Resource Real Estate Opportunity REIT (RSRL) 10-K 31 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Mar. 21, 2017	Jun. 30, 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		72,434,577
Public Float			$ 0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Investments:
Rental properties, net	$ 902,454	$ 916,498
Other Investments	769	4,643
Identified intangible assets, net	1,855	374
Assets held for sale - rental properties, net	0	69,350
Total investments	905,078	990,865
Cash	114,842	78,442
Restricted cash	10,277	9,987
Due from related parties	1,375	1,421
Tenant receivables, net	89	211
Deposits	262	230
Prepaid expenses and other assets	2,351	2,227
Goodwill	711	1,231
Other assets associated with rental properties held for sale	0	81
Total assets	1,034,985	1,084,695
Liabilities:
Mortgage notes payable, net	622,152	591,545
Credit facility	0	21,894
Accounts payable	1,125	1,583
Accrued expenses and other liabilities	6,738	7,932
Accrued real estate taxes	7,262	6,856
Due to related parties	2,055	1,185
Tenant prepayments	1,069	1,212
Security deposits	2,565	2,626
Other liabilities associated with rental properties held for sale	0	16,763
Total liabilities	642,966	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; 74,975,022 and 72,333,652 shares issued, respectively; and 72,006,589 and 71,617,117 shares outstanding, respectively)	720	716
Convertible stock (“promote shares”; par value $.01; 50,000 shares authorized, issued and outstanding)	1	1
Additional paid-in capital	642,523	638,335
Accumulated other comprehensive loss	(345)	(440)
Accumulated deficit	(252,306)	(213,366)
Total stockholders’ equity	390,593	425,246
Noncontrolling interests	1,426	7,853
Total equity	392,019	433,099
Total liabilities and equity	$ 1,034,985	$ 1,084,695

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 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)	74,975,022	72,333,652
Common stock, outstanding (in shares)	72,006,589	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 INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Rental income	$ 117,745	$ 117,687	$ 99,910
Interest and dividend income	622	638	359
Total revenues	118,367	118,325	100,269
Expenses:
Rental operating - expenses	27,608	34,167	34,759
Rental operating - payroll	14,790	16,769	14,784
Rental operating - real estate taxes	12,668	13,154	9,611
Subtotal - Rental operating expenses	55,066	64,090	59,154
Acquisition costs	1,582	5,811	9,833
Management fees	15,724	15,453	11,544
General and administrative	13,083	12,776	10,855
Loss on disposal of assets	1,576	3,093	5,308
Provision for loan loss	0	130	0
Depreciation and amortization expense	44,231	48,273	47,771
Total expenses	131,262	149,626	144,465
Loss before other income (expense)	(12,895)	(31,301)	(44,196)
Other income (expense):
Net gains on dispositions of properties and joint venture interests	45,057	36,041	10,484
Interest expense	(22,776)	(22,080)	(14,911)
Insurance proceeds in excess of cost basis	985	407	425
Total other income (expense)	23,266	14,368	(4,002)
Net income (loss)	10,371	(16,933)	(48,198)
Net (income) loss attributable to noncontrolling interests	(6,306)	38	2,021
Net income (loss) attributable to common stockholders	4,065	(16,895)	(46,177)
Net Loss	10,371	(16,933)	(48,198)
Other comprehensive income (loss):
Reclassification adjustment for realized loss on derivative due to sale	105	0	0
Designated derivatives, fair value adjustments	(10)	(174)	(286)
Other comprehensive loss	95	(174)	(286)
Comprehensive income (loss)	10,466	(17,107)	(48,484)
Comprehensive (income) loss attributable to noncontrolling interests	(6,306)	38	2,021
Total comprehensive income (loss) attributable to stockholders	$ 4,160	$ (17,069)	$ (46,463)
Weighted average common shares outstanding (in shares)	71,787	70,397	68,008
Basic and diluted income (loss) per common share:
Net loss per common share (in dollars per share)	$ 0.06	$ (0.24)	$ (0.68)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common Stock	Convertible Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Noncontrolling interests
Beginning balance at Dec. 31, 2013	$ 517,047	$ 517,047	$ 668	$ 1	$ 590,591	$ 20	$ (74,233)	$ 0
Beginning balance (in shares) at Dec. 31, 2013			66,667,000	50,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued through distribution reinvestment plan	22,898	22,898	$ 24		22,874
Common stock issued through distribution reinvestment plan (in shares)			2,410,000
Distributions on common stock			$ 3		3,330		(3,333)
Distributions on common stock (in shares)			333,000
Distributions declared	(30,635)	(30,635)					(30,635)
Common stock redemptions	(1,388)	(1,388)	$ (2)		(1,445)		59
Common stock redemptions (in shares)			(156,000)
Other comprehensive income (loss)	(286)	(286)				(286)
Noncontrolling interests retained in the Paladin merger	18,901							18,901
Distributions to noncontrolling interests	(119)							(119)
Acquisitions of noncontrolling interests	(9,866)	(1,326)			(1,326)			(8,540)
Net Loss	(48,198)	(46,177)					(46,177)	(2,021)
Ending balance at Dec. 31, 2014	468,354	460,133	$ 693	$ 1	614,024	(266)	(154,319)	8,221
Ending balance (in shares) at Dec. 31, 2014			69,254,000	50,000
Beginning balance at Dec. 31, 2013	517,047	517,047	$ 668	$ 1	590,591	20	(74,233)	0
Beginning balance (in shares) at Dec. 31, 2013			66,667,000	50,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued through distribution reinvestment plan	$ 80,400
Common stock issued through distribution reinvestment plan (in shares)	7,900,000
Ending balance at Dec. 31, 2016	$ 392,019	390,593	$ 720	$ 1	642,523	(345)	(252,306)	1,426
Ending balance (in shares) at Dec. 31, 2016	72,006,589		72,007,000	50,000
Beginning balance at Dec. 31, 2014	$ 468,354	460,133	$ 693	$ 1	614,024	(266)	(154,319)	8,221
Beginning balance (in shares) at Dec. 31, 2014			69,254,000	50,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued through distribution reinvestment plan	28,959	28,959	$ 28		28,931
Common stock issued through distribution reinvestment plan (in shares)			2,865,000
Distributions declared	(42,216)	(42,216)					(42,216)
Common stock redemptions	(5,042)	(5,042)	$ (5)		(5,101)		64
Common stock redemptions (in shares)			(502,000)
Other comprehensive income (loss)	(174)	(174)				(174)
Contributions from noncontrolling interests	151							151
Acquisitions of noncontrolling interests	0	481			481			(481)
Net Loss	(16,933)	(16,895)					(16,895)	(38)
Ending balance at Dec. 31, 2015	$ 433,099	425,246	$ 716	$ 1	638,335	(440)	(213,366)	7,853
Ending balance (in shares) at Dec. 31, 2015	71,617,117		71,617,000	50,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued through distribution reinvestment plan	$ 28,497	28,497	$ 26		28,471
Common stock issued through distribution reinvestment plan (in shares)			2,642,000
Distributions declared	(43,005)	(43,005)					(43,005)
Common stock redemptions	$ (24,305)	(24,305)	$ (22)		(24,283)
Common stock redemptions (in shares)	(2,252,000)		(2,252,000)
Other comprehensive income (loss)	$ 95	95				95
Deconsolidation of subsidiaries	(3,613)							(3,613)
Distributions to noncontrolling interests	(9,120)							(9,120)
Net Loss	10,371	4,065					4,065	6,306
Ending balance at Dec. 31, 2016	$ 392,019	$ 390,593	$ 720	$ 1	$ 642,523	$ (345)	$ (252,306)	$ 1,426
Ending balance (in shares) at Dec. 31, 2016	72,006,589		72,007,000	50,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net income (loss)	$ 10,371	$ (16,933)	$ (48,198)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Loss on disposal of assets	1,576	3,093	5,308
Casualty (gains) losses	(680)	782	0
Provision for loan loss	0	130	0
Loss on extinguishment of debt	791	0	0
Net gains on disposition of properties and joint venture interests	(45,057)	(36,041)	(10,484)
Depreciation and amortization	44,231	48,273	47,771
Amortization of deferred financing costs	2,120	1,839	1,365
Amortization of debt premium (discount)	(485)	(779)	(598)
Realized loss on change in fair value of interest rate cap	105	0	0
Accretion of discount and direct loan fees and costs	(39)	(39)	(28)
Changes in operating assets and liabilities, net of acquisitions:
Restricted cash	(1,428)	(1,942)	(2,332)
Tenant receivables, net	55	313	161
Deposits	(65)	3	(775)
Prepaid expenses and other assets	489	886	363
Due to/from related parties, net	869	(722)	(1,236)
Accounts payable and accrued expenses	(1,720)	583	5,289
Tenant prepayments	(102)	(40)	554
Security deposits	99	91	(127)
Net cash provided by (used in) operating activities from continuing operations	11,130	(503)	(2,967)
Cash flows from investing activities:
Proceeds from disposal of properties and joint venture interests, net of closing costs	80,173	60,258	27,082
Property acquisitions	(63,126)	(96,953)	(229,041)
Ownership acquisitions, net of cash received	0	0	(58,720)
Insurance proceeds received for casualty losses	3,171	794	0
Acquisition of preferred equity interest	(408)	(408)	(3,460)
Resolution of preferred equity interest	4,300	0	0
Capital expenditures	(28,024)	(43,018)	(37,384)
Restricted cash	1,572	(766)	1,981
Principal payments received on loans held for investment	21	601	227
Net cash used in investing activities of continuing operations	(2,321)	(79,492)	(299,315)
Cash flows from financing activities:
Redemptions of common stock	(24,305)	(5,042)	(1,389)
Payment of deferred financing costs	(3,200)	(402)	(4,155)
Borrowings on mortgages	194,870	31,473	182,213
Principal repayments on mortgages	(93,990)	(6,150)	(3,027)
Borrowings on credit facility	12,500	33,918	85,520
Repayments on credit facility	(34,394)	(22,288)	(76,975)
Purchase of interest rate caps	(262)	(95)	(110)
Distributions paid on common stock	(14,508)	(13,257)	(9,958)
Contributions of noncontrolling interests	0	151	0
Distributions to noncontrolling interests	(9,120)	0	(119)
Net cash provided by financing activities of continuing operations	27,591	18,308	172,000
Net cash provided by (used in) continuing operations	36,400	(61,687)	(130,282)
Cash flows from discontinued operations:
Net cash provided by operating activities			88
Net cash provided by discontinued operations			88
Net increase (decrease) in cash	36,400	(61,687)	(130,194)
Cash at beginning of year	78,442	140,129	270,323
Cash at end of year	$ 114,842	$ 78,442	$ 140,129

NATURE OF BUSINESS AND OPERATIO

NATURE OF BUSINESS AND OPERATIONS	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF BUSINESS AND OPERATIONS	NATURE OF BUSINESS AND OPERATIONS Resource Real Estate Opportunity REIT, Inc. (the “Company”) was organized in Maryland on June 3, 2009 to purchase a diversified portfolio of discounted U.S. commercial real estate and real estate-related assets in order to generate gains to stockholders from the potential appreciation in the value of the assets and to generate current income for stockholders by distributing cash flow from the Company’s investments. Resource Real Estate Opportunity Advisor, LLC (the “Advisor”), an indirect wholly owned subsidiary of Resource America, Inc. (“RAI”) 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 and Resource Real Estate Opportunity Manager, LLC (the "Manager"), 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, 2016 , 2015 and 2014, the Company issued a total of 7.9 million , in aggregate, additional shares for $80.4 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.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of the significant accounting policies consistently applied in the preparation of the accompanying consolidated financial statements follows: Principles of Consolidation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). 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 N/A 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, 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 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 RRE Providence Holdings, LLC ("Providence in the Park") Providence in the Park 524 Arlington, TX 9,022 Subsidiaries related to disposed investments: RRE Crestwood Holdings, LLC (“Crestwood”) (c)(g) N/A N/A PRIP 5060/6310, LLC ("Governor Park") (c)(g) N/A N/A RRE Campus Club Holdings, LLC (“Campus Club”) (c) N/A N/A PRIP 6700, LLC ("Hilltop Village") (c)(g) N/A N/A RRE Westhollow Holdings, LLC (“Westhollow”) (c) N/A N/A RRE Flagstone Holdings, LLC ("Flagstone") (d)(g) N/A N/A RRE 107th Avenue Holdings, LLC (“107th Avenue”) (d)(g) N/A N/A RRE Bristol Holdings, LLC (“Bristol”) (d)(g) N/A N/A RRE Skyview Holdings, LLC ("Skyview") (d)(g) N/A N/A RRE Kenwick Canterbury Holdings, LLC ("Kenwick & Canterbury") (d) N/A N/A RRE Foxwood Holdings, LLC ("Foxwood") (d)(g) N/A N/A PRIP 3383, LLC ("Conifer Place") (b)(e) N/A N/A PRIP 3700, LLC ("Champion Farms") (b)(e) N/A N/A RRE Armand Place Holdings, LLC ("Armand") (e)(g) N/A N/A RRE Spring Hill Holdings, LLC ("Spring Hill") (f) N/A N/A RRE Nob Hill Holdings, LLC ("Nob Hill") (e) N/A N/A PRIP 10637, LLC ("Fieldstone") (b)(e) N/A N/A RRE Jasmine Holdings, LLC ("Jasmine") (e) N/A N/A N/A - Not Applicable (a) Subsidiary transferred its interest in a portion of the Williamsburg parking lot to RRE Williamsburg Holdings, LLC in 2016. (b) Wholly-owned subsidiary of RRE Charlemagne Holdings, LLC. (c) Underlying investment sold prior to 2015. (d) Underlying investment sold in 2015. (e) Underlying investment sold in 2016. (f) Underlying investment resolved in 2016. (g) Subsidiary was dissolved prior to December 31, 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 9). (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 9). (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 9). 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. This investment was repaid in full on June 6, 2016 and the Company has no further continuing involvement with this investment. Additional information with respect to the preferred equity investment is disclosed in Note 6. Segment Reporting The Company does not evaluate performance on a relationship specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP. 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. The Company had zero and three rental properties, respectively, included in assets held for sale as of December 31, 2016 and 2015 . 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 had been reported as held for sale in the December 31, 2015 consolidated balance sheet. 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. 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. These costs are capitalized along with the related asset. Costs of repairs and maintenance are expensed as incurred. Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist of periodic temporary deposits of cash. At December 31, 2016 , the Company had $125.7 million of deposits at various banks, $112.0 million of which were over the insurance limit of the Federal Deposit Insurance Corporation. No losses have been experienced on such deposits. As of December 31, 2016 , the Company's real estate investments in Texas, Georgia, and California represented approximately 33% , 13% , and 18% of the net book value of its rental property assets, respectively. As a result, the geographic concentration of the Company's portfolio makes it particularly susceptible to adverse economic developments in the Texas, Georgia, and California real estate markets. Any adverse economic or real estate developments in these markets, such as business layoffs or downsizing, industry slowdowns, relocations of businesses, changing demographics and other factors, or any decrease in demand for multifamily rentals resulting from the local business climate, could adversely affect the Company's operating results and its ability to make distributions to stockholders. Contractual Obligations The Company leases parking space and equipment under leases with varying expiration dates through 2023. As of December 31, 2016 , the total payments due under these obligations were $299,000 . Impairment of Long Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for permanent impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. The review also considers factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. An impairment loss will be recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss would be the adjustment to fair value less the estimated cost to dispose of the asset. There were no impairment losses recorded on long lived assets during the years ended December 31, 2016 , 2015 and 2014 . Loans Held for Investment, Net The Company records acquired performing loans held for investment at cost and reviews them for potential impairment at each balance sheet date. The Company considers a loan to be impaired if one of two conditions exists. The first condition is if, based on current information and events, management believes it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The second condition is if the loan is deemed to be a troubled-debt restructuring (“TDR”) where a concession has been given to a borrower in financial difficulty. A TDR may not have an associated specific loan loss allowance if the principal and interest amount is considered recoverable based on current market conditions, expected collateral performance and/or guarantees made by the borrowers. The amount of impairment, if any, is measured by comparing the recorded amount of the loan to the present value of the expected cash flows or, as a practical expedient, the fair value of the collateral. If a loan is deemed to be impaired, the Company records a reserve for loan losses through a charge to income for any shortfall. Interest income from performing loans held for investment is recognized based on the contractual terms of the loan agreement. Fees related to any buy down of the interest rate are deferred as prepaid interest income and amortized over the term of the loan as an adjustment to interest income. The initial investment made in a purchased performing loan includes the amount paid to the seller plus fees. The initial investment frequently differs from the related loan’s principal amount at the date of the purchase. The difference is recognized as an adjustment of the yield over the life of the loan. Closing costs related to the purchase of a performing loan held for investment are amortized over the term of the loan and accreted as an adjustment to interest income. The Company may acquire real estate loans at a discount due to the credit quality of such loans and the respective borrowers under such loans. Revenues from these loans are recorded under the effective interest method. Under this method, an effective interest rate (“EIR”) is applied to the cost basis of the real estate loan held for investment. The EIR that is calculated when the loan held for investment is acquired remains constant and is the basis for subsequent impairment testing and income recognition. However, if the amount and timing of future cash collections are not reasonably estimable, the Company accounts for the real estate receivable on the cost recovery method. Under the cost recovery method of accounting, no income is recognized until the basis of the loan held for investment has been fully recovered. Preferred Equity Investment The Company recorded its preferred equity investment, included in other investments on the consolidated balance sheets, 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 6). 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. The Company tested goodwill as of December 31, 2016 and found no indications of impairment. Revenue Recognition The Company recognizes minimum rent, including rental abatements and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related lease and includes amounts expected to be received in later years in deferred rents. The future minimum rental payments to be received from noncancelable operating leases for residential rental properties are $56.0 million and $368,000 for the years ending December 31, 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 $325,000 , $216,000 , $148,000 , $80,000 , and $15,000 for the years ending December 31, 2017, 2018, 2019, 2020, and 2021, respectively, and none thereafter. 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 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 $10.8 million , $10.3 million and $7.8 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Tenant Receivables Tenant receivables are stated in the financial statements at amounts due from tenants net of an allowance for uncollectible receivables. Payment terms vary and receivables outstanding longer than the payment terms are considered past due. The Company determines its allowance by considering a number of factors, including the length of time receivables are past due, security deposits held, the Company’s previous loss history, the tenants’ current ability to pay their obligations to the Company, the condition of the general economy and the industry as a whole. The Company writes off receivables when they become uncollectible. At December 31, 2016 and 2015 , there were allowances for uncollectible receivables of $5,200 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 any of its subsidiaries as a taxable REIT subsidiary (“TRS”). In general, the Company’s TRSs may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business. A TRS is subject to U.S. federal, state and local corporate income taxes. As of December 31, 2016 and 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 are calculated on the basis of the weighted-average number of common shares outstanding during the year. Basic earnings per share are computed by dividing income available to common stockholders by the weighted-average common shares outstanding during the period. Diluted earnings per share take into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted to common stock. None of the 50,000 shares of convertible stock (discussed in Note 16) are included in the diluted earnings per share calculations because the necessary conditions for conversion have not been satisfied as of December 31, 2016 (were such date to represent the end of the contingency period). For the purposes of calculating earnings per share, all common shares and per common share information in the financial statements have been adjusted retroactively for the effect of seven 1.5% stock distributions, two 0.75% stock distributions, one 0.585% stock distribution and two 0.5% stock distributions issued to stockholders. Common stock shares issued on the consolidated balance sheets have also been adjusted retroactively for the effect of these 12 distributions. Reclassifications Certain amounts in the prior year financial statements have been reclassified to conform to the current-year presentation. The impact of the reclassifications made to prior year amounts are not material and did not affect net income (loss). In accordance with the adoption of Financial Accounting Standards Board ("FASB") Accounting Standards Update (“ASU”) No. 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 , respectively, 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 expenses and other assets (See Note 13). Adoption of New Accounting Standards 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. On December 15, 2016, the Company adopted ASU No. 2014-15 and the adoption had no impact on the Company's consolidated financial statements. In January 2015, FASB issued ASU No. 2015-01, "Income Statement - Extraordinary and Unusual Items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items". The amendments in ASU No. 2015-01 eliminate from GAAP the concept of extraordinary items. Although the amendment will eliminate the requirements for reporting entities to consider whether an underlying event or transaction is extraordinary, the presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. 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 had 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 13). In September 2015, FASB issued ASU No. 2015-16, "Simplifying the Accounting for Measurement-Perio

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2016
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION The following table presents the Company's supplemental cash flow information (in thousands): Years Ended December 31, 2016 2015 2014 Non-cash financing and investing activities: Stock issued from distribution reinvestment plan $ 28,497 $ 28,959 $ 22,898 Stock distributions issued — — 3,333 Deferred financing costs and escrow deposits funded directly by mortgage notes and credit facility 2,619 11,167 4,404 Accrual for construction in progress 1,343 896 947 Non-cash activity related to sales: Deconsolidation of subsidiary and removal of related mortgage notes payable and noncontrolling interest 35,152 — — Mortgage notes payable settled directly with proceeds from sale of rental property 55,720 — — Assets and liabilities assumed in acquisitions: Mortgage notes payable and other liabilities assumed in acquisition of rental property — 40,284 176,935 Cash paid during the period for: Interest $ 20,297 $ 20,752 $ 12,832

RESTRICTED CASH

RESTRICTED CASH	12 Months Ended
	Dec. 31, 2016
Cash and Cash Equivalents [Abstract]
Restricted Cash	RESTRICTED CASH Restricted cash represents escrow deposits with lenders to be used to pay real estate taxes, insurance, and capital improvement. The following table presents a summary of the components of the Company's restricted cash (in thousands): December 31, 2016 2015 Real estate taxes $ 6,853 $ 5,395 Insurance 1,854 1,657 Capital improvements 1,570 2,935 Total $ 10,277 $ 9,987 In addition, the Company had unrestricted cash designated for capital expenditures of $101.6 million and $64.1 million for the years ended December 31, 2016 and 2015 , respectively.

RENTAL PROPERTIES, NET

RENTAL PROPERTIES, NET	12 Months Ended
	Dec. 31, 2016
Real Estate Investments, Net [Abstract]
RENTAL PROPERTIES, NET	RENTAL PROPERTIES, NET The following table presents the Company’s investments in rental properties (in thousands): December 31, 2016 2015 Land $ 176,418 $ 180,533 Building and improvements 795,665 775,239 Furniture, fixtures and equipment 32,198 28,928 Construction in progress 5,983 2,949 1,010,264 987,649 Less: accumulated depreciation (107,810 ) (71,151 ) $ 902,454 $ 916,498 Depreciation expense for the years ended December 31, 2016 , 2015 , and 2014 was $44.0 million , $41.9 million , and $32.8 million , respectively. During the three months ended December 31, 2015 , the Company entered into agreements to sell two rental properties, with an aggregate total net book value of $43.9 million . The Company confirmed the intent and ability to sell all of the properties in their present condition and all properties qualified for held for sale accounting treatment upon meeting all applicable criteria on or prior to December 31, 2015 , 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 anticipated sale of these properties did not qualify for discontinued operations, and, therefore the operations for all periods presented continue to be classified within continuing operations on the Company's consolidated statements of operations. The Company completed the sales of these two rental properties during the three months ended March 31, 2016 (see Note 9). In December 2015, the Company agreed to sell its 70% interest in the joint venture that owns Champion Farms Apartments to its joint venture partner. The sale was completed in January 2016. As such, all assets and liabilities of the consolidated entity were reclassified to held for sale as of December 31, 2015 in the consolidated balance sheets. Carrying amounts of major classes of assets and liabilities included in held for sale related to Champion Farms at December 31, 2015 were as follows (in thousands): Assets: Rental properties, net $ 25,436 Restricted cash $ 54 Tenant receivables, net 2 Prepaid expenses and other assets 25 Subtotal - other assets associated with rental properties held for sale $ 81 Liabilities: Mortgage note payable, net $ 16,443 Accounts payable 44 Accrued expenses and other liabilities 176 Tenant prepayments 57 Security deposits 43 Subtotal- o ther liabilities associated with rental properties held for sale $ 16,763 Included in the consolidated balance sheet at December 31, 2015 was $7.9 million of noncontrolling interests, of which $5.7 million related to interests held for sale.

LOANS HELD FOR INVESTMENT, NET

LOANS HELD FOR INVESTMENT, NET	12 Months Ended
	Dec. 31, 2016
LOANS HELD FOR INVESTMENT, NET [Abstract]
LOANS HELD FOR INVESTMENT, NET	LOAN HELD FOR INVESTMENT, NET On March 15, 2011, the Company purchased, at a discount, two non-performing promissory notes (the "Oberlin Note” and the "Heatherwood Note”) and two performing promissory notes (the "Peterson Note” and the "Trail Ridge Note”), collectively referred to as the “Notes”, each of which was secured by a first priority mortgage on multifamily rental apartment communities. The contract purchase price for the Notes was a total of $3.1 million , excluding closing costs. The Oberlin Note and Peterson Note were resolved in prior years. On August 18, 2011, the Company was the successful bidder at a foreclosure sale of the property collateralizing the Heatherwood Note. Possession of the Heatherwood Apartments was obtained in February 2012 and the property was subsequently sold in April 2013. On April 18, 2013, in connection with the sale of the Heatherwood Apartments, the Company originated an $800,000 mortgage loan (the "Heatherwood Sale Note") to the purchaser of the Heatherwood Apartments on the same date. In May 2015, the Company agreed to accept $583,000 from the borrower and apply $58,000 of escrow balances in full satisfaction of the loan. As such, the Company recorded a provision for loan loss of $130,000 during the year ended December 31, 2015 related to this payoff. The following table presents the aging of the Trail Ridge Note, the Company’s remaining loan held for investment (in thousands), which is included in other investments on the consolidated balance sheets: December 31, 2016 2015 Current $ 769 $ 757 Delinquent: 30−89 days — — 90−180 days — — Greater than 180 days — — $ 769 $ 757 The following table presents information about the credit quality of the Trail Ridge Note, the Company’s remaining loan held for investment, net (in thousands): December 31, 2016 2015 Loans: Performing $ 769 $ 757 Nonperforming — — Total $ 769 $ 757 The following table presents details of the balance and terms of the Trail Ridge Note, the Company's remaining loan held for investment at December 31, 2016 and 2015 (in thousands): December 31, 2016 2015 Unpaid principal balance $ 960 $ 981 Unamortized discount (198 ) (231 ) Deferred expenses, net 7 7 Net book value $ 769 $ 757 Maturity date 10/28/2021 Interest rate 7.5 % Average monthly payment $ 8 The Company has evaluated the loan for impairment and determined that, as of December 31, 2016 , it was not impaired. There were no allowances for credit losses as of both December 31, 2016 and 2015 . There were $0 and $130,000 of charge-offs for the years ended December 31, 2016 and 2015 , respectively.

PREFERRED EQUITY INVESTMENT

PREFERRED EQUITY INVESTMENT	12 Months Ended
	Dec. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Preferred Equity Investment	PREFERRED EQUITY INVESTMENT On November 12, 2014, the Company, through its wholly owned subsidiary, RRE Spring Hill Holdings, LLC, made a $3.5 million preferred equity investment in Spring Hill Investors Limited Partner, LLC (the “Investment Vehicle”) and became the Preferred Member. Presidium AMC Spring Hill Venture, LLC, (“Presidium”), a Texas limited liability company, 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 a total of $800,000 . The Company was obligated to fund up to an additional $1.1 million in increments of $150,000 as long as no triggering event had occurred. The Investment Vehicle was the sole member of Spring Hill Investors GP, LLC, which was the general partner of Spring Hill Investors, LP, the owner of a 606 -unit multifamily residential apartment community commonly known as Spring Hill Apartments (“Spring Hill”) and located in Dallas, Texas. The Company’s preferred equity investment was predominately utilized for capital improvements and deferred maintenance projects. The Company was paid a dividend equal to 12% of the total amount invested, of which 7% was paid monthly and the remaining amount accrued and was to be paid when the property cash flow allowed for the repayment. The mandatory redemption date for the investment was to be the earliest of (i) April 2017 or (ii) any earlier date that the mortgage loan secured by Spring Hill Apartments becomes due and payable as a result of the acceleration of the loan maturity date by the lender, or (iii) the date on which a defeasance is effected pursuant to the loan documents. The outstanding balance as of December 31, 2015 was $3.9 million , which is included in other investments on the consolidated balance sheets. 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.

ACQUISITIONS AND FORECLOSURES

ACQUISITIONS AND FORECLOSURES	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
ACQUISITIONS AND FORECLOSURES	ACQUISITIONS AND FORECLOSURES Real Estate Investments As of December 31, 2016 , the Company owned 31 properties, including six of the 12 properties purchased on January 28, 2014 as part of the Paladin Realty Income Properties, Inc. (“Paladin”) portfolio acquisition, discussed below. The Company recognized goodwill on the Paladin transaction as the excess of purchase price over the fair value of the property acquired. The Company estimated the fair values of certain of the acquired assets and liabilities based on preliminary valuations at the date of purchase. The Company has received final appraisals for all recent acquisitions. The table below summarizes these acquisitions and the respective fair values assigned, excluding non-wholly owned properties acquired through the Paladin merger (dollars in thousands): Multifamily City and State Date of Contractual Purchase (1) Land Building and Improvements Furniture, Fixtures and Equipment Intangible Assets Other Assets Fair Valued Providence in the Park Arlington, TX 12/22/2016 $ 63,200 $ 7,398 $ 53,270 $ 822 $ 1,710 $ 83 $ (214 ) $ 63,069 Point Bonita Apartment Homes Chula Vista, CA 6/16/2015 49,050 17,208 32,651 506 1,130 9 (30,008 ) 21,496 Yorba Linda Yorba Linda, CA 6/1/2015 118,000 39,322 76,124 590 1,964 76 (232 ) 117,844 Heritage Pointe Gilbert, AZ 3/19/2015 36,000 8,487 25,867 716 931 — (152 ) 35,849 South Lamar Village Austin, TX 2/26/2015 24,000 5,586 17,493 291 629 — (12,961 ) 11,038 Pines of York Yorktown, VA 1/28/2014 8,087 (2) 4,464 16,340 400 715 416 (15,447 ) 6,888 Calloway at Las Colinas Irving, TX 9/29/2014 48,500 6,707 39,543 825 1,425 9 (636 ) 47,873 Sunset Ridge San Antonio, TX 9/4/2014 35,000 15,425 18,615 514 931 — (24,737 ) 10,748 Pinehurst Kansas City, MO 1/28/2014 3,588 (3) 1,250 8,241 200 290 142 (4,548 ) 5,575 Pheasant Run Lee's Summit, MO 1/28/2014 4,277 (3) 800 10,798 300 317 172 (6,559 ) 5,828 Retreat at Shawnee Shawnee, KS 1/28/2014 5,369 (3) 3,200 14,550 500 608 186 (14,088 ) 4,956 Aston at Cinco Ranch Katy, TX 6/26/2014 32,300 5,831 25,247 307 915 — (377 ) 31,923 Perimeter 5550 Atlanta, GA 5/19/2014 22,250 4,002 17,600 194 453 — (110 ) 22,139 Perimeter Circle Atlanta, GA 5/19/2014 29,500 4,723 23,969 219 588 — (156 ) 29,343 Chisholm Place Plano, TX 5/5/2014 15,000 1,981 12,383 198 438 — (96 ) 14,904 Evergreen at Coursey Baton Rouge, LA 1/28/2014 15,499 (4) 3,430 38,041 530 1,080 680 (28,844 ) 14,917 The Estates at Johns Creek Alpharetta, GA 3/28/2014 70,500 6,353 62,249 509 1,389 49 (392 ) 70,157 Meridian Pointe Burnsville, MN 12/20/2013 33,149 4,134 26,992 1,016 1,008 36 (107 ) 33,079 Maxwell Townhomes San Antonio, TX 12/16/2013 22,500 3,830 17,510 491 669 48 (14,363 ) 8,185 The Nesbit Palisades Alpharetta, GA 10/25/2013 25,050 7,582 16,023 587 859 37 (161 ) 24,927 Verona Apartment Homes Littleton, 9/30/2013 30,600 5,702 23,609 198 1,090 24 (190 ) 30,433 Skyview Apartment Homes Westminster, 9/30/2013 24,250 2,923 20,301 97 928 20 (147 ) 24,122 Tech Center Square Newport News, 9/9/2013 18,250 3,951 13,048 584 667 23 (59 ) 18,214 The Westside Apartments Plano, 7/25/2013 32,200 5,785 24,418 798 1,199 52 (317 ) 31,935 Affinity at Winter Park Winter Park, 6/27/2013 10,100 2,512 6,459 523 606 50 (61 ) 10,089 Trailpoint at the Woodlands Spring, 6/24/2013 27,200 3,785 22,014 697 704 40 (170 ) 27,070 Retreat at Rocky Ridge Hoover, 4/18/2013 8,500 1,616 6,418 30 436 2 (89 ) 8,413 Ivy at Clear Creek Houston, 3/28/2013 11,750 1,877 9,175 28 670 8 (127 ) 11,631 Deerfield Hermantown 3/21/2012 10,300 (5) 1,660 11,110 500 423 1 (4 ) 13,690 Mosaic Oklahoma City, 12/6/2012 2,050 1,000 2,609 30 123 14 (14 ) 3,762 Williamsburg Cincinnati, 6/20/2012 41,250 3,223 35,111 1,007 1,909 49 (274 ) 41,025 Cannery Lofts Dayton, 5/13/2011 7,100 (6) 160 7,913 200 609 35 — 8,917 Vista Apartment Philadelphia, 6/17/2011 12,000 (7) 1,163 9,913 — 535 530 (141 ) 12,000 (1) Contractual purchase price excludes closing costs, acquisition expenses, and other immaterial settlement date adjustments and pro-rations. For properties acquired through foreclosure, the purchase price reflects the contract purchase price of the note. (2) The Company originally acquired a 90% interest in the joint venture that owned Pines of York on January 28, 2014. On November 25, 2014, the Company purchased the remaining 10% ownership interest of its joint venture partner, bringing the Company's ownership percentage to 100% . (3) The Company originally acquired a 97.5% interest in each of the joint ventures that owned Pinehurst, Pheasant Run and Retreat at Shawnee on January 28, 2014. On July 1, 2014, the Company purchased the remaining 2.5% ownership interest of its joint venture partner in each entity, bringing the Company's ownership percentage in each entity to 100% . (4) The Company originally acquired a 51.7% interest in the joint venture that owned Evergreen at Coursey on January 28, 2014. On March 31, 2014, the Company purchased the remaining 48.3% ownership interest of its joint venture partner, bringing the Company's ownership percentage to 100% . (5) Deerfield originally served as the collateral for a non-performing note that the Company purchased on March 21, 2012. On July 19, 2012, the Company was the successful bidder at a foreclosure sale and formally received title to the property on January 22, 2013. The date of acquisition reflects the date the Company acquired the note. (6) Cannery Lofts originally served as the collateral for a non-performing note that the Company purchased on May 13, 2011. On December 21, 2011, the Company entered into a settlement agreement with the borrower and, subsequently, the Company foreclosed and formally received title to the property on June 6, 2012. The date of acquisition reflects the date the Company acquired the note. (7) Vista Apartment Homes, formerly known as Iroquois Apartments, originally served as the collateral for a non-performing promissory note that the Company purchased on June 17, 2011. On August 2, 2011, the Company was the successful bidder at a sheriff's sale and formally received title to the property. Acquisitions The Company acquired one property during the year ended December 31, 2016 . In order to finalize the fair values of the acquired assets and liabilities, a third-party appraisal was obtained for the property acquired. The Company has up to 12 months from the date of acquisition to finalize the valuation for this property. The valuation has been finalized as of December 31, 2016 . Yorba Linda Acquisition -2015 The supplemental pro forma financial information set forth below is based upon historical financial statements giving effect to the Yorba Linda acquisition as of the beginning of the period presented (in thousands): For the Year Ended December 31, 2014 (unaudited) Revenues 108,005 Net loss attributable to common stockholders (50,043 ) Basic and diluted net loss per share $ (0.74 ) Paladin Acquisition -2014 On July 18, 2013, Resource Real Estate Opportunity OP, LP (the “Operating Partnership”), the operating partnership of the Company, entered into an Agreement and Plan of Merger with RRE Charlemagne Holdings, LLC, a wholly-owned subsidiary of the Operating Partnership (“Merger Sub”), Paladin, and Paladin Realty Income Properties, L.P. (“Paladin OP”), whose sole general partner was Paladin, pursuant to which Paladin OP was to merge with and into Merger Sub (the “Merger”), with Merger Sub surviving as a wholly-owned subsidiary of the Operating Partnership. On January 28, 2014, the parties completed the Merger resulting in the acquisition by the Operating Partnership of interests in 11 joint ventures that owned a total of 10 multifamily communities with more than 2,500 rentable units and two office properties that contained more than 75,000 rentable square feet. The Operating Partnership also acquired, as part of the Merger, a promissory note in the principal amount of $3.5 million issued by a consolidated joint venture which was eliminated in consolidation. This promissory note was secured by the co-venturer’s interests in such joint venture and was repaid in full on November 17, 2015. The consideration for the Merger was $51.2 million exclusive of transaction costs. The names of each community, location and the Company's joint venture ownership interests on the date of acquisition are presented below: Multifamily Community Name City and State Ownership % at Date of Acquisition Champion Farms Louisville, KY 70.0% Fieldstone Woodlawn, OH 83.0% Pinehurst Kansas City, MO 97.5% Pheasant Run Lee's Summit, MO 97.5% Retreat at Shawnee Shawnee, KS 97.5% Hilltop Village Kansas City, MO 49.0% Conifer Place Norcross, GA 42.5% Stone Ridge Columbia, SC 68.5% Evergreen at Coursey Place Baton Rouge, LA 51.7% Pines of York Yorktown, VA 90.0% Governor Park San Diego, CA 47.65% On March 6, 2014, the Company, through a wholly-owned subsidiary, sold its 47.65% membership interest in one of the Paladin joint ventures, FPA/PRIP Governor Park, LLC ("Governor Park"), to its joint venture partner, FPA Governor Park Associates, LLC for $456,000 . The sale price approximated the fair value, therefore no gain or loss was recognized on the transaction. The allocation of the purchase price for the interests in the 11 Paladin joint ventures, which was completed during the year ended December 31, 2014, is included below (in thousands): Multifamily Land Building Intangible Fair Value Other Assets Liabilities Noncontrolling Total Goodwill Allocation of Champion Farms $ 3,168 $ 23,464 $ 579 $ 27,211 $ 575 $ (17,015 ) $ (3,231 ) $ 7,540 $ 171 $ 7,711 Fieldstone 1,420 18,472 648 20,540 661 (16,462 ) (806 ) 3,933 130 4,063 Pinehurst 1,250 8,241 290 9,781 332 (4,548 ) (139 ) 5,426 72 5,498 Pheasant Run 800 10,798 317 11,915 472 (6,559 ) (146 ) 5,682 76 5,758 Retreat at Shawnee 3,200 14,550 608 18,358 686 (14,088 ) (124 ) 4,832 117 4,949 Hilltop Village 800 4,289 195 5,284 267 (4,612 ) (479 ) 460 33 493 Conifer Place 5,040 28,712 1,007 34,759 749 (28,776 ) (3,869 ) 2,863 219 3,082 Stone Ridge 1,300 4,612 326 6,238 985 (178 ) (2,218 ) 4,827 42 4,869 Evergreen at Coursey Place 3,430 38,041 1,080 42,551 1,210 (28,844 ) (7,200 ) 7,717 268 7,985 Pines of York 4,464 16,340 715 21,519 816 (15,446 ) (689 ) 6,200 136 6,336 $ 24,872 $ 167,519 $ 5,765 $ 198,156 $ 6,753 $ (136,528 ) $ (18,901 ) $ 49,480 $ 1,264 $ 50,744 Governor Park 456 Total purchase price $ 51,200 On March 31, 2014 , the Company purchased the remaining 48.3% ownership interest in Evergreen at Coursey Place ("Coursey Place") from its joint venture partner for $7.5 million . A summary of the transaction is as follows (in thousands): Purchase price $ 7,500 Noncontrolling interest assumed $ 7,200 Losses attributable to noncontrolling interest (191 ) Distribution to noncontrolling interest (116 ) Adjusted noncontrolling interest balance 6,893 Adjustment to additional paid in capital $ (607 ) On July 1, 2014 , the Company purchased the remaining 2.5% ownership interest in Pinehurst, Pheasant Run and Retreat at Shawnee from its joint venture partner for a total of $1.1 million . A summary of the transactions is as follows (in thousands): Pinehurst Pheasant Run Retreat at Shawnee Purchase price $ 570 $ 515 $ 15 Noncontrolling interests assumed 139 146 124 Losses attributable to noncontrolling interests (7 ) (8 ) (15 ) Adjusted noncontrolling interest balance 132 138 109 Adjustment to additional paid in capital $ (438 ) $ (377 ) $ 94 In the years ended December 31, 2015 and 2014 , the Company contributed $356,000 and $1.1 million , respectively, to the joint venture partnership that owns Stone Ridge. The joint venture partner did not contribute its pro-rata share, which resulted in a reduction of its partnership interest. As a result, the Company obtained an additional 5.7% and 9.2% , respectively, interest in the joint venture, increasing its ownership interest to 83.4% at December 31, 2015. In November 2014, the Company purchased the remaining 10% ownership interest in Pines of York from its joint venture partner for $900,000 . A summary of the transaction is as follows (in thousands): Pines of York Purchase price $ 900 Noncontrolling interests assumed 690 Losses attributable to noncontrolling interests (98 ) Adjusted noncontrolling interest balance 592 Adjustment to additional paid in capital $ (308 ) The tables below present the total revenues, net loss, and acquisition costs of the Company's acquisitions during the year ended December 31, 2016 , 2015 , and 2014 (dollars in thousands): Multifamily Community Total Revenues Net Loss Acquisition Costs 2016 Acquisitions: Providence in the Park $ 193 $ (781 ) $ (1,509 ) Various properties — — (73 ) (1 ) $ 193 $ (781 ) $ (1,582 ) Multifamily Community Total Revenues Net Loss Acquisition Costs 2015 Acquisitions: South Lamar Village $ 2,086 $ (1,580 ) $ (692 ) Heritage Pointe 3,019 (2,173 ) (1,005 ) Yorba Linda 4,584 (3,405 ) (2,761 ) Point Bonita Apartment Homes 2,431 (2,144 ) (1,353 ) $ 12,120 $ (9,302 ) $ (5,811 ) Multifamily Community Total Revenues Net Loss Acquisition Costs 2014 Acquisitions: South Lamar Village (2) $ — $ — $ (66 ) Calloway at Las Colinas 1,445 (1,234 ) (1,290 ) Sunset Ridge 1,214 (1,216 ) (968 ) Aston at Cinco Ranch 1,718 (1,144 ) (832 ) Perimeter 5550 1,172 (1,024 ) (606 ) Perimeter Circle 1,501 (1,272 ) (748 ) Chisholm Place 1,196 (1,042 ) (494 ) The Estates at Johns Creek 4,828 (3,287 ) (1,720 ) Paladin Properties 22,645 (10,190 ) (3,109 ) $ 35,719 $ (20,409 ) $ (9,833 ) (1) Acquisition fees paid in 2016 related to additional investments in properties to fund additional capital reserves. (2) Acquisition that was completed during the first quarter of fiscal 2015.

MEASUREMENT PERIOD ADJUSTMENTS

MEASUREMENT PERIOD ADJUSTMENTS	12 Months Ended
	Dec. 31, 2016
Accounting Changes and Error Corrections [Abstract]
MEASUREMENT PERIOD ADJUSTMENTS	MEASUREMENT PERIOD ADJUSTMENTS The Company obtains third party appraisals for all of its acquisitions. If the appraisals are not finalized in the period in which the property or interest was acquired, a measurement period adjustment is recorded. For the Estates at Johns Creek acquisition, which was completed in the three months ended March 31, 2014, the measurement period adjustments were finalized during the three months ended June 30, 2014. For the Paladin acquisition, which was completed in the three months ended March 31, 2014, the measurement period adjustments were finalized during the three months ended December 31, 2014. There were no measurement period adjustments needed for the years ended December 31, 2016 and 2015 . Changes in the Paladin and the Estates at Johns Creek acquisitions are reflected in the tables below (in thousands): Paladin January 28, 2014 Measurement (1) January 28, 2014 Land $ 44,292 $ (19,420 ) $ 24,872 Building 149,155 18,364 167,519 Personal property — 3,530 3,530 Intangible assets 5,861 (96 ) 5,765 Other assets 3,231 (9 ) 3,222 Goodwill 6,412 (5,148 ) 1,264 Liabilities (140,970 ) 4,442 (136,528 ) Total net identifiable net assets $ 67,981 $ 1,663 $ 69,644 (1) Remaining balance ( $1.7 million ) of measurement period adjustments impacted the noncontrolling interest balance. The results of operations for the three months ended June 30, 2014 include an additional $867,000 of depreciation and amortization that would have been included in the three months ended March 31, 2014 had the final appraisals for the Paladin properties been received and recorded during that period. Estates at Johns Creek March 28, 2014 Measurement March 28, 2014 Land $ 18,137 $ (11,784 ) $ 6,353 Building 51,843 10,406 62,249 Personal property — 509 509 Intangible assets 520 869 1,389 Total net identifiable net assets $ 70,500 $ — $ 70,500 The measurement period adjustment for the Estates at Johns Creek had no impact on depreciation and amortization for the three months ended March 31, 2014.

DISPOSITION OF PROPERTIES AND D

DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS	12 Months Ended
	Dec. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS	DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS The following table presents details of our disposition and deconsolidation activity during the years ended December 31, 2016 , 2015 , and 2014 (in thousands): Multifamily Community Location Sale Date Contract Sales price Net Gains on Dispositions of Properties and Joint Venture Interests Revenues Attributable to Properties Sold Net Income (Loss) Attributable to Properties Sold 2016 Dispositions: Conifer Place (1) Norcoss, Georgia January 27, 2016 $ 42,500 $ 9,897 $ 365 $ 9,942 Champion Farms Louisville, Kentucky January 29, 2016 7,590 1,066 220 1,125 The Ivy at Clear Creek Houston, Texas February 17, 2016 19,400 6,792 386 6,629 Affinity at Winter Park Winter Park, Florida June 9, 2016 17,500 5,605 1,010 5,757 Fieldstone Woodland, Ohio June 30, 2016 7,514 4,096 1,548 4,325 The Nesbit Palisades Alpharetta, Georgia July 8, 2016 45,500 17,601 2,615 17,739 $ 140,004 $ 45,057 $ 6,144 $ 45,517 2015 Dispositions: The Alcove Apartments Houston, Texas January 26, 2015 $ 11,050 $ 3,784 $ 199 $ 3,819 107th Avenue Apartments Omaha, Nebraska January 29, 2015 250 50 3 50 The Redford Apartments Houston, Texas February 27, 2015 32,959 15,303 1,274 15,652 Cityside Apartments Houston, Texas March 2, 2015 24,500 10,028 701 10,290 One Hundred Chevy Chase Lexington, Kentucky June 30, 2015 13,500 4,386 828 4,027 The Reserve at Mt. Moriah Memphis, Tennessee September 18, 2015 5,425 2,490 1,135 2,202 $ 87,684 $ 36,041 $ 4,140 $ 36,040 2014 Dispositions: Governor Park San Diego, California March 6, 2014 $ 456 $ — $ — $ — Campus Club Tampa, Florida June 16, 2014 10,500 2,602 849 2,723 Hilltop Village (2) Kansas City, Missouri July 1, 2014 — (493 ) 352 (707 ) Arcadia at Westheimer Houston, Texas September 19, 2014 18,100 8,375 2,667 8,407 $ 29,056 $ 10,484 $ 3,868 $ 10,423 (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 includes $6.3 million attributable to noncontrolling interests. (2) Net income (loss) attributable to properties sold presented includes $112,000 attributable to noncontrolling interests.

IDENTIFIED INTANGIBLE ASSETS, N

IDENTIFIED INTANGIBLE ASSETS, NET	12 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
IDENTIFIED INTANGIBLE ASSETS, NET	IDENTIFIED INTANGIBLE ASSETS, NET Identified intangible assets, net, relate to in-place apartment unit rental and antennae leases. The value of the acquired in-place leases totaled $1.9 million and $374,000 as of December 31, 2016 and 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 is seven months and one month as of December 31, 2016 and 2015 , respectively. Expected amortization for the antennae leases at the Vista Apartment Homes is $16,000 annually through 2025. Amortization of the rental and antennae leases for the years ended December 31, 2016 , 2015 , and 2014 was $228,000 , $6.4 million , and $15.0 million , respectively. Expected amortization for the rental and antennae leases for the next five years ending December 31, and thereafter, is as follows (in thousands): 2017 $ 1,726 2018 16 2019 16 2020 16 2021 16 Thereafter 65 $ 1,855

GOODWILL

GOODWILL	12 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	GOODWILL The following table presents a rollforward of the Company's activity in goodwill for the years ended December 31, 2016 and 2015 (in thousands): Balance, January 1, 2015 $ 1,231 Activity - 2015 — Balance, December 31, 2015 $ 1,231 Activity - 2016: Sale of Conifer Place, Champion Farms, and Fieldstone (520 ) Balance, December 31, 2016 $ 711

MORTGAGE NOTES PAYABLE, NET

MORTGAGE NOTES PAYABLE, NET	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
MORTGAGE NOTES PAYABLE, NET	MORTGAGE NOTES PAYABLE, NET The following table presents a summary of the Company's mortgage notes payable, net (in thousands): December 31, 2016 December 31, 2015 Outstanding borrowings Premium (Discount) Deferred finance costs, net Carrying Value Outstanding borrowings Premium (Discount) Deferred finance costs, net Carrying Value Collateral Vista Apartment Homes $ 15,225 $ — $ (178 ) $ 15,047 $ 15,573 $ — $ (216 ) $ 15,357 Cannery Lofts 13,100 — (197 ) 12,903 8,148 — (131 ) 8,017 Deerfield 10,359 — (125 ) 10,234 10,517 — (159 ) 10,358 Ivy at Clear Creek — — — — 8,431 — (136 ) 8,295 Trailpoint at the Woodlands 18,690 — (222 ) 18,468 19,013 — (257 ) 18,756 Verona Apartment Homes 32,970 — (532 ) 32,438 22,402 — (179 ) 22,223 Skyview Apartment Homes 28,400 — (462 ) 27,938 18,089 — (148 ) 17,941 The Nesbit Palisades — — — — 20,298 — (309 ) 19,989 Maxwell Townhomes 13,602 — (137 ) 13,465 13,850 — (167 ) 13,683 Fieldstone — — — — 15,332 — (37 ) 15,295 Pinehurst 7,350 — (154 ) 7,196 4,111 — — 4,111 Pheasant Run 6,250 43 (9 ) 6,284 6,250 100 (20 ) 6,330 Retreat of Shawnee 12,893 85 (23 ) 12,955 13,090 164 (44 ) 13,210 Conifer Crossing — — — — 27,074 — — 27,074 Evergreen at Coursey Place 27,107 100 (96 ) 27,111 27,548 123 (120 ) 27,551 Pines of York 14,999 (299 ) (56 ) 14,644 15,267 (363 ) (69 ) 14,835 Estates at Johns Creek 49,596 — (405 ) 49,191 50,000 — (526 ) 49,474 Chisholm Place 11,587 — (143 ) 11,444 11,587 — (163 ) 11,424 Perimeter Circle 17,298 — (143 ) 17,155 17,657 — (202 ) 17,455 Perimeter 5550 13,651 — (118 ) 13,533 13,935 — (167 ) 13,768 Aston at Cinco Ranch 23,367 — (268 ) 23,099 23,772 — (328 ) 23,444 Sunset Ridge 1 19,699 259 (205 ) 19,753 20,121 329 (261 ) 20,189 Sunset Ridge 2 2,948 35 (26 ) 2,957 3,002 45 (34 ) 3,013 Calloway at Las Colinas 35,083 — (306 ) 34,777 35,740 — (372 ) 35,368 South Lamar Village 12,435 — (131 ) 12,304 12,682 — (184 ) 12,498 Heritage Pointe 26,280 — (327 ) 25,953 26,280 — (370 ) 25,910 Yorba Linda 67,500 — (661 ) 66,839 67,500 — (860 ) 66,640 Point Bonita Apartment Homes 26,907 1,966 (338 ) 28,535 27,265 2,276 (391 ) 29,150 Stone Ridge 5,227 — (130 ) 5,097 5,350 — (153 ) 5,197 The Westside Apartments 36,820 — (448 ) 36,372 23,000 — (351 ) 22,649 Tech Center Square 12,375 — (196 ) 12,179 12,500 — (159 ) 12,341 Williamsburg 53,995 — (828 ) 53,167 — — — — Retreat at Rocky Ridge 11,375 — (261 ) 11,114 — — — — $ 627,088 $ 2,189 $ (7,125 ) $ 622,152 $ 595,384 $ 2,674 $ (6,513 ) $ 591,545 The following table presents additional information about the Company's mortgage notes payable, net, at December 31, 2016 (in thousands, except percentages): Collateral Maturity Date Margin over LIBOR Annual Interest Rate Average Monthly Debt Service Average Monthly Escrow Vista Apartment Homes 1/1/2022 2.29% 3.06 % (1)(5) $ 67 $ 16 Cannery Lofts 11/1/2023 2.54% 3.31 % (1)(3)(6) 46 40 Deerfield 11/1/2020 — 4.66 % (2)(5) 54 29 Trailpoint at the Woodlands 11/1/2023 2.41% 3.18 % (1)(4) 74 67 Verona Apartment Homes 10/1/2026 2.36% 3.13 % (1)(3)(6) 116 38 Skyview Apartment Homes 10/1/2026 2.36% 3.13 % (1)(3)(6) 100 22 Maxwell Townhomes 1/1/2022 — 4.32 % (2)(5) 71 63 Pinehurst 11/1/2023 2.42% 3.19 % (1)(3)(6) 30 15 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 Estates at Johns Creek 7/1/2020 — 3.38 % (2)(5) 221 102 Chisholm Place 6/1/2024 2.39% 3.16 % (1)(3) 43 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 1.88% 2.65 % (1)(3) 98 44 Yorba Linda 6/1/2020 1.75% 2.52 % (1)(3) 180 — Point Bonita Apartment Homes 10/1/2023 — 5.33 % (2)(5) 152 38 Stone Ridge 12/1/2022 1.86% 2.63 % (1)(5) 21 17 The Westside Apartments 9/1/2026 2.12% 2.89 % (1)(3)(6) 137 68 Tech Center Square 6/1/2023 2.58% 3.35 % (1)(5)(6) 55 25 Williamsburg 1/1/2024 2.38% 3.15 % (1)(3)(7) 202 123 Retreat at Rocky Ridge 1/1/2024 2.46% 3.23 % (1)(3)(7) 43 22 (1) Variable rate based on one-month LIBOR of 0.77167% (as of December 31, 2016 ) plus applicable 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) Refinanced during the year ended December 31, 2016 . (7) New debt placed during the year ended December 31, 2016 . Loans assumed as part of the Point Bonita Apartment Homes, South Lamar Village, Paladin, Sunset Ridge and Maxwell Townhomes acquisitions were recorded at fair value. The premium or discount is amortized over the remaining term of the loans and included in interest expense. For the years ended December 31, 2016 , 2015 , and 2014 , interest expense was reduced by $485,000 , $779,000 , and $598,000 for the amortization of the premium or discount. All mortgage notes are collateralized by a first mortgage lien on the assets of the respective property as named in the table above. Each property's fair values assigned at acquisition are summarized in Note 7. The amount outstanding on the mortgages may be prepaid in full during the entire term with a prepayment penalty on the majority of mortgages held. As of December 31, 2016 and 2015 , the Company had $10.3 million and $10.0 million of restricted cash related to escrow deposits held by mortgage lenders for real estate taxes, insurance and capital reserves. Annual principal payments on the mortgage notes payable for each of the next five years ending December 31 and thereafter are as follows (in thousands): 2017 $ 12,978 2018 20,456 2019 50,908 2020 150,951 2021 99,121 Thereafter 292,674 $ 627,088 The mortgage notes payable are recourse only with respect to the properties that secure the notes, subject to certain limited standard exceptions, as defined in each mortgage note. The Company has guaranteed the mortgage notes by executing a guarantee with respect to the properties. These exceptions are referred to as “carveouts.” In general, carveouts relate to damages suffered by the lender for a borrower’s failure to pay rents, insurance or condemnation proceeds to lender, failure to pay water, sewer and other public assessments or charges, failure to pay environmental compliance costs or to deliver books and records, in each case as required in the loan documents. The exceptions also require the Company to guarantee payment of audit costs, lender’s enforcement of its rights under the loan documents and payment of the loan if the borrower voluntarily files for bankruptcy or seeks reorganization, or if a related party of the borrower does so with respect to the subsidiary. The Company has also guaranteed the completion and payment of costs of completion of no less than $7.0 million of renovations to The Estates at Johns Creek by July 1, 2018, of which $7.0 million were completed at December 31, 2016 . The Company is in the process of releasing the guaranty. The mortgage obtained in connection with the acquisition of Yorba Linda in June 2015 includes a $7.5 million earn-out holdback which may be borrowed when certain debt service coverage and loan to value criteria are met. The Yorba Linda loan includes a net worth and liquidity covenant. The Company was in compliance with all covenants at December 31, 2016 . The loan also includes an additional debt service coverage covenant that is only required to be met as of December 31, 2017 and for periods thereafter. On December 20, 2013 , the Company, through a wholly-owned subsidiary, entered into a loan, ("Tech Center Loan") with PNC Bank, National Association. Draws under the Tech Center Loan were secured by the assets of Tech Center Square (formerly known as the Jefferson Point Apartments). The Company provided a repayment guarantee of all interest and scheduled monthly principal payments (excluding the final payment at maturity for the outstanding balance.) The Company paid certain closing costs in connection with the Tech Center Loan including loan fees totaling $75,000 . 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% 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 . Draws under the Westside Loan were secured by the assets of The Westside Apartments. 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. The Company paid certain closing costs in connection with the Westside Loan, including loan fees totaling $222,000 . On September 1, 2016, the existing loan was repaid in full and was refinanced with a different lender. In addition to Tech Center Square Apartments and The Westside Apartments, the Company refinanced the loans on Verona Apartment Homes, Skyview Apartment Homes, Pinehurst, and Cannery Lofts during the year ended December 31, 2016 . As a result, $791,000 of loss on extinguishment of debt was included in interest expense on the consolidated statement of operations for the year ended December 31, 2016 . On December 22, 2016 , the Company, through a wholly-owned subsidiary, entered into a loan ("Williamsburg Loan") with Berkadia Commercial Mortgage for $54.0 million . The Williamsburg Loan is secured by the assets of Williamsburg. The Williamsburg Loan matures on January 1, 2024 and is pre-payable after the first year of its term upon payment of an amount equal to 1% of the outstanding principal balance. The loan has an interest-only period of two years. The interest rate on the loan is one-month LIBOR plus 2.38% . On December 23, 2016 , the Company, through a wholly-owned subsidiary, entered into a loan ("Rocky Ridge Loan") with CBRE Capital Markets for $11.4 million . The Rocky Ridge Loan is secured by the assets of Retreat at Rocky Ridge. The Rocky Ridge Loan matures on January 1, 2024 and is pre-payable after the first year of its term upon payment of an amount equal to 1% of the outstanding principal balance. The loan has an interest-only period of two years. The interest rate on the loan is one-month LIBOR plus 2.46% . Deferred financing costs incurred to obtain financing are amortized over the term of the related debt. During the years ended December 31, 2016 , 2015 , and 2014 , $1.8 million , $1.5 million , and $1.1 million , respectively, of amortization of deferred financing costs were included in interest expense. Accumulated amortization as of December 31, 2016 and 2015 was $2.6 million and $2.4 million , respectively. Estimated amortization of the existing deferred financing costs for the next five years ending December 31, are as follows (in thousands): 2017 $ 1,414 2018 1,353 2019 1,251 2020 972 2021 719 Thereafter 1,416 $ 7,125

CREDIT FACILITY

CREDIT FACILITY	12 Months Ended
	Dec. 31, 2016
Line of Credit Facility [Abstract]
CREDIT FACILITY	CREDIT FACILITY The following table presents a summary of the Company's credit facility (in thousands, except percentages): Balance Outstanding at Current Availability at Balance Outstanding at Weighted Average Interest Rate for the Year Ended Lender December 31, 2016 December 31, 2015 Maturity Interest Rate Basis Current Interest Rate (1) December 31, December 31, Bank of America $ — $ 13,280 $ 21,894 5/23/2017 LIBOR plus 3% 3.77 % 3.44 % 3.26 % (1) Variable rate based on one-month LIBOR of 0.77167% (as of December 31, 2016 ). On December 2, 2011 , the Company, through the Operating Partnership, entered into a secured revolving credit facility (the “Bank of America Credit Facility”) with Bank of America, N.A. (“Bank of America”). On May 23, 2013 , the Company amended the Bank of America Credit Facility to increase the amount it may borrow from $25 million to $50 million (the “Facility Amount”). Draws under the Bank of America Credit Facility are secured by one of the Company's properties with an aggregate value (lower of acquisition cost or appraised value) of $33.2 million and are guaranteed by the Company. The Company is able to draw up to 40% of the aggregate value of the property securing the facility. The Company paid certain closing costs in connection with the Bank of America Credit Facility. The Bank of America Credit Facility, as amended, matures on May 23, 2017 , and may be extended to May 23, 2019 subject to satisfaction of certain conditions and payment of an extension fee equal to 0.25% of the amount committed. The Company is required to make monthly interest-only payments. The Company also may prepay the Bank of America Credit Facility in whole or in part at any time without premium or penalty. For the years ended December 31, 2016 and 2015, the Company had weighted average borrowings of $6.8 million and $13.8 million under the Bank of America Credit Facility. The Operating Partnership's obligations with respect to the Bank of America Credit Facility are guaranteed by the Company, pursuant to the terms of a guaranty dated as of December 2, 2011, or the Guaranty. The Bank of America Credit Facility and the Guaranty contain restrictive covenants for maintaining a certain tangible net worth and a certain level of liquid assets, and for restricting the securing of additional debt as follows: • the Company must maintain a minimum tangible net worth equal to at least (i) 200% of the outstanding principal amount of the Bank of America Credit facility and (ii) $20.0 million ; • the Company must also maintain unencumbered liquid assets with a market value of not less than the greater of (i) $5.0 million or (ii) 20% of the outstanding principal amount of the Bank of America Credit Facility; and • the Company may not incur any additional secured or unsecured debt without Bank of America's prior written consent and approval, which consent and approval is not to be unreasonably withheld. 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 went into effect during the year ended December 31, 2016 . The Company was in compliance with all covenants at December 31, 2016 . Deferred financing costs incurred to obtain financing are amortized over the term of the related debt. During the years ended December 31, 2016 , 2015 , and 2014 , $321,000 , $327,000 , and $225,000 , respectively, of amortization of deferred financing costs were included in interest expense. Accumulated amortization as of December 31, 2016 and 2015 was $857,000 and $763,000 , respectively. Estimated amortization of the existing deferred financing costs is $68,500 for the 12-month period ending December 31, 2017 and none thereafter. As of December 31, 2016 , there are no principal payments required by the credit facility for the 12-month period ending December 31, 2017 or any period thereafter.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS The following table presents the changes in each component of the Company's accumulated other comprehensive loss for the years ended December 31, 2016 , 2015 , and 2014 (dollars in thousands): Balance, January 1, 2014 $ 20 Unrealized loss on designated derivatives (286 ) Balance, December 31, 2014 (266 ) Unrealized loss on designated derivatives (174 ) Balance, December 31, 2015 (440 ) Reclassification adjustment for realized loss on designated derivatives 105 Unrealized loss on designated derivatives (10 ) Balance, December 31, 2016 $ (345 )

CERTAIN RELATIONSHIPS AND RELAT

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS	CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS In the ordinary course of its business operations, the Company has ongoing relationships with several related parties. Relationship with RAI 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 the Advisor. Self-insurance funds held in escrow. Substantially all of the receivables from related parties represent insurance deposits held in escrow by Resource Real Estate ("RRE") for self insurance which, if unused, will be returned to the Company. The Company's properties participate in insurance pools with other properties directly and indirectly managed by RAI for both the property insurance and general liability. RRE holds the deposits in escrow to fund future insurance claims. 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 of each general liability incident. Catastrophic insurance would cover losses in excess of the property insurance and general liability pools up to $140.0 million and $51.0 million , respectively. 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 years ended December 31, 2016 and 2015 , the Company paid $1.8 million and $1.6 million into the insurance pools. Internal audit fees. RAI performs internal audit services for the Company. Relationship with the Advisor In September 2009, the Company entered into an advisory agreement (the “Advisory Agreement”) pursuant to which the Advisor provides the Company with investment management, administrative and related services. The Advisory Agreement was amended in January 2010 and further amended in January 2011 and March 2015. The Advisory Agreement has a one-year term and renews for an unlimited number of successive one -year terms upon the approval of the conflicts committee of the Company's board of directors. The Company renewed the advisory agreement for another year on September 15, 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 of the sale of a property equal to the lesser of one-half of the aggregate brokerage commission paid, or if none is paid, 2.75% of the contract sales price. Debt financing fees. The Advisor earns a debt financing fee equal to 0.5% of the amount available under any debt financing obtained for which it provided substantial services. Expense reimbursements. The Company also pays directly or reimburses the Advisor for all of the expenses paid or incurred by the Advisor or its affiliates on behalf of the Company or in connection with the services provided to the Company in relation to its public offering, including its ongoing distribution reinvestment plan offering. This includes all organization and offering costs of up to 2.5% of gross offering proceeds. Reimbursements also include expenses the Advisor incurs in connection with providing services to the Company, including the Company’s allocable share of costs for Advisor personnel and overhead, out of pocket expenses incurred in connection with the selection and acquisition of properties or other real estate related debt investments, whether or not the Company ultimately acquires the investment. However, the Company will not reimburse the Advisor or its affiliates for employee costs in connection with services for which the Advisor earns acquisition or disposition fees. Relationship with the Manager The Manager manages 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 information technology fees and operating expenses on behalf of the Company. Relationship with Other Related Parties The Company has also made payments 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 fees earned / expenses paid and the amounts payable to such related parties are summarized in the following tables (in thousands): As of December 31, 2016 2015 Receivables from related parties: RAI and affiliates $ 1,375 $ 1,421 Payables to related parties: Advisor: Operating expense reimbursements $ 1,285 $ 286 Manager: Property management fees 456 440 Operating expense reimbursements 314 459 $ 2,055 $ 1,185 Years Ended December 31, 2016 2015 2014 Fees earned / expenses paid to related parties: Advisor: Acquisition fees (1) $ 1,452 $ 5,179 $ 8,591 Asset management fees (2) 10,484 10,240 7,262 Disposition fees (3) 686 1,140 422 Debt financing fees (4) 532 697 1,623 Overhead allocation (5) 5,621 3,733 2,227 Internal audit fees (5) 44 41 — Manager : Property management fees (2) $ 5,137 $ 4,748 $ 3,661 Construction management fees (6) 926 1,895 1,685 Information technology fees (5) 418 365 306 Operating expense reimbursements (7) 245 278 276 Debt servicing fees (2) 15 33 8 Other: Ledgewood $ 121 $ 169 $ 143 Graphic Images 91 59 37 (1) Included in Acquisition costs on the consolidated statements of operations and comprehensive income (loss). (2) Included in Management fees on the consolidated statements of operations and comprehensive income (loss). (3) Included in Net gains on dispositions of properties and joint venture interests on the consolidated statements of operations and comprehensive income (loss). (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 income (loss). (6) Included in Rental Properties, net on the consolidated balance sheets. (7) Included in Rental operating expenses on the consolidated statements of operations and comprehensive income (loss). Amount excludes the allocated payroll expenses described in Note 20- Operating Expenses.

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
EQUITY	EQUITY Preferred Stock The Company’s charter authorizes the Company to issue 10.0 million shares of its $0.01 par value preferred stock. As of December 31, 2016 and 2015 , no shares of preferred stock were issued and outstanding. Common Stock As of December 31, 2016 , the Company had issued an aggregate of 74,975,022 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 9,078,068 91,389 Shares issued in conjunction with the Advisor's initial investment, 15,500 155 Total 74,975,022 $ 726,203 Shares redeemed and retired (2,968,433 ) Total shares outstanding as of December 31, 2016 72,006,589 (1) Includes 276,056 shares held by the Advisor. Convertible Stock As of December 31, 2016 and 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 year ended December 31, 2016 , the Company redeemed shares of its outstanding common stock as follows (in thousands, except per share data): Period Total Number of Shares Redeemed Average Price Paid per Share January 2016 150 $10.59 February 2016 — — March 2016 196 $10.59 April 2016 47 $10.83 May 2016 — — June 2016 1,069 $10.83 July 2016 — — August 2016 — — September 2016 520 $10.83 October 2016 — — November 2016 — — December 2016 270 $10.83 2,252 All redemption requests tendered were honored during the year ended December 31, 2016 . The Company will not redeem in excess of 5% of the weighted-average number of shares outstanding during the 12 -month period immediately prior to the effective date of redemption. The Company's board of directors will determine at least quarterly whether it has sufficient excess cash to repurchase shares. Generally, the cash available for redemptions will be limited to proceeds from the Company's distribution reinvestment plan plus, if the Company has positive operating cash flow from the previous fiscal year, 1% of all operating cash flow from the previous year. The Company's board of directors, in its sole discretion, may suspend, terminate or amend the Company's share redemption program without stockholder approval upon 30 days ' notice if it determines that such suspension, termination or amendment is in the Company's best interest. The Company's board may also reduce the number of shares purchased under the share redemption program if it determines the funds otherwise available to fund the Company's share redemption program are needed for other purposes. These limitations apply to all redemptions, including redemptions sought upon a stockholder's death, qualifying disability or confinement to a long-term care facility. Distributions For the year ended December 31, 2016 , the Company paid aggregate distributions of $43.0 million , including $14.5 million of distributions paid in cash and $28.5 million of distributions reinvested in shares of common stock through the Company's distribution reinvestment plan, as follows (in thousands, except per share data): Record Date Per Common Distribution Date Distributions Aggregate Total January 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 October 28, 2016 0.05 October 31, 2016 2,348 1,234 3,582 November 29, 2016 0.05 November 30, 2016 2,343 1,249 3,592 December 29, 2016 0.05 December 30, 2016 2,326 1,263 3,589 $ 0.60 $ 28,497 $ 14,508 $ 43,005 Since its formation, the Company has declared a total of seven quarterly stock distributions of 0.015 shares each, two quarterly stock distributions of 0.0075 shares each, one quarterly stock distribution of 0.00585 shares each, and two quarterly stock distributions of 0.005 shares each of its common stock outstanding.

FAIR VALUE MEASURES AND DISCLOS

FAIR VALUE MEASURES AND DISCLOSURES	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE MEASURES AND DISCLOSURES	FAIR VALUE MEASURES AND DISCLOSURES In analyzing the fair value of its investments accounted for on a fair value basis, the Company follows the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company determines fair value based on quoted prices when available or, if quoted prices are not available, through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. The fair value of cash, tenant receivables and accounts payable, approximate their carrying value due to their short nature. The hierarchy followed defines three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 - Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter; depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. Derivatives (interest rate caps), which are reported at fair value in the consolidated balance sheets, are valued by a third-party pricing agent using an income approach with models that use, as their primary inputs, readily observable market parameters. This valuation process considers factors including interest rate yield curves, time value, credit and volatility factors. (Level 2) The following table presents information about the Company's assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as follows (in thousands): Level 1 Level 2 Level 3 Total December 31, 2016 Assets: Interest rate caps $ — $ 242 $ — $ 242 $ — $ 242 $ — $ 242 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 notes payable- included in other liabilities associated with rental properties held for sale and credit facility were as follows (in thousands): December 31, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Loan held for investment, net $ 769 $ 1,104 $ 757 $ 1,151 Preferred equity investment — — 3,886 3,908 Mortgage notes payable- outstanding borrowings (627,088 ) (620,578 ) (595,384 ) (573,693 ) Mortgage notes 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 a discounted cash flows model and 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 amount because the variable interest rate is considered a market rate (Level 3).

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND HEDGING ACTIVITIES	DERIVATIVES AND HEDGING ACTIVITIES Risk Management Objective of Using Derivatives The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. As a condition to certain of the Company’s financing facilities, from time to time the Company may be required to enter into certain derivative transactions as may be required by the lender. These transactions would generally be in line with the Company’s own risk management objectives and also service to protect the lender. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company entered into a total of 13 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 years end December 31, 2016 and 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 year ended December 31, 2016 , the Company had a loss of $104,941 due to hedge ineffectiveness related to the sales of Nesbit Palisades and Ivy at Clear Creek. During the year ended December 31, 2015 , the Company recorded no hedge ineffectiveness in earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months, the Company estimates that an additional $147,928 will be reclassified as an increase to interest expense. As of December 31, 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 13 $ 270,475 January 1, 2018 to October 1, 2020 Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet The table below presents the fair value of the Company’s derivative financial instruments on the consolidated balance sheets as of December 31, 2016 and 2015 (in thousands): Asset Derivatives Liability Derivatives December 31, 2016 December 31, 2015 December 31, 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 $ 242 Prepaid expenses and other assets $ 32 — $ — — $ —

OPERATING EXPENSES

OPERATING EXPENSES	12 Months Ended
	Dec. 31, 2016
Operating Expenses [Abstract]
OPERATING EXPENSES	OPERATING EXPENSES Under its charter, the Company must limit its total operating expenses to the greater of 2% of its average invested assets or 25% of its net income for the four most recently completed fiscal quarters, unless the conflicts committee of the Company’s board of directors has determined that such excess expenses were justified based on unusual and non-recurring factors. Operating expenses for the four quarters ended December 31, 2016 were in compliance with the charter imposed limitation. Allocated payroll expense associated with a portion of the compensation paid by the Advisor or its affiliates to the Company’s executive officers was included in general and administrative in the consolidated statements of operations and comprehensive income (loss) and was reimbursed to the Advisor during the years ended December 31, 2016, 2015 and 2014. Allocated payroll expense from the Manager is included in rental operating expenses in the consolidated statements of operations and comprehensive income (loss). Allocated payroll for the years ended December 31, 2016, 2015, and 2014 was $2.0 million , $1.9 million , and $1.6 million , respectively.

INSURANCE PROCEEDS IN EXCESS OF

INSURANCE PROCEEDS IN EXCESS OF COST BASIS	12 Months Ended
	Dec. 31, 2016
INSURANCE PROCEEDS IN EXCESS OF COST BASIS [Abstract]
INSURANCE PROCEEDS IN EXCESS OF COST BENEFIT	INSURANCE PROCEEDS IN EXCESS OF COST BASIS For the year ended December 31, 2016 , there were $985,000 of insurance proceeds in excess of cost basis included on the consolidated statements of operations and comprehensive income (loss). The Company received $735,000 of proceeds from insurers, net of expenses, due to incidents at Deerfield, The Westside Apartments, and Chisholm Place in 2016 and $250,000 of proceeds from insurers, net of expenses, due to incidents at Verona Apartment Homes, Skyview Apartment Homes, Meridian Pointe, and Stone Ridge in 2015. For the year ended December 31, 2015 , there were $407,000 of insurance proceeds in excess of cost basis included on the consolidated statements of operations and comprehensive income (loss). The Company received $247,000 of proceeds due to prior owners from insurers, net of expenses, due to an incident at Stone Ridge in 2013 and $160,000 of proceeds from insurers, net of expenses, due to an incident at Chisholm Place in 2014. For the year ended December 31, 2014 , there were $425,000 of insurance proceeds in excess of cost basis included on the consolidated statements of operations and comprehensive income (loss). The Company received $369,000 of proceeds due to prior owners from insurers, net of expenses, due to an incident at Stone Ridge in 2013 and $56,000 of proceeds from insurers, net of expenses, due to an incident at Mosaic in 2013.

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data (Unaudited)	QUARTERLY FINANCIAL DATA (UNAUDITED) The following tables present the Company's operating results by quarter (in thousands, except share data): Quarterly Results for 2016 March 31 June 30 September 30 December 31 (unaudited) (unaudited) (unaudited) (unaudited) Revenues $ 30,556 $ 30,721 $ 28,575 $ 28,515 Net income (loss) 8,480 2,427 9,637 (10,173 ) Less: net (income) loss attributable to noncontrolling interests (6,281 ) (25 ) — — Net income (loss) attributable to common stockholders 2,199 2,402 9,637 (10,173 ) Net income (loss) per common share $ 0.03 $ 0.03 $ 0.14 $ (0.14 ) Quarterly Results for 2015 March 31 June 30 September 30 December 31 (unaudited) (unaudited) (unaudited) (unaudited) Revenues $ 27,734 $ 28,412 $ 30,845 $ 31,334 Net income (loss) 17,039 (12,476 ) (10,662 ) (10,834 ) Less: net (income) loss attributable to noncontrolling interests (11 ) 192 43 (186 ) Net income (loss) attributable to common stockholders 17,028 (12,284 ) (10,619 ) (11,020 ) Net income (loss) per common share $ 0.25 $ (0.18 ) $ (0.15 ) $ (0.16 )

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On January 20, 2017, the Company obtained $47.0 million in financing, secured by Providence in the Park. On January 27, 2017, 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 each of the following record dates: January 30, 2017, February 27, 2017, and March 30, 2017. Such distributions were or are to be paid on January 31, February 28, and March 31, 2017. On March 20, 2017, the Company entered into an agreement to sell Mosaic, located in Oklahoma City, Oklahoma for $6.1 million with an expected closing in May 2017. The Company expects to record a gain on sale during the three months ended June 30, 2017. On March 27, 2017, the Company's board of directors approved $7.5 million of redemption requests from investors. The Company has evaluated subsequent events and determined that no events have occurred, other than those disclosed above, which would require an adjustment to or additional disclosure in the consolidated financial statements.

SCHEDULE III Real Estate and Ac

SCHEDULE III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III Real Estate and Accumulated Depreciation	RESOURCE REAL ESTATE OPPORTUNITY REIT, INC. SCHEDULE III Real Estate and Accumulated Depreciation December 31, 2016 (in thousands) Column A Column B Column C Column D Column E Column F Column G Column H Column I Description Encumbrances Initial cost to Company Cost capitalized subsequent to acquisition Gross Amount at which carried at close of period Accumulated Depreciation Date of Construction Date Acquired Life on which depreciation in latest income is computed Buildings and Land Improvements Improvements Carrying Costs Buildings and Land Improvements Total Real estate owned: Residential $ 15,225 $ 11,076 $ 4,388 $ 15,464 $ (3,952 ) 1961 6/17/2011 3 - 27.5 years Philadelphia, PA Residential 13,100 8,273 1,567 9,840 (2,126 ) 1838 5/13/2011 3 - 27.5 years Dayton, OH Residential 53,995 39,341 12,216 51,557 (13,365 ) 1966 6/20/2012 3 - 27.5 years Cincinnati, OH Residential — 1,961 4,124 6,085 (1,625 ) 1974 12/6/2012 3 - 27.5 years Oklahoma City, OK Residential 10,359 9,620 5,185 14,805 (2,492 ) 1993 1/22/2013 3 - 27.5 years Hermantown, MN Residential 11,375 8,064 3,482 11,546 (2,103 ) 1986 4/18/2013 3 - 27.5 years Hoover, AL Residential 18,690 26,496 4,087 30,583 (4,963 ) 1981 6/24/2013 3 - 27.5 years Houston, TX Residential 36,820 31,001 5,044 36,045 (5,082 ) 1984 7/25/2013 3 - 27.5 years Plano, TX Residential 12,375 17,583 2,562 20,145 (2,961 ) 1985 9/9/2013 3 - 27.5 years Newport News, VA Residential 32,970 23,321 9,769 33,090 (3,986 ) 1985 9/30/2013 3 - 27.5 years Littleton, CO Residential 28,400 29,509 (2,122 ) 27,387 (3,547 ) 1985 9/30/2013 3 - 27.5 years Westminster, CO Residential 13,602 21,831 5,809 27,640 (4,353 ) 1982 12/16/2013 3 - 27.5 years San Antonio, TX Residential (2) — 32,142 4,218 36,360 (4,369 ) 1988 12/20/2013 3 - 27.5 years Burnsville, MN Residential (1) 5,227 5,912 2,897 8,809 (1,562 ) 1974 1/28/2014 3 - 27.5 years Columbia, SC Residential 49,596 69,111 7,796 76,907 (8,495 ) 1999 3/28/2014 3 - 27.5 years Alpharetta, GA RESOURCE REAL ESTATE OPPORTUNITY REIT, INC. SCHEDULE III Real Estate and Accumulated Depreciation December 31, 2016 (in thousands) (Continued) Column A Column B Column C Column D Column E Column F Column G Column H Column I Description Encumbrances Initial cost to Company Cost capitalized subsequent to acquisition Gross Amount at which carried at close of period Accumulated Depreciation Date of Construction Date Acquired Life on which depreciation in latest income is computed Buildings and Land Improvements Improvements Carrying Costs Buildings and Land Improvements Total Residential 27,107 42,001 817 42,818 (5,149 ) 2003 5/5/2014 3 - 27.5 years Baton Rouge, LA Residential 11,587 14,562 721 15,283 (1,640 ) 1981 5/5/2014 3 - 27.5 years Plano, TX Residential 17,298 28,911 2,564 31,475 (3,098 ) 1995 5/19/2014 3 - 27.5 years Atlanta, GA Residential 13,651 21,796 2,603 24,399 (2,392 ) 1995 5/19/2014 3 - 27.5 years Atlanta, GA Residential 23,367 31,385 2,929 34,314 (3,395 ) 2000 6/26/2014 3 - 27.5 years Katy, TX Residential 12,893 18,250 1,128 19,378 (2,671 ) 1984 7/1/2014 3 - 27.5 years Shawnee, KS Residential 6,250 11,898 527 12,425 (1,751 ) 1985 7/1/2014 3 - 27.5 years Lee's Summit, MO Residential 7,350 9,691 751 10,442 (1,488 ) 1983 7/1/2014 3 - 27.5 years Kansas City, MO Residential 22,647 34,554 5,238 39,792 (3,148 ) 1949 9/4/2014 3 - 27.5 years San Antonio, TX Residential 35,083 47,075 5,289 52,364 (4,622 ) 1984 9/29/2014 3 - 27.5 years Irving, TX Residential 14,999 21,204 396 21,600 (2,326 ) 1974 11/25/2014 3 - 27.5 years Yorktown, VA Residential 12,435 23,370 4,230 27,600 (1,859 ) 1981 2/26/2015 3 - 27.5 years Austin, TX Residential 26,280 35,070 4,061 39,131 (2,389 ) 1986 3/19/2015 3 - 27.5 years Gilbert, AZ Residential 67,500 116,036 3,787 119,823 (4,901 ) 1986 6/1/2015 3 - 27.5 years Orange County, CA Residential 26,907 50,365 2,066 52,431 (2,000 ) 1988 6/16/2015 3 - 27.5 years Chula Vista, CA RESOURCE REAL ESTATE OPPORTUNITY REIT, INC. SCHEDULE III Real Estate and Accumulated Depreciation December 31, 2016 (in thousands) (Continued) Column A Column B Column C Column D Column E Column F Column G Column H Column I Description Encumbrances Initial cost to Company Cost capitalized subsequent to acquisition Gross Amount at which carried at close of period Accumulated Depreciation Date of Construction Date Acquired Life on which depreciation in latest income is computed Buildings and Land Improvements Improvements Carrying Costs Buildings and Land Improvements Total Residential — 61,490 (764 ) 60,726 $ — 1997 12/22/2016 3 - 27.5 years Arlington, TX $ 627,088 $ 902,899 $ 107,365 $ 1,010,264 $ (107,810 ) Years Ended December 31, 2016 2015 2014 Investments in Rental Properties: Balance, beginning of the period $ 1,063,211 $ 857,151 $ 406,149 Acquisitions 61,490 224,841 436,626 Improvements, etc. 28,024 43,018 37,384 Dispositions during the period (142,461 ) (61,799 ) (23,008 ) Balance, close of the period (3) $ 1,010,264 $ 1,063,211 $ 857,151 Accumulated depreciation: Balance, beginning of the period $ (77,363 ) $ (45,133 ) $ (15,776 ) Sales 12,737 9,031 2,962 Disposals 819 652 478 Depreciation (44,003 ) (41,913 ) (32,797 ) Balance, close of the period (3) $ (107,810 ) $ (77,363 ) $ (45,133 ) ` (1) Acquired an interest in the property on 1/28/2014 with the Paladin merger. (2) Rental property held as collateral for the Company's secured credit facility. (3) Includes properties held for sale at 12/31/2015

SCHEDULE IV Mortgage Loans on R

SCHEDULE IV Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2016
Mortgage Loans on Real Estate [Abstract]
SCHEDULE IV Mortgage Loans on Real Estate	SCHEDULE IV Mortgage Loans on Real Estate December 31, 2016 (dollars in thousands) Column A Column B Column C Column D Column E Column F Column G Column H Description Interest rate Final maturity date Periodic payment term Prior liens Face amount of mortgages Carrying amount of mortgages Principal amount of loans subject to delinquent principal or interest Residential Columbia City, IN Fixed interest rate 10/28/2021 N/A N/A $ 1,058 $ 769 $ — $ 1,058 $ 769 $ — Year Ended December 31, Balance, beginning of the period $ 757 Interest accretion 33 Principal reductions (21 ) Balance, end of the period $ 769

SUMMARY OF SIGNIFICANT ACCOUN32

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). 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 N/A 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, 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 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 RRE Providence Holdings, LLC ("Providence in the Park") Providence in the Park 524 Arlington, TX 9,022 Subsidiaries related to disposed investments: RRE Crestwood Holdings, LLC (“Crestwood”) (c)(g) N/A N/A PRIP 5060/6310, LLC ("Governor Park") (c)(g) N/A N/A RRE Campus Club Holdings, LLC (“Campus Club”) (c) N/A N/A PRIP 6700, LLC ("Hilltop Village") (c)(g) N/A N/A RRE Westhollow Holdings, LLC (“Westhollow”) (c) N/A N/A RRE Flagstone Holdings, LLC ("Flagstone") (d)(g) N/A N/A RRE 107th Avenue Holdings, LLC (“107th Avenue”) (d)(g) N/A N/A RRE Bristol Holdings, LLC (“Bristol”) (d)(g) N/A N/A RRE Skyview Holdings, LLC ("Skyview") (d)(g) N/A N/A RRE Kenwick Canterbury Holdings, LLC ("Kenwick & Canterbury") (d) N/A N/A RRE Foxwood Holdings, LLC ("Foxwood") (d)(g) N/A N/A PRIP 3383, LLC ("Conifer Place") (b)(e) N/A N/A PRIP 3700, LLC ("Champion Farms") (b)(e) N/A N/A RRE Armand Place Holdings, LLC ("Armand") (e)(g) N/A N/A RRE Spring Hill Holdings, LLC ("Spring Hill") (f) N/A N/A RRE Nob Hill Holdings, LLC ("Nob Hill") (e) N/A N/A PRIP 10637, LLC ("Fieldstone") (b)(e) N/A N/A RRE Jasmine Holdings, LLC ("Jasmine") (e) N/A N/A N/A - Not Applicable (a) Subsidiary transferred its interest in a portion of the Williamsburg parking lot to RRE Williamsburg Holdings, LLC in 2016. (b) Wholly-owned subsidiary of RRE Charlemagne Holdings, LLC. (c) Underlying investment sold prior to 2015. (d) Underlying investment sold in 2015. (e) Underlying investment sold in 2016. (f) Underlying investment resolved in 2016. (g) Subsidiary was dissolved prior to December 31, 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 9). (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 9). (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 9). 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. This investment was repaid in full on June 6, 2016 and the Company has no further continuing involvement with this investment. Additional information with respect to the preferred equity investment is disclosed in Note 6.
Segment Reporting	Segment Reporting The Company does not evaluate performance on a relationship specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP.
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. The Company had zero and three rental properties, respectively, included in assets held for sale as of December 31, 2016 and 2015 . 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 had been reported as held for sale in the December 31, 2015 consolidated balance sheet.
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. 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. These costs are capitalized along with the related asset. Costs of repairs and maintenance are expensed as incurred.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist of periodic temporary deposits of cash. At December 31, 2016 , the Company had $125.7 million of deposits at various banks, $112.0 million of which were over the insurance limit of the Federal Deposit Insurance Corporation. No losses have been experienced on such deposits. As of December 31, 2016 , the Company's real estate investments in Texas, Georgia, and California represented approximately 33% , 13% , and 18% of the net book value of its rental property assets, respectively. As a result, the geographic concentration of the Company's portfolio makes it particularly susceptible to adverse economic developments in the Texas, Georgia, and California real estate markets. Any adverse economic or real estate developments in these markets, such as business layoffs or downsizing, industry slowdowns, relocations of businesses, changing demographics and other factors, or any decrease in demand for multifamily rentals resulting from the local business climate, could adversely affect the Company's operating results and its ability to make distributions to stockholders.
Contractual Obligations	Contractual Obligations The Company leases parking space and equipment under leases with varying expiration dates through 2023. As of December 31, 2016 , the total payments due under these obligations were $299,000 .
Impairment of Long-Lived Assets	Impairment of Long Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for permanent impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. The review also considers factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. An impairment loss will be recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss would be the adjustment to fair value less the estimated cost to dispose of the asset. There were no impairment losses recorded on long lived assets during the years ended December 31, 2016 , 2015 and 2014 .
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 investment, included in other investments on the consolidated balance sheets, 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 6). 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	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. The Company tested goodwill as of December 31, 2016 and found no indications of impairment.
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 $56.0 million and $368,000 for the years ending December 31, 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 $325,000 , $216,000 , $148,000 , $80,000 , and $15,000 for the years ending December 31, 2017, 2018, 2019, 2020, and 2021, respectively, and none thereafter. 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 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 $10.8 million , $10.3 million and $7.8 million for the years ended December 31, 2016 , 2015 and 2014 , respectively.
Tenant Receivables	Tenant Receivables Tenant receivables are stated in the financial statements at amounts due from tenants net of an allowance for uncollectible receivables. Payment terms vary and receivables outstanding longer than the payment terms are considered past due. The Company determines its allowance by considering a number of factors, including the length of time receivables are past due, security deposits held, the Company’s previous loss history, the tenants’ current ability to pay their obligations to the Company, the condition of the general economy and the industry as a whole. The Company writes off receivables when they become uncollectible. At December 31, 2016 and 2015 , there were allowances for uncollectible receivables of $5,200 and $24,100 , respectively.
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 any of its subsidiaries as a taxable REIT subsidiary (“TRS”). In general, the Company’s TRSs may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business. A TRS is subject to U.S. federal, state and local corporate income taxes. As of December 31, 2016 and 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	Earnings Per Share Basic earnings per share are calculated on the basis of the weighted-average number of common shares outstanding during the year. Basic earnings per share are computed by dividing income available to common stockholders by the weighted-average common shares outstanding during the period. Diluted earnings per share take into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted to common stock. None of the 50,000 shares of convertible stock (discussed in Note 16) are included in the diluted earnings per share calculations because the necessary conditions for conversion have not been satisfied as of December 31, 2016 (were such date to represent the end of the contingency period). For the purposes of calculating earnings per share, all common shares and per common share information in the financial statements have been adjusted retroactively for the effect of seven 1.5% stock distributions, two 0.75% stock distributions, one 0.585% stock distribution and two 0.5% stock distributions issued to stockholders. Common stock shares issued on the consolidated balance sheets have also been adjusted retroactively for the effect of these 12 distributions.
Reclassifications	Reclassifications Certain amounts in the prior year financial statements have been reclassified to conform to the current-year presentation. The impact of the reclassifications made to prior year amounts are not material and did not affect net income (loss). In accordance with the adoption of Financial Accounting Standards Board ("FASB") Accounting Standards Update (“ASU”) No. 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 , respectively, 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 expenses and other assets (See Note 13).
Adoption of New Accounting Standards	Adoption of New Accounting Standards 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. On December 15, 2016, the Company adopted ASU No. 2014-15 and the adoption had no impact on the Company's consolidated financial statements. In January 2015, FASB issued ASU No. 2015-01, "Income Statement - Extraordinary and Unusual Items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items". The amendments in ASU No. 2015-01 eliminate from GAAP the concept of extraordinary items. Although the amendment will eliminate the requirements for reporting entities to consider whether an underlying event or transaction is extraordinary, the presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. 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 had 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 13). 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 the Company's 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. In accordance with the Company’s plan for the adoption of ASU 2014-09, the Company has identified revenue streams and is performing an in-depth review to identify the related performance obligations and to evaluate the impact on the Company’s consolidated financial statements and internal accounting processes and controls. As the majority of the Company’s revenue is derived from lease contracts, the Company does not expect that the adoption of ASU 2014-09 or related amendments and modifications issued by the FASB will have a material impact on its 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 the Company's 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 the Company's 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. 2016-25 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. In January 2017, FASB issued ASU No. 2017-01, "Business Combinations (Topic 850): Clarifying the Definition of Business", which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of businesses. ASU No. 2017-01 will be effective for the Company beginning January 1, 2018. Early application is permitted. The Company is evaluating this guidance and assessing the impact of this guidance on its consolidated financial statements. In January 2017, FASB issued ASU No. 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment", which alters the current goodwill impairment testing procedures to eliminate Step 2. ASU No. 2017-04 will be effective for the Company beginning December 15, 2019. Early application is permitted. The Company is evaluating this guidance and assessing the impact of this guidance on its consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN33

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Wholly Owned Subsidiaries Information	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 9). (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 9). (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 9). 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 N/A 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, 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 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 RRE Providence Holdings, LLC ("Providence in the Park") Providence in the Park 524 Arlington, TX 9,022 Subsidiaries related to disposed investments: RRE Crestwood Holdings, LLC (“Crestwood”) (c)(g) N/A N/A PRIP 5060/6310, LLC ("Governor Park") (c)(g) N/A N/A RRE Campus Club Holdings, LLC (“Campus Club”) (c) N/A N/A PRIP 6700, LLC ("Hilltop Village") (c)(g) N/A N/A RRE Westhollow Holdings, LLC (“Westhollow”) (c) N/A N/A RRE Flagstone Holdings, LLC ("Flagstone") (d)(g) N/A N/A RRE 107th Avenue Holdings, LLC (“107th Avenue”) (d)(g) N/A N/A RRE Bristol Holdings, LLC (“Bristol”) (d)(g) N/A N/A RRE Skyview Holdings, LLC ("Skyview") (d)(g) N/A N/A RRE Kenwick Canterbury Holdings, LLC ("Kenwick & Canterbury") (d) N/A N/A RRE Foxwood Holdings, LLC ("Foxwood") (d)(g) N/A N/A PRIP 3383, LLC ("Conifer Place") (b)(e) N/A N/A PRIP 3700, LLC ("Champion Farms") (b)(e) N/A N/A RRE Armand Place Holdings, LLC ("Armand") (e)(g) N/A N/A RRE Spring Hill Holdings, LLC ("Spring Hill") (f) N/A N/A RRE Nob Hill Holdings, LLC ("Nob Hill") (e) N/A N/A PRIP 10637, LLC ("Fieldstone") (b)(e) N/A N/A RRE Jasmine Holdings, LLC ("Jasmine") (e) N/A N/A N/A - Not Applicable (a) Subsidiary transferred its interest in a portion of the Williamsburg parking lot to RRE Williamsburg Holdings, LLC in 2016. (b) Wholly-owned subsidiary of RRE Charlemagne Holdings, LLC. (c) Underlying investment sold prior to 2015. (d) Underlying investment sold in 2015. (e) Underlying investment sold in 2016. (f) Underlying investment resolved in 2016. (g) Subsidiary was dissolved prior to December 31, 2016
Schedule of Estimated Useful Lives of Assets	The Company anticipates the estimated useful lives of its assets by class as follows: Buildings 27.5 years Building improvements 3.0 to 27.5 years Tenant improvements Shorter of lease term or expected useful life

SUPPLEMENTAL CASH FLOW INFORM34

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Summary of Supplemental Cash Flow Information	The following table presents the Company's supplemental cash flow information (in thousands): Years Ended December 31, 2016 2015 2014 Non-cash financing and investing activities: Stock issued from distribution reinvestment plan $ 28,497 $ 28,959 $ 22,898 Stock distributions issued — — 3,333 Deferred financing costs and escrow deposits funded directly by mortgage notes and credit facility 2,619 11,167 4,404 Accrual for construction in progress 1,343 896 947 Non-cash activity related to sales: Deconsolidation of subsidiary and removal of related mortgage notes payable and noncontrolling interest 35,152 — — Mortgage notes payable settled directly with proceeds from sale of rental property 55,720 — — Assets and liabilities assumed in acquisitions: Mortgage notes payable and other liabilities assumed in acquisition of rental property — 40,284 176,935 Cash paid during the period for: Interest $ 20,297 $ 20,752 $ 12,832

RESTRICTED CASH (Tables)

RESTRICTED CASH (Tables)	12 Months Ended
	Dec. 31, 2016
Cash and Cash Equivalents [Abstract]
Schedule of Restricted Cash and Cash Equivalents	The following table presents a summary of the components of the Company's restricted cash (in thousands): December 31, 2016 2015 Real estate taxes $ 6,853 $ 5,395 Insurance 1,854 1,657 Capital improvements 1,570 2,935 Total $ 10,277 $ 9,987

RENTAL PROPERTIES, NET (Tables)

RENTAL PROPERTIES, NET (Tables)	12 Months Ended
	Dec. 31, 2016
Real Estate Investments, Net [Abstract]
Schedule of Investments in Rental Properties	The following table presents the Company’s investments in rental properties (in thousands): December 31, 2016 2015 Land $ 176,418 $ 180,533 Building and improvements 795,665 775,239 Furniture, fixtures and equipment 32,198 28,928 Construction in progress 5,983 2,949 1,010,264 987,649 Less: accumulated depreciation (107,810 ) (71,151 ) $ 902,454 $ 916,498
Schedule of Assets and Liabilities	Carrying amounts of major classes of assets and liabilities included in held for sale related to Champion Farms at December 31, 2015 were as follows (in thousands): Assets: Rental properties, net $ 25,436 Restricted cash $ 54 Tenant receivables, net 2 Prepaid expenses and other assets 25 Subtotal - other assets associated with rental properties held for sale $ 81 Liabilities: Mortgage note payable, net $ 16,443 Accounts payable 44 Accrued expenses and other liabilities 176 Tenant prepayments 57 Security deposits 43 Subtotal- o ther liabilities associated with rental properties held for sale $ 16,763 The following table presents details of our disposition and deconsolidation activity during the years ended December 31, 2016 , 2015 , and 2014 (in thousands): Multifamily Community Location Sale Date Contract Sales price Net Gains on Dispositions of Properties and Joint Venture Interests Revenues Attributable to Properties Sold Net Income (Loss) Attributable to Properties Sold 2016 Dispositions: Conifer Place (1) Norcoss, Georgia January 27, 2016 $ 42,500 $ 9,897 $ 365 $ 9,942 Champion Farms Louisville, Kentucky January 29, 2016 7,590 1,066 220 1,125 The Ivy at Clear Creek Houston, Texas February 17, 2016 19,400 6,792 386 6,629 Affinity at Winter Park Winter Park, Florida June 9, 2016 17,500 5,605 1,010 5,757 Fieldstone Woodland, Ohio June 30, 2016 7,514 4,096 1,548 4,325 The Nesbit Palisades Alpharetta, Georgia July 8, 2016 45,500 17,601 2,615 17,739 $ 140,004 $ 45,057 $ 6,144 $ 45,517 2015 Dispositions: The Alcove Apartments Houston, Texas January 26, 2015 $ 11,050 $ 3,784 $ 199 $ 3,819 107th Avenue Apartments Omaha, Nebraska January 29, 2015 250 50 3 50 The Redford Apartments Houston, Texas February 27, 2015 32,959 15,303 1,274 15,652 Cityside Apartments Houston, Texas March 2, 2015 24,500 10,028 701 10,290 One Hundred Chevy Chase Lexington, Kentucky June 30, 2015 13,500 4,386 828 4,027 The Reserve at Mt. Moriah Memphis, Tennessee September 18, 2015 5,425 2,490 1,135 2,202 $ 87,684 $ 36,041 $ 4,140 $ 36,040 2014 Dispositions: Governor Park San Diego, California March 6, 2014 $ 456 $ — $ — $ — Campus Club Tampa, Florida June 16, 2014 10,500 2,602 849 2,723 Hilltop Village (2) Kansas City, Missouri July 1, 2014 — (493 ) 352 (707 ) Arcadia at Westheimer Houston, Texas September 19, 2014 18,100 8,375 2,667 8,407 $ 29,056 $ 10,484 $ 3,868 $ 10,423 (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 includes $6.3 million attributable to noncontrolling interests. (2) Net income (loss) attributable to properties sold presented includes $112,000 attributable to noncontrolling interests.

LOANS HELD FOR INVESTMENT, NET

LOANS HELD FOR INVESTMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2016
LOANS HELD FOR INVESTMENT, NET [Abstract]
Aging of Loans Held for Investment	The following table presents the aging of the Trail Ridge Note, the Company’s remaining loan held for investment (in thousands), which is included in other investments on the consolidated balance sheets: December 31, 2016 2015 Current $ 769 $ 757 Delinquent: 30−89 days — — 90−180 days — — Greater than 180 days — — $ 769 $ 757
Credit Quality of Loans Held for Investment	The following table presents information about the credit quality of the Trail Ridge Note, the Company’s remaining loan held for investment, net (in thousands): December 31, 2016 2015 Loans: Performing $ 769 $ 757 Nonperforming — — Total $ 769 $ 757
Terms of Loans Held for Investment	The following table presents details of the balance and terms of the Trail Ridge Note, the Company's remaining loan held for investment at December 31, 2016 and 2015 (in thousands): December 31, 2016 2015 Unpaid principal balance $ 960 $ 981 Unamortized discount (198 ) (231 ) Deferred expenses, net 7 7 Net book value $ 769 $ 757 Maturity date 10/28/2021 Interest rate 7.5 % Average monthly payment $ 8

ACQUISITIONS AND FORECLOSURES (

ACQUISITIONS AND FORECLOSURES (Tables)	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Summary of Fair Value and Purchase Price Allocation	The table below summarizes these acquisitions and the respective fair values assigned, excluding non-wholly owned properties acquired through the Paladin merger (dollars in thousands): Multifamily City and State Date of Contractual Purchase (1) Land Building and Improvements Furniture, Fixtures and Equipment Intangible Assets Other Assets Fair Valued Providence in the Park Arlington, TX 12/22/2016 $ 63,200 $ 7,398 $ 53,270 $ 822 $ 1,710 $ 83 $ (214 ) $ 63,069 Point Bonita Apartment Homes Chula Vista, CA 6/16/2015 49,050 17,208 32,651 506 1,130 9 (30,008 ) 21,496 Yorba Linda Yorba Linda, CA 6/1/2015 118,000 39,322 76,124 590 1,964 76 (232 ) 117,844 Heritage Pointe Gilbert, AZ 3/19/2015 36,000 8,487 25,867 716 931 — (152 ) 35,849 South Lamar Village Austin, TX 2/26/2015 24,000 5,586 17,493 291 629 — (12,961 ) 11,038 Pines of York Yorktown, VA 1/28/2014 8,087 (2) 4,464 16,340 400 715 416 (15,447 ) 6,888 Calloway at Las Colinas Irving, TX 9/29/2014 48,500 6,707 39,543 825 1,425 9 (636 ) 47,873 Sunset Ridge San Antonio, TX 9/4/2014 35,000 15,425 18,615 514 931 — (24,737 ) 10,748 Pinehurst Kansas City, MO 1/28/2014 3,588 (3) 1,250 8,241 200 290 142 (4,548 ) 5,575 Pheasant Run Lee's Summit, MO 1/28/2014 4,277 (3) 800 10,798 300 317 172 (6,559 ) 5,828 Retreat at Shawnee Shawnee, KS 1/28/2014 5,369 (3) 3,200 14,550 500 608 186 (14,088 ) 4,956 Aston at Cinco Ranch Katy, TX 6/26/2014 32,300 5,831 25,247 307 915 — (377 ) 31,923 Perimeter 5550 Atlanta, GA 5/19/2014 22,250 4,002 17,600 194 453 — (110 ) 22,139 Perimeter Circle Atlanta, GA 5/19/2014 29,500 4,723 23,969 219 588 — (156 ) 29,343 Chisholm Place Plano, TX 5/5/2014 15,000 1,981 12,383 198 438 — (96 ) 14,904 Evergreen at Coursey Baton Rouge, LA 1/28/2014 15,499 (4) 3,430 38,041 530 1,080 680 (28,844 ) 14,917 The Estates at Johns Creek Alpharetta, GA 3/28/2014 70,500 6,353 62,249 509 1,389 49 (392 ) 70,157 Meridian Pointe Burnsville, MN 12/20/2013 33,149 4,134 26,992 1,016 1,008 36 (107 ) 33,079 Maxwell Townhomes San Antonio, TX 12/16/2013 22,500 3,830 17,510 491 669 48 (14,363 ) 8,185 The Nesbit Palisades Alpharetta, GA 10/25/2013 25,050 7,582 16,023 587 859 37 (161 ) 24,927 Verona Apartment Homes Littleton, 9/30/2013 30,600 5,702 23,609 198 1,090 24 (190 ) 30,433 Skyview Apartment Homes Westminster, 9/30/2013 24,250 2,923 20,301 97 928 20 (147 ) 24,122 Tech Center Square Newport News, 9/9/2013 18,250 3,951 13,048 584 667 23 (59 ) 18,214 The Westside Apartments Plano, 7/25/2013 32,200 5,785 24,418 798 1,199 52 (317 ) 31,935 Affinity at Winter Park Winter Park, 6/27/2013 10,100 2,512 6,459 523 606 50 (61 ) 10,089 Trailpoint at the Woodlands Spring, 6/24/2013 27,200 3,785 22,014 697 704 40 (170 ) 27,070 Retreat at Rocky Ridge Hoover, 4/18/2013 8,500 1,616 6,418 30 436 2 (89 ) 8,413 Ivy at Clear Creek Houston, 3/28/2013 11,750 1,877 9,175 28 670 8 (127 ) 11,631 Deerfield Hermantown 3/21/2012 10,300 (5) 1,660 11,110 500 423 1 (4 ) 13,690 Mosaic Oklahoma City, 12/6/2012 2,050 1,000 2,609 30 123 14 (14 ) 3,762 Williamsburg Cincinnati, 6/20/2012 41,250 3,223 35,111 1,007 1,909 49 (274 ) 41,025 Cannery Lofts Dayton, 5/13/2011 7,100 (6) 160 7,913 200 609 35 — 8,917 Vista Apartment Philadelphia, 6/17/2011 12,000 (7) 1,163 9,913 — 535 530 (141 ) 12,000 (1) Contractual purchase price excludes closing costs, acquisition expenses, and other immaterial settlement date adjustments and pro-rations. For properties acquired through foreclosure, the purchase price reflects the contract purchase price of the note. (2) The Company originally acquired a 90% interest in the joint venture that owned Pines of York on January 28, 2014. On November 25, 2014, the Company purchased the remaining 10% ownership interest of its joint venture partner, bringing the Company's ownership percentage to 100% . (3) The Company originally acquired a 97.5% interest in each of the joint ventures that owned Pinehurst, Pheasant Run and Retreat at Shawnee on January 28, 2014. On July 1, 2014, the Company purchased the remaining 2.5% ownership interest of its joint venture partner in each entity, bringing the Company's ownership percentage in each entity to 100% . (4) The Company originally acquired a 51.7% interest in the joint venture that owned Evergreen at Coursey on January 28, 2014. On March 31, 2014, the Company purchased the remaining 48.3% ownership interest of its joint venture partner, bringing the Company's ownership percentage to 100% . (5) Deerfield originally served as the collateral for a non-performing note that the Company purchased on March 21, 2012. On July 19, 2012, the Company was the successful bidder at a foreclosure sale and formally received title to the property on January 22, 2013. The date of acquisition reflects the date the Company acquired the note. (6) Cannery Lofts originally served as the collateral for a non-performing note that the Company purchased on May 13, 2011. On December 21, 2011, the Company entered into a settlement agreement with the borrower and, subsequently, the Company foreclosed and formally received title to the property on June 6, 2012. The date of acquisition reflects the date the Company acquired the note. (7) Vista Apartment Homes, formerly known as Iroquois Apartments, originally served as the collateral for a non-performing promissory note that the Company purchased on June 17, 2011. On August 2, 2011, the Company was the successful bidder at a sheriff's sale and formally received title to the property. The allocation of the purchase price for the interests in the 11 Paladin joint ventures, which was completed during the year ended December 31, 2014, is included below (in thousands): Multifamily Land Building Intangible Fair Value Other Assets Liabilities Noncontrolling Total Goodwill Allocation of Champion Farms $ 3,168 $ 23,464 $ 579 $ 27,211 $ 575 $ (17,015 ) $ (3,231 ) $ 7,540 $ 171 $ 7,711 Fieldstone 1,420 18,472 648 20,540 661 (16,462 ) (806 ) 3,933 130 4,063 Pinehurst 1,250 8,241 290 9,781 332 (4,548 ) (139 ) 5,426 72 5,498 Pheasant Run 800 10,798 317 11,915 472 (6,559 ) (146 ) 5,682 76 5,758 Retreat at Shawnee 3,200 14,550 608 18,358 686 (14,088 ) (124 ) 4,832 117 4,949 Hilltop Village 800 4,289 195 5,284 267 (4,612 ) (479 ) 460 33 493 Conifer Place 5,040 28,712 1,007 34,759 749 (28,776 ) (3,869 ) 2,863 219 3,082 Stone Ridge 1,300 4,612 326 6,238 985 (178 ) (2,218 ) 4,827 42 4,869 Evergreen at Coursey Place 3,430 38,041 1,080 42,551 1,210 (28,844 ) (7,200 ) 7,717 268 7,985 Pines of York 4,464 16,340 715 21,519 816 (15,446 ) (689 ) 6,200 136 6,336 $ 24,872 $ 167,519 $ 5,765 $ 198,156 $ 6,753 $ (136,528 ) $ (18,901 ) $ 49,480 $ 1,264 $ 50,744 Governor Park 456 Total purchase price $ 51,200 On March 31, 2014 , the Company purchased the remaining 48.3% ownership interest in Evergreen at Coursey Place ("Coursey Place") from its joint venture partner for $7.5 million . A summary of the transaction is as follows (in thousands): Purchase price $ 7,500 Noncontrolling interest assumed $ 7,200 Losses attributable to noncontrolling interest (191 ) Distribution to noncontrolling interest (116 ) Adjusted noncontrolling interest balance 6,893 Adjustment to additional paid in capital $ (607 ) On July 1, 2014 , the Company purchased the remaining 2.5% ownership interest in Pinehurst, Pheasant Run and Retreat at Shawnee from its joint venture partner for a total of $1.1 million . A summary of the transactions is as follows (in thousands): Pinehurst Pheasant Run Retreat at Shawnee Purchase price $ 570 $ 515 $ 15 Noncontrolling interests assumed 139 146 124 Losses attributable to noncontrolling interests (7 ) (8 ) (15 ) Adjusted noncontrolling interest balance 132 138 109 Adjustment to additional paid in capital $ (438 ) $ (377 ) $ 94 A summary of the transaction is as follows (in thousands): Pines of York Purchase price $ 900 Noncontrolling interests assumed 690 Losses attributable to noncontrolling interests (98 ) Adjusted noncontrolling interest balance 592 Adjustment to additional paid in capital $ (308 )
Schedule of Supplemental Pro Forma Financial Information	The supplemental pro forma financial information set forth below is based upon historical financial statements giving effect to the Yorba Linda acquisition as of the beginning of the period presented (in thousands): For the Year Ended December 31, 2014 (unaudited) Revenues 108,005 Net loss attributable to common stockholders (50,043 ) Basic and diluted net loss per share $ (0.74 )
Schedule of Acquisitions	The names of each community, location and the Company's joint venture ownership interests on the date of acquisition are presented below: Multifamily Community Name City and State Ownership % at Date of Acquisition Champion Farms Louisville, KY 70.0% Fieldstone Woodlawn, OH 83.0% Pinehurst Kansas City, MO 97.5% Pheasant Run Lee's Summit, MO 97.5% Retreat at Shawnee Shawnee, KS 97.5% Hilltop Village Kansas City, MO 49.0% Conifer Place Norcross, GA 42.5% Stone Ridge Columbia, SC 68.5% Evergreen at Coursey Place Baton Rouge, LA 51.7% Pines of York Yorktown, VA 90.0% Governor Park San Diego, CA 47.65% The tables below present the total revenues, net loss, and acquisition costs of the Company's acquisitions during the year ended December 31, 2016 , 2015 , and 2014 (dollars in thousands): Multifamily Community Total Revenues Net Loss Acquisition Costs 2016 Acquisitions: Providence in the Park $ 193 $ (781 ) $ (1,509 ) Various properties — — (73 ) (1 ) $ 193 $ (781 ) $ (1,582 ) Multifamily Community Total Revenues Net Loss Acquisition Costs 2015 Acquisitions: South Lamar Village $ 2,086 $ (1,580 ) $ (692 ) Heritage Pointe 3,019 (2,173 ) (1,005 ) Yorba Linda 4,584 (3,405 ) (2,761 ) Point Bonita Apartment Homes 2,431 (2,144 ) (1,353 ) $ 12,120 $ (9,302 ) $ (5,811 ) Multifamily Community Total Revenues Net Loss Acquisition Costs 2014 Acquisitions: South Lamar Village (2) $ — $ — $ (66 ) Calloway at Las Colinas 1,445 (1,234 ) (1,290 ) Sunset Ridge 1,214 (1,216 ) (968 ) Aston at Cinco Ranch 1,718 (1,144 ) (832 ) Perimeter 5550 1,172 (1,024 ) (606 ) Perimeter Circle 1,501 (1,272 ) (748 ) Chisholm Place 1,196 (1,042 ) (494 ) The Estates at Johns Creek 4,828 (3,287 ) (1,720 ) Paladin Properties 22,645 (10,190 ) (3,109 ) $ 35,719 $ (20,409 ) $ (9,833 ) (1) Acquisition fees paid in 2016 related to additional investments in properties to fund additional capital reserves. (2) Acquisition that was completed during the first quarter of fiscal 2015.

MEASUREMENT PERIOD ADJUSTMENTS

MEASUREMENT PERIOD ADJUSTMENTS (Tables)	12 Months Ended
	Dec. 31, 2016
Accounting Changes and Error Corrections [Abstract]
Schedule of Measurement Period Adjustments	Changes in the Paladin and the Estates at Johns Creek acquisitions are reflected in the tables below (in thousands): Paladin January 28, 2014 Measurement (1) January 28, 2014 Land $ 44,292 $ (19,420 ) $ 24,872 Building 149,155 18,364 167,519 Personal property — 3,530 3,530 Intangible assets 5,861 (96 ) 5,765 Other assets 3,231 (9 ) 3,222 Goodwill 6,412 (5,148 ) 1,264 Liabilities (140,970 ) 4,442 (136,528 ) Total net identifiable net assets $ 67,981 $ 1,663 $ 69,644 (1) Remaining balance ( $1.7 million ) of measurement period adjustments impacted the noncontrolling interest balance. The results of operations for the three months ended June 30, 2014 include an additional $867,000 of depreciation and amortization that would have been included in the three months ended March 31, 2014 had the final appraisals for the Paladin properties been received and recorded during that period. Estates at Johns Creek March 28, 2014 Measurement March 28, 2014 Land $ 18,137 $ (11,784 ) $ 6,353 Building 51,843 10,406 62,249 Personal property — 509 509 Intangible assets 520 869 1,389 Total net identifiable net assets $ 70,500 $ — $ 70,500

DISPOSITION OF PROPERTIES AND40

DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Results of Discontinued Operations	Carrying amounts of major classes of assets and liabilities included in held for sale related to Champion Farms at December 31, 2015 were as follows (in thousands): Assets: Rental properties, net $ 25,436 Restricted cash $ 54 Tenant receivables, net 2 Prepaid expenses and other assets 25 Subtotal - other assets associated with rental properties held for sale $ 81 Liabilities: Mortgage note payable, net $ 16,443 Accounts payable 44 Accrued expenses and other liabilities 176 Tenant prepayments 57 Security deposits 43 Subtotal- o ther liabilities associated with rental properties held for sale $ 16,763 The following table presents details of our disposition and deconsolidation activity during the years ended December 31, 2016 , 2015 , and 2014 (in thousands): Multifamily Community Location Sale Date Contract Sales price Net Gains on Dispositions of Properties and Joint Venture Interests Revenues Attributable to Properties Sold Net Income (Loss) Attributable to Properties Sold 2016 Dispositions: Conifer Place (1) Norcoss, Georgia January 27, 2016 $ 42,500 $ 9,897 $ 365 $ 9,942 Champion Farms Louisville, Kentucky January 29, 2016 7,590 1,066 220 1,125 The Ivy at Clear Creek Houston, Texas February 17, 2016 19,400 6,792 386 6,629 Affinity at Winter Park Winter Park, Florida June 9, 2016 17,500 5,605 1,010 5,757 Fieldstone Woodland, Ohio June 30, 2016 7,514 4,096 1,548 4,325 The Nesbit Palisades Alpharetta, Georgia July 8, 2016 45,500 17,601 2,615 17,739 $ 140,004 $ 45,057 $ 6,144 $ 45,517 2015 Dispositions: The Alcove Apartments Houston, Texas January 26, 2015 $ 11,050 $ 3,784 $ 199 $ 3,819 107th Avenue Apartments Omaha, Nebraska January 29, 2015 250 50 3 50 The Redford Apartments Houston, Texas February 27, 2015 32,959 15,303 1,274 15,652 Cityside Apartments Houston, Texas March 2, 2015 24,500 10,028 701 10,290 One Hundred Chevy Chase Lexington, Kentucky June 30, 2015 13,500 4,386 828 4,027 The Reserve at Mt. Moriah Memphis, Tennessee September 18, 2015 5,425 2,490 1,135 2,202 $ 87,684 $ 36,041 $ 4,140 $ 36,040 2014 Dispositions: Governor Park San Diego, California March 6, 2014 $ 456 $ — $ — $ — Campus Club Tampa, Florida June 16, 2014 10,500 2,602 849 2,723 Hilltop Village (2) Kansas City, Missouri July 1, 2014 — (493 ) 352 (707 ) Arcadia at Westheimer Houston, Texas September 19, 2014 18,100 8,375 2,667 8,407 $ 29,056 $ 10,484 $ 3,868 $ 10,423 (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 includes $6.3 million attributable to noncontrolling interests. (2) Net income (loss) attributable to properties sold presented includes $112,000 attributable to noncontrolling interests.

IDENTIFIED INTANGIBLE ASSETS,41

IDENTIFIED INTANGIBLE ASSETS, NET (Tables)	12 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Expected Amortization of Rental and Antennae Leases	Expected amortization for the rental and antennae leases for the next five years ending December 31, and thereafter, is as follows (in thousands): 2017 $ 1,726 2018 16 2019 16 2020 16 2021 16 Thereafter 65 $ 1,855

GOODWILL (Tables)

GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table presents a rollforward of the Company's activity in goodwill for the years ended December 31, 2016 and 2015 (in thousands): Balance, January 1, 2015 $ 1,231 Activity - 2015 — Balance, December 31, 2015 $ 1,231 Activity - 2016: Sale of Conifer Place, Champion Farms, and Fieldstone (520 ) Balance, December 31, 2016 $ 711

MORTGAGE NOTES PAYABLE, NET (Ta

MORTGAGE NOTES PAYABLE, NET (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2016 December 31, 2015 Outstanding borrowings Premium (Discount) Deferred finance costs, net Carrying Value Outstanding borrowings Premium (Discount) Deferred finance costs, net Carrying Value Collateral Vista Apartment Homes $ 15,225 $ — $ (178 ) $ 15,047 $ 15,573 $ — $ (216 ) $ 15,357 Cannery Lofts 13,100 — (197 ) 12,903 8,148 — (131 ) 8,017 Deerfield 10,359 — (125 ) 10,234 10,517 — (159 ) 10,358 Ivy at Clear Creek — — — — 8,431 — (136 ) 8,295 Trailpoint at the Woodlands 18,690 — (222 ) 18,468 19,013 — (257 ) 18,756 Verona Apartment Homes 32,970 — (532 ) 32,438 22,402 — (179 ) 22,223 Skyview Apartment Homes 28,400 — (462 ) 27,938 18,089 — (148 ) 17,941 The Nesbit Palisades — — — — 20,298 — (309 ) 19,989 Maxwell Townhomes 13,602 — (137 ) 13,465 13,850 — (167 ) 13,683 Fieldstone — — — — 15,332 — (37 ) 15,295 Pinehurst 7,350 — (154 ) 7,196 4,111 — — 4,111 Pheasant Run 6,250 43 (9 ) 6,284 6,250 100 (20 ) 6,330 Retreat of Shawnee 12,893 85 (23 ) 12,955 13,090 164 (44 ) 13,210 Conifer Crossing — — — — 27,074 — — 27,074 Evergreen at Coursey Place 27,107 100 (96 ) 27,111 27,548 123 (120 ) 27,551 Pines of York 14,999 (299 ) (56 ) 14,644 15,267 (363 ) (69 ) 14,835 Estates at Johns Creek 49,596 — (405 ) 49,191 50,000 — (526 ) 49,474 Chisholm Place 11,587 — (143 ) 11,444 11,587 — (163 ) 11,424 Perimeter Circle 17,298 — (143 ) 17,155 17,657 — (202 ) 17,455 Perimeter 5550 13,651 — (118 ) 13,533 13,935 — (167 ) 13,768 Aston at Cinco Ranch 23,367 — (268 ) 23,099 23,772 — (328 ) 23,444 Sunset Ridge 1 19,699 259 (205 ) 19,753 20,121 329 (261 ) 20,189 Sunset Ridge 2 2,948 35 (26 ) 2,957 3,002 45 (34 ) 3,013 Calloway at Las Colinas 35,083 — (306 ) 34,777 35,740 — (372 ) 35,368 South Lamar Village 12,435 — (131 ) 12,304 12,682 — (184 ) 12,498 Heritage Pointe 26,280 — (327 ) 25,953 26,280 — (370 ) 25,910 Yorba Linda 67,500 — (661 ) 66,839 67,500 — (860 ) 66,640 Point Bonita Apartment Homes 26,907 1,966 (338 ) 28,535 27,265 2,276 (391 ) 29,150 Stone Ridge 5,227 — (130 ) 5,097 5,350 — (153 ) 5,197 The Westside Apartments 36,820 — (448 ) 36,372 23,000 — (351 ) 22,649 Tech Center Square 12,375 — (196 ) 12,179 12,500 — (159 ) 12,341 Williamsburg 53,995 — (828 ) 53,167 — — — — Retreat at Rocky Ridge 11,375 — (261 ) 11,114 — — — — $ 627,088 $ 2,189 $ (7,125 ) $ 622,152 $ 595,384 $ 2,674 $ (6,513 ) $ 591,545 The following table presents additional information about the Company's mortgage notes payable, net, at December 31, 2016 (in thousands, except percentages): Collateral Maturity Date Margin over LIBOR Annual Interest Rate Average Monthly Debt Service Average Monthly Escrow Vista Apartment Homes 1/1/2022 2.29% 3.06 % (1)(5) $ 67 $ 16 Cannery Lofts 11/1/2023 2.54% 3.31 % (1)(3)(6) 46 40 Deerfield 11/1/2020 — 4.66 % (2)(5) 54 29 Trailpoint at the Woodlands 11/1/2023 2.41% 3.18 % (1)(4) 74 67 Verona Apartment Homes 10/1/2026 2.36% 3.13 % (1)(3)(6) 116 38 Skyview Apartment Homes 10/1/2026 2.36% 3.13 % (1)(3)(6) 100 22 Maxwell Townhomes 1/1/2022 — 4.32 % (2)(5) 71 63 Pinehurst 11/1/2023 2.42% 3.19 % (1)(3)(6) 30 15 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 Estates at Johns Creek 7/1/2020 — 3.38 % (2)(5) 221 102 Chisholm Place 6/1/2024 2.39% 3.16 % (1)(3) 43 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 1.88% 2.65 % (1)(3) 98 44 Yorba Linda 6/1/2020 1.75% 2.52 % (1)(3) 180 — Point Bonita Apartment Homes 10/1/2023 — 5.33 % (2)(5) 152 38 Stone Ridge 12/1/2022 1.86% 2.63 % (1)(5) 21 17 The Westside Apartments 9/1/2026 2.12% 2.89 % (1)(3)(6) 137 68 Tech Center Square 6/1/2023 2.58% 3.35 % (1)(5)(6) 55 25 Williamsburg 1/1/2024 2.38% 3.15 % (1)(3)(7) 202 123 Retreat at Rocky Ridge 1/1/2024 2.46% 3.23 % (1)(3)(7) 43 22 (1) Variable rate based on one-month LIBOR of 0.77167% (as of December 31, 2016 ) plus applicable 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) Refinanced during the year ended December 31, 2016 . (7) New debt placed during the year ended December 31, 2016 .
Schedule of Annual Principal Payments on the Mortgage Notes Payable	Annual principal payments on the mortgage notes payable for each of the next five years ending December 31 and thereafter are as follows (in thousands): 2017 $ 12,978 2018 20,456 2019 50,908 2020 150,951 2021 99,121 Thereafter 292,674 $ 627,088
Estimated Amortization Of Deferred Financing Costs	Estimated amortization of the existing deferred financing costs for the next five years ending December 31, are as follows (in thousands): 2017 $ 1,414 2018 1,353 2019 1,251 2020 972 2021 719 Thereafter 1,416 $ 7,125

CREDIT FACILITY (Tables)

CREDIT FACILITY (Tables)	12 Months Ended
	Dec. 31, 2016
Line of Credit Facility [Abstract]
Summary of Credit Facilities	The following table presents a summary of the Company's credit facility (in thousands, except percentages): Balance Outstanding at Current Availability at Balance Outstanding at Weighted Average Interest Rate for the Year Ended Lender December 31, 2016 December 31, 2015 Maturity Interest Rate Basis Current Interest Rate (1) December 31, December 31, Bank of America $ — $ 13,280 $ 21,894 5/23/2017 LIBOR plus 3% 3.77 % 3.44 % 3.26 % (1) Variable rate based on one-month LIBOR of 0.77167% (as of December 31, 2016 ).

ACCUMULATED OTHER COMPREHENSI45

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2016 , 2015 , and 2014 (dollars in thousands): Balance, January 1, 2014 $ 20 Unrealized loss on designated derivatives (286 ) Balance, December 31, 2014 (266 ) Unrealized loss on designated derivatives (174 ) Balance, December 31, 2015 (440 ) Reclassification adjustment for realized loss on designated derivatives 105 Unrealized loss on designated derivatives (10 ) Balance, December 31, 2016 $ (345 )

CERTAIN RELATIONSHIPS AND REL46

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Summary of Fees Earned From/Expenses Paid to Related Parties	The fees earned / expenses paid and the amounts payable to such related parties are summarized in the following tables (in thousands): As of December 31, 2016 2015 Receivables from related parties: RAI and affiliates $ 1,375 $ 1,421 Payables to related parties: Advisor: Operating expense reimbursements $ 1,285 $ 286 Manager: Property management fees 456 440 Operating expense reimbursements 314 459 $ 2,055 $ 1,185 Years Ended December 31, 2016 2015 2014 Fees earned / expenses paid to related parties: Advisor: Acquisition fees (1) $ 1,452 $ 5,179 $ 8,591 Asset management fees (2) 10,484 10,240 7,262 Disposition fees (3) 686 1,140 422 Debt financing fees (4) 532 697 1,623 Overhead allocation (5) 5,621 3,733 2,227 Internal audit fees (5) 44 41 — Manager : Property management fees (2) $ 5,137 $ 4,748 $ 3,661 Construction management fees (6) 926 1,895 1,685 Information technology fees (5) 418 365 306 Operating expense reimbursements (7) 245 278 276 Debt servicing fees (2) 15 33 8 Other: Ledgewood $ 121 $ 169 $ 143 Graphic Images 91 59 37 (1) Included in Acquisition costs on the consolidated statements of operations and comprehensive income (loss). (2) Included in Management fees on the consolidated statements of operations and comprehensive income (loss). (3) Included in Net gains on dispositions of properties and joint venture interests on the consolidated statements of operations and comprehensive income (loss). (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 income (loss). (6) Included in Rental Properties, net on the consolidated balance sheets. (7) Included in Rental operating expenses on the consolidated statements of operations and comprehensive income (loss). Amount excludes the allocated payroll expenses described in Note 20- Operating Expenses.

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Schedule of Shares Issued	As of December 31, 2016 , the Company had issued an aggregate of 74,975,022 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 9,078,068 91,389 Shares issued in conjunction with the Advisor's initial investment, 15,500 155 Total 74,975,022 $ 726,203 Shares redeemed and retired (2,968,433 ) Total shares outstanding as of December 31, 2016 72,006,589 (1) Includes 276,056 shares held by the Advisor.
Schedule of Redeemed Shares	During the year ended December 31, 2016 , the Company redeemed shares of its outstanding common stock as follows (in thousands, except per share data): Period Total Number of Shares Redeemed Average Price Paid per Share January 2016 150 $10.59 February 2016 — — March 2016 196 $10.59 April 2016 47 $10.83 May 2016 — — June 2016 1,069 $10.83 July 2016 — — August 2016 — — September 2016 520 $10.83 October 2016 — — November 2016 — — December 2016 270 $10.83 2,252
Schedule of Distributions	For the year ended December 31, 2016 , the Company paid aggregate distributions of $43.0 million , including $14.5 million of distributions paid in cash and $28.5 million of distributions reinvested in shares of common stock through the Company's distribution reinvestment plan, as follows (in thousands, except per share data): Record Date Per Common Distribution Date Distributions Aggregate Total January 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 October 28, 2016 0.05 October 31, 2016 2,348 1,234 3,582 November 29, 2016 0.05 November 30, 2016 2,343 1,249 3,592 December 29, 2016 0.05 December 30, 2016 2,326 1,263 3,589 $ 0.60 $ 28,497 $ 14,508 $ 43,005

FAIR VALUE MEASURES AND DISCL48

FAIR VALUE MEASURES AND DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of Assets at Fair Value Measured on Recurring Basis	The following table presents information about the Company's assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as follows (in thousands): Level 1 Level 2 Level 3 Total December 31, 2016 Assets: Interest rate caps $ — $ 242 $ — $ 242 $ — $ 242 $ — $ 242 December 31, 2015 Assets: Interest rate caps $ — $ 32 $ — $ 32 $ — $ 32 $ — $ 32
Schedule of Carrying Value and Fair Value Amounts	The carrying and fair values of the Company’s loan held for investment, net, preferred equity investment, mortgage notes payable- outstanding borrowings, mortgage notes payable- included in other liabilities associated with rental properties held for sale and credit facility were as follows (in thousands): December 31, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Loan held for investment, net $ 769 $ 1,104 $ 757 $ 1,151 Preferred equity investment — — 3,886 3,908 Mortgage notes payable- outstanding borrowings (627,088 ) (620,578 ) (595,384 ) (573,693 ) Mortgage notes 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 ACTIV49

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Outstanding Interest Rate Derivatives	As of December 31, 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 13 $ 270,475 January 1, 2018 to October 1, 2020
Fair Value and Balance Sheet Location of Derivatives	The table below presents the fair value of the Company’s derivative financial instruments on the consolidated balance sheets as of December 31, 2016 and 2015 (in thousands): Asset Derivatives Liability Derivatives December 31, 2016 December 31, 2015 December 31, 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 $ 242 Prepaid expenses and other assets $ 32 — $ — — $ —

QUARTERLY FINANCIAL DATA (UNA50

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	The following tables present the Company's operating results by quarter (in thousands, except share data): Quarterly Results for 2016 March 31 June 30 September 30 December 31 (unaudited) (unaudited) (unaudited) (unaudited) Revenues $ 30,556 $ 30,721 $ 28,575 $ 28,515 Net income (loss) 8,480 2,427 9,637 (10,173 ) Less: net (income) loss attributable to noncontrolling interests (6,281 ) (25 ) — — Net income (loss) attributable to common stockholders 2,199 2,402 9,637 (10,173 ) Net income (loss) per common share $ 0.03 $ 0.03 $ 0.14 $ (0.14 ) Quarterly Results for 2015 March 31 June 30 September 30 December 31 (unaudited) (unaudited) (unaudited) (unaudited) Revenues $ 27,734 $ 28,412 $ 30,845 $ 31,334 Net income (loss) 17,039 (12,476 ) (10,662 ) (10,834 ) Less: net (income) loss attributable to noncontrolling interests (11 ) 192 43 (186 ) Net income (loss) attributable to common stockholders 17,028 (12,284 ) (10,619 ) (11,020 ) Net income (loss) per common share $ 0.25 $ (0.18 ) $ (0.15 ) $ (0.16 )

NATURE OF BUSINESS AND OPERAT51

NATURE OF BUSINESS AND OPERATIONS (Details) - USD ($) $ in Thousands	12 Months Ended			36 Months Ended	54 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 13, 2013
Securities Financing Transaction [Line Items]
Shares issued and sold, distribution reinvestment plan (in shares)				7,900,000	1,200,000
Common stock issued through distribution reinvestment plan	$ 28,497	$ 28,959	$ 22,898	$ 80,400
Common Stock
Securities Financing Transaction [Line Items]
Proceeds from issuance of stock under private offering					$ 645,800
Issuance of common stock (in shares)					64,900,000
Common Stock | Advisor
Securities Financing Transaction [Line Items]
Issuance of common stock (in shares)					276,056

SUMMARY OF SIGNIFICANT ACCOUN52

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2015USD ($)Property	Dec. 31, 2016USD ($)DistributionPropertyshares	Dec. 31, 2015USD ($)Property	Dec. 31, 2014USD ($)
Assets Held for Sale [Abstract]
Number of properties held for sale | Property	2	0	3
Rental Properties [Abstract]
Minimum amount of improvements and replacements that are capitalized when extending the useful life of an asset		$ 1,000
Concentration of Credit Risk [Abstract]
Deposits at various banks		125,700,000
Deposits at various banks, amount over the insurance limit of the Federal Deposit Insurance Corporation		112,000,000
Payments due under lease obligations		299,000
Asset Impairment Charges [Abstract]
Asset impairment charges		$ 0	$ 0	$ 0
Allocation of Purchase Price of Acquired and Foreclosed Assets [Abstract]
Initial purchase price allocation subject to change, period		1 year
Revenue Recognition [Abstract]
Other operating income		$ 10,800,000	10,300,000	$ 7,800,000
Tenant Receivable [Abstract]
Allowance for uncollectable receivables	$ 24,100	$ 5,200	24,100
Income Taxes [Abstract]
Number of years entity may be precluded from REIT qualifications (in years)		4 years
Earnings Per Share [Abstract]
Shares not included in diluted earnings per share (in shares) | shares		50,000
Number of stock distributions (in distributions) | Distribution		12
Reclassifications [Abstract]
Debt issuance costs	6,513,000	$ 7,125,000	6,513,000
Accounting Standards Update 2015-03 | Assets
Reclassifications [Abstract]
Debt issuance costs	(6,500,000)		(6,500,000)
Accounting Standards Update 2015-03 | Liabilities
Reclassifications [Abstract]
Debt issuance costs	$ 6,500,000		$ 6,500,000
Common Stock | Dividend distribution one
Earnings Per Share [Abstract]
Number of stock distributions (in distributions) | Distribution		7
Common stock dividend rate		1.50%
Common Stock | Dividend distribution two
Earnings Per Share [Abstract]
Number of stock distributions (in distributions) | Distribution		2
Common stock dividend rate		0.75%
Common Stock | Dividend distribution three
Earnings Per Share [Abstract]
Number of stock distributions (in distributions) | Distribution		1
Common stock dividend rate		0.585%
Common Stock | Dividend distribution four
Earnings Per Share [Abstract]
Number of stock distributions (in distributions) | Distribution		2
Common stock dividend rate		0.50%
Residential rental properties
Revenue Recognition [Abstract]
Future minimum rental payments to be received from noncancelable operating leases in 12 months		$ 56,000,000
Future minimum rental payments to be received from noncancelable operating leases in two years		368,000
Future minimum rental payments to be received thereafter		0
Commercial rental properties and antenna rentals
Revenue Recognition [Abstract]
Future minimum rental payments to be received from noncancelable operating leases in 12 months		325,000
Future minimum rental payments to be received from noncancelable operating leases in two years		216,000
Future minimum rental payments to be received in the next three years		148,000
Future minimum rental payments to be received in the next four years		80,000
Future minimum rental payments to be received in the next five years		$ 15,000
Geographic concentration risk | TEXAS
Concentration of Credit Risk [Abstract]
Percentage of real estate investments		33.00%
Geographic concentration risk | GEORGIA
Concentration of Credit Risk [Abstract]
Percentage of real estate investments		13.00%
Geographic concentration risk | CALIFORNIA
Concentration of Credit Risk [Abstract]
Percentage of real estate investments		18.00%
Resource Real Estate Opportunity Manager, LLC
Rental Properties [Abstract]
Construction management fee percentage		5.00%
Champion Farms
Assets Held for Sale [Abstract]
Total ownership interest		70.00%
Improvements and Replacements
Rental Properties [Abstract]
Estimated useful lives		1 year

SUMMARY OF SIGNIFICANT ACCOUN53

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation (Details)	Dec. 31, 2016Unit
Subsidiary or Equity Method Investee [Line Items]
Number of Units	9,022
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, LLC (Addison Place)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	403
PRIP Coursey, LLC (Evergreen at Coursey Place)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	352
PRIP 500, LLC (Pinehurst)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	146
PRIP 1102, LLC (Pheasant Run)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	160
PRIP 11128, LLC (Retreat at Shawnee)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	342
PRIP Pines, LLC (Pines of York)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	248
RRE Chisholm Place Holdings LLC (Chisholm Place)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	142
RRE Berkeley Run Holdings, LLC (Berkley Run)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	194
RRE Berkeley Trace Holdings LLC (Berkley Trace)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	165
RRE Merrywood LLC (Merrywood)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	228
RRE Sunset Ridge Holdings, LLC (Sunset Ridge)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	324
RRE Parkridge Place Holdings, LLC (Parkridge Place)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	536
RRE Woodmoor Holdings, LLC (Woodmoor)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	208
RRE Gilbert Holdings, LLC (Springs at Gilbert)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	458
RRE Bonita Glen Holdings, LLC (Bonita)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	295
RRE Yorba Linda Holdings, LLC (Yorba Linda)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	400
RRE Providence Holdings, LLC (Providence in the Park)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	524
Champion Farms
Subsidiary or Equity Method Investee [Line Items]
Ownership %	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 ACCOUN54

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Rental Property Useful Lives (Details)	12 Months Ended
	Dec. 31, 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

SUPPLEMENTAL CASH FLOW INFORM55

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Non-cash financing and investing activities:
Stock issued from distribution reinvestment plan	$ 28,497	$ 28,959	$ 22,898
Stock distributions issued	0	0	3,333
Deferred financing costs and escrow deposits funded directly by mortgage notes and credit facility	2,619	11,167	4,404
Accrual for construction in progress	1,343	896	947
Deconsolidation of subsidiary and removal of related mortgage notes payable and noncontrolling interest	35,152
Mortgage notes payable settled directly with proceeds from sale of rental property	55,720
Assets and liabilities assumed in acquisitions:
Mortgage notes payable and other liabilities assumed in acquisition of rental property	0	40,284	176,935
Cash paid during the period for:
Interest	$ 20,297	$ 20,752	$ 12,832

RESTRICTED CASH - Narrative (De

RESTRICTED CASH - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Cash and Cash Equivalents [Abstract]
Unrestricted cash designated for capital expenditures	$ 101.6	$ 64.1

RESTRICTED CASH - Schedule of R

RESTRICTED CASH - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 10,277	$ 9,987
Real estate taxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	6,853	5,395
Insurance
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	1,854	1,657
Capital improvements
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 1,570	$ 2,935

RENTAL PROPERTIES, NET - Invest

RENTAL PROPERTIES, NET - Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Real Estate Investments, Net [Abstract]
Land	$ 176,418	$ 180,533
Building and improvements	795,665	775,239
Furniture, fixtures and equipment	32,198	28,928
Construction in progress	5,983	2,949
Rental properties, gross	1,010,264	987,649
Less: accumulated depreciation	(107,810)	(71,151)
Rental properties, net	$ 902,454	$ 916,498

RENTAL PROPERTIES, NET - Champi

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

RENTAL PROPERTIES, NET - Narrat

RENTAL PROPERTIES, NET - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2015USD ($)Property	Dec. 31, 2016USD ($)Property	Dec. 31, 2015USD ($)Property	Dec. 31, 2014USD ($)
Real Estate Investments, Net [Abstract]
Depreciation expense		$ 44,000	$ 41,900	$ 32,800
Number of properties held for sale | Property	2	0	3
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncontrolling interests	$ 7,853	$ 1,426	$ 7,853
Interests held for sale	69,350	$ 0	69,350
Champion Farms
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total ownership interest		70.00%
Noncontrolling interests
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interests held for sale	5,700		5,700
Held-for-sale, not discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net book value	$ 43,900		$ 43,900

LOANS HELD FOR INVESTMENT, NE61

LOANS HELD FOR INVESTMENT, NET - Narrative (Details)	1 Months Ended		12 Months Ended
	May 31, 2015USD ($)	Mar. 15, 2011USD ($)Loan	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Apr. 18, 2013USD ($)
Financing Receivable, Allowance for Credit Losses [Line Items]
Number of nonperforming promissory notes | Loan		2
Number of performing promissory notes | Loan		2
Purchase price of promissory note		$ 3,100,000
Loan made to purchaser			$ 960,000	$ 981,000
Provision for loan loss			0	130,000	$ 0
Charge-offs			$ 0	130,000
Heatherwood Apartments
Financing Receivable, Allowance for Credit Losses [Line Items]
Loan made to purchaser						$ 800,000
Proceeds from loans	$ 583,000
Escrow balance	$ 58,000
Provision for loan loss				$ 130,000

LOANS HELD FOR INVESTMENT, NE62

LOANS HELD FOR INVESTMENT, NET - Loans Held for Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Loans Held for Investment [Line Items]
Total loans held for investment, net	$ 769	$ 757
Current
Loans Held for Investment [Line Items]
Loans held for investment, Current	769	757
30−89 days
Loans Held for Investment [Line Items]
Loans held for investment, Delinquent	0	0
90−180 days
Loans Held for Investment [Line Items]
Loans held for investment, Delinquent	0	0
Greater than 180 days
Loans Held for Investment [Line Items]
Loans held for investment, Delinquent	$ 0	$ 0

LOANS HELD FOR INVESTMENT, NE63

LOANS HELD FOR INVESTMENT, NET - Recorded Investment, Credit Quality Indicator (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Financing Receivable, Recorded Investment [Line Items]
Other investments	$ 769	$ 757
Performing
Financing Receivable, Recorded Investment [Line Items]
Other investments	769	757
Nonperforming
Financing Receivable, Recorded Investment [Line Items]
Other investments	$ 0	$ 0

LOANS HELD FOR INVESTMENT, NE64

LOANS HELD FOR INVESTMENT, NET - Terms of Loans Held for Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
LOANS HELD FOR INVESTMENT, NET [Abstract]
Unpaid Principal Balance	$ 960	$ 981
Unamortized Discount	(198)	(231)
Deferred (fees) expenses, net	7	7
Net book value	$ 769	$ 757
Interest Rate	7.50%
Average monthly payment	$ 8

PREFERRED EQUITY INVESTMENT (De

PREFERRED EQUITY INVESTMENT (Details) $ in Thousands	Jun. 06, 2016USD ($)	Nov. 12, 2014USD ($)Unit	Oct. 31, 2015USD ($)	Dec. 31, 2016USD ($)Unit	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Schedule of Equity Method Investments [Line Items]
Payment to fund investment				$ 408	$ 408	$ 3,460
Number of units in community | Unit				9,022
Spring Hills Investors Limited Partner, LLC
Schedule of Equity Method Investments [Line Items]
Payment to fund investment		$ 3,500	$ 800
Contractual obligation		1,100
Incremental payment		$ 150
Dividend receivable rate		12.00%
Monthly dividend receivable rate		7.00%
Spring Hills Investors Limited Partner, LLC | Multifamily Community
Schedule of Equity Method Investments [Line Items]
Number of units in community | Unit		606
Other Investments
Schedule of Equity Method Investments [Line Items]
Outstanding principal investment					$ 3,900
Interest Income
Schedule of Equity Method Investments [Line Items]
Exit fee proceeds	$ 230

ACQUISITIONS AND FORECLOSURES -

ACQUISITIONS AND FORECLOSURES - Real Estate Investments (Details) $ in Thousands	Dec. 22, 2016USD ($)	Jun. 16, 2015USD ($)	Jun. 01, 2015USD ($)	Mar. 19, 2015USD ($)	Feb. 26, 2015USD ($)	Sep. 29, 2014USD ($)	Sep. 04, 2014USD ($)	Jun. 26, 2014USD ($)	May 19, 2014USD ($)	May 05, 2014USD ($)	Mar. 28, 2014USD ($)	Jan. 28, 2014USD ($)	Dec. 20, 2013USD ($)	Dec. 16, 2013USD ($)	Oct. 25, 2013USD ($)	Sep. 30, 2013USD ($)	Sep. 09, 2013USD ($)	Jul. 25, 2013USD ($)	Jun. 27, 2013USD ($)	Jun. 24, 2013USD ($)	Apr. 18, 2013USD ($)	Mar. 28, 2013USD ($)	Dec. 06, 2012USD ($)	Jun. 20, 2012USD ($)	Mar. 21, 2012USD ($)	Jun. 17, 2011USD ($)	May 13, 2011USD ($)	Dec. 31, 2016Property	Nov. 30, 2014	Nov. 25, 2014	Jul. 01, 2014	Mar. 31, 2014
Business Acquisition [Line Items]
Number of properties | Property																												31
Fair value of the net assets acquired:
Land												$ 24,872
Building and Improvements												167,519
Intangible Assets												$ 5,765
Providence in the Park
Fair value of the net assets acquired:
Contractual Purchase Price	$ 63,200
Land	7,398
Building and Improvements	53,270
Furniture, Fixtures and Equipment	822
Intangible Assets	1,710
Other Assets	83
Liabilities	(214)
Fair Valued Assigned	$ 63,069
Point Bonita Apartment Homes
Fair value of the net assets acquired:
Contractual Purchase Price		$ 49,050
Land		17,208
Building and Improvements		32,651
Furniture, Fixtures and Equipment		506
Intangible Assets		1,130
Other Assets		9
Liabilities		(30,008)
Fair Valued Assigned		$ 21,496
Yorba Linda
Fair value of the net assets acquired:
Contractual Purchase Price			$ 118,000
Land			39,322
Building and Improvements			76,124
Furniture, Fixtures and Equipment			590
Intangible Assets			1,964
Other Assets			76
Liabilities			(232)
Fair Valued Assigned			$ 117,844
Heritage Pointe
Fair value of the net assets acquired:
Contractual Purchase Price				$ 36,000
Land				8,487
Building and Improvements				25,867
Furniture, Fixtures and Equipment				716
Intangible Assets				931
Other Assets				0
Liabilities				(152)
Fair Valued Assigned				$ 35,849
South Lamar Village
Fair value of the net assets acquired:
Contractual Purchase Price					$ 24,000
Land					5,586
Building and Improvements					17,493
Furniture, Fixtures and Equipment					291
Intangible Assets					629
Other Assets					0
Liabilities					(12,961)
Fair Valued Assigned					$ 11,038
Pines of York
Business Acquisition [Line Items]
Ownership percentage acquired during period																													10.00%
Total ownership interest												90.00%																		100.00%
Fair value of the net assets acquired:
Contractual Purchase Price												$ 8,087
Land												4,464
Building and Improvements												16,340
Furniture, Fixtures and Equipment												400
Intangible Assets												715
Other Assets												416
Liabilities												(15,447)
Fair Valued Assigned												$ 6,888
Calloway at Las Colinas
Fair value of the net assets acquired:
Contractual Purchase Price						$ 48,500
Land						6,707
Building and Improvements						39,543
Furniture, Fixtures and Equipment						825
Intangible Assets						1,425
Other Assets						9
Liabilities						(636)
Fair Valued Assigned						$ 47,873
Sunset Ridge
Fair value of the net assets acquired:
Contractual Purchase Price							$ 35,000
Land							15,425
Building and Improvements							18,615
Furniture, Fixtures and Equipment							514
Intangible Assets							931
Other Assets							0
Liabilities							(24,737)
Fair Valued Assigned							$ 10,748
Pinehurst
Business Acquisition [Line Items]
Total ownership interest												97.50%
Fair value of the net assets acquired:
Contractual Purchase Price												$ 3,588
Land												1,250
Building and Improvements												8,241
Furniture, Fixtures and Equipment												200
Intangible Assets												290
Other Assets												142
Liabilities												(4,548)
Fair Valued Assigned												$ 5,575
Pheasant Run
Business Acquisition [Line Items]
Total ownership interest												97.50%
Fair value of the net assets acquired:
Contractual Purchase Price												$ 4,277
Land												800
Building and Improvements												10,798
Furniture, Fixtures and Equipment												300
Intangible Assets												317
Other Assets												172
Liabilities												(6,559)
Fair Valued Assigned												$ 5,828
Retreat at Shawnee
Business Acquisition [Line Items]
Total ownership interest												97.50%
Fair value of the net assets acquired:
Contractual Purchase Price												$ 5,369
Land												3,200
Building and Improvements												14,550
Furniture, Fixtures and Equipment												500
Intangible Assets												608
Other Assets												186
Liabilities												(14,088)
Fair Valued Assigned												$ 4,956
Aston at Cinco Ranch
Fair value of the net assets acquired:
Contractual Purchase Price								$ 32,300
Land								5,831
Building and Improvements								25,247
Furniture, Fixtures and Equipment								307
Intangible Assets								915
Other Assets								0
Liabilities								(377)
Fair Valued Assigned								$ 31,923
Perimeter 5,550
Fair value of the net assets acquired:
Contractual Purchase Price									$ 22,250
Land									4,002
Building and Improvements									17,600
Furniture, Fixtures and Equipment									194
Intangible Assets									453
Other Assets									0
Liabilities									(110)
Fair Valued Assigned									22,139
Perimeter Circle
Fair value of the net assets acquired:
Contractual Purchase Price									29,500
Land									4,723
Building and Improvements									23,969
Furniture, Fixtures and Equipment									219
Intangible Assets									588
Other Assets									0
Liabilities									(156)
Fair Valued Assigned									$ 29,343
Chisholm Place
Fair value of the net assets acquired:
Contractual Purchase Price										$ 15,000
Land										1,981
Building and Improvements										12,383
Furniture, Fixtures and Equipment										198
Intangible Assets										438
Other Assets										0
Liabilities										(96)
Fair Valued Assigned										$ 14,904
Evergreen at Coursey Place
Business Acquisition [Line Items]
Ownership percentage acquired during period																																48.30%
Total ownership interest												51.70%																				100.00%
Fair value of the net assets acquired:
Contractual Purchase Price												$ 15,499
Land												3,430
Building and Improvements												38,041
Furniture, Fixtures and Equipment												530
Intangible Assets												1,080
Other Assets												680
Liabilities												(28,844)
Fair Valued Assigned												$ 14,917
The Estates at Johns Creek
Fair value of the net assets acquired:
Contractual Purchase Price											$ 70,500
Land											6,353
Building and Improvements											62,249
Furniture, Fixtures and Equipment											509
Intangible Assets											1,389
Other Assets											49
Liabilities											(392)
Fair Valued Assigned											$ 70,157
Meridian Pointe
Fair value of the net assets acquired:
Contractual Purchase Price													$ 33,149
Land													4,134
Building and Improvements													26,992
Furniture, Fixtures and Equipment													1,016
Intangible Assets													1,008
Other Assets													36
Liabilities													(107)
Fair Valued Assigned													$ 33,079
Maxwell Townhomes
Fair value of the net assets acquired:
Contractual Purchase Price														$ 22,500
Land														3,830
Building and Improvements														17,510
Furniture, Fixtures and Equipment														491
Intangible Assets														669
Other Assets														48
Liabilities														(14,363)
Fair Valued Assigned														$ 8,185
The Nesbit Palisades
Fair value of the net assets acquired:
Contractual Purchase Price															$ 25,050
Land															7,582
Building and Improvements															16,023
Furniture, Fixtures and Equipment															587
Intangible Assets															859
Other Assets															37
Liabilities															(161)
Fair Valued Assigned															$ 24,927
Verona Apartment Homes
Fair value of the net assets acquired:
Contractual Purchase Price																$ 30,600
Land																5,702
Building and Improvements																23,609
Furniture, Fixtures and Equipment																198
Intangible Assets																1,090
Other Assets																24
Liabilities																(190)
Fair Valued Assigned																30,433
Skyview Apartment Homes
Fair value of the net assets acquired:
Contractual Purchase Price																24,250
Land																2,923
Building and Improvements																20,301
Furniture, Fixtures and Equipment																97
Intangible Assets																928
Other Assets																20
Liabilities																(147)
Fair Valued Assigned																$ 24,122
Tech Center Square
Fair value of the net assets acquired:
Contractual Purchase Price																	$ 18,250
Land																	3,951
Building and Improvements																	13,048
Furniture, Fixtures and Equipment																	584
Intangible Assets																	667
Other Assets																	23
Liabilities																	(59)
Fair Valued Assigned																	$ 18,214
The Westside Apartments
Fair value of the net assets acquired:
Contractual Purchase Price																		$ 32,200
Land																		5,785
Building and Improvements																		24,418
Furniture, Fixtures and Equipment																		798
Intangible Assets																		1,199
Other Assets																		52
Liabilities																		(317)
Fair Valued Assigned																		$ 31,935
Affinity at Winter Park
Fair value of the net assets acquired:
Contractual Purchase Price																			$ 10,100
Land																			2,512
Building and Improvements																			6,459
Furniture, Fixtures and Equipment																			523
Intangible Assets																			606
Other Assets																			50
Liabilities																			(61)
Fair Valued Assigned																			$ 10,089
Trailpoint at the Woodlands
Fair value of the net assets acquired:
Contractual Purchase Price																				$ 27,200
Land																				3,785
Building and Improvements																				22,014
Furniture, Fixtures and Equipment																				697
Intangible Assets																				704
Other Assets																				40
Liabilities																				(170)
Fair Valued Assigned																				$ 27,070
Retreat at Rocky Ridge
Fair value of the net assets acquired:
Contractual Purchase Price																					$ 8,500
Land																					1,616
Building and Improvements																					6,418
Furniture, Fixtures and Equipment																					30
Intangible Assets																					436
Other Assets																					2
Liabilities																					(89)
Fair Valued Assigned																					$ 8,413
Ivy at Clear Creek
Fair value of the net assets acquired:
Contractual Purchase Price																						$ 11,750
Land																						1,877
Building and Improvements																						9,175
Furniture, Fixtures and Equipment																						28
Intangible Assets																						670
Other Assets																						8
Liabilities																						(127)
Fair Valued Assigned																						$ 11,631
Deerfield
Fair value of the net assets acquired:
Contractual Purchase Price																									$ 10,300
Land																									1,660
Building and Improvements																									11,110
Furniture, Fixtures and Equipment																									500
Intangible Assets																									423
Other Assets																									1
Liabilities																									(4)
Fair Valued Assigned																									$ 13,690
Mosaic
Fair value of the net assets acquired:
Contractual Purchase Price																							$ 2,050
Land																							1,000
Building and Improvements																							2,609
Furniture, Fixtures and Equipment																							30
Intangible Assets																							123
Other Assets																							14
Liabilities																							(14)
Fair Valued Assigned																							$ 3,762
Williamsburg Apartments
Fair value of the net assets acquired:
Contractual Purchase Price																								$ 41,250
Land																								3,223
Building and Improvements																								35,111
Furniture, Fixtures and Equipment																								1,007
Intangible Assets																								1,909
Other Assets																								49
Liabilities																								(274)
Fair Valued Assigned																								$ 41,025
Cannery Lofts
Fair value of the net assets acquired:
Contractual Purchase Price																											$ 7,100
Land																											160
Building and Improvements																											7,913
Furniture, Fixtures and Equipment																											200
Intangible Assets																											609
Other Assets																											35
Liabilities																											0
Fair Valued Assigned																											$ 8,917
Vista Apartment Homes
Fair value of the net assets acquired:
Contractual Purchase Price																										$ 12,000
Land																										1,163
Building and Improvements																										9,913
Furniture, Fixtures and Equipment																										0
Intangible Assets																										535
Other Assets																										530
Liabilities																										(141)
Fair Valued Assigned																										$ 12,000
Pinehurst, Pheasant Run and Retreat at Shawnee
Business Acquisition [Line Items]
Ownership percentage acquired during period																															2.50%
Total ownership interest												97.50%																			100.00%

ACQUISITIONS AND FORECLOSURES67

ACQUISITIONS AND FORECLOSURES - Acquisitions and Paladin Acquisition (Details) ft² in Thousands, $ in Thousands	Mar. 06, 2014USD ($)	Jan. 28, 2014USD ($)ft²UnitPropertycommunity	Dec. 31, 2016USD ($)Property	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Nov. 30, 2014USD ($)	Nov. 25, 2014	Jul. 01, 2014USD ($)	Mar. 31, 2014USD ($)
Business Acquisition [Line Items]
Number of real estate properties acquired | Property			1
Valuation period			12 months
Number of properties | Property			31
Number of multifamily communities | community		10
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Land		$ 24,872
Building and Improvements		167,519
Intangible Assets		5,765
Fair Value of Property		198,156
Other Assets		6,753
Liabilities		(136,528)
Noncontrolling Interest		(18,901)
Total Company Equity		49,480
Goodwill		1,264	$ 711	$ 1,231	$ 1,231
Allocation of Purchase Price		50,744
Total purchase price			$ 51,200
Paladin
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Land		24,872
Intangible Assets		5,765
Fair Value of Property		69,644
Other Assets		3,222
Goodwill		$ 1,264
Paladin | Resource Real Estate Opportunity OP, LP
Business Acquisition [Line Items]
Number of properties | Property		11
Number of rentable units, more than (in units) | Unit		2,500
Net rentable area, more than (in square feet) | ft²		75
Acquisition of notes receivable		$ 3,500
Consideration for merger, net of transaction costs		$ 51,200
Champion Farms
Business Acquisition [Line Items]
Ownership % at Date of Acquisition		70.00%
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Land		$ 3,168
Building and Improvements		23,464
Intangible Assets		579
Fair Value of Property		27,211
Other Assets		575
Liabilities		(17,015)
Noncontrolling Interest		(3,231)
Total Company Equity		7,540
Goodwill		171
Allocation of Purchase Price		$ 7,711
Fieldstone
Business Acquisition [Line Items]
Ownership % at Date of Acquisition		83.00%
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Land		$ 1,420
Building and Improvements		18,472
Intangible Assets		648
Fair Value of Property		20,540
Other Assets		661
Liabilities		(16,462)
Noncontrolling Interest		(806)
Total Company Equity		3,933
Goodwill		130
Allocation of Purchase Price		$ 4,063
Pinehurst
Business Acquisition [Line Items]
Ownership % at Date of Acquisition		97.50%
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Land		$ 1,250
Building and Improvements		8,241
Intangible Assets		290
Fair Value of Property		9,781
Other Assets		332
Liabilities		(4,548)
Noncontrolling Interest		(139)						$ (139)
Total Company Equity		5,426
Goodwill		72
Allocation of Purchase Price		$ 5,498
Pheasant Run
Business Acquisition [Line Items]
Ownership % at Date of Acquisition		97.50%
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Land		$ 800
Building and Improvements		10,798
Intangible Assets		317
Fair Value of Property		11,915
Other Assets		472
Liabilities		(6,559)
Noncontrolling Interest		(146)						(146)
Total Company Equity		5,682
Goodwill		76
Allocation of Purchase Price		$ 5,758
Retreat at Shawnee
Business Acquisition [Line Items]
Ownership % at Date of Acquisition		97.50%
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Land		$ 3,200
Building and Improvements		14,550
Intangible Assets		608
Fair Value of Property		18,358
Other Assets		686
Liabilities		(14,088)
Noncontrolling Interest		(124)						$ (124)
Total Company Equity		4,832
Goodwill		117
Allocation of Purchase Price		$ 4,949
Hilltop Village
Business Acquisition [Line Items]
Ownership % at Date of Acquisition		49.00%
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Land		$ 800
Building and Improvements		4,289
Intangible Assets		195
Fair Value of Property		5,284
Other Assets		267
Liabilities		(4,612)
Noncontrolling Interest		(479)
Total Company Equity		460
Goodwill		33
Allocation of Purchase Price		$ 493
Conifer Place
Business Acquisition [Line Items]
Ownership % at Date of Acquisition		42.50%
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Land		$ 5,040
Building and Improvements		28,712
Intangible Assets		1,007
Fair Value of Property		34,759
Other Assets		749
Liabilities		(28,776)
Noncontrolling Interest		(3,869)
Total Company Equity		2,863
Goodwill		219
Allocation of Purchase Price		$ 3,082
Stone Ridge
Business Acquisition [Line Items]
Ownership % at Date of Acquisition		68.50%
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Land		$ 1,300
Building and Improvements		4,612
Intangible Assets		326
Fair Value of Property		6,238
Other Assets		985
Liabilities		(178)
Noncontrolling Interest		(2,218)
Total Company Equity		4,827
Goodwill		42
Allocation of Purchase Price		$ 4,869
Evergreen at Coursey Place
Business Acquisition [Line Items]
Ownership % at Date of Acquisition		51.70%							100.00%
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Land		$ 3,430
Building and Improvements		38,041
Intangible Assets		1,080
Fair Value of Property		42,551
Other Assets		1,210
Liabilities		(28,844)
Noncontrolling Interest		(7,200)							$ (7,200)
Total Company Equity		7,717
Goodwill		268
Allocation of Purchase Price		$ 7,985
Pines of York
Business Acquisition [Line Items]
Ownership % at Date of Acquisition		90.00%					100.00%
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Land		$ 4,464
Building and Improvements		16,340
Intangible Assets		715
Fair Value of Property		21,519
Other Assets		816
Liabilities		(15,446)
Noncontrolling Interest		(689)				$ (690)
Total Company Equity		6,200
Goodwill		136
Allocation of Purchase Price		$ 6,336
Governor Park
Business Acquisition [Line Items]
Ownership % at Date of Acquisition		47.65%
Governor Park
Business Acquisition [Line Items]
Sale of membership interest, percent sold	47.65%
Proceeds from sale of membership interest	$ 456
Office building | Paladin | Resource Real Estate Opportunity OP, LP
Business Acquisition [Line Items]
Number of properties | Property		2
Multifamily Community | Paladin | Resource Real Estate Opportunity OP, LP
Business Acquisition [Line Items]
Number of properties | Property		12	6
Multifamily Community | Corporate joint venture | Paladin | Resource Real Estate Opportunity OP, LP
Business Acquisition [Line Items]
Number of properties | Property		11

ACQUISITIONS AND FORECLOSURES68

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

ACQUISITIONS AND FORECLOSURES69

ACQUISITIONS AND FORECLOSURES - Evergreen at Coursey Place (Details) - USD ($) $ in Thousands	Mar. 31, 2014	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jan. 28, 2014
Business Acquisition [Line Items]
Noncontrolling interest assumed													$ 18,901
Losses attributable to noncontrolling interest		$ 0	$ 0	$ 25	$ 6,281	$ 186	$ (43)	$ (192)	$ 11	$ 6,306	$ (38)	$ (2,021)
Distribution to noncontrolling interest										(9,120)		$ (119)
Adjustment to additional paid in capital										$ (3,613)
Evergreen at Coursey Place
Business Acquisition [Line Items]
Ownership percentage acquired during period	48.30%
Purchase price	$ 7,500
Noncontrolling interest assumed	7,200												$ 7,200
Losses attributable to noncontrolling interest	(191)
Distribution to noncontrolling interest	(116)
Adjusted noncontrolling interest balance	6,893
Adjustment to additional paid in capital	$ (607)

ACQUISITIONS AND FORECLOSURES70

ACQUISITIONS AND FORECLOSURES - Pinehurst, Pheasant Run and Retreat at Shawnee (Details) - USD ($) $ in Thousands	Jul. 01, 2014	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jan. 28, 2014
Business Acquisition [Line Items]
Noncontrolling interest assumed													$ 18,901
Losses attributable to noncontrolling interest		$ 0	$ 0	$ 25	$ 6,281	$ 186	$ (43)	$ (192)	$ 11	$ 6,306	$ (38)	$ (2,021)
Adjustment to additional paid in capital										$ (3,613)
Pinehurst, Pheasant Run and Retreat at Shawnee
Business Acquisition [Line Items]
Ownership percentage acquired during period	2.50%
Purchase price	$ 1,100
Pinehurst
Business Acquisition [Line Items]
Purchase price	570
Noncontrolling interest assumed	139												139
Losses attributable to noncontrolling interest	(7)
Adjusted noncontrolling interest balance	132
Adjustment to additional paid in capital	(438)
Pheasant Run
Business Acquisition [Line Items]
Purchase price	515
Noncontrolling interest assumed	146												146
Losses attributable to noncontrolling interest	(8)
Adjusted noncontrolling interest balance	138
Adjustment to additional paid in capital	(377)
Retreat at Shawnee
Business Acquisition [Line Items]
Purchase price	15
Noncontrolling interest assumed	124												$ 124
Losses attributable to noncontrolling interest	(15)
Adjusted noncontrolling interest balance	109
Adjustment to additional paid in capital	$ 94

ACQUISITIONS AND FORECLOSURES71

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

ACQUISITIONS AND FORECLOSURES72

ACQUISITIONS AND FORECLOSURES - Pines of York (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	Nov. 30, 2014	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jan. 28, 2014
Business Acquisition [Line Items]
Noncontrolling interest assumed													$ 18,901
Losses attributable to noncontrolling interest		$ 0	$ 0	$ 25	$ 6,281	$ 186	$ (43)	$ (192)	$ 11	$ 6,306	$ (38)	$ (2,021)
Adjustment to additional paid in capital										$ (3,613)
Pines of York
Business Acquisition [Line Items]
Ownership percentage acquired during period	10.00%
Purchase price	$ 900
Noncontrolling interest assumed	690												$ 689
Losses attributable to noncontrolling interest	(98)
Adjusted noncontrolling interest balance	592
Adjustment to additional paid in capital	$ (308)

ACQUISITIONS AND FORECLOSURES73

ACQUISITIONS AND FORECLOSURES - Revenues, Losses and Acquisition Costs (Details) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Total Revenues		$ 28,515	$ 28,575	$ 30,721	$ 30,556	$ 31,334	$ 30,845	$ 28,412	$ 27,734	$ 118,367	$ 118,325	$ 100,269
Net Loss		$ (10,173)	$ 9,637	$ 2,427	$ 8,480	$ (10,834)	$ (10,662)	$ (12,476)	$ 17,039	10,371	(16,933)	(48,198)
Providence in the Park
Business Acquisition [Line Items]
Total Revenues										193
Net Loss										(781)
Acquisition Costs										(1,509)
Various Properties
Business Acquisition [Line Items]
Total Revenues	[1]									0
Net Loss	[1]									0
Acquisition Costs	[1]									(73)
South Lamar Village
Business Acquisition [Line Items]
Total Revenues											2,086	0	[2]
Net Loss											(1,580)	0	[2]
Acquisition Costs											(692)	(66)	[2]
Heritage Pointe
Business Acquisition [Line Items]
Total Revenues											3,019
Net Loss											(2,173)
Acquisition Costs											(1,005)
Yorba Linda
Business Acquisition [Line Items]
Total Revenues											4,584
Net Loss											(3,405)
Acquisition Costs											(2,761)
Point Bonita Apartment Homes
Business Acquisition [Line Items]
Total Revenues											2,431
Net Loss											(2,144)
Acquisition Costs											(1,353)
Calloway at Las Colinas
Business Acquisition [Line Items]
Total Revenues												1,445
Net Loss												(1,234)
Acquisition Costs												(1,290)
Sunset Ridge
Business Acquisition [Line Items]
Total Revenues												1,214
Net Loss												(1,216)
Acquisition Costs												(968)
Aston at Cinco Ranch
Business Acquisition [Line Items]
Total Revenues												1,718
Net Loss												(1,144)
Acquisition Costs												(832)
Perimeter 5,550
Business Acquisition [Line Items]
Total Revenues												1,172
Net Loss												(1,024)
Acquisition Costs												(606)
Perimeter Circle
Business Acquisition [Line Items]
Total Revenues												1,501
Net Loss												(1,272)
Acquisition Costs												(748)
Chisholm Place
Business Acquisition [Line Items]
Total Revenues												1,196
Net Loss												(1,042)
Acquisition Costs												(494)
The Estates at Johns Creek
Business Acquisition [Line Items]
Total Revenues												4,828
Net Loss												(3,287)
Acquisition Costs												(1,720)
Paladin
Business Acquisition [Line Items]
Total Revenues												22,645
Net Loss												(10,190)
Acquisition Costs												(3,109)
Multifamily Community
Business Acquisition [Line Items]
Total Revenues										193	12,120	35,719
Net Loss										(781)	(9,302)	(20,409)
Acquisition Costs										$ (1,582)	$ (5,811)	$ (9,833)
[1]	Multifamily CommunityTotal Revenues Net Loss Acquisition Costs 2016 Acquisitions: Providence in the Park$193$(781)$(1,509) Various properties — — (73)(1 ) $193 $(781) $(1,582)
[2]	(1)Acquisition fees paid in 2016 related to additional investments in properties to fund additional capital reserves.(2)Acquisition that was completed during the first quarter of fiscal 2015.

MEASUREMENT PERIOD ADJUSTMENT74

MEASUREMENT PERIOD ADJUSTMENTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Mar. 28, 2014	Jan. 28, 2014
Business Acquisition [Line Items]
Land						$ 24,872
Intangible assets						5,765
Other Assets						6,753
Goodwill		$ 711	$ 1,231	$ 1,231		1,264
Fair Value of Property						198,156
Paladin
Business Acquisition [Line Items]
Land						24,872
Building						167,519
Personal property						3,530
Intangible assets						5,765
Other Assets						3,222
Goodwill						1,264
Liabilities						(136,528)
Fair Value of Property						69,644
Additional depreciation and amortization	$ 867
The Estates at Johns Creek
Business Acquisition [Line Items]
Land					$ 6,353
Building					62,249
Personal property					509
Intangible assets					1,389
Fair Value of Property					70,500
As initially reported | Paladin
Business Acquisition [Line Items]
Land						44,292
Building						149,155
Personal property						0
Intangible assets						5,861
Other Assets						3,231
Goodwill						6,412
Liabilities						(140,970)
Fair Value of Property						67,981
As initially reported | The Estates at Johns Creek
Business Acquisition [Line Items]
Land					18,137
Building					51,843
Personal property					0
Intangible assets					520
Fair Value of Property					70,500
Measurement period adjustment | Paladin
Business Acquisition [Line Items]
Land						(19,420)
Building						18,364
Personal property						3,530
Intangible assets						(96)
Other Assets						(9)
Goodwill						(5,148)
Liabilities						4,442
Fair Value of Property						1,663
Remaining balance of measurement period adjustment						$ 1,700
Measurement period adjustment | The Estates at Johns Creek
Business Acquisition [Line Items]
Land					(11,784)
Building					10,406
Personal property					509
Intangible assets					869
Fair Value of Property					$ 0

DISPOSITION OF PROPERTIES AND75

DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS (Details) - USD ($) $ in Thousands	Jul. 08, 2016	Jun. 30, 2016	Jun. 09, 2016	Feb. 17, 2016	Jan. 29, 2016	Jan. 27, 2016	Sep. 18, 2015	Jun. 30, 2015	Mar. 02, 2015	Feb. 27, 2015	Jan. 29, 2015	Jan. 26, 2015	Sep. 19, 2014	Jul. 01, 2014	Jun. 16, 2014	Mar. 06, 2014	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net Income (Loss) Attributable to Properties Sold																	$ (10,173)	$ 9,637	$ 2,427	$ 8,480	$ (10,834)	$ (10,662)	$ (12,476)	$ 17,039	$ 10,371	$ (16,933)	$ (48,198)
Noncontrolling interests
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net Income (Loss) Attributable to Properties Sold																									6,306	(38)	(2,021)
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						9,897
Revenues Attributable to Properties Sold						365
Net Income (Loss) Attributable to Properties Sold						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]
Contract Sales price					$ 7,590
Net Gains on Dispositions of Properties and Joint Venture Interests					1,066
Revenues Attributable to Properties Sold					220
Net Income (Loss) Attributable to Properties Sold					$ 1,125
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				6,792
Revenues Attributable to Properties Sold				386
Net Income (Loss) Attributable to Properties Sold				$ 6,629
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			5,605
Revenues Attributable to Properties Sold			1,010
Net Income (Loss) Attributable to Properties Sold			$ 5,757
Fieldstone
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Sales price		$ 7,514																	$ 7,514
Net Gains on Dispositions of Properties and Joint Venture Interests		4,096
Revenues Attributable to Properties Sold		1,548
Net Income (Loss) Attributable to Properties Sold		$ 4,325
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
Revenues Attributable to Properties Sold	2,615
Net Income (Loss) Attributable to Properties Sold	$ 17,739
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												3,784
Revenues Attributable to Properties Sold												$ 199
Net Income (Loss) Attributable to Properties Sold																									3,819
107th Avenue Apartments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Sales price											$ 250
Net Gains on Dispositions of Properties and Joint Venture Interests											50
Revenues Attributable to Properties Sold											$ 3
Net Income (Loss) Attributable to Properties Sold																									50
The Redford Apartments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Sales price										$ 32,959
Net Gains on Dispositions of Properties and Joint Venture Interests										15,303
Revenues Attributable to Properties Sold										$ 1,274
Net Income (Loss) Attributable to Properties Sold																									15,652
Cityside Apartments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Sales price									$ 24,500
Net Gains on Dispositions of Properties and Joint Venture Interests									10,028
Revenues Attributable to Properties Sold									$ 701
Net Income (Loss) Attributable to Properties Sold																									10,290
One Hundred Chevy Chase
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Sales price								$ 13,500															$ 13,500
Net Gains on Dispositions of Properties and Joint Venture Interests								4,386
Revenues Attributable to Properties Sold								$ 828
Net Income (Loss) Attributable to Properties Sold																									4,027
The Reserve at Mt. Moriah
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Sales price							$ 5,425
Net Gains on Dispositions of Properties and Joint Venture Interests							2,490
Revenues Attributable to Properties Sold							$ 1,135
Net Income (Loss) Attributable to Properties Sold																									2,202
Governor Park
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Sales price																$ 456
Net Gains on Dispositions of Properties and Joint Venture Interests																0
Revenues Attributable to Properties Sold																$ 0
Net Income (Loss) Attributable to Properties Sold																										0
Campus Club
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Sales price															$ 10,500
Net Gains on Dispositions of Properties and Joint Venture Interests															2,602
Revenues Attributable to Properties Sold															$ 849
Net Income (Loss) Attributable to Properties Sold																										2,723
Hilltop Village
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Sales price														$ 0
Net Gains on Dispositions of Properties and Joint Venture Interests														(493)
Revenues Attributable to Properties Sold														$ 352
Net Income (Loss) Attributable to Properties Sold																										(707)
Arcadia at Westheimer
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Sales price													$ 18,100
Net Gains on Dispositions of Properties and Joint Venture Interests													8,375
Revenues Attributable to Properties Sold													$ 2,667
Net Income (Loss) Attributable to Properties Sold																										8,407
Multifamily Community
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Sales price																	$ 140,004				$ 87,684				140,004	87,684	29,056
Net Gains on Dispositions of Properties and Joint Venture Interests																									45,057	36,041	10,484
Revenues Attributable to Properties Sold																									6,144	4,140	3,868
Net Income (Loss) Attributable to Properties Sold																									$ 45,517	36,040	$ 10,423
Multifamily Community | Noncontrolling interests
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net Income (Loss) Attributable to Properties Sold																										$ (112)

IDENTIFIED INTANGIBLE ASSETS,76

IDENTIFIED INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets, net	$ 1,855	$ 374
Weighted average remaining life	7 months	1 month
Amortization expense	$ 228	$ 6,400	$ 15,000
Acquired in-place leases
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets, net	1,900	374
Accumulated amortization	24,300	$ 28,400
Antennae leases
Finite-Lived Intangible Assets [Line Items]
Annual expected amortization expense through 2025	$ 16

IDENTIFIED INTANGIBLE ASSETS,77

IDENTIFIED INTANGIBLE ASSETS, NET - Rental and Antennae Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
2,017	$ 1,726
2,018	16
2,019	16
2,020	16
2,021	16
Thereafter	65
Total	$ 1,855	$ 374

GOODWILL (Details)

GOODWILL (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Goodwill [Roll Forward]
Beginning balance	$ 1,231	$ 1,231
Activity - 2015	(520)	0
Activity - 2016: Sale of Conifer Place, Champion Farms, and Fieldstone	(520)	0
Ending balance	$ 711	$ 1,231

MORTGAGE NOTES PAYABLE, NET - N

MORTGAGE NOTES PAYABLE, NET - Narrative (Details) - USD ($) $ in Thousands	Dec. 23, 2016	Dec. 22, 2016	Dec. 27, 2013	Dec. 20, 2013	Mar. 31, 2016	Feb. 29, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2015
Participating Mortgage Loans [Line Items]
Restricted cash related to escrow deposits							$ 10,300	$ 10,000
Payments of closing costs							3,200	402	$ 4,155
Loss on extinguishment of debt							791	0	0
Amortization of deferred financing costs							2,120	1,839	1,365
Mortgage Notes Payable
Participating Mortgage Loans [Line Items]
Accumulated amortization, deferred finance costs							2,600	2,400
Payment guarantee
Participating Mortgage Loans [Line Items]
Guarantee of the completion and payment of costs of completion of renovations							7,000
Cost of renovations							7,000
Covenants included in mortgage for Yorba Linda
Participating Mortgage Loans [Line Items]
Loan amount										$ 7,500
Interest Expense | Mortgage Notes Payable
Participating Mortgage Loans [Line Items]
Amortization of deferred financing costs							1,800	1,500	1,100
Interest Expense | Rental properties
Participating Mortgage Loans [Line Items]
Amortization of fair value adjustment of debt							$ (485)	$ (779)	$ (598)
PNC Bank
Participating Mortgage Loans [Line Items]
Payments of closing costs				$ 75
US Bank
Participating Mortgage Loans [Line Items]
Loan amount			$ 29,700
Payments of closing costs			222
Current availability			6,700
US Bank | Payment guarantee
Participating Mortgage Loans [Line Items]
Guarantee of the completion and payment of costs of completion of renovations			$ 6,500
Berkadia Commercial Mortgage
Participating Mortgage Loans [Line Items]
Loan amount		$ 54,000
Debt instrument, percentage principal payment to initiate prepayment terms		1.00%
Interest period		2 years
CBRE Capital Market
Participating Mortgage Loans [Line Items]
Loan amount	$ 11,400
Debt instrument, percentage principal payment to initiate prepayment terms	1.00%
Interest period	2 years
LIBOR
Participating Mortgage Loans [Line Items]
Margin over LIBOR	2.46%	2.38%			2.25%	2.00%	0.77167%

MORTGAGE NOTES PAYABLE, NET - S

MORTGAGE NOTES PAYABLE, NET - Summary of Mortgage Notes Payable (Details) - USD ($) $ in Thousands	Dec. 23, 2016	Dec. 22, 2016	Mar. 31, 2016	Feb. 29, 2016	Dec. 31, 2016	Dec. 31, 2015
Participating Mortgage Loans [Line Items]
Outstanding borrowings					$ 627,088	$ 595,384
Premium (Discount)					2,189	2,674
Deferred finance costs, net					(7,125)	(6,513)
Carrying Value					$ 622,152	591,545
LIBOR
Participating Mortgage Loans [Line Items]
Variable rate	2.46%	2.38%	2.25%	2.00%	0.77167%
Vista Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding borrowings					$ 15,225	15,573
Premium (Discount)					0	0
Deferred finance costs, net					(178)	(216)
Carrying Value					$ 15,047	15,357
Margin over LIBOR					2.29%
Annual Interest Rate					3.06%
Average Monthly Debt Service					$ 67
Average Monthly Escrow					16
Cannery Lofts
Participating Mortgage Loans [Line Items]
Outstanding borrowings					13,100	8,148
Premium (Discount)					0	0
Deferred finance costs, net					(197)	(131)
Carrying Value					$ 12,903	8,017
Margin over LIBOR					2.54%
Annual Interest Rate					3.31%
Average Monthly Debt Service					$ 46
Average Monthly Escrow					40
Deerfield
Participating Mortgage Loans [Line Items]
Outstanding borrowings					10,359	10,517
Premium (Discount)					0	0
Deferred finance costs, net					(125)	(159)
Carrying Value					$ 10,234	10,358
Annual Interest Rate					4.66%
Average Monthly Debt Service					$ 54
Average Monthly Escrow					29
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					18,690	19,013
Premium (Discount)					0	0
Deferred finance costs, net					(222)	(257)
Carrying Value					$ 18,468	18,756
Margin over LIBOR					2.41%
Annual Interest Rate					3.18%
Average Monthly Debt Service					$ 74
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					(532)	(179)
Carrying Value					$ 32,438	22,223
Margin over LIBOR					2.36%
Annual Interest Rate					3.13%
Average Monthly Debt Service					$ 116
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					(462)	(148)
Carrying Value					$ 27,938	17,941
Margin over LIBOR					2.36%
Annual Interest Rate					3.13%
Average Monthly Debt Service					$ 100
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					13,602	13,850
Premium (Discount)					0	0
Deferred finance costs, net					(137)	(167)
Carrying Value					$ 13,465	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					7,350	4,111
Premium (Discount)					0	0
Deferred finance costs, net					(154)	0
Carrying Value					$ 7,196	4,111
Margin over LIBOR					2.42%
Annual Interest Rate					3.19%
Average Monthly Debt Service					$ 30
Average Monthly Escrow					15
Pheasant Run
Participating Mortgage Loans [Line Items]
Outstanding borrowings					6,250	6,250
Premium (Discount)					43	100
Deferred finance costs, net					(9)	(20)
Carrying Value					$ 6,284	6,330
Annual Interest Rate					5.95%
Average Monthly Debt Service					$ 31
Average Monthly Escrow					15
Retreat at Shawnee
Participating Mortgage Loans [Line Items]
Outstanding borrowings					12,893	13,090
Premium (Discount)					85	164
Deferred finance costs, net					(23)	(44)
Carrying Value					$ 12,955	13,210
Annual Interest Rate					5.58%
Average Monthly Debt Service					$ 78
Average Monthly Escrow					28
Conifer Crossing
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					27,107	27,548
Premium (Discount)					100	123
Deferred finance costs, net					(96)	(120)
Carrying Value					$ 27,111	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					14,999	15,267
Premium (Discount)					(299)	(363)
Deferred finance costs, net					(56)	(69)
Carrying Value					$ 14,644	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					49,596	50,000
Premium (Discount)					0	0
Deferred finance costs, net					(405)	(526)
Carrying Value					$ 49,191	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					(143)	(163)
Carrying Value					$ 11,444	11,424
Margin over LIBOR					2.39%
Annual Interest Rate					3.16%
Average Monthly Debt Service					$ 43
Average Monthly Escrow					38
Perimeter Circle
Participating Mortgage Loans [Line Items]
Outstanding borrowings					17,298	17,657
Premium (Discount)					0	0
Deferred finance costs, net					(143)	(202)
Carrying Value					$ 17,155	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					13,651	13,935
Premium (Discount)					0	0
Deferred finance costs, net					(118)	(167)
Carrying Value					$ 13,533	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					23,367	23,772
Premium (Discount)					0	0
Deferred finance costs, net					(268)	(328)
Carrying Value					$ 23,099	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					19,699	20,121
Premium (Discount)					259	329
Deferred finance costs, net					(205)	(261)
Carrying Value					$ 19,753	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					2,948	3,002
Premium (Discount)					35	45
Deferred finance costs, net					(26)	(34)
Carrying Value					$ 2,957	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					35,083	35,740
Premium (Discount)					0	0
Deferred finance costs, net					(306)	(372)
Carrying Value					$ 34,777	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					12,435	12,682
Premium (Discount)					0	0
Deferred finance costs, net					(131)	(184)
Carrying Value					$ 12,304	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					(327)	(370)
Carrying Value					$ 25,953	25,910
Margin over LIBOR					1.88%
Annual Interest Rate					2.65%
Average Monthly Debt Service					$ 98
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					(661)	(860)
Carrying Value					$ 66,839	66,640
Margin over LIBOR					1.75%
Annual Interest Rate					2.52%
Average Monthly Debt Service					$ 180
Average Monthly Escrow					0
Point Bonita Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding borrowings					26,907	27,265
Premium (Discount)					1,966	2,276
Deferred finance costs, net					(338)	(391)
Carrying Value					$ 28,535	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					5,227	5,350
Premium (Discount)					0	0
Deferred finance costs, net					(130)	(153)
Carrying Value					$ 5,097	5,197
Margin over LIBOR					1.86%
Annual Interest Rate					2.63%
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					(448)	(351)
Carrying Value					$ 36,372	22,649
Margin over LIBOR					2.12%
Annual Interest Rate					2.89%
Average Monthly Debt Service					$ 137
Average Monthly Escrow					68
Tech Center Square
Participating Mortgage Loans [Line Items]
Outstanding borrowings					12,375	12,500
Premium (Discount)					0	0
Deferred finance costs, net					(196)	(159)
Carrying Value					$ 12,179	12,341
Margin over LIBOR					2.58%
Annual Interest Rate					3.35%
Average Monthly Debt Service					$ 55
Average Monthly Escrow					25
Williamsburg Apartments
Participating Mortgage Loans [Line Items]
Outstanding borrowings					53,995	0
Premium (Discount)					0	0
Deferred finance costs, net					(828)	0
Carrying Value					$ 53,167	0
Margin over LIBOR					2.38%
Annual Interest Rate					3.15%
Average Monthly Debt Service					$ 202
Average Monthly Escrow					123
Retreat at Rocky Ridge
Participating Mortgage Loans [Line Items]
Outstanding borrowings					11,375	0
Premium (Discount)					0	0
Deferred finance costs, net					(261)	0
Carrying Value					$ 11,114	$ 0
Margin over LIBOR					2.46%
Annual Interest Rate					3.23%
Average Monthly Debt Service					$ 43
Average Monthly Escrow					$ 22

MORTGAGE NOTES PAYABLE, NET - A

MORTGAGE NOTES PAYABLE, NET - Annual Principal Payments on the Mortgage Note Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
2,017	$ 12,978
2,018	20,456
2,019	50,908
2,020	150,951
2,021	99,121
Thereafter	292,674
Carrying Value	$ 627,088	$ 595,384

MORTGAGE NOTES PAYABLE, NET -82

MORTGAGE NOTES PAYABLE, NET - Amortization of Existing Deferred Financing Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
2,017	$ 1,414
2,018	1,353
2,019	1,251
2,020	972
2,021	719
Thereafter	1,416
Deferred financing costs, net	$ 7,125	$ 6,513

CREDIT FACILITY - Summary of Cr

CREDIT FACILITY - Summary of Credit Facilities (Details) - USD ($) $ in Thousands	Dec. 23, 2016	Dec. 22, 2016	Mar. 31, 2016	Feb. 29, 2016	Dec. 31, 2016	Dec. 31, 2015
Line of Credit Facility [Line Items]
Balance Outstanding					$ 0	$ 21,894
LIBOR
Line of Credit Facility [Line Items]
Variable rate	2.46%	2.38%	2.25%	2.00%	0.77167%
Bank of America | Revolving credit facility
Line of Credit Facility [Line Items]
Balance Outstanding					$ 0	$ 21,894
Current Availability					$ 13,280
Current Interest Rate (1)					3.77%
Weighted Average Interest Rate					3.44%	3.26%
Variable rate					3.00%

CREDIT FACILITY - Narrative (De

CREDIT FACILITY - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	May 23, 2013	May 22, 2013
Line of Credit Facility [Line Items]
Amortization of deferred financing costs	$ 2,120,000	$ 1,839,000	$ 1,365,000
Estimated amortization of deferred financing costs in year one	1,414,000
Revolving credit facility | BAML
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity				$ 50,000,000	$ 25,000,000
Line of credit facility collateral amount	$ 33,200,000
Line of credit facility, maximum borrowing capacity against secured collateral	40.00%
Extension fee percentage	0.25%
Weighted average borrowings	$ 6,800,000	13,800,000
Minimum tangible net worth to maintain, percent of outstanding principal amount of credit facility	200.00%
Minimum tangible net worth to maintain	$ 20,000,000
Minimum unencumbered liquid assets to maintain, market value	$ 5,000,000
Minimum unencumbered liquid assets to maintain, market value, percent of outstanding principal amount of credit facility	20.00%
Term to satisfy debt service coverage requirements	36 months
BAML
Line of Credit Facility [Line Items]
Accumulated amortization, deferred finance costs	$ 857,000	763,000
Estimated amortization of deferred financing costs in year one	68,500
Interest Expense | BAML
Line of Credit Facility [Line Items]
Amortization of deferred financing costs	$ 321,000	$ 327,000	$ 225,000

ACCUMULATED OTHER COMPREHENSI85

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Income [Rollforward]
Beginning balance	$ (440)
Reclassification adjustment for realized loss on designated derivatives	105
Ending balance	(345)	$ (440)
Net unrealized gain (loss) on derivatives
Accumulated Other Comprehensive Income [Rollforward]
Beginning balance	(440)	(266)	$ 20
Unrealized loss on designated derivatives	(10)	(174)	(286)
Ending balance	$ (345)	$ (440)	$ (266)

CERTAIN RELATIONSHIPS AND REL86

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS - Relationship with RAI (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Payment for insurance premiums	$ 1,800,000	$ 1,600,000
RAI
Related Party Transaction [Line Items]
Amount of losses covered by the insurance pool	2,500,000
General liability loss covered	50,000
Amount of property insurance covered by catastrophic insurance	140,000,000
Amount of general liability covered by catastrophic insurance	$ 51,000,000

CERTAIN RELATIONSHIPS AND REL87

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS - Relationship with the Advisor (Details) - Advisor	12 Months Ended
	Dec. 31, 2016
Related Party Transaction [Line Items]
Agreement term	1 year
Percentage acquisition fee paid to advisor	2.00%
Multiple for calculating monthly asset management fee	8.33%
Percentage annual asset management fee	1.00%
Disposition fee	50.00%
Disposition fee, as a percentage of the contract sales price	2.75%
Debt financing fee	0.50%
Maximum reimbursement limit on gross offering proceeds	2.50%

CERTAIN RELATIONSHIPS AND REL88

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS - Relationship with Resource Real Estate Opportunity Manager (Details) - Resource Real Estate Opportunity Manager, LLC	12 Months Ended
	Dec. 31, 2016
Related Party Transaction [Line Items]
Percentage earned on gross receipts	4.50%
Condition of occupancy percentage to receive minimum fee	75.00%
Period to receive minimum fee	12 months
Construction management fee percentage	5.00%
Debt servicing fee percentage	2.75%

CERTAIN RELATIONSHIPS AND REL89

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Receivables from related parties		$ 1,375	$ 1,421
Payables to related parties		2,055	1,185
RAI
Related Party Transaction [Line Items]
Receivables from related parties		1,375	1,421
Advisor | Operating expense reimbursements
Related Party Transaction [Line Items]
Payables to related parties		1,285	286
Advisor | Acquisition fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	[1]	1,452	5,179	$ 8,591
Advisor | Asset management fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	[2]	10,484	10,240	7,262
Advisor | Disposition fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	[3]	686	1,140	422
Advisor | Debt financing fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	[4]	532	697	1,623
Advisor | Overhead allocation
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	[5]	5,621	3,733	2,227
Advisor | Internal audit fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	[5]	44	41	0
Resource Real Estate Opportunity Manager, LLC | Operating expense reimbursements
Related Party Transaction [Line Items]
Payables to related parties		314	459
Fees earned / expenses paid to related parties	[6]	245	278	276
Resource Real Estate Opportunity Manager, LLC | Property management fees
Related Party Transaction [Line Items]
Payables to related parties		456	440
Fees earned / expenses paid to related parties	[2]	5,137	4,748	3,661
Resource Real Estate Opportunity Manager, LLC | Construction management fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	[7]	926	1,895	1,685
Resource Real Estate Opportunity Manager, LLC | Information technology fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	[5]	418	365	306
Resource Real Estate Opportunity Manager, LLC | Debt servicing fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	[2]	15	33	8
Ledgewood
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties		121	169	143
Graphic Images
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties		$ 91	$ 59	$ 37
[1]	(1) Included in Acquisition costs on the consolidated statements of operations and comprehensive income (loss).
[2]	(2) Included in Management fees on the consolidated statements of operations and comprehensive income (loss).
[3]	(3)Included in Net gains on dispositions of properties and joint venture interests on the consolidated statements of operations and comprehensive income (loss).
[4]	(4) Included in Mortgage notes payable, net on the consolidated balance sheets.
[5]	(5) Included in General and administrative costs on the consolidated statements of operations and comprehensive income (loss).
[6]	(7)Included in Rental operating expenses on the consolidated statements of operations and comprehensive income (loss). Amount excludes the allocated payroll expenses described in Note 20- Operating Expenses.
[7]	(6) Included in Rental Properties, net on the consolidated balance sheets.

EQUITY - Preferred and Common S

EQUITY - Preferred and Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015
Securities Financing Transaction [Line Items]
Preferred stock, authorized (in shares)		10,000,000	10,000,000
Preferred stock, par value (in dollars per share)		$ 0.01	$ 0.01
Preferred stock, issued (in shares)		0	0
Preferred stock, outstanding (in shares)		0	0
Shares Issued (in shares)		74,975,022	72,333,652
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Gross Proceeds		$ 726,203
Shares redeemed (in shares)		(2,968,433)
Total shares outstanding as of December 31 (in shares)		72,006,589
Private offering
Securities Financing Transaction [Line Items]
Shares Issued (in shares)		1,263,727
Gross Proceeds		$ 12,582
Private offering | Common Stock | Advisor
Securities Financing Transaction [Line Items]
Shares issued (in shares)		276,056
Public offering
Securities Financing Transaction [Line Items]
Shares Issued (in shares)	[1]	62,485,461
Gross Proceeds	[1]	$ 622,077
Stock dividends
Securities Financing Transaction [Line Items]
Shares Issued (in shares)		2,132,266
Gross Proceeds		$ 0
Distribution reinvestment plan
Securities Financing Transaction [Line Items]
Shares Issued (in shares)		9,078,068
Gross Proceeds, shares issued through distribution reinvestment plan		$ 91,389
Advisor
Securities Financing Transaction [Line Items]
Shares Issued (in shares)		15,500
Gross Proceeds		$ 155
Shares converted (in shares)		4,500
[1]	(1) Includes 276,056 shares held by the Advisor.

EQUITY - Convertible Stock (Det

EQUITY - Convertible Stock (Details)	12 Months Ended
	Dec. 31, 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	10.00%
Aggregate percentage return	10.00%
Number of triggering events | Event	2
Triggering event - lessor of option one (as a percent)	25.00%
Triggering event - lessor of option two (as a percent)	15.00%
Percentage non-compounded annual return, option two	6.00%

EQUITY - Redemption of Securiti

EQUITY - Redemption of Securities (Details) - $ / shares shares in Thousands	1 Months Ended						12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Apr. 30, 2016	Mar. 31, 2016	Jan. 31, 2016	Dec. 31, 2016
Equity [Abstract]
Shares redeemed (in shares)	270	520	1,069	47	196	150	2,252
Average Price Paid per Share (in dollars per share)	$ 10.83	$ 10.83	$ 10.83	$ 10.83	$ 10.59	$ 10.59
Percentage of weighted-average number of outstanding shares during the 12-month period immediately prior to the effective date of the redemption that company will not redeem in excess of 5%	5.00%						5.00%
Period of time shares are outstanding prior to the effective date of repurchase							12 months
Cash available for redemption, percentage of previous fiscal year operating cash flow							1.00%
Number of days' notice required to suspend, terminate or amend share redemption program							30 days

EQUITY - Distributions (Details

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

Dec. 29, 2016USD ($)$ / shares

Nov. 29, 2016USD ($)$ / shares

Oct. 28, 2016USD ($)$ / shares

Sep. 29, 2016USD ($)$ / shares

Aug. 30, 2016USD ($)$ / shares

Jul. 28, 2016USD ($)$ / shares

Jun. 29, 2016USD ($)$ / shares

May 27, 2016USD ($)$ / shares

Apr. 28, 2016USD ($)$ / shares

Mar. 30, 2016USD ($)$ / shares

Feb. 26, 2016USD ($)$ / shares

Jan. 28, 2016USD ($)$ / shares

Dec. 31, 2016USD ($)Distribution$ / sharesshares

Dec. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Dec. 31, 2016USD ($)

Securities Financing Transaction [Line Items]

Total Aggregate Distribution

$ 43,005

Aggregate Cash Distribution

$ 14,508

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

$ 0.6000

Distributions Invested in Shares of Common Stock

$ 28,497

$ 28,959

$ 22,898

$ 80,400

Number of stock distributions (in distributions) | Distribution

12

1/28/2016

Securities Financing Transaction [Line Items]

Total Aggregate Distribution

$ 3,574

Aggregate Cash Distribution

$ 1,151

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

$ 0.05

Distributions Invested in Shares of Common Stock

$ 2,423

2/26/2016

Securities Financing Transaction [Line Items]

Total Aggregate Distribution

$ 3,585

Aggregate Cash Distribution

$ 1,167

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

$ 0.05

Distributions Invested in Shares of Common Stock

$ 2,418

3/30/2016

Securities Financing Transaction [Line Items]

Total Aggregate Distribution

$ 3,587

Aggregate Cash Distribution

$ 1,172

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

$ 0.05

Distributions Invested in Shares of Common Stock

$ 2,415

4/28/2016

Securities Financing Transaction [Line Items]

Total Aggregate Distribution

$ 3,595

Aggregate Cash Distribution

$ 1,181

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

$ 0.05

Distributions Invested in Shares of Common Stock

$ 2,414

5/27/2016

Securities Financing Transaction [Line Items]

Total Aggregate Distribution

$ 3,606

Aggregate Cash Distribution

$ 1,226

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

$ 0.05

Distributions Invested in Shares of Common Stock

$ 2,380

6/29/2016

Securities Financing Transaction [Line Items]

Total Aggregate Distribution

$ 3,565

Aggregate Cash Distribution

$ 1,208

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

$ 0.05

Distributions Invested in Shares of Common Stock

$ 2,357

7/28/2016

Securities Financing Transaction [Line Items]

Total Aggregate Distribution

$ 3,574

Aggregate Cash Distribution

$ 1,215

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

$ 0.05

Distributions Invested in Shares of Common Stock

$ 2,359

8/30/2016

Securities Financing Transaction [Line Items]

Total Aggregate Distribution

$ 3,585

Aggregate Cash Distribution

$ 1,222

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

$ 0.05

Distributions Invested in Shares of Common Stock

$ 2,363

9/29/2016

Securities Financing Transaction [Line Items]

Total Aggregate Distribution

$ 3,571

Aggregate Cash Distribution

$ 1,220

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

$ 0.05

Distributions Invested in Shares of Common Stock

$ 2,351

10/28/2016

Securities Financing Transaction [Line Items]

Total Aggregate Distribution

$ 3,582

Aggregate Cash Distribution

$ 1,234

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

$ 0.05

Distributions Invested in Shares of Common Stock

$ 2,348

11/29/2016

Securities Financing Transaction [Line Items]

Total Aggregate Distribution

$ 3,592

Aggregate Cash Distribution

$ 1,249

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

$ 0.05

Distributions Invested in Shares of Common Stock

$ 2,343

12/29/2016

Securities Financing Transaction [Line Items]

Total Aggregate Distribution

$ 3,589

Aggregate Cash Distribution

$ 1,263

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

$ 0.05

Distributions Invested in Shares of Common Stock

$ 2,326

Dividend distribution one | Common Stock

Securities Financing Transaction [Line Items]

Number of stock distributions (in distributions) | Distribution

7

Stock distributions (in shares) | shares

0.015

Dividend distribution two | Common Stock

Securities Financing Transaction [Line Items]

Number of stock distributions (in distributions) | Distribution

2

Stock distributions (in shares) | shares

0.0075

Dividend distribution three | Common Stock

Securities Financing Transaction [Line Items]

Number of stock distributions (in distributions) | Distribution

1

Stock distributions (in shares) | shares

0.00585

Dividend distribution four | Common Stock

Securities Financing Transaction [Line Items]

Number of stock distributions (in distributions) | Distribution

2

Stock distributions (in shares) | shares

0.005

FAIR VALUE MEASURES AND DISCL94

FAIR VALUE MEASURES AND DISCLOSURES - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Assets:
Interest rate caps	$ 242	$ 32
Assets, Fair Value Disclosure	242	32
Level 1
Assets:
Interest rate caps	0	0
Assets, Fair Value Disclosure	0	0
Level 2
Assets:
Interest rate caps	242	32
Assets, Fair Value Disclosure	242	32
Level 3
Assets:
Interest rate caps	0	0
Assets, Fair Value Disclosure	$ 0	$ 0

FAIR VALUE MEASURES AND DISCL95

FAIR VALUE MEASURES AND DISCLOSURES - Schedule of Carrying and Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan held for investment, net	$ 769	$ 757
Preferred equity investment	0	3,886
Mortgage notes payable- outstanding borrowings	(627,088)	(595,384)
Mortgage notes payable- included in other liabilities associated with rental properties held for sale	0	(16,443)
Credit facility	0	(21,894)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan held for investment, net	1,104	1,151
Preferred equity investment	0	3,908
Mortgage notes payable- outstanding borrowings	(620,578)	(573,693)
Mortgage notes payable- included in other liabilities associated with rental properties held for sale	0	(16,597)
Credit facility	$ 0	$ (21,894)

DERIVATIVES AND HEDGING ACTIV96

DERIVATIVES AND HEDGING ACTIVITIES (Details)	12 Months Ended
	Dec. 31, 2016USD ($)derivative	Dec. 31, 2015USD ($)
Interest Rate Caps
Derivatives, Fair Value [Line Items]
Asset derivatives, fair value	$ 242,000	$ 32,000
Cash flow hedging
Derivatives, Fair Value [Line Items]
Loss due to hedge ineffectiveness		$ 0
Interest rate hedge to be reclassified during next 12 months	$ 147,928
Cash flow hedging | Interest Rate Caps
Derivatives, Fair Value [Line Items]
Number of Instruments | derivative	13
Notional	$ 270,475,000
Nesbit Palisades and Ivy at Clear Creek | Cash flow hedging
Derivatives, Fair Value [Line Items]
Loss due to hedge ineffectiveness	$ 104,941,000

OPERATING EXPENSES (Details)

OPERATING EXPENSES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)Quarter	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Securities Financing Transaction [Line Items]
Rental operating - payroll	$ 14,790	$ 16,769	$ 14,784
Average invested assets	2.00%
Net income of operating expense	25.00%
Number of most recently completed fiscal quarters for which Company must limit its operating expenses | Quarter	4
Resource Real Estate Opportunity Manager, LLC
Securities Financing Transaction [Line Items]
Rental operating - payroll	$ 2,000	$ 1,900	$ 1,600

INSURANCE PROCEEDS IN EXCESS 98

INSURANCE PROCEEDS IN EXCESS OF COST BASIS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Insurance proceeds in excess of cost basis	$ 985	$ 407	$ 425
Insurance proceeds received for casualty losses	3,171	794	0
Deerfield, The Westside Apartments, and Chisholm Place
Business Acquisition [Line Items]
Insurance proceeds received for casualty losses	735
Verona Apartment Homes, Skyview Apartment Homes, Meridian Pointe, and Stone Ridge
Business Acquisition [Line Items]
Insurance proceeds received for casualty losses	$ 250
Stone Ridge
Business Acquisition [Line Items]
Insurance proceeds received for casualty losses		247	369
Chisholm Place
Business Acquisition [Line Items]
Insurance proceeds received for casualty losses		$ 160
Mosaic Apartments
Business Acquisition [Line Items]
Insurance proceeds received for casualty losses			$ 56

QUARTERLY FINANCIAL DATA (UNA99

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 28,515	$ 28,575	$ 30,721	$ 30,556	$ 31,334	$ 30,845	$ 28,412	$ 27,734	$ 118,367	$ 118,325	$ 100,269
Net income (loss)	(10,173)	9,637	2,427	8,480	(10,834)	(10,662)	(12,476)	17,039	10,371	(16,933)	(48,198)
Less: net (income) loss attributable to noncontrolling interests	0	0	(25)	(6,281)	(186)	43	192	(11)	(6,306)	38	2,021
Net income (loss) attributable to common stockholders	$ (10,173)	$ 9,637	$ 2,402	$ 2,199	$ (11,020)	$ (10,619)	$ (12,284)	$ 17,028	$ 4,065	$ (16,895)	$ (46,177)
Net income (loss) per common share (in dollars per share)	$ (0.14)	$ 0.14	$ 0.03	$ 0.03	$ (0.16)	$ (0.15)	$ (0.18)	$ 0.25	$ 0.06	$ (0.24)	$ (0.68)

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent event - USD ($) $ / shares in Units, $ in Millions	Jan. 27, 2017	Mar. 27, 2017	Mar. 20, 2017	Jan. 20, 2017
Subsequent Event [Line Items]
Declared divident per common share (USD per share)	$ 0.05
Redemption request		$ 7.5
Providence in the Park
Subsequent Event [Line Items]
Amount of financing				$ 47
Mosaic
Subsequent Event [Line Items]
Amount of financing			$ 6.1

SCHEDULE III Real Estate and101

SCHEDULE III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				$ 627,088
Initial cost to Company				902,899
Cost capitalized subsequent to acquisition				107,365
Gross Amount at which carried at close of period	$ 1,063,211	$ 857,151	$ 406,149	1,010,264
Accumulated Depreciation	(77,363)	(45,133)	(15,776)	(107,810)
Investments in Rental Properties:
Balance, beginning of the period	1,063,211	857,151	406,149
Acquisitions	61,490	224,841	436,626
Improvements, etc.	28,024	43,018	37,384
Dispositions during the period	(142,461)	(61,799)	(23,008)
Balance, at close of period	1,010,264	1,063,211	857,151
Accumulated depreciation:
Balance, beginning of period	(77,363)	(45,133)	(15,776)
Sales	12,737	9,031	2,962
Disposals	819	652	478
Depreciation	(44,003)	(41,913)	(32,797)
Balance, end of period	(107,810)	$ (77,363)	$ (45,133)
Philadelphia, PA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				15,225
Initial cost to Company				11,076
Cost capitalized subsequent to acquisition				4,388
Gross Amount at which carried at close of period	15,464			15,464
Accumulated Depreciation	(3,952)			(3,952)
Investments in Rental Properties:
Balance, at close of period	15,464
Accumulated depreciation:
Balance, end of period	$ (3,952)
Philadelphia, PA | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Philadelphia, PA | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Dayton, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				13,100
Initial cost to Company				8,273
Cost capitalized subsequent to acquisition				1,567
Gross Amount at which carried at close of period	$ 9,840			9,840
Accumulated Depreciation	(2,126)			(2,126)
Investments in Rental Properties:
Balance, at close of period	9,840
Accumulated depreciation:
Balance, end of period	$ (2,126)
Dayton, OH | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Dayton, OH | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Cincinnati, OH
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				53,995
Initial cost to Company				39,341
Cost capitalized subsequent to acquisition				12,216
Gross Amount at which carried at close of period	$ 51,557			51,557
Accumulated Depreciation	(13,365)			(13,365)
Investments in Rental Properties:
Balance, at close of period	51,557
Accumulated depreciation:
Balance, end of period	$ (13,365)
Cincinnati, OH | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Cincinnati, OH | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Oklahoma City, OK
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial cost to Company				1,961
Cost capitalized subsequent to acquisition				4,124
Gross Amount at which carried at close of period	$ 6,085			6,085
Accumulated Depreciation	(1,625)			(1,625)
Investments in Rental Properties:
Balance, at close of period	6,085
Accumulated depreciation:
Balance, end of period	$ (1,625)
Oklahoma City, OK | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Oklahoma City, OK | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Hermantown, MN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				10,359
Initial cost to Company				9,620
Cost capitalized subsequent to acquisition				5,185
Gross Amount at which carried at close of period	$ 14,805			14,805
Accumulated Depreciation	(2,492)			(2,492)
Investments in Rental Properties:
Balance, at close of period	14,805
Accumulated depreciation:
Balance, end of period	$ (2,492)
Hermantown, MN | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Hermantown, MN | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Hoover, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				11,375
Initial cost to Company				8,064
Cost capitalized subsequent to acquisition				3,482
Gross Amount at which carried at close of period	$ 11,546			11,546
Accumulated Depreciation	(2,103)			(2,103)
Investments in Rental Properties:
Balance, at close of period	11,546
Accumulated depreciation:
Balance, end of period	$ (2,103)
Hoover, AL | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Hoover, AL | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Houston, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				18,690
Initial cost to Company				26,496
Cost capitalized subsequent to acquisition				4,087
Gross Amount at which carried at close of period	$ 30,583			30,583
Accumulated Depreciation	(4,963)			(4,963)
Investments in Rental Properties:
Balance, at close of period	30,583
Accumulated depreciation:
Balance, end of period	$ (4,963)
Houston, TX | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Houston, TX | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Plano, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				36,820
Initial cost to Company				31,001
Cost capitalized subsequent to acquisition				5,044
Gross Amount at which carried at close of period	$ 36,045			36,045
Accumulated Depreciation	(5,082)			(5,082)
Investments in Rental Properties:
Balance, at close of period	36,045
Accumulated depreciation:
Balance, end of period	$ (5,082)
Plano, TX | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Plano, TX | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Newport News, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				12,375
Initial cost to Company				17,583
Cost capitalized subsequent to acquisition				2,562
Gross Amount at which carried at close of period	$ 20,145			20,145
Accumulated Depreciation	(2,961)			(2,961)
Investments in Rental Properties:
Balance, at close of period	20,145
Accumulated depreciation:
Balance, end of period	$ (2,961)
Newport News, VA | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Newport News, VA | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Littleton, CO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				32,970
Initial cost to Company				23,321
Cost capitalized subsequent to acquisition				9,769
Gross Amount at which carried at close of period	$ 33,090			33,090
Accumulated Depreciation	(3,986)			(3,986)
Investments in Rental Properties:
Balance, at close of period	33,090
Accumulated depreciation:
Balance, end of period	$ (3,986)
Littleton, CO | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Littleton, CO | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Westminster, CO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				28,400
Initial cost to Company				29,509
Cost capitalized subsequent to acquisition				(2,122)
Gross Amount at which carried at close of period	$ 27,387			27,387
Accumulated Depreciation	(3,547)			(3,547)
Investments in Rental Properties:
Balance, at close of period	27,387
Accumulated depreciation:
Balance, end of period	$ (3,547)
Westminster, CO | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Westminster, CO | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
San Antonio, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				13,602
Initial cost to Company				21,831
Cost capitalized subsequent to acquisition				5,809
Gross Amount at which carried at close of period	$ 27,640			27,640
Accumulated Depreciation	(4,353)			(4,353)
Investments in Rental Properties:
Balance, at close of period	27,640
Accumulated depreciation:
Balance, end of period	$ (4,353)
San Antonio, TX | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
San Antonio, TX | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Burnsville, MN
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial cost to Company				32,142
Cost capitalized subsequent to acquisition				4,218
Gross Amount at which carried at close of period	$ 36,360			36,360
Accumulated Depreciation	(4,369)			(4,369)
Investments in Rental Properties:
Balance, at close of period	36,360
Accumulated depreciation:
Balance, end of period	$ (4,369)
Burnsville, MN | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Burnsville, MN | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Columbia, SC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				5,227
Initial cost to Company				5,912
Cost capitalized subsequent to acquisition				2,897
Gross Amount at which carried at close of period	$ 8,809			8,809
Accumulated Depreciation	(1,562)			(1,562)
Investments in Rental Properties:
Balance, at close of period	8,809
Accumulated depreciation:
Balance, end of period	$ (1,562)
Columbia, SC | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Columbia, SC | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Alpharetta, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				49,596
Initial cost to Company				69,111
Cost capitalized subsequent to acquisition				7,796
Gross Amount at which carried at close of period	$ 76,907			76,907
Accumulated Depreciation	(8,495)			(8,495)
Investments in Rental Properties:
Balance, at close of period	76,907
Accumulated depreciation:
Balance, end of period	$ (8,495)
Alpharetta, GA | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Alpharetta, GA | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Baton Rouge, LA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				27,107
Initial cost to Company				42,001
Cost capitalized subsequent to acquisition				817
Gross Amount at which carried at close of period	$ 42,818			42,818
Accumulated Depreciation	(5,149)			(5,149)
Investments in Rental Properties:
Balance, at close of period	42,818
Accumulated depreciation:
Balance, end of period	$ (5,149)
Baton Rouge, LA | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Baton Rouge, LA | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Plano, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				11,587
Initial cost to Company				14,562
Cost capitalized subsequent to acquisition				721
Gross Amount at which carried at close of period	$ 15,283			15,283
Accumulated Depreciation	(1,640)			(1,640)
Investments in Rental Properties:
Balance, at close of period	15,283
Accumulated depreciation:
Balance, end of period	$ (1,640)
Plano, TX | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Plano, TX | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Atlanta, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				17,298
Initial cost to Company				28,911
Cost capitalized subsequent to acquisition				2,564
Gross Amount at which carried at close of period	$ 31,475			31,475
Accumulated Depreciation	(3,098)			(3,098)
Investments in Rental Properties:
Balance, at close of period	31,475
Accumulated depreciation:
Balance, end of period	$ (3,098)
Atlanta, GA | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Atlanta, GA | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Atlanta, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				13,651
Initial cost to Company				21,796
Cost capitalized subsequent to acquisition				2,603
Gross Amount at which carried at close of period	$ 24,399			24,399
Accumulated Depreciation	(2,392)			(2,392)
Investments in Rental Properties:
Balance, at close of period	24,399
Accumulated depreciation:
Balance, end of period	$ (2,392)
Atlanta, GA | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Atlanta, GA | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Katy, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				23,367
Initial cost to Company				31,385
Cost capitalized subsequent to acquisition				2,929
Gross Amount at which carried at close of period	$ 34,314			34,314
Accumulated Depreciation	(3,395)			(3,395)
Investments in Rental Properties:
Balance, at close of period	34,314
Accumulated depreciation:
Balance, end of period	$ (3,395)
Katy, TX | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Katy, TX | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Shawnee, KS
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				12,893
Initial cost to Company				18,250
Cost capitalized subsequent to acquisition				1,128
Gross Amount at which carried at close of period	$ 19,378			19,378
Accumulated Depreciation	(2,671)			(2,671)
Investments in Rental Properties:
Balance, at close of period	19,378
Accumulated depreciation:
Balance, end of period	$ (2,671)
Shawnee, KS | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Shawnee, KS | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Lee's Summit, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				6,250
Initial cost to Company				11,898
Cost capitalized subsequent to acquisition				527
Gross Amount at which carried at close of period	$ 12,425			12,425
Accumulated Depreciation	(1,751)			(1,751)
Investments in Rental Properties:
Balance, at close of period	12,425
Accumulated depreciation:
Balance, end of period	$ (1,751)
Lee's Summit, MO | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Lee's Summit, MO | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Kansas City, MO
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				7,350
Initial cost to Company				9,691
Cost capitalized subsequent to acquisition				751
Gross Amount at which carried at close of period	$ 10,442			10,442
Accumulated Depreciation	(1,488)			(1,488)
Investments in Rental Properties:
Balance, at close of period	10,442
Accumulated depreciation:
Balance, end of period	$ (1,488)
Kansas City, MO | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Kansas City, MO | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
San Antonio, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				22,647
Initial cost to Company				34,554
Cost capitalized subsequent to acquisition				5,238
Gross Amount at which carried at close of period	$ 39,792			39,792
Accumulated Depreciation	(3,148)			(3,148)
Investments in Rental Properties:
Balance, at close of period	39,792
Accumulated depreciation:
Balance, end of period	$ (3,148)
San Antonio, TX | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
San Antonio, TX | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Irving, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				35,083
Initial cost to Company				47,075
Cost capitalized subsequent to acquisition				5,289
Gross Amount at which carried at close of period	$ 52,364			52,364
Accumulated Depreciation	(4,622)			(4,622)
Investments in Rental Properties:
Balance, at close of period	52,364
Accumulated depreciation:
Balance, end of period	$ (4,622)
Irving, TX | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Irving, TX | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Yorktown, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				14,999
Initial cost to Company				21,204
Cost capitalized subsequent to acquisition				396
Gross Amount at which carried at close of period	$ 21,600			21,600
Accumulated Depreciation	(2,326)			(2,326)
Investments in Rental Properties:
Balance, at close of period	21,600
Accumulated depreciation:
Balance, end of period	$ (2,326)
Yorktown, VA | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Yorktown, VA | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Austin, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				12,435
Initial cost to Company				23,370
Cost capitalized subsequent to acquisition				4,230
Gross Amount at which carried at close of period	$ 27,600			27,600
Accumulated Depreciation	(1,859)			(1,859)
Investments in Rental Properties:
Balance, at close of period	27,600
Accumulated depreciation:
Balance, end of period	$ (1,859)
Austin, TX | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Austin, TX | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Gilbert, AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				26,280
Initial cost to Company				35,070
Cost capitalized subsequent to acquisition				4,061
Gross Amount at which carried at close of period	$ 39,131			39,131
Accumulated Depreciation	(2,389)			(2,389)
Investments in Rental Properties:
Balance, at close of period	39,131
Accumulated depreciation:
Balance, end of period	$ (2,389)
Gilbert, AZ | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Gilbert, AZ | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Orange County, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				67,500
Initial cost to Company				116,036
Cost capitalized subsequent to acquisition				3,787
Gross Amount at which carried at close of period	$ 119,823			119,823
Accumulated Depreciation	(4,901)			(4,901)
Investments in Rental Properties:
Balance, at close of period	119,823
Accumulated depreciation:
Balance, end of period	$ (4,901)
Orange County, CA | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Orange County, CA | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Chula Vista, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				26,907
Initial cost to Company				50,365
Cost capitalized subsequent to acquisition				2,066
Gross Amount at which carried at close of period	$ 52,431			52,431
Accumulated Depreciation	(2,000)			(2,000)
Investments in Rental Properties:
Balance, at close of period	52,431
Accumulated depreciation:
Balance, end of period	$ (2,000)
Chula Vista, CA | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Chula Vista, CA | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Arlington, TX
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial cost to Company				61,490
Cost capitalized subsequent to acquisition				(764)
Gross Amount at which carried at close of period	$ 60,726			60,726
Accumulated Depreciation	0			$ 0
Investments in Rental Properties:
Balance, at close of period	60,726
Accumulated depreciation:
Balance, end of period	$ 0
Arlington, TX | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Arlington, TX | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months

SCHEDULE IV Mortgage Loans o102

SCHEDULE IV Mortgage Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Mortgage Loans on Real Estate [Line Items]
Face amount of mortgages	$ 1,058
Carrying amount of mortgages	769
Principal amount of loans subject to delinquent principal or interest	$ 0
Interest Rate	7.50%
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance, beginning of the period	$ 757
Interest accretion	33
Principal reductions	(21)
Balance, end of the period	769
Residential Columbia City, IN
Mortgage Loans on Real Estate [Line Items]
Face amount of mortgages	1,058
Carrying amount of mortgages	769
Principal amount of loans subject to delinquent principal or interest	$ 0
Interest Rate	7.50%