

Net Gains on Dispositions of Properties and Joint Venture Interests

0

5,605

Fieldstone

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

Contract Sales Price

$ 7,514

Net Gains on Dispositions of Properties and Joint Venture Interests

0

4,096

The Nesbit Palisades

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

Contract Sales Price

$ 45,500

Net Gains on Dispositions of Properties and Joint Venture Interests

17,601

17,601

The Alcove Apartments

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

Contract Sales Price

$ 11,050

Net Gains on Dispositions of Properties and Joint Venture Interests

$ 0

$ 3,784

107th Avenue Apartments

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

Contract Sales Price

$ 250

Net Gains on Dispositions of Properties and Joint Venture Interests

0

50

The Redford Apartments

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

Contract Sales Price

$ 32,959

Net Gains on Dispositions of Properties and Joint Venture Interests

0

15,303

Cityside Apartments

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

Contract Sales Price

$ 24,500

Net Gains on Dispositions of Properties and Joint Venture Interests

0

10,028

One Hundred Chevy Chase

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

Contract Sales Price

$ 13,500

Net Gains on Dispositions of Properties and Joint Venture Interests

0

4,386

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

Net Gains on Dispositions of Properties and Joint Venture Interests

2,490

2,490

Multifamily residential apartment community

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

Net Gains on Dispositions of Properties and Joint Venture Interests

$ 17,601

$ 2,490

$ 45,057

$ 36,041

DISPOSITION OF PROPERTIES AND49

DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS - Revenue and Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net Income (Loss) Attributable to Properties Sold	$ 9,637	$ (10,662)	$ 20,544	$ (6,099)
Noncontrolling interests
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net Income (Loss) Attributable to Properties Sold			6,306
Conifer Place
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues Attributable to Properties Sold	0		365
Net Income (Loss) Attributable to Properties Sold	0		9,942
Conifer Place | Noncontrolling interests
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net Income (Loss) Attributable to Properties Sold			6,300
Champion Farms
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues Attributable to Properties Sold	0		220
Net Income (Loss) Attributable to Properties Sold	0		1,125
The Ivy at Clear Creek
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues Attributable to Properties Sold	0		386
Net Income (Loss) Attributable to Properties Sold	2		6,629
Affinity at Winter Park
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues Attributable to Properties Sold	2		1,010
Net Income (Loss) Attributable to Properties Sold	(1)		5,747
Fieldstone
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues Attributable to Properties Sold	0		1,548
Net Income (Loss) Attributable to Properties Sold	0		4,325
The Nesbit Palisades
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues Attributable to Properties Sold	167		2,615
Net Income (Loss) Attributable to Properties Sold	17,273		17,742
The Alcove Apartments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues Attributable to Properties Sold		0		199
Net Income (Loss) Attributable to Properties Sold		9		3,819
107th Avenue Apartments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues Attributable to Properties Sold		0		3
Net Income (Loss) Attributable to Properties Sold		0		50
The Redford Apartments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues Attributable to Properties Sold		0		1,274
Net Income (Loss) Attributable to Properties Sold		(18)		15,652
Cityside Apartments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues Attributable to Properties Sold		0		701
Net Income (Loss) Attributable to Properties Sold		(30)		10,280
One Hundred Chevy Chase
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues Attributable to Properties Sold		(6)		826
Net Income (Loss) Attributable to Properties Sold		(80)		4,028
The Reserve at Mt. Moriah
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues Attributable to Properties Sold		361		1,156
Net Income (Loss) Attributable to Properties Sold		2,279		2,234
Multifamily residential apartment community
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues Attributable to Properties Sold	169	355	6,144	4,159
Net Income (Loss) Attributable to Properties Sold	$ 17,274	$ 2,160	$ 45,510	$ 36,063

DISPOSITION OF PROPERTIES AND50

DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS - Roll Forward of Activity in Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 1,231
Sale of Conifer Place, Champion Farms, and Fieldstone	(520)
Ending balance	$ 711

IDENTIFIED INTANGIBLE ASSETS,51

IDENTIFIED INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets, net	$ 150		$ 150		$ 374
Weighted average remaining life			0 months		1 month
Amortization expense	4	$ 1,900	$ 224	$ 4,800
Acquired in-place leases
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets, net	150		150		$ 374
Accumulated amortization	24,300		24,300		$ 28,400
Antennae leases
Finite-Lived Intangible Assets [Line Items]
Annual expected amortization expense through 2025	$ 16		$ 16

IDENTIFIED INTANGIBLE ASSETS,52

IDENTIFIED INTANGIBLE ASSETS, NET - Antennae Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
2,017	$ 16
2,018	16
2,019	16
2,020	16
2,021	16
Thereafter	70
Total	$ 150	$ 374

MORTGAGE NOTES PAYABLE, NET - S

MORTGAGE NOTES PAYABLE, NET - Summary (Details) - USD ($) $ in Thousands	Jan. 01, 2016	Mar. 31, 2016	Feb. 29, 2016	Sep. 30, 2016	Dec. 31, 2015
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				$ 554,855	$ 595,384
Premium (Discount)				2,310	2,674
Deferred finance costs, net				(5,837)	(6,513)
Carrying Value				$ 551,328	591,545
LIBOR
Participating Mortgage Loans [Line Items]
Basis spread on variable rate		2.25%	2.00%
Extension period of variable interest rate	1 year
Revolving credit facility | LIBOR
Participating Mortgage Loans [Line Items]
Basis spread on variable rate				0.5311%
Vista Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				$ 15,312	15,573
Premium (Discount)				0	0
Deferred finance costs, net				(187)	(216)
Carrying Value				$ 15,125	15,357
Annual Interest Rate				2.82%
Average Monthly Debt Service				$ 65
Average Monthly Escrow				16
Cannery Lofts
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				8,024	8,148
Premium (Discount)				0	0
Deferred finance costs, net				(109)	(131)
Carrying Value				$ 7,915	8,017
Annual Interest Rate				3.83%
Average Monthly Debt Service				$ 40
Average Monthly Escrow				26
Deerfield
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				10,400	10,517
Premium (Discount)				0	0
Deferred finance costs, net				(133)	(159)
Carrying Value				$ 10,267	10,358
Annual Interest Rate				4.66%
Average Monthly Debt Service				$ 54
Average Monthly Escrow				29
The Ivy at Clear Creek
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				0	8,431
Premium (Discount)				0	0
Deferred finance costs, net				0	(136)
Carrying Value				0	8,295
Trailpoint at the Woodlands
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				18,771	19,013
Premium (Discount)				0	0
Deferred finance costs, net				(231)	(257)
Carrying Value				$ 18,540	18,756
Annual Interest Rate				2.94%
Average Monthly Debt Service				$ 69
Average Monthly Escrow				67
Verona Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				32,970	22,402
Premium (Discount)				0	0
Deferred finance costs, net				(546)	(179)
Carrying Value				$ 32,424	22,223
Annual Interest Rate				2.89%
Average Monthly Debt Service				$ 110
Average Monthly Escrow				38
Skyview Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				28,400	18,089
Premium (Discount)				0	0
Deferred finance costs, net				(474)	(148)
Carrying Value				$ 27,926	17,941
Annual Interest Rate				2.89%
Average Monthly Debt Service				$ 95
Average Monthly Escrow				22
The Nesbit Palisades
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				0	20,298
Premium (Discount)				0	0
Deferred finance costs, net				0	(309)
Carrying Value				0	19,989
Maxwell Townhomes
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				13,666	13,850
Premium (Discount)				0	0
Deferred finance costs, net				(145)	(167)
Carrying Value				$ 13,521	13,683
Annual Interest Rate				4.32%
Average Monthly Debt Service				$ 71
Average Monthly Escrow				63
Fieldstone
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				0	15,332
Premium (Discount)				0	0
Deferred finance costs, net				0	(37)
Carrying Value				0	15,295
Pinehurst
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				4,002	4,111
Premium (Discount)				0	0
Deferred finance costs, net				0	0
Carrying Value				$ 4,002	4,111
Annual Interest Rate				3.03%
Average Monthly Debt Service				$ 23
Average Monthly Escrow				12
Pheasant Run
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				6,250	6,250
Premium (Discount)				57	100
Deferred finance costs, net				(12)	(20)
Carrying Value				$ 6,295	6,330
Annual Interest Rate				5.95%
Average Monthly Debt Service				$ 31
Average Monthly Escrow				15
Retreat of Shawnee
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				12,944	13,090
Premium (Discount)				104	164
Deferred finance costs, net				(28)	(44)
Carrying Value				$ 13,020	13,210
Annual Interest Rate				5.58%
Average Monthly Debt Service				$ 78
Average Monthly Escrow				28
Conifer Place
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				0	27,074
Premium (Discount)				0	0
Deferred finance costs, net				0	0
Carrying Value				0	27,074
Evergreen at Coursey Place
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				27,221	27,548
Premium (Discount)				106	123
Deferred finance costs, net				(102)	(120)
Carrying Value				$ 27,225	27,551
Annual Interest Rate				5.07%
Average Monthly Debt Service				$ 154
Average Monthly Escrow				48
Pines of York
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				15,068	15,267
Premium (Discount)				(315)	(363)
Deferred finance costs, net				(59)	(69)
Carrying Value				$ 14,694	14,835
Annual Interest Rate				4.46%
Average Monthly Debt Service				$ 80
Average Monthly Escrow				37
The Estates at Johns Creek
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				49,839	50,000
Premium (Discount)				0	0
Deferred finance costs, net				(435)	(526)
Carrying Value				$ 49,404	49,474
Annual Interest Rate				3.38%
Average Monthly Debt Service				$ 221
Average Monthly Escrow				102
Chisholm Place
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				11,587	11,587
Premium (Discount)				0	0
Deferred finance costs, net				(148)	(163)
Carrying Value				$ 11,439	11,424
Annual Interest Rate				2.92%
Average Monthly Debt Service				$ 40
Average Monthly Escrow				38
Perimeter Circle
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				17,389	17,657
Premium (Discount)				0	0
Deferred finance costs, net				(157)	(202)
Carrying Value				$ 17,232	17,455
Annual Interest Rate				3.42%
Average Monthly Debt Service				$ 81
Average Monthly Escrow				53
Perimeter 5,550
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				13,724	13,935
Premium (Discount)				0	0
Deferred finance costs, net				(130)	(167)
Carrying Value				$ 13,594	13,768
Annual Interest Rate				3.42%
Average Monthly Debt Service				$ 64
Average Monthly Escrow				41
Aston at Cinco Ranch
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				23,472	23,772
Premium (Discount)				0	0
Deferred finance costs, net				(284)	(328)
Carrying Value				$ 23,188	23,444
Annual Interest Rate				4.34%
Average Monthly Debt Service				$ 120
Average Monthly Escrow				63
Sunset Ridge 1
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				19,808	20,121
Premium (Discount)				277	329
Deferred finance costs, net				(221)	(261)
Carrying Value				$ 19,864	20,189
Annual Interest Rate				4.58%
Average Monthly Debt Service				$ 113
Average Monthly Escrow				91
Sunset Ridge 2
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				2,962	3,002
Premium (Discount)				38	45
Deferred finance costs, net				(28)	(34)
Carrying Value				$ 2,972	3,013
Annual Interest Rate				4.54%
Average Monthly Debt Service				$ 16
Average Monthly Escrow				0
Calloway at Las Colinas
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				35,252	35,740
Premium (Discount)				0	0
Deferred finance costs, net				(322)	(372)
Carrying Value				$ 34,930	35,368
Annual Interest Rate				3.87%
Average Monthly Debt Service				$ 171
Average Monthly Escrow				113
South Lamar Village
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				12,498	12,682
Premium (Discount)				0	0
Deferred finance costs, net				(144)	(184)
Carrying Value				$ 12,354	12,498
Annual Interest Rate				3.64%
Average Monthly Debt Service				$ 59
Average Monthly Escrow				46
Heritage Pointe
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				26,280	26,280
Premium (Discount)				0	0
Deferred finance costs, net				(338)	(370)
Carrying Value				$ 25,942	25,910
Annual Interest Rate				2.41%
Average Monthly Debt Service				$ 90
Average Monthly Escrow				44
Yorba Linda
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				67,500	67,500
Premium (Discount)				0	0
Deferred finance costs, net				(711)	(860)
Carrying Value				$ 66,789	66,640
Annual Interest Rate				2.28%
Average Monthly Debt Service				$ 160
Average Monthly Escrow				0
Point Bonita Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				27,000	27,265
Premium (Discount)				2,043	2,276
Deferred finance costs, net				(351)	(391)
Carrying Value				$ 28,692	29,150
Annual Interest Rate				5.33%
Average Monthly Debt Service				$ 152
Average Monthly Escrow				38
Stone Ridge
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				5,258	5,350
Premium (Discount)				0	0
Deferred finance costs, net				(136)	(153)
Carrying Value				$ 5,122	5,197
Annual Interest Rate				2.39%
Average Monthly Debt Service				$ 21
Average Monthly Escrow				17
The Westside Apartments
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				36,820	23,000
Premium (Discount)				0	0
Deferred finance costs, net				(201)	(351)
Carrying Value				$ 36,619	22,649
Annual Interest Rate				2.65%
Average Monthly Debt Service				$ 129
Average Monthly Escrow				68
Tech Center Square
Participating Mortgage Loans [Line Items]
Outstanding Borrowings				12,438	12,500
Premium (Discount)				0	0
Deferred finance costs, net				(205)	(159)
Carrying Value				$ 12,233	$ 12,341
Annual Interest Rate				3.11%
Average Monthly Debt Service				$ 53
Average Monthly Escrow				$ 25

MORTGAGE NOTES PAYABLE, NET - A

MORTGAGE NOTES PAYABLE, NET - Annual Principal Payments (Details) $ in Thousands	Sep. 30, 2016USD ($)
Debt Disclosure [Abstract]
2,017	$ 10,731
2,018	26,314
2,019	49,913
2,020	127,002
2,021	61,776
Thereafter	279,119
Total	$ 554,855

MORTGAGE NOTES PAYABLE, NET -55

MORTGAGE NOTES PAYABLE, NET - Amortization of Fair Value Adjustments (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
2,017	$ 481
2,018	366
2,019	334
2,020	329
2,021	252
Thereafter	548
Amortization of fair value adjustments	$ 2,310	$ 2,674

MORTGAGE NOTES PAYABLE, NET - D

MORTGAGE NOTES PAYABLE, NET - Deferred Financing Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
2,017	$ 1,194
2,018	1,151
2,019	1,085
2,020	855
2,021	526
Thereafter	1,026
Deferred financing costs, net	$ 5,837	$ 6,513

MORTGAGE NOTES PAYABLE, NET - N

MORTGAGE NOTES PAYABLE, NET - Narrative (Details) - USD ($)	1 Months Ended	2 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Feb. 29, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015	Dec. 27, 2013
Guarantor Obligations [Line Items]
Restricted cash related to escrow deposits			$ 10,000,000		$ 10,000,000		$ 10,000,000
Renovations completed			738,843,000		738,843,000		775,239,000
Gain (loss) on extinguishment of debt			(714,000)		(854,000)	$ 0
Amortization of deferred financing costs					1,758,000	1,378,000
Accumulated amortization, deferred finance costs			2,400,000		2,400,000		$ 2,400,000
U.S. Bank
Guarantor Obligations [Line Items]
Earn-out holdback allowed when criteria are met								$ 29,700,000
Amount available to draw			6,700,000		6,700,000
LIBOR
Guarantor Obligations [Line Items]
Basis spread on variable rate	2.25%	2.00%
The Estates at Johns Creek
Guarantor Obligations [Line Items]
Renovations completed			6,900,000		6,900,000
Payment guarantee | U.S. Bank
Guarantor Obligations [Line Items]
Guaranty for completion and payment of costs of completion (no less than)								$ 6,500,000
Payment guarantee | The Estates at Johns Creek
Guarantor Obligations [Line Items]
Guaranty for completion and payment of costs of completion (no less than)			7,000,000		7,000,000
Interest expense | Mortgages
Guarantor Obligations [Line Items]
Amortization of deferred financing costs			622,000	$ 402,000	1,600,000	1,100,000
Acquisitions of rental property | Interest expense
Guarantor Obligations [Line Items]
Increase (decrease) in interest expense due to fair value adjustments			(122,000)	$ (228,000)	(364,000)	$ (602,000)
Covenants included in mortgage for Yorba Linda
Guarantor Obligations [Line Items]
Earn-out holdback allowed when criteria are met			$ 7,500,000		$ 7,500,000

CREDIT FACILITY - Summary of Re

CREDIT FACILITY - Summary of Revolving Credit Facilities (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Feb. 29, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Line of Credit Facility [Line Items]
Credit facility			$ 0		$ 0		$ 21,894
LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.25%	2.00%
Revolving credit facility | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate					0.5311%
Revolving credit facility | Bank of America
Line of Credit Facility [Line Items]
Credit facility			0		$ 0		$ 21,894
Line of Credit Facility, Current Availability			$ 20,894		$ 20,894
Line of Credit Facility, Current Interest Rate			3.53%		3.53%
Line of Credit Facility, Weighted Average Interest Rate			3.47%	3.20%	3.44%	3.20%
Basis spread on variable rate					3.00%

CREDIT FACILITY - Narrative (De

CREDIT FACILITY - Narrative (Details) - USD ($)	Dec. 02, 2011	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Line of Credit Facility [Line Items]
Satisfaction of coverage requirements from date of advance, term	36 months
Deferred financing costs, net		$ 5,837,000		$ 5,837,000		$ 6,513,000
Amortization of deferred financing costs				1,758,000	$ 1,378,000
Estimated amortization of deferred financing costs, current		1,194,000		1,194,000
Bank of America
Line of Credit Facility [Line Items]
Estimated amortization of deferred financing costs, current		122,000		122,000
Estimated amortization of deferred financing costs, thereafter		0		0
Bank of America | Interest expense
Line of Credit Facility [Line Items]
Amortization of deferred financing costs		48,000	$ 70,000	268,000	257,000
Bank of America | Prepaid expenses and other assets
Line of Credit Facility [Line Items]
Deferred financing costs, net		122,000		122,000		$ 389,000
Bank of America | Revolving credit facility
Line of Credit Facility [Line Items]
Line of credit facility collateral amount		42,000,000		42,000,000
Weighted average borrowings		$ 593,000	$ 20,900,000	$ 9,000,000	$ 11,300,000
Extension fee	0.25%
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%

ACCUMULATED OTHER COMPREHENSI60

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Accumulated Other Comprehensive Income [Rollforward]
Beginning balance			$ 425,246
Reclassification adjustment for realized loss on derivative due to sale	$ 33	$ 0	105	$ 0
Ending balance	407,403		407,403
Designated derivatives
Accumulated Other Comprehensive Income [Rollforward]
Beginning balance			(440)
Unrealized loss on designated derivatives			(43)
Ending balance	$ (378)		$ (378)

CERTAIN RELATIONSHIPS AND REL61

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($)	1 Months Ended	9 Months Ended
	Mar. 31, 2015	Sep. 30, 2016	Sep. 30, 2015
Related Party Transaction [Line Items]
Insurance pool, amount of general liability losses covered		$ 50,000
Payment into insurance pools		1,700,000
Terms of agreement	1 year
RAI
Related Party Transaction [Line Items]
Insurance pool, amount of property losses covered		2,500,000
Catastrophic insurance, amount of losses covered		$ 140,000,000
Advisor
Related Party Transaction [Line Items]
Terms of agreement, renewal period	1 year
Percentage acquisition fee paid to advisor	2.00%
Monthly asset management fee	0.083%
Percentage annual asset management fee	1.00%
Disposition fee			50.00%
Debt disposition fee, as a percentage of the contract sales price	2.75%
Debt financing fee	0.50%
Manager
Related Party Transaction [Line Items]
Property management fee		4.50%
Occupancy		75.00%
Term for which Manager receives minimum property management fee if properties are less than 75% occupied		12 months
Construction management fee		5.00%
Debt servicing fee		2.75%

CERTAIN RELATIONSHIPS AND REL62

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS - Schedule of Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Due from related parties	$ 1,756		$ 1,756		$ 1,421
Due to related parties	1,254		1,254		1,185
RAI and affiliates | Insurance fund held in escrow
Related Party Transaction [Line Items]
Due from related parties	1,756		1,756		1,421
Advisor | Operating expense reimbursements
Related Party Transaction [Line Items]
Due to related parties	0		0		286
Advisor | Acquisition fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	0	$ 0	8	$ 5,169
Advisor | Asset management fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	2,543	2,770	7,924	7,479
Advisor | Disposition fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	273	109	686	1,140
Advisor | Debt financing fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	166	0	166	670
Advisor | Overhead allocation
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	1,033	817	3,475	2,639
Advisor | Internal audit
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	43	9	43	23
Resource Real Estate Opportunity Manager, LLC | Operating expense reimbursements
Related Party Transaction [Line Items]
Due to related parties	545		545		459
Fees earned / expenses paid to related parties	56	48	186	186
Resource Real Estate Opportunity Manager, LLC | Property management fees
Related Party Transaction [Line Items]
Due to related parties	709		709		$ 440
Fees earned / expenses paid to related parties	1,267	1,246	3,872	3,484
Resource Real Estate Opportunity Manager, LLC | Construction management fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	246	587	738	1,426
Resource Real Estate Opportunity Manager, LLC | Information technology fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	101	61	317	233
Resource Real Estate Opportunity Manager, LLC | Debt servicing fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	0	4	14	29
Ledgewood
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	44	8	74	152
Graphic Images
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	$ 23	$ 33	$ 83	$ 55

EQUITY - Preferred Stock (Detai

EQUITY - Preferred Stock (Details) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Equity [Abstract]
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

EQUITY - Common Stock (Details)

EQUITY - Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Shares Issued (in shares)	74,327,073	72,333,652
Shares redeemed (in shares)	(2,698,354)
Total shares outstanding at end of period	71,628,719
Gross Proceeds	$ 719,183
Shares issued through private offering
Class of Stock [Line Items]
Shares Issued (in shares)	1,263,727
Gross Proceeds	$ 12,582
Shares issued through primary public offering
Class of Stock [Line Items]
Shares Issued (in shares)	62,485,461
Gross Proceeds	$ 622,077
Shares issued through primary public offering | Common Stock | Advisor
Class of Stock [Line Items]
Shares issued to the Advisor (in shares)	276,056
Shares issued through stock distributions
Class of Stock [Line Items]
Shares Issued (in shares)	2,132,266
Gross Proceeds	$ 0
Shares issued through distribution reinvestment plan
Class of Stock [Line Items]
Shares Issued (in shares)	8,430,119
Gross Proceeds, distribution reinvestment plan	$ 84,369
Advisor
Class of Stock [Line Items]
Shares Issued (in shares)	15,500
Shares converted (in shares)	4,500
Gross Proceeds	$ 155

EQUITY - Convertible Stock (Det

EQUITY - Convertible Stock (Details)	9 Months Ended
	Sep. 30, 2016Event$ / sharesshares	Dec. 31, 2015$ / sharesshares
Equity [Abstract]
Convertible stock shares outstanding (in shares)	50,000	50,000
Convertible stock, par value (in dollars per share) | $ / shares	$ 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, option one	10.00%
Aggregate percentage return	10.00%
Number of triggering events | Event	2
Conversion ratio	0.00002
Common stock, convertible, triggering event, if lesser of, option one	25.00%
Common stock, convertible, triggering event, if lesser of, option two	15.00%
Percentage non-compounded annual return, option two	6.00%

EQUITY - Redemption of Securiti

EQUITY - Redemption of Securities (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2016shares	Sep. 30, 2016shares
Equity [Abstract]
Common share redemptions (in shares)	519,736	1,981,819
Percentage of weighted-average number of outstanding shares during the 12-month period immediately prior to the effective date of the redemption that company will not redeem in excess of (in excess of 5%)	5.00%	5.00%
Period of time shares are outstanding prior to the effective date of redemption		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) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2016	Aug. 31, 2016	Jul. 29, 2016	Jun. 30, 2016	Jun. 03, 2016	Apr. 29, 2016	Mar. 31, 2016	Feb. 29, 2016	Jan. 29, 2016	Sep. 30, 2016	Dec. 31, 2015
Securities Financing Transaction [Line Items]
Total Aggregate Distribution										$ 32,242
Aggregate Cash Distribution										10,762
Distributions Invested in Shares of Common Stock										$ 21,480	$ 51,900
Per Common Share (in dollars per share)										$ 0.45
Record date of January 28, 2016
Securities Financing Transaction [Line Items]
Total Aggregate Distribution									$ 3,574
Aggregate Cash Distribution									1,151
Distributions Invested in Shares of Common Stock									$ 2,423
Per Common Share (in dollars per share)									$ 0.05
Record date of February 26, 2016
Securities Financing Transaction [Line Items]
Total Aggregate Distribution								$ 3,585
Aggregate Cash Distribution								1,167
Distributions Invested in Shares of Common Stock								$ 2,418
Per Common Share (in dollars per share)								$ 0.05
Record date of March 30, 2016
Securities Financing Transaction [Line Items]
Total Aggregate Distribution							$ 3,587
Aggregate Cash Distribution							1,172
Distributions Invested in Shares of Common Stock							$ 2,415
Per Common Share (in dollars per share)							$ 0.05
Record date of April 28, 2016
Securities Financing Transaction [Line Items]
Total Aggregate Distribution						$ 3,595
Aggregate Cash Distribution						1,181
Distributions Invested in Shares of Common Stock						$ 2,414
Per Common Share (in dollars per share)						$ 0.050
Record date of May 27, 2016
Securities Financing Transaction [Line Items]
Total Aggregate Distribution					$ 3,606
Aggregate Cash Distribution					1,226
Distributions Invested in Shares of Common Stock					$ 2,380
Per Common Share (in dollars per share)					$ 0.050
Record date of June 29, 2016
Securities Financing Transaction [Line Items]
Total Aggregate Distribution				$ 3,565
Aggregate Cash Distribution				1,208
Distributions Invested in Shares of Common Stock				$ 2,357
Per Common Share (in dollars per share)				$ 0.050
Record date July 28, 2016
Securities Financing Transaction [Line Items]
Total Aggregate Distribution			$ 3,574
Aggregate Cash Distribution			1,215
Distributions Invested in Shares of Common Stock			$ 2,359
Per Common Share (in dollars per share)			$ 0.05
Record date August 30, 2016
Securities Financing Transaction [Line Items]
Total Aggregate Distribution		$ 3,585
Aggregate Cash Distribution		1,222
Distributions Invested in Shares of Common Stock		$ 2,363
Per Common Share (in dollars per share)		$ 0.05
Record date September 29, 2016
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	$ 3,571
Aggregate Cash Distribution	1,220
Distributions Invested in Shares of Common Stock	$ 2,351
Per Common Share (in dollars per share)	$ 0.05

FAIR VALUE MEASURES AND DISCL68

FAIR VALUE MEASURES AND DISCLOSURES - Assets Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps	$ 39	$ 32
Assets, fair value	39	32
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps	0	0
Assets, fair value	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps	39	32
Assets, fair value	39	32
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps	0	0
Assets, fair value	$ 0	$ 0

FAIR VALUE MEASURES AND DISCL69

FAIR VALUE MEASURES AND DISCLOSURES - Schedule of Carrying and Fair Values (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan held for investment, net	$ 767	$ 757
Preferred equity investment	0	3,886
Mortgage notes payable- outstanding borrowings	(554,855)	(595,384)
Mortgage note payable- included in other liabilities associated with rental properties held for sale	0	(16,443)
Credit facility	0	(21,894)
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan held for investment, net	1,122	1,151
Preferred equity investment	0	3,908
Mortgage notes payable- outstanding borrowings	(547,272)	(573,693)
Mortgage note payable- included in other liabilities associated with rental properties held for sale	0	(16,597)
Credit facility	$ 0	$ (21,894)

DERIVATIVES AND HEDGING ACTIV70

DERIVATIVES AND HEDGING ACTIVITIES (Details)	9 Months Ended
	Sep. 30, 2016USD ($)derivative	Dec. 31, 2015USD ($)
Prepaid expenses and other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives, Fair Value	$ 39,000	$ 32,000
Cash flow hedges | The Nesbit Palisades
Derivatives, Fair Value [Line Items]
Loss due to hedge ineffectiveness	32,553
Cash flow hedges | The Ivy at Clear Creek
Derivatives, Fair Value [Line Items]
Loss due to hedge ineffectiveness	$ 72,388
Cash flow hedges | Interest Rate Caps
Derivatives, Fair Value [Line Items]
Number of Instruments (in derivatives) | derivative	11
Notional Amount	$ 218,053,000

OPERATING EXPENSE LIMITATION WA

OPERATING EXPENSE LIMITATION WAIVER (Details)	9 Months Ended
	Sep. 30, 2016
OPERATING EXPENSE LIMITATION WAIVER [Abstract]
Percent of average invested assets	2.00%
Net income of operating expense, percent	25.00%
Operating expense limitation, term	1 year

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent event - USD ($) $ / shares in Units, $ in Millions	Oct. 31, 2016	Oct. 14, 2016
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.05
Mortgages | Refinance, secured by Pinehurst
Subsequent Event [Line Items]
Increase in mortgage note payable		$ 3.4
Mortgages | Refinance, secured by Cannery Lofts
Subsequent Event [Line Items]
Increase in mortgage note payable	$ 4.9