Resource Real Estate Opportunity REIT (RSRL) 10-K 22 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Mar. 12, 2019	Jun. 30, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	Resource Real Estate Opportunity REIT, Inc.
Entity Central Index Key	0001466225
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		70,838,085
Public Float			$ 0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Investments:
Rental properties, net	$ 1,017,943	$ 998,889
Loan held for investment, net	793	782
Identified intangible assets, net	26	1,796
Total investments	1,018,762	1,001,467
Cash	63,763	117,660
Restricted cash	14,858	13,401
Subtotal- cash and restricted cash	78,621	131,061
Due from related parties	123	371
Tenant receivables, net	192	251
Deposits	229	227
Prepaid expenses and other assets	2,894	1,745
Goodwill	477	670
Total assets	1,101,298	1,135,792
Liabilities:
Mortgage notes payable, net	841,345	794,671
Accounts payable	951	791
Accrued expenses and other liabilities	7,776	8,074
Accrued real estate taxes	10,191	9,195
Due to related parties	919	719
Tenant prepayments	1,160	1,178
Security deposits	2,650	2,572
Total liabilities	864,992	817,200
Stockholders' Equity:
Preferred stock (par value $.01; 10,000,000 shares authorized, none issued)	0	0
Common stock (par value $.01; 1,000,000,000 shares authorized; 70,427,946 and 71,299,467 shares issued and outstanding, respectively)	704	713
Convertible stock (“promote shares”; par value $.01; 50,000 shares authorized; 49,989 and 49,995 shares issued and outstanding, respectively)	1	1
Additional paid-in capital	626,436	635,748
Accumulated other comprehensive loss	(474)	(562)
Accumulated deficit	(390,361)	(317,308)
Total stockholders’ equity	236,306	318,592
Total liabilities and stockholders' equity	$ 1,101,298	$ 1,135,792

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
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)	70,427,946	71,299,467
Common stock, outstanding (in shares)	70,427,946	71,299,467
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)	49,989	49,995
Convertible stock (promote shares), outstanding (in shares)	49,989	49,995

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Rental income	$ 129,877,000	$ 116,188,000	$ 109,146,000
Interest and dividend income	329,000	239,000	622,000
Total revenues	140,586,000	125,689,000	118,367,000
Expenses:
Rental operating - expenses	30,791,000	27,211,000	27,608,000
Rental operating - payroll	13,947,000	13,652,000	14,790,000
Rental operating - real estate taxes	16,594,000	14,454,000	12,668,000
Subtotal - Rental operating expenses	61,332,000	55,317,000	55,066,000
Acquisition costs	10,000	4,469,000	1,582,000
Management fees	19,135,000	16,921,000	15,724,000
General and administrative	10,794,000	11,061,000	13,083,000
Loss on disposal of assets	796,000	1,468,000	1,576,000
Depreciation and amortization expense	58,732,000	52,344,000	44,231,000
Total expenses	150,799,000	141,580,000	131,262,000
Loss before net gains on dispositions	(10,213,000)	(15,891,000)	(12,895,000)
Net gains on dispositions of properties and joint venture interests	15,539,000	22,735,000	45,057,000
Income before other income (expense)	5,326,000	6,844,000	32,162,000
Other income (expense):
Interest expense	(36,415,000)	(28,963,000)	(22,776,000)
Insurance proceeds in excess of cost basis	515,000	150,000	985,000
Total other income (expense)	(35,900,000)	(28,813,000)	(21,791,000)
Net (loss) income	(30,574,000)	(21,969,000)	10,371,000
Net income attributable to noncontrolling interests	0	0	(6,306,000)
Net (loss) income attributable to common stockholders	(30,574,000)	(21,969,000)	4,065,000
Other comprehensive (loss) income:
Reclassification adjustment for realized loss on designated derivatives	203,000	163,000	105,000
Designated derivatives, fair value adjustments	(115,000)	(380,000)	(10,000)
Total other comprehensive income (loss)	88,000	(217,000)	95,000
Comprehensive (loss) income	(30,486,000)	(22,186,000)	10,466,000
Comprehensive income attributable to noncontrolling interests	0	0	6,306,000
Total comprehensive (loss) income attributable to stockholders	$ (30,486,000)	$ (22,186,000)	$ 4,160,000
Weighted average common shares outstanding	70,964	71,865	71,787
Basic and diluted (loss) income per common share:
Net (loss) income per common share	$ (0.43)	$ (0.31)	$ 0.06
Utility income
Revenues:
Revenues	$ 8,142,000	$ 7,122,000	$ 6,627,000
Ancillary tenant fees
Revenues:
Revenues	$ 2,238,000	$ 2,140,000	$ 1,972,000

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Convertible Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total Stockholders’ Equity	Noncontrolling interests
Beginning balance at Dec. 31, 2015	$ 433,099	$ 716	$ 1	$ 638,335	$ (440)	$ (213,366)	$ 425,246	$ 7,853
Beginning balance (in shares) at Dec. 31, 2015		71,617,000	50,000
Common stock issued through distribution reinvestment plan	28,497	$ 26		28,471			28,497
Common stock issued through distribution reinvestment plan (in shares)		2,642,000
Distributions on common stock		$ 0		0		0
Distributions on common stock (in shares)		0
Distributions declared	(43,005)					(43,005)	(43,005)
Common stock redemptions	(24,305)	$ (22)		(24,283)			(24,305)
Common stock redemptions (in shares)		(2,252,000)
Other comprehensive income (loss)	95				95		95
Distributions to noncontrolling interests	(9,120)							(9,120)
Deconsolidation of noncontrolling interests	(3,613)							(3,613)
Net (loss) income	10,371					4,065	4,065	6,306
Ending balance at Dec. 31, 2016	392,019	$ 720	$ 1	642,523	(345)	(252,306)	390,593	1,426
Ending balance (in shares) at Dec. 31, 2016		72,007,000	50,000
Beginning balance at Dec. 31, 2015	433,099	$ 716	$ 1	638,335	(440)	(213,366)	425,246	7,853
Beginning balance (in shares) at Dec. 31, 2015		71,617,000	50,000
Common stock issued through distribution reinvestment plan	$ 81,500
Common stock issued through distribution reinvestment plan (in shares)	7,600,000
Ending balance at Dec. 31, 2018	$ 236,306	$ 704	$ 1	626,436	(474)	(390,361)	236,306
Ending balance (in shares) at Dec. 31, 2018	70,427,946	70,428,000	50,000
Beginning balance at Dec. 31, 2016	$ 392,019	$ 720	$ 1	642,523	(345)	(252,306)	390,593	1,426
Beginning balance (in shares) at Dec. 31, 2016		72,007,000	50,000
Common stock issued through distribution reinvestment plan	27,114	$ 25		27,089			27,114
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)	$ (32)		(34,786)			(34,818)
Common stock redemptions (in shares)		(3,190,000)
Other comprehensive income (loss)	(217)				(217)		(217)
Distributions to noncontrolling interests	(504)							(504)
Deconsolidation of noncontrolling interests				922			922	(922)
Net (loss) income	(21,969)					(21,969)	(21,969)
Ending balance at Dec. 31, 2017	$ 318,592	$ 713	$ 1	635,748	(562)	(317,308)	318,592	$ 0
Ending balance (in shares) at Dec. 31, 2017	71,299,467	71,299,000	50,000
Common stock issued through distribution reinvestment plan	$ 25,931	$ 25		25,906			25,931
Common stock issued through distribution reinvestment plan (in shares)		2,490,000
Distributions declared	(42,479)					(42,479)	(42,479)
Common stock redemptions	$ (35,252)	$ (34)		(35,218)			(35,252)
Common stock redemptions (in shares)	(3,361,000)	(3,361,000)
Other comprehensive income (loss)	$ 88				88		88
Net (loss) income	(30,574)					(30,574)	(30,574)
Ending balance at Dec. 31, 2018	$ 236,306	$ 704	$ 1	$ 626,436	$ (474)	$ (390,361)	$ 236,306
Ending balance (in shares) at Dec. 31, 2018	70,427,946	70,428,000	50,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net (loss) income	$ (30,574)	$ (21,969)	$ 10,371
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Loss on disposal of assets	796	1,468	1,576
Casualty (gains) losses	(795)	(103)	(680)
Loss on extinguishment of debt	51	0	791
Net gains on disposition of properties and joint venture interests	(15,539)	(22,735)	(45,057)
Depreciation and amortization	58,732	52,344	44,231
Amortization of deferred financing costs	1,773	2,014	2,120
Amortization of debt premium (discount)	(345)	(465)	(485)
Realized loss on change in fair value of interest rate cap	203	163	105
Accretion of discount and direct loan fees and costs	(33)	(39)	(39)
Changes in operating assets and liabilities, net of acquisitions:
Tenant receivables, net	59	(162)	55
Deposits	(2)	35	(65)
Prepaid expenses and other assets	(1,197)	1,242	489
Due to/from related parties, net	448	(332)	869
Accounts payable and accrued expenses	132	1,506	(1,720)
Tenant prepayments	(22)	106	(102)
Security deposits	143	(110)	99
Net cash provided by operating activities from continuing operations	13,830	12,963	12,558
Cash flows from investing activities:
Proceeds from disposal of properties and joint venture interests, net of closing costs	21,510	31,403	78,967
Property acquisitions	(24,560)	(42,842)	(63,126)
Insurance proceeds received for casualty losses	1,859	248	3,171
Acquisition of preferred equity interest	0	0	(408)
Resolution of preferred equity interest	0	0	4,300
Capital expenditures	(21,499)	(21,592)	(28,024)
Principal payments received on loans held for investment	22	26	21
Net cash used in investing activities of continuing operations	(22,668)	(32,757)	(5,099)
Cash flows from financing activities:
Redemptions of common stock	(35,252)	(34,818)	(24,305)
Payment of deferred financing costs	(1,250)	(2,287)	(2,129)
Borrowings on mortgages	16,998	86,051	108,060
Principal repayments on mortgages	(7,456)	(6,600)	(6,611)
Borrowings on credit facility	0	0	12,500
Repayments on credit facility	0	0	(34,394)
Purchase of interest rate caps	(94)	(187)	(262)
Distributions paid on common stock	(16,548)	(15,919)	(14,508)
Distributions to noncontrolling interests	0	(504)	(9,120)
Net cash (used in) provided by financing activities of continuing operations	(43,602)	25,736	29,231
Net (decrease) increase in cash and restricted cash	(52,440)	5,942	36,690
Cash and restricted cash at beginning of year	131,061	125,119	88,429
Cash and restricted cash at end of year	$ 78,621	$ 131,061	$ 125,119

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation to consolidated balance sheets
Cash	$ 63,763	$ 117,660	$ 114,842
Restricted cash	14,858	13,401	10,277
Subtotal- cash and restricted cash	$ 78,621	$ 131,061	$ 125,119	$ 88,429

NATURE OF BUSINESS AND OPERATIO

NATURE OF BUSINESS AND OPERATIONS	12 Months Ended
	Dec. 31, 2018
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 for the purpose of owning 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, 2018, 2017 and 2016, the Company issued a total of 7.6 million, in aggregate, additional shares for $81.5 million 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, 2018
Accounting Policies [Abstract]
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 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 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 294 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 RRE Sandy Springs Holdings, LLC ("Sandy Springs") Addison at Sandy Springs 236 Sandy Springs, GA RRE Grapevine Holdings, LLC ("Bristol Grapevine") Bristol Grapevine 376 Grapevine, TX 9,609 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)(f) 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)(f) 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)(f) N/A N/A RRE Deerfield Holdings, LLC ("Deerfield") (g)(f) N/A N/A PRIP Stone Ridge, LLC ("Stone Ridge") (b)(g)(f) N/A N/A PRIP 1102, LLC ("Pheasant Run") (b)(h) N/A N/A PRIP 11128, LLC ("Retreat at Shawnee") (b)(h) N/A N/A WPL Holdings, LLC (a)(f) 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, 2018 (g) Underlying investment sold in 2017. (h) Underlying investment sold in 2018. 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. The last VIE was sold in September 2017. Therefore, all of the Company’s subsidiaries are wholly-owned. 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. 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. 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 amounts reported in the financial statements and the accompanying notes. Actual results could differ from those estimates. Assets Held for Sale The Company presents rental property assets that 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. Subsequent to classification of an asset as held for sale, no further depreciation is recorded. The Company had no Rental Properties The Company records acquired rental properties at fair value on the 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 Lease intangibles Remaining term of related lease 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, 2018, the Company's real estate investments in Texas, California, and Georgia represented approximately 30%, 16%, and 14% 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, 2018, the Company had $80.7 million $66.7 million Contractual Obligations The Company leases parking space and equipment under leases with varying expiration dates through 2023. As of December 31, 2018, the total payments due under these obligations were approximately $561,000 The following table presents our scheduled contractual obligations required for the next five years and thereafter as of December 31, 2018: Payments due by period Total Less than 1 Year 1-3 Years 3-5 Years More than 5 Years Operating Lease Obligations 560,656 150,507 261,604 139,255 9,290 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, 2018, 2017 and 2016. Loans Held for Investment, Net The Company records acquired performing loans held for investment at cost and reviews them for potential impairment at each balance sheet date. The Company considers a loan to be impaired if one of two conditions exists. The first condition is if, based on current information and events, management believes it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The second condition is if the loan is deemed to be a troubled-debt restructuring (“TDR”) where a concession has been given to a borrower in financial difficulty. A TDR may not have an associated specific loan loss allowance if the principal and interest amount is considered recoverable based on current market conditions, expected collateral performance and/or guarantees made by the borrowers. The amount of impairment, if any, is measured by comparing the recorded amount of the loan to the present value of the expected cash flows or, as a practical expedient, the fair value of the collateral. If a loan is deemed to be impaired, the Company records a reserve for loan losses through a charge to income for any shortfall. Interest income from performing loans held for investment is recognized based on the contractual terms of the loan agreement. Fees related to any buy down of the interest rate are deferred as prepaid interest income and amortized over the term of the loan as an adjustment to interest income. The initial investment made in a purchased performing loan includes the amount paid to the seller plus fees. The initial investment frequently differs from the related loan’s principal amount at the date of the purchase. The difference is recognized as an adjustment of the yield over the life of the loan. Closing costs related to the purchase of a performing loan held for investment are amortized over the term of the loan and accreted as an adjustment to interest income. The Company may acquire real estate loans at a discount due to the credit quality of such loans and the respective borrowers under such loans. Revenues from these loans are recorded under the effective interest method. Under this method, an effective interest rate (“EIR”) is applied to the cost basis of the real estate loan held for investment. The EIR that is calculated when the loan held for investment is acquired remains constant and is the basis for subsequent impairment testing and income recognition. However, if the amount and timing of future cash collections are not reasonably estimable, the Company accounts for the real estate receivable on the cost recovery method. Under the cost recovery method of accounting, no income is recognized until the basis of the loan held for investment has been fully recovered. Allocation of the Purchase Price of Acquired and Foreclosed Assets On January 1, 2018, the Company adopted ASU 2017-01. Acquisitions that do not meet the definition of a business under this guidance are accounted for as asset acquisitions. In most cases, the Company believes acquisitions of real estate will no longer be considered a business combination, as in most cases substantially all of the fair value is concentrated in a single identifiable asset or group of tangible assets that are physically attached to each other (land and building). However, if the Company determines that substantially all of the fair value of the gross assets acquired is not concentrated in either a single identifiable asset or in a group of similar identifiable assets, the Company will then perform an assessment to determine whether the asset is a business by using the framework outlined in the ASU. If the Company determines that the acquired asset is not a business, the Company will allocate the cost of the acquisition, including transaction costs, to the assets acquired or liabilities assumed based on their related fair value. Upon the acquisition of real properties, the Company allocates the purchase price of properties to acquired tangible assets consisting of land, buildings, fixtures and improvements, identified intangible lease assets, consisting of the value of above-market and below-market leases, as applicable, the value of in-place leases, the value of tenant relationships, and liabilities, based in each case on their fair values. 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 determined by independent appraisers (e.g., discounted cash flow analysis). Factors to be considered in the analysis include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods. 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 total amount of other intangible assets acquired is further allocated to in-place lease values and 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. 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. 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, 2018 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. The future minimum rental payments to be received from noncancelable operating leases for residential rental properties are $65.7 million , $386,000, $315,000, $213,000, and $66,000 Revenue is primarily derived from the rental of residential housing units for which the Company receives minimum rents and utility reimbursements pursuant to underlying tenant lease agreements. The Company also receives other ancillary tenant fees for administration of leases, late payments, amenities, and revenue sharing arrangements of cable income from contracts with cable providers at the Company's properties. The Company adopted ASU No. 2014-09 beginning January 1, 2018. A performance obligation is a promise in a contract to transfer a distinct good or service to a customer. The Company records utility reimbursement income and ancillary charges in the period when the performance obligation is completed, either at a point in time or on a monthly basis as the service is utilized. Included in Accrued expenses and other liabilities on the consolidated balance sheet at December 31, 2018 and 2017 is a contract liability relating to deferred revenues for contracts with cable providers for approximately $564,000 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, 2018 and 2017, there were allowances for uncollectible receivables of $19,000 and $149,300, 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, 2018 and 2017, 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 2014 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 49,989 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, 2018 (were such date to represent the end of the contingency period). Reclassifications Certain amounts in the prior year financial statements have been reclassified to conform to the current-year presentation. The impact of the reclassifications made to prior year amounts are not material and did not affect net income (loss). Adoption of New Accounting Standards In May 2014, the Financial Accounting Standards Board (“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 by an entity in a manner that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. The Company adopted 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. The accounting for these revenue streams were not affected by the adoption of ASU 2014-09, nor was there a cumulative effect of initially applying the standard. 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. On January 1, 2018, the Company adopted ASU No. 2016-15, and the adoption did not have a material impact on its consolidated financial statements and disclosures. In November 2016, 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. The Company adopted ASU No. 2016-18 as of January 1, 2018, and the adoption did not have a material effect on the Company's consolidated financial statements and disclosures. As a result of adopting the new guidance, $1,286,000 and $434,000 of restricted cash, which were previously included as operating cash outflows and investing cash outflows within the consolidated statements of cash flows for the twelve months ended December 31, 2017, respectively, have been removed and are now included in the cash and restricted cash line items at the beginning and end of the period. In January 2017, FASB issued ASU No. 2017-01, "Business Combinations (Topic 805): 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. The Company adopted ASU No. 2017-01 as of January 1, 2018. Acquisitions during the twelve months ended December 31, 2018 were evaluated under the new standard and accounted for as asset acquisitions. The Company believes any future property acquisitions will be accounted for as asset acquisitions, not business combinations. Accounting Standards Issued But Not Yet Effective In February 2016, FASB issued ASU No. 2016-02, "Leases" ("ASU No. 2016-02") and amended by ASU No. 2018-09 "Codification Improvements" in July 2018, 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 No. 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. 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. For leases in which the Company is the lessee, primarily consisting of a parking space lease and 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. The Company intends to adopt this standard when it becomes effective and it estimates the impact on its consolidated financial statements will not be material. In July 2018, FASB issued ASU No. 2018-11, “Leases: Targeted Improvements” an additional amendment to ASU No. 2016-02. Although the Company is still evaluating this guidance, the Company believes it will apply the practical expedient allowed in this new guidance to combine lease and associated nonlease components by class of underlying asset. In addition, the Company is expected to utilize the optional method for adopting the new leasing guidance and not restate comparative periods. 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 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

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	The following table presents the Company's supplemental cash flow information (in thousands): For the Years Ended December 31, 2018 2017 2016 Non-cash financing and investing activities: Stock issued from distribution reinvestment plan $ 25,931 $ 27,114 $ 28,497 Deferred financing costs funded directly by mortgage notes 218 449 1,071 Repayments on borrowings through refinancing 29,586 — 87,379 Accrual for construction in progress 680 1,346 1,343 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 18,713 26,976 55,720 Non-cash activity related to acquisitions: Mortgage notes payable used to acquire real property 55,615 120,401 — Cash paid during the period for: Interest $ 34,262 $ 26,458 $ 20,297

RESTRICTED CASH

RESTRICTED CASH	12 Months Ended
	Dec. 31, 2018
Cash And Cash Equivalents [Abstract]
RESTRICTED CASH	NOTE 4 – 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, 2018 2017 Real estate taxes $ 10,426 $ 8,877 Insurance 1,669 1,994 Capital improvements 2,763 2,530 Total $ 14,858 $ 13,401 In addition, the Company had unrestricted cash designated for capital expenditures of approximately $22.2 million

RENTAL PROPERTIES, NET

RENTAL PROPERTIES, NET	12 Months Ended
	Dec. 31, 2018
Real Estate Investments [Abstract]
RENTAL PROPERTIES, NET	NOTE 5 – RENTAL PROPERTIES, NET The following table presents the Company’s investments in rental properties (in thousands): December 31, 2018 2017 Land $ 200,848 $ 196,765 Building and improvements 965,629 905,739 Furniture, fixtures and equipment 44,918 37,796 Construction in progress 1,325 6,297 1,212,720 1,146,597 Less: accumulated depreciation (194,777 ) (147,708 ) $ 1,017,943 $ 998,889 Depreciation expense for the years ended December 31, 2018, 2017, and 2016 was $55.1 million

OTHER INVESTMENTS

OTHER INVESTMENTS	12 Months Ended
	Dec. 31, 2018
Investments Debt And Equity Securities [Abstract]
OTHER INVESTMENTS	NOTE 6 − 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, 2018 and December 31, 2017, the Trail Ridge Note was both current and performing. 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, 2018 and 2017 (in thousands): December 31, 2018 2017 Unpaid principal balance $ 912 $ 934 Unamortized discount and acquisition costs (119 ) (152 ) Net book value $ 793 $ 782 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, 2018, it was not impaired. There were no allowances for credit losses as of both December 31, 2018 and 2017. There were no charge-offs for the years ended December 31, 2018 and 2017.

ACQUISTIONS ACQUISITIONS

ACQUISTIONS ACQUISITIONS	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
ACQUISITIONS	NOTE 7 – ACQUISITIONS Real Estate Investments As of December 31, 2018, the Company owned 30 properties. On April 17, 2018, the Company, through its wholly-owned subsidiary, purchased Addison at Sandy Springs Apartments, a 236-unit multifamily apartment complex in Sandy Springs, Georgia, for $34.0 million from an unrelated third party. On April 25, 2018, the Company, through its wholly-owned subsidiary, purchased Bristol at Grapevine, a 376-unit multifamily apartment complex in Grapevine, Texas, for $44.7 million from an unrelated third party. As discussed in Note 2, on January 1, 2018, the Company adopted ASU 2017-01. Both properties acquired during the twelve months ended December 31, 2018, were accounted for as asset acquisitions. The following table presents the allocated contract purchase price, acquisition fee, and acquisition costs during the twelve months ended December 31, 2018 (in thousands): Bristol at Grapevine Contractual Purchase Price (1) Acquisition Fee Acquisition Costs Total Real Estate Cost Land $ 3,279 $ 70 $ 15 $ 3,364 Building and Improvements 39,777 854 187 40,818 Furniture, fixtures and equipment 570 12 3 585 Intangible Assets 1,074 23 5 1,102 $ 44,700 $ 959 $ 210 $ 45,869 Addison at Sandy Springs Contractual Purchase Price (1) Acquisition Fee Acquisition Costs Total Real Estate Cost Land $ 4,595 $ 100 $ 24 $ 4,719 Building and Improvements 28,241 613 145 28,999 Furniture, fixtures and equipment 424 9 2 435 Intangible Assets 740 16 4 760 $ 34,000 $ 738 $ 175 $ 34,913 (1) Contractual purchase price excludes closing costs, acquisition expenses, and other immaterial settlement date adjustments and pro-rations. Properties acquired prior to January 1, 2018, were accounted for as business combinations. The tables below present the total revenues, net loss, and acquisition costs of the Company's acquisitions during the years ended December 31, 2017 and 2016 (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 ) (1) Acquisition fees paid related to additional investments in the Company’s properties to fund additional capital reserves.

DISPOSITION OF PROPERTIES AND D

DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS	12 Months Ended
	Dec. 31, 2018
Discontinued Operations And Disposal Groups [Abstract]
DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS	NOTE 8 – DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS The following table presents details of our disposition and deconsolidation activity during the years ended December 31, 2018, 2017, and 2016 (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 2018 Dispositions: Pheasant Run Lee's Summit, MO September 14, 2018 $ 16,400 $ 6,195 $ 1,167 $ 6,200 Retreat at Shawnee Shawnee, KS October 19, 2018 25,000 9,344 2,522 9,340 $ 41,400 $ 15,539 $ 3,689 $ 15,540 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 (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, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
IDENTIFIED INTANGIBLE ASSETS, NET	NOTE 9 – 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 $26,000 $29.3 million months $12,000 $3.6 million 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): 2019 $ 12 2020 9 2021 5 2022 — Thereafter — $ 26

GOODWILL

GOODWILL	12 Months Ended
	Dec. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
GOODWILL	The following table presents a rollforward of the Company's activity in goodwill for the years ended December 31, 2018 and 2017 (in thousands): Balance, January 1, 2017 $ 711 Activity - 2017: Sale of Stone Ridge (41 ) Balance, December 31, 2017 670 Activity - 2018: Sale of Retreat at Shawnee (117 ) Activity - 2018: Sale of Pheasant Run (76 ) Balance, December 31, 2018 $ 477

Mortgage Notes Payable, Net

Mortgage Notes Payable, Net	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Mortgage Notes Payable, Net	NOTE 11 – MORTGAGE NOTES PAYABLE, NET The following table presents a summary of the Company's mortgage notes payable, net (in thousands): December 31, 2018 December 31, 2017 Collateral Outstanding borrowings Premium (Discount) Deferred finance costs, net Carrying Value Outstanding borrowings Premium (Discount) Deferred finance costs, net Carrying Value Vista Apartment Homes $ 14,603 $ - $ (104 ) $ 14,499 $ 14,896 $ - $ (140 ) $ 14,756 Cannery Lofts 13,100 - (136 ) 12,964 13,100 - (165 ) 12,935 Trailpoint at the Woodlands 18,046 - (154 ) 17,892 18,368 - (188 ) 18,180 Verona Apartment Homes 32,970 - (419 ) 32,551 32,970 - (475 ) 32,495 Skyview Apartment Homes 28,400 - (364 ) 28,036 28,400 - (413 ) 27,987 Maxwell Townhomes 13,069 - (81 ) 12,988 13,342 - (109 ) 13,233 Pinehurst 7,220 - (105 ) 7,115 7,339 - (128 ) 7,211 Pheasant Run - - - - 6,250 - - 6,250 Retreat of Shawnee - - - - 12,682 7 (2 ) 12,687 Evergreen at Coursey Place 26,146 55 (54 ) 26,147 26,639 77 (75 ) 26,641 Pines of York 14,422 (173 ) (33 ) 14,216 14,717 (235 ) (44 ) 14,438 Estates at Johns Creek 47,576 - (170 ) 47,406 48,603 - (286 ) 48,317 Perimeter Circle 26,115 - (356 ) 25,759 16,923 - (84 ) 16,839 Perimeter 5550 20,630 - (327 ) 20,303 13,356 - (70 ) 13,286 Aston at Cinco Ranch 22,497 - (152 ) 22,345 22,942 - (210 ) 22,732 Sunset Ridge 1 18,788 121 (96 ) 18,813 19,254 189 (150 ) 19,293 Sunset Ridge 2 2,831 16 (13 ) 2,834 2,890 26 (19 ) 2,897 Calloway at Las Colinas 33,681 - (177 ) 33,504 34,396 - (241 ) 34,155 South Lamar Village 11,909 - (29 ) 11,880 12,177 - (80 ) 12,097 Heritage Pointe 25,360 - (242 ) 25,118 25,912 - (284 ) 25,628 Yorba Linda 67,092 - (301 ) 66,791 67,500 - (461 ) 67,039 Point Bonita Apartment Homes 26,121 1,359 (233 ) 27,247 26,525 1,660 (285 ) 27,900 The Westside Apartments 36,624 - (341 ) 36,283 36,820 - (390 ) 36,430 Tech Center Square 11,933 - (132 ) 11,801 12,141 - (164 ) 11,977 Williamsburg 53,995 - (582 ) 53,413 53,995 - (706 ) 53,289 Retreat at Rocky Ridge 11,375 - (183 ) 11,192 11,375 - (223 ) 11,152 Providence in the Park 47,000 - (434 ) 46,566 47,000 - (524 ) 46,476 Green Trails Apartment Homes 61,500 - (559 ) 60,941 61,500 - (667 ) 60,833 Meridian Pointe 39,500 - (495 ) 39,005 39,500 - (588 ) 38,912 Terraces at Lake Mary 32,250 - (318 ) 31,932 32,250 - (377 ) 31,873 Courtney Meadows Apartments 27,100 - (311 ) 26,789 27,100 - (367 ) 26,733 Addison at Sandy Springs 22,750 - (292 ) 22,458 - - - - Bristol at Grapevine 32,922 - (365 ) 32,557 - - - - $ 847,525 $ 1,378 $ (7,558 ) $ 841,345 $ 800,862 $ 1,724 $ (7,915 ) $ 794,671 The following table presents additional information about the Company's mortgage notes payable, net, at December 31, 2018 (in thousands, except percentages): Collateral Maturity Date Annual Interest Rate Average Monthly Debt Service Average Monthly Escrow Vista Apartment Homes 1/1/2022 4.79% (1)(5) $ 79 $ 17 Cannery Lofts 11/1/2023 5.04% (1)(3) 52 26 Trailpoint at the Woodlands 11/1/2023 4.91% (1)(4) 95 47 Verona Apartment Homes 10/1/2026 4.86% (1)(3) 125 40 Skyview Apartment Homes 10/1/2026 4.86% (1)(3) 107 24 Maxwell Townhomes 1/1/2022 4.32% (2)(5) 71 78 Pinehurst 11/1/2023 4.92% (1)(3) 38 15 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 79 Perimeter Circle 1/1/2026 4.00% (1)(3)(6) 88 45 Perimeter 5550 1/1/2026 4.00% (1)(3)(6) 70 33 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 4.38% (1)(4) 130 43 Yorba Linda 6/1/2020 4.25% (1)(3) 310 — Point Bonita Apartment Homes 10/1/2023 5.33% (2)(5) 152 61 The Westside Apartments 9/1/2026 4.62% (1)(3) 195 69 Tech Center Square 6/1/2023 5.08% (1)(5) 65 24 Williamsburg 1/1/2024 4.88% (1)(3) 270 167 Retreat at Rocky Ridge 1/1/2024 4.96% (1)(3) 57 23 Providence in the Park 2/1/2024 4.80% (1)(3) 228 138 Green Trails Apartment Homes 6/1/2024 4.49% (1)(3) 256 79 Meridian Pointe 8/1/2024 4.40% (1)(3) 153 56 Terraces at Lake Mary 9/1/2024 4.41% (1)(3) 121 46 Courtney Meadows Apartments 1/1/2025 4.34% (1)(3) 91 51 Addison at Sandy Springs 5/1/2025 4.26% (1)(3)(6) 74 38 Bristol at Grapevine 5/1/2025 4.21% (1)(3)(6) 106 78 (1) Variable rate based on one-month LIBOR (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, 2018. Loans assumed as part of the Point Bonita Apartment Homes, South Lamar Village, Paladin (Pinehurst, 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, 2018, 2017, and 2016, interest expense was reduced by $345,000 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): 2019 $ 21,897 2020 144,092 2021 102,806 2022 36,697 2023 81,193 Thereafter 460,840 $ 847,525 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 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. During the twelve months ended December 31, 2018, the Company paid $50,000 to the lender in connection with an amendment to the loan agreement to modify the debt service coverage ratio covenant. The Company was in compliance with all covenants related to this loan as of December 31, 2018. The Company refinanced the loans on Perimeter Circle and Perimeter 5550 during the year ended December 31, 2018. As a result, $51,000 of loss on extinguishment of debt was included in interest expense on the consolidated statement of operations for the year ended December 31, 2018. 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, 2018, 2017, and 2016, $1.8 million $5.2 million 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): 2019 $ 1,761 2020 1,521 2021 1,272 2022 1,073 2023 1,008 Thereafter 923 $ 7,558

CREDIT FACILITY

CREDIT FACILITY	12 Months Ended
	Dec. 31, 2018
Line Of Credit Facility [Abstract]
CREDIT FACILITY	NOTE 12 – 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, $250,000 Deferred financing costs incurred to obtain financing were fully amortized as of December 31, 2016.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	NOTE 13 - 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, 2018, 2017, and 2016 (dollars in thousands): Balance, January 1, 2016 $ (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 ) Reclassification adjustment for realized loss on designated derivatives 203 Unrealized loss on designated derivatives (115 ) Balance, December 31, 2018 $ (474 )

CERTAIN RELATIONSHIPS AND RELAT

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
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 either a $25,000 or a $100,000 deductible per incident depending on the location and/or type of loss. 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, 2018 and 2017, the Company paid $0.9 million and $1.0 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 covered 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 $283,533 in connection with this insurance program during the year ended December 31, 2018. 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, 2018. 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. 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 for which they are reimbursed by the Company. Relationship with Other Related Parties 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, 2018 2017 Due from related parties: RAI and affiliates $ 123 $ 371 Due to related parties: Advisor: Asset management fees $ — $ 15 Operating expense reimbursements 55 32 Subtotal, due to Advisor 55 47 Manager: Property management fees 520 476 Operating expense reimbursements 344 196 Subtotal, due to Manager 864 672 Total, due to related parties $ 919 $ 719 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, 2018 2017 2016 Fees earned / expenses paid to related parties: Advisor: Acquisition fees (1) $ 1,697 $ 3,670 $ 1,452 Asset management fees (2) 12,904 11,352 10,484 Disposition fees (3) 136 361 686 Debt financing fees (4) 350 1,036 532 Overhead allocation (5) 4,467 4,442 5,621 Internal audit fees (5) 102 69 44 Manager : Property management fees (2) $ 6,229 $ 5,567 $ 5,137 Construction management fees (6) 790 764 926 Construction payroll reimbursements (6) 178 191 310 Acquisition-related reimbursements (5) 53 — 418 Operating expense reimbursements (7) 443 1,015 2,273 Debt servicing fees (2) 2 2 15 Other: Ledgewood (5)(8) $ — $ — $ 121 The Planning & Zoning Resource Company (1) 2 4 — Graphic Images (5) 6 9 91 (1) For the years ended December 31, 2017 and December 31, 2016, Acquisition fees are included in Acquisition costs on the consolidated statements of operations and comprehensive income (loss). For the year ended December 31, 2018, Acquisition fees are capitalized and included in Rental Properties, net on the consolidated balance sheet. (2) Included in Management fees on the consolidated statements of operations and comprehensive income (loss). (3) Included in Net gains on dispositions of properties 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) Capitalized and 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). (8) As of September 2016, Ledgewood is no longer considered a related party.

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
EQUITY	NOTE 15 – 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, 2018 and 2017, no shares of preferred stock were issued and outstanding. Common Stock As of December 31, 2018, the Company had an aggregate of 70,427,946 shares of its $0.01 par value common stock outstanding as follows (dollars in thousands): Shares 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 14,050,058 144,435 Shares issued in conjunction with the Advisor's initial investment, net of 4,500 share conversion 15,500 155 Total 79,947,012 $ 779,249 Shares redeemed and retired (9,519,066 ) Total shares issued and outstanding as of December 31, 2018 70,427,946 (1) Includes 276,056 shares held by the Advisor. Convertible Stock As of December 31, 2018 and 2017, the Company had 49,989 and 49,995 shares of $0.01 par value convertible stock outstanding. The Advisor and affiliated persons owned 49,063 shares and outside investors own 926 shares at December 31, 2018. 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, 2018, no Triggering Event has occurred. Redemption of Securities During the year ended December 31, 2018, 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 2018 — — February 2018 — — March 2018 1,006 $ 10.94 April 2018 — — May 2018 — — June 2018 843 $ 10.26 July 2018 — — August 2018 — — September 2018 755 $ 10.29 October 2018 — — November 2018 — — December 2018 757 $ 10.29 3,361 (1) All redemptions of equity securities by the Company during the year ended December 31, 2018 were made pursuant to the Company's share redemption program. All redemption requests tendered were honored during the year ended December 31, 2018. 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. 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 redeems shares at a purchase price equal to 95% of the current net asset value per share redeemed, except for redemptions sought upon a stockholder's death, qualifying disability or confinement to a long-term care facility. The Amended SRP became effective for redemptions occurring after April 29, 2018. 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, 2018, the Company paid aggregate distributions of $42.5 million $16.5 million $25.9 million Record Date Per Common Share Distribution Date Distributions Reinvested in Shares of Common Stock Net Cash Distributions Total Aggregate Distributions January 30, 2018 $ 0.05 January 31, 2018 $ 2,217 $ 1,352 $ 3,569 February 27, 2018 0.05 February 28, 2018 2,214 1,362 3,576 March 29, 2018 0.05 April 2, 2018 2,182 1,353 3,535 April 27, 2018 0.05 April 30, 2018 2,181 1,364 3,545 May 30, 2018 0.05 May 31, 2018 2,176 1,379 3,555 June 28, 2018 0.05 June 29, 2018 2,151 1,373 3,524 July 30, 2018 0.05 July 31, 2018 2,155 1,380 3,535 August 30, 2018 0.05 August 31, 2018 2,151 1,394 3,545 September 27, 2018 0.05 September 28, 2018 2,133 1,384 3,517 October 30, 2018 0.05 October 31, 2018 2,131 1,397 3,528 November 29, 2018 0.05 November 30, 2018 2,132 1,407 3,539 December 27, 2018 0.05 December 31, 2018 2,108 1,403 3,511 $ 0.60 $ 25,931 $ 16,548 $ 42,479 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, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE MEASURES AND DISCLOSURES	NOTE 16 – 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, 2018 Assets: Interest rate caps $ — $ 28 $ — $ 28 $ — $ 28 $ — $ 28 December 31, 2017 Assets: Interest rate caps $ — $ 49 $ — $ 49 $ — $ 49 $ — $ 49 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, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Loan held for investment, net $ 793 $ 948 $ 782 $ 1,057 Mortgage notes payable- outstanding borrowings $ (847,525 ) $ (840,914 ) $ (800,862 ) $ (802,523 ) 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, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
DERIVATIVES AND HEDGING ACTIVITIES	NOTE 17 – 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 19 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, 2018 and 2017, 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 years ended December 31, 2018 and December 31, 2017 the Company had a loss of $203,287 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, 2018, the Company estimates that an additional $334,115 As of December 31, 2018, 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 19 $ 553,716 January 1, 2019 to January 1, 2022 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, 2018 and 2017 (in thousands): Asset Derivatives Liability Derivatives December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Prepaid expenses and other assets $ 28 Prepaid expenses and other assets $ 49 — $ — — $ —

OPERATING EXPENSES

OPERATING EXPENSES	12 Months Ended
	Dec. 31, 2018
Operating Expense [Abstract]
OPERATING EXPENSES	NOTE 18 – 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, 2018 were in compliance with the charter imposed limitation.

INSURANCE PROCEEDS IN EXCESS OF

INSURANCE PROCEEDS IN EXCESS OF COST BASIS	12 Months Ended
	Dec. 31, 2018
Insurance Proceeds In Excess Of Cost Basis [Abstract]
INSURANCE PROCEEDS IN EXCESS OF COST BASIS	NOTE 19 – INSURANCE PROCEEDS IN EXCESS OF COST BASIS For the year ended December 31, 2018, there were $515,000 of insurance proceeds in excess of cost basis included on the consolidated statements of operations and comprehensive income (loss). The Company received $466,000 of proceeds from insurers, net of expenses, largely due to incidents that occurred in 2017 at Williamsburg, Meridian Pointe, Evergreen at Coursey, Aston at Cinco Ranch, Providence in the Park, and Terraces at Lake Mary and $49,000 from insurers, net of expenses, related to an April 2018 fire at The Westside Apartments. 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.

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data (Unaudited)	The following tables present the Company's operating results by quarter (in thousands, except share data): Quarterly Results for 2018 March 31 June 30 September 30 December 31 (unaudited) (unaudited) (unaudited) (unaudited) Revenues $ 32,971 $ 35,446 $ 36,580 $ 35,589 Net income (loss) attributable to common stockholders (10,949 ) (12,229 ) (5,631 ) (1,765 ) Net income (loss) per common share $ (0.15 ) (0.17 ) (0.09 ) (0.02 ) 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 )

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	On January 19, 2019, the Company's Board of Directors declared a $0.05 per share cash distribution to its common stockholders of record at the close of business on each of the following dates: January 30, 2019, February 27, 2019 and March 28, 2019. Such distributions were or are to be paid on January 31, February 28, and March 29, 2019. On January 28, 2019, the Company entered into an agreement to sell its interest in Williamsburg, located in Cincinnati, Ohio, for $70.0 million with an expected closing in the first quarter of 2019. The Company expects to recognize a gain on sale during the three months ended March 31, 2019. 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, 2018
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, 2018 (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 Buildings and Land Improvements Cost capitalized subsequent to acquisition Improvements Carrying Costs Gross Amount at which carried at close of Buildings and Land Improvements Total period Accumulated Depreciation Date of Construction Date Acquired Life on which depreciation in latest income is computed Real estate owned: Residential $ 14,603 $ 11,076 $ 4,700 $ 15,776 $ (5,356 ) 1961 6/17/2011 3 - 27.5 years Philadelphia, PA Residential 13,100 8,273 2,003 10,276 (3,112 ) 1838 5/13/2011 3 - 27.5 years Dayton, OH Residential 53,995 39,341 14,117 53,458 (18,904 ) 1966 6/20/2012 3 - 27.5 years Cincinnati, OH Residential 11,375 8,064 3,763 11,827 (3,469 ) 1986 4/18/2013 3 - 27.5 years Hoover, AL Residential 18,046 26,496 4,221 30,717 (8,223 ) 1981 6/24/2013 3 - 27.5 years Houston, TX Residential 36,624 31,001 5,863 36,864 (8,623 ) 1984 7/25/2013 3 - 27.5 years Plano, TX Residential 11,933 17,583 2,876 20,459 (5,121 ) 1985 9/9/2013 3 - 27.5 years Newport News, VA Residential 32,970 23,321 10,265 33,586 (7,172 ) 1985 9/30/2013 3 - 27.5 years Littleton, CO Residential 28,400 29,509 (1,496 ) 28,013 (6,421 ) 1985 9/30/2013 3 - 27.5 years Westminster, CO Residential 13,069 21,831 6,594 28,425 (8,246 ) 1982 12/16/2013 3 - 27.5 years San Antonio, TX Residential (2) 39,500 32,142 5,565 37,707 (8,503 ) 1988 12/20/2013 3 - 27.5 years Burnsville, MN Residential 47,575 69,111 9,738 78,849 (16,326 ) 1999 3/28/2014 3 - 27.5 years Alpharetta, GA Residential 26,147 42,001 1,184 43,185 (8,971 ) 2003 5/5/2014 3 - 27.5 years Baton Rouge, LA Residential 26,115 28,911 3,475 32,386 (6,197 ) 1995 5/19/2014 3 - 27.5 years Atlanta, GA Residential 20,630 21,796 3,445 25,241 (4,916 ) 1995 5/19/2014 3 - 27.5 years Atlanta, GA Residential 22,497 31,385 3,333 34,718 (6,580 ) 2000 6/26/2014 3 - 27.5 years Katy, TX Residential 7,220 9,691 872 10,563 (2,564 ) 1983 7/1/2014 3 - 27.5 years Kansas City, MO Residential 21,619 34,554 6,275 40,829 (7,083 ) 1949 9/4/2014 3 - 27.5 years San Antonio, TX Residential 33,681 47,075 7,550 54,625 (10,273 ) 1984 9/29/2014 3 - 27.5 years Irving, TX Residential 14,422 21,204 755 21,959 (3,985 ) 1974 11/25/2014 3 - 27.5 years Yorktown, VA Residential 11,909 23,370 5,475 28,845 (4,916 ) 1981 2/26/2015 3 - 27.5 years Austin, TX Residential 25,360 35,070 7,044 42,114 (6,527 ) 1986 3/19/2015 3 - 27.5 years Gilbert, AZ Residential 67,092 116,036 11,138 127,174 (12,815 ) 1986 6/1/2015 3 - 27.5 years Orange County, CA Residential 26,121 50,365 5,942 56,307 (5,649 ) 1988 6/16/2015 3 - 27.5 years Chula Vista, CA Residential 47,000 61,490 3,066 64,556 (5,055 ) 1997 12/22/2016 3 - 27.5 years Arlington, TX Residential 61,500 77,128 1,640 78,768 (4,230 ) 1988 5/31/2017 3 - 27.5 years Lisle, IL Residential 32,250 43,132 795 43,927 (2,063 ) 1998 8/31/2017 3 - 27.5 years Lake Mary, FL Residential 27,100 40,508 310 40,818 (1,376 ) 2001 12/20/2017 3 - 27.5 years Jacksonville, FL Residential 22,750 33,260 1,600 34,860 (886 ) 1986 4/17/2018 3 - 27.5 years Sandy Springs, GA Residential 32,922 43,626 2,262 45,888 (1,215 ) 1978 4/25/2018 3 - 27.5 years Grapevine, TX $ 847,525 $ 1,078,350 $ 134,370 $ 1,212,720 $ (194,777 ) For the Years Ended December 31, 2018 2017 2016 Investments in Rental Properties: Balance, beginning of the period $ 1,146,597 $ 1,010,264 $ 1,063,211 Acquisitions 76,886 160,767 61,490 Improvements, etc. 21,499 21,592 28,024 Dispositions during the period (32,262 ) (46,026 ) (142,461 ) Balance, close of the period (1) $ 1,212,720 $ 1,146,597 $ 1,010,264 Accumulated depreciation: Balance, beginning of the period $ (147,708 ) $ (107,810 ) $ (77,363 ) Sales 6,972 8,146 12,737 Disposals 1,059 685 819 Depreciation (55,100 ) (48,729 ) (44,003 ) Balance, close of the period (1) $ (194,777 ) $ (147,708 ) $ (107,810 )

SCHEDULE IV Mortgage Loans on R

SCHEDULE IV Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2018
Mortgage Loans On Real Estate [Abstract]
SCHEDULE IV Mortgage Loans on Real Estate	RESOURCE REAL ESTATE OPPORTUNITY REIT, INC. SCHEDULE IV Mortgage Loans on Real Estate December 31, 2018 (dollars in thousands) Column A Column B Column C Column D Column E Column F Column G Column H Description Interest rate Final maturity date Periodic payment term Prior liens Face amount of mortgages Carrying amount of mortgages Principal amount of loans subject to delinquent principal or interest Residential Columbia City, IN Fixed interest rate of 7.5% 10/28/2021 N/A N/A $ 973 $ 793 $ — $ 973 $ 793 $ — Year Ended December 31, 2018 Balance, beginning of the period $ 782 Interest accretion 34 Principal reductions (23 ) Balance, end of the period $ 793

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
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	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 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 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 294 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 RRE Sandy Springs Holdings, LLC ("Sandy Springs") Addison at Sandy Springs 236 Sandy Springs, GA RRE Grapevine Holdings, LLC ("Bristol Grapevine") Bristol Grapevine 376 Grapevine, TX 9,609 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)(f) 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)(f) 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)(f) N/A N/A RRE Deerfield Holdings, LLC ("Deerfield") (g)(f) N/A N/A PRIP Stone Ridge, LLC ("Stone Ridge") (b)(g)(f) N/A N/A PRIP 1102, LLC ("Pheasant Run") (b)(h) N/A N/A PRIP 11128, LLC ("Retreat at Shawnee") (b)(h) N/A N/A WPL Holdings, LLC (a)(f) 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, 2018 (g) Underlying investment sold in 2017. (h) Underlying investment sold in 2018. 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. The last VIE was sold in September 2017. Therefore, all of the Company’s subsidiaries are wholly-owned. 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. 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.
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 amounts reported in the financial statements and the accompanying notes. Actual results could differ from those estimates.
Assets Held for Sale	Assets Held for Sale The Company presents rental property assets that 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. Subsequent to classification of an asset as held for sale, no further depreciation is recorded. The Company had no
Rental Properties	Rental Properties The Company records acquired rental properties at fair value on the 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 Lease intangibles Remaining term of related lease 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, 2018, the Company's real estate investments in Texas, California, and Georgia represented approximately 30%, 16%, and 14%
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, 2018, the Company had $80.7 million $66.7 million
Contractual Obligations	Contractual Obligations The Company leases parking space and equipment under leases with varying expiration dates through 2023. As of December 31, 2018, the total payments due under these obligations were approximately $561,000 The following table presents our scheduled contractual obligations required for the next five years and thereafter as of December 31, 2018: Payments due by period Total Less than 1 Year 1-3 Years 3-5 Years More than 5 Years Operating Lease Obligations 560,656 150,507 261,604 139,255 9,290
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, 2018, 2017 and 2016.
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.
Allocation of Purchase Price of Acquired and Foreclosed Assets	Allocation of the Purchase Price of Acquired and Foreclosed Assets On January 1, 2018, the Company adopted ASU 2017-01. Acquisitions that do not meet the definition of a business under this guidance are accounted for as asset acquisitions. In most cases, the Company believes acquisitions of real estate will no longer be considered a business combination, as in most cases substantially all of the fair value is concentrated in a single identifiable asset or group of tangible assets that are physically attached to each other (land and building). However, if the Company determines that substantially all of the fair value of the gross assets acquired is not concentrated in either a single identifiable asset or in a group of similar identifiable assets, the Company will then perform an assessment to determine whether the asset is a business by using the framework outlined in the ASU. If the Company determines that the acquired asset is not a business, the Company will allocate the cost of the acquisition, including transaction costs, to the assets acquired or liabilities assumed based on their related fair value. Upon the acquisition of real properties, the Company allocates the purchase price of properties to acquired tangible assets consisting of land, buildings, fixtures and improvements, identified intangible lease assets, consisting of the value of above-market and below-market leases, as applicable, the value of in-place leases, the value of tenant relationships, and liabilities, based in each case on their fair values. 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 determined by independent appraisers (e.g., discounted cash flow analysis). Factors to be considered in the analysis include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods. 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 total amount of other intangible assets acquired is further allocated to in-place lease values and 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. 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.
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, 2018 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. The future minimum rental payments to be received from noncancelable operating leases for residential rental properties are $65.7 million , $386,000, $315,000, $213,000, and $66,000 Revenue is primarily derived from the rental of residential housing units for which the Company receives minimum rents and utility reimbursements pursuant to underlying tenant lease agreements. The Company also receives other ancillary tenant fees for administration of leases, late payments, amenities, and revenue sharing arrangements of cable income from contracts with cable providers at the Company's properties. The Company adopted ASU No. 2014-09 beginning January 1, 2018. A performance obligation is a promise in a contract to transfer a distinct good or service to a customer. The Company records utility reimbursement income and ancillary charges in the period when the performance obligation is completed, either at a point in time or on a monthly basis as the service is utilized. Included in Accrued expenses and other liabilities on the consolidated balance sheet at December 31, 2018 and 2017 is a contract liability relating to deferred revenues for contracts with cable providers for approximately $564,000
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, 2018 and 2017, there were allowances for uncollectible receivables of $19,000 and $149,300, 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, 2018 and 2017, 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 2014 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	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 49,989 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, 2018 (were such date to represent the end of the contingency period).
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 In May 2014, the Financial Accounting Standards Board (“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 by an entity in a manner that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. The Company adopted 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. The accounting for these revenue streams were not affected by the adoption of ASU 2014-09, nor was there a cumulative effect of initially applying the standard. 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. On January 1, 2018, the Company adopted ASU No. 2016-15, and the adoption did not have a material impact on its consolidated financial statements and disclosures. In November 2016, 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. The Company adopted ASU No. 2016-18 as of January 1, 2018, and the adoption did not have a material effect on the Company's consolidated financial statements and disclosures. As a result of adopting the new guidance, $1,286,000 and $434,000 of restricted cash, which were previously included as operating cash outflows and investing cash outflows within the consolidated statements of cash flows for the twelve months ended December 31, 2017, respectively, have been removed and are now included in the cash and restricted cash line items at the beginning and end of the period. In January 2017, FASB issued ASU No. 2017-01, "Business Combinations (Topic 805): 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. The Company adopted ASU No. 2017-01 as of January 1, 2018. Acquisitions during the twelve months ended December 31, 2018 were evaluated under the new standard and accounted for as asset acquisitions. The Company believes any future property acquisitions will be accounted for as asset acquisitions, not business combinations. Accounting Standards Issued But Not Yet Effective In February 2016, FASB issued ASU No. 2016-02, "Leases" ("ASU No. 2016-02") and amended by ASU No. 2018-09 "Codification Improvements" in July 2018, 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 No. 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. 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. For leases in which the Company is the lessee, primarily consisting of a parking space lease and 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. The Company intends to adopt this standard when it becomes effective and it estimates the impact on its consolidated financial statements will not be material. In July 2018, FASB issued ASU No. 2018-11, “Leases: Targeted Improvements” an additional amendment to ASU No. 2016-02. Although the Company is still evaluating this guidance, the Company believes it will apply the practical expedient allowed in this new guidance to combine lease and associated nonlease components by class of underlying asset. In addition, the Company is expected to utilize the optional method for adopting the new leasing guidance and not restate comparative periods. 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 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. In June 2018, FASB issued ASU 2018-07 “Improvements to Nonemployee Share-Based Payment Accounting” to simplify the accounting for share-based payment transactions for acquiring goods and services from nonemployees by including these payments in the scope of the guidance for share-based payments to employees. ASU 2018-07 will be effective for annual reporting periods beginning after December 15, 2018, and interim periods within that reporting period. Early adoption is permitted. The Company is continuing to evaluate this guidance; however it does not expect the adoption of ASU 2018-07 to have a significant impact on its consolidated financial statements. In July 2018, FASB issued ASU No. 2018-09, "Codification Improvements". This standard does not prescribe any new accounting guidance, but instead makes minor improvements and clarifications of several different FASB Accounting Standards Codification areas based on comments and suggestions made by various stakeholders. Certain updates are applicable immediately while others provide for a transition period to adopt as part of the next fiscal year beginning after December 15, 2018. The Company is evaluating this guidance to determine the impact it may have on its consolidated financial statements. In August 2018, FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” This update removes, modifies and adds certain disclosure requirements in FASB ASC 820, “Fair Value Measurement” (“ASC 820”). ASU No. 2018-13 will be effective for the Company beginning January 1, 2020 and early adoption is permitted. The Company is continuing to evaluate this guidance; however, the Company does not expect the adoption of ASU No. 2018-13 to have a significant impact on its consolidated financial statements. In October 2018, FASB issued ASU No. 2018-16, “Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes”. ASU No. 2018-16 permits the use of the Overnight Index Swap (“OIS”) Rate based on the Secured Overnight Financing Rate as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the interest rates on direct Treasury obligations of the U.S. government, the London Interbank Offered Rate (“LIBOR”) and the OIS Rate based on the Federal Funds Effective Rate. For entities that have not already adopted ASU No. 2017-12, the amendments in ASU No. 2018-16 are required to be adopted concurrently with the amendments in ASU No. 2017-12. The Company intends to adopt ASU No. 2018-16 when ASU No. 2017-12 becomes effective on January 1, 2019. The Company is continuing to evaluate this guidance; however, the Company does not expect the adoption of ASU No. 2018-16 to have a significant impact on its consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2018
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 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 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 294 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 RRE Sandy Springs Holdings, LLC ("Sandy Springs") Addison at Sandy Springs 236 Sandy Springs, GA RRE Grapevine Holdings, LLC ("Bristol Grapevine") Bristol Grapevine 376 Grapevine, TX 9,609 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)(f) 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)(f) 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)(f) N/A N/A RRE Deerfield Holdings, LLC ("Deerfield") (g)(f) N/A N/A PRIP Stone Ridge, LLC ("Stone Ridge") (b)(g)(f) N/A N/A PRIP 1102, LLC ("Pheasant Run") (b)(h) N/A N/A PRIP 11128, LLC ("Retreat at Shawnee") (b)(h) N/A N/A WPL Holdings, LLC (a)(f) 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, 2018 (g) Underlying investment sold in 2017. (h) Underlying investment sold in 2018.
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 Lease intangibles Remaining term of related lease
Schedule of Contractual Obligations Required for the Next Five Years and Thereafter	The following table presents our scheduled contractual obligations required for the next five years and thereafter as of December 31, 2018: Payments due by period Total Less than 1 Year 1-3 Years 3-5 Years More than 5 Years Operating Lease Obligations 560,656 150,507 261,604 139,255 9,290

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	The following table presents the Company's supplemental cash flow information (in thousands): For the Years Ended December 31, 2018 2017 2016 Non-cash financing and investing activities: Stock issued from distribution reinvestment plan $ 25,931 $ 27,114 $ 28,497 Deferred financing costs funded directly by mortgage notes 218 449 1,071 Repayments on borrowings through refinancing 29,586 — 87,379 Accrual for construction in progress 680 1,346 1,343 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 18,713 26,976 55,720 Non-cash activity related to acquisitions: Mortgage notes payable used to acquire real property 55,615 120,401 — Cash paid during the period for: Interest $ 34,262 $ 26,458 $ 20,297

RESTRICTED CASH (Tables)

RESTRICTED CASH (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 2017 Real estate taxes $ 10,426 $ 8,877 Insurance 1,669 1,994 Capital improvements 2,763 2,530 Total $ 14,858 $ 13,401

RENTAL PROPERTIES, NET (Tables)

RENTAL PROPERTIES, NET (Tables)	12 Months Ended
	Dec. 31, 2018
Real Estate Investments [Abstract]
Summary of Investments in Rental Properties	The following table presents the Company’s investments in rental properties (in thousands): December 31, 2018 2017 Land $ 200,848 $ 196,765 Building and improvements 965,629 905,739 Furniture, fixtures and equipment 44,918 37,796 Construction in progress 1,325 6,297 1,212,720 1,146,597 Less: accumulated depreciation (194,777 ) (147,708 ) $ 1,017,943 $ 998,889

OTHER INVESTMENTS (Tables)

OTHER INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 (in thousands): December 31, 2018 2017 Unpaid principal balance $ 912 $ 934 Unamortized discount and acquisition costs (119 ) (152 ) Net book value $ 793 $ 782 Maturity date 10/28/2021 Interest rate 7.5 % Average monthly payment $ 8

ACQUISTIONS (Tables)

ACQUISTIONS (Tables)	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Schedule of Allocated Contract Purchase Price, Acquisition Fee, and Acquisition Costs	The following table presents the allocated contract purchase price, acquisition fee, and acquisition costs during the twelve months ended December 31, 2018 (in thousands): Bristol at Grapevine Contractual Purchase Price (1) Acquisition Fee Acquisition Costs Total Real Estate Cost Land $ 3,279 $ 70 $ 15 $ 3,364 Building and Improvements 39,777 854 187 40,818 Furniture, fixtures and equipment 570 12 3 585 Intangible Assets 1,074 23 5 1,102 $ 44,700 $ 959 $ 210 $ 45,869 Addison at Sandy Springs Contractual Purchase Price (1) Acquisition Fee Acquisition Costs Total Real Estate Cost Land $ 4,595 $ 100 $ 24 $ 4,719 Building and Improvements 28,241 613 145 28,999 Furniture, fixtures and equipment 424 9 2 435 Intangible Assets 740 16 4 760 $ 34,000 $ 738 $ 175 $ 34,913 (1) Contractual purchase price excludes closing costs, acquisition expenses, and other immaterial settlement date adjustments and pro-rations.
Schedule of Total Revenues, Net Loss and Acquisition Costs 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 and 2016 (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 ) (1) Acquisition fees paid related to additional investments in the Company’s properties to fund additional capital reserves.

DISPOSITION OF PROPERTIES AND_2

DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2018
Discontinued Operations And Disposal Groups [Abstract]
Summary of Disposition and Deconsolidation Activity	The following table presents details of our disposition and deconsolidation activity during the years ended December 31, 2018, 2017, and 2016 (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 2018 Dispositions: Pheasant Run Lee's Summit, MO September 14, 2018 $ 16,400 $ 6,195 $ 1,167 $ 6,200 Retreat at Shawnee Shawnee, KS October 19, 2018 25,000 9,344 2,522 9,340 $ 41,400 $ 15,539 $ 3,689 $ 15,540 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 (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,_2

IDENTIFIED INTANGIBLE ASSETS, NET (Tables)	12 Months Ended
	Dec. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Expected Amortization of Rental and Antennae Leases	The following table presents the Company's expected amortization for the rental and antennae leases for the next five years ending December 31, and thereafter (in thousands): 2019 $ 12 2020 9 2021 5 2022 — Thereafter — $ 26

GOODWILL (Tables)

GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Goodwill	The following table presents a rollforward of the Company's activity in goodwill for the years ended December 31, 2018 and 2017 (in thousands): Balance, January 1, 2017 $ 711 Activity - 2017: Sale of Stone Ridge (41 ) Balance, December 31, 2017 670 Activity - 2018: Sale of Retreat at Shawnee (117 ) Activity - 2018: Sale of Pheasant Run (76 ) Balance, December 31, 2018 $ 477

Mortgage Notes Payable, Net (Ta

Mortgage Notes Payable, Net (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 December 31, 2017 Collateral Outstanding borrowings Premium (Discount) Deferred finance costs, net Carrying Value Outstanding borrowings Premium (Discount) Deferred finance costs, net Carrying Value Vista Apartment Homes $ 14,603 $ - $ (104 ) $ 14,499 $ 14,896 $ - $ (140 ) $ 14,756 Cannery Lofts 13,100 - (136 ) 12,964 13,100 - (165 ) 12,935 Trailpoint at the Woodlands 18,046 - (154 ) 17,892 18,368 - (188 ) 18,180 Verona Apartment Homes 32,970 - (419 ) 32,551 32,970 - (475 ) 32,495 Skyview Apartment Homes 28,400 - (364 ) 28,036 28,400 - (413 ) 27,987 Maxwell Townhomes 13,069 - (81 ) 12,988 13,342 - (109 ) 13,233 Pinehurst 7,220 - (105 ) 7,115 7,339 - (128 ) 7,211 Pheasant Run - - - - 6,250 - - 6,250 Retreat of Shawnee - - - - 12,682 7 (2 ) 12,687 Evergreen at Coursey Place 26,146 55 (54 ) 26,147 26,639 77 (75 ) 26,641 Pines of York 14,422 (173 ) (33 ) 14,216 14,717 (235 ) (44 ) 14,438 Estates at Johns Creek 47,576 - (170 ) 47,406 48,603 - (286 ) 48,317 Perimeter Circle 26,115 - (356 ) 25,759 16,923 - (84 ) 16,839 Perimeter 5550 20,630 - (327 ) 20,303 13,356 - (70 ) 13,286 Aston at Cinco Ranch 22,497 - (152 ) 22,345 22,942 - (210 ) 22,732 Sunset Ridge 1 18,788 121 (96 ) 18,813 19,254 189 (150 ) 19,293 Sunset Ridge 2 2,831 16 (13 ) 2,834 2,890 26 (19 ) 2,897 Calloway at Las Colinas 33,681 - (177 ) 33,504 34,396 - (241 ) 34,155 South Lamar Village 11,909 - (29 ) 11,880 12,177 - (80 ) 12,097 Heritage Pointe 25,360 - (242 ) 25,118 25,912 - (284 ) 25,628 Yorba Linda 67,092 - (301 ) 66,791 67,500 - (461 ) 67,039 Point Bonita Apartment Homes 26,121 1,359 (233 ) 27,247 26,525 1,660 (285 ) 27,900 The Westside Apartments 36,624 - (341 ) 36,283 36,820 - (390 ) 36,430 Tech Center Square 11,933 - (132 ) 11,801 12,141 - (164 ) 11,977 Williamsburg 53,995 - (582 ) 53,413 53,995 - (706 ) 53,289 Retreat at Rocky Ridge 11,375 - (183 ) 11,192 11,375 - (223 ) 11,152 Providence in the Park 47,000 - (434 ) 46,566 47,000 - (524 ) 46,476 Green Trails Apartment Homes 61,500 - (559 ) 60,941 61,500 - (667 ) 60,833 Meridian Pointe 39,500 - (495 ) 39,005 39,500 - (588 ) 38,912 Terraces at Lake Mary 32,250 - (318 ) 31,932 32,250 - (377 ) 31,873 Courtney Meadows Apartments 27,100 - (311 ) 26,789 27,100 - (367 ) 26,733 Addison at Sandy Springs 22,750 - (292 ) 22,458 - - - - Bristol at Grapevine 32,922 - (365 ) 32,557 - - - - $ 847,525 $ 1,378 $ (7,558 ) $ 841,345 $ 800,862 $ 1,724 $ (7,915 ) $ 794,671 The following table presents additional information about the Company's mortgage notes payable, net, at December 31, 2018 (in thousands, except percentages): Collateral Maturity Date Annual Interest Rate Average Monthly Debt Service Average Monthly Escrow Vista Apartment Homes 1/1/2022 4.79% (1)(5) $ 79 $ 17 Cannery Lofts 11/1/2023 5.04% (1)(3) 52 26 Trailpoint at the Woodlands 11/1/2023 4.91% (1)(4) 95 47 Verona Apartment Homes 10/1/2026 4.86% (1)(3) 125 40 Skyview Apartment Homes 10/1/2026 4.86% (1)(3) 107 24 Maxwell Townhomes 1/1/2022 4.32% (2)(5) 71 78 Pinehurst 11/1/2023 4.92% (1)(3) 38 15 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 79 Perimeter Circle 1/1/2026 4.00% (1)(3)(6) 88 45 Perimeter 5550 1/1/2026 4.00% (1)(3)(6) 70 33 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 4.38% (1)(4) 130 43 Yorba Linda 6/1/2020 4.25% (1)(3) 310 — Point Bonita Apartment Homes 10/1/2023 5.33% (2)(5) 152 61 The Westside Apartments 9/1/2026 4.62% (1)(3) 195 69 Tech Center Square 6/1/2023 5.08% (1)(5) 65 24 Williamsburg 1/1/2024 4.88% (1)(3) 270 167 Retreat at Rocky Ridge 1/1/2024 4.96% (1)(3) 57 23 Providence in the Park 2/1/2024 4.80% (1)(3) 228 138 Green Trails Apartment Homes 6/1/2024 4.49% (1)(3) 256 79 Meridian Pointe 8/1/2024 4.40% (1)(3) 153 56 Terraces at Lake Mary 9/1/2024 4.41% (1)(3) 121 46 Courtney Meadows Apartments 1/1/2025 4.34% (1)(3) 91 51 Addison at Sandy Springs 5/1/2025 4.26% (1)(3)(6) 74 38 Bristol at Grapevine 5/1/2025 4.21% (1)(3)(6) 106 78 (1) Variable rate based on one-month LIBOR (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, 2018.
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): 2019 $ 21,897 2020 144,092 2021 102,806 2022 36,697 2023 81,193 Thereafter 460,840 $ 847,525
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): 2019 $ 1,761 2020 1,521 2021 1,272 2022 1,073 2023 1,008 Thereafter 923 $ 7,558

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018, 2017, and 2016 (dollars in thousands): Balance, January 1, 2016 $ (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 ) Reclassification adjustment for realized loss on designated derivatives 203 Unrealized loss on designated derivatives (115 ) Balance, December 31, 2018 $ (474 )

CERTAIN RELATIONSHIPS AND REL_2

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
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, 2018 2017 Due from related parties: RAI and affiliates $ 123 $ 371 Due to related parties: Advisor: Asset management fees $ — $ 15 Operating expense reimbursements 55 32 Subtotal, due to Advisor 55 47 Manager: Property management fees 520 476 Operating expense reimbursements 344 196 Subtotal, due to Manager 864 672 Total, due to related parties $ 919 $ 719 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, 2018 2017 2016 Fees earned / expenses paid to related parties: Advisor: Acquisition fees (1) $ 1,697 $ 3,670 $ 1,452 Asset management fees (2) 12,904 11,352 10,484 Disposition fees (3) 136 361 686 Debt financing fees (4) 350 1,036 532 Overhead allocation (5) 4,467 4,442 5,621 Internal audit fees (5) 102 69 44 Manager : Property management fees (2) $ 6,229 $ 5,567 $ 5,137 Construction management fees (6) 790 764 926 Construction payroll reimbursements (6) 178 191 310 Acquisition-related reimbursements (5) 53 — 418 Operating expense reimbursements (7) 443 1,015 2,273 Debt servicing fees (2) 2 2 15 Other: Ledgewood (5)(8) $ — $ — $ 121 The Planning & Zoning Resource Company (1) 2 4 — Graphic Images (5) 6 9 91 (1) For the years ended December 31, 2017 and December 31, 2016, Acquisition fees are included in Acquisition costs on the consolidated statements of operations and comprehensive income (loss). For the year ended December 31, 2018, Acquisition fees are capitalized and included in Rental Properties, net on the consolidated balance sheet. (2) Included in Management fees on the consolidated statements of operations and comprehensive income (loss). (3) Included in Net gains on dispositions of properties 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) Capitalized and 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). (8) As of September 2016, Ledgewood is no longer considered a related party.

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Schedule of Shares Issued	As of December 31, 2018, the Company had an aggregate of 70,427,946 shares of its $0.01 par value common stock outstanding as follows (dollars in thousands): Shares 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 14,050,058 144,435 Shares issued in conjunction with the Advisor's initial investment, net of 4,500 share conversion 15,500 155 Total 79,947,012 $ 779,249 Shares redeemed and retired (9,519,066 ) Total shares issued and outstanding as of December 31, 2018 70,427,946 (1) Includes 276,056 shares held by the Advisor.
Schedule of Stockholders Equity	During the year ended December 31, 2018, 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 2018 — — February 2018 — — March 2018 1,006 $ 10.94 April 2018 — — May 2018 — — June 2018 843 $ 10.26 July 2018 — — August 2018 — — September 2018 755 $ 10.29 October 2018 — — November 2018 — — December 2018 757 $ 10.29 3,361 (1) All redemptions of equity securities by the Company during the year ended December 31, 2018 were made pursuant to the Company's share redemption program.
Schedule of Distributions	For the year ended December 31, 2018, the Company paid aggregate distributions of $42.5 million $16.5 million $25.9 million Record Date Per Common Share Distribution Date Distributions Reinvested in Shares of Common Stock Net Cash Distributions Total Aggregate Distributions January 30, 2018 $ 0.05 January 31, 2018 $ 2,217 $ 1,352 $ 3,569 February 27, 2018 0.05 February 28, 2018 2,214 1,362 3,576 March 29, 2018 0.05 April 2, 2018 2,182 1,353 3,535 April 27, 2018 0.05 April 30, 2018 2,181 1,364 3,545 May 30, 2018 0.05 May 31, 2018 2,176 1,379 3,555 June 28, 2018 0.05 June 29, 2018 2,151 1,373 3,524 July 30, 2018 0.05 July 31, 2018 2,155 1,380 3,535 August 30, 2018 0.05 August 31, 2018 2,151 1,394 3,545 September 27, 2018 0.05 September 28, 2018 2,133 1,384 3,517 October 30, 2018 0.05 October 31, 2018 2,131 1,397 3,528 November 29, 2018 0.05 November 30, 2018 2,132 1,407 3,539 December 27, 2018 0.05 December 31, 2018 2,108 1,403 3,511 $ 0.60 $ 25,931 $ 16,548 $ 42,479

FAIR VALUE MEASURES AND DISCL_2

FAIR VALUE MEASURES AND DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Assets Measured at Fair Value on a Recurring Basis	The following table presents information about the Company's assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as follows (in thousands): Level 1 Level 2 Level 3 Total December 31, 2018 Assets: Interest rate caps $ — $ 28 $ — $ 28 $ — $ 28 $ — $ 28 December 31, 2017 Assets: Interest rate caps $ — $ 49 $ — $ 49 $ — $ 49 $ — $ 49
Carrying and Fair Values of Loan Held for Investment, Net, and Mortgage Notes Payable - outstanding borrowings	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, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Loan held for investment, net $ 793 $ 948 $ 782 $ 1,057 Mortgage notes payable- outstanding borrowings $ (847,525 ) $ (840,914 ) $ (800,862 ) $ (802,523 )

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	12 Months Ended
	Dec. 31, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Outstanding Interest Rate Derivatives	As of December 31, 2018, 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 19 $ 553,716 January 1, 2019 to January 1, 2022
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, 2018 and 2017 (in thousands): Asset Derivatives Liability Derivatives December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Prepaid expenses and other assets $ 28 Prepaid expenses and other assets $ 49 — $ — — $ —

QUARTERLY FINANCIAL DATA (UNA_2

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2018
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 2018 March 31 June 30 September 30 December 31 (unaudited) (unaudited) (unaudited) (unaudited) Revenues $ 32,971 $ 35,446 $ 36,580 $ 35,589 Net income (loss) attributable to common stockholders (10,949 ) (12,229 ) (5,631 ) (1,765 ) Net income (loss) per common share $ (0.15 ) (0.17 ) (0.09 ) (0.02 ) 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 )

NATURE OF BUSINESS AND OPERAT_2

NATURE OF BUSINESS AND OPERATIONS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended			36 Months Ended	54 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2018	Dec. 13, 2013
Securities Financing Transaction [Line Items]
Proceeds from issuance of stock under private and primary public offering					$ 645,800
Issuance of common stock (in shares)					64,900,000
Common stock issued through distribution reinvestment plan (in shares)				7,600,000	1,200,000
Common stock issued through distribution reinvestment plan	$ 25,931	$ 27,114	$ 28,497	$ 81,500
Private Placement | Advisor
Securities Financing Transaction [Line Items]
Issuance of common stock (in shares)					276,056

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation (Details)	Dec. 31, 2018unit
Subsidiary or Equity Method Investee [Line Items]
Number of Units	9,609
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 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	294
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
RRE Sandy Springs Holdings, LLC (Sandy Springs)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	236
RRE Grapevine Holdings, LLC (Bristol Grapevine)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	376

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	12 Months Ended
	Dec. 31, 2018USD ($)propertyshares	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)
Assets Held for Sale [Abstract]
Number of rental properties held for sale (in property) | property	0	0
Rental Properties [Abstract]
Capitalization threshold for improvements and replacements	$ 1,000
Concentration of Credit Risk [Abstract]
Deposits at various banks	80,700,000
Deposits at various banks, amount over the insurance limit of the Federal Deposit Insurance Corporation	66,700,000
Leases [Abstract]
Payments due for lease obligations	560,656
Asset Impairment Charges [Abstract]
Impairment losses	0	$ 0	$ 0
Goodwill, Impaired [Abstract]
Goodwill impairment	0
Revenue Recognition [Abstract]
Contract liability	$ 564,000	550,000
Revenue contract period	10 years to 12
Revenue from contract liability recognized into income	$ 84,000
Tenant Receivable [Abstract]
Allowance for uncollectable receivables	$ 19,000	149,300
Income Taxes [Abstract]
Minimum distribution percentage of taxable net income excluding net capital gains	90.00%
Distribution percentage of taxable net income not subject to federal corporate income tax	100.00%
Number of years entity may be precluded from REIT qualifications	4 years
Earnings Per Share [Abstract]
Antidilutive securities not included in the diluted earnings per share calculations (in shares) | shares	49,989
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Net cash provided by operating activities	$ (13,830,000)	(12,963,000)	(12,558,000)
Net cash used in investing activities	22,668,000	$ 32,757,000	$ 5,099,000
Accounting Standards Update 2016-18
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Net cash provided by operating activities	1,286,000
Net cash used in investing activities	434,000
Operating leases for residential rental properties
Revenue Recognition [Abstract]
Future minimum rental payments, current	65,700,000
Future minimum rental payments, in two years	428,000
Future minimum rental payments, thereafter	0
Commercial rental properties and antenna rentals
Revenue Recognition [Abstract]
Future minimum rental payments, current	453,000
Future minimum rental payments, in two years	386,000
Future minimum rental payments, in three years	315,000
Future minimum rental payments, in four years	213,000
Future minimum rental payments, in five years	66,000
Future minimum rental payments, thereafter	$ 202,000
Geographic concentration risk | TEXAS
Rental Properties [Abstract]
Percentage of real estate investments	30.00%
Geographic concentration risk | CALIFORNIA
Rental Properties [Abstract]
Percentage of real estate investments	16.00%
Geographic concentration risk | GEORGIA
Rental Properties [Abstract]
Percentage of real estate investments	14.00%
Manager
Rental Properties [Abstract]
Construction management fee (as percent)	5.00%
Improvements and replacements
Rental Properties [Abstract]
Estimated useful lives (greater than or equal to)	1 year

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Rental Property Useful Lives (Details)	12 Months Ended
	Dec. 31, 2018
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

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Contractual Obligations Required for the Next Five Years and Thereafter (Details)	Dec. 31, 2018USD ($)
Accounting Policies [Abstract]
Payments due by period, Total	$ 560,656
Payments due by period, Less than 1 Year	150,507
Payments due by period, 1-3 Years	261,604
Payments due by period, 3-5 Years	139,255
Payments due by period, Moe than 5 Years	$ 9,290

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended			36 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2018
Non-cash financing and investing activities:
Stock issued from distribution reinvestment plan	$ 25,931	$ 27,114	$ 28,497	$ 81,500
Deferred financing costs funded directly by mortgage notes	218	449	1,071
Repayments on borrowings through refinancing	29,586	0	87,379
Accrual for construction in progress	680	1,346	1,343
Deconsolidation of subsidiary and removal of related mortgage notes payable and noncontrolling interest	0	0	35,152
Mortgage notes payable settled directly with proceeds from sale of rental property	18,713	26,976	55,720
Non-cash activity related to acquisitions:
Mortgage notes payable used to acquire real property	55,615	120,401	0
Cash paid during the period for:
Interest	$ 34,262	$ 26,458	$ 20,297

RESTRICTED CASH - Schedule of R

RESTRICTED CASH - Schedule of Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 14,858	$ 13,401	$ 10,277
Real estate taxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	10,426	8,877
Insurance
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	1,669	1,994
Capital improvements
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 2,763	$ 2,530

RESTRICTED CASH - Narrative (De

RESTRICTED CASH - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Cash And Cash Equivalents [Abstract]
Unrestricted cash designated for capital expenditures	$ 22.2	$ 31.3

RENTAL PROPERTIES, NET - Summar

RENTAL PROPERTIES, NET - Summary of Investments in Rental Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Investments in rental properties [Abstract]
Land	$ 200,848	$ 196,765
Building and improvements	965,629	905,739
Furniture, fixtures and equipment	44,918	37,796
Construction in progress	1,325	6,297
Rental properties, gross	1,212,720	1,146,597
Less: accumulated depreciation	(194,777)	(147,708)
Rental properties, net	$ 1,017,943	$ 998,889

RENTAL PROPERTIES, NET - Narrat

RENTAL PROPERTIES, NET - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investments in rental properties [Abstract]
Depreciation expense	$ 55.1	$ 48.7	$ 44

OTHER INVESTMENTS - Narrative (

OTHER INVESTMENTS - Narrative (Details)	Nov. 12, 2014USD ($)	Mar. 31, 2016USD ($)	Oct. 31, 2015USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2011USD ($)loan
Financing Receivable, Allowance for Credit Losses [Line Items]
Payment to fund investment				$ 0	$ 0	$ 408,000
Number of performing promissory notes | loan							1
Allowance for credit losses				0	0
Charge-offs				$ 0	$ 0
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

OTHER INVESTMENTS - Terms of Lo

OTHER INVESTMENTS - Terms of Loans Held for Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Investments Debt And Equity Securities [Abstract]
Unpaid principal balance	$ 912	$ 934
Unamortized discount and acquisition costs	(119)	(152)
Net book value	$ 793	$ 782
Maturity date	Oct. 28, 2021
Interest rate	7.50%
Average monthly payment	$ 8

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) $ in Thousands	Apr. 25, 2018USD ($)unit	Apr. 17, 2018USD ($)unit	Dec. 31, 2018unitproperty
Business Acquisition [Line Items]
Number of real estate properties | property			30
Number of units			9,609
Addison at Sandy Springs
Business Acquisition [Line Items]
Number of units		236
Consideration transferred for acquisition | $		$ 34,000
Bristol at Grapevine
Business Acquisition [Line Items]
Number of units	376
Consideration transferred for acquisition | $	$ 44,700

ACQUISITIONS - Acquisitions and

ACQUISITIONS - Acquisitions and Fair Value Assignment (Details) - USD ($) $ in Thousands	Apr. 25, 2018	Apr. 17, 2018	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Land			$ 200,848	$ 196,765
Building and Improvements			965,629	905,739
Furniture, fixtures and equipment			44,918	37,796
Total assets			$ 1,101,298	$ 1,135,792
Bristol at Grapevine
Business Acquisition [Line Items]
Intangible Assets, Contractual Purchase Price	$ 1,074
Contractual Purchase Price	44,700
Intangible Assets, Acquisition Fee	23
Acquisition Fee	959
Intangible Assets, Acquisition Costs	5
Acquisition Costs	210
Land	3,364
Building and Improvements	40,818
Furniture, fixtures and equipment	585
Intangible Assets	1,102
Total assets	45,869
Bristol at Grapevine | Land
Business Acquisition [Line Items]
Property and Equipment, Contract Purchase Price	3,279
Property, Plant and Equipment, Acquisition Fee	70
Property, Plant and Equipment, Acquisition Costs	15
Bristol at Grapevine | Building and Improvements
Business Acquisition [Line Items]
Property and Equipment, Contract Purchase Price	39,777
Property, Plant and Equipment, Acquisition Fee	854
Property, Plant and Equipment, Acquisition Costs	187
Bristol at Grapevine | Furniture, fixtures and equipment
Business Acquisition [Line Items]
Property and Equipment, Contract Purchase Price	570
Property, Plant and Equipment, Acquisition Fee	12
Property, Plant and Equipment, Acquisition Costs	$ 3
Addison at Sandy Springs
Business Acquisition [Line Items]
Intangible Assets, Contractual Purchase Price		$ 740
Contractual Purchase Price		34,000
Intangible Assets, Acquisition Fee		16
Acquisition Fee		738
Intangible Assets, Acquisition Costs		4
Acquisition Costs		175
Land		4,719
Building and Improvements		28,999
Furniture, fixtures and equipment		435
Intangible Assets		760
Total assets		34,913
Addison at Sandy Springs | Land
Business Acquisition [Line Items]
Property and Equipment, Contract Purchase Price		4,595
Property, Plant and Equipment, Acquisition Fee		100
Property, Plant and Equipment, Acquisition Costs		24
Addison at Sandy Springs | Building and Improvements
Business Acquisition [Line Items]
Property and Equipment, Contract Purchase Price		28,241
Property, Plant and Equipment, Acquisition Fee		613
Property, Plant and Equipment, Acquisition Costs		145
Addison at Sandy Springs | Furniture, fixtures and equipment
Business Acquisition [Line Items]
Property and Equipment, Contract Purchase Price		424
Property, Plant and Equipment, Acquisition Fee		9
Property, Plant and Equipment, Acquisition Costs		$ 2

ACQUISITIONS -Schedule of Total

ACQUISITIONS -Schedule of Total Revenues, Net Loss and Acquisition Costs of Acquisitions (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Total Revenues	$ 35,589	$ 36,580	$ 35,446	$ 32,971	$ 32,121	$ 32,333	$ 31,030	$ 30,205	$ 140,586	$ 125,689	$ 118,367
Net Loss									(30,574)	(21,969)	10,371
Acquisition Costs									$ (10)	(4,469)	(1,582)
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)
Providence in the Park
Business Acquisition [Line Items]
Total Revenues											193
Net Loss											(781)
Acquisition Costs											(1,509)
Various Properties
Business Acquisition [Line Items]
Acquisition Costs										(188)	(73)
Multifamily Community
Business Acquisition [Line Items]
Total Revenues										5,625	193
Net Loss										(4,223)	(781)
Acquisition Costs										$ (4,469)	$ (1,582)

DISPOSITION OF PROPERTIES AND_3

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

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Oct. 19, 2018

Sep. 14, 2018

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

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

Contract Sales price

$ 41,400

$ 61,484

$ 140,004

Net Gains on Dispositions of Properties and Joint Venture Interests

15,539

22,735

45,057

Revenues Attributable to Properties Sold

3,689

4,240

6,144

Net Income Attributable to Properties Sold

15,540

22,195

45,517

Pheasant Run

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

Contract Sales price

$ 16,400

Net Gains on Dispositions of Properties and Joint Venture Interests

6,195

Revenues Attributable to Properties Sold

1,167

Net Income Attributable to Properties Sold

6,200

Retreat at Shawnee

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

Contract Sales price

$ 25,000

Net Gains on Dispositions of Properties and Joint Venture Interests

9,344

Revenues Attributable to Properties Sold

2,522

Net Income Attributable to Properties Sold

$ 9,340

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

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

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

DISPOSITION OF PROPERTIES AND_4

DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS - Sales Activity (Parenthetical) (Details) - USD ($) $ in Thousands	Jan. 27, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net (loss) income		$ (30,574)	$ (21,969)	$ 10,371
Noncontrolling interests
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net (loss) income				$ 6,306
Conifer Place | Noncontrolling interests
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net (loss) income	$ 6,300

IDENTIFIED INTANGIBLE ASSETS,_3

IDENTIFIED INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets, net	$ 26,000	$ 1,796,000
Weighted average remaining life	0 days	5 months
Expected amortization, 2019	$ 12,000
Amortization expense	3,600,000	$ 3,600,000	$ 228,000
Acquired in-place leases
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets, net	26,000	1,800,000
Accumulated amortization	29,300,000	$ 26,600,000
Antennae leases
Finite-Lived Intangible Assets [Line Items]
Expected amortization, 2019	12,000
Expected amortization, 2020	9,000
Expected amortization, 2021	5,000
Expected amortization, thereafter	$ 0

IDENTIFIED INTANGIBLE ASSETS,_4

IDENTIFIED INTANGIBLE ASSETS, NET - Expected Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
2019	$ 12
2020	9
2021	5
2022	0
Thereafter	0
Total	$ 26	$ 1,796

GOODWILL - Summary of Goodwill

GOODWILL - Summary of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Goodwill [Roll Forward]
Beginning balance	$ 670	$ 711
Ending balance	477	670
Stone Ridge
Goodwill [Roll Forward]
Sale of business unit		$ (41)
Retreat at Shawnee
Goodwill [Roll Forward]
Sale of business unit	(117)
Pheasant Run
Goodwill [Roll Forward]
Sale of business unit	$ (76)

Mortgage Notes Payable, Net - S

Mortgage Notes Payable, Net - Summary of Mortgage Notes Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Participating Mortgage Loans [Line Items]
Outstanding borrowings	$ 847,525	$ 800,862
Premium (Discount)	1,378	1,724
Deferred finance costs, net	(7,558)	(7,915)
Carrying Value	841,345	794,671
Vista Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding borrowings	14,603	14,896
Premium (Discount)		0
Deferred finance costs, net	(104)	(140)
Carrying Value	$ 14,499	14,756
Maturity Date	Jan. 1, 2022
Annual Interest Rate (as percent)	4.79%
Average Monthly Debt Service	$ 79
Average Monthly Escrow	17
Cannery Lofts
Participating Mortgage Loans [Line Items]
Outstanding borrowings	13,100	13,100
Premium (Discount)		0
Deferred finance costs, net	(136)	(165)
Carrying Value	$ 12,964	12,935
Maturity Date	Nov. 1, 2023
Annual Interest Rate (as percent)	5.04%
Average Monthly Debt Service	$ 52
Average Monthly Escrow	26
Trailpoint at the Woodlands
Participating Mortgage Loans [Line Items]
Outstanding borrowings	18,046	18,368
Premium (Discount)		0
Deferred finance costs, net	(154)	(188)
Carrying Value	$ 17,892	18,180
Maturity Date	Nov. 1, 2023
Annual Interest Rate (as percent)	4.91%
Average Monthly Debt Service	$ 95
Average Monthly Escrow	47
Verona Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding borrowings	32,970	32,970
Premium (Discount)		0
Deferred finance costs, net	(419)	(475)
Carrying Value	$ 32,551	32,495
Maturity Date	Oct. 1, 2026
Annual Interest Rate (as percent)	4.86%
Average Monthly Debt Service	$ 125
Average Monthly Escrow	40
Skyview Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding borrowings	28,400	28,400
Premium (Discount)		0
Deferred finance costs, net	(364)	(413)
Carrying Value	$ 28,036	27,987
Maturity Date	Oct. 1, 2026
Annual Interest Rate (as percent)	4.86%
Average Monthly Debt Service	$ 107
Average Monthly Escrow	24
Maxwell Townhomes
Participating Mortgage Loans [Line Items]
Outstanding borrowings	13,069	13,342
Premium (Discount)		0
Deferred finance costs, net	(81)	(109)
Carrying Value	$ 12,988	13,233
Maturity Date	Jan. 1, 2022
Annual Interest Rate (as percent)	4.32%
Average Monthly Debt Service	$ 71
Average Monthly Escrow	78
Pinehurst
Participating Mortgage Loans [Line Items]
Outstanding borrowings	7,220	7,339
Premium (Discount)		0
Deferred finance costs, net	(105)	(128)
Carrying Value	$ 7,115	7,211
Maturity Date	Nov. 1, 2023
Annual Interest Rate (as percent)	4.92%
Average Monthly Debt Service	$ 38
Average Monthly Escrow	15
Pheasant Run
Participating Mortgage Loans [Line Items]
Outstanding borrowings	0	6,250
Premium (Discount)		0
Deferred finance costs, net		0
Carrying Value		6,250
Retreat of Shawnee
Participating Mortgage Loans [Line Items]
Outstanding borrowings	0	12,682
Premium (Discount)		7
Deferred finance costs, net		(2)
Carrying Value		12,687
Evergreen at Coursey Place
Participating Mortgage Loans [Line Items]
Outstanding borrowings	26,146	26,639
Premium (Discount)	55	77
Deferred finance costs, net	(54)	(75)
Carrying Value	$ 26,147	26,641
Maturity Date	Aug. 1, 2021
Annual Interest Rate (as percent)	5.07%
Average Monthly Debt Service	$ 154
Average Monthly Escrow	37
Pines of York
Participating Mortgage Loans [Line Items]
Outstanding borrowings	14,422	14,717
Premium (Discount)	(173)	(235)
Deferred finance costs, net	(33)	(44)
Carrying Value	$ 14,216	14,438
Maturity Date	Dec. 1, 2021
Annual Interest Rate (as percent)	4.46%
Average Monthly Debt Service	$ 80
Average Monthly Escrow	25
Estates at Johns Creek
Participating Mortgage Loans [Line Items]
Outstanding borrowings	47,576	48,603
Premium (Discount)		0
Deferred finance costs, net	(170)	(286)
Carrying Value	$ 47,406	48,317
Maturity Date	Jul. 1, 2020
Annual Interest Rate (as percent)	3.38%
Average Monthly Debt Service	$ 221
Average Monthly Escrow	79
Perimeter Circle
Participating Mortgage Loans [Line Items]
Outstanding borrowings	26,115	16,923
Premium (Discount)		0
Deferred finance costs, net	(356)	(84)
Carrying Value	$ 25,759	16,839
Maturity Date	Jan. 1, 2026
Annual Interest Rate (as percent)	4.00%
Average Monthly Debt Service	$ 88
Average Monthly Escrow	45
Perimeter 5550
Participating Mortgage Loans [Line Items]
Outstanding borrowings	20,630	13,356
Premium (Discount)		0
Deferred finance costs, net	(327)	(70)
Carrying Value	$ 20,303	13,286
Maturity Date	Jan. 1, 2026
Annual Interest Rate (as percent)	4.00%
Average Monthly Debt Service	$ 70
Average Monthly Escrow	33
Aston at Cinco Ranch
Participating Mortgage Loans [Line Items]
Outstanding borrowings	22,497	22,942
Premium (Discount)		0
Deferred finance costs, net	(152)	(210)
Carrying Value	$ 22,345	22,732
Maturity Date	Oct. 1, 2021
Annual Interest Rate (as percent)	4.34%
Average Monthly Debt Service	$ 120
Average Monthly Escrow	70
Sunset Ridge 1
Participating Mortgage Loans [Line Items]
Outstanding borrowings	18,788	19,254
Premium (Discount)	121	189
Deferred finance costs, net	(96)	(150)
Carrying Value	$ 18,813	19,293
Maturity Date	Nov. 1, 2020
Annual Interest Rate (as percent)	4.58%
Average Monthly Debt Service	$ 113
Average Monthly Escrow	89
Sunset Ridge 2
Participating Mortgage Loans [Line Items]
Outstanding borrowings	2,831	2,890
Premium (Discount)	16	26
Deferred finance costs, net	(13)	(19)
Carrying Value	$ 2,834	2,897
Maturity Date	Nov. 1, 2020
Annual Interest Rate (as percent)	4.54%
Average Monthly Debt Service	$ 16
Calloway at Las Colinas
Participating Mortgage Loans [Line Items]
Outstanding borrowings	33,681	34,396
Premium (Discount)		0
Deferred finance costs, net	(177)	(241)
Carrying Value	$ 33,504	34,155
Maturity Date	Dec. 1, 2021
Annual Interest Rate (as percent)	3.87%
Average Monthly Debt Service	$ 171
Average Monthly Escrow	115
South Lamar Village
Participating Mortgage Loans [Line Items]
Outstanding borrowings	11,909	12,177
Premium (Discount)		0
Deferred finance costs, net	(29)	(80)
Carrying Value	$ 11,880	12,097
Maturity Date	Aug. 1, 2019
Annual Interest Rate (as percent)	3.64%
Average Monthly Debt Service	$ 59
Average Monthly Escrow	57
Heritage Pointe
Participating Mortgage Loans [Line Items]
Outstanding borrowings	25,360	25,912
Premium (Discount)		0
Deferred finance costs, net	(242)	(284)
Carrying Value	$ 25,118	25,628
Maturity Date	Apr. 1, 2025
Annual Interest Rate (as percent)	4.38%
Average Monthly Debt Service	$ 130
Average Monthly Escrow	43
Yorba Linda
Participating Mortgage Loans [Line Items]
Outstanding borrowings	67,092	67,500
Premium (Discount)		0
Deferred finance costs, net	(301)	(461)
Carrying Value	$ 66,791	67,039
Maturity Date	Jun. 1, 2020
Annual Interest Rate (as percent)	4.25%
Average Monthly Debt Service	$ 310
Point Bonita Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding borrowings	26,121	26,525
Premium (Discount)	1,359	1,660
Deferred finance costs, net	(233)	(285)
Carrying Value	$ 27,247	27,900
Maturity Date	Oct. 1, 2023
Annual Interest Rate (as percent)	5.33%
Average Monthly Debt Service	$ 152
Average Monthly Escrow	61
The Westside Apartments
Participating Mortgage Loans [Line Items]
Outstanding borrowings	36,624	36,820
Premium (Discount)		0
Deferred finance costs, net	(341)	(390)
Carrying Value	$ 36,283	36,430
Maturity Date	Sep. 1, 2026
Annual Interest Rate (as percent)	4.62%
Average Monthly Debt Service	$ 195
Average Monthly Escrow	69
Tech Center Square
Participating Mortgage Loans [Line Items]
Outstanding borrowings	11,933	12,141
Premium (Discount)		0
Deferred finance costs, net	(132)	(164)
Carrying Value	$ 11,801	11,977
Maturity Date	Jun. 1, 2023
Annual Interest Rate (as percent)	5.08%
Average Monthly Debt Service	$ 65
Average Monthly Escrow	24
Williamsburg
Participating Mortgage Loans [Line Items]
Outstanding borrowings	53,995	53,995
Premium (Discount)		0
Deferred finance costs, net	(582)	(706)
Carrying Value	$ 53,413	53,289
Maturity Date	Jan. 1, 2024
Annual Interest Rate (as percent)	4.88%
Average Monthly Debt Service	$ 270
Average Monthly Escrow	167
Retreat at Rocky Ridge
Participating Mortgage Loans [Line Items]
Outstanding borrowings	11,375	11,375
Premium (Discount)		0
Deferred finance costs, net	(183)	(223)
Carrying Value	$ 11,192	11,152
Maturity Date	Jan. 1, 2024
Annual Interest Rate (as percent)	4.96%
Average Monthly Debt Service	$ 57
Average Monthly Escrow	23
Providence in the Park
Participating Mortgage Loans [Line Items]
Outstanding borrowings	47,000	47,000
Premium (Discount)		0
Deferred finance costs, net	(434)	(524)
Carrying Value	$ 46,566	46,476
Maturity Date	Feb. 1, 2024
Annual Interest Rate (as percent)	4.80%
Average Monthly Debt Service	$ 228
Average Monthly Escrow	138
Green Trails Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding borrowings	61,500	61,500
Premium (Discount)		0
Deferred finance costs, net	(559)	(667)
Carrying Value	$ 60,941	60,833
Maturity Date	Jun. 1, 2024
Annual Interest Rate (as percent)	4.49%
Average Monthly Debt Service	$ 256
Average Monthly Escrow	79
Meridian Pointe
Participating Mortgage Loans [Line Items]
Outstanding borrowings	39,500	39,500
Premium (Discount)		0
Deferred finance costs, net	(495)	(588)
Carrying Value	$ 39,005	38,912
Maturity Date	Aug. 1, 2024
Annual Interest Rate (as percent)	4.40%
Average Monthly Debt Service	$ 153
Average Monthly Escrow	56
Terraces at Lake Mary
Participating Mortgage Loans [Line Items]
Outstanding borrowings	32,250	32,250
Premium (Discount)		0
Deferred finance costs, net	(318)	(377)
Carrying Value	$ 31,932	31,873
Maturity Date	Sep. 1, 2024
Annual Interest Rate (as percent)	4.41%
Average Monthly Debt Service	$ 121
Average Monthly Escrow	46
Courtney Meadows Apartments
Participating Mortgage Loans [Line Items]
Outstanding borrowings	27,100	27,100
Premium (Discount)		0
Deferred finance costs, net	(311)	(367)
Carrying Value	$ 26,789	26,733
Maturity Date	Jan. 1, 2025
Annual Interest Rate (as percent)	4.34%
Average Monthly Debt Service	$ 91
Average Monthly Escrow	51
Addison at Sandy Springs
Participating Mortgage Loans [Line Items]
Outstanding borrowings	22,750	0
Premium (Discount)		0
Deferred finance costs, net	(292)	0
Carrying Value	$ 22,458	0
Maturity Date	May 1, 2025
Annual Interest Rate (as percent)	4.26%
Average Monthly Debt Service	$ 74
Average Monthly Escrow	38
Bristol at Grapevine
Participating Mortgage Loans [Line Items]
Outstanding borrowings	32,922	0
Premium (Discount)		0
Deferred finance costs, net	(365)	0
Carrying Value	$ 32,557	$ 0
Maturity Date	May 1, 2025
Annual Interest Rate (as percent)	4.21%
Average Monthly Debt Service	$ 106
Average Monthly Escrow	$ 78

Mortgage Notes Payable, Net -_2

Mortgage Notes Payable, Net - Summary of Mortgage Notes Payable (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2018
Revolving credit facility | LIBOR
Participating Mortgage Loans [Line Items]
Basis spread on variable rate (as percent)	2.50269%

Mortgage Notes Payable, Net - A

Mortgage Notes Payable, Net - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Repayment on mortgages	$ 1,250,000	$ 2,287,000	$ 2,129,000
Loss on extinguishment of debt	51,000	0	791,000
Amortization of deferred financing costs	1,773,000	2,014,000	2,120,000
Accumulated amortization, deferred finance costs	5,200,000	4,000,000
Mortgages
Debt Instrument [Line Items]
Repayment on mortgages	50,000
Mortgages | Interest expense
Debt Instrument [Line Items]
Amortization of deferred financing costs	1,800,000	1,900,000	1,800,000
Acquisitions of Rental Property
Debt Instrument [Line Items]
Decrease in interest expense due to fair value adjustments	345,000	$ 465,000	$ 485,000
Covenants included in Mortgage for Archstone Yorba Linda
Debt Instrument [Line Items]
Earn-out holdback allowed when criteria are met	$ 7,500,000

Mortgage Notes Payable, Net -_3

Mortgage Notes Payable, Net - Annual Principal Payments on the Mortgage Notes Payable (Details) $ in Thousands	Dec. 31, 2018USD ($)
Debt Disclosure [Abstract]
2019	$ 21,897
2020	144,092
2021	102,806
2022	36,697
2023	81,193
Thereafter	460,840
Total	$ 847,525

Mortgage Notes Payable, Net - E

Mortgage Notes Payable, Net - Estimated Amortization of Deferred Financing Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
2019	$ 1,761
2020	1,521
2021	1,272
2022	1,073
2023	1,008
Thereafter	923
Deferred financing costs, net	$ 7,558	$ 7,915

CREDIT FACILITY - Narrative (De

CREDIT FACILITY - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Revolving credit facility | Interest expense | Bank of America
Line Of Credit Facility [Line Items]
Payment of unused line of credit fee	$ 250

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accumulated Other Comprehensive Income [Rollforward]
Beginning balance	$ 318,592	$ 392,019	$ 433,099
Unrealized loss on designated derivatives	88	(217)	95
Ending balance	236,306	318,592	392,019
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income [Rollforward]
Beginning balance	(562)	(345)	(440)
Ending balance	(474)	(562)	(345)
Designated derivatives
Accumulated Other Comprehensive Income [Rollforward]
Reclassification adjustment for realized loss on designated derivatives	203	163	105
Unrealized loss on designated derivatives	$ (115)	$ (380)	$ (10)

CERTAIN RELATIONSHIPS AND REL_3

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Apr. 23, 2017	Apr. 22, 2017
Directors and Officers Liability Insurance
Related Party Transaction [Line Items]
Payment into insurance pools	$ 283,533
Malpractice insurance coverage limit	100,000,000
RAI
Related Party Transaction [Line Items]
Insurance pool, amount of property losses covered	2,500,000
Property loss pool, deductible amount per incident	25,000
Catastrophic insurance, amount of losses covered	250,000,000
Payment into insurance pools	900,000	$ 1,000,000
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
Advisor
Related Party Transaction [Line Items]
Terms of agreement	1 year
Terms of agreement, renewal period	1 year
Percentage acquisition fee paid to advisor (as percent)	2.00%
Monthly asset management fee (as percent)	0.083%
Percentage annual asset management fee (as percent)	1.00%
Disposition fee (as percent)	2.75%
Debt financing fee (as percent)	0.50%
Manager
Related Party Transaction [Line Items]
Property management fee (as percent)	4.50%
Occupancy (as percent)	75.00%
Term for which Manager receives minimum property management fee if properties are less than 75% occupied	12 months
Construction management fee (as percent)	5.00%
Debt servicing fee (as percent)	2.75%
Minimum | RAI
Related Party Transaction [Line Items]
Catastrophic insurance, deductible amount per incident	$ 25,000
Maximum | RAI
Related Party Transaction [Line Items]
Catastrophic insurance, deductible amount per incident	$ 100,000

CERTAIN RELATIONSHIPS AND REL_4

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS - Schedule of Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Due from related parties	$ 123	$ 371
Due to related parties	919	719
RAI and affiliates | Insurance fund held in escrow
Related Party Transaction [Line Items]
Due from related parties	123	371
Advisor
Related Party Transaction [Line Items]
Due to related parties	55	47
Advisor | Asset management fees
Related Party Transaction [Line Items]
Due to related parties		15
Fees earned / expenses paid to related parties	12,904	11,352	$ 10,484
Advisor | Operating expense reimbursements
Related Party Transaction [Line Items]
Due to related parties	55	32
Advisor | Acquisition fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	1,697	3,670	1,452
Advisor | Disposition fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	136	361	686
Advisor | Debt financing fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	350	1,036	532
Advisor | Overhead allocation
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	4,467	4,442	5,621
Advisor | Internal audit fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	102	69	44
Manager
Related Party Transaction [Line Items]
Due to related parties	864	672
Manager | Operating expense reimbursements
Related Party Transaction [Line Items]
Due to related parties	344	196
Fees earned / expenses paid to related parties	443	1,015	2,273
Manager | Property management fees
Related Party Transaction [Line Items]
Due to related parties	520	476
Fees earned / expenses paid to related parties	6,229	5,567	5,137
Manager | Construction management fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	790	764	926
Manager | Construction payroll reimbursements
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	178	191	310
Manager | Acquisition-related reimbursements
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	53		418
Manager | Debt servicing fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	2	2	15
Ledgewood
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties			121
The Planning & Zoning Resource Company
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	2	4
Graphic Images
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	$ 6	$ 9	$ 91

EQUITY - Preferred Stock - (Det

EQUITY - Preferred Stock - (Details) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
Equity [Abstract]
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0

EQUITY - Common Stock - (Detail

EQUITY - Common Stock - (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Class Of Stock [Line Items]
Total shares outstanding at end of period (in shares)	70,427,946
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	70,427,946	71,299,467
Gross Proceeds	$ 779,249
Total (in shares)	79,947,012
Shares redeemed and retired (in shares)	(9,519,066)
Total shares issued at end of period (in shares)	70,427,946
Advisor
Class Of Stock [Line Items]
Common stock, issued (in shares)	15,500
Gross Proceeds	$ 155
Shares converted (in shares)	4,500
Private Placement
Class Of Stock [Line Items]
Common stock, issued (in shares)	1,263,727
Gross Proceeds	$ 12,582
Shares issued through primary public offering
Class Of Stock [Line Items]
Common stock, issued (in shares)	62,485,461
Gross Proceeds	$ 622,077
Shares issued through primary public offering | Advisor | Common Stock
Class Of Stock [Line Items]
Total shares issued at end of period (in shares)	276,056
Shares issued through stock distributions
Class Of Stock [Line Items]
Common stock, issued (in shares)	2,132,266
Shares issued through distribution reinvestment plan
Class Of Stock [Line Items]
Common stock, issued (in shares)	14,050,058
Gross Proceeds	$ 144,435

EQUITY - Convertible Stock - (D

EQUITY - Convertible Stock - (Details)	12 Months Ended
	Dec. 31, 2018event$ / sharesshares	Dec. 31, 2017$ / sharesshares
Equity [Abstract]
Convertible stock shares outstanding (in shares)	49,989	49,995
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)	926
Convertible stock repurchased and retired (in shares)		5
Percentage on original share price (as percent)	100.00%
Percentage non-compounded annual return, option one (as percent)	10.00%
Aggregate percentage return (as percent)	10.00%
Number of possible triggering events | event	2
Conversion ratio	0.00
Common stock, convertible, triggering event, if lesser of, option one (as percent)	25.00%
Common stock, convertible, triggering event, if lesser of, option two (as percent)	15.00%
Percentage non-compounded annual return, option two (as percent)	6.00%
Number of triggering events | event	0

EQUITY - Redemption of Securiti

EQUITY - Redemption of Securities (Details) - $ / shares shares in Thousands	1 Months Ended												12 Months Ended
	Dec. 31, 2018	Nov. 30, 2018	Oct. 31, 2018	Sep. 30, 2018	Aug. 31, 2018	Jul. 31, 2018	Jun. 30, 2018	May 31, 2018	Apr. 30, 2018	Mar. 31, 2018	Feb. 28, 2018	Jan. 31, 2018	Dec. 31, 2018
Subsidiary, Sale of Stock [Line Items]
Total Number of Shares Redeemed (in shares)	757	0	0	755	0	0	843	0	0	1,006	0	0	3,361
Average Price Paid per Share (in dollars per share)	$ 10.29	$ 0	$ 0	$ 10.29	$ 0	$ 0	$ 10.26	$ 0	$ 0	$ 10.94	$ 0	$ 0	$ 10.29
Percentage of weighted-average number of outstanding shares during the 12-month period immediately prior to the effective date of the redemption that company will not redeem in excess of (in excess of 5%) (as percent)	5.00%												5.00%
Period of time shares are outstanding prior to the effective date of redemption													12 months
Cash available for redemption, percentage of previous fiscal year operating cash flow (as percent)													1.00%
Number of days' notice required to suspend, terminate or amend share redemption program													30 days
Share Redemption Program
Subsidiary, Sale of Stock [Line Items]
Price of stock as percentage of current per share net asset value (as percent)													95.00%

EQUITY - Distributions (Details

EQUITY - Distributions (Details) $ / shares in Units, $ in Thousands	12 Months Ended			36 Months Ended
	Dec. 31, 2018USD ($)Distribution$ / sharesshares	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2018USD ($)
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	$ 42,479
Net Cash Distribution	16,548
Common stock issued through distribution reinvestment plan	$ 25,931	$ 27,114	$ 28,497	$ 81,500
Per Common Share (in dollars per share) | $ / shares	$ 0.60
Common Stock
Securities Financing Transaction [Line Items]
Common stock issued through distribution reinvestment plan	$ 25	$ 25	$ 26
Record date of January 30, 2018
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	3,569
Net Cash Distribution	1,352
Common stock issued through distribution reinvestment plan	$ 2,217
Per Common Share (in dollars per share) | $ / shares	$ 0.05
Record date of February 27, 2018
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	$ 3,576
Net Cash Distribution	1,362
Common stock issued through distribution reinvestment plan	$ 2,214
Per Common Share (in dollars per share) | $ / shares	$ 0.05
Record date of March 29, 2018
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	$ 3,535
Net Cash Distribution	1,353
Common stock issued through distribution reinvestment plan	$ 2,182
Per Common Share (in dollars per share) | $ / shares	$ 0.05
Record date of April 27, 2018
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	$ 3,545
Net Cash Distribution	1,364
Common stock issued through distribution reinvestment plan	$ 2,181
Per Common Share (in dollars per share) | $ / shares	$ 0.05
Record date of May 30, 2018
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	$ 3,555
Net Cash Distribution	1,379
Common stock issued through distribution reinvestment plan	$ 2,176
Per Common Share (in dollars per share) | $ / shares	$ 0.05
Record date of June 28, 2018
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	$ 3,524
Net Cash Distribution	1,373
Common stock issued through distribution reinvestment plan	$ 2,151
Per Common Share (in dollars per share) | $ / shares	$ 0.05
Record date of July 30, 2018
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	$ 3,535
Net Cash Distribution	1,380
Common stock issued through distribution reinvestment plan	$ 2,155
Per Common Share (in dollars per share) | $ / shares	$ 0.05
Record date of August 30, 2018
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	$ 3,545
Net Cash Distribution	1,394
Common stock issued through distribution reinvestment plan	$ 2,151
Per Common Share (in dollars per share) | $ / shares	$ 0.05
Record date of September 27, 2018
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	$ 3,517
Net Cash Distribution	1,384
Common stock issued through distribution reinvestment plan	$ 2,133
Per Common Share (in dollars per share) | $ / shares	$ 0.05
Record date of October 30, 2018
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	$ 3,528
Net Cash Distribution	1,397
Common stock issued through distribution reinvestment plan	$ 2,131
Per Common Share (in dollars per share) | $ / shares	$ 0.05
Record date of November 29, 2018
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	$ 3,539
Net Cash Distribution	1,407
Common stock issued through distribution reinvestment plan	$ 2,132
Per Common Share (in dollars per share) | $ / shares	$ 0.05
Record date of December 27, 2018
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	$ 3,511
Net Cash Distribution	1,403
Common stock issued through distribution reinvestment plan	$ 2,108
Per Common Share (in dollars per share) | $ / shares	$ 0.05
Dividend distribution one
Securities Financing Transaction [Line Items]
Stock distributions (in shares) | | shares	0.015
Dividend distribution one | Common Stock
Securities Financing Transaction [Line Items]
Number of stock distributions (in distributions) | | Distribution	7
Dividend distribution two
Securities Financing Transaction [Line Items]
Stock distributions (in shares) | | shares	0.0075
Dividend distribution two | Common Stock
Securities Financing Transaction [Line Items]
Number of stock distributions (in distributions) | | Distribution	2
Dividend distribution three
Securities Financing Transaction [Line Items]
Stock distributions (in shares) | | shares	0.00585
Dividend distribution three | Common Stock
Securities Financing Transaction [Line Items]
Number of stock distributions (in distributions) | | Distribution	1
Dividend distribution four
Securities Financing Transaction [Line Items]
Stock distributions (in shares) | | shares	0.005
Dividend distribution four | Common Stock
Securities Financing Transaction [Line Items]
Number of stock distributions (in distributions) | | Distribution	2

FAIR VALUE MEASURES AND DISCL_3

FAIR VALUE MEASURES AND DISCLOSURES - Assets Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps	$ 28	$ 49
Assets, fair value	28	49
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps	0	0
Assets, fair value	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps	28	49
Assets, fair value	28	49
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps	0	0
Assets, fair value	$ 0	$ 0

FAIR VALUE MEASURES AND DISCL_4

FAIR VALUE MEASURES AND DISCLOSURES - Schedule of Carrying and Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan held for investment, net	$ 793	$ 782
Mortgage notes payable- outstanding borrowings	(847,525)	(800,862)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan held for investment, net	948	1,057
Mortgage notes payable- outstanding borrowings	$ (840,914)	$ (802,523)

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details) - Cash flow hedges - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Loss due to amortization of premiums for interest rate caps	$ 203,287	$ 162,636
Interest rate hedge to be reclassified during next 12 months	$ 334,115

DERIVATIVES AND HEDGING ACTIV_4

DERIVATIVES AND HEDGING ACTIVITIES - Outstanding Interest Rate Derivatives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)derivative
Cash flow hedges | Interest Rate Caps
Derivatives, Fair Value [Line Items]
Number of Instruments (in derivatives) | derivative	19
Notional | $	$ 553,716
Minimum
Derivatives, Fair Value [Line Items]
Maturity Dates	Jan. 1, 2019
Maximum
Derivatives, Fair Value [Line Items]
Maturity Dates	Jan. 1, 2022

DERIVATIVES AND HEDGING ACTIV_5

DERIVATIVES AND HEDGING ACTIVITIES - Fair Value and Balance Sheet Location of Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Prepaid expenses and other assets
Derivatives, Fair Value [Line Items]
Asset derivatives, fair value	$ 28	$ 49

OPERATING EXPENSES (Details)

OPERATING EXPENSES (Details)	Dec. 31, 2018
Operating Expense [Abstract]
Percent of average invested assets	2.00%
Percent of net income	25.00%

INSURANCE PROCEEDS IN EXCESS _2

INSURANCE PROCEEDS IN EXCESS OF COST BASIS - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Insurance proceeds in excess of cost basis	$ 515,000	$ 150,000	$ 985,000
Williamsburg, Meridian Pointe, Evergreen at Coursey, Aston at Cinco Ranch, Providence in Park, and Terraces at Lake Mary
Business Acquisition [Line Items]
Insurance proceeds in excess of cost basis	466,000
The Westside Apartments
Business Acquisition [Line Items]
Insurance proceeds in excess of cost basis	$ 49,000
2016 Incidents at Deerfield, The Westside Apartments, and Chisholm Place
Business Acquisition [Line Items]
Insurance proceeds in excess of cost basis			735,000
2015 Incidents at Verona Apartment Homes, Skyview Apartment Homes, Meridian Pointe, and Stone Ridge
Business Acquisition [Line Items]
Insurance proceeds in excess of cost basis			$ 250,000

QUARTERLY FINANCIAL DATA (UNA_3

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 35,589	$ 36,580	$ 35,446	$ 32,971	$ 32,121	$ 32,333	$ 31,030	$ 30,205	$ 140,586	$ 125,689	$ 118,367
Net income (loss) attributable to common stockholders	$ (1,765)	$ (5,631)	$ (12,229)	$ (10,949)	$ (12,132)	$ 2,191	$ (3,162)	$ (8,866)	$ (30,574)	$ (21,969)	$ 4,065
Net (loss) income per common share	$ (0.02)	$ (0.09)	$ (0.17)	$ (0.15)	$ (0.18)	$ 0.03	$ (0.04)	$ (0.12)	$ (0.43)	$ (0.31)	$ 0.06

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 19, 2019	Mar. 31, 2019
Scenario, Forecast [Member] | RRE Williamsburg Holdings, LLC (“Williamsburg”) | Cincinnati, OH
Subsequent Event [Line Items]
Contract Sales price		$ 70
Subsequent event
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.05

SCHEDULE III Real Estate and _2

SCHEDULE III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2018
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances				$ 847,525
Initial cost to Company				1,078,350
Cost capitalized subsequent to acquisition				134,370
Gross Amount at which carried at close of period	$ 1,212,720	$ 1,146,597	$ 1,010,264	1,212,720
Accumulated Depreciation	(194,777)	(147,708)	(107,810)	(194,777)
Investments in Rental Properties:
Balance, beginning of the period	1,146,597	1,010,264	1,063,211
Acquisitions	76,886	160,767	61,490
Improvements, etc.	21,499	21,592	28,024
Dispositions during the period	(32,262)	(46,026)	(142,461)
Balance, close of the period	1,212,720	1,146,597	1,010,264
Accumulated depreciation:
Balance, beginning of the period	(147,708)	(107,810)	(77,363)
Sales	6,972	8,146	12,737
Disposals	1,059	685	819
Depreciation	(55,100)	(48,729)	(44,003)
Balance, close of the period	(194,777)	$ (147,708)	$ (107,810)
Philadelphia, PA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances				14,603
Initial cost to Company				11,076
Cost capitalized subsequent to acquisition				4,700
Gross Amount at which carried at close of period	15,776			15,776
Accumulated Depreciation	$ (5,356)			(5,356)
Date of Construction	1961
Date Acquired	Jun. 17, 2011
Investments in Rental Properties:
Balance, close of the period	$ 15,776
Accumulated depreciation:
Balance, close of the period	$ (5,356)
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				2,003
Gross Amount at which carried at close of period	$ 10,276			10,276
Accumulated Depreciation	$ (3,112)			(3,112)
Date of Construction	1838
Date Acquired	May 13, 2011
Investments in Rental Properties:
Balance, close of the period	$ 10,276
Accumulated depreciation:
Balance, close of the period	$ (3,112)
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				14,117
Gross Amount at which carried at close of period	$ 53,458			53,458
Accumulated Depreciation	$ (18,904)			(18,904)
Date of Construction	1966
Date Acquired	Jun. 20, 2012
Investments in Rental Properties:
Balance, close of the period	$ 53,458
Accumulated depreciation:
Balance, close of the period	$ (18,904)
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				3,763
Gross Amount at which carried at close of period	$ 11,827			11,827
Accumulated Depreciation	$ (3,469)			(3,469)
Date of Construction	1986
Date Acquired	Apr. 18, 2013
Investments in Rental Properties:
Balance, close of the period	$ 11,827
Accumulated depreciation:
Balance, close of the period	$ (3,469)
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				18,046
Initial cost to Company				26,496
Cost capitalized subsequent to acquisition				4,221
Gross Amount at which carried at close of period	$ 30,717			30,717
Accumulated Depreciation	$ (8,223)			(8,223)
Date of Construction	1981
Date Acquired	Jun. 24, 2013
Investments in Rental Properties:
Balance, close of the period	$ 30,717
Accumulated depreciation:
Balance, close of the period	$ (8,223)
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				36,624
Initial cost to Company				31,001
Cost capitalized subsequent to acquisition				5,863
Gross Amount at which carried at close of period	$ 36,864			36,864
Accumulated Depreciation	$ (8,623)			(8,623)
Date of Construction	1984
Date Acquired	Jul. 25, 2013
Investments in Rental Properties:
Balance, close of the period	$ 36,864
Accumulated depreciation:
Balance, close of the period	$ (8,623)
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				11,933
Initial cost to Company				17,583
Cost capitalized subsequent to acquisition				2,876
Gross Amount at which carried at close of period	$ 20,459			20,459
Accumulated Depreciation	$ (5,121)			(5,121)
Date of Construction	1985
Date Acquired	Sep. 9, 2013
Investments in Rental Properties:
Balance, close of the period	$ 20,459
Accumulated depreciation:
Balance, close of the period	$ (5,121)
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				10,265
Gross Amount at which carried at close of period	$ 33,586			33,586
Accumulated Depreciation	$ (7,172)			(7,172)
Date of Construction	1985
Date Acquired	Sep. 30, 2013
Investments in Rental Properties:
Balance, close of the period	$ 33,586
Accumulated depreciation:
Balance, close of the period	$ (7,172)
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				(1,496)
Gross Amount at which carried at close of period	$ 28,013			28,013
Accumulated Depreciation	$ (6,421)			(6,421)
Date of Construction	1985
Date Acquired	Sep. 30, 2013
Investments in Rental Properties:
Balance, close of the period	$ 28,013
Accumulated depreciation:
Balance, close of the period	$ (6,421)
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				13,069
Initial cost to Company				21,831
Cost capitalized subsequent to acquisition				6,594
Gross Amount at which carried at close of period	$ 28,425			28,425
Accumulated Depreciation	$ (8,246)			(8,246)
Date of Construction	1982
Date Acquired	Dec. 16, 2013
Investments in Rental Properties:
Balance, close of the period	$ 28,425
Accumulated depreciation:
Balance, close of the period	$ (8,246)
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				5,565
Gross Amount at which carried at close of period	$ 37,707			37,707
Accumulated Depreciation	$ (8,503)			(8,503)
Date of Construction	1988
Date Acquired	Dec. 20, 2013
Investments in Rental Properties:
Balance, close of the period	$ 37,707
Accumulated depreciation:
Balance, close of the period	$ (8,503)
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				47,575
Initial cost to Company				69,111
Cost capitalized subsequent to acquisition				9,738
Gross Amount at which carried at close of period	$ 78,849			78,849
Accumulated Depreciation	$ (16,326)			(16,326)
Date of Construction	1999
Date Acquired	Mar. 28, 2014
Investments in Rental Properties:
Balance, close of the period	$ 78,849
Accumulated depreciation:
Balance, close of the period	$ (16,326)
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				26,147
Initial cost to Company				42,001
Cost capitalized subsequent to acquisition				1,184
Gross Amount at which carried at close of period	$ 43,185			43,185
Accumulated Depreciation	$ (8,971)			(8,971)
Date of Construction	2003
Date Acquired	May 5, 2014
Investments in Rental Properties:
Balance, close of the period	$ 43,185
Accumulated depreciation:
Balance, close of the period	$ (8,971)
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
Residential Atlanta Georgia
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances				26,115
Initial cost to Company				28,911
Cost capitalized subsequent to acquisition				3,475
Gross Amount at which carried at close of period	$ 32,386			32,386
Accumulated Depreciation	$ (6,197)			(6,197)
Date of Construction	1995
Date Acquired	May 19, 2014
Investments in Rental Properties:
Balance, close of the period	$ 32,386
Accumulated depreciation:
Balance, close of the period	$ (6,197)
Residential Atlanta Georgia | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Residential Atlanta Georgia | 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				20,630
Initial cost to Company				21,796
Cost capitalized subsequent to acquisition				3,445
Gross Amount at which carried at close of period	$ 25,241			25,241
Accumulated Depreciation	$ (4,916)			(4,916)
Date of Construction	1995
Date Acquired	May 19, 2014
Investments in Rental Properties:
Balance, close of the period	$ 25,241
Accumulated depreciation:
Balance, close of the period	$ (4,916)
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				22,497
Initial cost to Company				31,385
Cost capitalized subsequent to acquisition				3,333
Gross Amount at which carried at close of period	$ 34,718			34,718
Accumulated Depreciation	$ (6,580)			(6,580)
Date of Construction	2000
Date Acquired	Jun. 26, 2014
Investments in Rental Properties:
Balance, close of the period	$ 34,718
Accumulated depreciation:
Balance, close of the period	$ (6,580)
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
Kansas City, MO
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances				7,220
Initial cost to Company				9,691
Cost capitalized subsequent to acquisition				872
Gross Amount at which carried at close of period	$ 10,563			10,563
Accumulated Depreciation	$ (2,564)			(2,564)
Date of Construction	1983
Date Acquired	Jul. 1, 2014
Investments in Rental Properties:
Balance, close of the period	$ 10,563
Accumulated depreciation:
Balance, close of the period	$ (2,564)
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				21,619
Initial cost to Company				34,554
Cost capitalized subsequent to acquisition				6,275
Gross Amount at which carried at close of period	$ 40,829			40,829
Accumulated Depreciation	$ (7,083)			(7,083)
Date of Construction	1949
Date Acquired	Sep. 4, 2014
Investments in Rental Properties:
Balance, close of the period	$ 40,829
Accumulated depreciation:
Balance, close of the period	$ (7,083)
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				33,681
Initial cost to Company				47,075
Cost capitalized subsequent to acquisition				7,550
Gross Amount at which carried at close of period	$ 54,625			54,625
Accumulated Depreciation	$ (10,273)			(10,273)
Date of Construction	1984
Date Acquired	Sep. 29, 2014
Investments in Rental Properties:
Balance, close of the period	$ 54,625
Accumulated depreciation:
Balance, close of the period	$ (10,273)
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				14,422
Initial cost to Company				21,204
Cost capitalized subsequent to acquisition				755
Gross Amount at which carried at close of period	$ 21,959			21,959
Accumulated Depreciation	$ (3,985)			(3,985)
Date of Construction	1974
Date Acquired	Nov. 25, 2014
Investments in Rental Properties:
Balance, close of the period	$ 21,959
Accumulated depreciation:
Balance, close of the period	$ (3,985)
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				11,909
Initial cost to Company				23,370
Cost capitalized subsequent to acquisition				5,475
Gross Amount at which carried at close of period	$ 28,845			28,845
Accumulated Depreciation	$ (4,916)			(4,916)
Date of Construction	1981
Date Acquired	Feb. 26, 2015
Investments in Rental Properties:
Balance, close of the period	$ 28,845
Accumulated depreciation:
Balance, close of the period	$ (4,916)
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				25,360
Initial cost to Company				35,070
Cost capitalized subsequent to acquisition				7,044
Gross Amount at which carried at close of period	$ 42,114			42,114
Accumulated Depreciation	$ (6,527)			(6,527)
Date of Construction	1986
Date Acquired	Mar. 19, 2015
Investments in Rental Properties:
Balance, close of the period	$ 42,114
Accumulated depreciation:
Balance, close of the period	$ (6,527)
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				67,092
Initial cost to Company				116,036
Cost capitalized subsequent to acquisition				11,138
Gross Amount at which carried at close of period	$ 127,174			127,174
Accumulated Depreciation	$ (12,815)			(12,815)
Date of Construction	1986
Date Acquired	Jun. 1, 2015
Investments in Rental Properties:
Balance, close of the period	$ 127,174
Accumulated depreciation:
Balance, close of the period	$ (12,815)
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				26,121
Initial cost to Company				50,365
Cost capitalized subsequent to acquisition				5,942
Gross Amount at which carried at close of period	$ 56,307			56,307
Accumulated Depreciation	$ (5,649)			(5,649)
Date of Construction	1988
Date Acquired	Jun. 16, 2015
Investments in Rental Properties:
Balance, close of the period	$ 56,307
Accumulated depreciation:
Balance, close of the period	$ (5,649)
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				3,066
Gross Amount at which carried at close of period	$ 64,556			64,556
Accumulated Depreciation	$ (5,055)			(5,055)
Date of Construction	1997
Date Acquired	Dec. 22, 2016
Investments in Rental Properties:
Balance, close of the period	$ 64,556
Accumulated depreciation:
Balance, close of the period	$ (5,055)
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				77,128
Cost capitalized subsequent to acquisition				1,640
Gross Amount at which carried at close of period	$ 78,768			78,768
Accumulated Depreciation	$ (4,230)			(4,230)
Date of Construction	1988
Date Acquired	May 31, 2017
Investments in Rental Properties:
Balance, close of the period	$ 78,768
Accumulated depreciation:
Balance, close of the period	$ (4,230)
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				795
Gross Amount at which carried at close of period	$ 43,927			43,927
Accumulated Depreciation	$ (2,063)			(2,063)
Date of Construction	1998
Date Acquired	Aug. 31, 2017
Investments in Rental Properties:
Balance, close of the period	$ 43,927
Accumulated depreciation:
Balance, close of the period	$ (2,063)
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				310
Gross Amount at which carried at close of period	$ 40,818			40,818
Accumulated Depreciation	$ (1,376)			(1,376)
Date of Construction	2001
Date Acquired	Dec. 20, 2017
Investments in Rental Properties:
Balance, close of the period	$ 40,818
Accumulated depreciation:
Balance, close of the period	$ (1,376)
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
Sandy Springs, GA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances				22,750
Initial cost to Company				33,260
Cost capitalized subsequent to acquisition				1,600
Gross Amount at which carried at close of period	$ 34,860			34,860
Accumulated Depreciation	$ (886)			(886)
Date of Construction	1986
Date Acquired	Apr. 17, 2018
Investments in Rental Properties:
Balance, close of the period	$ 34,860
Accumulated depreciation:
Balance, close of the period	$ (886)
Sandy Springs, GA | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Sandy Springs, GA | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Grapevine, TX
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances				32,922
Initial cost to Company				43,626
Cost capitalized subsequent to acquisition				2,262
Gross Amount at which carried at close of period	$ 45,888			45,888
Accumulated Depreciation	$ (1,215)			$ (1,215)
Date of Construction	1978
Date Acquired	Apr. 25, 2018
Investments in Rental Properties:
Balance, close of the period	$ 45,888
Accumulated depreciation:
Balance, close of the period	$ (1,215)
Grapevine, TX | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
Grapevine, TX | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months

SCHEDULE IV Mortgage Loans on_2

SCHEDULE IV Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2018
Mortgage Loans on Real Estate [Line Items]
Interest Rate	7.50%
Maturity date	Oct. 28, 2021
Face amount of mortgages		$ 973
Carrying amount of mortgages	$ 793	793
Principal amount of loans subject to delinquent principal or interest		0
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance, beginning of the period	782
Interest accretion	34
Principal reductions	(23)
Balance, end of the period	$ 793
Residential Columbia City, IN
Mortgage Loans on Real Estate [Line Items]
Interest Rate	7.50%
Maturity date	Oct. 28, 2021
Periodic payment term	N/A
Face amount of mortgages		973
Carrying amount of mortgages	$ 793	793
Principal amount of loans subject to delinquent principal or interest		$ 0
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance, end of the period	$ 793