Resource Real Estate Opportunity REIT (RSRL) 10-K 20 Mar 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Mar. 13, 2020	Jun. 30, 2019
Cover [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 Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	false
Title of 12(g) Security	Common Stock, par value $.01 per share
Document Annual Report	true
Document Transition Report	false
Entity File Number	000-54369
Entity Tax Identification Number	27-0331816
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	1845 Walnut Street
Entity Address, Address Line Two	18th Floor
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19103
City Area Code	(215)
Local Phone Number	231-7050
Entity Common Stock, Shares Outstanding		69,862,273
Public Float			$ 0
Documents Incorporated by Reference	Registrant incorporates by reference portions of the Resource Real Estate Opportunity REIT, Inc. Definitive Proxy Statement for the 2020 Annual Meeting of Stockholders (Items 10, 11, 12, 13, and 14 of Part III).

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Investments:
Rental properties, net	$ 938,144,000	$ 1,017,943,000
Loan held for investment, net	809,000	793,000
Identified intangible assets, net	14,000	26,000
Total investments	938,967,000	1,018,762,000
Cash	49,534,000	63,763,000
Restricted cash	12,304,000	14,858,000
Subtotal- cash and restricted cash	61,838,000	78,621,000
Due from related parties	236,000	123,000
Tenant receivables, net	189,000	192,000
Deposits	220,000	229,000
Prepaid expenses and other assets	2,853,000	2,894,000
Goodwill	404,000	477,000
Operating lease right-of-use assets	381,000
Total assets	1,005,088,000	1,101,298,000
Liabilities:
Mortgage notes payable, net	799,865,000	841,345,000
Accounts payable	235,000	951,000
Accrued expenses and other liabilities	8,430,000	7,776,000
Accrued real estate taxes	9,086,000	10,191,000
Due to related parties	683,000	919,000
Tenant prepayments	1,087,000	1,160,000
Security deposits	2,506,000	2,650,000
Operating lease liabilities	381,000
Total liabilities	822,273,000	864,992,000
Stockholders' Equity:
Preferred stock (par value $.01; 10,000,000 shares authorized, none issued)
Common stock (par value $.01; 1,000,000,000 shares authorized; 69,467,689 and 70,427,946 shares issued and outstanding, respectively)	695,000	704,000
Convertible stock (“promote shares”; par value $.01; 50,000 shares authorized; 49,935 and 49,989 shares issued and outstanding, respectively)	1,000	1,000
Additional paid-in capital	616,465,000	626,436,000
Accumulated other comprehensive loss	(218,000)	(474,000)
Accumulated deficit	(434,128,000)	(390,361,000)
Total stockholders’ equity	182,815,000	236,306,000
Total liabilities and stockholders' equity	$ 1,005,088,000	$ 1,101,298,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
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)	69,467,689	70,427,946
Common stock, outstanding (in shares)	69,467,689	70,427,946
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)	49,935	49,989
Convertible stock (promote shares), outstanding (in shares)	49,935	49,989

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Rental income	$ 135,171,000	$ 139,076,000	$ 124,492,000
Interest and dividend income	374,000	329,000	239,000
Total revenues	135,545,000	139,405,000	124,731,000
Expenses:
Rental operating - expenses	25,954,000	29,610,000	26,253,000
Rental operating - payroll	13,047,000	13,947,000	13,652,000
Rental operating - real estate taxes	17,036,000	16,594,000	14,454,000
Subtotal - Rental operating expenses	56,037,000	60,151,000	54,359,000
Acquisition costs		10,000	4,469,000
Management fees	18,534,000	19,135,000	16,921,000
General and administrative	9,838,000	10,794,000	11,061,000
Loss on disposal of assets	541,000	796,000	1,468,000
Depreciation and amortization expense	53,814,000	58,732,000	52,344,000
Total expenses	138,764,000	149,618,000	140,622,000
Loss before net gains on dispositions	(3,219,000)	(10,213,000)	(15,891,000)
Net gains on dispositions of properties and joint venture interests	38,810,000	15,539,000	22,735,000
Income before other income (expense)	35,591,000	5,326,000	6,844,000
Other income (expense):
Interest expense	(37,908,000)	(36,415,000)	(28,963,000)
Insurance proceeds in excess of cost basis	570,000	515,000	150,000
Total other income (expense)	(37,338,000)	(35,900,000)	(28,813,000)
Net loss	(1,747,000)	(30,574,000)	(21,969,000)
Other comprehensive income (loss):
Reclassification adjustment for realized loss on designated derivatives	344,000	203,000	163,000
Designated derivatives, fair value adjustments	(88,000)	(115,000)	(380,000)
Total other comprehensive income (loss)	256,000	88,000	(217,000)
Comprehensive loss	$ (1,491,000)	$ (30,486,000)	$ (22,186,000)
Basic and diluted weighted average common shares outstanding	70,134	70,964	71,865
Basic and diluted net loss per common share	$ (0.02)	$ (0.43)	$ (0.31)

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 Loss	Accumulated Deficit	Total Stockholders’ Equity	Noncontrolling interests
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 the distribution reinvestment plan	27,114	$ 25		27,089			27,114
Common stock issued through the 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	(217)				(217)		(217)
Distribution to noncontrolling interests	(504)							(504)
Deconsolidation of noncontrolling interest				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
Ending balance (in shares) at Dec. 31, 2017		71,299,000	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 the distribution reinvestment plan	$ 77,500
Common stock issued through the distribution reinvestment plan (in shares)	7,400,000
Ending balance at Dec. 31, 2019	$ 182,815	$ 695	$ 1	616,465	(218)	(434,128)	182,815
Ending balance (in shares) at Dec. 31, 2019	69,467,689	69,468,000	50,000
Beginning balance at Dec. 31, 2017	$ 318,592	$ 713	$ 1	635,748	(562)	(317,308)	318,592
Beginning balance (in shares) at Dec. 31, 2017		71,299,000	50,000
Common stock issued through the distribution reinvestment plan	25,931	$ 25		25,906			25,931
Common stock issued through the 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)
Other comprehensive income	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
Common stock issued through the distribution reinvestment plan	$ 24,499	$ 24		24,475			24,499
Common stock issued through the distribution reinvestment plan (in shares)		2,382,000
Distributions declared	(42,020)					(42,020)	(42,020)
Common stock redemptions	$ (34,120)	$ (33)		(34,087)			(34,120)
Common stock redemptions (in shares)	(3,309,000)	(3,309,000)
Rescission redemptions	$ (359)			(359)			(359)
Rescission redemptions (in shares)	12,861,384	33,000
Other comprehensive income	$ 256				256		256
Net (loss) income	(1,747)					(1,747)	(1,747)
Ending balance at Dec. 31, 2019	$ 182,815	$ 695	$ 1	$ 616,465	$ (218)	$ (434,128)	$ 182,815
Ending balance (in shares) at Dec. 31, 2019	69,467,689	69,468,000	50,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net (loss) income	$ (1,747)	$ (30,574)	$ (21,969)
Adjustments to reconcile net loss to net cash provided by operating activities:
Loss on disposal of assets	541	796	1,468
Casualty (gains) losses	(527)	(795)	(103)
Loss on extinguishment of debt	69	51
Net gains on disposition of properties and joint venture interests	(38,810)	(15,539)	(22,735)
Depreciation and amortization	53,814	58,732	52,344
Amortization of deferred financing costs	2,320	1,773	2,014
Amortization of debt premium (discount)	(333)	(345)	(465)
Realized loss on interest rate cap	344	203	163
Accretion of discount and direct loan fees and costs	(43)	(33)	(39)
Changes in operating assets and liabilities, net of acquisitions:
Tenant receivables, net	(6)	59	(162)
Deposits	9	(2)	35
Prepaid expenses and other assets	(28)	(1,197)	1,242
Due to/from related parties, net	(349)	448	(332)
Accounts payable and accrued expenses	(1,259)	132	1,506
Tenant prepayments	(51)	(22)	106
Security deposits	120	143	(110)
Net cash provided by operating activities	14,064	13,830	12,963
Cash flows from investing activities:
Proceeds from disposal of properties and joint venture interests, net of closing costs	17,532	21,510	31,403
Property acquisitions		(24,560)	(42,842)
Insurance proceeds received for casualty losses	749	1,859	248
Capital expenditures	(14,423)	(21,499)	(21,592)
Principal payments received on loans held for investment	27	22	26
Net cash provided by (used in) investing activities	3,885	(22,668)	(32,757)
Cash flows from financing activities:
Redemptions of common and convertible stock	(34,120)	(35,252)	(34,818)
Rescissions of common stock	(359)
Payment of deferred financing costs	(116)	(1,250)	(2,287)
Borrowings on mortgages	26,676	16,998	86,051
Principal repayments on mortgages	(9,230)	(7,456)	(6,600)
Purchase of interest rate caps	(62)	(94)	(187)
Distributions paid on common stock	(17,521)	(16,548)	(15,919)
Distributions to noncontrolling interests			(504)
Net cash (used in) provided by financing activities	(34,732)	(43,602)	25,736
Net (decrease) increase in cash and restricted cash	(16,783)	(52,440)	5,942
Cash and restricted cash at beginning of year	78,621	131,061	125,119
Cash and restricted cash at end of year	$ 61,838	$ 78,621	$ 131,061

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation to consolidated balance sheets
Cash	$ 49,534	$ 63,763	$ 117,660
Restricted cash	12,304	14,858	13,401
Cash and restricted cash at end of year	$ 61,838	$ 78,621	$ 131,061	$ 125,119

NATURE OF BUSINESS AND OPERATIO

NATURE OF BUSINESS AND OPERATIONS	12 Months Ended
	Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
NATURE OF BUSINESS AND OPERATIONS	NOTE 1 – NATURE OF BUSINESS AND OPERATIONS Resource Real Estate Opportunity REIT, Inc. (the “Company”) was organized in Maryland on June 3, 2009 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 approximately 276,000 shares purchased by the Advisor and 1.2 million shares sold in the Company's distribution reinvestment plan. During the years ended December 31, 2019, 2018 and 2017, the Company issued a total of 7.4 million, in aggregate, additional shares for $77.5 million The Company has acquired real estate and real estate-related debt. The Company has a focus on owning and operating multifamily assets; it has targeted this asset class 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 “Code”). 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, 2019
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 U.S. generally accepted accounting principles (“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 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 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 8,487 Subsidiaries related to disposed investments: RRE Crestwood Holdings, LLC (“Crestwood”) (c)(d) N/A N/A PRIP 5060/6310, LLC ("Governor Park") (b)(d) N/A N/A RRE Campus Club Holdings, LLC (“Campus Club”) (c)(d) N/A N/A PRIP 6700, LLC ("Hilltop Village") (b)(d) N/A N/A RRE Westhollow Holdings, LLC (“Westhollow”) (c)(d) N/A N/A RRE Flagstone Holdings, LLC ("Flagstone") (c)(d) N/A N/A RRE 107th Avenue Holdings, LLC (“107th Avenue”) (c)(d) N/A N/A RRE Bristol Holdings, LLC (“Bristol”) (c)(d) N/A N/A RRE Skyview Holdings, LLC ("Skyview") (c)(d) N/A N/A RRE Kenwick Canterbury Holdings, LLC ("Kenwick & Canterbury") (d) N/A N/A RRE Foxwood Holdings, LLC ("Foxwood") (c)(d) N/A N/A PRIP 3383, LLC ("Conifer Place") (b)(c)(d) N/A N/A PRIP 3700, LLC ("Champion Farms") (b)(c)(d) N/A N/A RRE Armand Place Holdings, LLC ("Armand") (c)(d) N/A N/A RRE Spring Hill Holdings, LLC ("Spring Hill") (c)(d) N/A N/A RRE Nob Hill Holdings, LLC ("Nob Hill") (c)(d) N/A N/A PRIP 10637, LLC ("Fieldstone") (b)(c)(d) N/A N/A RRE Jasmine Holdings, LLC ("Jasmine") (c)(d) N/A N/A RRE Chisholm Place Holdings LLC ("Chisholm Place") (c)(e) N/A N/A RRE Park Forest Holdings, LLC ("Park Forest") (c)(e) N/A N/A RRE Deerfield Holdings, LLC ("Deerfield") (c)(e) N/A N/A PRIP Stone Ridge, LLC ("Stone Ridge") (b)(c)(e) N/A N/A PRIP 1102, LLC ("Pheasant Run") (b)(c)(f) N/A N/A PRIP 11128, LLC ("Retreat at Shawnee") (b)(c)(f) N/A N/A RRE Williamsburg Holdings, LLC (“Williamsburg”) (g) N/A N/A WPL Holdings, LLC (a)(g) N/A N/A PRIP 500, LLC ("Pinehurst") (b)(g) N/A N/A N/A - Not Applicable (a) Subsidiary transferred its interest in a portion of the Williamsburg parking lot to RRE Williamsburg Holdings, LLC in 2016. (b) Wholly-owned subsidiary of RRE Charlemagne Holdings, LLC. (c) Subsidiary was dissolved prior to December 31, 2019. (d) Underlying investment sold prior to 2017. (e) Underlying investment sold in 2017. (f) Underlying investment sold in 2018. (g) Underlying investment sold in 2019. 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. All of the Company’s subsidiaries are wholly-owned. 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. Construction management fees (further discussed in Note 14) are capitalized along with the related asset. Costs of repairs and maintenance are expensed as incurred. As of December 31, 2019, the Company's real estate investments in Texas, California, and Georgia represented approximately 31%, 17%, and 15% 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, 2019, the Company had $63.1 million $50.2 million Contractual Obligations The Company leases parking space and equipment under leases with varying expiration dates through 2023. As of December 31, 2019, the total payments due under these obligations were approximately $409,000 The following table presents our scheduled contractual obligations required for the next five years and thereafter as of December 31, 2019: Payments due by period Total Less than 1 Year 1-3 Years 3-5 Years More than 5 Years Operating Lease Obligations 409,000 142,000 210,000 57,000 — Impairment of Long Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for permanent impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. The review also considers factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. An impairment loss will be recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss would be the adjustment to fair value less the estimated cost to dispose of the asset. There were no impairment losses recorded on long lived assets during the years ended December 31, 2019, 2018 and 2017. 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 business combinations, 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 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 underlying 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, 2019 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 $59.1 million , $463,000, $337,000, $181,000, and $149,000 Revenue is primarily derived from the rental of residential housing units for which the Company receives minimum rents pursuant to underlying tenant lease agreements. The Company also receives utility reimbursements, other ancillary tenant fees for administration of leases, late payments and amenities, which are charged to residents and recognized monthly as earned. The Company elected the practical expedient to not separate lease and non-lease components and has presented property revenues combined, based upon the lease being determined to be the predominant component. The Company also has revenue sharing arrangements of cable income from contracts with cable providers at the Company’s properties. Included in Accrued expenses and other liabilities on the consolidated balance sheet at December 31, 2019 and 2018 is deferred revenue for contracts with cable providers for approximately $596,000 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, 2019 and 2018, there were allowances for uncollectible receivables of $49,000 and $19,000, respectively. Leases For operating leases where the Company is the lessor, the underlying leased asset is recognized as real estate on the balance sheet. The Company, as a lessor of multifamily apartment units, has nonlease components associated with these leases (i.e. CAM, utilities, etc.). The Company combines nonlease component revenue streams and accounts for them as a combined component with leasing revenue. For leases in which the Company is the lessee, primarily consisting of a parking space lease, a laundry equipment lease, and office equipment leases, the Company recognizes a right-of-use asset and a lease liability equal to the present value of the minimum lease payments. Operating leases are included in operating lease ROU assets and operating lease liabilities in the Company’s consolidated balance sheets. The Company uses a market rate for equipment leases, when readily determinable, in calculating the present value of lease payments. Otherwise, the incremental borrowing rate is used. The operating lease ROU asset includes any lease payments and excludes lease incentives. Operating lease terms may include options to extend the lease when it is reasonably certain the lease will be extended. Lease expense for lease payments is recognized on a straight-line basis over the lease term. 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 under the Code, 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 GAAP net income because the determination of taxable income is based on tax provisions and not financial accounting principles. The Company may elect to treat any of its subsidiaries as a taxable REIT subsidiary (“TRS”). In general, a TRS 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, 2019 and 2018, the Company did not treat any of its subsidiaries as a TRS. 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 2015 and prior. Earnings Per Share Basic earnings per share are calculated on the basis of the weighted-average number of common shares outstanding during the year. Basic earnings per share are computed by dividing income available to common stockholders by the weighted-average common shares outstanding during the period. Diluted earnings per share take into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted to common stock. None of the 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, 2019 (were such date to represent the end of the contingency period). Reclassifications Certain amounts in the prior years 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 February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, "Leases" ("ASU No. 2016-02"), which was amended by ASU No. 2018-10 "Codification Improvements to Topic 842, Leases" in July 2018. ASU No. 2016-02, as amended, is intended to improve financial reporting related to 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. The Company adopted these standards as of January 1, 2019, and the adoption did not have a material effect on the Company's consolidated financial statements and disclosures. For operating leases where the Company is the lessor, the underlying leased asset is recognized as real estate on the balance sheet. The Company has chosen to apply the practical expedient (discussed in ASU No. 2018-11, “Leases: Targeted Improvements”) to nonlease component revenue streams and account for them as a combined component with leasing revenue. For leases in which the Company is the lessee, primarily consisting of a parking lot lease, laundry equipment lease, and office equipment leases, the Company recognized an initial right-of-use (ROU) asset and a lease liability equal to the present value of the minimum lease payments of approximately $526,000 at January 1, 2019. The Company determines if an arrangement is a lease at inception. The Company elected the package of practical expedients permitted within the new standard, which among other things, allows the Company to carry forward the historical lease classification. Also allowable under the new standard (ASU No. 2018-11) is the option, which the Company has elected, to present the operating lease ROU asset and operating lease liabilities as of January 1, 2019 and not restate prior periods. No cumulative impact adjustment was necessary to opening retained earnings as of January 1, 2019. For certain equipment leases, such as copiers, the Company applied a portfolio approach to effectively account for the operating lease ROU assets and liabilities. 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 Company adopted the standard on January 1, 2019, and the adoption did not have a significant impact 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. The Company adopted the standard on January 1, 2019, and the adoption did not 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. The Company adopted the standard on January 1, 2019, and the adoption did not 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. The Company adopted the standard on January 1, 2019, and the adoption did not have a significant impact on its consolidated financial statements. Accounting Standards Issued But Not Yet Effective 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. 2016-03 will be effective for the Company beginning January 1, 2020. Early application is permitted. The Company is continuing to evaluate this guidance; however, the Company does not expect the adoption 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 January 1, 2020. Early application is permitted. The Company is continuing to evaluate this guidance; however, the Company does not expect the adoption to have a significant impact 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 to have a significant impact on its consolidated financial statements. In November 2018, FASB issued ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses.” ASU No. 2018-19 clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842 Leases. ASU No. 2018-19 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 to have a significant impact on its consolidated financial statements.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2019
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, 2019 2018 2017 Non-cash financing and investing activities: Stock issued from distribution reinvestment plan $ 24,499 $ 25,931 $ 27,114 Deferred financing costs, interest, and fees funded directly by mortgage notes 973 218 449 Repayments on borrowings through refinancing 58,350 29,586 — Accrual for construction in progress 2,470 680 1,346 Lease liabilities arising from obtaining right-of-use assets 526 — — Non-cash activity related to sales: Mortgage notes payable settled directly with proceeds from sale of rental property 61,041 18,713 26,976 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 $ 35,936 $ 34,262 $ 26,458

RESTRICTED CASH

RESTRICTED CASH	12 Months Ended
	Dec. 31, 2019
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, 2019 2018 Real estate taxes $ 8,824 $ 10,426 Insurance 1,438 1,669 Capital improvements 2,042 2,763 Total $ 12,304 $ 14,858 In addition, the Company had unrestricted cash designated for capital expenditures of approximately $12.1 million

RENTAL PROPERTIES, NET

RENTAL PROPERTIES, NET	12 Months Ended
	Dec. 31, 2019
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, 2019 2018 Land $ 196,358 $ 200,848 Building and improvements 920,781 965,629 Furniture, fixtures and equipment 43,757 44,918 Construction in progress 2,831 1,325 1,163,727 1,212,720 Less: accumulated depreciation (225,583 ) (194,777 ) $ 938,144 $ 1,017,943 Depreciation expense for the years ended December 31, 2019, 2018, and 2017 was $53.8 million

OTHER INVESTMENTS

OTHER INVESTMENTS	12 Months Ended
	Dec. 31, 2019
Investments Debt And Equity Securities [Abstract]
OTHER INVESTMENTS	NOTE 6 − OTHER INVESTMENTS 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, 2019 and December 31, 2018, 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, 2019 and 2018 (in thousands): December 31, 2019 2018 Unpaid principal balance $ 885 $ 912 Unamortized discount and acquisition costs (76 ) (119 ) Net book value $ 809 $ 793 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, 2019, it was not impaired. There were no allowances for credit losses as of both December 31, 2019 and 2018. There were no charge-offs for the years ended December 31, 2019 and 2018.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2019
Business Combinations [Abstract]
ACQUISITIONS	NOTE 7 – ACQUISITIONS Real Estate Investments As of December 31, 2019, the Company owned 28 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 year ended December 31, 2017 (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 ) (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, 2019
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, 2019, 2018, and 2017 (in thousands): Multifamily Community Location Sale Date Contract Sales price Net Gains on Dispositions of Properties and Joint Venture Interests Revenues Attributable to Properties Sold Net Income (loss) Attributable to Properties Sold 2019 Dispositions: Williamsburg Cincinnati, OH March 8, 2019 $ 70,000 $ 34,575 $ 2,151 $ (1,431 ) Pinehurst Kansas City, MO December 20, 2019 $ 12,310 $ 4,235 $ 1,427 $ (460 ) $ 82,310 $ 38,810 $ 3,578 $ (1,891 ) 2018 Dispositions: Pheasant Run Lee's Summit, MO September 14, 2018 $ 16,400 $ 6,195 $ 1,167 $ 7 Retreat at Shawnee Shawnee, KS October 19, 2018 25,000 9,344 2,522 (68 ) $ 41,400 $ 15,539 $ 3,689 $ (61 ) 2017 Dispositions: Chisholm Place Plano, Texas May 10, 2017 $ 21,250 $ 6,922 $ 823 $ (266 ) Mosaic Oklahoma City, Oklahoma May 12, 2017 6,100 1,513 473 (72 ) Deerfield Hermantown, Minnesota August 16, 2017 23,600 11,035 1,653 3 Stone Ridge Columbia, South Carolina September 27, 2017 10,534 3,265 1,291 (232 ) $ 61,484 $ 22,735 $ 4,240 $ (567 )

IDENTIFIED INTANGIBLE ASSETS, N

IDENTIFIED INTANGIBLE ASSETS, NET	12 Months Ended
	Dec. 31, 2019
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 $14,000 $27.1 million $9,000 $12,500 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): 2020 $ 9 2021 5 2022 — 2023 — Thereafter — $ 14

GOODWILL

GOODWILL	12 Months Ended
	Dec. 31, 2019
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, 2019 and 2018 (in thousands): Balance, January 1, 2018 $ 670 Activity - 2018: Sale of Retreat at Shawnee (117 ) Activity - 2018: Sale of Pheasant Run (76 ) Balance, December 31, 2018 $ 477 Activity - 2019: Sale of Pinehurst (73 ) Balance, December 31, 2019 $ 404

MORTGAGE NOTES PAYABLE, NET

MORTGAGE NOTES PAYABLE, NET	12 Months Ended
	Dec. 31, 2019
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, 2019 December 31, 2018 Collateral Outstanding borrowings Premium (Discount) Deferred finance costs, net Carrying Value Outstanding borrowings Premium (Discount) Deferred finance costs, net Carrying Value Vista Apartment Homes $ 14,315 $ — $ (68 ) $ 14,247 $ 14,603 $ — $ (104 ) $ 14,499 Cannery Lofts 13,100 — (108 ) 12,992 13,100 — (136 ) 12,964 Trailpoint at the Woodlands 17,723 — (121 ) 17,602 18,046 — (154 ) 17,892 Verona Apartment Homes 32,970 — (362 ) 32,608 32,970 — (419 ) 32,551 Skyview Apartment Homes 28,400 — (315 ) 28,085 28,400 — (364 ) 28,036 Maxwell Townhomes 12,785 — (53 ) 12,732 13,069 — (81 ) 12,988 Pinehurst — — — — 7,220 — (105 ) 7,115 Evergreen at Coursey Place 25,627 34 (32 ) 25,629 26,146 55 (54 ) 26,147 Pines of York 14,114 (112 ) (21 ) 13,981 14,422 (173 ) (33 ) 14,216 The Estates at Johns Creek 65,000 — (589 ) 64,411 47,576 — (170 ) 47,406 Perimeter Circle 26,115 — (304 ) 25,811 26,115 — (356 ) 25,759 Perimeter 5550 20,630 — (279 ) 20,351 20,630 — (327 ) 20,303 Aston at Cinco Ranch 22,032 — (96 ) 21,936 22,497 — (152 ) 22,345 Sunset Ridge 1 18,300 54 (43 ) 18,311 18,788 121 (96 ) 18,813 Sunset Ridge 2 2,768 7 (6 ) 2,769 2,831 16 (13 ) 2,834 Calloway at Las Colinas 32,938 — (115 ) 32,823 33,681 — (177 ) 33,504 South Lamar Village 21,000 — (298 ) 20,702 11,909 — (29 ) 11,880 Heritage Pointe 24,808 — (201 ) 24,607 25,360 — (242 ) 25,118 The Bryant at Yorba Linda 66,238 — (87 ) 66,151 67,092 — (301 ) 66,791 Point Bonita Apartment Homes 25,696 1,063 (183 ) 26,576 26,121 1,359 (233 ) 27,247 The Westside Apartments 35,838 — (293 ) 35,545 36,624 — (341 ) 36,283 Tech Center Square 11,730 — (101 ) 11,629 11,933 — (132 ) 11,801 Williamsburg — — — — 53,995 — (582 ) 53,413 Retreat at Rocky Ridge 11,221 — (145 ) 11,076 11,375 — (183 ) 11,192 Providence in the Park 46,398 — (345 ) 46,053 47,000 — (434 ) 46,566 Green Trails Apartment Homes 60,998 — (451 ) 60,547 61,500 — (559 ) 60,941 Meridian Pointe 39,277 — (402 ) 38,875 39,500 — (495 ) 39,005 Terraces at Lake Mary 32,110 — (259 ) 31,851 32,250 — (318 ) 31,932 Courtney Meadows Apartments 27,100 — (257 ) 26,843 27,100 — (311 ) 26,789 Addison at Sandy Springs 22,750 — (244 ) 22,506 22,750 — (292 ) 22,458 Bristol at Grapevine 32,922 — (306 ) 32,616 32,922 — (365 ) 32,557 $ 804,903 $ 1,046 $ (6,084 ) $ 799,865 $ 847,525 $ 1,378 $ (7,558 ) $ 841,345 The following table presents additional information about the Company's mortgage notes payable, net, at December 31, 2019 (in thousands, except percentages): Collateral Maturity Date Annual Interest Rate Average Monthly Debt Service Average Monthly Escrow Vista Apartment Homes 1/1/2022 4.05% (1)(5) $ 80 $ 32 Cannery Lofts 11/1/2023 4.30% (1)(3) 55 23 Trailpoint at the Woodlands 11/1/2023 4.17% (1)(4) 96 46 Verona Apartment Homes 10/1/2026 4.12% (1)(3) 137 43 Skyview Apartment Homes 10/1/2026 4.12% (1)(3) 118 31 Maxwell Townhomes 1/1/2022 4.32% (2)(5) 71 80 Evergreen at Coursey Place 8/1/2021 5.07% (2)(5) 154 51 Pines of York 12/1/2021 4.46% (2)(5) 80 29 The Estates at Johns Creek 11/25/2026 3.01% (1)(5)(6) 165 — Perimeter Circle 1/1/2026 3.26% (1)(3) 82 46 Perimeter 5550 1/1/2026 3.26% (1)(3) 65 34 Aston at Cinco Ranch 10/1/2021 4.34% (2)(5) 120 55 Sunset Ridge 1 11/1/2020 4.58% (2)(5) 113 79 Sunset Ridge 2 11/1/2020 4.54% (2)(5) 16 — Calloway at Las Colinas 12/1/2021 3.87% (2)(5) 171 133 South Lamar Village 7/22/2026 3.06% (1)(3)(6) 61 — Heritage Pointe 4/1/2025 3.64% (1)(4) 131 56 The Bryant at Yorba Linda 6/1/2020 3.51% (1)(3) 289 — Point Bonita Apartment Homes 10/1/2023 5.33% (2)(5) 152 68 The Westside Apartments 9/1/2026 3.88% (1)(3) 196 82 Tech Center Square 6/1/2023 4.34% (1)(5) 66 25 Retreat at Rocky Ridge 1/1/2024 4.22% (1)(3) 59 24 Providence in the Park 2/1/2024 4.06% (1)(3) 240 149 Green Trails Apartment Homes 6/1/2024 3.75% (1)(3) 303 81 Meridian Pointe 8/1/2024 3.66% (1)(3) 193 81 Terraces at Lake Mary 9/1/2024 3.67% (1)(3) 158 63 Courtney Meadows Apartments 1/1/2025 3.60% (1)(3) 128 71 Addison at Sandy Springs 5/1/2025 3.52% (1)(3) 96 42 Bristol at Grapevine 5/1/2025 3.47% (1)(3) 110 104 (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, 2019. Loans assumed as part of the Point Bonita Apartment Homes, 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, 2019, 2018, and 2017, interest expense was reduced by $333,000 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): 2020 $ 96,459 2021 101,796 2022 36,053 2023 75,451 2024 183,304 Thereafter 311,840 $ 804,903 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 net worth, liquidity, and debt service coverage ratio covenants. 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, 2019. 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 South Lamar and Estates at Johns Creek during the year ended December 31, 2019. As a result, approximately $69,000 of loss on extinguishment of debt was included in interest expense on the consolidated statement of operations for the year ended December 31, 2019. Both refinanced mortgage loans include net worth, liquidity, and debt service coverage ratio covenants; the Company was in compliance with all covenants related to these loans as of December 31, 2019. Deferred financing costs incurred to obtain financing are amortized over the term of the related debt. During the years ended December 31, 2019, 2018, and 2017, $2.3 million $5.6 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): 2020 $ 1,458 2021 1,268 2022 1,072 2023 1,012 2024 682 Thereafter 592 $ 6,084

LEASES

LEASES	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
LEASES	NOTE 12 – LEASES As the lessee, the Company’s operating leases primarily consist of a parking lot lease, a laundry equipment lease, and office equipment leases. These operating leases have remaining terms ranging from less than one year to four years. Some of the leases include options to extend the lease for up to an additional five years. Only those rental periods reasonably certain to be extended beyond the initial term expiration are included within the calculation of the operating lease liability. As of December 31, 2019, the payments due under the contractually-obligated portion of these leases totaled $409,000. The market rate is used for equipment leases, when readily determinable, in calculating the present value of lease payments. Otherwise, the incremental borrowing rate based on the information available at commencement date is used. As of December 31, 2019, the weighted average remaining lease term was 3.2 years and the weighted average discount rate was 4.31% for the Company’s operating leases. As of December 31, 2019, the Company included approximately $381,000 in its consolidated balance sheet for both operating lease right-of-use assets and operating lease liabilities. The Company’s lease expense for the year ended December 31, 2019 was approximately $162,300, which is included in rental operating expenses in the consolidated statements of operations. The following table presents the Company’s annual payments for the operating lease liabilities (including reasonably assured extension periods) for each of the next five 12–month periods ending December 31, and thereafter (in thousands): 2020 $ 144 2021 118 2022 92 2023 55 2024 — Thereafter — $ 409

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	12 Months Ended
	Dec. 31, 2019
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, 2019, 2018, and 2017 (dollars in thousands): Balance, January 1, 2017 $ (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 ) Reclassification adjustment for realized loss on designated derivatives 344 Unrealized loss on designated derivatives (88 ) Balance, December 31, 2019 $ (218 )

CERTAIN RELATIONSHIPS AND RELAT

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2019
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. Until February 28, 2019, the Company's properties participated in a property loss self-insurance pool with other properties directly and indirectly managed by RAI and C-III, which was backed by a catastrophic insurance policy. The pool covered losses up to $2.5 million, after a $25,000 deductible per incident. Claims beyond the insurance pool limits would 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. Beginning March 1, 2019, the Company now participates (with other properties directly or indirectly managed by RAI and C-III) only in 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 location and/or type of loss. Therefore, unforeseen or catastrophic losses in excess of the Company's insured limited could have a material adverse effect on the Company's financial condition and operating results. 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. General liability loss policy. The Company also 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. 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 $269,911 in connection with this insurance program during the year ended December 31, 2019 for an annual policy through September 2020. 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, March 2015, and September 2019. 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 further amended and renewed the Advisory Agreement for another year on September 11, 2019. Under the Advisory Agreement, the Advisor receives fees and is reimbursed for its expenses as set forth below: Acquisition fees. The Company pays the Advisor an acquisition fee of 2.0% of the cost of investments acquired on behalf of the Company, plus any capital expenditure reserves allocated, or the amount funded by the Company to acquire loans, including acquisition expenses and any debt attributable to such investments. Asset management fees. The Company pays the Advisor a monthly asset management fee equal to one-twelfth of 1.0% of the higher of the cost or the independently appraised value of each asset, without deduction for depreciation, bad debts or other non-cash reserves. The asset management fee is based only on the portion of the costs or value attributable to the Company’s investment in an asset if the Company does not own all or a majority of an asset and does not manage or control the asset. Disposition fees. The Advisor earns a disposition fee in connection with the sale of a property equal to the lesser of one-half of the aggregate brokerage commission paid, or if none is paid, 2.75% of the contract sales price. Debt financing fees. The Advisor earns a debt financing fee equal to 0.5% of the amount available under any debt financing obtained for which it provided substantial services. Expense reimbursements. The Company also pays directly or reimburses the Advisor for all of the expenses paid or incurred by the Advisor or its affiliates on behalf of the Company or in connection with the services provided to the Company in relation to its public offering, including its ongoing distribution reinvestment plan offering. Reimbursements also include expenses the Advisor incurs in connection with providing services to the Company, including the Company’s allocable share of costs for Advisor personnel and overhead, out of pocket expenses incurred in connection with the selection and acquisition of properties or other real estate related debt investments, whether or not the Company ultimately acquires the investment. However, the Company will not reimburse the Advisor or its affiliates for employee costs in connection with services for which the Advisor earns acquisition or disposition fees. Relationship with Resource Real Estate Opportunity Manager The Manager manages the Company's real estate properties and real estate-related debt investments and coordinates the leasing of, and manages construction activities related to, some of the Company’s real estate properties pursuant to the terms of the management agreement with the Manager. Property management fees. The Manager earns 4.5% of the gross receipts from the Company's properties, provided that for properties that are less than 75% occupied, the manager receives a minimum fee for the first 12 months of ownership, for performing certain property management and leasing activities. The Manager subcontracts certain services to an unaffiliated third-party and pays for those services from its property management fee. 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. 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, 2019 2018 Due from related parties: RAI and affiliates $ 236 $ 123 Due to related parties: Advisor: Operating expense reimbursements 35 55 Manager: Property management fees 521 520 Construction management fees 119 — Operating expense reimbursements 8 344 $ 683 $ 919 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, 2019 2018 2017 Fees earned / expenses paid to related parties: Advisor: Acquisition fees (1) $ — $ 1,697 $ 3,670 Asset management fees (2) 12,498 12,904 11,352 Disposition fees (3) 453 136 361 Debt financing fees (4) 116 350 1,036 Overhead allocation (5) 3,663 4,467 4,442 Internal audit fees (5) 108 102 69 Manager : Property management fees (2) $ 6,034 $ 6,229 $ 5,567 Construction management fees (6) 500 790 764 Construction payroll reimbursements (6) 97 178 191 Acquisition-related reimbursements (1) — 53 — Operating expense reimbursements (7) 184 443 1,015 Debt servicing fees (2) 2 2 2 Other: The Planning & Zoning Resource Company (4) $ 2 $ 2 $ 4 Graphic Images (5) — 6 9 (1) For the year ended December 31, 2017, 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).

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2019
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, 2019 and 2018, no shares of preferred stock were issued and outstanding. Common Stock As of December 31, 2019, the Company had an aggregate of 69,467,689 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 16,432,119 168,934 Shares issued in conjunction with the Advisor's initial investment, net of 4,500 share conversion 15,500 155 Total 82,329,073 $ 803,748 Shares redeemed and retired (12,861,384 ) Total shares issued and outstanding as of December 31, 2019 69,467,689 (1) Includes 276,056 shares held by the Advisor. Convertible Stock As of December 31, 2019 and 2018, the Company had 49,935 and 49,989 shares of $0.01 par value convertible stock outstanding. The Advisor and affiliated persons owned 49,063 shares and outside investors own 872 shares at December 31, 2019. 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, 2019, no Triggering Event has occurred or was probable to occur. Redemption of Securities During the year ended December 31, 2019, the Company redeemed shares of its outstanding common stock pursuant to its share redemption program as follows (in thousands, except per share data): Period Total Number of Shares Redeemed (1) Average Price Paid per Share January 2019 — — February 2019 — — March 2019 789 $ 10.29 April 2019 — — May 2019 — — June 2019 515 $ 10.35 July 2019 — — August 2019 — — September 2019 1,469 $ 10.32 October 2019 — — November 2019 — — December 2019 536 $ 10.33 3,309 (1) As of December 31, 2019, the Company has no outstanding and unfulfilled redemption requests. Effective March 20, 2020, the share redemption program is only available for redemptions submitted in connection with a stockholder’s death, qualifying disability, or confinement to a long-term care facility. In addition, pursuant to the terms of the share redemption program, the Company will not redeem in excess of 5% of the weighted-average number of shares outstanding during the 12-month period immediately prior to the effective date of redemption. The Company's Board of Directors will determine at least quarterly whether it has sufficient excess cash to repurchase shares. Generally, the cash available for redemptions will be limited to proceeds from the Company's distribution reinvestment plan plus, if the Company has positive operating cash flow from the previous fiscal year, 1% of all operating cash flow from the previous year. The Company currently redeems shares submitted in connection with a stockholder’s death, qualifying disability, or confinement to a long-term care facility at a purchase price of $11.10 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. Additional Repurchases of Securities To address a ministerial error in connection with the issuance of securities pursuant to the Company’s distribution reinvestment plan during the period from June 8, 2017 through June 28, 2019 in certain jurisdictions, the Company repurchased 33,415 shares at an average price of $10.83 per share pursuant to a rescission right available to investors in such jurisdictions. Distributions For the year ended December 31, 2019, the Company paid aggregate distributions of $42.0 million $17.5 million $24.5 million Record Date Per Common Share Distribution Date Distributions Reinvested in Shares of Common Stock Net Cash Distributions Total Aggregate Distributions January 30, 2019 $ 0.05 January 31, 2019 $ 2,108 $ 1,414 $ 3,522 February 27, 2019 0.05 February 28, 2019 2,100 1,431 3,531 March 28, 2019 0.05 March 29, 2019 2,090 1,413 3,503 April 29, 2019 0.05 April 30, 2019 2,082 1,430 3,512 May 30, 2019 0.05 May 31, 2019 2,084 1,439 3,523 June 27, 2019 0.05 June 28, 2019 2,069 1,438 3,507 July 30, 2019 0.05 July 31, 2019 1,740 1,777 3,517 August 29, 2019 0.05 August 30, 2019 2,066 1,459 3,525 September 27, 2019 0.05 September 30, 2019 2,043 1,419 3,462 October 30, 2019 0.05 October 31, 2019 2,042 1,430 3,472 November 26, 2019 0.05 November 27, 2019 2,043 1,439 3,482 December 30, 2019 0.05 December 31, 2019 2,032 1,432 3,464 $ 0.60 $ 24,499 $ 17,521 $ 42,020 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, 2019
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 (in thousands): Level 1 Level 2 Level 3 Total December 31, 2019 Assets: Interest rate caps $ — $ 20 $ — $ 20 $ — $ 20 $ — $ 20 December 31, 2018 Assets: Interest rate caps $ — $ 28 $ — $ 28 $ — $ 28 $ — $ 28 The following table presents the carrying amount and estimated fair value of the Company’s loan held for investment, net, and mortgage notes payable-outstanding borrowings (in thousands): December 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Loan held for investment, net $ 809 $ 938 $ 793 $ 948 Mortgage notes payable- outstanding borrowings $ (804,903 ) $ (790,413 ) $ (847,525 ) $ (840,914 ) 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, 2019
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 risks 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 serve 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 21 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, 2019 and 2018, 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, 2019 and December 31, 2018 the Company had a loss of $344,000 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, 2019, the Company estimates that an additional $123,172 The following table presents the Company’s outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of December 31, 2019 (dollars in thousands): Interest Rate Derivative Number of Instruments Notional Maturity Dates Interest Rate Caps 21 $ 576,727 January 1, 2020 to April 1, 2023 Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet The following table presents the fair value of the Company’s derivative financial instruments on the consolidated balance sheets as of December 31, 2019 and 2018 (in thousands): Asset Derivatives Liability Derivatives December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2019 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Prepaid expenses and other assets $ 20 Prepaid expenses and other assets $ 28 — $ — — $ —

OPERATING EXPENSES

OPERATING EXPENSES	12 Months Ended
	Dec. 31, 2019
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, 2019 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, 2019
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, 2019, there were $570,000 of insurance proceeds in excess of cost basis included on the consolidated statements of operations and comprehensive income (loss). The Company received approximately $611,000 of proceeds from insurers, net of expenses, largely due to incidents that occurred in 2018 at The Westside Apartments and Calloway at Las Colinas 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.

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2019
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 2019 March 31 June 30 September 30 December 31 (unaudited) (unaudited) (unaudited) (unaudited) Revenues $ 34,972 $ 33,559 $ 33,540 $ 33,474 Net income (loss) attributable to common stockholders 23,181 (9,807 ) (9,641 ) (5,480 ) Basic and diluted net income (loss) per common share $ 0.33 $ (0.14 ) $ (0.14 ) $ (0.07 ) Quarterly Results for 2018 March 31 June 30 September 30 December 31 (unaudited) (unaudited) (unaudited) (unaudited) Revenues $ 32,649 $ 35,127 $ 36,302 $ 35,327 Net loss attributable to common stockholders (10,949 ) (12,229 ) (5,631 ) (1,765 ) Basic and diluted net loss per common share $ (0.15 ) $ (0.17 ) $ (0.09 ) $ (0.02 )

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	On January 21, 2020, 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, 2020, February 27, 2020 and March 30, 2020. Such distributions were or are to be paid on January 31, February 28, and March 31, 2020. On March 11, 2020, the World Health Organization declared the outbreak of a coronavirus (COVID-19) a pandemic. The resulting restrictions on travel and quarantines imposed have had a negative impact on the U.S. economy and business activity globally, the full impact of which is not yet known and may result in an adverse impact to the Company’s investments and operating results. 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, 2019
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, 2019 (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 $ 14,315 $ 11,076 $ 4,949 $ 16,025 $ (5,897 ) 1961 6/17/2011 3 - 27.5 years Philadelphia, PA - 0 Residential 13,100 8,273 2,174 10,447 (3,601 ) 1838 5/13/2011 3 - 27.5 years Dayton, OH - - Residential 11,221 8,064 3,781 11,845 (4,002 ) 1986 4/18/2013 3 - 27.5 years Hoover, AL - - Residential 17,723 26,496 4,755 31,251 (9,550 ) 1981 6/24/2013 3 - 27.5 years Houston, TX - - Residential 35,838 31,001 6,308 37,309 (10,365 ) 1984 7/25/2013 3 - 27.5 years Plano, TX - - Residential 11,730 17,583 2,957 20,540 (6,123 ) 1985 9/9/2013 3 - 27.5 years Newport News, VA - - Residential 32,970 23,321 10,175 33,496 (8,643 ) 1985 9/30/2013 3 - 27.5 years Littleton, CO - - Residential 28,400 29,509 (1,260 ) 28,249 (7,858 ) 1985 9/30/2013 3 - 27.5 years Westminster, CO - - Residential 12,785 21,831 6,816 28,647 (10,064 ) 1982 12/16/2013 3 - 27.5 years San Antonio, TX - - Residential 39,277 32,142 5,667 37,809 (10,426 ) 1988 12/20/2013 3 - 27.5 years Burnsville, MN - - Residential 65,000 69,111 10,240 79,351 (20,321 ) 1999 3/28/2014 3 - 27.5 years Alpharetta, GA - - Residential 25,627 42,001 1,289 43,290 (10,797 ) 2003 5/5/2014 3 - 27.5 years Baton Rouge, LA - - Residential 26,115 28,911 3,635 32,546 (7,779 ) 1995 5/19/2014 3 - 27.5 years Atlanta, GA - - Residential 20,630 21,796 3,550 25,346 (6,208 ) 1995 5/19/2014 3 - 27.5 years Atlanta, GA - - Residential 22,032 31,385 3,448 34,833 (8,151 ) 2000 6/26/2014 3 - 27.5 years Katy, TX - - Residential 21,068 34,554 6,491 41,045 (9,152 ) 1949 9/4/2014 3 - 27.5 years San Antonio, TX - - Residential 32,938 47,075 8,892 55,967 (13,260 ) 1984 9/29/2014 3 - 27.5 years Irving, TX - - Residential 14,114 21,204 923 22,127 (4,763 ) 1974 11/25/2014 3 - 27.5 years Yorktown, VA - - Residential 21,000 23,370 5,535 28,905 (6,522 ) 1981 2/26/2015 3 - 27.5 years Austin, TX - - Residential 24,808 35,070 8,053 43,123 (8,945 ) 1986 3/19/2015 3 - 27.5 years Gilbert, AZ - - Residential 66,238 116,036 13,815 129,851 (17,684 ) 1986 6/1/2015 3 - 27.5 years Orange County, CA - - Residential 25,696 50,365 6,578 56,943 (7,869 ) 1988 6/16/2015 3 - 27.5 years Chula Vista, CA - - Residential 46,397 61,490 3,918 65,408 (8,057 ) 1997 12/22/2016 3 - 27.5 years Arlington, TX - - Residential 60,999 77,128 2,102 79,230 (7,100 ) 1988 5/31/2017 3 - 27.5 years Lisle, IL - - Residential 32,110 43,132 1,765 44,897 (3,827 ) 1998 8/31/2017 3 - 27.5 years Lake Mary, FL - - Residential 27,100 40,508 1,640 42,148 (2,964 ) 2001 12/20/2017 3 - 27.5 years Jacksonville, FL - - Residential 22,750 33,260 2,612 35,872 (2,385 ) 1986 4/17/2018 3 - 27.5 years Sandy Springs, GA - — Residential 32,922 43,626 3,601 47,227 (3,270 ) 1978 4/25/2018 3 - 27.5 years Grapevine, TX - - $ 804,903 $ 1,029,318 $ 134,409 $ 1,163,727 $ (225,583 ) For the Years Ended December 31, 2019 2018 2017 Investments in Rental Properties: Balance, beginning of the period $ 1,212,720 $ 1,146,597 $ 1,010,264 Acquisitions — 76,886 160,767 Improvements, etc. 14,423 21,499 21,592 Dispositions during the period (63,416 ) (32,262 ) (46,026 ) Balance, close of the period $ 1,163,727 $ 1,212,720 $ 1,146,597 Accumulated depreciation: Balance, beginning of the period $ (194,777 ) $ (147,708 ) $ (107,810 ) Sales 22,075 6,972 8,146 Disposals 921 1,059 685 Depreciation (53,802 ) (55,100 ) (48,729 ) Balance, close of the period $ (225,583 ) $ (194,777 ) $ (147,708 )

SCHEDULE IV Mortgage Loans on R

SCHEDULE IV Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2019
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, 2019 (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 $ 891 $ 809 $ — $ 891 $ 809 $ — Year Ended December 31, 2019 Balance, beginning of the period $ 793 Interest accretion 44 Principal reductions (28 ) Balance, end of the period $ 809

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	The accompanying consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“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 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 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 8,487 Subsidiaries related to disposed investments: RRE Crestwood Holdings, LLC (“Crestwood”) (c)(d) N/A N/A PRIP 5060/6310, LLC ("Governor Park") (b)(d) N/A N/A RRE Campus Club Holdings, LLC (“Campus Club”) (c)(d) N/A N/A PRIP 6700, LLC ("Hilltop Village") (b)(d) N/A N/A RRE Westhollow Holdings, LLC (“Westhollow”) (c)(d) N/A N/A RRE Flagstone Holdings, LLC ("Flagstone") (c)(d) N/A N/A RRE 107th Avenue Holdings, LLC (“107th Avenue”) (c)(d) N/A N/A RRE Bristol Holdings, LLC (“Bristol”) (c)(d) N/A N/A RRE Skyview Holdings, LLC ("Skyview") (c)(d) N/A N/A RRE Kenwick Canterbury Holdings, LLC ("Kenwick & Canterbury") (d) N/A N/A RRE Foxwood Holdings, LLC ("Foxwood") (c)(d) N/A N/A PRIP 3383, LLC ("Conifer Place") (b)(c)(d) N/A N/A PRIP 3700, LLC ("Champion Farms") (b)(c)(d) N/A N/A RRE Armand Place Holdings, LLC ("Armand") (c)(d) N/A N/A RRE Spring Hill Holdings, LLC ("Spring Hill") (c)(d) N/A N/A RRE Nob Hill Holdings, LLC ("Nob Hill") (c)(d) N/A N/A PRIP 10637, LLC ("Fieldstone") (b)(c)(d) N/A N/A RRE Jasmine Holdings, LLC ("Jasmine") (c)(d) N/A N/A RRE Chisholm Place Holdings LLC ("Chisholm Place") (c)(e) N/A N/A RRE Park Forest Holdings, LLC ("Park Forest") (c)(e) N/A N/A RRE Deerfield Holdings, LLC ("Deerfield") (c)(e) N/A N/A PRIP Stone Ridge, LLC ("Stone Ridge") (b)(c)(e) N/A N/A PRIP 1102, LLC ("Pheasant Run") (b)(c)(f) N/A N/A PRIP 11128, LLC ("Retreat at Shawnee") (b)(c)(f) N/A N/A RRE Williamsburg Holdings, LLC (“Williamsburg”) (g) N/A N/A WPL Holdings, LLC (a)(g) N/A N/A PRIP 500, LLC ("Pinehurst") (b)(g) N/A N/A N/A - Not Applicable (a) Subsidiary transferred its interest in a portion of the Williamsburg parking lot to RRE Williamsburg Holdings, LLC in 2016. (b) Wholly-owned subsidiary of RRE Charlemagne Holdings, LLC. (c) Subsidiary was dissolved prior to December 31, 2019. (d) Underlying investment sold prior to 2017. (e) Underlying investment sold in 2017. (f) Underlying investment sold in 2018. (g) Underlying investment sold in 2019. 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. All of the Company’s subsidiaries are wholly-owned.
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. Construction management fees (further discussed in Note 14) are capitalized along with the related asset. Costs of repairs and maintenance are expensed as incurred. As of December 31, 2019, the Company's real estate investments in Texas, California, and Georgia represented approximately 31%, 17%, and 15%
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, 2019, the Company had $63.1 million $50.2 million
Contractual Obligations	Contractual Obligations The Company leases parking space and equipment under leases with varying expiration dates through 2023. As of December 31, 2019, the total payments due under these obligations were approximately $409,000 The following table presents our scheduled contractual obligations required for the next five years and thereafter as of December 31, 2019: Payments due by period Total Less than 1 Year 1-3 Years 3-5 Years More than 5 Years Operating Lease Obligations 409,000 142,000 210,000 57,000 —
Impairment of Long-Lived Assets	Impairment of Long Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for permanent impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. The review also considers factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. An impairment loss will be recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss would be the adjustment to fair value less the estimated cost to dispose of the asset. There were no impairment losses recorded on long lived assets during the years ended December 31, 2019, 2018 and 2017.
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 business combinations, 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 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 underlying 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, 2019 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 $59.1 million , $463,000, $337,000, $181,000, and $149,000 Revenue is primarily derived from the rental of residential housing units for which the Company receives minimum rents pursuant to underlying tenant lease agreements. The Company also receives utility reimbursements, other ancillary tenant fees for administration of leases, late payments and amenities, which are charged to residents and recognized monthly as earned. The Company elected the practical expedient to not separate lease and non-lease components and has presented property revenues combined, based upon the lease being determined to be the predominant component. The Company also has revenue sharing arrangements of cable income from contracts with cable providers at the Company’s properties. Included in Accrued expenses and other liabilities on the consolidated balance sheet at December 31, 2019 and 2018 is deferred revenue for contracts with cable providers for approximately $596,000
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, 2019 and 2018, there were allowances for uncollectible receivables of $49,000 and $19,000, respectively.
Leases	Leases For operating leases where the Company is the lessor, the underlying leased asset is recognized as real estate on the balance sheet. The Company, as a lessor of multifamily apartment units, has nonlease components associated with these leases (i.e. CAM, utilities, etc.). The Company combines nonlease component revenue streams and accounts for them as a combined component with leasing revenue. For leases in which the Company is the lessee, primarily consisting of a parking space lease, a laundry equipment lease, and office equipment leases, the Company recognizes a right-of-use asset and a lease liability equal to the present value of the minimum lease payments. Operating leases are included in operating lease ROU assets and operating lease liabilities in the Company’s consolidated balance sheets. The Company uses a market rate for equipment leases, when readily determinable, in calculating the present value of lease payments. Otherwise, the incremental borrowing rate is used. The operating lease ROU asset includes any lease payments and excludes lease incentives. Operating lease terms may include options to extend the lease when it is reasonably certain the lease will be extended. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
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 under the Code, 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 GAAP net income because the determination of taxable income is based on tax provisions and not financial accounting principles. The Company may elect to treat any of its subsidiaries as a taxable REIT subsidiary (“TRS”). In general, a TRS 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, 2019 and 2018, the Company did not treat any of its subsidiaries as a TRS. 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 2015 and prior.
Earnings Per Share	Earnings Per Share Basic earnings per share are calculated on the basis of the weighted-average number of common shares outstanding during the year. Basic earnings per share are computed by dividing income available to common stockholders by the weighted-average common shares outstanding during the period. Diluted earnings per share take into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted to common stock. None of the 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, 2019 (were such date to represent the end of the contingency period).
Reclassifications	Reclassifications Certain amounts in the prior years 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 February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, "Leases" ("ASU No. 2016-02"), which was amended by ASU No. 2018-10 "Codification Improvements to Topic 842, Leases" in July 2018. ASU No. 2016-02, as amended, is intended to improve financial reporting related to 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. The Company adopted these standards as of January 1, 2019, and the adoption did not have a material effect on the Company's consolidated financial statements and disclosures. For operating leases where the Company is the lessor, the underlying leased asset is recognized as real estate on the balance sheet. The Company has chosen to apply the practical expedient (discussed in ASU No. 2018-11, “Leases: Targeted Improvements”) to nonlease component revenue streams and account for them as a combined component with leasing revenue. For leases in which the Company is the lessee, primarily consisting of a parking lot lease, laundry equipment lease, and office equipment leases, the Company recognized an initial right-of-use (ROU) asset and a lease liability equal to the present value of the minimum lease payments of approximately $526,000 at January 1, 2019. The Company determines if an arrangement is a lease at inception. The Company elected the package of practical expedients permitted within the new standard, which among other things, allows the Company to carry forward the historical lease classification. Also allowable under the new standard (ASU No. 2018-11) is the option, which the Company has elected, to present the operating lease ROU asset and operating lease liabilities as of January 1, 2019 and not restate prior periods. No cumulative impact adjustment was necessary to opening retained earnings as of January 1, 2019. For certain equipment leases, such as copiers, the Company applied a portfolio approach to effectively account for the operating lease ROU assets and liabilities. 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 Company adopted the standard on January 1, 2019, and the adoption did not have a significant impact 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. The Company adopted the standard on January 1, 2019, and the adoption did not 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. The Company adopted the standard on January 1, 2019, and the adoption did not 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. The Company adopted the standard on January 1, 2019, and the adoption did not have a significant impact on its consolidated financial statements. Accounting Standards Issued But Not Yet Effective 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. 2016-03 will be effective for the Company beginning January 1, 2020. Early application is permitted. The Company is continuing to evaluate this guidance; however, the Company does not expect the adoption 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 January 1, 2020. Early application is permitted. The Company is continuing to evaluate this guidance; however, the Company does not expect the adoption to have a significant impact 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 to have a significant impact on its consolidated financial statements. In November 2018, FASB issued ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses.” ASU No. 2018-19 clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842 Leases. ASU No. 2018-19 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 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, 2019
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 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 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 8,487 Subsidiaries related to disposed investments: RRE Crestwood Holdings, LLC (“Crestwood”) (c)(d) N/A N/A PRIP 5060/6310, LLC ("Governor Park") (b)(d) N/A N/A RRE Campus Club Holdings, LLC (“Campus Club”) (c)(d) N/A N/A PRIP 6700, LLC ("Hilltop Village") (b)(d) N/A N/A RRE Westhollow Holdings, LLC (“Westhollow”) (c)(d) N/A N/A RRE Flagstone Holdings, LLC ("Flagstone") (c)(d) N/A N/A RRE 107th Avenue Holdings, LLC (“107th Avenue”) (c)(d) N/A N/A RRE Bristol Holdings, LLC (“Bristol”) (c)(d) N/A N/A RRE Skyview Holdings, LLC ("Skyview") (c)(d) N/A N/A RRE Kenwick Canterbury Holdings, LLC ("Kenwick & Canterbury") (d) N/A N/A RRE Foxwood Holdings, LLC ("Foxwood") (c)(d) N/A N/A PRIP 3383, LLC ("Conifer Place") (b)(c)(d) N/A N/A PRIP 3700, LLC ("Champion Farms") (b)(c)(d) N/A N/A RRE Armand Place Holdings, LLC ("Armand") (c)(d) N/A N/A RRE Spring Hill Holdings, LLC ("Spring Hill") (c)(d) N/A N/A RRE Nob Hill Holdings, LLC ("Nob Hill") (c)(d) N/A N/A PRIP 10637, LLC ("Fieldstone") (b)(c)(d) N/A N/A RRE Jasmine Holdings, LLC ("Jasmine") (c)(d) N/A N/A RRE Chisholm Place Holdings LLC ("Chisholm Place") (c)(e) N/A N/A RRE Park Forest Holdings, LLC ("Park Forest") (c)(e) N/A N/A RRE Deerfield Holdings, LLC ("Deerfield") (c)(e) N/A N/A PRIP Stone Ridge, LLC ("Stone Ridge") (b)(c)(e) N/A N/A PRIP 1102, LLC ("Pheasant Run") (b)(c)(f) N/A N/A PRIP 11128, LLC ("Retreat at Shawnee") (b)(c)(f) N/A N/A RRE Williamsburg Holdings, LLC (“Williamsburg”) (g) N/A N/A WPL Holdings, LLC (a)(g) N/A N/A PRIP 500, LLC ("Pinehurst") (b)(g) N/A N/A N/A - Not Applicable (a) Subsidiary transferred its interest in a portion of the Williamsburg parking lot to RRE Williamsburg Holdings, LLC in 2016. (b) Wholly-owned subsidiary of RRE Charlemagne Holdings, LLC. (c) Subsidiary was dissolved prior to December 31, 2019. (d) Underlying investment sold prior to 2017. (e) Underlying investment sold in 2017. (f) Underlying investment sold in 2018. (g) Underlying investment sold in 2019.
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, 2019: Payments due by period Total Less than 1 Year 1-3 Years 3-5 Years More than 5 Years Operating Lease Obligations 409,000 142,000 210,000 57,000 —

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019 2018 2017 Non-cash financing and investing activities: Stock issued from distribution reinvestment plan $ 24,499 $ 25,931 $ 27,114 Deferred financing costs, interest, and fees funded directly by mortgage notes 973 218 449 Repayments on borrowings through refinancing 58,350 29,586 — Accrual for construction in progress 2,470 680 1,346 Lease liabilities arising from obtaining right-of-use assets 526 — — Non-cash activity related to sales: Mortgage notes payable settled directly with proceeds from sale of rental property 61,041 18,713 26,976 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 $ 35,936 $ 34,262 $ 26,458

RESTRICTED CASH (Tables)

RESTRICTED CASH (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019 2018 Real estate taxes $ 8,824 $ 10,426 Insurance 1,438 1,669 Capital improvements 2,042 2,763 Total $ 12,304 $ 14,858

RENTAL PROPERTIES, NET (Tables)

RENTAL PROPERTIES, NET (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019 2018 Land $ 196,358 $ 200,848 Building and improvements 920,781 965,629 Furniture, fixtures and equipment 43,757 44,918 Construction in progress 2,831 1,325 1,163,727 1,212,720 Less: accumulated depreciation (225,583 ) (194,777 ) $ 938,144 $ 1,017,943

OTHER INVESTMENTS (Tables)

OTHER INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019 and 2018 (in thousands): December 31, 2019 2018 Unpaid principal balance $ 885 $ 912 Unamortized discount and acquisition costs (76 ) (119 ) Net book value $ 809 $ 793 Maturity date 10/28/2021 Interest rate 7.5 % Average monthly payment $ 8

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2019
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 year ended December 31, 2017 (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 ) (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, 2019
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, 2019, 2018, and 2017 (in thousands): Multifamily Community Location Sale Date Contract Sales price Net Gains on Dispositions of Properties and Joint Venture Interests Revenues Attributable to Properties Sold Net Income (loss) Attributable to Properties Sold 2019 Dispositions: Williamsburg Cincinnati, OH March 8, 2019 $ 70,000 $ 34,575 $ 2,151 $ (1,431 ) Pinehurst Kansas City, MO December 20, 2019 $ 12,310 $ 4,235 $ 1,427 $ (460 ) $ 82,310 $ 38,810 $ 3,578 $ (1,891 ) 2018 Dispositions: Pheasant Run Lee's Summit, MO September 14, 2018 $ 16,400 $ 6,195 $ 1,167 $ 7 Retreat at Shawnee Shawnee, KS October 19, 2018 25,000 9,344 2,522 (68 ) $ 41,400 $ 15,539 $ 3,689 $ (61 ) 2017 Dispositions: Chisholm Place Plano, Texas May 10, 2017 $ 21,250 $ 6,922 $ 823 $ (266 ) Mosaic Oklahoma City, Oklahoma May 12, 2017 6,100 1,513 473 (72 ) Deerfield Hermantown, Minnesota August 16, 2017 23,600 11,035 1,653 3 Stone Ridge Columbia, South Carolina September 27, 2017 10,534 3,265 1,291 (232 ) $ 61,484 $ 22,735 $ 4,240 $ (567 )

IDENTIFIED INTANGIBLE ASSETS,_2

IDENTIFIED INTANGIBLE ASSETS, NET (Tables)	12 Months Ended
	Dec. 31, 2019
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): 2020 $ 9 2021 5 2022 — 2023 — Thereafter — $ 14

GOODWILL (Tables)

GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019 and 2018 (in thousands): Balance, January 1, 2018 $ 670 Activity - 2018: Sale of Retreat at Shawnee (117 ) Activity - 2018: Sale of Pheasant Run (76 ) Balance, December 31, 2018 $ 477 Activity - 2019: Sale of Pinehurst (73 ) Balance, December 31, 2019 $ 404

MORTGAGE NOTES PAYABLE, NET (Ta

MORTGAGE NOTES PAYABLE, NET (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019 December 31, 2018 Collateral Outstanding borrowings Premium (Discount) Deferred finance costs, net Carrying Value Outstanding borrowings Premium (Discount) Deferred finance costs, net Carrying Value Vista Apartment Homes $ 14,315 $ — $ (68 ) $ 14,247 $ 14,603 $ — $ (104 ) $ 14,499 Cannery Lofts 13,100 — (108 ) 12,992 13,100 — (136 ) 12,964 Trailpoint at the Woodlands 17,723 — (121 ) 17,602 18,046 — (154 ) 17,892 Verona Apartment Homes 32,970 — (362 ) 32,608 32,970 — (419 ) 32,551 Skyview Apartment Homes 28,400 — (315 ) 28,085 28,400 — (364 ) 28,036 Maxwell Townhomes 12,785 — (53 ) 12,732 13,069 — (81 ) 12,988 Pinehurst — — — — 7,220 — (105 ) 7,115 Evergreen at Coursey Place 25,627 34 (32 ) 25,629 26,146 55 (54 ) 26,147 Pines of York 14,114 (112 ) (21 ) 13,981 14,422 (173 ) (33 ) 14,216 The Estates at Johns Creek 65,000 — (589 ) 64,411 47,576 — (170 ) 47,406 Perimeter Circle 26,115 — (304 ) 25,811 26,115 — (356 ) 25,759 Perimeter 5550 20,630 — (279 ) 20,351 20,630 — (327 ) 20,303 Aston at Cinco Ranch 22,032 — (96 ) 21,936 22,497 — (152 ) 22,345 Sunset Ridge 1 18,300 54 (43 ) 18,311 18,788 121 (96 ) 18,813 Sunset Ridge 2 2,768 7 (6 ) 2,769 2,831 16 (13 ) 2,834 Calloway at Las Colinas 32,938 — (115 ) 32,823 33,681 — (177 ) 33,504 South Lamar Village 21,000 — (298 ) 20,702 11,909 — (29 ) 11,880 Heritage Pointe 24,808 — (201 ) 24,607 25,360 — (242 ) 25,118 The Bryant at Yorba Linda 66,238 — (87 ) 66,151 67,092 — (301 ) 66,791 Point Bonita Apartment Homes 25,696 1,063 (183 ) 26,576 26,121 1,359 (233 ) 27,247 The Westside Apartments 35,838 — (293 ) 35,545 36,624 — (341 ) 36,283 Tech Center Square 11,730 — (101 ) 11,629 11,933 — (132 ) 11,801 Williamsburg — — — — 53,995 — (582 ) 53,413 Retreat at Rocky Ridge 11,221 — (145 ) 11,076 11,375 — (183 ) 11,192 Providence in the Park 46,398 — (345 ) 46,053 47,000 — (434 ) 46,566 Green Trails Apartment Homes 60,998 — (451 ) 60,547 61,500 — (559 ) 60,941 Meridian Pointe 39,277 — (402 ) 38,875 39,500 — (495 ) 39,005 Terraces at Lake Mary 32,110 — (259 ) 31,851 32,250 — (318 ) 31,932 Courtney Meadows Apartments 27,100 — (257 ) 26,843 27,100 — (311 ) 26,789 Addison at Sandy Springs 22,750 — (244 ) 22,506 22,750 — (292 ) 22,458 Bristol at Grapevine 32,922 — (306 ) 32,616 32,922 — (365 ) 32,557 $ 804,903 $ 1,046 $ (6,084 ) $ 799,865 $ 847,525 $ 1,378 $ (7,558 ) $ 841,345 The following table presents additional information about the Company's mortgage notes payable, net, at December 31, 2019 (in thousands, except percentages): Collateral Maturity Date Annual Interest Rate Average Monthly Debt Service Average Monthly Escrow Vista Apartment Homes 1/1/2022 4.05% (1)(5) $ 80 $ 32 Cannery Lofts 11/1/2023 4.30% (1)(3) 55 23 Trailpoint at the Woodlands 11/1/2023 4.17% (1)(4) 96 46 Verona Apartment Homes 10/1/2026 4.12% (1)(3) 137 43 Skyview Apartment Homes 10/1/2026 4.12% (1)(3) 118 31 Maxwell Townhomes 1/1/2022 4.32% (2)(5) 71 80 Evergreen at Coursey Place 8/1/2021 5.07% (2)(5) 154 51 Pines of York 12/1/2021 4.46% (2)(5) 80 29 The Estates at Johns Creek 11/25/2026 3.01% (1)(5)(6) 165 — Perimeter Circle 1/1/2026 3.26% (1)(3) 82 46 Perimeter 5550 1/1/2026 3.26% (1)(3) 65 34 Aston at Cinco Ranch 10/1/2021 4.34% (2)(5) 120 55 Sunset Ridge 1 11/1/2020 4.58% (2)(5) 113 79 Sunset Ridge 2 11/1/2020 4.54% (2)(5) 16 — Calloway at Las Colinas 12/1/2021 3.87% (2)(5) 171 133 South Lamar Village 7/22/2026 3.06% (1)(3)(6) 61 — Heritage Pointe 4/1/2025 3.64% (1)(4) 131 56 The Bryant at Yorba Linda 6/1/2020 3.51% (1)(3) 289 — Point Bonita Apartment Homes 10/1/2023 5.33% (2)(5) 152 68 The Westside Apartments 9/1/2026 3.88% (1)(3) 196 82 Tech Center Square 6/1/2023 4.34% (1)(5) 66 25 Retreat at Rocky Ridge 1/1/2024 4.22% (1)(3) 59 24 Providence in the Park 2/1/2024 4.06% (1)(3) 240 149 Green Trails Apartment Homes 6/1/2024 3.75% (1)(3) 303 81 Meridian Pointe 8/1/2024 3.66% (1)(3) 193 81 Terraces at Lake Mary 9/1/2024 3.67% (1)(3) 158 63 Courtney Meadows Apartments 1/1/2025 3.60% (1)(3) 128 71 Addison at Sandy Springs 5/1/2025 3.52% (1)(3) 96 42 Bristol at Grapevine 5/1/2025 3.47% (1)(3) 110 104 (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, 2019.
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): 2020 $ 96,459 2021 101,796 2022 36,053 2023 75,451 2024 183,304 Thereafter 311,840 $ 804,903
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): 2020 $ 1,458 2021 1,268 2022 1,072 2023 1,012 2024 682 Thereafter 592 $ 6,084

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Schedule of Annual Payments for Operating Lease Liabilities	The following table presents the Company’s annual payments for the operating lease liabilities (including reasonably assured extension periods) for each of the next five 12–month periods ending December 31, and thereafter (in thousands): 2020 $ 144 2021 118 2022 92 2023 55 2024 — Thereafter — $ 409

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019, 2018, and 2017 (dollars in thousands): Balance, January 1, 2017 $ (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 ) Reclassification adjustment for realized loss on designated derivatives 344 Unrealized loss on designated derivatives (88 ) Balance, December 31, 2019 $ (218 )

CERTAIN RELATIONSHIPS AND REL_2

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019 2018 Due from related parties: RAI and affiliates $ 236 $ 123 Due to related parties: Advisor: Operating expense reimbursements 35 55 Manager: Property management fees 521 520 Construction management fees 119 — Operating expense reimbursements 8 344 $ 683 $ 919 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, 2019 2018 2017 Fees earned / expenses paid to related parties: Advisor: Acquisition fees (1) $ — $ 1,697 $ 3,670 Asset management fees (2) 12,498 12,904 11,352 Disposition fees (3) 453 136 361 Debt financing fees (4) 116 350 1,036 Overhead allocation (5) 3,663 4,467 4,442 Internal audit fees (5) 108 102 69 Manager : Property management fees (2) $ 6,034 $ 6,229 $ 5,567 Construction management fees (6) 500 790 764 Construction payroll reimbursements (6) 97 178 191 Acquisition-related reimbursements (1) — 53 — Operating expense reimbursements (7) 184 443 1,015 Debt servicing fees (2) 2 2 2 Other: The Planning & Zoning Resource Company (4) $ 2 $ 2 $ 4 Graphic Images (5) — 6 9 (1) For the year ended December 31, 2017, 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).

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Schedule of Stock Issuances	As of December 31, 2019, the Company had an aggregate of 69,467,689 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 16,432,119 168,934 Shares issued in conjunction with the Advisor's initial investment, net of 4,500 share conversion 15,500 155 Total 82,329,073 $ 803,748 Shares redeemed and retired (12,861,384 ) Total shares issued and outstanding as of December 31, 2019 69,467,689 (1) Includes 276,056 shares held by the Advisor.
Schedule of Stockholders Equity	During the year ended December 31, 2019, the Company redeemed shares of its outstanding common stock pursuant to its share redemption program as follows (in thousands, except per share data): Period Total Number of Shares Redeemed (1) Average Price Paid per Share January 2019 — — February 2019 — — March 2019 789 $ 10.29 April 2019 — — May 2019 — — June 2019 515 $ 10.35 July 2019 — — August 2019 — — September 2019 1,469 $ 10.32 October 2019 — — November 2019 — — December 2019 536 $ 10.33 3,309 (1)
Schedule of Dividend Distributions	For the year ended December 31, 2019, the Company paid aggregate distributions of $42.0 million $17.5 million $24.5 million Record Date Per Common Share Distribution Date Distributions Reinvested in Shares of Common Stock Net Cash Distributions Total Aggregate Distributions January 30, 2019 $ 0.05 January 31, 2019 $ 2,108 $ 1,414 $ 3,522 February 27, 2019 0.05 February 28, 2019 2,100 1,431 3,531 March 28, 2019 0.05 March 29, 2019 2,090 1,413 3,503 April 29, 2019 0.05 April 30, 2019 2,082 1,430 3,512 May 30, 2019 0.05 May 31, 2019 2,084 1,439 3,523 June 27, 2019 0.05 June 28, 2019 2,069 1,438 3,507 July 30, 2019 0.05 July 31, 2019 1,740 1,777 3,517 August 29, 2019 0.05 August 30, 2019 2,066 1,459 3,525 September 27, 2019 0.05 September 30, 2019 2,043 1,419 3,462 October 30, 2019 0.05 October 31, 2019 2,042 1,430 3,472 November 26, 2019 0.05 November 27, 2019 2,043 1,439 3,482 December 30, 2019 0.05 December 31, 2019 2,032 1,432 3,464 $ 0.60 $ 24,499 $ 17,521 $ 42,020

FAIR VALUE MEASURES AND DISCL_2

FAIR VALUE MEASURES AND DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Assets Measured at Fair Value on a Recurring Basis	The following table presents information about the Company's assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value (in thousands): Level 1 Level 2 Level 3 Total December 31, 2019 Assets: Interest rate caps $ — $ 20 $ — $ 20 $ — $ 20 $ — $ 20 December 31, 2018 Assets: Interest rate caps $ — $ 28 $ — $ 28 $ — $ 28 $ — $ 28
Carrying Amount and Estimated Fair Values of Loan Held for Investment, Net, and Mortgage Notes Payable - outstanding borrowings	The following table presents the carrying amount and estimated fair value of the Company’s loan held for investment, net, and mortgage notes payable-outstanding borrowings (in thousands): December 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Loan held for investment, net $ 809 $ 938 $ 793 $ 948 Mortgage notes payable- outstanding borrowings $ (804,903 ) $ (790,413 ) $ (847,525 ) $ (840,914 )

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	12 Months Ended
	Dec. 31, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Outstanding Interest Rate Derivatives	The following table presents the Company’s outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of December 31, 2019 (dollars in thousands): Interest Rate Derivative Number of Instruments Notional Maturity Dates Interest Rate Caps 21 $ 576,727 January 1, 2020 to April 1, 2023
Fair Value and Balance Sheet Location of Derivatives	The following table presents the fair value of the Company’s derivative financial instruments on the consolidated balance sheets as of December 31, 2019 and 2018 (in thousands): Asset Derivatives Liability Derivatives December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2019 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Prepaid expenses and other assets $ 20 Prepaid expenses and other assets $ 28 — $ — — $ —

QUARTERLY FINANCIAL DATA (UNA_2

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2019
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 2019 March 31 June 30 September 30 December 31 (unaudited) (unaudited) (unaudited) (unaudited) Revenues $ 34,972 $ 33,559 $ 33,540 $ 33,474 Net income (loss) attributable to common stockholders 23,181 (9,807 ) (9,641 ) (5,480 ) Basic and diluted net income (loss) per common share $ 0.33 $ (0.14 ) $ (0.14 ) $ (0.07 ) Quarterly Results for 2018 March 31 June 30 September 30 December 31 (unaudited) (unaudited) (unaudited) (unaudited) Revenues $ 32,649 $ 35,127 $ 36,302 $ 35,327 Net loss attributable to common stockholders (10,949 ) (12,229 ) (5,631 ) (1,765 ) Basic and diluted net loss per common share $ (0.15 ) $ (0.17 ) $ (0.09 ) $ (0.02 )

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, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	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 the distribution reinvestment plan (in shares)				7,400,000	1,200,000
Common stock issued through the distribution reinvestment plan	$ 24,499	$ 25,931	$ 27,114	$ 77,500
Private Placement | Advisor
Securities Financing Transaction [Line Items]
Issuance of common stock (in shares)					276,000,000

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation (Details)	Dec. 31, 2019unit
Subsidiary or Equity Method Investee [Line Items]
Number of Units	8,487
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 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	[1]
PRIP Pines, LLC (Pines of York)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	248	[1]
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
[1]	Wholly-owned subsidiary of RRE Charlemagne Holdings, LLC.

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	12 Months Ended
	Dec. 31, 2019USD ($)propertyshares	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)	Jan. 01, 2019USD ($)
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	63,100,000
Deposits at various banks, amount over the insurance limit of the Federal Deposit Insurance Corporation	50,200,000
Leases [Abstract]
Payments due for lease obligations	409,000
Asset Impairment Charges [Abstract]
Impairment losses	0	$ 0	$ 0
Goodwill, Impaired [Abstract]
Goodwill impairment	0
Revenue Recognition [Abstract]
Contract liability	$ 596,000	564,000
Revenue contract period	5 years to 12
Revenue from contract liability recognized into income	$ 77,000
Tenant Receivable [Abstract]
Allowance for uncollectable receivables	$ 49,000	$ 19,000
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	0
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Operating lease right-of-use assets	$ 381,000
Operating lease liabilities	381,000
Accounting Standards Update 2016-18
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Operating lease right-of-use assets				$ 526,000
Operating lease liabilities				$ 526,000
Operating leases for residential rental properties
Revenue Recognition [Abstract]
Future minimum rental payments, current	59,100,000
Future minimum rental payments, in two years	65,000
Future minimum rental payments, thereafter	0
Commercial rental properties and antenna rentals
Revenue Recognition [Abstract]
Future minimum rental payments, current	499,000
Future minimum rental payments, in two years	463,000
Future minimum rental payments, in three years	337,000
Future minimum rental payments, in four years	181,000
Future minimum rental payments, in five years	149,000
Future minimum rental payments, thereafter	$ 1,500,000
Geographic concentration risk | TEXAS
Rental Properties [Abstract]
Percentage of real estate investments	31.00%
Geographic concentration risk | CALIFORNIA
Rental Properties [Abstract]
Percentage of real estate investments	17.00%
Geographic concentration risk | GEORGIA
Rental Properties [Abstract]
Percentage of real estate investments	15.00%
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, 2019
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, 2019USD ($)
Accounting Policies [Abstract]
Payments due by period, Total	$ 409,000
Payments due by period, Less than 1 Year	142,000
Payments due by period, 1-3 Years	210,000
Payments due by period, 3-5 Years	$ 57,000

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, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019
Non-cash financing and investing activities:
Stock issued from distribution reinvestment plan	$ 24,499	$ 25,931	$ 27,114	$ 77,500
Deferred financing costs, interest, and fees funded directly by mortgage notes	973	218	449
Repayments on borrowings through refinancing	58,350	29,586	0
Accrual for construction in progress	2,470	680	1,346
Lease liabilities arising from obtaining right-of-use assets	526	0	0
Mortgage notes payable settled directly with proceeds from sale of rental property	61,041	18,713	26,976
Non-cash activity related to acquisitions:
Mortgage notes payable used to acquire real property	0	55,615	120,401
Cash paid during the period for:
Interest	$ 35,936	$ 34,262	$ 26,458

RESTRICTED CASH - Schedule of R

RESTRICTED CASH - Schedule of Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 12,304	$ 14,858	$ 13,401
Real estate taxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	8,824	10,426
Insurance
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	1,438	1,669
Capital improvements
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 2,042	$ 2,763

RESTRICTED CASH - Narrative (De

RESTRICTED CASH - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Cash And Cash Equivalents [Abstract]
Unrestricted cash designated for capital expenditures	$ 12.1	$ 22.2

RENTAL PROPERTIES, NET - Summar

RENTAL PROPERTIES, NET - Summary of Investments in Rental Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Investments in rental properties [Abstract]
Land	$ 196,358	$ 200,848
Building and improvements	920,781	965,629
Furniture, fixtures and equipment	43,757	44,918
Construction in progress	2,831	1,325
Rental properties, gross	1,163,727	1,212,720
Less: accumulated depreciation	(225,583)	(194,777)
Rental properties, net	$ 938,144	$ 1,017,943

RENTAL PROPERTIES, NET - Narrat

RENTAL PROPERTIES, NET - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investments in rental properties [Abstract]
Depreciation expense	$ 53.8	$ 55.1	$ 48.7

OTHER INVESTMENTS - Narrative (

OTHER INVESTMENTS - Narrative (Details)	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2011USD ($)loan
Financing Receivable, Allowance for Credit Losses [Line Items]
Number of performing promissory notes | loan			1
Allowance for credit losses	$ 0	$ 0
Charge-offs	$ 0	$ 0
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, 2019	Dec. 31, 2018
Investments Debt And Equity Securities [Abstract]
Unpaid principal balance	$ 885	$ 912
Unamortized discount and acquisition costs	(76)	(119)
Net book value	$ 809	$ 793
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, 2019unitproperty
Business Acquisition [Line Items]
Number of real estate properties | property			28
Number of Units			8,487
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, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Land			$ 196,358	$ 200,848
Building and Improvements			920,781	965,629
Furniture, fixtures and equipment			43,757	44,918
Total assets			$ 1,005,088	$ 1,101,298
Bristol at Grapevine
Business Acquisition [Line Items]
Intangible Assets, Contractual Purchase Price	$ 1,074
Consideration transferred for acquisition	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
Consideration transferred for acquisition		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 Tota

ACQUISITIONS - Schedule of Total Revenues, Net Loss and Acquisition Costs of Acquisitions (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Total Revenues	$ 33,474	$ 33,540	$ 33,559	$ 34,972	$ 35,327	$ 36,302	$ 35,127	$ 32,649	$ 135,545	$ 139,405	$ 124,731
Net Loss									$ (1,747)	(30,574)	(21,969)
Acquisition Costs										$ (10)	(4,469)
Green Trails Apartment Homes
Business Acquisition [Line Items]
Total Revenues											4,128
Net Loss											(1,920)
Acquisition Costs											(1,774)
Terraces at Lake Mary
Business Acquisition [Line Items]
Total Revenues											1,394
Net Loss											(1,424)
Acquisition Costs											(1,290)
Courtney Meadows Apartments
Business Acquisition [Line Items]
Total Revenues											103
Net Loss											(879)
Acquisition Costs											(1,217)
Various Properties
Business Acquisition [Line Items]
Acquisition Costs											(188)
Multifamily Community
Business Acquisition [Line Items]
Total Revenues											5,625
Net Loss											(4,223)
Acquisition Costs											$ (4,469)

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, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Sales price	$ 82,310	$ 41,400	$ 61,484
Net Gains on Dispositions of Properties and Joint Venture Interests	38,810	15,539	22,735
Revenues Attributable to Properties Sold	3,578	3,689	4,240
Net Income (loss) Attributable to Properties Sold	$ (1,891)	$ (61)	$ (567)
Williamsburg | OHIO
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Date	Mar. 8, 2019
Contract Sales price	$ 70,000
Net Gains on Dispositions of Properties and Joint Venture Interests	34,575
Revenues Attributable to Properties Sold	2,151
Net Income (loss) Attributable to Properties Sold	$ (1,431)
Pheasant Run | MISSOURI
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Date		Sep. 14, 2018
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 (loss) Attributable to Properties Sold		$ 7
Pinehurst | MISSOURI
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Date	Dec. 20, 2019
Contract Sales price	$ 12,310
Net Gains on Dispositions of Properties and Joint Venture Interests	4,235
Revenues Attributable to Properties Sold	1,427
Net Income (loss) Attributable to Properties Sold	$ (460)
Retreat at Shawnee | KANSAS
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Date		Oct. 19, 2018
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 (loss) Attributable to Properties Sold		$ (68)
Chisholm Place | TEXAS
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Date			May 10, 2017
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 (loss) Attributable to Properties Sold			$ (266)
Mosaic | OKLAHOMA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Date			May 12, 2017
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 (loss) Attributable to Properties Sold			$ (72)
Deerfield | MINNESOTA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Date			Aug. 16, 2017
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 (loss) Attributable to Properties Sold			$ 3
Stone Ridge | CAROLINA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Date			Sep. 27, 2017
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 (loss) Attributable to Properties Sold			$ (232)

IDENTIFIED INTANGIBLE ASSETS,_3

IDENTIFIED INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finite Lived Intangible Assets [Line Items]
Identified intangible assets, net	$ 14,000	$ 26,000
Amortization expense	12,500	3,600,000	$ 3,600,000
Acquired in-place leases
Finite Lived Intangible Assets [Line Items]
Identified intangible assets, net	14,000	26,000
Accumulated amortization	27,100,000	$ 29,300,000
Antennae Leases
Finite Lived Intangible Assets [Line Items]
Identified intangible assets, net	14,000
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, 2019	Dec. 31, 2018
Finite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	$ 14	$ 26
Antennae Leases
Finite Lived Intangible Assets [Line Items]
2020	9
2021	5
2022	0
2023	0
Thereafter	0
Finite-Lived Intangible Assets, Net	$ 14

GOODWILL - Summary of Goodwill

GOODWILL - Summary of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Goodwill [Roll Forward]
Beginning balance	$ 477	$ 670
Ending balance	404	477
Retreat at Shawnee
Goodwill [Roll Forward]
Sale of business unit		(117)
Pheasant Run
Goodwill [Roll Forward]
Sale of business unit		$ (76)
Pinehurst
Goodwill [Roll Forward]
Sale of business unit	$ (73)

MORTGAGE NOTES PAYABLE, NET - S

MORTGAGE NOTES PAYABLE, NET - Summary of Mortgage Notes Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Participating Mortgage Loans [Line Items]
Outstanding borrowings	$ 804,903	$ 847,525
Premium (Discount)	1,046	1,378
Deferred finance costs, net	(6,084)	(7,558)
Carrying Value	799,865	841,345
Vista Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding borrowings	14,315	14,603
Premium (Discount)	0	0
Deferred finance costs, net	(68)	(104)
Carrying Value	$ 14,247	14,499
Maturity Date	Jan. 1, 2022
Annual Interest Rate	4.05%
Average Monthly Debt Service	$ 80
Average Monthly Escrow	32
Cannery Lofts
Participating Mortgage Loans [Line Items]
Outstanding borrowings	13,100	13,100
Premium (Discount)	0	0
Deferred finance costs, net	(108)	(136)
Carrying Value	$ 12,992	12,964
Maturity Date	Nov. 1, 2023
Annual Interest Rate	4.30%
Average Monthly Debt Service	$ 55
Average Monthly Escrow	23
Trailpoint at the Woodlands
Participating Mortgage Loans [Line Items]
Outstanding borrowings	17,723	18,046
Premium (Discount)	0	0
Deferred finance costs, net	(121)	(154)
Carrying Value	$ 17,602	17,892
Maturity Date	Nov. 1, 2023
Annual Interest Rate	4.17%
Average Monthly Debt Service	$ 96
Average Monthly Escrow	46
Verona Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding borrowings	32,970	32,970
Premium (Discount)	0	0
Deferred finance costs, net	(362)	(419)
Carrying Value	$ 32,608	32,551
Maturity Date	Oct. 1, 2026
Annual Interest Rate	4.12%
Average Monthly Debt Service	$ 137
Average Monthly Escrow	43
Skyview Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding borrowings	28,400	28,400
Premium (Discount)	0	0
Deferred finance costs, net	(315)	(364)
Carrying Value	$ 28,085	28,036
Maturity Date	Oct. 1, 2026
Annual Interest Rate	4.12%
Average Monthly Debt Service	$ 118
Average Monthly Escrow	31
Maxwell Townhomes
Participating Mortgage Loans [Line Items]
Outstanding borrowings	12,785	13,069
Premium (Discount)	0	0
Deferred finance costs, net	(53)	(81)
Carrying Value	$ 12,732	12,988
Maturity Date	Jan. 1, 2022
Annual Interest Rate	4.32%
Average Monthly Debt Service	$ 71
Average Monthly Escrow	80
Pinehurst
Participating Mortgage Loans [Line Items]
Outstanding borrowings	0	7,220
Premium (Discount)	0	0
Deferred finance costs, net	0	(105)
Carrying Value	0	7,115
Evergreen at Coursey Place
Participating Mortgage Loans [Line Items]
Outstanding borrowings	25,627	26,146
Premium (Discount)	34	55
Deferred finance costs, net	(32)	(54)
Carrying Value	$ 25,629	26,147
Maturity Date	Aug. 1, 2021
Annual Interest Rate	5.07%
Average Monthly Debt Service	$ 154
Average Monthly Escrow	51
The Estates at Johns Creek
Participating Mortgage Loans [Line Items]
Outstanding borrowings	65,000	47,576
Premium (Discount)	0	0
Deferred finance costs, net	(589)	(170)
Carrying Value	$ 64,411	47,406
Maturity Date	Nov. 25, 2026
Annual Interest Rate	3.01%
Average Monthly Debt Service	$ 165
Pines of York
Participating Mortgage Loans [Line Items]
Outstanding borrowings	14,114	14,422
Premium (Discount)	(112)	(173)
Deferred finance costs, net	(21)	(33)
Carrying Value	$ 13,981	14,216
Maturity Date	Dec. 1, 2021
Annual Interest Rate	4.46%
Average Monthly Debt Service	$ 80
Average Monthly Escrow	29
Perimeter Circle
Participating Mortgage Loans [Line Items]
Outstanding borrowings	26,115	26,115
Premium (Discount)	0	0
Deferred finance costs, net	(304)	(356)
Carrying Value	$ 25,811	25,759
Maturity Date	Jan. 1, 2026
Annual Interest Rate	3.26%
Average Monthly Debt Service	$ 82
Average Monthly Escrow	46
Perimeter 5550
Participating Mortgage Loans [Line Items]
Outstanding borrowings	20,630	20,630
Premium (Discount)	0	0
Deferred finance costs, net	(279)	(327)
Carrying Value	$ 20,351	20,303
Maturity Date	Jan. 1, 2026
Annual Interest Rate	3.26%
Average Monthly Debt Service	$ 65
Average Monthly Escrow	34
Aston at Cinco Ranch
Participating Mortgage Loans [Line Items]
Outstanding borrowings	22,032	22,497
Premium (Discount)	0	0
Deferred finance costs, net	(96)	(152)
Carrying Value	$ 21,936	22,345
Maturity Date	Oct. 1, 2021
Annual Interest Rate	4.34%
Average Monthly Debt Service	$ 120
Average Monthly Escrow	55
Sunset Ridge 1
Participating Mortgage Loans [Line Items]
Outstanding borrowings	18,300	18,788
Premium (Discount)	54	121
Deferred finance costs, net	(43)	(96)
Carrying Value	$ 18,311	18,813
Maturity Date	Nov. 1, 2020
Annual Interest Rate	4.58%
Average Monthly Debt Service	$ 113
Average Monthly Escrow	79
Sunset Ridge 2
Participating Mortgage Loans [Line Items]
Outstanding borrowings	2,768	2,831
Premium (Discount)	7	16
Deferred finance costs, net	(6)	(13)
Carrying Value	$ 2,769	2,834
Maturity Date	Nov. 1, 2020
Annual Interest Rate	4.54%
Average Monthly Debt Service	$ 16
Calloway at Las Colinas
Participating Mortgage Loans [Line Items]
Outstanding borrowings	32,938	33,681
Premium (Discount)	0	0
Deferred finance costs, net	(115)	(177)
Carrying Value	$ 32,823	33,504
Maturity Date	Dec. 1, 2021
Annual Interest Rate	3.87%
Average Monthly Debt Service	$ 171
Average Monthly Escrow	133
South Lamar Village
Participating Mortgage Loans [Line Items]
Outstanding borrowings	21,000	11,909
Premium (Discount)	0	0
Deferred finance costs, net	(298)	(29)
Carrying Value	$ 20,702	11,880
Maturity Date	Jul. 22, 2026
Annual Interest Rate	3.06%
Average Monthly Debt Service	$ 61
The Bryant at Yorba Linda
Participating Mortgage Loans [Line Items]
Outstanding borrowings	66,238	67,092
Premium (Discount)	0	0
Deferred finance costs, net	(87)	(301)
Carrying Value	$ 66,151	66,791
Maturity Date	Jun. 1, 2020
Annual Interest Rate	3.51%
Average Monthly Debt Service	$ 289
Heritage Pointe
Participating Mortgage Loans [Line Items]
Outstanding borrowings	24,808	25,360
Premium (Discount)	0	0
Deferred finance costs, net	(201)	(242)
Carrying Value	$ 24,607	25,118
Maturity Date	Apr. 1, 2025
Annual Interest Rate	3.64%
Average Monthly Debt Service	$ 131
Average Monthly Escrow	56
Point Bonita Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding borrowings	25,696	26,121
Premium (Discount)	1,063	1,359
Deferred finance costs, net	(183)	(233)
Carrying Value	$ 26,576	27,247
Maturity Date	Oct. 1, 2023
Annual Interest Rate	5.33%
Average Monthly Debt Service	$ 152
Average Monthly Escrow	68
The Westside Apartments
Participating Mortgage Loans [Line Items]
Outstanding borrowings	35,838	36,624
Premium (Discount)	0	0
Deferred finance costs, net	(293)	(341)
Carrying Value	$ 35,545	36,283
Maturity Date	Sep. 1, 2026
Annual Interest Rate	3.88%
Average Monthly Debt Service	$ 196
Average Monthly Escrow	82
Tech Center Square
Participating Mortgage Loans [Line Items]
Outstanding borrowings	11,730	11,933
Premium (Discount)	0	0
Deferred finance costs, net	(101)	(132)
Carrying Value	$ 11,629	11,801
Maturity Date	Jun. 1, 2023
Annual Interest Rate	4.34%
Average Monthly Debt Service	$ 66
Average Monthly Escrow	25
Williamsburg
Participating Mortgage Loans [Line Items]
Outstanding borrowings	0	53,995
Premium (Discount)	0	0
Deferred finance costs, net	0	(582)
Carrying Value	0	53,413
Retreat at Rocky Ridge
Participating Mortgage Loans [Line Items]
Outstanding borrowings	11,221	11,375
Premium (Discount)	0	0
Deferred finance costs, net	(145)	(183)
Carrying Value	$ 11,076	11,192
Maturity Date	Jan. 1, 2024
Annual Interest Rate	4.22%
Average Monthly Debt Service	$ 59
Average Monthly Escrow	24
Providence in the Park
Participating Mortgage Loans [Line Items]
Outstanding borrowings	46,398	47,000
Premium (Discount)	0	0
Deferred finance costs, net	(345)	(434)
Carrying Value	$ 46,053	46,566
Maturity Date	Feb. 1, 2024
Annual Interest Rate	4.06%
Average Monthly Debt Service	$ 240
Average Monthly Escrow	149
Green Trails Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding borrowings	60,998	61,500
Premium (Discount)	0	0
Deferred finance costs, net	(451)	(559)
Carrying Value	$ 60,547	60,941
Maturity Date	Jun. 1, 2024
Annual Interest Rate	3.75%
Average Monthly Debt Service	$ 303
Average Monthly Escrow	81
Meridian Pointe
Participating Mortgage Loans [Line Items]
Outstanding borrowings	39,277	39,500
Premium (Discount)	0	0
Deferred finance costs, net	(402)	(495)
Carrying Value	$ 38,875	39,005
Maturity Date	Aug. 1, 2024
Annual Interest Rate	3.66%
Average Monthly Debt Service	$ 193
Average Monthly Escrow	81
Terraces at Lake Mary
Participating Mortgage Loans [Line Items]
Outstanding borrowings	32,110	32,250
Premium (Discount)	0	0
Deferred finance costs, net	(259)	(318)
Carrying Value	$ 31,851	31,932
Maturity Date	Sep. 1, 2024
Annual Interest Rate	3.67%
Average Monthly Debt Service	$ 158
Average Monthly Escrow	63
Courtney Meadows Apartments
Participating Mortgage Loans [Line Items]
Outstanding borrowings	27,100	27,100
Premium (Discount)	0	0
Deferred finance costs, net	(257)	(311)
Carrying Value	$ 26,843	26,789
Maturity Date	Jan. 1, 2025
Annual Interest Rate	3.60%
Average Monthly Debt Service	$ 128
Average Monthly Escrow	71
Addison at Sandy Springs
Participating Mortgage Loans [Line Items]
Outstanding borrowings	22,750	22,750
Premium (Discount)	0	0
Deferred finance costs, net	(244)	(292)
Carrying Value	$ 22,506	22,458
Maturity Date	May 1, 2025
Annual Interest Rate	3.52%
Average Monthly Debt Service	$ 96
Average Monthly Escrow	42
Bristol at Grapevine
Participating Mortgage Loans [Line Items]
Outstanding borrowings	32,922	32,922
Premium (Discount)	0	0
Deferred finance costs, net	(306)	(365)
Carrying Value	$ 32,616	$ 32,557
Maturity Date	May 1, 2025
Annual Interest Rate	3.47%
Average Monthly Debt Service	$ 110
Average Monthly Escrow	$ 104

MORTGAGE NOTES PAYABLE, NET -_2

MORTGAGE NOTES PAYABLE, NET - Summary of Mortgage Notes Payable (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2019
LIBOR
Participating Mortgage Loans [Line Items]
Basis spread on variable rate (as percent)	1.7625%

MORTGAGE NOTES PAYABLE, NET - N

MORTGAGE NOTES PAYABLE, NET - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Repayment on mortgages	$ 116,000	$ 1,250,000	$ 2,287,000
Loss on extinguishment of debt	69,000	51,000
Amortization of deferred financing costs	2,320,000	1,773,000	2,014,000
Accumulated amortization, deferred finance costs	5,600,000	5,200,000
Interest Expense
Debt Instrument [Line Items]
Loss on extinguishment of debt	69,000	51,000
Mortgages
Debt Instrument [Line Items]
Repayment on mortgages		50,000
Mortgages | Interest Expense
Debt Instrument [Line Items]
Amortization of deferred financing costs	2,300,000	1,800,000	1,900,000
Acquisitions of Rental Property
Debt Instrument [Line Items]
Decrease in interest expense due to fair value adjustments	333,000	$ 345,000	$ 465,000
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 - A

MORTGAGE NOTES PAYABLE, NET - Annual Principal Payments on the Mortgage Notes Payable (Details) $ in Thousands	Dec. 31, 2019USD ($)
Debt Disclosure [Abstract]
2020	$ 96,459
2021	101,796
2022	36,053
2023	75,451
2024	183,304
Thereafter	311,840
Total	$ 804,903

MORTGAGE NOTES PAYABLE, NET - E

MORTGAGE NOTES PAYABLE, NET - Estimated Amortization of Deferred Financing Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
2020	$ 1,458
2021	1,268
2022	1,072
2023	1,012
2024	682
Thereafter	592
Total	$ 6,084	$ 7,558

LEASES - Narrative (Details)

LEASES - Narrative (Details)	12 Months Ended
	Dec. 31, 2019USD ($)
Operating Leased Assets [Line Items]
Option to extend lease term	Some of the leases include options to extend the lease for up to an additional five years
Lessee, operating lease, existence of option to extend	true
Payments due for lease obligations	$ 409,000
Weighted average remaining lease term	3 years 2 months 12 days
Weighted average discount rate	4.31%
Operating lease right-of-use assets	$ 381,000
Operating lease liabilities	381,000
Rental Operating Expenses
Operating Leased Assets [Line Items]
Operating lease, expense	$ 162,300
Minimum
Operating Leased Assets [Line Items]
Operating leases, remaining terms	1 year
Maximum
Operating Leased Assets [Line Items]
Operating leases, remaining terms	4 years

LEASES - Schedule of Annual Pay

LEASES - Schedule of Annual Payments for Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2019USD ($)
Leases [Abstract]
2020	$ 144
2021	118
2022	92
2023	55
Total	$ 409

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income [Rollforward]
Beginning balance	$ 236,306	$ 318,592	$ 392,019
Unrealized loss on designated derivatives	(88)	(115)	(380)
Ending balance	182,815	236,306	318,592
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income [Rollforward]
Beginning balance	(474)	(562)	(345)
Reclassification adjustment for realized loss on designated derivatives	344	203	163
Unrealized loss on designated derivatives	(88)	(115)	(380)
Ending balance	$ (218)	$ (474)	$ (562)

CERTAIN RELATIONSHIPS AND REL_3

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Mar. 01, 2019	Feb. 28, 2019
Directors and Officers Liability Insurance
Related Party Transaction [Line Items]
Payment into insurance pools	$ 269,911
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	250,000,000
General liability pool, deductible amount per incident	25,000
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	25,000
Maximum | RAI
Related Party Transaction [Line Items]
Catastrophic insurance, deductible amount per incident		$ 100,000	$ 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, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Due from related parties	$ 236	$ 123
Due to related parties	683	919
RAI and affiliates | Insurance fund held in escrow
Related Party Transaction [Line Items]
Due from related parties	236	123
Advisor | Operating expense reimbursements
Related Party Transaction [Line Items]
Due to related parties	35	55
Advisor | Acquisition fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties		1,697	$ 3,670
Advisor | Asset management fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	12,498	12,904	11,352
Advisor | Disposition fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	453	136	361
Advisor | Debt financing fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	116	350	1,036
Advisor | Overhead allocation
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	3,663	4,467	4,442
Advisor | Internal audit fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	108	102	69
Manager | Operating expense reimbursements
Related Party Transaction [Line Items]
Due to related parties	8	344
Fees earned / expenses paid to related parties	184	443	1,015
Manager | Construction management fees
Related Party Transaction [Line Items]
Due to related parties	119
Fees earned / expenses paid to related parties	500	790	764
Manager | Property management fees
Related Party Transaction [Line Items]
Due to related parties	521	520
Fees earned / expenses paid to related parties	6,034	6,229	5,567
Manager | Construction payroll reimbursements
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	97	178	191
Manager | Acquisition-related reimbursements
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties		53
Manager | Debt servicing fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	2	2	2
The Planning & Zoning Resource Company
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	$ 2	2	4
Graphic Images
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties		$ 6	$ 9

EQUITY - Preferred Stock - (Det

EQUITY - Preferred Stock - (Details) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
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, 2019	Dec. 31, 2018
Class Of Stock [Line Items]
Total shares outstanding at end of period (in shares)	69,467,689
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	69,467,689	70,427,946
Gross Proceeds	$ 803,748
Total (in shares)	82,329,073
Shares redeemed and retired (in shares)	(12,861,384)
Total shares issued at end of period (in shares)	69,467,689
Common Stock
Class Of Stock [Line Items]
Shares redeemed and retired (in shares)	(33,000)
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)	16,432,119
Gross Proceeds	$ 168,934

EQUITY - Convertible Stock - (D

EQUITY - Convertible Stock - (Details)	12 Months Ended
	Dec. 31, 2019event$ / sharesshares	Dec. 31, 2017shares	Dec. 31, 2018$ / sharesshares
Equity [Abstract]
Convertible stock (promote shares), outstanding (in shares)	49,935		49,989
Convertible stock (promote shares), 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)	872
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	1 Months Ended												9 Months Ended	12 Months Ended
	Dec. 31, 2019	Nov. 30, 2019	Oct. 31, 2019	Sep. 30, 2019	Aug. 31, 2019	Jul. 31, 2019	Jun. 30, 2019	May 31, 2019	Apr. 30, 2019	Mar. 31, 2019	Feb. 28, 2019	Jan. 31, 2019	Sep. 30, 2019	Dec. 31, 2019	Mar. 20, 2020
Subsidiary Sale Of Stock [Line Items]
Total Number of Shares Redeemed (in shares)	536,000	0	0	1,469,000	0	0	515,000	0	0	789,000	0	0		3,309,000
Average Price Paid per Share (in dollars per share)	$ 10.33	$ 0	$ 0	$ 10.32	$ 0	$ 0	$ 10.35	$ 0	$ 0	$ 10.29	$ 0	$ 0	$ 10.32	$ 10.33
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
Subsequent Event
Subsidiary Sale Of Stock [Line Items]
Average Price Paid per Share (in dollars per share)															$ 11.10
Share Redemption Program
Subsidiary Sale Of Stock [Line Items]
Total Number of Shares Redeemed (in shares)													4,444

EQUITY - Additional Repurchases

EQUITY - Additional Repurchases of Securities (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Nov. 30, 2019	Oct. 31, 2019	Sep. 30, 2019	Aug. 31, 2019	Jul. 31, 2019	Jun. 30, 2019	May 31, 2019	Apr. 30, 2019	Mar. 31, 2019	Feb. 28, 2019	Jan. 31, 2019
Securities Financing Transaction [Line Items]
Average Price Paid per Share (in dollars per share)	$ 10.33	$ 0	$ 0	$ 10.32	$ 0	$ 0	$ 10.35	$ 0	$ 0	$ 10.29	$ 0	$ 0
Distribution Reinvestment Plan From June 8, 2017 through December 31, 2019
Securities Financing Transaction [Line Items]
Common Stock Repurchased	33,415
Average Price Paid per Share (in dollars per share)	$ 10.83

EQUITY - Distributions (Details

EQUITY - Distributions (Details) $ / shares in Units, $ in Thousands	12 Months Ended			36 Months Ended
	Dec. 31, 2019USD ($)Distribution$ / sharesshares	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2019USD ($)
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	$ 42,020
Net Cash Distribution	17,521
Common stock issued through the distribution reinvestment plan	$ 24,499	$ 25,931	$ 27,114	$ 77,500
Per Common Share (in dollars per share) | $ / shares	$ 0.60
Common Stock
Securities Financing Transaction [Line Items]
Common stock issued through the distribution reinvestment plan	$ 24	$ 25	$ 25
Record date of January 30, 2019
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	3,522
Net Cash Distribution	1,414
Common stock issued through the distribution reinvestment plan	$ 2,108
Per Common Share (in dollars per share) | $ / shares	$ 0.05
Record date of February 27, 2019
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	$ 3,531
Net Cash Distribution	1,431
Common stock issued through the distribution reinvestment plan	$ 2,100
Per Common Share (in dollars per share) | $ / shares	$ 0.05
Record date of March 28, 2019
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	$ 3,503
Net Cash Distribution	1,413
Common stock issued through the distribution reinvestment plan	$ 2,090
Per Common Share (in dollars per share) | $ / shares	$ 0.05
Record date of April 29, 2019
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	$ 3,512
Net Cash Distribution	1,430
Common stock issued through the distribution reinvestment plan	$ 2,082
Per Common Share (in dollars per share) | $ / shares	$ 0.05
Record date of May 30, 2019
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	$ 3,523
Net Cash Distribution	1,439
Common stock issued through the distribution reinvestment plan	$ 2,084
Per Common Share (in dollars per share) | $ / shares	$ 0.05
Record date of June 27, 2019
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	$ 3,507
Net Cash Distribution	1,438
Common stock issued through the distribution reinvestment plan	$ 2,069
Per Common Share (in dollars per share) | $ / shares	$ 0.05
Record date of July 30, 2019
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	$ 3,517
Net Cash Distribution	1,777
Common stock issued through the distribution reinvestment plan	$ 1,740
Per Common Share (in dollars per share) | $ / shares	$ 0.05
Record date of August 29, 2019
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	$ 3,525
Net Cash Distribution	1,459
Common stock issued through the distribution reinvestment plan	$ 2,066
Per Common Share (in dollars per share) | $ / shares	$ 0.05
Record date of September 27, 2019
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	$ 3,462
Net Cash Distribution	1,419
Common stock issued through the distribution reinvestment plan	$ 2,043
Per Common Share (in dollars per share) | $ / shares	$ 0.05
Record date of October 30, 2019
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	$ 3,472
Net Cash Distribution	1,430
Common stock issued through the distribution reinvestment plan	$ 2,042
Per Common Share (in dollars per share) | $ / shares	$ 0.05
Record date of November 26, 2019
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	$ 3,482
Net Cash Distribution	1,439
Common stock issued through the distribution reinvestment plan	$ 2,043
Per Common Share (in dollars per share) | $ / shares	$ 0.05
Record date of December 30, 2019
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	$ 3,464
Net Cash Distribution	1,432
Common stock issued through the distribution reinvestment plan	$ 2,032
Per Common Share (in dollars per share) | $ / shares	$ 0.05
Dividend distribution one
Securities Financing Transaction [Line Items]
Stock distributions (in shares) | | shares	15
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	7.5
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	5.85
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	5
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, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps	$ 20	$ 28
Assets, fair value	20	28
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps	20	28
Assets, fair value	$ 20	$ 28

FAIR VALUE MEASURES AND DISCL_4

FAIR VALUE MEASURES AND DISCLOSURES - Schedule of Carrying Amount and Estimated Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan held for investment, net	$ 809	$ 793
Mortgage notes payable- outstanding borrowings	(804,903)	(847,525)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan held for investment, net	938	948
Mortgage notes payable- outstanding borrowings	$ (790,413)	$ (840,914)

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details) - Cash flow hedges - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Loss due to amortization of premiums for interest rate caps	$ 344,000	$ 203,000
Interest rate hedge to be reclassified during next 12 months	$ 123,172

DERIVATIVES AND HEDGING ACTIV_4

DERIVATIVES AND HEDGING ACTIVITIES - Outstanding Interest Rate Derivatives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)derivative
Cash flow hedges | Interest Rate Caps
Derivatives, Fair Value [Line Items]
Number of Instruments (in derivatives) | derivative	21
Notional | $	$ 576,727
Minimum
Derivatives, Fair Value [Line Items]
Maturity Dates	Jan. 1, 2020
Maximum
Derivatives, Fair Value [Line Items]
Maturity Dates	Apr. 1, 2023

DERIVATIVES AND HEDGING ACTIV_5

DERIVATIVES AND HEDGING ACTIVITIES - Fair Value and Balance Sheet Location of Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Prepaid expenses and other assets
Derivatives, Fair Value [Line Items]
Asset derivatives, fair value	$ 20	$ 28

OPERATING EXPENSES - Narrative

OPERATING EXPENSES - Narrative (Details)	Dec. 31, 2019
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, 2019	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Insurance proceeds in excess of cost basis	$ 570,000	$ 515,000	$ 150,000
The Westside Apartments and Calloway at Las Colinas
Business Acquisition [Line Items]
Insurance proceeds in excess of cost basis	$ 611,000
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

QUARTERLY FINANCIAL DATA (UNA_3

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 33,474	$ 33,540	$ 33,559	$ 34,972	$ 35,327	$ 36,302	$ 35,127	$ 32,649	$ 135,545	$ 139,405	$ 124,731
Net income (loss) attributable to common stockholders	$ (5,480)	$ (9,641)	$ (9,807)	$ 23,181	$ (1,765)	$ (5,631)	$ (12,229)	$ (10,949)
Basic and diluted net income (loss) per common share	$ (0.07)	$ (0.14)	$ (0.14)	$ 0.33	$ (0.02)	$ (0.09)	$ (0.17)	$ (0.15)	$ (0.02)	$ (0.43)	$ (0.31)

SUBSEQUENT EVENTS - Narrative (

SUBSEQUENT EVENTS - Narrative (Details)	Jan. 21, 2020$ / shares
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, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances				$ 804,903
Initial cost to Company				1,029,318
Cost capitalized subsequent to acquisition				134,409
Gross Amount at which carried at close of period	$ 1,212,720	$ 1,146,597	$ 1,010,264	1,163,727
Accumulated Depreciation	(194,777)	(147,708)	(107,810)	(225,583)
Investments in Rental Properties:
Balance, beginning of the period	1,212,720	1,146,597	1,010,264
Acquisitions		76,886	160,767
Improvements, etc.	14,423	21,499	21,592
Dispositions during the period	(63,416)	(32,262)	(46,026)
Balance, close of the period	1,163,727	1,212,720	1,146,597
Accumulated depreciation:
Balance, beginning of the period	(194,777)	(147,708)	(107,810)
Sales	22,075	6,972	8,146
Disposals	921	1,059	685
Depreciation	(53,802)	(55,100)	(48,729)
Balance, close of the period	(225,583)	$ (194,777)	$ (147,708)
Philadelphia, PA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances				14,315
Initial cost to Company				11,076
Cost capitalized subsequent to acquisition				4,949
Gross Amount at which carried at close of period	16,025			16,025
Accumulated Depreciation	$ (5,897)			(5,897)
Date of Construction	1961
Date Acquired	Jun. 17, 2011
Investments in Rental Properties:
Balance, close of the period	$ 16,025
Accumulated depreciation:
Balance, close of the period	$ (5,897)
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				2,174
Gross Amount at which carried at close of period	$ 10,447			10,447
Accumulated Depreciation	$ (3,601)			(3,601)
Date of Construction	1838
Date Acquired	May 13, 2011
Investments in Rental Properties:
Balance, close of the period	$ 10,447
Accumulated depreciation:
Balance, close of the period	$ (3,601)
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
Hoover, AL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances				11,221
Initial cost to Company				8,064
Cost capitalized subsequent to acquisition				3,781
Gross Amount at which carried at close of period	$ 11,845			11,845
Accumulated Depreciation	$ (4,002)			(4,002)
Date of Construction	1986
Date Acquired	Apr. 18, 2013
Investments in Rental Properties:
Balance, close of the period	$ 11,845
Accumulated depreciation:
Balance, close of the period	$ (4,002)
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				17,723
Initial cost to Company				26,496
Cost capitalized subsequent to acquisition				4,755
Gross Amount at which carried at close of period	$ 31,251			31,251
Accumulated Depreciation	$ (9,550)			(9,550)
Date of Construction	1981
Date Acquired	Jun. 24, 2013
Investments in Rental Properties:
Balance, close of the period	$ 31,251
Accumulated depreciation:
Balance, close of the period	$ (9,550)
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				35,838
Initial cost to Company				31,001
Cost capitalized subsequent to acquisition				6,308
Gross Amount at which carried at close of period	$ 37,309			37,309
Accumulated Depreciation	$ (10,365)			(10,365)
Date of Construction	1984
Date Acquired	Jul. 25, 2013
Investments in Rental Properties:
Balance, close of the period	$ 37,309
Accumulated depreciation:
Balance, close of the period	$ (10,365)
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				11,730
Initial cost to Company				17,583
Cost capitalized subsequent to acquisition				2,957
Gross Amount at which carried at close of period	$ 20,540			20,540
Accumulated Depreciation	$ (6,123)			(6,123)
Date of Construction	1985
Date Acquired	Sep. 9, 2013
Investments in Rental Properties:
Balance, close of the period	$ 20,540
Accumulated depreciation:
Balance, close of the period	$ (6,123)
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				10,175
Gross Amount at which carried at close of period	$ 33,496			33,496
Accumulated Depreciation	$ (8,643)			(8,643)
Date of Construction	1985
Date Acquired	Sep. 30, 2013
Investments in Rental Properties:
Balance, close of the period	$ 33,496
Accumulated depreciation:
Balance, close of the period	$ (8,643)
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				(1,260)
Gross Amount at which carried at close of period	$ 28,249			28,249
Accumulated Depreciation	$ (7,858)			(7,858)
Date of Construction	1985
Date Acquired	Sep. 30, 2013
Investments in Rental Properties:
Balance, close of the period	$ 28,249
Accumulated depreciation:
Balance, close of the period	$ (7,858)
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				12,785
Initial cost to Company				21,831
Cost capitalized subsequent to acquisition				6,816
Gross Amount at which carried at close of period	$ 28,647			28,647
Accumulated Depreciation	$ (10,064)			(10,064)
Date of Construction	1982
Date Acquired	Dec. 16, 2013
Investments in Rental Properties:
Balance, close of the period	$ 28,647
Accumulated depreciation:
Balance, close of the period	$ (10,064)
San Antonio, TX | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	3 years
San Antonio, TX | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income is computed	27 years 6 months
Burnsville, MN
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances				39,277
Initial cost to Company				32,142
Cost capitalized subsequent to acquisition				5,667
Gross Amount at which carried at close of period	$ 37,809			37,809
Accumulated Depreciation	$ (10,426)			(10,426)
Date of Construction	1988
Date Acquired	Dec. 20, 2013
Investments in Rental Properties:
Balance, close of the period	$ 37,809
Accumulated depreciation:
Balance, close of the period	$ (10,426)
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				65,000
Initial cost to Company				69,111
Cost capitalized subsequent to acquisition				10,240
Gross Amount at which carried at close of period	$ 79,351			79,351
Accumulated Depreciation	$ (20,321)			(20,321)
Date of Construction	1999
Date Acquired	Mar. 28, 2014
Investments in Rental Properties:
Balance, close of the period	$ 79,351
Accumulated depreciation:
Balance, close of the period	$ (20,321)
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				25,627
Initial cost to Company				42,001
Cost capitalized subsequent to acquisition				1,289
Gross Amount at which carried at close of period	$ 43,290			43,290
Accumulated Depreciation	$ (10,797)			(10,797)
Date of Construction	2003
Date Acquired	May 5, 2014
Investments in Rental Properties:
Balance, close of the period	$ 43,290
Accumulated depreciation:
Balance, close of the period	$ (10,797)
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				3,635
Gross Amount at which carried at close of period	$ 32,546			32,546
Accumulated Depreciation	$ (7,779)			(7,779)
Date of Construction	1995
Date Acquired	May 19, 2014
Investments in Rental Properties:
Balance, close of the period	$ 32,546
Accumulated depreciation:
Balance, close of the period	$ (7,779)
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				3,550
Gross Amount at which carried at close of period	$ 25,346			25,346
Accumulated Depreciation	$ (6,208)			(6,208)
Date of Construction	1995
Date Acquired	May 19, 2014
Investments in Rental Properties:
Balance, close of the period	$ 25,346
Accumulated depreciation:
Balance, close of the period	$ (6,208)
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				22,032
Initial cost to Company				31,385
Cost capitalized subsequent to acquisition				3,448
Gross Amount at which carried at close of period	$ 34,833			34,833
Accumulated Depreciation	$ (8,151)			(8,151)
Date of Construction	2000
Date Acquired	Jun. 26, 2014
Investments in Rental Properties:
Balance, close of the period	$ 34,833
Accumulated depreciation:
Balance, close of the period	$ (8,151)
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
San Antonio, TX
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances				21,068
Initial cost to Company				34,554
Cost capitalized subsequent to acquisition				6,491
Gross Amount at which carried at close of period	$ 41,045			41,045
Accumulated Depreciation	$ (9,152)			(9,152)
Date of Construction	1949
Date Acquired	Sep. 4, 2014
Investments in Rental Properties:
Balance, close of the period	$ 41,045
Accumulated depreciation:
Balance, close of the period	$ (9,152)
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				32,938
Initial cost to Company				47,075
Cost capitalized subsequent to acquisition				8,892
Gross Amount at which carried at close of period	$ 55,967			55,967
Accumulated Depreciation	$ (13,260)			(13,260)
Date of Construction	1984
Date Acquired	Sep. 29, 2014
Investments in Rental Properties:
Balance, close of the period	$ 55,967
Accumulated depreciation:
Balance, close of the period	$ (13,260)
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				14,114
Initial cost to Company				21,204
Cost capitalized subsequent to acquisition				923
Gross Amount at which carried at close of period	$ 22,127			22,127
Accumulated Depreciation	$ (4,763)			(4,763)
Date of Construction	1974
Date Acquired	Nov. 25, 2014
Investments in Rental Properties:
Balance, close of the period	$ 22,127
Accumulated depreciation:
Balance, close of the period	$ (4,763)
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				21,000
Initial cost to Company				23,370
Cost capitalized subsequent to acquisition				5,535
Gross Amount at which carried at close of period	$ 28,905			28,905
Accumulated Depreciation	$ (6,522)			(6,522)
Date of Construction	1981
Date Acquired	Feb. 26, 2015
Investments in Rental Properties:
Balance, close of the period	$ 28,905
Accumulated depreciation:
Balance, close of the period	$ (6,522)
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				24,808
Initial cost to Company				35,070
Cost capitalized subsequent to acquisition				8,053
Gross Amount at which carried at close of period	$ 43,123			43,123
Accumulated Depreciation	$ (8,945)			(8,945)
Date of Construction	1986
Date Acquired	Mar. 19, 2015
Investments in Rental Properties:
Balance, close of the period	$ 43,123
Accumulated depreciation:
Balance, close of the period	$ (8,945)
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				66,238
Initial cost to Company				116,036
Cost capitalized subsequent to acquisition				13,815
Gross Amount at which carried at close of period	$ 129,851			129,851
Accumulated Depreciation	$ (17,684)			(17,684)
Date of Construction	1986
Date Acquired	Jun. 1, 2015
Investments in Rental Properties:
Balance, close of the period	$ 129,851
Accumulated depreciation:
Balance, close of the period	$ (17,684)
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				25,696
Initial cost to Company				50,365
Cost capitalized subsequent to acquisition				6,578
Gross Amount at which carried at close of period	$ 56,943			56,943
Accumulated Depreciation	$ (7,869)			(7,869)
Date of Construction	1988
Date Acquired	Jun. 16, 2015
Investments in Rental Properties:
Balance, close of the period	$ 56,943
Accumulated depreciation:
Balance, close of the period	$ (7,869)
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				46,397
Initial cost to Company				61,490
Cost capitalized subsequent to acquisition				3,918
Gross Amount at which carried at close of period	$ 65,408			65,408
Accumulated Depreciation	$ (8,057)			(8,057)
Date of Construction	1997
Date Acquired	Dec. 22, 2016
Investments in Rental Properties:
Balance, close of the period	$ 65,408
Accumulated depreciation:
Balance, close of the period	$ (8,057)
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				60,999
Initial cost to Company				77,128
Cost capitalized subsequent to acquisition				2,102
Gross Amount at which carried at close of period	$ 79,230			79,230
Accumulated Depreciation	$ (7,100)			(7,100)
Date of Construction	1988
Date Acquired	May 31, 2017
Investments in Rental Properties:
Balance, close of the period	$ 79,230
Accumulated depreciation:
Balance, close of the period	$ (7,100)
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				32,110
Initial cost to Company				43,132
Cost capitalized subsequent to acquisition				1,765
Gross Amount at which carried at close of period	$ 44,897			44,897
Accumulated Depreciation	$ (3,827)			(3,827)
Date of Construction	1998
Date Acquired	Aug. 31, 2017
Investments in Rental Properties:
Balance, close of the period	$ 44,897
Accumulated depreciation:
Balance, close of the period	$ (3,827)
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				1,640
Gross Amount at which carried at close of period	$ 42,148			42,148
Accumulated Depreciation	$ (2,964)			(2,964)
Date of Construction	2001
Date Acquired	Dec. 20, 2017
Investments in Rental Properties:
Balance, close of the period	$ 42,148
Accumulated depreciation:
Balance, close of the period	$ (2,964)
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				2,612
Gross Amount at which carried at close of period	$ 35,872			35,872
Accumulated Depreciation	$ (2,385)			(2,385)
Date of Construction	1986
Date Acquired	Apr. 17, 2018
Investments in Rental Properties:
Balance, close of the period	$ 35,872
Accumulated depreciation:
Balance, close of the period	$ (2,385)
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				3,601
Gross Amount at which carried at close of period	$ 47,227			47,227
Accumulated Depreciation	$ (3,270)			$ (3,270)
Date of Construction	1978
Date Acquired	Apr. 25, 2018
Investments in Rental Properties:
Balance, close of the period	$ 47,227
Accumulated depreciation:
Balance, close of the period	$ (3,270)
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, 2019	Dec. 31, 2019
Mortgage Loans on Real Estate [Line Items]
Interest rate	7.50%
Final maturity date	Oct. 28, 2021
Face amount of mortgages		$ 891
Carrying amount of mortgages	$ 793	809
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	793
Interest accretion	44
Principal reductions	(28)
Balance, end of the period	$ 809
Residential Columbia City, IN
Mortgage Loans on Real Estate [Line Items]
Interest rate	7.50%
Final maturity date	Oct. 28, 2021
Periodic payment term	N/A
Face amount of mortgages		891
Carrying amount of mortgages	$ 809	809
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	$ 809