Resource Real Estate Opportunity REIT (RSRL) 10-K 29 Mar 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Mar. 21, 2018	Jun. 30, 2017
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, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		71,704,077
Public Float			$ 0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Investments:
Rental properties, net	$ 998,889	$ 902,454
Other investments	782	769
Identified intangible assets, net	1,796	1,855
Total investments	1,001,467	905,078
Cash	117,660	114,842
Restricted cash	13,401	10,277
Due from related parties	371	1,375
Tenant receivables, net	251	89
Deposits	227	262
Prepaid expenses and other assets	1,745	2,351
Goodwill	670	711
Total assets	1,135,792	1,034,985
Liabilities:
Mortgage notes payable, net	794,671	622,152
Accounts payable	791	1,125
Accrued expenses and other liabilities	8,074	6,738
Accrued real estate taxes	9,195	7,262
Due to related parties	719	2,055
Tenant prepayments	1,178	1,069
Security deposits	2,572	2,565
Total liabilities	817,200	642,966
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; 77,457,551 and 74,975,022 shares issued, respectively; and 71,299,467 and 72,006,589 shares outstanding, respectively)	713	720
Convertible stock (“promote shares”; par value $.01; 50,000 shares authorized and issued; 49,995 and 50,000 shares outstanding, respectively)	1	1
Additional paid-in capital	635,748	642,523
Accumulated other comprehensive loss	(562)	(345)
Accumulated deficit	(317,308)	(252,306)
Total stockholders’ equity	318,592	390,593
Noncontrolling interests	0	1,426
Total equity	318,592	392,019
Total liabilities and equity	$ 1,135,792	$ 1,034,985

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
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)	77,457,551	74,975,022
Common stock, outstanding (in shares)	71,299,467	72,006,589
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)	49,995	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, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Rental income	$ 125,450	$ 117,745	$ 117,687
Interest and dividend income	239	622	638
Total revenues	125,689	118,367	118,325
Expenses:
Rental operating - expenses	27,211	27,608	34,167
Rental operating - payroll	13,652	14,790	16,769
Rental operating - real estate taxes	14,454	12,668	13,154
Subtotal - Rental operating expenses	55,317	55,066	64,090
Acquisition costs	4,469	1,582	5,811
Management fees	16,921	15,724	15,453
General and administrative	11,061	13,083	12,776
Loss on disposal of assets	1,468	1,576	3,093
Provision for loan loss	0	0	130
Depreciation and amortization expense	52,344	44,231	48,273
Total expenses	141,580	131,262	149,626
Loss before other income (expense)	(15,891)	(12,895)	(31,301)
Other income (expense):
Net gains on dispositions of properties and joint venture interests	22,735	45,057	36,041
Interest expense	(28,963)	(22,776)	(22,080)
Insurance proceeds in excess of cost basis	150	985	407
Total other income (expense)	(6,078)	23,266	14,368
Net (loss) income	(21,969)	10,371	(16,933)
Net (income) loss attributable to noncontrolling interests	0	(6,306)	38
Net (loss) income attributable to common stockholders	(21,969)	4,065	(16,895)
Other comprehensive income (loss):
Reclassification adjustment for realized loss on designated derivatives	163	105	0
Designated derivatives, fair value adjustments	(380)	(10)	(174)
Total other comprehensive income (loss)	(217)	95	(174)
Comprehensive income (loss)	(22,186)	10,466	(17,107)
Comprehensive (income) loss attributable to noncontrolling interests	0	(6,306)	38
Total comprehensive income (loss) attributable to stockholders	$ (22,186)	$ 4,160	$ (17,069)
Weighted average common shares outstanding (in shares)	71,865	71,787	70,397
Basic and diluted (loss) income per common share:
Net income (loss) per common share (in dollars per share)	$ (0.31)	$ 0.06	$ (0.24)

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, 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 on common stock			$ 0		0		0
Distributions on common stock (in shares)			0
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		481			481			(481)
Net (loss) income	(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			71,617,000	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	$ 84,600
Common stock issued through distribution reinvestment plan (in shares)	8,000,000
Ending balance at Dec. 31, 2017	$ 318,592	318,592	$ 713	$ 1	635,748	(562)	(317,308)	0
Ending balance (in shares) at Dec. 31, 2017	71,299,467		71,299,000	50,000
Beginning balance at Dec. 31, 2015	$ 433,099	425,246	$ 716	$ 1	638,335	(440)	(213,366)	7,853
Beginning balance (in shares) at Dec. 31, 2015			71,617,000	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)
Other comprehensive income (loss)	95	95				95
Deconsolidation of noncontrolling interests	(3,613)							(3,613)
Distributions to noncontrolling interests	(9,120)							(9,120)
Net (loss) income	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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued through distribution reinvestment plan	$ 27,114	27,114	$ 25		27,089
Common stock issued through distribution reinvestment plan (in shares)			2,482,000
Distributions declared	(43,033)	(43,033)					(43,033)
Common stock redemptions	$ (34,818)	(34,818)	$ (32)		(34,786)
Common stock redemptions (in shares)	(3,190,000)		(3,190,000)
Other comprehensive income (loss)	$ (217)	(217)				(217)
Deconsolidation of noncontrolling interests		922			922			(922)
Distributions to noncontrolling interests	(504)							(504)
Net (loss) income	(21,969)	(21,969)					(21,969)
Ending balance at Dec. 31, 2017	$ 318,592	$ 318,592	$ 713	$ 1	$ 635,748	$ (562)	$ (317,308)	$ 0
Ending balance (in shares) at Dec. 31, 2017	71,299,467		71,299,000	50,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net (loss) income	$ (21,969)	$ 10,371	$ (16,933)
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Loss on disposal of assets	1,468	1,576	3,093
Casualty (gains) losses	(103)	(680)	782
Provision for loan loss	0	0	130
Loss on extinguishment of debt	0	791	0
Net gains on disposition of properties and joint venture interests	(22,735)	(45,057)	(36,041)
Depreciation and amortization	52,344	44,231	48,273
Amortization of deferred financing costs	2,014	2,120	1,839
Amortization of debt premium (discount)	(465)	(485)	(779)
Realized loss on change in fair value of interest rate cap	163	105	0
Accretion of discount and direct loan fees and costs	(39)	(39)	(39)
Changes in operating assets and liabilities, net of acquisitions:
Restricted cash	(1,286)	(1,428)	(1,942)
Tenant receivables, net	(162)	55	313
Deposits	35	(65)	3
Prepaid expenses and other assets	1,408	489	886
Due to/from related parties, net	(313)	869	(722)
Accounts payable and accrued expenses	1,632	(1,720)	583
Tenant prepayments	106	(102)	(40)
Security deposits	(110)	99	91
Net cash provided by (used in) operating activities from continuing operations	11,988	11,130	(503)
Cash flows from investing activities:
Proceeds from disposal of properties and joint venture interests, net of closing costs	31,926	80,173	60,258
Property acquisitions	(45,302)	(63,126)	(96,953)
Insurance proceeds received for casualty losses	248	3,171	794
Acquisition of preferred equity interest	0	(408)	(408)
Resolution of preferred equity interest	0	4,300	0
Capital expenditures	(21,592)	(28,024)	(43,018)
Restricted cash	(434)	1,572	(766)
Principal payments received on loans held for investment	26	21	601
Net cash used in investing activities of continuing operations	(35,128)	(2,321)	(79,492)
Cash flows from financing activities:
Redemptions of common stock	(34,818)	(24,305)	(5,042)
Payment of deferred financing costs	(605)	(3,200)	(402)
Borrowings on mortgages	84,412	194,870	31,473
Principal repayments on mortgages	(6,600)	(93,990)	(6,150)
Borrowings on credit facility	0	12,500	33,918
Repayments on credit facility	0	(34,394)	(22,288)
Purchase of interest rate caps	(8)	(262)	(95)
Distributions paid on common stock	(15,919)	(14,508)	(13,257)
Contributions of noncontrolling interests	0	0	151
Distributions to noncontrolling interests	(504)	(9,120)	0
Net cash provided by financing activities of continuing operations	25,958	27,591	18,308
Net increase (decrease) in cash	2,818	36,400	(61,687)
Cash at beginning of year	114,842	78,442	140,129
Cash at end of year	$ 117,660	$ 114,842	$ 78,442

NATURE OF BUSINESS AND OPERATIO

NATURE OF BUSINESS AND OPERATIONS	12 Months Ended
	Dec. 31, 2017
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. RAI is a wholly-owned subsidiary of C-III Capital Partners LLC, ("C-III"), a leading commercial real estate investment management and services company engaged in a broad range of activities. C-III controls both 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 the Advisor. 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, 2017 , 2016 and 2015 , the Company issued a total of 8.0 million , in aggregate, additional shares for $84.6 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 and real estate-related debt. The Company has a particular focus on owning and operating multifamily assets, and 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 portfolio predominantly consists of multifamily rental properties to which the Company has added or will 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, 2017
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: Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiary Apartment Complex Number of Units Property Location RRE Opportunity Holdings, LLC N/A N/A N/A Resource Real Estate Opportunity OP, LP N/A N/A N/A RRE Charlemagne Holdings, LLC N/A N/A N/A RRE Iroquois, LP (“Vista”) Vista Apartment Homes 133 Philadelphia, PA RRE Iroquois Holdings, LLC N/A N/A N/A RRE Cannery Holdings, LLC (“Cannery”) Cannery Lofts 156 Dayton, OH RRE Williamsburg Holdings, LLC (“Williamsburg”) Williamsburg 976 Cincinnati, OH WPL Holdings, LLC N/A (a) N/A N/A 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 316 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 Pines, LLC ("Pines of York") Pines of York (b) 248 Yorktown, VA 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") The Bryant at Yorba Linda 400 Yorba Linda, CA RRE Providence Holdings, LLC ("Providence in the Park") Providence in the Park 524 Arlington, TX RRE Green Trails Holdings, LLC ("Green Trails") Green Trails Apartment Homes 440 Lisle, IL RRE Terraces at Lake Mary Holdings, LLC ("Lake Mary") Terraces at Lake Mary 284 Lake Mary, FL RRE Courtney Meadows Holdings, LLC ("Courtney Meadows") Courtney Meadows Apartments 276 Jacksonville, FL 9,500 Subsidiaries related to disposed investments: RRE Crestwood Holdings, LLC (“Crestwood”) (c)(f) 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") (b)(c)(f) N/A N/A RRE Westhollow Holdings, LLC (“Westhollow”) (c) N/A N/A RRE Flagstone Holdings, LLC ("Flagstone") (c)(f) N/A N/A RRE 107th Avenue Holdings, LLC (“107th Avenue”) (d)(f) N/A N/A RRE Bristol Holdings, LLC (“Bristol”) (c)(f) N/A N/A RRE Skyview Holdings, LLC ("Skyview") (c)(f) N/A N/A RRE Kenwick Canterbury Holdings, LLC ("Kenwick & Canterbury") (c) N/A N/A RRE Foxwood Holdings, LLC ("Foxwood") (c)(f) N/A N/A PRIP 3383, LLC ("Conifer Place") (b)(d)(f) N/A N/A PRIP 3700, LLC ("Champion Farms") (b)(d)(f) N/A N/A RRE Armand Place Holdings, LLC ("Armand") (d)(f) N/A N/A RRE Spring Hill Holdings, LLC ("Spring Hill") (e) N/A N/A RRE Nob Hill Holdings, LLC ("Nob Hill") (d)(f) N/A N/A PRIP 10637, LLC ("Fieldstone") (b)(d)(f) N/A N/A RRE Jasmine Holdings, LLC ("Jasmine") (d)(f) N/A N/A RRE Chisholm Place Holdings LLC ("Chisholm Place") (g) N/A N/A RRE Park Forest Holdings, LLC ("Park Forest") (g) N/A N/A RRE Deerfield Holdings, LLC ("Deerfield") (g) N/A N/A PRIP Stone Ridge, LLC ("Stone Ridge") (b)(g) 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 2016. (d) Underlying investment sold in 2016. (e) Underlying investment resolved in 2016. (f) Subsidiary was dissolved prior to December 31, 2017. (g) Underlying investment sold in 2017. 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 DT Stone Ridge, LLC 83.4% Stone Ridge 188 Columbia, SC The property held by DT Stone Ridge, LLC was sold on September 27, 2017 and a distribution to the joint venture partner was completed in October 2017. As a result, all of the Company's subsidiaries are wholly-owned. Until June 16, 2016, the Company had a preferred equity investment that was repaid in full on that date. 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 the investee that were considered most significant. The Company has no further continuing involvement with the investee. 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 no rental properties included in assets held for sale as of December 31, 2017 and 2016 . 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 5.0 to 27.5 years Furniture, fixtures, and equipment 3.0 to 5.0 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. As of December 31, 2017 , the Company's real estate investments in Texas, Georgia, and California represented approximately 27% , 11% , and 17% of the net book value of its rental property assets, respectively. As a result, the geographic concentration of the Company's portfolio makes it particularly susceptible to adverse economic developments in the Texas, Georgia, and California real estate markets. Any adverse economic or real estate developments in these markets, such as business layoffs or downsizing, industry slowdowns, relocations of businesses, changing demographics and other factors, or any decrease in demand for multifamily rentals resulting from the local business climate, could adversely affect the Company's operating results and its ability to make distributions to stockholders. 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, 2017 , the Company had $133.0 million of deposits at various banks, $119.2 million of which were over the insurance limit of the Federal Deposit Insurance Corporation. No losses have been experienced on such deposits. Contractual Obligations The Company leases parking space and equipment under leases with varying expiration dates through 2023. As of December 31, 2017 , the total payments due under these obligations were $226,000 . 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, 2017 , 2016 and 2015 . Loans Held for Investment, Net The Company records acquired performing loans held for investment at cost and reviews them for potential impairment at each balance sheet date. The Company considers a loan to be impaired if one of two conditions exists. The first condition is if, based on current information and events, management believes it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The second condition is if the loan is deemed to be a troubled-debt restructuring (“TDR”) where a concession has been given to a borrower in financial difficulty. A TDR may not have an associated specific loan loss allowance if the principal and interest amount is considered recoverable based on current market conditions, expected collateral performance and/or guarantees made by the borrowers. The amount of impairment, if any, is measured by comparing the recorded amount of the loan to the present value of the expected cash flows or, as a practical expedient, the fair value of the collateral. If a loan is deemed to be impaired, the Company records a reserve for loan losses through a charge to income for any shortfall. Interest income from performing loans held for investment is recognized based on the contractual terms of the loan agreement. Fees related to any buy down of the interest rate are deferred as prepaid interest income and amortized over the term of the loan as an adjustment to interest income. The initial investment made in a purchased performing loan includes the amount paid to the seller plus fees. The initial investment frequently differs from the related loan’s principal amount at the date of the purchase. The difference is recognized as an adjustment of the yield over the life of the loan. Closing costs related to the purchase of a performing loan held for investment are amortized over the term of the loan and accreted as an adjustment to interest income. The Company may acquire real estate loans at a discount due to the credit quality of such loans and the respective borrowers under such loans. Revenues from these loans are recorded under the effective interest method. Under this method, an effective interest rate (“EIR”) is applied to the cost basis of the real estate loan held for investment. The EIR that is calculated when the loan held for investment is acquired remains constant and is the basis for subsequent impairment testing and income recognition. However, if the amount and timing of future cash collections are not reasonably estimable, the Company accounts for the real estate receivable on the cost recovery method. Under the cost recovery method of accounting, no income is recognized until the basis of the loan held for investment has been fully recovered. Preferred Equity Investment The Company recorded its preferred equity 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 company records the acquisition of real properties as business combinations. 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, 2017 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. The future minimum rental payments to be received from noncancelable operating leases for residential rental properties are $58.2 million and $95,000 for the years ending December 31, 2018 and 2019, respectively, and none thereafter. The future minimum rental payments to be received from noncancelable operating leases for commercial rental properties and antenna rentals are $440,000 , $389,000 , $318,000 , $241,000 , and $114,000 for the years ending December 31, 2018, 2019, 2020, 2021, and 2022, 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 $12.6 million , $10.8 million and $11.7 million for the years ended December 31, 2017 , 2016 and 2015 , 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, 2017 and 2016 , there were allowances for uncollectible receivables of $149,300 and $5,200 , respectively. Income Taxes The Company elected to be taxed as a REIT commencing with its taxable year ended December 31, 2010. 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 taxable REIT subsidiaries (“TRSs”). 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. While a TRS may generate net income, a TRS can declare dividends to the Company which will be included in the Company's taxable income and necessitate a distribution to its stockholders. Conversely, if the Company retains earnings at a TRS level, no distribution is required and the Company can increase book equity of the consolidated entity. As of December 31, 2017 and 2016 , 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 2013 and prior. The Tax Cuts and Jobs Act ("TCJA") was signed into law on December 22, 2017. The TCJA makes significant changes to the U.S. federal income tax rules for taxation of individuals and corporations (including REITs), generally effective for taxable years beginning after December 31, 2017. The Company is continuing to evaluate this legislation but does not expect it to have a significant impact. 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 49,995 shares of convertible stock (discussed in Note 15) are included in the diluted earnings per share calculations because the necessary conditions for conversion have not been satisfied as of December 31, 2017 (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). Adoption of New Accounting Standards Accounting Standards Issued But Not Yet Effective In May 2014, FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” ("ASU No. 2014-09"), which will replace most existing revenue recognition guidance in GAAP. Under the new standard, revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable, and collectability is probable. 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. The Company will adopt ASU 2014-09 as of January 1, 2018 using the modified retrospective approach. The majority of the Company’s revenue is derived from residential rental income and other lease income, which are scoped out from this standard and included in the current lease accounting framework, and will be accounted for under ASU No. 2016-02, Leases, as discussed below. Revenue streams that are in the scope of the new standards include (but are not limited to) administrative and late fees and revenue sharing arrangements of cable income from contracts with cable providers at the Company's properties. Due to the nature and timing of the Company’s identified revenue streams as of December 31, 2017, the Company does not anticipate the adoption of the new standards will have a material impact on its financial position or results of operations. In February 2016, FASB issued ASU No. 2016-02, "Leases" ("ASU No. 2016-02"), which is intended to improve financial reporting about leasing transactions and requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. In September 2017, the FASB issued ASU 2017-13, "Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842)", which provides additional implementation guidance on the previously issued ASU No. 2016-02 Leases (Topic 842). ASU No. 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is continuing to evaluate this guidance, however, the Company expects that its operating leases where it is the lessor will be accounted for on its balance sheet similar to its current accounting with the underlying leased asset recognized as real estate. The Company expects that executory costs and certain other non-lease components will need to be accounted for separately from the lease component of the lease with the lease component continuing to be recognized on a straight-line basis over the lease term and the executory costs and certain other non-lease components being accounted for under the new revenue recognition guidance in ASU 2014-09. For leases in which the Company is the lessee, primarily consisting of office equipment leases, the Company expects to recognize a right-of-use asset and a lease liability equal to the present value of the minimum lease payments with rental payments being applied to the lease liability and to interest expense and the right-of-use asset being amortized to expense on a straight-line basis over the term of the lease. In June 2016, FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses”, which requires measurement and recognition of expected credit losses for financial assets held. ASU No. 2016-13 will be effective for the Company beginning January 1, 2019. The Company is evaluating this guidance; however, it does not expect the adoption of ASU No. 2016-13 to have a significant impact on its consolidated financial statements. In August 2016, FASB issued ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2017
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): For the Years Ended December 31, 2017 2016 2015 Non-cash financing and investing activities: Stock issued from distribution reinvestment plan $ 27,114 $ 28,497 $ 28,959 Deferred financing costs and escrow deposits funded directly by mortgage notes and credit facility 2,145 2,619 11,167 Accrual for construction in progress 1,346 1,343 896 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 26,976 55,720 — Non-cash activity related to acquisitions: Mortgage notes payable and other liabilities assumed in acquisition of rental property — — 40,284 Mortgage notes payable used to acquire real property 118,705 — — Cash paid during the period for: Interest $ 26,458 $ 20,297 $ 20,752

RESTRICTED CASH

RESTRICTED CASH	12 Months Ended
	Dec. 31, 2017
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 improvements. The following table presents a summary of the components of the Company's restricted cash (in thousands): December 31, 2017 2016 Real estate taxes $ 8,877 $ 6,853 Insurance 1,995 1,854 Capital improvements 2,530 1,570 Total $ 13,401 $ 10,277 In addition, the Company had unrestricted cash designated for capital expenditures of approximately $86.9 million and $101.6 million as of December 31, 2017 and 2016 , respectively.

RENTAL PROPERTIES, NET

RENTAL PROPERTIES, NET	12 Months Ended
	Dec. 31, 2017
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, 2017 2016 Land $ 196,765 $ 176,418 Building and improvements 905,739 795,665 Furniture, fixtures and equipment 37,796 32,198 Construction in progress 6,297 5,983 1,146,597 1,010,264 Less: accumulated depreciation (147,708 ) (107,810 ) $ 998,889 $ 902,454 Depreciation expense for the years ended December 31, 2017 , 2016 , and 2015 was $48.7 million , $44.0 million , and $41.9 million , respectively.

OTHER INVESTMENTS

OTHER INVESTMENTS	12 Months Ended
	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
OTHER INVESTMENTS	OTHER INVESTMENTS Preferred equity investment: On November 12, 2014, the Company, through its wholly owned subsidiary, RRE Spring Hill Holdings, LLC, made a $3.5 million preferred equity investment in Spring Hill Investors Limited Partner, LLC (the “Investment Vehicle”) and became the Preferred Member. An unaffiliated limited liability company, Presidium AMC Spring Hill Venture, LLC, owned the common equity and acted as the managing member of the Investment Vehicle. In October 2015 and March 2016, the Company increased its investment by $800,000 . The Company was paid a dividend equal to 12% of the total amount invested, of which 7% was paid monthly and the remaining amount was accrued. This preferred equity investment, including accrued interest, was repaid in full on June 6, 2016. In conjunction with the payoff, the Company received an exit fee of $230,000 , which is included in interest and dividend income in the Company's consolidated statement of operations. Loan held for investment, net: In 2011, the Company purchased, at a discount, one performing promissory note (the "Trail Ridge Note”), which is secured by a first priority mortgage on a multifamily rental apartment community. The contract purchase price for the Trail Ridge Note was $700,000 , excluding closing costs. As of both December 31, 2017 and December 31, 2016 , the Trail Ridge Note was both current and performing. In 2011, the Company also purchased, at a discount, a non-performing promissory note (the "Heatherwood Note”), which was secured by a first priority mortgage on multifamily rental apartment communities. The contract purchase price for the Heatherwood Note was $800,000 , excluding closing costs. 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 details of the balance and terms of the Trail Ridge Note, the Company's remaining loan held for investment at December 31, 2017 and 2016 (in thousands): December 31, 2017 2016 Unpaid principal balance $ 934 $ 960 Unamortized discount and acquisition costs (152 ) (191 ) Net book value $ 782 $ 769 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, 2017 , it was not impaired. There were no allowances for credit losses as of both December 31, 2017 and 2016 . There were no charge-offs for the years ended December 31, 2017 and 2016 .

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS Real Estate Investments As of December 31, 2017 , the Company owned 30 properties, including five of the 11 properties purchased on January 28, 2014 as part of the Paladin Realty Income Properties, Inc. (“Paladin”) portfolio acquisition. The Company estimated the fair values of certain of the acquired assets and liabilities based on preliminary valuations at the date of purchase. In order to finalize the fair values of the acquired assets and liabilities, a third-party appraisal was obtained for each property acquired. The Company has up to 12 months from the date of acquisition to finalize the valuation for each property. All valuations have been finalized as of December 31, 2017 . The table below summarizes the Company's wholly-owned acquisitions during the year ended December 31, 2017 and the respective fair values assigned (dollars in thousands): Fair Value Assigned Multifamily City and State Date of Contractual Purchase (1) Land Building and Improvements Furniture, Fixtures and Equipment Intangible Assets Other Assets Courtney Meadows Apartments Jacksonville, FL 12/20/2017 $ 41,400 $ 6,159 $ 33,720 $ 629 $ 892 $ 8 $ (58 ) Terraces at Lake Mary Lake Mary, GL 8/31/2017 $ 44,100 $ 5,402 $ 37,297 $ 433 $ 968 $ — $ (423 ) Green Trails Apartment Homes Lisle, IL 5/31/2017 $ 78,000 $ 14,727 $ 61,283 $ 1,117 $ 1,695 $ 14 $ (898 ) (1) Contractual purchase price excludes closing costs, acquisition expenses, and other immaterial settlement date adjustments and pro-rations. Acquisitions The Company acquired three properties during the year ended December 31, 2017 . The tables below present the total revenues, net loss, and acquisition costs of the Company's acquisitions during the years ended December 31, 2017 , 2016 , and 2015 (dollars in thousands): Multifamily Community Total Revenues Net Loss Acquisition Costs 2017 Acquisitions: Green Trails Apartment Homes $ 4,128 $ (1,920 ) $ (1,774 ) Terraces at Lake Mary 1,394 (1,424 ) (1,290 ) Courtney Meadows Apartments 103 (879 ) (1,217 ) Various properties — — (188 ) (1 ) $ 5,625 $ (4,223 ) $ (4,469 ) 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 ) (1) Acquisition fees paid related to additional investments in properties to fund additional capital reserves.

DISPOSITION OF PROPERTIES AND D

DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS	12 Months Ended
	Dec. 31, 2017
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, 2017 , 2016 , and 2015 (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 Attributable to Properties Sold 2017 Dispositions: Chisholm Place Plano, Texas May 10, 2017 $ 21,250 $ 6,922 $ 823 $ 6,657 Mosaic Oklahoma City, Oklahoma May 12, 2017 6,100 1,513 473 1,441 Deerfield Hermantown, Minnesota August 16, 2017 23,600 11,035 1,653 11,037 Stone Ridge Columbia, South Carolina September 27, 2017 10,534 3,265 1,291 3,060 $ 61,484 $ 22,735 $ 4,240 $ 22,195 2016 Dispositions: Conifer Place (1) Norcross, 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 (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.

IDENTIFIED INTANGIBLE ASSETS, N

IDENTIFIED INTANGIBLE ASSETS, NET	12 Months Ended
	Dec. 31, 2017
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 $1.8 million and $1.9 million as of December 31, 2017 and 2016 , respectively, net of accumulated amortization of $26.6 million and $24.3 million , respectively. The weighted-average remaining life of the acquired apartment unit rental leases is five months and seven months as of December 31, 2017 and 2016 , respectively. Expected amortization for the antennae leases at the Vista Apartment Homes for the years ended December 31, 2018, 2019, 2020, and 2021 are $14,000 , $13,000 , $9,000 , and $5,000 , respectively, and none thereafter. Amortization of the rental and antennae leases for the years ended December 31, 2017 , 2016 , and 2015 was $3.6 million , $228,000 , and $6.4 million , respectively. The following table presents the Company's expected amortization for the rental and antennae leases for the next five years ending December 31, and thereafter (in thousands): 2018 $ 1,770 2019 13 2020 9 2021 4 Thereafter — $ 1,796

GOODWILL

GOODWILL	12 Months Ended
	Dec. 31, 2017
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, 2017 and 2016 (in thousands): Balance, January 1, 2016 $ 1,231 Activity - 2016: Sale of Conifer Place, Champion Farms, and Fieldstone (520 ) Balance, December 31, 2016 711 Activity - 2017: Sale of Stone Ridge (41 ) Balance, December 31, 2017 $ 670

MORTGAGE NOTES PAYABLE, NET

MORTGAGE NOTES PAYABLE, NET	12 Months Ended
	Dec. 31, 2017
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, 2017 December 31, 2016 Outstanding borrowings Premium (Discount) Deferred finance costs, net Carrying Value Outstanding borrowings Premium (Discount) Deferred finance costs, net Carrying Value Collateral Vista Apartment Homes $ 14,896 $ — $ (140 ) $ 14,756 $ 15,225 $ — $ (178 ) $ 15,047 Cannery Lofts 13,100 — (165 ) 12,935 13,100 — (197 ) 12,903 Deerfield — — — — 10,359 — (125 ) 10,234 Trailpoint at the Woodlands 18,368 — (188 ) 18,180 18,690 — (222 ) 18,468 Verona Apartment Homes 32,970 — (475 ) 32,495 32,970 — (532 ) 32,438 Skyview Apartment Homes 28,400 — (413 ) 27,987 28,400 — (462 ) 27,938 Maxwell Townhomes 13,342 — (109 ) 13,233 13,602 — (137 ) 13,465 Pinehurst 7,339 — (128 ) 7,211 7,350 — (154 ) 7,196 Pheasant Run 6,250 — — 6,250 6,250 43 (9 ) 6,284 Retreat of Shawnee 12,682 7 (2 ) 12,687 12,893 85 (23 ) 12,955 Evergreen at Coursey Place 26,639 77 (75 ) 26,641 27,107 100 (96 ) 27,111 Pines of York 14,717 (235 ) (44 ) 14,438 14,999 (299 ) (56 ) 14,644 Estates at Johns Creek 48,603 — (286 ) 48,317 49,596 — (405 ) 49,191 Chisholm Place — — — — 11,587 — (143 ) 11,444 Perimeter Circle 16,923 — (84 ) 16,839 17,298 — (143 ) 17,155 Perimeter 5550 13,356 — (70 ) 13,286 13,651 — (118 ) 13,533 Aston at Cinco Ranch 22,942 — (210 ) 22,732 23,367 — (268 ) 23,099 Sunset Ridge 1 19,254 189 (150 ) 19,293 19,699 259 (205 ) 19,753 Sunset Ridge 2 2,890 26 (19 ) 2,897 2,948 35 (26 ) 2,957 Calloway at Las Colinas 34,396 — (241 ) 34,155 35,083 — (306 ) 34,777 South Lamar Village 12,177 — (80 ) 12,097 12,435 — (131 ) 12,304 Heritage Pointe 25,912 — (284 ) 25,628 26,280 — (327 ) 25,953 Yorba Linda 67,500 — (461 ) 67,039 67,500 — (661 ) 66,839 Point Bonita Apartment Homes 26,525 1,660 (285 ) 27,900 26,907 1,966 (338 ) 28,535 Stone Ridge — — — — 5,227 — (130 ) 5,097 The Westside Apartments 36,820 — (390 ) 36,430 36,820 — (448 ) 36,372 Tech Center Square 12,141 — (164 ) 11,977 12,375 — (196 ) 12,179 Williamsburg 53,995 — (706 ) 53,289 53,995 — (828 ) 53,167 Retreat at Rocky Ridge 11,375 — (223 ) 11,152 11,375 — (261 ) 11,114 Providence in the Park 47,000 — (524 ) 46,476 — — — — Green Trails Apartment Homes 61,500 — (667 ) 60,833 — — — — Meridian Pointe 39,500 — (588 ) 38,912 — — — — Terraces at Lake Mary 32,250 — (377 ) 31,873 — — — — Courtney Meadows Apartments 27,100 — (367 ) 26,733 — — — — $ 800,862 $ 1,724 $ (7,915 ) $ 794,671 $ 627,088 $ 2,189 $ (7,125 ) $ 622,152 The following table presents additional information about the Company's mortgage notes payable, net, at December 31, 2017 (in thousands, except percentages): Collateral Maturity Date Annual Interest Rate Average Monthly Debt Service Average Monthly Escrow Vista Apartment Homes 1/1/2022 3.85% (1)(5) $ 72 $ 16 Cannery Lofts 11/1/2023 4.10% (1)(3) 42 26 Trailpoint at the Woodlands 11/1/2023 3.97% (1)(4) 83 47 Verona Apartment Homes 10/1/2026 3.92% (1)(3) 100 40 Skyview Apartment Homes 10/1/2026 3.92% (1)(3) 86 24 Maxwell Townhomes 1/1/2022 4.32% (2)(5) 71 78 Pinehurst 11/1/2023 3.98% (1)(3) 34 15 Pheasant Run 10/1/2018 4.06% (2)(3)(7) 18 12 Retreat of Shawnee 2/1/2019 5.58% (2)(5)(8) 78 29 Evergreen at Coursey Place 8/1/2021 5.07% (2)(5) 154 37 Pines of York 12/1/2021 4.46% (2)(5) 80 25 Estates at Johns Creek 7/1/2020 3.38% (2)(5) 221 77 Perimeter Circle 7/1/2019 3.42% (2)(5) 81 44 Perimeter 5550 7/1/2019 3.42% (2)(5) 64 32 Aston at Cinco Ranch 10/1/2021 4.34% (2)(5) 120 70 Sunset Ridge 1 11/1/2020 4.58% (2)(5) 113 89 Sunset Ridge 2 11/1/2020 4.54% (2)(5) 16 — Calloway at Las Colinas 12/1/2021 3.87% (2)(5) 171 115 South Lamar Village 8/1/2019 3.64% (2)(5) 59 57 Heritage Pointe 4/1/2025 3.44% (1)(4) 114 43 Yorba Linda 6/1/2020 3.31% (1)(3) 203 — Point Bonita Apartment Homes 10/1/2023 5.33% (2)(5) 152 61 The Westside Apartments 9/1/2026 3.68% (1)(3) 121 69 Tech Center Square 6/1/2023 4.14% (1)(5) 58 24 Williamsburg 1/1/2024 3.94% (1)(3) 165 167 Retreat at Rocky Ridge 1/1/2024 4.02% (1)(3) 36 23 Providence in the Park 2/1/2024 3.86% (1)(3)(6) 141 138 Green Trails Apartment Homes 6/1/2024 3.55% (1)(3)(6) 168 79 Meridian Pointe 8/1/2024 3.46% (1)(3)(6) 104 56 Terraces at Lake Mary 9/1/2024 3.47% (1)(3)(6) 86 46 Courtney Meadows Apartments 1/1/2025 3.40% (1)(3)(6) 76 51 (1) Variable rate based on one-month LIBOR of 1.56425% (as of December 31, 2017 ) 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) New debt placed during the year ended December 31, 2017 . (7) Automatic extension to October 1, 2018 occurred on October 1, 2017 at which time the fixed interest rate converted to a variable rate. (8) Automatic extension to February 1, 2019 occurred on February 1, 2018 at which time the fixed interest rate converted to a variable rate. Loans assumed as part of the Point Bonita Apartment Homes, South Lamar Village, Paladin (Pinehurst, Pheasant Run, Retreat of Shawnee, Evergreen at Coursey Place, Pines of York), 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, 2017 , 2016 , and 2015 , interest expense was reduced by $465,000 , $485,000 , and $779,000 , respectively, for the amortization of the premium or discount. All mortgage notes are collateralized by a first mortgage lien on the assets of the respective property as named in the table above. The amount outstanding on the mortgages may be prepaid in full during the entire term with a prepayment penalty on the majority of mortgages held. The following table presents the Company's annual principal payments on outstanding borrowings for each of the next five years ending December 31 , and thereafter (in thousands): 2018 $ 14,005 2019 64,215 2020 144,695 2021 102,886 2022 35,529 Thereafter 439,532 $ 800,862 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. These renovations were completed as of December 31, 2017 , and the guaranty was released. The Company may borrow an additional $7.5 million on the mortgage secured by The Bryant at Yorba Linda when certain debt service coverage and loan to value criteria are met. The Bryant at Yorba Linda mortgage loan includes a net worth and liquidity covenant. The Company was in compliance with all covenants related to this loan as of December 31, 2017 . 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 . Deferred financing costs incurred to obtain financing are amortized over the term of the related debt. During the years ended December 31, 2017 , 2016 , and 2015 , $1.9 million , $1.8 million , and $1.5 million , respectively, of amortization of deferred financing costs were included in interest expense. Accumulated amortization as of December 31, 2017 and 2016 was $4.0 million and $2.6 million , respectively. The following table presents the Company's estimated amortization of the existing deferred financing costs for the next five years ending December 31, and thereafter (in thousands): 2018 $ 1,683 2019 1,580 2020 1,302 2021 1,067 2022 871 Thereafter 1,412 $ 7,915

CREDIT FACILITY

CREDIT FACILITY	12 Months Ended
	Dec. 31, 2017
Line of Credit Facility [Abstract]
CREDIT FACILITY	CREDIT FACILITY The secured revolving credit facility with Bank of America, N.A. (“Bank of America”), as amended, matured on May 23, 2017 and was closed; all collateral subject to the revolving credit line was released. For the year ended December 31, 2017 , the Company paid an unused line of credit fee to Bank of America of $250,000 , which is included in interest expense in the consolidated statements of operations and comprehensive income (loss). For the years ended December 31, 2017 and 2016, the Company had weighted average borrowings of $0 and $6.8 million , respectively, under the Bank of America Credit Facility. The interest rate of the line was LIBOR plus 3.0% , and the weighted average interest rate for the borrowings in 2016 was 3.44% Deferred financing costs incurred to obtain financing are amortized over the term of the related debt. During the years ended December 31, 2017 , 2016 , and 2015 , $0 , $321,000 , and $327,000 , respectively, of amortization of deferred financing costs were included in interest expense. Deferred financing costs were fully amortized on the date of maturity. Accumulated amortization as of December 31, 2017 and 2016 was $0 and $857,000 , respectively.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	12 Months Ended
	Dec. 31, 2017
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, 2017 , 2016 , and 2015 (dollars in thousands): Balance, January 1, 2015 $ (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 ) Reclassification adjustment for realized loss on designated derivatives 163 Unrealized loss on designated derivatives (380 ) Balance, December 31, 2017 $ (562 )

CERTAIN RELATIONSHIPS AND RELAT

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2017
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 and C-III Property loss pool. The Company's properties participate in a property loss self-insurance pool with other properties directly and indirectly managed by RAI and C-III, which is backed by a catastrophic insurance policy. Substantially all of the receivables from related parties represent insurance deposits held in escrow by RAI and C-III to the self-insurance pool which, if unused, will be returned to the Company. The pool covers losses up to $2.5 million , after a $25,000 deductible per incident. Claims beyond the insurance pool limits will be covered by the catastrophic insurance policy, which covers claims up to $250.0 million , after a $25,000 deductible per incident. 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, 2017 and 2016 , the Company paid $1.0 million and $1.8 million into the insurance pools. General liability loss pool. The Company's properties participated in a general liability pool with other properties directly or indirectly managed by RAI and C-III until April 22, 2017. The pool covers claims up to $50,000 per incident through April 22, 2017. Effective April 23, 2017, the loss pool was eliminated, and the Company now participates (with other properties directly or indirectly managed by RAI and C-III) in a general liability policy. The insured limit for the general liability policy is $76 million in total claims, after a $25,000 deductible per incident. Internal audit fees. RAI performs internal audit services for the Company. Directors and officers liability insurance. The Company participates in a liability insurance program for directors and officers coverage with other C-III managed entities and subsidiaries for coverage up to $100.0 million . The Company paid premiums of $304,047 in connection with this insurance program during the year ended December 31, 2017. Other expenses. The Company utilizes the services of The Planning and Zoning Resource Company, an affiliate of C-III, for zoning reports for acquisitions. 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, 2017. 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. 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 following table presents the Company's amounts payable to and amounts receivable from such related parties (in thousands): As of December 31, 2017 2016 Due from related parties: RAI and affiliates $ 371 $ 1,375 Due to related parties: Advisor: Asset management fees $ 15 $ — Operating expense reimbursements 32 1,285 Subtotal, due to Advisor 47 1,285 Manager: Property management fees 476 456 Operating expense reimbursements 196 314 Subtotal, due to Manager 672 770 Total, due to related parties $ 719 $ 2,055 The following table presents the Company's fees earned by and expenses paid to such related parties (in thousands): For the Years Ended December 31, 2017 2016 2015 Fees earned / expenses paid to related parties: Advisor: Acquisition fees (1) $ 3,670 $ 1,452 $ 5,179 Asset management fees (2) 11,352 10,484 10,240 Disposition fees (3) 361 686 1,140 Debt financing fees (4) 1,036 532 697 Overhead allocation (5) 4,442 5,621 3,733 Internal audit fees (5) 69 44 41 Manager : Property management fees (2) $ 5,589 $ 5,137 $ 4,748 Construction management fees (6) 764 926 1,895 Construction payroll reimbursements (6) 191 310 483 Information technology fees (5) — 418 365 Operating expense reimbursements (7) 1,015 2,273 2,174 Debt servicing fees (2) 2 15 33 Other: Ledgewood (5) $ — $ 121 $ 169 The Planning & Zoning Resource Company (1) 4 — — Graphic Images (5) 9 91 59 (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).

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2017
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, 2017 and 2016 , no shares of preferred stock were issued and outstanding. Common Stock As of December 31, 2017 , the Company had issued an aggregate of 77,457,551 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 11,560,597 118,502 Shares issued in conjunction with the Advisor's initial investment, 15,500 155 Total 77,457,551 $ 753,316 Shares redeemed and retired (6,158,084 ) Total shares outstanding as of December 31, 2017 71,299,467 (1) Includes 276,056 shares held by the Advisor. Convertible Stock As of December 31, 2017 and 2016 , the Company had 49,995 and 50,000 shares, respectively, of $0.01 par value convertible stock outstanding of which the Advisor and affiliated persons own 49,063 shares and outside investors own 932 shares at December 31, 2017 . In 2017, the Company repurchased and retired five 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. As of December 31, 2017, no triggering events have occurred. Redemption of Securities During the year ended December 31, 2017 , the Company redeemed shares of its outstanding common stock as follows (in thousands, except per share data): Period Total Number of Shares Redeemed (1) Average Price Paid per Share January 2017 — — February 2017 — — March 2017 696 $10.83 April 2017 — — May 2017 — — June 2017 957 $10.94 July 2017 — — August 2017 — — September 2017 681 $10.94 October 2017 — — November 2017 — — December 2017 856 $10.94 3,190 (1) All redemptions of equity securities by the Company during the year ended December 31, 2017 were made pursuant to the Company's share redemption program. All redemption requests tendered were honored during the year ended December 31, 2017 . 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, 2017 , the Company paid aggregate distributions of $43.0 million , including $15.9 million of distributions paid in cash and $27.1 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 Net Total January 30, 2017 $ 0.05 January 31, 2017 $ 2,329 $ 1,272 $ 3,601 February 27, 2017 0.05 February 28, 2017 2,308 1,303 3,611 March 30, 2017 0.05 March 31, 2017 2,274 1,314 3,588 April 27, 2017 0.05 April 28, 2017 2,273 1,324 3,597 May 30, 2017 0.05 May 31, 2017 2,258 1,350 3,608 June 29, 2017 0.05 June 30, 2017 2,249 1,322 3,571 July 28, 2017 0.05 July 31, 2017 2,247 1,333 3,580 August 30, 2017 0.05 August 31, 2017 2,250 1,340 3,590 September 28, 2017 0.05 September 29, 2017 2,233 1,335 3,568 October 30, 2017 0.05 October 31, 2017 2,237 1,339 3,576 November 29, 2017 0.05 November 30, 2017 2,239 1,349 3,588 December 28, 2017 0.05 December 29, 2017 2,217 1,338 3,555 $ 0.60 $ 27,114 $ 15,919 $ 43,033 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, 2017
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, 2017 Assets: Interest rate caps $ — $ 49 $ — $ 49 $ — $ 49 $ — $ 49 December 31, 2016 Assets: Interest rate caps $ — $ 242 $ — $ 242 $ — $ 242 $ — $ 242 The following table presents the carrying and fair values of the Company’s loan held for investment, net, and mortgage notes payable-outstanding borrowings (in thousands): December 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Loan held for investment, net $ 782 $ 1,057 $ 769 $ 1,104 Mortgage notes payable- outstanding borrowings (800,862 ) (802,523 ) (627,088 ) (620,578 ) The fair value of the loan held for investment, net was estimated using rates available to the Company for debt with similar terms and remaining maturities (Level 3). The carrying amount of the mortgage notes payable presented is the outstanding borrowings excluding premium or discount and deferred finance costs, net. The fair value of the mortgage notes payable was estimated using rates available to the Company for debt with similar terms and remaining maturities (Level 3).

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	12 Months Ended
	Dec. 31, 2017
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 18 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 ended December 31, 2017 and 2016 , 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, 2017 , the Company had a loss of $162,636 due to hedge ineffectiveness. 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. 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. At December 31, 2017 , the Company estimates that an additional $203,188 will be reclassified as an increase to interest expense over the next 12 months. As of December 31, 2017 , 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 18 $ 477,825 January 1, 2018 to January 1, 2021 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, 2017 and 2016 (in thousands): Asset Derivatives Liability Derivatives December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Prepaid expenses and other assets $ 49 Prepaid expenses and other assets $ 242 — $ — — $ —

OPERATING EXPENSES

OPERATING EXPENSES	12 Months Ended
	Dec. 31, 2017
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, 2017 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 (loss) income and was reimbursed to the Advisor during the years ended December 31, 2017 and 2016 . This expense is included in "overhead allocation" in Note 14.

INSURANCE PROCEEDS IN EXCESS OF

INSURANCE PROCEEDS IN EXCESS OF COST BASIS	12 Months Ended
	Dec. 31, 2017
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, 2017 , there were $150,000 of insurance proceeds in excess of cost basis included on the consolidated statements of operations and comprehensive income (loss) received in 2017 from casualties that occurred in prior years at Evergreen at Coursey, Verona Apartment Homes, Skyview Apartment Homes, Meridian Pointe, Chisholm Place and Perimeter Circle. 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.

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2017
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 2017 March 31 June 30 September 30 December 31 (unaudited) (unaudited) (unaudited) (unaudited) Revenues $ 30,205 $ 31,030 $ 32,333 $ 32,121 Net income (loss) attributable to common stockholders (8,866 ) (3,162 ) 2,191 (12,132 ) Net income (loss) per common share $ (0.12 ) $ (0.04 ) $ 0.03 $ (0.18 ) 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 )

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On January 29, 2018, 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 January 30, 2018. On February 1, 2018, 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 February 27, 2018 and March 29, 2018. Such distributions were or are to be paid on January 31, February 28, and April 2, 2018. On February 12, 2018, the Company entered into an agreement to purchase Addison at Sandy Spring Apartments, a 236 unit multifamily apartment complex in Sandy Springs, Georgia for $34.0 million with an expected closing date in the second quarter of 2018. On March 12, 2018, the Company entered into an agreement to purchase Bristol at Grapevine Apartments, a 376 unit multifamily apartment complex in Grapevine, Texas for $44.7 million with an expected closing date in the second quarter of 2018. On March 26, 2018, the Company's Board of Directors approved $11.0 million of redemption requests from investors. On March 28, 2018, the Company's Board of Directors approved and adopted a Second Amended and Restated Share Redemption Program (the “Amended SRP”). Pursuant to the Amended SRP, the Company will redeem shares at a purchase price equal to 95% of the current net asset value per share redeemed. The Amended SRP will be effective for all redemptions occurring after April 29, 2018. In addition, the Board approved and adopted a Third Amended and Restated Distribution Reinvestment Plan (the “Amended DRP”). Pursuant to the Amended DRP, shares will be sold at a price equal to 95% of the current per share net asset value. The Amended DRP will be effective for all DRP issuances after April 8, 2018. 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, 2017
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, 2017 (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 $ 14,897 $ 11,076 $ 4,508 $ 15,584 $ (4,734 ) 1961 6/17/2011 3 - 27.5 years Philadelphia, PA Residential 13,100 8,273 1,759 10,032 (2,640 ) 1838 5/13/2011 3 - 27.5 years Dayton, OH Residential 53,995 39,341 13,008 52,349 (16,531 ) 1966 6/20/2012 3 - 27.5 years Cincinnati, OH Residential 11,375 8,064 3,672 11,736 (2,796 ) 1986 4/18/2013 3 - 27.5 years Hoover, AL Residential 18,368 26,496 4,075 30,571 (6,631 ) 1981 6/24/2013 3 - 27.5 years Houston, TX Residential 36,820 31,001 5,438 36,439 (6,876 ) 1984 7/25/2013 3 - 27.5 years Plano, TX Residential 12,141 17,583 2,759 20,342 (4,038 ) 1985 9/9/2013 3 - 27.5 years Newport News, VA Residential 32,970 23,321 10,091 33,412 (5,565 ) 1985 9/30/2013 3 - 27.5 years Littleton, CO Residential 28,400 29,509 (1,735 ) 27,774 (4,958 ) 1985 9/30/2013 3 - 27.5 years Westminster, CO Residential 13,342 21,831 6,359 28,190 (6,295 ) 1982 12/16/2013 3 - 27.5 years San Antonio, TX Residential (2) 39,500 32,142 5,354 37,496 (6,396 ) 1988 12/20/2013 3 - 27.5 years Burnsville, MN Residential 48,603 69,111 8,946 78,057 (12,336 ) 1999 3/28/2014 3 - 27.5 years Alpharetta, GA Residential 26,639 42,001 1,075 43,076 (7,048 ) 2003 5/5/2014 3 - 27.5 years Baton Rouge, LA Residential 16,923 28,911 3,199 32,110 (4,620 ) 1995 5/19/2014 3 - 27.5 years Atlanta, GA Residential 13,356 21,796 3,214 25,010 (3,622 ) 1995 5/19/2014 3 - 27.5 years Atlanta, GA RESOURCE REAL ESTATE OPPORTUNITY REIT, INC. SCHEDULE III Real Estate and Accumulated Depreciation December 31, 2017 (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 22,942 31,385 3,147 34,532 (4,992 ) 2000 6/26/2014 3 - 27.5 years Katy, TX Residential 12,682 18,250 1,222 19,472 (3,645 ) 1984 7/1/2014 3 - 27.5 years Shawnee, KS Residential 6,250 11,898 583 12,481 (2,374 ) 1985 7/1/2014 3 - 27.5 years Lee's Summit, MO Residential 7,338 9,691 799 10,490 (2,024 ) 1983 7/1/2014 3 - 27.5 years Kansas City, MO Residential 22,145 34,554 5,952 40,506 (5,064 ) 1949 9/4/2014 3 - 27.5 years San Antonio, TX Residential 34,395 47,075 6,691 53,766 (7,329 ) 1984 9/29/2014 3 - 27.5 years Irving, TX Residential 14,717 21,204 580 21,784 (3,153 ) 1974 11/25/2014 3 - 27.5 years Yorktown, VA Residential 12,177 23,370 5,192 28,562 (3,307 ) 1981 2/26/2015 3 - 27.5 years Austin, TX Residential 25,912 35,070 5,773 40,843 (4,318 ) 1986 3/19/2015 3 - 27.5 years Gilbert, AZ Residential 67,500 116,036 8,177 124,213 (8,459 ) 1986 6/1/2015 3 - 27.5 years Orange County, CA Residential 26,525 50,365 4,542 54,907 (3,633 ) 1988 6/16/2015 3 - 27.5 years Chula Vista, CA Residential 47,000 61,490 1,304 62,794 (2,317 ) 1997 12/22/2016 3 - 27.5 years Arlington, TX Residential 61,500 77,127 259 77,386 (1,506 ) 1988 5/31/2017 3 - 27.5 years Lisle, IL Residential 32,250 43,132 (396 ) 42,736 (501 ) 1998 8/31/2017 3 - 27.5 years Lake Mary, FL RESOURCE REAL ESTATE OPPORTUNITY REIT, INC. SCHEDULE III Real Estate and Accumulated Depreciation December 31, 2017 (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 27,100 40,508 (561 ) 39,947 — 2001 12/20/2017 3 - 27.5 years Jacksonville, FL $ 800,862 $ 1,031,611 $ 114,986 $ 1,146,597 $ (147,708 ) For the Years Ended December 31, 2017 2016 2015 Investments in Rental Properties: Balance, beginning of the period $ 1,010,264 $ 1,063,211 $ 857,151 Acquisitions 160,767 61,490 224,841 Improvements, etc. 21,592 28,024 43,018 Dispositions during the period (46,026 ) (142,461 ) (61,799 ) Balance, close of the period (1) $ 1,146,597 $ 1,010,264 $ 1,063,211 Accumulated depreciation: Balance, beginning of the period $ (107,810 ) $ (77,363 ) $ (45,133 ) Sales 8,146 12,737 9,031 Disposals 685 819 652 Depreciation (48,729 ) (44,003 ) (41,913 ) Balance, close of the period (1) $ (147,708 ) $ (107,810 ) $ (77,363 ) ` (1) 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, 2017
Mortgage Loans on Real Estate [Abstract]
SCHEDULE IV Mortgage Loans on Real Estate	SCHEDULE IV Mortgage Loans on Real Estate December 31, 2017 (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 $ 782 $ — $ 1,058 $ 782 $ — Year Ended December 31, Balance, beginning of the period $ 769 Interest accretion 39 Principal reductions (26 ) Balance, end of the period $ 782

SUMMARY OF SIGNIFICANT ACCOUN30

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiary Apartment Complex Number of Units Property Location RRE Opportunity Holdings, LLC N/A N/A N/A Resource Real Estate Opportunity OP, LP N/A N/A N/A RRE Charlemagne Holdings, LLC N/A N/A N/A RRE Iroquois, LP (“Vista”) Vista Apartment Homes 133 Philadelphia, PA RRE Iroquois Holdings, LLC N/A N/A N/A RRE Cannery Holdings, LLC (“Cannery”) Cannery Lofts 156 Dayton, OH RRE Williamsburg Holdings, LLC (“Williamsburg”) Williamsburg 976 Cincinnati, OH WPL Holdings, LLC N/A (a) N/A N/A 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 316 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 Pines, LLC ("Pines of York") Pines of York (b) 248 Yorktown, VA 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") The Bryant at Yorba Linda 400 Yorba Linda, CA RRE Providence Holdings, LLC ("Providence in the Park") Providence in the Park 524 Arlington, TX RRE Green Trails Holdings, LLC ("Green Trails") Green Trails Apartment Homes 440 Lisle, IL RRE Terraces at Lake Mary Holdings, LLC ("Lake Mary") Terraces at Lake Mary 284 Lake Mary, FL RRE Courtney Meadows Holdings, LLC ("Courtney Meadows") Courtney Meadows Apartments 276 Jacksonville, FL 9,500 Subsidiaries related to disposed investments: RRE Crestwood Holdings, LLC (“Crestwood”) (c)(f) 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") (b)(c)(f) N/A N/A RRE Westhollow Holdings, LLC (“Westhollow”) (c) N/A N/A RRE Flagstone Holdings, LLC ("Flagstone") (c)(f) N/A N/A RRE 107th Avenue Holdings, LLC (“107th Avenue”) (d)(f) N/A N/A RRE Bristol Holdings, LLC (“Bristol”) (c)(f) N/A N/A RRE Skyview Holdings, LLC ("Skyview") (c)(f) N/A N/A RRE Kenwick Canterbury Holdings, LLC ("Kenwick & Canterbury") (c) N/A N/A RRE Foxwood Holdings, LLC ("Foxwood") (c)(f) N/A N/A PRIP 3383, LLC ("Conifer Place") (b)(d)(f) N/A N/A PRIP 3700, LLC ("Champion Farms") (b)(d)(f) N/A N/A RRE Armand Place Holdings, LLC ("Armand") (d)(f) N/A N/A RRE Spring Hill Holdings, LLC ("Spring Hill") (e) N/A N/A RRE Nob Hill Holdings, LLC ("Nob Hill") (d)(f) N/A N/A PRIP 10637, LLC ("Fieldstone") (b)(d)(f) N/A N/A RRE Jasmine Holdings, LLC ("Jasmine") (d)(f) N/A N/A RRE Chisholm Place Holdings LLC ("Chisholm Place") (g) N/A N/A RRE Park Forest Holdings, LLC ("Park Forest") (g) N/A N/A RRE Deerfield Holdings, LLC ("Deerfield") (g) N/A N/A PRIP Stone Ridge, LLC ("Stone Ridge") (b)(g) 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 2016. (d) Underlying investment sold in 2016. (e) Underlying investment resolved in 2016. (f) Subsidiary was dissolved prior to December 31, 2017. (g) Underlying investment sold in 2017. 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 DT Stone Ridge, LLC 83.4% Stone Ridge 188 Columbia, SC The property held by DT Stone Ridge, LLC was sold on September 27, 2017 and a distribution to the joint venture partner was completed in October 2017. As a result, all of the Company's subsidiaries are wholly-owned. Until June 16, 2016, the Company had a preferred equity investment that was repaid in full on that date. 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 the investee that were considered most significant. The Company has no further continuing involvement with the investee. 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 no rental properties included in assets held for sale as of December 31, 2017 and 2016 .
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 5.0 to 27.5 years Furniture, fixtures, and equipment 3.0 to 5.0 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. As of December 31, 2017 , the Company's real estate investments in Texas, Georgia, and California represented approximately 27% , 11% , and 17% of the net book value of its rental property assets, respectively. As a result, the geographic concentration of the Company's portfolio makes it particularly susceptible to adverse economic developments in the Texas, Georgia, and California real estate markets. Any adverse economic or real estate developments in these markets, such as business layoffs or downsizing, industry slowdowns, relocations of businesses, changing demographics and other factors, or any decrease in demand for multifamily rentals resulting from the local business climate, could adversely affect the Company's operating results and its ability to make distributions to stockholders.
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, 2017 , the Company had $133.0 million of deposits at various banks, $119.2 million of which were over the insurance limit of the Federal Deposit Insurance Corporation. No losses have been experienced on such deposits.
Contractual Obligations	Contractual Obligations The Company leases parking space and equipment under leases with varying expiration dates through 2023. As of December 31, 2017 , the total payments due under these obligations were $226,000 .
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, 2017 , 2016 and 2015 .
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 company records the acquisition of real properties as business combinations. 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, 2017 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. The future minimum rental payments to be received from noncancelable operating leases for residential rental properties are $58.2 million and $95,000 for the years ending December 31, 2018 and 2019, respectively, and none thereafter. The future minimum rental payments to be received from noncancelable operating leases for commercial rental properties and antenna rentals are $440,000 , $389,000 , $318,000 , $241,000 , and $114,000 for the years ending December 31, 2018, 2019, 2020, 2021, and 2022, 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 $12.6 million , $10.8 million and $11.7 million for the years ended December 31, 2017 , 2016 and 2015 , 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, 2017 and 2016 , there were allowances for uncollectible receivables of $149,300 and $5,200 , respectively.
Income Taxes	Income Taxes The Company elected to be taxed as a REIT commencing with its taxable year ended December 31, 2010. 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 taxable REIT subsidiaries (“TRSs”). 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. While a TRS may generate net income, a TRS can declare dividends to the Company which will be included in the Company's taxable income and necessitate a distribution to its stockholders. Conversely, if the Company retains earnings at a TRS level, no distribution is required and the Company can increase book equity of the consolidated entity. As of December 31, 2017 and 2016 , 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 2013 and prior. The Tax Cuts and Jobs Act ("TCJA") was signed into law on December 22, 2017. The TCJA makes significant changes to the U.S. federal income tax rules for taxation of individuals and corporations (including REITs), generally effective for taxable years beginning after December 31, 2017.
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 49,995 shares of convertible stock (discussed in Note 15) are included in the diluted earnings per share calculations because the necessary conditions for conversion have not been satisfied as of December 31, 2017 (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).
Adoption of New Accounting Standards	Adoption of New Accounting Standards Accounting Standards Issued But Not Yet Effective In May 2014, FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” ("ASU No. 2014-09"), which will replace most existing revenue recognition guidance in GAAP. Under the new standard, revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable, and collectability is probable. 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. The Company will adopt ASU 2014-09 as of January 1, 2018 using the modified retrospective approach. The majority of the Company’s revenue is derived from residential rental income and other lease income, which are scoped out from this standard and included in the current lease accounting framework, and will be accounted for under ASU No. 2016-02, Leases, as discussed below. Revenue streams that are in the scope of the new standards include (but are not limited to) administrative and late fees and revenue sharing arrangements of cable income from contracts with cable providers at the Company's properties. Due to the nature and timing of the Company’s identified revenue streams as of December 31, 2017, the Company does not anticipate the adoption of the new standards will have a material impact on its financial position or results of operations. In February 2016, FASB issued ASU No. 2016-02, "Leases" ("ASU No. 2016-02"), which is intended to improve financial reporting about leasing transactions and requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. In September 2017, the FASB issued ASU 2017-13, "Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842)", which provides additional implementation guidance on the previously issued ASU No. 2016-02 Leases (Topic 842). ASU No. 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is continuing to evaluate this guidance, however, the Company expects that its operating leases where it is the lessor will be accounted for on its balance sheet similar to its current accounting with the underlying leased asset recognized as real estate. The Company expects that executory costs and certain other non-lease components will need to be accounted for separately from the lease component of the lease with the lease component continuing to be recognized on a straight-line basis over the lease term and the executory costs and certain other non-lease components being accounted for under the new revenue recognition guidance in ASU 2014-09. For leases in which the Company is the lessee, primarily consisting of office equipment leases, the Company expects to recognize a right-of-use asset and a lease liability equal to the present value of the minimum lease payments with rental payments being applied to the lease liability and to interest expense and the right-of-use asset being amortized to expense on a straight-line basis over the term of the lease. In June 2016, FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses”, which requires measurement and recognition of expected credit losses for financial assets held. ASU No. 2016-13 will be effective for the Company beginning January 1, 2019. The Company is evaluating this guidance; however, it does not expect the adoption of ASU No. 2016-13 to have a significant impact on its consolidated financial statements. In August 2016, FASB issued ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments", which addresses eight specific cash flow issues with the objective of reducing existing diversity in practice. The guidance is effective for the Company beginning January 1, 2018. Early application is permitted. The adoption of the new requirements is not expected to have a material impact on the reporting of the Company's consolidated cash flows. In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” (“ASU No. 2016-18”), which provides guidance on the classification of restricted cash in the statement of cash flows. ASU No. 2016-18 is effective for the Company's fiscal year beginning January 1, 2018, and the Company does not expect the adoption of ASU No. 2016-18 to have a material effect on the Company's consolidated financial statements and disclosures. 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 is effective for the Company beginning January 1, 2018 but early adoption is allowed. The Company believes all future acquisitions will be accounted for as asset acquisitions, not business acquisitions. 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. Step 2 required that, if the carrying amount of a reporting unit exceeded its fair value, the implied fair value of the goodwill must be compared to the carrying amount in order to determine impairment. 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. In August 2017, FASB issued ASU No. 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities", which expands and refines hedge accounting for both financial and non-financial risk components, aligns the recognition and presentation of the effects of hedging instruments and hedge items in the financial statements, and includes certain targeted improvements to ease the application of current guidance related to the assessment of hedge effectiveness. The update to the standard is effective for the Company on January 1, 2019, with early adoption permitted in any interim period. The Company is continuing to evaluate this guidance and assessing the impact of this guidance on its consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN31

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Wholly Owned Subsidiaries Information	The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiary Apartment Complex Number of Units Property Location RRE Opportunity Holdings, LLC N/A N/A N/A Resource Real Estate Opportunity OP, LP N/A N/A N/A RRE Charlemagne Holdings, LLC N/A N/A N/A RRE Iroquois, LP (“Vista”) Vista Apartment Homes 133 Philadelphia, PA RRE Iroquois Holdings, LLC N/A N/A N/A RRE Cannery Holdings, LLC (“Cannery”) Cannery Lofts 156 Dayton, OH RRE Williamsburg Holdings, LLC (“Williamsburg”) Williamsburg 976 Cincinnati, OH WPL Holdings, LLC N/A (a) N/A N/A 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 316 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 Pines, LLC ("Pines of York") Pines of York (b) 248 Yorktown, VA 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") The Bryant at Yorba Linda 400 Yorba Linda, CA RRE Providence Holdings, LLC ("Providence in the Park") Providence in the Park 524 Arlington, TX RRE Green Trails Holdings, LLC ("Green Trails") Green Trails Apartment Homes 440 Lisle, IL RRE Terraces at Lake Mary Holdings, LLC ("Lake Mary") Terraces at Lake Mary 284 Lake Mary, FL RRE Courtney Meadows Holdings, LLC ("Courtney Meadows") Courtney Meadows Apartments 276 Jacksonville, FL 9,500 Subsidiaries related to disposed investments: RRE Crestwood Holdings, LLC (“Crestwood”) (c)(f) 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") (b)(c)(f) N/A N/A RRE Westhollow Holdings, LLC (“Westhollow”) (c) N/A N/A RRE Flagstone Holdings, LLC ("Flagstone") (c)(f) N/A N/A RRE 107th Avenue Holdings, LLC (“107th Avenue”) (d)(f) N/A N/A RRE Bristol Holdings, LLC (“Bristol”) (c)(f) N/A N/A RRE Skyview Holdings, LLC ("Skyview") (c)(f) N/A N/A RRE Kenwick Canterbury Holdings, LLC ("Kenwick & Canterbury") (c) N/A N/A RRE Foxwood Holdings, LLC ("Foxwood") (c)(f) N/A N/A PRIP 3383, LLC ("Conifer Place") (b)(d)(f) N/A N/A PRIP 3700, LLC ("Champion Farms") (b)(d)(f) N/A N/A RRE Armand Place Holdings, LLC ("Armand") (d)(f) N/A N/A RRE Spring Hill Holdings, LLC ("Spring Hill") (e) N/A N/A RRE Nob Hill Holdings, LLC ("Nob Hill") (d)(f) N/A N/A PRIP 10637, LLC ("Fieldstone") (b)(d)(f) N/A N/A RRE Jasmine Holdings, LLC ("Jasmine") (d)(f) N/A N/A RRE Chisholm Place Holdings LLC ("Chisholm Place") (g) N/A N/A RRE Park Forest Holdings, LLC ("Park Forest") (g) N/A N/A RRE Deerfield Holdings, LLC ("Deerfield") (g) N/A N/A PRIP Stone Ridge, LLC ("Stone Ridge") (b)(g) 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 2016. (d) Underlying investment sold in 2016. (e) Underlying investment resolved in 2016. (f) Subsidiary was dissolved prior to December 31, 2017. (g) Underlying investment sold in 2017. 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 DT Stone Ridge, LLC 83.4% Stone Ridge 188 Columbia, SC
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 5.0 to 27.5 years Furniture, fixtures, and equipment 3.0 to 5.0 years Tenant improvements Shorter of lease term or expected useful life

SUPPLEMENTAL CASH FLOW INFORM32

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Summary of Supplemental Cash Flow Information	The following table presents the Company's supplemental cash flow information (in thousands): For the Years Ended December 31, 2017 2016 2015 Non-cash financing and investing activities: Stock issued from distribution reinvestment plan $ 27,114 $ 28,497 $ 28,959 Deferred financing costs and escrow deposits funded directly by mortgage notes and credit facility 2,145 2,619 11,167 Accrual for construction in progress 1,346 1,343 896 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 26,976 55,720 — Non-cash activity related to acquisitions: Mortgage notes payable and other liabilities assumed in acquisition of rental property — — 40,284 Mortgage notes payable used to acquire real property 118,705 — — Cash paid during the period for: Interest $ 26,458 $ 20,297 $ 20,752

RESTRICTED CASH (Tables)

RESTRICTED CASH (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 2016 Real estate taxes $ 8,877 $ 6,853 Insurance 1,995 1,854 Capital improvements 2,530 1,570 Total $ 13,401 $ 10,277

RENTAL PROPERTIES, NET (Tables)

RENTAL PROPERTIES, NET (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 2016 Land $ 196,765 $ 176,418 Building and improvements 905,739 795,665 Furniture, fixtures and equipment 37,796 32,198 Construction in progress 6,297 5,983 1,146,597 1,010,264 Less: accumulated depreciation (147,708 ) (107,810 ) $ 998,889 $ 902,454

OTHER INVESTMENTS (Tables)

OTHER INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
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, 2017 and 2016 (in thousands): December 31, 2017 2016 Unpaid principal balance $ 934 $ 960 Unamortized discount and acquisition costs (152 ) (191 ) Net book value $ 782 $ 769 Maturity date 10/28/2021 Interest rate 7.5 % Average monthly payment $ 8

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Summary of Fair Value and Purchase Price Allocation	The table below summarizes the Company's wholly-owned acquisitions during the year ended December 31, 2017 and the respective fair values assigned (dollars in thousands): Fair Value Assigned Multifamily City and State Date of Contractual Purchase (1) Land Building and Improvements Furniture, Fixtures and Equipment Intangible Assets Other Assets Courtney Meadows Apartments Jacksonville, FL 12/20/2017 $ 41,400 $ 6,159 $ 33,720 $ 629 $ 892 $ 8 $ (58 ) Terraces at Lake Mary Lake Mary, GL 8/31/2017 $ 44,100 $ 5,402 $ 37,297 $ 433 $ 968 $ — $ (423 ) Green Trails Apartment Homes Lisle, IL 5/31/2017 $ 78,000 $ 14,727 $ 61,283 $ 1,117 $ 1,695 $ 14 $ (898 ) (1) Contractual purchase price excludes closing costs, acquisition expenses, and other immaterial settlement date adjustments and pro-rations.
Schedule of Acquisitions	The tables below present the total revenues, net loss, and acquisition costs of the Company's acquisitions during the years ended December 31, 2017 , 2016 , and 2015 (dollars in thousands): Multifamily Community Total Revenues Net Loss Acquisition Costs 2017 Acquisitions: Green Trails Apartment Homes $ 4,128 $ (1,920 ) $ (1,774 ) Terraces at Lake Mary 1,394 (1,424 ) (1,290 ) Courtney Meadows Apartments 103 (879 ) (1,217 ) Various properties — — (188 ) (1 ) $ 5,625 $ (4,223 ) $ (4,469 ) 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 ) (1) Acquisition fees paid related to additional investments in properties to fund additional capital reserves.

DISPOSITION OF PROPERTIES AND37

DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Results of Discontinued Operations	The following table presents details of our disposition and deconsolidation activity during the years ended December 31, 2017 , 2016 , and 2015 (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 Attributable to Properties Sold 2017 Dispositions: Chisholm Place Plano, Texas May 10, 2017 $ 21,250 $ 6,922 $ 823 $ 6,657 Mosaic Oklahoma City, Oklahoma May 12, 2017 6,100 1,513 473 1,441 Deerfield Hermantown, Minnesota August 16, 2017 23,600 11,035 1,653 11,037 Stone Ridge Columbia, South Carolina September 27, 2017 10,534 3,265 1,291 3,060 $ 61,484 $ 22,735 $ 4,240 $ 22,195 2016 Dispositions: Conifer Place (1) Norcross, 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 (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.

IDENTIFIED INTANGIBLE ASSETS,38

IDENTIFIED INTANGIBLE ASSETS, NET (Tables)	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Expected Amortization of Rental and Antennae Leases	The following table presents the Company's expected amortization for the rental and antennae leases for the next five years ending December 31, and thereafter (in thousands): 2018 $ 1,770 2019 13 2020 9 2021 4 Thereafter — $ 1,796

GOODWILL (Tables)

GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 and 2016 (in thousands): Balance, January 1, 2016 $ 1,231 Activity - 2016: Sale of Conifer Place, Champion Farms, and Fieldstone (520 ) Balance, December 31, 2016 711 Activity - 2017: Sale of Stone Ridge (41 ) Balance, December 31, 2017 $ 670

MORTGAGE NOTES PAYABLE, NET (Ta

MORTGAGE NOTES PAYABLE, NET (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 December 31, 2016 Outstanding borrowings Premium (Discount) Deferred finance costs, net Carrying Value Outstanding borrowings Premium (Discount) Deferred finance costs, net Carrying Value Collateral Vista Apartment Homes $ 14,896 $ — $ (140 ) $ 14,756 $ 15,225 $ — $ (178 ) $ 15,047 Cannery Lofts 13,100 — (165 ) 12,935 13,100 — (197 ) 12,903 Deerfield — — — — 10,359 — (125 ) 10,234 Trailpoint at the Woodlands 18,368 — (188 ) 18,180 18,690 — (222 ) 18,468 Verona Apartment Homes 32,970 — (475 ) 32,495 32,970 — (532 ) 32,438 Skyview Apartment Homes 28,400 — (413 ) 27,987 28,400 — (462 ) 27,938 Maxwell Townhomes 13,342 — (109 ) 13,233 13,602 — (137 ) 13,465 Pinehurst 7,339 — (128 ) 7,211 7,350 — (154 ) 7,196 Pheasant Run 6,250 — — 6,250 6,250 43 (9 ) 6,284 Retreat of Shawnee 12,682 7 (2 ) 12,687 12,893 85 (23 ) 12,955 Evergreen at Coursey Place 26,639 77 (75 ) 26,641 27,107 100 (96 ) 27,111 Pines of York 14,717 (235 ) (44 ) 14,438 14,999 (299 ) (56 ) 14,644 Estates at Johns Creek 48,603 — (286 ) 48,317 49,596 — (405 ) 49,191 Chisholm Place — — — — 11,587 — (143 ) 11,444 Perimeter Circle 16,923 — (84 ) 16,839 17,298 — (143 ) 17,155 Perimeter 5550 13,356 — (70 ) 13,286 13,651 — (118 ) 13,533 Aston at Cinco Ranch 22,942 — (210 ) 22,732 23,367 — (268 ) 23,099 Sunset Ridge 1 19,254 189 (150 ) 19,293 19,699 259 (205 ) 19,753 Sunset Ridge 2 2,890 26 (19 ) 2,897 2,948 35 (26 ) 2,957 Calloway at Las Colinas 34,396 — (241 ) 34,155 35,083 — (306 ) 34,777 South Lamar Village 12,177 — (80 ) 12,097 12,435 — (131 ) 12,304 Heritage Pointe 25,912 — (284 ) 25,628 26,280 — (327 ) 25,953 Yorba Linda 67,500 — (461 ) 67,039 67,500 — (661 ) 66,839 Point Bonita Apartment Homes 26,525 1,660 (285 ) 27,900 26,907 1,966 (338 ) 28,535 Stone Ridge — — — — 5,227 — (130 ) 5,097 The Westside Apartments 36,820 — (390 ) 36,430 36,820 — (448 ) 36,372 Tech Center Square 12,141 — (164 ) 11,977 12,375 — (196 ) 12,179 Williamsburg 53,995 — (706 ) 53,289 53,995 — (828 ) 53,167 Retreat at Rocky Ridge 11,375 — (223 ) 11,152 11,375 — (261 ) 11,114 Providence in the Park 47,000 — (524 ) 46,476 — — — — Green Trails Apartment Homes 61,500 — (667 ) 60,833 — — — — Meridian Pointe 39,500 — (588 ) 38,912 — — — — Terraces at Lake Mary 32,250 — (377 ) 31,873 — — — — Courtney Meadows Apartments 27,100 — (367 ) 26,733 — — — — $ 800,862 $ 1,724 $ (7,915 ) $ 794,671 $ 627,088 $ 2,189 $ (7,125 ) $ 622,152 The following table presents additional information about the Company's mortgage notes payable, net, at December 31, 2017 (in thousands, except percentages): Collateral Maturity Date Annual Interest Rate Average Monthly Debt Service Average Monthly Escrow Vista Apartment Homes 1/1/2022 3.85% (1)(5) $ 72 $ 16 Cannery Lofts 11/1/2023 4.10% (1)(3) 42 26 Trailpoint at the Woodlands 11/1/2023 3.97% (1)(4) 83 47 Verona Apartment Homes 10/1/2026 3.92% (1)(3) 100 40 Skyview Apartment Homes 10/1/2026 3.92% (1)(3) 86 24 Maxwell Townhomes 1/1/2022 4.32% (2)(5) 71 78 Pinehurst 11/1/2023 3.98% (1)(3) 34 15 Pheasant Run 10/1/2018 4.06% (2)(3)(7) 18 12 Retreat of Shawnee 2/1/2019 5.58% (2)(5)(8) 78 29 Evergreen at Coursey Place 8/1/2021 5.07% (2)(5) 154 37 Pines of York 12/1/2021 4.46% (2)(5) 80 25 Estates at Johns Creek 7/1/2020 3.38% (2)(5) 221 77 Perimeter Circle 7/1/2019 3.42% (2)(5) 81 44 Perimeter 5550 7/1/2019 3.42% (2)(5) 64 32 Aston at Cinco Ranch 10/1/2021 4.34% (2)(5) 120 70 Sunset Ridge 1 11/1/2020 4.58% (2)(5) 113 89 Sunset Ridge 2 11/1/2020 4.54% (2)(5) 16 — Calloway at Las Colinas 12/1/2021 3.87% (2)(5) 171 115 South Lamar Village 8/1/2019 3.64% (2)(5) 59 57 Heritage Pointe 4/1/2025 3.44% (1)(4) 114 43 Yorba Linda 6/1/2020 3.31% (1)(3) 203 — Point Bonita Apartment Homes 10/1/2023 5.33% (2)(5) 152 61 The Westside Apartments 9/1/2026 3.68% (1)(3) 121 69 Tech Center Square 6/1/2023 4.14% (1)(5) 58 24 Williamsburg 1/1/2024 3.94% (1)(3) 165 167 Retreat at Rocky Ridge 1/1/2024 4.02% (1)(3) 36 23 Providence in the Park 2/1/2024 3.86% (1)(3)(6) 141 138 Green Trails Apartment Homes 6/1/2024 3.55% (1)(3)(6) 168 79 Meridian Pointe 8/1/2024 3.46% (1)(3)(6) 104 56 Terraces at Lake Mary 9/1/2024 3.47% (1)(3)(6) 86 46 Courtney Meadows Apartments 1/1/2025 3.40% (1)(3)(6) 76 51 (1) Variable rate based on one-month LIBOR of 1.56425% (as of December 31, 2017 ) 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) New debt placed during the year ended December 31, 2017 . (7) Automatic extension to October 1, 2018 occurred on October 1, 2017 at which time the fixed interest rate converted to a variable rate. (8) Automatic extension to February 1, 2019 occurred on February 1, 2018 at which time the fixed interest rate converted to a variable rate.
Schedule of Annual Principal Payments on the Mortgage Notes Payable	The following table presents the Company's annual principal payments on outstanding borrowings for each of the next five years ending December 31 , and thereafter (in thousands): 2018 $ 14,005 2019 64,215 2020 144,695 2021 102,886 2022 35,529 Thereafter 439,532 $ 800,862
Estimated Amortization Of Deferred Financing Costs	The following table presents the Company's estimated amortization of the existing deferred financing costs for the next five years ending December 31, and thereafter (in thousands): 2018 $ 1,683 2019 1,580 2020 1,302 2021 1,067 2022 871 Thereafter 1,412 $ 7,915

ACCUMULATED OTHER COMPREHENSI41

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 , 2016 , and 2015 (dollars in thousands): Balance, January 1, 2015 $ (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 ) Reclassification adjustment for realized loss on designated derivatives 163 Unrealized loss on designated derivatives (380 ) Balance, December 31, 2017 $ (562 )

CERTAIN RELATIONSHIPS AND REL42

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Summary of Fees Earned From/Expenses Paid to Related Parties	The following table presents the Company's amounts payable to and amounts receivable from such related parties (in thousands): As of December 31, 2017 2016 Due from related parties: RAI and affiliates $ 371 $ 1,375 Due to related parties: Advisor: Asset management fees $ 15 $ — Operating expense reimbursements 32 1,285 Subtotal, due to Advisor 47 1,285 Manager: Property management fees 476 456 Operating expense reimbursements 196 314 Subtotal, due to Manager 672 770 Total, due to related parties $ 719 $ 2,055 The following table presents the Company's fees earned by and expenses paid to such related parties (in thousands): For the Years Ended December 31, 2017 2016 2015 Fees earned / expenses paid to related parties: Advisor: Acquisition fees (1) $ 3,670 $ 1,452 $ 5,179 Asset management fees (2) 11,352 10,484 10,240 Disposition fees (3) 361 686 1,140 Debt financing fees (4) 1,036 532 697 Overhead allocation (5) 4,442 5,621 3,733 Internal audit fees (5) 69 44 41 Manager : Property management fees (2) $ 5,589 $ 5,137 $ 4,748 Construction management fees (6) 764 926 1,895 Construction payroll reimbursements (6) 191 310 483 Information technology fees (5) — 418 365 Operating expense reimbursements (7) 1,015 2,273 2,174 Debt servicing fees (2) 2 15 33 Other: Ledgewood (5) $ — $ 121 $ 169 The Planning & Zoning Resource Company (1) 4 — — Graphic Images (5) 9 91 59 (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).

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Schedule of Shares Issued	As of December 31, 2017 , the Company had issued an aggregate of 77,457,551 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 11,560,597 118,502 Shares issued in conjunction with the Advisor's initial investment, 15,500 155 Total 77,457,551 $ 753,316 Shares redeemed and retired (6,158,084 ) Total shares outstanding as of December 31, 2017 71,299,467 (1) Includes 276,056 shares held by the Advisor.
Schedule of Redeemed Shares	During the year ended December 31, 2017 , the Company redeemed shares of its outstanding common stock as follows (in thousands, except per share data): Period Total Number of Shares Redeemed (1) Average Price Paid per Share January 2017 — — February 2017 — — March 2017 696 $10.83 April 2017 — — May 2017 — — June 2017 957 $10.94 July 2017 — — August 2017 — — September 2017 681 $10.94 October 2017 — — November 2017 — — December 2017 856 $10.94 3,190 (1) All redemptions of equity securities by the Company during the year ended December 31, 2017 were made pursuant to the Company's share redemption program.
Schedule of Distributions	For the year ended December 31, 2017 , the Company paid aggregate distributions of $43.0 million , including $15.9 million of distributions paid in cash and $27.1 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 Net Total January 30, 2017 $ 0.05 January 31, 2017 $ 2,329 $ 1,272 $ 3,601 February 27, 2017 0.05 February 28, 2017 2,308 1,303 3,611 March 30, 2017 0.05 March 31, 2017 2,274 1,314 3,588 April 27, 2017 0.05 April 28, 2017 2,273 1,324 3,597 May 30, 2017 0.05 May 31, 2017 2,258 1,350 3,608 June 29, 2017 0.05 June 30, 2017 2,249 1,322 3,571 July 28, 2017 0.05 July 31, 2017 2,247 1,333 3,580 August 30, 2017 0.05 August 31, 2017 2,250 1,340 3,590 September 28, 2017 0.05 September 29, 2017 2,233 1,335 3,568 October 30, 2017 0.05 October 31, 2017 2,237 1,339 3,576 November 29, 2017 0.05 November 30, 2017 2,239 1,349 3,588 December 28, 2017 0.05 December 29, 2017 2,217 1,338 3,555 $ 0.60 $ 27,114 $ 15,919 $ 43,033

FAIR VALUE MEASURES AND DISCL44

FAIR VALUE MEASURES AND DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 Assets: Interest rate caps $ — $ 49 $ — $ 49 $ — $ 49 $ — $ 49 December 31, 2016 Assets: Interest rate caps $ — $ 242 $ — $ 242 $ — $ 242 $ — $ 242
Schedule of Carrying Value and Fair Value Amounts	The following table presents the carrying and fair values of the Company’s loan held for investment, net, and mortgage notes payable-outstanding borrowings (in thousands): December 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Loan held for investment, net $ 782 $ 1,057 $ 769 $ 1,104 Mortgage notes payable- outstanding borrowings (800,862 ) (802,523 ) (627,088 ) (620,578 )

DERIVATIVES AND HEDGING ACTIV45

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	12 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Outstanding Interest Rate Derivatives	As of December 31, 2017 , 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 18 $ 477,825 January 1, 2018 to January 1, 2021
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, 2017 and 2016 (in thousands): Asset Derivatives Liability Derivatives December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Prepaid expenses and other assets $ 49 Prepaid expenses and other assets $ 242 — $ — — $ —

QUARTERLY FINANCIAL DATA (UNA46

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2017
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 2017 March 31 June 30 September 30 December 31 (unaudited) (unaudited) (unaudited) (unaudited) Revenues $ 30,205 $ 31,030 $ 32,333 $ 32,121 Net income (loss) attributable to common stockholders (8,866 ) (3,162 ) 2,191 (12,132 ) Net income (loss) per common share $ (0.12 ) $ (0.04 ) $ 0.03 $ (0.18 ) 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 )

NATURE OF BUSINESS AND OPERAT47

NATURE OF BUSINESS AND OPERATIONS (Details) - USD ($) $ in Thousands	12 Months Ended			36 Months Ended	54 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017	Dec. 13, 2013
Securities Financing Transaction [Line Items]
Shares issued and sold, distribution reinvestment plan (in shares)				8,000,000	1,200,000
Common stock issued through distribution reinvestment plan	$ 27,114	$ 28,497	$ 28,959	$ 84,600
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 ACCOUN48

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	12 Months Ended
	Dec. 31, 2017USD ($)DistributionPropertyshares	Dec. 31, 2016USD ($)Property	Dec. 31, 2015USD ($)
Assets Held for Sale [Abstract]
Number of properties held for sale | Property	0	0
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	133,000,000
Deposits at various banks, amount over the insurance limit of the Federal Deposit Insurance Corporation	119,200,000
Payments due under lease obligations	226,000
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
Goodwill, Impaired [Abstract]
Goodwill impairment	$ 0
Revenue Recognition [Abstract]
Other operating income	12,600,000	10,800,000	$ 11,700,000
Tenant Receivable [Abstract]
Allowance for uncollectable receivables	$ 149,300	$ 5,200
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	49,995
Number of stock distributions (in distributions) | Distribution	12
Common Stock | Dividend distribution one
Earnings Per Share [Abstract]
Number of stock distributions (in distributions) | Distribution	7
Common stock dividend rate	1.50%
Common Stock | Dividend distribution two
Earnings Per Share [Abstract]
Number of stock distributions (in distributions) | Distribution	2
Common stock dividend rate	0.75%
Common Stock | Dividend distribution three
Earnings Per Share [Abstract]
Number of stock distributions (in distributions) | Distribution	1
Common stock dividend rate	0.585%
Common Stock | Dividend distribution four
Earnings Per Share [Abstract]
Number of stock distributions (in distributions) | Distribution	2
Common stock dividend rate	0.50%
Residential rental properties
Revenue Recognition [Abstract]
Future minimum rental payments to be received in the next year	$ 58,200,000
Future minimum rental payments to be received in the next two years	95,000
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 in the next year	440,000
Future minimum rental payments to be received in the next two years	389,000
Future minimum rental payments to be received in the next three years	318,000
Future minimum rental payments to be received in the next four years	241,000
Future minimum rental payments to be received in the next five years	$ 114,000
Geographic concentration risk | TEXAS
Rental Properties [Abstract]
Percentage of real estate investments	27.00%
Geographic concentration risk | GEORGIA
Rental Properties [Abstract]
Percentage of real estate investments	11.00%
Geographic concentration risk | CALIFORNIA
Rental Properties [Abstract]
Percentage of real estate investments	17.00%
Resource Real Estate Opportunity Manager, LLC
Rental Properties [Abstract]
Construction management fee percentage	5.00%
Improvements and Replacements
Rental Properties [Abstract]
Estimated useful lives	1 year

SUMMARY OF SIGNIFICANT ACCOUN49

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation (Details)	Dec. 31, 2017Unit
Subsidiary or Equity Method Investee [Line Items]
Number of Units	9,500
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 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	316
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 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
RRE Green Trails Holdings, LLC (Green Trails)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	440
RRE Terraces at Lake Mary Holdings, LLC (Lake Mary)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	284
RRE Courtney Meadows Holdings, LLC (Courtney Meadows)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	276
Stone Ridge
Subsidiary or Equity Method Investee [Line Items]
Number of Units	188
Ownership %	83.40%

SUMMARY OF SIGNIFICANT ACCOUN50

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Rental Property Useful Lives (Details)	12 Months Ended
	Dec. 31, 2017
Buildings
Real Estate Properties [Line Items]
Estimated useful lives	27 years 6 months
Building improvements | Minimum
Real Estate Properties [Line Items]
Estimated useful lives	5 years
Building improvements | Maximum
Real Estate Properties [Line Items]
Estimated useful lives	27 years 6 months
Furniture, fixtures and equipment | Minimum
Real Estate Properties [Line Items]
Estimated useful lives	3 years
Furniture, fixtures and equipment | Maximum
Real Estate Properties [Line Items]
Estimated useful lives	5 years

SUPPLEMENTAL CASH FLOW INFORM51

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Non-cash financing and investing activities:
Stock issued from distribution reinvestment plan	$ 27,114	$ 28,497	$ 28,959
Deferred financing costs and escrow deposits funded directly by mortgage notes and credit facility	2,145	2,619	11,167
Accrual for construction in progress	1,346	1,343	896
Deconsolidation of subsidiary and removal of related mortgage notes payable and noncontrolling interest	0	35,152	0
Mortgage notes payable settled directly with proceeds from sale of rental property	26,976	55,720	0
Non-cash activity related to acquisitions:
Mortgage notes payable and other liabilities assumed in acquisition of rental property	0	0	40,284
Mortgage notes payable used to acquire real property	118,705	0	0
Cash paid during the period for:
Interest	$ 26,458	$ 20,297	$ 20,752

RESTRICTED CASH - Narrative (De

RESTRICTED CASH - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Cash and Cash Equivalents [Abstract]
Unrestricted cash designated for capital expenditures	$ 86.9	$ 101.6

RESTRICTED CASH - Schedule of R

RESTRICTED CASH - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 13,401	$ 10,277
Real estate taxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	8,877	6,853
Insurance
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	1,995	1,854
Capital improvements
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 2,530	$ 1,570

RENTAL PROPERTIES, NET - Invest

RENTAL PROPERTIES, NET - Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real Estate Investments, Net [Abstract]
Land	$ 196,765	$ 176,418
Building and improvements	905,739	795,665
Furniture, fixtures and equipment	37,796	32,198
Construction in progress	6,297	5,983
Rental properties, gross	1,146,597	1,010,264
Less: accumulated depreciation	(147,708)	(107,810)
Rental properties, net	$ 998,889	$ 902,454

RENTAL PROPERTIES, NET - Narrat

RENTAL PROPERTIES, NET - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate Investments, Net [Abstract]
Depreciation expense	$ 48.7	$ 44	$ 41.9

OTHER INVESTMENTS - Narrative (

OTHER INVESTMENTS - Narrative (Details)	Nov. 12, 2014USD ($)	Mar. 31, 2016USD ($)	Oct. 31, 2015USD ($)	May 31, 2015USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2011USD ($)Loan	Apr. 18, 2013USD ($)
Financing Receivable, Allowance for Credit Losses [Line Items]
Payment to fund investment					$ 0	$ 408,000	$ 408,000
Number of performing promissory notes | Loan								1
Loan made to purchaser					934,000	960,000
Provision for loan loss					0	0	130,000
Allowance for credit losses					0	0
Charge-offs					$ 0	0
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
Spring Hills Investors Limited Partner, LLC
Financing Receivable, Allowance for Credit Losses [Line Items]
Payment to fund investment	$ 3,500,000	$ 800,000	$ 800,000
Dividend receivable rate	12.00%
Monthly dividend receivable rate	7.00%
Exit fee proceeds						$ 230,000
Trail Ridge Note
Financing Receivable, Allowance for Credit Losses [Line Items]
Purchase price of promissory note								$ 700,000
Heatherwood Note
Financing Receivable, Allowance for Credit Losses [Line Items]
Purchase price of promissory note								$ 800,000

OTHER INVESTMENTS - Terms of Lo

OTHER INVESTMENTS - Terms of Loans Held for Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Unpaid principal balance	$ 934	$ 960
Unamortized discount and acquisition costs	152	191
Net book value	$ 782	$ 769
Interest rate	7.50%
Average monthly payment	$ 8

ACQUISITIONS - Real Estate Inve

ACQUISITIONS - Real Estate Investments (Details) $ in Thousands	Dec. 20, 2017USD ($)	Aug. 31, 2017USD ($)	May 31, 2017USD ($)	Dec. 31, 2017Property	Jan. 28, 2014Property
Business Acquisition [Line Items]
Number of properties | Property				30
Valuation period				12 months
Courtney Meadows Apartments
Fair value of the net assets acquired:
Contractual purchase price	$ 41,400
Land	6,159
Building and Improvements	33,720
Furniture, Fixtures and Equipment	629
Intangible Assets	892
Other Assets	8
Liabilities	$ (58)
Terraces at Lake Mary
Fair value of the net assets acquired:
Contractual purchase price		$ 44,100
Land		5,402
Building and Improvements		37,297
Furniture, Fixtures and Equipment		433
Intangible Assets		968
Other Assets		0
Liabilities		$ (423)
Green Trails Apartment Homes
Fair value of the net assets acquired:
Contractual purchase price			$ 78,000
Land			14,727
Building and Improvements			61,283
Furniture, Fixtures and Equipment			1,117
Intangible Assets			1,695
Other Assets			14
Liabilities			$ (898)
Resource Real Estate Opportunity OP, LP | Multifamily Community | Paladin
Business Acquisition [Line Items]
Number of properties | Property				5	11

ACQUISITIONS - Acquisitions (De

ACQUISITIONS - Acquisitions (Details)	12 Months Ended
	Dec. 31, 2017Property
Business Combinations [Abstract]
Number of real estate properties acquired	3

ACQUISITIONS - Revenues, Losses

ACQUISITIONS - Revenues, Losses, and Acquisition Costs - Current Year (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Total Revenues	$ 32,121	$ 32,333	$ 31,030	$ 30,205	$ 28,515	$ 28,575	$ 30,721	$ 30,556	$ 125,689	$ 118,367	$ 118,325
Net Loss					$ (10,173)	$ 9,637	$ 2,427	$ 8,480	(21,969)	10,371	(16,933)
Green Trails Apartment Homes
Business Acquisition [Line Items]
Total Revenues									4,128
Net Loss									(1,920)
Acquisition Costs									(1,774)
Terraces at Lake Mary
Business Acquisition [Line Items]
Total Revenues									1,394
Net Loss									(1,424)
Acquisition Costs									(1,290)
Courtney Meadows Apartments
Business Acquisition [Line Items]
Total Revenues									103
Net Loss									(879)
Acquisition Costs									(1,217)
Various Properties
Business Acquisition [Line Items]
Total Revenues									0	0
Net Loss									0	0
Acquisition Costs									(188)	(73)
Multifamily Community
Business Acquisition [Line Items]
Total Revenues									5,625	193	12,120
Net Loss									(4,223)	(781)	(9,302)
Acquisition Costs									$ (4,469)	$ (1,582)	$ (5,811)

ACQUISITIONS - Revenues, Loss61

ACQUISITIONS - Revenues, Losses and Acquisition Costs (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Total Revenues	$ 32,121	$ 32,333	$ 31,030	$ 30,205	$ 28,515	$ 28,575	$ 30,721	$ 30,556	$ 125,689	$ 118,367	$ 118,325
Net Loss					$ (10,173)	$ 9,637	$ 2,427	$ 8,480	(21,969)	10,371	(16,933)
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									0	0
Net Loss									0	0
Acquisition Costs									(188)	(73)
South Lamar Village
Business Acquisition [Line Items]
Total Revenues											2,086
Net Loss											(1,580)
Acquisition Costs											(692)
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)
Multifamily Community
Business Acquisition [Line Items]
Total Revenues									5,625	193	12,120
Net Loss									(4,223)	(781)	(9,302)
Acquisition Costs									$ (4,469)	$ (1,582)	$ (5,811)

DISPOSITION OF PROPERTIES AND62

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

Sep. 27, 2017

Aug. 16, 2017

May 12, 2017

May 10, 2017

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

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

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

Net Income Attributable to Properties Sold

$ (10,173)

$ 9,637

$ 2,427

$ 8,480

$ (21,969)

$ 10,371

$ (16,933)

Noncontrolling interests

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

Net Income Attributable to Properties Sold

6,306

(38)

Chisholm Place

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

Contract Sales price

$ 21,250

Net Gains on Dispositions of Properties and Joint Venture Interests

6,922

Revenues Attributable to Properties Sold

823

Net Income Attributable to Properties Sold

$ 6,657

Mosaic

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

Contract Sales price

$ 6,100

Net Gains on Dispositions of Properties and Joint Venture Interests

1,513

Revenues Attributable to Properties Sold

473

Net Income Attributable to Properties Sold

$ 1,441

Deerfield

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

Contract Sales price

$ 23,600

Net Gains on Dispositions of Properties and Joint Venture Interests

11,035

Revenues Attributable to Properties Sold

1,653

Net Income Attributable to Properties Sold

$ 11,037

Stone Ridge

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

Contract Sales price

$ 10,534

Net Gains on Dispositions of Properties and Joint Venture Interests

3,265

Revenues Attributable to Properties Sold

1,291

Net Income Attributable to Properties Sold

$ 3,060

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 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 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 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 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 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 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 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 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 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 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 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

Net Gains on Dispositions of Properties and Joint Venture Interests

4,386

Revenues Attributable to Properties Sold

828

Net Income 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 Attributable to Properties Sold

$ 2,202

Multifamily Community

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

Contract Sales price

$ 140,004

61,484

140,004

87,684

Net Gains on Dispositions of Properties and Joint Venture Interests

22,735

45,057

36,041

Revenues Attributable to Properties Sold

4,240

6,144

4,140

Net Income Attributable to Properties Sold

$ 22,195

$ 45,517

$ 36,040

IDENTIFIED INTANGIBLE ASSETS,63

IDENTIFIED INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets, net	$ 1,796	$ 1,855
Weighted average remaining life	5 months	7 months
2,018	$ 1,770
2,019	13
2,020	9
2,021	4
Amortization expense	3,600	$ 228	$ 6,400
Acquired in-place leases
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets, net	1,800	1,900
Accumulated amortization	26,600	$ 24,300
Antennae leases
Finite-Lived Intangible Assets [Line Items]
2,018	14
2,019	13
2,020	9
2,021	$ 5

IDENTIFIED INTANGIBLE ASSETS,64

IDENTIFIED INTANGIBLE ASSETS, NET - Rental and Antennae Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
2,018	$ 1,770
2,019	13
2,020	9
2,021	4
Thereafter	0
Total	$ 1,796	$ 1,855

GOODWILL (Details)

GOODWILL (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Goodwill [Roll Forward]
Beginning balance	$ 711	$ 1,231
Ending balance	670	711
Conifer Place, Champion Farms and Fieldstone
Goodwill [Roll Forward]
Activity - 2016: Sale of Conifer Place, Champion Farms, and Fieldstone		(520)
Activity - 2017: Sale of Stone Ridge		$ (520)
Stone Ridge
Goodwill [Roll Forward]
Activity - 2016: Sale of Conifer Place, Champion Farms, and Fieldstone	(41)
Activity - 2017: Sale of Stone Ridge	$ (41)

MORTGAGE NOTES PAYABLE, NET - N

MORTGAGE NOTES PAYABLE, NET - Narrative (Details) - USD ($) $ in Thousands	Dec. 27, 2013	Dec. 20, 2013	Mar. 31, 2016	Feb. 29, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Participating Mortgage Loans [Line Items]
Payments of closing costs					$ 605	$ 3,200	$ 402
Loss on extinguishment of debt					0	791	0
Amortization of deferred financing costs					2,014	2,120	1,839
Mortgage Notes Payable
Participating Mortgage Loans [Line Items]
Accumulated amortization, deferred finance costs					4,000	2,600
Payment guarantee
Participating Mortgage Loans [Line Items]
Guarantee of the completion and payment of costs of completion 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					1,900	1,800	1,500
Interest Expense | Rental properties
Participating Mortgage Loans [Line Items]
Amortization of fair value adjustment of debt					$ (465)	$ (485)	$ (779)
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
LIBOR
Participating Mortgage Loans [Line Items]
Margin over LIBOR			2.25%	2.00%	1.56425%

MORTGAGE NOTES PAYABLE, NET - S

MORTGAGE NOTES PAYABLE, NET - Summary of Mortgage Notes Payable (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	12 Months Ended
	Mar. 31, 2016	Feb. 29, 2016	Dec. 31, 2017	Dec. 31, 2016
Participating Mortgage Loans [Line Items]
Outstanding borrowings			$ 800,862	$ 627,088
Premium (Discount)			1,724	2,189
Deferred finance costs, net			(7,915)	(7,125)
Carrying Value			$ 794,671	622,152
LIBOR
Participating Mortgage Loans [Line Items]
Variable rate	2.25%	2.00%	1.56425%
Vista Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding borrowings			$ 14,896	15,225
Premium (Discount)			0	0
Deferred finance costs, net			(140)	(178)
Carrying Value			$ 14,756	15,047
Annual Interest Rate			3.85%
Average Monthly Debt Service			$ 72
Average Monthly Escrow			16
Cannery Lofts
Participating Mortgage Loans [Line Items]
Outstanding borrowings			13,100	13,100
Premium (Discount)			0	0
Deferred finance costs, net			(165)	(197)
Carrying Value			$ 12,935	12,903
Annual Interest Rate			4.10%
Average Monthly Debt Service			$ 42
Average Monthly Escrow			26
Deerfield
Participating Mortgage Loans [Line Items]
Outstanding borrowings			0	10,359
Premium (Discount)			0	0
Deferred finance costs, net			0	(125)
Carrying Value			0	10,234
Trailpoint at the Woodlands
Participating Mortgage Loans [Line Items]
Outstanding borrowings			18,368	18,690
Premium (Discount)			0	0
Deferred finance costs, net			(188)	(222)
Carrying Value			$ 18,180	18,468
Annual Interest Rate			3.97%
Average Monthly Debt Service			$ 83
Average Monthly Escrow			47
Verona Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding borrowings			32,970	32,970
Premium (Discount)			0	0
Deferred finance costs, net			(475)	(532)
Carrying Value			$ 32,495	32,438
Annual Interest Rate			3.92%
Average Monthly Debt Service			$ 100
Average Monthly Escrow			40
Skyview Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding borrowings			28,400	28,400
Premium (Discount)			0	0
Deferred finance costs, net			(413)	(462)
Carrying Value			$ 27,987	27,938
Annual Interest Rate			3.92%
Average Monthly Debt Service			$ 86
Average Monthly Escrow			24
Maxwell Townhomes
Participating Mortgage Loans [Line Items]
Outstanding borrowings			13,342	13,602
Premium (Discount)			0	0
Deferred finance costs, net			(109)	(137)
Carrying Value			$ 13,233	13,465
Annual Interest Rate			4.32%
Average Monthly Debt Service			$ 71
Average Monthly Escrow			78
Pinehurst
Participating Mortgage Loans [Line Items]
Outstanding borrowings			7,339	7,350
Premium (Discount)			0	0
Deferred finance costs, net			(128)	(154)
Carrying Value			$ 7,211	7,196
Annual Interest Rate			3.98%
Average Monthly Debt Service			$ 34
Average Monthly Escrow			15
Pheasant Run
Participating Mortgage Loans [Line Items]
Outstanding borrowings			6,250	6,250
Premium (Discount)			0	43
Deferred finance costs, net			0	(9)
Carrying Value			$ 6,250	6,284
Annual Interest Rate			4.06%
Average Monthly Debt Service			$ 18
Average Monthly Escrow			12
Retreat at Shawnee
Participating Mortgage Loans [Line Items]
Outstanding borrowings			12,682	12,893
Premium (Discount)			7	85
Deferred finance costs, net			(2)	(23)
Carrying Value			$ 12,687	12,955
Annual Interest Rate			5.58%
Average Monthly Debt Service			$ 78
Average Monthly Escrow			29
Evergreen at Coursey Place
Participating Mortgage Loans [Line Items]
Outstanding borrowings			26,639	27,107
Premium (Discount)			77	100
Deferred finance costs, net			(75)	(96)
Carrying Value			$ 26,641	27,111
Annual Interest Rate			5.07%
Average Monthly Debt Service			$ 154
Average Monthly Escrow			37
Pines of York
Participating Mortgage Loans [Line Items]
Outstanding borrowings			14,717	14,999
Premium (Discount)			(235)	(299)
Deferred finance costs, net			(44)	(56)
Carrying Value			$ 14,438	14,644
Annual Interest Rate			4.46%
Average Monthly Debt Service			$ 80
Average Monthly Escrow			25
The Estates at Johns Creek
Participating Mortgage Loans [Line Items]
Outstanding borrowings			48,603	49,596
Premium (Discount)			0	0
Deferred finance costs, net			(286)	(405)
Carrying Value			$ 48,317	49,191
Annual Interest Rate			3.38%
Average Monthly Debt Service			$ 221
Average Monthly Escrow			77
Chisholm Place
Participating Mortgage Loans [Line Items]
Outstanding borrowings			0	11,587
Premium (Discount)			0	0
Deferred finance costs, net			0	(143)
Carrying Value			0	11,444
Perimeter Circle
Participating Mortgage Loans [Line Items]
Outstanding borrowings			16,923	17,298
Premium (Discount)			0	0
Deferred finance costs, net			(84)	(143)
Carrying Value			$ 16,839	17,155
Annual Interest Rate			3.42%
Average Monthly Debt Service			$ 81
Average Monthly Escrow			44
Perimeter 5,550
Participating Mortgage Loans [Line Items]
Outstanding borrowings			13,356	13,651
Premium (Discount)			0	0
Deferred finance costs, net			(70)	(118)
Carrying Value			$ 13,286	13,533
Annual Interest Rate			3.42%
Average Monthly Debt Service			$ 64
Average Monthly Escrow			32
Aston at Cinco Ranch
Participating Mortgage Loans [Line Items]
Outstanding borrowings			22,942	23,367
Premium (Discount)			0	0
Deferred finance costs, net			(210)	(268)
Carrying Value			$ 22,732	23,099
Annual Interest Rate			4.34%
Average Monthly Debt Service			$ 120
Average Monthly Escrow			70
Sunset Ridge 1
Participating Mortgage Loans [Line Items]
Outstanding borrowings			19,254	19,699
Premium (Discount)			189	259
Deferred finance costs, net			(150)	(205)
Carrying Value			$ 19,293	19,753
Annual Interest Rate			4.58%
Average Monthly Debt Service			$ 113
Average Monthly Escrow			89
Sunset Ridge 2
Participating Mortgage Loans [Line Items]
Outstanding borrowings			2,890	2,948
Premium (Discount)			26	35
Deferred finance costs, net			(19)	(26)
Carrying Value			$ 2,897	2,957
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			34,396	35,083
Premium (Discount)			0	0
Deferred finance costs, net			(241)	(306)
Carrying Value			$ 34,155	34,777
Annual Interest Rate			3.87%
Average Monthly Debt Service			$ 171
Average Monthly Escrow			115
South Lamar Village
Participating Mortgage Loans [Line Items]
Outstanding borrowings			12,177	12,435
Premium (Discount)			0	0
Deferred finance costs, net			(80)	(131)
Carrying Value			$ 12,097	12,304
Annual Interest Rate			3.64%
Average Monthly Debt Service			$ 59
Average Monthly Escrow			57
Heritage Pointe
Participating Mortgage Loans [Line Items]
Outstanding borrowings			25,912	26,280
Premium (Discount)			0	0
Deferred finance costs, net			(284)	(327)
Carrying Value			$ 25,628	25,953
Annual Interest Rate			3.44%
Average Monthly Debt Service			$ 114
Average Monthly Escrow			43
Yorba Linda
Participating Mortgage Loans [Line Items]
Outstanding borrowings			67,500	67,500
Premium (Discount)			0	0
Deferred finance costs, net			(461)	(661)
Carrying Value			$ 67,039	66,839
Annual Interest Rate			3.31%
Average Monthly Debt Service			$ 203
Average Monthly Escrow			0
Point Bonita Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding borrowings			26,525	26,907
Premium (Discount)			1,660	1,966
Deferred finance costs, net			(285)	(338)
Carrying Value			$ 27,900	28,535
Annual Interest Rate			5.33%
Average Monthly Debt Service			$ 152
Average Monthly Escrow			61
Stone Ridge
Participating Mortgage Loans [Line Items]
Outstanding borrowings			0	5,227
Premium (Discount)			0	0
Deferred finance costs, net			0	(130)
Carrying Value			0	5,097
The Westside Apartments
Participating Mortgage Loans [Line Items]
Outstanding borrowings			36,820	36,820
Premium (Discount)			0	0
Deferred finance costs, net			(390)	(448)
Carrying Value			$ 36,430	36,372
Annual Interest Rate			3.68%
Average Monthly Debt Service			$ 121
Average Monthly Escrow			69
Tech Center Square
Participating Mortgage Loans [Line Items]
Outstanding borrowings			12,141	12,375
Premium (Discount)			0	0
Deferred finance costs, net			(164)	(196)
Carrying Value			$ 11,977	12,179
Annual Interest Rate			4.14%
Average Monthly Debt Service			$ 58
Average Monthly Escrow			24
Williamsburg Apartments
Participating Mortgage Loans [Line Items]
Outstanding borrowings			53,995	53,995
Premium (Discount)			0	0
Deferred finance costs, net			(706)	(828)
Carrying Value			$ 53,289	53,167
Annual Interest Rate			3.94%
Average Monthly Debt Service			$ 165
Average Monthly Escrow			167
Retreat at Rocky Ridge
Participating Mortgage Loans [Line Items]
Outstanding borrowings			11,375	11,375
Premium (Discount)			0	0
Deferred finance costs, net			(223)	(261)
Carrying Value			$ 11,152	11,114
Annual Interest Rate			4.02%
Average Monthly Debt Service			$ 36
Average Monthly Escrow			23
Providence in the Park
Participating Mortgage Loans [Line Items]
Outstanding borrowings			47,000	0
Premium (Discount)			0	0
Deferred finance costs, net			(524)	0
Carrying Value			$ 46,476	0
Annual Interest Rate			3.86%
Average Monthly Debt Service			$ 141
Average Monthly Escrow			138
Green Trails Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding borrowings			61,500	0
Premium (Discount)			0	0
Deferred finance costs, net			(667)	0
Carrying Value			$ 60,833	0
Annual Interest Rate			3.55%
Average Monthly Debt Service			$ 168
Average Monthly Escrow			79
Meridian Pointe
Participating Mortgage Loans [Line Items]
Outstanding borrowings			39,500	0
Premium (Discount)			0	0
Deferred finance costs, net			(588)	0
Carrying Value			$ 38,912	0
Annual Interest Rate			3.46%
Average Monthly Debt Service			$ 104
Average Monthly Escrow			56
Terraces at Lake Mary
Participating Mortgage Loans [Line Items]
Outstanding borrowings			32,250	0
Premium (Discount)			0	0
Deferred finance costs, net			(377)	0
Carrying Value			$ 31,873	0
Annual Interest Rate			3.47%
Average Monthly Debt Service			$ 86
Average Monthly Escrow			46
Courtney Meadows Apartments
Participating Mortgage Loans [Line Items]
Outstanding borrowings			27,100	0
Premium (Discount)			0	0
Deferred finance costs, net			(367)	0
Carrying Value			$ 26,733	$ 0
Annual Interest Rate			3.40%
Average Monthly Debt Service			$ 76
Average Monthly Escrow			$ 51

MORTGAGE NOTES PAYABLE, NET - A

MORTGAGE NOTES PAYABLE, NET - Annual Principal Payments on the Mortgage Note Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
2,018	$ 14,005
2,019	64,215
2,020	144,695
2,021	102,886
2,022	35,529
Thereafter	439,532
Carrying Value	$ 800,862	$ 627,088

MORTGAGE NOTES PAYABLE, NET -69

MORTGAGE NOTES PAYABLE, NET - Amortization of Existing Deferred Financing Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
2,018	$ 1,683
2,019	1,580
2,020	1,302
2,021	1,067
2,022	871
Thereafter	1,412
Deferred financing costs, net	$ 7,915	$ 7,125

CREDIT FACILITY - Narrative (De

CREDIT FACILITY - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Line of Credit Facility [Line Items]
Amortization of deferred financing costs	$ 2,014,000	$ 2,120,000	$ 1,839,000
Revolving credit facility | BAML
Line of Credit Facility [Line Items]
Weighted average borrowings	$ 0	$ 6,800,000
Margin over LIBOR	3.00%
Weighted average interest rate		3.44%
Revolving credit facility | Interest Expense | BAML
Line of Credit Facility [Line Items]
Payment of unused line of credit fee	$ 250,000
BAML
Line of Credit Facility [Line Items]
Accumulated amortization, deferred finance costs	0	$ 857,000
BAML | Interest Expense
Line of Credit Facility [Line Items]
Amortization of deferred financing costs	$ 0	$ 321,000	$ 327,000

ACCUMULATED OTHER COMPREHENSI71

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income [Rollforward]
Beginning balance	$ (345)
Ending balance	(562)	$ (345)
Net unrealized gain (loss) on derivatives
Accumulated Other Comprehensive Income [Rollforward]
Beginning balance	(345)	(440)	$ (266)
Unrealized loss on designated derivatives	(380)	(10)	(174)
Reclassification adjustment for realized loss on designated derivatives	163	105
Ending balance	$ (562)	$ (345)	$ (440)

CERTAIN RELATIONSHIPS AND REL72

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS - Relationship with RAI (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Apr. 22, 2017
Related Party Transaction [Line Items]
Payment for insurance premiums	$ 1,000,000	$ 1,800,000
RAI
Related Party Transaction [Line Items]
Amount of losses covered by the insurance pool	2,500,000
Property loss insurance pool, deductible amount per incident	25,000
Amount of property insurance covered by catastrophic insurance	250,000,000
Amount of general liability covered by catastrophic insurance per incident	25,000
General liability pool, deductible amount per incident	25,000		$ 50,000
General liability insurance, loss covered in excess of insurance pool, limit	76,000,000
Liability insurance program, maximum amount covered	100,000,000
Liability insurance program, amount paid	$ 304,047

CERTAIN RELATIONSHIPS AND REL73

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS - Relationship with the Advisor (Details) - Advisor	12 Months Ended
	Dec. 31, 2017
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%

CERTAIN RELATIONSHIPS AND REL74

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, 2017
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 REL75

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Receivables from related parties	$ 371	$ 1,375
Payables to related parties	719	2,055
RAI
Related Party Transaction [Line Items]
Receivables from related parties	371	1,375
Advisor
Related Party Transaction [Line Items]
Payables to related parties	47	1,285
Advisor | Operating expense reimbursements
Related Party Transaction [Line Items]
Payables to related parties	32	1,285
Advisor | Acquisition fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	3,670	1,452	$ 5,179
Advisor | Asset management fees
Related Party Transaction [Line Items]
Payables to related parties	15	0
Fees earned / expenses paid to related parties	11,352	10,484	10,240
Advisor | Disposition fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	361	686	1,140
Advisor | Debt financing fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	1,036	532	697
Advisor | Overhead allocation
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	4,442	5,621	3,733
Advisor | Internal audit fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	69	44	41
Resource Real Estate Opportunity Manager, LLC
Related Party Transaction [Line Items]
Payables to related parties	672	770
Resource Real Estate Opportunity Manager, LLC | Operating expense reimbursements
Related Party Transaction [Line Items]
Payables to related parties	196	314
Fees earned / expenses paid to related parties	1,015	2,273	2,174
Resource Real Estate Opportunity Manager, LLC | Property management fees
Related Party Transaction [Line Items]
Payables to related parties	476	456
Fees earned / expenses paid to related parties	5,589	5,137	4,748
Resource Real Estate Opportunity Manager, LLC | Construction management fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	764	926	1,895
Resource Real Estate Opportunity Manager, LLC | Construction payroll reimbursements
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	191	310	483
Resource Real Estate Opportunity Manager, LLC | Information technology fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	0	418	365
Resource Real Estate Opportunity Manager, LLC | Debt servicing fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	2	15	33
Ledgewood
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	0	121	169
The Planning & Zoning Resource Company
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	4	0	0
Graphic Images
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	$ 9	$ 91	$ 59

EQUITY - Preferred and Common S

EQUITY - Preferred and Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
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)		77,457,551	74,975,022
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Gross Proceeds		$ 753,316
Shares redeemed (in shares)		(6,158,084)
Total shares outstanding as of December 31 (in shares)		71,299,467
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)		11,560,597
Gross Proceeds, shares issued through distribution reinvestment plan		$ 118,502
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, 2017Event$ / sharesshares	Dec. 31, 2016$ / sharesshares
Equity [Abstract]
Convertible stock shares outstanding (in shares)	49,995	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)	932
Convertible stock repurchased and retired during period (in shares)	5
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, 2017	Nov. 30, 2017	Oct. 31, 2017	Sep. 30, 2017	Aug. 31, 2017	Jul. 31, 2017	Jun. 30, 2017	May 31, 2017	Apr. 30, 2017	Mar. 31, 2017	Feb. 28, 2017	Jan. 31, 2017	Dec. 31, 2017
Equity [Abstract]
Shares redeemed (in shares)	856	0	0	681	0	0	957	0	0	696	0	0	3,190
Average Price Paid per Share (in dollars per share)	$ 10.94	$ 0	$ 0	$ 10.94	$ 0	$ 0	$ 10.94	$ 0	$ 0	$ 10.83	$ 0	$ 0
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, 2017USD ($)$ / shares

Nov. 30, 2017USD ($)$ / shares

Oct. 31, 2017USD ($)$ / shares

Sep. 29, 2017USD ($)$ / shares

Aug. 31, 2017USD ($)$ / shares

Jul. 31, 2017USD ($)$ / shares

Jun. 30, 2017USD ($)$ / shares

May 31, 2017USD ($)$ / shares

Apr. 28, 2017USD ($)$ / shares

Mar. 31, 2017USD ($)$ / shares

Feb. 28, 2017USD ($)$ / shares

Jan. 31, 2017USD ($)$ / shares

Dec. 31, 2017USD ($)Distribution$ / sharesshares

Dec. 31, 2016USD ($)

Dec. 31, 2015USD ($)

Dec. 31, 2017USD ($)

Securities Financing Transaction [Line Items]

Total Aggregate Distributions

$ 43,033

Net Cash Distributions

15,919

Distributions Reinvested in Shares of Common Stock

$ 27,114

$ 28,497

$ 28,959

$ 84,600

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

$ 0.6000

Number of stock distributions (in distributions) | Distribution

12

1/30/2017

Securities Financing Transaction [Line Items]

Total Aggregate Distributions

$ 3,601

Net Cash Distributions

1,272

Distributions Reinvested in Shares of Common Stock

$ 2,329

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

$ 0.05

2/27/2017

Securities Financing Transaction [Line Items]

Total Aggregate Distributions

$ 3,611

Net Cash Distributions

1,303

Distributions Reinvested in Shares of Common Stock

$ 2,308

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

$ 0.05

3/30/2017

Securities Financing Transaction [Line Items]

Total Aggregate Distributions

$ 3,588

Net Cash Distributions

1,314

Distributions Reinvested in Shares of Common Stock

$ 2,274

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

$ 0.05

4/27/2017

Securities Financing Transaction [Line Items]

Total Aggregate Distributions

$ 3,597

Net Cash Distributions

1,324

Distributions Reinvested in Shares of Common Stock

$ 2,273

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

$ 0.050

5/30/2017

Securities Financing Transaction [Line Items]

Total Aggregate Distributions

$ 3,608

Net Cash Distributions

1,350

Distributions Reinvested in Shares of Common Stock

$ 2,258

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

$ 0.050

6/29/2017

Securities Financing Transaction [Line Items]

Total Aggregate Distributions

$ 3,571

Net Cash Distributions

1,322

Distributions Reinvested in Shares of Common Stock

$ 2,249

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

$ 0.050

7/28/2017

Securities Financing Transaction [Line Items]

Total Aggregate Distributions

$ 3,580

Net Cash Distributions

1,333

Distributions Reinvested in Shares of Common Stock

$ 2,247

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

$ 0.05

8/30/2017

Securities Financing Transaction [Line Items]

Total Aggregate Distributions

$ 3,590

Net Cash Distributions

1,340

Distributions Reinvested in Shares of Common Stock

$ 2,250

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

$ 0.05

9/28/2017

Securities Financing Transaction [Line Items]

Total Aggregate Distributions

$ 3,568

Net Cash Distributions

1,335

Distributions Reinvested in Shares of Common Stock

$ 2,233

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

$ 0.05

10/30/2017

Securities Financing Transaction [Line Items]

Total Aggregate Distributions

$ 3,576

Net Cash Distributions

1,339

Distributions Reinvested in Shares of Common Stock

$ 2,237

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

$ 0.050

11/29/2017

Securities Financing Transaction [Line Items]

Total Aggregate Distributions

$ 3,588

Net Cash Distributions

1,349

Distributions Reinvested in Shares of Common Stock

$ 2,239

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

$ 0.050

12/28/2017

Securities Financing Transaction [Line Items]

Total Aggregate Distributions

$ 3,555

Net Cash Distributions

1,338

Distributions Reinvested in Shares of Common Stock

$ 2,217

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

$ 0.050

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 DISCL80

FAIR VALUE MEASURES AND DISCLOSURES - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets:
Interest rate caps	$ 49	$ 242
Assets, Fair Value Disclosure	49	242
Level 1
Assets:
Interest rate caps	0	0
Assets, Fair Value Disclosure	0	0
Level 2
Assets:
Interest rate caps	49	242
Assets, Fair Value Disclosure	49	242
Level 3
Assets:
Interest rate caps	0	0
Assets, Fair Value Disclosure	$ 0	$ 0

FAIR VALUE MEASURES AND DISCL81

FAIR VALUE MEASURES AND DISCLOSURES - Schedule of Carrying and Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan held for investment, net	$ 782	$ 769
Mortgage notes payable- outstanding borrowings	(800,862)	(627,088)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan held for investment, net	1,057	1,104
Mortgage notes payable- outstanding borrowings	$ (802,523)	$ (620,578)

DERIVATIVES AND HEDGING ACTIV82

DERIVATIVES AND HEDGING ACTIVITIES (Details)	12 Months Ended
	Dec. 31, 2017USD ($)derivative	Dec. 31, 2016USD ($)
Prepaid expenses and other assets
Derivatives, Fair Value [Line Items]
Asset derivatives, fair value	$ 49,000	$ 242,000
Cash flow hedging
Derivatives, Fair Value [Line Items]
Loss due to cash flow hedge ineffectiveness	162,636
Interest rate hedge to be reclassified during next 12 months	$ 203,188
Cash flow hedging | Nesbit Palisades and Ivy at Clear Creek
Derivatives, Fair Value [Line Items]
Loss due to cash flow hedge ineffectiveness		$ 104,941
Cash flow hedging | Interest Rate Cap
Derivatives, Fair Value [Line Items]
Number of Instruments | derivative	18
Notional	$ 477,825,000

OPERATING EXPENSES (Details)

OPERATING EXPENSES (Details)	Dec. 31, 2017Quarter
Operating Expenses [Abstract]
Average invested assets	2.00%
Net income of operating expense	25.00%
Number of most recently completed fiscal quarters for which Company must limit its operating expenses	4

INSURANCE PROCEEDS IN EXCESS 84

INSURANCE PROCEEDS IN EXCESS OF COST BASIS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Insurance proceeds in excess of cost basis	$ 150	$ 985	$ 407
Insurance proceeds received for casualty losses	$ 248	3,171	794
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
Chisholm Place
Business Acquisition [Line Items]
Insurance proceeds received for casualty losses			$ 160

QUARTERLY FINANCIAL DATA (UNA85

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 32,121	$ 32,333	$ 31,030	$ 30,205	$ 28,515	$ 28,575	$ 30,721	$ 30,556	$ 125,689	$ 118,367	$ 118,325
Net (loss) income					(10,173)	9,637	2,427	8,480	(21,969)	10,371	(16,933)
Less: net (income) loss attributable to noncontrolling interests					0	0	(25)	(6,281)	0	(6,306)	38
Net (loss) income attributable to common stockholders	$ (12,132)	$ 2,191	$ (3,162)	$ (8,866)	$ (10,173)	$ 9,637	$ 2,402	$ 2,199	$ (21,969)	$ 4,065	$ (16,895)
Net income (loss) per common share (in dollars per share)	$ (0.18)	$ 0.03	$ (0.04)	$ (0.12)	$ (0.14)	$ 0.14	$ 0.03	$ 0.03	$ (0.31)	$ 0.06	$ (0.24)

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Millions	Mar. 12, 2018USD ($)units	Feb. 12, 2018USD ($)units	Feb. 01, 2018$ / shares	Jan. 29, 2018$ / shares	Mar. 28, 2018	Mar. 26, 2018USD ($)	Dec. 31, 2017Unit
Subsequent Event [Line Items]
Number of units in community | Unit							9,500
Subsequent event
Subsequent Event [Line Items]
Declared divident per common share (USD per share) | $ / shares			$ 0.05	$ 0.05
Redemption requests						$ 11
New redemption price percentage of the net asset value per share redeemed					95.00%
Distributions reinvestment as percentage of net asset value per share					95.00%
Subsequent event | Addison at Sandy Spring Apartments
Subsequent Event [Line Items]
Number of units in community | units		236
Contractual purchase price		$ 34
Subsequent event | Bristol at Grapevine Apartments
Subsequent Event [Line Items]
Number of units in community | units	376
Contractual purchase price	$ 44.7

SCHEDULE III Real Estate and 87

SCHEDULE III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				$ 800,862
Initial cost to Company				1,031,611
Cost capitalized subsequent to acquisition				114,986
Gross Amount at which carried at close of period	$ 1,010,264	$ 1,063,211	$ 857,151	1,146,597
Accumulated Depreciation	(107,810)	(77,363)	(45,133)	(147,708)
Investments in Rental Properties:
Balance, beginning of the period	1,010,264	1,063,211	857,151
Acquisitions	160,767	61,490	224,841
Improvements, etc.	21,592	28,024	43,018
Dispositions during the period	(46,026)	(142,461)	(61,799)
Balance, at close of period	1,146,597	1,010,264	1,063,211
Accumulated depreciation:
Balance, beginning of period	(107,810)	(77,363)	(45,133)
Sales	8,146	12,737	9,031
Disposals	685	819	652
Depreciation	(48,729)	(44,003)	(41,913)
Balance, end of period	(147,708)	$ (107,810)	$ (77,363)
Philadelphia, PA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				14,897
Initial cost to Company				11,076
Cost capitalized subsequent to acquisition				4,508
Gross Amount at which carried at close of period	15,584			15,584
Accumulated Depreciation	(4,734)			(4,734)
Investments in Rental Properties:
Balance, at close of period	15,584
Accumulated depreciation:
Balance, end of period	$ (4,734)
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				1,759
Gross Amount at which carried at close of period	$ 10,032			10,032
Accumulated Depreciation	(2,640)			(2,640)
Investments in Rental Properties:
Balance, at close of period	10,032
Accumulated depreciation:
Balance, end of period	$ (2,640)
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				13,008
Gross Amount at which carried at close of period	$ 52,349			52,349
Accumulated Depreciation	(16,531)			(16,531)
Investments in Rental Properties:
Balance, at close of period	52,349
Accumulated depreciation:
Balance, end of period	$ (16,531)
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
Hoover, AL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				11,375
Initial cost to Company				8,064
Cost capitalized subsequent to acquisition				3,672
Gross Amount at which carried at close of period	$ 11,736			11,736
Accumulated Depreciation	(2,796)			(2,796)
Investments in Rental Properties:
Balance, at close of period	11,736
Accumulated depreciation:
Balance, end of period	$ (2,796)
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				18,368
Initial cost to Company				26,496
Cost capitalized subsequent to acquisition				4,075
Gross Amount at which carried at close of period	$ 30,571			30,571
Accumulated Depreciation	(6,631)			(6,631)
Investments in Rental Properties:
Balance, at close of period	30,571
Accumulated depreciation:
Balance, end of period	$ (6,631)
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				5,438
Gross Amount at which carried at close of period	$ 36,439			36,439
Accumulated Depreciation	(6,876)			(6,876)
Investments in Rental Properties:
Balance, at close of period	36,439
Accumulated depreciation:
Balance, end of period	$ (6,876)
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				12,141
Initial cost to Company				17,583
Cost capitalized subsequent to acquisition				2,759
Gross Amount at which carried at close of period	$ 20,342			20,342
Accumulated Depreciation	(4,038)			(4,038)
Investments in Rental Properties:
Balance, at close of period	20,342
Accumulated depreciation:
Balance, end of period	$ (4,038)
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				10,091
Gross Amount at which carried at close of period	$ 33,412			33,412
Accumulated Depreciation	(5,565)			(5,565)
Investments in Rental Properties:
Balance, at close of period	33,412
Accumulated depreciation:
Balance, end of period	$ (5,565)
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				(1,735)
Gross Amount at which carried at close of period	$ 27,774			27,774
Accumulated Depreciation	(4,958)			(4,958)
Investments in Rental Properties:
Balance, at close of period	27,774
Accumulated depreciation:
Balance, end of period	$ (4,958)
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				13,342
Initial cost to Company				21,831
Cost capitalized subsequent to acquisition				6,359
Gross Amount at which carried at close of period	$ 28,190			28,190
Accumulated Depreciation	(6,295)			(6,295)
Investments in Rental Properties:
Balance, at close of period	28,190
Accumulated depreciation:
Balance, end of period	$ (6,295)
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				39,500
Initial cost to Company				32,142
Cost capitalized subsequent to acquisition				5,354
Gross Amount at which carried at close of period	$ 37,496			37,496
Accumulated Depreciation	(6,396)			(6,396)
Investments in Rental Properties:
Balance, at close of period	37,496
Accumulated depreciation:
Balance, end of period	$ (6,396)
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
Alpharetta, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				48,603
Initial cost to Company				69,111
Cost capitalized subsequent to acquisition				8,946
Gross Amount at which carried at close of period	$ 78,057			78,057
Accumulated Depreciation	(12,336)			(12,336)
Investments in Rental Properties:
Balance, at close of period	78,057
Accumulated depreciation:
Balance, end of period	$ (12,336)
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				26,639
Initial cost to Company				42,001
Cost capitalized subsequent to acquisition				1,075
Gross Amount at which carried at close of period	$ 43,076			43,076
Accumulated Depreciation	(7,048)			(7,048)
Investments in Rental Properties:
Balance, at close of period	43,076
Accumulated depreciation:
Balance, end of period	$ (7,048)
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
Atlanta, GA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				16,923
Initial cost to Company				28,911
Cost capitalized subsequent to acquisition				3,199
Gross Amount at which carried at close of period	$ 32,110			32,110
Accumulated Depreciation	(4,620)			(4,620)
Investments in Rental Properties:
Balance, at close of period	32,110
Accumulated depreciation:
Balance, end of period	$ (4,620)
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				13,356
Initial cost to Company				21,796
Cost capitalized subsequent to acquisition				3,214
Gross Amount at which carried at close of period	$ 25,010			25,010
Accumulated Depreciation	(3,622)			(3,622)
Investments in Rental Properties:
Balance, at close of period	25,010
Accumulated depreciation:
Balance, end of period	$ (3,622)
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				22,942
Initial cost to Company				31,385
Cost capitalized subsequent to acquisition				3,147
Gross Amount at which carried at close of period	$ 34,532			34,532
Accumulated Depreciation	(4,992)			(4,992)
Investments in Rental Properties:
Balance, at close of period	34,532
Accumulated depreciation:
Balance, end of period	$ (4,992)
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				12,682
Initial cost to Company				18,250
Cost capitalized subsequent to acquisition				1,222
Gross Amount at which carried at close of period	$ 19,472			19,472
Accumulated Depreciation	(3,645)			(3,645)
Investments in Rental Properties:
Balance, at close of period	19,472
Accumulated depreciation:
Balance, end of period	$ (3,645)
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				583
Gross Amount at which carried at close of period	$ 12,481			12,481
Accumulated Depreciation	(2,374)			(2,374)
Investments in Rental Properties:
Balance, at close of period	12,481
Accumulated depreciation:
Balance, end of period	$ (2,374)
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				7,338
Initial cost to Company				9,691
Cost capitalized subsequent to acquisition				799
Gross Amount at which carried at close of period	$ 10,490			10,490
Accumulated Depreciation	(2,024)			(2,024)
Investments in Rental Properties:
Balance, at close of period	10,490
Accumulated depreciation:
Balance, end of period	$ (2,024)
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				22,145
Initial cost to Company				34,554
Cost capitalized subsequent to acquisition				5,952
Gross Amount at which carried at close of period	$ 40,506			40,506
Accumulated Depreciation	(5,064)			(5,064)
Investments in Rental Properties:
Balance, at close of period	40,506
Accumulated depreciation:
Balance, end of period	$ (5,064)
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				34,395
Initial cost to Company				47,075
Cost capitalized subsequent to acquisition				6,691
Gross Amount at which carried at close of period	$ 53,766			53,766
Accumulated Depreciation	(7,329)			(7,329)
Investments in Rental Properties:
Balance, at close of period	53,766
Accumulated depreciation:
Balance, end of period	$ (7,329)
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				14,717
Initial cost to Company				21,204
Cost capitalized subsequent to acquisition				580
Gross Amount at which carried at close of period	$ 21,784			21,784
Accumulated Depreciation	(3,153)			(3,153)
Investments in Rental Properties:
Balance, at close of period	21,784
Accumulated depreciation:
Balance, end of period	$ (3,153)
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				12,177
Initial cost to Company				23,370
Cost capitalized subsequent to acquisition				5,192
Gross Amount at which carried at close of period	$ 28,562			28,562
Accumulated Depreciation	(3,307)			(3,307)
Investments in Rental Properties:
Balance, at close of period	28,562
Accumulated depreciation:
Balance, end of period	$ (3,307)
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				25,912
Initial cost to Company				35,070
Cost capitalized subsequent to acquisition				5,773
Gross Amount at which carried at close of period	$ 40,843			40,843
Accumulated Depreciation	(4,318)			(4,318)
Investments in Rental Properties:
Balance, at close of period	40,843
Accumulated depreciation:
Balance, end of period	$ (4,318)
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				8,177
Gross Amount at which carried at close of period	$ 124,213			124,213
Accumulated Depreciation	(8,459)			(8,459)
Investments in Rental Properties:
Balance, at close of period	124,213
Accumulated depreciation:
Balance, end of period	$ (8,459)
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				26,525
Initial cost to Company				50,365
Cost capitalized subsequent to acquisition				4,542
Gross Amount at which carried at close of period	$ 54,907			54,907
Accumulated Depreciation	(3,633)			(3,633)
Investments in Rental Properties:
Balance, at close of period	54,907
Accumulated depreciation:
Balance, end of period	$ (3,633)
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				47,000
Initial cost to Company				61,490
Cost capitalized subsequent to acquisition				1,304
Gross Amount at which carried at close of period	$ 62,794			62,794
Accumulated Depreciation	(2,317)			(2,317)
Investments in Rental Properties:
Balance, at close of period	62,794
Accumulated depreciation:
Balance, end of period	$ (2,317)
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
Lisle, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				61,500
Initial cost to Company				77,127
Cost capitalized subsequent to acquisition				259
Gross Amount at which carried at close of period	$ 77,386			77,386
Accumulated Depreciation	(1,506)			(1,506)
Investments in Rental Properties:
Balance, at close of period	77,386
Accumulated depreciation:
Balance, end of period	$ (1,506)
Lisle, IL | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Lisle, IL | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Lake Mary, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				32,250
Initial cost to Company				43,132
Cost capitalized subsequent to acquisition				(396)
Gross Amount at which carried at close of period	$ 42,736			42,736
Accumulated Depreciation	(501)			(501)
Investments in Rental Properties:
Balance, at close of period	42,736
Accumulated depreciation:
Balance, end of period	$ (501)
Lake Mary, FL | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Lake Mary, FL | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Jacksonville, FL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				27,100
Initial cost to Company				40,508
Cost capitalized subsequent to acquisition				(561)
Gross Amount at which carried at close of period	$ 39,947			39,947
Accumulated Depreciation	0			$ 0
Investments in Rental Properties:
Balance, at close of period	39,947
Accumulated depreciation:
Balance, end of period	$ 0
Jacksonville, FL | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Jacksonville, FL | 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 on88

SCHEDULE IV Mortgage Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Mortgage Loans on Real Estate [Line Items]
Face amount of mortgages	$ 1,058
Carrying amount of mortgages	782
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	$ 769
Interest accretion	39
Principal reductions	(26)
Balance, end of the period	782
Residential Columbia City, IN
Mortgage Loans on Real Estate [Line Items]
Face amount of mortgages	1,058
Carrying amount of mortgages	782
Principal amount of loans subject to delinquent principal or interest	$ 0
Interest Rate	7.50%